# EDGAR Filing Document

**Accession Number:** 0001524513
**File Stem:** 0001193125-23-000440
**Filing Date:** 2023-1
**Character Count:** 2602640
**Document Hash:** e1a9c2484a3e3d222c03d2292a034033
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-000440.hdr.sgml**: 20230103

**ACCESSION NUMBER**: 0001193125-23-000440

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20221031

**FILED AS OF DATE**: 20230103

**DATE AS OF CHANGE**: 20230103

**EFFECTIVENESS DATE**: 20230103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares U.S. ETF Trust
- **CENTRAL INDEX KEY:** 0001524513
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22649
- **FILM NUMBER:** 23500894

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

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

## Series and Classes Contracts Data

### BlackRock Short Maturity Bond ETF (Series ID: S000037042)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000113876 | BlackRock Short Maturity Bond ETF | NEAR            |

### BlackRock Ultra Short-Term Bond ETF (Series ID: S000040474)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000125661 | BlackRock Ultra Short-Term Bond ETF | ICSH            |

### iShares Interest Rate Hedged Corporate Bond ETF (Series ID: S000042862)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000132817 | iShares Interest Rate Hedged Corporate Bond ETF | LQDH            |

### iShares Interest Rate Hedged High Yield Bond ETF (Series ID: S000042863)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000132818 | iShares Interest Rate Hedged High Yield Bond ETF | HYGH            |

### iShares Interest Rate Hedged Long-Term Corporate Bond ETF (Series ID: S000044145)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000137261 | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | IGBH            |

### iShares GSCI Commodity Dynamic Roll Strategy ETF (Series ID: S000044971)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000139416 | iShares GSCI Commodity Dynamic Roll Strategy ETF | COMT            |

### BlackRock Short Maturity Municipal Bond ETF (Series ID: S000047352)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000148680 | BlackRock Short Maturity Municipal Bond ETF | MEAR            |

### iShares Inflation Hedged Corporate Bond ETF (Series ID: S000058011)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000189608 | iShares Inflation Hedged Corporate Bond ETF | LQDI            |

### iShares Gold Strategy ETF (Series ID: S000061161)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000198135 | iShares Gold Strategy ETF | IAUF            |

### iShares Bloomberg Roll Select Commodity Strategy ETF (Series ID: S000061337)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000198581 | iShares Bloomberg Roll Select Commodity Strategy ETF | CMDY            |

### iShares Commodity Curve Carry Strategy ETF (Series ID: S000064843)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000209927 | iShares Commodity Curve Carry Strategy ETF | CCRV            |

### iShares Inflation Hedged High Yield Bond ETF (Series ID: S000076588)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000236573 | iShares Inflation Hedged High Yield Bond ETF | HYGI            |

### iShares Inflation Hedged U.S. Aggregate Bond ETF (Series ID: S000076589)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000236574 | iShares Inflation Hedged U.S. Aggregate Bond ETF | AGIH            |

### iShares Interest Rate Hedged U.S. Aggregate Bond ETF (Series ID: S000076590)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000236575 | iShares Interest Rate Hedged U.S. Aggregate Bond ETF | AGRH            |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT** 

**OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-22649** 

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## iShares U.S. ETF Trust
**(Exact name of registrant as specified in charter)** 

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---

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

---

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**The Corporation Trust Company** 

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

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

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

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

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

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**Item 1.** **Reports to Stockholders.** <br>

(a) The Report to Shareholders is attached herewith.

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---

| | |
|:---|:---|
| ![LOGO](g425863g24u50.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**

**iShares U.S. ETF Trust** 

· BlackRock Short Maturity Bond ETF \| NEAR \| Cboe BZX

· BlackRock Short Maturity Municipal Bond ETF \| MEAR \| Cboe BZX

· BlackRock Ultra Short-Term Bond ETF \| ICSH \| Cboe BZX

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The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

![LOGO](g425863sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g425863photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

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

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

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**Table of Contents**

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| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx425863_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx425863_2) | 4 |
|  [Fund Summary](#tx425863_3) | 5 |
|  [About Fund Performance](#tx425863_4) | 11 |
|  [Disclosure of Expenses](#tx425863_5) | 11 |
|  [Schedules of Investments](#tx425863_6) | 12 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx425863_7) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx425863_8) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx425863_9) | 36 |
|  [Financial Highlights](#tx425863_10) | 38 |
|  [Notes to Financial Statements](#tx425863_11) | 41 |
|  [Report of Independent Registered Public Accounting Firm](#tx425863_12) | 50 |
|  [Important Tax Information](#tx425863_13) | 51 |
|  [Board Review and Approval of Investment Advisory Contract](#tx425863_14) | 52 |
|  [Supplemental Information](#tx425863_15) | 58 |
|  [Trustee and Officer Information](#tx425863_16) | 59 |
|  [General Information](#tx425863_17) | 62 |
|  [Glossary of Terms Used in this Report](#tx425863_18) | 63 |

---

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Market Overview

**iShares U.S. ETF Trust** 

**U.S. Bond Market Overview** 

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Short Maturity Bond ETF** |

---

**Investment Objective** 

The **BlackRock Short Maturity Bond ETF (the "Fund")** seeks to maximize current income by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed income securities and maintain a weighted average maturity that is less than three years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (0.75)% | 1.28% | 1.20% | (0.75)% | 6.56% | 11.51% |
|  Fund Market | (0.77) | 1.27 | 1.20 | (0.77) | 6.49 | 11.47 |
|  Bloomberg Short-Term Government/Corporate Index | (0.11) | 1.23 | 0.91 | (0.11) | 6.29 | 8.55 |

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**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g425863g13k86.jpg)

The inception date of the Fund was September 25, 2013. The first day of secondary market trading was September 26, 2013.

The Bloomberg Short-Term Government/Corporate Index is an unmanaged index that measures the performance of government and corporate securities with less than 1 year remaining to maturity.

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

**Expense Example** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $1001.10 | $1.26 | $1000.00 | $1023.90 | $1.28 | 0.25% |

---

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

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Short Maturity Bond ETF** |

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**Portfolio Management Commentary** 

The annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less sensitivity than the overall market, were nonetheless adversely affected by these events. However, the -0.11% return for the Bloomberg Short-Term Government/Corporate Index (the Fund's benchmark) was well ahead of the -15.68% return versus the broader fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund underperformed its benchmark. In absolute terms, the bulk of the Fund's negative absolute return occurred in the first half of the period. In the latter half, income helped offset the effect of declining prices.

The Fund's largest allocations were to U.S. investment-grade corporate issues and non-U.S. investment-grade corporates, respectively. Both categories experienced negative total returns as yield spreads widened to reflect mounting recession concerns, detracting from Fund performance. Toward the end of the period, the Fund increased its allocations to U.S. investment-grade corporate bonds and asset-backed securities to capitalize on higher yields.

On the positive side, the Fund benefited from its defensive positioning. About 11% of the portfolio was held in cash-like securities during the period, helping relative performance. Holdings in collateralized loan obligations (CLOs), which are better insulated against rising interest rates due to their floating-rate feature, were also beneficial.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Corporate Bonds & Notes | 66.8% |
|  Asset-Backed Securities | 21.9 |
|  Collaterized Mortgage Obligations | 6.8 |
|  Repurchase Agreements | 2.5 |
|  Commercial Paper | 2.0 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Aaa | 17.1% |
|  Aa | 3.6 |
|  A | 30.5 |
|  Baa | 34.4 |
|  Ba | 0.7 |
|  P-1 | 0.2 |
|  P-2 | 1.1 |
|  P-3 | 0.5 |
|  Not Rated | 11.9 |

---

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

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

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Short Maturity Municipal Bond ETF** |

---

**Investment Objective** 

The **BlackRock Short Maturity Municipal Bond ETF (the "Fund")** seeks to maximize tax-free current income by investing, under normal circumstances, at least 80% of its net assets in municipal securities such that the interest on each bond is exempt from U.S. federal income taxes and the federal alternative minimum tax. Under normal circumstances, the effective duration of the Fund's portfolio is expected to be 1.2 years or less, as calculated by the management team, and is not expected to exceed 1.5 years. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (0.51)% | 0.81% | 0.81% | (0.51)% | 4.13% | 6.34% |
|  Fund Market | (0.42) | 0.82 | 0.82 | (0.42) | 4.17 | 6.42 |
|  Bloomberg Municipal Bond: 1 Year (1-2) Index | (2.20) | 0.72 | 0.73 | (2.20) | 3.64 | 5.72 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g425863dsp7.jpg)

The inception date of the Fund was March 3, 2015. The first day of secondary market trading was March 5, 2015.

The Bloomberg Municipal Bond: 1 Year (1-2) Index is an unmanaged index comprised of national municipal bond issues having a maturity of at least one year and less than two years.

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

**Expense Example** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| *Beginning* |  | *Ending* |  | *Expenses* | *Beginning* |  | *Ending* |  | *Expenses* | *Annualized* | *Annualized* |  |
| *Account Value* |  | *Account Value* |  | *Paid During* | *Account Value* |  | *Account Value* |  | *Paid During* | *Expense* | *Expense* |  |
| *(05/01/22)* | | *(10/31/22)* | | *the Period* *<sup>(a)</sup>* | *(05/01/22)* | | *(10/31/22)* | | *the Period* *<sup>(a)</sup>* | | *Ratio* | |
| $1000.00 |  | $1003.70 |  | $1.26 | $1000.00 |  | $1023.90 |  | $1.28 |  | 0.25 | % |

---

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

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Short Maturity Municipal Bond ETF** |

---

**Portfolio Management Commentary** 

The annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less rate sensitivity than the overall fixed-income market, were nonetheless adversely affected by these events. Bonds with lower credit quality lagged, as yield spreads widened to reflect mounting concerns that the economy would fall into a recession.

The -2.17% return for the Bloomberg the Bloomberg Municipal Bond: 1 Year (1-2) Index (the Fund's benchmark) was well ahead of the -15.68% return versus the broader fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund outperformed its benchmark. The Fund invests predominately in short-term, fixed-rate, investment-grade municipal bonds and variable-rate demand notes ("VRDNs"), which are longer-maturity securities with floating-rate coupons. VRDNs produced positive total returns in the 12-month period, so the Fund's holdings in this area contributed to relative performance. The Fund increased its allocation to VRDNs from about 43% to 60% over the reporting period to better position the portfolio for rising rates.

From a sector perspective, tobacco, utility and education bonds delivered positive returns, while transportation issues lagged. Positions in higher-quality securities generally outperformed, with AA rated issues contributing positively. On the other hand, BBB rated bonds detracted due to widening yield spreads.

**Portfolio Information** 

**CREDIT QUALITY ALLOCATION** 

---

| | | |
|:---|:---|:---|
| *S&P Credit Rating<sup>\*</sup>* | <br>| *Percent of*<br> *Total Investments* |
|  AAA |  | 2.9% |
|  AA+ |  | 12.5 |
|  AA |  | 8.6 |
|  AA- |  | 5.3 |
|  A+ |  | 5.7 |
|  A |  | 5.4 |
|  A- |  | 13.3 |
|  BBB+ |  | 5.4 |
|  BBB |  | 0.7 |
|  Not Rated |  | 40.2 |

---

**TEN LARGEST STATES** 

---

| | | |
|:---|:---|:---|
| *State* | <br>| *Percent of*<br> *Total Investments* |
|  Texas |  | 11.1% |
|  Pennsylvania |  | 9.5 |
|  New Jersey |  | 7.6 |
|  New York |  | 7.4 |
|  Kentucky |  | 6.6 |
|  Florida |  | 6.2 |
|  Louisiana |  | 5.5 |
|  Wisconsin |  | 5.1 |
|  Georgia |  | 4.9 |
|  Iowa |  | 4.0 |

---

\* Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P credit ratings are opinions of the credit quality of individual obligations or of an issuer's general creditworthiness. Investment grade ratings are credit ratings of BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. 

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

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

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| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF** |

---

**Investment Objective** 

The **BlackRock Ultra Short-Term Bond ETF (the "Fund")** seeks to provide current income consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in a portfolio of U.S. dollar-denominated investment-grade fixed- and floating-rate debt securities and maintain a dollar-weighted average maturity that is less than 180 days. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 0.03% | 1.49% | 1.19% | 0.03% | 7.67% | 11.10% |
|  Fund Market | (0.03) | 1.48 | 1.19 | (0.03) | 7.63 | 11.06 |
|  ICE BofA US 6-Month Treasury Bill Index | 0.53 | 1.26 | 0.91 | 0.53 | 6.47 | 8.40 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g425863dsp9.jpg)

The inception date of the Fund was December 11, 2013. The first day of secondary market trading was December 13, 2013.

On 3/1/2021 the Fund began referencing the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US 6-Month Treasury Bill Index.

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

**Expense Example** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |
| *Beginning* |  | *Ending* |  | *Expenses* | *Beginning* |  | *Ending* |  | *Expenses* | *Annualized* | *Annualized* |  |
| *Account Value* |  | *Account Value* |  | *Paid During* | *Account Value* |  | *Account Value* |  | *Paid During* | *Expense* | *Expense* |  |
| *(05/01/22)* | | *(10/31/22)* | | *the Period* *<sup>(a)</sup>* | *(05/01/22)* | | *(10/31/22)* | | *the Period* *<sup>(a)</sup>* | | *Ratio* | |
| $1000.00 |  | $1005.30 |  | $0.40 | $1000.00 |  | $1024.80 |  | $0.41 |  | 0.08 | % |

---

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

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

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **BlackRock Ultra Short-Term Bond ETF** |

---

**Portfolio Management Commentary** 

The annual period was characterized by high volatility and poor performance for risk assets. In the United States, inflation reached 40-year highs following the lifting of COVID-related restrictions. This prompted a dramatic response from the U.S. Federal Reserve, including 300 basis points (three percentage points) of interest-rate hikes. Short-term bonds, while having less sensitivity than the overall market, were nonetheless adversely affected by these events. Bonds with lower credit quality lagged, as yield spreads widened to reflect mounting concerns that the economy would fall into a recession.

The Fund's benchmark, the ICE BofA US 6-Month Treasury Bill Index, returned 0.53% and strongly outperformed the -15.68% return of the overall fixed-income market, as represented by the Bloomberg U.S. Aggregate Bond Index.

The Fund posted a narrow gain, with income slightly outweighing the impact of falling prices. Relative to the broader market, the Fund benefitted from its defensive positioning. It had a shorter average duration (interest-rate sensitivity) and held a large position in cash and cash equivalents. Commercial paper, which represented about 39% of the Fund's market value on average, was the primary source of positive total returns. Certificates of deposit, repurchase agreements, and a small allocation to municipal securities were also additive to Fund performance. Positions in these areas helped offset losses from holdings in investment-grade corporate bonds.

Over the course of the year, the Fund reduced its allocations to investment-grade corporate bonds and increased its weighting in commercial paper. Within corporates, the Fund added to floating-rate notes since they are better insulated against interest-rate increases than fixed-rate securities.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Commercial Paper | 39.5% |
|  Corporate Bonds & Notes | 36.8 |
|  Certificates of Deposit | 15.7 |
|  Repurchase Agreements | 3.4 |
|  Municipal Debt Obligations | 2.4 |
|  Asset-Backed Securities | 2.1 |
|  U.S. Government & Agency Obligations | 0.1 |

---

**CREDIT QUALITY ALLOCATION** 

---

| | |
|:---|:---|
| *Moody's Credit Rating<sup>\*</sup>* | *Percent of<br>Total Investments <br><sup>(a)</sup>* |
|  Aaa | 2.1% |
|  Aa | 8.0 |
|  A | 23.3 |
|  Baa | 10.2 |
|  P-1 | 35.3 |
|  P-2 | 17.4 |
|  Not Rated | 3.7 |

---

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

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

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

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About Fund Performance

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

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 11

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  ACAS CLO Ltd., 5.08%, 10/18/28 (Call 01/18/23), (3 mo. LIBOR US + 0.890%)<sup>(a)(b)</sup>  | USD | 1617 | $1576627 |
|  AGL Core CLO 4 Ltd., 5.31%, 04/20/33 (Call 01/20/23), (3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 1400 | 1356171 |
|  AIG CLO Ltd., 5.36%, 04/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.120%)<sup>(a)(b)</sup>  | USD | 1000 | 973018 |
|  Ally Auto Receivables Trust, 2.67%, 04/15/25 (Call 11/15/23) | USD | 20041 | 19805873 |
|  American Express Credit Account Master Trust, Series 2018-9, Class A, 3.79%, 04/15/26, (1 mo. LIBOR US + 0.380%)<sup>(b)</sup>  | USD | 17650 | 17653025 |
|  AmeriCredit Automobile Receivables Trust 2022-2, 4.20%, 12/18/25 (Call 03/18/24) | USD | 8903 | 8830302 |
|  Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 5.42%, 01/28/31 (Call 01/28/23), (3 mo. LIBOR US + 1.050%)<sup>(a)(b)</sup>  | USD | 4500 | 4419555 |
|  Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 5.46%, 01/28/31 (Call 01/28/23), (3 mo. LIBOR US + 1.090%)<sup>(a)(b)</sup>  | USD | 13840 | 13579249 |
|  Apidos CLO XII, 5.16%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.080%)<sup>(a)(b)</sup>  | USD | 500 | 487605 |
|  Arbor Realty Commercial Real Estate Notes Ltd., 4.48%, 08/15/34 (Call 03/15/24), (1 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 14450 | 13804425 |
|  ASSURANT CLO Ltd., Series 2018-2A, Class A, 5.28%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)<sup>(a)(b)</sup>  | USD | 250 | 242779 |
|  Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 3.77%, 11/17/27 (Call 11/17/22), (3 mo. LIBOR US + 0.830%)<sup>(a)(b)</sup>  | USD | 5544 | 5463930 |
|  Atrium XIII, Series 13A, Class A1, 5.50%, 11/21/30 (Call 01/23/23), (3 mo. LIBOR US + 1.180%)<sup>(a)(b)</sup>  | USD | 2500 | 2459023 |
|  Autoflorence 2 SRL<br>1.64%, 12/24/44 (Call 10/24/26)<sup>(b)(c)</sup>  | EUR | 10320 | 10087571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 12/24/44 (Call 10/24/26)<sup>(b)(c)</sup>  | EUR | 898 | 857541 |
|  Autonoria Spain FTA<br>1.82%, 01/25/40 (Call 03/25/28)<sup>(b)(c)</sup>  | EUR | 8500 | 8379962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 01/26/40 (Call 03/25/28)<sup>(b)(c)</sup>  | EUR | 500 | 488492 |
|  Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 5.21%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 0.970%)<sup>(a)(b)</sup>  | USD | 3149 | 3085944 |
|  Barings CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.31%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 550 | 535425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 01/15/33 (Call 01/15/23), (3 mo. LIBOR US + 1.330%)<sup>(a)(b)</sup>  | USD | 3850 | 3735114 |
|  BDS 2021-FL9 Ltd., 4.51%, 11/16/38 (Call 10/16/23), (1 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 8750 | 8316272 |
|  Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 5.24%, 07/20/29 (Call 01/20/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 258 | 254191 |
|  Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 5.34%, 01/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 750 | 732375 |
|  Benefit Street Partners Clo XII Ltd., 5.03%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.950%)<sup>(a)(b)</sup>  | USD | 1678 | 1643272 |
|  BHG Securitization Trust, 3.75%, 06/18/35 (Call 04/17/24)<sup>(a)</sup>  | USD | 1264 | 1244048 |

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| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  BMW Vehicle Owner Trust, 3.52%, 12/26/24 (Call 11/27/23), (30 day SOFR + 0.520%)<sup>(b)</sup>  | USD | 13636 | $&nbsp;&nbsp;&nbsp;&nbsp;13631282 |
|  Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25 (Call 02/15/24) | USD | 15385 | 15141652 |
|  Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 5.44%, 04/30/31 (Call 01/30/23), (3 mo. LIBOR US + 1.030%)<sup>(a)(b)</sup>  | USD | 1000 | 975000 |
|  Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 5.05%, 04/17/31 (Call 01/17/23), (3 mo. LIBOR US + 0.970%)<sup>(a)(b)</sup>  | USD | 5234 | 5090149 |
|  Carmax Auto Owner Trust, 3.81%, 09/15/25 (Call 05/15/24) | USD | 8777 | 8660188 |
|  Cbam Ltd., Series 2018-7A, Class A, 5.34%, 07/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 750 | 723750 |
|  Cedar Funding IX CLO Ltd., 5.22%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 0.980%)<sup>(a)(b)</sup>  | USD | 2130 | 2073198 |
|  Chesapeake Funding II LLC, Series 2020-1A, Class A2, 4.06%, 08/15/32 (Call 05/15/23), (1 mo. LIBOR US + 0.650%)<sup>(a)(b)</sup>  | USD | 5271 | 5258761 |
|  CIFC Funding Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA, Class A1, 5.37%, 04/24/30 (Call 01/24/23), (3 mo. LIBOR US + 1.050%)<sup>(a)(b)</sup>  | USD | 248 | 243005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A, Class A, 5.19%, 04/18/31 (Call 01/18/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 13000 | 12642500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1, 5.28%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)<sup>(a)(b)</sup>  | USD | 1250 | 1216960 |
|  Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 4.19%, 04/22/26, (1 mo. LIBOR US + 0.620%)<sup>(b)</sup> | USD | 40505 | 40456378 |
|  College Ave Student Loans LLC, Series 2021-A, Class A1, 4.69%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 216 | 206452 |
|  Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 07/15/24)<sup>(a)</sup>  | USD | 4130 | 3878505 |
|  Diameter Capital Clo 1 Ltd., 5.32%, 07/15/36 (Call 10/15/23), (3 mo. LIBOR US + 1.240%)<sup>(a)(b)</sup>  | USD | 2170 | 2078550 |
|  Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34<sup>(a)</sup>  | USD | 8581 | 8256661 |
|  Dowson PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 01/20/29 (Call 09/20/24)<sup>(b)(c)</sup>  | GBP | 3079 | 3510882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 01/20/29 (Call 04/22/25)<sup>(b)(c)</sup>  | GBP | 646 | 716789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 08/20/29 (Call 02/20/24)<sup>(b)(c)</sup>  | GBP | 1158 | 1298138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class A, 2.87%, 10/20/28 (Call 11/20/23), (Sterning Ovenight Index Average + 0.680%)<sup>(b)(c)</sup>  | GBP | 4398 | 5027201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2, Class B, 3.39%, 10/20/28 (Call 05/20/24), (Sterning Ovenight Index Average + 1.200%)<sup>(b)(c)</sup>  | GBP | 1600 | 1793191 |
|  Dryden 36 Senior Loan Fund, 5.10%, 04/15/29 (Call 01/15/23), (3 mo. LIBOR US + 1.020%)<sup>(a)(b)</sup>  | USD | 1680 | 1650797 |
|  Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 5.14%, 07/18/30 (Call 01/18/23), (3 mo. LIBOR US + 0.950%)<sup>(a)(b)</sup>  | USD | 10688 | 10489671 |
|  Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 3.98%, 05/20/34 (Call 05/20/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 234 | 233015 |
|  Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 4.98%, 04/15/29 (Call 01/15/23), (3 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 14728 | 14456080 |
|  Dryden XXVIII Senior Loan Fund, 4.11%, 08/15/30 (Call 11/15/22), (3 mo. LIBOR US + 1.200%)<sup>(a)(b)</sup>  | USD | 3333 | 3277069 |

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  Dutch Property Finance, Series 2021-2, Class A, 2.28%, 04/28/59<br>(Call 04/28/26)<sup>(b)(c)</sup>  | EUR | 5724 | $5524773 |
|  Dutch Property Finance BV, 0.96%, 10/28/59 (Call 01/28/27)<sup>(b)(c)</sup>  | EUR | 7979 | 7681099 |
|  Elevation CLO Ltd., Series 2014-2A, Class A1R, 5.36%, 10/15/29 (Call 01/15/23), (3 mo. LIBOR US + 1.230%)<sup>(a)(b)</sup>  | USD | 420 | 413297 |
|  Elmwood CLO X Ltd., Series 2021-3A, Class A, 5.28%, 10/20/34 (Call 01/20/23), (3 mo. LIBOR US + 1.040%)<sup>(a)(b)</sup>  | USD | 13000 | 12497213 |
|  Elvet Mortgages PLC, Series 2021-1, Class A, 2.56%, 10/22/63<br>(Call 10/22/26)<sup>(b)(c)</sup>  | GBP | 9348 | 10567590 |
|  Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 04/20/24)<sup>(a)</sup>  | USD | 7327 | 7066531 |
|  Ford Credit Auto Owner Trust, 3.44%, 02/15/25 (Call 01/15/24) | USD | 27812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27537284 |
|  FS Rialto Issuer LLC, 4.79%, 01/19/39 (Call 04/17/24), (SOFR + 1.900%)<sup>(a)(b)</sup>  | USD | 5000 | 4806531 |
|  Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 5.05%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.970%)<sup>(a)(b)</sup>  | USD | 670 | 652366 |
|  Galaxy XXVII CLO Ltd., 3.94%, 05/16/31 (Call 11/16/22)<sup>(a)(b)</sup>  | USD | 2730 | 2659852 |
|  Generate CLO 2 Ltd., 5.47%, 01/22/31 (Call 01/22/23)<sup>(a)(b)</sup>  | USD | 1605 | 1572969 |
|  Gilbert Park CLO Ltd., 5.27%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.190%)<sup>(a)(b)</sup>  | USD | 250 | 244494 |
|  GM Financial Automobile Leasing Trust, 2.93%, 10/21/24 (Call 01/20/24) | USD | 18952 | 18667605 |
|  GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 5.52%, 10/29/29 (Call 01/29/23), (3 mo. LIBOR US + 1.110%)<sup>(a)(b)</sup>  | USD | 15721 | 15411730 |
|  HGI CRE CLO Ltd., 4.41%, 09/17/36 (Call 09/19/23), (1 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 5380 | 5135561 |
|  Highbridge Loan Management, Series 3A-2014, Class A1R, 5.37%, 07/18/29 (Call 01/18/23), (3 mo. LIBOR US + 1.180%)<sup>(a)(b)</sup>  | USD | 1087 | 1068193 |
|  Honda Auto Receivables Owner Trust, 3.81%, 03/18/25 (Call 03/18/24) | USD | 12396 | 12257683 |
|  Hyundai Auto Lease Securitization Trust, 3.41%, 10/15/24 (Call 11/15/23), (30 day SOFR + 0.620%)<sup>(a)(b)</sup>  | USD | 23490 | 23485435 |
|  Hyundai Auto Receivables Trust, 3.64%, 05/15/25 (Call 04/15/24) | USD | 10808 | 10687180 |
|  John Deere Owner Trust, 3.73%, 06/16/25 (Call 04/15/24) | USD | 8735 | 8620355 |
|  KKR CLO 21 Ltd., 5.08%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 5590 | 5434511 |
|  KREF Ltd., 4.92%, 02/17/39 (Call 01/17/24)<sup>(a)(b)</sup>  | USD | 9360 | 9009000 |
|  LCM 29 Ltd., Series 29A, Class AR, 5.15%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 2600 | 2528503 |
|  LoanCore Issuer Ltd., 4.71%, 11/15/38 (Call 11/15/23), (1 mo. LIBOR US + 1.300%)<sup>(a)(b)</sup>  | USD | 2640 | 2521379 |
|  Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 5.18%, 04/19/30 (Call 01/19/23), (3 mo. LIBOR US + 0.950%)<sup>(a)(b)</sup>  | USD | 3775 | 3708277 |
|  Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 5.28%, 07/21/30 (Call 01/21/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 1784 | 1748624 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 5.33%, 07/27/31 (Call 01/27/23), (3 mo. LIBOR US + 0.970%)<sup>(a)(b)</sup>  | USD | 13200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12936000 |
|  Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR,<br>5.61%, 07/29/30,<br>(3 mo. LIBOR US + 1.200%)<sup>(a)(b)</sup>  | USD | 4875 | 4788264 |
|  Madison Park Funding XXXVII Ltd., 5.15%, 07/15/33 (Call 01/15/23), (3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup>  | USD | 1750 | 1694704 |
|  Mariner CLO LLC, Series 2016-3A, Class AR2, 5.31%, 07/23/29 (Call 01/23/23), (3 mo. LIBOR US + 0.990%)<sup>(a)(b)</sup>  | USD | 951 | 933134 |
|  MF1 Multifamily Housing Mortgage Loan Trust, 4.54%, 07/16/36 (Call 07/16/23), (1 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 4520 | 4333109 |
|  Multifamily Housing Mortgage Loan Trust, 4.24%, 02/19/37 (Call 02/17/24)<sup>(a)(b)</sup>  | USD | 1860 | 1788422 |
|  Navient Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, 4.31%, 12/16/58 (Call 09/16/24), (1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 336 | 334258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-IA, Class A1B, 4.41%, 04/15/69 (Call 05/15/31), (1 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 6104 | 5899653 |
|  Navient Private Education Refi Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 09/15/28)<sup>(a)</sup>  | USD | 5997 | 5028998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-DA, Class A, 4.26%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)<sup>(a)(b)</sup>  | USD | 7421 | 6520625 |
|  Nelnet Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 04/20/62 (Call 03/20/29), (1 mo. LIBOR US + 0.690%)<sup>(a)(b)</sup>  | USD | 2929 | 2823972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 04/20/62 (Call 08/20/29), (1 mo. LIBOR US + 0.740%)<sup>(a)(b)</sup>  | USD | 5622 | 5378625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A, Class A1, 4.29%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.800%)<sup>(a)(b)</sup>  | USD | 7080 | 6893096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BA, Class AFL, 4.27%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)<sup>(a)(b)</sup>  | USD | 12259 | 11817611 |
|  Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 5.40%, 01/28/30 (Call 01/28/23), (3 mo. LIBOR US + 0.990%)<sup>(a)(b)</sup>  | USD | 488 | 478798 |
|  Neuberger Berman Loan Advisers CLO 33 Ltd., 5.16%, 10/16/33 (Call 01/16/23), (3 mo. LIBOR US + 1.080%)<sup>(a)(b)</sup>  | USD | 2050 | 1986636 |
|  Niagara Park Clo Ltd., 5.08%, 07/17/32 (Call 01/17/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 2500 | 2408750 |
|  Nissan Auto Lease Trust, 3.45%, 08/15/24 (Call 11/15/23) | USD | 14548 | 14379879 |
|  NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 4.71%, 02/15/36 (Call 11/15/22), (1 mo. LIBOR US + 1.300%)<sup>(a)(b)</sup>  | USD | 1226 | 1213921 |
|  OCP CLO Ltd., Series 2017-13A, 5.04%, 07/15/30 (Call 01/15/23), (3 mo. LIBOR US + 0.960%)<sup>(a)(b)</sup>  | USD | 3820 | 3728003 |
|  Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 5.36%, 01/25/31 (Call 01/25/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 3000 | 2936579 |
|  OneMain Direct Auto Receivables Trust, 4.37%, 03/14/29 (Call 09/15/25)<sup>(a)(b)</sup>  | USD | 8825 | 8793219 |
|  OneMain Financial Issuance Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 06/16/36 (Call 06/14/26), (SOFR + 0.760%)<sup>(a)(b</sup> | USD | 5108 | 4687385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 05/14/32 (Call 11/14/22)<sup>(a)</sup>  | USD | 2893 | 2857277 |

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
|  Palmer Square CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 10/17/31 (Call 01/19/23),<br>(3 mo. LIBOR US +<br>1.000%)<sup>(a)(b)</sup>  | USD | 1800 | $1743566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, 5.34%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 3603 | 3524968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1, 5.23%, 01/15/35 (Call 01/15/24)<sup>(a)(b)</sup>  | USD | 500 | 477395 |
|  Palmer Square Loan Funding Ltd., 4.08%, 01/15/31<br>(Call 10/15/23)<sup>(a)(b)</sup>  | USD | 5080 | 5075539 |
|  PCL Funding V PLC, 2.94%, 10/15/25 (Call 10/15/23)<sup>(b)(c)</sup>  | GBP | 3000 | 3400414 |
|  PCL Funding VI PLC, 3.59%, 07/15/26 (Call 07/15/24)<sup>(b)(c)</sup>  | GBP | 6611 | 7549270 |
|  PFS Financing Corp., 3.39%, 02/15/26, (SOFR + 0.600%)<sup>(a)(b)</sup>  | USD | 22642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22467638 |
|  Pikes Peak CLO 1, Series 2018-1A, Class A, 5.50%, 07/24/31 (Call 01/24/23), (3 mo. LIBOR US + 1.180%)<sup>(a)(b)</sup>  | USD | 1500 | 1459420 |
|  Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 4.84%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.250%)<sup>(a)(b)</sup>  | USD | 1424 | 1371513 |
|  Red & Black Auto Germany 8 UG, Class B, 1.60%, 09/15/30 (Call 11/15/25)<sup>(b)(c)</sup>  | EUR | 400 | 385306 |
|  Red & Black Auto Italy S.r.l., Class A, 1.81%, 12/28/31 (Call 09/28/25)<sup>(b)(c)</sup>  | EUR | 12452 | 12186057 |
|  Romark WM-R Ltd., Series 2018-1A, Class A1, 5.27%, 04/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.030%)<sup>(a)(b)</sup>  | USD | 3879 | 3799051 |
|  RR 3 Ltd., Series 2018-3A, Class A1R2, 5.17%, 01/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.090%)<sup>(a)(b)</sup>  | USD | 2000 | 1958902 |
|  Santander Drive Auto Receivables Trust<br>2.76%, 03/17/25 (Call 08/15/23) | USD | 15464 | 15357487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/15/25 (Call 11/15/23) | USD | 7792 | 7736275 |
|  Satus PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 08/17/28 (Call 01/17/24), (Sterning Ovenight Index Average + 0.700%)<sup>(b)(c)</sup>  | GBP | 524 | 597791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 08/17/28 (Call 07/17/24), (Sterning Ovenight Index Average + 1.200%)<sup>(b)(c)</sup>  | GBP | 400 | 453215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 08/17/28 (Call 01/17/25), (Sterning Ovenight Index Average + 1.600%)<sup>(b)(c)</sup>  | GBP | 300 | 334838 |
|  Shackleton Clo Ltd., Series 2017-11A, 4.00%, 08/15/30 (Call 11/15/22), (3 mo. LIBOR US + 1.090%)<sup>(a)(b)</sup>  | USD | 2750 | 2697770 |
|  Shackleton CLO Ltd., Series 2015-7R, 5.23%, 07/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.150%)<sup>(a)(b)</sup>  | USD | 2750 | 2678804 |
|  Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 5.22%, 04/20/29 (Call 01/20/23), (3 mo. LIBOR US + 0.980%)<sup>(a)(b)</sup>  | USD | 1351 | 1324678 |
|  Silver Creek CLO Ltd., 5.48%, 07/20/30 (Call 01/20/23), (3 mo. LIBOR US + 1.240%)<sup>(a)(b)</sup>  | USD | 6006 | 5913289 |
|  Silverstone Master Issuer PLC, 2.48%, 01/21/70<br>(Call 04/21/27)<sup>(b)(c)</sup>  | GBP | 3485 | 3906323 |
|  SLM Private Credit Student Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-A, Class A3, 3.69%, 06/15/33 (Call 12/15/22), (3 mo. LIBOR US + 0.400%)<sup>(b)</sup>  | USD | 3121 | 3035675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2004-B, Class A3, 3.62%, 03/15/24 (Call 12/15/23), (3 mo. LIBOR US + 0.330%)<sup>(b)</sup>  | USD | 2121 | 2113180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A, Class A4, 3.60%, 12/15/38 (Call 12/15/26), (3 mo. LIBOR US + 0.310%)<sup>(b)</sup>  | USD | 6900 | 6534510 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2005-B, Class A4, 3.62%, 06/15/39 (Call 09/15/26), (3 mo. LIBOR US + 0.330%)<sup>(b)</sup>  | USD | 4875 | $4649147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A, Class A5, 3.58%, 06/15/39 (Call 09/15/28), (3 mo. LIBOR US + 0.290%)<sup>(b)</sup>  | USD | 10897 | 10207584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B, Class A5, 3.56%, 12/15/39 (Call 09/15/27), (3 mo. LIBOR US + 0.270%)<sup>(b)</sup>  | USD | 7801 | 7336079 |
|  SMB Private Education Loan Trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 02/16/55, (30 day SOFR + 1.450%)<sup>(a)(b)</sup>  | USD | 11449 | 11079701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 05/16/50, (SOFR + 1.850%)<sup>(a)(b)</sup>  | USD | 5288 | 5258243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/58 | USD | 21335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21012963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-A, Class A2B, 4.31%, 09/15/34, (1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 9903 | 9765437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C, Class A1, 3.81%, 01/15/53, (1 mo. LIBOR US + 0.400%)<sup>(a)(b)</sup>  | USD | 371 | 371127 |
|  SoFi Professional Loan Program LLC, Series 16-C, Class A1, 4.69%, 10/27/36 (Call 11/25/22), (1 mo. LIBOR US + 1.100%)<sup>(a)(b)</sup>  | USD | 363 | 363290 |
|  Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 5.22%, 01/23/29 (Call 01/23/23), (3 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 2124 | 2090942 |
|  Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 5.64%, 01/25/32 (Call 01/25/23), (3 mo. LIBOR US + 1.280%)<sup>(a)(b)</sup>  | USD | 1250 | 1210180 |
|  Southwick Park CLO LLC, 5.30%, 07/20/32 (Call 01/20/23), (3 mo. LIBOR US + 1.060%)<sup>(a)(b)</sup>  | USD | 8760 | 8447705 |
|  Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 5.23%, 10/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.150%)<sup>(a)(b)</sup>  | USD | 500 | 487826 |
|  TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2, 1.64%, 09/23/38<br>(Call 02/23/28)<sup>(b)(c)</sup>  | EUR | 11819 | 11635220 |
|  TCI-Symphony CLO Ltd. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 10/13/32 (Call 01/13/23),<br>(3 mo. LIBOR US + 1.020%)<sup>(a)(b)</sup> | USD | 5235 | 5069056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 07/15/30 (Call 01/15/23), (3 mo. LIBOR US +<br>0.930%)<sup>(a)(b)</sup>  | USD | 7958 | 7789664 |
|  TICP CLO IX Ltd., Series 2017-9A, Class A, 5.38%, 01/20/31 (Call 01/20/23), (3 mo. LIBOR US + 1.140%)<sup>(a)(b)</sup>  | USD | 500 | 488772 |
|  Together Asset-Backed Securitisation PLC, 2.89%, 07/12/63 (Call 10/12/25)<sup>(b)(c)</sup>  | GBP | 2350 | 2622027 |
|  Verizon Owner Trust, Series 2020-A, Class A1B, 3.76%, 07/22/24 (Call 04/20/23), (1 mo. LIBOR US + 0.270%)<sup>(b)</sup>  | USD | 2536 | 2534043 |
|  Volkswagen Auto Lease Trust, 3.20%, 10/21/24 (Call 01/20/24) | USD | 20878 | 20536561 |
|  Voya CLO, Series 2017-2A, Class A1R, 5.06%, 06/07/30 (Call 01/15/23), (3 mo. LIBOR US + 0.980%)<sup>(a)(b)</sup>  | USD | 5122 | 5017154 |
|  Voya CLO Ltd., 5.14%, 04/15/31 (Call 01/15/23), (3 mo. LIBOR US + 1.060%)<sup>(a)(b)</sup>  | USD | 1250 | 1220952 |
|  Voya Ltd., Series 2012-4, 5.08%, 10/15/30 (Call 01/15/23), (3 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 13000 | 12726176 |
|  Wellfleet CLO Ltd., Series 2016-1A, Class AR, 5.15%, 04/20/28 (Call 01/20/23), (3 mo. LIBOR US + 0.910%)<sup>(a)(b)</sup>  | USD | 828 | 811969 |
|  Westlake Automobile Receivables Trust 3.36%, 08/15/25 (Call 12/15/23)<sup>(a)</sup>  | USD | 7738 | 7634673 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 02/15/23)<sup>(a)</sup>  | USD | 2447 | $| 2434300 |
|  **Total Asset-Backed Securities — 21.0%<br>(Cost: $919,686,367)** | **Total Asset-Backed Securities — 21.0%<br>(Cost: $919,686,367)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890030231 |
|  **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** |
|  **Mortgage-Backed Securities — 6.5%** | **Mortgage-Backed Securities — 6.5%** | **Mortgage-Backed Securities — 6.5%** | **Mortgage-Backed Securities — 6.5%** | **Mortgage-Backed Securities — 6.5%** |
|  280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 4.18%, 09/15/34 (Call 11/15/22), (1 mo. LIBOR US + 0.880%)<sup>(a)(b)</sup>  | USD | 12100 |  | 11766704 |
|  AREIT Trust<br>4.14%, 01/16/37 (Call 01/15/25)<sup>(a)(b)</sup>  | USD | 1878 |  | 1791624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CRE3, Class A, 4.76%, 09/14/36 (Call 08/14/23),<br>(1 mo. LIBOR US + 1.020%)<sup>(a)(b)</sup>  | USD | 4059 |  | 4042876 |
|  BAMLL Commercial Mortgage Securities Trust,<br>Series 2018-DSNY, Class A, 4.26%, 09/15/34,<br>(1 mo. LIBOR US + 0.850%)<sup>(a)(b)</sup>  | USD | 19220 |  | 18714624 |
|  BBCMS-TALL Mortgage Trust,<br>Series 2018-TALL, Class A, 4.13%, 03/15/37,<br>(1 mo. LIBOR US + 0.722%)<sup>(a)(b)</sup>  | USD | 8630 |  | 8111995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust<br>4.10%, 10/15/38,<br>(1 mo. LIBOR US + 0.690%)<sup>(a)(b)</sup>  | USD | 9063 |  | 8572413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 02/15/39<sup>(a)(b)</sup>  | USD | 10020 |  | 9557185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-XL, Class A,<br>4.33%, 10/15/36,<br>(1 mo. LIBOR US + 0.920%)<sup>(a)(b)</sup>  | USD | 5398 |  | 5289335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust<br>4.31%, 10/15/36,<br>(1 mo. LIBOR US + 0.890%)<sup>(a)(b)</sup>  | USD | 8520 |  | 7986659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-CALM, Class A,<br>4.29%, 11/15/32,<br>(1 mo. LIBOR US + 0.876%)<sup>(a)(b)</sup>  | USD | 1290 |  | 1255804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021, Class A, 4.69%, 06/15/36,<br>(1 mo. LIBOR US + 1.280%)<sup>(a)(b)</sup>  | USD | 2070 |  | 1959238 |
|  CEDR Commercial Mortgage Trust,<br>4.36%, 02/15/39<sup>(a)(b)</sup>  | USD | 5410 |  | 5053379 |
|  Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11,<br>4.49%, 07/25/49 (Call 01/25/26),<br>(1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 1133 |  | 1086310 |
|  Cold Storage Trust, Series 2020-ICE5, Class A, 4.31%, 11/15/37,<br>(1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 1843 |  | 1786745 |
|  Commission Mortgage Trust<br>3.42%, 03/10/31 (Call 03/10/23)<sup>(a)</sup>  | USD | 17220 |  | 17182559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 03/10/31 (Call 03/10/23)<sup>(a)</sup>  | USD | 10000 |  | 9980750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013- GAM, Class A2,<br>3.37%, 02/10/28 (Call 02/10/23)<sup>(a)</sup>  | USD | 6185 |  | 6105973 |
|  Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A,<br>4.39%, 05/15/36,<br>(1 mo. LIBOR US + 0.980%)<sup>(a)(b)</sup>  | USD | 6333 |  | 6214042 |
|  DBGS Mortgage Trust, Series 2018-5BP, Class A, 4.21%, 06/15/33 (Call 11/15/22), (1 mo. LIBOR<br>US + 0.645%)<sup>(a)(b)</sup>  | USD | 4200 |  | 4000221 |
|  Extended Stay America Trust, Series 2021-ESH, Class A, 4.49%, 07/15/38,<br>(1 mo. LIBOR US + 1.080%)<sup>(a)(b)</sup>  | USD | 6082 |  | 5838021 |
|  Friary No. 7 PLC, 2.36%, 10/21/70<br>(Call 10/21/27)<sup>(b)</sup>  | GBP | 1544 |  | 1762950 |
|  GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 4.21%, 02/15/38,<br>(1 mo. LIBOR US + 0.800%)<sup>(a)(b)</sup>  | USD | 8600 |  | 8081223 |
|  GS Mortgage Securities Corportation Trust, 4.36%, 10/15/36, (1 mo. LIBOR US + 0.950%)<sup>(a)(b)</sup>  | USD | 10360 |  | 9623515 |
|  Hops Hill No. 1 PLC, 3.14%, 05/27/54<br>(Call 05/27/24)<sup>(b)(c)</sup>  | GBP | 2968 |  | 3348433 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* |  | *Par<br>(000)* | *Value* | *Value* |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
|  J.P. Morgan Chase Commercial Mortgage Securities Trust, 4.19%, 03/15/39<sup>(a)(b)</sup>  | USD | 5540 | $| 5380560 |
|  JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 4.66%, 09/15/29,<br>(1 mo. LIBOR US + 1.000%)<sup>(a)(b)</sup>  | USD | 1645 |  | 1597592 |
|  KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 4.21%, 05/15/36,<br>(1 mo. LIBOR US + 0.800%)<sup>(a)(b)</sup>  | USD | 8533 |  | 8362341 |
|  Med Trust, 4.36%, 11/15/38<sup>(a)(b)</sup>  | USD | 4260 |  | 4057320 |
|  MF1 Multifamily Housing Mortgage Loan Trust<br>4.45%, 12/15/34, (SOFR + 1.070%)<sup>(a)(b)(d)</sup>  | USD | 1230 |  | 1174650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/34, (SOFR + 1.370%)<sup>(a)(b)(d)</sup>  | USD | 480 |  | 456000 |
|  MHC Commercial Mortgage Trust, 4.21%, 04/15/38, (1 mo. LIBOR US + 0.801%)<sup>(a)(b)</sup>  | USD | 5925 |  | 5676382 |
|  Morgan Stanley Capital I Trust |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BOP, Class A,<br>4.26%, 08/15/33,<br>(1 mo. LIBOR US + 0.850%)<sup>(a)(b)</sup>  | USD | 4330 |  | 4242065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-SUN, Class A,<br>4.31%, 07/15/35 (Call 07/15/23),<br>(1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup> . | USD | 19045 |  | 18449758 |
|  MSCG Trust, 4.31%, 10/15/37,<br>(1 mo. LIBOR US + 0.900%)<sup>(a)(b)</sup>  | USD | 5300 |  | 5140776 |
|  MTN Commercial Mortgage Trust,<br>4.77%, 03/15/39<sup>(a)(b)</sup>  | USD | 8930 |  | 8662118 |
|  Ready Capital Mortgage Financing LLC, 4.67%, 01/25/37 (Call 02/25/24),<br>(SOFR + 1.650%)<sup>(a)(b)</sup>  | USD | 8560 |  | 8215570 |
|  RIAL Issuer Ltd.,<br>5.72%, 01/19/37 (Call 05/19/24)<sup>(a)(b)</sup>  | USD | 6955 |  | 6728962 |
|  Taubman Centers Commercial Mortgage Trust, 5.56%, 05/15/37<sup>(a)(b)</sup>  | USD | 2900 |  | 2823755 |
|  Taurus UK DAC, 2.87%, 08/17/31 (Call 08/17/26), (SOFR + 0.950%)<sup>(b)(c)</sup>  | GBP | 6837 |  | 7454332 |
|  TPGI Trust, Series 2021 DGWD, Class A, 4.11%, 06/15/26, (1 mo. LIBOR US + 0.700%)<sup>(a)(b)</sup>  | USD | 6320 |  | 5998308 |
|  Vita Scientia DAC, 1.82%, 02/27/33<sup>(b)(c)</sup>  | EUR | 5708 |  | 5329732 |
|  Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 4.29%, 12/15/34, (1 mo. LIBOR US + 0.750%)<sup>(a)(b)</sup>  | USD | 17280 |  | 17069327 |
|  **Total Collaterized Mortgage Obligations — 6.5%<br>(Cost: $286,921,058)** | **Total Collaterized Mortgage Obligations — 6.5%<br>(Cost: $286,921,058)** | **Total Collaterized Mortgage Obligations — 6.5%<br>(Cost: $286,921,058)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275932126 |
|  **Commercial Paper** | **Commercial Paper** | **Commercial Paper** | **Commercial Paper** | **Commercial Paper** |
|  Enel Finance America LLC<br>4.17%, 11/21/22<sup>(e)</sup>  | $— | 20000 |  | 19951467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.44%, 08/09/23<sup>(e)</sup>  |  | 10000 |  | 9519660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 09/06/23<sup>(e)</sup>  |  | 15000 |  | 14195550 |
|  General Motors Financial Co. Inc., 4.09%, 11/14/22<sup>(e)</sup>  |  | 20000 |  | 19968274 |
|  HSBC USA Inc., 5.57%, 08/23/23<sup>(e)</sup>  |  | 10000 |  | 9562167 |
|  National Australia Bank Ltd., 4.84%, 03/15/23<sup>(e)</sup>  |  | 10000 |  | 9821875 |
|  **Total Commercial Paper — 2.0%<br>(Cost: $83,460,375)** | **Total Commercial Paper — 2.0%<br>(Cost: $83,460,375)** |  |  | 83018993 |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
|  **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
|  L3Harris Technologies Inc., 3.85%, 06/15/23 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/15/23) |  | 15000 |  | 14865970 |
| **Auto Manufacturers — 7.6%** | **Auto Manufacturers — 7.6%** | **Auto Manufacturers — 7.6%** | **Auto Manufacturers — 7.6%** | **Auto Manufacturers — 7.6%** |
|  American Honda Finance Corp., 0.88%, 07/07/23<sup>(f)</sup>  |  | 10000 |  | 9716100 |
|  BMW U.S. Capital LLC 0.80%, 04/01/24<sup>(a)</sup>  |  | 11565 |  | 10880857 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** | **Auto Manufacturers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/12/24, (SOFR + 0.380%)<sup>(a)(b)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21435 | $| 21204122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 04/01/25, (SOFR + 0.840%)<sup>(a)(b)</sup>  |  | 11100 |  | 11042815 |
|  Daimler Finance North America LLC<br>0.75%, 03/01/24<sup>(a)(f)</sup>  |  | 11005 |  | 10364949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/10/23<sup>(a)(f)</sup>  |  | 17650 |  | 17465044 |
|  Daimler Trucks Finance North America LLC, 1.13%, 12/14/23<sup>(a)(f)</sup>  |  | 15000 |  | 14293961 |
|  General Motors Financial Co. Inc.<br>1.05%, 03/08/24 |  | 20000 |  | 18754349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 10/15/24, (SOFR + 0.620%)<sup>(b)</sup>  |  | 15000 |  | 14555789 |
|  Hyundai Capital America<br>0.80%, 04/03/23<sup>(a)(f)</sup>  |  | 17710 |  | 17355087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/17/24<sup>(a)(f)</sup>  |  | 18105 |  | 16388797 |
|  Nissan Motor Acceptance Co. LLC,<br>1.13%, 09/16/24<sup>(a)(f)</sup>  |  | 10520 |  | 9392907 |
|  Nissan Motor Acceptance Corp.<br>1.05%, 03/08/24<sup>(a)(f)</sup>  |  | 12515 |  | 11518423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/08/24,<br>(3 mo. LIBOR US + 0.640%)<sup>(a)(b)</sup>  |  | 4375 |  | 4302926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/21/23<sup>(a)(f)</sup>  |  | 4000 |  | 3916772 |
|  Stellantis NV, 5.25%, 04/15/23 |  | 9400 |  | 9364938 |
|  Toyota Motor Credit Corp.<br>3.68%, 12/29/23<sup>(b)</sup>  |  | 15000 |  | 15006414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 |  | 7125 |  | 7060199 |
|  Volkswagen Group of America Finance LLC<br>0.75%, 11/23/22<sup>(a)(f)</sup>  |  | 44345 |  | 44219953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/22/23<sup>(a)</sup>  |  | 22000 |  | 20942450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 06/07/24<sup>(a)(b)</sup>  |  | 19465 |  | 19401953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/13/23<sup>(a)</sup>  |  | 13000 |  | 12843008 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319991813 |
| **Banks — 21.7%** | **Banks — 21.7%** | **Banks — 21.7%** | **Banks — 21.7%** | **Banks — 21.7%** |
|  Banco Santander SA<br>0.70%, 06/30/24 (Call 06/30/23)<sup>(b)(f)</sup>  |  | 21200 |  | 20356150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/12/23<sup>(f)</sup>  |  | 9291 |  | 9206600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 04/12/23, (3 mo. LIBOR US + 1.120%)<sup>(b)</sup>  |  | 10000 |  | 9986142 |
|  Bank of America Corp.<br>3.00%, 12/20/23 (Call 12/20/22), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.790%)<sup>(b)</sup>  |  | 72625 |  | 72363492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/05/24 (Call 03/05/23), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.780%)<sup>(b)</sup>  |  | 30000 |  | 29751493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 07/23/24 (Call 07/23/23), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.940%)<sup>(b)(f)</sup>  |  | 10000 |  | 9852480 |
|  Bank of Montreal, 3.82%, 06/07/25<sup>(b)</sup>  |  | 20000 |  | 19826378 |
|  Banque Federative du Credit Mutuel SA,<br>2.13%, 11/21/22<sup>(a)</sup>  |  | 20000 |  | 19976402 |
|  Barclays PLC, 4.30%, 05/16/24 (Call 05/16/23), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.380%)<sup>(b)</sup>  |  | 41000 |  | 40496393 |
|  BPCE SA<br>3.60%, 01/14/25, (SOFR + 0.570%)<sup>(a)(b)</sup>  |  | 3110 |  | 3033815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 09/12/23, (3 mo. LIBOR US + 1.240%)<sup>(a)(b)</sup>  |  | 15000 |  | 14995080 |
|  Canadian Imperial Bank of Commerce,<br>0.45%, 06/22/23 |  | 26320 |  | 25533290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Inc.<br>1.68%, 05/15/24 (Call 05/15/23),<br>(SOFR + 1.667%)<sup>(b)</sup>  |  | 15000 |  | 14672867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 05/24/25 (Call 05/24/24),<br>(SOFR + 1.372%)<sup>(b)</sup>  |  | 23300 |  | 23272148 |
|  Credit Suisse AG/New York NY, 0.52%, 08/09/23 |  | 25000 |  | 23687500 |
|  Credit Suisse Group AG, 3.80%, 06/09/23<sup>(f)</sup>  |  | 8500 |  | 8287500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG/New York NY<br>2.22%, 09/18/24 (Call 09/18/23),<br> (SOFR + 2.159%)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $16106245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.10%, 11/08/23, (SOFR + 0.500%)<sup>(b)</sup>  | 13790 | 13617211 |
|  DNB Bank ASA, 3.86%, 03/28/25 (Call 03/28/24), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.390%)<sup>(a)(b)(f)</sup>  | 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14871827 |
|  Federation des Caisses Desjardins du Quebec, 2.71%, 05/21/24, (SOFR + 0.430%)<sup>(a)(b)</sup>  | 20000 | 19703893 |
|  Goldman Sachs Group Inc. (The)<br>0.52%, 03/08/23<sup>(f)</sup>  | 25000 | 24605128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | 28860 | 27612267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 11/29/23, (3 mo. LIBOR US + 1.600%)<sup>(b)</sup>  | 12060 | 12096141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/17/23 (Call 11/17/22),<br>(SOFR + 0.538%)<sup>(b)</sup>  | 3000 | 2992296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC<br>0.73%, 08/17/24 (Call 08/17/23),<br>(SOFR + 0.534%)<sup>(b)</sup>  | 13500 | 12800970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/25/23<sup>(f)</sup>  | 10000 | 9895924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 03/11/25 (Call 03/11/24),<br>(3 mo. LIBOR US + 1.230%)<sup>(b)</sup>  | 13000 | 12808173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/24 (Call 11/22/23),<br>(SOFR + 0.580%)<sup>(b)</sup>  | 6570 | 6342003 |
|  Huntington National Bank (The), 3.82%, 05/16/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/16/24), (SOFR + 1.190%)<sup>(b)(f)</sup>  | 22900 | 22722067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>0.70%, 03/16/24 (Call 03/16/23),<br> (SOFR + 0.580%)<sup>(b)</sup>  | 12000 | 11767309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 06/01/24 (Call 06/01/23),<br>(SOFR + 1.455%)<sup>(b)(f)</sup>  | 33590 | 32795549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/24 (Call 04/23/23),<br>(3 mo. LIBOR US + 0.730%)<sup>(b)(f)</sup>  | 48480 | 48011198 |
|  KeyBank NA/Cleveland OH, 0.43%, 06/14/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/14/23), (SOFR + 0.320%)<sup>(b)</sup>  | 4625 | 4478403 |
|  KeyCorp, 3.88%, 05/23/25 (Call 05/23/24)<sup>(b)(f)</sup>  | 7195 | 6977401 |
|  Mitsubishi UFJ Financial Group Inc., 4.68%, 07/18/25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 07/18/24)<sup>(b)</sup>  | 19100 | 19138263 |
|  Mizuho Financial Group Inc.<br>3.55%, 03/05/23<sup>(f)</sup>  | 20000 | 19905962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/25/24 (Call 05/25/23), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.630%)<sup>(b)</sup>  | 10000 | 9916899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/05/23, (3 mo. LIBOR US + 0.790%)<sup>(b)</sup>  | 3000 | 3000423 |
|  Morgan Stanley<br>0.53%, 01/25/24 (Call 01/25/23), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.455%)<sup>(b)</sup>  | 66100 | 65110281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 11/10/23 (Call 11/10/22), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.466%)<sup>(b)(f)</sup>  | 5500 | 5492901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 04/24/24 (Call 04/24/23), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.847%)<sup>(b)(f)</sup>  | 20000 | 19803309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/23<sup>(f)</sup>  | 25000 | 24902428 |
|  National Bank of Canada, 3.09%, 08/06/24, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.490%)<sup>(b)(f)</sup>  | 8695 | 8518490 |
|  Natwest Group PLC, 5.19%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)<sup>(b)</sup>  | 3000 | 2987950 |
|  Nordea Bank Abp, 3.71%, 06/06/25<sup>(a)(b)(f)</sup>  | 19885 | 19727217 |
|  Skandinaviska Enskilda Banken AB,<br>3.88%, 12/12/22, (3 mo. LIBOR US + 0.645%)<sup>(a)(b)</sup>  | 15000 | 14990046 |
|  Sumitomo Mitsui Financial Group Inc.,<br>4.88%, 10/16/23, (3 mo. LIBOR US + 0.800%)<sup>(b)</sup>  | 4000 | 3997169 |
|  Toronto-Dominion Bank (The), 4.29%, 09/13/24 | 20330 | 19919372 |

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
|  U.S. Bank NA/Cincinnati OH, 3.40%, 07/24/23 (Call 06/23/23) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $| 19757573 |
|  UBS AG/London, 3.05%, 08/09/24,<br>(SOFR + 0.450%)<sup>(a)(b)</sup>  |  | 15725 |  | 15592263 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918262281 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
|  Keurig Dr Pepper Inc., 0.75%, 03/15/24<br>(Call 12/01/22)<sup>(f)</sup>  |  | 21520 |  | 20273537 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
|  Gilead Sciences Inc.<br>0.75%, 09/29/23 (Call 11/14/22) |  | 23988 |  | 23087283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/23 (Call 07/01/23)<sup>(f)</sup>  |  | 4000 |  | 3912395 |
|  |  |  |  | 26999678 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 12/01/22)<sup>(f)</sup>  |  | 8800 |  | 8511776 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
|  DuPont de Nemours Inc., 4.21%, 11/15/23<br>(Call 10/15/23) |  | 38000 |  | 37582883 |
|  International Flavors & Fragrances Inc.,<br>3.20%, 05/01/23 (Call 02/01/23)<sup>(f)</sup>  |  | 9000 |  | 8910422 |
|  |  |  |  | 46493305 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
|  Dell International LLC/EMC Corp.,<br>5.45%, 06/15/23 (Call 04/15/23) |  | 8783 |  | 8768714 |
| **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23 |  | 35000 |  | 33154353 |
|  Air Lease Corp.<br>0.80%, 08/18/24 (Call 07/18/24)<sup>(f)</sup>  |  | 3325 |  | 3027679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/23<sup>(f)</sup>  |  | 10637 |  | 10564402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 12/15/22, (3 mo. LIBOR US + 0.350%)<sup>(b)</sup>  |  | 28600 |  | 28579454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/23 (Call 06/03/23)<sup>(f)</sup>  |  | 6138 |  | 6068064 |
|  American Express Co.<br>2.51%, 11/03/23, (SOFR + 0.230%)<sup>(b)</sup>  |  | 6765 |  | 6716410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24<sup>(f)</sup>  |  | 15000 |  | 14548517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24)<sup>(f)</sup>  |  | 34465 |  | 33620777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 03/04/25 (Call 02/01/25), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%)<sup>(b)</sup>  |  | 8930 |  | 8903529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 02/27/23 (Call 01/27/23), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.650%)<sup>(b)(f)</sup>  |  | 4000 |  | 3997286 |
|  Aviation Capital Group LLC, 3.88%, 05/01/23<br>(Call 04/01/23)<sup>(a)</sup>  |  | 19660 |  | 19352059 |
|  Capital One Financial Corp.<br>2.60%, 05/11/23 (Call 04/11/23)<sup>(f)</sup>  |  | 12550 |  | 12383151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/23 (Call 12/30/22)<sup>(f)</sup>  |  | 10000 |  | 9954165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/06/24 (Call 12/06/23), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.690%)<sup>(b)</sup>  |  | 9000 |  | 8768160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 05/09/25 (Call 05/09/24), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.350%)<sup>(b)</sup>  |  | 22285 |  | 21965234 |
|  Charles Schwab Corp. (The), 3.40%, 03/18/24 (Call 02/18/24), (SOFR + 0.500%)<sup>(b)</sup>  |  | 33050 |  | 32838958 |
|  Synchrony Financial, 4.38%, 03/19/24<br>(Call 02/19/24) |  | 6250 |  | 6110090 |
|  |  |  |  | 260552288 |
| **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** | **Electric — 3.2%** |
|  Dominion Energy Inc., Series D, 3.82%, 09/15/23 (Call 11/21/22), (3 mo. LIBOR US + 0.530%)<sup>(b)(f)</sup>  |  | 10105 |  | 10073469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
|  Duke Energy Corp., 3.07%, 06/10/23,<br>(SOFR + 0.250%)<sup>(b)(f)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13415 | 13329190 |
|  NextEra Energy Capital Holdings Inc.<br>0.65%, 03/01/23 | 23495 | 23166909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 11/03/23 (Call 12/01/22), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.400%)<sup>(b)</sup>  | 24300 | 24010769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/22/23 (Call 12/01/22), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 0.270%)<sup>(b)</sup>  | 26954 | 26905652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 03/01/23, (SOFR + 0.540%)<sup>(b)</sup>  | 5580 | 5572565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24<sup>(f)</sup>  | 6105 | 6008105 |
|  Southern California Edison Co., 0.70%, 04/03/23<sup>(f)</sup>  | 25212 | 24726088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133792747 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
|  General Mills Inc., 5.09%, 10/17/23,<br>(3 mo. LIBOR US + 1.010%)<sup>(b)(f)</sup>  | 2696 | 2709246 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
|  Atmos Energy Corp., 0.63%, 03/09/23<br>(Call 11/16/22)<sup>(f)</sup>  | 7875 | 7761330 |
|  ONE Gas Inc., 0.85%, 03/11/23<br>(Call 12/01/22)<sup>(f)</sup>  | 5046 | 4971396 |
|  |  | 12732726 |
| **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** | **Health Care - Products — 1.1%** |
|  Baxter International Inc., 3.14%, 11/29/24<sup>(b)</sup>  | 5705 | 5558887 |
|  Thermo Fisher Scientific Inc.<br>0.80%, 10/18/23 (Call 12/01/22)<sup>(f)</sup>  | 30000 | 28787479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 10/18/24 (Call 12/01/22), (SOFR + 0.530%)<sup>(b)</sup>  | 11980 | 11850376 |
|  |  | 46196742 |
| **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** | **Health Care - Services — 1.4%** |
|  Elevance Health Inc., 2.95%, 12/01/22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/16/22)<sup>(f)</sup>  | 4555 | 4549304 |
|  Humana Inc., 0.65%, 08/03/23 (Call 11/08/22) | 55230 | 53351717 |
|  |  | 57901021 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
|  Lennar Corp., 4.50%, 04/30/24<br>(Call 01/31/24)<sup>(f)</sup>  | 11500 | 11290789 |
| **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** | **Household Products & Wares — 0.2%** |
|  Avery Dennison Corp., 0.85%, 08/15/24 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/01/22)<sup>(f)</sup>  | 10440 | 9652769 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
|  MassMutual Global Funding II, 3.84%, 03/21/25, (SOFR + 0.270%)<sup>(a)(b)</sup>  | 3996 | 3962956 |
|  Metropolitan Life Global Funding I, 3.88%, 03/21/25, (SOFR + 0.910%)<sup>(a)(b)</sup>  | 8745 | 8677048 |
|  New York Life Global Funding<br>2.90%, 01/17/24<sup>(a)(f)</sup>  | 5000 | 4876150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/06/24<sup>(a)(f)</sup>  | 12605 | 12228111 |
|  |  | 29744265 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
|  Caterpillar Financial Services Corp.<br>2.74%, 11/13/23, (SOFR + 0.450%)<sup>(b)(f)</sup>  | 25000 | 24986735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 05/15/23, (3 mo. LIBOR US + 0.510%)<sup>(b)</sup>  | 9020 | 9028195 |
|  Rockwell Automation Inc., 0.35%, 08/15/23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 11/14/22)<sup>(f)</sup>  | 3870 | 3730789 |
|  |  | 37745719 |
| **Manufacturing — 0.7%** | **Manufacturing — 0.7%** | **Manufacturing — 0.7%** |
|  Carlisle Companies Inc., 0.55%, 09/01/23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/01/22)<sup>(f)</sup>  | 8390 | 8074230 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | <br> *Par*<br> *(000)* | *Value* | *Value* |
| **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** | **Manufacturing (continued)** |
|  Parker-Hannifin Corp., 3.65%, 06/15/24<sup>(f)</sup>  | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22400 | $| 21785568 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29859798 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
|  Charter Communications Operating LLC/Charter Communications Operating Capital<br>4.50%, 02/01/24 (Call 01/01/24) |  | 10000 |  | 9848798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.09%, 02/01/24 (Call 01/01/24),<br>(3 mo. LIBOR US + 1.650%)<sup>(b)</sup>  |  | 17640 |  | 17755717 |
|  Sky Ltd., 3.75%, 09/16/24<sup>(a)(f)</sup>  |  | 7910 |  | 7687591 |
|  |  |  |  | 35292106 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
|  Phillips 66, 0.90%, 02/15/24<br>(Call 12/01/22)<sup>(f)</sup>  |  | 18530 |  | 17532122 |
| **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** | **Pharmaceuticals — 5.1%** |
|  AbbVie Inc. 2.30%, 11/21/22 |  | 33924 |  | 33878335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/06/22<sup>(f)</sup>  |  | 48550 |  | 48532523 |
|  Bayer U.S. Finance II LLC<br>3.88%, 12/15/23 (Call 11/15/23)<sup>(a)(f)</sup>  |  | 25000 |  | 24514842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/23 (Call 11/15/23),<br>(3 mo. LIBOR US + 1.010%)<sup>(a)(b)</sup>  |  | 32500 |  | 32335422 |
|  Cigna Corp.<br>0.61%, 03/15/24 (Call 12/01/22)<sup>(f)</sup>  |  | 8490 |  | 7989111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/23 (Call 05/16/23)<sup>(f)</sup>  |  | 10000 |  | 9859570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/30/22 (Call 11/16/22) |  | 19937 |  | 19913287 |
|  Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23) |  | 33015 |  | 32272913 |
|  Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) |  | 6662 |  | 6593524 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215889527 |
| **Pipelines — 2.1%** | **Pipelines — 2.1%** | **Pipelines — 2.1%** | **Pipelines — 2.1%** | **Pipelines — 2.1%** |
|  Enbridge Inc.<br>0.55%, 10/04/23<sup>(f)</sup>  |  | 2805 |  | 2681285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/24 |  | 6820 |  | 6557567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/17/23, (SOFR + 0.400%)<sup>(b)</sup>  |  | 3130 |  | 3124230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/23 (Call 07/01/23)<sup>(f)</sup>  |  | 6000 |  | 5917573 |
|  Energy Transfer LP<br>3.45%, 01/15/23 (Call 12/01/22)<sup>(f)</sup>  |  | 10000 |  | 9968204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/23 (Call 12/01/22)<sup>(f)</sup>  |  | 6400 |  | 6375726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/23 (Call 12/15/22) |  | 6550 |  | 6516167 |
|  Kinder Morgan Energy Partners LP<br>3.50%, 09/01/23 (Call 06/01/23)<sup>(f)</sup>  |  | 20091 |  | 19810205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24)<sup>(f)</sup>  |  | 4820 |  | 4731675 |
|  MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)<sup>(f)</sup>  |  | 25000 |  | 24782655 |
|  |  |  |  | 90465287 |
| **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** | **Real Estate Investment Trusts — 0.3%** |
|  American Tower Corp., 3.38%, 05/15/24 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 04/15/24)<sup>(f)</sup>  |  | 15000 |  | 14535458 |
| **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** |
|  7-Eleven Inc.<br>0.63%, 02/10/23 (Call 12/01/22)<sup>(a)</sup>  |  | 40909 |  | 40408010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 02/10/24<sup>(a)</sup>  |  | 29600 |  | 27913954 |
|  Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)<sup>(b)(f)</sup>  |  | 4130 |  | 4112778 |
|  |  |  |  | 72434742 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
|  Analog Devices Inc., 3.28%, 10/01/24, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.250%)<sup>(b)(f)</sup>  |  | 5025 |  | 4945220 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *Shares*<br> *(000)* | *Par*<br> *Shares*<br> *(000)* | *Value* | *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
|  Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $| 16649316 |
|  |  |  |  | 21594536 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
|  Fidelity National Information Services Inc., 0.38%, 03/01/23<sup>(f)</sup>  |  | 31909 |  | 31411201 |
|  Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23)<sup>(f)</sup>  |  | 15539 |  | 15307500 |
|  Oracle Corp.<br>2.40%, 09/15/23 (Call 07/15/23)<sup>(f)</sup>  |  | 23000 |  | 22433782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/23 (Call 01/15/23)<sup>(f)</sup>  |  | 20753 |  | 20613037 |
|  VMware Inc., 0.60%, 08/15/23 |  | 37339 |  | 35948804 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125714324 |
| **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** | **Telecommunications — 1.6%** |
|  AT&T Inc.<br>3.66%, 03/25/24 (Call 12/01/22), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%)<sup>(b)</sup>  |  | 22000 |  | 21867086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 06/12/24, (3 mo. LIBOR US + 1.180%)<sup>(b)</sup>  |  | 14350 |  | 14396760 |
|  Rogers Communications Inc., 2.95%, 03/15/25 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 03/15/23)<sup>(a)(f)</sup>  |  | 8950 |  | 8438321 |
|  Verizon Communications Inc.<br>3.48%, 03/22/24, (SOFR + 0.500%)<sup>(b)</sup>  |  | 11715 |  | 11617811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 05/15/25 (Call 03/15/25), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.100%)<sup>(b)</sup>  |  | 10000 |  | 9993399 |
|  |  |  |  | 66313377 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
|  Ryder System Inc.<br>3.65%, 03/18/24 (Call 02/18/24)<sup>(f)</sup>  |  | 17550 |  | 17135953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) |  | 5000 |  | 4929433 |
|  |  |  |  | 22065386 |
| **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** | **Trucking & Leasing — 0.7%** |
|  Penske Truck Leasing Co. LP/PTL Finance Corp.<br>2.70%, 03/14/23 (Call 02/14/23)<sup>(a)(f)</sup>  |  | 10000 |  | 9897345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/24 (Call 01/01/24)<sup>(a)</sup>  |  | 6000 |  | 5846818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/23 (Call 07/01/23)<sup>(a)(f)</sup>  |  | 15000 |  | 14805483 |
|  |  |  |  | 30549646 |
|  **Total Corporate Bonds & Notes — 64.0%<br>(Cost: $2,766,429,233)** | **Total Corporate Bonds & Notes — 64.0%<br>(Cost: $2,766,429,233)** | **Total Corporate Bonds & Notes — 64.0%<br>(Cost: $2,766,429,233)** |  | 2708731695 |
|  **Repurchase Agreements<sup>(b)(g)</sup>**  |  |  |  |  |
|  Goldman Sachs & Co., 3.05%,<br>11/01/22 (Purchased on 10/31/22 to be repurchased at $100,008,472, collateralized by Government agency mortgage-backed security, 2.50% to 6.00%, due 04/01/26 to 08/15/57, par and fair value of $115,684,459 and $101,616,391, respectively) |  | 100000 |  | 100000000 |
|  **Total Repurchase Agreements — 2.4%<br>(Cost: $100,000,000)** | **Total Repurchase Agreements — 2.4%<br>(Cost: $100,000,000)** | **Total Repurchase Agreements — 2.4%<br>(Cost: $100,000,000)** |  | 100000000 |
|  **Money Market Funds** |  |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(h)(i)(j)</sup>  |  | 77908 |  | 77892775 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares<br>(000)* | *Value* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(h)(i)</sup>  | 190200 | $190200000 |
|  **Total Money Market Funds — 6.4%<br>(Cost: $268,096,491)** |  | 268092775 |
|  **Total Investments — 102.3%<br>(Cost: $4,424,593,524)** |  | 4325805820 |
|  **Liabilities in Excess of Other Assets — (2.3)%** | **Liabilities in Excess of Other Assets — (2.3)%** | (95640199) |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;4230165621 |

---

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

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

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

<sup>(d)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

<sup>(e)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(f)</sup> All or a portion of this security is on loan.

<sup>(g)</sup> Maturity date represents next reset date.

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

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

<sup>(j)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* |  |
|  BlackRock Cash Funds: Institutional,<br>SL Agency Shares | $49889059 | $28059224 <sup>(a)</sup> | $— | $(43078) | $(12430) | $77892775 | 77908 | $157553 <sup>(b)</sup> | $– |
|  BlackRock Cash Funds: Treasury,<br>SL Agency Shares | 208310000 |  | (18110000)<sup>(a)</sup> |  |  | 190200000 | 190200 | 2215596 | – |
|  |  |  |  | $(43078) | $(12430) | $268092775 |  | $2373149 | $– |

---

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | *Unrealized<br>Appreciation<br>(Depreciation)* |
| USD | 56929972 | EUR | 56714000 | HSBC Bank PLC | 12/21/22 | $653287 |
| USD | 49073169 | GBP | 42688000 | HSBC Bank PLC | 12/21/22 | 34922 |
|  |  |  |  |  |  | 688209 |
| USD | 8836063 | EUR | 8994000 | State Street Bank and Trust Co. | 12/21/22 | (88586) |
| USD | 4998995 | GBP | 4479000 | Deutsche Bank Securities Inc. | 12/21/22 | (146299) |
| USD | 2416122 | GBP | 2234000 | State Street Bank and Trust Co. | 12/21/22 | (150207) |
|  |  |  |  |  |  | (385092) |
|  |  |  |  |  |  | $303117 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $688209 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $688209 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | $— | $— | $— | $385092 | $— | $— | $385092 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $18266401 | $— | $— | $18266401 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Forward foreign currency exchange contracts | $— | $— | $— | $(168618) | $— | $— | $(168618) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Forward foreign currency exchange contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts purchased — in USD | $760188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average amounts sold — in USD | $117089408 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | $688209 | $385092 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 688209 | 385092 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA | 688209 | 385092 |

---

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Assets<br>Subject to an<br>MNA by<br>Counterparty* |  | *Net Amount<br>of Derivative<br>Assets* | *<br><sup>(b)(c)</sup>* |
|  HSBC Bank PLC | $688209 | $– | $688209 |  |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Bond ETF** |

---

**Derivative Financial Instruments - Offsetting as of Period End (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| <br> **<br>| *Net Amount*<br> *of Derivative*<br> *Liabilities* | <br>*<sup>(c)(d)</sup>*  |
|  Deutsche Bank Securities Inc | $146299 |  | $– | $146299 |  |
|  State Street Bank and Trust Co | 238793 |  | – | 238793 |  |
|  | $385092 |  | $– | $385092 |  |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. 

<sup>(d)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $890030231 | $— | $890030231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collaterized Mortgage Obligations |  | 274301476 | 1630650 | 275932126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 83018993 |  | 83018993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 2708731695 |  | 2708731695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 100000000 |  | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 268092775 |  |  | 268092775 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;268092775 | $&nbsp;&nbsp;&nbsp;&nbsp;4056082395 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630650 | $&nbsp;&nbsp;&nbsp;&nbsp;4325805820 |
|  Derivative financial instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $— | $688209 | $— | $688209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (385092) |  | (385092) |
|  | $— | $303117 | $— | $303117 |

---

<sup>(a)</sup> Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 21

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **BlackRock Short Maturity Municipal Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Municipal Debt Obligations** |  |  |
| **Alabama — 1.8%** |  |  |
|  Black Belt Energy Gas District RB 4.00%, 12/01/22 | $240 | $239969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/22 | 750 | 749650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 | 240 | 239773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/23 | 1500 | 1497663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/24 | 1250 | 1228015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 1000 | 1004817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/24 | 2745 | 2765316 |
|  Southeast Energy Authority A Cooperative District RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 10/01/23 | 450 | 448305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 06/01/24 | 1200 | 1190672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9364180 |
| **California — 0.4%** |  |  |
|  California Community Choice Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 | 500 | 498715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 | 350 | 348401 |
|  State of California GO, 5.00%, 12/01/24 | 1190 | 1232430 |
|  |  | 2079546 |
| **Colorado — 0.6%** |  |  |
|  Adams & Arapahoe Joint School District 28J Aurora, 5.00%, 12/01/22 (SAW) | 1000 | 1001457 |
|  City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23 | 250 | 254392 |
|  City of Colorado Springs Co. Utilities System Revenue RB, 2.19%, 11/01/40 (Put 11/07/22)<sup>(a)</sup>  | 2000 | 2000000 |
|  |  | 3255849 |
| **Connecticut — 3.7%** |  |  |
|  Connecticut Housing Finance Authority RB, 2.19%, 05/15/50 (Put 11/07/22)<sup>(a)</sup>  | 5000 | 5000000 |
|  State of Connecticut GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/01/25 <sup>(a)(b)</sup>  | 4600 | 4667947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 01/15/23 | 2000 | 1999652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, VRDN, 2.30%, 05/15/34<br>(Put 11/07/22)<sup>(a)</sup>  | 7820 | 7820000 |
|  |  | 19487599 |
| **District of Columbia — 1.8%** |  |  |
|  District of Columbia, 2.20%, 05/01/72 | 4000 | 3999333 |
|  District of Columbia RB, 2.31%, 04/01/38<br>(Put 11/07/22)<sup>(a)</sup>  | 2890 | 2890000 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.29%, 10/01/53 (Put 11/07/22)<sup>(a)(c)</sup>  | 2355 | 2355000 |
|  |  | 9244333 |
| **Florida — 6.5%** |  |  |
|  City of Gainesville Utilities System Revenue, 1.64%, 10/01/42 (Put 11/01/22)<sup>(a)</sup>  | 7800 | 7800000 |
|  County of Escambia FL RB, 1.63%, 04/01/39<br>(Put 11/01/22)<sup>(a)</sup>  | 2300 | 2300000 |
|  County of Martin FL RB, 2.28%, 07/01/52<br>(Put 11/07/22)<sup>(a)</sup>  | 2500 | 2500000 |
|  County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23 | 2500 | 2535107 |
|  County of Palm Beach FL RB, 2.28%, 07/01/32 (Put 11/07/22)<sup>(a)</sup>  | 2800 | 2800000 |
|  County of St Lucie FL RB, 1.79%, 09/01/28<br>(Put 11/01/22)<sup>(a)</sup>  | 11790 | 11790000 |
|  Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23 | 1000 | 971286 |
|  Pinellas County Housing Finance Authority RB, 2.24%, 10/01/48 (Put 11/07/22)<sup>(a)</sup>  | 3070 | 3070000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33766393 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Georgia — 5.2%** |  |  |
|  Burke County Development Authority RB, 2.25%, 10/01/32 (Put 05/25/23)<sup>(a)</sup>  | $2000 | $1983832 |
|  City of Atlanta GA TA RB, 5.00%, 12/01/22 | 3975 | 3979543 |
|  Main Street Natural Gas Inc. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/27 | 1750 | 1744969 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.81%, 08/01/48 (Put 09/01/23)<sup>(a)(b)</sup>  | 5000 | 4941005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 4.00%, 04/01/48<br>(Put 09/01/23)<sup>(a)</sup>  | 5685 | 5654028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, VRDN, 2.93%, 08/01/48<br>(Put 12/01/23)<sup>(b)</sup>  | 5000 | 4958120 |
|  Monroe County Development Authority RB, 1.80%, 06/01/49 (Put 11/01/22)<sup>(a)</sup>  | 3700 | 3700000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26961497 |
| **Illinois — 1.9%** |  |  |
|  Chicago Midway International Airport, 5.00%, 01/01/23 | 970 | 971870 |
|  County of Cook IL GO, 4.00%, 11/15/22 | 1395 | 1395314 |
|  Illinois Development Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.27%, 07/01/33 (Put 11/07/22)<sup>(a)</sup>  | 2600 | 2600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.28%, 02/01/33 (Put 11/07/22)<sup>(a)</sup>  | 2000 | 2000000 |
|  Illinois Finance Authority RB, 2.25%, 01/01/37 (Put 11/07/22)<sup>(a)</sup>  | 3100 | 3100000 |
|  |  | 10067184 |
| **Indiana — 3.8%** |  |  |
|  Indiana Finance Authority RB, 4.50%, 12/15/46 (Put 05/15/23) | 12000 | 12043032 |
|  Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23 | 1800 | 1816659 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.39%, 04/01/30 (Put 11/07/22)<sup>(a)(c)</sup>  | 6000 | 6000000 |
|  |  | 19859691 |
| **Iowa — 4.1%** |  |  |
|  Iowa Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.23%, 01/01/47 (Put 11/07/22)<sup>(a)</sup>  | 8400 | 8400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.34%, 12/01/41 (Put 11/07/22)<sup>(a)(c)</sup>  | 3200 | 3200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.28%, 05/01/23 (Put 11/07/22)<sup>(a)</sup>  | 10000 | 10000000 |
|  |  | 21600000 |
| **Kansas — 1.3%** |  |  |
|  City of Burlington KS RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 2.41%, 09/01/35<br>(Put 11/07/22)<sup>(a)</sup>  | 4000 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, VRDN, 2.41%, 09/01/35<br>(Put 11/07/22)<sup>(a)</sup>  | 3000 | 3000000 |
|  |  | 7000000 |
| **Kentucky — 6.9%** |  |  |
|  County of Meade KY RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.33%, 08/01/61 (Put 11/01/22)<sup>(a)</sup>  | 6600 | 6600000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.35%, 08/01/61 (Put 11/01/22)<sup>(a)</sup>  | 18900 | 18900000 |
|  Kentucky Public Energy Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/23 | 1000 | 999444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/49 (Put 06/01/25) | 4000 | 3926856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 4.00%, 04/01/48<br>(Put 04/01/24)<sup>(a)</sup>  | 3930 | 3900301 |
|  Kentucky State Property & Building Commission RB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 11/01/22 | 1000 | 1000000 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.27%, 12/01/41 (Put 11/07/22) (AGM)<sup>(a)(c)</sup>  | 500 | 500000 |
|  |  | 35826601 |
| **Louisiana — 5.8%** |  |  |
|  Lake Charles Harbor & Terminal District RB, 1.00%, 12/01/51 (Put 12/01/24)<sup>(a)</sup>  | 4325 | 4069535 |
|  Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)<sup>(a)</sup>  | 400 | 390246 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Municipal Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Louisiana (continued)** |  |  |
|  Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 04/01/23) | $2325 | $2330596 |
|  Parish of St James LA RB, Series B1, 2.61%, 11/01/40 (Put 11/07/22)<sup>(a)</sup>  | 23400 | 23400000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;30190377 |
| **Massachusetts — 0.9%** |  |  |
|  Massachusetts Educational Financing Authority RB, 5.00%, 01/01/24 | 2500 | 2533332 |
|  Massachusetts Housing Finance Agency RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.30%, 12/01/23 (Call 11/21/22) | 1000 | 962812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.40%, 06/01/24 (Call 06/01/23) | 1000 | 952749 |
|  |  | 4448893 |
| **Michigan — 2.7%** |  |  |
|  Michigan Finance Authority RB<br>0.40%, 10/15/23 | 665 | 646068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/22 | 240 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/22 | 1390 | 1391857 |
|  Michigan State Housing Development Authority RB, 2.22%, 04/01/62 (Put 11/07/22)<sup>(a)</sup>  | 12000 | 12000000 |
|  |  | 14277925 |
| **Minnesota — 3.8%** |  |  |
|  City of Minneapolis MN RB, 2.24%, 12/01/40 (Put 11/07/22)<sup>(a)</sup> | 9450 | 9450000 |
|  City of Rochester MN RB, 2.23%, 05/01/61<br>(Put 11/07/22)<sup>(a)</sup>  | 4800 | 4800000 |
|  Minneapolis-St. Paul Metropolitan Airports Commission RB, 5.00%, 01/01/23 | 410 | 410791 |
|  University of Minnesota RB, 2.24%, 12/06/22 | 5175 | 5175237 |
|  |  | 19836028 |
| **Mississippi — 2.6%** |  |  |
|  Mississippi Business Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.66%, 11/01/35 (Put 11/01/22)<sup>(a)</sup>  | 4970 | 4970000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.66%, 11/01/35 (Put 11/01/22)<sup>(a)</sup>  | 3800 | 3800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 2.20%, 12/01/30<br>(Put 11/07/22)<sup>(a)</sup>  | 5000 | 5000000 |
|  |  | 13770000 |
| **Missouri — 0.4%** |  |  |
|  County of Greene MO COP, Series A, 3.00%, 03/01/23 | 350 | 349864 |
|  RBC Municipal Products Inc. Trust RB, 2.29%, 09/01/39 (Put 11/07/22)<sup>(a)(c)</sup>  | 2000 | 2000000 |
|  |  | 2349864 |
| **Nebraska — 0.6%** |  |  |
|  Central Plains Energy Project RB, 5.00%, 03/01/50 (Put 01/01/24)<sup>(a)</sup>  | 1000 | 1000450 |
|  County of Douglas NE RB, 2.77%, 07/01/35 (Put 09/01/26)<sup>(a)(b)</sup>  | 1980 | 1936945 |
|  |  | 2937395 |
| **Nevada — 0.5%** |  |  |
|  County of Clark Department of Aviation RB, 2.27%, 07/01/40 (Put 11/07/22)<sup>(a)</sup>  | 2600 | 2600000 |
| **New Jersey — 8.0%** |  |  |
|  Borough of Berlin NJ GO, 4.50%, 09/26/23 | 2212 | 2223120 |
|  Borough of Park Ridge NJ GO, 4.50%, 04/28/23 | 1000 | 1003137 |
|  Borough of Wood-Ridge NJ GO, 4.50%, 03/01/23 | 1640 | 1643655 |
|  New Jersey Economic Development Authority RB<br>5.25%, 09/01/24 <sup>(c)</sup>  | 7600 | 7799743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/23 (SAP) | 1450 | 1466062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.00%, 11/01/24 | 1010 | 1030670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N-1, 5.50%, 09/01/24 (AMBAC) | 1460 | 1500452 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **New Jersey (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 5.00%, 03/01/23 | $1000 | $1004164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 5.00%, 06/15/23 | 1575 | 1586704 |
|  New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23 | 1500 | 1515463 |
|  New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24 | 500 | 509253 |
|  New Jersey Housing & Mortgage Finance Agency RB, 4.00%, 04/01/23 | 1290 | 1289781 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 06/15/24 | 1575 | 1606635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/15/24 | 1000 | 1021502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/15/22 | 1430 | 1432979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/15/22 (AGM-CR) | 1735 | 1739764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.50%, 12/15/23 | 155 | 157743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.25%, 12/15/22 (AMBAC) | 910 | 911629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.00%, 12/15/23 | 470 | 475769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.25%, 12/15/23 | 1275 | 1294106 |
|  State of New Jersey GO, Series A, 4.00%, 06/01/23 | 1290 | 1294960 |
|  Township of Cranford NJ GO, 4.75%, 07/20/23 | 1940 | 1949570 |
|  Township of Deptford NJ RB, 4.00%, 07/11/23 | 1800 | 1797233 |
|  Township of Plainsboro NJ GO, 4.50%, 07/26/23 | 1500 | 1506303 |
|  Township of Plainsboro NJ RB, 4.00%, 07/26/23 | 1340 | 1337816 |
|  Township of River Vale NJ RB, 4.00%, 07/14/23 | 1258 | 1256707 |
|  Township of Voorhees NJ GO, 4.00%, 09/27/23 | 1145 | 1147390 |
|  |  | 41502310 |
| **New York — 7.8%** |  |  |
|  Albany Industrial Development Agency RB, 2.34%, 07/01/32 (Put 11/07/22)<sup>(a)</sup>  | 800 | 800000 |
|  Amherst Development Corp. RB, 2.31%, 02/01/35 (Put 11/07/22)<sup>(a)</sup>  | 1720 | 1720000 |
|  City of New York GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 1.60%, 09/01/49 (Put 11/01/22)<sup>(a)</sup>  | 4700 | 4700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-5, VRDN, 1.60%, 06/01/44<br>(Put 11/01/22)<sup>(a)</sup>  | 7300 | 7300000 |
|  Genesee County Funding Corp. (The) RB<br>5.00%, 12/01/22 | 150 | 150140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 150 | 151679 |
|  Metropolitan Transportation Authority, 1.62%, 11/01/32 (Put 11/01/22)<sup>(a)</sup>  | 4500 | 4500000 |
|  Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD) | 1425 | 1440813 |
|  New York City Housing Development Corp. RB 0.45%, 11/01/25 (FHA) | 1560 | 1398244 |
|  VRDN, 2.20%, 05/01/61 (Put 11/07/22)<br>(FHA 542 (C))<sup>(a)</sup>  | 4165 | 4165000 |
|  New York Transportation Development Corp. RB<br>5.00%, 12/01/22 | 495 | 495558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.00%, 12/01/23 | 1250 | 1259106 |
|  Town of Oyster Bay NY GOL, 4.00%, 03/01/23 | 425 | 426193 |
|  Triborough Bridge & Tunnel Authority RB, 1.00%, 04/01/26 | 11000 | 10537637 |
|  Village of Hamburg NY, 3.50%, 07/20/23 | 1506 | 1498797 |
|  |  | 40543167 |
| **North Carolina — 0.6%** |  |  |
|  North Carolina Capital Facilities Finance Agency RB, Series A, 2.75%, 07/01/34 (Put 12/01/22)<sup>(a)</sup>  | 3000 | 3000000 |
| **North Dakota — 1.2%** |  |  |
|  North Dakota Housing Finance Agency RB, 2.22%, 07/01/36 (Put 11/07/22)<sup>(a)</sup>  | 6520 | 6520000 |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Municipal Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
| **Ohio — 0.4%** |  |  |
|  Akron Bath Copley Joint Township Hospital District RB<br>5.00%, 11/15/22 | $225 | $225127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/23 | 325 | 329832 |
|  City of Cleveland OH GOL, Series A, 2.00%, 12/01/22 | 300 | 299733 |
|  County of Miami OH GOL, 3.25%, 07/27/23 | 1050 | 1041185 |
|  |  | 1895877 |
| **Pennsylvania — 9.9%** |  |  |
|  Allegheny County Hospital Development Authority RB, 2.61%, 11/15/23<sup>(a)(b)</sup>  | 1500 | 1499070 |
|  Butler County Industrial Development Authority/PA RB, 2.31%, 05/01/34 (Put 11/07/22)<sup>(a)</sup>  | 2100 | 2100000 |
|  Ephrata Area School District GO, 3.00%, 03/01/24 | 1000 | 993284 |
|  Pennsylvania Economic Development Financing Authority, 3.25%, 12/01/38 (Put 11/07/22)<sup>(a)</sup>  | 23000 | 23000000 |
|  Pennsylvania Economic Development Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.64%, 06/01/41 (Put 06/03/24)<sup>(a)(b)</sup>  | 3000 | 2878851 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.25%, 12/01/37 (Put 11/07/22)<sup>(a)</sup>  | 9070 | 9070000 |
|  Pennsylvania Housing Finance Agency RB, 5.00%, 10/01/25 | 500 | 517466 |
|  Pennsylvania Turnpike Commission RB, 2.84%, 12/01/23 (Call 06/01/23)<sup>(a)(b)</sup>  | 10000 | 9967080 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.27%, 10/01/41 (Put 11/07/22)<sup>(a)(c)</sup>  | 1620 | 1620000 |
|  |  | 51645751 |
| **Puerto Rico — 0.6%** |  |  |
|  Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22 | 3000 | 3003342 |
| **South Carolina — 0.4%** |  |  |
|  South Carolina Public Service Authority RB, 2.26%, 01/01/36 (Put 11/07/22)<sup>(a)</sup>  | 900 | 900000 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.36%, 12/01/55 (Put 11/07/22) (BAM-TCRS)<sup>(a)(c)</sup>  | 1000 | 1000000 |
|  |  | 1900000 |
| **South Dakota — 0.3%** |  |  |
|  South Dakota Housing Development Authority RB, 2.26%, 11/01/62 (Put 11/07/22)<sup>(a)</sup>  | 1770 | 1770000 |
| **Tennessee — 2.5%** |  |  |
|  Johnson City Health & Educational Facilities Board RB, 2.28%, 07/01/45 (Put 11/07/22)<sup>(a)</sup>  | 2030 | 2030000 |
|  Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, 2.27%, 11/08/22 | 10000 | 9999413 |
|  Tennergy Corp./TN RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 03/01/23 | 375 | 374384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 09/01/23 | 320 | 318482 |
|  Tennessee Energy Acquisition Corp. RB, Series A, 5.00%, 11/01/23 | 250 | 250029 |
|  |  | 12972308 |
| **Texas — 11.6%** |  |  |
|  Bexar County Housing Finance Corp. RB, 2.24%, 12/15/25 (Put 11/07/22)<sup>(a)</sup>  | 2305 | 2305000 |
|  Board of Regents of the University of Texas System RB, 2.10%, 01/05/23 | 2000 | 1996028 |
|  Harris County Cultural Education Facilities Finance Corp. RB, 1.80%, 11/01/22 | 15000 | 15000000 |
|  Harris County Health Facilities Development Corp. RB, 1.64%, 12/01/41 (Put 11/01/22)<sup>(a)</sup>  | 2100 | 2100000 |
|  Pasadena Independent School District GO, 2.20%, 02/01/35 (Put 11/07/22)<sup>(a)</sup>  | 2400 | 2400000 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
| **Texas (continued)** |  |  |
|  Port of Arthur Navigation District Industrial Development Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.29%, 12/01/40 (Put 11/07/22)<sup>(a)</sup>  | $7000 | $7000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.29%, 06/01/41 (Put 11/07/22)<sup>(a)</sup>  | 3000 | 3000000 |
|  Red River Education Finance Corp. RB, 2.25%, 03/01/30 (Put 11/07/22)<sup>(a)</sup>  | 3300 | 3300000 |
|  State of Texas GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.30%, 06/01/50 (Put 11/07/22)<sup>(a)</sup>  | 3560 | 3560000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.35%, 12/01/43 (Put 11/07/22)<sup>(a)</sup>  | 9700 | 9700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 2.35%, 06/01/44 (Put 11/07/22)<sup>(a)</sup>  | 400 | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, VRDN, 2.35%, 06/01/45 (Put 11/07/22)<sup>(a)</sup>  | 2670 | 2670000 |
|  State of Texas GOL, 2.26%, 06/01/53 (Put 11/07/22)<sup>(a)</sup>  | 2500 | 2500000 |
|  Tender Option Bond Trust Receipts/Certificates RB, 2.34%, 06/15/27 (Put 11/07/22)<sup>(a)(c)</sup>  | 1155 | 1155000 |
|  Texas Municipal Gas Acquisition & Supply Corp. III RB<br>5.00%, 12/15/22 | 2000 | 2001472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/23 | 1150 | 1156685 |
|  |  | 60244185 |
| **Virginia — 0.4%** |  |  |
|  Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23 | 300 | 302924 |
|  Loudoun County Economic Development Authority RB, 2.19%, 02/15/38 (Put 11/07/22)<sup>(a)</sup>  | 2025 | 2025000 |
|  |  | 2327924 |
| **Washington — 0.2%** |  |  |
|  Washington Health Care Facilities Authority RB, 5.00%, 08/01/49 (Put 08/01/25)<sup>(a)</sup>  | 800 | 818554 |
| **Wisconsin — 5.4%** |  |  |
|  State of Wisconsin GO, 2.66%, 05/01/25 (Call 11/01/24)<sup>(a)(b)</sup>  | 19990 | 19816987 |
|  Wisconsin Health & Educational Facilities Authority RB,<br>2.42%, 08/15/54 (Put 07/01/26)<sup>(a)(b)</sup>  | 2000 | 1963166 |
|  Wisconsin Housing & Economic Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.24%, 03/01/41 (Put 11/07/22)<sup>(a)</sup>  | 1000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 2.24%, 04/01/46 (Put 11/07/22)<sup>(a)</sup>  | 765 | 765000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, VRDN, 2.20%, 05/01/46 (Put 11/07/22)<sup>(a)</sup>  | 4355 | 4355000 |
|  |  | 27900153 |
|  **Total Municipal Debt Obligations — 104.6%<br>(Cost $548,774,446)** |  | 544966926 |
|  **Money Market Funds** |  |  |
|  BlackRock Liquidity Funds: MuniCash,<br>1.83%<sup>(d)(e)</sup>  | 29 | 28912 |
|  **Total Money Market Funds — 0.0%<br>(Cost: $28,912)** |  | 28912 |
|  **Total Investments — 104.6%<br>(Cost: $548,803,358)** |  | &nbsp;&nbsp;&nbsp;&nbsp;544995838 |
|  **Liabilities in Excess of Other Assets — (4.6)%** |  | (24036223) |
|  **Net Assets — 100.0%** |  | $520959615 |

---

<sup>(a)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Short Maturity Municipal Bond ETF** |

---

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

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Liquidity Funds: MuniCash | $– $| 29740 <sup>(a)</sup> | $– $| 828) | $– $| 28912 | 29 | $3902 | $— |

---

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

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations | $— | $544966926 | $— | $544966926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 28912 |  |  | 28912 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;28912 | $544966926 | $— | $544995838 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
|  American Express Credit Account Master Trust, 5.18%, 10/15/27 | $14709 | $14708270 |
|  BMW Vehicle Owner Trust, 2.52%, 12/26/24 (Call 11/25/23) | 13523 | 13353620 |
|  CarMax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 05/15/25 (Call 09/15/23) | 3470 | 3427373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 12/15/25 | 12861 | 12859925 |
|  Chase Issuance Trust, 3.97%, 09/15/27 | 14100 | 13701346 |
|  Ford Credit Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.24%, 04/15/24 (Call 02/15/23) | 3231 | 3207073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/15/24 (Call 09/15/23) | 4065 | 4009888 |
|  Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%, 09/15/24 (Call 07/15/23) | 6860 | 6769009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/15/25 (Call 01/15/24) | 9988 | 9889343 |
|  Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 11/15/23) | 13886 | 13654487 |
|  Hyundai Auto Lease Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.24%, 01/16/24 (Call 04/15/23)<sup>(a)</sup>  | 8123 | 8042676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 04/15/24 (Call 08/15/23)<sup>(a)</sup>  | 7368 | 7224975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/24 (Call 12/15/23)<sup>(a)</sup>  | 18449 | 18135688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/15/25 (Call 04/15/24)<sup>(a)</sup>  | 2378 | 2352825 |
|  Nissan Auto Receivables Owner Trust, 4.50%, 08/15/25 (Call 06/15/24) | 9440 | 9353333 |
|  Toyota Auto Receivables Owner Trust, 2.35%, 01/15/25 (Call 09/15/23) | 9153 | 9018834 |
|  **Total Asset-Backed Securities — 2.1%<br>(Cost: $151,594,938)** |  | 149708665 |
|  **Certificates of Deposit** |  |  |
|  Banco Santander SA, 3.82%, 05/03/23, (SOFR + 0.800%)<sup>(b)</sup>  | 10000 | 9999809 |
|  Banco Santander SA/New York, 3.67%, 01/18/23, (SOFR + 0.620%)<sup>(b)</sup>  | 8000 | 8000910 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/28/22 | 7000 | 6982316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/13/23 | 25000 | 24982160 |
|  Bank of Montreal/Chicago IL, 3.75%, 07/13/23, (SOFR + 0.700%)<sup>(b)</sup>  | 7000 | 6997951 |
|  Bank of Nova Scotia (The), 4.05%, 07/14/23 | 20000 | 19816692 |
|  Barclays Bank PLC/NY 1.65%, 03/03/23 | 15000 | 14831890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 06/01/23 | 8750 | 8636518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 02/03/23, (SOFR + 0.300%)<sup>(b)</sup>  | 30000 | 29978106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/08/23, (SOFR + 0.650%)<sup>(b)</sup>  | 15000 | 14983689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/23 | 15000 | 14871236 |
|  Bayerische Landesbank/New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/27/23 | 15000 | 14584074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 01/27/23,<br>(3 mo. LIBOR US + 0.160%)<sup>(b)</sup>  | 22500 | 22499796 |
|  Canadian Imperial Bank of Commerce 0.35%, 11/02/22 | 6000 | 5999069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 03/03/23, (SOFR + 0.280%)<sup>(b)</sup>  | 30000 | 29980341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 01/06/23, (SOFR + 0.300%)<sup>(b)</sup>  | 10000 | 9997930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/14/23 | 17000 | 16882033 |
|  CDP Financial Inc., 5.24%, 06/27/23 | 7900 | 7634565 |
|  Citibank NA 3.61%, 09/21/23<sup>(b)</sup>  | 10000 | 9979607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/01/23 | 15000 | 14896236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/28/23 | 10000 | 9888641 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  Kookmin Bank/New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/02/22, (3 mo. LIBOR US +<br>0.180%)<sup>(b)</sup>  | $10000 | $9999740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 01/30/23, (SOFR + 0.300%)<sup>(b)</sup>  | 25000 | 24982896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/09/23, (SOFR + 0.320%)<sup>(b)</sup>  | 10000 | 9992289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/21/23, (SOFR + 0.320%)<sup>(b)</sup>  | 20000 | 19980880 |
|  Landesbank Baden-Wuerttemberg, 3.53%, 02/03/23, (SOFR + 0.490%)<sup>(b)</sup>  | 17500 | 17496643 |
|  Lloyds Bank Corporate Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 05/15/23 | 8000 | 7782396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.24%, 10/12/23 | 15000 | 14975584 |
|  Lloyds Bank Corporate Markets PLC/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 12/01/22 | 16000 | 15953127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 05/11/23 | 15000 | 14819173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 02/03/23, (SOFR + 0.280%)<sup>(b)</sup>  | 25000 | 24990907 |
|  Mizuho Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/26/23, (SOFR + 0.800%)<sup>(b)</sup>  | 25000 | 25000091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/27/23, (SOFR + 0.800%)<sup>(b)</sup>  | 12500 | 12499618 |
|  Mizuho Bank Ltd./New York NY, 3.61%, 02/01/23, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.570%)<sup>(b)</sup>  | 30000 | 30003611 |
|  MUFG Bank Ltd./New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 01/27/23, (SOFR + 0.280%)<sup>(b)</sup>  | 25000 | 24984835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 01/24/23, (SOFR + 0.280%)<sup>(b)</sup>  | 15000 | 14991209 |
|  Natixis SA/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/18/22 | 10600 | 10592249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 02/07/23, (SOFR + 0.280%)<sup>(b)</sup>  | 10000 | 9995503 |
|  Nordea Bank Abp, 2.21%, 12/05/22 | 40000 | 39940222 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.37%, 11/10/22 | 10000 | 9991282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 11/15/22 | 15000 | 14980274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 01/11/23, (SOFR + 0.250%)<sup>(b)</sup>  | 18000 | 17992083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/23 | 25000 | 24726662 |
|  Standard Chartered Bank PLC, 2.15%, 11/22/22 | 25000 | 24976722 |
|  Standard Chartered Bank/New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 05/01/23, (SOFR + 0.350%)<sup>(b)</sup>  | 25000 | 24959703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/13/23, (SOFR + 0.300%)<sup>(b)</sup>  | 30000 | 29973116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 07/28/23, (SOFR + 0.420%)<sup>(b)</sup>  | 15000 | 14967428 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/25/23 | 50000 | 49412276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/25/22 | 14500 | 14493662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 09/28/23<sup>(b)</sup>  | 15000 | 14970016 |
|  Sumitomo Mitsui Banking Corp./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 01/23/23, (SOFR + 0.280%)<sup>(b)</sup>  | 20000 | 19989681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 01/25/23, (SOFR + 0.450%)<sup>(b)</sup>  | 20000 | 19997216 |
|  Sumitomo Mitsui Trust Bank Ltd./New York, 3.59%, 01/06/23, (SOFR + 0.550%)<sup>(b)</sup>  | 35000 | 35009092 |
|  Swedbank AB, 3.68%, 04/25/23, (SOFR + 0.650%)<sup>(b)</sup>  | 35000 | 34995035 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%, 12/30/22 | 8000 | 7957699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/28/23 | 10000 | 9875131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/23 | 10000 | 9923467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/13/23 | 17000 | 16835421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/01/23 | 15000 | 15000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/11/23 | 25000 | 24926970 |
|  Westpac Banking Corp. 2.25%, 01/23/23 | 30000 | 29866832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 09/06/23 | 17000 | 16831270 |
|  **Total Certificates of Deposit — 15.8%<br>(Cost: $1,117,883,336)** |  | 1114055580 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Paper** |  |  |
|  Alinghi Funding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.36%, 01/12/23<sup>(a)</sup>  | $6500 | $6443060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 04/18/23<sup>(a)</sup>  | 33500 | 32705031 |
|  Amcor Finance USA Inc., 3.87%, 11/16/22 | 13500 | 13476792 |
|  Amcor Flexibles North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 11/04/22 | 10000 | 9995979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 12/01/22 | 35000 | 34878691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 11/18/22 | 22000 | 21957100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/22/22 | 12865 | 12834024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/02/22 | 15000 | 14946253 |
|  Ameren Corp., 3.77%, 11/07/22 | 9939 | 9931714 |
|  Ameren Illinois Co., 3.94%, 11/22/22 | 23000 | 22944719 |
|  American Electric Power Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/03/22 | 22840 | 22833336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/04/22 | 13539 | 13533631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 11/15/22 | 25000 | 24959823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/22/22 | 35000 | 34915877 |
|  Amphenol Corp., 3.79%, 11/14/22 | 40000 | 39941107 |
|  ASB Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 08/11/23 | 20000 | 19189969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 09/12/23 | 15000 | 14322707 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/23/22 | 40500 | 40398311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 12/16/22 | 25000 | 24869155 |
|  Avery Dennison Corp., 3.85%, 11/22/22 | 9470 | 9447760 |
|  Banco Santander SA, 3.81%, 12/06/22 | 25000 | 24905000 |
|  Bank of Montreal, 2.80%, 05/12/23 | 12000 | 11859649 |
|  Bell Canada, 3.65%, 11/14/22 | 25000 | 24964553 |
|  Bell Telephone Co. of Canada or Bell Canada, 3.70%, 11/18/22 | 20000 | 19963100 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 11/01/22 | 30000 | 29997397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 02/22/23 | 10000 | 9851610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/23 | 13500 | 13285558 |
|  Brookfield BRP Holdings Canada Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/03/22 | 50000 | 49985412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/10/22 | 23841 | 23815815 |
|  Brookfield Infrastructure Holdings Canada Inc., 3.79%, 11/08/22 | 25000 | 24978967 |
|  CDP Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 08/10/23 | 25000 | 23978055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.49%, 09/07/23 | 10000 | 9547063 |
|  Ciesco LLC, 3.96%, 12/20/22 | 23500 | 23371305 |
|  Citigroup Global Markets Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 01/03/23 | 20000 | 19853760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/09/23 | 20000 | 19838106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/11/23 | 30000 | 29323650 |
|  Collateralized Commercial Paper V Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 02/21/23, (SOFR + 0.540%)<sup>(b)</sup>  | 28200 | 28195544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/13/23 | 20000 | 19820632 |
|  Commonwealth Bank of Australia, 3.65%, 07/13/23, (SOFR + 0.600%)<sup>(a)(b)</sup>  | 35000 | 34975597 |
|  Credit Industriel et Commercial/New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/08/23 | 25000 | 24597867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.07%, 05/04/23 | 15500 | 15106436 |
|  Crown Point Capital Co. LLC, 3.73%, 11/21/22 | 10000 | 9978277 |
|  DBS Bank Ltd., 3.09%, 11/01/22 | 25000 | 24997851 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/07/22 | 5000 | 4996735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/02/23 | 10000 | 9846517 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.94%, 04/28/23 | $10000 | $9760140 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/22 | 55000 | 54994887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/14/22 | 25000 | 24962628 |
|  E.ON SE, 4.01%, 11/28/22 | 30000 | 29906713 |
|  Enbridge U.S. Inc., 4.29%, 12/16/22 | 35000 | 34809125 |
|  Enel Finance America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/03/22 | 15000 | 14995574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/17/22 | 35000 | 34933013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 11/21/22 | 20000 | 19951467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 12/05/22 | 10000 | 9958651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.12%, 01/19/23 | 20000 | 19774978 |
|  Evergy Kansas Central Inc., 3.77%, 11/07/22 | 10636 | 10628203 |
|  Evergy Missouri West Inc., 3.77%, 11/07/22 | 32264 | 32240349 |
|  Fidelity National Information Services Inc., 3.89%, 11/18/22 | 4000 | 3992240 |
|  Fiserv Inc., 3.87%, 11/14/22 | 48840 | 48766686 |
|  Goldman Sachs International, 3.51%, 11/10/22 | 10000 | 9990269 |
|  GTA Funding LLC, 4.44%, 01/17/23 | 20000 | 19809247 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/14/23 | 15000 | 14364295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 09/07/23 | 20000 | 19078576 |
|  Kookmin Bank, 5.08%, 04/25/23 | 25000 | 24393900 |
|  Korea Development Bank (The), 5.15%, 05/26/23 | 12500 | 12140625 |
|  Korea Development Bank/New York NY, 4.36%, 02/06/23 | 7500 | 7411984 |
|  La Fayette Asset Securitization LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 02/01/23 | 13666 | 13501661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 02/03/23 | 16304 | 16103291 |
|  Legacy Capital Co. LLC, 3.75%, 11/23/22 | 16700 | 16660118 |
|  Liberty Street Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/22 | 25000 | 24982986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 01/19/23 | 35000 | 34647433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/20/23 | 20000 | 19794980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 02/28/23 | 10000 | 9836333 |
|  Lloyds Bank PLC, 4.68%, 02/07/23 | 21250 | 20979727 |
|  LMA-Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/08/22 | 28287 | 28264716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 01/13/23 | 20000 | 19818494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.23%, 05/02/23 | 18700 | 18215868 |
|  Macquarie Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/01/22, (SOFR + 0.350%) | 10000 | 9999129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/28/23, (SOFR + 0.300%)<sup>(a)(b)</sup>  | 25000 | 24977041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 01/10/23, (SOFR + 0.350%)<sup>(a)(b)</sup>  | 15000 | 14999141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 04/25/23, (SOFR + 0.750%)<sup>(a)(b)</sup>  | 25000 | 25000018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/17/23 | 10000 | 9575553 |
|  Matchpoint Finance PLC, 3.85%, 12/08/22 | 25000 | 24898693 |
|  Mitsubishi HC Capital America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/03/22 | 23042 | 23035201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/03/23 | 25000 | 24806800 |
|  National Australia Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/05/23, (SOFR + 0.400%)<sup>(a)(b)</sup>  | 25000 | 24975700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/14/23, (SOFR + 0.500%)<sup>(a)(b)</sup>  | 10000 | 9998888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/23 | 15000 | 14829655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/24/23 | 17000 | 16748296 |
|  Natixis SA/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 11/01/22 | 37500 | 37496802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 11/10/22 | 10000 | 9990389 |
|  Nutrien Ltd. 3.58%, 11/03/22 | 23364 | 23357028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 11/14/22 | 5783 | 5774274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/22 | 25000 | 24959479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 11/16/22 | 16844 | 16814804 |

---

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/21/22 | $23320 | $23266267 |
|  Pricoa Short Term Funding LLC, 5.46%, 09/13/23 | 15000 | 14311846 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 11/08/22 | 20000 | 19983196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 02/06/23 | 34500 | 34052111 |
|  Regatta Funding Co. LLC, 4.52%, 01/18/23 | 10000 | 9901864 |
|  Ridgefield Funding Co. LLC, 4.35%, 01/12/23 | 35000 | 34693968 |
|  Salisbury Receivables Co. LLC, 4.33%, 02/02/23 | 30000 | 29664655 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.16%, 06/01/23 | 35000 | 35000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/05/23, (SOFR + 0.380%)<sup>(a)(b)</sup>  | 25000 | 24975300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 11/10/22 | 25000 | 24975972 |
|  Skandinaviska Enskilda Banken AB/New York NY, 3.55%, 04/12/23, (SOFR + 0.510%)<sup>(b)</sup>  | 20000 | 19986944 |
|  Sony Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/01/22 | 40000 | 39996149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/02/22 | 20000 | 19996066 |
|  Spire Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 11/17/22 | 19875 | 19838594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/18/22 | 5000 | 4990275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 11/21/22 | 21150 | 21101612 |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/21/22 | 30000 | 29935075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 11/22/22 | 11000 | 10974993 |
|  Sumitomo Mitsui Trust Bank Ltd., 3.50%, 11/14/22 | 16700 | 16677282 |
|  Suncorp-Metway Ltd., 3.77%, 11/07/22 | 10500 | 10492303 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/28/23, (SOFR + 0.750%)<sup>(a)(b)</sup>  | 25000 | 24996279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 02/27/23 | 30000 | 29572988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 03/06/23 | 25000 | 24613950 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 01/10/23 | 4365 | 4327354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 01/18/23 | 42700 | 42283304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 02/02/23 | 23850 | 23564594 |
|  Toronto-Dominion Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 12/09/22 | 15000 | 14938640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 02/17/23 | 20000 | 19732647 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/22 | 9091 | 9090150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/07/22 | 25000 | 24981673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/12/22 | 27500 | 27367817 |
|  UBS AG/London, 3.64%, 09/26/23<sup>(a)(b)</sup>  | 10000 | 9984864 |
|  Versailles Commercial Paper LLC, 4.41%, 01/11/23 | 15000 | 14868840 |
|  Victory Receivables Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 01/09/23 | 20000 | 19831339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/23 | 15000 | 14816325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 02/08/23 | 15000 | 14801542 |
|  Virginia Electric & Power Co., 3.58%, 11/08/22 | 18232 | 18217491 |
|  Volvo Treasury North America LP, 3.89%, 11/17/22 | 33655 | 33593352 |
|  Vulcan Materials Co., 3.93%, 11/08/22 | 7876 | 7869120 |
|  Westpac Banking Corp., 4.53%, 03/03/23 | 5000 | 4923860 |
|  **Total Commercial Paper — 39.8%<br>(Cost: $2,812,073,261)** |  | 2807656144 |
|  **Corporate Bonds & Notes** |  |  |
|  **Aerospace & Defense — 0.2%** |  |  |
|  Lockheed Martin Corp., 4.95%, 10/15/25<sup>(c)</sup>  | 6195 | 6200162 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
|  Raytheon Technologies Corp., 3.65%, 08/16/23<br>(Call 07/16/23)<sup>(c)</sup>  | $4000 | $3958041 |
|  |  | 10158203 |
| **Agriculture — 0.4%** |  |  |
|  Cargill Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 02/02/24 (Call 01/02/24)<sup>(a)</sup>  | 10165 | 9589634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/22/25 (Call 04/22/23)<sup>(a)(c)</sup>  | 6825 | 6579149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/10/25 | 14235 | 14114856 |
|  |  | 30283639 |
| **Auto Manufacturers — 4.6%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 09/08/23<sup>(c)</sup>  | 20000 | 19249296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24<sup>(c)</sup>  | 3235 | 3000506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/07/23<sup>(c)</sup>  | 7025 | 6825560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/22/23, (3 mo. LIBOR US<br>+ 0.150%)<sup>(b)(c)</sup>  | 8820 | 8805317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 09/08/23, (3 mo. LIBOR US + 0.420%)<sup>(b)</sup>  | 5790 | 5778112 |
|  BMW U.S. Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/12/24<sup>(a)</sup>  | 2925 | 2701275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/01/24<sup>(a)</sup>  | 3350 | 3151826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/12/24, (SOFR + 0.380%)<sup>(a)(b)</sup>  | 19960 | 19745009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/01/24, (SOFR + 0.530%)<sup>(a)(b)</sup>  | 15615 | 15545505 |
|  Daimler Finance North America LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/01/24<sup>(a)</sup>  | 26690 | 25137710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/10/23<sup>(a)</sup>  | 13184 | 13045844 |
|  Daimler Trucks Finance North America LLC, 1.13%, 12/14/23<sup>(a)</sup> | 4000 | 3811723 |
|  Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/03/23<sup>(a)</sup>  | 21620 | 21186729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/08/24<sup>(a)</sup>  | 3000 | 2831482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/10/23<sup>(a)</sup>  | 7560 | 7498555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/22<sup>(a)(c)</sup>  | 8440 | 8440000 |
|  Hyundai Capital Services Inc., 0.75%, 09/15/23<sup>(a)</sup>  | 20000 | 19151164 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/08/23<sup>(c)</sup>  | 2760 | 2696214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | 8865 | 8604552 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 4000 | 3720730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24 | 15000 | 14494946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/23<sup>(c)</sup>  | 10000 | 9924873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/13/24, (SOFR + 0.290%)<sup>(b)</sup>  | 12000 | 11855570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 02/13/23, (SOFR + 0.200%)<sup>(b)(c)</sup>  | 22277 | 22257853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/22/24, (SOFR + 0.320%)<sup>(b)</sup>  | 10000 | 9968849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 | 13145 | 12653065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 | 15000 | 14863577 |
|  Volkswagen Group of America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/23/22<sup>(a)</sup>  | 15025 | 14982631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 06/07/24<sup>(a)(b)</sup>  | 12380 | 12339901 |
|  |  | 324268374 |
| **Auto Parts & Equipment — 0.0%** |  |  |
|  Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25<br>(Call 02/18/23)<sup>(c)</sup>  | 3275 | 3051425 |
| **Banks — 12.4%** |  |  |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 06/30/24 (Call 06/30/23)<sup>(b)</sup>  | 8200 | 7873605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 15800 | 15319073 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 06/14/24 (Call 06/14/23), (SOFR + 0.410%)<sup>(b)</sup>  | 18580 | 17935784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/23 (Call 12/20/22), (3 mo. LIBOR US + 0.790%)<sup>(b)</sup> | 10000 | 9963992 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/11/23 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $&nbsp;&nbsp;&nbsp;&nbsp;9979615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2025, 3.28%, 02/04/25 (Call 02/04/24), (SOFR + 0.660%)<sup>(b)</sup>  | 15000 | 14749238 |
|  Bank of New York Mellon Corp. (The), 3.43%, 06/13/25 (Call 06/13/24)<sup>(b)(c)</sup>  | 16100 | 15617834 |
|  BPCE SA, 2.75%, 01/11/23<sup>(a)(c)</sup>  | 4000 | 3976994 |
|  Canadian Imperial Bank of Commerce, 3.50%, 09/13/23<sup>(c)</sup>  | 4500 | 4439534 |
|  Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)<sup>(b)(c)</sup>  | 4770 | 4637267 |
|  Cooperatieve Rabobank UA/NY, 3.88%, 08/22/24 | 16800 | 16421428 |
|  Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 | 12000 | 11911918 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 5335 | 4880701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/05/23 | 5000 | 4848232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/02/24, (SOFR + 0.390%)<sup>(b)</sup>  | 15000 | 14400000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 07/10/23, (SOFR + 0.420%)<sup>(b)</sup>  | 14000 | 13962865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/19/24, (SOFR + 0.540%)<sup>(b)</sup>  | 10000 | 9955035 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 05/13/25<sup>(c)</sup>  | 6905 | 6569431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.96%, 11/08/23 | 20815 | 19796672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.10%, 11/08/23, (SOFR + 0.500%)<sup>(b)</sup> | 16220 | 16016763 |
|  DNB Bank ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/02/22<sup>(a)</sup>  | 14382 | 14355685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/02/22, (3 mo. LIBOR US<br>+ 0.620%)<sup>(a)(b)</sup>  | 5000 | 4998536 |
|  Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22) | 4560 | 4527936 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.52%, 03/08/23<sup>(c)</sup>  | 20000 | 19684102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | 12000 | 11481192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)<sup>(b)</sup>  | 10000 | 9974320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/17/23 (Call 11/17/22), (SOFR + 0.540%)<sup>(b)</sup>  | 7000 | 6965840 |
|  HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)<sup>(b)</sup>  | 6995 | 6564506 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)<sup>(b)</sup>  | 4000 | 3922436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)<sup>(b)</sup>  | 20000 | 19838485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(b)</sup>  | 16100 | 15599993 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)<sup>(b)</sup>  | 10000 | 9683034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)<sup>(b)</sup>  | 15565 | 15386021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25<sup>(c)</sup>  | 5370 | 5185808 |
|  Kookmin Bank, 2.60%, 11/03/22, (SOFR +<br>0.320%)<sup>(a)(b)</sup>  | 11000 | 10999992 |
|  Korea Development Bank (The), 3.31%, 02/18/23, (3 mo. LIBOR US + 0.350%)<sup>(b)</sup>  | 16455 | 16432374 |
|  Macquarie Bank Ltd., 3.34%, 04/06/23, (SOFR + 0.300%)<sup>(a)(b)</sup> | 15000 | 14966933 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(b)</sup>  | 9010 | 8838122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(b)</sup>  | 15675 | 15447220 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)<sup>(b)</sup>  | 10000 | 9850269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)<sup>(b)</sup>  | 15000 | 14980640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.616%)<sup>(b)</sup>  | 30000 | 29268014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)<sup>(b)(c)</sup>  | 6865 | 6631523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 01/24/25 (Call 01/24/24),<br>(3 mo. LIBOR US + 0.140%)<sup>(b)</sup>  | 15000 | 14722634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/23<sup>(c)</sup>  | 15384 | 15323958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/25 (Call 04/17/24), (SOFR + 0.950%)<sup>(b)</sup>  | 10000 | 9934000 |
|  MUFG Bank Ltd., 3.59%, 05/31/23<sup>(b)</sup>  | 25000 | 24957251 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  National Australia Bank Ltd., 3.66%, 12/13/22, (3 mo. LIBOR US + 0.410%)<sup>(a)(b)</sup>  | $3500 | $3496448 |
|  National Australia Bank Ltd./New York, 1.88%, 12/13/22<sup>(c)</sup>  | 4460 | 4448166 |
|  Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/09/23<sup>(a)</sup>  | 3135 | 3052916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/06/25<sup>(a)</sup>  | 10665 | 10182514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/22/25<sup>(a)(c)</sup>  | 16900 | 16554980 |
|  Nordea Bank Abp/New York NY, 0.30%, 01/27/23 | 8000 | 7922257 |
|  PNC Financial Services Group Inc., 5.67%, 10/28/25<sup>(c)</sup>  | 15526 | 15541719 |
|  Santander UK PLC, 2.10%, 01/13/23 | 2105 | 2090829 |
|  Skandinaviska Enskilda Banken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/12/22<sup>(a)</sup>  | 2845 | 2837405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/12/22, (3 mo. LIBOR US +<br>0.645%)<sup>(a)(b)</sup>  | 3000 | 2998009 |
|  Societe Generale SA, 4.35%, 06/13/25<sup>(a)(c)</sup>  | 15000 | 14472284 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%, 01/12/24 | 3580 | 3373308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/17/23<sup>(c)</sup>  | 2659 | 2650094 |
|  Sumitomo Mitsui Trust Bank Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/12/23, (SOFR + 0.44%)<sup>(a)</sup>  | 12744 | 12246453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 09/16/24<sup>(a)(c)</sup>  | 12000 | 10990685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/10/25<sup>(a)(c)</sup>  | 10000 | 9318188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 09/16/24, (SOFR + 0.440%)<sup>(a)(b)</sup>  | 15000 | 14868115 |
|  Svenska Handelsbanken AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/30/23<sup>(a)</sup>  | 6310 | 6117645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/10/25<sup>(a)</sup>  | 15900 | 15167620 |
|  Swedbank AB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/25/23<sup>(a)(c)</sup>  | 14500 | 13874180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/02/23<sup>(a)</sup>  | 6680 | 6519279 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/09/23 (Call 02/06/23) | 15000 | 14809660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 01/17/24 (Call 01/17/23), (SOFR + 0.200%)<sup>(b)</sup>  | 45000 | 44518270 |
|  UBS AG/London |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/01/23<sup>(a)</sup>  | 4440 | 4315460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 02/09/24<sup>(a)</sup>  | 7000 | 6573252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 08/09/24<sup>(a)</sup>  | 4330 | 3978120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/13/25 (Call 12/13/24), (SOFR + 0.300%)<sup>(a)</sup>  | 6970 | 6377011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 02/09/24, (SOFR + 0.360%)<sup>(a)(b)</sup>  | 5000 | 4961940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/09/24, (SOFR + 0.450%)<sup>(a)(b)</sup>  | 8470 | 8398504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/01/23, (SOFR + 0.320%)<sup>(a)(b)</sup>  | 8470 | 8451281 |
|  UBS Group AG, 4.49%, 08/05/25<br>(Call 08/05/24)<sup>(a)(b)</sup>  | 8810 | 8510680 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 | 3550 | 3272471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/23<sup>(c)</sup>  | 2375 | 2363746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/18/24, (SOFR + 0.300%)<sup>(b)</sup>  | 12445 | 12253266 |
|  |  | 871283560 |
| **Beverages — 0.8%** |  |  |
|  Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23<sup>(a)</sup>  | 52207 | 50933348 |
|  PepsiCo Inc., 0.75%, 05/01/23 | 1615 | 1584085 |
|  |  | 52517433 |
| **Biotechnology — 0.2%** |  |  |
|  Gilead Sciences Inc., 0.75%, 09/29/23 (Call 11/14/22) | 15971 | 15371310 |
|  **Chemicals — 0.2%** |  |  |
|  Ecolab Inc., 0.90%, 12/15/23 (Call 12/15/22)<sup>(c)</sup>  | 8800 | 8413574 |
|  Sherwin-Williams Co. (The), 4.05%, 08/08/24 | 7310 | 7171795 |
|  |  | 15585369 |
| **Cosmetics & Personal Care — 0.2%** |  |  |
|  GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 | 9235 | 8909979 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Cosmetics & Personal Care (continued)** |  |  |
|  Unilever Capital Corp., 0.63%, 08/12/24 (Call 12/01/22)<sup>(c)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5975 | $5558414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14468393 |
| **Diversified Financial Services — 0.8%** |  |  |
|  American Express Co.<br>0.75%, 11/03/23 | 10000 | 9581158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 11/03/23, (SOFR + 0.230%)<sup>(b)</sup>  | 10000 | 9928175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 7600 | 7371249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 03/04/25 (Call 02/01/25), (SOFR + 0.930%)<sup>(b)</sup>  | 8235 | 8210589 |
|  Capital One Financial Corp., 4.17%, 05/09/25<br>(Call 05/09/24)<sup>(b)</sup>  | 15800 | 15184039 |
|  LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)<sup>(a)</sup>  | 3895 | 3636066 |
|  |  | 53911276 |
| **Electric — 3.9%** |  |  |
|  Dominion Energy Inc., Series D, 3.82%, 09/15/23<br>(Call 11/21/22), (3 mo. LIBOR US<br>+ 0.530%)<sup>(b)</sup>  | 30560 | 30464644 |
|  Duke Energy Corp., 3.07%, 06/10/23, (SOFR + 0.250%)<sup>(b)</sup>  | 14765 | 14670554 |
|  Eversource Energy, 2.88%, 08/15/23, (SOFR + 0.250%)<sup>(b)</sup>  | 23850 | 23719643 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 05/10/23 (Call 11/14/22), (SOFR + 0.250%)<sup>(b)</sup>  | 11020 | 10982171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 01/12/24 (Call 11/14/22), (SOFR + 0.250%)<sup>(b)</sup>  | 8240 | 8152007 |
|  National Rural Utilities Cooperative Finance Corp.<br>3.00%, 08/07/23, (SOFR + 0.330%)<sup>(b)</sup>  | 16150 | 16106129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 3.36%, 10/18/24, (SOFR +<br>0.330%)<sup>(b)</sup>  | 5000 | 4931771 |
|  NextEra Energy Capital Holdings Inc.<br>0.65%, 03/01/23 | 6888 | 6791814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 11/03/23 (Call 12/01/22), (SOFR + 0.400%)<sup>(b)</sup>  | 30000 | 29642925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 03/21/24 (Call 12/01/22)<sup>(c)</sup>  | 15000 | 14522552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/22/23 (Call 12/01/22),<br>(3 mo. LIBOR US + 0.270%)<sup>(b)</sup>  | 45000 | 44919283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 03/01/23, (SOFR + 0.540%)<sup>(b)</sup>  | 9305 | 9292602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 10000 | 9805314 |
|  PPL Electric Utilities Corp.<br>3.35%, 06/24/24 (Call 11/14/22), (SOFR + 0.330%)<sup>(b)</sup>  | 8065 | 7953685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 09/28/23 (Call 11/14/22),<br>(3 mo. LIBOR US + 0.250%)<sup>(b)</sup>  | 8710 | 8683081 |
|  WEC Energy Group Inc.<br>0.55%, 09/15/23<sup>(c)</sup>  | 21955 | 21064829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/25 (Call 08/27/25) | 7465 | 7435667 |
|  Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23) | 7560 | 7214975 |
|  |  | 276353646 |
| **Food — 1.1%** |  |  |
|  Hormel Foods Corp., 0.65%, 06/03/24 (Call 12/01/22)<sup>(c)</sup>  | 12125 | 11324746 |
|  Nestle Holdings Inc.<br>0.61%, 09/14/24 (Call 09/14/23)<sup>(a)</sup>  | 35000 | 32360182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/12/25<sup>(a)(c)</sup>  | 17000 | 16674970 |
|  Walmart Inc., 3.90%, 09/09/25<sup>(c)</sup>  | 20000 | 19581146 |
|  |  | 79941044 |
| **Gas — 0.7%** |  |  |
|  Atmos Energy Corp.<br>0.63%, 03/09/23 (Call 11/16/22) | 8175 | 8056999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/09/23 (Call 12/01/22),<br>(3 mo. LIBOR US + 0.380%)<sup>(b)</sup>  | 23770 | 23713826 |
|  CenterPoint Energy Resources Corp., 0.70%, 03/02/23<br>(Call 12/01/22)<sup>(c)</sup>  | 15935 | 15713844 |
|  |  | 47484669 |
| **Health Care - Products — 0.8%** |  |  |
|  Thermo Fisher Scientific Inc.<br>0.80%, 10/18/23 (Call 12/01/22) | 30000 | 28787479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/18/23 (Call 12/01/22), (SOFR + 0.350%)<sup>(b)</sup>  | 20000 | 19968418 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 10/18/24 (Call 12/01/22), (SOFR + 0.530%)<sup>(b)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9215 | $9115293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57871190 |
| **Health Care - Services — 0.9%** |  |  |
|  Roche Holdings Inc.<br>1.88%, 03/08/24<sup>(a)</sup>  | 15000 | 14416650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/05/24, (SOFR + 0.240%)<sup>(a)(b)</sup>  | 5370 | 5333207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/11/23, (SOFR + 0.240%)<sup>(a)(b)</sup>  | 15000 | 14971677 |
|  UnitedHealth Group Inc.<br>0.55%, 05/15/24 (Call 11/14/22)<sup>(c)</sup>  | 15135 | 14161540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | 17600 | 17607744 |
|  |  | 66490818 |
| **Insurance — 3.4%** |  |  |
|  Athene Global Funding, 2.51%, 03/08/24<sup>(a)</sup>  | 10000 | 9529939 |
|  Brighthouse Financial Global Funding<br>1.20%, 12/15/23<sup>(a)(c)</sup>  | 17000 | 16185475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 02/24/23, (SOFR + 0.310%)<sup>(a)(b)</sup>  | 23890 | 23858057 |
|  Jackson National Life Global Funding, 3.64%, 01/06/23,<br>(SOFR + 0.600%)<sup>(a)(b)</sup>  | 26000 | 25987069 |
|  MassMutual Global Funding II<br>0.85%, 06/09/23, (SOFR + 0.55%)<sup>(a)</sup>  | 8328 | 8124702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/26/25<sup>(a)</sup>  | 7302 | 7079857 |
|  MET Tower Global Funding, 3.58%, 01/17/23,<br>(SOFR + 0.550%)<sup>(a)(b)</sup>  | 22000 | 21994391 |
|  Metropolitan Life Global Funding I<br>0.55%, 06/07/24<sup>(a)(c)</sup>  | 3590 | 3321573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 01/07/24, (SOFR + 0.320%)<sup>(a)(b)</sup>  | 27000 | 26770999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 01/13/23, (SOFR + 0.570%)<sup>(a)(b)</sup>  | 16460 | 16464214 |
|  New York Life Global Funding<br>3.15%, 06/06/24<sup>(a)</sup>  | 8400 | 8148840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 06/06/24<sup>(a)(b)</sup>  | 9130 | 9065698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/05/25<sup>(a)(c)</sup>  | 16500 | 15786208 |
|  Northwestern Mutual Global Funding, 4.00%, 07/01/25<sup>(a)(c)</sup> . | 16300 | 15773938 |
|  Principal Life Global Funding II<br>0.75%, 08/23/24<sup>(a)</sup>  | 660 | 606590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/23/24, (SOFR + 0.380%)<sup>(a)(b)</sup>  | 635 | 626312 |
|  Protective Life Global Funding<br>0.33%, 12/09/22<sup>(a)</sup>  | 15000 | 14941066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/13/23<sup>(a)(c)</sup>  | 4820 | 4619099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 03/31/23<sup>(a)(b)</sup>  | 9525 | 9517465 |
|  |  | 238401492 |
| **Internet — 0.5%** |  |  |
|  Amazon.com Inc.<br>0.25%, 05/12/23<sup>(c)</sup>  | 9205 | 8991084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24<sup>(c)</sup>  | 20000 | 19473228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25<sup>(c)</sup>  | 10000 | 9622976 |
|  |  | 38087288 |
| **Machinery — 1.3%** |  |  |
|  Caterpillar Financial Services Corp.<br>0.95%, 01/10/24<sup>(c)</sup>  | 20000 | 19093498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 05/17/24, (SOFR + 0.245%)<sup>(b)</sup>  | 10000 | 9932710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/13/24, (SOFR + 0.270%)<sup>(b)</sup>  | 15620 | 15443214 |
|  John Deere Capital Corp.<br>0.90%, 01/10/24 | 3605 | 3441344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 07/10/23, (SOFR + 0.120%)<sup>(b)</sup>  | 7330 | 7296404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/11/24, (SOFR + 0.200%)<sup>(b)</sup>  | 14290 | 14106802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25<sup>(c)</sup>  | 10390 | 10021311 |
|  Rockwell Automation Inc., 0.35%, 08/15/23 (Call 11/14/22) | 9050 | 8724455 |
|  |  | 88059738 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Manufacturing — 0.3%** |  |  |
|  Siemens Financieringsmaatschappij NV, 3.25%, 03/11/24, (SOFR + 0.430%)<sup>(a)(b)(c)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18921490 |
| **Media — 0.0%** |  |  |
|  Comcast Corp., 5.25%, 11/07/25 | 2950 | 2949203 |
| **Oil & Gas — 0.8%** |  |  |
|  Chevron Corp., 1.14%, 05/11/23<sup>(c)</sup>  | 4510 | 4425890 |
|  Chevron USA Inc., 3.12%, 08/11/23,<br>(3 mo. LIBOR US + 0.200%)<sup>(b)</sup>  | 37065 | 36973779 |
|  ConocoPhillips Co., 2.13%, 03/08/24<br>(Call 12/01/22) | 16000 | 15406091 |
|  |  | 56805760 |
| **Pharmaceuticals — 0.4%** |  |  |
|  AstraZeneca PLC, 0.30%, 05/26/23 | 24000 | 23393932 |
|  GSK Consumer Healthcare Capital U.S. LLC,<br>3.93%, 03/24/24<sup>(a)</sup>  | 2150 | 2143209 |
|  |  | 25537141 |
| **Pipelines — 0.8%** |  |  |
|  Enbridge Inc.<br>0.55%, 10/04/23 | 5380 | 5142715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/24 | 5530 | 5317206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/17/23, (SOFR + 0.400%)<sup>(b)</sup>  | 11350 | 11329076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 02/16/24, (SOFR + 0.630%)<sup>(b)</sup>  | 10125 | 10013060 |
|  TransCanada PipeLines Ltd., 1.00%, 10/12/24<br>(Call 09/12/24) | 27205 | 24974741 |
|  |  | 56776798 |
| **Retail — 0.4%** |  |  |
|  Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25) | 5170 | 5061018 |
|  Lowe's Companies Inc., 4.40%, 09/08/25 | 11510 | 11282509 |
|  McDonald's Corp., 3.35%, 04/01/23 (Call 03/01/23)<sup>(c)</sup>  | 1263 | 1256104 |
|  Starbucks Corp., 3.05%, 02/14/24 (Call 02/14/23), (SOFR + 0.420%)<sup>(b)</sup>  | 11515 | 11466983 |
|  |  | 29066614 |
| **Savings & Loans — 0.4%** |  |  |
|  Nationwide Building Society<br>0.55%, 01/22/24<sup>(a)</sup>  | 16520 | 15497785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/27/23<sup>(a)</sup>  | 15890 | 15766524 |
|  |  | 31264309 |
| **Semiconductors — 0.7%** |  |  |
|  Analog Devices Inc., 3.28%, 10/01/24,<br>(SOFR + 0.250%)<sup>(b)</sup> | 15330 | 15086611 |
|  NVIDIA Corp.<br>0.31%, 06/15/23 (Call 12/01/22) | 28000 | 27231500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 5305 | 4949202 |
|  |  | 47267313 |
| **Software — 0.2%** |  |  |
|  Adobe Inc., 1.70%, 02/01/23 | 4010 | 3980127 |
|  salesforce.com Inc., 0.63%, 07/15/24 (Call 12/01/22)<sup>(c)</sup>  | 9415 | 8769183 |
|  |  | 12749310 |
| **Telecommunications — 0.7%** |  |  |
|  Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24 | 21081 | 19829491 |
|  NTT Finance Corp.<br>0.58%, 03/01/24<sup>(a)(c)</sup>  | 6005 | 5647819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 07/26/24<sup>(a)</sup>  | 2830 | 2776969 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Par<br>(000)* | *Value* |
| **Telecommunications (continued)** |  |  |  |
|  Verizon Communications Inc.<br>0.75%, 03/22/24<sup>(c)</sup>  | $| 3580 | $3380363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/22/24, (SOFR + 0.500%)<sup>(b)</sup>  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16955 | 16814339 |
|  |  |  | 48448981 |
|  **Total Corporate Bonds & Notes — 37.1% (Cost: $2,674,281,467)** | **Total Corporate Bonds & Notes — 37.1% (Cost: $2,674,281,467)** | **Total Corporate Bonds & Notes — 37.1% (Cost: $2,674,281,467)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613375786 |
|  **Municipal Debt Obligations** |  |  |  |
| **Alabama — 0.0%** |  |  |  |
|  Alabama Federal Aid Highway Finance Authority RB, 0.45%, 09/01/23 |  | 3545 | 3413948 |
| **Arizona — 0.0%** |  |  |  |
|  County of Pima AZ COP, 0.48%, 12/01/22 |  | 1020 | 1016675 |
| **California — 0.0%** |  |  |  |
|  Port of Oakland RB, 0.82%, 05/01/23 |  | 400 | 391369 |
| **New York — 2.4%** |  |  |  |
|  Deutsche Bank Spears/Lifers Trust RB, 3.27%, 04/01/31 (Put 11/07/22)<sup>(a)(d)</sup>  |  | 51500 | 51500000 |
|  Long Island Power Authority RB<br>0.36%, 03/01/23 (Call 12/01/22) |  | 6800 | 6703080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.76%, 03/01/23 (Call 12/01/22) |  | 1290 | 1273227 |
|  Mizuho Floater/Residual Trust RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.34%, 02/01/23<br>(Put 12/05/22)<sup>(a)(d)</sup>  |  | 13000 | 13000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.34%, 07/01/25<br>(Put 12/05/22)<sup>(a)(d)</sup>  |  | 27180 | 27180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.49%, 09/01/27<br>(Put 01/29/23)<sup>(a)(d)</sup>  |  | 11000 | 11000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.34%, 02/15/41<br>(Put 12/05/22)<sup>(a)(d)</sup>  |  | 4918 | 4918091 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.49%, 09/01/26<br>(Put 01/29/23)<sup>(a)(d)</sup>  |  | 6000 | 6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.49%, 03/01/31<br>(Put 01/29/23)<sup>(a)(d)</sup>  |  | 18000 | 18000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.49%, 03/01/31<br>(Put 01/29/23)<sup>(a)(d)</sup>  |  | 8640 | 8640000 |
|  New York State Dormitory Authority RB, 2.01%, 03/15/23 |  | 1765 | 1747444 |
|  Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23 |  | 12570 | 12251124 |
|  Taxable Municipal Funding Trust RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.81%, 01/16/25<br>(Put 12/05/22)<sup>(a)(d)</sup>  |  | 1085 | 1085000 |
| &nbsp;&nbsp;&nbsp;&nbsp; VRDN, 3.81%, 09/01/30<br>(Put 12/05/22)<sup>(a)(d)</sup>  |  | 4350 | 4350000 |
|  |  |  | 167647966 |
|  **Total Municipal Debt Obligations — 2.4%<br>(Cost $173,063,091)** | **Total Municipal Debt Obligations — 2.4%<br>(Cost $173,063,091)** | **Total Municipal Debt Obligations — 2.4%<br>(Cost $173,063,091)** | 172469958 |
|  **Repurchase Agreements<sup>(b)(e)</sup>**  |  |  |  |
|  Bank of America Securities Inc., 3.57%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $7,000,694, collateralized by non-agency mortgage-backed security, 0.00% to 3.64%, due 10/25/59 to 07/25/60, par and fair value of $32,537,811 and $8,289,226, respectively) |  | 7000 | 7000000 |
|  Bank of America Securities Inc., 3.39%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $35,003,296, collateralized by non-agency mortgage-backed security, 3.96% to 8.00%, due 08/27/29 to 09/26/50, par and fair value of $52,685,123 and $41,165,226, respectively) |  | 35000 | 35000000 |

---

S C H E D U L E O F I N V E S T M E N T S 31

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<br>Par*<br> *(000)* | *Value* |
|  BNP Paribas, 3.42%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $20,001,900, collateralized by non-agency mortgage-backed security, 2.05% to 11.50%, due 09/15/23 to 01/01/99, par and fair value of $24,383,960 and $21,576,005, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000000 |
|  Citigroup Global Markets Inc., 3.36%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $9,000,840, collateralized by non-agency mortgage-backed security, 1.75% to 5.81%, due 10/21/30 to 07/25/68, par and fair value of $11,283,863 and $10,306,011, respectively) | 9000 | 9000000 |
|  Citigroup Global Markets Inc., 3.38%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $12,001,127, collateralized by non-agency mortgage-backed security, 1.75% to 5.81%, due 10/21/30 to 07/25/68, par and fair value of $16,627,953 and $12,655,003, respectively) | 12000 | 12000000 |
|  Credit Suisse Securities (USA) LLC, 3.66%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $35,003,558, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 11/25/35 to 03/25/67, par and fair value of $735,783,974 and $40,140,106, respectively) | 35000 | 35000000 |
|  Goldman Sachs & Co. LLC, 3.57%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $60,005,950, collateralized by non-agency mortgage-backed security, 0.0% to 10.29%, due 10/09/26 to 11/25/51, par and fair value of $104,066,912 and 68,896,183, respectively) | 60000 | 60000000 |
|  Mizuho Securities USA Inc., 3.52%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $6,000,587, collateralized by non-agency mortgage-backed security, 4.00%, due 10/31/29, par and fair value of $6,158,900 and $6,119,421, respectively) | 6000 | 6000000 |
|  Mizuho Securities USA Inc., 3.62%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $30,003,017, collateralized by non-agency mortgage-backed security, 1.99% to 7.95%, due 04/1/24 to 10/25/59, par and fair value of $53,899,995 and $34,414,869, respectively) | 30000 | 30000000 |
|  Wells Fargo Securities, 3.55%, 11/01/22 (Purchased on 10/31/22 to be repurchased at $25,002,465, collateralized by non-agency mortgage-backed security, 0.00% to 7.16%, due 01/15/25 to 10/25/59, par and fair value of $43,695,081 and $28,710,683, respectively) | 25000 | 25000000 |
|  **Total Repurchase Agreements — 3.4%<br>(Cost: $239,000,000)** |  | 239000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **U.S. Government Obligations** |  |  |  |
| **U.S. Government Obligations — 0.1%** |  |  |  |
|  U.S. Treasury Note/Bond, 0.25%, 09/30/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;10000 | $9609375 |
|  **Total U.S. Government Obligations — 0.1%<br>(Cost: $9,994,540)** | **Total U.S. Government Obligations — 0.1%<br>(Cost: $9,994,540)** | **Total U.S. Government Obligations — 0.1%<br>(Cost: $9,994,540)** | 9609375 |
| **Money Market Funds** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup>  |  | 56999 | 56987823 |
|  **Total Money Market Funds — 0.8%<br>(Cost: $56,989,604)** | **Total Money Market Funds — 0.8%<br>(Cost: $56,989,604)** | **Total Money Market Funds — 0.8%<br>(Cost: $56,989,604)** | 56987823 |
|  **Total Investments — 101.5%<br>(Cost: $7,234,880,237)** | **Total Investments — 101.5%<br>(Cost: $7,234,880,237)** | **Total Investments — 101.5%<br>(Cost: $7,234,880,237)** | 7162863331 |
|  **Liabilities in Excess of Other Assets — (1.5)%** | **Liabilities in Excess of Other Assets — (1.5)%** | **Liabilities in Excess of Other Assets — (1.5)%** | (109322152) |
|  **Net Assets — 100.0%** |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;7053541179 |

---

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

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

<sup>(c)</sup> All or a portion of this security is on loan.

<sup>(d)</sup> Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

<sup>(e)</sup> Maturity date represents next reset date. <sup></sup>

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

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases*<br> *at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $17719634 | $39302794 <sup>(a)</sup> | $— | $(32824) | $(1781) | $56987823 | 56999 | $108258 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup>  |  | 0 <sup>(a)</sup> |  |  |  |  |  | 18753 |  |
|  |  |  |  | $(32824) | $(1781) | $56987823 |  | $127011 | $— |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **BlackRock Ultra Short-Term Bond ETF** |

---

**Affiliates (continued)** 

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $149708665 | $— | $149708665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit |  | 1114055580 |  | 1114055580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 2807656144 |  | 2807656144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 2613375786 |  | 2613375786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 172469958 |  | 172469958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 239000000 |  | 239000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 9609375 |  | 9609375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 56987823 |  |  | 56987823 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56987823 | $7105875508 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7162863331 |

---

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 33

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Short Maturity<br> Bond ETF | BlackRock<br> Short<br> Maturity<br>Municipal<br> Bond ETF | BlackRock<br>Ultra Short-Term<br>Bond ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $3957713045 | $544966926 | $6866875508 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 268092775 | 28912 | 56987823 |
|  Repurchase agreements, at value — unaffiliated<sup>(d)</sup>  | 100000000 |  | 239000000 |
|  Cash | 13021129 | 15037302 | 677029 |
|  Foreign currency, at value<sup>(e)</sup>  | 4216591 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 289551 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 32373 |  | 15289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated |  | 394 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 617117 | 254 | 5987359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 18762395 | 2184344 | 12362310 |
|  Unrealized appreciation on forward foreign currency exchange contracts | 688209 |  |  |
|  Total assets | 4363433185 | 562218132 | 7181905318 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned, at value | 77913142 |  | 57022457 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 41149848 | 70865872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 54063878 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 905452 | 108669 | 475810 |
|  Unrealized depreciation on forward foreign currency exchange contracts | 385092 |  |  |
|  Total liabilities | 133267564 | 41258517 | 128364139 |
|  NET ASSETS | $4230165621 | $520959615 | $7053541179 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $4341331077 | $524069902 | $7109872054 |
|  Accumulated loss | (111165456) | (3110287) | (56330875) |
|  NET ASSETS | $4230165621 | $520959615 | $7053541179 |
|  **NET ASSET VALUE** |  |  |  |
|  Shares outstanding | 86050000 | 10500000 | 141100000 |
|  Net asset value | $49.16 | $49.62 | $49.99 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $4056497033 | $548774446 | $6938890633 |
|  <sup>(b) </sup>Securities loaned, at value | $75001180 | $— | $55410058 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $268096491 | $28912 | $56989604 |
|  <sup>(d) </sup>Repurchase agreements, at cost — unaffiliated | $100000000 | $— | $239000000 |
|  <sup>(e) </sup>Foreign currency, at cost | $4201675 | $— | $— |

---

*See notes to financial statements.* 

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

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| | BlackRock<br>Short<br> Maturity<br> Bond ETF | BlackRock<br>Short<br>Maturity<br>Municipal<br>Bond ETF | BlackRock<br>Ultra<br> Short-Term<br>Bond ETF |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2217681 | $3902 | $21639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 61794349 | 3545804 | 83104140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 155468 |  | 105372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income — unaffiliated | 210325 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1327) |  |  |
|  Total investment income | 64376496 | 3549706 | 83231151 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 11379383 | 884889 | 5125738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 | 217 |
|  Total expenses | 11379600 | 885106 | 5125955 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (158671) |  |  |
|  Total expenses after fees waived | 11220929 | 885106 | 5125955 |
|  Net investment income | 53155567 | 2664600 | 78105196 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (4074552) | (66) | 22739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (43078) | (828) | (32824) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | 18266401 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 507944 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated<sup>(a)</sup>  | (658147) |  |  |
|  | 13998568 | (894) | (10085) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (102444008) | (4216983) | (73933604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (12430) |  | (1781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts | (168618) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 11875 |  |  |
|  | (102613181) | (4216983) | (73935385) |
|  Net realized and unrealized loss | (88614613) | (4217877) | (73945470) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(35459046) | $(1553277) | $4159726 |

---

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 35

------

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | BlackRock<br> Short Maturity Bond ETF | BlackRock<br> Short Maturity Bond ETF | BlackRock<br> Short Maturity Municipal Bond ETF | BlackRock<br> Short Maturity Municipal Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $53155567 | $35445063 | $2664600 | $964192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 13998568 | 5840631 | (894) | (4755) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (102613181) | (9550521) | (4216983) | (395104) |
|  Net increase (decrease) in net assets resulting from operations | (35459046) | 31735173 | (1553277) | 564333 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (49011290) | (39578305) | (1873888) | (1005763) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (539564075) | 464293661 | 231217779 | 2519567 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (624034411) | 456450529 | 227790614 | 2078137 |
|  Beginning of year | 4854200032 | 4397749503 | 293169001 | 291090864 |
|  End of year | $4230165621 | $4854200032 | $520959615 | $293169001 |

---

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

*See notes to financial statements.* 

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | BlackRock<br> Ultra Short-Term Bond ETF | BlackRock<br> Ultra Short-Term Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $78105196 | $23822908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (10085) | 115920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (73935385) | (9452665) |
|  Net increase in net assets resulting from operations | 4159726 | 14486163 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (62518287) | (24852336) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 1305237758 | 894302572 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 1246879197 | 883936399 |
|  Beginning of year | 5806661982 | 4922725583 |
|  End of year | $7053541179 | $5806661982 |

---

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 37

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Bond ETF | BlackRock Short Maturity Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.07 | $50.15 | $50.36 | $50.12 | $50.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.58 | 0.38 | 0.91 | 1.37 | 1.11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.95) | (0.03) | (0.16) | 0.21 | (0.23) |
|  Net increase (decrease) from investment operations | (0.37) | 0.35 | 0.75 | 1.58 | 0.88 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.54) | (0.43) | (0.96) | (1.34) | (1.01) |
|  **Net asset value, end of year** | $49.16 | $50.07 | $50.15 | $50.36 | $50.12 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (0.75)% | 0.70% | 1.51% | 3.19% | 1.78% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Total expenses after fees waived | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 1.17% | 0.76% | 1.81% | 2.73% | 2.21% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $4230166 | $4854200 | $4397750 | $6260259 | $4981818 |
|  Portfolio turnover rate<sup>(f)</sup>  | 44% | 55% | 67 %<sup>(g)</sup> | 58 %<sup>(g)</sup> | 48% |

---

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

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

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

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

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

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

<sup>(g)</sup> Includes mortgage dollar roll transactions ("MDRs").

*See notes to financial statements.* 

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Short Maturity Municipal Bond ETF | BlackRock Short Maturity Municipal Bond ETF | BlackRock Short Maturity Municipal Bond ETF | BlackRock Short Maturity Municipal Bond ETF | BlackRock Short Maturity Municipal Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.11 | $50.19 | $50.13 | $49.85 | $50.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.37 | 0.17 | 0.51 | 0.81 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.62) | (0.07) | 0.13 | 0.26 | (0.21) |
|  Net increase (decrease) from investment operations | (0.25) | 0.10 | 0.64 | 1.07 | 0.47 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.24) | (0.18) | (0.58) | (0.79) | (0.63) |
|  **Net asset value, end of year** | $49.62 | $50.11 | $50.19 | $50.13 | $49.85 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (0.51)% | 0.19% | 1.29% | 2.16% | 0.95% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Net investment income | 0.75% | 0.34% | 1.02% | 1.63% | 1.35% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $520960 | $293169 | $291091 | $210532 | $127111 |
|  Portfolio turnover rate<sup>(f)</sup>  | 98% | 52% | 108% | 170% | 221% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 39

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Ultra Short-Term Bond ETF | BlackRock Ultra Short-Term Bond ETF | BlackRock Ultra Short-Term Bond ETF | BlackRock Ultra Short-Term Bond ETF | BlackRock Ultra Short-Term Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $50.45 | $50.54 | $50.41 | $50.15 | $50.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 0.61 | 0.22 | 0.69 | 1.38 | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | (0.60) | (0.07) | 0.25 | 0.23 | (0.16) |
|  Net increase from investment operations | 0.01 | 0.15 | 0.94 | 1.61 | 1.00 |
|  Distributions from net investment income<sup>(c)</sup>  | (0.47) | (0.24) | (0.81) | (1.35) | (0.97) |
|  **Net asset value, end of year** | $49.99 | $50.45 | $50.54 | $50.41 | $50.15 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 0.03% | 0.29% | 1.89% | 3.25% | 2.02% |
|  **Ratios to Average Net Assets<sup>(e)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.08% | 0.08% | 0.08% | 0.08% | 0.08% |
|  Net investment income | 1.22% | 0.44% | 1.36% | 2.74% | 2.33% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $7053541 | $5806662 | $4922726 | $2195391 | $601794 |
|  Portfolio turnover rate<sup>(f)</sup>  | 27% | 47% | 54% | 16% | 32% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements*

***1.***  ***ORGANIZATION*** 

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

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

---

| | | |
|:---|:---|:---|
| *BlackRock ETF* | *Diversification <br>Classification* | *Diversification <br>Classification* |
|  Short Maturity Bond |  | Diversified |
|  Short Maturity Municipal Bond |  | Diversified |
|  Ultra Short-Term Bond |  | Diversified |

---

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

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

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

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

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

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

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 41

------

*Notes to Financial Statements* (continued) 

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of
the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase agreements are valued at amortized cost, which approximates market value.

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

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

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

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

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

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

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

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

**Repurchase Agreements:** Repurchase agreements are commitments to purchase a security from a counterparty who agrees to repurchase the same security at a mutually agreed upon date and price. On a daily basis, the counterparty is required to maintain collateral subject to the agreement and in value no less than the agreed upon repurchase amount. Repurchase agreements may be traded bilaterally, in a tri-party arrangement or may be centrally cleared through a sponsoring agent. Subject to the custodial undertaking associated with a tri-party repurchase arrangement and for centrally cleared agreements, a third party custodian maintains accounts to hold collateral for a fund and its counterparties. Typically, a fund and counterparty are not permitted to sell, re-pledge or use the collateral absent a default by the counterparty or the fund. In the event the counterparty defaults and the fair value of the collateral declines, a fund could experience losses, delays and costs in liquidating the collateral.

Repurchase agreements are entered into by a fund under Master Repurchase Agreements (each, an "MRA"). The MRA permits the fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty's bankruptcy or insolvency. Based on the terms of the MRA, the fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, the fund would recognize a liability with respect to such excess collateral. The liability reflects the fund's obligation under bankruptcy law to return the excess to the counterparty.

The following table summarizes the open repurchase agreements as of October 31, 2022 which are subject to offset under an MRA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *BlackRock ETF and Counterparty* | *Market Value of<br>Repurchase<br>Agreements* | *Cash*<br> *Collateral<br>Received at value* | <br> ** <br>| *Non-Cash<br>Collateral<br>Received<br>at Fair Value* | *<br><sup>(a)</sup>* | *Net Amount* |
|  Short Maturity Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. | $100000000 | $— |  | $100000000 |  | $— |
|  Ultra Short-Term Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities Inc. | $42000000 | $— |  | $42000000 |  | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas | 20000000 |  |  | 20000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | 21000000 |  |  | 21000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 35000000 |  |  | 35000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 60000000 |  |  | 60000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA Inc. | 36000000 |  |  | 36000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities | 25000000 |  |  | 25000000 |  |  |
|  | $239000000 | $— |  | $239000000 |  | $— |

---

<sup>(a)</sup> Collateral received in excess of the market value of repurchase agreements is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities. 

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

N O T E S T O F I N A N C I A L S T A T E M E N T S 43

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*Notes to Financial Statements* (continued) 

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *BlackRock ETF and Counterparty* | *Securities Loaned<br>at Value* | *Cash Collateral<br>Received <br><sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value* | *<br><sup>(a)</sup>* | *Net Amount* | |
|  Short Maturity Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $4271324 | $(4271324) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | 297977 | (297977) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 153618 | (153618) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 1006672 | (1006672) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 5914556 | (5914556) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | 4976 | (4976) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. LLC | 16176524 | (16176524) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 25527615 | (25527615) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Securities Holdings Co., Ltd. | 6335756 | (6335756) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 14136992 | (14136992) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pershing LLC | 38951 | (38951) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 1136219 | (1136219) |  |  |  |  |
|  | $75001180 | $(75001180) | $— |  | $— |  |
|  Ultra Short-Term Bond |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Capital, Inc. | $2718766 | $(2718766) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BMO Capital Markets Corp. | 625802 | (625802) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 157779 | (157779) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BofA Securities, Inc. | 13145713 | (13145713) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse Securities (USA) LLC | 1552814 | (1552814) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 6204138 | (6204138) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 26406788 | (26406788) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc. | 1370607 | (1370607) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC | 3227651 | (3227651) |  |  |  |  |
|  | $55410058 | $(55410058) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter ("OTC") and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of

44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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

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

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

---

| | |
|:---|:---|
| *BlackRock ETF* | *Investment Advisory Fees* |
|  Short Maturity Bond | 0.25% |
|  Short Maturity Municipal Bond | 0.25 |
|  Ultra Short-Term Bond | 0.08 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the BlackRock Short Maturity Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through February 28, 2025 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

---

| | |
|:---|:---|
| *BlackRock ETF* | *Amounts Waived* |
|  Short Maturity Bond | $158671 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

N O T E S T O F I N A N C I A L S T A T E M E N T S 45

------

*Notes to Financial Statements* (continued)

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *BlackRock ETF* | *Amounts* |
|  Short Maturity Bond | $55682 |
|  Ultra Short-Term Bond | 37569 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| *BlackRock ETF* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  Short Maturity Municipal Bond | $24826755 | $18406316 | $— |

---

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

***7.***  ***PURCHASES AND SALES*** 

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

---

| | | |
|:---|:---|:---|
|  | *Other Securities* | *Other Securities* |
| *BlackRock ETF* | *Purchases* | *Sales* |
|  Short Maturity Bond | $&nbsp;&nbsp;&nbsp;&nbsp;1746164355 | $&nbsp;&nbsp;&nbsp;&nbsp;2011521849 |
|  Short Maturity Municipal Bond | 543494993 | 327942050 |
|  Ultra Short-Term Bond | 1100706982 | 711842432 |

---

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

---

| | | |
|:---|:---|:---|
| *BlackRock ETF* | *In-kind<br>Purchases* | *In-kind<br>Sales* |
|  Short Maturity Bond | $— | $59866441 |

---

***8.***  ***INCOME TAX INFORMATION*** 

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

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

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued)

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

---

| | | |
|:---|:---|:---|
| *BlackRock ETF* | *Paid-in Capital* | *Accumulated<br>Earnings (Loss)* |
|  Short Maturity Bond | $(658147) | $658147 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *BlackRock ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  Short Maturity Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $49011290 | $39578305 |
|  Short Maturity Municipal Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax-exempt income<sup>(a)</sup>  | $1873888 | $1005763 |
|  Ultra Short-Term Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $62518287 | $24852336 |

---

<sup>(a)</sup> The Funds designate these amounts paid during the fiscal year ended October 31, 2022, as exempt-interest dividends. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *BlackRock ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses) <br><sup>(b)</sup>* | *Total* |
|  Short Maturity Bond | $11678920 | $(37653426) | $(85190950) | $(111165456) |
|  Short Maturity Municipal Bond | 846909 | (120691) | (3836505) | (3110287) |
|  Ultra Short-Term Bond | 18032965 | (2189489) | (72174351) | (56330875) |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *BlackRock ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Short Maturity Bond | $&nbsp;&nbsp;&nbsp;&nbsp;4427456118 | $4046916 | $(89252990) | $(85206074) |
|  Short Maturity Municipal Bond | 548832343 | 90951 | (3927456) | (3836505) |
|  Ultra Short-Term Bond | 7235037682 | 379648 | (72553999) | (72174351) |

---

***9.***  ***PRINCIPAL RISKS*** 

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 47

------

*Notes to Financial Statements* (continued)

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

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

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

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

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as "junk bonds") or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

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

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

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

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

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

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *BlackRock ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Short Maturity Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 17200000 | $852350848 | 18900000 | $948305065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (28100000) | (1391914923) | (9650000) | (484011404) |
|  | (10900000) | $(539564075) | 9250000 | $464293661 |
|  Short Maturity Municipal Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4900000 | $243687671 | 1250000 | $62769891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (12469892) | (1200000) | (60250324) |
|  | 4650000 | $231217779 | 50000 | $2519567 |
|  Ultra Short-Term Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 42250000 | $2119194220 | 30000000 | $1515394891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16250000) | (813956462) | (12300000) | (621092319) |
|  | 26000000 | $1305237758 | 17700000 | $894302572 |

---

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

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

***11.***  ***SUBSEQUENT EVENTS*** 

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 49

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares U.S. ETF Trust and Shareholders of each of the three funds listed in the table below

***Opinions on the Financial Statements***

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;BlackRock Short Maturity Bond ETF |
| &nbsp;&nbsp;&nbsp;BlackRock Short Maturity Municipal Bond ETF |
| &nbsp;&nbsp;&nbsp;BlackRock Ultra Short-Term Bond ETF |

---

***Basis for Opinions***

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

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

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

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Important Tax Information (unaudited)

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

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation* <br> *Interest*  |
|  Short Maturity Bond | $48290 |
|  Ultra Short-Term Bond | 28739 |

---

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  Short Maturity Bond | $52524087 |
|  Ultra Short-Term Bond | 72136164 |

---

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

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related* <br> *Dividends*  |
|  Short Maturity Bond | $42331444 |
|  Ultra Short-Term Bond | 66656361 |

---

I M P O R T A N T T A X I N F O R M A T I O N 51

------

Board Review and Approval of Investment Advisory Contract

**BlackRock Short Maturity Bond ETF (the "Fund")** 

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

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

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund's portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund's peer group (where applicable) and reference benchmark.

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

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

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

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

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

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

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

**BlackRock Short Maturity Municipal Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process

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Board Review and Approval of Investment Advisory Contract (continued)

whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund's portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund's peer group (where applicable) and reference benchmark.

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

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

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

**BlackRock Ultra Short-Term Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and

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Board Review and Approval of Investment Advisory Contract (continued)

regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund's portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund's peer group (where applicable) and reference benchmark.

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

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

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

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

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

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

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

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

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *BlackRock ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Short Maturity Bond | $&nbsp;&nbsp;&nbsp;&nbsp;0.537617 | $— | $— | $&nbsp;&nbsp;&nbsp;&nbsp;0.537617 | 100% | —% | — % | 100% |
|  Ultra Short-Term Bond<sup>(a)</sup>  | 0.474723 |  | 0.000244 | 0.474967 | 100 |  | 0 <sup>(b)</sup> | 100 |

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

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

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

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

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

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| | | | |
|:---|:---|:---|:---|
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019). |
|  <sup>(a) </sup>Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b) </sup>Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

---

---

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

---

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 59

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Trustee and Officer Information (unaudited) (continued)

---

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

---

---

| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2011). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

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

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

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 61

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General Information

**Electronic Delivery** 

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

To enroll in electronic delivery:

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

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

**Householding** 

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

**Availability of Quarterly Schedule of Investments** 

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

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

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

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

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | AGM Insured Custodial Receipt |
| AMBAC | Ambac Assurance Corp. |
| CLO | Collateralized Loan Obligation |
| COP | Certificates of Participation |
| CR | Custodian Receipt |
| FHA | Federal Housing Administration |
| GO | General Obligation |
| GOL | General Obligation Limited |

---

**Currency Abbreviations** 

---

| | |
|:---|:---|
| EUR | Euro |
| GBP | British Pound |
| USD | United States Dollar |

---

**Portfolio Abbreviation (continued)** 

---

| | |
|:---|:---|
| GTD | Guaranteed |
| LIBOR | London Interbank Offered Rate |
| MO | Moral Obligation |
| RB | Revenue Bond |
| SAP | Subject to Appropriations |
| SAW | State Aid Withholding |
| SOFR | Secured Overnight Financing Rate |
| TA | Tax Allocation |

---

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 63

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**Want to know more?** 

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

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

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

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1008-1022

---

| | |
|:---|:---|
| ![LOGO](g425863g89s42.jpg)  | ![LOGO](g425863g48v93.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g395699sp1.jpg)  | **OCTOBER 31, 2022** |

---

<br> **2022 Annual Report**<br>

**iShares U.S. ETF Trust** 

· iShares Inflation Hedged Corporate Bond ETF \| LQDI \| Cboe BZX

· iShares Inflation Hedged High Yield Bond ETF \| HYGI \| NYSE Arca

· iShares Inflation Hedged U.S. Aggregate Bond ETF \| AGIH \| NYSE Arca

· iShares Interest Rate Hedged Corporate Bond ETF \| LQDH \| NYSE Arca

· iShares Interest Rate Hedged High Yield Bond ETF \| HYGH \| NYSE Arca

· iShares Interest Rate Hedged Long-Term Corporate Bond ETF \| IGBH \| NYSE Arca

· iShares Interest Rate Hedged U.S. Aggregate Bond ETF \| AGRH \| NYSE Arca

------

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

![LOGO](g395699sig_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g395699photo_01mips.jpg)

Rob Kapito

President, BlackRock, Inc.

---

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

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

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**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [The Markets in Review](#tx395699_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx395699_2) | 4 |
|  [Fund Summary](#tx395699_3) | 5 |
|  [About Fund Performance](#tx395699_4) | 16 |
|  [Disclosure of Expenses](#tx395699_5) | 16 |
|  [Schedules of Investments](#tx395699_6) | 17 |
|  Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx395699_7) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx395699_8) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx395699_9) | 60 |
|  [Financial Highlights](#tx395699_10) | 64 |
|  [Notes to Financial Statements](#tx395699_11) | 71 |
|  [Report of Independent Registered Public Accounting Firm](#tx395699_12) | 81 |
|  [Important Tax Information](#tx395699_13) | 82 |
|  [Board Review and Approval of Investment Advisory Contract](#tx395699_14) | 83 |
|  [Supplemental Information](#tx395699_15) | 90 |
|  [Trustee and Officer Information](#tx395699_16) | 91 |
|  [General Information](#tx395699_17) | 94 |
|  [Glossary of Terms Used in this Report](#tx395699_18) | 95 |
|  [Additional Financial Information](#tx395699_19) | 96 |

---

------

Market Overview

**iShares U.S. ETF Trust** 

**U.S. Bond Market Overview** 

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

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

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

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

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

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

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

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

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

---

**Investment Objective** 

The **iShares Inflation Hedged Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds, as represented by the BlackRock Inflation Hedged Corporate Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

**Performance** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;Average Annual Total Returns | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* |  | *1 Year* | *Since*<br> *Inception* |
|  Fund NAV | (16.89)% | 2.55% |  | (16.89)% | 11.94% |
|  Fund Market | (17.52) | 2.51 |  | (17.52) | 11.74 |
|  Index<sup>(a)</sup> | (15.96) | 4.00 |  | (15.96) | 19.21 |
|  BlackRock Inflation Hedged Corporate Bond Index <sup>(b)</sup> | (16.01) | N/A |  | (16.01) | N/A |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g3956991sp5.jpg)

The inception date of the Fund was May 8, 2018. The first day of secondary market trading was May 10, 2018.

<sup>(a)</sup> Index performance through November 30, 2021 reflects the performance of the Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Inflation Hedged Index which terminated on January 1, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedge Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Inflation Hedged Index as the underlying index of the fund. 

<sup>(b)</sup> The inception date of the BlackRock Inflation Hedge Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through October 31, 2022 was (16.01)%. 

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $909.80 | $0.24 | $1000.00 | $1025.00 | $0.26 | 0.05% |

---

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

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

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

---

**Portfolio Management Commentary** 

Investment-grade corporate bonds suffered sizable losses in the annual period. Rising inflation, together with the shift toward tighter monetary policy by the U.S. Federal Reserve and other central banks, led to a sharp increase in prevailing yields. Corporate bonds were further pressured by rising yield spreads, as investor sentiment was dampened by geopolitical developments and concerns about the potential effect of slowing economic growth on corporate credit. In combination, these factors led to a return of -22.04% for the Markit iBoxx USD Liquid Investment Grade Index.

The Fund returned -16.88% in net asset value. The Fund's position in inflation-hedging securities was the largest contributor to performance versus the broader asset class at a time of rising inflation. Consumer price inflation (CPI) hit the highest level in 40 years and consistently exceeded expectations due to growing aggregate demand, supply-chain bottlenecks and the delayed effect of fiscal and monetary stimulus enacted in response to COVID-19. The portfolio managers sought to mitigate the impact of inflation by using zero-coupon CPI inflation swaps. The Fund actively adjusted its hedge positioning based on changes in composition of the investment-grade bond portfolio (achieved through a position in iShares iBoxx $ Investment Grade Corporate Bond ETF), shifts in the market's inflation expectations, and interest-rate movements.

On an unhedged basis, financials posted the smallest decline of the market's three major sectors, with larger losses for industrials and utilities, respectively. Long-term corporate bonds lagged shorter-term issues by a wide margin. In terms of credit quality, higher-rated bonds generally outperformed lower-rated securities amid investors' search for relative "safe havens" in the challenging environment.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 94.2% |
|  Short-term Investments | 0.3 |
|  Swaps, net cumulative appreciation | 6.7 |
|  Other assets less liabilities | (1.2) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 3.5% |
|  Aa | 4.9 |
|  A | 43.3 |
|  Baa | 45.8 |
|  Ba | 2.0 |
|  Not Rated | 0.5 |

---

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

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

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

------

---

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

---

**Investment Objective** 

The **iShares Inflation Hedged High Yield Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Inflation Hedged High Yield Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

**Performance** 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *Since* <br> *Inception*  |
|  Fund NAV | 1.62% |
|  Fund Market | 1.63 |
|  Index | 1.42 |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(06/22/22* *)<sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized <br>Expense <br>Ratio* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $1016.20 | $0.18 | $1000.00 | $1025.00 | $0.26 | 0.05% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 131/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 95.7% |
|  Short-term Investments | 31.0 |
|  Swaps, net cumulative appreciation | 0.8 |
|  Other assets less liabilities | (27.5) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 0.2% |
|  A | 0.3 |
|  Baa | 2.7 |
|  Ba | 45.0 |
|  B | 41.1 |
|  Caa | 10.0 |
|  Ca | 0.2 |
|  Not Rated | 0.5 |

---

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

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged U.S. Aggregate Bond ETF** |

---

**Investment Objective** 

The **iShares Inflation Hedged U.S. Aggregate Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment-grade bonds, as represented by the BlackRock Inflation Hedged U.S. Aggregate Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Core U.S. Aggregate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

**Performance** 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *Since* <br> *Inception*  |
|  Fund NAV | (4.21)% |
|  Fund Market | (4.38) |
|  Index | (4.36) |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(06/22/22* *)<sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $957.90 | $0.35 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 131/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 95.3% |
|  Short-term Investments | 1.3 |
|  Swaps, net cumulative appreciation | 1.4 |
|  Other assets less liabilities | 2.0 |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 55.7% |
|  Aa | 8.2 |
|  A | 15.1 |
|  Baa | 12.8 |
|  Ba | 0.9 |
|  B | 0.2 |
|  Not Rated | 7.1 |

---

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

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

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

------

---

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

---

**Investment Objective** 

The **iShares Interest Rate Hedged Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the BlackRock Interest Rate Hedged Corporate Bond Index, (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (4.37)% | 1.46% | 1.52% | (4.37)% | 7.51% | 13.54% |
|  Fund Market | (4.83) | 1.37 | 1.48 | (4.83) | 7.06 | 13.16 |
|  Index<sup>(a)</sup> | (4.75) | 1.27 | 1.87 | (4.75) | 6.49 | 16.86 |
|  BlackRock Interest Rate Hedged Corporate Bond Index <sup>(b)</sup> | (4.93) | N/A | N/A | (4.93) | N/A | N/A |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395699sp9.jpg)

The inception date of the Fund was May 27, 2014. The first day of secondary market trading was May 28, 2014.

<sup>(a)</sup> Index performance through November 30, 2021 reflects the performance of the Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Interest Rate Hedged Swaps Index which terminated on January 1, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx<sup>®</sup> USD Liquid Investment Grade Interest Rate Hedged Swaps Index as the underlying index of the fund. 

<sup>(b)</sup> The inception date of the BlackRock Interest Rate Hedged Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through October 31, 2022 was (4.93)%. 

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

**Expense Example** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | |
|  | *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $998.70 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

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

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

------

---

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

---

**Portfolio Management Commentary** 

Investment-grade corporate bonds suffered sizable losses in the annual period. Rising inflation, together with the shift toward tighter monetary policy by the U.S. Federal Reserve and other central banks, led to a sharp increase in prevailing yields. Corporate bonds were further pressured by rising yield spreads, as investor sentiment was dampened by geopolitical developments and concerns about the potential effect of slowing economic growth on corporate credit. Longer-term corporate bonds were particularly weak in the rising-rate environment. In combination, these factors led to a return of -22.04% for the Markit iBoxx USD Liquid Investment Grade Index.

The Fund returned -4.37% in net asset value. The Fund's interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk, primarily by using interest-rate swaps and U.S. Treasury futures contracts.

Since the Fund's hedging strategy seeks near-zero interest-rate sensitivity, the Fund's return was minimally affected by rate movements. Instead, the Fund fluctuated based on direct exposure to the yield spreads of investment-grade corporate bonds, independent of rising rates. The Fund's negative return therefore reflects the increase in yield spreads that occurred during the period.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Corporate Bonds & Notes | 11.9% |
|  Investment Companies | 86.6 |
|  Short-term Investments | 12.8 |
|  Swaps, net cumulative appreciation | 22.8 |
|  Other assets less liabilities | (34.1) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 3.5% |
|  Aa | 4.9 |
|  A | 47.8 |
|  Baa | 45.8 |
|  Ba | 2.0 |
|  Not Rated | 0.5 |

---

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

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

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

------

---

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

---

**Investment Objective** 

The **iShares Interest Rate Hedged High Yield Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock Interest Rate Hedged High Yield Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

Prior to 12/1/21, the Fund operated as a transparent active ETF. On 12/1/21, the Fund commenced operating as an index-based ETF and began to officially track the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (0.43)% | 2.90% | 2.74% | (0.43)% | 15.39% | 25.58% |
|  Fund Market | (0.40) | 2.91 | 2.74 | (0.40) | 15.42 | 25.65 |
|  Index<sup>(a)</sup> | (1.60) | 2.86 | 3.02 | (1.60) | 15.13 | 28.51 |
|  BlackRock Interest Rate Hedged High Yield Bond Index <sup>(b)</sup> | (1.80) | N/A | N/A | (1.80) | N/A | N/A |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395699sp11.jpg)

The inception date of the Fund was May 27, 2014. The first day of secondary market trading was May 28, 2014.

<sup>(a)</sup> Index performance through November 30, 2021 reflects the performance of the Markit iBoxx<sup>®</sup> USD Liquid High Yield Interest Rate Hedged Swaps Index which terminated on January 1, 2022. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged High Yield Bond Index, which, effective as of December 1, 2021, replaced the Markit iBoxx<sup>®</sup> USD Liquid High Yield Interest Rate Hedged Swaps Index as the underlying index of the fund. 

<sup>(b)</sup> The inception date of the BlackRock Interest Rate Hedged High Yield Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through October 31, 2022 was (1.80)%. 

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $1010.50 | $0.25 | $1000.00 | $1025.00 | $0.26 | 0.05% |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Interest Rate Hedged High Yield Bond ETF** |

---

**Portfolio Management Commentary** 

High-yield corporate bonds experienced a sizable downturn in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates, which weighed on returns across the bond market. High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia's invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. In combination, these factors led to a return of -10.82% for the Markit iBoxx USD Liquid High Yield Index.

The Fund returned -0.42% in net asset value. The Fund's interest-rate hedging was the largest contributor to performance versus the broader asset class in the environment of surging bond yields. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk, primarily by using interest-rate swaps and U.S. Treasury futures contracts.

Since the Fund's hedging strategy seeks near-zero interest-rate sensitivity, the Fund's return was minimally affected by rate movements. Instead, the Fund fluctuated based on direct exposure to the yield spreads of high-yield corporate bonds, independent of rising rates. The Fund's negative return therefore reflects the increase in yield spreads that occurred during the period.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 95.9% |
|  Short-term Investments | 45.6 |
|  Swaps, net cumulative appreciation | 11.5 |
|  Other assets less liabilities | (53.0) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 0.2% |
|  A | 0.3 |
|  Baa | 2.7 |
|  Ba | 45.0 |
|  B | 41.1 |
|  Caa | 10.0 |
|  Ca | 0.2 |
|  Not Rated | 0.5 |

---

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

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

**Investment Objective** 

The **iShares Interest Rate Hedged Long-Term Corporate Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares 10+ Year Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | (7.59)% | 0.71% | 1.88% | (7.59)% | 3.61% | 14.49% |
|  Fund Market | (7.76) | 0.59 | 1.81 | (7.76) | 2.98 | 13.97 |
|  Index<sup>(a)</sup> | (8.21) | 0.18 | 1.77 | (8.21) | 0.90 | 13.63 |
|  ICE Q70A Custom Index <sup>(b)</sup> | (8.31) | N/A | N/A | (8.31) | N/A | N/A |
|  BlackRock Interest Rate Hedged Long-Term Corporate Bond Index <sup>(c)</sup> | (8.33) | N/A | N/A | (8.33) | N/A | N/A |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSETVALUE)**![LOGO](g395699sp13.jpg)

The inception date of the Fund was July 22, 2015. The first day of secondary market trading was July 23, 2015.

<sup>(a)</sup> Index performance through November 30, 2021 reflects the performance of the ICE Q70A Custom Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index, which, effective as of December 1, 2021, replaced the ICE Q70A Custom Index as the underlying index of the fund. 

<sup>(b)</sup> The ICE Q70A Custom Index is an unmanaged index that consists of the ICE BofA 10+ Year US Corporate Index plus interest rate swaps that intend to hedge the interest rate exposure of the ICE BofA 10+ Year US Corporate Index.

<sup>(c)</sup> The inception date of the BlackRock Interest Rate Hedged Long-Term Corporate Bond Index was October 29, 2021. The cumulative total return for this index for the period October 29, 2021 through October 31, 2022 was (8.33)%. 

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22 )* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $982.30 | $0.50 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

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

F U N D S U M M A R Y 13

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

**Portfolio Management Commentary** 

Investment-grade corporate bonds suffered sizable losses in the annual period. Rising inflation, together with the shift toward tighter monetary policy by the U.S. Federal Reserve and other central banks, led to a sharp increase in prevailing yields. Corporate bonds were further pressured by rising yield spreads, as investor sentiment was dampened by geopolitical developments and concerns about the potential effect of slowing economic growth on corporate credit. Longer-term corporate bonds were particularly weak in the rising-rate environment. In combination, these factors led to a return of -31.06% for the ICE BofA 10+ Year US Corporate Index.

The Fund returned -7.59% in net asset value. The Fund's interest-rate hedging was the largest contributor to performance versus the broader asset class at a time in which bond yields surged. Rising interest rates typically reduce the price of existing bonds, while falling rates translate to rising bond prices. A fund that is hedged against interest-rate movements attempts to avoid these fluctuations by offsetting interest-rate risk, primarily by using interest-rate swaps and U.S. Treasury futures contracts.

Since the Fund's hedging strategy seeks near-zero interest-rate sensitivity, the Fund's return was minimally affected by rate movements. Instead, the Fund fluctuated based on direct exposure to the yield spreads of investment grade corporate bonds, independent of rising rates. The Fund's negative return therefore reflects the increase in yield spreads that occurred during the period.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Corporate Bonds & Notes | 42.2% |
|  Investment Companies | 47.8 |
|  Short-term Investments | 1.4 |
|  Swaps, net cumulative appreciation | 24.8 |
|  Other assets less liabilities | (16.2) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 3.4% |
|  Aa | 8.8 |
|  A | 37.4 |
|  Baa | 47.2 |
|  Ba | 1.5 |
|  Not Rated | 1.7 |

---

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

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

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

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged U.S. Aggregate Bond ETF** |

---

**Investment Objective** 

The **iShares Interest Rate Hedged U.S. Aggregate Bond ETF (the "Fund")** seeks to track the investment results of an index designed to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment grade bonds, as represented by the BlackRock Interest Rate Hedged U.S. Aggregate Bond Index (the "Index"). The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares Core U.S. Aggregate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding positions in U.S. Treasury futures or interest rate swaps.

**Performance** 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Total Returns |
|  | *Since* <br> *Inception*  |
|  Fund NAV | 0.32% |
|  Fund Market | 0.20 |
|  Index | 0.10 |

---

For the fiscal period ended October 31, 2022, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 22, 2022. The first day of secondary market trading was June 24, 2022.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(06/22/22* *)<sup>(a)</sup>* | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Beginning<br>Account Value* *(05/01/22*<br>** <br> *)*  | *Ending<br>Account Value<br>(10/31/22 )* | *Expenses<br>Paid During<br>the Period* *<br><sup>(b)</sup>* | *Annualized <br>Expense <br>Ratio* |
| &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | $1003.20 | $0.36 | $1000.00 | $1024.70 | $0.51 | 0.10% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 131/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See "Disclosure of Expenses" for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund's annualized expense ratio. 

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Investment Companies | 94.7% |
|  Short-term Investments | 0.4 |
|  Swaps, net cumulative appreciation | 6.1 |
|  Other assets less liabilities | (1.2) |

---

**CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)** 

---

| | |
|:---|:---|
| *Credit Rating<sup>(a)</sup>* | *Percent of<br>Total Investment<sup>(b)</sup>* |
|  Aaa | 55.7% |
|  Aa | 8.2 |
|  A | 15.1 |
|  Baa | 12.8 |
|  Ba | 0.9 |
|  B | 0.2 |
|  Not Rated | 7.1 |

---

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

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

F U N D S U M M A R Y 15

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About Fund Performance

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

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

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

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---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Investment Companies** |  |  |
| **Exchange-Traded Funds — 94.2%** |  |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 525523 | $53261756 |
|  **Total Investment Companies<br>(Cost: $68,858,541)** |  | 53261756 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> | 170000 | 170000 |
|  **Total Short-Term Securities — 0.3%<br>(Cost: $170,000)** | **Total Short-Term Securities — 0.3%<br>(Cost: $170,000)** | 170000 |
|  **Total Investments in Securities — 94.5%<br>(Cost: $69,028,541)** | **Total Investments in Securities — 94.5%<br>(Cost: $69,028,541)** | 53431756 |
|  **Other Assets Less Liabilities — 5.5%** | **Other Assets Less Liabilities — 5.5%** | 3083206 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $56514962 |

---

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

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $32598902 | $— | $(32578212)<sup>(b)</sup> | $(20690) | $— | $— |  | $203646 <sup>(c)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 600000 |  | (430000)<sup>(b)</sup> |  |  | 170000 | 170000 | 12843 |  |
|  iShares iBoxx $ Investment Grade Corporate Bond ETF | 69395318 | 90377738 | (79648947) | (11080546) | (15781807) | 53261756 | 525523 | 2499327 |  |
|  |  |  |  | $(11101236) | $(15781807) | $53431756 |  | $2715816 | $— |

---

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

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

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (9) | 12/20/22 | $996 | $31704 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. 10 Year Ultra Bond | (5) | 12/20/22 | 581 | 43376 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Ultra Bond | (3) | 12/20/22 | 385 | 33995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5-Year U.S. Treasury Note | (1) | 12/30/22 | 107 | 4559 |
|  |  |  |  | $113634 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged Corporate Bond ETF** |

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  |  |  |  | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  1.75% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/23 | $(10) | $1260 | $— | $1260 |
|  3.35% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/05/24 | (3000) | 114685 | 19 | 114666 |
|  2.70% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/01/26 | (1500) | 99742 | 9 | 99733 |
|  2.68% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/07/26 | (2000) | 133574 | 27 | 133547 |
|  2.74% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/15/26 | (2000) | 125614 | 27 | 125587 |
|  2.92% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/21/26 | (3500) | 182988 | 46 | 182942 |
|  3.13% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/27/26 | (5430) | 230444 | 72 | 230372 |
|  3.15% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/29/26 | (2000) | 82561 | 27 | 82534 |
|  2.59% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/11/27 | (1600) | 21184 | 22 | 21162 |
|  2.66% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/01/28 | (1000) | 64326 | 18 | 64308 |
|  2.96% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/26/28 | (1800) | 79239 | 33 | 79206 |
|  1.89% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/30 | (1410) | 235436 | 28433 | 207003 |
|  1.90% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/30 | (1220) | 202933 | 28 | 202905 |
|  2.24% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/12/31 | (2000) | 254603 | 47 | 254556 |
|  2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 02/09/31 | (3000) | 336707 | 70 | 336637 |
|  2.47% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 04/07/31 | (2000) | 209443 | 46 | 209397 |
|  2.67% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 05/19/31 | (1000) | 82995 | 23 | 82972 |
|  2.57% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/02/31 | (3000) | 274273 | 2870 | 271403 |
|  2.60% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 09/30/31 | (1000) | 66877 | 23 | 66854 |
|  2.61% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/07/37 | (3500) | 175442 | 100 | 175342 |
|  2.50% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/25/37 | (560) | 34347 | 16 | 34331 |
|  2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/29/41 | (500) | 50182 | 19 | 50163 |
|  2.45% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 06/29/41 | (1000) | 93411 | 38 | 93373 |
|  2.38% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/16/41 | (300) | 30126 | 4 | 30122 |
|  2.58% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/05/42 | (1530) | 71206 | 59 | 71147 |
|  2.50% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/06/46 | (500) | 32396 | 23 | 32373 |
|  2.47% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/09/46 | (1000) | 70679 | 44 | 70635 |
|  2.49% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 12/24/46 | (320) | 20481 | 15 | 20466 |
|  1.83% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 10/18/49 | (418) | 99507 | (11790) | 111297 |
|  1.94% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/50 | (10) | 2314 |  | 2314 |
|  1.95% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/20/50 | (600) | 137624 | 16729 | 120895 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged Corporate Bond ETF** |

---

**Centrally Cleared Inflation Swaps (continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  |  |  |  | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  2.23% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 01/06/51 | $(300) | $48498 | $15 | $48483 |
|  2.41% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/30/51 | (1000) | 106892 | 49 | 106843 |
|  2.42% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 08/02/51 | (459) | 47547 | 23 | 47524 |
|  |  |  |  |  |  | $3819536 | $37184 | $3782352 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums*<br> *Paid* | *Swap Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized* <br> *Depreciation*  |
|  Centrally Cleared Swaps<sup>(a)</sup> | $48974 | $(11790) | $3782352 | $— |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $113634 | $— | $113634 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $— | $3782352 | $3782352 |
|  | $— | $— | $— | $— | $113634 | $3782352 | $3895986 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged Corporate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $896362 | $— | $896362 |
|  Swaps |  |  |  |  |  | 2652381 | 2652381 |
|  | $— | $— | $— | $— | $896362 | $2652381 | $3548743 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $141489 | $— | $141489 |
|  Swaps |  |  |  |  |  | 1030135 | 1030135 |
|  | $— | $— | $— | $— | $141489 | $1030135 | $1171624 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $178828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $(3387145) |
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $82224000 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $53261756 | $— | $— | $53261756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 170000 |  |  | 170000 |
|  | $53431756 | $— | $— | $53431756 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $113634 | $— | $— | $113634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 3782352 |  | 3782352 |
|  | $113634 | $3782352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $3895986 |

---

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange-Traded Funds — 95.7%** | **Exchange-Traded Funds — 95.7%** | **Exchange-Traded Funds — 95.7%** |
|  iShares iBoxx $ High Yield Corporate Bond<br>ETF<sup>(a)(b)</sup> | 32544 | $2389706 |
|  **Total Investment Companies<br>(Cost: $2,407,327)** |  | 2389706 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 31.0%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(a)(c)(d)</sup> | 723758 | 723613 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(c)</sup> | 50000 | 50000 |
|  **Total Short-Term Securities — 31.0%<br>(Cost: $773,614)** |  | 773613 |
|  **Total Investments in Securities — 126.7%<br>(Cost: $3,180,941)** |  | 3163319 |
|  **Liabilities in Excess of Other Assets — (26.7)%** |  | (666237) |
|  **Net Assets — 100.0%** |  | $2497082 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *06/22/22* | <br> *<sup>(a)</sup>*  | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | <br>| <br>| *Shares*<br> *Held at*<br> *10/31/22* | <br>| *Income* | <br>|
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $— |  | $723688 <sup>(b)</sup> | $— | $(75) | $— | $723613 |  |  | 723758 |  | $6577 <sup>(c)</sup> | $– |
|  BlackRock Cash Funds: Treasury, SL Agency Shares |  |  | 50000 <sup>(b)</sup> |  |  |  | 50000 |  |  | 50000 |  | 1132 | – |
|  iShares iBoxx $ High Yield Corporate Bond ETF |  |  | 4803808 | (2294763) | (101717) | (17622) | 2389706 |  |  | 32544 |  | 64808 | – |
|  |  |  |  |  | $(101792) | $(17622) | $3163319 |  |  |  |  | $72517 | $– |

---

<sup>(a)</sup> Commencement of operations.

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

<sup>(c)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged High Yield Bond ETF** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**OTC Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| 4.05% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/24 | $(265) | $(561) | $— | $(561) |
| 4.06% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/24 | (50) | (115) |  | (115) |
| 3.05% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/27 | (535) | 4855 |  | 4855 |
| 2.82% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/32 | (128) | 1337 |  | 1337 |
|  |  |  |  |  |  |  | $5516 | $— | $5516 |

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.07% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/18/23 | $(30) | $41 | $— | $41 |
| 3.13% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 07/12/25 | (430) | 4010 | 4 | 4006 |
| 2.98% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 09/08/25 | (100) | (227) |  | (227) |
| 2.90% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 07/12/27 | (124) | 1582 | 1 | 1581 |
| 2.75% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 07/12/29 | (563) | 9995 | 9 | 9986 |
| 2.52% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/11/29 | (13) | 230 |  | 230 |
| 2.80% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/27/29 | (25) | 40 |  | 40 |
|  |  |  |  |  |  | $15671 | $14 | $15657 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps<sup>(a)</sup> | $14 | $— | $15884 | $(227) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps |  |  | 6192 | (676) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid | $— | $— | $— | $— | $— | $6192 | $6192 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $— | $15884 | $15884 |
|  | $— | $— | $— | $— | $— | $22076 | $22076 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged High Yield Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $— | $— | $— | $— | $— | $676 | $676 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $— | $227 | $227 |
|  | $— | $— | $— | $— | $— | $903 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $— | $(17333) | $(17333) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $— | $21173 | $21173 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $1692500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $1651300 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - centrally cleared | $15884 | $227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - OTC<sup>(a)</sup> | 6192 | 676 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 22076 | 903 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (15884) | (227) |
|  Total derivative assets and liabilities subject to an MNA | 6192 | 676 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| *Derivatives*<br> *Available*<br> *for Offset* | <br>| *Net Amount*<br> *of Derivative*<br> *Assets* | <br>*<sup>(b)</sup>*  |
|  Goldman Sachs International | $6192 |  | $(676) | $– | $5516 |  |

---

S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged High Yield Bond ETF** |

---

**Derivative Financial Instruments - Offsetting as of Period End (continued)** 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Counterparty* | <br>| *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by*<br> *Counterparty* | <br>| <br>| *Derivatives* <br> *Available* <br> *for Offset<sup>(a)</sup>* | <br>| <br>| *Non-Cash*<br> *Collateral*<br> *Pledged* | <br>| *Cash*<br> *Collateral*<br> *Pledged* | <br>| *Net Amount* <br> *of Derivative* <br> *Liabilities<sup>(c)</sup>* |
|  Goldman Sachs International |  | $676 |  |  | $(676) |  |  | $– |  | $– |  | $– |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(c)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $2389706 | $— | $— | $2389706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 773613 |  |  | 773613 |
|  | $3163319 | $— | $— | $3163319 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | $— | $22076 | $— | $22076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (903) |  | (903) |
|  | $— | $21173 | $— | $21173 |

---

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Exchange-Traded Funds — 95.4%** |  |  |
|  iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 24088 | $2285951 |
|  **Total Investment Companies<br>(Cost: $2,425,171)** |  | 2285951 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.2%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> | 30000 | 30000 |
|  **Total Short-Term Securities — 1.2%<br>(Cost: $30,000)** |  | 30000 |
|  **Total Investments in Securities — 96.6%<br>(Cost: $2,455,171)** |  | 2315951 |
|  **Other Assets Less Liabilities — 3.4%** |  | 80386 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;2396337 |

---

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

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

**Affiliates** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Affiliated Issuer* | *Value at*<br> *06/22/22* | <br> *<sup>(a)</sup>*  | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | <br>| <br>| *Shares*<br> *Held at*<br> *10/31/22* | <br>| *Income* | <br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $30000 <sup>(b)</sup> | $— | $— | $— | $30000 |  |  | 30000 |  | $578 | $– |
|  iShares Core U.S. Aggregate Bond ETF |  |  | 4834960 | (2288593) | (121196) | (139220) | 2285951 |  |  | 24088 |  | 32937 | – |
|  |  |  |  |  | $(121196) | $(139220) | $2315951 |  |  |  |  | $33515 | $– |

---

<sup>(a)</sup> Commencement of operations.

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  |  |  |  | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  1-Day SOFR, 3.06% | Annual | 3.17% | Annual | N/A | 10/14/52 | $(5) | $(242) | $— | $(242) |

---

**OTC Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Counterparty* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  |  |  |  | *Counterparty* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | *Counterparty* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.06% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/24 | $(50) | $(115) | $— | $(115) |
| 3.05% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/27 | (315) | 2859 |  | 2859 |
| 2.86% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | Goldman Sachs International | 06/24/29 | (315) | 4349 |  | 4349 |

---

S C H E D U L E O F I N V E S T M E N T S 25

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged U.S. Aggregate Bond ETF** |

---

**OTC Inflation Swaps (continued)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
|  Reference | *Frequency* | *Rate* | *Frequency* | | *Counterparty* | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
|  2.68% | At Termination | U.S. CPI Urban Consumers NAS | &nbsp;&nbsp;&nbsp;&nbsp;At Termination |  | Goldman Sachs International | 06/24/37 | $(18) | $304 | $— | $304 |
|  2.55% | At Termination | U.S. CPI Urban Consumers NAS | &nbsp;&nbsp;&nbsp;&nbsp;At Termination |  | Goldman Sachs International | 06/24/47 | (57) | 1503 |  | 1503 |
|  |  |  |  |  |  |  |  | $8900 | $— | $8900 |

---

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  |  |  |  | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  *Reference* | *Frequency* | *Rate* | *Frequency* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  2.95% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/14/23 | $(135) | $305 | $(80) | $385 |
|  3.51% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/05/24 | (311) | 2067 | 575 | 1492 |
|  3.05% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/11/25 | (200) | 2346 | 2 | 2344 |
|  2.98% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 09/08/25 | (250) | (566) | 3 | (569) |
|  2.65% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/12/27 | (11) | 117 |  | 117 |
|  2.68% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/14/27 | (15) | 138 | (44) | 182 |
|  2.67% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/17/27 | (13) | 129 |  | 129 |
|  2.67% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/05/29 | (50) | 1219 | 19 | 1200 |
|  2.64% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/05/32 | (258) | 6502 | 32 | 6470 |
|  2.53% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/11/37 | (100) | 3319 | 3 | 3316 |
|  2.40% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/12/37 | (36) | 1284 | 1 | 1283 |
|  2.44% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/05/42 | (114) | 4962 | (620) | 5582 |
|  2.38% | At Termination | U.S. CPI Urban Consumers NAS | At Termination | 10/14/47 | (17) | 707 | (214) | 921 |
|  2.40% | At Termination | U.S. CPI Urban Consumers NSA | At Termination | 07/05/52 | (38) | 2434 | (325) | 2759 |
|  |  |  |  |  |  | $24963 | $(648) | $25611 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps and OTC Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap*<br> *Premiums*<br> *Paid* | *Swap*<br> *Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized* <br> *Depreciation*  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally Cleared Swaps<sup>(a)</sup> | $635 | $(1283) | $26180 | $(811) |
| &nbsp;&nbsp;&nbsp;&nbsp; OTC Swaps |  |  | 9015 | (115) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

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

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged U.S. Aggregate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Inflation*<br> *Linked*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on OTC swaps; Swap premiums paid | $— | $— | $— | $— | $— | $9015 | $9015 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $— | $26180 | $26180 |
|  | $— | $— | $— | $— | $— | $35195 | $35195 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $— | $— | $— | $— | $— | $115 | $115 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $242 | $569 | $811 |
|  | $— | $— | $— | $— | $242 | $684 | $926 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Inflation<br>Linked<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $— | $(24538) | $(24538) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $(242) | $34511 | $34269 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Inflation swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $2013750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — receives fixed rate | $1447000 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - centrally cleared | $26180 | $811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - OTC<sup>(a)</sup> | 9015 | 1398 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities | 35195 | 2209 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | (26180) | (811) |
|  Total derivative assets and liabilities subject to an MNA | 9015 | 1398 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

S C H E D U L E O F I N V E S T M E N T S 27

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Inflation Hedged U.S. Aggregate Bond ETF** |

---

**Derivative Financial Instruments - Offsetting as of Period End (continued)** 

The following tables present the Fund's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>| *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by* | <br>| <br>| *Derivatives*<br> *Available* | *Non-Cash*<br> *Collateral* | <br>| *Cash*<br> *Collateral* | *Net Amount*<br> *of Derivative* |
|  *Counterparty* | | *Counterparty* | |  | *for Offset* *<sup>(a)</sup>* | *Received* | | *Received* | *Assets* *<sup>(b)</sup>* |
|  Goldman Sachs International |  | $9015 |  |  | $(115) | $— |  | $— | $8900 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>| *Derivative*<br> *Liabilities*<br> *Subject to*<br> *an MNA by* | <br>| <br>| *Derivatives*<br> *Available* | *Non-Cash*<br> *Collateral* | <br>| *Cash*<br> *Collateral* | *Net Amount*<br> *of Derivative* |
|  *Counterparty* | | *Counterparty* | |  | *for Offset* *<sup>(a)</sup>* | *Received* | | *Received* | *Liabilities* *<sup>(c)</sup>* |
|  Goldman Sachs International |  | $115 |  |  | $(115) | $— |  | $— | $— |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

<sup>(c)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $2285951 | $— | $— | $2285951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 30000 |  |  | 30000 |
|  | $2315951 | $— | $— | $2315951 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | $— | $35195 | $— | $35195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (926) |  | (926) |
|  | $— | $34269 | $— | $34269 |

---

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

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

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Aerospace & Defense — 0.2%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 (Call 11/01/30) | $300 | $249074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30) | 200 | 184797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49) | 200 | 172012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) | 200 | 169066 |
|  General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30) | 300 | 272650 |
|  Lockheed Martin Corp., 4.09%, 09/15/52 (Call 03/15/52) | 200 | 159904 |
|  Northrop Grumman Corp., 4.03%, 10/15/47 (Call 04/15/47) | 200 | 157351 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 (Call 08/16/28) | 300 | 279272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48) | 200 | 168191 |
|  |  | 1812317 |
| **Agriculture — 0.2%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 (Call 11/14/28) | 400 | 368231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 200 | 163350 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 (Call 12/25/30) | 200 | 146490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 400 | 348241 |
|  Philip Morris International Inc., 1.75%, 11/01/30 (Call 08/01/30) | 300 | 220038 |
|  Reynolds American Inc., 5.85%, 08/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 196328 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442678 |
| **Apparel — 0.0%** |  |  |
|  NIKE Inc., 3.38%, 03/27/50 (Call 09/27/49) | 200 | 145832 |
| **Auto Manufacturers — 0.2%** |  |  |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 | 200 | 154315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32) | 200 | 181515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 200 | 175590 |
|  General Motors Financial Co. Inc., 1.50%, 06/10/26 (Call 05/10/26) | 200 | 168251 |
|  Toyota Motor Credit Corp., 3.05%, 03/22/27 | 500 | 457784 |
|  |  | 1137455 |
| **Auto Parts & Equipment — 0.0%** |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) | 200 | 111537 |
| **Banks — 2.9%** |  |  |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(a)</sup> | 200 | 176298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 200 | 184440 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26),<br>(SOFR + 0.960%)<sup>(a)</sup> | 500 | 427568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30),<br>(SOFR + 2.150%)<sup>(a)</sup> | 200 | 157909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40),<br>(SOFR + 1.930%)<sup>(a)</sup> | 300 | 189803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.320%)<sup>(a)</sup> | 200 | 154571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.580%)<sup>(a)</sup> | 200 | 138395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27),<br>(3 mo. LIBOR US + 1.040%)<sup>(a)</sup> | 500 | 441380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 500 | 466852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50),<br>(3 mo. LIBOR US + 3.15%)<sup>(a)</sup> | 300 | 222876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49),<br>(3 mo. LIBOR US + 1.520%)<sup>(a)</sup> | 200 | 155547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 100 | 95927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32),<br>(SOFR + 1.830%)<sup>(a)</sup> | 200 | 177238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(a)</sup> | 300 | 275119 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Bank of New York Mellon Corp.<br>(The), 2.05%, 01/26/27 (Call 12/26/26) | $500 | $439634 |
|  Bank of Nova Scotia (The), 2.70%, 08/03/26 | 300 | 270143 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 200 | 169507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45 | 200 | 157553 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30),<br>(SOFR + 2.107%)<sup>(a)</sup> | 200 | 156397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32),<br>(SOFR + 1.351%)<sup>(a)</sup> | 200 | 155809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 500 | 455330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | 300 | 277898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32),<br>(SOFR + 1.939%)<sup>(a)</sup> | 200 | 165664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30),<br>(SOFR + 3.914%)<sup>(a)</sup> | 200 | 178473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | 200 | 160500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 200 | 154737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | 200 | 230681 |
|  Cooperatieve Rabobank UA, 3.75%, 07/21/26 | 250 | 227362 |
|  Deutsche Bank AG/New York NY, 3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)<sup>(a)</sup> | 200 | 148842 |
|  Fifth Third Bancorp., 4.77%,<br>07/28/30 (Call 07/28/29)<sup>(a)</sup> | 200 | 183437 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26),<br>(SOFR + 0.798%)<sup>(a)</sup> | 500 | 427760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26),<br>(SOFR + 0.913%)<sup>(a)</sup> | 500 | 424815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31),<br>(SOFR + 1.248%)<sup>(a)</sup> | 200 | 148831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.281%)<sup>(a)</sup> | 200 | 152553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32),<br>(SOFR + 1.410%)<sup>(a)</sup> | 200 | 156638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 200 | 162316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 300 | 293704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296608 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26),<br>(SOFR + 1.100%)<sup>(a)</sup> | 500 | 411099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 200 | 182622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29),<br>(3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 200 | 164860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26 | 200 | 188207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28),<br>(3 mo. LIBOR US + 1.535%)<sup>(a)</sup> | 300 | 260517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 200 | 173398 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27),<br>(SOFR + 1.830%)<sup>(a)</sup> | 200 | 179876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28 | 200 | 180153 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26),<br>(SOFR + 0.695%)<sup>(a)</sup> | 500 | 425195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.250%)<sup>(a)</sup> | 200 | 153779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29),<br>(SOFR + 1.510%)<sup>(a)</sup> | 300 | 242034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | 500 | 456976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32),<br>(SOFR + 1.260%)<sup>(a)</sup> | 200 | 156248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 500 | 462877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51),<br>(SOFR + 1.580%)<sup>(a)</sup> | 200 | 129851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37),<br>(3 mo. LIBOR US + 1.360%)<sup>(a)</sup> | 200 | 154950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47),<br>(3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | 300 | 220515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 300 | 272975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 | 200 | 206071 |
|  KeyCorp, 4.79%, 06/01/33 (Call 06/01/32)<sup>(a)</sup> | 200 | 180888 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27),<br>(3 mo. LIBOR US + 1.205%)<sup>(a)</sup> | 200 | 170661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 200 | 171118 |

---

S C H E D U L E O F I N V E S T M E N T S 29

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)</sup> | $500 | $420910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(a)</sup> | 200 | 145830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(a)</sup> | 200 | 181545 |
|  Mizuho Financial Group Inc., 5.67%, 09/13/33 (Call 09/13/32)<sup>(a)</sup> | 200 | 187203 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 400 | 368530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 500 | 473080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 | 200 | 154092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 | 200 | 155403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50),<br>(SOFR + 4.480%)<sup>(a)</sup> | 200 | 184393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 400 | 405610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | 200 | 202657 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28),<br>(3 mo. LIBOR US + 1.754%)<sup>(a)</sup> | 200 | 178171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29),<br>(3 mo. LIBOR US + 1.905%)<sup>(a)</sup> | 200 | 178150 |
|  Northern Trust Corp., 3.95%, 10/30/25 | 100 | 97092 |
|  PNC Financial Services Group Inc.<br>(The), 3.45%, 04/23/29 (Call 01/23/29) | 500 | 438618 |
|  Royal Bank of Canada, 1.20%, 04/27/26 | 500 | 431364 |
|  State Street Corp., 2.65%, 05/19/26 | 200 | 185388 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30 | 200 | 150041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29 | 200 | 165115 |
|  Toronto-Dominion Bank (The), 4.46%, 06/08/32 | 200 | 179738 |
|  Truist Financial Corp., 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)</sup> | 300 | 277493 |
|  U.S. Bancorp., 4.55%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 300 | 285194 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 | 500 | 457572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32),<br>(SOFR + 1.500%)<sup>(a)</sup> | 200 | 161229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(a)</sup> | 300 | 239020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 200 | 182989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 200 | 159493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50),<br>(SOFR + 4.502%)<sup>(a)</sup> | 300 | 254284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 200 | 169648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 200 | 174445 |
|  Westpac Banking Corp., 4.42%, 07/24/39 | 200 | 150709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21398991 |
| **Beverages — 0.4%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 300 | 271156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 200 | 171535 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30)<sup>(b)</sup> | 500 | 446916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 (Call 10/23/28) | 500 | 486358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48) | 200 | 188354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58) | 200 | 190187 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 | 300 | 237936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50 | 200 | 126704 |
|  Keurig Dr Pepper Inc., 4.05%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 300 | 262679 |
|  Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26) | 300 | 273286 |
|  PepsiCo Inc., 3.90%, 07/18/32 (Call 04/18/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 277804 |
|  |  | 2932915 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |  |  |  |
| **Biotechnology — 0.2%** |  |  |  |  |  |  |
|  Amgen Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 (Call 11/25/30) | $| 300 | $240144 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49) |  | 200 | 133224 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) |  | 200 | 161367 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50) |  | 200 | 165156 |  |  |  |
|  Biogen Inc., 3.15%, 05/01/50 (Call 11/01/49) |  | 200 | 123385 |  |  |  |
|  Gilead Sciences Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 (Call 07/01/30) |  | 300 | 231378 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 171911 |  |  |  |
|  Royalty Pharma PLC, 2.20%, 09/02/30 (Call 06/02/30) |  | 300 | 227427 |  |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453992 |  |  |  |
| **Building Materials — 0.0%** |  |  |  |  |  |  |
|  Carrier Global Corp., 3.58%, 04/05/50 (Call 10/05/49) |  | 200 | 134162 |  |  |  |
|  Martin Marietta Materials Inc., 2.40%, 07/15/31 (Call 04/15/31) |  | 200 | 153278 |  |  |  |
|  |  |  | 287440 |  |  |  |
| **Chemicals — 0.1%** |  |  |  |  |  |  |
|  Celanese U.S. Holdings LLC, 6.38%, 07/15/32 (Call 04/15/32) |  | 100 | 90988 |  |  |  |
|  CF Industries Inc., 5.38%, 03/15/44 |  | 100 | 84980 |  |  |  |
|  Dow Chemical Co. (The), 4.38%, 11/15/42 (Call 05/15/42) |  | 150 | 114740 |  |  |  |
|  DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28) |  | 300 | 286906 |  |  |  |
|  LYB International Finance III LLC, 4.20%, 05/01/50 (Call 11/01/49) |  | 150 | 103081 |  |  |  |
|  LYB International Finance III LLC, 4.20%, 05/01/50 (Call 11/01/49) |  | 150 | 103081 | Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46) | 200.0 | 158155.0 |
|  |  |  | 838850 |  |  |  |
| **Commercial Services — 0.1%** |  |  |  |  |  |  |
|  Global Payments Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29) |  | 200 | 166239 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) |  | 100 | 86510 |  |  |  |
|  PayPal Holdings Inc., 2.85%, 10/01/29 (Call 07/01/29) |  | 300 | 255122 |  |  |  |
|  S&P Global Inc., 2.90%, 03/01/32 (Call 12/01/31)<sup>(c)</sup> |  | 300 | 246749 |  |  |  |
|  |  |  | 754620 |  |  |  |
| **Computers — 0.3%** |  |  |  |  |  |  |
|  Apple Inc. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29) |  | 300 | 253365 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) |  | 200 | 124639 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32) |  | 300 | 264453 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43 |  | 200 | 162773 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) |  | 300 | 233035 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45) |  | 300 | 271003 |  |  |  |
|  Dell International LLC/EMC Corp., 3.45%, 12/15/51 (Call 06/15/51)<sup>(c)</sup> |  | 200 | 113168 |  |  |  |
|  Hewlett Packard Enterprise Co., 6.35%, 10/15/45 (Call 04/15/45) |  | 100 | 90435 |  |  |  |
|  HP Inc., 5.50%, 01/15/33 (Call 10/15/32) |  | 200 | 177827 |  |  |  |
|  International Business Machines Corp. |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 |  | 200 | 179049 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 |  | 200 | 162812 |  |  |  |
|  |  |  | 2032559 |  |  |  |
|  **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |  |  |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) |  | 150 | 121181 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 (Call 10/30/31) |  | 150 | 112583 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) |  | 150 | 108433 |  |  |  |
|  Air Lease Corp., 2.88%, 01/15/32 (Call 10/15/31) |  | 100 | 74691 |  |  |  |
|  Ally Financial Inc., 4.75%,<br>06/09/27 (Call 05/09/27)<sup>(b)</sup> |  | 200 | 182798 |  |  |  |
|  American Express Co., 2.55%, 03/04/27 (Call 02/01/27) |  | 500 | 439314 |  |  |  |
|  Brookfield Finance Inc., 3.50%, 03/30/51 (Call 09/30/50) |  | 100 | 59597 |  |  |  |

---

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

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Diversified Financial Services (continued)** |  |  |
|  Charles Schwab Corp. (The), 0.90%, 03/11/26 (Call 02/11/26) | $100 | $86465 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32) | 200 | 183511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51) | 100 | 86459 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31) | 100 | 71121 |
|  Mastercard Inc., 3.35%, 03/26/30 (Call 12/26/29) | 300 | 269686 |
|  Nomura Holdings Inc., 3.10%, 01/16/30 | 200 | 157619 |
|  Raymond James Financial Inc., 3.75%, 04/01/51 (Call 10/01/50) | 100 | 67967 |
|  Visa Inc., 4.30%, 12/14/45 (Call 06/14/45) | 200 | 170439 |
|  |  | 2191864 |
| **Electric — 0.3%** |  |  |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 150 | 89905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(c)</sup> | 100 | 82446 |
|  Consolidated Edison Co. of New York Inc., 3.60%, 06/15/61 (Call 12/15/60) | 150 | 99086 |
|  Constellation Energy Generation LLC, 5.60%, 06/15/42 (Call 12/15/41) | 100 | 87965 |
|  Dominion Energy Inc., Series C, 3.38%, 04/01/30 (Call 01/01/30) | 200 | 171665 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 (Call 05/15/32) | 200 | 180271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52) | 100 | 82698 |
|  Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) | 100 | 74144 |
|  Exelon Corp., 4.70%, 04/15/50 (Call 10/15/49) | 150 | 120618 |
|  Florida Power & Light Co., 2.88%, 12/04/51 (Call 06/04/51) | 100 | 63777 |
|  Georgia Power Co., 5.13%, 05/15/52 (Call 11/15/51) | 100 | 89474 |
|  MidAmerican Energy Co., 3.65%, 04/15/29 (Call 01/15/29) | 200 | 182507 |
|  NextEra Energy Capital Holdings Inc., 5.00%, 07/15/32 (Call 04/15/32) | 200 | 190038 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) | 100 | 74569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30) | 200 | 175172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) | 200 | 149089 |
|  San Diego Gas & Electric Co., Series VVV, 1.70%, 10/01/30 (Call 07/01/30) | 200 | 153236 |
|  Southern California Edison Co., 4.00%, 04/01/47 (Call 10/01/46) | 100 | 71340 |
|  Southern Co. (The), 4.40%, 07/01/46 (Call 01/01/46) | 100 | 77639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215639 |
| **Electrical Components & Equipment — 0.0%** |  |  |
|  Emerson Electric Co., 2.20%, 12/21/31 (Call 09/21/31) | 200 | 157166 |
| **Electronics — 0.0%** |  |  |
|  Honeywell International Inc., 1.95%, 06/01/30 (Call 03/01/30) | 300 | 243311 |
| **Entertainment — 0.1%** |  |  |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 (Call 01/15/29)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 254895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | 300 | 242324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(c)</sup> | 200 | 146319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(c)</sup> | 200 | 139644 |
|  |  | 783182 |
| **Food — 0.2%** |  |  |
|  Conagra Brands Inc., 4.85%, 11/01/28 (Call 08/01/28) | 300 | 283852 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27) | 300 | 281086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45) | 200 | 156018 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Food (continued)** |  |  |
|  Kroger Co. (The), 4.45%, 02/01/47 (Call 08/01/46) | $200 | $157369 |
|  Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50) | 200 | 115725 |
|  Sysco Corp., 5.95%, 04/01/30 (Call 01/01/30) | 300 | 306513 |
|  Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 281122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581685 |
| **Gas — 0.0%** |  |  |
|  NiSource Inc., 3.60%, 05/01/30 (Call 02/01/30) | 200 | 172121 |
| **Health Care - Products — 0.2%** |  |  |
|  Abbott Laboratories, 3.75%, 11/30/26 (Call 08/30/26) | 500 | 480172 |
|  Baxter International Inc., 2.54%, 02/01/32 (Call 11/01/31) | 300 | 228686 |
|  DH Europe Finance II Sarl, 3.40%, 11/15/49 (Call 05/15/49) | 200 | 140329 |
|  Medtronic Inc., 4.63%, 03/15/45 | 200 | 174809 |
|  Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41) | 200 | 138138 |
|  |  | 1162134 |
| **Health Care - Services — 0.4%** |  |  |
|  Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47) | 200 | 143825 |
|  Centene Corp., 4.63%, 12/15/29 (Call 12/15/24) | 200 | 181000 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 200 | 161676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 200 | 140701 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 (Call 03/01/30) | 200 | 165680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51) | 200 | 124584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 200 | 187244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(c)</sup> | 200 | 147306 |
|  Humana Inc., 3.70%, 03/23/29 (Call 02/23/29) | 300 | 267295 |
|  Kaiser Foundation Hospitals, 4.15%, 05/01/47 (Call 11/01/46) | 200 | 158333 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 300 | 240432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 200 | 135744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32) | 300 | 276151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | 200 | 174897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | 200 | 174946 |
|  |  | 2679814 |
| **Holding Companies - Diversified — 0.0%** |  |  |
|  Ares Capital Corp., 3.88%, 01/15/26 (Call 12/15/25) | 100 | 89654 |
|  Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27) | 100 | 82965 |
|  Owl Rock Capital Corp., 2.88%, 06/11/28 (Call 04/11/28) | 200 | 150881 |
|  |  | 323500 |
| **Insurance — 0.2%** |  |  |
|  American International Group Inc., 4.38%, 06/30/50 (Call 12/30/49) | 100 | 78009 |
|  Aon Corp., 3.75%, 05/02/29 (Call 02/02/29) | 200 | 178084 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31) | 200 | 166237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 200 | 146697 |
|  Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27) | 200 | 180540 |
|  Chubb INA Holdings Inc., 3.05%, 12/15/61 (Call 06/15/61) | 100 | 58888 |
|  Corebridge Financial Inc., 3.90%, 04/05/32 (Call 01/05/32)<sup>(c)</sup> | 200 | 167160 |
|  Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47) | 100 | 80197 |
|  Everest Reinsurance Holdings Inc., 3.50%, 10/15/50 (Call 04/15/50) | 100 | 63367 |
|  Manulife Financial Corp., 4.15%, 03/04/26 | 100 | 96221 |
|  Marsh & McLennan Companies Inc., 2.25%, 11/15/30 (Call 08/15/30) | 200 | 156703 |
|  MetLife Inc., 5.00%, 07/15/52 (Call 01/15/52) | 200 | 174518 |
|  Prudential Financial Inc., 3.70%, 03/13/51 (Call 09/13/50) | 100 | 70881 |

---

S C H E D U L E O F I N V E S T M E N T S 31

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Travelers Companies Inc. (The), 5.35%, 11/01/40 | $100 | $93744 |
|  |  | 1711246 |
| **Internet — 0.3%** |  |  |
|  Alphabet Inc., 1.10%, 08/15/30 (Call 05/15/30) | 300 | 230391 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 500 | 400295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50) | 200 | 134889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 500 | 462602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32) | 200 | 179069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57) | 200 | 161022 |
|  Booking Holdings Inc., 3.60%, 06/01/26 (Call 03/01/26) | 200 | 188840 |
|  eBay Inc., 2.70%, 03/11/30 (Call 12/11/29) | 300 | 243860 |
|  Meta Platforms Inc., 3.85%, 08/15/32 (Call 05/15/32)<sup>(c)</sup> | 300 | 255253 |
|  Netflix Inc., 5.88%, 11/15/28 | 200 | 198500 |
|  |  | 2454721 |
| **Lodging — 0.0%** |  |  |
|  Marriott International Inc./MD, Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 200 | 159738 |
| **Machinery — 0.1%** |  |  |
|  Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30) | 500 | 422932 |
| **Manufacturing — 0.1%** |  |  |
|  3M Co., 2.38%, 08/26/29 (Call 05/26/29) | 300 | 247006 |
|  Eaton Corp., 4.15%, 03/15/33 (Call 12/15/32) | 200 | 177390 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 200 | 176458 |
|  General Electric Co., 6.75%, 03/15/32 | 200 | 217290 |
|  Parker-Hannifin Corp., 4.50%, 09/15/29 (Call 07/15/29) | 300 | 280453 |
|  |  | 1098597 |
| **Media — 0.6%** |  |  |
|  Charter Communications Operating LLC/Charter |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 (Call 01/01/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | 227439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49) | 200 | 141545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46) | 200 | 153844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47) | 200 | 160416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45) | 200 | 177086 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30) | 300 | 224248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 200 | 120151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56) | 200 | 115656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 200 | 112640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 100 | 93930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27) | 300 | 270291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 200 | 148133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | 500 | 469074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 500 | 451311 |
|  Discovery Communications LLC, 4.13%, 05/15/29 (Call 02/15/29) | 300 | 253365 |
|  Fox Corp., 4.71%, 01/25/29 (Call 10/25/28) | 200 | 186164 |
|  Paramount Global, 4.20%, 05/19/32 (Call 02/19/32)<sup>(b)</sup> | 200 | 160129 |
|  Time Warner Cable LLC, 5.50%, 09/01/41 (Call 03/01/41) | 200 | 156964 |
|  TWDC Enterprises 18 Corp., 1.85%, 07/30/26 | 300 | 267257 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31 | 500 | 414207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50) | 200 | 145628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4449478 |
| **Mining — 0.1%** |  |  |
|  Barrick North America Finance LLC, 5.75%, 05/01/43 | 100 | 93529 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Mining (continued)** |  |  |
|  BHP Billiton Finance USA Ltd., 5.00%, 09/30/43 | $200 | $183016 |
|  Freeport-McMoRan Inc., 5.40%, 11/14/34 (Call 05/14/34) | 100 | 88883 |
|  Newmont Corp., 2.60%, 07/15/32 (Call 04/15/32) | 200 | 152544 |
|  Rio Tinto Finance USA Ltd., 2.75%, 11/02/51 (Call 05/02/51) | 200 | 123215 |
|  |  | 641187 |
| **Oil & Gas — 0.5%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31) | 300 | 243293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50) | 200 | 124393 |
|  Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27) | 200 | 184120 |
|  Cenovus Energy Inc., 3.75%, 02/15/52 (Call 08/15/51) | 100 | 66626 |
|  ConocoPhillips Co., 3.80%, 03/15/52 (Call 09/15/51) | 200 | 148980 |
|  Devon Energy Corp., 5.60%, 07/15/41 (Call 01/15/41) | 200 | 182687 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 100 | 72196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 100 | 100389 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30 (Call 01/06/30) | 200 | 175322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 100 | 75144 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 142948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29) | 200 | 181248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | 200 | 160279 |
|  Hess Corp., 5.60%, 02/15/41 | 100 | 90118 |
|  Marathon Petroleum Corp., 6.50%, 03/01/41 (Call 09/01/40) | 100 | 97387 |
|  Phillips 66, 4.65%, 11/15/34 (Call 05/15/34) | 200 | 179135 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29) | 200 | 168623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30) | 200 | 171057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 200 | 186170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 200 | 165409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | 200 | 210976 |
|  Suncor Energy Inc., 6.80%, 05/15/38 | 200 | 199631 |
|  TotalEnergies Capital International SA, 3.13%, 05/29/50 (Call 11/29/49) | 200 | 131996 |
|  Valero Energy Corp., 7.50%, 04/15/32 | 200 | 216642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3674769 |
| **Oil & Gas Services — 0.1%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 200 | 171547 |
|  Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 500 | 420491 |
|  |  | 592038 |
| **Pharmaceuticals — 0.9%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29) | 300 | 262218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39) | 200 | 161091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49) | 250 | 193952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 200 | 163313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 200 | 166167 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30) | 300 | 229392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 100 | 84547 |
|  Becton Dickinson and Co., 1.96%, 02/11/31 (Call 11/11/30) | 300 | 229658 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29) | 200 | 181683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 200 | 148341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 200 | 146089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | 100 | 81330 |

---

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

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---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | $400 | $367577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 169812 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39) | 200 | 156521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 200 | 150266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 (Call 12/25/27) | 200 | 187665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37) | 200 | 173592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47) | 200 | 169889 |
|  Eli Lilly & Co., 2.50%, 09/15/60 (Call 03/15/60) | 200 | 114938 |
|  GlaxoSmithKline Capital Inc., 3.88%, 05/15/28 | 500 | 469456 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30) | 300 | 237269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 300 | 238516 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30) | 200 | 155220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 500 | 396901 |
|  Novartis Capital Corp., 4.40%, 05/06/44 | 200 | 175306 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 500 | 426925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48) | 200 | 164389 |
|  Takeda Pharmaceutical Co. Ltd., 2.05%, 03/31/30 (Call 12/31/29) | 200 | 157909 |
|  Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30) | 300 | 224386 |
|  Zoetis Inc., 4.70%, 02/01/43 (Call 08/01/42) | 200 | 170541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6354859 |
| **Pipelines — 0.4%** |  |  |
|  Enbridge Inc., 3.40%, 08/01/51 (Call 02/01/51) | 200 | 129477 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 (Call 02/15/30) | 300 | 254998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28) | 300 | 278072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48) | 200 | 174470 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 (Call 10/31/29) | 300 | 250215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 (Call 04/30/29) | 300 | 257884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 100 | 94806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 150 | 120530 |
|  Kinder Morgan Inc., 5.45%, 08/01/52 (Call 02/01/52) | 200 | 169062 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | 300 | 236176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 100 | 83446 |
|  ONEOK Inc., 3.10%, 03/15/30 (Call 12/15/29) | 300 | 242510 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26) | 200 | 176462 |
|  TransCanada PipeLines Ltd., 4.88%, 05/15/48 (Call 11/15/47) | 200 | 164767 |
|  Williams Companies Inc. (The), 4.65%, 08/15/32 (Call 05/15/32) | 250 | 224942 |
|  |  | 2857817 |
| **Real Estate Investment Trusts — 0.2%** |  |  |
|  Alexandria Real Estate Equities Inc., 3.55%, 03/15/52 (Call 09/15/51) | 100 | 64441 |
|  American Tower Corp., 1.88%, 10/15/30 (Call 07/15/30) | 200 | 147255 |
|  Boston Properties LP, 3.25%, 01/30/31 (Call 10/30/30) | 300 | 238987 |
|  Brixmor Operating Partnership LP, 4.05%, 07/01/30 (Call 04/01/30) | 100 | 82954 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31) | 200 | 149364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30) | 200 | 152458 |
|  Equinix Inc., 3.90%, 04/15/32 (Call 01/15/32) | 300 | 252437 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** |  |  |
|  Simon Property Group LP, 3.25%, 09/13/49 (Call 03/13/49) | $100 | $60374 |
|  VICI Properties LP, 4.95%, 02/15/30 (Call 12/15/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 180760 |
|  Welltower Inc., 2.80%, 06/01/31 (Call 03/01/31) | 100 | 77045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406075 |
| **Retail — 0.3%** |  |  |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32) | 300 | 258882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 200 | 144736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 300 | 284310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48) | 200 | 169404 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 (Call 01/15/33) | 200 | 188708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 200 | 180108 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 200 | 141089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/09/32 (Call 06/09/32) | 200 | 189810 |
|  Starbucks Corp., 4.50%, 11/15/48 (Call 05/15/48) | 200 | 161595 |
|  Target Corp., 4.50%, 09/15/32 (Call 06/15/32) | 300 | 282926 |
|  Walgreens Boots Alliance Inc., 4.10%, 04/15/50 (Call 10/15/49) | 100 | 69039 |
|  Walmart Inc., 4.50%, 09/09/52 (Call 03/09/52) | 200 | 177565 |
|  |  | 2248172 |
| **Semiconductors — 0.4%** |  |  |
|  Analog Devices Inc., 2.95%, 10/01/51 (Call 04/01/51) | 200 | 128983 |
|  Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30) | 300 | 236629 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 (Call 11/15/30)<sup>(c)</sup> | 200 | 150084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(c)</sup> | 200 | 138735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(c)</sup> | 200 | 151971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(c)</sup> | 200 | 149701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(c)</sup> | 200 | 131810 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 200 | 125271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32) | 500 | 446473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49) | 200 | 162064 |
|  KLA Corp., 4.65%, 07/15/32 (Call 04/15/32) | 300 | 284954 |
|  Lam Research Corp., 1.90%, 06/15/30 (Call 03/15/30) | 300 | 235397 |
|  NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39) | 200 | 151886 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 2.65%, 02/15/32 (Call 11/15/31) | 300 | 223181 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32) | 200 | 150196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46) | 100 | 81675 |
|  |  | 2949010 |
| **Software — 0.5%** |  |  |
|  Fidelity National Information Services Inc., 3.10%, 03/01/41 (Call 09/01/40) | 200 | 130425 |
|  Fiserv Inc., 3.50%, 07/01/29 (Call 04/01/29) | 300 | 260286 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26) | 500 | 462632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59) | 200 | 121153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 200 | 135130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | 500 | 475232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 300 | 257062 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 (Call 12/25/30) | 400 | 315246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 200 | 135325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 200 | 123105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 200 | 120778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 200 | 130842 |

---

S C H E D U L E O F I N V E S T M E N T S 33

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | $200 | $133626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 200 | 164509 |
|  salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31) | 300 | 234184 |
|  VMware Inc., 2.20%, 08/15/31 (Call 05/15/31) | 300 | 218359 |
|  |  | 3417894 |
| **Telecommunications — 0.8%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 300 | 261644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33) | 500 | 368473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53) | 200 | 128366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 200 | 127272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50) | 200 | 133033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59) | 200 | 126159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57) | 200 | 131795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 500 | 455877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 200 | 172375 |
|  Bell Telephone Co. of Canada or Bell Canada (The), 3.65%, 08/15/52 (Call 02/15/52) | 150 | 101297 |
|  British Telecommunications PLC, 9.63%, 12/15/30 | 200 | 228173 |
|  Cisco Systems Inc., 2.50%, 09/20/26 (Call 06/20/26) | 300 | 276943 |
|  Corning Inc., 5.45%, 11/15/79 | 100 | 80199 |
|  Deutsche Telekom International Finance BV, 8.75%, 06/15/30 | 200 | 228859 |
|  Orange SA, 9.00%, 03/01/31 | 200 | 238934 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 170278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48) | 200 | 146843 |
|  Telefonica Emisiones SA, 5.52%, 03/01/49 (Call 09/01/48) | 150 | 117810 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 300 | 237281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50) | 200 | 128308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | 200 | 128683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 300 | 265380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 200 | 158459 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 (Call 12/15/31) | 500 | 378763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30) | 300 | 237067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26 | 300 | 272842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56) | 200 | 115079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 200 | 142197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50) | 200 | 134999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60) | 200 | 130817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | 200 | 166915 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50 | 200 | 140873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 200 | 149790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6281783 |
| **Transportation — 0.3%** |  |  |
|  Burlington Northern Santa Fe LLC, 4.45%, 01/15/53 (Call 07/15/52) | 200 | 167814 |
|  Canadian Pacific Railway Co., 3.10%, 12/02/51 (Call 06/02/51) | 200 | 127223 |
|  CSX Corp., 3.25%, 06/01/27 (Call 03/01/27) | 500 | 458049 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31) | 200 | 155344 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49) | 200 | $169093 |
|  Norfolk Southern Corp., 3.16%, 05/15/55 (Call 11/15/54) | 200 | 122454 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31) | 200 | 165720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 200 | 142890 |
|  United Parcel Service Inc., 3.05%, 11/15/27 (Call 08/15/27) | 500 | 458556 |
|  Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31) | 300 | 237257 |
|  |  | 2204400 |
| **Water — 0.0%** |  |  |
|  American Water Capital Corp., 4.45%, 06/01/32 (Call 03/01/32) | 200 | 184339 |
|  **Total Corporate Bonds & Notes — 11.9%<br>(Cost: $89,213,304)** | **Total Corporate Bonds & Notes — 11.9%<br>(Cost: $89,213,304)** | 88968657 |
|  **Investment Companies** | **Investment Companies** | **Investment Companies** |
| **Exchange Traded Funds — 86.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(b)(d)</sup> | 6358 | 644356037 |
|  **Total Investment Companies — 86.6%<br>(Cost $803,001,690)** | **Total Investment Companies — 86.6%<br>(Cost $803,001,690)** | 644356037 |
|  **Total Long-Term Investments — 98.5%<br>(Cost: $892,214,994)** | **Total Long-Term Investments — 98.5%<br>(Cost: $892,214,994)** | 733324694 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 12.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94026906 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup> | 1120 | 1120000 |
|  **Total Short-Term Securities — 12.8%<br>(Cost: $95,159,860)** | **Total Short-Term Securities — 12.8%<br>(Cost: $95,159,860)** | 95146906 |
|  **Total Investments — 111.3%<br>(Cost: $987,374,854)** | **Total Investments — 111.3%<br>(Cost: $987,374,854)** | 828471600 |
|  **Liabilities in Excess of Other Assets — (11.3)%** | **Liabilities in Excess of Other Assets — (11.3)%** | (84290721) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $744180879 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

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

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

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

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

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Corporate Bond ETF** |

---

**Affiliates** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  | BlackRock Cash Funds: Institutional, SL Agency Shares | $322620459 | $— | $(228297506)<sup>(a)</sup> | $(283093) | $(12954) | $94026906 | 94045715 | $2169248 <sup>(b)</sup> | $– |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | 7390000 |  | (6270000)<sup>(a)</sup> |  |  | 1120000 | 1120000 | 145519 | – |
|  | iShares iBoxx $ Investment Grade Corporate Bond ETF | 709029875 | 1135040551 | (910862979) | (128180949) | (160670461) | 644356037 | 6357731 | 27157821 | – |
|  |  |  |  |  | $(128464042) | $(160683415) | $739502943 |  | $29472588 | $– |

---

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (1) | 12/20/22 | $(111) | $3826 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.92% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/30/22 | $(230000) | $160638 | $103 | $160535 |
| 3.59% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/04/23 | (80000) | 55967 | 78 | 55889 |
| 4.04% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/24/23 | (100000) | 6613 | 127 | 6486 |
| 3.27% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/15/23 | (23200) | 232397 | (18743) | 251140 |
| 4.32% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/26/23 | (10000) | 39059 | 12 | 39047 |
| 3.11% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/15/24 | (5000) | 126534 | (1525) | 128059 |
| 2.96% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/27/24 | (12000) | 337483 | 49 | 337434 |
| 3.92% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/16/24 | (5000) | 61129 | 23 | 61106 |
| 0.35% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/22/25 | (21500) | 2449427 | 5227 | 2444200 |
| 0.40% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/25 | (62900) | 7267591 | 324758 | 6942833 |
| 0.93% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 05/17/26 | (1000) | 115272 | 6 | 115266 |
| 0.93% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 05/17/26 | (12100) | 1395188 | (4988) | 1400176 |
| 0.86% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/23/26 | (4420) | 547821 | 31 | 547790 |
| 0.87% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/01/26 | (7500) | 879394 | 54 | 879340 |
| 1.01% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/29/26 | (950) | 108301 | 7 | 108294 |
| 0.98% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/10/26 | (3512) | 405887 | 26 | 405861 |
| 1.32% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 11/23/26 | (1000) | 113388 | 8 | 113380 |
| 1.00% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/07/26 | (8100) | 943438 | 65 | 943373 |
| 1.06% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/26 | (29360) | 3367292 | 239 | 3367053 |
| 1.09% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/17/26 | (18200) | 2071739 | 148 | 2071591 |
| 2.68% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/27 | (8000) | 470737 | 76 | 470661 |
| 2.76% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/27 | (7000) | 389447 | 66 | 389381 |
| 2.97% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/29/27 | (2000) | 92716 | 19 | 92697 |
| 0.49% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/22/27 | (63232) | 10531341 | 636474 | 9894867 |
| 1.08% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/19/28 | (2350) | 379180 | 3732 | 375448 |
| 1.19% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/28 | (38300) | 5574321 | 424 | 5573897 |

---

S C H E D U L E O F I N V E S T M E N T S 35

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Corporate Bond ETF** |

---

**Centrally Cleared Interest Rate Swaps (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.23% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/22/28 | $(1460) | $209560 | $16 | $209544 |
| 1.15% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/28 | (27500) | 4133741 | 330 | 4133411 |
| 1.19% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/30/28 | (5590) | 832084 | 68 | 832016 |
| 1.21% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/04/29 | (1600) | 236874 | 19 | 236855 |
| 1.33% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/06/29 | (12000) | 1706971 | 145 | 1706826 |
| 1.43% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/10/29 | (11385) | 1554375 | 139 | 1554236 |
| 2.69% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/15/29 | (2400) | 171967 | 32 | 171935 |
| 2.41% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/01/29 | (4500) | 397542 | 60 | 397482 |
| 2.58% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/29 | (8000) | 626983 | 106 | 626877 |
| 2.67% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/29 | (6500) | 475178 | 86 | 475092 |
| 2.67% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/22/29 | (1500) | 110192 | 20 | 110172 |
| 2.86% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/30/29 | (3000) | 187289 | 40 | 187249 |
| 3.96% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/29 | (3500) | (13131) | 47 | (13178) |
| 3.72% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/31/29 | (5300) | 56937 | 73 | 56864 |
| 3.89% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/02/29 | (4000) | 3634 | 54 | 3580 |
| 0.77% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 04/01/30 | (18514) | 3975912 | (122717) | 4098629 |
| 0.78% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/30 | (27400) | 6247350 | 404 | 6246946 |
| 1.22% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 02/12/31 | (25180) | 5149906 | 799610 | 4350296 |
| 1.63% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 05/25/31 | (18080) | 3258831 | (134604) | 3393435 |
| 1.03% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/23/31 | (1000) | 208608 | 14 | 208594 |
| 1.28% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/23/31 | (5000) | 1051208 | 72 | 1051136 |
| 1.37% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/22/31 | (10460) | 2138946 | 150 | 2138796 |
| 1.24% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/31 | (18300) | 3621299 | 290 | 3621009 |
| 1.28% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/17/31 | (29900) | 5839917 | 473 | 5839444 |
| 2.37% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/03/32 | (1000) | 117791 | 17 | 117774 |
| 2.55% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/32 | (7000) | 726123 | 119 | 726004 |
| 2.53% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/32 | (1000) | 105393 | 17 | 105376 |
| 2.66% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/32 | (4000) | 381189 | 68 | 381121 |
| 2.85% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/25/32 | (1500) | 119406 | 25 | 119381 |
| 2.88% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/29/32 | (1500) | 115634 | 25 | 115609 |
| 3.11% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/13/32 | (1000) | 59040 | 17 | 59023 |
| 3.87% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/32 | (2000) | (5722) | 34 | (5756) |
| 3.66% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/31/32 | (7500) | 105902 | 129 | 105773 |
| 3.80% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/02/32 | (3000) | 7399 | 52 | 7347 |
| 0.91% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/25/35 | (26000) | 8331632 | 122581 | 8209051 |
| 1.59% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/14/36 | (3200) | 851763 | 59 | 851704 |
| 1.44% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/05/36 | (3600) | 916162 | 68 | 916094 |
| 1.46% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/29/36 | (8360) | 2109290 | 157 | 2109133 |
| 1.35% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/36 | (20000) | 5323523 | 403 | 5323120 |
| 1.34% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/21/36 | (11500) | 3085333 | 219 | 3085114 |
| 2.66% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/05/37 | (1000) | 129134 | 21 | 129113 |
| 2.61% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/37 | (3500) | 471171 | 73 | 471098 |
| 2.73% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/37 | (3000) | 364584 | 63 | 364521 |
| 1.11% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/40 | (21700) | 8230638 | 1181378 | 7049260 |
| 1.57% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/23/41 | (14970) | 4899820 | 18395 | 4881425 |
| 1.41% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/41 | (11600) | 3659748 | 313 | 3659435 |
| 1.48% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/30/41 | (3890) | 1190428 | 105 | 1190323 |
| 2.60% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/42 | (4000) | 627322 | 111 | 627211 |
| 2.69% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/16/42 | (1600) | 230168 | 44 | 230124 |
| 0.86% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 03/30/45 | (23747) | 10926643 | 1130320 | 9796323 |
| 1.16% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/45 | (13283) | 5585143 | 1911323 | 3673820 |
| 1.40% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/46 | (7000) | 2429268 | 221 | 2429047 |
| 1.45% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/17/46 | (20500) | 6979737 | 647 | 6979090 |
| 2.53% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/47 | (2200) | 372818 | 71 | 372747 |
| 2.53% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/47 | (1000) | 168250 | 32 | 168218 |
| 1.06% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/18/50 | (18755) | 8796572 | 441396 | 8355176 |
| 1.18% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/50 | (18750) | 8413521 | 2387282 | 6026239 |
| 1.63% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/16/51 | (2500) | 935611 | 75 | 935536 |

---

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Corporate Bond ETF** |

---

**Centrally Cleared Interest Rate Swaps (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 1.52% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/29/51 | $(4900) | $1689393 | $147 | $1689246 |
| 1.29% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/07/51 | (3700) | 1433979 | 130 | 1433849 |
| 1.38% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/15/51 | (19300) | 7152539 | 675 | 7151864 |
| 1.46% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/04/52 | (1815) | 646054 | 64 | 645990 |
| 2.37% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/03/52 | (200) | 38907 | 7 | 38900 |
| 2.45% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/12/52 | (2500) | 449408 | 89 | 449319 |
| 3.08% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/11/52 | (1000) | 64561 | 35 | 64526 |
| 3.42% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/52 | (1000) | 3247 | 35 | 3212 |
| 3.40% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/02/52 | (1500) | 9820 | 54 | 9766 |
|  |  |  |  |  |  |  | $178552815 | $8688519 | $169864296 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums*<br> *Paid* | *Swap Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $8971096 | $(282577) | $169883230 | $(18934) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $3826 | $— | $3826 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $169883230 | $— | $169883230 |
|  | $— | $— | $— | $— | $169887056 | $— | $169887056 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $18934 | $— | $18934 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

S C H E D U L E O F I N V E S T M E N T S 37

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Corporate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign<br>Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $55606449 | $— | $55606449 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $3826 | $— | $3826 |
|  Swaps |  |  |  |  | 150370535 |  | 150370535 |
|  | $— | $— | $— | $— | $150374361 | $— | $150374361 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $(27672) |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $1304049388 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $88968657 | $— | $88968657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 644356037 |  |  | 644356037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 95146906 |  |  | 95146906 |
|  | $739502943 | $88968657 | $— | $828471600 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $3826 | $— | $— | $3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 169883230 |  | 169883230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (18934) |  | (18934) |
|  | $3826 | $169864296 | $— | $169868122 |

---

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Exchange-Traded Funds — 95.9%** |  |  |
|  iShares iBoxx $ High Yield Corporate Bond ETF<sup>(a)(b)</sup> | 1461714 | $107333659 |
|  **Total Investment Companies<br>(Cost: $124,997,297)** | **Total Investment Companies<br>(Cost: $124,997,297)** | 107333659 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 45.6%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(a)(c)(d)</sup> | 50142631 | 50132602 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(c)</sup> | 880000 | 880000 |
|  **Total Short-Term Securities — 45.6%<br>(Cost: $51,012,267)** | **Total Short-Term Securities — 45.6%<br>(Cost: $51,012,267)** | 51012602 |
|  **Total Investments in Securities — 141.5%<br>(Cost: $176,009,564)** | **Total Investments in Securities — 141.5%<br>(Cost: $176,009,564)** | 158346261 |
|  **Liabilities in Excess of Other Assets — (41.5)%** | **Liabilities in Excess of Other Assets — (41.5)%** | (46417852) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;111928409 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

<sup>(d)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at<br>10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  | BlackRock Cash Funds: Institutional, SL Agency Shares | $56318647 | $— | $(6143628)<sup>(a)</sup> | $(42752) | $335 | $50132602 | 50142631 | $1190345 <sup>(b)</sup> | $– |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | 2310000 |  | (1430000)<sup>(a)</sup> |  |  | 880000 | 880000 | 20974 | – |
|  | iShares iBoxx $ High Yield Corporate Bond ETF | 131164765 | 122348184 | (120603181) | (9070822) | (16505287) | 107333659 | 1461714 | 6320641 | – |
|  |  |  |  |  | $(9113574) | $(16504952) | $158346261 |  | $7531960 | $– |

---

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (1) | 12/20/22 | $(111) | $3827 |

---

S C H E D U L E O F I N V E S T M E N T S 39

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged High Yield Bond ETF** |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 3.36% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/16/22 | $(30000) | $18853 | $21 | $18832 |
| 3.50% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/23/22 | (6000) | 3532 | 5 | 3527 |
| 3.79% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/13/23 | (10000) | 4765 | 11 | 4754 |
| 0.33% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/30/23 | (1070) | 31713 | 1 | 31712 |
| 0.77% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/05/24 | (1520) | 69012 | 4 | 69008 |
| 1.44% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/22/24 | (2600) | 108471 | 8 | 108463 |
| 1.64% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 03/14/24 | (1500) | 61149 | 5 | 61144 |
| 0.44% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/17/24 | (6120) | 430424 | 4238 | 426186 |
| 2.94% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/04/24 | (4000) | 114640 | 17 | 114623 |
| 3.20% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/09/24 | (1000) | 24256 | 4 | 24252 |
| 3.14% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/24 | (2000) | 50975 | 9 | 50966 |
| 0.33% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/15/25 | (16400) | 1863296 | 3782 | 1859514 |
| 4.22% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/01/25 | (1000) | 2486 | 8 | 2478 |
| 0.87% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/17/26 | (1250) | 148470 | (5372) | 153842 |
| 0.87% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/29/26 | (2900) | 339259 | 21 | 339238 |
| 1.13% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/18/26 | (7600) | 840414 | 57 | 840357 |
| 1.32% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 11/23/26 | (500) | 56694 | 4 | 56690 |
| 1.32% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/10/27 | (3776) | 401906 | 31 | 401875 |
| 1.60% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/09/27 | (1916) | 186014 | 16 | 185998 |
| 1.70% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/28/27 | (1172) | 110388 | 10 | 110378 |
| 2.64% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/27 | (300) | 18183 | 3 | 18180 |
| 3.47% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/19/27 | (500) | 12467 | 5 | 12462 |
| 3.81% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/28/27 | (200) | 1953 | 2 | 1951 |
| 3.95% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/01/27 | (1000) | 3029 | 10 | 3019 |
| 1.42% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 04/07/28 | (9450) | 1291164 | (47995) | 1339159 |
| 1.23% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/08/28 | (5780) | 861181 | (22545) | 883726 |
| 1.12% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/03/28 | (1960) | 314103 | 21 | 314082 |
| 1.14% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/12/28 | (2500) | 368811 | 28 | 368783 |
| 1.21% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/22/28 | (2100) | 303191 | 23 | 303168 |
| 1.32% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/05/29 | (4300) | 611977 | 52 | 611925 |
| 1.45% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/27/29 | (4450) | 608123 | 55 | 608068 |
| 1.73% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/28/29 | (355) | 43332 | 5 | 43327 |
| 1.70% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 03/11/29 | (842) | 104855 | 10 | 104845 |
| 2.56% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/15/29 | (300) | 23841 | 4 | 23837 |
| 3.10% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/12/29 | (800) | 38436 | 11 | 38425 |
| 3.44% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/22/29 | (500) | 13864 | 7 | 13857 |
| 3.88% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/29 | (1500) | 2067 | 20 | 2047 |
| 3.82% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/01/29 | (1200) | 5565 | 16 | 5549 |
| 0.77% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 04/01/30 | (10500) | 2254892 | 350260 | 1904632 |
| 1.59% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/04/31 | (2814) | 515060 | (57351) | 572411 |
| 1.36% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/31 | (830) | 154789 | 12 | 154777 |
| 1.28% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/30/31 | (1100) | 213448 | 17 | 213431 |
| 1.52% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/10/32 | (328) | 58197 | 6 | 58191 |
| 1.61% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 01/12/32 | (2033) | 347129 | 33 | 347096 |
| 1.78% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/28/32 | (100) | 15960 | 2 | 15958 |
| 2.76% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/23/32 | (150) | 13071 | 3 | 13068 |
| 3.83% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/32 | (500) | 185 | 9 | 176 |
| 3.75% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/01/32 | (300) | 2134 | 6 | 2128 |
| 0.86% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 03/30/45 | (80) | 36810 | 2293 | 34517 |
| 0.87% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 03/30/50 | (10) | 4978 |  | 4978 |
| 1.06% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/18/50 | (15) | 7035 | 36 | 6999 |
|  |  |  |  |  |  |  | $13116547 | $227938 | $12888609 |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged High Yield Bond ETF** |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums*<br> *Paid* | *Swap Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $361201 | $(133263) | $12888609 | $— |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $3827 | $— | $3827 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $12888609 | $— | $12888609 |
|  | $— | $— | $— | $— | $12892436 | $— | $12892436 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $2923244 | $— | $2923244 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $3827 | $— | $3827 |
|  Swaps |  |  |  |  | 11797945 |  | 11797945 |
|  | $— | $— | $— | $— | $11801772 | $— | $11801772 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $(27672) |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $168019525 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

S C H E D U L E O F I N V E S T M E N T S 41

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged High Yield Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $107333659 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $107333659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 51012602 |  |  | 51012602 |
|  | $158346261 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $158346261 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $3827 | $— | $— | $3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 12888609 |  | 12888609 |
|  | $3827 | $12888609 | $— | $12892436 |

---

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

42 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** | **Corporate Bonds & Notes** | **Corporate Bonds & Notes** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) | $100 | $62628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39) | 150 | 130129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49) | 200 | 172012 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52) | 100 | 79952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | 100 | 87812 |
|  Northrop Grumman Corp., 4.03%, 10/15/47 (Call 04/15/47) | 150 | 118013 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 | 100 | 84994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48) | 100 | 84096 |
|  |  | 819636 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44 | 75 | 59985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38) | 100 | 85444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 100 | 81675 |
|  Archer-Daniels-Midland Co., 2.70%, 09/15/51 (Call 03/15/51) | 100 | 62274 |
|  BAT Capital Corp., 4.54%, 08/15/47 (Call 02/15/47) | 100 | 64591 |
|  Cargill Inc., 4.38%, 04/22/52 (Call 10/22/51)<sup>(a)</sup> | 100 | 81238 |
|  Philip Morris International Inc., 6.38%, 05/16/38 | 150 | 139746 |
|  Reynolds American Inc., 5.85%, 08/15/45 (Call 02/15/45) | 150 | 117797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692750 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
|  NIKE Inc., 3.38%, 03/27/50<br>(Call 09/27/49)<sup>(b)</sup> | 100 | 72916 |
| **Auto Manufacturers — 0.2%** |  |  |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 77158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 100 | 87795 |
|  |  | 164953 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) | 100 | 55769 |
|  Lear Corp., 3.55%, 01/15/52 (Call 07/15/51) | 50 | 28418 |
|  |  | 84187 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40),<br>(SOFR + 1.930%)<sup>(c)</sup> | 200 | 126535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.580%)<sup>(c)</sup> | 150 | 103797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50),<br>(3 mo. LIBOR US + 3.15%)<sup>(c)</sup> | 200 | 148584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47),<br>(3 mo. LIBOR US + 1.990%)<sup>(c)</sup> | 150 | 118404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 150 | 144050 |
|  Barclays PLC, 4.95%, 01/10/47 | 200 | 148897 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44 | 100 | 84269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40),<br>(SOFR + 4.548%)<sup>(c)</sup> | 100 | 88948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/33 | 100 | 95048 |
|  Commonwealth Bank of Australia, 3.90%, 07/12/47<sup>(a)</sup> | 100 | 76051 |
|  Cooperatieve Rabobank UA, 5.25%, 05/24/41 | 100 | 92575 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)<sup>(c)</sup> | 100 | 77864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45) | 100 | 80599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 50 | 40759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 100 | 97901 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | $| 150 | $| 148304 |
|  HSBC Holdings PLC, 6.10%, 01/14/42 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 |  | 185584 |
|  JPMorgan Chase & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51),<br>(SOFR + 1.580%)<sup>(c)</sup> |  | 150 |  | 97388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37),<br>(3 mo. LIBOR US + 1.360%)<sup>(c)</sup> |  | 200 |  | 154950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47),<br>(3 mo. LIBOR US + 1.380%)<sup>(c)</sup> |  | 200 |  | 147010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 |  | 150 |  | 154553 |
|  Mitsubishi UFJ Financial Group Inc., 3.75%, 07/18/39 |  | 200 |  | 149608 |
|  Morgan Stanley |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.485%)<sup>(c)</sup> |  | 100 |  | 67976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 |  | 150 |  | 115569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 |  | 100 |  | 77702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50),<br>(SOFR + 4.480%)<sup>(c)</sup> |  | 100 |  | 92196 |
|  Sumitomo Mitsui Financial Group Inc., 2.93%, 09/17/41 |  | 100 |  | 61440 |
|  Wells Fargo & Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40),<br>(SOFR + 2.530%)<sup>(c)</sup> |  | 100 |  | 67756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(c)</sup> |  | 150 |  | 119510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 |  | 100 |  | 79747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50),<br>(SOFR + 4.502%)<sup>(c)</sup> |  | 200 |  | 169522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 |  | 150 |  | 130834 |
|  Westpac Banking Corp., 3.13%, 11/18/41 |  | 100 |  | 61362 |
|  |  |  |  | 3725667 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) |  | 200 |  | 180771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) |  | 200 |  | 171535 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48) |  | 200 |  | 188354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58) |  | 200 |  | 190187 |
|  Coca-Cola Co. (The), 3.00%, 03/05/51 |  | 150 |  | 102177 |
|  Constellation Brands Inc., 3.75%, 05/01/50 (Call 11/01/49) |  | 100 |  | 69790 |
|  Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49) |  | 150 |  | 95625 |
|  Keurig Dr Pepper Inc., 4.50%, 04/15/52 (Call 10/15/51) |  | 100 |  | 78586 |
|  Molson Coors Beverage Co., 4.20%, 07/15/46 (Call 01/15/46) |  | 100 |  | 73734 |
|  PepsiCo Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) |  | 150 |  | 101649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) |  | 100 |  | 74816 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327224 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
|  Amgen Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49) |  | 100 |  | 66612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) |  | 150 |  | 121026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50) |  | 200 |  | 165156 |
|  Biogen Inc., 3.15%, 05/01/50 (Call 11/01/49) |  | 150 |  | 92539 |
|  CSL Finance PLC, 4.75%, 04/27/52<br>(Call 10/27/51)<sup>(a)</sup> |  | 100 |  | 83880 |
|  Gilead Sciences Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45) |  | 200 |  | 171806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) |  | 100 |  | 85955 |
|  Royalty Pharma PLC, 3.55%, 09/02/50 (Call 03/02/50) |  | 100 |  | 61075 |
|  |  |  |  | 848049 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
|  Carrier Global Corp., 3.58%, 04/05/50 (Call 10/05/49) |  | 200 |  | 134163 |
|  Johnson Controls International PLC, 4.95%, 07/02/64 (Call 01/02/64)<sup>(d)</sup> |  | 100 |  | 74743 |
|  |  |  |  | 208906 |

---

S C H E D U L E O F I N V E S T M E N T S 43

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals — 0.8%** |  |  |
|  CF Industries Inc., 5.38%, 03/15/44 | $100 | $84980 |
|  Dow Chemical Co. (The), 4.38%, 11/15/42 (Call 05/15/42) | 100 | 76493 |
|  DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38) | 100 | 90617 |
|  Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44) | 100 | 75368 |
|  Ecolab Inc., 2.70%, 12/15/51 (Call 06/15/51) | 100 | 59804 |
|  International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48) | 100 | 79835 |
|  LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 100 | 71561 |
|  Mosaic Co. (The), 5.45%, 11/15/33 (Call 05/15/33) | 100 | 92519 |
|  Nutrien Ltd., 5.25%, 01/15/45 (Call 07/15/44) | 100 | 85785 |
|  Sherwin-Williams Co. (The), 4.50%, 06/01/47 (Call 12/01/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 79078 |
|  Westlake Corp., 3.13%, 08/15/51 (Call 02/15/51) | 75 | 43980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840020 |
| **Commercial Services — 0.5%** |  |  |
|  California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119) | 50 | 29615 |
|  George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 100 | 77265 |
|  Massachusetts Institute of Technology, 3.07%, 04/01/52 (Call 10/01/51) | 100 | 68258 |
|  Moody's Corp., 3.10%, 11/29/61 (Call 05/29/61) | 100 | 57711 |
|  PayPal Holdings Inc., 5.25%, 06/01/62 (Call 12/01/61) | 50 | 42934 |
|  President and Fellows of Harvard College, 2.52%, 10/15/50 (Call 04/15/50) | 100 | 60630 |
|  S&P Global Inc., 3.70%, 03/01/52 (Call 09/01/51)<sup>(a)</sup> | 100 | 72784 |
|  University of Southern California, 3.03%, 10/01/39 | 100 | 76145 |
|  |  | 485342 |
| **Computers — 0.9%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 100 | 62578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) | 200 | 124639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 | 100 | 59299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 100 | 77678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45) | 200 | 180669 |
|  Dell International LLC/EMC Corp., 8.35%, 07/15/46 (Call 01/15/46) | 100 | 106158 |
|  Hewlett Packard Enterprise Co., 6.35%, 10/15/45 (Call 04/15/45) | 100 | 90436 |
|  HP Inc., 5.50%, 01/15/33 (Call 10/15/32) | 100 | 88913 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 | 100 | 82406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52) | 100 | 84237 |
|  |  | 957013 |
| **Cosmetics & Personal Care — 0.1%** |  |  |
|  Estee Lauder Companies Inc. (The), 3.13%, 12/01/49 (Call 06/01/49) | 100 | 67866 |
|  Procter & Gamble Co. (The), 3.55%, 03/25/40 | 100 | 81095 |
|  |  | 148961 |
| **Diversified Financial Services — 0.5%** |  |  |
|  Blackstone Holdings Finance Co. LLC, 3.20%, 01/30/52 (Call 07/30/51)<sup>(a)</sup> | 100 | 60619 |
|  Brookfield Finance Inc., 4.70%, 09/20/47 (Call 03/20/47) | 100 | 74412 |
|  Jefferies Group LLC, 6.50%, 01/20/43 | 100 | 91696 |
|  Mastercard Inc., 3.85%, 03/26/50 (Call 09/26/49) | 100 | 78453 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50) | 200 | 111013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45) | 100 | 85219 |
|  |  | 501412 |
| **Electric — 5.1%** |  |  |
|  AEP Texas Inc., 5.25%, 05/15/52 (Call 11/15/51) | 100 | 87179 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  AEP Transmission Co. LLC, 4.00%, 12/01/46 (Call 06/01/46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $74117 |
|  Arizona Public Service Co., 3.35%, 05/15/50 (Call 11/15/49) | 100 | 62012 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 100 | 59937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 100 | 80305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(a)</sup> | 100 | 82446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 100 | 88438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101368 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 (Call 02/01/42) | 100 | 74391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, 3.35%, 04/01/51 (Call 10/01/50) | 100 | 68349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K2, 6.95%, 03/15/33 | 100 | 109113 |
|  CMS Energy Corp., 4.88%, 03/01/44 (Call 09/01/43) | 100 | 82995 |
|  Comision Federal de Electricidad, 3.88%, 07/26/33 (Call 04/26/33)<sup>(a)</sup> | 200 | 142537 |
|  Commonwealth Edison Co., 3.65%, 06/15/46 (Call 12/15/45) | 100 | 71792 |
|  Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47) | 100 | 77410 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/51 (Call 06/01/51) | 100 | 63571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 100 | 80328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 (Call 11/15/57) | 100 | 75632 |
|  Dominion Energy Inc., 4.85%, 08/15/52 (Call 02/15/52) | 100 | 82071 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 (Call 09/01/49) | 100 | 63711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 (Call 09/15/44) | 100 | 74034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/42 (Call 12/15/41) | 100 | 75005 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50) | 100 | 64850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 150 | 103080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52) | 150 | 124047 |
|  Duke Energy Florida LLC, 6.40%, 06/15/38 | 100 | 103657 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/41 (Call 12/15/40) | 100 | 68588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 (Call 12/15/32) | 100 | 87243 |
|  Evergy Metro Inc., 4.20%, 03/15/48 (Call 09/15/47) | 50 | 38389 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 100 | 73565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49) | 100 | 80412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/45 (Call 12/15/44) | 100 | 86235 |
|  FirstEnergy Transmission LLC, 4.55%, 04/01/49 (Call 10/01/48)<sup>(a)</sup> | 100 | 75576 |
|  Florida Power & Light Co., 3.15%, 10/01/49 (Call 04/01/49) | 150 | 100678 |
|  Georgia Power Co., 4.30%, 03/15/42 | 100 | 80727 |
|  Kentucky Utilities Co., 4.38%, 10/01/45 (Call 04/01/45) | 100 | 79821 |
|  Louisville Gas and Electric Co., 5.13%, 11/15/40 | 100 | 86605 |
|  Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)<sup>(a)</sup> | 100 | 89158 |
|  Niagara Mohawk Power Corp., 4.12%, 11/28/42<sup>(a)</sup> | 100 | 73651 |
|  Northern States Power Co./MN, 3.40%, 08/15/42 (Call 02/15/42) | 100 | 73307 |
|  Oglethorpe Power Corp., 5.38%, 11/01/40 | 50 | 42595 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/15/51 (Call 05/15/51) | 100 | 60091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/33 | 100 | 112115 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50) | 100 | 60999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) | 100 | 74569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) | 100 | 74545 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 6.15%, 05/21/48<sup>(a)</sup> | 200 | 156250 |

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44 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
|  Public Service Co. of Colorado, 3.80%, 06/15/47 (Call 12/15/46) | $100 | $74312 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/50 (Call 11/01/49) | 100 | 59995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/42 (Call 03/01/42) | 100 | 75219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 (Call 09/01/45) | 100 | 74736 |
|  Puget Sound Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 09/15/51 (Call 03/15/51) | 100 | 59840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/45 (Call 11/20/44) | 100 | 77634 |
|  San Diego Gas & Electric Co.,<br>3.70%, 03/15/52 (Call 09/15/51) | 100 | 72155 |
|  Sempra Energy, 6.00%, 10/15/39 | 50 | 47613 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46) | 100 | 71340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43) | 100 | 79965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) | 100 | 72737 |
|  Southern Co. (The), 4.40%, 07/01/46 (Call 01/01/46) | 200 | 155279 |
|  Southwestern Electric Power Co., 3.25%, 11/01/51 (Call 05/01/51) | 100 | 61757 |
|  Southwestern Public Service Co., Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 100 | 79082 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/52 (Call 10/01/51) | 100 | 75250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 03/15/39 | 100 | 118655 |
|  Virginia Electric & Power Co., 2.95%, 11/15/51 (Call 05/15/51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 123601 |
|  Wisconsin Public Service Corp., 3.30%, 09/01/49 (Call 03/01/49) | 50 | 33326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5259990 |
| **Electronics — 0.2%** |  |  |
|  Honeywell International Inc., 5.38%, 03/01/41 | 200 | 196648 |
| **Entertainment — 0.3%** |  |  |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(a)</sup> | 150 | 109739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 150 | 104733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(a)</sup> | 150 | 104632 |
|  |  | 319104 |
| **Food — 1.1%** |  |  |
|  Conagra Brands Inc., 5.30%, 11/01/38 (Call 05/01/38) | 100 | 87217 |
|  General Mills Inc., 4.15%, 02/15/43 (Call 08/15/42) | 100 | 78533 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 5.75%, 04/01/33 (Call 01/01/33)<sup>(a)</sup> | 150 | 135171 |
|  JM Smucker Co. (The), 4.25%, 03/15/35 | 100 | 85414 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45) | 150 | 117013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45) | 100 | 87356 |
|  Kroger Co. (The), 3.95%, 01/15/50 (Call 07/15/49) | 150 | 108525 |
|  Mars Inc., 4.13%, 04/01/54 (Call 10/01/53)<sup>(a)</sup> | 100 | 76318 |
|  Nestle Holdings Inc., 4.00%, 09/24/48 (Call 03/24/48)<sup>(a)</sup> | 150 | 119970 |
|  Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49) | 100 | 102359 |
|  Tyson Foods Inc., 4.88%, 08/15/34 (Call 02/15/34) | 200 | 186361 |
|  |  | 1184237 |
| **Forest Products & Paper — 0.1%** |  |  |
|  International Paper Co., 6.00%, 11/15/41 (Call 05/15/41) | 100 | 93191 |
| **Gas — 0.3%** |  |  |
|  Atmos Energy Corp., 5.75%, 10/15/52 (Call 04/15/52) | 50 | 48483 |
|  Brooklyn Union Gas Co. (The), 4.49%, 03/04/49 (Call 09/04/48)<sup>(a)</sup> | 100 | 72013 |
|  NiSource Inc., 4.80%, 02/15/44 (Call 08/15/43) | 100 | 81904 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Gas (continued)** |  |  |
|  Southern California Gas Co., Series WW, 3.95%, 02/15/50 (Call 08/15/49) | $50 | $36013 |
|  Southern Co. Gas Capital Corp., 5.88%, 03/15/41 (Call 09/15/40) | 100 | 92202 |
|  |  | 330615 |
| **Health Care - Products — 0.6%** |  |  |
|  Abbott Laboratories, 4.90%, 11/30/46 (Call 05/30/46) | 150 | 139989 |
|  Baxter International Inc., 3.13%, 12/01/51 (Call 06/01/51) | 100 | 60902 |
|  Boston Scientific Corp., 4.55%, 03/01/39 (Call 09/01/38) | 100 | 84205 |
|  Danaher Corp., 2.80%, 12/10/51 (Call 06/10/51) | 150 | 93340 |
|  Medtronic Inc., 4.38%, 03/15/35 | 100 | 91562 |
|  Stryker Corp., 4.63%, 03/15/46 (Call 09/15/45) | 100 | 83626 |
|  Thermo Fisher Scientific Inc., 2.80%, 10/15/41 (Call 04/15/41) | 100 | 69069 |
|  |  | 622693 |
| **Health Care - Services — 1.1%** |  |  |
|  Aetna Inc., 6.75%, 12/15/37 | 100 | 100953 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 100 | 84806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/37 | 100 | 102515 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 100 | 82824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48) | 100 | 80987 |
|  Kaiser Foundation Hospitals, 4.15%, 05/01/47 (Call 11/01/46) | 150 | 118750 |
|  Roche Holdings Inc., 7.00%, 03/01/39<sup>(a)</sup> | 100 | 115742 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59) | 100 | 61843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 150 | 101808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 100 | 91830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 174897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116955 |
| **Household Products & Wares — 0.1%** |  |  |
|  Kimberly-Clark Corp., 6.63%, 08/01/37 | 100 | 109347 |
| **Insurance — 2.4%** |  |  |
|  AIA Group Ltd., 3.20%, 09/16/40 (Call 03/16/40)<sup>(a)</sup> | 200 | 129913 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 (Call 06/15/46) | 50 | 38977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)<sup>(c)</sup> | 50 | 48383 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/35 (Call 07/15/34) | 100 | 82227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/16/44 (Call 01/16/44) | 100 | 79680 |
|  Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 (Call 08/28/51) | 100 | 70879 |
|  Aon Global Ltd., 4.60%, 06/14/44 (Call 03/14/44) | 100 | 80312 |
|  Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 100 | 84610 |
|  Berkshire Hathaway Finance Corp., 3.85%, 03/15/52 (Call 09/15/51) | 100 | 73348 |
|  Chubb Corp. (The), 6.00%, 05/11/37 | 100 | 102341 |
|  Chubb INA Holdings Inc., 4.35%, 11/03/45 (Call 05/03/45) | 100 | 81527 |
|  Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49) | 100 | 67919 |
|  Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)<sup>(a)</sup> | 100 | 65775 |
|  Liberty Mutual Group Inc., 3.95%, 05/15/60 (Call 11/15/59)<sup>(a)</sup> | 100 | 60226 |
|  Markel Corp., 3.45%, 05/07/52 (Call 11/07/51) | 100 | 63197 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 (Call 09/15/38) | 100 | 85899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48) | 100 | 85360 |

---

S C H E D U L E O F I N V E S T M E N T S 45

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---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Insurance (continued)** |  |  |
|  Massachusetts Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/61<sup>(a)</sup> | $100 | $57673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/50<sup>(a)</sup> | 100 | 64623 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 100 | 87259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/08/68 (Call 04/08/33)<sup>(a)</sup> | 100 | 114798 |
|  Nationwide Financial Services Inc., 6.75%, 05/15/87 | 100 | 94500 |
|  New York Life Insurance Co., 3.75%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 100 | 70582 |
|  Northwestern Mutual Life Insurance Co. (The), 3.45%, 03/30/51 (Call 09/30/50)<sup>(a)</sup> | 100 | 65079 |
|  Pacific LifeCorp, 5.40%, 09/15/52<br>(Call 03/15/52)<sup>(a)</sup> | 100 | 88397 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 (Call 09/26/49) | 100 | 74168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32 | 100 | 104351 |
|  Prudential Financial Inc., 4.35%, 02/25/50 (Call 08/25/49) | 100 | 79252 |
|  Teachers Insurance & Annuity Association of America, 3.30%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 100 | 64294 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50) | 100 | 63327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40 | 100 | 93744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422620 |
| **Internet — 0.7%** |  |  |
|  Alibaba Group Holding Ltd., 3.15%, 02/09/51 (Call 08/09/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 97000 |
|  Alphabet Inc., 2.05%, 08/15/50 (Call 02/15/50) | 200 | 114363 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47) | 200 | 162586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57) | 200 | 161022 |
|  eBay Inc., 3.65%, 05/10/51 (Call 11/10/50) | 100 | 65822 |
|  Meta Platforms Inc., 4.45%, 08/15/52 (Call 02/15/52)<sup>(a)</sup> | 100 | 74214 |
|  |  | 675007 |
| **Iron & Steel — 0.2%** |  |  |
|  ArcelorMittal SA, 7.00%, 10/15/39 | 100 | 93908 |
|  Nucor Corp., 3.85%, 04/01/52 | 100 | 70282 |
|  Vale Overseas Ltd., 6.88%, 11/10/39 | 100 | 94952 |
|  |  | 259142 |
| **Machinery — 0.3%** |  |  |
|  Caterpillar Inc., 3.80%, 08/15/42 | 150 | 120981 |
|  Deere & Co., 3.90%, 06/09/42 (Call 12/09/41) | 200 | 165748 |
|  |  | 286729 |
| **Manufacturing — 0.8%** |  |  |
|  3M Co., 4.00%, 09/14/48 (Call 03/14/48) | 200 | 151130 |
|  Eaton Corp., 4.70%, 08/23/52 (Call 02/23/52)<sup>(b)</sup> | 200 | 169829 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 200 | 176458 |
|  Parker-Hannifin Corp., 4.00%, 06/14/49 (Call 12/14/48) | 100 | 73823 |
|  Siemens Financieringsmaatschappij NV, 4.20%, 03/16/47<sup>(a)</sup> | 250 | 203106 |
|  |  | 774346 |
| **Media — 2.1%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 150 | 86497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49) | 100 | 70773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47) | 125 | 100260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 100 | 91336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45) | 150 | 132814 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52) | 100 | 54629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 150 | 90113 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56) | $200 | $115656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 200 | 112640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 100 | 74067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49) | 100 | 73910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 100 | 90262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 100 | 83775 |
|  Cox Communications Inc., 2.95%, 10/01/50 (Call 04/01/50)<sup>(a)</sup> | 100 | 56736 |
|  Fox Corp., 5.58%, 01/25/49 (Call 07/25/48) | 150 | 124985 |
|  Grupo Televisa SAB, 6.13%, 01/31/46 | 200 | 185526 |
|  Paramount Global, 5.85%, 09/01/43 (Call 03/01/43) | 100 | 81362 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 100 | 68283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 100 | 88491 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50) | 100 | 72814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 150 | 106917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49) | 100 | 86582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 106057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154485 |
| **Mining — 0.8%** |  |  |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 100 | 95867 |
|  BHP Billiton Finance USA Ltd., 5.00%, 09/30/43 | 100 | 91508 |
|  Corp. Nacional del Cobre de Chile, 3.70%, 01/30/50 (Call 07/30/49)<sup>(a)</sup> | 200 | 128287 |
|  Freeport-McMoRan Inc., 5.40%, 11/14/34 (Call 05/14/34) | 100 | 88884 |
|  Glencore Finance Canada Ltd., 6.00%, 11/15/41<sup>(a)</sup> | 100 | 87156 |
|  Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41) | 100 | 84300 |
|  Rio Tinto Finance USA Ltd., 2.75%, 11/02/51 (Call 05/02/51) | 100 | 61608 |
|  Southern Copper Corp., 6.75%, 04/16/40 | 100 | 101394 |
|  Teck Resources Ltd., 6.00%, 08/15/40 (Call 02/15/40) | 100 | 88007 |
|  |  | 827011 |
| **Oil & Gas — 2.4%** |  |  |
|  BP Capital Markets America Inc., 2.94%, 06/04/51 (Call 12/04/50) | 150 | 93295 |
|  Canadian Natural Resources Ltd., 6.25%, 03/15/38 | 150 | 144229 |
|  Cenovus Energy Inc., 5.40%, 06/15/47 (Call 12/15/46) | 150 | 127801 |
|  ConocoPhillips, 4.88%, 10/01/47 (Call 04/01/47) | 50 | 44024 |
|  ConocoPhillips Co., 3.80%, 03/15/52 (Call 09/15/51) | 100 | 74490 |
|  Devon Energy Corp., 5.60%, 07/15/41 (Call 01/15/41) | 100 | 91343 |
|  Equinor ASA, 3.25%, 11/18/49 (Call 05/18/49) | 200 | 138167 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 150 | 107211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49) | 150 | 124596 |
|  Hess Corp., 5.60%, 02/15/41 | 150 | 135176 |
|  Marathon Petroleum Corp., 6.50%, 03/01/41 (Call 09/01/40) | 150 | 146081 |
|  Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(a)</sup> | 200 | 189736 |
|  Pertamina Persero PT, 4.18%, 01/21/50 (Call 07/21/49)<sup>(a)</sup> | 200 | 132417 |
|  Petronas Capital Ltd., 4.55%, 04/21/50 (Call 10/21/49)<sup>(a)</sup> | 200 | 162644 |
|  Phillips 66 Co., 4.90%, 10/01/46 (Call 04/01/46)<sup>(a)</sup> | 150 | 124844 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 100 | 78531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 100 | 82705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | 150 | 158232 |
|  Suncor Energy Inc., 3.75%, 03/04/51 (Call 09/04/50) | 150 | 102140 |
|  TotalEnergies Capital International SA, 3.13%, 05/29/50 (Call 11/29/49) | 150 | 98997 |
|  Valero Energy Corp., 3.65%, 12/01/51 (Call 06/01/51) | 150 | 99509 |
|  |  | 2456168 |
| **Oil & Gas Services — 0.1%** |  |  |
|  Halliburton Co., 5.00%, 11/15/45 (Call 05/15/45) | 150 | 124239 |

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46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals — 2.9%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39) | $200 | $161091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49) | 200 | 155162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 100 | 81656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 100 | 83083 |
|  AstraZeneca PLC, 6.45%, 09/15/37 | 150 | 161032 |
|  Bayer U.S. Finance II LLC, 4.20%, 07/15/34 (Call 01/15/34)<sup>(a)</sup> | 100 | 82362 |
|  Becton Dickinson and Co., 4.67%, 06/06/47 (Call 12/06/46) | 100 | 83681 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 100 | 74170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 100 | 73044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 100 | 84802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | 100 | 81330 |
|  Cardinal Health Inc., 4.37%, 06/15/47 (Call 12/15/46) | 100 | 73106 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 100 | 88118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | 169812 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37) | 150 | 130194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47) | 200 | 169889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | 100 | 85999 |
|  Eli Lilly & Co., 2.50%, 09/15/60 (Call 03/15/60) | 150 | 86204 |
|  GlaxoSmithKline Capital Inc., 5.38%, 04/15/34 | 100 | 99623 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60) | 150 | 84765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 150 | 119258 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51) | 100 | 63530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 200 | 121573 |
|  Novartis Capital Corp., 4.40%, 05/06/44 | 100 | 87653 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48) | 100 | 82195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 200 | 234537 |
|  Viatris Inc., 3.85%, 06/22/40 (Call 12/22/39) | 150 | 93476 |
|  Zoetis Inc., 3.95%, 09/12/47 (Call 03/12/47) | 100 | 75354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2986699 |
| **Pipelines — 1.7%** |  |  |
|  Eastern Gas Transmission & Storage Inc., 4.60%, 12/15/44 (Call 06/15/44) | 100 | 77980 |
|  Enbridge Inc., 3.40%, 08/01/51 (Call 02/01/51) | 150 | 97108 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49) | 100 | 75935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47) | 100 | 79399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 100 | 84147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48) | 100 | 87235 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | 100 | 66414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 100 | 73492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 100 | 80353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43) | 100 | 82199 |
|  Kinder Morgan Energy Partners LP, 6.95%, 01/15/38 | 100 | 99368 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52) | 100 | 84531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44) | 100 | 86433 |
|  Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49) | 150 | 102291 |
|  MPLX LP, 5.50%, 02/15/49 (Call 08/15/48) | 150 | 125168 |
|  ONEOK Inc., 5.20%, 07/15/48 (Call 01/15/48) | 150 | 116583 |
|  Plains All American Pipeline LP/PAA Finance Corp., 4.70%, 06/15/44 (Call 12/15/43) | 100 | 70563 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  TransCanada PipeLines Ltd., 7.63%, 01/15/39 | $150 | $163884 |
|  Williams Companies Inc. (The), 5.10%, 09/15/45 (Call 03/15/45) | 150 | 123139 |
|  |  | 1776222 |
| **Private Equity — 0.1%** |  |  |
|  KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)<sup>(a)</sup> | 100 | 84431 |
| **Real Estate Investment Trusts — 0.8%** |  |  |
|  Alexandria Real Estate Equities Inc., 4.00%, 02/01/50 (Call 08/01/49) | 150 | 105195 |
|  Crown Castle International Corp., 5.20%, 02/15/49 (Call 08/15/48) | 100 | 82784 |
|  Kilroy Realty LP, 2.50%, 11/15/32 (Call 08/15/32) | 100 | 69407 |
|  Kimco Realty Corp., 4.60%, 02/01/33 (Call 11/01/32) | 150 | 132753 |
|  National Retail Properties Inc., 3.50%, 04/15/51 | 100 | 62020 |
|  Prologis LP, 3.00%, 04/15/50 (Call 10/15/49) | 100 | 62886 |
|  Realty Income Corp., 2.85%, 12/15/32 (Call 09/15/32) | 200 | 156503 |
|  Simon Property Group LP, 3.25%, 09/13/49 (Call 03/13/49) | 150 | 90561 |
|  VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51) | 50 | 40904 |
|  |  | 803013 |
| **Retail — 1.3%** |  |  |
|  Alimentation Couche-Tard Inc., 3.44%, 05/13/41 (Call 11/13/40)<sup>(a)</sup> | 100 | 66699 |
|  Dollar General Corp., 4.13%, 04/03/50 (Call 10/03/49) | 50 | 37717 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 200 | 144737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 200 | 205678 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61) | 100 | 72636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 150 | 135081 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 100 | 70544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45) | 100 | 86523 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50) | 100 | 67756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 79826 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 100 | 64779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42 | 100 | 82401 |
|  Walgreens Boots Alliance Inc., 4.10%, 04/15/50 (Call 10/15/49) | 50 | 34520 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47) | 100 | 83555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | 100 | 88782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321234 |
| **Semiconductors — 1.1%** |  |  |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(a)</sup> | 200 | 138735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(a)</sup> | 100 | 74851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(a)</sup> | 200 | 131811 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49) | 200 | 162064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 150 | 123651 |
|  KLA Corp., 4.95%, 07/15/52 (Call 01/15/52) | 150 | 130571 |
|  NVIDIA Corp., 3.50%, 04/01/40 (Call 10/01/39) | 100 | 75943 |
|  NXP BV/NXP Funding LLC/NXP USA Inc., 3.25%, 11/30/51 (Call 05/30/51) | 50 | 28931 |
|  QUALCOMM Inc., 4.30%, 05/20/47 (Call 11/20/46) | 150 | 122513 |

---

S C H E D U L E O F I N V E S T M E N T S 47

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
|  Texas Instruments Inc., 3.88%, 03/15/39 (Call 09/15/38) | $200 | $166227 |
|  |  | 1155297 |
| **Software — 1.0%** |  |  |
|  Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) | 50 | 37593 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49) | 200 | 125465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59) | 200 | 121153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 200 | 135130 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 250 | 153881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 250 | 150973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 150 | 98132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 150 | 100220 |
|  salesforce.com Inc., 2.90%, 07/15/51 (Call 01/15/51) | 150 | 96595 |
|  |  | 1019142 |
| **Telecommunications — 2.5%** |  |  |
|  America Movil SAB de CV, 4.38%, 04/22/49 (Call 10/22/48) | 200 | 155850 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33) | 150 | 110542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 150 | 105977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53) | 150 | 96274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 200 | 127272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50) | 150 | 99775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59) | 150 | 94619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57) | 150 | 98846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36) | 150 | 136708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46) | 100 | 92301 |
|  Cisco Systems Inc., 5.90%, 02/15/39 | 150 | 153121 |
|  Corning Inc., 5.45%, 11/15/79 (Call 05/19/79) | 100 | 80199 |
|  Rogers Communications Inc., 4.55%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 100 | 77256 |
|  Telefonica Emisiones SA, 5.21%, 03/08/47 | 150 | 112773 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40) | 100 | 67249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50) | 100 | 64154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52) | 150 | 97007 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 150 | 106648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50) | 150 | 101249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60) | 150 | 98113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/15/49 | 100 | 86274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54 | 150 | 126811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43 | 100 | 103262 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/19/59 | 100 | 77159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 81765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551204 |
| **Transportation — 1.3%** |  |  |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 100 | 79827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 100 | 79342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52) | 100 | 83907 |
|  Canadian National Railway Co., 2.45%, 05/01/50 (Call 11/01/49) | 100 | 57525 |
|  Canadian Pacific Railway Co., 6.13%, 09/15/2115 (Call 03/15/2115) | 100 | 90552 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/43 (Call 09/01/42) | 100 | 81743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 (Call 05/15/48) | 100 | 84805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 100 | 102329 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | $100 | $79035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49) | 100 | 84546 |
|  Norfolk Southern Corp., 4.10%, 05/15/2121 (Call 11/15/2120) | 150 | 95673 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40) | 100 | 73265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 100 | 68218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70) | 100 | 67611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 100 | 71445 |
|  United Parcel Service Inc., 5.30%, 04/01/50 (Call 10/01/49) | 100 | 97860 |
|  |  | 1297683 |
| **Trucking & Leasing — 0.1%** |  |  |
|  GATX Corp., 4.90%, 03/15/33 (Call 12/15/32) | 100 | 88857 |
| **Water — 0.1%** |  |  |
|  American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/51 (Call 12/01/50) | 100 | 65792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/01/45 (Call 03/01/45) | 100 | 78523 |
|  |  | 144315 |
|  **Total Corporate Bonds & Notes — 42.2%<br>(Cost: $43,531,758)** |  | 43317660 |
|  **Investment Companies** |  |  |
| **Investment Grade Bonds — 47.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares 10+ Year Investment Grade Corporate Bond ETF<sup>(e)</sup>  | 1046 | 49067109 |
|  **Total Investment Companies — 47.8%<br>(Cost $58,018,572)** |  | 49067109 |
|  **Total Long-Term Investments — 90.0%<br>(Cost: $101,550,330)** |  | 92384769 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 1.4%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(e)(f)(g)</sup> | 246 | 245498 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(e)(f)</sup> | 1210 | 1210000 |
|  **Total Short-Term Securities — 1.4%<br>(Cost: $1,455,498)** |  | 1455498 |
|  **Total Investments — 91.4%<br>(Cost: $103,005,828)** |  | 93840267 |
|  **Other Assets Less Liabilities — 8.6%** |  | 8869365 |
|  **Net Assets — 100.0%** |  | $102709632 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

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

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

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

48 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

<sup>(g)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Affiliates** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at*<br> *10/31/21* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | *Shares*<br> *Held at*<br> *10/31/22* | *Income* | *Capital*<br> *Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  | BlackRock Cash Funds: Institutional, SL Agency Shares | $— | $248060 <sup>(a)</sup> | $— | $(2562) | $— | $245498 | 245547 | $9322 <sup>(b)</sup> | $– |
|  | BlackRock Cash Funds: Treasury, SL Agency Shares | 6120000 |  | (4910000)<sup>(a)</sup> |  |  | 1210000 | 1210000 | 19896 | – |
|  | iShares 10+ Year Investment Grade Corporate Bond ETF | 760352723 | 239278676 | (821960448) | (114053721) | (14550121) | 49067109 | 1045984 | 12355242 | – |
|  |  |  |  |  | $(114056283) | $(14550121) | $50522607 |  | $12384460 | $– |

---

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

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-Year U.S. Treasury Note | 1 | 12/30/22 | $205 | $(2322) |
|  Short Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10-Year U.S. Treasury Note | (1) | 12/20/22 | (111) | 3827 |
|  |  |  |  | $1505 |

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Notional*<br> *Amount*<br> *(000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.92% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/30/22 | $(40000) | $27954 | $18 | $27936 |
| 3.48% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/22/22 | (20000) | 12057 | 15 | 12042 |
| 1.49% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 02/18/24 | (3800) | 155583 | 12 | 155571 |
| 2.48% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 04/13/24 | (890) | 27891 | 3 | 27888 |
| 4.01% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/19/24 | (500) | 5314 | 2 | 5312 |
| 4.65% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/24 | (1000) | (1544) | 5 | (1549) |
| 0.40% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/25 | (3850) | 444837 | 36 | 444801 |
| 4.28% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/25 | (500) | 457 | 4 | 453 |
| 3.25% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 06/21/27 | (1500) | 51091 | 14 | 51077 |
| 2.45% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/04/27 | (500) | 34212 | 4 | 34208 |
| 0.48% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/15/27 | (2335) | 388648 | 76009 | 312639 |
| 3.47% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/19/27 | (100) | 2485 | 1 | 2484 |
| 3.56% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/06/27 | (500) | 10482 | 4 | 10478 |
| 3.94% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/27 | (500) | 1858 | 5 | 1853 |

---

S C H E D U L E O F I N V E S T M E N T S 49

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

**Centrally Cleared Interest Rate Swaps (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund |  |  | *Notional* |  | *Upfront*<br> *Premium* | *Unrealized* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | *Termination*<br> *Date* | *Amount*<br> *(000)* | *Value* | *Paid*<br> *(Received)* | *Appreciation*<br> *(Depreciation)* |
| 4.01% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/27 | $(400) | $181 | $4 | $177 |
| 3.85% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/31/27 | (400) | 3147 | 4 | 3143 |
| 3.80% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/29 | (200) | 1254 | 2 | 1252 |
| 3.89% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/29 | (450) | 307 | 6 | 301 |
| 3.82% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/01/29 | (300) | 1491 | 4 | 1487 |
| 0.78% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 10/19/30 | (6490) | 1479781 | 96 | 1479685 |
| 2.10% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 04/04/32 | (3960) | 539422 | 65 | 539357 |
| 2.47% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/01/32 | (750) | 82620 | 12 | 82608 |
| 2.40% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/04/32 | (100) | 11556 | 2 | 11554 |
| 2.47% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/08/32 | (250) | 27610 | 4 | 27606 |
| 2.52% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/17/32 | (100) | 10606 | 2 | 10604 |
| 2.86% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/25/32 | (150) | 11862 | 3 | 11859 |
| 2.83% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/30/32 | (100) | 8183 | 2 | 8181 |
| 3.45% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/07/32 | (100) | 3173 | 2 | 3171 |
| 3.55% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/11/32 | (200) | 4622 | 3 | 4619 |
| 3.70% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/32 | (850) | 9437 | 14 | 9423 |
| 3.87% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/32 | (400) | (1079) | 7 | (1086) |
| 3.82% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/32 | (1000) | 740 | 17 | 723 |
| 1.75% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 06/17/36 | (16785) | 4123125 | (481220) | 4604345 |
| 2.69% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/16/37 | (250) | 31419 | 5 | 31414 |
| 3.65% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/37 | (1600) | 28410 | 34 | 28376 |
| 3.82% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/37 | (1500) | (2535) | 31 | (2566) |
| 1.95% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 05/10/41 | (18527) | 5107399 | (1095437) | 6202836 |
| 3.37% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/11/42 | (400) | 19710 | 12 | 19698 |
| 3.56% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/42 | (1400) | 32365 | 39 | 32326 |
| 3.75% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/42 | (1200) | (4357) | 34 | (4391) |
| 1.61% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 08/24/46 | (6200) | 2208982 | 61659 | 2147323 |
| 1.71% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 09/14/46 | (4400) | 1499695 | 116 | 1499579 |
| 1.40% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/12/46 | (1900) | 660925 | 51 | 660874 |
| 1.44% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 12/10/46 | (1550) | 528334 | 49 | 528285 |
| 3.21% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/11/47 | (100) | 5919 | 4 | 5915 |
| 3.40% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/47 | (1300) | 36534 | 43 | 36491 |
| 3.55% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/47 | (800) | 2255 | 26 | 2229 |
| 3.60% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/47 | (2000) | (7749) | 65 | (7814) |
| 3.53% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/02/47 | (500) | 3521 | 16 | 3505 |
| 2.04% | Semi-annual | 3-Month LIBOR, 4.46% | Quarterly | N/A | 05/07/51 | (15815) | 4764793 | (1526494) | 6291287 |
| 2.95% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/05/52 | (150) | 13137 | 5 | 13132 |
| 3.26% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/20/52 | (1000) | 31374 | 36 | 31338 |
| 3.41% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/52 | (750) | 2640 | 27 | 2613 |
| 3.47% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/27/52 | (1400) | (8516) | 50 | (8566) |
| 3.39% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/28/52 | (400) | 3530 | 14 | 3516 |
| 3.32% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/31/52 | (900) | 19113 | 32 | 19081 |
| 3.36% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/31/52 | (200) | 2611 | 7 | 2604 |
| 3.39% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 11/02/52 | (400) | 2909 | 14 | 2895 |
|  |  |  |  |  |  |  | $22461781 | $(2964401) | $25426182 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums*<br> *Paid* | *Swap Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $138750 | $(3103151) | $25452154 | $(25972) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

50 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $3827 | $— | $3827 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $25452154 | $— | $25452154 |
|  | $— | $— | $— | $— | $25455981 | $— | $25455981 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup> | $— | $— | $— | $— | $2322 | $— | $2322 |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $25972 | $— | $25972 |
|  | $— | $— | $— | $— | $28294 | $— | $28294 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $76765869 | $— | $76765869 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $— | $— | $1505 | $— | $1505 |
|  Swaps |  |  |  |  | 4738756 |  | 4738756 |
|  | $— | $— | $— | $— | $4740261 | $— | $4740261 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $51108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — short | $(27672) |
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $357859184 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

S C H E D U L E O F I N V E S T M E N T S 51

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged Long-Term Corporate Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $43317660 | $— | $43317660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 49067109 |  |  | 49067109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 1455498 |  |  | 1455498 |
|  | $50522607 | $43317660 | $— | $93840267 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $3827 | $— | $— | $3827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 25452154 |  | 25452154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (2322) |  |  | (2322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (25972) |  | (25972) |
|  | $1505 | $25426182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $25427687 |

---

<sup>(a)</sup> Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

52 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Investment Companies** |  |  |
| **Exchange-Traded Funds — 94.7%** |  |  |
|  iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 25104 | $2382370 |
|  **Total Investment Companies<br>(Cost: $2,520,207)** |  | 2382370 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.4%** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(b)</sup> | 10000 | 10000 |
|  **Total Short-Term Securities — 0.4%<br>(Cost: $10,000)** |  | 10000 |
|  **Total Investments in Securities — 95.1%<br>(Cost: $2,530,207)** |  | 2392370 |
|  **Other Assets Less Liabilities — 4.9%** |  | 124497 |
|  **Net Assets — 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;2516867 |

---

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

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

**Affiliates** 

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  *Affiliated Issuer* | *Value at*<br> *06/22/22* | <br> *<sup>(a)</sup>*  | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sale* | *Net Realized*<br> *Gain (Loss* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *10/31/22* | <br>| <br>| *Shares*<br> *Held at*<br> *10/31/22* | <br>| *Income* | <br>|
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $— |  | $10000 <sup>(b)</sup> | $— | $— | $— | $10000 |  |  | 10000 |  | $400 | $– |
|  iShares Core U.S. Aggregate Bond ETF |  |  | 5110619 | (2464689) | (125723) | (137837) | 2382370 |  |  | 25104 |  | 28452 | – |
|  |  |  |  |  | $(125723) | $(137837) | $2392370 |  |  |  |  | $28852 | $– |

---

<sup>(a)</sup> Commencement of operations.

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| 3.07% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/23 | $(150) | $1671 | $— | $1671 |
| 3.01% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/24 | (300) | 8011 | 1 | 8010 |
| 2.87% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/25 | (410) | 15590 | 3 | 15587 |
| 2.83% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/04/25 | (30) | 1186 |  | 1186 |
| 3.14% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/23/25 | (10) | 319 |  | 319 |
| 2.91% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/01/27 | (15) | 727 |  | 727 |
| 2.80% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/27 | (380) | 20316 | 4 | 20312 |
| 3.08% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/02/27 | (10) | 419 |  | 419 |
| 4.20% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/27 | (10) | (77) |  | (77) |
| 2.88% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/01/29 | (15) | 906 |  | 906 |
| 2.78% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/29 | (320) | 21132 | 4 | 21128 |
| 2.64% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/22/29 | (20) | 1505 |  | 1505 |
| 3.60% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/07/29 | (10) | 182 |  | 182 |
| 4.06% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/29 | (12) | (117) |  | (117) |

---

S C H E D U L E O F I N V E S T M E N T S 53

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged U.S. Aggregate Bond ETF** |

---

**Centrally Cleared Interest Rate Swaps (continued)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Fund | Paid by the Fund | Received by the Fund | Received by the Fund | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective<br>Date* | *Termination<br>Date* | *Notional*<br> *Amount<br>(000)* | *Value* | *Upfront<br>Premium*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| 2.89% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/01/32 | $(10) | $754 | $— | $754 |
| 2.81% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/32 | (210) | 17322 | 4 | 17318 |
| 2.61% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/22/32 | (10) | 992 |  | 992 |
| 2.80% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/25/32 | (10) | 839 |  | 839 |
| 2.93% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 09/02/32 | (10) | 735 |  | 735 |
| 3.57% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/11/32 | (10) | 215 |  | 215 |
| 2.89% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/37 | (130) | 13397 | 3 | 13394 |
| 2.68% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/22/37 | (10) | 1271 |  | 1271 |
| 2.86% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/25/37 | (7) | 747 |  | 747 |
| 3.91% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/37 | (15) | (177) |  | (177) |
| 2.86% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/42 | (125) | 14965 | 4 | 14961 |
| 2.67% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/22/42 | (10) | 1470 |  | 1470 |
| 2.84% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/25/42 | (10) | 1238 |  | 1238 |
| 3.24% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/05/42 | (10) | 674 |  | 674 |
| 2.76% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/47 | (105) | 13912 | 3 | 13909 |
| 2.56% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 08/05/47 | (15) | 2458 |  | 2458 |
| 3.08% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/05/47 | (10) | 791 |  | 791 |
| 2.70% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 06/24/52 | (3) | 401 |  | 401 |
| 2.65% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 07/11/52 | (75) | 10740 | 3 | 10737 |
| 3.49% | Annual | 1-Day SOFR, 3.06% | Annual | N/A | 10/24/52 | (11) | (122) |  | (122) |
|  |  |  |  |  |  |  | $154392 | $29 | $154363 |

---

**Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums*<br> *Paid* | *Swap Premiums*<br> *Received* | *Unrealized*<br> *Appreciation* | *Unrealized*<br> *Depreciation* |
|  Centrally Cleared Swaps<sup>(a)</sup> | $29 | $— | $154856 | $(493) |

---

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $154856 | $— | $154856 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — centrally cleared |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on centrally cleared swaps<sup>(a)</sup> | $— | $— | $— | $— | $493 | $— | $493 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on centrally cleared swaps are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

54 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Interest Rate Hedged U.S. Aggregate Bond ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts* | *Credit*<br> *Contracts* | *Equity*<br> *Contracts* | *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts* | *Interest*<br> *Rate*<br> *Contracts* | *Other*<br> *Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $76973 | $— | $76973 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Swaps | $— | $— | $— | $— | $154363 | $— | $154363 |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Interest rate swaps: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value — pays fixed rate | $3561750 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | $2382370 | $— | $— | $2382370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 10000 |  |  | 10000 |
|  | $2392370 | $— | $— | $2392370 |
|  Derivative financial instruments<sup>(a)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | $— | $154856 | $— | $154856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (493) |  | (493) |
|  | $— | $154363 | $— | $154363 |

---

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.* 

S C H E D U L E O F I N V E S T M E N T S 55

------

Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Inflation<br> Hedged<br> Corporate<br> Bond ETF | iShares<br> Inflation<br> Hedged High<br> Yield Bond ETF | iShares<br> Inflation<br> Hedged<br> U.S. Aggregate<br> Bond ETF | iShares<br> Interest Rate<br> Hedged<br> Corporate<br> Bond ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $— | $— | $— | $88968657 |
|  Investments, at value — affiliated<sup>(c)</sup> | 53431756 | 3163319 | 2315951 | 739502943 |
|  Cash | 416101 | 4099 | 9599 | 4944885 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 54000 |  |  | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 2526000 | 44000 | 60000 | 528000 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 3549 | 1891 |  | 51219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8371 |  |  | 313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 76289 | 1800 | 1964 | 3472973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated |  |  |  | 130432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 1387 | 175 | 125 | 35783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated |  |  |  | 991952 |
|  Unrealized appreciation on OTC swaps |  | 6192 | 9015 |  |
|  Total assets | 56517453 | 3221476 | 2396654 | 838630157 |
|  **LIABILITIES** |  |  |  |  |
|  Collateral on securities loaned, at value |  | 723614 |  | 94385990 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2491 | 104 | 202 | 63288 |
|  Unrealized depreciation on OTC swaps |  | 676 | 115 |  |
|  Total liabilities | 2491 | 724394 | 317 | 94449278 |
|  NET ASSETS | $56514962 | $2497082 | $2396337 | $744180879 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $74677148 | $2610144 | $2647377 | $754712438 |
|  Accumulated loss | (18162186) | (113062) | (251040) | (10531559) |
|  NET ASSETS | $56514962 | $2497082 | $2396337 | $744180879 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 2300000 | 100000 | 100000 | 8300000 |
|  Net asset value | $24.57 | $24.97 | $23.96 | $89.66 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $— | $— | $— | $89213304 |
|  <sup>(b) </sup>Securities loaned, at value | $— | $694574 | $— | $91972907 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $69028541 | $3180941 | $2455171 | $898161550 |

---

*See notes to financial statements.* 

56 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Assets and Liabilities (continued)

October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> Interest Rate<br> Hedged High<br> Yield Bond ETF | iShares<br> Interest Rate<br> Hedged<br> Long-Term<br> Corporate<br> Bond ETF | iShares<br> Interest Rate<br> Hedged<br> U.S. Aggregate<br> Bond ETF |
|  **ASSETS** |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $— | $43317660 | $— |
|  Investments, at value — affiliated<sup>(c)</sup> | 158346261 | 50522607 | 2392370 |
|  Cash | 472122 | 252547 | 17584 |
|  Cash pledged: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3000 | 3000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centrally cleared swaps | 2788000 | 7024000 | 97000 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 87491 | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 313 | 528489 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on centrally cleared swaps | 254956 | 682605 | 9998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 157377 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 5104 | 5239 | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated |  | 626415 |  |
|  Total assets | 162114624 | 102962565 | 2517080 |
|  **LIABILITIES** |  |  |  |
|  Collateral on securities loaned, at value | 50181714 | 245498 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 4501 | 7435 | 213 |
|  Total liabilities | 50186215 | 252933 | 213 |
|  NET ASSETS | $111928409 | $102709632 | $2516867 |
|  **NET ASSETS CONSIST OF** |  |  |  |
|  Paid-in capital | $128126075 | $92350470 | $2539886 |
|  Accumulated earnings (loss) | (16197666) | 10359162 | (23019) |
|  NET ASSETS | $111928409 | $102709632 | $2516867 |
|  **NET ASSETVALUE** |  |  |  |
|  Shares outstanding | 1350000 | 4550000 | 100000 |
|  Net asset value | $82.91 | $22.57 | $25.17 |
|  Shares authorized | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |
|  <sup>(a) </sup>Investments, at cost — unaffiliated | $— | $43531758 | $— |
|  <sup>(b) </sup>Securities loaned, at value | $48152162 | $237431 | $— |
|  <sup>(c)</sup> Investments, at cost — affiliated | $176009564 | $59474070 | $2530207 |

---

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 57

------

Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Inflation<br> Hedged<br> Corporate<br> Bond ETF | iShares<br> Inflation<br> Hedged High<br> Yield Bond ETF<br><sup>(a)</sup>  | iShares<br> Inflation<br> Hedged<br> U.S. Aggregate<br> Bond ETF<br><sup>(a)</sup>  | iShares<br> Interest Rate<br> Hedged<br> Corporate<br> Bond ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $2515575 | $65940 | $33515 | $27343839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 628 |  |  | 31938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 200241 | 6577 |  | 2128749 |
|  Total investment income | 2716444 | 72517 | 33515 | 29504526 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 199177 | 8135 | 1985 | 3025084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional |  |  |  | 217 |
|  Total expenses | 199177 | 8135 | 1985 | 3025301 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (149383) | (7396) | (458) | (2016940) |
|  Total expenses after fees waived | 49794 | 739 | 1527 | 1008361 |
|  Net investment income | 2666650 | 71778 | 31988 | 28496165 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (10835619) | (101792) | (121196) | (62116430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 896362 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(b)</sup> | (265617) |  |  | (66347612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2652381 | (17333) | (24538) | 55606449 |
|  | (7552493) | (119125) | (145734) | (72857593) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated |  |  |  | (244646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (15781807) | (17622) | (139220) | (160683415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 141489 |  |  | 3826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 1030135 | 21173 | 34269 | 150370535 |
|  | (14610183) | 3551 | (104951) | (10553700) |
|  Net realized and unrealized loss | (22162676) | (115574) | (250685) | (83411293) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(19496026) | $(43796) | $(218697) | $(54915128) |

---

<sup>(a)</sup> For the period from June 22, 2022 (commencement of operations) to October 31, 2022.

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

*See notes to financial statements.* 

58 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Operations (continued)

Year Ended October 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> Interest Rate<br> Hedged High<br> Yield Bond ETF | iShares<br> Interest Rate<br> Hedged<br> Long-Term<br> Corporate<br> Bond ETF | iShares<br> Interest Rate<br> Hedged<br> U.S. Aggregate<br> Bond ETF<br><sup>(a)</sup>  |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $6346180 | $12377244 | $28852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 301 | 19198 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 1185780 | 7216 |  |
|  Total investment income | 7532261 | 12403658 | 28852 |
|  EXPENSES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 911411 | 1324907 | 1933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 217 | 217 |  |
|  Total expenses | 911628 | 1325124 | 1933 |
|  Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (841520) | (946579) | (446) |
|  Total expenses after fees waived | 70108 | 378545 | 1487 |
|  Net investment income | 7462153 | 12025113 | 27365 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (3874617) | (37470407) | (125723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(b)</sup> | (5238957) | (76585876) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 2923244 | 76765869 | 76973 |
|  | (6190330) | (37290414) | (48750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated |  | (214098) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (16504952) | (14550121) | (137837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 3827 | 1505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | 11797945 | 4738756 | 154363 |
|  | (4703180) | (10023958) | 16526 |
|  Net realized and unrealized loss | (10893510) | (47314372) | (32224) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(3431357) | $(35289259) | $(4859) |

---

<sup>(a)</sup> For the period from June 22, 2022 (commencement of operations) to October 31, 2022.

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 59

------

Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br> Inflation Hedged Corporate Bond<br> ETF | iShares<br> Inflation Hedged Corporate Bond<br> ETF | iShares<br> Inflation<br> Hedged High<br> Yield Bond<br> ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Period From<br> 06/22/22<br> to 10/31/22<br><sup>(a)</sup> <br>|
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2666650 | $738055 | $71778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (7552493) | 625972 | (119125) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (14610183) | 2128788 | 3551 |
|  Net increase (decrease) in net assets resulting from operations | (19496026) | 3492815 | (43796) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (2838582) | (735803) | (69266) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |
|  Net increase in net assets derived from capital share transactions | 5776762 | 52336980 | 2610144 |
|  *NET ASSETS* |  |  |  |
|  Total increase (decrease) in net assets | (16557846) | 55093992 | 2497082 |
|  Beginning of period | 73072808 | 17978816 |  |
|  End of period | $56514962 | $73072808 | $2497082 |

---

<sup>(a)</sup> Commencement of operations.

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

*See notes to financial statements.* 

60 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares<br>Inflation Hedged<br>U.S. Aggregate<br>Bond ETF | iShares<br>Interest Rate Hedged Corporate Bond<br>ETF | iShares<br>Interest Rate Hedged Corporate Bond<br>ETF |
| | Period From<br> 06/22/22<br> to 10/31/22<br><sup>(a)</sup><br>| Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
|  **OPERATIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $31988 | $28496165 | $12745848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (145734) | (72857593) | 7063097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (104951) | (10553700) | 11417491 |
|  Net increase (decrease) in net assets resulting from operations | (218697) | (54915128) | 31226436 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (32343) | (23524103) | (9086966) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |
|  Net increase in net assets derived from capital share transactions | 2647377 | 106530552 | 243946436 |
|  *NET ASSETS* |  |  |  |
|  Total increase in net assets | 2396337 | 28091321 | 266085906 |
|  Beginning of period |  | 716089558 | 450003652 |
|  End of period | $2396337 | $744180879 | $716089558 |

---

<sup>(a)</sup> Commencement of operations.

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 61

------

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Interest Rate Hedged High Yield Bond<br> ETF | iShares<br> Interest Rate Hedged High Yield Bond<br> ETF | iShares<br> Interest Rate Hedged Long-Term<br> Corporate Bond ETF | iShares<br> Interest Rate Hedged Long-Term<br> Corporate Bond ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $7462153 | $4050298 | $12025113 | $19035692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (6190330) | (572696) | (37290414) | 16806163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (4703180) | 3482303 | (10023958) | 23847527 |
|  Net increase (decrease) in net assets resulting from operations | (3431357) | 6959905 | (35289259) | 59689382 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>** |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (7061210) | (3454455) | (15092854) | (13486868) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | (13499477) | 70089848 | (677701130) | 226875347 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | (23992044) | 73595298 | (728083243) | 273077861 |
|  Beginning of year | 135920453 | 62325155 | 830792875 | 557715014 |
|  End of year | $111928409 | $135920453 | $102709632 | $830792875 |

---

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

*See notes to financial statements.* 

62 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Statements of Changes in Net Assets (continued)

---

| | |
|:---|:---|
|  | iShares<br>Interest Rate<br>Hedged<br>U.S. Aggregate<br>Bond ETF |
|  | Period From |
|  | 06/22/22<sup>(a)</sup> |
|  | to 10/31/22 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |
|  **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $27365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (48750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16526 |
|  Net decrease in net assets resulting from operations | (4859) |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(b)</sup>** |  |
|  Decrease in net assets resulting from distributions to shareholders | (18160) |
|  **CAPITAL SHARE TRANSACTIONS** |  |
|  Net increase in net assets derived from capital share transactions | 2539886 |
|  *NET ASSETS* |  |
|  Total increase in net assets | 2516867 |
|  Beginning of period |  |
|  End of period | $2516867 |

---

<sup>(a)</sup> Commencement of operations.

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

*See notes to financial statements.* 

F I N A N C I A L S T A T E M E N T S 63

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Inflation Hedged Corporate Bond ETF | iShares Inflation Hedged Corporate Bond ETF | iShares Inflation Hedged Corporate Bond ETF | iShares Inflation Hedged Corporate Bond ETF | iShares Inflation Hedged Corporate Bond ETF |
|  |  |  |  |  | Period From |
|  | Year Ended | Year Ended | Year Ended | Year Ended | 05/08/108<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 |
|  **Net asset value, beginning of period** | $30.45 | $27.66 | $26.33 | $24.31 | $25.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.75 | 0.63 | 0.71 | 0.91 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup> | (5.80) | 2.82 | 1.36 | 2.01 | (0.70) |
|  Net increase (decrease) from investment operations | (5.05) | 3.45 | 2.07 | 2.92 | (0.33) |
|  **Distributions** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.76) | (0.66) | (0.74) | (0.90) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.07) |  |  |  |  |
|  Total distributions | (0.83) | (0.66) | (0.74) | (0.90) | (0.36) |
|  **Net asset value, end of period** | $24.57 | $30.45 | $27.66 | $26.33 | $24.31 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (16.89)% | 12.60% | 8.00 %<sup>(e)</sup> | 12.26 %<sup>(f)</sup> | (1.34)%<sup>(g)</sup> |
|  **Ratios to Average Net Assets<sup>(h)</sup>** |  |  |  |  |  |
|  Total expenses | 0.20% | 0.20% | 0.20% | 0.20% | 0.20 %<sup>(i)</sup> |
|  Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.05% | 0.05 %<sup>(i)</sup> |
|  Net investment income | 2.68% | 2.14% | 2.64% | 3.60% | 3.04 %<sup>(i)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $56515 | $73073 | $17979 | $7898 | $9725 |
|  Portfolio turnover rate<sup>(j)</sup> | 10% | 0% | 13% | 0% | 0 %<sup>(k)</sup> |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

<sup>(e)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. 

<sup>(f)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been 12.22%. 

<sup>(g)</sup> Not annualized.

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

<sup>(i)</sup> Annualized.

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

<sup>(k)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

64 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br>Inflation<br>Hedged High<br>Yield Bond<br>ETF |
|  | Period From |
|  | 06/22/22<sup>(a)</sup> |
|  | to 10/31/22 |
|  **Net asset value, beginning of period** | $24.99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup> | (0.03) |
|  Net increase from investment operations | 0.41 |
|  Distributions from net investment income<sup>(d)</sup> | (0.43) |
|  **Net asset value, end of period** | $24.97 |
|  **Total Return<sup>(e)</sup>** |  |
|  Based on net asset value | 1.62 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |
|  Total expenses | 0.55 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.05 %<sup>(h)</sup> |
|  Net investment income | 4.85 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $2497 |
|  Portfolio turnover rate<sup>(i)</sup> | 1% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 65

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Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br> Inflation<br> Hedged<br> U.S. Aggregate<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bond ETF</u> |
|  | Period From |
|  | 06/22/22<sup>(a)</sup> |
|  | to 10/31/22 |
|  **Net asset value, beginning of period** | $25.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup> | (1.24) |
|  Net decrease from investment operations | (1.05) |
|  Distributions from net investment income<sup>(d)</sup> | (0.19) |
|  **Net asset value, end of period** | $23.96 |
|  **Total Return<sup>(e)</sup>** |  |
|  Based on net asset value | (4.21)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |
|  Total expenses | 0.13 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10 %<sup>(h)</sup> |
|  Net investment income | 2.09 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $2396 |
|  Portfolio turnover rate<sup>(i)</sup> | 1% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

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

*See notes to financial statements.* 

66 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF | iShares Interest Rate Hedged Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $96.12 | $91.84 | $93.50 | $95.79 | $96.62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 2.61 | 2.23 | 2.38 | 3.35 | 3.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (6.79) | 3.68 | (1.69) | (0.97) | (1.16) |
|  Net increase (decrease) from investment operations | (4.18) | 5.91 | 0.69 | 2.38 | 2.00 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (2.28) | (1.63) | (2.35) | (3.12) | (2.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  |  |  | (1.55) |  |
|  Total distributions | (2.28) | (1.63) | (2.35) | (4.67) | (2.83) |
|  **Net asset value, end of year** | $89.66 | $96.12 | $91.84 | $93.50 | $95.79 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (4.37)% | 6.46% | 0.79% | 2.63% | 2.08% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 2.83% | 2.33% | 2.64% | 3.59% | 3.27% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $744181 | $716090 | $450004 | $126232 | $215530 |
|  Portfolio turnover rate<sup>(f)</sup> | 20% | 5% | 7% | 4% | 2% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 67

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged High Yield Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF | iShares Interest Rate Hedged High Yield Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $87.69 | $83.10 | $87.86 | $90.47 | $91.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 4.50 | 3.81 | 4.31 | 5.51 | 4.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (4.92) | 4.15 | (5.53) | (2.92) | (1.46) |
|  Net increase (decrease) from investment operations | (0.42) | 7.96 | (1.22) | 2.59 | 3.52 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4.36) | (3.37) | (3.51) | (5.18) | (4.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  | (0.03) | (0.02) |  |
|  Total distributions | (4.36) | (3.37) | (3.54) | (5.20) | (4.83) |
|  **Net asset value, end of year** | $82.91 | $87.69 | $83.10 | $87.86 | $90.47 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (0.43)% | 9.70% | (1.32)% | 3.00% | 3.93% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.65% | 0.65% | 0.65% | 0.65% | 0.65% |
|  Total expenses after fees waived | 0.05% | 0.05% | 0.05% | 0.05% | 0.05% |
|  Net investment income | 5.32% | 4.37% | 5.12% | 6.22% | 5.46% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $111928 | $135920 | $62325 | $114212 | $416178 |
|  Portfolio turnover rate<sup>(f)</sup> | 10% | 1% | 1% | 1% | 0 %<sup>(g)</sup> |

---

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

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

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

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

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

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

<sup>(g)</sup> Rounds to less than 1%. 

*See notes to financial statements.* 

68 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | iShares Interest Rate Hedged Long-Term Corporate Bond ETF | iShares Interest Rate Hedged Long-Term Corporate Bond ETF |
|  | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 | Year Ended<br> 10/31/20 | Year Ended<br> 10/31/19 | Year Ended<br> 10/31/18 |
|  **Net asset value, beginning of year** | $25.33 | $23.48 | $24.31 | $25.76 | $25.98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup> | 0.77 | 0.68 | 0.52 | 0.98 | 1.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup> | (2.66) | 1.66 | (0.70) | (1.01) | (0.32) |
|  Net increase (decrease) from investment operations | (1.89) | 2.34 | (0.18) | (0.03) | 0.69 |
|  **Distributions<sup>(c)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.67) | (0.46) | (0.65) | (0.96) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.20) | (0.03) |  | (0.45) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.01) |  |
|  Total distributions | (0.87) | (0.49) | (0.65) | (1.42) | (0.91) |
|  **Net asset value, end of year** | $22.57 | $25.33 | $23.48 | $24.31 | $25.76 |
|  **Total Return<sup>(d)</sup>** |  |  |  |  |  |
|  Based on net asset value | (7.59)% | 10.01% | (0.69)% | (0.03)% | 2.66% |
|  **Ratios to Average Net Assets<sup>(e)</sup>** |  |  |  |  |  |
|  Total expenses | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Total expenses after fees waived | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 3.18% | 2.69% | 2.22% | 3.98% | 3.86% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $102710 | $830793 | $557715 | $59558 | $57954 |
|  Portfolio turnover rate<sup>(f)</sup> | 42% | 14% | 18% | 13% | 5% |

---

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

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

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

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

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

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

*See notes to financial statements.* 

F I N A N C I A L H I G H L I G H T S 69

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Financial Highlights (continued)

(For a share outstanding throughout the period)

---

| | |
|:---|:---|
|  | iShares<br> Interest Rate<br> Hedged<br> U.S. Aggregate<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Bond ETF</u> |
|  | Period From |
|  | 06/22/22<sup>(a)</sup> |
|  | to 10/31/22 |
|  **Net asset value, beginning of period** | $25.19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(b)</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss<sup>(c)</sup> | (0.08) |
|  Net increase from investment operations | 0.09 |
|  Distributions from net investment income<sup>(d)</sup> | (0.11) |
|  **Net asset value, end of period** | $25.17 |
|  **Total Return<sup>(e)</sup>** |  |
|  Based on net asset value | 0.32 %<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>** |  |
|  Total expenses | 0.13 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.10 %<sup>(h)</sup> |
|  Net investment income | 1.84 %<sup>(h)</sup> |
|  **Supplemental Data** |  |
|  Net assets, end of period (000) | $2517 |
|  Portfolio turnover rate<sup>(i)</sup> | 14% |

---

<sup>(a)</sup> Commencement of operations.

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

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

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

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

<sup>(f)</sup> Not annualized.

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

<sup>(h)</sup> Annualized.

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

*See notes to financial statements.* 

70 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* 

***1.***  ***ORGANIZATION*** 

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* |
|  Inflation Hedged Corporate Bond | Diversified |
|  Inflation Hedged High Yield Bond<sup>(a)</sup> | Non-diversified |
|  Inflation Hedged U.S. Aggregate Bond<sup>(a)</sup> | Non-diversified |
|  Interest Rate Hedged Corporate Bond | Diversified |
|  Interest Rate Hedged High Yield Bond | Diversified |
|  Interest Rate Hedged Long-Term Corporate Bond | Diversified |
|  Interest Rate Hedged U.S. Aggregate Bond<sup>(a)</sup> | Non-diversified |

---

<sup>(a)</sup> The Fund commenced operations on June 22, 2022.

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an "underlying fund"). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on **iShares.com** and should be read in conjunction with the Funds' financial statements.

***2.***  ***SIGNIFICANT ACCOUNTING POLICIES*** 

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

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

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 71

------

*Notes to Financial Statements* (continued) 

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day's
official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

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

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

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

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

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

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

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

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

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

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

**Securities Lending:** Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund's Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an "MSLA") which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However,

72 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value* | <br>| *Cash Collateral*<br> *Received* | *Non-Cash Collateral*<br> *Received, at Fair Value* | <br> *<sup>(a)</sup>*  | *Net Amount* | |
|  Inflation Hedged High Yield Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | $694574 |  | $(694574) | $— |  | $— |  |
|  Interest Rate Hedged Corporate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank PLC | $653828 |  | $(653828) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | 259641 |  | (259641) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities (USA), Inc. | 59400 |  | (59400) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 80623925 |  | (80623925) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natixis SA | 10195810 |  | (10195810) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Bank & Trust Co. | 180303 |  | (180303) |  |  |  |  |
|  | $91972907 |  | $(91972907) | $— |  | $— |  |
|  Interest Rate Hedged High Yield Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc. | $22285197 |  | $(22285197) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 3206467 |  | (3206467) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities USA LLC | 22528324 |  | (22528324) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 132174 |  | (132174) |  |  |  |  |
|  | $48152162 |  | $(48152162) | $— |  | $— |  |
|  Interest Rate Hedged Long-Term Corporate Bond |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA | $165244 |  | $(165244) | $— |  | $— |  |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | 72187 |  | (72187) |  |  |  |  |
|  | $237431 |  | $(237431) | $— |  | $— |  |

---

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds' Statements of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

N O T E S T O F I N A N C I A L S T A T E M E N T S 73

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*Notes to Financial Statements* (continued) 

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty ("CCP") and the CCP becomes the Fund's counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.

Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Inflation Hedged Corporate Bond | 0.20% |
|  Inflation Hedged High Yield Bond | 0.55 |
|  Inflation Hedged U.S. Aggregate Bond | 0.13 |
|  Interest Rate Hedged Corporate Bond | 0.30 |
|  Interest Rate Hedged High Yield Bond | 0.65 |
|  Interest Rate Hedged Long-Term Corporate Bond | 0.35 |
|  Interest Rate Hedged U.S. Aggregate Bond | 0.13 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Inflation Hedged Corporate Bond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF ("LQD"), after taking into account any fee waivers by LQD, plus 0.05%.

For the iShares Inflation Hedged High Yield Bond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares iBoxx $ High Yield Corporate Bond ETF ("HYG"), after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Inflation Hedged U.S. Aggregate Bond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares Core U.S. Aggregate Bond ETF ("AGG"), after taking into account any fee waivers by AGG, plus 0.10%.

74 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

For the iShares Interest Rate Hedged Corporate Bond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield Bond ETF, BFAhas contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in HYG, after taking into account any fee waivers by HYG, plus 0.05%.

For the iShares Interest Rate Hedged Long-Term Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in the iShares 10+ Year Investment Grade Corporate Bond ETF ("IGLB"), after taking into account any fee waivers by IGLB, plus 0.10%.

For the iShares Interest Rate Hedged U.S. Aggregate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 29, 2028 so that the Fund's total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund's investment in AGG, after taking into account any fee waivers by AGG, plus 0.10%.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  Inflation Hedged Corporate Bond | $149383 |
|  Inflation Hedged High Yield Bond | 7396 |
|  Inflation Hedged U.S. Aggregate Bond | 458 |
|  Interest Rate Hedged Corporate Bond | 2016940 |
|  Interest Rate Hedged High Yield Bond | 841520 |
|  Interest Rate Hedged Long-Term Corporate Bond | 946579 |
|  Interest Rate Hedged U.S. Aggregate Bond | 446 |

---

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

**Securities Lending:** The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. ("BTC"), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the "iShares ETF Complex") in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
|  Inflation Hedged Corporate Bond | $58129 |
|  Inflation Hedged High Yield Bond | 1548 |
|  Interest Rate Hedged Corporate Bond | 616113 |
|  Interest Rate Hedged High Yield Bond | 283863 |
|  Interest Rate Hedged Long-Term Corporate Bond | 2534 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 75

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*Notes to Financial Statements* (continued) 

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

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

***7.***  ***PURCHASES AND SALES*** 

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Inflation Hedged Corporate Bond | $12674998 | $40189578 |
|  Inflation Hedged High Yield Bond | 29249 | 2294763 |
|  Inflation Hedged U.S. Aggregate Bond | 42697 | 2288593 |
|  Interest Rate Hedged Corporate Bond | 392872752 | 261787626 |
|  Interest Rate Hedged High Yield Bond | 19339149 | 20645476 |
|  Interest Rate Hedged Long-Term Corporate Bond | 196366026 | 146022199 |
|  Interest Rate Hedged U.S. Aggregate Bond | 438691 | 2464689 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  Inflation Hedged Corporate Bond | $77702740 | $39459369 |
|  Inflation Hedged High Yield Bond | 4774559 |  |
|  Inflation Hedged U.S. Aggregate Bond | 4792262 |  |
|  Interest Rate Hedged Corporate Bond | 831381102 | 649075353 |
|  Interest Rate Hedged High Yield Bond | 103009034 | 99957705 |
|  Interest Rate Hedged Long-Term Corporate Bond | 86444408 | 675938250 |
|  Interest Rate Hedged U.S. Aggregate Bond | 4671928 |  |

---

***8.***  ***INCOME TAX INFORMATION*** 

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

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

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated <br>Earnings (Loss)* |
|  Inflation Hedged Corporate Bond | $(1045684) | $1045684 |
|  Interest Rate Hedged Corporate Bond | (65865520) | 65865520 |
|  Interest Rate Hedged High Yield Bond | (5543156) | 5543156 |
|  Interest Rate Hedged Long-Term Corporate Bond | (28132684) | 28132684 |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  Inflation Hedged Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $2838582 | $&nbsp;&nbsp;&nbsp;&nbsp;735803 |

---

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended<br>10/31/22* |
|  Inflation Hedged High Yield Bond<br>Ordinary income | $69266 |

---

76 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Financial Statements* (continued) 

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended*<br> *10/31/22* |
|  Inflation Hedged U.S. Aggregate Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $32343 |

---

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *10/31/22* | *Year Ended*<br> *10/31/21* |
|  Interest Rate Hedged Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $23524103 | $9086966 |
|  Interest Rate Hedged High Yield Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $7061210 | $3454455 |
|  Interest Rate Hedged Long-Term Corporate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $15092854 | $13486868 |

---

---

| | |
|:---|:---|
| *iShares ETF* | *Period Ended*<br> *10/31/22* |
|  Interest Rate Hedged U.S. Aggregate Bond |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $18160 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  *iShares ETF* | *Undistributed*<br> *Ordinary Income* | <br>| *Non-expiring*<br> *Capital Loss*<br> *Carryforwards* | *Net Unrealized*<br> *Gains (Losses)* | *Total* | |
|  Inflation Hedged Corporate Bond | $21430 |  | $(5844862) | $(12338754) | $(18162186) |  |
|  Inflation Hedged High Yield Bond | 2512 |  | (117549) | 1975 | (113062) |  |
|  Inflation Hedged U.S. Aggregate Bond | 410 |  | (144225) | (107225) | (251040) |  |
|  Interest Rate Hedged Corporate Bond | 1040930 |  |  | (11572489) | (10531559) |  |
|  Interest Rate Hedged High Yield Bond | 240473 |  | (10497777) | (5940362) | (16197666) |  |
|  Interest Rate Hedged Long-Term Corporate Bond | 106903 |  |  | 10252259 | 10359162 |  |
|  Interest Rate Hedged U.S. Aggregate Bond | 694 |  | (25731) | 2018 | (23019) |  |

---

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts.

For the year ended October 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized* |
|  Interest Rate Hedged Corporate Bond | $19476468 |
|  Interest Rate Hedged High Yield Bond | 678956 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized*<br> *Appreciation* | *Gross Unrealized*<br> *Depreciation* | *Net Unrealized* <br> *Appreciation* <br> *(Depreciation)*  |
|  Inflation Hedged Corporate Bond | $69552862 | $3895986 | $(16234740) | $(12338754) |
|  Inflation Hedged High Yield Bond | 3182517 | 22076 | (20101) | 1975 |
|  Inflation Hedged U.S. Aggregate Bond | 2457445 | 35195 | (142420) | (107225) |
|  Interest Rate Hedged Corporate Bond | 1009908410 | 169937385 | (181509900) | (11572515) |
|  Interest Rate Hedged High Yield Bond | 177175232 | 12892771 | (18833133) | (5940362) |
|  Interest Rate Hedged Long-Term Corporate Bond | 109014190 | 25493695 | (15241436) | 10252259 |
|  Interest Rate Hedged U.S. Aggregate Bond | 2544715 | 154856 | (152838) | 2018 |

---

N O T E S T O F I N A N C I A L S T A T E M E N T S 77

------

*Notes to Financial Statements* (continued) 

***9.***  ***PRINCIPAL RISKS*** 

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

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

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

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

78 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Financial Statements* (continued) 

***10.***  ***CAPITAL SHARE TRANSACTIONS*** 

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

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Inflation Hedged Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2800000 | $82986717 | 1850000 | $55174954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2900000) | (77209955) | (100000) | (2837974) |
|  | (100000) | $5776762 | 1750000 | $52336980 |

---

---

| | | |
|:---|:---|:---|
|  | Period Ended<br>10/31/22 | Period Ended<br>10/31/22 |
| *iShares ETF* | *Shares* | *Amount* |
|  Inflation Hedged High Yield Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $5020582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2410438) |
|  | 100000 | $2610144 |
|  Inflation Hedged U.S. Aggregate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $5031676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2384299) |
|  | 100000 | $2647377 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Interest Rate Hedged Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 9300000 | $875012659 | 3500000 | $335029941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8450000) | (768482107) | (950000) | (91083505) |
|  | 850000 | $106530552 | 2550000 | $243946436 |
|  Interest Rate Hedged High Yield Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1250000 | $107235850 | 1000000 | $87477811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1450000) | (120735327) | (200000) | (17387963) |
|  | (200000) | $(13499477) | 800000 | $70089848 |
|  Interest Rate Hedged Long-Term Corporate Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3900000 | $94891724 | 9050000 | $226875347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (32150000) | (772592854) |  |  |
|  | (28250000) | $(677701130) | 9050000 | $226875347 |

---

---

| | | |
|:---|:---|:---|
|  | <br> Period Ended<br> 10/31/22 | <br> Period Ended<br> 10/31/22 |
| *iShares ETF* | *Shares* | *Amount* |
|  Interest Rate Hedged U.S. Aggregate Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $5044817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (2504931) |
|  | 100000 | $2539886 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also

N O T E S T O F I N A N C I A L S T A T E M E N T S 79

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*Notes to Financial Statements* (continued) 

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

***11.***  ***SUBSEQUENT EVENTS*** 

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares U.S. ETF Trust and Shareholders of each of the seven funds listed in the table below

***Opinions on the Financial Statements***

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

iShares Inflation Hedged Corporate Bond ETF<sup>(1)</sup>

iShares Inflation Hedged High Yield Bond ETF <sup>(2)</sup>

iShares Inflation Hedged U.S. Aggregate Bond ETF<sup>(2)</sup>

iShares Interest Rate Hedged Corporate Bond ETF<sup>(1)</sup>

iShares Interest Rate Hedged High Yield Bond ETF<sup>(1)</sup>

iShares Interest Rate Hedged Long-Term Corporate Bond ETF<sup>(1)</sup>

iShares Interest Rate Hedged U.S. Aggregate Bond ETF<sup>(2)</sup>

<sup>(1)</sup> Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022.

<sup>(2)</sup> Statements of operations and statements of changes in net assets for the period June 22, 2022 (commencement of operations) to October 31, 2022.

***Basis for Opinions***

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

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

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

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

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

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal period ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation <br>Interest* |
|  Inflation Hedged Corporate Bond | $10685 |
|  Inflation Hedged High Yield Bond | 734 |
|  Inflation Hedged U.S. Aggregate Bond | 10251 |
|  Interest Rate Hedged Corporate Bond | 122161 |
|  Interest Rate Hedged High Yield Bond | 17359 |
|  Interest Rate Hedged Long-Term Corporate Bond | 15371 |
|  Interest Rate Hedged U.S. Aggregate Bond | 8792 |

---

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  Inflation Hedged Corporate Bond | $2022761 |
|  Inflation Hedged High Yield Bond | 46937 |
|  Inflation Hedged U.S. Aggregate Bond | 30529 |
|  Interest Rate Hedged Corporate Bond | 21972870 |
|  Interest Rate Hedged High Yield Bond | 4495493 |
|  Interest Rate Hedged Long-Term Corporate Bond | 9727009 |
|  Interest Rate Hedged U.S. Aggregate Bond | 26272 |

---

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as interest-related dividends and qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal period ended October 31, 2022:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* | *Qualified Short-Term <br>Capital Gain* |
|  Inflation Hedged Corporate Bond | $2022761 | $191110 |
|  Inflation Hedged High Yield Bond | 40058 |  |
|  Inflation Hedged U.S. Aggregate Bond | 30529 |  |
|  Interest Rate Hedged Corporate Bond | 21972870 |  |
|  Interest Rate Hedged High Yield Bond | 4148393 |  |
|  Interest Rate Hedged Long-Term Corporate Bond | 9727009 | 6638069 |
|  Interest Rate Hedged U.S. Aggregate Bond | 26272 |  |

---

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Board Review and Approval of Investment Advisory Contract

**iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF (each the "Fund")** 

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

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

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund's portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund's peer group (where applicable) and reference benchmark.

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

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

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

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

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 83

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Board Review and Approval of Investment Advisory Contract (continued)

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

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

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

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

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

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

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

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

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

**iShares Inflation Hedged High Yield Bond ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information

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Board Review and Approval of Investment Advisory Contract (continued)

as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other

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Board Review and Approval of Investment Advisory Contract (continued)

Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

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

**iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged U.S. Aggregate Bond ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the "Advisory Contract") on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. ("BTC"), and BlackRock, Inc. ("BlackRock"), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

**Expenses of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

**Nature, Extent and Quality of Services:** The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA's compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board's approval of the Advisory Contract.

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Board Review and Approval of Investment Advisory Contract (continued)

**Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates:** The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund's launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

**Economies of Scale:** The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund's assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the Advisory Contract.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"), and acknowledged BFA's assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement.

**Other Benefits to BFA and/or its Affiliates:** Except as noted below, the Board did not consider the "fallout" benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund's securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the Advisory Contract.

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

**iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF (each the "Fund")** 

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

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA.

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Board Review and Approval of Investment Advisory Contract (continued)

The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund:** The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund's portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund's peer group (where applicable) and reference benchmark.

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

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

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

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

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

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

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Board Review and Approval of Investment Advisory Contract (continued)

provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

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

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

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

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

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

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

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

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | Total Cumulative Distributions<br> for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br> Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Inflation Hedged Corporate Bond | $0.756717 | $0.069495 | $— | $0.826212 | 92% | 8% | —% | 100% |
|  Interest Rate Hedged Corporate Bond | 2.277989 |  |  | 2.277989 | 100 |  |  | 100 |
|  Interest Rate Hedged High Yield Bond | 4.363978 |  |  | 4.363978 | 100 |  |  | 100 |
|  Interest Rate Hedged Long-Term Corporate Bond | 0.667792 | 0.197856 |  | 0.865648 | 77 | 23 |  | 100 |

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**Premium/Discount Information** 

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

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

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

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

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 91

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Trustee and Officer Information (unaudited) (continued)

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

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92 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Trustee and Officer Information (unaudited) (continued)

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

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

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 93

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General Information

**Electronic Delivery** 

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

To enroll in electronic delivery:

• Go to **icsdelivery.com**.

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

**Householding** 

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

**Availability of Quarterly Schedule of Investments** 

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

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

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

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

94 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Glossary of Terms Used in this Report

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| | |
|:---|:---|
| **Portfolio Abbreviation** | **Portfolio Abbreviation** |
| CPI | Consumer Price Index |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |

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G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 95

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Additional Financial Information

Schedules of Investments (Unaudited)

October 31, 2022

Statements of Assets and Liabilities (Unaudited)

October 31, 2022

**iShares Trust** 

iShares 10+ Year Investment Grade Corporate Bond ETF \| IGLB \| NYSE Arca

iShares Core U.S. Aggregate Bond ETF \| AGG \| NYSE Arca

iShares iBoxx $ High Yield Corporate Bond ETF \| HYG \| NYSE Arca

iShares iBoxx $ Investment Grade Corporate Bond ETF \| LQD \| NYSE Arca

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| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
|  **Advertising — 0.0%** |  |  |
|  Interpublic Group of Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/41 (Call 09/01/40) | $204 | $131879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/48 (Call 04/01/48)<sup>(a)</sup> | 154 | 130304 |
|  |  | 262183 |
| **Aerospace & Defense — 2.2%** |  |  |
|  Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)<sup>(b)</sup> | 210 | 157759 |
|  BAE Systems Holdings Inc.,<br>4.75%, 10/07/44<sup>(a)(b)</sup> | 189 | 156294 |
|  BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/50 (Call 03/15/50)<sup>(b)</sup> | 369 | 225273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/11/41<sup>(b)</sup> | 515 | 494553 |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 (Call 11/01/34) | 494 | 349093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/35 (Call 09/01/34) | 364 | 250497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/46 (Call 12/15/45) | 300 | 179972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/39 (Call 09/01/38) | 177 | 116080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/45 (Call 09/01/44) | 261 | 158000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/38 (Call 09/01/37) | 287 | 193961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 (Call 02/01/34) | 219 | 163384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/48 (Call 09/01/47) | 325 | 196808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/47 (Call 09/01/46) | 289 | 178094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 (Call 08/01/49)<sup>(a)</sup> | 805 | 515068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/01/59 (Call 09/01/58) | 182 | 106780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/48 (Call 05/01/48) | 202 | 127171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 (Call 11/01/48) | 429 | 276480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) | 621 | 388920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39) | 1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49) | 2940 | 2528569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/40 | 325 | 283349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | 1688971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 188 | 179639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/38<sup>(a)</sup> | 151 | 143122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/39<sup>(a)</sup> | 270 | 260478 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/41 (Call 12/01/40) | 331 | 229670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/42 (Call 05/15/42)<sup>(a)</sup> | 260 | 198423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39) | 555 | 476662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 381 | 317412 |
|  L3Harris Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 (Call 10/27/34) | 211 | 188736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/27/45 (Call 10/27/44) | 199 | 168982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 12/15/40 | 411 | 401179 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 411 | 260231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/35 (Call 09/01/34) | 250 | 214460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44) | 570 | 441430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42 | 965 | 793779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52) | 774 | 618829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) | 690 | 550670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/62 (Call 12/15/61) | 455 | 363089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/36 (Call 11/15/35)<sup>(a)</sup> | 201 | 182658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | 797 | 699858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 660 | 664926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/01/40<sup>(a)</sup> | 49 | 48720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 150 | 152544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.15%, 09/01/36 | 390 | 407944 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/15/45 (Call 10/15/44) | 333 | 252273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 (Call 04/15/47) | 1211 | 952761 |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43<sup>(a)</sup> | $581 | $503543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40 | 254 | 230454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/40 (Call 11/01/39) | 272 | 250350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 (Call 11/01/49) | 584 | 542214 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 (Call 03/01/51) | 680 | 415735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/15/52 (Call 09/15/51) | 634 | 404157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 (Call 01/01/50) | 650 | 427142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 (Call 05/01/46) | 630 | 461166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/04/47 (Call 11/04/46) | 379 | 290138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/16/44) | 623 | 488828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/44 (Call 06/15/44) | 275 | 210692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 (Call 10/15/46) | 575 | 462548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 (Call 05/16/38) | 473 | 405042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 | 1976 | 1679483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48) | 1086 | 913278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/41 | 235 | 199181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43 (Call 06/15/43) | 287 | 245848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 | 282 | 248580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/01/35 | 100 | 96185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/15/40 | 145 | 139475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/36<sup>(a)</sup> | 340 | 345499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/15/38 | 190 | 191706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28519185 |
| **Agriculture — 1.3%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 (Call 08/04/40) | 969 | 592850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 (Call 08/04/50) | 656 | 383574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 (Call 03/16/46)<sup>(a)</sup> | 841 | 516493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 (Call 08/04/60) | 514 | 307728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 | 577 | 392681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 (Call 11/06/49) | 299 | 193292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 | 421 | 288084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44<sup>(a)</sup> | 909 | 727014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38) | 1028 | 878367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 1415 | 1155699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 02/14/59 (Call 08/14/58) | 207 | 171376 |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) | 305 | 189937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/47 (Call 03/15/47)<sup>(a)</sup> | 255 | 196406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 04/16/43 | 174 | 139591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 358 | 310569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/26/42 | 436 | 380167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/15/35 | 455 | 444322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 03/01/41<sup>(a)(c)</sup> | 65 | 62335 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 (Call 03/25/40) | 444 | 279533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 (Call 03/25/50) | 610 | 364548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 (Call 02/15/37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1117 | 809089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 (Call 02/15/47) | 1460 | 943027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 (Call 03/06/49) | 540 | 360361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 04/02/50 (Call 10/02/49) | 350 | 249923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 (Call 09/16/51) | 405 | 306309 |
|  Cargill Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/25/51 (Call 11/25/50)<sup>(b)</sup> | 470 | 303788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/49 (Call 11/23/48)<sup>(a)(b)</sup> | 217 | 163375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/52 (Call 10/22/51)<sup>(b)</sup> | 330 | 268086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 11/23/45<sup>(b)</sup> | 295 | 252011 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 | 551 | 364930 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 | $429 | $293299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 | 665 | 461137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41 | 514 | 371499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/42 | 570 | 416533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43<sup>(a)</sup> | 385 | 295994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 838 | 780713 |
|  Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/35 (Call 02/15/35) | 477 | 402948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 (Call 02/15/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | 1086871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/15/43 | 406 | 328747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/37 | 281 | 267838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16701044 |
| **Apparel — 0.2%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39) | 692 | 524756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/46 (Call 05/01/46) | 369 | 268669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(a)</sup> | 997 | 726974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 (Call 11/01/42) | 394 | 305548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45)<sup>(a)</sup> | 548 | 435038 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/33<sup>(a)</sup> | 301 | 291540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/01/37 | 95 | 93734 |
|  |  | 2646259 |
| **Auto Manufacturers — 0.4%** |  |  |
|  Cummins Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/50 (Call 03/01/50)<sup>(a)</sup> | 349 | 206798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/43 (Call 04/01/43) | 217 | 193015 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35 | 69 | 57365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 (Call 10/01/37) | 562 | 457293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 | 881 | 679759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 (Call 10/01/47)<sup>(a)</sup> | 487 | 383142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 (Call 10/01/48)<sup>(a)</sup> | 681 | 576565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 701 | 615445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 (Call 10/01/35) | 718 | 677133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 (Call 10/01/45) | 607 | 560917 |
|  |  | 4407432 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Aptiv PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/51 (Call 06/01/51) | 906 | 505263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/01/46 (Call 04/01/46) | 150 | 105625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/49 (Call 09/15/48) | 140 | 111649 |
|  Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51) | 585 | 393196 |
|  BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44) | 260 | 186041 |
|  Lear Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/52 (Call 07/15/51) | 150 | 85255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/49 (Call 11/15/48) | 354 | 276108 |
|  |  | 1663137 |
| **Banks — 7.7%** |  |  |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)<sup>(d)</sup> | 2852 | 1804393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)<sup>(d)</sup> | 712 | 414891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)<sup>(d)</sup> | 1129 | 670794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)<sup>(d)</sup> | 1852 | 1281542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)<sup>(d)</sup> | 849 | 611475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)<sup>(d)</sup> | 939 | 732622 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)<sup>(d)</sup> | $3309 | $2458322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)<sup>(d)</sup> | 1137 | 919350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)<sup>(d)</sup> | 1696 | 1319036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)<sup>(d)</sup> | 1354 | 1068791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 | 341 | 281748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 1221 | 1042473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42 | 811 | 777569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 1124 | 1079412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38 | 935 | 1031393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.75%, 04/21/45<sup>(a)</sup> | 393 | 313155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)<sup>(d)</sup> | 640 | 423764 |
|  Bank of America NA, 6.00%, 10/15/36 | 831 | 807319 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 (Call 11/24/41)<sup>(d)</sup> | 589 | 356419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/10/42 (Call 03/10/41)<sup>(d)</sup> | 442 | 261311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47 | 763 | 568042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45<sup>(a)</sup> | 802 | 631786 |
|  BNP Paribas SA, 2.82%, 01/26/41<sup>(a)(b)</sup> | 280 | 157681 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 10/19/42 (Call 10/19/41), (SOFR + 1.952%)<sup>(b)(d)</sup> | 150 | 91318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/14/37 (Call 01/14/32)<sup>(a)(b)(d)</sup> | 250 | 175532 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)<sup>(d)</sup> | 737 | 465500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)<sup>(d)</sup> | 593 | 455702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)<sup>(d)</sup> | 475 | 363025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45<sup>(a)</sup> | 542 | 433317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 1179 | 912174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44 | 519 | 437359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)<sup>(d)</sup> | 751 | 668003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/22/33 | 415 | 392744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42<sup>(a)</sup> | 556 | 519540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/33 | 284 | 269937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/25/36 | 583 | 555377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43 | 596 | 592298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/05/38 | 185 | 187636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/98 | 112 | 110343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | 1201 | 1385239 |
|  Commonwealth Bank of Australia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 03/11/41<sup>(b)</sup> | 630 | 395732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 09/12/39<sup>(b)</sup> | 735 | 507698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/12/47<sup>(a)(b)</sup> | 894 | 679899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 01/10/48<sup>(b)</sup> | 787 | 535514 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41<sup>(a)</sup> | 1080 | 999810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45<sup>(a)</sup> | 636 | 517983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43 | 607 | 533257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/30/2110<sup>(b)</sup> | 165 | 157278 |
|  Credit Agricole SA, 2.81%, 01/11/41<sup>(a)(b)</sup> | 562 | 319062 |
|  Credit Suisse Group AG, 4.88%, 05/15/45 | 941 | 627053 |
|  Fifth Third Bancorp., 8.25%, 03/01/38 | 716 | 811314 |
|  First Republic Bank/CA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/46 (Call 02/01/46) | 300 | 217938 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/13/47 (Call 08/13/46) | $305 | $231083 |
|  Goldman Sachs Capital I, 6.35%, 02/15/34 | 275 | 262253 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)<sup>(d)</sup> | 870 | 547188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)<sup>(d)</sup> | 1242 | 826708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)<sup>(d)</sup> | 1205 | 820362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)<sup>(d)</sup> | 1467 | 1142262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)<sup>(d)</sup> | 968 | 784687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45) | 932 | 751185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 1062 | 865731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 1282 | 1040445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 770 | 768610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 1538 | 1505723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/01/36 | 561 | 543681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | 3181 | 3145036 |
|  HSBC Bank USA NA, 7.00%, 01/15/39 | 595 | 593825 |
|  HSBC Bank USA NA/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/35<sup>(a)</sup> | 260 | 227053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/34 | 70 | 62396 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42 | 407 | 377663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36 | 1097 | 932746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | 1365 | 1181980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38 | 758 | 655153 |
|  HSBC USA Inc., 7.20%, 07/15/97 | 170 | 166361 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40), (SOFR + 1.510%)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | 618802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)<sup>(d)</sup> | 951 | 650873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)<sup>(d)</sup> | 1379 | 860817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.460%)<sup>(d)</sup> | 1160 | 792699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)<sup>(d)</sup> | 1880 | 1220595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)<sup>(d)</sup> | 1548 | 1199314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)<sup>(d)</sup> | 1037 | 755506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)<sup>(d)</sup> | 2016 | 1481860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)<sup>(d)</sup> | 952 | 708399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)<sup>(d)</sup> | 1162 | 900854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44 | 620 | 528318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45 | 1073 | 887688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42 | 815 | 745696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40 | 708 | 650703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 | 1070 | 1003388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43<sup>(a)</sup> | 798 | 716552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 | 1435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478558 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 12/14/46 (Call 09/14/41)<sup>(d)</sup> | 770 | 449965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48 | 829 | 552899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45<sup>(a)</sup> | 428 | 326802 |
|  Macquarie Group Ltd., 5.49%, 11/09/33 (Call 11/09/32)<sup>(b)(d)</sup>  | 135 | 120956 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39 | 1019 | 762252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/07/39 | 340 | 267107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/26/38<sup>(a)</sup> | 326 | 262882 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)<sup>(d)</sup> | $1083 | $633774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.485%)<sup>(d)</sup> | 1054 | 716468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)<sup>(d)</sup> | 1049 | 824371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 | 1327 | 1022401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 | 1205 | 936304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)<sup>(d)</sup> | 639 | 523268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)<sup>(d)</sup> | 1100 | 1014162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | 1361 | 1379084 |
|  National Australia Bank Ltd., 2.65%, 01/14/41<sup>(b)</sup> | 323 | 182377 |
|  Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 310 | 306657 |
|  Regions Financial Corp., 7.38%, 12/10/37 | 335 | 357766 |
|  Santander UK Group Holdings PLC, 5.63%, 09/15/45<sup>(b)</sup> | 249 | 174523 |
|  Societe Generale SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/41<sup>(b)</sup> | 493 | 279059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/21/43 (Call 01/21/42)<sup>(b)(d)</sup> | 485 | 286824 |
|  Standard Chartered PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/09/43<sup>(a)(b)</sup> | 362 | 272080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/26/44<sup>(b)</sup> | 1008 | 794502 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/12/41 | 400 | 232211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41 | 468 | 287538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/14/42<sup>(a)</sup> | 360 | 233488 |
|  UBS AG/London, 4.50%, 06/26/48<sup>(a)(b)</sup> | 580 | 443342 |
|  UBS Group AG, 3.18%, 02/11/43<br>(Call 02/11/42)<sup>(b)(d)</sup> | 530 | 324804 |
|  Wachovia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/35 | 500 | 454936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/35 | 190 | 207509 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)<sup>(d)</sup> | 1996 | 1352400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 1192 | 862440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 | 1262 | 929912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(d)</sup> | 1925 | 1533712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 1172 | 909592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46 | 1110 | 856670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 1126 | 897946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)<sup>(d)</sup> | 3158 | 2676758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/07/35<sup>(a)</sup> | 290 | 269947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 1127 | 955966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | 1324036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/86 | 145 | 133144 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37 | 550 | 522609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/26/36 | 500 | 480205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38 | 750 | 763374 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40 | 507 | 306364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41 | 666 | 408671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39 | 601 | 452881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97354063 |
| **Beverages — 3.1%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 3089 | 2792007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 5235 | 4489916 |
|  Anheuser-Busch InBev Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/43 | 345 | 266857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44 | 537 | 447736 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | $370 | $334426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 843 | 723018 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/42 | 606 | 456988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 (Call 12/01/39) | 675 | 564289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 (Call 10/15/37) | 921 | 786445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 (Call 04/06/48) | 1071 | 867408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 1327 | 1083228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 (Call 10/15/47) | 1407 | 1159902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/60 (Call 12/01/59) | 569 | 448886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 (Call 10/15/57) | 907 | 736851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42 | 900 | 796558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 (Call 07/23/38)<sup>(a)</sup> | 1192 | 1119844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58) | 1160 | 1103086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/35 | 155 | 153704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/33<sup>(a)</sup> | 175 | 185459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/39 | 494 | 579808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39 | 679 | 810589 |
|  Bacardi Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/38 (Call 11/15/37)<sup>(b)</sup> | 237 | 198637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/48 (Call 11/15/47)<sup>(b)</sup> | 353 | 288404 |
|  Brown-Forman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/43 (Call 07/15/42) | 165 | 120436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/38 (Call 10/15/37) | 225 | 187191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/45 (Call 01/15/45) | 195 | 168796 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 554 | 383075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51<sup>(a)</sup> | 680 | 415228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50 | 882 | 558763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60 | 646 | 389819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | 609 | 437181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 | 919 | 626007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/25/50 | 432 | 366083 |
|  Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43 | 361 | 321930 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/50 (Call 11/01/49) | 375 | 261713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/48 (Call 08/15/47) | 280 | 206571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/09/47 (Call 11/09/46)<sup>(a)</sup> | 312 | 244099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48 (Call 05/15/48) | 295 | 253480 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/43 (Call 10/29/42) | 177 | 136455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/36 | 217 | 218551 |
|  Diageo Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/11/42 | 335 | 272533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/15/35 | 345 | 396227 |
|  Fomento Economico Mexicano SAB de CV 3.50%, 01/16/50 (Call 07/16/49) | 1270 | 816699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/10/43 | 355 | 273386 |
|  Heineken NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/42<sup>(b)</sup> | 401 | 299749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/29/47 (Call 09/29/46)<sup>(b)</sup> | 445 | 344533 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/51 (Call 09/15/50) | 340 | 216676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 (Call 11/01/49) | 564 | 393140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46 (Call 06/15/46) | 197 | 151892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/45 (Call 05/15/45) | 389 | 307528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 (Call 10/15/51) | 735 | 577605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 05/25/48 (Call 11/25/47) | 150 | 128922 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Beverages (continued)** |  |  |
|  Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 (Call 01/15/46) | $783 | $577339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 848 | 709768 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 656 | 452372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51) | 809 | 528771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 837 | 567201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/29/49 (Call 01/29/49) | 510 | 374317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 714 | 534186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/19/40 (Call 09/19/39) | 100 | 77846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/13/42 | 100 | 76985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 653 | 508599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 (Call 09/19/59) | 123 | 95922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/05/42 | 207 | 170899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/47 (Call 11/02/46) | 70 | 57584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/52 (Call 01/18/52) | 355 | 302259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/44 (Call 04/22/44) | 10 | 8409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 (Call 10/14/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | 342130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/17/45 (Call 01/17/45) | 235 | 205498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/40 | 355 | 330733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 90 | 90485 |
|  Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)<sup>(b)</sup> | 182 | 108317 |
|  Pernod Ricard SA, 5.50%, 01/15/42<sup>(a)(b)</sup> | 611 | 567176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38737194 |
| **Biotechnology — 1.6%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 (Call 03/01/53) | 548 | 313307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 (Call 02/15/41) | 672 | 449679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51) | 770 | 474325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 (Call 08/21/39) | 1334 | 949905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49) | 1402 | 933898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 (Call 08/22/51) | 695 | 530592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) | 1339 | 1080356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 (Call 08/22/61) | 780 | 590793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 (Call 12/15/47) | 874 | 709364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50) | 1889 | 1559900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 (Call 09/01/52) | 560 | 476360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/41 | 367 | 322515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41 (Call 05/15/41) | 708 | 632579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/42 (Call 12/15/41) | 215 | 203925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/40<sup>(a)</sup> | 280 | 267192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/01/37 | 135 | 139959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 02/01/39<sup>(a)</sup> | 125 | 126719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 06/01/38 | 50 | 53182 |
|  Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44) | 310 | 276899 |
|  Biogen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 (Call 11/01/49) | 940 | 579908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/51 (Call 08/15/50) | 372 | 231738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/45 (Call 03/15/45) | 600 | 519539 |
|  CSL Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/27/42 (Call 10/27/41)<sup>(b)</sup> | 175 | 147568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/52 (Call 10/27/51)<sup>(a)(b)</sup> | 830 | 696206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/27/62 (Call 10/27/61)<sup>(b)</sup> | 250 | 208384 |
|  Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 (Call 04/01/40) | 666 | 440736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 (Call 04/01/50)<sup>(a)</sup> | 939 | 571017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 (Call 03/01/36)<sup>(a)</sup> | 420 | 352467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 (Call 09/01/46) | 1015 | 792350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 1029 | 847501 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Biotechnology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 (Call 03/01/35) | $502 | $452444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45) | 1291 | 1109009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | 945510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 (Call 06/01/41) | 623 | 597230 |
|  Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50) | 458 | 268334 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 (Call 03/02/40) | 459 | 305156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/51 (Call 03/02/51) | 427 | 251044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 (Call 03/02/50) | 641 | 391491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19799081 |
| **Building Materials — 0.5%** |  |  |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 (Call 10/05/39) | 966 | 689584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 (Call 10/05/49) | 1207 | 809670 |
|  CRH America Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/09/47 (Call 11/09/46)<sup>(b)</sup> | 200 | 154653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/04/48 (Call 10/04/47)<sup>(b)</sup> | 599 | 468525 |
|  CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)<sup>(b)</sup> | 70 | 58401 |
|  Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51) | 260 | 171545 |
|  Holcim Capital Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/12/43<sup>(b)</sup> | 210 | 198487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/29/39<sup>(b)</sup> | 185 | 182830 |
|  Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)<sup>(b)</sup> | 220 | 171648 |
|  Johnson Controls International PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/47 (Call 08/15/46) | 443 | 340049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/02/44 (Call 01/02/44) | 235 | 187597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/02/64 (Call 01/02/64)<sup>(c)</sup> | 117 | 87450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/14/45 (Call 03/14/45) | 211 | 177127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/36 | 227 | 223165 |
|  Lafarge SA, 7.13%, 07/15/36 | 285 | 295293 |
|  Martin Marietta Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/51 (Call 01/15/51) | 553 | 344218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/47 (Call 06/15/47) | 269 | 199996 |
|  Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/51 (Call 08/15/50) | 209 | 120615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 (Call 11/15/46)<sup>(a)</sup> | 222 | 163422 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 (Call 01/15/47) | 322 | 226616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/30/48 (Call 07/30/47) | 239 | 170141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/36 | 229 | 231459 |
|  Votorantim Cimentos International SA, 7.25%, 04/05/41<sup>(b)</sup> | 205 | 220119 |
|  Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 440 | 341778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/48 (Call 09/01/47) | 279 | 224168 |
|  |  | 6458556 |
| **Chemicals — 1.8%** |  |  |
|  Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)<sup>(b)</sup> | 650 | 469120 |
|  Air Products and Chemicals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 432 | 298760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49) | 592 | 377157 |
|  Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 12/01/44 (Call 06/01/44)<sup>(a)</sup> | 188 | 161124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/01/52 (Call 12/01/51) | 310 | 265954 |
|  Braskem Netherlands Finance BV, 5.88%, 01/31/50<sup>(b)</sup> | 150 | 109002 |
|  CF Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/43 | 535 | 427127 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34 | $450 | $405919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 415 | 352667 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 701 | 456334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/34 (Call 04/01/34) | 371 | 313756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 (Call 05/15/42) | 598 | 457428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/44 (Call 04/01/44) | 317 | 246587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/49 (Call 11/15/48) | 414 | 328212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 (Call 05/15/41) | 626 | 540995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 (Call 05/30/48) | 474 | 409816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 | 375 | 378603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 05/15/39 | 381 | 474292 |
|  DuPont de Nemours Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 (Call 05/15/38) | 797 | 722218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 (Call 05/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185346 |
|  Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/44 (Call 04/15/44) | 386 | 290919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/42 (Call 03/01/42) | 560 | 437804 |
|  Ecolab Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/50 (Call 02/15/50)<sup>(a)</sup> | 283 | 151254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51) | 600 | 358822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/18/55 (Call 02/18/55) | 477 | 274877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47) | 415 | 323954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/08/41<sup>(a)</sup> | 180 | 174747 |
|  FMC Corp., 4.50%, 10/01/49 (Call 04/01/49) | 300 | 222733 |
|  GC Treasury Center Co. Ltd., 4.30%, 03/18/51 (Call 09/18/50)<sup>(b)</sup> | 360 | 221639 |
|  International Flavors & Fragrances Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/15/40 (Call 05/15/40)<sup>(a)(b)</sup> | 578 | 385240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 12/01/50 (Call 06/01/50)<sup>(a)(b)</sup> | 175 | 109159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/47 (Call 12/01/46) | 540 | 395248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/26/48 (Call 03/26/48)<sup>(a)</sup> | 605 | 483004 |
|  Linde Inc./CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/10/50 (Call 02/10/50) | 222 | 115329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/07/42 (Call 05/07/42) | 410 | 308451 |
|  Lubrizol Corp. (The), 6.50%, 10/01/34 | 395 | 428497 |
|  LYB International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/44 (Call 09/15/43) | 549 | 429050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 375 | 307227 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 (Call 04/01/40) | 462 | 308546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 657 | 409153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/60 (Call 04/01/60)<sup>(a)</sup> | 303 | 181129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 (Call 04/15/49) | 632 | 434872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 (Call 11/01/49) | 638 | 438436 |
|  LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 570 | 407897 |
|  Mosaic Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/41 (Call 05/15/41) | 330 | 259712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33 (Call 05/15/33)<sup>(a)</sup> | 188 | 173937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/43 (Call 05/15/43)<sup>(a)</sup> | 170 | 148545 |
|  Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/13/50 (Call 11/13/49) | 401 | 289535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/35 (Call 09/15/34) | 293 | 244585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/43 (Call 12/01/42) | 285 | 237461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 (Call 10/01/48) | 301 | 254754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/45 (Call 07/15/44) | 333 | 285664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/40 | 350 | 319291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/36 | 281 | 272305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/41 (Call 07/15/40) | 150 | 145509 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals (continued)** |  |  |
|  Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44<sup>(b)</sup> | $741 | $570414 |
|  PPG Industries Inc., 5.50%, 11/15/40 | 50 | 45045 |
|  RPM International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/48 (Call 07/15/47) | 185 | 131542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/45 (Call 12/01/44)<sup>(a)</sup> | 184 | 149618 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/52 (Call 09/15/51) | 410 | 237650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 236 | 149266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/49 (Call 02/15/49) | 302 | 208917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/42 (Call 06/15/42) | 205 | 151737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 (Call 12/01/46) | 704 | 556707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/01/45 (Call 02/01/45) | 249 | 194726 |
|  Sociedad Quimica y Minera de Chile SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/10/51 (Call 03/10/51)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | 159969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/22/50 (Call 07/22/49)<sup>(a)(b)</sup> | 300 | 225375 |
|  Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/41 (Call 02/15/41) | 247 | 152799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/51 (Call 02/15/51) | 428 | 250979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/61 (Call 02/15/61) | 277 | 152257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/47 (Call 05/15/47) | 335 | 239106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/46 (Call 02/15/46) | 380 | 300397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22486206 |
| **Commercial Services — 1.9%** |  |  |
|  Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41<sup>(b)</sup> | 120 | 70639 |
|  American University (The), Series 2019, 3.67%, 04/01/49 | 305 | 219685 |
|  Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50) | 295 | 196131 |
|  California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 80 | 47277 |
|  California Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2119 (Call 03/01/2119) | 88 | 52122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/01/45 | 263 | 219227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/2111 | 340 | 262923 |
|  Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121) | 190 | 162090 |
|  Cintas Corp. No. 2, 6.15%, 08/15/36<sup>(a)</sup> | 95 | 98118 |
|  Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/2121) | 150 | 88749 |
|  DP World Ltd./United Arab Emirates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/25/48<sup>(b)</sup> | 829 | 682260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 07/02/37<sup>(a)(b)</sup> | 780 | 747861 |
|  DP World Ltd/United Arab Emirates, 4.70%, 09/30/49 (Call 03/30/49)<sup>(b)</sup> | 380 | 270294 |
|  Duke University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/38 | 110 | 84977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/01/46 | 200 | 138225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 10/01/44 | 372 | 252698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.76%, 10/01/50 | 195 | 123290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.83%, 10/01/55 | 315 | 192968 |
|  Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50) | 395 | 253700 |
|  Equifax Inc., 7.00%, 07/01/37 | 235 | 235732 |
|  ERAC USA Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/46 (Call 05/01/46)<sup>(b)</sup> | 240 | 170085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/45 (Call 08/15/44)<sup>(b)</sup> | 349 | 261231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/42<sup>(b)</sup> | 402 | 350726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 06/01/34<sup>(b)</sup> | 335 | 335591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/37<sup>(b)</sup> | 830 | 847730 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services (continued)** |  |  |
|  Ford Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.86%, 06/01/47 (Call 12/01/46) | $160 | $125189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.42%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 105 | 60616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.82%, 06/01/70 (Call 12/01/69) | 300 | 163662 |
|  George Washington University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 09/15/45 | 190 | 165869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014, 4.30%, 09/15/44 | 227 | 184421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016, 3.55%, 09/15/46 | 225 | 158323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 427 | 329919 |
|  Georgetown University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.94%, 04/01/50 | 43 | 25154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.22%, 10/01/2118 (Call 04/01/2118) | 135 | 108630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.32%, 04/01/49 (Call 10/01/48) | 340 | 260720 |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 (Call 02/15/49)<sup>(a)</sup> | 329 | 221831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) | 370 | 320088 |
|  Howard University, 5.21%, 10/01/52 (Call 10/01/32) | 240 | 179065 |
|  ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)<sup>(b)</sup> | 100 | 93927 |
|  Johns Hopkins University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.08%, 07/01/53 | 278 | 223224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.81%, 01/01/60 (Call 07/01/59) | 190 | 109908 |
|  Leland Stanford Junior University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 06/01/50 (Call 12/01/49) | 283 | 167536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 05/01/47 | 100 | 73514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/01/48 (Call 11/01/47) | 552 | 428021 |
|  Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/01/52 (Call 10/01/51) | 185 | 126278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 179 | 118188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 07/01/38 | 74 | 64845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 354 | 279286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/01/2111<sup>(a)</sup> | 442 | 419372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 2.99%, 07/01/50 (Call 01/01/50) | 389 | 263996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.29%, 07/01/51 (Call 01/01/51) | 330 | 190269 |
|  Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45 | 146 | 107807 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 (Call 02/18/60) | 231 | 118324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/19/41 (Call 02/19/41) | 435 | 281303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 (Call 05/29/61) | 300 | 173133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49) | 134 | 86016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/52 (Call 08/25/51)<sup>(a)</sup> | 275 | 194194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/17/48 (Call 06/17/48) | 309 | 259209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/44 | 250 | 221943 |
|  Northeastern University, Series 2020, 2.89%, 10/01/50 | 230 | 140178 |
|  Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 12/01/38 | 270 | 225300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 12/01/48 | 165 | 129797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/01/44 | 410 | 372784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | 75 | 52792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.64%, 12/01/50 (Call 06/01/50) | 75 | 45270 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 555 | 480943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/62 (Call 12/01/61) | 270 | 231845 |
|  President and Fellows of Harvard College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50 (Call 04/15/50) | 197 | 119442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/46 (Call 01/15/46) | 295 | 213299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/56 (Call 01/15/56) | 365 | 253189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 10/01/37 | 237 | 198805 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/52 (Call 05/15/52) | $200 | $155542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 | 150 | 142711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/39<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | 423182 |
|  Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41) | 435 | 265941 |
|  Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) | 347 | 203595 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 (Call 02/15/60) | 370 | 185725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/49 (Call 06/01/49) | 443 | 299569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(a)(b)</sup> | 715 | 520402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 (Call 09/01/61)<sup>(b)</sup> | 335 | 239698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/48 (Call 11/15/47) | 205 | 166771 |
|  Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57) | 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113890 |
|  Trustees of Boston College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/52<sup>(a)</sup> | 317 | 204655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 07/01/47 | 50 | 38691 |
|  Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48) | 265 | 208312 |
|  Trustees of Dartmouth College, 3.47%, 06/01/46 | 250 | 187674 |
|  Trustees of Princeton University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/52 (Call 09/01/51) | 5 | 4237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/39 | 616 | 634574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.52%, 07/01/50 (Call 01/01/50)<sup>(a)</sup> | 160 | 99300 |
|  Trustees of the University of Pennsylvania (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/2119 (Call 08/15/2118) | 140 | 83433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 09/01/2112 | 230 | 179227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 10/01/50 (Call 04/01/50) | 215 | 124570 |
|  Trustees of Tufts College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/51 (Call 02/15/51) | 85 | 52994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012, 5.02%, 04/15/2112<sup>(a)</sup> | 190 | 152519 |
|  University of Chicago (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/52 (Call 04/01/52) | 105 | 69307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/53 (Call 04/01/53) | 350 | 275006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 2.76%, 04/01/45 (Call 10/01/44) | 185 | 132405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.55%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 160 | 102014 |
|  University of Miami, 4.06%, 04/01/52<sup>(a)</sup> | 195 | 148301 |
|  University of Notre Dame du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.44%, 02/15/45 | 299 | 225143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 263 | 190988 |
|  University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/01/50 (Call 04/01/50) | 295 | 183780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 10/01/39 | 565 | 430220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2111<sup>(a)</sup> | 220 | 193503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 300 | 233515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.95%, 10/01/51 (Call 04/01/51) | 210 | 132459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.23%, 10/01/2120 (Call 04/01/2120) | 70 | 37412 |
|  Verisk Analytics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 (Call 11/15/49) | 219 | 143823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/45 (Call 12/15/44)<sup>(a)</sup> | 188 | 165525 |
|  Washington University (The), 3.52%, 04/15/54 (Call 10/15/53)<sup>(a)</sup> | 460 | 330456 |
|  Wesleyan University, 4.78%, 07/01/2116 | 156 | 117443 |
|  William Marsh Rice University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/15/45 | 68 | 53390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/15/55<sup>(a)</sup> | 195 | 143873 |
|  WK Kellogg Foundation Trust, 2.44%, 10/01/50 (Call 04/01/50)<sup>(b)</sup> | 50 | 28081 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services (continued)** |  |  |
|  Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49) | $423 | $252180 |
|  |  | 23661133 |
| **Computers — 2.0%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40) | 1060 | 709375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | 685 | 406564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60) | 891 | 512941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 1550 | 969956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) | 1851 | 1153538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51) | 1145 | 719485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 1007 | 597142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 830 | 497285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49) | 926 | 623561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45<sup>(a)</sup> | 1154 | 873706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 625 | 487705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 732 | 575500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43 | 1744 | 1419380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 1146 | 912990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | 805 | 639009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 575 | 446650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46) | 570 | 489884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45 | 1232 | 1074421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 | 627 | 561038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35) | 453 | 433270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021682 |
|  Dell Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/10/40 | 270 | 221873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 290 | 270579 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 (Call 06/15/41)<sup>(a)(b)</sup> | 580 | 359959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 (Call 06/15/51)<sup>(a)(b)</sup> | 810 | 458330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 (Call 01/15/36)<sup>(a)</sup> | 402 | 425862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 (Call 01/15/46) | 419 | 444802 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 (Call 04/15/35)<sup>(a)</sup> | 339 | 330734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 (Call 04/15/45) | 880 | 795833 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32) | 210 | 186718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41<sup>(a)</sup> | 967 | 856868 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/40 (Call 11/15/39) | 370 | 249868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49) | 480 | 289440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 02/09/52 (Call 08/09/51) | 445 | 290021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42 | 759 | 586371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 | 1157 | 941865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 | 1623 | 1259800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 | 452 | 372473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52)<sup>(a)</sup> | 125 | 105297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/30/39<sup>(a)</sup> | 540 | 511892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32<sup>(a)</sup> | 386 | 394283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/96<sup>(a)</sup> | 137 | 153946 |
|  Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41) | 357 | 195616 |
|  |  | 25827512 |
| **Cosmetics & Personal Care — 0.3%** |  |  |
|  Colgate-Palmolive Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/47 (Call 02/01/47)<sup>(a)</sup> | 170 | 133587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 | 405 | 336548 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Cosmetics & Personal Care (continued)** |  |  |
|  Estee Lauder Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/49 (Call 06/01/49)<sup>(a)</sup> | $183 | $124195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/42 | 231 | 175718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/47 (Call 09/15/46) | 267 | 216202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44)<sup>(a)</sup> | 240 | 198501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/37 | 305 | 314920 |
|  GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52 | 600 | 430182 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/25/47 | 110 | 84704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/25/40 | 391 | 317079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/25/50 | 296 | 231618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/34 | 195 | 197748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/05/37 | 525 | 545048 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32<sup>(a)</sup> | 451 | 471282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)<sup>(a)</sup> | 322 | 194011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3971343 |
| **Distribution & Wholesale — 0.1%** |  |  |
|  WW Grainger Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 345 | 260202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/47 (Call 11/15/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | 204124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/45 (Call 12/15/44) | 441 | 381475 |
|  |  | 845801 |
| **Diversified Financial Services — 1.3%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) | 842 | 608669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 (Call 04/29/41)<sup>(a)</sup> | 882 | 586227 |
|  American Express Co., 4.05%, 12/03/42 | 398 | 305478 |
|  Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)<sup>(b)</sup> | 275 | 157555 |
|  Blackstone Holdings Finance Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/30/50 (Call 03/30/50)<sup>(b)</sup> | 293 | 164143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/51 (Call 02/05/51)<sup>(b)</sup> | 230 | 128904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/52 (Call 07/30/51)<sup>(a)(b)</sup> | 465 | 281879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/10/49 (Call 03/10/49)<sup>(b)</sup> | 215 | 142441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/02/47 (Call 04/02/47)<sup>(b)</sup> | 165 | 118639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/45<sup>(a)(b)</sup> | 200 | 155664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/44<sup>(b)</sup> | 341 | 287867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/15/42<sup>(b)</sup> | 240 | 232232 |
|  Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)<sup>(b)</sup> | 240 | 133828 |
|  Brookfield Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 (Call 09/30/50) | 382 | 227662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/52 (Call 08/15/51) | 250 | 152302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) | 544 | 404801 |
|  Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) | 356 | 211200 |
|  CI Financial Corp., 4.10%, 06/15/51<br>(Call 12/15/50)<sup>(a)</sup> | 563 | 316540 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47)<sup>(a)</sup> | 466 | 380031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43) | 449 | 427276 |
|  FMR LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43<sup>(b)</sup> | 250 | 211182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/15/39<sup>(b)</sup> | 250 | 248885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/14/40<sup>(b)</sup> | 327 | 324591 |
|  Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51) | 235 | 137421 |
|  Invesco Finance PLC, 5.38%, 11/30/43 | 271 | 236879 |
|  Jefferies Financial Group Inc., 6.63%, 10/23/43 (Call 07/23/43) | 188 | 167602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Jefferies Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/36<sup>(a)</sup> | $360 | $328782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/43 | 179 | 164135 |
|  KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)<sup>(a)(b)</sup> | 326 | 288865 |
|  Legg Mason Inc., 5.63%, 01/15/44 | 305 | 275975 |
|  LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)<sup>(b)</sup> | 481 | 331509 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/51 (Call 09/15/50)<sup>(a)</sup> | 366 | 241358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 548 | 415013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46 (Call 05/21/46) | 405 | 316544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49) | 814 | 638606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/48 (Call 08/26/47) | 262 | 210050 |
|  Nasdaq Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/21/40 (Call 06/21/40) | 448 | 270479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/50 (Call 10/28/49) | 338 | 215539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/07/52 (Call 09/07/51) | 215 | 155970 |
|  Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)<sup>(b)</sup> | 205 | 160413 |
|  Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)<sup>(b)</sup> | 336 | 285162 |
|  Raymond James Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 424 | 288180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46<sup>(a)</sup> | 521 | 441106 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50) | 1108 | 615013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39)<sup>(a)</sup> | 551 | 391035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 504 | 383449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35) | 732 | 659360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | 1755518 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/17/36<sup>(a)</sup> | 382 | 358348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/21/40 | 185 | 160657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16100964 |
| **Electric — 12.0%** |  |  |
|  Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/29/51 (Call 10/29/50)<sup>(b)</sup> | 377 | 278038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/03/49<sup>(b)</sup> | 243 | 195615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/27/36<sup>(a)(b)</sup> | 560 | 599200 |
|  AEP Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 (Call 11/15/50) | 331 | 214506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 (Call 04/01/47) | 183 | 125381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 (Call 11/15/51) | 390 | 339993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.65%, 02/15/33 | 159 | 157548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 (Call 11/01/48) | 184 | 132544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.45%, 01/15/50 (Call 07/15/49) | 220 | 144493 |
|  AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 (Call 03/15/49) | 295 | 187420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 240 | 172439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 (Call 12/15/48) | 157 | 113087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 85 | 62999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 194 | 150063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/52 (Call 12/01/51) | 325 | 262878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.65%, 04/01/50 (Call 10/01/49) | 307 | 215558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 (Call 02/15/51) | 252 | 147819 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/52 (Call 09/15/51) | 250 | 157418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/51 (Call 01/15/51) | 285 | 183384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/49 (Call 04/01/49) | 287 | 194050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/45 (Call 09/01/44) | 435 | 316104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/01/42 | 195 | 146518 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/42<sup>(a)</sup> | $90 | $68104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/44 (Call 02/15/44) | 267 | 208000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 (Call 07/02/45) | 255 | 201536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/41<sup>(a)</sup> | 223 | 204001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/33<sup>(a)</sup> | 75 | 73823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 | 232 | 229914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/38 | 120 | 119918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 11-C, 5.20%, 06/01/41 | 220 | 193063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.30%, 07/15/48 (Call 01/15/48) | 267 | 209453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 12/01/47 (Call 06/01/47) | 365 | 261258 |
|  Alfa Desarrollo SpA, 4.55%, 09/27/51<br>(Call 03/27/51)<sup>(b)</sup> | 593 | 379288 |
|  Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/51 (Call 12/15/50) | 262 | 159444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/50 (Call 09/15/49) | 162 | 106560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 347 | 252332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/46 (Call 09/15/45) | 320 | 251133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/44 (Call 01/01/44) | 205 | 160162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 335 | 276232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43 (Call 06/15/43) | 195 | 162378 |
|  American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49) | 232 | 144203 |
|  American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127625 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 (Call 11/15/43) | 151 | 116468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/45 (Call 12/01/44) | 126 | 97270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/38 | 295 | 311430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 5.80%, 10/01/35 | 195 | 186484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 6.70%, 08/15/37 | 170 | 168979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 236 | 182718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/50 (Call 11/01/49) | 295 | 200224 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/50 (Call 03/15/50) | 210 | 114283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/50 (Call 11/15/49) | 248 | 153790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49) | 112 | 71969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 251 | 171799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | 233 | 170749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/49 (Call 09/01/48)<sup>(a)</sup> | 191 | 138361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 32 | 23715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/42 (Call 10/01/41) | 451 | 351264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/44 (Call 07/15/43) | 185 | 144636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/41 (Call 03/01/41) | 255 | 211433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/35<sup>(a)</sup> | 195 | 167823 |
|  Avista Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 (Call 10/01/51) | 210 | 155004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/48 (Call 12/01/47) | 91 | 71574 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 288 | 177397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/49 (Call 03/15/49) | 247 | 162523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 265 | 185705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 220 | 160387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 205 | 161810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 315 | 257819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/01/36 | 125 | 128031 |
|  Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)<sup>(b)</sup> | 144 | 103316 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 631 | 378202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | 437 | 314192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50) | 468 | 361430 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | $613 | $492268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 433 | 350636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(b)</sup> | 315 | 259704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 228 | 201639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 370 | 366083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 947 | 959958 |
|  Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/49 (Call 04/15/49) | 164 | 110827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/46 (Call 03/15/46) | 170 | 120927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/33 (Call 02/01/33) | 196 | 167713 |
|  Celeo Redes Operacion Chile SA, 5.20%, 06/22/47<sup>(b)</sup> | 191 | 151271 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 (Call 02/01/42) | 260 | 193416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/52 (Call 09/01/51) | 130 | 92468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 245 | 187414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 (Call 10/01/43) | 367 | 308919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AC, 4.25%, 02/01/49 (Call 08/01/48)<sup>(a)</sup> | 450 | 359831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/50 (Call 01/01/50) | 270 | 169688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, 3.35%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 215 | 146951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/52 (Call 04/01/52) | 180 | 158462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K2, 6.95%, 03/15/33 | 165 | 180037 |
|  CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)<sup>(a)</sup>  | 237 | 161880 |
|  CEZ AS, 5.63%, 04/03/42<sup>(a)(b)</sup> | 223 | 197917 |
|  Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45) | 210 | 171484 |
|  Cleco Power LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/40 | 183 | 168759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/35 | 260 | 262349 |
|  Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36<sup>(a)</sup> | 137 | 133164 |
|  CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/31/43 (Call 09/30/42) | 185 | 146463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/44 (Call 09/01/43) | 166 | 137772 |
|  Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)<sup>(a)(b)</sup> | 262 | 226839 |
|  Comision Federal de Electricidad |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/26/33 (Call 04/26/33)<sup>(b)</sup> | 289 | 205913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/09/51 (Call 08/09/50)<sup>(b)</sup> | 362 | 220703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/14/42<sup>(b)</sup> | 261 | 200425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/16/45<sup>(b)</sup> | 430 | 325546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 02/15/52 (Call 08/15/51)<sup>(b)</sup> | 305 | 225527 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 (Call 09/01/49) | 298 | 189425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/46 (Call 12/15/45) | 445 | 319474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 193 | 140780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/42 (Call 04/01/42)<sup>(a)</sup> | 285 | 217069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 291 | 223473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 (Call 09/01/48) | 233 | 174827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 263 | 210199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/43 (Call 02/15/43)<sup>(a)</sup> | 190 | 159997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/44 (Call 07/15/43) | 215 | 183381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 01/15/38 | 199 | 206884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 432 | 315675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 127, 3.20%, 11/15/49 (Call 05/15/49) | 200 | 132460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 130, 3.13%, 03/15/51 (Call 09/15/50) | 344 | 222056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 131, 2.75%, 09/01/51 (Call 03/01/51) | 315 | 188552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133, 3.85%, 03/15/52 (Call 09/15/51) | 295 | 219409 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/44 (Call 10/15/43) | 234 | 188745 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/36 | $200 | $202960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.15%, 06/01/45 (Call 12/01/44) | 200 | 158857 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/51 (Call 06/01/51) | 195 | 123963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60)<sup>(a)</sup> | 485 | 320378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/59 (Call 05/15/59) | 448 | 297309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/46 (Call 12/15/45) | 177 | 128753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/43 (Call 09/01/42) | 320 | 240806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 235 | 188771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 (Call 06/01/45) | 303 | 242723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 (Call 11/15/57) | 586 | 443205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54)<sup>(a)</sup> | 344 | 271382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/40 | 355 | 332257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-A, 5.30%, 03/01/35 | 210 | 195915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-A, 5.85%, 03/15/36 | 292 | 283683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-B, 6.20%, 06/15/36 | 160 | 161417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-E, 5.70%, 12/01/36<sup>(a)</sup> | 255 | 240606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07-A, 6.30%, 08/15/37 | 435 | 442207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-B, 6.75%, 04/01/38 | 315 | 326668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09-C, 5.50%, 12/01/39 | 310 | 283742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.20%, 03/15/42 | 275 | 214652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 196 | 142345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 661 | 486452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/49 (Call 11/15/48) | 383 | 286214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/60 (Call 06/01/60) | 315 | 178957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/57 (Call 05/15/57) | 224 | 158411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/56 (Call 06/01/56) | 271 | 198774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.65%, 12/01/48 (Call 06/01/48) | 304 | 247806 |
|  Consorcio Transmantaro SA, 5.20%, 04/11/38 (Call 01/11/38)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447200 |
|  Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/15/42 (Call 12/15/41) | 178 | 156577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39<sup>(a)</sup> | 678 | 651013 |
|  Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 (Call 11/01/59) | 208 | 108948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/52 (Call 02/15/52) | 190 | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/50 (Call 02/15/50) | 451 | 293349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/46 (Call 02/15/46) | 265 | 181053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/51 (Call 02/01/51) | 336 | 234029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/50 (Call 08/15/49) | 173 | 127387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 (Call 11/15/42) | 340 | 264309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/47 (Call 01/15/47) | 215 | 165118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 (Call 11/15/47) | 345 | 267952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/52 (Call 03/01/52) | 225 | 179581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 (Call 10/15/48) | 275 | 223233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/31/64 (Call 02/28/64) | 159 | 116920 |
|  Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48) | 171 | 127791 |
|  Delmarva Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/42 (Call 12/01/41) | 200 | 149359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/15/44) | 310 | 236171 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/44 (Call 06/01/44) | 267 | 216952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/52 (Call 02/15/52) | 405 | 332387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/38 | 274 | 281665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.60%, 03/15/49 (Call 09/15/48) | 155 | 124984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.30%, 04/15/41 (Call 10/15/40)<sup>(a)</sup> | 244 | 172727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/35 | 334 | 323743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.05%, 09/15/42 (Call 03/15/42) | 210 | 156817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.90%, 08/01/41 (Call 02/01/41) | 284 | 239711 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.30%, 03/15/33 | $226 | $228981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, 08/01/33 | 390 | 365151 |
|  Dominion Energy South Carolina Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | 258 | 214923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/65 (Call 12/01/64)<sup>(a)</sup> | 156 | 133726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/33 | 260 | 252897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/41 (Call 08/01/40) | 240 | 222885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/38 | 253 | 253481 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 (Call 09/01/49) | 50 | 31855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 (Call 09/15/44) | 101 | 74774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/46 (Call 12/01/45) | 175 | 128113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 195 | 143871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/42 (Call 12/15/41) | 173 | 129758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 (Call 09/01/48)<sup>(a)</sup> | 503 | 386174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/44 (Call 01/01/44) | 246 | 198927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/01/37 | 193 | 186405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/43 (Call 10/01/42) | 246 | 191374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 05/15/48 (Call 11/15/47) | 240 | 187213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.63%, 06/01/36<sup>(a)</sup> | 210 | 221813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/51 (Call 10/01/50) | 417 | 279784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 (Call 09/01/51) | 325 | 233347 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 (Call 02/15/49) | 376 | 247862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 184 | 124905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 260 | 181176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 372 | 266628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 (Call 12/01/44) | 317 | 230344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/46 (Call 09/15/45) | 353 | 264205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 (Call 09/15/47) | 223 | 167760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/30/42 (Call 03/30/42) | 413 | 320332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/41 (Call 06/15/41) | 414 | 332388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 347 | 323500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38 | 424 | 423481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/38 | 349 | 348437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | 323758 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/41 (Call 12/15/40) | 432 | 292480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50) | 417 | 270424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 798 | 548383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 (Call 02/15/47) | 311 | 219844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 (Call 12/15/48) | 358 | 260683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/45 (Call 06/15/45) | 312 | 252076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52) | 550 | 454839 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 (Call 06/15/51) | 280 | 175918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/46 (Call 04/01/46) | 318 | 213942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/42 (Call 05/15/42) | 205 | 154454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/48 (Call 01/15/48) | 267 | 208287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/40 | 226 | 214408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37<sup>(a)</sup> | 321 | 327063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38 | 440 | 456090 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/50 (Call 10/01/49) | 325 | 191275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 246 | 175760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35 | 300 | 296694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/15/38 | 320 | 322707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 04/01/39 | 285 | 289035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UUU, 4.20%, 03/15/42 (Call 09/15/41) | 199 | 149452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190195 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/01/49 (Call 04/01/49) | $246 | $157353 |
|  Duke Energy Ohio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/46 (Call 12/15/45) | 215 | 150042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/49 (Call 08/01/48) | 257 | 196477 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 (Call 02/15/50) | 300 | 167624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 (Call 02/15/51) | 242 | 147844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 325 | 229446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 (Call 04/15/46) | 296 | 214869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 (Call 10/01/51) | 255 | 192669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/42 (Call 11/15/41) | 312 | 244886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/43 (Call 09/15/42) | 301 | 234616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/44 (Call 06/01/44) | 309 | 240492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/45 (Call 02/15/45) | 427 | 334742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/30/44 (Call 09/30/43) | 205 | 165555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/01/38 | 265 | 271215 |
|  E.ON International Finance BV, 6.65%, 04/30/38<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | 613310 |
|  El Paso Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 (Call 06/01/44) | 130 | 108930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/35 | 401 | 376929 |
|  Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/13/35 (Call 04/13/35)<sup>(a)(b)</sup> | 238 | 194858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/21/38 (Call 03/21/38)<sup>(b)</sup> | 341 | 260461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/22/44<sup>(a)(b)</sup> | 588 | 425707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/13/45 (Call 04/13/45)<sup>(b)</sup> | 638 | 457749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/21/48 (Call 03/21/48)<sup>(b)</sup> | 744 | 535919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/13/55 (Call 04/13/55)<sup>(b)</sup> | 201 | 146407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 01/27/40<sup>(b)</sup> | 520 | 431181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/22/2114<sup>(b)</sup> | 414 | 330696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/26/39<sup>(b)</sup> | 975 | 920666 |
|  Elm Road Generating Station Supercritical LLC, 6.09%, 02/11/40<sup>(b)</sup> | 50 | 48967 |
|  Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) | 541 | 401117 |
|  Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35<sup>(a)(b)</sup> | 215 | 195353 |
|  Empresa de Transmision Electrica SA, 5.13%, 05/02/49<sup>(a)(b)</sup> | 325 | 237912 |
|  Enel Finance International NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/12/41 (Call 01/12/41)<sup>(b)</sup> | 225 | 124144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/25/47<sup>(a)(b)</sup> | 557 | 372446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/52 (Call 12/15/51)<sup>(b)</sup> | 620 | 449213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/07/39<sup>(b)</sup> | 1022 | 832617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37<sup>(b)</sup> | 660 | 606249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/14/52<sup>(a)</sup> | 200 | 191677 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/51 (Call 12/15/50) | 367 | 207984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/15/52 (Call 12/15/51) | 320 | 207719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/49 (Call 10/01/48) | 218 | 168567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/44 (Call 12/15/24) | 375 | 321216 |
|  Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 305 | 205990 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/51 (Call 09/15/50) | 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/41 (Call 12/15/40) | 344 | 235942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 (Call 12/15/32) | 1 | 872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 609 | 470510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 291 | 221177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/52 (Call 03/15/52) | 325 | 270497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/45 (Call 01/15/25) | 315 | 269782 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/51 (Call 03/01/51) | $175 | $117330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/49 (Call 12/01/48) | 341 | 244148 |
|  Entergy Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/30/49 (Call 03/30/49) | 270 | 180608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/39 (Call 09/30/38) | 328 | 269611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/52 (Call 03/15/52) | 100 | 84685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/45 (Call 06/01/25)<sup>(a)</sup> | 80 | 70650 |
|  Evergy Kansas Central Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/49 (Call 03/01/49) | 271 | 176777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 (Call 10/15/49) | 190 | 128246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 157 | 120615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/42 (Call 09/01/41) | 491 | 381387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/45 (Call 06/01/45) | 202 | 155110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/43 (Call 03/01/43) | 199 | 156383 |
|  Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)<sup>(b)</sup> | 70 | 52617 |
|  Evergy Metro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/47 (Call 12/15/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 155 | 119007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/41 (Call 04/01/41) | 389 | 350019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 145 | 109221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.05%, 11/15/35 | 165 | 164080 |
|  Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)<sup>(a)</sup> | 295 | 196482 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 230 | 169199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 (Call 10/15/45) | 458 | 359033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49) | 393 | 316020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/35 (Call 12/15/34) | 115 | 103549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/45 (Call 12/15/44)<sup>(a)</sup> | 401 | 345802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/35<sup>(a)</sup> | 387 | 375540 |
|  Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41) | 393 | 354560 |
|  FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)<sup>(b)</sup> | 240 | 160684 |
|  FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/49 (Call 10/01/48)<sup>(b)</sup> | 333 | 251670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 07/15/44 (Call 01/15/44)<sup>(b)</sup> | 180 | 155820 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51) | 650 | 414551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 325 | 218137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 428 | 317433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/42 (Call 06/15/42) | 217 | 167378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 606 | 468949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 (Call 09/01/48) | 365 | 283706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/42 (Call 12/01/41) | 419 | 335760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 (Call 04/01/44) | 319 | 251877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/42 (Call 08/01/41) | 415 | 336940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 (Call 12/01/47)<sup>(a)</sup> | 212 | 168696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/35 | 230 | 216486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/41 (Call 12/01/40) | 185 | 165050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/41 (Call 08/01/40) | 280 | 260102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/34 | 295 | 295511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/37 | 241 | 236408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/40 | 221 | 215234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/33 | 205 | 210037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38 | 400 | 399844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 04/01/39 | 325 | 326035 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/42 | 709 | 572353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/43 | 226 | 179693 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 (Call 11/15/51)<sup>(a)</sup> | $500 | $447371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/40<sup>(a)</sup> | 100 | 88855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10-C, 4.75%, 09/01/40 | 470 | 403335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 (Call 09/15/50) | 445 | 288179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/50 (Call 07/30/49) | 239 | 169849 |
|  Great River Energy, 6.25%, 07/01/38<sup>(b)</sup> | 419 | 423640 |
|  Iberdrola International BV, 6.75%, 07/15/36 | 410 | 405803 |
|  Idaho Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/45 (Call 09/01/44) | 199 | 141663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.20%, 03/01/48 (Call 09/01/47) | 140 | 108428 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 235 | 151547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/48 (Call 02/15/48) | 295 | 223358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/37 | 239 | 235198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.55%, 03/15/46 (Call 09/15/45) | 240 | 190821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.75%, 07/01/47 (Call 01/01/47) | 225 | 158305 |
|  Indianapolis Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/46 (Call 11/01/45)<sup>(b)</sup> | 123 | 95190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 (Call 03/01/45)<sup>(b)</sup> | 192 | 157973 |
|  Infraestructura Energetica Nova SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/51 (Call 07/15/50)<sup>(b)</sup> | 375 | 251655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/14/48<sup>(b)</sup> | 342 | 232949 |
|  Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)<sup>(b)</sup> | 740 | 535814 |
|  Interconexion Electrica SA ESP, 3.83%, 11/26/33 (Call 08/26/33)<sup>(a)(b)</sup> | 186 | 141708 |
|  International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43) | 190 | 148346 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51 (Call 05/30/51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | 132911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/49 (Call 03/30/49) | 213 | 144960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/46 (Call 03/15/46) | 180 | 124766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/43 (Call 04/15/43) | 188 | 148576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/39 | 320 | 318221 |
|  ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43) | 167 | 142137 |
|  Jersey Central Power & Light Co., 6.15%, 06/01/37 | 161 | 152667 |
|  Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/50 (Call 12/01/49) | 265 | 174141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 (Call 04/01/45) | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/40 (Call 05/01/40) | 557 | 495484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 4.65%, 11/15/43 (Call 05/15/43) | 195 | 160872 |
|  LLPL Capital Pte Ltd., 6.88%, 02/04/39<sup>(b)</sup> | 202 | 155504 |
|  Louisville Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/49 (Call 10/01/48) | 99 | 76243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 (Call 04/01/45) | 80 | 62511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/43 (Call 05/15/43) | 172 | 140915 |
|  Louisville Gas and Electric Co., 5.13%, 11/15/40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 05/15/40) | 75 | 64954 |
|  Massachusetts Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/46 (Call 02/15/46)<sup>(b)</sup> | 285 | 199629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/39<sup>(b)</sup> | 340 | 315407 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/52 (Call 02/01/52) | 360 | 215527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 (Call 10/15/49) | 450 | 293836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 (Call 02/01/48) | 445 | 321283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | 450 | 342378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/46 (Call 11/01/45) | 281 | 224202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) | 589 | 470811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/44 (Call 04/15/44) | 210 | 171907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/43 (Call 03/15/43) | 166 | 143003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/35 | 286 | 281994 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/15/36 | $210 | $207942 |
|  Minejesa Capital BV, 5.63%, 08/10/37<sup>(b)</sup> | 330 | 211200 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.25%, 03/15/42 | 450 | 347551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.10%, 07/30/51 (Call 01/30/51) | 125 | 75488 |
|  Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)<sup>(b)</sup> | 217 | 193473 |
|  Narragansett Electric Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 12/10/42<sup>(b)</sup> | 192 | 144412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 03/15/40<sup>(b)</sup> | 135 | 127899 |
|  National Grid USA, 5.80%, 04/01/35 | 210 | 191576 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/32 (Call 05/01/32) | 95 | 84164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/49 (Call 09/15/48) | 221 | 173573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/48 (Call 05/01/48) | 159 | 126824 |
|  Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/15/40 (Call 03/15/40) | 255 | 228503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 05/15/41 (Call 11/15/40) | 130 | 116235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/01/53 | 100 | 98717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 3.13%, 08/01/50 (Call 02/01/50) | 171 | 105946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 6.65%, 04/01/36 | 260 | 270577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 6.75%, 07/01/37 | 255 | 266921 |
|  New England Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/06/50 (Call 04/06/50)<sup>(b)</sup> | 284 | 157353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/47 (Call 06/05/47)<sup>(b)</sup> | 140 | 95675 |
|  New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)<sup>(b)</sup> | 160 | 103403 |
|  NextEra Energy Capital Holdings Inc., 3.00%, 01/15/52 (Call 07/15/51) | 220 | 134950 |
|  Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 06/27/50 (Call 12/27/49)<sup>(a)(b)</sup> | 462 | 264404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 11/28/42<sup>(b)</sup> | 55 | 40508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 10/01/34 (Call 04/01/34)<sup>(b)</sup> | 192 | 162489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.78%, 09/16/52 (Call 03/16/52)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271290 |
|  Northern States Power Co./MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 (Call 12/01/50) | 334 | 198848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 (Call 09/01/49) | 280 | 177864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/52 (Call 10/01/51) | 211 | 140051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/42 (Call 02/15/42) | 183 | 134152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/46 (Call 11/15/45) | 227 | 166482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 293 | 211204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 (Call 02/15/45) | 170 | 132373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/44 (Call 11/15/43) | 188 | 150787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 225 | 189535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/40 (Call 02/15/40)<sup>(a)</sup> | 205 | 172999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/35 | 247 | 232512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/39 | 285 | 274239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/01/37 | 285 | 296114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/36 | 311 | 324409 |
|  NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) | 78 | 59152 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | 360 | 229723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/44 (Call 09/01/43) | 161 | 131993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51) | 190 | 159761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(a)</sup> | 125 | 111844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 412 | 391066 |
|  Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/50 (Call 02/01/50) | 199 | 133118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/42<sup>(a)</sup> | 145 | 101429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 220 | 156766 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/44 | $80 | $57856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/01/48 (Call 04/01/48) | 275 | 220650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/50 | 205 | 165551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/40 | 325 | 276865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/39 | 208 | 193029 |
|  Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/36 | 315 | 328142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 10/15/38 | 230 | 269234 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 (Call 12/01/48) | 230 | 166483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/48 (Call 10/01/47) | 235 | 175342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.60%, 03/01/33<sup>(a)</sup> | 260 | 271095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.85%, 10/01/35 | 280 | 268053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.60%, 02/15/33 | 135 | 139728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 (Call 04/01/51) | 330 | 197026 |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/47 (Call 02/15/47) | 210 | 152583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/43 (Call 11/01/42) | 155 | 111116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/44 (Call 06/15/44) | 70 | 49785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/47 (Call 10/01/46) | 301 | 229852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/44 (Call 09/15/43) | 166 | 132427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/41 (Call 11/15/40) | 135 | 116638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/01/40 | 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191633 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/15/51 (Call 05/15/51) | 110 | 66100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 (Call 03/15/49) | 245 | 159347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/50 (Call 11/15/49) | 225 | 162728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/45 (Call 10/01/44) | 247 | 183990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/30/47 (Call 03/30/47) | 326 | 247851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/49 (Call 12/01/48) | 310 | 230559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48 (Call 05/15/48) | 347 | 271931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/41 (Call 06/01/41) | 215 | 183880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/52 (Call 12/01/51)<sup>(a)(b)</sup> | 250 | 212031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(b)</sup> | 300 | 268900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/40 | 385 | 359583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/01/42 (Call 12/01/41)<sup>(a)</sup> | 160 | 149893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/01/52 (Call 04/01/52)<sup>(a)</sup> | 120 | 111111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/33 | 66 | 73996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/38 | 390 | 452110 |
|  Pacific Gas & Electric Co., 4.50%, 12/15/41 (Call 06/15/41)<sup>(a)</sup> | 210 | 142736 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 (Call 02/01/40)<sup>(a)</sup> | 455 | 295467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027 | 626456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 (Call 02/15/42) | 264 | 167202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47) | 494 | 318552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 320 | 203468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/41 (Call 12/01/40) | 267 | 187823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/46 (Call 09/15/45) | 270 | 179684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/45 (Call 09/15/44) | 355 | 239133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/42 (Call 10/15/41) | 280 | 197341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) | 1131 | 843377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | 221 | 158406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 (Call 08/15/43) | 361 | 260401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) | 1697 | 1265024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 (Call 09/01/51) | 340 | 261542 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/52 (Call 12/15/51) | 594 | 362569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/51 (Call 09/15/50) | 320 | 210682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/42 (Call 08/01/41) | 107 | 82585 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/49 (Call 07/15/48)<sup>(a)</sup> | $295 | $225076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 (Call 08/15/49) | 382 | 291358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/35 | 255 | 239404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/37 | 380 | 360662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/39 | 369 | 360932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/01/36 | 255 | 248077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | 355 | 352904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 07/15/38 | 235 | 240052 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 252 | 153467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 (Call 03/15/51) | 250 | 153417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/49 (Call 03/15/49) | 316 | 201275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/51 (Call 09/15/50) | 210 | 134282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/47 (Call 03/15/47) | 219 | 161138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 (Call 09/01/47) | 304 | 229979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/44 (Call 04/01/44) | 119 | 94431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/52 (Call 02/15/52) | 270 | 218940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 (Call 11/15/51) | 245 | 207125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/43 (Call 04/15/43) | 190 | 158765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/36 | 206 | 206975 |
|  Pennsylvania Electric Co., 6.15%, 10/01/38 | 315 | 303493 |
|  Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)<sup>(b)</sup> | 703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415136 |
|  Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/50<sup>(b)</sup> | 390 | 240873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/17/49<sup>(b)</sup> | 331 | 221975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/24/42<sup>(b)</sup> | 702 | 510315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/21/48<sup>(b)</sup> | 660 | 519750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/25/49<sup>(b)</sup> | 370 | 294613 |
|  Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/43 (Call 09/15/42) | 406 | 319657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/37 | 305 | 320181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.90%, 12/15/38<sup>(a)</sup> | 220 | 252237 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/49 (Call 04/01/49) | 245 | 155499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/47 (Call 12/01/46) | 315 | 239570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/44 (Call 12/15/43) | 212 | 164942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/45 (Call 04/01/45) | 246 | 190465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47) | 383 | 299634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/43 (Call 01/15/43) | 195 | 166991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/41 (Call 01/15/41) | 185 | 161456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/39 | 230 | 233088 |
|  Progress Energy Inc., 6.00%, 12/01/39 | 360 | 340760 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/46 (Call 12/15/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | 252686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 237 | 175261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/47 (Call 12/15/46) | 157 | 116669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/43 (Call 09/15/42) | 190 | 142551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/49 (Call 03/15/49) | 245 | 188946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/48 (Call 12/15/47) | 225 | 175433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/44 (Call 09/15/43) | 130 | 103774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 220 | 182736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/41 (Call 02/15/41) | 184 | 154929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/38 | 180 | 189269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 17, 6.25%, 09/01/37 | 385 | 404811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34, 3.20%, 03/01/50 (Call 09/01/49) | 335 | 224370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 36, 2.70%, 01/15/51 (Call 07/15/50) | 145 | 86893 |
|  Public Service Co. of New Hampshire, 3.60%, 07/01/49 (Call 01/01/49) | 74 | 53111 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 6.63%, 11/15/37 | $95 | $97560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.15%, 08/15/51 (Call 02/15/51) | 187 | 115049 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/50 (Call 02/01/50) | 186 | 95100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/50 (Call 11/01/49) | 116 | 69595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/51 (Call 09/01/50) | 267 | 168663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/50 (Call 07/01/49) | 190 | 124008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/49 (Call 02/01/49) | 180 | 119037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/47 (Call 06/01/47) | 188 | 134845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/42 (Call 03/01/42)<sup>(a)</sup> | 242 | 182031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/01/43 (Call 07/01/42) | 150 | 114987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 (Call 09/01/45) | 244 | 182356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/49 (Call 11/01/48) | 219 | 162542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 (Call 11/01/41) | 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/48 (Call 11/01/47) | 235 | 181595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/45 (Call 05/01/45) | 166 | 128625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/39 | 225 | 206253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/40 | 260 | 247192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/01/36 | 210 | 202144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/37 | 294 | 293563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 4.00%, 06/01/44 (Call 12/01/43) | 80 | 59997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.05%, 05/01/45 (Call 11/01/44) | 165 | 121091 |
|  Puget Sound Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 09/15/51 (Call 03/15/51) | 120 | 71808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/49 (Call 03/15/49) | 266 | 171550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 06/15/48 (Call 12/15/47)<sup>(a)</sup> | 315 | 243332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/45 (Call 11/20/44) | 151 | 117228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 11/15/41 (Call 05/15/41) | 195 | 154044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 06/01/35 | 226 | 211743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 04/15/41 (Call 10/15/40) | 205 | 192745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/01/39<sup>(a)</sup> | 250 | 236923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/15/40 | 200 | 186132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/40 | 301 | 286853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 03/15/37 | 260 | 259043 |
|  Ruwais Power Co. PJSC, 6.00%, 08/31/36<sup>(a)(b)</sup> | 475 | 488612 |
|  San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 50 | 36077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/41<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | 251071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 193 | 149201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/42 (Call 10/01/41) | 205 | 158055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40 | 329 | 273742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/35<sup>(a)</sup> | 65 | 60630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/40 | 195 | 176872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/39 | 233 | 231562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FFF, 6.13%, 09/15/37 | 185 | 181953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RRR, 3.75%, 06/01/47 (Call 12/01/46) | 120 | 85692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 176 | 133258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UUU, 3.32%, 04/15/50 (Call 10/15/49) | 94 | 62702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51) | 435 | 274230 |
|  Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43<sup>(a)(b)</sup> | 505 | 444550 |
|  Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44<sup>(a)(b)</sup> | 622 | 575350 |
|  Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 (Call 08/01/37)<sup>(a)</sup> | 555 | 420716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 (Call 08/01/47) | 448 | 319446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39 | 309 | 294250 |
|  Sierra Pacific Power Co., Series P, 6.75%, 07/01/37 | 150 | 154559 |
|  Solar Star Funding LLC, 5.38%, 06/30/35<sup>(b)</sup> | 82 | 81345 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 (Call 08/01/51) | 350 | 228638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49) | $582 | $389088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/01/41 (Call 06/01/41) | 202 | 138717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46) | 886 | 632069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/42 (Call 09/15/41) | 337 | 249426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 (Call 03/01/40) | 359 | 285310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43) | 211 | 168727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 395 | 353207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/36<sup>(a)</sup> | 274 | 252725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/34 | 417 | 408134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/39 | 387 | 370597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04-G, 5.75%, 04/01/35 | 265 | 251389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-B, 5.55%, 01/15/36 | 235 | 211429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-E, 5.35%, 07/15/35 | 180 | 164555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-E, 5.55%, 01/15/37 | 225 | 205862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-A, 5.95%, 02/01/38 | 317 | 300022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 144 | 102872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50) | 388 | 228446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.88%, 03/01/49 (Call 09/01/48) | 314 | 252128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.60%, 02/01/45 (Call 08/01/44) | 192 | 126295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) | 567 | 412418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.45%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 260 | 227318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.65%, 06/01/51 (Call 12/01/50) | 325 | 217912 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 (Call 01/01/36) | 181 | 150948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 (Call 01/01/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826860 |
|  Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/41 | 395 | 332385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 170 | 142467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.95%, 12/15/46 (Call 06/15/46) | 256 | 206870 |
|  Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/51 (Call 05/01/51) | 210 | 129690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 239 | 227564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.90%, 04/01/45 (Call 10/01/44) | 231 | 161442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.85%, 02/01/48 (Call 08/01/47) | 308 | 210644 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/46 (Call 02/15/46) | 127 | 86620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/47 (Call 02/15/47) | 213 | 150861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/49 (Call 12/15/48) | 101 | 72349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/41 (Call 02/15/41) | 202 | 165752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | 173 | 165517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 80 | 63266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/50 (Call 11/01/49) | 298 | 193652 |
|  State Grid Overseas Investment 2013 Ltd., 4.38%, 05/22/43<sup>(b)</sup> | 200 | 172264 |
|  State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44<sup>(b)</sup> | 500 | 457825 |
|  State Grid Overseas Investment BVI Ltd, 4.00%, 05/04/47<sup>(a)(b)</sup> | 260 | 207113 |
|  Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/51 (Call 09/15/50) | 275 | 187369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/50 (Call 12/15/49) | 195 | 133884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/42 (Call 12/15/41) | 231 | 176996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/45 (Call 11/15/44) | 182 | 133680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/48 (Call 12/15/47) | 176 | 137164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/44 (Call 11/15/43) | 145 | 113732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/49 (Call 12/15/48) | 236 | 189191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 210 | 184374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/15/37 | 165 | 162470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/15/36 | 335 | 344455 |
|  Toledo Edison Co. (The), 6.15%, 05/15/37 | 260 | 260976 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Tri-State Generation & Transmission Association Inc. | Tri-State Generation & Transmission Association Inc. | Tri-State Generation & Transmission Association Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/44 (Call 05/01/44) | $190 | $146397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/40<sup>(b)</sup> | 404 | 346017 |
|  Tucson Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 185 | 115947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 (Call 12/15/49) | 214 | 155361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/48 (Call 06/01/48) | 231 | 191265 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/51 (Call 09/15/50) | 325 | 188957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/49 (Call 04/01/49) | 215 | 141690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/45 (Call 10/15/44) | 210 | 149798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/15/42 (Call 03/15/42)<sup>(a)</sup> | 351 | 268592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/52 (Call 10/01/51) | 135 | 101587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | 274 | 206905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/01/37 | 120 | 111012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 03/15/39 | 215 | 255109 |
|  Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 (Call 06/15/50) | 508 | 283260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) | 310 | 191581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/49 (Call 06/01/49) | 262 | 174861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/43 (Call 07/15/42) | 296 | 225489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/44 (Call 08/15/43) | 415 | 334356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 (Call 06/01/48) | 392 | 321203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/30/37 | 150 | 152414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 | 392 | 488282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/15/37 | 268 | 265192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/47 (Call 03/15/47) | 390 | 284333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.20%, 05/15/45 (Call 11/15/44) | 317 | 245654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 | 468 | 463872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/46 (Call 05/15/46) | 374 | 280531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/52 (Call 11/15/51) | 360 | 298813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.65%, 08/15/43 (Call 02/15/43) | 388 | 321678 |
|  Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/15/42 (Call 06/15/42) | 220 | 153612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/44 (Call 12/01/43) | 82 | 62605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/45 (Call 06/15/45) | 185 | 140193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48 (Call 04/15/48) | 266 | 206600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/33 | 470 | 469734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/01/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | 211503 |
|  Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/50 (Call 10/01/49) | 149 | 103483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/44 (Call 04/15/44) | 103 | 75524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/37 | 220 | 224471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 10/01/38 | 170 | 189256 |
|  Wisconsin Public Service Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/51 (Call 06/01/51) | 265 | 160958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/01/49 (Call 03/01/49) | 160 | 106645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 12/01/42 | 150 | 109317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/44 (Call 05/01/44) | 150 | 125594 |
|  Xcel Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49)<sup>(a)</sup> | 356 | 239125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/41 (Call 03/15/41) | 154 | 125490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/36 | 195 | 200854 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153097887 |
| **Electrical Components & Equipment — 0.1%** |  |  |
|  Emerson Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/50 (Call 04/15/50) | 348 | 213184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) | 540 | 332894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/39<sup>(a)</sup> | 230 | 215853 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/39 | $160 | $162552 |
|  |  | 924483 |
| **Electronics — 0.1%** |  |  |
|  Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45) | 274 | 202248 |
|  Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49) | 224 | 150730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47 (Call 05/21/47) | 199 | 157370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41<sup>(a)</sup> | 440 | 432625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/36 | 5 | 5117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 370 | 379692 |
|  Tyco Electronics Group SA, 7.13%, 10/01/37 | 358 | 394231 |
|  |  | 1722013 |
| **Engineering & Construction — 0.2%** |  |  |
|  Aeropuerto Internacional de Tocumen SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/11/41 (Call 08/11/40)<sup>(a)(b)</sup> | 300 | 212039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/11/61 (Call 08/11/60)<sup>(b)</sup> | 775 | 524197 |
|  LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)<sup>(b)</sup> | 405 | 228016 |
|  Mexico City Airport Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/31/46 (Call 04/30/46)<sup>(b)</sup> | 426 | 272931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/31/47 (Call 01/31/47)<sup>(b)</sup> | 1121 | 723605 |
|  |  | 1960788 |
| **Entertainment — 0.5%** |  |  |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 2490 | 1821672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 4040 | 2820802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150949 |
|  |  | 5793423 |
| **Environmental Control — 0.2%** |  |  |
|  Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51) | 70 | 53618 |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/33 (Call 12/15/32)<sup>(a)</sup> | 220 | 168379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 (Call 09/01/49) | 232 | 149428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/41 (Call 11/15/40) | 265 | 254017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/40 | 207 | 209874 |
|  Waste Connections Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51)<sup>(a)</sup> | 506 | 313218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/01/50 (Call 10/01/49) | 364 | 232805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/33 (Call 10/15/32) | 50 | 45216 |
|  Waste Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 387 | 225165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/41 (Call 12/01/40) | 200 | 140440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/35 (Call 09/01/34) | 152 | 128293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/45 (Call 09/01/44)<sup>(a)</sup> | 160 | 128743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/15/49 (Call 01/15/49)<sup>(a)</sup> | 381 | 306337 |
|  |  | 2355533 |
| **Food — 2.0%** |  |  |
|  Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)<sup>(a)(b)</sup> | 320 | 223850 |
|  Campbell Soup Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/24/50 (Call 10/24/49)<sup>(a)</sup> | 302 | 190621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/48 (Call 09/15/47)<sup>(a)</sup> | 403 | 334778 |
|  Cencosud SA, 6.63%, 02/12/45<br>(Call 08/12/44)<sup>(a)(b)</sup> | 220 | 210523 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 (Call 05/01/38) | 580 | 505861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 (Call 05/01/48) | 589 | 504079 |
|  General Mills Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/51 (Call 08/01/50) | 203 | 127156 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/43 (Call 08/15/42) | $110 | $86386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/38 (Call 10/17/37) | 294 | 247798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/17/48 (Call 10/17/47) | 217 | 179964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/40<sup>(a)</sup> | 445 | 411036 |
|  Grupo Bimbo SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/06/49<sup>(a)(b)</sup> | 265 | 187321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/10/47 (Call 05/10/47)<sup>(b)</sup> | 319 | 254613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/27/44<sup>(b)</sup> | 290 | 232737 |
|  Hershey Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/50 (Call 12/01/49) | 29 | 17778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/49 (Call 05/15/49) | 225 | 152627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/46 (Call 02/15/46) | 311 | 221085 |
|  Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50) | 347 | 225974 |
|  Ingredion Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/50 (Call 12/01/49) | 251 | 173686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/37 | 169 | 167949 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/02/52 (Call 08/02/51)<sup>(a)(b)</sup> | 750 | 487350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 (Call 01/01/33)<sup>(b)</sup> | 120 | 108137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/52 (Call 06/01/52)<sup>(b)</sup> | 1040 | 912787 |
|  JM Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/41 (Call 03/15/41) | 105 | 65298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/50 (Call 09/15/49)<sup>(a)</sup> | 290 | 184703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/35 | 230 | 196451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45<sup>(a)</sup> | 294 | 224416 |
|  Kellogg Co., 4.50%, 04/01/46<sup>(a)</sup> | 398 | 321031 |
|  Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40<sup>(a)</sup> | 405 | 389356 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/39 (Call 04/01/39) | 305 | 252753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 (Call 04/01/49)<sup>(a)</sup> | 868 | 723146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/35 (Call 01/15/35)<sup>(a)</sup> | 285 | 261661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42 | 945 | 817144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45) | 975 | 851721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 (Call 12/01/49) | 565 | 517476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/09/40 | 360 | 363343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39 | 170 | 175008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/39<sup>(a)(b)</sup> | 630 | 658658 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/46 (Call 04/15/46) | 285 | 204168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 (Call 07/15/49)<sup>(a)</sup> | 350 | 253224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 (Call 08/01/46) | 469 | 369032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/48 (Call 07/15/47)<sup>(a)</sup> | 275 | 221127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/42 (Call 10/15/41) | 304 | 259517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/01/43 (Call 02/01/43) | 225 | 193532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/40 (Call 01/15/40) | 350 | 312944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/49 (Call 07/15/48)<sup>(a)</sup> | 300 | 267040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 04/15/38 | 295 | 305653 |
|  Mars Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/16/40 (Call 01/16/40)<sup>(b)</sup> | 515 | 329207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/16/50 (Call 01/16/50)<sup>(b)</sup> | 317 | 182401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/34 (Call 01/01/34)<sup>(b)</sup> | 255 | 213961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/39 (Call 10/01/38)<sup>(b)</sup> | 439 | 351301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/44 (Call 10/01/43)<sup>(b)</sup> | 243 | 188072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/49 (Call 10/01/48)<sup>(b)</sup> | 530 | 406754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/54 (Call 10/01/53)<sup>(b)</sup> | 350 | 267114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/59 (Call 10/01/58)<sup>(b)</sup> | 427 | 321396 |
|  McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)<sup>(a)</sup> | 185 | 141272 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
|  Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50) | $663 | $383628 |
|  Nestle Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/14/41 (Call 03/14/41)<sup>(a)(b)</sup> | 367 | 244760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/14/51 (Call 03/14/51)<sup>(a)(b)</sup> | 390 | 240553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/24/38 (Call 03/24/38)<sup>(b)</sup> | 726 | 606872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/24/48 (Call 03/24/48)<sup>(b)</sup> | 963 | 770204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/53 (Call 07/15/52)<sup>(b)</sup> | 610 | 547451 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/51 (Call 06/14/51) | 460 | 286761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/50 (Call 08/15/49) | 384 | 244448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/48 (Call 09/15/47)<sup>(a)</sup> | 324 | 251928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 (Call 10/01/45) | 296 | 232643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/01/45 (Call 04/01/45) | 309 | 251768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/21/35 | 230 | 216829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/40 (Call 10/01/39) | 170 | 172878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 703 | 719586 |
|  Tesco PLC, 6.15%, 11/15/37<sup>(b)</sup> | 275 | 253399 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 (Call 12/02/46) | 512 | 415504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/34 (Call 02/15/34)<sup>(a)</sup> | 160 | 149089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 (Call 03/28/48)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | 873987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/15/44 (Call 02/15/44) | 303 | 265478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25349386 |
| **Forest Products & Paper — 0.2%** |  |  |
|  Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/29/50 (Call 07/29/49)<sup>(a)(b)</sup> | 80 | 58259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/02/47 (Call 05/02/47) | 335 | 254992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/30/49 (Call 10/30/48)<sup>(a)(b)</sup> | 290 | 218950 |
|  International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/48 (Call 02/15/48)<sup>(a)</sup> | 339 | 259798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/47 (Call 02/15/47) | 366 | 286031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 311 | 247822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/35 (Call 03/15/35)<sup>(a)</sup> | 85 | 77395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/46 (Call 11/15/45)<sup>(a)</sup> | 20 | 16863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41 (Call 05/15/41) | 438 | 408178 |
|  Stora Enso OYJ, 7.25%, 04/15/36<sup>(b)</sup> | 200 | 205025 |
|  Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)<sup>(b)</sup> | 693 | 635828 |
|  |  | 2669141 |
| **Gas — 1.0%** |  |  |
|  APA Infrastructure Ltd., 5.00%, 03/23/35 (Call 12/23/34)<sup>(b)</sup> | 194 | 167839 |
|  Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/52 (Call 08/15/51)<sup>(a)</sup> | 312 | 187521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/49 (Call 03/15/49) | 275 | 185227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 (Call 04/15/44) | 410 | 315712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/49 (Call 09/15/48) | 287 | 218043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/43 (Call 07/15/42) | 307 | 242785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/48 (Call 04/01/48) | 351 | 277151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/41 (Call 12/15/40) | 260 | 245148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/52 (Call 04/15/52)<sup>(a)</sup> | 280 | 271504 |
|  Boston Gas Co., 4.49%, 02/15/42<sup>(b)</sup> | 395 | 300861 |
|  Brooklyn Union Gas Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/15/48 (Call 09/15/47)<sup>(b)</sup> | 369 | 258986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/04/49 (Call 09/04/48)<sup>(a)(b)</sup> | 202 | 145466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/10/46 (Call 09/10/45)<sup>(b)</sup> | 377 | 273241 |
|  CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/01/47 (Call 03/01/47)<sup>(a)</sup> | 191 | 145390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/41 (Call 07/15/40) | 213 | 202603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/01/37 | 180 | 177585 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
|  Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)<sup>(a)(b)</sup> | $230 | $194906 |
|  East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)<sup>(b)</sup> | 422 | 254737 |
|  KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/18/52 (Call 07/18/51)<sup>(b)</sup> | 250 | 155567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 04/01/41<sup>(b)</sup> | 295 | 266494 |
|  Korea Gas Corp., 6.25%, 01/20/42<sup>(a)(b)</sup> | 410 | 445218 |
|  Mega Advance Investments Ltd.,<br>6.38%, 05/12/41<sup>(a)(b)</sup> | 200 | 203932 |
|  Nakilat Inc., 6.07%, 12/31/33<sup>(a)(b)</sup> | 322 | 317198 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 (Call 09/30/47)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | 258732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 (Call 11/15/46) | 550 | 421665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 (Call 08/15/43) | 340 | 278474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 375 | 312667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/43 (Call 08/15/42) | 279 | 241362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/45 (Call 08/01/44)<sup>(a)</sup> | 151 | 136747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/01/42 (Call 08/01/41) | 245 | 220886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/41 (Call 12/15/40) | 276 | 258842 |
|  ONE Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 (Call 05/01/48) | 159 | 121060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/01/44 (Call 08/01/43)<sup>(a)</sup> | 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322860 |
|  Piedmont Natural Gas Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/50 (Call 12/01/49) | 261 | 166234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 11/01/46 (Call 05/01/46) | 170 | 114551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/18/34 (Call 03/18/34) | 195 | 161501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/43 (Call 02/01/43) | 185 | 148723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/52 (Call 11/15/51) | 240 | 201363 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/42 (Call 03/15/42) | 365 | 264422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 190 | 144934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/40 | 280 | 247012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series KK, 5.75%, 11/15/35 | 225 | 215097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 265 | 196697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 249 | 190420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 3.95%, 02/15/50 (Call 08/15/49) | 175 | 126046 |
|  Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/46 (Call 04/01/46) | 296 | 209139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/43 (Call 12/01/42) | 280 | 213681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/30/47 (Call 11/30/46) | 366 | 273940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/41 (Call 09/15/40) | 391 | 360509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/34 | 165 | 159032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/51 (Call 03/30/51) | 165 | 99586 |
|  Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/51 (Call 02/15/51) | 131 | 74253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/29/46 (Call 03/29/46)<sup>(a)</sup> | 195 | 125616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | 248 | 165069 |
|  Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)<sup>(a)</sup> | 220 | 171176 |
|  Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50) | 170 | 106535 |
|  Washington Gas Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/49 (Call 03/15/49) | 243 | 168289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.80%, 09/15/46 (Call 03/15/46) | 297 | 214971 |
|  |  | 12545205 |
| **Hand & Machine Tools — 0.1%** |  |  |
|  Snap-on Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/50 (Call 11/01/49)<sup>(a)</sup> | 247 | 165358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/48 (Call 09/01/47) | 253 | 202822 |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) | 329 | 186715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/48 (Call 05/15/48)<sup>(a)</sup> | 187 | 156215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Hand & Machine Tools (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/40 | $480 | $430888 |
|  |  | 1141998 |
| **Health Care - Products — 1.1%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36) | 879 | 841414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 168 | 151960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/27/40 | 423 | 412724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/39 | 385 | 400918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37 | 504 | 541097 |
|  Alcon Finance Corp., 3.80%, 09/23/49 (Call 03/23/49)<sup>(a)(b)</sup> | 206 | 141602 |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 (Call 06/01/51) | 385 | 234473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 459 | 307448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43 (Call 12/15/42)<sup>(a)</sup> | 75 | 60735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/37<sup>(a)</sup> | 100 | 97903 |
|  Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/39 (Call 09/01/38) | 90 | 75785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/49 (Call 09/01/48)<sup>(a)</sup> | 274 | 231437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/35 | 300 | 313622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/40 | 325 | 356723 |
|  Covidien International Finance SA, 6.55%, 10/15/37 | 295 | 323596 |
|  Danaher Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 (Call 04/01/50) | 514 | 308466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51) | 730 | 454252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 210 | 173164 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39) | 503 | 374061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49)<sup>(a)</sup> | 498 | 349419 |
|  Koninklijke Philips NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | 299 | 246306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/11/38 | 586 | 594928 |
|  Medtronic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/43 (Call 10/01/42) | 50 | 39670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35 | 1029 | 942169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45 | 970 | 847823 |
|  PerkinElmer Inc., 3.63%, 03/15/51<br>(Call 09/15/50)<sup>(a)</sup> | 213 | 139135 |
|  STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50) | 411 | 272756 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49) | 385 | 238485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 432 | 330778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/44 (Call 11/15/43) | 215 | 171342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 (Call 09/15/45) | 435 | 363775 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41) | 870 | 600899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47) | 582 | 473957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/44 (Call 08/01/43) | 303 | 286932 |
|  Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/35 (Call 02/15/35) | 189 | 150410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/45 (Call 02/15/45) | 154 | 116358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/30/39 | 229 | 210185 |
|  |  | 13790317 |
| **Health Care - Services — 4.1%** |  |  |
|  AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51) | 215 | 127778 |
|  Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48) | 235 | 166429 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  Advocate Health & Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 10/15/49 (Call 04/15/49) | $248 | $168041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/15/48 (Call 02/15/48) | 208 | 165593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.01%, 06/15/50 (Call 12/15/49) | 145 | 91512 |
|  Aetna Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/47 (Call 02/15/47) | 433 | 311380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/42 (Call 05/15/42) | 324 | 244085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/42 (Call 11/15/41) | 338 | 268549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/44 (Call 09/15/43) | 92 | 74679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36 | 481 | 484419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37 | 479 | 483566 |
|  AHS Hospital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/01/45 | 190 | 170011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.78%, 07/01/51 (Call 01/01/51) | 330 | 194598 |
|  Allina Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/51 (Call 05/15/51) | 160 | 96942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 11/15/45 (Call 05/15/45)<sup>(a)</sup> | 175 | 151826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.89%, 04/15/49 | 196 | 145814 |
|  Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51) | 395 | 323856 |
|  Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46 | 464 | 362789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/53 | 415 | 368641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.11%, 11/15/39 (Call 05/15/39) | 224 | 161076 |
|  Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/42 (Call 07/01/41) | 140 | 93346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/51 (Call 07/01/50) | 285 | 170743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.18%, 01/01/50 (Call 07/01/49)<sup>(a)</sup> | 174 | 112757 |
|  Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41<sup>(a)</sup> | 83 | 66423 |
|  Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71) | 10 | 5529 |
|  Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50) | 300 | 201605 |
|  BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50) | 226 | 167491 |
|  Baylor Scott & White Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/15/46 (Call 05/15/46) | 240 | 182372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 11/15/45 (Call 05/15/45) | 293 | 230954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.84%, 11/15/50 (Call 11/15/49) | 448 | 268667 |
|  Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51) | 200 | 115468 |
|  BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49) | 234 | 159070 |
|  Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49) | 206 | 130422 |
|  Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50) | 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126741 |
|  Children's Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50) | 300 | 166468 |
|  Children's Hospital Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 4.12%, 01/01/47 (Call 07/01/46) | 137 | 107696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.59%, 02/01/50 (Call 08/01/49) | 165 | 95164 |
|  Children's Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44 | 101 | 83168 |
|  Children's Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | 142459 |
|  Children's Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50) | 239 | 136930 |
|  City of Hope<br>Series 2013, 5.62%, 11/15/43 | 170 | 157248 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.38%, 08/15/48 (Call 02/15/48)<sup>(a)</sup> | $329 | $257391 |
|  Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 230 | 178496 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/01/49 (Call 04/01/49)<sup>(a)</sup> | 418 | 285998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 (Call 04/01/50) | 362 | 242961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 487 | 344849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/01/42 | 244 | 188958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46%, 11/01/52 | 50 | 49988 |
|  Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49) | 263 | 154682 |
|  Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)<sup>(a)</sup> | 314 | 206514 |
|  Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48) | 214 | 162817 |
|  Dignity Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | 201 | 154960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/01/64 | 80 | 64093 |
|  Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46) | 343 | 259636 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 (Call 11/15/49) | 553 | 353104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 744 | 523408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 (Call 03/15/49) | 562 | 401577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 (Call 06/01/47) | 849 | 682157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 (Call 09/01/47) | 521 | 427337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 526 | 446081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43 | 582 | 491438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 (Call 02/15/44) | 467 | 389546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/54 (Call 02/15/54) | 125 | 107403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 297 | 262118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/36 | 180 | 174927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/34 | 230 | 226990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 | 80 | 81547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/37 | 150 | 153772 |
|  Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)<sup>(a)</sup> | 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112798 |
|  Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51) | 105 | 91012 |
|  Hackensack Meridian Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 07/01/48 (Call 01/01/48) | 234 | 180475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/57 (Call 01/01/57) | 205 | 163889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 09/01/41 (Call 03/01/41) | 205 | 132723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.88%, 09/01/50 (Call 03/01/50) | 279 | 166052 |
|  Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(a)</sup> | 204 | 134254 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51) | 966 | 601740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 490 | 368159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(a)(b)</sup> | 825 | 607639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 733 | 607099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | 939450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 (Call 12/15/46) | 930 | 776863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/06/33<sup>(a)</sup> | 100 | 99911 |
|  Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)<sup>(b)</sup> | 420 | 267831 |
|  Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52) | 180 | 131553 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/49 (Call 02/15/49)<sup>(a)</sup> | 359 | 264623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/42 (Call 06/01/42) | 227 | 185781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/47 (Call 09/15/46) | 268 | 223721 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 (Call 04/01/44)<sup>(a)</sup> | $450 | $384584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.15%, 06/15/38 | 179 | 200818 |
|  Indiana University Health Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/48 (Call 05/01/48) | 324 | 246631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.85%, 11/01/51 (Call 05/01/51) | 80 | 47802 |
|  Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51) | 140 | 107238 |
|  Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50) | 250 | 173268 |
|  Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49) | 179 | 126038 |
|  Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 416 | 311993 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 (Call 11/01/46) | 769 | 608791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/42 | 639 | 573843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 507 | 335400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40) | 525 | 351529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50) | 795 | 491186 |
|  Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)<sup>(a)</sup> | 493 | 399200 |
|  Mass General Brigham Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.77%, 07/01/48 (Call 01/01/48) | 142 | 103905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.19%, 07/01/49 (Call 01/01/49) | 89 | 57902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.34%, 07/01/60 (Call 01/01/60) | 399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241635 |
|  Mayo Clinic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/43 | 15 | 11284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.00%, 11/15/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 78173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016, 4.13%, 11/15/52<sup>(a)</sup> | 355 | 284066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/61 (Call 05/15/61) | 296 | 177919 |
|  McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47) | 286 | 223415 |
|  MedStar Health Inc., Series 20A, 3.63%, 08/15/49<sup>(a)</sup> | 155 | 102620 |
|  Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)  | 107 | 72875 |
|  Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/52 | 155 | 119438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 411 | 372580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 4.20%, 07/01/55 | 335 | 257617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.96%, 01/01/50 (Call 07/01/49) | 50 | 31116 |
|  Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) | 320 | 184200 |
|  MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49) | 160 | 100929 |
|  Montefiore Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/01/50 | 135 | 77283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 18-C, 5.25%, 11/01/48 | 258 | 180099 |
|  Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52 | 160 | 111430 |
|  Mount Sinai Hospitals Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.98%, 07/01/48 | 180 | 131525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.74%, 07/01/49 (Call 01/01/49) | 259 | 177964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.39%, 07/01/50 (Call 07/01/49) | 325 | 200687 |
|  MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50) | 176 | 97980 |
|  Nationwide Children's Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52) | 170 | 141323 |
|  New York and Presbyterian Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/40 (Call 02/01/40) | 185 | 115774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 08/01/60 (Call 02/01/60)<sup>(a)</sup> | 155 | 80369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/01/36 | 175 | 142063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/45<sup>(a)</sup> | 310 | 242468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/01/56<sup>(a)</sup> | $198 | $150947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 08/01/2116 | 180 | 134242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119) | 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156534 |
|  Northwell Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/01/49 (Call 11/01/48)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 149764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/01/46 (Call 11/01/45) | 280 | 199185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/47 (Call 11/01/46) | 554 | 408764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/01/43<sup>(a)</sup> | 185 | 176206 |
|  Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)<sup>(a)</sup> | 125 | 72042 |
|  Novant Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 11/01/36 (Call 08/01/36) | 120 | 83904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/01/51 (Call 05/01/51) | 417 | 265948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/01/61 (Call 05/01/61) | 271 | 162962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 11/01/43 | 150 | 118626 |
|  NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)<sup>(a)</sup> | 169 | 95994 |
|  NYU Langone Hospitals, Series 2020, 3.38%, 07/01/55 (Call 01/01/55) | 130 | 82110 |
|  Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44) | 180 | 166198 |
|  OhioHealth Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/41 (Call 05/15/41) | 195 | 128706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 145 | 94293 |
|  Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 10/01/50 (Call 04/01/50)<sup>(a)</sup> | 170 | 108882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 10/01/48 (Call 04/01/48) | 205 | 152505 |
|  PeaceHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.79%, 11/15/48 (Call 05/15/48) | 220 | 176893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.22%, 11/15/50 (Call 05/15/50) | 245 | 151096 |
|  Piedmont Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/52 (Call 07/01/51) | 139 | 79960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/42 (Call 07/01/41) | 315 | 200779 |
|  Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52) | 50 | 43873 |
|  Providence St Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.70%, 10/01/51 (Call 04/01/51) | 310 | 165684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.93%, 10/01/48 (Call 04/01/48) | 390 | 275007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.74%, 10/01/47<sup>(a)</sup> | 180 | 131308 |
|  Queen's Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52) | 125 | 108125 |
|  Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44) | 168 | 133730 |
|  Rady Children's Hospital-San Diego/CA, Series 21A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/51 (Call 08/15/50) | 230 | 144805 |
|  Roche Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 12/13/51 (Call 06/13/51)<sup>(b)</sup> | 1215 | 757479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/28/44 (Call 05/28/44)<sup>(b)</sup> | 586 | 478839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/39<sup>(b)</sup> | 415 | 480327 |
|  RWJ Barnabas Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 07/01/49 (Call 01/01/49) | 134 | 90915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/46 (Call 07/01/45) | 220 | 167690 |
|  Seattle Children's Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49) | 305 | 179071 |
|  Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51) | 125 | 74160 |
|  Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)<sup>(a)</sup> | 85 | 48568 |
|  Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45) | 220 | 187160 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  Stanford Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 08/15/51 (Call 02/15/51) | $235 | $148723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | 308 | 226023 |
|  Summa Health, 3.51%, 11/15/51 (Call 05/15/51) | 205 | 126270 |
|  Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.09%, 08/15/48 (Call 02/15/48) | 168 | 121443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.16%, 08/15/40 (Call 02/15/40) | 145 | 99106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.36%, 08/15/50 (Call 02/15/50) | 296 | 190014 |
|  Texas Health Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 11/15/50 (Call 05/15/50) | 70 | 37055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 11/15/55<sup>(a)</sup> | 200 | 158803 |
|  Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28) | 240 | 214004 |
|  Trinity Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/45 | 335 | 263214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.43%, 12/01/48<sup>(a)</sup> | 150 | 104610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.63%, 12/01/40 (Call 06/01/40) | 276 | 178599 |
|  UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52) | 105 | 90296 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 665 | 455958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49) | 726 | 464930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | 697 | 494126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59)<sup>(a)</sup> | 345 | 213357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 972 | 659717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 773 | 593860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49) | 665 | 493445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 565 | 422872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59) | 676 | 494708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 (Call 04/15/42) | 372 | 293748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 460 | 371283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 472 | 391321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/47 (Call 10/15/46) | 446 | 361058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47)<sup>(a)</sup> | 618 | 503376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41) | 445 | 374702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48) | 650 | 540071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 242 | 222229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/41 (Call 05/15/41) | 474 | 411611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | 926956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | 1185 | 1036554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61) | 740 | 650098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/40 (Call 04/15/40) | 354 | 345302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36 | 488 | 493011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 370 | 377620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/41 (Call 08/15/40)<sup>(a)</sup> | 312 | 312110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 | 315 | 323796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/37 | 481 | 511988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37 | 531 | 574353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 | 385 | 420410 |
|  WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52) | 185 | 118248 |
|  West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49) | 190 | 113017 |
|  Willis-Knighton Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.81%, 09/01/48 (Call 03/01/48) | 235 | 194979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.07%, 03/01/51 (Call 09/01/50) | 233 | 136995 |
|  Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49) | 255 | 139441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52666277 |
| **Holding Companies - Diversified — 0.1%** |  |  |
|  Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)<sup>(b)</sup> | 60 | 52348 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Holding Companies - Diversified (continued)** |  |  |
|  CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)<sup>(b)</sup> | $755 | $502973 |
|  Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33<sup>(b)</sup> | 340 | 389757 |
|  JAB Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/28/51 (Call 11/28/50)<sup>(b)</sup> | 444 | 240447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/08/52 (Call 10/08/51)<sup>(b)</sup> | 150 | 92928 |
|  PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)<sup>(b)</sup> | 545 | 319859 |
|  |  | 1598312 |
| **Home Builders — 0.1%** |  |  |
|  MDC Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/61 (Call 02/06/61) | 150 | 74783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/43 (Call 10/15/42) | 261 | 196346 |
|  PulteGroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/35 | 260 | 231065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/33 | 278 | 258490 |
|  |  | 760684 |
| **Home Furnishings — 0.1%** |  |  |
|  Leggett & Platt Inc., 3.50%, 11/15/51<br>(Call 05/15/51)<sup>(a)</sup> | 308 | 202343 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 (Call 12/01/45)<sup>(a)</sup> | 281 | 203333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 386 | 279107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/01/43 | 146 | 118179 |
|  |  | 802962 |
| **Household Products & Wares — 0.2%** |  |  |
|  Church & Dwight Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | 198860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 390 | 341194 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/50 (Call 08/07/49)<sup>(a)</sup> | 186 | 119245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/30/46 (Call 01/30/46) | 335 | 229878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/43 | 245 | 177678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/04/47 (Call 11/04/46) | 135 | 102765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/41 | 275 | 260869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/37 | 330 | 360846 |
|  SC Johnson & Son Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/43 (Call 02/15/43)<sup>(b)</sup> | 300 | 226151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/30/44 (Call 03/30/44)<sup>(b)</sup> | 75 | 58396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/46 (Call 04/16/46)<sup>(b)</sup> | 605 | 509314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/40<sup>(b)</sup> | 200 | 171926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757122 |
| **Insurance — 5.2%** |  |  |
|  Aflac Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/46 (Call 04/15/46) | 146 | 107377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/49 (Call 07/15/48) | 228 | 187993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 08/15/40 | 296 | 294478 |
|  AIA Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/40 (Call 03/16/40)<sup>(a)(b)</sup> | 920 | 594064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/16/46 (Call 09/16/45)<sup>(b)</sup> | 345 | 272071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/11/44<sup>(b)</sup> | 282 | 235411 |
|  Alleghany Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/51 (Call 02/15/51) | 150 | 96397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/44 (Call 03/15/44) | 84 | 72153 |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 (Call 02/10/49) | 192 | 139069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 (Call 06/15/46) | 418 | 325850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43<sup>(a)</sup> | 292 | 241320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/33 | 163 | 157543 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/09/35 | $392 | $384149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/36 | 250 | 252448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/67 (Call 05/15/37), (3 mo. LIBOR US + 2.120%)<sup>(d)</sup> | 245 | 237077 |
|  American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46) | 320 | 241346 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/35 (Call 07/15/34)<sup>(a)</sup> | 135 | 111006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 (Call 12/30/49) | 600 | 468054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/16/44 (Call 01/16/44) | 385 | 306770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 (Call 10/01/47) | 604 | 498588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 (Call 01/10/45) | 420 | 345596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/36 | 415 | 418435 |
|  AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)<sup>(b)</sup> | 317 | 195830 |
|  Aon Corp., 6.25%, 09/30/40 | 365 | 362739 |
|  Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/23/51 (Call 02/23/51) | 469 | 272923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/28/52 (Call 08/28/51) | 405 | 287058 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/12/42 | 195 | 144601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/14/44 (Call 03/14/44) | 184 | 147774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/45 (Call 11/15/44) | 159 | 129889 |
|  Aon PLC, 4.45%, 05/24/43 (Call 02/24/43) | 190 | 144623 |
|  Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46) | 260 | 211419 |
|  Arch Capital Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 06/30/50 (Call 12/30/49) | 633 | 406749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 05/01/34 | 270 | 289886 |
|  Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 250 | 211526 |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/52 (Call 09/09/51) | 140 | 81372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 (Call 11/20/50)<sup>(a)</sup> | 542 | 349087 |
|  Assurant Inc., 6.75%, 02/15/34 | 208 | 201461 |
|  Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51) | 280 | 171468 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/52 (Call 11/15/51) | 350 | 205522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/25/51 (Call 11/25/50) | 281 | 179319 |
|  AXIS Specialty Finance PLC, 5.15%, 04/01/45 | 188 | 153156 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) | 616 | 349359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50) | 1106 | 680823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 990 | 726149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | 1291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | 909799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 | 351 | 289248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/42<sup>(a)</sup> | 592 | 506083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40 | 619 | 625051 |
|  Berkshire Hathaway Inc., 4.50%, 02/11/43 | 636 | 544358 |
|  Brighthouse Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/22/51 (Call 06/22/51)<sup>(a)</sup> | 165 | 97010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 (Call 12/22/46) | 626 | 434503 |
|  Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51) | 300 | 227970 |
|  Chubb Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/11/37 | 345 | 353077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1, 6.50%, 05/15/38 | 355 | 374105 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51 (Call 06/15/51)<sup>(a)</sup> | 395 | 240701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61) | 595 | 350382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/13/43 | 225 | 178421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45) | 860 | 701130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 05/15/36 | $75 | $80141 |
|  Cincinnati Financial Corp., 6.13%, 11/01/34 | 325 | 328729 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/42 (Call 10/05/41)<sup>(a)(b)</sup> | 340 | 254871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 (Call 10/05/51)<sup>(a)(b)</sup> | 725 | 529408 |
|  Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)<sup>(b)</sup> | 397 | 225514 |
|  Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47) | 815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653606 |
|  Everest Reinsurance Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 (Call 04/15/52) | 695 | 402986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 (Call 04/15/50) | 585 | 370696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/01/44 | 120 | 95584 |
|  Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3 mo. LIBOR US + 3.744%)<sup>(b)(d)</sup> | 160 | 151848 |
|  Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3 mo. LIBOR US + 3.454%)<sup>(b)(d)</sup> | 170 | 150538 |
|  Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3 mo. LIBOR US + 1.374%)<sup>(b)(d)</sup> | 550 | 434413 |
|  Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51) | 245 | 131060 |
|  Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)<sup>(b)</sup> | 356 | 275637 |
|  Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)<sup>(b)</sup> | 488 | 355689 |
|  Guardian Life Insurance Co. of America (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/22/70 (Call 07/22/69)<sup>(a)(b)</sup> | 189 | 115092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/24/77<sup>(b)</sup> | 275 | 207083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/64<sup>(b)</sup> | 351 | 274128 |
|  Hartford Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/51 (Call 03/15/51) | 335 | 196278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/19/49 (Call 02/19/49) | 412 | 279828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/43 | 194 | 146649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/48 (Call 09/15/47) | 179 | 140081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36 | 235 | 225467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/01/41 | 290 | 278743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/30/40 | 205 | 205010 |
|  Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)<sup>(b)</sup> | 200 | 131550 |
|  Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51) | 215 | 129448 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/50 (Call 04/15/50)<sup>(b)</sup> | 826 | 531192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/60 (Call 11/15/59)<sup>(b)</sup> | 329 | 198143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/01/44<sup>(b)</sup> | 5 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/52 (Call 12/15/51)<sup>(a)(b)</sup> | 645 | 530475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/35<sup>(b)</sup> | 325 | 321399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/42<sup>(b)</sup> | 160 | 150447 |
|  Liberty Mutual Insurance Co., 7.70%, 10/15/97<sup>(a)(b)</sup> | 205 | 214925 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/48 (Call 09/01/47) | 201 | 147141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 171 | 122857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/09/37 | 216 | 210084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/40 | 343 | 347115 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/43 (Call 11/15/42) | 205 | 153557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/35 | 356 | 353251 |
|  Manulife Financial Corp., 5.38%, 03/04/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | 367853 |
|  Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)<sup>(b)</sup> | 350 | 229730 |
|  Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/52 (Call 11/07/51)<sup>(a)</sup> | 335 | 211710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/17/50 (Call 03/17/50) | 265 | 187301 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/01/47 (Call 05/01/47) | $255 | $186416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/30/43 | 195 | 162243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/05/46 | 210 | 175571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 (Call 11/20/48) | 318 | 259448 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/51 (Call 06/15/51)<sup>(a)</sup> | 195 | 114366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 (Call 09/01/47) | 300 | 229363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/30/47 (Call 07/30/46) | 386 | 301013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 (Call 09/15/38) | 280 | 240517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48) | 681 | 581301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/01/33 | 375 | 373377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/52<sup>(a)</sup> | 125 | 127638 |
|  Massachusetts Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/61<sup>(b)</sup> | 340 | 196090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/50<sup>(b)</sup> | 284 | 183531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 10/15/70<sup>(b)</sup> | 421 | 262248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/65<sup>(b)</sup> | 190 | 137563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/77<sup>(b)</sup> | 254 | 195402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 02/15/69 (Call 02/15/49),<br>(3 mo. LIBOR US + 3.191%)<sup>(b)(d)</sup> | 395 | 331714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/41<sup>(a)(b)</sup> | 346 | 300696 |
|  MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)<sup>(b)</sup>  | 470 | 492231 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45 | 538 | 413011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42 | 343 | 268519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45) | 492 | 409691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44 | 322 | 265821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 482 | 414876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 665 | 580274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35 | 534 | 528167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 550 | 526680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34 | 512 | 532600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/66 (Call 12/15/31) | 713 | 657971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/15/32 | 340 | 357908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/08/68 (Call 04/08/33)<sup>(a)(b)</sup> | 125 | 143497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 08/01/69 (Call 08/01/34) | 291 | 375975 |
|  Mutual of Omaha Insurance Co., 6.80%, 06/15/36<sup>(b)</sup> | 65 | 66067 |
|  National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3 mo. LIBOR US + 3.314%)<sup>(a)(b)(d)</sup> | 105 | 84927 |
|  Nationwide Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/30/49 (Call 05/30/49)<sup>(b)</sup> | 504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/18/44<sup>(b)</sup> | 259 | 212288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/87 | 125 | 118125 |
|  Nationwide Mutual Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/30/50 (Call 10/30/49)<sup>(b)</sup> | 814 | 581684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/22/44<sup>(b)</sup> | 212 | 171193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/01/33<sup>(a)(b)</sup> | 185 | 201930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 08/15/39<sup>(a)(b)</sup> | 501 | 617167 |
|  New York Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 583 | 411491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/15/69 (Call 11/15/68)<sup>(b)</sup> | 560 | 421218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/33<sup>(b)</sup> | 700 | 698528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39<sup>(b)</sup> | 700 | 757592 |
|  Northwestern Mutual Life Insurance Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/30/51 (Call 09/30/50)<sup>(b)</sup> | 405 | 263570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/30/59 (Call 03/30/59)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | 513380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/30/47 (Call 03/30/47)<sup>(b)</sup> | 635 | 459033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 03/30/40<sup>(a)(b)</sup> | 812 | 786250 |
|  Ohio National Life Insurance Co. (The),<br>6.88%, 06/15/42<sup>(a)(b)</sup> | 200 | 181120 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50) | $425 | $275643 |
|  OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)<sup>(b)</sup> | 110 | 74044 |
|  Pacific Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/24/67 (Call 10/24/47), (3 mo. LIBOR US + 2.796%)<sup>(b)(d)</sup> | 495 | 361551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/15/39<sup>(a)(b)</sup> | 185 | 233154 |
|  Pacific LifeCorp, 5.40%, 09/15/52 (Call 03/15/52)<sup>(b)</sup> | 165 | 145856 |
|  Pacific LifeCorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/50 (Call 03/15/50)<sup>(b)</sup> | 400 | 254140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/30/43<sup>(b)</sup> | 190 | 163307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 09/15/33<sup>(a)(b)</sup> | 470 | 490059 |
|  Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61<sup>(a)(b)</sup> | 330 | 198362 |
|  Principal Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/46 (Call 05/15/46)<sup>(a)</sup> | 210 | 161677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/43 | 193 | 149909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/42 | 192 | 154607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/15/36 | 321 | 313578 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/26/45 | 255 | 185051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 245 | 173514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 (Call 09/26/49) | 263 | 195061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/47 (Call 10/15/46) | 498 | 387999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 391 | 305971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/25/44 | 193 | 155938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32 | 142 | 148178 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/40 (Call 09/10/39) | 245 | 168113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50) | 859 | 608868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47) | 471 | 347338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49)<sup>(a)</sup> | 574 | 420504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49) | 549 | 435096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 03/27/48 (Call 09/27/47) | 280 | 224423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44<sup>(a)</sup> | 513 | 423381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36 | 456 | 445352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/33 | 227 | 225132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/01/37 | 345 | 361087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/21/40 | 209 | 213367 |
|  Securian Financial Group Inc., 4.80%, 04/15/48<sup>(a)(b)</sup> | 210 | 161464 |
|  Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)<sup>(a)</sup> | 152 | 122742 |
|  Sompo International Holdings Ltd., 7.00%, 07/15/34 | 175 | 176874 |
|  Swiss Re Treasury U.S. Corp., 4.25%, 12/06/42<sup>(b)</sup> | 305 | 247139 |
|  Teachers Insurance & Annuity Association of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 545 | 350403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 05/15/47 (Call 11/15/46)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | 915763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/44<sup>(a)(b)</sup> | 902 | 767427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 12/16/39<sup>(b)</sup> | 815 | 852694 |
|  Transatlantic Holdings Inc., 8.00%, 11/30/39 | 364 | 422154 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/27/50 (Call 10/27/49)<sup>(a)</sup> | 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50)<sup>(a)</sup> | 265 | 167816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 362 | 266559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/47 (Call 11/30/46) | 454 | 344936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/07/48 (Call 09/07/47) | 281 | 214520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/04/49 (Call 09/04/48) | 316 | 242609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/25/45 (Call 02/25/45) | 235 | 186328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/01/43 | 274 | 229168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40 | 460 | 431221 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | $632 | $656642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/20/36 | 237 | 256250 |
|  Travelers Property Casualty Corp., 6.38%, 03/15/33 | 285 | 302788 |
|  Trinity Acquisition PLC, 6.13%, 08/15/43 | 189 | 171818 |
|  Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/51 (Call 12/15/50) | 200 | 125895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/49 (Call 06/15/49) | 295 | 193532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/42<sup>(a)</sup> | 330 | 271951 |
|  Voya Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/46 | 138 | 105451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/15/43 | 270 | 233300 |
|  W R Berkley Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/30/61 (Call 03/30/61) | 255 | 143966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/30/52 (Call 09/30/51) | 173 | 113346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 (Call 11/12/49) | 287 | 205831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/44<sup>(a)</sup> | 235 | 192764 |
|  Western & Southern Financial Group Inc., 5.75%, 07/15/33<sup>(a)(b)</sup> | 240 | 234848 |
|  Western & Southern Life Insurance Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/28/61 (Call 10/28/60)<sup>(b)</sup> | 270 | 172466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/15/49 (Call 07/15/48)<sup>(b)</sup> | 285 | 240269 |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/49 (Call 03/15/49) | 321 | 211382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/15/48 (Call 03/15/48) | 188 | 147957 |
|  WR Berkley Corp., 6.25%, 02/15/37<sup>(a)</sup> | 220 | 220553 |
|  XLIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43 | 240 | 221036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/45 | 296 | 261465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66352411 |
| **Internet — 1.7%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/09/41 (Call 08/09/40) | 633 | 324420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/09/51 (Call 08/09/50) | 630 | 304946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/09/61 (Call 08/09/60) | 540 | 250009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/37 (Call 06/06/37) | 532 | 362925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/06/47 (Call 06/06/47)<sup>(a)</sup> | 1142 | 689315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/06/57 (Call 06/06/57) | 485 | 290034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/28/34 (Call 05/28/34) | 200 | 157524 |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 549 | 347083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50) | 1323 | 756509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60)<sup>(a)</sup> | 1094 | 597316 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49)<sup>(a)</sup> | 1436 | 852857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59)<sup>(a)</sup> | 1278 | 724946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40) | 1227 | 870850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50) | 1916 | 1292236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 1057 | 681384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | 1483 | 1260838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51) | 1520 | 1190246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47) | 1764 | 1434011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 825 | 634000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | 1030543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34)<sup>(a)</sup> | 464 | 451384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44) | 901 | 842571 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 (Call 11/10/50) | 560 | 368602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 (Call 01/15/42) | 526 | 386590 |
|  JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49) | 208 | 131335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Internet (continued)** |  |  |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(b)</sup> | $1605 | $1191128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(b)</sup> | 735 | 542081 |
|  Prosus NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 02/08/51 (Call 08/08/50)<sup>(b)</sup> | 720 | 380074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 08/03/50 (Call 02/03/50)<sup>(b)</sup> | 832 | 445845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 01/19/52 (Call 07/19/51)<sup>(b)</sup> | 415 | 257669 |
|  Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 06/03/50 (Call 12/03/49)<sup>(b)</sup> | 1177 | 613449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 06/03/60 (Call 12/03/59)<sup>(b)</sup> | 418 | 202131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 04/22/41 (Call 10/22/40)<sup>(b)</sup> | 442 | 278514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/22/51 (Call 10/22/50)<sup>(b)</sup> | 870 | 507238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 01/19/38 (Call 07/19/37)<sup>(a)(b)</sup> | 555 | 377969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 04/22/61 (Call 10/22/60)<sup>(b)</sup> | 555 | 312010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 04/11/49 (Call 10/11/48)<sup>(a)(b)</sup> | 366 | 242238 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21582820 |
| **Iron & Steel — 0.3%** |  |  |
|  ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/41 | 285 | 257671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/39<sup>(a)</sup> | 435 | 408499 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55 (Call 06/15/55) | 408 | 230552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/52 (Call 09/01/51) | 245 | 172190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/48 (Call 11/01/47)<sup>(a)</sup> | 310 | 241435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/43 (Call 02/01/43)<sup>(a)</sup> | 272 | 238181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/37<sup>(a)</sup> | 150 | 152430 |
|  Reliance Steel & Aluminum Co., 6.85%, 11/15/36 | 255 | 255934 |
|  Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50) | 207 | 122620 |
|  Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/21/36 | 895 | 869856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/10/39 | 840 | 800327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/17/34 | 285 | 309552 |
|  Vale SA, 5.63%, 09/11/42 | 166 | 145791 |
|  |  | 4205038 |
| **Leisure Time — 0.0%** |  |  |
|  Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51) | 240 | 159515 |
|  Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45) | 199 | 139110 |
|  |  | 298625 |
| **Lodging — 0.0%** |  |  |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/34 (Call 04/01/34) | 165 | 134086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II, 2.75%, 10/15/33 (Call 07/15/33) | 47 | 34123 |
|  |  | 168209 |
| **Machinery — 0.5%** |  |  |
|  ABB Finance USA Inc., 4.38%, 05/08/42 | 350 | 285203 |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 503 | 354369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49)<sup>(a)</sup> | 593 | 416344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | 817028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/44 (Call 11/15/43) | 231 | 197537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/64 (Call 11/15/63) | 275 | 234008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 567 | 546677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/35 | 197 | 194219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/36 | 484 | 507293 |
|  Crane Holdings Co., 4.20%, 03/15/48 (Call 09/15/47) | 240 | 158855 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/07/49 (Call 03/07/49) | 413 | 274168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 340 | 267072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41)<sup>(a)</sup> | 735 | 609124 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Machinery (continued)** |  |  |
|  Dover Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/35<sup>(a)</sup> | $240 | $223122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 (Call 12/01/40) | 255 | 230691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 03/15/38 | 95 | 95618 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 (Call 08/15/39)<sup>(a)</sup> | 337 | 233995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/15/50 (Call 08/15/49) | 460 | 298361 |
|  Rockwell Automation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/61 (Call 02/15/61) | 230 | 126083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/49 (Call 09/01/48) | 449 | 358446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/37<sup>(a)</sup> | 50 | 51267 |
|  Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46) | 240 | 188355 |
|  |  | 6667835 |
| **Manufacturing — 1.1%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/46 (Call 03/19/46) | 359 | 232276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49)<sup>(a)</sup> | 759 | 504730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/47 (Call 04/15/47) | 421 | 295289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 278 | 198631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/44 | 150 | 111362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(a)</sup> | 719 | 543311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37<sup>(a)</sup> | 140 | 135776 |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/15/47 (Call 03/15/47) | 275 | 208291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/02/32 | 142 | 125705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 (Call 12/15/32) | 280 | 248346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42 | 840 | 677404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/23/52 (Call 02/23/52)<sup>(a)</sup> | 347 | 294654 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 3934 | 3470934 |
|  General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/50 (Call 11/01/49)<sup>(a)</sup> | 695 | 547762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/11/44 | 305 | 250691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38 | 105 | 103484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 08/07/37<sup>(a)</sup> | 400 | 388704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/10/39 | 125 | 133653 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42) | 499 | 398599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/41 (Call 03/15/41) | 540 | 491241 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 (Call 12/14/48) | 424 | 313010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/47 (Call 09/01/46) | 275 | 206662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/21/34 (Call 05/21/34) | 107 | 91942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44 (Call 05/21/44) | 242 | 190864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/38 | 345 | 340973 |
|  Siemens Financieringsmaatschappij NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/11/41<sup>(b)</sup> | 880 | 601977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/46<sup>(b)</sup> | 469 | 327617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/16/47<sup>(a)(b)</sup> | 825 | 670249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/27/45<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | 904750 |
|  Trane Technologies Global Holding Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/21/48 (Call 08/21/47) | 215 | 159368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/43 | 233 | 215003 |
|  Trane Technologies Luxembourg Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/21/49 (Call 09/21/48) | 178 | 136124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/44 (Call 05/01/44) | 173 | 137487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13656869 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media — 4.8%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | $922 | $582441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 (Call 09/01/41) | 885 | 552971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 (Call 10/01/50) | 1254 | 751717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 1095 | 631432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 (Call 12/01/51) | 1403 | 868797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 (Call 12/30/61) | 900 | 526878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 (Call 01/01/33)<sup>(a)</sup> | 185 | 153689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 (Call 06/01/61) | 903 | 572569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49) | 1637 | 1158550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 (Call 01/01/49)<sup>(a)</sup> | 777 | 572940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 (Call 10/01/52) | 840 | 631595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 (Call 10/01/37) | 559 | 449207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46) | 1450 | 1115368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 (Call 10/01/62) | 655 | 494896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47) | 1456 | 1167830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 858 | 783667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45) | 2095 | 1854976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 (Call 04/23/55) | 295 | 265877 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52)<sup>(a)</sup> | 801 | 437578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62)<sup>(a)</sup> | 498 | 260007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50)<sup>(a)</sup> | 1091 | 648547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 2937 | 1764422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56)<sup>(a)</sup> | 3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 2147 | 1209188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36) | 500 | 380951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 935 | 676859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46) | 887 | 604208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49) | 1170 | 790070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39) | 1059 | 815586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 840 | 679620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 1289 | 954718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 557 | 416849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 617 | 464236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | 874353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52)<sup>(a)</sup> | 468 | 346642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 541 | 472620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 804 | 725709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 (Call 02/15/35) | 507 | 443966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38) | 713 | 618574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 505 | 410416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/42 | 471 | 395485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 1130 | 946660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/44 | 310 | 260714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58)<sup>(a)</sup> | 357 | 300269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | 505 | 496063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 03/01/40 | 125 | 126173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/15/37 | 435 | 451489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/35 | 547 | 575074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 07/01/39 | 100 | 105982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 08/15/37 | 275 | 299188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 497 | 540291 |
|  Cox Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/50 (Call 04/01/50)<sup>(b)</sup> | 490 | 278005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/51 (Call 12/15/50)<sup>(a)(b)</sup> | 372 | 239933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/30/43 (Call 12/30/42)<sup>(b)</sup> | 276 | 211784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/47 (Call 02/15/47)<sup>(b)</sup> | 210 | 161682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/42<sup>(b)</sup> | 221 | 174141 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/35 (Call 08/01/34)<sup>(b)</sup> | $244 | $211088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 03/01/39<sup>(b)</sup> | 290 | 335752 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 (Call 03/15/55) | 824 | 470157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 (Call 11/15/49) | 492 | 322671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/43 | 335 | 236849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/42 | 246 | 175640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 (Call 03/20/37) | 240 | 184879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 (Call 03/20/47) | 850 | 604240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 (Call 11/15/48) | 473 | 340723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 | 474 | 403310 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 (Call 07/25/38) | 748 | 642361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 (Call 07/25/48)<sup>(a)</sup> | 892 | 743243 |
|  Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/45 (Call 11/13/44)<sup>(a)</sup> | 297 | 235991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/31/46 (Call 07/31/45)<sup>(a)</sup> | 340 | 317482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/40 | 826 | 780000 |
|  NBCUniversal Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/43 | 534 | 435850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 | 456 | 445708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 04/30/40 | 90 | 91654 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 | 823 | 553965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 (Call 07/15/44) | 365 | 243744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/42 (Call 01/01/42) | 272 | 196395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 (Call 02/15/44) | 250 | 175134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 (Call 11/19/49) | 518 | 362225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 (Call 10/01/43) | 215 | 157231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/33 | 371 | 324853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 (Call 03/01/43) | 701 | 570345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/40 (Call 04/15/40) | 205 | 166452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36 | 673 | 627431 |
|  Sky Group Finance Ltd., 6.50%, 10/15/35<sup>(b)</sup> | 255 | 268029 |
|  Thomson Reuters Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/35 | 280 | 258879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/23/43 (Call 05/23/43) | 150 | 133618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/15/40 | 355 | 330650 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | 585 | 618424 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 653 | 445886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 (Call 03/01/41) | 752 | 590184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 (Call 05/15/40) | 700 | 567815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37 | 904 | 806277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 924 | 817659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38 | 915 | 854189 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/46 | 440 | 287977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/42 | 417 | 315067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44 | 697 | 561534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/16/41 | 295 | 249171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.13%, 12/01/41 | 390 | 316046 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49) | 1334 | 826135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39) | 1170 | 893499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 423 | 301506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 395 | 347648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49) | 965 | 835513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 524 | 459898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/46 (Call 05/15/46) | $204 | $175987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45 (Call 04/15/45) | 372 | 327779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/43 | 395 | 370394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/37 | 190 | 194837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/15/41 | 485 | 497809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34 | 376 | 392308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | 209 | 221659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/15/33 | 176 | 187810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37 | 706 | 764490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/45 | 285 | 337688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60698892 |
|  **Metal Fabricate & Hardware — 0.1%** |  |  |
|  Precision Castparts Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/43 (Call 07/15/42) | 116 | 91268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/35 (Call 12/15/34) | 431 | 381605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44) | 241 | 198947 |
|  Valmont Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/44 (Call 04/01/44) | 330 | 265104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/54 (Call 04/01/54) | 178 | 144296 |
|  |  | 1081220 |
| **Mining — 1.7%** |  |  |
|  Anglo American Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/50 (Call 03/10/50)<sup>(a)(b)</sup> | 379 | 249701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/16/52 (Call 09/16/51)<sup>(a)(b)</sup> | 410 | 305085 |
|  Barrick Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/42 | 417 | 369598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/35 | 220 | 223706 |
|  Barrick International Barbados Corp., 6.35%, 10/15/36<sup>(b)</sup> | 360 | 356240 |
|  Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41 | 415 | 389544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43 | 370 | 346056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/38<sup>(a)</sup> | 270 | 294874 |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 543 | 520561 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42 | 861 | 707385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43<sup>(a)</sup> | 1363 | 1247253 |
|  Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/51 (Call 07/15/50)<sup>(b)</sup> | 345 | 209284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/50 (Call 07/30/49)<sup>(b)</sup> | 1530 | 976369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/17/42<sup>(b)</sup> | 430 | 315917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/05/49 (Call 08/05/48)<sup>(b)</sup> | 738 | 543607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/47 (Call 02/01/47)<sup>(b)</sup> | 962 | 724312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/04/44<sup>(b)</sup> | 430 | 351975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/21/35<sup>(b)</sup> | 100 | 94116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/18/43<sup>(a)(b)</sup> | 545 | 483461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 10/24/36<sup>(a)(b)</sup> | 313 | 301092 |
|  Freeport Indonesia PT, 6.20%, 04/14/52 (Call 10/14/51)<sup>(b)</sup> | 200 | 150720 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 (Call 05/14/34)<sup>(a)</sup> | 467 | 415086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 (Call 09/15/42)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | 837108 |
|  Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)<sup>(b)</sup> | 435 | 295616 |
|  Glencore Canada Corp., 6.20%, 06/15/35 | 275 | 250186 |
|  Glencore Finance Canada Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 10/25/42<sup>(a)(b)</sup> | 175 | 144437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41<sup>(a)(b)</sup> | 343 | 298945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/15/37<sup>(b)</sup> | 560 | 553746 |
|  Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/23/51 (Call 03/23/51)<sup>(b)</sup> | 175 | 103060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/27/51 (Call 10/27/50)<sup>(a)(b)</sup> | 160 | 104153 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mining (continued)** |  |  |
|  Indonesia Asahan Aluminium Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/15/50 (Call 11/15/49)<sup>(a)(b)</sup> | $300 | $216750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 11/15/48<sup>(a)(b)</sup> | 244 | 200461 |
|  Industrias Penoles SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/06/50 (Call 02/06/50)<sup>(b)</sup> | 283 | 202067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 09/12/49 (Call 03/12/49)<sup>(a)(b)</sup> | 210 | 173565 |
|  Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)<sup>(a)</sup> | 202 | 185685 |
|  Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)<sup>(b)</sup> | 530 | 353112 |
|  Newcrest Finance Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/13/50 (Call 11/13/49)<sup>(a)(b)</sup> | 123 | 85290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/41<sup>(b)</sup> | 505 | 435890 |
|  Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 (Call 09/15/41)<sup>(a)</sup> | 528 | 445105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/09/44 (Call 12/09/43) | 205 | 182677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/35 | 409 | 393352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39 | 599 | 587158 |
|  Rio Tinto Alcan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/35 | 416 | 412548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33<sup>(a)</sup> | 576 | 597624 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 720 | 443574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40 | 683 | 648869 |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/21/42 (Call 02/21/42) | 444 | 361326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 (Call 09/22/41) | 93 | 81919 |
|  Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/42 | 520 | 450658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/45 | 705 | 653887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/40 | 684 | 697680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/27/35<sup>(a)</sup> | 702 | 747630 |
|  Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/42 (Call 09/01/41) | 245 | 193249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/43 (Call 08/01/42) | 185 | 148938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 02/15/40) | 265 | 233219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/35 | 125 | 117150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/41 (Call 01/15/41) | 242 | 218393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21630969 |
| **Oil & Gas — 5.7%** |  |  |
|  BG Energy Capital PLC, 5.13%, 10/15/41<sup>(b)</sup> | 735 | 652780 |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50) | 866 | 522013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50)<sup>(a)</sup> | 1302 | 809801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49) | 1091 | 687508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51) | 729 | 451522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40) | 775 | 542242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 03/30/50 (Call 09/30/49) | 410 | 362974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | 835133 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 (Call 12/01/46)<sup>(a)</sup> | 285 | 238840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/35<sup>(a)</sup> | 321 | 298010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38<sup>(a)</sup> | 636 | 611533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/30/33 | 292 | 288118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/37 | 287 | 276466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/39 | 337 | 333448 |
|  Cenovus Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/52 (Call 08/15/51) | 320 | 213205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/37 (Call 12/15/36) | 141 | 122468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 (Call 12/15/46) | 446 | 379994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39 | 399 | 392501 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37 | $398 | $393317 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 05/11/40 (Call 11/11/39) | 255 | 180607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49)<sup>(a)</sup> | 695 | 474564 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50)<sup>(a)</sup> | 548 | 324338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/43 (Call 05/15/43) | 220 | 209096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/41 (Call 09/01/40) | 210 | 220162 |
|  CNOOC Finance 2012 Ltd., 5.00%, 05/02/42<sup>(b)</sup> | 250 | 214345 |
|  CNOOC Finance 2013 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/30/49 (Call 03/30/49) | 470 | 291418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/09/43 | 220 | 169968 |
|  CNOOC Finance 2014 ULC, 4.88%, 04/30/44 | 405 | 340540 |
|  CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45 | 365 | 275992 |
|  CNOOC Petroleum North America ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/10/35 | 562 | 534574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/37 | 445 | 442419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/30/39 | 410 | 455941 |
|  CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41<sup>(a)(b)</sup> | 345 | 335771 |
|  ConocoPhillips, 4.88%, 10/01/47 (Call 04/01/47)<sup>(a)</sup> | 40 | 35219 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 235 | 182870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51) | 675 | 502807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | 1714 | 1268693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 578 | 475422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/15/38 | 25 | 25076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/46 (Call 09/15/45) | 120 | 121797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 470 | 503275 |
|  Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43) | 325 | 230551 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 (Call 11/15/41) | 164 | 133962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 346 | 288801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 (Call 01/15/41)<sup>(a)</sup> | 1046 | 955452 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 230 | 166050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 (Call 09/24/50)<sup>(a)</sup> | 547 | 410097 |
|  Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)<sup>(b)</sup> | 331 | 211013 |
|  Eni SpA, 5.70%, 10/01/40<sup>(b)</sup> | 275 | 241790 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/35 (Call 10/01/34)<sup>(a)</sup> | 263 | 224256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 318 | 287831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/36 (Call 07/15/35) | 195 | 178047 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49 (Call 05/18/49) | 621 | 429009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/40 (Call 10/06/39) | 323 | 251313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 724 | 544044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 | 509 | 403743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41 | 370 | 307329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43 | 436 | 386703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/17/40 | 478 | 444544 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 483 | 354020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49)<sup>(a)</sup> | 883 | 600524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | 1215060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44) | 633 | 468371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | 1314 | 1053035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 1263 | 1081406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49) | 1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390490 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41 | $923 | $831785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/47 (Call 10/01/46)<sup>(a)</sup> | 193 | 175000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 | 450 | 421497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/33 | 355 | 370664 |
|  KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/19/47<sup>(b)</sup> | 200 | 137486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/24/48<sup>(b)</sup> | 1340 | 961530 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/45 (Call 12/01/44) | 213 | 174649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37 | 482 | 472642 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 (Call 10/01/47) | 265 | 199046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 391 | 308199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/54 (Call 03/15/54) | 268 | 210453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/45 (Call 06/15/45) | 179 | 151368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 (Call 09/01/40) | 758 | 738194 |
|  Motiva Enterprises LLC, 6.85%, 01/15/40<sup>(a)(b)</sup> | 423 | 401291 |
|  Ovintiv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/34<sup>(a)</sup> | 390 | 378791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/38 | 215 | 204341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/37<sup>(a)</sup> | 330 | 322751 |
|  Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/25/60 (Call 08/25/59)<sup>(a)(b)</sup> | 460 | 284049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 01/21/50 (Call 07/21/49)<sup>(b)</sup> | 555 | 367687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/30/49<sup>(b)</sup> | 431 | 309207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/43<sup>(b)</sup> | 1005 | 829125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/03/42<sup>(a)(b)</sup> | 669 | 570018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/30/44<sup>(b)</sup> | 843 | 756540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/27/41<sup>(a)(b)</sup> | 300 | 270795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/07/48<sup>(b)</sup> | 414 | 371565 |
|  Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/28/61 (Call 10/28/60)<sup>(b)</sup> | 570 | 351460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/18/45<sup>(b)</sup> | 982 | 813388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/21/50 (Call 10/21/49)<sup>(b)</sup> | 1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/21/60 (Call 10/21/59)<sup>(b)</sup> | 725 | 599930 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 (Call 09/15/51) | 695 | 449699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 (Call 05/15/34) | 508 | 455003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 (Call 05/15/44) | 935 | 797805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42 | 874 | 846746 |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/15/45 (Call 08/15/44)<sup>(b)</sup> | 240 | 194332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/46 (Call 04/01/46)<sup>(b)</sup> | 378 | 314606 |
|  PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59<sup>(a)(b)</sup> | 585 | 355112 |
|  Qatar Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/12/41 (Call 01/12/41)<sup>(b)</sup> | 1965 | 1392792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/12/51 (Call 01/12/51)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | 1561125 |
|  Reliance Industries Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/12/52<sup>(a)(b)</sup> | 1565 | 918633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/12/62<sup>(b)</sup> | 420 | 239662 |
|  Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/24/50 (Call 05/24/50)<sup>(b)</sup> | 1278 | 801286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/24/70 (Call 05/24/70)<sup>(b)</sup> | 1555 | 944725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/16/39<sup>(b)</sup> | 1593 | 1307057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/16/49<sup>(b)</sup> | 1618 | 1257995 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/26/41 (Call 05/26/41) | 390 | 267673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51) | 575 | 369919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 733 | 486932 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49) | $1210 | $831518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/42 | 388 | 293466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 689 | 514664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 1238 | 972215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35 | 873 | 770759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 1661 | 1373723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 717 | 612128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40 | 691 | 674071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | 1633 | 1722619 |
|  Sinopec Capital 2013 Ltd., 4.25%, 04/24/43<sup>(b)</sup> | 325 | 253162 |
|  Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42<sup>(b)</sup> | 620 | 546299 |
|  Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43<sup>(b)</sup> | 250 | 234370 |
|  Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45<sup>(b)</sup> | 550 | 426118 |
|  Sinopec Group Overseas Development 2017 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/13/47<sup>(b)</sup> | 400 | 301572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/12/47<sup>(b)</sup> | 450 | 353618 |
|  Sinopec Group Overseas Development 2018 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/13/50 (Call 11/13/49)<sup>(b)</sup> | 290 | 189198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 11/12/49 (Call 05/12/49)<sup>(b)</sup> | 200 | 135026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 08/08/49 (Call 02/08/49)<sup>(b)</sup> | 273 | 190615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/12/48<sup>(b)</sup> | 323 | 266578 |
|  Suncor Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 (Call 09/04/50)<sup>(a)</sup> | 312 | 212452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 349 | 254310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/34<sup>(a)</sup> | 440 | 418537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38 | 688 | 676140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38 | 510 | 509060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39 | 465 | 468519 |
|  Thaioil Treasury Center Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/17/49<sup>(a)(b)</sup> | 346 | 169494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/18/50<sup>(a)(b)</sup> | 385 | 197689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/23/43<sup>(b)</sup> | 10 | 7276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/20/48<sup>(a)(b)</sup> | 320 | 220899 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40) | 490 | 345084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | 926611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 552 | 359518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 576 | 404462 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 (Call 06/01/51) | 486 | 322410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 605 | 427645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45 | 191 | 156736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37<sup>(a)</sup> | 929 | 930447 |
|  XTO Energy Inc., 6.75%, 08/01/37 | 80 | 83737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72315825 |
| **Oil & Gas Services — 0.4%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 904 | 775389 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47) | 499 | 361594 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/41 (Call 05/15/41) | 427 | 334005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 (Call 02/01/43) | 534 | 430194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 (Call 05/15/35) | 554 | 489420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 (Call 05/15/45)<sup>(a)</sup> | 1006 | 833231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38 | 590 | 592285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39 | 640 | 682995 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas Services (continued)** |  |  |
|  NOV Inc., 3.95%, 12/01/42 (Call 06/01/42) | $707 | $466535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965648 |
| **Packaging & Containers — 0.1%** |  |  |
|  Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/51 (Call 04/01/51)<sup>(a)</sup> | 485 | 293131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/15/49 (Call 06/15/49) | 125 | 89888 |
|  Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)<sup>(a)</sup> | 305 | 276633 |
|  WRKCo Inc., 3.00%, 06/15/33 (Call 03/15/33)<sup>(a)</sup> | 390 | 296075 |
|  |  | 955727 |
| **Pharmaceuticals — 6.3%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39) | 2125 | 1711596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49) | 3117 | 2418195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 (Call 11/14/35) | 455 | 393544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 1645 | 1343246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 (Call 11/14/45) | 1169 | 934951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 (Call 11/14/34)<sup>(a)</sup> | 1453 | 1288024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 (Call 09/15/34) | 1077 | 961130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/42 (Call 04/01/42) | 261 | 216772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 1596 | 1326008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 (Call 09/15/44) | 474 | 396972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 (Call 12/15/43) | 685 | 585447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 (Call 05/14/48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | 870229 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/45 (Call 09/01/44)<sup>(a)</sup> | 301 | 230488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 (Call 06/15/47) | 284 | 218505 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 (Call 02/06/50) | 170 | 93901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 431 | 286229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42<sup>(a)</sup> | 678 | 556699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 527 | 445913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48)<sup>(a)</sup> | 186 | 157258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 1793 | 1924866 |
|  Bayer U.S. Finance II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/45 (Call 10/15/44)<sup>(b)</sup> | 165 | 112810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/34 (Call 01/15/34)<sup>(b)</sup> | 168 | 138369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/44 (Call 01/15/44)<sup>(a)(b)</sup> | 514 | 379136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/25/38 (Call 12/25/37)<sup>(b)</sup> | 556 | 454631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/43 (Call 05/15/43)<sup>(a)(b)</sup> | 270 | 200962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/64 (Call 01/15/64)<sup>(b)</sup> | 410 | 292152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/25/48 (Call 12/25/47)<sup>(b)</sup> | 1155 | 930333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/30/35<sup>(b)</sup> | 210 | 191428 |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/20/50 (Call 11/20/49)<sup>(a)</sup> | 365 | 264165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 (Call 12/06/46) | 912 | 763169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 (Call 06/15/44) | 490 | 411866 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40) | 582 | 378403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50) | 930 | 557398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/42 | 425 | 306966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41) | 895 | 683179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 1245 | 923420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 550 | 401744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 1168 | 990485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | 2071 | 1684336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 675 | 560113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/44 (Call 09/01/43)<sup>(a)</sup> | 55 | 46934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 748 | 639015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/44 (Call 11/15/43) | 384 | 334076 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/45 (Call 02/15/45)<sup>(a)</sup> | $310 | $282419 |
|  Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/47 (Call 12/15/46) | 291 | 212738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44 (Call 05/15/44) | 193 | 144820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/43 | 183 | 141040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/45 (Call 03/15/45) | 309 | 244728 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 (Call 09/15/39) | 507 | 360603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 (Call 09/15/49) | 886 | 588378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 (Call 09/15/50) | 1005 | 666604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 (Call 04/15/47) | 709 | 509119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 1323 | 1165807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 (Call 01/16/46) | 820 | 681730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48) | 1434 | 1217552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/42 (Call 08/15/41) | 241 | 214371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/41 | 169 | 165429 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 (Call 02/21/40) | 779 | 503149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39) | 595 | 465651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 503 | 377920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37) | 2918 | 2532701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/20/35 (Call 01/20/35) | 294 | 264140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47) | 4406 | 3742648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | 1833496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 (Call 06/05/43) | 473 | 416446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 | 458 | 449814 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49) | 1187 | 708194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60) | 456 | 262060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 316 | 250744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/47 (Call 11/15/46) | 85 | 70534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48) | 145 | 120725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/59 (Call 09/15/58) | 409 | 332850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/37 | 105 | 108971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/15/37<sup>(a)</sup> | 205 | 212345 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/18/43 | 300 | 244401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/34<sup>(a)</sup> | 696 | 693377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38 | 1438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541169 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40) | 549 | 360639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50)<sup>(a)</sup> | 409 | 241744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60) | 662 | 374096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 692 | 563182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 343 | 263545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35) | 434 | 370824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36) | 822 | 702737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 1008 | 801413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46) | 575 | 459874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33) | 378 | 360174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 | 407 | 369069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/05/43 (Call 06/05/43) | 199 | 176357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/15/41<sup>(a)</sup> | 221 | 207475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/33<sup>(a)</sup> | 486 | 489442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/38 | 562 | 589780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37<sup>(a)</sup> | 580 | 620004 |
|  McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43) | 205 | 179130 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/44 (Call 12/01/43) | 166 | 140361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/01/39 | 360 | 353714 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39) | $679 | $449968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49) | 723 | 434665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51) | 1110 | 705178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 910 | 553158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42)<sup>(a)</sup> | 393 | 301696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44) | 946 | 734522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38) | 672 | 559278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 808 | 655325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43 | 695 | 580956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 | 455 | 495830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/37 | 345 | 377250 |
|  Merck Sharp & Dohme Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/36<sup>(a)</sup> | 115 | 117477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/30/39 | 185 | 188032 |
|  Mylan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 (Call 10/15/47) | 369 | 248833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43 (Call 05/29/43) | 350 | 249499 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50) | 531 | 348104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/21/42 | 522 | 415923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45) | 778 | 638854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44<sup>(a)</sup> | 950 | 832705 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39) | 630 | 435949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49) | 813 | 528883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 420 | 355102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 53 | 46592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 679 | 558101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/38 (Call 03/15/38) | 421 | 364196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46 | 731 | 615564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48) | 544 | 459727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43<sup>(a)</sup> | 349 | 301519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 | 540 | 472738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/15/40 | 243 | 243542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1576 | 1848152 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 (Call 01/09/40) | 856 | 592732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 (Call 01/09/50) | 1145 | 737953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 (Call 01/09/60) | 629 | 388740 |
|  Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45) | 609 | 416119 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 (Call 12/22/39) | 900 | 560857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 (Call 12/22/49) | 1235 | 715940 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 1273 | 1329125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/36 | 378 | 390657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34 | 635 | 685565 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/50 (Call 11/15/49) | 325 | 204947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 (Call 03/12/47) | 261 | 196675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/20/48 (Call 02/20/48) | 367 | 297449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 (Call 08/01/42) | 660 | 562786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79552159 |
| **Pipelines — 4.3%** |  |  |
|  Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47<sup>(b)</sup> | 1216 | 1041990 |
|  Cameron LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/35 (Call 09/15/34)<sup>(b)</sup> | 461 | 360097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37)<sup>(a)(b)</sup> | 240 | 186674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/39 (Call 07/15/38)<sup>(b)</sup> | 414 | 310919 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pipelines (continued)** |  |  |
|  Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39) | $292 | $216673 |
|  Colonial Pipeline Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/43 (Call 10/15/42)<sup>(b)</sup> | 105 | 78718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/48 (Call 10/15/47)<sup>(a)(b)</sup> | 385 | 287349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/01/37<sup>(b)</sup> | 50 | 49144 |
|  Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44) | 240 | 215711 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43)<sup>(a)</sup> | 125 | 109550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 11/03/36<sup>(a)(b)</sup> | 205 | 193565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/37<sup>(a)(b)</sup> | 145 | 139994 |
|  Eastern Gas Transmission & Storage Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/49 (Call 05/15/49) | 183 | 125311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44 (Call 06/15/44) | 146 | 113851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/43 (Call 05/01/43) | 168 | 135479 |
|  EIG Pearl Holdings Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/31/36<sup>(a)(b)</sup> | 400 | 307000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 11/30/46<sup>(b)</sup> | 605 | 411400 |
|  Enbridge Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/40 (Call 03/15/40) | 483 | 430007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/45 (Call 04/15/45) | 362 | 384632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.50%, 04/15/38 | 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411103 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 (Call 05/01/33)<sup>(a)</sup> | 537 | 401551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/51 (Call 02/01/51) | 595 | 385196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49)<sup>(a)</sup> | 277 | 198702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/10/44 (Call 12/10/43) | 359 | 281311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 (Call 06/01/46) | 335 | 300522 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/35 (Call 09/15/34)<sup>(a)</sup> | 157 | 130495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/43 (Call 07/15/42) | 185 | 139453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/44 (Call 11/15/43)<sup>(a)</sup> | 349 | 264569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | 905145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43 (Call 08/01/42) | 375 | 288718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 (Call 09/15/44) | 642 | 500600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/44 (Call 10/01/43) | 441 | 347070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 (Call 10/15/46)<sup>(a)</sup> | 570 | 447703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 (Call 11/15/44) | 474 | 372550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47) | 874 | 693950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/43 (Call 04/01/43) | 175 | 149876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 519 | 436723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/41 (Call 12/01/40)<sup>(a)</sup> | 405 | 357296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 02/15/42 | 250 | 215780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 (Call 06/15/45) | 431 | 369693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48) | 964 | 840945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 (Call 08/01/41) | 671 | 616596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/36 | 321 | 300841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 02/15/40<sup>(a)</sup> | 150 | 135609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/38 | 246 | 245072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 340 | 290225 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 (Call 08/15/51) | 622 | 384020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/53 (Call 08/15/52)<sup>(a)</sup> | 547 | 342320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 (Call 07/31/50) | 589 | 396451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | 696 | 462239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 809 | 594548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 (Call 08/15/47) | 705 | 523303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 (Call 08/15/42) | 616 | 486483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 771 | 619525 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 (Call 02/15/42) | $465 | $385083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43) | 755 | 620600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 (Call 11/15/45)<sup>(a)</sup> | 648 | 529730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 (Call 04/15/54) | 251 | 197521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 (Call 08/15/44) | 559 | 469525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/42 | 416 | 382183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 420 | 397844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/39 | 335 | 322635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/01/40 | 290 | 284519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/15/38 | 247 | 264840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.88%, 03/01/33 | 277 | 290784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 6.65%, 10/15/34 | 216 | 219571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 5.75%, 03/01/35<sup>(a)</sup> | 75 | 70380 |
|  Flex Intermediate Holdco LLC, 4.32%, 12/30/39 (Call 06/30/39)<sup>(b)</sup> | 187 | 127672 |
|  FLNG Liquefaction 2 LLC, 4.13%, 03/31/38<sup>(b)</sup> | 265 | 225673 |
|  Galaxy Pipeline Assets Bidco Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 03/31/34<sup>(b)</sup> | 185 | 150577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/36<sup>(b)</sup> | 957 | 726819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 09/30/40<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213 | 909095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/30/40<sup>(b)</sup> | 640 | 452354 |
|  Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)<sup>(a)(b)</sup> | 160 | 137538 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/42 (Call 05/01/42) | 266 | 203972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/42 (Call 02/15/42) | 325 | 261112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/43 (Call 09/01/42) | 462 | 373115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/01/44 (Call 03/01/44) | 355 | 296936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/44 (Call 09/01/43) | 504 | 425733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/41 | 249 | 210996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/35 | 320 | 298969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 269 | 248591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/37<sup>(a)</sup> | 280 | 269383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/39 | 363 | 343076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/40 | 259 | 241686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 | 780 | 775071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/33 | 233 | 241748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40 | 400 | 409107 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/50 (Call 02/01/50) | 327 | 199209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 (Call 08/15/50) | 634 | 410351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 (Call 08/15/45) | 397 | 321101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 (Call 09/01/47) | 418 | 342323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/34 (Call 06/01/34) | 294 | 264563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52)<sup>(a)</sup> | 485 | 409976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44) | 888 | 767523 |
|  Magellan Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/50 (Call 09/01/49)<sup>(a)</sup> | 435 | 296643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/42 (Call 06/01/42) | 175 | 120411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/45 (Call 09/15/44) | 170 | 115691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/03/47 (Call 04/03/47) | 363 | 256996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/46 (Call 03/15/46) | 335 | 239751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/49 (Call 08/01/48) | 328 | 254528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43 (Call 04/15/43) | 369 | 301144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/01/37 | 125 | 118121 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 (Call 10/15/37) | 922 | 735024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 (Call 10/15/47) | 905 | 674937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/58 (Call 10/15/57) | 438 | 317557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 (Call 09/14/51) | 920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711215 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 (Call 09/01/46) | $550 | $438418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/01/47 (Call 06/01/47) | 321 | 256888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 751 | 626676 |
|  NGPL PipeCo LLC, 7.77%, 12/15/37<sup>(b)</sup> | 393 | 391250 |
|  Northern Natural Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/16/51 (Call 04/16/51)<sup>(b)</sup> | 246 | 154659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/42 (Call 03/15/42)<sup>(b)</sup> | 255 | 179650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/49 (Call 07/15/48)<sup>(b)</sup> | 527 | 390835 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/49 (Call 03/01/49) | 271 | 186890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/50 (Call 09/15/49) | 193 | 133314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/47 (Call 01/06/47) | 419 | 317639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 (Call 01/15/48) | 574 | 446122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/35 | 344 | 307693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 (Call 07/15/50) | 199 | 186625 |
|  ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/41 (Call 08/01/40)<sup>(a)</sup> | 373 | 324610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/43 (Call 03/15/43) | 214 | 184099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/01/36<sup>(a)</sup> | 325 | 304566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 10/15/37 | 513 | 488184 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/31/43 (Call 07/31/42) | 217 | 145820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/44 (Call 12/15/43) | 401 | 282958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 (Call 08/15/44) | 238 | 172787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/42 (Call 12/01/41) | 343 | 259003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/37<sup>(a)</sup> | 369 | 346460 |
|  Sabal Trail Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 05/01/38 (Call 11/01/37)<sup>(a)(b)</sup> | 255 | 213664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 05/01/48 (Call 11/01/47)<sup>(a)(b)</sup> | 174 | 138239 |
|  Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)<sup>(b)</sup> | 182 | 141891 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/45 (Call 09/15/44) | 456 | 357146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/25/43 (Call 03/25/43) | 260 | 240191 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 (Call 11/01/32)<sup>(a)</sup> | 290 | 242095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 (Call 10/15/51) | 325 | 243860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/52 (Call 01/01/52) | 395 | 353001 |
|  Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37 | 100 | 103635 |
|  Texas Eastern Transmission LP, 4.15%, 01/15/48 (Call 07/15/47)<sup>(b)</sup> | 134 | 98161 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 (Call 12/01/33) | 384 | 335368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/38 (Call 11/15/37) | 164 | 137609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 (Call 11/15/47) | 554 | 456403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/16/43 (Call 04/16/43) | 245 | 202980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 (Call 09/15/48) | 418 | 353878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/31/34 | 365 | 341111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/36 | 585 | 552055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40 | 380 | 362653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37 | 576 | 560062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/38 | 630 | 662164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39 | 820 | 895899 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/50 (Call 11/15/49) | 310 | 220840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/01/42 (Call 02/01/42) | 275 | 219578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/48 (Call 09/15/47) | 365 | 287872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/41 (Call 02/15/41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | 372221 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 (Call 04/15/51) | 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236866 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 (Call 09/01/47) | $| 481 | $| 383920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/45 (Call 07/15/44) |  | 286 |  | 227683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 (Call 03/15/45)<sup>(a)</sup> |  | 525 |  | 430986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 (Call 02/15/52) |  | 270 |  | 227467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/04/44 (Call 09/04/43) |  | 220 |  | 187564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/24/44 (Call 12/24/43) |  | 438 |  | 390899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43 (Call 05/15/43) |  | 292 |  | 261511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40 |  | 710 |  | 684065 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55204432 |
| **Private Equity — 0.1%** |  |  |  |  |
|  Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)<sup>(b)</sup> |  | 180 |  | 150388 |
|  Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)<sup>(a)(b)</sup> |  | 205 |  | 171761 |
|  Carlyle Holdings II Finance LLC, 5.63%, 03/30/43<sup>(a)(b)</sup> |  | 394 |  | 330052 |
|  KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)<sup>(b)</sup> |  | 575 |  | 485478 |
|  KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)<sup>(b)</sup> |  | 258 |  | 169371 |
|  KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)<sup>(b)</sup> |  | 476 |  | 306425 |
|  KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)<sup>(b)</sup> |  | 365 |  | 222783 |
|  |  |  |  | 1836258 |
| **Real Estate — 0.0%** |  |  |  |  |
|  Brookfield Asset Management Inc., 7.38%, 03/01/33<sup>(a)</sup> |  | 184 |  | 190026 |
| **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** | **Real Estate Investment Trusts — 1.3%** |
|  Agree LP, 2.60%, 06/15/33 (Call 03/15/33)<sup>(a)</sup> |  | 196 |  | 139108 |
|  Alexandria Real Estate Equities Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 (Call 11/01/32) |  | 424 |  | 293445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33) |  | 510 |  | 383818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 (Call 11/18/50) |  | 544 |  | 310830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) |  | 590 |  | 380204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 (Call 08/01/49) |  | 387 |  | 271404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/15/49 (Call 10/15/48) |  | 182 |  | 144466 |
|  American Homes 4 Rent LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/51 (Call 01/15/51) |  | 190 |  | 111447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/52 (Call 10/15/51) |  | 220 |  | 151565 |
|  American Tower Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 (Call 07/15/50) |  | 500 |  | 284559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 (Call 12/15/49) |  | 586 |  | 344998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/49 (Call 04/15/49) |  | 329 |  | 215657 |
|  AvalonBay Communities Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46 (Call 04/15/46) |  | 181 |  | 131945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/47 (Call 01/01/47)<sup>(a)</sup> |  | 195 |  | 147352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/48 (Call 10/18/47) |  | 193 |  | 150763 |
|  Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)<sup>(a)</sup> |  | 485 |  | 334393 |
|  Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49) |  | 160 |  | 103616 |
|  Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 |  | 173881 |
|  Crown Castle Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 (Call 10/01/40) |  | 606 |  | 384393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 (Call 07/15/50) |  | 595 |  | 363833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/47 (Call 11/15/46) |  | 89 |  | 69937 |
|  Crown Castle International Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49) |  | 163 |  | 113879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/50 (Call 01/01/50)<sup>(a)</sup> |  | 346 |  | 246756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/49 (Call 08/15/48) |  | 249 |  | 206133 |
|  Equinix Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 (Call 03/15/51) |  | 285 |  | 163727 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 (Call 01/15/50) | $271 | $157020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 (Call 08/15/51) | 262 | 164966 |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 (Call 02/01/47)<sup>(a)</sup> | 120 | 87433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/44 (Call 01/01/44) | 434 | 347422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/45 (Call 12/01/44) | 247 | 196845 |
|  Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/50 (Call 03/01/50) | 111 | 58192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/48 (Call 09/15/47) | 190 | 140307 |
|  Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/01/46 (Call 02/01/46) | 339 | 212581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/44 (Call 06/01/44) | 132 | 97662 |
|  Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)<sup>(b)</sup> | 194 | 155488 |
|  Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40) | 185 | 182619 |
|  Invitation Homes Operating Partnership LP, 2.70%, 01/15/34 (Call 10/15/33) | 160 | 110586 |
|  Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 (Call 08/15/32) | 112 | 77735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/33 (Call 08/15/33)<sup>(a)</sup> | 345 | 233730 |
|  Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/49 (Call 04/01/49) | 199 | 129196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/46 (Call 06/01/46) | 266 | 185179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/45 (Call 10/01/44) | 265 | 188946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/47 (Call 03/01/47) | 252 | 185117 |
|  Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51) | 170 | 98239 |
|  National Retail Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/52 (Call 10/15/51) | 185 | 103598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/50 (Call 10/15/49) | 219 | 126825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/51 (Call 10/15/50) | 348 | 215830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/48 (Call 04/15/48) | 186 | 146016 |
|  Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33) | 433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301165 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/15/50 (Call 04/15/50)<sup>(a)</sup> | 314 | 164441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 242 | 152184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 | 195 | 123850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/48 (Call 03/15/48) | 270 | 215152 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/15/33 (Call 12/15/32)<sup>(a)</sup> | 350 | 239507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 (Call 09/15/32)<sup>(a)</sup> | 160 | 125202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/47 (Call 09/15/46)<sup>(a)</sup> | 317 | 260149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/35 | 160 | 153704 |
|  Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/01/47 (Call 08/01/46) | 327 | 237405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/49 (Call 09/15/48) | 154 | 114437 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49) | 743 | 448580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50)<sup>(a)</sup> | 369 | 248507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/44 (Call 04/01/44) | 181 | 131543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 (Call 05/30/46) | 250 | 183189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 (Call 09/15/41) | 275 | 219023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 (Call 11/01/39) | 548 | 544394 |
|  Trust Fibra Uno |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.39%, 01/15/50<sup>(b)</sup> | 430 | 284875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/30/44 (Call 07/30/43)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | 321646 |
|  UDR Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/33 (Call 12/15/32) | 285 | 191953 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/33 (Call 03/15/33) | $188 | $127379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/01/34 (Call 08/01/34) | 125 | 91574 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/45 (Call 08/01/44) | 105 | 76852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/49 (Call 10/15/48) | 279 | 222520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/30/43 (Call 03/30/43) | 204 | 175426 |
|  VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51) | 405 | 331318 |
|  WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)<sup>(b)</sup> | 310 | 199160 |
|  WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)<sup>(a)(b)</sup> | 287 | 187887 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/48 (Call 03/01/48) | 164 | 130000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/43 (Call 09/15/42) | 110 | 88402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/41 (Call 09/15/40) | 390 | 369600 |
|  Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/09/33 (Call 12/09/32)<sup>(a)</sup> | 10 | 7983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/09/52 (Call 09/09/51)<sup>(a)</sup> | 295 | 206893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/33 | 372 | 385432 |
|  WP Carey Inc., 2.25%, 04/01/33 (Call 01/01/33) | 239 | 165439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16650412 |
| **Retail — 2.9%** |  |  |
|  7-Eleven Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/10/41 (Call 08/10/40)<sup>(b)</sup> | 448 | 272337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/10/51 (Call 08/02/50)<sup>(a)(b)</sup> | 704 | 399337 |
|  Alimentation Couche-Tard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 05/13/41 (Call 11/13/40)<sup>(b)</sup> | 271 | 180754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/51 (Call 11/13/50)<sup>(b)</sup> | 375 | 236042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/25/50 (Call 07/25/49)<sup>(b)</sup> | 348 | 226622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/26/47 (Call 01/26/47)<sup>(b)</sup> | 355 | 261982 |
|  CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)<sup>(a)(b)</sup> | 330 | 217413 |
|  CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)<sup>(a)(b)</sup> | 185 | 128234 |
|  Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47) | 179 | 126732 |
|  Dick's Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51) | 400 | 243892 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/03/50 (Call 10/03/49)<sup>(a)</sup> | 259 | 195376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/52 (Call 05/01/52) | 390 | 361730 |
|  Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51) | 163 | 101486 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50)<sup>(a)</sup> | 832 | 471039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 495 | 301096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 749 | 497377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39)<sup>(a)</sup> | 886 | 663253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 840 | 583326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 505 | 342541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 910 | 658551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46)<sup>(a)</sup> | 732 | 561135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42) | 619 | 509624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | 870300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44) | 547 | 453438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48) | 896 | 758928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43) | 490 | 436510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 360 | 323618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/40 (Call 03/15/40) | 367 | 353517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 1652 | 1698901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 562 | 570971 |
|  Kohl's Corp., 5.55%, 07/17/45 (Call 01/17/45) | 180 | 106992 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Retail (continued)** |  |  |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 (Call 03/15/41) | $665 | $423358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 (Call 04/15/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | 607587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 391 | 253986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 (Call 10/15/45) | 809 | 565788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 (Call 11/03/46) | 947 | 695365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 (Call 10/01/51) | 940 | 697965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 359 | 273604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61) | 735 | 533874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/05/49 (Call 10/05/48) | 412 | 321670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/15/42 (Call 10/15/41) | 439 | 359076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 (Call 10/15/39) | 315 | 272799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/43 (Call 03/15/43)<sup>(a)</sup> | 30 | 25624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 235 | 200668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35<sup>(a)</sup> | 320 | 306107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 990 | 891537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/15/36 | 100 | 93400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 350 | 312996 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 | 306 | 223170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 843 | 594689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/42 | 408 | 304485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 454 | 355168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 (Call 09/01/46) | 715 | 582552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 (Call 03/01/48) | 616 | 499799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/26/45 (Call 11/26/44) | 328 | 272208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 (Call 06/09/35) | 171 | 155768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/40 | 259 | 227768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45) | 1026 | 887731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 (Call 03/09/52) | 55 | 49397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/39 | 361 | 349782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37<sup>(a)</sup> | 493 | 507067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38 | 497 | 511300 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/50 (Call 09/12/49) | 301 | 198053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50) | 721 | 488518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 375 | 267871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/45 (Call 12/15/44)<sup>(a)</sup> | 242 | 191799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49) | 568 | 453412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 (Call 05/15/48) | 635 | 513065 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 610 | 395150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/46<sup>(a)</sup> | 302 | 223775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/47 (Call 05/15/47) | 308 | 238822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42<sup>(a)</sup> | 470 | 387286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37 | 455 | 487287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/38 | 490 | 550640 |
|  Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44) | 198 | 167091 |
|  TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49) | 259 | 217994 |
|  Walgreen Co., 4.40%, 09/15/42 | 50 | 36702 |
|  Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 (Call 10/15/49) | 1000 | 690390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/46 (Call 12/01/45) | 100 | 75842 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41) | 915 | 629868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51)<sup>(a)</sup> | 1785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/24/49 (Call 03/24/49) | 335 | 228646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/47 (Call 06/15/47) | 80 | 61705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/28/38 (Call 12/28/37) | 580 | 507189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/11/43 (Call 10/11/42) | 200 | 166403 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47) | $890 | $743640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/22/44 (Call 10/22/43) | 245 | 210016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | 50 | 44391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/08/40 | 190 | 177981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/40 | 295 | 283167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 | 1165 | 1187230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/40<sup>(a)</sup> | 365 | 381076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/41 | 40 | 40732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38 | 260 | 282791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37 | 185 | 209671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37359294 |
| **Semiconductors — 2.4%** |  |  |
|  Advanced Micro Devices Inc., 4.39%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 315 | 254515 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41) | 510 | 350418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | 643 | 414680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/45 (Call 06/15/45)<sup>(a)</sup> | 160 | 148137 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 271 | 173528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46)<sup>(a)</sup> | 527 | 444933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/01/35 (Call 04/01/35) | 199 | 193073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/41 | 438 | 444920 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 (Call 11/15/32)<sup>(b)</sup> | 1127 | 801111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(b)</sup> | 1983 | 1375555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 (Call 08/15/36)<sup>(b)</sup> | 1785 | 1217484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(a)(b)</sup> | 1480 | 1124585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(a)(b)</sup> | 1702 | 1273959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(b)</sup> | 1584 | 1043938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 (Call 08/15/50)<sup>(a)(b)</sup> | 1033 | 662077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32)<sup>(a)</sup> | 725 | 609660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 (Call 02/15/37)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | 1207908 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 510 | 327058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51) | 740 | 447260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59) | 758 | 429128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 210 | 121042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 1131 | 708407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 1260 | 873772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32<sup>(a)</sup> | 109 | 96025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45) | 745 | 562124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 589 | 437230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/42<sup>(a)</sup> | 385 | 302328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39) | 369 | 310825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49)<sup>(a)</sup> | 1293 | 1047744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41<sup>(a)</sup> | 473 | 406547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45)<sup>(a)</sup> | 466 | 394936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 900 | 741908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(a)</sup> | 643 | 520673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | 485 | 394228 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 (Call 08/28/49) | 414 | 278252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 705 | 613684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/49 (Call 09/15/48) | 161 | 141630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | 435 | 383870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/34 (Call 07/01/34) | 154 | 149570 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49) | 448 | 280483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/60 (Call 12/15/59) | 253 | 152364 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | $499 | $439933 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/41 (Call 05/01/41) | 210 | 133115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 11/01/51 (Call 05/01/51)<sup>(a)</sup> | 280 | 164786 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39) | 570 | 432876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49) | 1151 | 813224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 (Call 10/01/59) | 363 | 247582 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42 (Call 08/15/41) | 455 | 285622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 (Call 11/11/40) | 532 | 345512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/51 (Call 05/30/51) | 375 | 216985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 (Call 10/15/32) | 275 | 246660 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49)<sup>(a)</sup> | 312 | 214912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46)<sup>(a)</sup> | 853 | 696690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51) | 620 | 514327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34) | 291 | 268235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44) | 944 | 836685 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51)<sup>(a)</sup> | 295 | 189414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 469 | 389803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/16/52 (Call 02/16/52) | 285 | 234358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47)<sup>(a)</sup> | 856 | 703211 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41 (Call 04/25/41)<sup>(a)</sup> | 215 | 148405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 (Call 04/25/51)<sup>(a)</sup> | 730 | 473759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/52 (Call 10/22/51)<sup>(a)</sup> | 635 | 525555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30383218 |
| **Software — 2.6%** |  |  |
|  Activision Blizzard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/50 (Call 03/15/50) | 566 | 336053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 214 | 180590 |
|  Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50) | 163 | 101321 |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 (Call 09/01/40)<sup>(a)</sup> | 233 | 151945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/46 (Call 02/15/46) | 140 | 104508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/52 (Call 01/15/52)<sup>(a)</sup> | 375 | 327705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 4.75%, 05/15/48 (Call 11/15/47) | 272 | 202779 |
|  Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49) | 1113 | 836824 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49) | 3592 | 2253362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59)<sup>(a)</sup> | 2291 | 1387812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 3613 | 2441126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | 906481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 875 | 749763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34)<sup>(a)</sup> | 907 | 799515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 412 | 326843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 1154 | 928110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/12/45 (Call 08/12/44)<sup>(a)</sup> | 357 | 289412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/56 (Call 02/08/56) | 191 | 151852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/12/55 (Call 08/12/54) | 50 | 40343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36) | 466 | 425140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/35 (Call 05/03/35) | 420 | 390898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46) | 799 | 700534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 (Call 05/03/45)<sup>(a)</sup> | 85 | 76187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/40 | 525 | 485173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 460 | 404371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/03/55 (Call 05/03/55)<sup>(a)</sup> | 100 | 91510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/39 | 80 | 80923 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/08/41 | $410 | $415925 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 1661 | 1123874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 2487 | 1530808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 (Call 09/25/40) | 1359 | 920314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 (Call 05/15/37) | 999 | 726116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 (Call 01/15/36) | 608 | 454979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 2013 | 1215634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 (Call 11/15/34) | 553 | 427896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 1810 | 1184122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 1763 | 1177916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 1408 | 932858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 (Call 09/25/60) | 889 | 552161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 (Call 11/15/44) | 1276 | 875725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 928 | 763323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 (Call 11/15/54) | 744 | 504720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 (Call 01/08/44) | 503 | 368150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40 | 1440 | 1199608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39<sup>(a)</sup> | 812 | 744743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 871 | 838547 |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41)<sup>(a)</sup> | 739 | 506838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51) | 1354 | 871929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61) | 705 | 429575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32936841 |
| **Telecommunications — 6.1%** |  |  |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/16/42 | 342 | 267950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/49 (Call 10/22/48)<sup>(a)</sup> | 559 | 436213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37 | 226 | 217830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/30/40 | 1136 | 1090223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/35 | 726 | 728079 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33) | 2176 | 1603593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/43 (Call 08/01/42) | 150 | 97817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/52 (Call 08/01/51)<sup>(a)</sup> | 575 | 360798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 1492 | 1054116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53) | 4428 | 2842023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/61 (Call 08/01/60) | 280 | 170703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 4461 | 2838811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50) | 1875 | 1247182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59) | 3930 | 2479025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57) | 3546 | 2336723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 (Call 12/01/59) | 973 | 641867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 (Call 06/15/42) | 728 | 560779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 (Call 12/15/44) | 760 | 578667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 1424 | 1227309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 (Call 09/09/47) | 1185 | 915221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 (Call 09/09/48) | 759 | 590965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/44 (Call 12/01/43) | 310 | 247242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 (Call 11/15/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | 1055490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 195 | 158359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 (Call 09/01/38) | 601 | 515562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/45 (Call 01/15/45)<sup>(a)</sup> | 133 | 108609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/37 (Call 02/14/37) | 414 | 362109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/42<sup>(a)</sup> | 319 | 274853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/46 (Call 05/15/46) | 545 | 463438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 (Call 08/14/49) | 447 | 382134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36)<sup>(a)</sup> | 456 | 415592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/01/40 | 458 | 405337 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 (Call 09/01/46) | $265 | $235544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/41 | 47 | 42990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46) | 330 | 304594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/57 (Call 09/01/56) | 295 | 268341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 05/15/40) | 305 | 290395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 185 | 184181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 02/15/39 | 360 | 367850 |
|  Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51)<sup>(a)</sup> | 431 | 267701 |
|  Bell Telephone Co. of Canada or Bell Canada (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/52 (Call 02/15/52) | 410 | 276878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/29/49 (Call 01/29/49) | 417 | 316618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 (Call 10/01/47)<sup>(a)</sup> | 715 | 566275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-4, 3.65%, 03/17/51 (Call 09/17/50) | 339 | 229488 |
|  British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)<sup>(b)</sup> | 251 | 172892 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 1309 | 1279405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 1201 | 1225991 |
|  Corning Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/49 (Call 05/15/49) | 121 | 82618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/57 (Call 05/15/57) | 438 | 312050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/15/37 | 275 | 237935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42<sup>(a)</sup> | 271 | 227978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48 (Call 05/15/48)<sup>(a)</sup> | 342 | 295574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 (Call 05/19/79) | 674 | 540543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/40 | 315 | 298946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/68 (Call 05/15/68)<sup>(a)</sup> | 119 | 101301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/36 (Call 08/15/26) | 260 | 271102 |
|  Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)<sup>(b)</sup> | 586 | 389604 |
|  Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/21/38 (Call 12/21/37)<sup>(b)</sup> | 264 | 223786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/06/42<sup>(a)(b)</sup> | 602 | 496917 |
|  Juniper Networks Inc., 5.95%, 03/15/41 | 356 | 303693 |
|  Motorola Solutions Inc., 5.50%, 09/01/44 | 182 | 150547 |
|  Ooredoo International Finance Ltd., 4.50%, 01/31/43<sup>(b)</sup> | 368 | 325551 |
|  Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/13/42 | 705 | 639429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 (Call 08/06/43) | 434 | 400018 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 (Call 05/15/49)<sup>(a)</sup> | 521 | 340383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 (Call 08/15/47) | 501 | 365331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48) | 726 | 533041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 (Call 09/15/41)<sup>(b)</sup> | 380 | 301176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/43 (Call 09/15/42) | 324 | 248845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 (Call 09/15/51)<sup>(b)</sup> | 1050 | 811184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 638 | 516271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/01/43 (Call 04/01/43)<sup>(a)</sup> | 426 | 367117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/38 | 370 | 401671 |
|  SES Global Americas Holdings Inc., 5.30%, 03/25/44<sup>(a)(b)</sup> | 59 | 43144 |
|  SES SA, 5.30%, 04/04/43<sup>(b)</sup> | 155 | 112991 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38<sup>(a)</sup> | 234 | 176457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48 | 840 | 598984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | 905188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 (Call 09/01/48) | 635 | 498730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36 | 1643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594947 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/49 (Call 12/15/48) | 180 | 136043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 (Call 05/16/48) | 553 | 439228 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Telecommunications (continued)** |  |  |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40)<sup>(a)</sup> | $1616 | $1086742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50) | 1800 | 1154771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52) | 1530 | 989471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | 860 | 553338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 (Call 10/15/39) | 1302 | 1060257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 1847 | 1463365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 (Call 07/15/52) | 500 | 461117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 575 | 527872 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 (Call 05/20/40)<sup>(a)</sup> | 1791 | 1136859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41) | 720 | 470689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 (Call 05/20/50) | 1664 | 981964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56) | 2084 | 1199118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 (Call 05/20/60) | 1188 | 663129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 2144 | 1524350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50) | 2581 | 1742167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60)<sup>(a)</sup> | 1933 | 1264347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/42 (Call 05/01/42)<sup>(a)</sup> | 522 | 388540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51) | 680 | 480524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 (Call 09/22/49) | 792 | 580310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46 | 660 | 496620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36 | 1027 | 863215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 (Call 05/01/34) | 952 | 824199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33 | 1172 | 1044169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48<sup>(a)</sup> | 757 | 605357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/15/55 | 427 | 344243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/41<sup>(a)</sup> | 390 | 328220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | 725 | 627225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | 1229329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/15/49 | 415 | 358039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54 | 120 | 101449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37 | 617 | 571941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/16/47 | 300 | 275643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/15/35 | 440 | 426388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 09/15/33 | 60 | 61506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43 | 272 | 280872 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50 | 875 | 616320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 830 | 621627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49<sup>(a)</sup> | 1016 | 786226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38 | 607 | 515415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/19/59 | 242 | 186725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | 1738 | 1421068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37<sup>(a)</sup> | 1056 | 994166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/30/32<sup>(a)</sup> | 275 | 271690 |
|  Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)<sup>(b)</sup> | 210 | 102280 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78074947 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/15/44 (Call 11/15/43) | 197 | 154110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/15/40 | 377 | 344801 |
|  |  | 498911 |
| **Transportation — 3.4%** |  |  |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 (Call 12/15/51) | 390 | 244789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 (Call 08/15/50) | 347 | 225677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 (Call 03/15/51) | 486 | 331653 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | $485 | $348356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 422 | 324235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 418 | 327204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 450 | 357000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 448 | 357625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48)<sup>(a)</sup> | 427 | 338789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/42 (Call 03/01/42) | 375 | 313781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/42 (Call 09/15/41) | 338 | 285098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 458 | 386948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52) | 425 | 356605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 463 | 392127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 (Call 03/01/45) | 390 | 333571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 560 | 497960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/41 (Call 03/15/41) | 188 | 169953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/41 (Call 09/01/40) | 333 | 304453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/01/43 (Call 03/01/43) | 426 | 392401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 (Call 12/01/40) | 477 | 453390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 439 | 434909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 600 | 626841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 08/15/36 | 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230940 |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/50 (Call 11/01/49) | 255 | 146689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/02/46 (Call 02/02/46)<sup>(a)</sup> | 342 | 231966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 185 | 130876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/03/48 (Call 08/03/47) | 403 | 299627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/05/52 (Call 02/05/52) | 475 | 395514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/20/49 (Call 07/20/48) | 361 | 300334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/07/43 (Call 05/07/43) | 100 | 81148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/01/36 | 325 | 337025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/34 | 350 | 367118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37 | 226 | 236687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.71%, 07/15/36 | 167 | 177259 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 (Call 06/02/41) | 506 | 350670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 (Call 06/02/51)<sup>(a)</sup> | 980 | 623393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/35 (Call 03/15/35) | 136 | 122357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/45 (Call 02/01/45)<sup>(a)</sup> | 261 | 221854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/33 | 210 | 207372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/42 | 395 | 375019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 526 | 522187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2115 (Call 03/15/2115) | 384 | 347719 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/51 (Call 11/15/50)<sup>(a)</sup> | 288 | 164109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/49 (Call 03/15/49) | 370 | 249379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 (Call 05/01/46) | 418 | 307392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/50 (Call 10/15/49) | 362 | 262300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/50 (Call 11/01/49) | 357 | 266258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 (Call 09/15/43) | 457 | 359996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/66 (Call 05/01/66) | 318 | 229320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 (Call 09/01/47) | 477 | 380920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/43 (Call 09/01/42)<sup>(a)</sup> | 77 | 62942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 258 | 210087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/52 (Call 05/15/52) | 530 | 431884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/54 (Call 02/01/54) | 186 | 148223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/01/68 (Call 09/01/67) | 410 | 316821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/42 (Call 11/30/41) | 506 | 435028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 (Call 05/15/48)<sup>(a)</sup> | 349 | 295970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/41 (Call 10/15/40) | 297 | 280571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | 329 | 329773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | 420572 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 04/30/40<sup>(a)</sup> | $404 | $414071 |
|  Empresa de los Ferrocarriles del Estado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/18/50 (Call 02/18/50)<sup>(b)</sup> | 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 09/14/61 (Call 03/14/61)<sup>(b)</sup> | 320 | 194977 |
|  Empresa de Transporte de Pasajeros Metro SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 09/13/61 (Call 03/13/61)<sup>(b)</sup> | 315 | 183142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/07/50 (Call 11/07/49)<sup>(b)</sup> | 558 | 415014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/25/47 (Call 07/25/46)<sup>(b)</sup> | 282 | 213968 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 (Call 11/15/40) | 422 | 279881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/42 | 337 | 241513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/35 | 99 | 80756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 (Call 08/15/47) | 574 | 404541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/43 | 342 | 247280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/45<sup>(a)</sup> | 396 | 281971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 (Call 07/15/46) | 430 | 319780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/65<sup>(a)</sup> | 224 | 153039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 (Call 10/01/45) | 713 | 546189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | 697 | 550875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/34 | 50 | 45512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 (Call 04/17/48) | 516 | 418567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 405 | 335536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 662 | 559696 |
|  Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 (Call 11/01/49)<sup>(a)</sup> | 530 | 353730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/15/69 (Call 05/15/69) | 236 | 162117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 (Call 11/15/42) | 251 | 195961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/48 (Call 11/01/47) | 312 | 254966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/45 (Call 02/15/45) | 262 | 221450 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/25/51 (Call 02/25/51) | 371 | 223617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 508 | 320728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 (Call 11/15/54) | 535 | 327563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/01/49 (Call 05/01/49) | 217 | 145453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/53 (Call 09/15/52) | 445 | 311310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/01/47 (Call 05/01/47) | 416 | 312011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/42 (Call 04/01/42) | 385 | 296069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/15/52 (Call 02/15/52) | 479 | 357199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/49 (Call 11/15/48) | 304 | 230400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/2121 (Call 11/15/2120) | 275 | 175401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/28/48 (Call 08/28/47) | 455 | 350046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/45 (Call 12/15/44) | 360 | 291343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 (Call 12/01/52)<sup>(a)</sup> | 460 | 374147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/46 (Call 07/15/45) | 361 | 302352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/43 (Call 02/15/43) | 25 | 20590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 10/01/41 | 395 | 345712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/01/2118 (Call 02/01/2118) | 5 | 3865 |
|  Pelabuhan Indonesia Persero PT, 5.38%, 05/05/45<sup>(b)</sup> | 315 | 274050 |
|  Polar Tankers Inc., 5.95%, 05/10/37<sup>(a)(b)</sup> | 515 | 513407 |
|  TTX Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/45 (Call 08/01/44)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | 175844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/01/46 (Call 01/01/46)<sup>(b)</sup> | 280 | 218436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/01/49 (Call 08/01/48)<sup>(b)</sup> | 255 | 208761 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 04/06/36 (Call 01/06/36) | 260 | 196486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 255 | 160732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62) | 670 | 391135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40)<sup>(a)</sup> | 580 | 424935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 1017 | 693779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/15/46 (Call 02/15/46) | 234 | 162271 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/35 (Call 08/01/34) | $296 | $237634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/14/42 (Call 08/14/41) | 365 | 272625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52)<sup>(a)</sup> | 730 | 511079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/39 (Call 02/15/39) | 322 | 250372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 (Call 11/20/60) | 380 | 252843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/37 (Call 03/15/37) | 332 | 266811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69) | 460 | 307378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51) | 693 | 519975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70) | 571 | 386057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 998 | 713021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 (Call 08/14/71)<sup>(a)</sup> | 355 | 241365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/55 (Call 08/01/54) | 230 | 169024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/59 (Call 02/15/59) | 235 | 170724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/47 (Call 10/15/46) | 390 | 300623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/45 (Call 05/15/45) | 331 | 254656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/46 (Call 09/01/45) | 345 | 268507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/67 (Call 03/15/67) | 154 | 111453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 (Call 09/01/48) | 403 | 322818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/10/48 (Call 03/10/48) | 225 | 185727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/09/52 (Call 03/09/52) | 35 | 31486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/63 (Call 07/20/62) | 325 | 290798 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/46 (Call 05/15/46) | 305 | 218429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/49 (Call 03/01/49) | 337 | 244107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/42 | 260 | 203011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47) | 609 | 470641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 353 | 293240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/40 (Call 05/15/40) | 560 | 515668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/40 (Call 10/01/39) | 196 | 187783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49) | 612 | 598903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | 1197485 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43699737 |
| **Trucking & Leasing — 0.0%** |  |  |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50)<sup>(a)</sup> | 294 | 163925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/45 (Call 09/30/44) | 140 | 101969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 09/15/43) | 174 | 140795 |
|  |  | 406689 |
| **Water — 0.2%** |  |  |
|  American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/51 (Call 12/01/50) | 250 | 164480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/50 (Call 11/01/49) | 345 | 235223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/47 (Call 03/01/47) | 424 | 307196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 195 | 145391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | 350 | 269606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 474 | 369468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/42 (Call 06/01/42) | 261 | 210519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/01/45 (Call 03/01/45)<sup>(a)</sup> | 116 | 91086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37 | 487 | 511049 |
|  Essential Utilities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 371 | 232602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 05/01/49 (Call 11/01/48) | 220 | 162955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/01/52 (Call 11/01/51) | 290 | 253291 |
|  Veolia Environnement SA, 6.75%, 06/01/38 | 53 | 54809 |
|  |  | 3007675 |
|  **Total Corporate Bonds & Notes — 97.8%<br>(Cost: $1,794,483,619)** |  | 1243757311 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **10+ Year Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **Foreign Government Obligations<sup>(e)</sup>** | **Foreign Government Obligations<sup>(e)</sup>** | **Foreign Government Obligations<sup>(e)</sup>** | **Foreign Government Obligations<sup>(e)</sup>** |
| **South Korea — 0.0%** |  |  |  |
|  Korea Electric Power Corp., 5.13%, 04/23/34<sup>(a)(b)</sup> | $| 200 | $195271 |
|  **Total Foreign Government Obligations — 0.0%<br>(Cost: $216,810)** | **Total Foreign Government Obligations — 0.0%<br>(Cost: $216,810)** | **Total Foreign Government Obligations — 0.0%<br>(Cost: $216,810)** | 195271 |
|  **Total Long-Term Investments — 97.8%<br>(Cost: $1,794,700,429)** | **Total Long-Term Investments — 97.8%<br>(Cost: $1,794,700,429)** | **Total Long-Term Investments — 97.8%<br>(Cost: $1,794,700,429)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243952582 |
|  **Short-Term Securities** |  |  |  |
|  **Money Market Funds — 8.1%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92810 | 92791779 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup> |  | 10310 | 10310000 |
|  **Total Short-Term Securities — 8.1%<br>(Cost: $103,089,228)** | **Total Short-Term Securities — 8.1%<br>(Cost: $103,089,228)** | **Total Short-Term Securities — 8.1%<br>(Cost: $103,089,228)** | 103101779 |
|  **Total Investments — 105.9%<br>(Cost: $1,897,789,657)** | **Total Investments — 105.9%<br>(Cost: $1,897,789,657)** | **Total Investments — 105.9%<br>(Cost: $1,897,789,657)** | 1347054361 |
|  **Liabilities in Excess of Other Assets — (5.9)%** | **Liabilities in Excess of Other Assets — (5.9)%** | **Liabilities in Excess of Other Assets — (5.9)%** | (74860237) |
|  **Net Assets — 100.0%** |  |  | $1272194124 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

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

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

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

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

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $1243757311 | $— | $1243757311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 195271 |  | 195271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 103101779 |  |  | 103101779 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;103101779 | $1243952582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1347054361 |

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Asset-Backed Securities** |  |  |
|  American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/27 | $9330 | $9004754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 10/15/27 | 15000 | 14999256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 0.90%, 11/15/26 | 70000 | 64339554 |
|  AmeriCredit Automobile Receivables Trust Series 2021-1, Class B, 0.68%, 10/19/26 (Call 02/18/24) | 11050 | 10476813 |
|  BA Credit Card Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A1, Class A1, 0.34%, 05/15/26 | 9450 | 8957290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1, Class A1, 0.44%, 09/15/26 | 23870 | 22312582 |
|  BMW Vehicle Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/27/25 (Call 04/25/24) | 6500 | 6107798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3, 1.10%, 03/25/25 (Call 03/25/24) | 16740 | 16058738 |
|  Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A2, 1.39%, 07/15/30 | 11000 | 8974909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-A1, Class A1, 0.55%, 07/15/26 | 20000 | 18535520 |
|  CarMax Auto Owner Trust Series 2021-4, Class A3, 0.56%, 09/15/26 (Call 11/15/24) | 7490 | 7078503 |
|  Carmax Auto Owner Trust 2021-1 Series 2021-1, Class A3, 0.34%, 12/15/25 (Call 06/15/24) | 6238 | 5998275 |
|  Discover Card Execution Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | 17311736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A1, Class A1, 1.96%, 02/15/27 | 6900 | 6412625 |
|  Exeter Automobile Receivables Trust Series 2021-2, Class D, 1.40%, 04/15/27 (Call 09/15/24) | 3261 | 2877287 |
|  GM Financial Automobile Leasing Trust Series 2020-2, Class A4, 1.01%, 07/22/24 (Call 11/20/22) | 1432 | 1429295 |
|  GM Financial Consumer Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%, 11/16/26 (Call 03/16/25) | 14000 | 13191251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 04/17/28 (Call 09/16/25) | 2940 | 2665994 |
|  Louisiana Local Government Environmental Facilities & Community Development Auth4.28%, 02/01/36 | 1560 | 1446845 |
|  Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 10/15/23) | 13720 | 13138481 |
|  Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24) | 28690 | 26661163 |
|  Volkswagen Auto Lease Trust 2020-A Series 2020-A, Class A3, 0.39%, 01/22/24 (Call 03/20/23) | 1152 | 1141650 |
|  **Total Asset-Backed Securities — 0.4%<br>(Cost: $298,308,263)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279120319 |
|  **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** | **Collaterized Mortgage Obligations** |
|  **Mortgage-Backed Securities — 1.1%** |  |  |
|  Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-BN15, Class A4, 4.41%, 11/15/61 (Call 11/15/28)<sup>(a)</sup> | 5000 | 4648349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29) | 15310 | 12795554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30) | 6500 | 5318605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN27, Class A5, 2.14%, 04/15/63 (Call 04/15/30) | 23610 | 18539064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A4, 2.00%, 11/15/53 (Call 12/15/30) | 5760 | 4375623 |
|  Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK3, Class ASB, 3.37%, 02/15/50 (Call 02/15/27) | 2025 | 1927659 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
|  Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29) | $8750 | $7386055 |
|  BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27) | 18450 | 16929626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30) | 10000 | 8198146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30) | 16670 | 13056273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C11, Class A5, 2.32%, 09/15/54 | 1965 | 1512832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)<sup>(a)</sup> | 3745 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)<sup>(a)</sup> | 3745 | 3211338 |
|  BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14701943 |
|  Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A5, 3.88%, 02/15/51 (Call 02/15/28)<sup>(a)</sup> | 10616 | 9690486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28) | 7000 | 6431443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 08/15/28) | 6150 | 5666102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 11/15/28)<sup>(a)</sup> | 10093 | 9437002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28) | 17000 | 15630273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29) | 20650 | 17998721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 06/15/29) | 20000 | 17559913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30) | 2700 | 1923403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30) | 7000 | 5296359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30) | 8616 | 6541771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B23, Class A5, 2.07%, 02/15/54 (Call 02/15/31) | 25000 | 18997681 |
|  Citigroup Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC17, Class A4, 4.13%, 11/10/46 (Call 11/10/23) | 10000 | 9808653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class AAB, 3.37%, 10/10/47 (Call 10/10/24) | 3945 | 3849188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24) | 5209 | 4950208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GC27, Class AAB, 2.94%, 02/10/48 (Call 01/10/25) | 4565 | 4445115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-GC37, Class A4, 3.31%, 04/10/49 (Call 03/10/26) | 17730 | 16333113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P5, Class A4, 2.94%, 10/10/49 (Call 10/10/26) | 11400 | 10245001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P7, Class A4, 3.71%, 04/14/50 (Call 04/14/27) | 13900 | 12771415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28) | 20020 | 18375552 |
|  COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR20, Class A3, 3.33%, 11/10/47 (Call 01/10/29) | 5784 | 5497938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A4, 3.69%, 03/10/47 (Call 03/10/24) | 4535 | 4411620 |

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS3, Class A4, 3.82%, 06/10/47 (Call 06/10/24) | $12887 | $12403530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR24, Class A5, 3.70%, 08/10/48 (Call 06/10/26) | 16990 | 15994456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC23, Class A2, 3.22%, 10/10/48 | 3359 | 3188495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 06/10/25) | 9650 | 9192579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-CR28, Class A4, 3.76%, 02/10/49 (Call 01/10/26) | 8000 | 7487664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC2, Class A5, 3.77%, 02/10/49 (Call 02/10/26) | 4000 | 3749995 |
|  Commission Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-CR12, Class A4, 4.05%, 10/10/46 (Call 11/10/23) | 8900 | 8716385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 04/10/24) | 2800 | 2719374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24) | 10000 | 9557238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24) | 9700 | 9456501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29) | 12920 | 12405207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25) | 3000 | 2829929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25) | 2750 | 2598627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-DC1, Class C, 4.30%, 02/10/48 (Call 02/10/25)<sup>(a)</sup> | 3000 | 2738046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26) | 15500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14643914 |
|  CSAIL Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25) | 10000 | 9423268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25) | 17519 | 16467529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 11/15/26) | 5200 | 4736267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | 24764991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C18, Class A4, 2.97%, 12/15/52 (Call 12/15/29) | 10000 | 8357183 |
|  DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49 (Call 08/10/26) | 1000 | 897517 |
|  GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/51 (Call 07/10/28)<sup>(a)</sup> | 3000 | 2755733 |
|  GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 11/10/23) | 10000 | 9827103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24) | 19444 | 18838527 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24) | 6000 | 5743105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25) | 10000 | 9318251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27) | 13000 | 11596954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)<sup>(a)</sup> | 3000 | 2746312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29) | 2500 | 2257206 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
|  JPMBB Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26) | $7000 | $6736266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26) | 9660 | 9307311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C24, Class A5, 3.64%, 11/15/47 (Call 10/15/25) | 16995 | 16221493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)<sup>(a)</sup> | 3800 | 3570378 |
|  JPMorgan Chase Commercial Mortgage Securities Trust, Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 06/15/24) | 9000 | 8702325 |
|  Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-C10, Class AS, 4.07%, 07/15/46 (Call 06/15/28)<sup>(a)</sup> | 8166 | 7773351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25) | 5000 | 4688628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25) | 1850 | 1741917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25) | 7275 | 6802541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25) | 17025 | 15977127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28) | 16420 | 15232604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C28, Class AS, 3.95%, 01/15/49 (Call 02/15/28) | 2000 | 1807832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A3, 3.46%, 12/15/49 (Call 01/15/27) | 9522 | 8665481 |
|  Morgan Stanley Capital I Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-UBS8, Class A4, 3.81%, 12/15/48 (Call 12/15/25) | 3500 | 3262988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27) | 12000 | 10868779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, Class A3, 4.14%, 10/15/51 (Call 10/15/28) | 21700 | 19876764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28) | 700 | 640635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29) | 7660 | 6643730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29) | 720 | 598903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | 16338294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31) | 10430 | 8106984 |
|  UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28) | 18150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16602443 |
|  UBS-Barclays Commercial Mortgage Trust, Series 2012-C2, Class A4, 3.53%, 05/10/63 (Call 11/10/22) | 19 | 19207 |
|  Wells Fargo Commercial Mortgage Trust Class A4, 2.34%, 08/15/54 (Call 07/15/31) | 4600 | 3524572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC16, Class A5, 3.82%, 08/15/50 (Call 07/15/24) | 15200 | 14661078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-LC18, Class ASB, 3.24%, 12/15/47 (Call 01/15/25) | 7111 | 6911255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25) | 8500 | 8010546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25) | 5000 | 4715429 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-SG1, Class A4, 3.79%, 09/15/48 (Call 08/15/25) | $| 10856 | $10251559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30) |  | 6480 | 5175309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30) |  | 17680 | 13493508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31) |  | 5200 | 4114113 |
|  WFRBS Commercial Mortgage Trust, Series 2012-C10, Class A3, 2.88%, 12/15/45 |  | 2727 | 2717012 |
|  |  |  | 827634272 |
|  **Total Collaterized Mortgage Obligations — 1.1%<br>(Cost: $949,772,228)** | **Total Collaterized Mortgage Obligations — 1.1%<br>(Cost: $949,772,228)** | **Total Collaterized Mortgage Obligations — 1.1%<br>(Cost: $949,772,228)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827634272 |
|  **Corporate Bonds & Notes** |  |  |  |
|  **Advertising — 0.0%** |  |  |  |
|  Interpublic Group of Companies Inc. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/01/31 (Call 12/01/30) |  | 1888 | 1420475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/41 (Call 09/01/40) |  | 1916 | 1237334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/28 (Call 07/01/28) |  | 1321 | 1220353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/30/30 (Call 12/30/29) |  | 2348 | 2131233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/48 (Call 04/01/48) |  | 1520 | 1278806 |
|  Omnicom Group Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/30/30 (Call 01/30/30) |  | 2597 | 2069471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/01/31 (Call 05/01/31) |  | 2639 | 2067947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/30 (Call 03/01/30) |  | 1906 | 1715857 |
|  Omnicom Group Inc./Omnicom Capital Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 (Call 01/15/26) |  | 6070 | 5697788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 (Call 08/01/24) |  | 2000 | 1929720 |
|  WPP Finance 2010, 3.75%, 09/19/24 |  | 2436 | 2340338 |
|  |  |  | 23109322 |
| **Aerospace & Defense — 0.4%** |  |  |  |
|  Boeing Co. (The) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 (Call 11/14/22) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6205 | 5885629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24 |  | 403 | 384349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) |  | 7175 | 6379364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 (Call 03/15/26) |  | 4084 | 3576767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 (Call 07/30/25) |  | 3088 | 2817306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26) |  | 6800 | 5909200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) |  | 540 | 487183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 (Call 02/01/24) |  | 2342 | 2251294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 (Call 12/01/26) |  | 2950 | 2560777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 (Call 07/30/24) |  | 1616 | 1525197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 (Call 11/01/29) |  | 5629 | 4510067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 (Call 03/01/26) |  | 4861 | 4386421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 (Call 12/01/28) |  | 3561 | 2967595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 (Call 12/01/27) |  | 635 | 551777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 (Call 12/01/27) |  | 2889 | 2486822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 (Call 11/01/34) |  | 2564 | 1807748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/46 (Call 12/15/45) |  | 1248 | 749611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 (Call 08/01/28) |  | 2473 | 2108505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/39 (Call 09/01/38) |  | 2009 | 1319491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/38 (Call 09/01/37) |  | 1688 | 1141392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 (Call 02/01/34) |  | 2831 | 2107849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 (Call 11/01/30) |  | 487 | 405199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/48 (Call 09/01/47) |  | 1555 | 941366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/47 (Call 09/01/46) |  | 1316 | 809761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 (Call 08/01/49) |  | 4718 | 3012773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/01/59 (Call 09/01/58) | $1501 | $879961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/48 (Call 05/01/48) | 1764 | 1111249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 (Call 11/01/48) | 2956 | 1906295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) | 3803 | 2371018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 (Call 04/01/25) | 11407 | 11142130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27) | 6969 | 6725921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30) | 12363 | 11429346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39) | 6932 | 6029384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49) | 17323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14885134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/40 | 1858 | 1642955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10557 | 8929638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 1423 | 1379926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/38 | 1514 | 1440889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/39 | 2071 | 2007793 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 (Call 05/01/26) | 2465 | 2153079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 (Call 05/15/26) | 4058 | 3649075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 (Call 03/01/31) | 1400 | 1139432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 (Call 09/15/24) | 866 | 821072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27 (Call 08/15/27) | 2409 | 2142348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/41 (Call 12/01/40) | 2715 | 1890264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 (Call 03/01/25) | 2999 | 2883389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 (Call 03/15/25) | 2567 | 2486858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27) | 852 | 801016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/42<sup>(b)</sup> | 753 | 578221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 (Call 01/01/30) | 4017 | 3658643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 (Call 02/15/28) | 3823 | 3573855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39) | 1869 | 1609060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 2855 | 2387094 |
|  L3Harris Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/15/31 (Call 10/15/30) | 2705 | 2021960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29 (Call 09/15/29) | 1956 | 1629426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 (Call 01/27/25) | 2466 | 2367977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 (Call 09/15/26) | 3164 | 2963529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/28/24 (Call 02/28/24) | 1430 | 1397911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/28 (Call 03/15/28) | 6252 | 5854013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 (Call 10/27/34) | 1696 | 1514732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/27/45 (Call 10/27/44) | 1050 | 891366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 12/15/40 | 1580 | 1540911 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/15/30 (Call 03/15/30) | 1600 | 1279168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 3635 | 2314259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25)<sup>(b)</sup> | 3438 | 3309522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/35 (Call 09/01/34) | 1908 | 1633992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44) | 4030 | 3116641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32)<sup>(b)</sup> | 1975 | 1806572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42 | 2013 | 1652633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52) | 5691 | 4503118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) | 4035 | 3236110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/62 (Call 12/15/61) | 3140 | 2510430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/36 (Call 11/15/35) | 1775 | 1613475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | 4009 | 3541551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/25 | 365 | 365339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 | 2530 | 2535440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 2720 | 2728758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 905 | 912973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/01/40 | 697 | 696401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 1150 | 1169861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.15%, 09/01/36 | 1875 | 1972931 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Aerospace & Defense (continued)** |  |  |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 (Call 11/15/24) | $5779 | $5508947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26) | 2566 | 2364261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) | 7628 | 6900747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/15/45 (Call 10/15/44) | 1694 | 1278225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 (Call 04/15/47) | 7521 | 5913762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 (Call 02/01/30) | 707 | 665223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43 | 3254 | 2827498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40 | 1188 | 1076732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/40 (Call 11/01/39) | 1885 | 1732899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 (Call 11/01/49) | 3313 | 3083707 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 (Call 06/01/31) | 3146 | 2389167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 (Call 04/01/30) | 3905 | 3149422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/32 (Call 12/15/31) | 3777 | 2951386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 (Call 08/01/26)<sup>(b)</sup> | 525 | 477608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 (Call 03/01/51) | 2429 | 1487811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/15/52 (Call 09/15/51) | 4575 | 2907321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | 4598 | 4201882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 (Call 01/01/50) | 3795 | 2496958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 (Call 01/15/24) | 3965 | 3860086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26) | 4615 | 4305241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/23 (Call 09/15/23) | 1593 | 1572371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 (Call 05/01/46) | 4504 | 3293235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 (Call 06/16/25) | 6196 | 6010554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/04/47 (Call 11/04/46) | 2863 | 2200387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 (Call 08/16/28) | 7884 | 7341581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/16/44) | 3045 | 2383809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 (Call 10/15/46) | 3488 | 2819037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 (Call 05/16/38) | 3270 | 2795915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42 | 11997 | 10175256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48) | 6233 | 5253671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/41 | 2235 | 1894118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43 (Call 06/15/43) | 2002 | 1722481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 | 959 | 847871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/01/35 | 55 | 52926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/36 | 115 | 117030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/15/38 | 285 | 287742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/27 | 1888 | 2045516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/29 | 205 | 226824 |
|  Teledyne Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 04/01/24 (Call 12/01/22) | 1660 | 1554042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 (Call 03/01/26)<sup>(b)</sup> | 865 | 750526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 (Call 02/01/28) | 715 | 592928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/31 (Call 01/01/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | 1361602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338697792 |
| **Agriculture — 0.3%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 (Call 04/06/25) | 3695 | 3410928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 (Call 11/04/31) | 6035 | 4289376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 06/16/26)<sup>(b)</sup> | 3345 | 2994511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 (Call 02/06/30) | 2674 | 2172625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 (Call 08/04/40) | 5092 | 3102912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 (Call 08/04/50) | 4457 | 2606231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/14/24 (Call 01/14/24) | 345 | 337489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 (Call 03/16/46) | 4102 | 2516700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/24 | 210 | 206596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 (Call 08/04/60) | 3250 | 1937618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 | 3656 | 2479536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(b)</sup> | 3471 | 3335353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 (Call 11/06/49) | $2098 | $1344398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43 | 2683 | 1836728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 (Call 11/14/28)<sup>(b)</sup> | 3424 | 3152100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44<sup>(b)</sup> | 6337 | 5062186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38)<sup>(b)</sup> | 6902 | 5839161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 6052 | 4910290 |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 (Call 05/11/26) | 5850 | 5348480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) | 1035 | 648655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31) | 1765 | 1474728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 (Call 12/27/29) | 2816 | 2485909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/47 (Call 03/15/47)<sup>(b)</sup> | 1529 | 1174486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 04/16/43 | 842 | 672665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 3444 | 2993731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 03/26/42 | 1252 | 1084545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/15/35 | 536 | 526384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 10/01/32 | 547 | 572091 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 (Call 01/25/28) | 1850 | 1463979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 (Call 12/25/30) | 4103 | 3002001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 (Call 08/06/24) | 3848 | 3638784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 (Call 06/15/24) | 8367 | 7992326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26) | 6363 | 5675287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/06/29 (Call 06/06/29) | 2122 | 1713048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9174475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 (Call 03/25/40) | 1803 | 1135980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 (Call 03/25/50) | 2371 | 1421794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 (Call 02/15/37) | 8529 | 6183951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 (Call 02/15/47) | 8571 | 5550237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27) | 2814 | 2619553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 (Call 12/16/31) | 3175 | 2661730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 (Call 03/06/49) | 3773 | 2519081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 (Call 01/02/30) | 3563 | 3114525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 04/02/50 | 1727 | 1236083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 (Call 09/16/51)<sup>(b)</sup> | 2340 | 1770514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 | 1110 | 1134575 |
|  BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 (Call 02/25/26) | 3003 | 2580118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 (Call 02/16/28) | 3350 | 2972790 |
|  Bunge Ltd. Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 (Call 07/17/25) | 2780 | 2492965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 (Call 02/14/31) | 4175 | 3282886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/26 (Call 05/15/26) | 3223 | 2941793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/25/27 (Call 06/25/27) | 2838 | 2596089 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 2259 | 1933004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 (Call 04/01/25) | 3316 | 3021738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(b)</sup> | 1843 | 1353628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30) | 1918 | 1464201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25) | 4295 | 3941693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 (Call 04/01/24) | 4263 | 4116822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 (Call 05/17/27) | 2415 | 2173065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/28 (Call 12/02/27)<sup>(b)</sup> | 2476 | 2163975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 3637 | 3501813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 (Call 05/11/25) | 2643 | 2508815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 (Call 05/15/29)<sup>(b)</sup> | 1986 | 1698646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/23<sup>(b)</sup> | 2143 | 2111734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 | 3156 | 2092681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 | 1844 | 1256797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 | 1909 | 1325419 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41 | $3197 | $2309960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/42 | 4660 | 3405994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43 | 3285 | 2525475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 3838 | 3579204 |
|  Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 (Call 03/12/25) | 8840 | 8532633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/35 (Call 02/15/35) | 2591 | 2189835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 (Call 02/15/45) | 6553 | 5127985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/15/43 | 2206 | 1787897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/37 | 1745 | 1663526 |
|  |  | 213177516 |
| **Airlines — 0.1%** |  |  |
|  American Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-2, Class AA, 3.60%, 03/22/29 | 1222 | 1066618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.58%, 07/15/29 | 1293 | 1129562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 3.20%, 12/15/29 | 1207 | 1024275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-3, Class AA, 3.00%, 04/15/30 | 690 | 577742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1, Class AA, 3.65%, 08/15/30 | 1997 | 1767921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class AA, 3.35%, 04/15/31 | 1377 | 1165544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.15%, 08/15/33<sup>(b)</sup> | 1628 | 1326592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 2.88%, 01/11/36 | 4270 | 3324238 |
|  Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 10/29/24<sup>(b)</sup> | 1516 | 1418387 |
|  Delta Air Lines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 3.20%, 10/25/25 | 510 | 489284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, Class AA, 2.00%, 12/10/29<sup>(b)</sup> | 5533 | 4674663 |
|  JetBlue Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 1A, Class A, 4.00%, 05/15/34 | 2173 | 1904721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1, Class AA, 2.75%, 11/15/33<sup>(b)</sup> | 1526 | 1221234 |
|  Southwest Airlines Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/10/30 (Call 11/10/29) | 1318 | 1049168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/26 (Call 08/15/26) | 1690 | 1520290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/16/27 (Call 08/16/27)<sup>(b)</sup> | 1663 | 1492942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 (Call 04/15/27) | 7172 | 6992915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 (Call 04/04/25) | 5519 | 5494330 |
|  United Airlines Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2012-1 A, Class A, 4.15%, 10/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | 1430768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1, Class A, 4.30%, 02/15/27 | 1022 | 937583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-1, Class A, 4.00%, 10/11/27 | 4136 | 3726662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2, Class A, 3.75%, 03/03/28 | 3211 | 2856897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1, Class AA, 3.10%, 01/07/30 | 2766 | 2366244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-2, Class AA, 2.88%, 04/07/30 | 2207 | 1847755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1, Class AA, 3.50%, 09/01/31 | 3216 | 2722407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, Class AA, 4.15%, 08/25/31 | 406 | 357810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2, Class AA, 2.70%, 11/01/33<sup>(b)</sup> | 2836 | 2246174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class A, 5.88%, 10/15/27<sup>(b)</sup> | 3579 | 3445364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1, Class B, 4.88%, 07/15/27 | 2491 | 2314168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61892258 |
| **Apparel — 0.1%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26) | 1843 | 1677204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 (Call 02/27/25) | 6576 | 6216293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 6123 | 5616383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 (Call 12/27/29) | 6075 | 5270488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39)<sup>(b)</sup> | 1965 | 1493518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/46 (Call 05/01/46) | 3895 | 2836767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(b)</sup> | 3517 | 2562662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 (Call 11/01/42) | 1244 | 964585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45)<sup>(b)</sup> | 4003 | 3195555 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Apparel (continued)** |  |  |
|  PVH Corp., 4.63%, 07/10/25 (Call 06/10/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | $2361556 |
|  Ralph Lauren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/30 (Call 03/15/30) | 2004 | 1674863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 07/15/25) | 3750 | 3628612 |
|  Tapestry Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 (Call 12/15/31) | 1633 | 1204223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 476 | 430570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/25 (Call 01/01/25) | 90 | 87092 |
|  VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 (Call 03/23/25) | 4019 | 3723202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 (Call 02/23/27)<sup>(b)</sup> | 3314 | 2938491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/23/30 (Call 01/23/30) | 3214 | 2596591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48478655 |
| **Auto Manufacturers — 0.4%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/12/24 | 442 | 409734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24 | 1280 | 1187674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25 | 619 | 551801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25 | 765 | 690137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26 | 2415 | 2095133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/25 | 3385 | 3139960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/31 | 982 | 752359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28 | 1645 | 1381751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24 | 2718 | 2578322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/29 | 3270 | 2726689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26 | 2681 | 2394267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27<sup>(b)</sup> | 1826 | 1623405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24 | 3785 | 3623002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24 | 3483 | 3386765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 | 3241 | 2950639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24 | 4360 | 4281389 |
|  Cummins Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 (Call 08/01/25) | 2245 | 1999150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 (Call 06/01/30)<sup>(b)</sup> | 1669 | 1274766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/50 (Call 03/01/50)<sup>(b)</sup> | 3870 | 2286938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/43 (Call 04/01/43)<sup>(b)</sup> | 1346 | 1197455 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 | 2399 | 2299777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 (Call 07/01/27) | 2873 | 2629628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 07/01/28)<sup>(b)</sup> | 3220 | 2983555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35<sup>(b)</sup> | 2623 | 2178716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 (Call 10/01/37) | 3395 | 2774258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45 | 4477 | 3450155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 (Call 08/15/29) | 1970 | 1825954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 (Call 10/01/47) | 3274 | 2590880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32) | 4130 | 3749792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 (Call 10/01/48)<sup>(b)</sup> | 3947 | 3334386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 (Call 09/01/25) | 7586 | 7556339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43 | 2175 | 1906366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 (Call 10/01/35) | 4305 | 4057549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 (Call 10/01/45) | 2882 | 2675101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27) | 3576 | 3624777 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24 | 3004 | 2817812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24 | 3545 | 3238818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25) | 1590 | 1359466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 5060 | 4262240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27) | 4045 | 3431414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 (Call 10/08/30) | 1245 | 913245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 (Call 02/10/28) | 3210 | 2601320 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | $4080 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27) | 1079 | 910136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 (Call 03/10/31) | 4270 | 3178161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 (Call 05/20/25) | 5454 | 5017844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 (Call 01/26/25) | 5771 | 5385497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 (Call 10/12/31) | 1955 | 1489495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 (Call 09/07/24) | 4850 | 4626027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 (Call 03/21/30) | 1911 | 1564153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25 | 125 | 118234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 (Call 10/05/27) | 2329 | 2051570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 (Call 02/13/24) | 3243 | 3154823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 (Call 10/15/24) | 2590 | 2490855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26) | 3226 | 2960500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 (Call 04/13/25) | 2948 | 2808353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/29 (Call 02/06/29) | 150 | 131786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 (Call 02/09/25) | 2492 | 2390924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26) | 4764 | 4391646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27) | 4755 | 4496756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 (Call 12/17/23) | 6740 | 6680149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25) | 4785 | 4635852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 (Call 10/17/28) | 2699 | 2546857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25 | 2410 | 2391371 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 03/10/25 (Call 02/10/25) | 180 | 168964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27) | 480 | 429394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 (Call 12/10/31) | 3620 | 2997722 |
|  Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31 | 5829 | 6797780 |
|  PACCAR Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/02/24 | 560 | 529799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/09/24 | 619 | 572222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 11/08/24 | 170 | 156845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | 1936280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25 | 986 | 920017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/27<sup>(b)</sup> | 1200 | 1063524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24 | 1688 | 1602908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/07/25 | 25 | 23799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/13/24 | 910 | 885366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25<sup>(b)</sup> | 1703 | 1647738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/03/25 | 1550 | 1549612 |
|  Toyota Motor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 (Call 02/25/24) | 4675 | 4402775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 (Call 02/25/26) | 2980 | 2632383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24 | 2607 | 2500400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/25/31 (Call 12/25/30)<sup>(b)</sup> | 1295 | 1056047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 07/02/29 | 1098 | 952251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/28 | 1790 | 1656663 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/11/24 | 270 | 255990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/18/24 | 5900 | 5488357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24 | 3690 | 3406719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25 | 580 | 512772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26 | 265 | 231480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26<sup>(b)</sup> | 8164 | 7089373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27<sup>(b)</sup> | 1978 | 1643619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25 | 2680 | 2484333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31<sup>(b)</sup> | 1306 | 994924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25<sup>(b)</sup> | 2903 | 2707309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27 | 2200 | 1928080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28 | 2999 | 2538983 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/31<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | $3204936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24 | 1983 | 1873677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30 | 3825 | 3127741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/13/32 | 200 | 159226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24 | 50 | 48346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24 | 1972 | 1914063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 | 5233 | 4989927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 5260 | 4815267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28 | 2200 | 1990252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27 | 4627 | 4279605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24 | 3074 | 3021865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 | 1714 | 1523146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25 | 3600 | 3465144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/18/25 | 3125 | 3008875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29 | 2105 | 1931380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25 | 3085 | 3006548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24 | 1500 | 1485345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29 | 3230 | 3098054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | 1025 | 997069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285140294 |
| **Auto Parts & Equipment — 0.0%** |  |  |
|  Aptiv PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/51 (Call 06/01/51) | 5010 | 2788917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 (Call 12/15/28) | 1000 | 892540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/01/46 (Call 04/01/46) | 1202 | 843407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/49 (Call 09/15/48) | 1367 | 1077483 |
|  Aptiv PLC/Aptiv Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/18/25 (Call 02/18/23) | 800 | 745504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 3245 | 2588017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/52 (Call 11/01/51) | 3550 | 2395682 |
|  BorgWarner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 (Call 05/01/27) | 2528 | 2207273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/25 (Call 12/15/24) | 594 | 567466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45 (Call 09/15/44)<sup>(b)</sup> | 2010 | 1439823 |
|  Lear Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 01/15/32 (Call 10/15/31) | 1725 | 1257904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/30/30 (Call 02/28/30) | 1535 | 1253389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/52 (Call 07/15/51)<sup>(b)</sup> | 955 | 544293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/27 (Call 06/15/27) | 1684 | 1522151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 02/15/29) | 2085 | 1830192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/49 (Call 11/15/48) | 1380 | 1076345 |
|  Magna International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/30 (Call 03/15/30) | 778 | 623100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 (Call 03/15/24)<sup>(b)</sup> | 4500 | 4391010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 (Call 07/01/25) | 1934 | 1879423 |
|  |  | 29923919 |
| **Banks — 5.6%** |  |  |
|  Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25 | 3164 | 3035890 |
|  Banco Bilbao Vizcaya Argentaria SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25 | 3625 | 3166147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/14/26 (Call 09/14/25)<sup>(a)</sup> | 3800 | 3671560 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(a)</sup> | 3650 | 2978436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 4701 | 4012774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24 | 7055 | 6701474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25 | 7929 | 7199215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30 | 1718 | 1188409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31 | 3265 | 2420475 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/32<sup>(a)</sup> | $3730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29 | 4449 | 3708998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 4055 | 3201382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25 | 200 | 189920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28 | 2121 | 1802192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24 | 4475 | 4337036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(a)</sup> | 3400 | 2994482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27 | 5210 | 4704422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28 | 2906 | 2553764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25 | 600 | 577134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25 | 6083 | 5781466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 3800 | 3508350 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 (Call 04/22/24),<br>(SOFR + 0.690%)<sup>(a)</sup> | 8928 | 8269203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 (Call 09/25/24),<br>(SOFR + 0.910%)<sup>(a)</sup> | 2808 | 2551573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 (Call 10/24/25),<br>(SOFR + 1.010%)<sup>(a)</sup> | 9990 | 8667224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 (Call 06/19/25),<br>(SOFR + 1.150%)<sup>(a)</sup> | 9168 | 8097911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 (Call 12/06/24),<br>(SOFR + 0.650%)<sup>(a)</sup> | 7029 | 6408269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26),<br>(SOFR + 0.960%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18298 | 15640947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)<sup>(a)</sup> | 3250 | 3079050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 (Call 07/23/30), (SOFR + 1.530%)<sup>(a)</sup> | 3455 | 2563299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 (Call 10/24/30), (SOFR + 1.370%)<sup>(a)</sup> | 11321 | 8317312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 (Call 02/13/25), (3 mo. LIBOR US + 0.640%)<sup>(a)</sup> | 4619 | 4226570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28), (SOFR + 1.060%)<sup>(a)</sup> | 7175 | 5806010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 (Call 07/21/31), (SOFR + 1.220%)<sup>(a)</sup> | 7935 | 5874995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 (Call 10/22/24), (3 mo. LIBOR US + 0.870%)<sup>(a)</sup> | 9901 | 9232980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/36 (Call 09/21/31)<sup>(a)</sup> | 8395 | 5996632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)<sup>(a)</sup> | 13290 | 10433314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27), (SOFR + 1.050%)<sup>(a)</sup> | 9157 | 7919706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 (Call 10/20/31), (SOFR + 1.210%)<sup>(a)</sup> | 9865 | 7449752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30), (SOFR + 2.150%)<sup>(a)</sup> | 12894 | 10192578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40), (SOFR + 1.930%)<sup>(a)</sup> | 15377 | 9748095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31), (SOFR + 1.320%)<sup>(a)</sup> | 13314 | 10275612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50), (SOFR + 1.880%)<sup>(a)</sup> | 3069 | 1785759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 (Call 10/22/29), (3 mo. LIBOR US + 1.190%)<sup>(a)</sup> | 8003 | 6525326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 (Call 02/04/32), (SOFR + 1.330%)<sup>(a)</sup> | 13665 | 10588735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51), (SOFR + 1.560%)<sup>(a)</sup> | 5885 | 3494807 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)<sup>(a)</sup> | $5454 | $5163138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 (Call 07/23/29), (3 mo. LIBOR US + 1.180%)<sup>(a)</sup> | 9770 | 8174754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26) | 10960 | 9789691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41), (SOFR + 1.580%)<sup>(a)</sup> | 12265 | 8481125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)<sup>(a)</sup> | 4864 | 4583396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 (Call 04/02/25), (SOFR + 1.330%)<sup>(a)</sup> | 6975 | 6550153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27), (3 mo. LIBOR US + 1.040%)<sup>(a)</sup> | 17637 | 15575940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 (Call 03/15/24), (3 mo. LIBOR US + 0.970%)<sup>(a)</sup> | 7254 | 6993364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 11681 | 10919632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26), (3 mo. LIBOR US + 1.060%)<sup>(a)</sup> | 8112 | 7465392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27), (3 mo. LIBOR US + 1.370%)<sup>(a)</sup> | 8391 | 7521776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27), (3 mo. LIBOR US + 1.512%)<sup>(a)</sup> | 8584 | 7768177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27), (3 mo. LIBOR US + 1.575%)<sup>(a)</sup> | 10233 | 9355623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25, (SOFR + 1.110%)<sup>(a)</sup> | 6280 | 6075963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/37 (Call 03/08/32)<sup>(a)</sup> | 950 | 762480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25 | 2073 | 2003161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.19%)<sup>(a)</sup> | 4130 | 2950307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 (Call 03/05/28), (3 mo. LIBOR US + 1.070%)<sup>(a)</sup> | 9170 | 8238603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 (Call 02/07/29), (3 mo. LIBOR US + 1.210%)<sup>(a)</sup> | 9843 | 8709677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 | 6558 | 6465204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25 | 10160 | 9797796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39), (3 mo. LIBOR US + 1.32%)<sup>(a)</sup> | 3559 | 2772390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50), (3 mo. LIBOR US + 3.15%)<sup>(a)</sup> | 16258 | 12067988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24 | 4371 | 4320428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24 | 8942 | 8745365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37), (3 mo. LIBOR US + 1.814%)<sup>(a)</sup> | 6464 | 5250255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 8965 | 8480531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.310%)<sup>(a)</sup> | 11414 | 10369505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49), (3 mo. LIBOR US + 1.520%)<sup>(a)</sup> | 9791 | 7607901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27), (SOFR + 1.580%)<sup>(a)</sup> | 4816 | 4479265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47), (3 mo. LIBOR US + 1.990%)<sup>(a)</sup> | 7535 | 5964329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 7398 | 7091797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32), (SOFR + 1.830%)<sup>(a)</sup> | 8480 | 7527357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 (Call 07/22/25)<sup>(a)(b)</sup> | 10240 | 9955328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44 | 1698 | 1399407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 9315 | 8885765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 5930 | 5068786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(a)</sup> | 14370 | 13188786 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42 | $5752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5520022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 7877 | 7581612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 09/15/26 | 2379 | 2414733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38 | 6104 | 6760241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.95%, 04/21/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10403 | 9962225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 (Call 11/25/26) | 8781 | 8050860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.75%, 04/21/45 | 2512 | 2002692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26), (SOFR + 0.910%)<sup>(a)</sup> | 10835 | 9356889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31), (SOFR + 1.220%)<sup>(a)</sup> | 9445 | 7280773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52,<br>(SOFR + 1.650%)<sup>(a)</sup> | 4435 | 2929805 |
|  Bank of America NA, 6.00%, 10/15/36 | 5753 | 5597554 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 12/08/23 | 316 | 300301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/09/24 | 2231 | 2062180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(a)</sup> | 1040 | 897270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 5785 | 4921473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25 | 685 | 628960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25<sup>(b)</sup> | 5852 | 5373540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24 | 3710 | 3554477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24 | 1618 | 1545158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27 | 3645 | 3230017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 01/10/37 (Call 01/10/32)<sup>(a)</sup> | 3900 | 2849730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25 | 75 | 71846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/32 (Call 12/15/27)<sup>(a)</sup> | 4701 | 4029979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 10/05/28 (Call 10/05/23)<sup>(a)</sup> | 4579 | 4498043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.30%, 02/05/24 | 8480 | 8273851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.25%, 09/14/24 | 283 | 277082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 920 | 881286 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 12/07/23 (Call 11/07/23) | 440 | 419360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 (Call 03/26/24) | 3091 | 2891012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 (Call 12/28/25) | 416 | 363638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 (Call 09/15/26) | 1786 | 1518886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 (Call 03/24/25) | 2196 | 2010899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 (Call 05/14/28) | 2360 | 1919152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/31 (Call 10/28/30) | 952 | 713400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 (Call 04/28/31) | 2000 | 1489460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26) | 2520 | 2214425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24 | 4083 | 3853209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26) | 2981 | 2703052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/26/32 (Call 10/26/31) | 1800 | 1394298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26) | 3627 | 3358529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 (Call 07/30/28) | 2172 | 1867486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 (Call 08/11/24) | 2597 | 2516986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27) | 3612 | 3337958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29) | 2359 | 2041479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 (Call 03/25/25) | 3715 | 3572418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 04/15/24) | 3092 | 3014545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 3269 | 2972894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 (Call 06/13/24)<sup>(a)</sup> | 1940 | 1880209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 (Call 02/07/27), (3 mo. LIBOR US + 1.069%)<sup>(a)</sup> | 3236 | 2961199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28 | 2805 | 2607528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/26/29 (Call 02/26/29) | 1590 | 1425594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 (Call 10/18/25) | 2444 | 2363324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/13/28 (Call 06/13/27)<sup>(a)</sup> | 2292 | 2134883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 06/13/33 (Call 06/13/32)<sup>(a)</sup> | 1857 | 1659267 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 (Call 07/26/29)<sup>(a)</sup> | 1020 | 954822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28 | 1080 | 1087549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 | 2510 | 2516426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12, 3.65%, 02/04/24 (Call 01/05/24) | 2715 | 2668954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 3.00%, 02/24/25 (Call 01/24/25) | 3216 | 3069415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 0.85%, 10/25/24 (Call 09/25/24) | 2327 | 2140584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 1.90%, 01/25/29 (Call 11/25/28) | 1898 | 1532217 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24 | 3730 | 3432794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24 | 1591 | 1485564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26 | 1265 | 1096553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25<sup>(b)</sup> | 4227 | 3796396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26 | 4045 | 3448484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26 | 3590 | 3104309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25 | 5575 | 5107926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27 | 2740 | 2367250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/01/31 | 896 | 666418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25 | 5279 | 4914379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 03/11/24 | 30 | 28879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32 | 2230 | 1674819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26 | 5131 | 4626110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27 | 570 | 510549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24 | 5946 | 5809777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25 | 3720 | 3540398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25 | 5017 | 4808945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 05/04/37 (Call 02/04/32)<sup>(a)</sup> | 4715 | 3877805 |
|  Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (SOFR + 2.090%)<sup>(a)</sup> | 880 | 746478 |
|  BankUnited Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/17/25 (Call 08/17/25) | 1156 | 1114777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/11/30 (Call 03/11/30) | 1049 | 939254 |
|  Barclays Bank PLC, 3.75%, 05/15/24 | 710 | 692293 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.01%, 12/10/24 (Call 12/10/23)<sup>(a)</sup> | 1192 | 1116892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(a)</sup> | 6253 | 5173169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 (Call 06/24/30), (SOFR + 1.900%)<sup>(a)</sup> | 2016 | 1477627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 (Call 03/10/31)<sup>(a)</sup> | 1235 | 881333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 (Call 05/07/25), (SOFR + 2.714%)<sup>(a)</sup> | 4140 | 3730430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 (Call 11/24/31)<sup>(a)</sup> | 4125 | 2930647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 (Call 11/24/41)<sup>(a)(b)</sup> | 4120 | 2525313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/23/35 (Call 09/23/30)<sup>(a)</sup> | 3585 | 2539542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/16/25 | 8673 | 8067538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/10/42 (Call 03/10/41)<sup>(a)(b)</sup> | 625 | 370675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 (Call 05/07/24), (3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 7307 | 6954364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 (Call 01/10/27) | 4325 | 3801242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24 | 5728 | 5443891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26 | 9312 | 8647868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 6758 | 5732000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47 | 5752 | 4305487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 (Call 05/16/28), (3 mo. LIBOR US + 1.902%)<sup>(a)</sup> | 6120 | 5419138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 06/20/30 (Call 06/20/29), (3 mo. LIBOR US + 3.054%)<sup>(a)</sup> | 4970 | 4162375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 7208 | 6641667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45 | 5244 | 4192893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 (Call 08/09/25)<sup>(a)</sup> | 4505 | 4286598 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 (Call 08/09/27)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5980 | $5522171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 (Call 08/09/32)<sup>(a)</sup> | 2125 | 1887914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 | 2000 | 1996680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 | 1500 | 1492590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 | 3900 | 3889548 |
|  BNP Paribas SA, 4.25%, 10/15/24 | 4206 | 4050799 |
|  BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26 | 2592 | 2361804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24 | 3332 | 3243269 |
|  Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3 mo. LIBOR US + 2.470%)<sup>(a)</sup> | 625 | 591788 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 12/14/23 | 4510 | 4279313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25<sup>(b)</sup> | 3343 | 2931209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/18/24 | 3810 | 3497961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 4530 | 3875324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25 | 3395 | 3165430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24 | 4788 | 4641200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25 | 325 | 308922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27<sup>(b)</sup> | 50 | 45608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 (Call 03/07/32) | 175 | 144452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25 | 2920 | 2803988 |
|  Citibank NA, 3.65%, 01/23/24 (Call 12/23/23) | 8112 | 7989184 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.78%, 10/30/24, (SOFR + 0.686%)<sup>(a)</sup> | 1528 | 1444495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)<sup>(a)</sup> | 4325 | 3989683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26), (SOFR + 0.765%)<sup>(a)</sup> | 9730 | 8275657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 (Call 11/03/24), (SOFR + 0.528%)<sup>(a)</sup> | 1800 | 1631430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26), (SOFR + 0.770%)<sup>(a)</sup> | 10055 | 8542024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 (Call 01/25/25), (SOFR + 0.694%)<sup>(a)</sup> | 3300 | 3015738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 (Call 11/03/31), (SOFR + 1.177%)<sup>(a)</sup> | 2280 | 1706557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31), (SOFR + 1.167%)<sup>(a)</sup> | 10620 | 8094033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)<sup>(a)</sup> | 12265 | 9607297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)<sup>(a)</sup> | 8127 | 6464053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)<sup>(a)</sup> | 2310 | 1460613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)<sup>(a)</sup> | 4717 | 3849072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)<sup>(a)</sup> | 7440 | 5811533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)<sup>(a)</sup> | 5530 | 4882160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)<sup>(a)</sup> | 13612 | 12703943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 10360 | 9443451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 (Call 03/17/25), (SOFR + 1.528%)<sup>(a)</sup> | 3990 | 3739827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25 | 5697 | 5407706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)<sup>(a)</sup> | 11817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11347392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26 | 8060 | 7483468 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.151%)<sup>(a)</sup> | $8863 | $7846237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)<sup>(a)</sup> | 9065 | 8126863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 7744 | 7280676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24<sup>(b)</sup> | 4295 | 4201670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)<sup>(a)</sup> | 4590 | 3797950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25 | 5948 | 5691344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39,<br>(3 mo. LIBOR US + 1.168%)<sup>(a)</sup> | 2211 | 1688983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)<sup>(a)</sup> | 9907 | 9072632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)<sup>(a)</sup> | 8684 | 7653643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24 | 2918 | 2845196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)<sup>(a)</sup> | 7346 | 6617864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28 | 7609 | 6856242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 (Call 05/24/24), (SOFR + 1.372%)<sup>(a)</sup> | 5400 | 5245452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)<sup>(a)</sup> | 2070 | 1581935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26 | 4678 | 4414254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25 | 3745 | 3627107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)<sup>(a)</sup> | 13319 | 11864965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27 | 13397 | 12483057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26 | 6570 | 6306280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45 | 4385 | 3494450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48) | 8118 | 6529145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)<sup>(a)</sup> | 2505 | 2360136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 7558 | 5852537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 (Call 05/24/32)<sup>(a)</sup> | 2715 | 2470080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44 | 3785 | 3179589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)<sup>(a)</sup> | 2292 | 2038482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25 | 6998 | 6937747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 (Call 09/29/25)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10635 | 10491534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/22/33 | 1272 | 1213463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42 | 4419 | 4126683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/33 | 5532 | 5317082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/25/36 | 1258 | 1199377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 | 1182 | 1225462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32 | 3735 | 3782322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43 | 4169 | 4159411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39 | 7233 | 8370896 |
|  Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27)<sup>(a)</sup> | 1810 | 1709455 |
|  Citizens Bank NA/Providence RI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/28/25 (Call 03/28/25) | 1588 | 1461293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/18/26 (Call 11/18/25) | 2209 | 2069325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 05/23/25 (Call 05/23/24)<sup>(a)</sup> | 1810 | 1758198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.06%, 10/24/25 | 1810 | 1822218 |
|  Citizens Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/30 (Call 11/06/29) | 1046 | 808014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/30/32 (Call 07/02/32) | 1842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/27/26 (Call 04/27/26) | 2180 | 1976017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/30 (Call 01/30/30) | 2363 | 1947750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/25 (Call 11/03/25) | 710 | 674067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 05/21/37 (Call 05/21/32)<sup>(a)</sup> | 1000 | 906720 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Comerica Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/23/24 | $2776 | $2642974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25 | 1200 | 1137696 |
|  Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28) | 2346 | 2139880 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26 | 5223 | 4747080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25 | 5537 | 5238500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41 | 3581 | 3335881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45<sup>(b)</sup> | 4350 | 3552993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43 | 4350 | 3843573 |
|  Cooperatieve Rabobank UA/NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/12/24 | 824 | 778565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25 | 2190 | 2011187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25 | 3297 | 3149327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/24 | 250 | 244398 |
|  Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 12/28/22) | 250 | 231425 |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24 | 1510 | 1378766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | 3530 | 2818387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25 | 5646 | 5052549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10955113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25 | 6951 | 6359887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24 | 500 | 474715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 5360 | 4821213 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25 | 7266 | 6515132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26 | 4654 | 4076485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/45 | 6083 | 4108215 |
|  Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26 | 3354 | 3160944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 | 440 | 408967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/14/26 (Call 07/14/25)<sup>(a)</sup> | 2905 | 2777064 |
|  Deutsche Bank AG/London, 3.70%, 05/30/24 | 4045 | 3909048 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24 | 3525 | 3235527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 (Call 04/01/24), (SOFR + 1.131%)<sup>(a)</sup> | 3997 | 3639828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26 | 3435 | 2956161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)<sup>(a)</sup> | 4611 | 3880710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)<sup>(a)</sup> | 5800 | 4623586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)<sup>(a)</sup> | 4605 | 3684322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)<sup>(a)</sup> | 1511 | 1063880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)<sup>(a)</sup> | 5914 | 4408532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24 | 2716 | 2598044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32, (SOFR + 2.757%)<sup>(a)</sup> | 200 | 141898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 (Call 10/07/31), (SOFR + 2.257%)<sup>(a)</sup> | 4000 | 2745600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 (Call 11/26/24), (SOFR + 2.581%)<sup>(a)</sup> | 4375 | 4030119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26 | 2993 | 2786513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 (Call 12/01/27)<sup>(a)</sup> | 25 | 19918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30), (SOFR + 5.438%)<sup>(a)</sup> | 25 | 20857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 0.96%, 11/08/23 | 1410 | 1344886 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/12/24 (Call 08/12/24) | $3280 | $3080084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/06/30 (Call 11/06/29) | 1303 | 994007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 (Call 04/27/26) | 4025 | 3611995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/13/26 | 1660 | 1546074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/13/28 (Call 06/13/28) | 3424 | 3057461 |
|  Fifth Third Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 (Call 11/01/26), (SOFR + 0.685%)<sup>(a)(b)</sup> | 3025 | 2573821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 (Call 12/28/24) | 3102 | 2888862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 (Call 04/05/27) | 3189 | 2786931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 (Call 12/25/23) | 5891 | 5769822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 04/25/28 (Call 04/25/27)<sup>(a)</sup> | 2350 | 2154363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 (Call 12/16/23) | 3145 | 3099052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/33<sup>(a)</sup> | 2016 | 1748436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 (Call 07/28/29)<sup>(a)</sup> | 2720 | 2493750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 | 2720 | 2736266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/38 | 3315 | 3768757 |
|  Fifth Third Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 2886 | 2528915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/26 (Call 02/15/26) | 3141 | 2928700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 (Call 06/28/25) | 3132 | 3025982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/25 | 2580 | 2582580 |
|  First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (SOFR + 2.465%)<sup>(a)(b)</sup> | 502 | 469792 |
|  First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30) | 1563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492134 |
|  First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25) | 450 | 430880 |
|  First Republic Bank/CA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/46 (Call 02/01/46) | 1350 | 980883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/13/47 (Call 08/13/46) | 1313 | 994768 |
|  First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/27/25 (Call 09/27/24), (SOFR + 1.715%)<sup>(a)</sup> | 1919 | 1797642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/09/28 | 1580 | 1562936 |
|  FNB Corp., 5.15%, 08/25/25 (Call 07/25/25) | 35 | 34277 |
|  Goldman Sachs Capital I, 6.35%, 02/15/34 | 5120 | 4903219 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)<sup>(a)</sup> | 2701 | 2394220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)<sup>(a)</sup> | 2417 | 2079925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 12/06/23 (Call 12/06/22) | 450 | 430574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)<sup>(a)</sup> | 7300 | 6246902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10405 | 8738431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 (Call 01/24/24), (SOFR + 0.730%)<sup>(a)</sup> | 7625 | 7204024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(a)</sup> | 12290 | 10443673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)<sup>(a)</sup> | 9255 | 6753836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)<sup>(a)</sup> | 7652 | 5696684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29) | 7346 | 5841833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)<sup>(a)</sup> | 13340 | 10191760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)<sup>(a)</sup> | 6650 | 5750255 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)<sup>(a)</sup> | $8910 | $6731772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)<sup>(a)</sup> | 7275 | 4537927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24 | 4295 | 4153222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)<sup>(a)</sup> | 11930 | 9352285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)<sup>(a)</sup> | 9418 | 6257884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 (Call 09/29/24), (3 mo. LIBOR US + 1.201%)<sup>(a)</sup> | 9317 | 8831398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)<sup>(a)</sup> | 4005 | 2732171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 (Call 10/23/24) | 5421 | 5188764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 03/01/25) | 12930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12248201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25) | 10953 | 10065588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(a)</sup> | 3440 | 3100300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 (Call 01/20/24) | 7197 | 7036723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | 9092148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 (Call 02/22/25) | 9090 | 8658770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | 8168 | 7674653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29) | 9072 | 7825961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 (Call 04/23/28), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.158%)<sup>(a)</sup> | 7474 | 6631456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 (Call 04/08/24) | 11215 | 10961653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 11446 | 10621888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24 | 11012 | 10811582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)<sup>(a)</sup> | 6457 | 5020382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)<sup>(a)</sup> | 9591 | 8678896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25 | 6969 | 6670657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 (Call 06/15/26)<sup>(a)</sup> | 3460 | 3252262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)<sup>(a)</sup> | 3394 | 2754129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(a)</sup> | 9385 | 8722044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45)<sup>(b)</sup> | 5454 | 4419431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 8029 | 6570050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 8367 | 6802371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24 | 5025 | 5024397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27 | 4054 | 4091337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33 | 3468 | 3467792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 4455 | 4366880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/01/36 | 3606 | 3512424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | 19510 | 19439374 |
|  HSBC Bank USA NA, 7.00%, 01/15/39 | 2050 | 2056478 |
|  HSBC Bank USA NA/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/35<sup>(b)</sup> | 935 | 823623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/34<sup>(b)</sup> | 1130 | 1022910 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 (Call 05/24/24), (SOFR + 0.708%)<sup>(a)</sup> | 3920 | 3564730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 11/22/24 (Call 11/22/23), (SOFR + 0.580%)<sup>(a)</sup> | 3788 | 3554470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)<sup>(a)</sup> | 2565 | 2108661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 (Call 04/18/25), (SOFR + 1.538%)<sup>(a)</sup> | 9138 | 7984602 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)<sup>(a)</sup> | $2210 | $1737259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 (Call 06/04/25), (SOFR + 1.929%)<sup>(a)</sup> | 3010 | 2647114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)<sup>(a)</sup> | 2785 | 2110863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)<sup>(a)</sup> | 5250 | 4319647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)<sup>(a)</sup> | 6133 | 4358355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)<sup>(a)</sup> | 8629 | 7886388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)<sup>(a)</sup> | 7745 | 5554172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)<sup>(a)</sup> | 3133 | 2336403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)<sup>(a)</sup> | 6940 | 4940864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 (Call 03/10/25), (SOFR + 1.430%)<sup>(a)</sup> | 3570 | 3242631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)<sup>(a)</sup> | 9910 | 9462563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 8794 | 8031384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)<sup>(a)</sup> | 10735 | 8863889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)<sup>(a)</sup> | 8811 | 7720022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 (Call 12/09/24)<sup>(a)</sup> | 3990 | 3767518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24 | 8177 | 7911002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25 | 6796 | 6329930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26, (3 mo. LIBOR US + 1.348%)<sup>(a)</sup> | 10244 | 9449578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26 | 11357 | 10693183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26 | 6601 | 6008230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)<sup>(a)</sup> | 14282 | 12433052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(a)</sup> | 10845 | 9766139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 (Call 03/29/32), (SOFR + 2.530%)<sup>(a)</sup> | 6215 | 4940303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30 | 10725 | 9610780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(a)</sup> | 2300 | 2109100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/44 | 3244 | 2508488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 7500 | 6509550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42<sup>(b)</sup> | 3197 | 2954955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36 | 7387 | 6338798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | 8787 | 7706870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38 | 5442 | 4750539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/17/32 | 2774 | 2828981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10207752 |
|  HSBC USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24 | 2223 | 2142461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24 | 6670 | 6478438 |
|  Huntington Bancshares Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/36 (Call 08/15/31)<sup>(a)</sup> | 1555 | 1080523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/28 (Call 08/04/27)<sup>(a)</sup> | 1365 | 1269791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 05/17/33 (Call 05/17/32)<sup>(a)</sup> | 1394 | 1267578 |
|  Huntington Bancshares Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/30 (Call 11/04/29) | 2262 | 1796367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 (Call 07/06/24) | 3867 | 3693913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 04/15/25) | 1781 | 1715940 |

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Huntington National Bank (The), 4.55%, 05/17/28 (Call 05/17/27)<sup>(a)</sup> | $1460 | $1393220 |
|  Industrial & Commercial Bank of China Ltd./New York NY, 3.54%, 11/08/27 | 3530 | 3312481 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)<sup>(a)</sup> | 2638 | 2244410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)<sup>(a)</sup> | 2030 | 1518785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24 | 4303 | 4177955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 (Call 03/28/25), (SOFR + 1.640%)<sup>(a)</sup> | 50 | 46970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27 | 7892 | 7172565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27), (SOFR + 1.830%)<sup>(a)</sup> | 300 | 269661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29 | 4505 | 3930883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 (Call 03/28/32), (SOFR + 2.070%)<sup>(a)</sup> | 2335 | 1941342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28 | 4106 | 3700409 |
|  Intesa Sanpaolo SpA, 5.25%, 01/12/24 | 200 | 196976 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 (Call 02/16/24), (SOFR + 0.420%)<sup>(a)</sup> | 2110 | 1964009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)<sup>(a)</sup> | 8996 | 8192387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 (Call 06/01/24), (SOFR + 0.540%)<sup>(a)</sup> | 8055 | 7420024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)<sup>(a)</sup> | 11033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10146388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)<sup>(a)</sup> | 1308 | 1112716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)<sup>(a)</sup> | 2042 | 1759265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)<sup>(a)</sup> | 6530 | 5488269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 (Call 12/10/24), (SOFR + 0.605%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10200 | 9307194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)<sup>(a)</sup> | 3466 | 2977883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)<sup>(a)</sup> | 2240 | 1629779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 (Call 02/04/31), (SOFR + 1.065%)<sup>(a)</sup> | 3690 | 2706467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 (Call 03/13/25), (SOFR + 1.585%)<sup>(a)</sup> | 8005 | 7300480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 (Call 06/01/28), (SOFR + 1.015%)<sup>(a)</sup> | 8451 | 6836352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 (Call 04/22/25), (SOFR + 1.850%)<sup>(a)</sup> | 12232 | 11138337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)<sup>(a)</sup> | 6995 | 5918889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 (Call 10/15/24), (SOFR + 1.160%)<sup>(a)</sup> | 6326 | 5898805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)<sup>(a)</sup> | 13231 | 10436084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40), (SOFR + 1.510%)<sup>(a)</sup> | 1205 | 742774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 (Call 11/08/31), (SOFR + 1.180%)<sup>(a)</sup> | 8180 | 6181462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)<sup>(a)</sup> | $4874 | $3748691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 (Call 02/24/25), (SOFR + 0.915%)<sup>(a)</sup> | 2165 | 2006262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)<sup>(a)</sup> | 6966 | 5640231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11117415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)<sup>(a)</sup> | 2729 | 2402857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 (Call 05/13/30), (SOFR + 2.515%)<sup>(a)</sup> | 3741 | 2946711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)<sup>(a)</sup> | 9400 | 7335102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)<sup>(a)</sup> | 8216 | 5622455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)<sup>(a)</sup> | 10510 | 6563390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 (Call 10/23/24) | 8161 | 7808853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.460%)<sup>(a)</sup> | 3765 | 2571420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26) | 6422 | 5950561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 (Call 03/01/24), (3 mo. LIBOR US + 1.155%)<sup>(a)</sup> | 7432 | 7177826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 9826 | 9176698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)<sup>(a)</sup> | 9180 | 5940929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)<sup>(a)</sup> | 9406 | 8317914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)<sup>(a)(b)</sup> | 5830 | 5243852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24 | 7379 | 7232379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26) | 6631 | 6001121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)<sup>(a)</sup> | 9901 | 8621098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)<sup>(a)</sup> | 11241 | 10243811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 (Call 06/14/24)<sup>(a)</sup> | 6200 | 6028632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24 | 8122 | 8021287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24 | 11096 | 10809501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)<sup>(a)</sup> | 9776 | 7604750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 (Call 04/15/25) | 10435 | 10084175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)<sup>(a)</sup> | 8503 | 6191119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)<sup>(a)</sup> | 9747 | 9134206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)<sup>(a)</sup> | 7611 | 5582136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)<sup>(a)</sup> | 4774 | 4296457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 (Call 12/05/23), (3 mo. LIBOR US + 1.000%)<sup>(a)</sup> | 7156 | 7027264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)<sup>(a)</sup> | 7141 | 5309548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 (Call 04/26/25), (SOFR + 1.320%)<sup>(a)</sup> | 10960 | 10507242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26 | 10006 | 9484988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)<sup>(a)</sup> | 9887 | 8954656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27 | 3633 | 3411859 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)<sup>(a)</sup> | $9089 | $7049156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10686388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)<sup>(a)</sup> | 9361 | 8530586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)<sup>(a)</sup> | 12220 | 11061666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 (Call 06/14/29)<sup>(a)</sup> | 8150 | 7477788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32), (SOFR + 1.800%)<sup>(a)</sup> | 6565 | 5857096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 5160 | 4906231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44 | 5074 | 4349636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 15795 | 14457163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45 | 3951 | 3263328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42 | 6318 | 5766502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40 | 6064 | 5625512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 | 7830 | 7344305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43 | 5957 | 5354926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 (Call 09/14/32)<sup>(a)</sup> | 12155 | 11292238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38 | 6537 | 6734287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26 | 3703 | 3990427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/25 | 980 | 1044219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27 | 5188 | 5693052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/01/30 | 1284 | 1472722 |
|  KeyBank NA/Cleveland OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 | 905 | 860465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/20/26 | 2492 | 2290721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/13/29 | 2075 | 1794730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25 | 850 | 821576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/08/32 | 1910 | 1689930 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27 | 2691 | 2312215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29 | 2611 | 2102456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/23/25 (Call 05/23/24)<sup>(a)</sup> | 1035 | 1004675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28 | 3821 | 3511728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25 | 1704 | 1644774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 (Call 06/01/32)<sup>(a)</sup> | 2355 | 2130003 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/09/24<sup>(b)</sup> | 660 | 620578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/25/25<sup>(b)</sup> | 1865 | 1694520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/19/26<sup>(b)</sup> | 1735 | 1492568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/09/26 | 1600 | 1378864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/19/31 | 1990 | 1522410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/12/26 | 925 | 827413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/25/31 | 3075 | 2366028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/01/24 | 1602 | 1518632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/24/27 | 350 | 311248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/13/26 | 3550 | 3343816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/19/24 | 1335 | 1306071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/16/25 | 2670 | 2539437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/22/24<sup>(b)</sup> | 4295 | 4233496 |
|  Kreditanstalt fuer Wiederaufbau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/18/36<sup>(c)</sup> | 9255 | 5135044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/29/37<sup>(c)</sup> | 13391 | 7024651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/08/24 | 2975 | 2805663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/25 | 8675 | 7760048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24 | 1000 | 926700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/22/26 | 6085 | 5380965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/30/30 | 4039 | 3094965 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26 | $1515 | $1327549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10610 | 9871862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/05/24 | 11495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10873695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/10/24<sup>(d)</sup> | 10 | 9559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/14/29 | 8457 | 7200966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/02/25 | 7137 | 6712777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/24 | 25800 | 24747618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/24 | 17055 | 16618392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/03/28 | 8447 | 7843293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/27 | 350 | 330484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/10/25 | 50 | 48271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/23/24 | 15 | 14673 |
|  Landwirtschaftliche Rentenbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/30/26 | 835 | 738683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/03/30 | 2035 | 1575029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/27/26 | 4405 | 3988463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/25 | 7837 | 7422501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/10/25 | 3655 | 3458178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/14/23 | 1405 | 1383658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 37, 2.50%, 11/15/27 | 2717 | 2483583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 40, 0.50%, 05/27/25 | 6910 | 6234547 |
|  Lloyds Bank PLC, 3.50%, 05/14/25 | 200 | 188488 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 (Call 05/11/26)<sup>(a)</sup> | 1195 | 1001757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 (Call 02/05/25)<sup>(a)</sup> | 4197 | 3813646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 12/14/46 (Call 09/14/41)<sup>(a)</sup> | 2752 | 1622084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 (Call 03/18/25)<sup>(a)</sup> | 4260 | 3946251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)<sup>(a)</sup> | 4082 | 3489375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 4759 | 4263826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(a)</sup> | 5215 | 4604063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 (Call 07/09/24)<sup>(a)</sup> | 3697 | 3522613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24 | 2739 | 2667622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48 | 5354 | 3573367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 2073 | 1847831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25 | 5297 | 5079081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24 | 2145 | 2066536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 6740 | 6039377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 4928 | 4516216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 5396 | 4975760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 (Call 08/11/25)<sup>(a)</sup> | 2905 | 2746067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(a)</sup> | 1350 | 1155546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45 | 3039 | 2317724 |
|  M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 04/16/24) | 344 | 337065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 (Call 08/16/27)<sup>(a)</sup> | 2045 | 1926124 |
|  Manufacturers & Traders Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/06/25 (Call 01/06/25) | 2977 | 2824339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/17/27 | 2005 | 1781242 |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 (Call 07/19/24)<sup>(a)</sup> | 1810 | 1661254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 (Call 10/11/24)<sup>(a)</sup> | 2890 | 2627732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25 | 2324 | 2074612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(a)</sup> | 1450 | 1225598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)</sup> | 2960 | 2493504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30 | 1715 | 1284861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25 | 7119 | 6568559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(a)</sup> | 2002 | 1460479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(a)</sup> | 3390 | 2898280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 (Call 10/13/31)<sup>(a)</sup> | 1514 | 1116091 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26 | 2605 | 2323243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24 | 6596 | 6283745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 (Call 01/19/32)<sup>(a)</sup> | 2745 | 2063087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29<sup>(b)</sup> | 6574 | 5505988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27 | 3712 | 3321275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24 | 6724 | 6538888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27 | 3619 | 3322351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 4409 | 3880625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39 | 5540 | 4122314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25 | 4886 | 4689485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/17/26 (Call 04/17/25)<sup>(a)</sup> | 2750 | 2614013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 2929 | 2752293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28 | 4943 | 4515480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28 | 4341 | 3932512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(a)</sup> | 2720 | 2497858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/07/39 | 2206 | 1740291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/26/38<sup>(b)</sup> | 2267 | 1835182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/19/33 (Call 04/19/32)<sup>(a)</sup> | 2755 | 2366573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 (Call 07/18/24)<sup>(a)</sup> | 4385 | 4302518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(a)</sup> | 5540 | 5269703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 (Call 09/12/24)<sup>(a)</sup> | 3445 | 3393911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(a)</sup> | 5500 | 4993065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(a)</sup> | 3280 | 3162346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 09/13/33 (Call 09/13/32)<sup>(a)(b)</sup> | 3255 | 3040430 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(a)</sup> | 2525 | 2122439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(a)</sup> | 2635 | 2231134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)<sup>(a)</sup> | 1150 | 829185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 05/22/32 (Call 05/22/31)<sup>(a)</sup> | 573 | 408532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)<sup>(a)</sup> | 3500 | 2579920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 (Call 05/25/25), (3 mo. LIBOR US + 0.830%)<sup>(a)</sup> | 4271 | 3862778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/09/32 (Call 07/09/31)<sup>(a)(b)</sup> | 2075 | 1489394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 (Call 09/13/24), (SOFR + 1.362%)<sup>(a)</sup> | 2293 | 2146684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31 | 3625 | 2608768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/25/31 (Call 05/25/30), (3 mo. LIBOR US + 1.070%)<sup>(a)</sup> | 1900 | 1447990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/22/26 (Call 05/22/25)<sup>(a)</sup> | 3270 | 2994110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 (Call 07/16/24), (SOFR + 1.242%)<sup>(a)</sup> | 1962 | 1856817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26 | 2357 | 2092969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 (Call 09/13/29), (SOFR + 1.572%)<sup>(a)</sup> | 1945 | 1551138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)<sup>(a)</sup> | 2583 | 2106721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27 | 4168 | 3647167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 05/22/30 (Call 05/22/29)<sup>(a)</sup> | 1920 | 1592698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27 | 2472 | 2239187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28<sup>(b)</sup> | 3940 | 3546749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)<sup>(a)</sup> | 3865 | 3434980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(b)</sup> | 2720 | 2627085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 (Call 09/13/32)<sup>(a)</sup> | 2720 | 2545648 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)<sup>(a)</sup> | 4505 | 4205958 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 (Call 05/30/24), (SOFR + 0.525%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11534879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)<sup>(a)</sup> | 10444 | 8947375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 (Call 10/21/24), (SOFR + 0.560%)<sup>(a)</sup> | 11320 | 10251052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)<sup>(a)</sup> | 10244 | 8687219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27, (SOFR + 0.879%)<sup>(a)</sup> | 3996 | 3422454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)<sup>(a)</sup> | 7070 | 5112458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)<sup>(a)</sup> | 13255 | 9606826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)<sup>(a)</sup> | 12319 | 11240964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)<sup>(a)</sup> | 9409 | 6981102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)<sup>(a)</sup> | 6515 | 5635866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/16/36 (Call 09/16/31), (SOFR + 1.360%)<sup>(a)</sup> | 12923 | 9181016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)<sup>(a)</sup> | 8160 | 6150600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 (Call 02/18/25), (SOFR + 0.940%)<sup>(a)</sup> | 5434 | 5034601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)<sup>(a)</sup> | 13737 | 11006222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)<sup>(a)</sup> | 9244 | 8723748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52, (SOFR + 1.430%)<sup>(a)</sup> | 5680 | 3332797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)<sup>(a)</sup> | 3280 | 2551643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26 | 10097 | 9213714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.485%)<sup>(a)(b)</sup> | 2694 | 1834991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)<sup>(a)</sup> | 10537 | 9448844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 (Call 04/17/24), (SOFR + 1.160%)<sup>(a)</sup> | 6355 | 6138739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)<sup>(a)</sup> | 3604 | 3072915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27 | 10165 | 9376908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24 | 11518 | 11167853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)<sup>(a)</sup> | 10559 | 9419789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 11892 | 11262438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27 | 5690 | 5268428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)<sup>(a)</sup> | 8065 | 6347316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25 | 7728 | 7442373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)<sup>(a)</sup> | 3270 | 3026712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45 | 7044 | 5441631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26 | 9329 | 8890630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47 | 8605 | 6693571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)<sup>(a)</sup> | 9968 | 9089121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)<sup>(a)</sup> | 4642 | 3806904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 (Call 07/17/25)<sup>(a)</sup> | 7100 | 6891544 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 (Call 07/20/32)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25 | 7911 | 7784028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/20/37 (Call 04/20/32)<sup>(a)</sup> | 4250 | 3780077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)<sup>(a)</sup> | 6440 | 5967948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/26 | 630 | 632621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26 | 4346 | 4426227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 | 2000 | 2018100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 8775 | 8903992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42 | 7467 | 7564295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32 | 6834 | 7404229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.88%, 04/29/24 | 8435 | 8264529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 0.86%, 10/21/25 (Call 10/21/24), (SOFR + 0.745%)<sup>(a)</sup> | 2748 | 2479795 |
|  National Australia Bank Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26 | 5766 | 5238988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26 | 3789 | 3578369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/09/25 | 275 | 264283 |
|  National Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 11/15/24 (Call 11/15/23)<sup>(a)(b)</sup> | 925 | 876650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/06/24 | 3910 | 3593016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/25 (Call 06/09/24)<sup>(a)</sup> | 1810 | 1741872 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(a)</sup> | 3755 | 3121494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/28/35 (Call 08/28/30)<sup>(a)</sup> | 2880 | 1992211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 (Call 05/22/27)<sup>(a)</sup> | 4052 | 3436258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/29 (Call 11/01/24)<sup>(a)</sup> | 2645 | 2412319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)<sup>(a)</sup> | 6723 | 6481980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)<sup>(a)</sup> | 2409 | 2056395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26 | 5893 | 5560517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)<sup>(a)</sup> | 6377 | 5686371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)<sup>(a)</sup> | 6957 | 6200913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 (Call 09/30/27)<sup>(a)</sup> | 2240 | 2090368 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 (Call 02/01/30) | 2186 | 1708490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/03/29 (Call 02/03/29) | 3422 | 3012181 |
|  3.38%, 05/08/32 (Call 05/08/27), |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (3 mo. LIBOR US + 1.131%)<sup>(a)</sup> | 1901 | 1695768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/03/28 (Call 05/03/28) | 465 | 429288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25 | 4186 | 4046564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27) | 4255 | 4067737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 | 4090 | 4098221 |
|  Oesterreichische Kontrollbank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/25 | 2465 | 2187786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/16/24 | 466 | 431688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/26 | 300 | 263136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/25 | 6125 | 5720566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/23/25 | 125 | 119833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/23<sup>(b)</sup> | 321 | 315967 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 | 3072 | 2495263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/23/25 (Call 01/24/25) | 2226 | 2118373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27) | 3493 | 3151978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/02/25) | 3492 | 3319879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/28 (Call 12/23/27) | 2579 | 2334743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 1931 | 1856792 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 (Call 03/10/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28 | 3569 | 3242508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 (Call 10/02/25) | 1988 | 1918082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 (Call 07/27/24) | 3713 | 3538378 |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 (Call 07/13/26) | 2986 | 2563690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 (Call 10/02/24) | 2412 | 2274130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)<sup>(a)(b)</sup> | 3238 | 2487205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 (Call 10/24/29) | 7697 | 6247655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26) | 2761 | 2494149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27)<sup>(b)</sup> | 2792 | 2517183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 (Call 01/23/29) | 4975 | 4369294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 (Call 12/23/23) | 3056 | 3001206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 (Call 03/29/24) | 3785 | 3704039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/33 (Call 06/06/32)<sup>(a)</sup> | 95 | 83844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 | 400 | 402976 |
|  Regions Bank/Birmingham AL, 6.45%, 06/26/37 | 1645 | 1633337 |
|  Regions Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/12/28 (Call 06/12/28) | 2670 | 2170550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/18/25 (Call 04/18/25) | 3180 | 2933836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 12/10/37 | 1158 | 1238365 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24 | 1760 | 1660630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24 | 5119 | 4725093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24 | 5927 | 5424509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 3054 | 2640794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25 | 3781 | 3395149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 4827 | 4122789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 5160 | 4453751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 5035 | 4288309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25 | 1275 | 1175486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27 | 1140 | 995323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24 | 7100 | 6678189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31 | 5430 | 4126746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24 | 4756 | 4537509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25 | 1630 | 1556748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(b)</sup> | 1745 | 1607389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32 | 1810 | 1560473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24 | 3430 | 3351693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27 | 5551 | 5217163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | 6414 | 6193294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24 | 1810 | 1814887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 1835 | 1846505 |
|  Santander Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)<sup>(a)</sup> | 2440 | 2015855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26) | 3339 | 2947269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 (Call 05/02/25) | 3749 | 3507639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 (Call 05/07/24) | 4732 | 4536900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 3648 | 3299288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 (Call 04/17/25) | 5056 | 4839249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 (Call 09/09/25)<sup>(a)</sup> | 2070 | 2003160 |
|  Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)<sup>(a)</sup> | 1420 | 1303177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 (Call 08/21/25)<sup>(a)</sup> | 3444 | 2933771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)<sup>(a)</sup> | 3452 | 2821112 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/32 (Call 03/15/31), (SOFR + 1.475%)<sup>(a)</sup> | 1395 | 1009394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/03/28 (Call 11/03/27), (3 mo. LIBOR US + 1.400%)<sup>(a)</sup> | 4883 | 4135852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/15/24 (Call 11/15/23), (3 mo. LIBOR US + 1.570%)<sup>(a)</sup> | 2186 | 2138455 |
|  Santander UK PLC, 4.00%, 03/13/24 | 3612 | 3537918 |
|  Signature Bank/New York NY, 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | 971 | 884824 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 (Call 11/18/26), (SOFR + 0.560%)<sup>(a)</sup> | 2635 | 2279512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/06/26 (Call 02/06/25), (SOFR + 0.441%)<sup>(a)(b)</sup> | 335 | 308914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/07/28 (Call 02/07/27), (SOFR + 0.730%)<sup>(a)</sup> | 2100 | 1821834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31 | 430 | 330881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)<sup>(a)</sup> | 2684 | 2521537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30 | 3373 | 2753717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 02/07/33 (Call 02/07/32), (SOFR + 1.002%)<sup>(a)</sup> | 2020 | 1573782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26 | 3311 | 3066814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/26, (SOFR + 2.600%)<sup>(a)</sup> | 2479 | 2329789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/30/31 (Call 03/30/30), (SOFR + 2.650%)<sup>(a)</sup> | 1891 | 1596590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24 | 3362 | 3239455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25 | 3882 | 3732155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/20/23 | 4967 | 4905558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/03/24 (Call 12/03/23), (3 mo. LIBOR US + 0.770%)<sup>(a)</sup> | 2404 | 2364695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/03/29 (Call 12/03/28), (3 mo. LIBOR US + 1.030%)<sup>(a)</sup> | 1088 | 997533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/33 (Call 08/04/32)<sup>(a)</sup> | 1390 | 1231693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/13/33 (Call 05/13/32)<sup>(a)</sup> | 630 | 574012 |
|  Sumitomo Mitsui Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24 | 2115 | 2051973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/23/25 | 3800 | 3612166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/10/24 | 3365 | 3304800 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26 | 350 | 301511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26 | 5915 | 5006693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25 | 1489 | 1329498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/31 | 3080 | 2195855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28 | 5370 | 4265659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30 | 3090 | 2319323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30 | 2421 | 1772729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27 | 836 | 721761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31<sup>(b)</sup> | 2720 | 1992808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 01/12/41 | 650 | 377839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25 | 1644 | 1531107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24 | 2951 | 2778898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29<sup>(b)</sup> | 1555 | 1260545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26 | 8108 | 7271498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24 | 8630 | 8216882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29 | 1126 | 906351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30 | 4280 | 3421218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41<sup>(b)</sup> | 3140 | 1949312 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29 | 7725 | 6381545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/14/42<sup>(b)</sup> | 2185 | 1417519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/29 | 1626 | 1335548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27 | 3164 | 2816941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27 | 2606 | 2340032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27 | 3027 | 2752512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28 | 3726 | 3338608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26 | 6204 | 5842989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 3539 | 3185737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28 | 3312 | 3036375 |
|  SVB Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/28/26 (Call 09/28/26) | 1695 | 1431953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/02/31 (Call 11/02/30) | 2663 | 1829215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/15/28 (Call 03/15/28) | 746 | 591481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/05/30 (Call 03/05/30) | 2679 | 2100229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/25<sup>(b)</sup> | 2847 | 2705106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/29/28 (Call 04/29/27)<sup>(a)</sup> | 1375 | 1249958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/29/33 (Call 04/29/32)<sup>(a)</sup> | 1375 | 1156843 |
|  Svenska Handelsbanken AB, 3.90%, 11/20/23 | 5029 | 4947933 |
|  Synchrony Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/22/25 (Call 07/22/25) | 2650 | 2560351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/23/27 (Call 07/23/27) | 3780 | 3563519 |
|  Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25) | 60 | 58411 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24 | 4330 | 4059895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24 | 4810 | 4410722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25 | 1095 | 960611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26 | 6200 | 5352708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25 | 2210 | 1979939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 5840 | 5029700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/13/24 | 3158 | 2899391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 5873 | 5009199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 10/31/26 | 75 | 64028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25<sup>(b)</sup> | 4215 | 3879191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27 | 3635 | 3149946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31 | 4113 | 3044114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24 | 4465 | 4292785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/32 | 2965 | 2254527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24 | 4585 | 4396602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 3895 | 3473600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | 3890 | 3166732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24 | 5841 | 5684052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/31 (Call 09/15/26)<sup>(a)</sup> | 5662 | 5074907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25 | 4060 | 3898940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27<sup>(b)</sup> | 3610 | 3382570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/13/24 | 4266 | 4180083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 1530 | 1374843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 3620 | 3468503 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 (Call 02/10/25) | 2148 | 1963465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 (Call 11/05/24) | 5336 | 4994976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 (Call 12/11/29) | 3765 | 2927702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/17/29 (Call 09/17/24)<sup>(a)</sup> | 2700 | 2499849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 03/01/24) | 4351 | 4224342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26) | 4444 | 4081592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 (Call 08/16/25) | 5064 | 4792722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26) | 2026 | 1884808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 (Call 09/03/25) | 2800 | 2698276 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 (Call 06/03/27) | $3447 | $2797413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 (Call 07/03/25) | 2654 | 2368828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)<sup>(a)</sup> | 1615 | 1394488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)<sup>(a)</sup> | 3550 | 2858744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 (Call 03/05/30)<sup>(b)</sup> | 750 | 578355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 (Call 07/01/24) | 4673 | 4456033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 (Call 09/26/24) | 4504 | 4297086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 (Call 05/05/25) | 3819 | 3664292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/06/23 (Call 11/06/23) | 4903 | 4835535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/29 (Call 02/16/29) | 2471 | 2200426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 (Call 03/01/25) | 2892 | 2801885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)(b)</sup> | 2985 | 2759543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 (Call 07/28/25)<sup>(a)</sup> | 3821 | 3683597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/33 (Call 07/28/32)<sup>(a)</sup> | 4015 | 3604386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/28/26 | 4500 | 4495680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33<sup>(b)</sup> | 4300 | 4309675 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 (Call 04/22/30) | 1541 | 1138229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 (Call 04/11/25) | 5576 | 5095739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)<sup>(a)</sup> | 3205 | 2795721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 (Call 06/28/24) | 5018 | 4796004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/36 (Call 11/03/31)<sup>(a)</sup> | 3650 | 2680085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)<sup>(a)</sup> | 2890 | 2275181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 (Call 04/30/29) | 1998 | 1688869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26) | 3473 | 3221728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 (Call 01/05/24) | 5018 | 4915783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 (Call 08/11/24) | 4330 | 4213956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 (Call 12/29/23) | 3434 | 3381460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 (Call 03/24/28) | 4324 | 4037794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25) | 2526 | 2439485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(a)</sup> | 5370 | 5102037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/33 (Call 07/22/32)<sup>(a)</sup> | 5660 | 5154675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 | 3425 | 3436782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 | 2795 | 2791283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26) | 4737 | 4292859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27) | 4492 | 4132640 |
|  U.S. Bank NA/Cincinnati OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 (Call 12/20/24) | 2803 | 2619347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 (Call 12/27/24)<sup>(b)</sup> | 3812 | 3626813 |
|  Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.360%)<sup>(a)(b)</sup> | 440 | 392080 |
|  Wachovia Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/35 | 6336 | 5775391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57%, 08/01/26<sup>(e)</sup> | 355 | 374450 |
|  Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28) | 1610 | 1442013 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 (Call 05/19/24), (SOFR + 0.510%)<sup>(a)</sup> | 3902 | 3610482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 (Call 02/11/25), (3 mo. LIBOR US + 0.750%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10355047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26, (SOFR + 2.000%)<sup>(a)</sup> | 8191 | 7453810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)<sup>(a)</sup> | 8581 | 7331349 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10265929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)<sup>(a)</sup> | 10445 | 8332499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)<sup>(a)</sup> | 11891 | 9745388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25 | 8822 | 8337408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26 | 12735 | 11656218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26 | 12908 | 11690001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)<sup>(a)</sup> | 13000 | 8805030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)<sup>(a)</sup> | 9798 | 8876890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24 | 9524 | 9203327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)<sup>(a)</sup> | 8610 | 6952661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)<sup>(a)</sup> | 10180 | 9177575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25 | 9060 | 8585890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)<sup>(a)</sup> | 13624 | 12269093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 (Call 12/22/23) | 6362 | 6256264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 5101 | 3695470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 (Call 04/25/25), (SOFR + 1.320%)<sup>(a)</sup> | 8905 | 8473107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26 | 8367 | 7909576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 6497 | 5912140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 | 6031 | 5637176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46 | 7657 | 5667635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24 | 4836 | 4791025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)<sup>(a)</sup> | 7104 | 6433382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 (Call 08/15/25)<sup>(a)</sup> | 3790 | 3645980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(a)</sup> | 10195 | 8115118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 7633 | 5902217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46 | 7355 | 5679016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)</sup> | 7205 | 6832790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(a)</sup> | 12815 | 11700223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 7503 | 5982067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)<sup>(a)</sup> | 17251 | 14570022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/07/35 | 645 | 599528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 5233 | 4424188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 8743 | 7624683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/86 | 1785 | 1645020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.95%, 11/15/29<sup>(b)</sup> | 279 | 296518 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37 | 2216 | 2107682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/26/36 | 2342 | 2249678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38 | 2971 | 3044770 |
|  Western Alliance Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (SOFR + 2.250%)<sup>(a)</sup> | 1967 | 1669570 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24 | 3365 | 3103674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 | 5665 | 4922602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 4905 | 4064724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31 | 5385 | 4247634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25 | 4422 | 4158803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30 | 4374 | 3673985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 11/15/35 (Call 11/15/30)<sup>(a)</sup> | 2249 | 1599894 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26 | $3976 | $3634621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26 | 5795 | 5362461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/04/30 (Call 02/04/25)<sup>(a)</sup> | 5773 | 5273058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40 | 2346 | 1416867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 11/18/36 (Call 11/18/31)<sup>(a)</sup> | 4065 | 2872532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41 | 2714 | 1637221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24<sup>(b)</sup> | 5669 | 5560779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27 | 3945 | 3655279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28<sup>(b)</sup> | 4435 | 4075765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/25 | 50 | 48238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 07/24/34 (Call 07/24/29)<sup>(a)</sup> | 5276 | 4375440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 11/23/31 (Call 11/23/26)<sup>(a)</sup> | 5328 | 4780495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39 | 4422 | 3352451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 08/10/33 (Call 08/10/32)<sup>(a)</sup> | 1025 | 894456 |
|  Wintrust Financial Corp., 4.85%, 06/06/29 | 480 | 431246 |
|  Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29) | 1303 | 1042192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4283551994 |
| **Beverages — 0.5%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12924 | 12389205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 18137 | 16388956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 31046 | 26933647 |
|  Anheuser-Busch InBev Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/43<sup>(b)</sup> | 2320 | 1789648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44 | 3533 | 2944261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 3346 | 3009158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 4434 | 3803618 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30) | 2116 | 1889863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/42 | 3494 | 2636852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 (Call 01/13/28) | 9529 | 9006525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 (Call 12/01/39) | 3669 | 3072200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 (Call 10/15/37) | 3733 | 3182009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 (Call 04/06/48) | 6167 | 4995023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 (Call 12/01/49) | 6916 | 5646568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 (Call 10/15/47) | 5671 | 4705739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/60 (Call 12/01/59) | 2048 | 1621053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 (Call 10/23/28) | 12842 | 12504897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 (Call 10/15/57) | 5597 | 4536536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 (Call 10/23/30) | 2694 | 2644080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42 | 4682 | 4144881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 (Call 07/23/38) | 6960 | 6571702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48) | 13605 | 12837134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58) | 7206 | 6852041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/35 | 620 | 615176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/39 | 1390 | 1622408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39 | 4636 | 5513270 |
|  Brown-Forman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 02/15/25) | 205 | 197860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/38 (Call 10/15/37) | 741 | 614986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/45 (Call 01/15/45) | 1490 | 1288463 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28 | 1654 | 1361027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 | 1570 | 1195414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 1512 | 1312839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28<sup>(b)</sup> | 1895 | 1606695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30 | 3974 | 3160403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24 | 4653 | 4430633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 2224 | 1788519 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 | $5058 | $4254081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32 | 8510 | 6883654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 2818 | 1953607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51 | 4750 | 2910467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50 | 4964 | 3151246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60 | 3881 | 2361394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | 5770 | 4141764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/25/27 | 3273 | 3024743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51 | 2505 | 1711867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27 | 2437 | 2315954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | 5623 | 5089715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/25/50 | 903 | 768245 |
|  Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089092 |
|  Coca-Cola Femsa SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/01/32 (Call 06/01/32)<sup>(b)</sup> | 1830 | 1323200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/30 (Call 10/22/29)<sup>(b)</sup> | 2438 | 2055015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/26/43 | 2373 | 2128795 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/31 (Call 05/01/31) | 350 | 268544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 (Call 02/01/30) | 1465 | 1211599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 (Call 05/01/29) | 3337 | 2858207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 (Call 02/09/27) | 1980 | 1821719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/09/24 | 1820 | 1782253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/28 (Call 11/15/27) | 1550 | 1406919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 (Call 09/06/26) | 2670 | 2499280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/50 (Call 11/01/49) | 2110 | 1481072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/48 (Call 08/15/47)<sup>(b)</sup> | 1531 | 1137518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 (Call 04/09/27) | 2380 | 2274447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 (Call 09/15/25) | 2139 | 2085696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/09/47 (Call 11/09/46) | 2325 | 1824916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28 (Call 08/15/28) | 2337 | 2211830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24 | 3028 | 3001505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/25<sup>(b)</sup> | 1887 | 1865488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/32 (Call 02/09/32)<sup>(b)</sup> | 465 | 433208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48 (Call 05/15/48) | 1845 | 1583268 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 (Call 08/29/25) | 2956 | 2666667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 (Call 01/29/30) | 4176 | 3317665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/24/24 (Call 09/24/24) | 3635 | 3432749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 (Call 01/29/32) | 3680 | 2816194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 (Call 07/24/29) | 2010 | 1664401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/28 (Call 02/18/28) | 1426 | 1336019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/43 (Call 10/29/42) | 2117 | 1630175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 10/24/25 | 3335 | 3346439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | 3000 | 3012870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/36 | 2579 | 2612579 |
|  Diageo Investment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/11/42 | 722 | 585102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/15/35 | 1985 | 2279435 |
|  Fomento Economico Mexicano SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/16/50 (Call 07/16/49) | 9157 | 5934652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/10/43 | 966 | 742603 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 (Call 12/01/22) | 4319 | 4069103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 2938 | 2269958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/15/26 (Call 06/15/26) | 1948 | 1748018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/23 (Call 10/15/23) | 3414 | 3345003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 (Call 02/01/30) | 1034 | 877090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/51 (Call 09/15/50) | 2460 | 1574744 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 (Call 08/15/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2739 | $2600927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/15/27 (Call 03/15/27) | 2533 | 2315314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 (Call 11/01/49) | 1655 | 1154313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 (Call 02/15/29) | 3445 | 3136810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 (Call 01/15/32) | 2545 | 2232449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 (Call 03/25/25) | 850 | 838023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46 (Call 06/15/46) | 1714 | 1325762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/45 (Call 05/15/45)<sup>(b)</sup> | 3085 | 2422095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 (Call 10/15/51) | 1150 | 897379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/25/28 (Call 02/25/28) | 100 | 95835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 05/25/48 (Call 11/25/47) | 50 | 42598 |
|  Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/26 (Call 04/15/26) | 3881 | 3539239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 (Call 01/15/46) | 6112 | 4502833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 3967 | 3325576 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 (Call 11/25/30) | 2780 | 2137625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | 4333 | 3448808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | 5300 | 4198713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 (Call 02/19/25) | 7026 | 6618141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 3994 | 3653072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 (Call 01/19/27) | 2473 | 2253620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29) | 4478 | 3882292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 3900 | 2685111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 (Call 01/30/25) | 1876 | 1782144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 6113 | 5289518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51)<sup>(b)</sup> | 3330 | 2164034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 3180 | 2996387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 3382 | 2290798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27) | 5331 | 4923392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/29/49 (Call 01/29/49) | 2010 | 1479380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 3479 | 2610711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 (Call 04/17/25) | 3471 | 3355277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 (Call 12/01/23) | 4702 | 4642332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28) | 2930 | 2757189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/13/42 | 460 | 354393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 3349 | 2602006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 (Call 09/19/59) | 230 | 180697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32) | 5040 | 4668754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/05/42 | 740 | 608517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/47 (Call 11/02/46) | 1035 | 850035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/18/52 (Call 01/18/52) | 1405 | 1198872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/44 (Call 04/22/44) | 100 | 83756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 (Call 10/14/45) | 900 | 794655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/40 | 515 | 485181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/29 | 2135 | 2357339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410766965 |
| **Biotechnology — 0.3%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 (Call 06/15/28) | 7390 | 6078127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 (Call 01/21/25) | 2187 | 2041630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 (Call 10/15/31) | 5210 | 3966165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) | 2472 | 2194716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 (Call 11/25/30) | 6606 | 5276741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 (Call 11/21/29) | 2052 | 1691197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26)<sup>(b)</sup> | 5684 | 5197563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 (Call 03/01/53) | 5759 | 3292190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 (Call 02/15/41) | 5850 | 3928216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 (Call 12/22/28) | 505 | 442466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51) | 7180 | 4426829 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Biotechnology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 (Call 02/01/25)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 | $4784413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 (Call 08/21/39) | 6107 | 4356062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 (Call 08/02/27)<sup>(b)</sup> | 2597 | 2383033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31)<sup>(b)</sup> | 2536 | 2160165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49) | 6015 | 4011464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 (Call 02/22/24) | 6475 | 6345500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 6370 | 5876516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 (Call 12/01/32) | 5510 | 4972499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 (Call 08/22/51) | 1610 | 1231489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) | 9279 | 7469781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 (Call 08/22/61) | 2220 | 1688532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 (Call 12/15/47) | 6794 | 5538265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50) | 8945 | 7384992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 (Call 09/01/52) | 2255 | 1912578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/41 | 3712 | 3266263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41 (Call 05/15/41) | 1825 | 1625947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/42 (Call 12/15/41) | 470 | 444174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/01/37 | 275 | 285533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 02/01/39 | 290 | 292375 |
|  Baxalta Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/23/25 (Call 03/23/25) | 2198 | 2130741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/23/45 (Call 12/23/44) | 1728 | 1545247 |
|  Biogen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/30 (Call 02/01/30) | 6000 | 4716600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 (Call 11/01/49) | 7031 | 4356126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/51 (Call 08/15/50) | 4611 | 2896722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/25 (Call 06/15/25) | 5124 | 4935232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/45 (Call 03/15/45) | 447 | 387898 |
|  Bio-Rad Laboratories Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 (Call 02/15/27) | 910 | 819819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/32 (Call 12/15/31) | 1960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637208 |
|  Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 (Call 08/01/27) | 3402 | 2800322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 (Call 07/01/30) | 3662 | 2818825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 (Call 04/01/40) | 3941 | 2608666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 (Call 04/01/50) | 5150 | 3142066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26) | 3380 | 3075868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 2026 | 1956083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25) | 5313 | 5035608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 (Call 01/01/24) | 7519 | 7383583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 (Call 03/01/36) | 2678 | 2248047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 (Call 09/01/46) | 7225 | 5646410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 5245 | 4330167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 (Call 03/01/35) | 4368 | 3949895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45) | 8563 | 7354846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) | 2851 | 2454996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 (Call 06/01/41) | 2537 | 2436535 |
|  Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30) | 3995 | 3056614 |
|  Regeneron Pharmaceuticals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 (Call 06/15/30)<sup>(b)</sup> | 5297 | 3993143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 (Call 03/15/50) | 2263 | 1327068 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 (Call 08/02/25) | 1861 | 1642723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 (Call 07/02/27) | 2586 | 2131847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/02/31 (Call 06/02/31) | 1890 | 1380853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 (Call 06/02/30) | 1824 | 1382446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 (Call 03/02/40) | 1917 | 1276933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/51 (Call 03/02/51) | 2875 | 1695963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 (Call 03/02/50) | 4377 | 2682094 |
|  |  | 205802615 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Building Materials — 0.1%** |  |  |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 (Call 01/15/25) | $676 | $629525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 (Call 12/15/26) | 793 | 698348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 (Call 11/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 (Call 11/15/29) | 6358 | 5223669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 (Call 10/05/39)<sup>(b)</sup> | 6005 | 4279944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 (Call 10/05/49) | 5466 | 3658886 |
|  Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31) | 1775 | 1304199 |
|  Fortune Brands Home & Security Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/29 (Call 06/15/29) | 2997 | 2461196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 (Call 03/15/25) | 770 | 737783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/25/32 (Call 12/25/31)<sup>(b)</sup> | 1855 | 1521656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/25/52 (Call 09/25/51) | 1990 | 1312962 |
|  Johnson Controls International PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/02/24 (Call 04/02/24)<sup>(e)</sup> | 448 | 435443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/14/26 (Call 11/14/25) | 991 | 944175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/47 (Call 08/15/46) | 1712 | 1317024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/02/44 (Call 01/02/44) | 2370 | 1894246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/02/64 (Call 01/02/64)<sup>(e)</sup> | 1730 | 1299559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/14/45 (Call 03/14/45) | 520 | 436868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/36 | 509 | 500398 |
|  Johnson Controls International PLC/Tyco Fire & Security Finance SCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 (Call 06/15/30)<sup>(b)</sup> | 2460 | 1889649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/16/31 (Call 06/16/31) | 2485 | 1866682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/01/32 (Call 09/01/32) | 2135 | 2008928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lafarge SA, 7.13%, 07/15/36 | 850 | 880863 |
|  Lennox International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/25 (Call 07/01/25) | 1340 | 1189786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/01/27 (Call 06/01/27) | 1053 | 878855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/23 (Call 09/15/23) | 1818 | 1773877 |
|  Martin Marietta Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/31 (Call 04/15/31) | 995 | 764926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/51 (Call 01/15/51) | 1380 | 854662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) | 1113 | 1017872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/27 (Call 09/15/27)<sup>(b)</sup> | 2984 | 2715679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/02/24 (Call 04/02/24) | 550 | 541552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/47 (Call 06/15/47) | 2895 | 2153040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CB, 2.50%, 03/15/30 (Call 12/15/29) | 2771 | 2202751 |
|  Masco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/28 (Call 12/15/27) | 2292 | 1834150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/30 (Call 07/01/30) | 1609 | 1197434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 910 | 672454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/51 (Call 08/15/50) | 1370 | 789627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 (Call 08/15/27) | 1823 | 1631931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 (Call 11/15/46)<sup>(b)</sup> | 1635 | 1207660 |
|  Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 1700 | 1396669 |
|  Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 (Call 05/15/26) | 2568 | 2350773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/30 (Call 03/01/30) | 1625 | 1397256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/29 (Call 05/15/29) | 2378 | 2089358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/24 (Call 09/01/24) | 1879 | 1831593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 (Call 01/15/47) | 2266 | 1617154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/30/48 (Call 07/30/47) | 1629 | 1164067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/36 | 1310 | 1325170 |
|  Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30) | 3500 | 2980180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/27 (Call 01/01/27) | 866 | 809000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25)<sup>(b)</sup> | 1582 | 1554663 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Building Materials (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 | $2273960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/48 (Call 09/01/47)<sup>(b)</sup> | 1593 | 1272186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81135226 |
| **Chemicals — 0.4%** |  |  |
|  Air Products and Chemicals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 (Call 09/15/25) | 3251 | 2948332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 (Call 03/15/27) | 4770 | 4163256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 (Call 02/15/30) | 3117 | 2521217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 1771 | 1230491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49) | 3672 | 2351696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 07/31/24 (Call 04/30/24) | 1834 | 1788682 |
|  Albemarle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/27 (Call 05/01/27)<sup>(b)</sup> | 385 | 364780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/32 (Call 03/01/32) | 345 | 316113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 12/01/44 (Call 06/01/44)<sup>(b)</sup> | 1190 | 1020008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/01/52 (Call 12/01/51) | 75 | 64537 |
|  Cabot Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 04/01/29) | 500 | 433335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/32 (Call 03/30/32) | 1965 | 1755865 |
|  Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 (Call 07/05/26) | 1675 | 1352864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 (Call 04/08/24) | 2448 | 2345600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24 | 2355 | 2314306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25 | 5240 | 5097053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 (Call 06/15/27) | 6765 | 6391504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 (Call 05/15/29) | 1780 | 1656699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 (Call 04/15/32) | 3105 | 2828872 |
|  CF Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/43 | 2595 | 2085316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34 | 2691 | 2430404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 2395 | 2037498 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/30 (Call 08/15/30)<sup>(b)</sup> | 756 | 577841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 (Call 05/15/50) | 1346 | 878184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/34 (Call 04/01/34) | 3262 | 2759358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 (Call 05/15/42) | 4647 | 3553793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/44 (Call 04/01/44) | 2335 | 1809882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/30/28 (Call 08/30/28) | 2582 | 2465965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/49 (Call 11/15/48) | 2585 | 2039591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 (Call 05/15/41) | 3146 | 2718993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 (Call 05/30/48) | 2828 | 2466129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/15/33<sup>(b)</sup> | 500 | 498555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 | 500 | 504440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29 | 2789 | 3019734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.40%, 05/15/39 | 1782 | 2218430 |
|  DuPont de Nemours Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 11/15/23 (Call 10/15/23) | 9452 | 9351242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 (Call 09/15/25) | 8438 | 8269324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 (Call 08/15/28) | 7942 | 7613122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 (Call 05/15/38) | 5015 | 4551413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 (Call 05/15/48)<sup>(b)</sup> | 6349 | 5579184 |
|  Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 4579 | 4389750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | 758 | 689401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/44 (Call 04/15/44) | 3143 | 2379848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/42 (Call 03/01/42) | 1592 | 1245549 |
|  Ecolab Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/15/23 (Call 12/15/22) | 470 | 449240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/31 (Call 10/30/30) | 4485 | 3344689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/27 (Call 01/01/27)<sup>(b)</sup> | 405 | 353091 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/32 (Call 11/01/31)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/50 (Call 02/15/50)<sup>(b)</sup> | 1068 | 576293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 (Call 08/01/26) | 3404 | 3120617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51) | 1900 | 1130025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/18/55 (Call 02/18/55) | 5669 | 3269596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/27 (Call 09/01/27) | 1390 | 1278800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47)<sup>(b)</sup> | 610 | 474055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/24/30 (Call 12/24/29) | 1628 | 1578704 |
|  EI du Pont de Nemours and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/15/25 (Call 06/15/25) | 5090 | 4662389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/15/30 (Call 04/15/30) | 3147 | 2540982 |
|  FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 (Call 08/01/26) | 1908 | 1743759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/29 (Call 07/01/29) | 1561 | 1331080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/24 (Call 11/01/23) | 2183 | 2144994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/49 (Call 04/01/49) | 1890 | 1398411 |
|  Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 (Call 03/15/31) | 2390 | 1785378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 02/01/29) | 3395 | 2958471 |
|  International Flavors & Fragrances Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/47 (Call 12/01/46) | 2260 | 1651427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/28 (Call 06/26/28) | 1405 | 1274714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/26/48 (Call 03/26/48) | 2217 | 1773777 |
|  Linde Inc./CT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/10/30 (Call 05/10/30) | 4492 | 3361409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/10/50 (Call 02/10/50) | 1845 | 968367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 (Call 11/05/24) | 4660 | 4427047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 (Call 10/30/25) | 2824 | 2677632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/07/42 (Call 05/07/42) | 1827 | 1377229 |
|  Lubrizol Corp. (The), 6.50%, 10/01/34 | 212 | 229874 |
|  LYB International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/44 (Call 09/15/43) | 3775 | 2949672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 509 | 417507 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/01/25 (Call 09/01/25) | 1875 | 1642800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30)<sup>(b)</sup> | 1646 | 1258005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 (Call 04/01/40) | 2508 | 1669551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 | 4916 | 3057703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/60 (Call 04/01/60) | 3476 | 2074164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 (Call 04/15/49) | 2573 | 1772746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 (Call 11/01/49) | 3802 | 2625927 |
|  LyondellBasell Industries NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/26/55 (Call 08/26/54) | 3702 | 2651372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/24 (Call 01/15/24) | 2117 | 2122483 |
|  Mosaic Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/27 (Call 08/15/27) | 1160 | 1072350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/23 (Call 08/15/23) | 1748 | 1729559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/41 (Call 05/15/41) | 1090 | 863705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33 (Call 05/15/33) | 1517 | 1407382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/43 (Call 05/15/43) | 923 | 807496 |
|  NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30) | 1681 | 1263238 |
|  Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/13/30 (Call 02/13/30) | 1099 | 908631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25)<sup>(b)</sup> | 2165 | 2048393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/13/50 (Call 11/13/49) | 1345 | 968077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/26 (Call 09/15/26) | 1564 | 1472678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/35 (Call 09/15/34) | 2175 | 1814755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/29 (Call 01/01/29) | 2695 | 2468108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/43 (Call 12/01/42) | 2419 | 2017857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 (Call 10/01/48) | 2514 | 2136523 |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/45 (Call 07/15/44) | $1407 | $1210484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/40 | 951 | 865686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/36 | 2029 | 1967156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/41 (Call 07/15/40) | 135 | 130573 |
|  PPG Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/26 (Call 02/15/26) | 4480 | 3880218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/24 (Call 07/15/24) | 1417 | 1348828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/30 (Call 03/15/30)<sup>(b)</sup> | 1117 | 909975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/29 (Call 05/15/29) | 1665 | 1408790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/28 (Call 12/15/27) | 4086 | 3745881 |
|  Rohm & Haas Co., 7.85%, 07/15/29 | 2279 | 2500952 |
|  RPM International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/32 (Call 10/15/31) | 1680 | 1289014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/27 (Call 12/15/26) | 2560 | 2348646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/48 (Call 07/15/47) | 956 | 679037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/29 (Call 12/01/28)<sup>(b)</sup> | 1592 | 1444119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/45 (Call 12/01/44) | 1250 | 1016862 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/32 (Call 12/15/31) | 1972 | 1486178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/30 (Call 02/15/30) | 2138 | 1699368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/52 (Call 09/15/51) | 1835 | 1065658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/29 (Call 05/15/29) | 2827 | 2395826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 (Call 04/01/24) | 2122 | 2055051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 (Call 11/15/49) | 1900 | 1203745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/25 (Call 05/01/25) | 2345 | 2235371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27) | 5495 | 5046663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/49 (Call 02/15/49) | 1890 | 1306425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 (Call 10/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226 | 2138273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/42 (Call 06/15/42) | 1090 | 790348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/08/24 | 15 | 14721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25 | 2180 | 2120857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 (Call 12/01/46) | 4293 | 3389152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/01/45 (Call 02/01/45) | 557 | 434048 |
|  Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/15/24 (Call 12/01/22) | 985 | 915469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/41 (Call 02/15/41) | 393 | 243228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/51 (Call 02/15/51)<sup>(b)</sup> | 2405 | 1410869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/30 (Call 03/15/30) | 1535 | 1275800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/61 (Call 02/15/61) | 2420 | 1337752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/26 (Call 05/15/26) | 3779 | 3480232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/47 (Call 05/15/47) | 515 | 367901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/46 (Call 02/15/46) | 3500 | 2763145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278332744 |
| **Commercial Services — 0.3%** |  |  |
|  American University (The), Series 2019, 3.67%, 04/01/49 | 1735 | 1248246 |
|  Automatic Data Processing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 (Call 06/01/30) | 5952 | 4560780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 (Call 03/15/28) | 3130 | 2663317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 4356 | 4194000 |
|  Block Financial LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/28 (Call 05/15/28) | 2783 | 2285706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/30 (Call 05/15/30) | 1413 | 1184801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 (Call 07/01/25) | 1034 | 1015440 |
|  Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50) | 1850 | 1227938 |
|  California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50) | 1730 | 1018624 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

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| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
|  California Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/2119 (Call 03/01/19) | $569 | $339619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/01/45 | 637 | 530322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/2111 | 1594 | 1231540 |
|  Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | 930733 |
|  Cintas Corp. No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/25 (Call 04/01/25) | 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 (Call 01/01/27) | 5012 | 4727719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 (Call 02/01/32) | 2075 | 1879141 |
|  Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/21) | 440 | 261448 |
|  Duke University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 10/01/44 | 836 | 568622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.76%, 10/01/50<sup>(b)</sup> | 1228 | 776894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.83%, 10/01/55 | 2235 | 1372156 |
|  Emory University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.14%, 09/01/30<br>(Call 06/01/30)<sup>(b)</sup> | 218 | 175848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.97%, 09/01/50 (Call 03/01/50) | 1868 | 1196379 |
|  Equifax Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/31 (Call 06/15/31) | 2535 | 1878562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 (Call 11/01/24) | 4299 | 4058643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/15/25 (Call 11/15/25) | 1567 | 1426675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/30 (Call 02/15/30) | 2521 | 2059153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) | 1850 | 1783511 |
|  Ford Foundation (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.42%, 06/01/50<br>(Call 12/01/49)<sup>(b)</sup> | 910 | 523842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.82%, 06/01/70 (Call 12/01/69) | 2257 | 1224603 |
|  George Washington University (The)<br>4.87%, 09/15/45 | 1495 | 1286687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2014, 4.30%, 09/15/44 | 610 | 492111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.13%, 09/15/48 (Call 03/15/48) | 2936 | 2275018 |
|  Georgetown University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.94%, 04/01/50 | 1199 | 701907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.22%, 10/01/2118 (Call 04/01/18) | 811 | 651509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.32%, 04/01/49 (Call 10/01/48) | 1203 | 921366 |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) | 1712 | 1461654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 (Call 10/15/24) | 810 | 741984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26) | 3112 | 2657430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 (Call 01/15/25) | 2448 | 2273090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 (Call 02/15/30) | 3074 | 2448933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 (Call 08/15/31) | 2514 | 1922481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29) | 4517 | 3750917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 (Call 02/15/49)<sup>(b)</sup> | 1439 | 970505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/28 (Call 03/01/28) | 1840 | 1673903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26) | 4342 | 4171229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 (Call 07/15/27) | 875 | 832038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/29 (Call 06/15/29) | 1865 | 1756513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 (Call 05/15/32) | 1575 | 1455773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) | 1800 | 1556496 |
|  GXO Logistics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/26 (Call 06/15/26) | 1810 | 1504780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/31 (Call 04/15/31) | 2792 | 1995414 |
|  Howard University, 5.21%, 10/01/52 (Call 10/01/32) | 818 | 608248 |
|  Johns Hopkins University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 4.08%, 07/01/53 | 1658 | 1329733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.81%, 01/01/60 (Call 07/01/59) | 935 | 545666 |
|  Leland Stanford Junior University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%, 06/01/27 (Call 04/01/27) | 645 | 550469 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 06/01/50 (Call 12/01/49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | $878348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/01/48 (Call 11/01/47) | 2666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074121 |
|  Massachusetts Institute of Technology |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/01/52 (Call 10/01/51)<sup>(b)</sup> | 1013 | 692132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/2116 | 473 | 312880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 07/01/38 | 629 | 549488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/2114 | 2328 | 1881629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/01/2111 | 2890 | 2765730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 2.99%, 07/01/50 (Call 01/01/50) | 2096 | 1422618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.29%, 07/01/51 (Call 01/01/51) | 1344 | 762021 |
|  Moody's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/31 (Call 05/19/31)<sup>(b)</sup> | 2772 | 2100206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 (Call 02/18/60) | 2097 | 1074733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/19/41 (Call 02/19/41) | 2540 | 1644421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 (Call 05/29/61) | 2030 | 1173624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) | 1999 | 1794942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49) | 1553 | 993330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 (Call 02/24/25)<sup>(b)</sup> | 770 | 745214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/52 (Call 08/25/51) | 955 | 673705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/29 (Call 11/01/28) | 2111 | 1965763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/32 (Call 05/08/32) | 1000 | 901110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 (Call 11/15/23)<sup>(b)</sup> | 2444 | 2432513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/17/48 (Call 06/17/48) | 2565 | 2162680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/44 | 1126 | 1004955 |
|  Northeastern University, Series 2020, 2.89%, 10/01/50  | 1411 | 863927 |
|  Northwestern University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/01/44 | 920 | 834081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.66%, 12/01/57 (Call 06/01/57) | 1084 | 767624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.64%, 12/01/50 (Call 06/01/50) | 1564 | 958732 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 (Call 05/01/25) | 4434 | 4069791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30)<sup>(b)</sup> | 3404 | 2742875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 (Call 09/01/24) | 5060 | 4818840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 4076 | 3718739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 (Call 07/01/29) | 5314 | 4523808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49)<sup>(b)</sup> | 4062 | 2652852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 (Call 03/01/32) | 3395 | 3116814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51) | 2785 | 2412005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/62 (Call 12/01/61) | 2205 | 1896565 |
|  President and Fellows of Harvard College |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50 (Call 04/15/50) | 1714 | 1041152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/46 (Call 01/15/46) | 1035 | 742064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/56 (Call 01/15/56) | 1986 | 1389624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/52 (Call 05/15/52) | 110 | 85738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 | 625 | 594381 |
|  Quanta Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | 2235 | 2031369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 (Call 10/15/31) | 1626 | 1178167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 (Call 07/01/30) | 2861 | 2259589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/41 (Call 04/01/41) | 1635 | 1006686 |
|  RELX Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/30 (Call 02/22/30) | 1284 | 1070227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 (Call 12/18/28) | 4677 | 4247745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/32 (Call 02/20/32) | 355 | 330509 |
|  Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) | 2374 | 1393704 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/30 (Call 05/15/30) | 3523 | 2619210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 (Call 02/15/60) | 2165 | 1099885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(f)</sup> | 1525 | 1365988 |

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | $3732 | $3108681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(f)</sup> | 3305 | 2840317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(f)</sup> | 2226 | 1832465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 (Call 10/22/26)<sup>(b)</sup> | 3055 | 2795753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/49 (Call 06/01/49) | 3713 | 2507575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(b)(f)</sup> | 770 | 561061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 (Call 09/01/61)<sup>(b)(f)</sup> | 594 | 426498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 (Call 02/01/29)<sup>(f)</sup> | 3715 | 3466801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28 (Call 05/01/28)<sup>(f)</sup> | 2450 | 2375201 |
|  Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57) | 996 | 668505 |
|  Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31) | 1309 | 936249 |
|  Trustees of Boston College, 3.13%, 07/01/52 | 1493 | 974197 |
|  Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48) | 1537 | 1219133 |
|  Trustees of Princeton University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/52 (Call 09/01/51) | 330 | 279536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/39 | 2370 | 2450935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.52%, 07/01/50 (Call 01/01/50)<sup>(b)</sup> | 1897 | 1187218 |
|  Trustees of the University of Pennsylvania (The) | Trustees of the University of Pennsylvania (The) | Trustees of the University of Pennsylvania (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/2119 (Call 08/15/18) | 2068 | 1244833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 09/01/2112 | 70 | 53881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 10/01/50 (Call 04/01/50) | 1173 | 679824 |
|  United Rentals North America Inc., 3.88%, 11/15/27 (Call 12/01/22) | 275 | 250176 |
|  University of Chicago (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/52 (Call 04/01/52) | 605 | 400607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/53 (Call 04/01/53) | 1749 | 1380381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 2.76%, 04/01/45 (Call 10/01/44) | 1047 | 749861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.55%, 04/01/50 (Call 10/01/49)<sup>(b)</sup> | 1696 | 1066411 |
|  University of Miami, 4.06%, 04/01/52 | 423 | 323219 |
|  University of Notre Dame du Lac |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 3.44%, 02/15/45 | 1335 | 1007805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.39%, 02/15/48 (Call 08/15/47) | 1869 | 1355062 |
|  University of Southern California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 10/01/50 (Call 04/01/50) | 1010 | 632290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 10/01/39 | 2314 | 1753503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/2111<sup>(b)</sup> | 748 | 652929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.84%, 10/01/47 (Call 04/01/47) | 1563 | 1218640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.95%, 10/01/51 (Call 04/01/51) | 1415 | 896459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.23%, 10/01/2120<br>(Call 04/01/20)<sup>(b)</sup> | 1054 | 568791 |
|  Verisk Analytics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 (Call 11/15/49) | 1922 | 1262101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 (Call 03/15/25) | 943 | 909354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 (Call 12/15/28) | 3273 | 2994500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/45 (Call 12/15/44) | 1635 | 1461232 |
|  Washington University (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 04/15/54 (Call 10/15/53) | 2561 | 1856802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/2122 (Call 10/15/21) | 754 | 536154 |
|  William Marsh Rice University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/15/45 | 770 | 611111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/15/55 | 1595 | 1196952 |
|  Yale University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 0.87%, 04/15/25 (Call 03/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2532 | 2304550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.48%, 04/15/30 (Call 01/15/30) | 684 | 533985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.40%, 04/15/50 (Call 10/15/49) | 1028 | 611609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230218054 |
| **Computers — 0.6%** |  |  |
|  Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30) | 1761 | 1378881 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Computers (continued)** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 (Call 07/20/25) | $4668 | $4166097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | 5430 | 4762164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 (Call 04/11/25) | 6616 | 6056022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 (Call 12/08/27) | 4707 | 3922814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 8157 | 6262374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 6775 | 5612342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 6533 | 5229144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 4040 | 3169420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31) | 6443 | 5007049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 (Call 08/11/24) | 2642 | 2508553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 8047 | 7280523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29) | 4025 | 3402735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40) | 2875 | 1923145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | 2346 | 1384680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 9022 | 8304210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25 | 6097 | 5816416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60) | 10452 | 6021084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 7036 | 4422759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50) | 5380 | 3347436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51) | 8049 | 5048333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 (Call 11/13/24) | 2368 | 2273304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 2930 | 1738135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 (Call 03/11/24) | 7152 | 6957323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 2380 | 1431070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27) | 7186 | 6608461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49) | 7348 | 4958504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 (Call 12/09/23) | 6376 | 6246248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27) | 4965 | 4633487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27) | 7122 | 6589702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25 | 8715 | 8395770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27) | 5312 | 4977185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25) | 11698 | 11151235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 9085 | 8266623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26) | 8865 | 8408718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32) | 6680 | 5892495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24 | 9505 | 9334385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45 | 7866 | 5956764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 4819 | 3766771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 5587 | 4382443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43 | 7788 | 6333124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 6729 | 5372972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | 6655 | 5282539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 4640 | 3609038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46) | 5436 | 4676917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45 | 5833 | 5085501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 | 2782 | 2486718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35) | 3683 | 3525257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10662174 |
|  CGI Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/26 (Call 08/14/26) | 1850 | 1588539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/14/31 (Call 06/14/31) | 2633 | 1934412 |
|  Dell Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 1285 | 1195166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 04/15/28<sup>(b)</sup> | 1720 | 1778377 |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 (Call 06/15/41)<sup>(f)</sup> | 3345 | 2078215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 (Call 06/15/51)<sup>(f)</sup> | 4365 | 2477705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 (Call 06/15/24) | 85 | 82953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) | 6954 | 6677787 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Computers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 (Call 07/01/29) | $6025 | $5634941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 (Call 06/15/25) | 4325 | 4333650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26)<sup>(b)</sup> | 8389 | 8376165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 (Call 05/15/27) | 2770 | 2772271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 (Call 04/15/30) | 2333 | 2287553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 (Call 01/15/36) | 2302 | 2439568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 (Call 01/15/46) | 2610 | 2771246 |
|  DXC Technology Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/15/26 (Call 08/15/26)<sup>(b)</sup> | 3630 | 3111563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/15/28 (Call 07/15/28) | 3112 | 2573873 |
|  Fortinet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/26 (Call 02/15/26) | 3460 | 2971690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/31 (Call 12/15/30) | 2874 | 2166220 |
|  Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24) | 2993 | 2850144 |
|  Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26) | 440 | 387336 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 (Call 03/01/24) | 4052 | 3835502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 (Call 03/01/26)<sup>(b)</sup> | 896 | 793363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 (Call 07/15/25) | 5066 | 4982107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 (Call 04/15/35)<sup>(b)</sup> | 2965 | 2903031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 (Call 04/15/45) | 4152 | 3751955 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26)<sup>(b)</sup> | 3755 | 3212327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 (Call 05/17/25) | 5416 | 4978116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 (Call 03/17/31) | 4730 | 3479483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27)<sup>(b)</sup> | 3414 | 3010090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 (Call 03/17/30) | 2538 | 2068419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29) | 3290 | 2884573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 3155 | 2583219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27) | 2840 | 2654008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(f)</sup> | 50 | 50491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32) | 2740 | 2439367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41 | 1907 | 1690594 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27) | 4806 | 4132103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 (Call 02/15/30) | 5375 | 4229856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 (Call 01/09/27) | 1350 | 1195627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 (Call 11/09/31)<sup>(b)</sup> | 2110 | 1695765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/40 (Call 11/15/39) | 3438 | 2319137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49) | 3279 | 1984910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10335174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 | 9821 | 9214750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27 | 2420 | 2243195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 02/09/52 (Call 08/09/51) | 240 | 156790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26 | 5648 | 5359557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 | 9170 | 8213294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24 | 7278 | 7152964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25 | 165 | 160783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42 | 4516 | 3487933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27) | 3035 | 2900367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 | 7339 | 5974680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49 | 7880 | 6112280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32)<sup>(b)</sup> | 3025 | 2769085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46 | 2839 | 2355745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52) | 780 | 657774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/30/39<sup>(b)</sup> | 2975 | 2833717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32 | 2989 | 3053473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/01/27 | 1617 | 1687162 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Computers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 | $1290 | $1363543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25 | 2577 | 2706159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/96<sup>(b)</sup> | 1315 | 1473760 |
|  Kyndryl Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/15/26 (Call 09/15/26) | 2920 | 2289514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28 (Call 08/15/28) | 2702 | 1953249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/31 (Call 07/15/31) | 3030 | 1885417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/41 (Call 04/15/41) | 2405 | 1320129 |
|  Leidos Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/15/31 (Call 11/15/30) | 4138 | 3046768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 (Call 04/15/25) | 1721 | 1638461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 (Call 02/15/30) | 1553 | 1359077 |
|  NetApp Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 (Call 05/22/25) | 4000 | 3630120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/22/27 (Call 04/22/27)<sup>(b)</sup> | 1865 | 1646049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30) | 1399 | 1124432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/29/24 (Call 07/29/24) | 1632 | 1575370 |
|  Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30) | 1471 | 1150307 |
|  Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/29 (Call 12/01/28) | 2244 | 1737013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/32 (Call 11/01/31) | 2313 | 1604135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/26 (Call 11/15/25) | 8330 | 7696170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489260857 |
| **Cosmetics & Personal Care — 0.1%** |  |  |
|  Colgate-Palmolive Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/25<sup>(b)</sup> | 805 | 774096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 (Call 07/15/27)<sup>(b)</sup> | 625 | 584363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24 | 952 | 935892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/32 (Call 05/15/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | 1256194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/47 (Call 02/01/47)<sup>(b)</sup> | 1810 | 1431692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 | 2753 | 2290579 |
|  Estee Lauder Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/31 (Call 12/15/30) | 3390 | 2657760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 (Call 11/01/24) | 2236 | 2117022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/29 (Call 09/01/29) | 3373 | 2819693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/30 (Call 01/15/30) | 789 | 661269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/49 (Call 06/01/49) | 2677 | 1827802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 (Call 12/15/26) | 2172 | 2010164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/47 (Call 09/15/46) | 1390 | 1120437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44)<sup>(b)</sup> | 517 | 428614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/37 | 1917 | 1979168 |
|  GSK Consumer Healthcare Capital U.K. PLC, 3.13%, 03/24/25 | 6885 | 6484053 |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24 | 1304 | 1258106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 | 3845 | 3477443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/29 | 4360 | 3802398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 | 4987 | 4201444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/24/52 | 3800 | 2724481 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25 | 6615 | 5852489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26 | 675 | 597375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 | 6550 | 4995095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27 | 320 | 287069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31 | 1282 | 1033048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32<sup>(b)</sup> | 1325 | 1090793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26<sup>(b)</sup> | 3235 | 2981214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26 | 3314 | 3120032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27 | 2997 | 2763594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27 | 3836 | 3528851 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Cosmetics & Personal Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30 | $7025 | $6251899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/25/47 | 730 | 554910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/25/40 | 790 | 639157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/25/50 | 752 | 588448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/05/37 | 480 | 496733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 08/15/34 | 165 | 173922 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 (Call 12/01/22) | 1165 | 1082868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/30 (Call 06/14/30) | 2291 | 1732706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 (Call 05/12/31) | 3540 | 2696666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26 | 2769 | 2493706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 (Call 06/06/29)<sup>(b)</sup> | 1864 | 1537614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 (Call 03/05/24) | 4022 | 3888630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27) | 4555 | 4161038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25<sup>(b)</sup> | 960 | 916944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 (Call 02/07/24) | 3148 | 3083938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/25 (Call 01/22/25) | 1439 | 1389009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 (Call 12/22/27) | 3694 | 3405831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32 | 3670 | 3829205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 30Y, 2.63%, 08/12/51<br>(Call 02/12/51)<sup>(b)</sup> | 1495 | 902756 |
|  |  | 110918210 |
| **Distribution & Wholesale — 0.0%** |  |  |
|  WW Grainger Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/25 (Call 01/15/25) | 1805 | 1682405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 1646 | 1238796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/47 (Call 11/15/46) | 1590 | 1275800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/45 (Call 12/15/44)<sup>(b)</sup> | 3450 | 2976177 |
|  |  | 7173178 |
| **Diversified Financial Services — 0.9%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 (Call 09/29/24) | 9651 | 8772566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) | 1180 | 1007885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26) | 8525 | 7208910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 (Call 07/14/24) | 3257 | 3047640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10064191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 (Call 01/15/24) | 1950 | 1869426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 (Call 10/30/31) | 12685 | 9523898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) | 5427 | 3934195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) | 4626 | 4339419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) | 3742 | 3266991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 (Call 04/29/41)<sup>(b)</sup> | 2818 | 1873406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/28 (Call 10/23/27) | 3417 | 2946616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 (Call 08/01/25) | 3164 | 2977735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 (Call 02/03/26) | 5543 | 5121732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 08/15/27) | 2106 | 1893715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 (Call 12/16/23) | 2477 | 2431200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 3175 | 3132614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 3NC1, 1.75%, 10/29/24 (Call 12/01/22) | 1013 | 918193 |
|  Affiliated Managers Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/30 (Call 03/15/30) | 1441 | 1172643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/25<sup>(b)</sup> | 2886 | 2741267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/24 | 1481 | 1463687 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 (Call 01/15/24) | 1066 | 994717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/24 (Call 07/18/24) | 250 | 227125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26) | 1485 | 1245767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/28 (Call 07/01/28) | 2415 | 1864018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26) | 180 | 150655 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 (Call 01/01/25) | $3222 | $2950579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 1336 | 1187985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/32 (Call 10/15/31) | 583 | 435851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 (Call 11/01/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 | 2110378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 (Call 09/01/30)<sup>(b)</sup> | 728 | 565649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 01/01/25) | 3200 | 2981248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/29 (Call 07/01/29)<sup>(b)</sup> | 2297 | 1841068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 (Call 06/01/25) | 1152 | 1067697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 01/01/27) | 2813 | 2478816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 09/01/27) | 2514 | 2157465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26)<sup>(b)</sup> | 3743 | 3394489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 (Call 01/01/24) | 3314 | 3239833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 06/15/24) | 3402 | 3310486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 (Call 07/01/28) | 2449 | 2169912 |
|  Aircastle Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 (Call 02/01/24) | 1882 | 1794336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 (Call 04/15/26) | 3087 | 2722919 |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/02/28 (Call 09/02/28) | 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 (Call 04/21/24) | 3850 | 3715789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25 | 962 | 938402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27)<sup>(b)</sup> | 1935 | 1769674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24 | 3340 | 3292004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 (Call 04/01/25)<sup>(b)</sup> | 3343 | 3341596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31 | 7480 | 7651642 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/03/23 | 1780 | 1704546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26) | 3029 | 2609120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 (Call 02/01/25) | 1770 | 1643994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 (Call 06/30/24) | 6077 | 5776979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) | 3420 | 3005188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 (Call 09/29/24) | 7323 | 6997419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26) | 5975 | 5526516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27) | 5180 | 4694116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24 | 1405 | 1362794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 (Call 01/22/24) | 6453 | 6294385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/05/24 (Call 11/04/24) | 3712 | 3588428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 (Call 07/01/25) | 5565 | 5343569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29) | 2575 | 2335216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42 | 3480 | 2696443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25) | 2855 | 2771663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/33 (Call 08/03/32)<sup>(a)</sup> | 5835 | 5186790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/33<sup>(a)</sup> | 1295 | 1176598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 | 2410 | 2408265 |
|  American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27) | 502 | 458778 |
|  Ameriprise Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 (Call 06/15/26) | 2538 | 2323844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 (Call 03/02/25) | 1402 | 1329110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24 | 2724 | 2644568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/13/32 (Call 02/13/32)<sup>(b)</sup> | 2220 | 2060782 |
|  Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)<sup>(b)</sup> | 1435 | 1205314 |
|  BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24) | 2720 | 2580682 |
|  Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) | 2690 | 1960660 |
|  Brookfield Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 04/15/31 (Call 01/15/31) | 2400 | 1857528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 (Call 09/30/50) | 2297 | 1378407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/52 (Call 08/15/51) | 1337 | 816065 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27) | $2586 | $2315841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 (Call 02/01/24) | 4864 | 4764288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/02/26 (Call 03/02/26) | 1691 | 1603930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 (Call 01/15/30) | 3064 | 2690989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) | 3001 | 2242857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 (Call 12/29/28) | 4117 | 3808843 |
|  Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) | 2053 | 1211434 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 12/06/24 (Call 12/06/23), (SOFR + 0.690%)<sup>(a)</sup> | 1150 | 1087900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 (Call 11/02/26), (SOFR + 0.855%)<sup>(a)</sup> | 4640 | 3861269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/29/32 (Call 07/29/31), (SOFR + 1.337%)<sup>(a)</sup> | 3179 | 2198342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/02/32 (Call 11/02/31), (SOFR + 1.265%)<sup>(a)</sup> | 1645 | 1204140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 (Call 03/03/25), (SOFR + 1.290%)<sup>(a)</sup> | 4440 | 4072457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 (Call 01/05/25) | 4502 | 4250833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/01/30 (Call 03/01/29), (SOFR + 1.790%)<sup>(a)</sup> | 3415 | 2810408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 (Call 09/30/24) | 7035 | 6705270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 (Call 04/11/27)<sup>(b)</sup> | 3672 | 3324225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 (Call 03/24/24) | 3332 | 3242869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26) | 5202 | 4757957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27) | 4274 | 3897632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 (Call 12/31/27) | 5560 | 4968138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 (Call 12/29/23) | 5058 | 4958610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 05/09/25 (Call 05/09/24)<sup>(a)</sup> | 620 | 595628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 5518 | 5238624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 (Call 03/31/25) | 3979 | 3832374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/10/28 (Call 05/10/27), (SOFR + 2.057%)<sup>(a)</sup> | 4015 | 3730256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 (Call 07/24/25)<sup>(a)</sup> | 2865 | 2759711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/26/30 (Call 07/26/29)<sup>(a)</sup> | 2845 | 2603118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 (Call 05/10/32)<sup>(a)</sup> | 3620 | 3241022 |
|  Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (SOFR + 0.911%)<sup>(a)</sup> | 2420 | 2221971 |
|  Cboe Global Markets Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/30 (Call 09/15/30) | 3855 | 2883694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/32 (Call 12/16/31) | 2350 | 1900281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/12/27 (Call 10/12/26) | 1949 | 1824206 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 (Call 02/18/24) | 442 | 417054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5521410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 5670 | 4912998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30) | 3204 | 2382430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) | 3380 | 2534493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28) | 2272 | 1935858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31) | 2940 | 2305313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 1820 | 1625588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 (Call 07/01/29) | 2439 | 2060735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 (Call 12/03/31) | 4015 | 3260742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 (Call 12/10/24) | 205 | 195174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 (Call 12/02/26) | 2682 | 2467199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 (Call 10/25/27) | 4008 | 3627601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 (Call 02/22/29) | 2470 | 2188469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 3925 | 3617005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 (Call 11/13/25) | 1698 | 1619637 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 (Call 01/01/24) | $4708 | $4622785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 (Call 01/01/25) | 1659 | 1607289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 03/02/24) | 2180 | 2142744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 (Call 03/21/25) | 3516 | 3413931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 (Call 11/01/28) | 2473 | 2293856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 (Call 02/24/25) | 3789 | 3732620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 (Call 12/22/29) | 2073 | 1971029 |
|  CI Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/17/30 (Call 09/17/30) | 1768 | 1278883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/51 (Call 12/15/50) | 2335 | 1327377 |
|  Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 12/07/22) | 1095 | 1021602 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 2095 | 1687543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/25 (Call 12/15/24) | 4751 | 4536492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 (Call 03/15/28) | 5089 | 4765238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47)<sup>(b)</sup> | 2213 | 1811208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43) | 2859 | 2728344 |
|  Credit Suisse USA Inc., 7.13%, 07/15/32 | 2111 | 2083831 |
|  Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/25 (Call 12/04/24) | 2022 | 1909799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 (Call 08/06/24) | 2049 | 1975400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 (Call 11/09/26) | 3399 | 3095571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/26 (Call 11/30/25)<sup>(b)</sup> | 2851 | 2673240 |
|  Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27) | 2775 | 2534546 |
|  Franklin Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/30/30 (Call 07/30/30) | 1182 | 869207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/30/25 | 1131 | 1070695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/12/51 (Call 02/12/51) | 1485 | 865532 |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 (Call 06/15/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 8051 | 6379049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 (Call 03/15/40) | 2423 | 1589512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49) | 5287 | 3307864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 (Call 03/15/60) | 2771 | 1609812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) | 3960 | 3593383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 (Call 04/23/25)<sup>(b)</sup> | 2024 | 1960406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25) | 6576 | 6316643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 (Call 06/21/28) | 2650 | 2424962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27) | 2635 | 2496425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 (Call 03/21/48) | 5245 | 4078879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 (Call 04/15/29) | 5257 | 4979010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32) | 4220 | 3872525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51) | 3190 | 2765539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 | 3565 | 3178839 |
|  Invesco Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26 | 1038 | 983059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24 | 1519 | 1491567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/30/43 | 1094 | 953957 |
|  Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25) | 1614 | 1580041 |
|  Jefferies Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/32 (Call 07/15/32) | 2250 | 1559385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/36 | 2778 | 2555065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/08/27 | 1538 | 1547428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/43 | 1134 | 1041330 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 (Call 07/15/31) | 1955 | 1387503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30 | 3160 | 2681892 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27 | $3388 | $3181739 |
|  Lazard Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/27 (Call 12/01/26) | 926 | 846003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/13/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2890044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/11/29 (Call 12/11/28) | 3047 | 2750771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/19/28 (Call 06/19/28) | 1168 | 1058523 |
|  Legg Mason Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 | 1453 | 1430537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/44 | 2110 | 1916471 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 (Call 12/15/30) | 3390 | 2688304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 (Call 02/03/25)<sup>(b)</sup> | 3803 | 3574097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 (Call 08/18/31) | 2845 | 2236483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26) | 2541 | 2364096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 (Call 03/01/29) | 4904 | 4342492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/51 (Call 09/15/50) | 3775 | 2490065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 2915 | 2735115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 (Call 12/26/29) | 4035 | 3627707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24 | 3870 | 3797399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/26/28 (Call 11/26/27) | 1945 | 1810853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 3211 | 2439718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46 (Call 05/21/46) | 2267 | 1774426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49) | 2984 | 2345454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/48 (Call 08/26/47) | 2847 | 2281159 |
|  Morgan Stanley Domestic Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/24/27 (Call 05/24/27) | 3152 | 2880644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/28 (Call 03/20/28) | 1462 | 1360391 |
|  Nasdaq Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 3990 | 2942625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/21/40 (Call 06/21/40) | 915 | 553355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/50 (Call 10/28/49) | 3983 | 2549877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/30/26 (Call 03/30/26) | 3656 | 3482413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/07/52 (Call 09/07/51) | 150 | 108647 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26 | 5105 | 4336800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/25 | 1450 | 1303985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28 | 3420 | 2706417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27 | 4990 | 4249833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31 | 2365 | 1719781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25 | 6690 | 6262108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30 | 1730 | 1301566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 01/22/29 | 2140 | 1718548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32 | 3380 | 2506135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30 | 1860 | 1467484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25 | 2965 | 2904573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 07/06/27 | 2420 | 2324071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 07/06/29 | 2090 | 1963283 |
|  ORIX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/09/31 | 2775 | 2100231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24 | 2725 | 2605645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27 | 3340 | 3059807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/32 | 2055 | 1749442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24 | 1667 | 1642228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27 | 1860 | 1800182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/32 | 1860 | 1727810 |
|  Radian Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 (Call 07/01/24) | 1720 | 1637509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 09/15/26) | 1885 | 1668037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 (Call 09/15/24) | 2025 | 1999647 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
|  Raymond James Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 (Call 10/01/50) | $2485 | $1686321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/30 (Call 01/01/30) | 1472 | 1370668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46 | 2754 | 2323109 |
|  Stifel Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 (Call 02/15/30) | 1667 | 1418567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/18/24 | 3230 | 3156679 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 (Call 07/28/31) | 1951 | 1379435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/26 (Call 05/04/26)<sup>(b)</sup> | 3947 | 3544564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 (Call 09/01/27) | 2972 | 2558090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 (Call 05/15/24) | 4920 | 4750358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 (Call 02/19/24) | 2874 | 2809852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/25 (Call 04/23/25) | 2937 | 2782249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 (Call 05/13/25) | 1280 | 1229747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 (Call 12/19/28) | 2562 | 2295962 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 (Call 06/15/27) | 1979 | 1648863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 (Call 11/15/30) | 4047 | 3021328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27) | 4401 | 3885599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50) | 5958 | 3294953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 (Call 01/15/30) | 6412 | 5296697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39) | 3294 | 2345987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27) | 2404 | 2185356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | 15805 | 15041302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 2694 | 2049541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35) | 5985 | 5419238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11529 | 9831701 |
|  Western Union Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 (Call 02/15/26) | 1412 | 1209434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/31 (Call 12/15/30) | 2200 | 1611654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 (Call 12/10/24) | 3369 | 3163356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/17/36<sup>(b)</sup> | 2052 | 1926171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703596605 |
| **Electric — 1.9%** |  |  |
|  AEP Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/51 (Call 11/15/50) | 415 | 270144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/47 (Call 04/01/47) | 1586 | 1083888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/28 (Call 03/01/28) | 1692 | 1532715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 (Call 02/15/32) | 1375 | 1252378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 (Call 11/15/51) | 1695 | 1483820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 4.15%, 05/01/49 (Call 11/01/48) | 1501 | 1078318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.45%, 01/15/50 (Call 07/15/49) | 1812 | 1178706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 2.10%, 07/01/30 (Call 04/01/30) | 2620 | 2017321 |
|  AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/26 (Call 09/01/26) | 1599 | 1473958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/49 (Call 03/15/49) | 484 | 308347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 1945 | 1396938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 (Call 12/15/48) | 1787 | 1276097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 1600 | 1185808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 1572 | 1210393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/52 | 1020 | 825894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.65%, 04/01/50 (Call 10/01/49) | 1210 | 850013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.75%, 08/15/51 (Call 02/15/51) | 1399 | 821787 |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 (Call 12/15/25) | 3230 | 2797341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/15/30) | 915 | 691090 |
|  Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/52 (Call 09/15/51) | 1670 | 1060116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 355 | 297632 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/51 (Call 01/15/51) | $2550 | $1653930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/49 (Call 04/01/49) | 2663 | 1804742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 (Call 08/01/27) | 1920 | 1806778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/45 (Call 09/01/44) | 2988 | 2165613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/01/42 | 1402 | 1048514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/01/32 (Call 03/01/32) | 2030 | 1814191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/44 (Call 02/15/44) | 1420 | 1106265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 (Call 07/02/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | 1764146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/39 | 409 | 405151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/38 | 1140 | 1133069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.55%, 12/01/23 | 459 | 450756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) | 3139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2367434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.30%, 07/15/48 (Call 01/15/48) | 2661 | 2093169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 12/01/47 (Call 06/01/47) | 541 | 387437 |
|  Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/28 (Call 01/15/28) | 418 | 342580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/27 (Call 02/15/27) | 1900 | 1631568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/24 (Call 08/15/24) | 2742 | 2596976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 (Call 10/15/30) | 3080 | 2618154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/26 (Call 11/15/25) | 1953 | 1847460 |
|  Ameren Illinois Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 11/15/30 (Call 08/15/30) | 1142 | 866778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/51 (Call 12/15/50) | 1364 | 829899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 430 | 413264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/50 (Call 09/15/49) | 1012 | 668507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 2461 | 1787301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 (Call 02/15/28) | 1587 | 1471831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/32 (Call 06/01/32) | 1835 | 1634545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/46 (Call 09/15/45) | 1606 | 1259650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 1659 | 1370981 |
|  American Electric Power Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 03/15/24 | 1635 | 1560411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 653 | 515361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/13/27 (Call 08/13/27)<sup>(b)</sup> | 2308 | 2068822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/50 (Call 09/01/49) | 780 | 486556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/62 (Call 11/15/26)<sup>(a)</sup> | 2400 | 1854264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 | 2200 | 2194170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 | 500 | 496585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 4.30%, 12/01/28 (Call 09/01/28) | 2910 | 2697221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 0.75%, 11/01/23 (Call 12/01/22) | 405 | 386824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.00%, 11/01/25 (Call 10/01/25) | 547 | 480266 |
|  Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/25 (Call 03/01/25) | 741 | 707625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 (Call 11/15/43) | 974 | 747477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/45 (Call 12/01/44) | 1318 | 1016007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/32 (Call 05/01/32) | 1715 | 1535251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/38 | 2030 | 2145202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 2.70%, 04/01/31 (Call 01/01/31) | 227 | 179966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.30%, 06/01/27 (Call 03/01/27) | 1769 | 1618157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Y, 4.50%, 03/01/49 (Call 09/01/48) | 1820 | 1404257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 3.70%, 05/01/50 (Call 11/01/49) | 965 | 654367 |
|  Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/31 (Call 09/15/31) | 2015 | 1484249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/29 (Call 05/15/29) | 2400 | 1949424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/50 (Call 03/15/50) | 866 | 466029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/27 (Call 06/15/27) | 929 | 821505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/15/25 (Call 02/15/25)<sup>(b)</sup> | 1641 | 1547890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/50 (Call 11/15/49) | 1667 | 1035607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49) | 1133 | 723692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 1306 | 885638 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | $1228 | $899105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/49 (Call 09/01/48) | 1095 | 792988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/42 (Call 10/01/41) | 1525 | 1180579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/41 (Call 03/01/41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | 865436 |
|  Atlantic City Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 (Call 12/15/30) | 1174 | 932896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/28 (Call 07/15/28)<sup>(b)</sup> | 1362 | 1257657 |
|  Avangrid Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 (Call 10/01/24) | 2790 | 2653569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 (Call 03/15/25) | 2980 | 2813120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 (Call 03/01/29) | 3604 | 3156599 |
|  Avista Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 (Call 10/01/51) | 45 | 33218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/48 (Call 12/01/47) | 2145 | 1684790 |
|  Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/31 (Call 03/15/31) | 2385 | 1880549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/26 (Call 05/15/26) | 563 | 509295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49) | 1705 | 1052633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/49 (Call 03/15/49) | 1835 | 1210219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 1880 | 1313744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 1579 | 1141601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 (Call 03/15/48) | 654 | 516150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51) | 1642 | 1346177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/01/36 | 890 | 909714 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 (Call 02/15/31) | 2646 | 1981325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50) | 5270 | 3160314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 (Call 01/15/28) | 2612 | 2356364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 2107 | 2041030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 (Call 04/15/30) | 4230 | 3794479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/23 (Call 08/15/23) | 3397 | 3355964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | 1906 | 1380135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 (Call 03/15/25) | 2884 | 2823494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50) | 3002 | 2324178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 3551 | 2866474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 1969 | 1594772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(f)</sup> | 3820 | 3147718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 2703 | 2389506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 2018 | 1999374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 3273 | 3322913 |
|  Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/24 (Call 11/16/22) | 40 | 36990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/15/30 (Call 03/15/30) | 1142 | 886683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/29 (Call 07/15/29) | 1942 | 1593042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/27 (Call 07/15/26) | 1079 | 974154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/49 (Call 04/15/49) | 1499 | 1003101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 (Call 07/15/25) | 2279 | 2165529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/46 (Call 03/15/46)<sup>(b)</sup> | 685 | 487336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/23 (Call 08/30/23) | 2548 | 2523590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/33 (Call 02/01/33) | 115 | 98506 |
|  CenterPoint Energy Houston Electric LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 (Call 02/01/42) | 1735 | 1287491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/52 (Call 09/01/51) | 260 | 185359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 2283 | 1752591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 (Call 10/01/43) | 2703 | 2277088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 3.00%, 02/01/27 (Call 11/01/26) | 805 | 741848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AC, 4.25%, 02/01/49 (Call 08/01/48) | 1787 | 1434300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 2.90%, 07/01/50 (Call 01/01/50) | 2350 | 1475988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AE, 2.35%, 04/01/31 (Call 01/01/31) | 960 | 769613 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AF, 3.35%, 04/01/51 (Call 10/01/50)<sup>(b)</sup> | $485 | $332463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AG, 3.00%, 03/01/32 (Call 12/01/31) | 355 | 296492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series ai., 4.45%, 10/01/32 (Call 07/01/32) | 1810 | 1696965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.85%, 10/01/52 (Call 04/01/52) | 800 | 707680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K2, 6.95%, 03/15/33 | 140 | 153201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 2.40%, 09/01/26 (Call 06/01/26) | 1838 | 1658574 |
|  CenterPoint Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/26 (Call 05/01/26) | 1343 | 1167806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 2011 | 1904035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/31 (Call 03/01/31) | 1335 | 1058815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 (Call 12/01/29) | 2683 | 2234107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/49 (Call 03/01/49)<sup>(b)</sup> | 1855 | 1268950 |
|  Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 05/01/26 (Call 02/01/26) | 3744 | 3467431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/01/46 (Call 11/01/45) | 1374 | 1113861 |
|  Cleveland Electric Illuminating Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/24 | 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/36 | 984 | 945408 |
|  CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/26 (Call 02/15/26) | 629 | 577711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 (Call 05/15/27) | 2518 | 2272973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/50<sup>(a)</sup> | 645 | 467664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/50 (Call 03/01/30)<sup>(a)</sup> | 1416 | 1171131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/44 (Call 09/01/43) | 1260 | 1047060 |
|  Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/30 (Call 12/01/29) | 1590 | 1297456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/26 (Call 03/15/26) | 1185 | 1086823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 (Call 09/01/49) | 1005 | 640004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 555 | 468897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/46 (Call 12/15/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2774 | 1984631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 (Call 05/15/28) | 3155 | 2893829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 1745 | 1267551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/42 (Call 04/01/42) | 894 | 678457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 2895 | 2221941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 (Call 09/01/48) | 1839 | 1393539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 (Call 05/15/45) | 2006 | 1603195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/43 (Call 02/15/43) | 1130 | 953392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/44 (Call 07/15/43) | 1230 | 1048477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 03/15/36 | 1124 | 1126788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 01/15/38 | 1906 | 1976026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 122, 2.95%, 08/15/27 (Call 05/15/27) | 2212 | 1994959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 123, 3.75%, 08/15/47 (Call 02/15/47) | 2640 | 1930447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 127, 3.20%, 11/15/49 (Call 05/15/49) | 1568 | 1034284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 130, 3.13%, 03/15/51 (Call 09/15/50) | 2810 | 1817002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 131, 2.75%, 09/01/51 (Call 03/01/51) | 660 | 395677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 133, 3.85%, 03/15/52 (Call 09/15/51) | 380 | 282838 |
|  Connecticut Light & Power Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | 3041 | 2358934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/44 (Call 10/15/43) | 2050 | 1648651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 0.75%, 12/01/25 (Call 11/01/25) | 550 | 482196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.05%, 07/01/31 (Call 04/01/31) | 1955 | 1527989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.20%, 03/15/27 (Call 12/15/26) | 2478 | 2285782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.15%, 06/01/45 (Call 12/01/44) | 365 | 288390 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/15/31) | 3265 | 2577162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/51 (Call 06/01/51) | 190 | 121524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60)<sup>(b)</sup> | 3168 | 2101208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/59 (Call 05/15/59) | 2458 | 1633464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 (Call 02/15/28)<sup>(b)</sup> | 2561 | 2369386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/46 (Call 12/15/45) | 2509 | 1822839 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/43 (Call 09/01/42) | $1356 | $1009556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43) | 1448 | 1166350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 (Call 06/01/45) | 2977 | 2386661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 (Call 11/15/57) | 2854 | 2171380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54) | 2157 | 1710674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/40 | 1737 | 1632711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-A, 5.30%, 03/01/35 | 1020 | 950140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-A, 5.85%, 03/15/36 | 1558 | 1521153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-B, 6.20%, 06/15/36 | 782 | 787654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 07-A, 6.30%, 08/15/37 | 853 | 867450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-B, 6.75%, 04/01/38 | 1868 | 1944345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 09-C, 5.50%, 12/01/39 | 2466 | 2262234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.20%, 03/15/42 | 440 | 343618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.88%, 06/15/47 (Call 12/15/46) | 1932 | 1392663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.35%, 04/01/30 (Call 01/01/30) | 2389 | 2072219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50 (Call 10/01/49) | 4114 | 3044689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.13%, 05/15/49 (Call 11/15/48)<sup>(b)</sup> | 2372 | 1779403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.13%, 11/15/27 (Call 08/15/27) | 578 | 521639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.00%, 12/01/60 (Call 06/01/60) | 1643 | 934456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/57 (Call 05/15/57) | 1365 | 967444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.30%, 12/01/56 (Call 06/01/56) | 2289 | 1680218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.00%, 12/01/28 (Call 09/01/28) | 1892 | 1761887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.65%, 12/01/48 (Call 06/01/48) | 2639 | 2145560 |
|  Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 (Call 05/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/15/42 (Call 12/15/41) | 2698 | 2379123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39 | 862 | 831244 |
|  Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 (Call 11/01/59) | 1945 | 1025462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/52 (Call 02/15/52) | 315 | 184540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/50 (Call 02/15/50) | 2122 | 1377029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/46 (Call 02/15/46) | 1668 | 1125483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/51 (Call 02/01/51) | 2214 | 1551018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/32 (Call 02/15/32) | 690 | 606607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/50 (Call 08/15/49) | 1161 | 853718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/28 (Call 08/15/28) | 676 | 623299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 (Call 11/15/42) | 966 | 750292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/15/47 (Call 01/15/47) | 1373 | 1046267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 (Call 11/15/47) | 2037 | 1573297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/52 (Call 03/01/52) | 830 | 661327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 (Call 10/15/48) | 2141 | 1741147 |
|  Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48) | 1915 | 1426196 |
|  Delmarva Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/23 (Call 08/15/23) | 1295 | 1273399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/15/44) | 1499 | 1144906 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24<sup>(e)</sup> | 3478 | 3318151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 1553 | 1490802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 03/01/28) | 3032 | 2827279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/32 (Call 05/15/32) | 1165 | 1051413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/44 (Call 06/01/44) | 1565 | 1273190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/52 (Call 02/15/52) | 1235 | 1014837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/54 (Call 10/01/24),<br>(3 mo. LIBOR US + 3.057%)<sup>(a)</sup> | 1499 | 1394010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/38 | 1480 | 1509881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.45%, 04/15/26 (Call 03/15/26)<sup>(b)</sup> | 2260 | 1973274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.30%, 03/15/25 (Call 02/15/25) | 1105 | 1058270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.60%, 03/15/49 (Call 09/15/48) | 625 | 504556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.30%, 04/15/41 (Call 10/15/40)<sup>(b)</sup> | 1860 | 1316229 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.60%, 03/15/27 (Call 01/15/27)<sup>(b)</sup> | $1275 | $1182652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.95%, 06/15/35 | 1987 | 1929397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 (Call 05/15/31) | 1613 | 1245413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/30 (Call 01/01/30) | 4644 | 3983948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.05%, 09/15/42 (Call 03/15/42) | 1460 | 1094212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.90%, 08/01/41 (Call 02/01/41) | 1790 | 1514412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.85%, 08/15/26 (Call 05/15/26) | 1508 | 1363926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.30%, 03/15/33 | 990 | 1003583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.25%, 08/01/33 | 1980 | 1847597 |
|  Dominion Energy South Carolina Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | 1291249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/65 (Call 12/01/64)<sup>(b)</sup> | 2435 | 2096559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/33 | 270 | 263004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/41 (Call 08/01/40) | 1325 | 1236000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/38<sup>(b)</sup> | 1765 | 1763747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/32<sup>(b)</sup> | 355 | 375565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.30%, 12/01/31 (Call 09/01/31) | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643458 |
|  DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/30 (Call 12/01/29) | 2157 | 1757977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 (Call 09/01/49) | 1060 | 676386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/25 (Call 12/01/24) | 1142 | 1098421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/24 (Call 12/15/23) | 1460 | 1432172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 (Call 09/15/44) | 1965 | 1455338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/46 (Call 12/01/45) | 1435 | 1046890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 (Call 02/15/47) | 1822 | 1345128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 (Call 09/01/48) | 2339 | 1794855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/44 (Call 01/01/44) | 1456 | 1173536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 1.90%, 04/01/28 (Call 02/01/28) | 2315 | 1949114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.00%, 03/01/32 (Call 12/01/31) | 2275 | 1888477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.00%, 04/01/43 (Call 10/01/42)<sup>(b)</sup> | 252 | 197523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 05/15/48 (Call 11/15/47) | 1741 | 1358415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.25%, 04/01/51 (Call 10/01/50) | 1476 | 987843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/52 (Call 09/01/51) | 1005 | 725007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.63%, 03/01/31 (Call 12/01/30) | 2117 | 1736512 |
|  DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 (Call 07/01/26) | 3669 | 3321546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 (Call 12/01/29) | 1428 | 1188924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 01/11/24<sup>(e)</sup> | 3865 | 3773979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.53%, 10/01/24<sup>(e)</sup> | 1469 | 1391275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.40%, 06/15/29 (Call 03/15/29) | 2125 | 1838699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 1.05%, 06/01/25 (Call 05/01/25) | 3305 | 2956521 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/29 (Call 05/15/29) | 1774 | 1484643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/30 (Call 11/01/29)<sup>(b)</sup> | 2745 | 2272091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/15/31 (Call 01/15/31)<sup>(b)</sup> | 2523 | 2048827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/32 (Call 12/15/31) | 2805 | 2294546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/26 (Call 09/01/26) | 3965 | 3667506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 (Call 02/15/49) | 1385 | 912410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 2210 | 1508237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 1605 | 1120916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 2717 | 1949746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 (Call 12/01/44) | 2259 | 1641683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/46 (Call 09/15/45) | 2530 | 1885457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 (Call 08/15/28) | 2081 | 1938826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 (Call 09/15/47) | 1340 | 1010092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/30/42 (Call 03/30/42) | 939 | 728964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/41 (Call 06/15/41) | 1024 | 826163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 1175 | 1095053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38 | 867 | 865561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/38 | 1440 | 1433333 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/37 | $1810 | $1769709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32 | 970 | 1006608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 12/01/28 | 1432 | 1474015 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2997172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/30 (Call 03/01/30)<sup>(b)</sup> | 998 | 797881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31) | 440 | 344661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26) | 2129 | 1924957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 3263 | 2943422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/82<sup>(a)</sup> | 1874 | 1319727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/41 (Call 12/15/40) | 3233 | 2192588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 (Call 03/15/29) | 2222 | 1943139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50) | 610 | 396354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 (Call 01/15/24) | 3953 | 3878644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 3992 | 2744101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 (Call 02/15/47) | 2400 | 1696584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 (Call 12/15/48) | 2660 | 1940231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28) | 3210 | 3017849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 (Call 05/15/32) | 3920 | 3542700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/45 (Call 06/15/45) | 2659 | 2148632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52) | 3635 | 3002256 |
|  Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30 (Call 03/15/30) | 2675 | 2063655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 (Call 09/15/31) | 2640 | 2073324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 (Call 09/01/29) | 2538 | 2112327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/51 (Call 06/15/51) | 2035 | 1280849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 (Call 10/15/26) | 3377 | 3132944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/46 (Call 04/01/46) | 2523 | 1704665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/28 (Call 04/15/28) | 2435 | 2257367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/42 (Call 05/15/42) | 1541 | 1158308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/48 (Call 01/15/48) | 1650 | 1287528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/40 | 1586 | 1508032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37 | 906 | 928505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38 | 3174 | 3288137 |
|  Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/50 (Call 10/01/49) | 1970 | 1155110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 1349 | 957453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35 | 1019 | 1008148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/15/38 | 863 | 871414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 04/01/39 | 2043 | 2070294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 4.90%, 07/15/43 (Call 01/15/43) | 614 | 516006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series YYY, 3.25%, 10/01/49 (Call 04/01/49) | 2525 | 1614207 |
|  Duke Energy Ohio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 (Call 03/01/30) | 2368 | 1869252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/29 (Call 11/01/28) | 1231 | 1117293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/46 (Call 12/15/45) | 1672 | 1164414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/49 (Call 08/01/48) | 967 | 737676 |
|  Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 (Call 05/15/31) | 1620 | 1236530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 (Call 02/15/50) | 2040 | 1146643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 (Call 02/15/51) | 1123 | 687085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 1917 | 1829125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/32 (Call 01/01/32) | 2165 | 1853348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 2377 | 2132264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 2311 | 1631543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/28 (Call 06/01/28) | 2101 | 1935252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 (Call 04/15/46) | 2414 | 1740784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/52 (Call 10/01/51) | 1025 | 776848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/42 (Call 11/15/41) | 880 | 688530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/43 (Call 09/15/42) | 1619 | 1264002 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/44 (Call 06/01/44) | $2514 | $1950965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/45 (Call 02/15/45) | 1344 | 1054556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/30/44 (Call 09/30/43) | 1717 | 1383662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/01/38 | 1505 | 1527680 |
|  Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 (Call 10/15/24)<sup>(b)</sup> | 2223 | 2131990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 2160 | 1924668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/25 | 1880 | 1814708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/25 (Call 03/15/25) | 1730 | 1690210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 04/15/27) | 2578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518190 |
|  El Paso Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 (Call 06/01/44) | 1262 | 1058667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/35 | 619 | 584751 |
|  Emera U.S. Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 06/15/24 | 1985 | 1828185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/31 (Call 03/15/31) | 1605 | 1231854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 (Call 03/15/26) | 3820 | 3523721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/46 (Call 12/15/45) | 3206 | 2383917 |
|  Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26) | 3538 | 3270775 |
|  Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28) | 3037 | 2772113 |
|  Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24) | 1275 | 1241162 |
|  Entergy Arkansas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/51 (Call 12/15/50) | 1248 | 709600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/15/52 (Call 12/15/51) | 1315 | 857262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/26 (Call 01/01/26) | 2722 | 2575801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/24 (Call 03/01/24)<sup>(b)</sup> | 350 | 343424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 (Call 03/01/28) | 375 | 345866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/49 (Call 10/01/48) | 2594 | 2017146 |
|  Entergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 (Call 08/15/25) | 1993 | 1745330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) | 1820 | 1487031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/05/31) | 2805 | 2128490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/30 (Call 03/15/30) | 2332 | 1872153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 2947 | 2683980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/50 (Call 12/15/49)<sup>(b)</sup> | 2264 | 1532479 |
|  Entergy Louisiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.62%, 11/17/23 (Call 12/01/22) | 377 | 359028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 (Call 12/01/22) | 531 | 489954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/30 (Call 09/15/30) | 1843 | 1362180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/15/32 (Call 03/15/32) | 440 | 337229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/26 (Call 07/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2156 | 1910992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/51 (Call 09/15/50) | 2840 | 1701245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/31 (Call 03/01/31) | 1999 | 1654472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/41 (Call 12/15/40) | 251 | 172796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/01/27 (Call 06/01/27) | 1795 | 1619305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/28 (Call 01/01/28) | 2484 | 2206587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 (Call 12/15/32) | 2162 | 1887966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 3321 | 2571317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 2681 | 2038445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/52 (Call 03/15/52) | 2430 | 2022319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/45 (Call 01/15/25) | 2125 | 1842481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/24<sup>(b)</sup> | 336 | 337250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 10/01/24 | 102 | 102617 |
|  Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/28 (Call 03/01/28) | 3488 | 3016911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/51 | 580 | 390369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/49 (Call 12/01/48) | 2304 | 1648535 |
|  Entergy Texas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 (Call 12/15/30) | 1775 | 1323866 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/30/49 (Call 03/30/49) | $1585 | $1062758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/29 (Call 12/30/28) | 532 | 485588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/39 (Call 09/30/38) | 175 | 143686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/52 (Call 03/15/52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | 916650 |
|  Evergy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/24 (Call 08/15/24) | 3759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/29 (Call 06/15/29) | 2890 | 2385550 |
|  Evergy Kansas Central Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/01/26 (Call 04/01/26) | 1420 | 1290794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/01/27 (Call 01/01/27) | 1780 | 1629715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/49 (Call 03/01/49) | 1113 | 726155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 (Call 10/15/49) | 1410 | 951919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 1410 | 1082062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/42 (Call 09/01/41) | 1392 | 1082433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/45 (Call 06/01/45) | 964 | 734799 |
|  Evergy Metro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/25 (Call 05/15/25)<sup>(b)</sup> | 1425 | 1371178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/47 (Call 12/15/46) | 1140 | 872533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 1054 | 806068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/41 (Call 04/01/41) | 1451 | 1302171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 4.13%, 04/01/49 (Call 10/01/48) | 1508 | 1141420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.25%, 06/01/30 (Call 03/01/30) | 1023 | 819484 |
|  Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 1930 | 1526881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 1870 | 1677409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 1895 | 1582590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/50 (Call 07/15/49) | 2535 | 1700706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/24 | 1810 | 1776750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 (Call 06/01/27) | 1701 | 1633402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.15%, 01/15/25 (Call 10/15/24) | 1641 | 1562019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 2.90%, 10/01/24 (Call 08/01/24) | 2726 | 2603821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.30%, 01/15/28 (Call 10/15/27) | 781 | 700213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.80%, 12/01/23 (Call 11/01/23) | 2684 | 2640090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series O, 4.25%, 04/01/29 (Call 01/01/29) | 2212 | 2040437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 0.80%, 08/15/25 (Call 07/15/25) | 2266 | 1994941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 1.65%, 08/15/30 (Call 05/15/30) | 2706 | 2030068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series U, 1.40%, 08/15/26 (Call 07/15/26) | 1435 | 1236410 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 (Call 02/15/27)<sup>(f)</sup> | 1705 | 1528464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 (Call 12/15/31)<sup>(b)(f)</sup> | 75 | 62350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26) | 2862 | 2673423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 3723 | 3586254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 (Call 01/15/30) | 4850 | 4367667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/52 (Call 09/15/51)<sup>(f)</sup> | 1420 | 1046554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 (Call 10/15/45) | 1868 | 1463746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49) | 2862 | 2307516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/35 (Call 12/15/34)<sup>(b)</sup> | 1969 | 1777239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/45 (Call 12/15/44) | 2100 | 1816605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/35 | 2234 | 2169638 |
|  Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41) | 3136 | 2826320 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 (Call 11/03/31) | 938 | 755859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 (Call 03/01/25) | 5800 | 5508028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51) | 4407 | 2801045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 (Call 06/01/25) | 2458 | 2321089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 3004 | 2023795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 (Call 12/01/23) | 2751 | 2683380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 (Call 06/01/47) | 2795 | 2071598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/42 (Call 06/15/42) | 1656 | 1279459 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 (Call 09/01/48) | 2500 | 1940550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/42 (Call 12/01/41) | 2355 | 1892431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 (Call 04/01/44) | 2043 | 1612315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/42 (Call 08/01/41) | 1738 | 1411708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 (Call 12/01/47) | 2141 | 1702288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/35 | 364 | 340143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/41 (Call 08/01/40) | 1670 | 1550678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/34 | 320 | 320445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/37 | 2267 | 2216083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/40 | 1328 | 1296659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38 | 1873 | 1872944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 04/01/39 | 640 | 640781 |
|  Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) | 5317 | 4793967 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26) | 295 | 275037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27 (Call 12/30/26) | 1250 | 1130288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/42 | 4538 | 3664117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/43 | 1527 | 1206406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 (Call 02/15/32) | 1120 | 1051926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 (Call 11/15/51) | 1595 | 1429104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 10-C, 4.75%, 09/01/40 | 2324 | 1986323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.20%, 09/15/24 (Call 08/15/24) | 2392 | 2254006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 (Call 09/15/50) | 500 | 324120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.65%, 09/15/29 (Call 06/15/29) | 1577 | 1309178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.70%, 01/30/50 (Call 07/30/49) | 1593 | 1130393 |
|  Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27) | 1586 | 1461943 |
|  Iberdrola International BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 03/15/25 | 520 | 525158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/36 | 1457 | 1445912 |
|  Idaho Power Co., Series K, 4.20%, 03/01/48 (Call 09/01/47) | 386 | 294429 |
|  Indiana Michigan Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 2215 | 1426416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/28 (Call 02/15/28)<sup>(b)</sup> | 1627 | 1501493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/48 (Call 02/15/48) | 1700 | 1286611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/37 | 215 | 212128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 4.55%, 03/15/46 (Call 09/15/45) | 1818 | 1448982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.75%, 07/01/47 (Call 01/01/47) | 1713 | 1198929 |
|  Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30) | 722 | 573297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51 (Call 05/30/51) | 1310 | 804445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 (Call 09/01/24) | 3135 | 3006496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/49 (Call 03/30/49) | 1204 | 818744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/29 (Call 01/01/29) | 642 | 573909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/46 (Call 03/15/46) | 1133 | 776332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 (Call 06/26/28) | 2789 | 2613767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/39<sup>(b)</sup> | 640 | 631296 |
|  IPALCO Enterprises Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/24 (Call 07/01/24) | 1673 | 1595958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/30 (Call 02/01/30) | 1910 | 1647910 |
|  ITC Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 (Call 03/30/26) | 1885 | 1729978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27 (Call 08/15/27) | 1630 | 1469543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 03/15/24) | 1262 | 1223900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 07/01/43 (Call 01/01/43) | 1271 | 1074948 |
|  John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42 | 166 | 153245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/50 (Call 12/01/49) | $1945 | $1281463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 (Call 04/01/45) | 1986 | 1577877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/40 (Call 05/01/40) | 2579 | 2298095 |
|  Louisville Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/49 (Call 10/01/48) | 645 | 496734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 25, 3.30%, 10/01/25 (Call 07/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116302 |
|  MidAmerican Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/01/52 (Call 02/01/52) | 2095 | 1255324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/27 (Call 02/01/27) | 2220 | 2045641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/15/50 (Call 10/15/49) | 1687 | 1101830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/24 (Call 07/15/24) | 4418 | 4288862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 (Call 01/15/29) | 3400 | 3105968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 (Call 02/01/48) | 2598 | 1889162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | 1833 | 1396563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/46 (Call 11/01/45) | 1600 | 1276176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) | 3204 | 2561694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/44 (Call 04/15/44) | 1412 | 1159026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/43 (Call 03/15/43) | 717 | 617000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/35 | 320 | 317072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/15/36 | 1679 | 1681972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/30/31 | 1085 | 1171811 |
|  Mississippi Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/28 (Call 12/30/27) | 3540 | 3217789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 12-A, 4.25%, 03/15/42 | 2426 | 1857588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.10%, 07/30/51 (Call 01/30/51) | 2064 | 1243168 |
|  National Grid USA, 5.80%, 04/01/35 | 1472 | 1340624 |
|  National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/08/24 | 309 | 291134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 (Call 05/15/26) | 1022 | 884469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/31 (Call 12/15/30) | 1464 | 1054753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 (Call 03/15/31) | 1615 | 1190271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/07/25 | 1386 | 1292362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 2475 | 2007893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 (Call 01/15/32) | 1365 | 1096559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 (Call 10/27/24) | 1817 | 1729112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 (Call 12/07/23) | 3966 | 3864748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/25/27 (Call 01/25/27)<sup>(b)</sup> | 1636 | 1487222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/25 (Call 08/01/25) | 2475 | 2346349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/23 (Call 08/15/23) | 494 | 485311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 (Call 11/07/27) | 2380 | 2174059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/25 | 1145 | 1097391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 (Call 12/15/28) | 2690 | 2410186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/28 (Call 08/01/28) | 1270 | 1169670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 11/01/32 (Call 05/01/32) | 1559 | 1377626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 (Call 09/15/32) | 1365 | 1224064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/49 (Call 09/15/48) | 1739 | 1364367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/48 (Call 05/01/48) | 1150 | 909420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/20/46 (Call 04/20/26),<br>(3 mo. LIBOR US + 3.630%)<sup>(a)</sup> | 870 | 777484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/30/25 | 2200 | 2211264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/15/33 | 1790 | 1815221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 8.00%, 03/01/32 | 1188 | 1373506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 1.00%, 10/18/24 | 1185 | 1090591 |
|  Nevada Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/01/53 | 535 | 528799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series CC, 3.70%, 05/01/29 (Call 02/01/29) | 2304 | 2077056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series DD, 2.40%, 05/01/30 (Call 02/01/30) | 510 | 413595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 3.13%, 08/01/50 (Call 02/01/50) | 1275 | 794312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 6.65%, 04/01/36 | 910 | 948802 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 6.75%, 07/01/37 | $1470 | $1535959 |
|  NextEra Energy Capital Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) | 5065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4383099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) | 3195 | 2641275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30) | 3017 | 2395438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 (Call 10/15/31) | 3203 | 2480435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 (Call 08/01/29) | 3575 | 2994813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 03/21/24 (Call 12/01/22) | 40 | 38755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | 1246055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 (Call 01/01/29) | 4249 | 3760577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27) | 5572 | 5140950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/82 (Call 03/15/27)<sup>(a)</sup> | 195 | 149072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24 | 3100 | 3050059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24 | 2000 | 1959820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/20/25 | 3020 | 2959872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27) | 5575 | 5364711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/01/77 (Call 12/01/27),<br>(3 mo. LIBOR US + 2.409%)<sup>(a)</sup> | 2913 | 2291045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 04/15/32) | 4812 | 4576212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/79 (Call 05/01/29),<br>(3 mo. LIBOR US + 3.156%)<sup>(a)</sup> | 231 | 196278 |
|  Northern States Power Co./MN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/31 (Call 10/01/30) | 1215 | 979132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 (Call 12/01/50) | 1880 | 1118694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 (Call 09/01/49) | 2459 | 1566604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/52 (Call 10/01/51) | 1485 | 988579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/42 (Call 02/15/42) | 1078 | 790950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/46 (Call 11/15/45) | 1091 | 801481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 (Call 03/15/47) | 2113 | 1516923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 (Call 02/15/45) | 1497 | 1150055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/44 (Call 11/15/43) | 1485 | 1193257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 1060 | 893167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/39 | 965 | 929913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/01/37 | 988 | 1026087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/36 | 1110 | 1156087 |
|  NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44) | 405 | 305654 |
|  NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/15/31 (Call 05/15/31) | 876 | 673407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | 335 | 214420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 2336 | 2148793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 (Call 02/15/29) | 1957 | 1740438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 (Call 01/01/30) | 1936 | 1777829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/44 (Call 09/01/43) | 1535 | 1260849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/52 (Call 12/01/51) | 1990 | 1670486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 210 | 199693 |
|  Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/50 (Call 02/01/50) | 1560 | 1048351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/47 (Call 10/01/46)<sup>(f)</sup> | 1435 | 1074614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/01/48 (Call 04/01/48) | 1745 | 1399769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/50 | 917 | 739716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/40 | 1530 | 1303392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/39 | 1601 | 1487249 |
|  Ohio Edison Co., 6.88%, 07/15/36 | 1100 | 1138599 |
|  Ohio Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 (Call 12/01/48) | 2017 | 1475718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/48 (Call 10/01/47) | 1677 | 1247353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 2.60%, 04/01/30 (Call 01/01/30) | 2348 | 1920899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Q, 1.63%, 01/15/31 (Call 10/15/30) | 2571 | 1910767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 2.90%, 10/01/51 (Call 04/01/51) | 1240 | 742115 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
|  Oklahoma Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/30 (Call 10/01/29) | $1731 | $1480767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/30 (Call 09/15/29) | 1371 | 1177031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/28 (Call 02/15/28)<sup>(b)</sup> | 1187 | 1088016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/47 (Call 02/15/47) | 1219 | 881520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/47 (Call 10/01/46) | 1105 | 840551 |
|  Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/01/25 (Call 09/01/25) | 3915 | 3431184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/15/51 (Call 05/15/51) | 1835 | 1101624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/24 (Call 05/01/24) | 4255 | 4101650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 (Call 02/15/30) | 1917 | 1615705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 01/01/25) | 1011 | 963716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 (Call 03/15/49) | 1595 | 1048553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/28 (Call 08/15/28) | 3313 | 3048391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/50 (Call 11/15/49) | 1796 | 1316701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/45 (Call 10/01/44) | 2401 | 1791218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/30/47 (Call 03/30/47) | 1582 | 1201766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/49 (Call 12/01/48) | 1643 | 1217036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48 (Call 05/15/48) | 1420 | 1112144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 (Call 03/01/32)<sup>(f)</sup> | 1195 | 1098217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 (Call 06/15/32)<sup>(f)</sup> | 2475 | 2337019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/41 (Call 06/01/41) | 1066 | 910599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52)<sup>(f)</sup> | 5175 | 4651652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/40 | 992 | 925814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 06/01/42 (Call 12/01/41) | 1533 | 1434351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/01/52 (Call 04/01/52) | 70 | 64855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/29 (Call 12/15/28) | 729 | 740788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/32 | 682 | 747206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 01/15/33 | 857 | 958006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/38 | 1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559201 |
|  Pacific Gas and Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 11/15/23 (Call 12/01/22) | 130 | 124227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 (Call 06/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | 3614996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30) | 7148 | 5336339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 (Call 12/01/25) | 2778 | 2467364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28)<sup>(b)</sup> | 3410 | 2815671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26 | 3313 | 2985241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/16/24 (Call 02/16/23) | 265 | 256080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31) | 2465 | 1918633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 (Call 12/15/26) | 1574 | 1362077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 (Call 09/01/27) | 2442 | 2073478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 (Call 02/01/40) | 4197 | 2731827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/24 (Call 05/15/24)<sup>(b)</sup> | 100 | 94676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25 | 1747 | 1623959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 (Call 03/15/25) | 1070 | 994458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50) | 6720 | 4111766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 110 | 106701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28 | 3679 | 3141204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 (Call 02/15/42) | 488 | 303985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/23 (Call 08/15/23) | 2155 | 2104961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47)<sup>(b)</sup> | 3008 | 1954508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 2504 | 1592995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/29 (Call 01/01/29) | 1605 | 1395226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/41 (Call 12/01/40) | 2217 | 1564914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/46 (Call 09/15/45) | 2042 | 1351743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/45 (Call 09/15/44) | 2144 | 1444048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/32 (Call 12/01/31) | 1705 | 1426045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/42 (Call 10/15/41) | 1591 | 1121894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) | 7198 | 5361718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30) | 10794 | 9466014 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 (Call 12/15/42) | $1361 | $973673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 (Call 05/01/28) | 1150 | 1000742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 (Call 08/15/43) | 1520 | 1099963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/08/25 | 2495 | 2418354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10457 | 7802909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/52 (Call 09/01/51) | 1915 | 1488549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 (Call 05/15/27) | 2389 | 2256148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 (Call 03/15/32) | 2405 | 2240859 |
|  PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 (Call 06/15/30) | 1470 | 1209884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/52 (Call 12/15/51) | 715 | 436193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/51 (Call 09/15/50) | 2349 | 1554263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/29 (Call 03/15/29)<sup>(b)</sup> | 1825 | 1621877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/24 (Call 01/01/24) | 2325 | 2280616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/42 (Call 08/01/41) | 1386 | 1071641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/49 (Call 07/15/48) | 1785 | 1362330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 (Call 08/15/49) | 2297 | 1758652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/35 | 879 | 825152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/37 | 622 | 593873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/39 | 2368 | 2320001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/01/36 | 1980 | 1949231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37 | 2202 | 2207153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 07/15/38 | 680 | 690186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/15/31<sup>(b)</sup> | 50 | 56871 |
|  PECO Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49) | 355 | 216057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 (Call 03/15/51) | 720 | 442649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/49 (Call 03/15/49) | 1500 | 957660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/51 (Call 09/15/50) | 925 | 593286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/25 (Call 07/15/25) | 835 | 791279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/47 (Call 03/15/47) | 1696 | 1249664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 (Call 09/01/47) | 2572 | 1948290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/44 (Call 04/01/44) | 855 | 680212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/52 (Call 02/15/52) | 1225 | 1001879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/52 (Call 11/15/51) | 1435 | 1214154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/36 | 650 | 652386 |
|  Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) | 2128 | 1897006 |
|  Potomac Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/24 (Call 12/15/23) | 2347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/43 (Call 09/15/42) | 2239 | 1764601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/37 | 210 | 219068 |
|  PPL Capital Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/26 (Call 02/15/26) | 3881 | 3548127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 (Call 01/15/30) | 465 | 413836 |
|  PPL Electric Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/49 (Call 04/01/49) | 1602 | 1015668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/47 (Call 12/01/46) | 683 | 519715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/44 (Call 12/15/43) | 876 | 680906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/45 (Call 04/01/45) | 1435 | 1104821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 (Call 12/15/47) | 1570 | 1227049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/43 (Call 01/15/43) | 1055 | 904673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/39 | 1275 | 1294992 |
|  Progress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/39 | 2547 | 2404979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/31 | 1215 | 1278241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/31 | 1899 | 2089014 |
|  Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 (Call 12/15/30) | 360 | 277481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 778 | 574374 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/28 (Call 12/15/27) | $1760 | $1629672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/47 (Call 12/15/46) | 1599 | 1186602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/49 (Call 03/15/49) | 1771 | 1361244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | 1080 | 985781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/48 (Call 12/15/47) | 1535 | 1195366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/44 (Call 09/15/43) | 1416 | 1130280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 (Call 12/01/51) | 1080 | 897869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/38 | 60 | 62868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 17, 6.25%, 09/01/37 | 789 | 826833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 34, 3.20%, 03/01/50 (Call 09/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | 917008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 35, 1.90%, 01/15/31 (Call 07/15/30) | 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 36, 2.70%, 01/15/51 | 1480 | 888533 |
|  Public Service Co. of New Hampshire |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/23 (Call 08/01/23) | 187 | 184593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/49 (Call 01/01/49) | 1550 | 1109180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.20%, 06/15/31 (Call 03/15/31) | 145 | 114747 |
|  Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.20%, 08/15/31 (Call 05/15/31) | 1060 | 820005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.15%, 08/15/51 (Call 02/15/51) | 500 | 307220 |
|  Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/15/26 (Call 02/15/26) | 1525 | 1331112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/31 (Call 05/15/31) | 1740 | 1338234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/50 (Call 02/01/50) | 1515 | 776119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 1234 | 1106614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/30 (Call 10/15/29) | 3582 | 2984845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/50 (Call 11/01/49) | 605 | 361784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/25 (Call 02/15/25) | 513 | 487232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/27 (Call 02/15/27) | 1884 | 1722428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/51 (Call 09/01/50) | 85 | 53853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 196 | 164816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/50 (Call 07/01/49) | 1850 | 1211565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/29 (Call 02/15/29) | 1424 | 1263416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/49 (Call 02/01/49) | 1685 | 1118031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/47 (Call 06/01/47) | 1639 | 1168066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/28 (Call 06/01/28) | 2023 | 1853311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/42 (Call 03/01/42) | 1920 | 1442957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/28 (Call 02/01/28) | 1564 | 1450735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/01/43 (Call 07/01/42) | 494 | 379392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 (Call 09/01/45) | 2478 | 1848638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/49 (Call 11/01/48) | 2302 | 1712343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 (Call 11/01/41) | 200 | 156774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/48 (Call 11/01/47) | 1801 | 1393019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/40<sup>(b)</sup> | 247 | 235806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/37 | 193 | 193251 |
|  Public Service Enterprise Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 (Call 07/15/25) | 1672 | 1467381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.84%, 11/08/23 (Call 12/01/22) | 6985 | 6656565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 (Call 05/15/30)<sup>(b)</sup> | 1573 | 1169809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/31 (Call 08/15/31) | 280 | 214726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 (Call 05/15/24) | 4227 | 4061978 |
|  Puget Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/28 (Call 04/15/28) | 3595 | 2967241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/25 (Call 02/15/25) | 2103 | 1981447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/30 (Call 03/15/30) | 1264 | 1103876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 2534 | 2172246 |
|  Puget Sound Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 09/15/51 (Call 03/15/51) | 445 | 265901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/49 (Call 03/15/49) | 2773 | 1794519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 06/15/48 (Call 12/15/47) | 3095 | 2408746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/45 (Call 11/20/44) | 1162 | 901805 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 04/15/41 (Call 10/15/40) | $25 | $23472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 10/01/39 | 1320 | 1252627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/40 | 960 | 913238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 03/15/37<sup>(b)</sup> | 800 | 803216 |
|  San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/26 (Call 02/15/26) | 2800 | 2554328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 45 | 32451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 1655 | 1282277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40 | 483 | 403807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/39<sup>(b)</sup> | 940 | 926229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RRR, 3.75%, 06/01/47 (Call 12/01/46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | 1753463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TTT, 4.10%, 06/15/49 (Call 12/15/48) | 2359 | 1788122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UUU, 3.32%, 04/15/50 (Call 10/15/49) | 1936 | 1291583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 (Call 07/01/30) | 3150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51) | 1520 | 957068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XXX, 3.00%, 03/15/32 (Call 12/15/31) | 850 | 698318 |
|  Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | 3145 | 2844904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/25 (Call 03/01/25) | 2315 | 2195847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 (Call 11/01/27) | 3517 | 3142299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 1560 | 1376294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 (Call 08/01/37) | 3597 | 2734296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 (Call 08/01/47) | 1207 | 857441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/52 (Call 01/01/27)<sup>(a)</sup> | 3280 | 2501787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39 | 2956 | 2817984 |
|  Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26) | 3009 | 2762232 |
|  Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 (Call 04/01/23) | 1710 | 1609469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30) | 1572 | 1238783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 (Call 11/01/31) | 2320 | 1828485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 (Call 05/01/29)<sup>(b)</sup> | 2148 | 1798263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 (Call 08/01/51) | 1280 | 837146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49) | 4519 | 3034734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46) | 6609 | 4734820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/42 (Call 09/15/41) | 1802 | 1335516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 (Call 03/01/40) | 1500 | 1193400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43)<sup>(b)</sup> | 1738 | 1391460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40 | 2233 | 1996146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/01/36 | 1284 | 1186750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/34 | 1364 | 1334292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/39 | 2170 | 2088473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/29 | 1230 | 1233050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 04-G, 5.75%, 04/01/35 | 679 | 636400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 05-E, 5.35%, 07/15/35 | 1296 | 1183222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 06-E, 5.55%, 01/15/37 | 1510 | 1362443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 08-A, 5.95%, 02/01/38 | 1887 | 1792254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 13-A, 3.90%, 03/15/43 (Call 09/15/42) | 1744 | 1240908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26) | 1285 | 1123411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50) | 395 | 232422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.20%, 03/01/29 (Call 12/01/28) | 1403 | 1291658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.65%, 03/01/28 (Call 12/01/27) | 2072 | 1889913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.88%, 03/01/49 (Call 09/01/48) | 2581 | 2077111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.60%, 02/01/45 (Call 08/01/44) | 1120 | 744419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) | 3122 | 2277655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.20%, 06/01/25 | 1335 | 1302706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.70%, 06/01/27 (Call 05/01/27) | 1490 | 1444585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 3.70%, 08/01/25 (Call 06/01/25) | 4046 | 3884443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.45%, 06/01/52 (Call 12/01/51) | 1695 | 1489939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series G, 2.50%, 06/01/31 (Call 03/01/31) | 2182 | 1714266 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.65%, 06/01/51 (Call 12/01/50) | $1170 | $793377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 0.98%, 08/01/24 | 755 | 700134 |
|  Southern Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 (Call 04/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 (Call 01/01/36) | 805 | 672417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 (Call 01/01/46) | 5806 | 4504992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/24<sup>(e)</sup> | 15 | 14721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/01/27 | 2150 | 2090724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/06/25 | 2010 | 2001859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 | 465 | 460052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 0.60%, 02/26/24 (Call 01/26/24) | 1000 | 941920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-A, 3.75%, 09/15/51 (Call 06/15/26)<sup>(a)</sup> | 1470 | 1160124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21-B, 1.75%, 03/15/28 (Call 01/15/28) | 1105 | 904542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/30 (Call 01/30/30) | 3935 | 3439465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/51<sup>(a)</sup> | 1125 | 979279 |
|  Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/15/26 (Call 12/15/25) | 1433 | 1241236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/25 (Call 09/01/25) | 3411 | 3312320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/41 | 2468 | 2090273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43 | 1060 | 890061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.95%, 12/15/46 (Call 06/15/46) | 1485 | 1195173 |
|  Southwestern Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/51 (Call 05/01/51) | 675 | 420660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/15/40 | 1594 | 1521696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 3.90%, 04/01/45 (Call 10/01/44) | 505 | 354076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 2.75%, 10/01/26 (Call 07/01/26) | 1690 | 1516775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 3.85%, 02/01/48 (Call 08/01/47) | 1763 | 1205522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 4.10%, 09/15/28 (Call 06/15/28) | 1595 | 1461419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.65%, 03/15/26 (Call 02/15/26) | 2225 | 1956954 |
|  Southwestern Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/24 (Call 12/15/23)<sup>(b)</sup> | 810 | 787433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/46 (Call 02/15/46) | 1098 | 747288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/47 (Call 02/15/47) | 1885 | 1335768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/49 (Call 12/15/48) | 1273 | 905816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/41 (Call 02/15/41) | 1616 | 1329289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 6, 4.40%, 11/15/48 (Call 05/15/48) | 1228 | 968487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 8, 3.15%, 05/01/50 (Call 11/01/49) | 838 | 543158 |
|  Tampa Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 (Call 12/15/30) | 2034 | 1617274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/51 (Call 09/15/50) | 160 | 108858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/50 (Call 12/15/49) | 1016 | 699841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/42 (Call 12/15/41) | 1036 | 794975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/48 (Call 12/15/47) | 1298 | 1013712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/44 (Call 11/15/43) | 1260 | 988621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/49 (Call 12/15/48) | 1724 | 1378321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 1040 | 912142 |
|  Toledo Edison Co. (The), 6.15%, 05/15/37 | 809 | 809372 |
|  Tucson Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/30 (Call 05/01/30) | 2900 | 2158412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/25 (Call 12/15/24)<sup>(b)</sup> | 260 | 247871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/32 (Call 02/15/32) | 963 | 792645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 (Call 11/01/50) | 1150 | 720326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 (Call 12/15/49) | 1252 | 909878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/48 (Call 06/01/48) | 1057 | 881073 |
|  Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 (Call 12/15/31) | 1955 | 1495086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/51 (Call 09/15/50) | 896 | 520925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27 (Call 03/15/27) | 2368 | 2147066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/30 (Call 12/15/29) | 2134 | 1828240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/49 (Call 04/01/49) | 2896 | 1889408 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 (Call 01/15/24) | $1930 | $1880457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 12/15/28) | 2239 | 2014115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/45 (Call 10/15/44) | 1470 | 1051329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/15/42 (Call 03/15/42) | 750 | 569423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/52 (Call 10/01/51) | 525 | 395740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 (Call 10/01/47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2440 | 1818971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/01/37<sup>(b)</sup> | 115 | 106257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.45%, 03/15/39 | 193 | 230033 |
|  Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 (Call 08/15/31) | 2105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/30/32 (Call 12/30/31) | 1085 | 853353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 (Call 06/15/50) | 3067 | 1727917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) | 2365 | 1465685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/49 (Call 06/01/49) | 1635 | 1095597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/15/24 (Call 11/15/23) | 1114 | 1089291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/43 (Call 07/15/42) | 1415 | 1076405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/44 (Call 08/15/43) | 1750 | 1409117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 (Call 06/01/48) | 2100 | 1727103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 11/30/37 | 1502 | 1513130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38 | 1833 | 2288061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.88%, 07/15/29 (Call 04/15/29) | 1426 | 1224791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.10%, 05/15/25 (Call 02/15/25) | 2267 | 2156665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) | 3937 | 3681292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27 (Call 12/15/26) | 2232 | 2080626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.80%, 04/01/28 (Call 01/01/28) | 3420 | 3184430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.00%, 05/15/37 | 1952 | 1926156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.95%, 11/15/26 (Call 08/15/26) | 2315 | 2104960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.75%, 05/15/27 (Call 04/15/27)<sup>(b)</sup> | 820 | 769586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.80%, 09/15/47 (Call 03/15/47) | 1967 | 1432704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.20%, 05/15/45 (Call 11/15/44) | 1407 | 1086218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 01/15/36 | 1319 | 1312682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.00%, 11/15/46 (Call 05/15/46) | 1900 | 1428990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.63%, 05/15/52 (Call 11/15/51) | 2170 | 1803031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 4.65%, 08/15/43 (Call 02/15/43) | 2115 | 1756656 |
|  WEC Energy Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 (Call 02/15/24) | 934 | 878109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 (Call 08/15/27) | 1562 | 1282168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 (Call 07/15/30) | 573 | 433560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/28 (Call 10/15/28) | 592 | 485772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/27/25 (Call 08/27/25) | 1435 | 1426634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/27 (Call 09/01/27) | 3670 | 3610473 |
|  Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/28 (Call 04/15/28)<sup>(b)</sup> | 1995 | 1662912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 12/15/24 (Call 11/15/24) | 1660 | 1562558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48 (Call 04/15/48) | 745 | 579625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/30/32 (Call 06/30/32) | 1380 | 1314698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/33 | 110 | 110476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/01/36 | 475 | 458717 |
|  Wisconsin Power and Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/16/31 (Call 06/16/31) | 1850 | 1414047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 (Call 04/01/29) | 1943 | 1673992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) | 1205 | 1092911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/50 (Call 10/01/49) | 1305 | 907288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/32 (Call 06/01/32) | 4360 | 3865620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/37 | 245 | 252828 |
|  Wisconsin Public Service Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/01/51 (Call 06/01/51) | 1255 | 762061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/01/49 (Call 03/01/49) | 1310 | 867102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 12/01/42 | 1180 | 855948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/44 (Call 05/01/44)<sup>(b)</sup> | 1568 | 1315897 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric (continued)** |  |  |  |  |
|  Xcel Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 (Call 02/15/27) | $| 2485 | $| 2132155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/15/31 (Call 05/15/31) |  | 1585 |  | 1218516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/29 (Call 06/01/29) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321 |  | 1911552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 (Call 12/01/24) |  | 2549 |  | 2418797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/26 (Call 06/01/26) |  | 2682 |  | 2473045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/30 (Call 12/01/29) |  | 2365 |  | 2038015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 (Call 06/01/49)<sup>(b)</sup> |  | 1665 |  | 1123842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/27) |  | 3541 |  | 3300141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 (Call 12/01/31) |  | 2670 |  | 2462247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/36 |  | 904 |  | 931943 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429073813 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
|  Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30) |  | 1296 |  | 954660 |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26) |  | 604 |  | 514904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/27 (Call 08/15/27) |  | 2856 |  | 2450362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/30 (Call 07/15/30) |  | 1061 |  | 834179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 (Call 10/21/28) |  | 2200 |  | 1833920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 (Call 09/21/31) |  | 2281 |  | 1793299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/50 (Call 04/15/50) |  | 2545 |  | 1562630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) |  | 1985 |  | 1221490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 (Call 03/01/25) |  | 3175 |  | 3034570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/39 |  | 1440 |  | 1353931 |
|  |  |  |  | 15553945 |
| **Electronics — 0.2%** |  |  |  |  |
|  Agilent Technologies Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/30 (Call 03/04/30) |  | 689 |  | 539459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/31 (Call 12/12/30) |  | 3584 |  | 2798781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/29 (Call 06/15/29) |  | 2179 |  | 1830186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/22/26 (Call 06/22/26) |  | 2681 |  | 2463785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29) |  | 2001 |  | 1668574 |
|  Allegion U.S. Holding Co. Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/24 (Call 08/01/24) |  | 1956 |  | 1866063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/27 (Call 07/01/27) |  | 1627 |  | 1440790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 07/01/32 (Call 04/01/32) |  | 1270 |  | 1163765 |
|  Amphenol Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 (Call 02/01/25) |  | 966 |  | 900186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/31 (Call 06/15/31) |  | 2095 |  | 1601837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 (Call 11/15/29) |  | 4307 |  | 3584199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 (Call 02/01/24) |  | 1984 |  | 1928904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/29 (Call 03/01/29) |  | 1506 |  | 1409917 |
|  Arrow Electronics Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/32 (Call 11/15/31) |  | 2880 |  | 2191709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/08/24 (Call 07/08/24) |  | 1943 |  | 1855099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/28 (Call 10/12/27) |  | 1395 |  | 1244480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 (Call 01/01/25) |  | 1581 |  | 1516416 |
|  Avnet Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/31 (Call 02/15/31) |  | 1766 |  | 1317206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/26 (Call 01/15/26) |  | 3006 |  | 2841872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/32 (Call 03/01/32) |  | 1275 |  | 1140335 |
|  Flex Ltd. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 (Call 01/01/26) |  | 2360 |  | 2186162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 (Call 03/15/25) |  | 3042 |  | 2948428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 (Call 03/15/29) |  | 3091 |  | 2767929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/12/30 (Call 02/12/30)<sup>(b)</sup> |  | 2109 |  | 1864693 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electronics (continued)** |  |  |
|  Fortive Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/26 (Call 03/15/26) | $4256 | $3912243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/46 (Call 12/15/45) | 1315 | 972087 |
|  Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419 | 2077873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 (Call 05/01/25) | 3604 | 3307859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 (Call 06/01/31) | 3055 | 2365578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 (Call 03/01/30) | 2191 | 1777339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 (Call 07/15/24) | 4720 | 4520202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26) | 7274 | 6655201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 (Call 05/15/29) | 3960 | 3451457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49)<sup>(b)</sup> | 3180 | 2141857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/23<sup>(b)</sup> | 75 | 73934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47 (Call 05/21/47) | 2205 | 1740649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/24 | 1000 | 999830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/28 | 2720 | 2719701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/33 | 2720 | 2693290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 | 790 | 780560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/36 | 345 | 354094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 1273 | 1306442 |
|  Hubbell Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 (Call 12/15/30) | 525 | 411248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 662 | 595244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/01/26 (Call 12/01/25)<sup>(b)</sup> | 1755 | 1655176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 11/15/27) | 2384 | 2167199 |
|  Jabil Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 (Call 03/15/26) | 3335 | 2891245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/31 (Call 10/15/30) | 3911 | 3037674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/30 (Call 10/15/29) | 891 | 745972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/12/28 (Call 10/12/27) | 2740 | 2474631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 (Call 04/15/27) | 910 | 843261 |
|  Keysight Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 (Call 07/30/29) | 2819 | 2360800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 (Call 07/30/24) | 3538 | 3464657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 (Call 01/06/27) | 3698 | 3540317 |
|  Legrand France SA, 8.50%, 02/15/25 | 2802 | 3005958 |
|  TD SYNNEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 (Call 11/14/22) | 330 | 303438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 (Call 07/09/26) | 3411 | 2880896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/09/28 (Call 06/09/28) | 3050 | 2425452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/09/31 (Call 05/09/31) | 2310 | 1707113 |
|  Trimble Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/24 (Call 09/01/24) | 2610 | 2564925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/28 (Call 03/15/28) | 2379 | 2237545 |
|  Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/04/32 (Call 12/04/31)<sup>(b)</sup> | 150 | 119612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/27 (Call 05/15/27) | 3060 | 2787048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 739 | 717687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 1579 | 1507692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/37 | 566 | 625736 |
|  Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/26 (Call 03/01/26) | 2560 | 2119603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/28 (Call 02/01/28) | 2161 | 1676223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/31 (Call 01/01/31) | 2545 | 1786997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137574320 |
| **Entertainment — 0.1%** |  |  |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24<sup>(f)</sup> | 7040 | 6793318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/15/24 (Call 03/15/23)<sup>(f)</sup> | 528 | 509436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25<sup>(f)</sup> | 8755 | 8257016 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Entertainment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 (Call 02/15/27)<sup>(f)</sup> | $14475 | $12882460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/15/25 (Call 03/15/23)<sup>(f)</sup> | 285 | 268564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 (Call 01/15/29)<sup>(f)</sup> | 5165 | 4392368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 (Call 12/15/31)<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16245 | 13128722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(f)</sup> | 6070 | 4438080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(f)</sup> | 20845 | 14593168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(f)</sup> | 6950 | 4846235 |
|  |  | 70109367 |
| **Environmental Control — 0.1%** |  |  |
|  Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51) | 1203 | 921077 |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 (Call 10/15/25)<sup>(b)</sup> | 1510 | 1324119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 02/15/31 (Call 11/15/30) | 3778 | 2816915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 (Call 11/15/31) | 1350 | 1002699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 2190 | 1793041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/33 (Call 12/15/32) | 2620 | 2008964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 (Call 07/15/24) | 3198 | 3045807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/26 (Call 04/01/26)<sup>(b)</sup> | 1579 | 1445480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 (Call 09/01/49) | 2085 | 1338132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 (Call 12/15/24) | 2755 | 2620363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27 (Call 08/15/27) | 2735 | 2489014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 (Call 02/15/28) | 3421 | 3180093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/15/41 (Call 11/15/40) | 136 | 131481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/40 | 335 | 334732 |
|  Waste Connections Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 (Call 10/15/31) | 2633 | 2030227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 (Call 11/01/29) | 2277 | 1890457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 2580 | 1601277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/01/50 (Call 10/01/49) | 1001 | 639008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 (Call 03/01/32) | 2065 | 1723428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/29 (Call 02/01/29) | 2076 | 1851377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/33 (Call 10/15/32) | 2215 | 2000433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/28 (Call 09/01/28) | 2402 | 2237271 |
|  Waste Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 (Call 10/15/25) | 1483 | 1309919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/15/28 (Call 01/15/28) | 1320 | 1069028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 (Call 12/15/30) | 1473 | 1119392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/29 (Call 04/01/29)<sup>(b)</sup> | 1530 | 1259603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50 (Call 05/15/50)<sup>(b)</sup> | 237 | 138358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/41 (Call 12/01/40) | 3410 | 2399037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/01/25 (Call 12/01/24)<sup>(b)</sup> | 476 | 457893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 (Call 08/15/27) | 3473 | 3168001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/45 (Call 09/01/44) | 180 | 144437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(b)</sup> | 290 | 266904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/15/49 (Call 01/15/49) | 2872 | 2320117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52078084 |
| **Food — 0.4%** |  |  |
|  Ahold Finance USA LLC, 6.88%, 05/01/29 | 1516 | 1576655 |
|  Bestfoods, Series E, 7.25%, 12/15/26<sup>(b)</sup> | 1052 | 1141157 |
|  Campbell Soup Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/24/30 (Call 01/24/30)<sup>(b)</sup> | 2748 | 2201066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/24/50 (Call 10/24/49)<sup>(b)</sup> | 1780 | 1125636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/19/25 (Call 12/19/24) | 1684 | 1603353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 (Call 01/15/25) | 3787 | 3672670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/28 (Call 12/15/27) | 3472 | 3260486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/48 (Call 09/15/47) | 2500 | 2084675 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 (Call 09/01/27) | 1643 | 1326509 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 04/01/24) | $4250 | $4179025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25) | 3071 | 2984644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 (Call 08/01/28) | 3410 | 3228486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 (Call 05/01/38) | 3581 | 3131620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 (Call 05/01/48)<sup>(b)</sup> | 3458 | 2961500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/28 | 2519 | 2616460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30 | 1435 | 1590855 |
|  Diageo Capital PLC, 5.50%, 01/24/33 | 1750 | 1766275 |
|  Flowers Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 (Call 12/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/26 (Call 07/01/26) | 1572 | 1447215 |
|  General Mills Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31 (Call 07/14/31) | 2162 | 1677971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/30 (Call 01/15/30) | 3234 | 2732859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/51 (Call 08/01/50)<sup>(b)</sup> | 2554 | 1602814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26) | 2897 | 2688155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 3362 | 3314798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 (Call 02/17/25) | 4255 | 4141647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 (Call 01/17/28) | 5378 | 5092267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/17/48 (Call 10/17/47) | 10 | 8360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/40 | 427 | 394779 |
|  Hershey Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/25 (Call 05/01/25) | 1511 | 1364176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/01/30 (Call 03/01/30) | 1222 | 954565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/15/24 (Call 10/15/24) | 1280 | 1211763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 (Call 05/15/26) | 4057 | 3687813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 1688 | 1419085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/50 (Call 12/01/49) | 620 | 378305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/49 (Call 05/15/49) | 1869 | 1264472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/21/25 (Call 05/21/25) | 878 | 840378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/46 (Call 02/15/46) | 230 | 162900 |
|  Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/03/24 (Call 12/01/22) | 307 | 286787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 (Call 04/03/28) | 4210 | 3544778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 (Call 03/11/30) | 502 | 399145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/03/51 (Call 12/03/50) | 3005 | 1960793 |
|  Ingredion Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/01/30 (Call 03/01/30) | 1279 | 1044483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 (Call 07/01/26)<sup>(b)</sup> | 2980 | 2730544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/50 (Call 12/01/49) | 2095 | 1443392 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/02/29 (Call 12/02/28)<sup>(f)</sup> | 30 | 24343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 (Call 02/15/32)<sup>(f)</sup> | 991 | 724599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 (Call 01/01/28)<sup>(f)</sup> | 5700 | 5332122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/30 (Call 01/15/25)<sup>(f)</sup> | 200 | 182626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 (Call 01/01/33)<sup>(f)</sup> | 5500 | 4955060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/29 (Call 04/15/24)<sup>(f)</sup> | 25 | 25788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/52 (Call 06/01/52)<sup>(f)</sup> | 5250 | 4584353 |
|  JM Smucker Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/15/32 (Call 12/15/31) | 2125 | 1579555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/30 (Call 12/15/29) | 1965 | 1571862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/41 (Call 03/15/41) | 1070 | 671243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 (Call 09/15/27) | 2705 | 2447051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 | 5340 | 5119298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/50 (Call 09/15/49) | 1583 | 1010160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/35 | 2267 | 1938285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45 | 1846 | 1413427 |
|  Kellogg Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/30 (Call 03/01/30) | 590 | 465121 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/23 | $3617 | $3543358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | 2788720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 (Call 08/15/27) | 1961 | 1790197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 (Call 02/15/28) | 2949 | 2781261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 | 1924 | 1555188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.45%, 04/01/31 | 3442 | 3746238 |
|  Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40<sup>(b)</sup> | 1285 | 1241863 |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26) | 6920 | 6377195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30)<sup>(b)</sup> | 2710 | 2405098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27) | 4610 | 4321506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/31 (Call 12/01/30) | 1637 | 1482893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45) | 9010 | 7040054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/29 (Call 10/30/28) | 1665 | 1597301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/39 (Call 04/01/39) | 1665 | 1379053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 (Call 04/01/49) | 3085 | 2566288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/35 (Call 01/15/35) | 2865 | 2642475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42 | 5225 | 4526418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45) | 6220 | 5436653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 (Call 12/01/49) | 2955 | 2707253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/09/40 | 2665 | 2685920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | 1135 | 1196245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39 | 2915 | 3009184 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/15/31 (Call 10/15/30) | 1905 | 1412996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 (Call 02/01/30) | 3233 | 2539780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) | 3362 | 3007410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 (Call 11/01/25) | 2851 | 2671786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/27 (Call 05/01/27)<sup>(b)</sup> | 2425 | 2243537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/46 (Call 04/15/46) | 2341 | 1676811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 (Call 07/15/49) | 2831 | 2053239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 (Call 11/01/23) | 3199 | 3151591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 (Call 08/01/46) | 1551 | 1219505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 10/15/28) | 2681 | 2514832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/48 (Call 07/15/47) | 1874 | 1508251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/42 (Call 10/15/41) | 1291 | 1095685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/01/43 (Call 02/01/43) | 1585 | 1364859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/40 (Call 01/15/40) | 988 | 880772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/49 (Call 07/15/48) | 2062 | 1841613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 04/15/38 | 1700 | 1761829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/31 | 1178 | 1295399 |
|  McCormick & Co. Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 (Call 01/15/26) | 2950 | 2546558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 (Call 11/15/30)<sup>(b)</sup> | 2133 | 1577865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 (Call 01/15/30) | 2510 | 2022081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 (Call 06/15/24) | 3442 | 3312891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 (Call 05/15/27) | 3745 | 3409897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/47 (Call 02/15/47) | 1430 | 1089503 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 (Call 04/04/25) | 3935 | 3600328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/04/31 (Call 11/04/30) | 2631 | 1937126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/32 (Call 07/15/32) | 2129 | 1547442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/17/24 | 186 | 178413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 (Call 02/17/27) | 655 | 583487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/04/50 (Call 03/04/50) | 3775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 (Call 01/13/30) | 2096 | 1742803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/07/28 (Call 02/07/28) | 570 | 535806 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 (Call 09/01/26)<sup>(f)</sup> | 405 | 310858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(f)</sup> | 450 | 376943 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 (Call 11/15/29) | $3059 | $2475832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/14/31 (Call 09/14/31) | 1300 | 1014481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/51 (Call 06/14/51) | 1605 | 1000878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27) | 3471 | 3141394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26) | 3315 | 3067834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/50 (Call 08/15/49) | 1809 | 1157253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 4135 | 3953598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/48 (Call 09/15/47) | 1853 | 1441801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 (Call 10/01/45) | 825 | 648285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/01/45 (Call 04/01/45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | 1915021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/21/35 | 1904 | 1799889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 (Call 01/01/30) | 2053 | 2094183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/40 (Call 10/01/39) | 770 | 785954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 (Call 10/01/49) | 4297 | 4404425 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 (Call 03/02/27) | 5038 | 4637832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 (Call 05/15/24) | 4356 | 4251979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26) | 4096 | 3912090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | 3704 | 3478760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 (Call 12/02/46)<sup>(b)</sup> | 1896 | 1543894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/34 (Call 02/15/34) | 3051 | 2831328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 (Call 03/28/48) | 4655 | 4082388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/15/44 (Call 02/15/44) | 2431 | 2129216 |
|  Walmart Inc., 3.90%, 09/09/25 | 2720 | 2669408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304033275 |
| **Forest Products & Paper — 0.0%** |  |  |
|  Celulosa Arauco y Constitucion SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/02/27 (Call 08/02/27) | 2298 | 2008889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/24 (Call 05/01/24) | 2214 | 2160665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/02/47 (Call 05/02/47) | 1440 | 1085702 |
|  Fibria Overseas Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/25 (Call 11/14/24) | 522 | 499862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/27<sup>(b)</sup> | 2979 | 2865828 |
|  Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29 | 1763 | 1955484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/24 | 2699 | 2787500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/15/31 | 2180 | 2594658 |
|  International Paper Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/48 (Call 02/15/48) | 816 | 626933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/47 (Call 02/15/47) | 3258 | 2509474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 3345 | 2669109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/35 (Call 03/15/35)<sup>(b)</sup> | 635 | 577736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/46 (Call 11/15/45) | 300 | 252996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41 (Call 05/15/41) | 2756 | 2567352 |
|  Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/28 (Call 07/15/28) | 1770 | 1402318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 (Call 10/15/31) | 867 | 640644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/31 (Call 10/15/30) | 1009 | 808744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 (Call 10/15/29) | 4031 | 3578560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 10/15/28) | 6237 | 5929765 |
|  |  | 37522219 |
| **Gas — 0.1%** |  |  |
|  Atmos Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/31 (Call 10/15/30) | 1800 | 1341396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/29 (Call 06/15/29) | 1140 | 961271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/15/52 (Call 08/15/51) | 540 | 325485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 (Call 03/15/27) | 2110 | 1922442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/49 (Call 03/15/49) | 2691 | 1816129 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 (Call 04/15/44) | $1726 | $1336735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/49 (Call 09/15/48) | 2574 | 1959457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/43 (Call 07/15/42) | 2549 | 2009147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/48 (Call 04/01/48) | 1668 | 1319505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/41 (Call 12/15/40) | 1916 | 1801864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/52 (Call 04/15/52) | 1450 | 1411836 |
|  CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/30 (Call 07/01/30) | 1875 | 1427981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 (Call 01/01/28) | 2029 | 1877637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/01/47 (Call 03/01/47)<sup>(b)</sup> | 2058 | 1568999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/32 (Call 04/01/32)<sup>(b)</sup> | 1965 | 1812536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/41 (Call 07/15/40) | 878 | 833749 |
|  Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/01/23 (Call 08/01/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 (Call 09/15/24) | 516 | 498270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 2.50%, 11/15/24 (Call 10/15/24) | 4982 | 4713072 |
|  National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/31 (Call 12/01/30) | 1515 | 1137189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/27 (Call 06/15/27) | 624 | 552951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28 (Call 06/01/28) | 1863 | 1692759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/25 (Call 04/15/25) | 1609 | 1573570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/15/25) | 1672 | 1637590 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 (Call 07/15/25) | 4954 | 4388005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30) | 3385 | 2486892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 (Call 06/01/29) | 1824 | 1525174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 (Call 02/15/27) | 1699 | 1554687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 (Call 02/01/30) | 3794 | 3272211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 (Call 09/30/47) | 2951 | 2121828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 (Call 11/15/46) | 2056 | 1587417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 (Call 08/15/43) | 2999 | 2444635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 1680 | 1410562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/43 (Call 08/15/42) | 1265 | 1091012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/45 (Call 08/01/44) | 2072 | 1879801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/41 (Call 12/15/40) | 1515 | 1420873 |
|  ONE Gas Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/11/24 (Call 11/16/22) | 1643 | 1554541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30) | 277 | 216808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/01/24 (Call 11/01/23) | 978 | 958332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/32 (Call 06/01/32)<sup>(b)</sup> | 345 | 314881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 (Call 05/01/48) | 1757 | 1333493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/01/44 (Call 08/01/43) | 1508 | 1201544 |
|  Piedmont Natural Gas Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/31 (Call 12/15/30) | 2670 | 2097739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/50 (Call 12/01/49) | 2370 | 1506964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 (Call 03/01/29) | 1744 | 1547381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 11/01/46 (Call 05/01/46) | 1092 | 730046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/43 (Call 02/01/43) | 785 | 621210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/52 (Call 11/15/51) | 675 | 569855 |
|  Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 (Call 03/15/27) | 2465 | 2228606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/24 (Call 06/15/24) | 3465 | 3342824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 03/15/25) | 1266 | 1202940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/42 (Call 03/15/42) | 1155 | 836751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/40 | 1710 | 1503723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series TT, 2.60%, 06/15/26 (Call 03/15/26) | 2507 | 2283150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series UU, 4.13%, 06/01/48 (Call 12/01/47) | 1664 | 1231926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VV, 4.30%, 01/15/49 (Call 07/15/48) | 1805 | 1371547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WW, 3.95%, 02/15/50 (Call 08/15/49) | 822 | 594405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series XX, 2.55%, 02/01/30 (Call 11/01/29) | 2553 | 2110693 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Gas (continued)** |  |  |
|  Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/26 (Call 03/15/26) | $1720 | $1582624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/46 (Call 04/01/46) | 2228 | 1573369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/43 (Call 12/01/42) | 1930 | 1471857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/30/47 (Call 11/30/46) | 1888 | 1406938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/32 (Call 03/15/32) | 50 | 47557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/41 (Call 09/15/40) | 2105 | 1977395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30) | 2594 | 1902725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 3.15%, 09/30/51 (Call 03/30/51) | 1670 | 1008513 |
|  Southwest Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/30 (Call 03/15/30) | 1403 | 1046638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/51 (Call 02/15/51) | 1255 | 701269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/28 (Call 01/01/28) | 1833 | 1620042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/29/46 (Call 03/29/46) | 1316 | 836147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 (Call 12/15/31) | 2572 | 2149317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | 1294 | 860846 |
|  Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50) | 305 | 191220 |
|  Washington Gas Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/49 (Call 03/15/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | 829216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K, 3.80%, 09/15/46 (Call 03/15/46) | 1901 | 1381210 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114245293 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Kennametal Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/31 (Call 12/01/30) | 1365 | 1028650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 03/15/28) | 725 | 662976 |
|  Snap-on Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/50 (Call 11/01/49)<sup>(b)</sup> | 1384 | 930449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) | 1775 | 1659554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/48 (Call 09/01/47) | 510 | 407092 |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/24/25 (Call 02/24/23) | 10 | 9394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 (Call 12/15/29) | 3700 | 2970915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) | 1715 | 983484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 (Call 02/15/32)<sup>(b)</sup> | 1807 | 1464556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 (Call 01/01/26) | 3160 | 2967904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/60 (Call 03/15/25)<sup>(a)</sup> | 2640 | 2189827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 (Call 08/15/28)<sup>(b)</sup> | 1661 | 1562619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/48 (Call 05/15/48) | 1412 | 1180559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/40 | 2453 | 2200022 |
|  |  | 20218001 |
| **Health Care - Products — 0.2%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/30/28 (Call 11/30/27)<sup>(b)</sup> | 4415 | 3667850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/30/30 (Call 03/30/30) | 3118 | 2410838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 12/15/24) | 4330 | 4151734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/30/23 (Call 09/30/23) | 4452 | 4391141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26) | 5057 | 4859777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/25 (Call 06/15/25) | 2684 | 2615719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36) | 6348 | 6069132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 (Call 10/15/42) | 3085 | 2791740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) | 8427 | 7853711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/27/40 | 3400 | 3337134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/39 | 1195 | 1239466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/30/37 | 2005 | 2146874 |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%, 12/01/23 | 480 | 458299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 11/29/24 | 751 | 691198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/31 (Call 01/01/31) | 590 | 429951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 (Call 01/01/27) | 5843 | 5023870 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/28 (Call 10/01/28) | $5240 | $4308695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31)<sup>(b)</sup> | 895 | 684451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 (Call 05/15/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3366191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 (Call 06/01/51) | 2330 | 1418784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 (Call 02/15/46) | 2063 | 1390689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 (Call 01/01/30) | 3860 | 3429340 |
|  Boston Scientific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/25 (Call 05/01/25) | 2750 | 2538690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30) | 1871 | 1546700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 (Call 02/01/24) | 1796 | 1757314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/39 (Call 09/01/38) | 1703 | 1438473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/49 (Call 09/01/48)<sup>(b)</sup> | 2229 | 1883015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/35 | 1083 | 1134572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/40<sup>(b)</sup> | 1166 | 1281772 |
|  Danaher Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 (Call 04/01/50) | 3688 | 2213685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51) | 3705 | 2309845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 886 | 846529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 1708 | 1410723 |
|  DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30) | 2473 | 1932748 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 (Call 10/15/24) | 3175 | 2996851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29 (Call 08/15/29) | 3181 | 2706458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39) | 3492 | 2604578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49) | 2184 | 1534872 |
|  Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28) | 2266 | 2107131 |
|  Koninklijke Philips NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/42 | 2037 | 1675758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/11/38 | 2480 | 2518787 |
|  Medtronic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/43 (Call 10/01/42)<sup>(b)</sup> | 30 | 24008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35 | 7385 | 6767319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45 | 6752 | 5933252 |
|  PerkinElmer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 09/15/24 (Call 12/01/22) | 777 | 717575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/28 (Call 07/15/28) | 2423 | 1935250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/31 (Call 06/15/31) | 2105 | 1572246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 820 | 634401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/29 (Call 06/15/29) | 2186 | 1839978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/51 (Call 09/15/50) | 980 | 637931 |
|  Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30) | 4520 | 3332234 |
|  STERIS Irish FinCo UnLtd Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 3026 | 2357708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/51 (Call 09/15/50) | 2870 | 1909583 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 12/01/23 (Call 11/14/22) | 1230 | 1172522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 (Call 05/15/25)<sup>(b)</sup> | 1113 | 1002334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/30 (Call 03/15/30) | 2803 | 2201785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 (Call 12/15/49)<sup>(b)</sup> | 1821 | 1138362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 02/15/24) | 3940 | 3836693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25) | 2883 | 2746634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25) | 4664 | 4418347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/07/28 (Call 12/07/27) | 3467 | 3220080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 (Call 10/01/42) | 2428 | 1857323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/44 (Call 11/15/43) | 2533 | 2022575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 (Call 09/15/45) | 2050 | 1720565 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/24 (Call 12/01/22) | 1260 | 1173148 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Products (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28 (Call 08/15/28)<sup>(b)</sup> | $3275 | $2728435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 (Call 07/15/31)<sup>(b)</sup> | 2295 | 1800749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 (Call 07/01/29) | 3569 | 3058526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41) | 1290 | 889313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47) | 2944 | 2400243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/44 (Call 08/01/43) | 1839 | 1740338 |
|  Zimmer Biomet Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/22/24 (Call 12/01/22) | 700 | 645708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31 (Call 08/24/31)<sup>(b)</sup> | 3495 | 2708520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 (Call 12/15/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2588 | 2401405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/01/25 (Call 01/01/25) | 540 | 516451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/45 (Call 02/15/45) | 2394 | 1812497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/30/39 | 368 | 337228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178386351 |
| **Health Care - Services — 0.8%** |  |  |
|  AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51) | 1154 | 689076 |
|  Adventist Health System/West |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/29 (Call 12/01/28) | 683 | 576548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/49 (Call 09/01/48) | 1981 | 1404509 |
|  Advocate Health & Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 10/15/49 (Call 04/15/49) | 1787 | 1213855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 08/15/28 (Call 05/15/28) | 1186 | 1091938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/15/48 (Call 02/15/48) | 1586 | 1265596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.21%, 06/15/30 (Call 03/15/30) | 455 | 361725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.01%, 06/15/50 (Call 12/15/49) | 1622 | 1011106 |
|  Aetna Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 4730 | 4571025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/47 (Call 02/15/47) | 760 | 546835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/42 (Call 05/15/42) | 2789 | 2107843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/42 (Call 11/15/41) | 1886 | 1501313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/44 (Call 09/15/43) | 1654 | 1348407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36 | 2621 | 2643200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37 | 2858 | 2875948 |
|  AHS Hospital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/01/45 | 725 | 646925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.78%, 07/01/51 (Call 01/01/51) | 861 | 503513 |
|  Allina Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/51 (Call 05/15/51) | 385 | 232101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.89%, 04/15/49 | 2458 | 1832562 |
|  Anthem Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/32 (Call 02/15/32) | 2058 | 1851932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/15/52 (Call 11/15/51) | 2150 | 1759474 |
|  Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46 | 3430 | 2684558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/53<sup>(b)</sup> | 3015 | 2715882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.53%, 11/15/29 (Call 08/15/29) | 2294 | 1911980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.11%, 11/15/39 (Call 05/15/39) | 1021 | 733762 |
|  Banner Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/01/31 (Call 07/01/30) | 1063 | 811377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/01/30 (Call 10/01/29) | 2022 | 1652742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/42 (Call 07/01/41) | 170 | 114291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/51 (Call 07/01/50) | 1552 | 928732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.18%, 01/01/50 (Call 07/01/49)<sup>(b)</sup> | 1603 | 1036852 |
|  Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71) | 485 | 266153 |
|  Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50) | 603 | 401441 |
|  BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)<sup>(b)</sup> | 2579 | 1963290 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  Baylor Scott & White Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/15/46 (Call 05/15/46) | $860 | $656722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 11/15/45 (Call 05/15/45) | 1358 | 1070525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 1.78%, 11/15/30 (Call 05/15/30) | 1131 | 856156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.84%, 11/15/50 (Call 11/15/49) | 4310 | 2585655 |
|  Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51) | 710 | 414590 |
|  BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | 1192363 |
|  Bon Secours Mercy Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 06/01/30 (Call 12/01/29) | 2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-2, 2.10%, 06/01/31 (Call 12/01/30) | 1130 | 858732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20-2, 3.21%, 06/01/50 (Call 12/01/49) | 1720 | 1087556 |
|  Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50) | 1655 | 1025901 |
|  Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)<sup>(b)</sup> | 1150 | 908868 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 25 | 20563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 2183 | 1668380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 30 | 22939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 3219 | 2584599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 300 | 276756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 1411 | 1280482 |
|  Children's Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50) | 1876 | 1050053 |
|  Children's Hospital Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 4.12%, 01/01/47 (Call 07/01/46) | 1723 | 1366753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.59%, 02/01/50 (Call 08/01/49) | 480 | 276730 |
|  Children's Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44 | 1558 | 1287500 |
|  Children's Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) | 1203 | 696958 |
|  Children's Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50) | 1071 | 639997 |
|  CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)<sup>(b)</sup> | 1749 | 1614764 |
|  City of Hope |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2013, 5.62%, 11/15/43 | 975 | 905804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.38%, 08/15/48 (Call 02/15/48)<sup>(b)</sup> | 927 | 721271 |
|  Cleveland Clinic Foundation (The), 4.86%, 01/01/2114 | 1485 | 1169022 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/01/25 (Call 07/01/25) | 1828 | 1624818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 (Call 07/01/24) | 264 | 250821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/01/30 (Call 04/01/30) | 1872 | 1453271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 (Call 04/01/29) | 3045 | 2556978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/01/49 (Call 04/01/49)<sup>(b)</sup> | 3052 | 2091810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 (Call 04/01/50) | 1304 | 874958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 2966 | 2097348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/01/42 | 2968 | 2306670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 11/01/27 | 1756 | 1757879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.46%, 11/01/52 | 915 | 912703 |
|  Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49) | 1450 | 852310 |
|  Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49) | 2295 | 1517156 |
|  Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48) | 1897 | 1447373 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  Dignity Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/42 | $1030 | $815441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/01/64 | 1330 | 1063747 |
|  Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46) | 1686 | 1272323 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 10/15/32 | 2100 | 2093154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 (Call 02/15/26) | 3505 | 3097474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 (Call 02/15/30) | 2788 | 2241803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 (Call 12/15/24) | 2625 | 2467447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 4195 | 3394720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 (Call 06/15/29) | 3082 | 2619947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 (Call 11/15/49) | 926 | 596603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 (Call 10/01/24) | 5694 | 5482012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 (Call 05/15/24) | 4653 | 4521460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 5198 | 3661783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 (Call 09/01/27) | 6528 | 6041664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 (Call 03/15/49) | 3837 | 2736126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 (Call 12/01/27) | 3863 | 3627705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 (Call 06/01/47) | 4928 | 3972067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 (Call 09/01/47) | 3445 | 2848567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 1439 | 1219653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43 | 3995 | 3375096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 (Call 02/15/44) | 1612 | 1339862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 3108 | 2750456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/15/25 | 1535 | 1535783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/36 | 1004 | 980537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/34 | 365 | 362376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 | 420 | 428375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/37 | 495 | 506039 |
|  Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49) | 195 | 137477 |
|  Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51) | 652 | 563810 |
|  Hackensack Meridian Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 07/01/48 (Call 01/01/48) | 1291 | 998731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/57 (Call 01/01/57) | 1585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.68%, 09/01/41 (Call 03/01/41) | 1996 | 1275624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.88%, 09/01/50 (Call 03/01/50) | 1922 | 1140630 |
|  Hartford HealthCare Corp., 3.45%, 07/01/54<sup>(b)</sup> | 2060 | 1386565 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 (Call 04/15/31) | 4735 | 3531316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(f)</sup> | 1165 | 1031759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 01/15/29)<sup>(f)</sup> | 1302 | 1103770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 (Call 03/01/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10520 | 8703512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51) | 4385 | 2720059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 (Call 12/15/31)<sup>(f)</sup> | 3727 | 3026548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 03/15/29) | 7630 | 6733093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41)<sup>(f)</sup> | 1295 | 972144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 5155 | 4828070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(f)</sup> | 1990 | 1463008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24 | 2853 | 2828664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 5210 | 4331073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25 | 2761 | 2715443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25) | 6438 | 6244216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48) | 5041 | 4074086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25 | 10625 | 10495481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26) | 4815 | 4673102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 (Call 12/15/46) | 6507 | 5449482 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 (Call 03/01/28) | $6035 | $5805066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25) | 6315 | 6261259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 08/01/28) | 4340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239486 |
|  Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | 929934 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) | 3610 | 3025938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 (Call 11/03/31) | 2785 | 2095434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/29 (Call 05/15/29) | 2302 | 1968118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29) | 2065 | 1838036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 (Call 07/01/24) | 3599 | 3507765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 (Call 12/15/26) | 2179 | 2040459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/49 (Call 02/15/49) | 1722 | 1275813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 03/01/25) | 2433 | 2384267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/42 (Call 06/01/42) | 1670 | 1369316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/47 | 1545 | 1289287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/30 (Call 01/01/30) | 2169 | 2061396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 (Call 04/01/44) | 2706 | 2312548 |
|  IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47) | 275 | 218402 |
|  Indiana University Health Inc. Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/48 (Call 05/01/48) | 2530 | 1921307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.85%, 11/01/51 (Call 05/01/51) | 555 | 329337 |
|  Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51) | 646 | 490695 |
|  Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50) | 2179 | 1445897 |
|  Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49) | 275 | 192316 |
|  Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 | 2841 | 2133875 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 02/01/27) | 3588 | 3287146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 (Call 11/01/46) | 5847 | 4608196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/42 | 2317 | 2086412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 | 4373 | 2891646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40) | 3397 | 2276635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50) | 2734 | 1686987 |
|  Laboratory Corp. of America Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/01/26 (Call 05/01/26) | 2165 | 1878874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/24 (Call 11/01/24) | 2210 | 2074394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/31 (Call 03/01/31) | 2244 | 1788558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/29 (Call 09/01/29)<sup>(b)</sup> | 2217 | 1853479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 (Call 07/01/24) | 3067 | 2952877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 (Call 11/01/24) | 4184 | 4012079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27)<sup>(b)</sup> | 2965 | 2729342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/23 (Call 08/01/23) | 1132 | 1118076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/45 (Call 08/01/44) | 2638 | 2144668 |
|  Mass General Brigham Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 4.12%, 07/01/55<sup>(b)</sup> | 199 | 151453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.77%, 07/01/48 (Call 01/01/48) | 1264 | 923365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.19%, 07/01/49 (Call 01/01/49) | 1835 | 1212421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.34%, 07/01/60 (Call 01/01/60) | 2326 | 1435375 |
|  Mayo Clinic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/43 | 245 | 183628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016, 4.13%, 11/15/52 | 2891 | 2318119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.20%, 11/15/61 (Call 05/15/61) | 2356 | 1446019 |
|  McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47) | 1887 | 1479182 |
|  MedStar Health Inc., Series 20A, 3.63%, 08/15/49 | 1622 | 1070504 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49) | $1543 | $1060535 |
|  Memorial Sloan-Kettering Cancer Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/52 | 1730 | 1332169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42 | 690 | 630536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015, 4.20%, 07/01/55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 | 1601137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.96%, 01/01/50 (Call 07/01/49) | 781 | 482955 |
|  Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)<sup>(b)</sup> | 1281 | 1199298 |
|  Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) | 3156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807504 |
|  MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49) | 1938 | 1240262 |
|  Montefiore Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/01/50 | 1216 | 697826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 18-C, 5.25%, 11/01/48 | 1802 | 1245651 |
|  Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52 | 660 | 466943 |
|  Mount Sinai Hospitals Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, 3.98%, 07/01/48<sup>(b)</sup> | 1463 | 1083981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.74%, 07/01/49<br>(Call 01/01/49)<sup>(b)</sup> | 2020 | 1403557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.39%, 07/01/50 (Call 07/01/49) | 1626 | 1016608 |
|  MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50) | 933 | 517237 |
|  Nationwide Children's Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52) | 591 | 492344 |
|  New York and Presbyterian Hospital (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/40 (Call 02/01/40) | 1079 | 676565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 08/01/60 (Call 02/01/60) | 1728 | 907943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/45 | 3024 | 2369334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/01/56 | 553 | 421154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.95%, 08/01/2119 (Call 02/01/19) | 1835 | 1168179 |
|  Northwell Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/01/49 (Call 11/01/48)<sup>(b)</sup> | 2845 | 1926606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/01/46 (Call 11/01/45) | 2565 | 1830153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/47 (Call 11/01/46) | 1155 | 855485 |
|  Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)<sup>(b)</sup> | 350 | 202220 |
|  Novant Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 11/01/36 (Call 08/01/36) | 906 | 630404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/01/51 (Call 05/01/51) | 2804 | 1785419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/01/61 (Call 05/01/61) | 1356 | 822292 |
|  NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50<br>(Call 04/01/50)<sup>(b)</sup> | 875 | 496221 |
|  Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30) | 2080 | 1555653 |
|  OhioHealth Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 (Call 05/15/31) | 1409 | 1093764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/41 (Call 05/15/41) | 1425 | 937294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.04%, 11/15/50 (Call 05/15/50)<sup>(b)</sup> | 1202 | 781384 |
|  Orlando Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 10/01/50 (Call 04/01/50) | 1493 | 997757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 10/01/48 (Call 04/01/48) | 1477 | 1111723 |
|  PeaceHealth Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.79%, 11/15/48 (Call 05/15/48) | 1512 | 1206757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 1.38%, 11/15/25 (Call 08/15/25) | 1322 | 1166255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.22%, 11/15/50 (Call 05/15/50) | 1728 | 1061787 |
|  Piedmont Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 01/01/32 (Call 07/01/31) | 842 | 624208 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 01/01/52 (Call 07/01/51) | $1331 | $770503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2042, 2.72%, 01/01/42 (Call 07/01/41) | 1241 | 790604 |
|  Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52) | 970 | 844870 |
|  Providence St Joseph Health Obligated Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 19A, 2.53%, 10/01/29 (Call 07/01/29) | 2552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 21A, 2.70%, 10/01/51 (Call 04/01/51) | 1690 | 904387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.93%, 10/01/48 (Call 04/01/48) | 1645 | 1163212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 2.75%, 10/01/26 (Call 07/01/26) | 987 | 900253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.74%, 10/01/47<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2378 | 1692232 |
|  Queen's Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52) | 761 | 663729 |
|  Quest Diagnostics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/30/31 (Call 03/30/31) | 2246 | 1802213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/30/30 (Call 03/30/30) | 2672 | 2233124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26) | 2822 | 2647939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 (Call 12/30/24) | 1353 | 1297148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/30/29 (Call 03/30/29) | 2603 | 2396296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 2490 | 2455762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/30/45 (Call 09/30/44) | 886 | 701322 |
|  Rady Children's Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50) | 940 | 601440 |
|  Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29) | 648 | 578262 |
|  RWJ Barnabas Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 07/01/49 (Call 01/01/49) | 964 | 657467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/46 (Call 07/01/45) | 2230 | 1698814 |
|  Seattle Children's Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)<sup>(b)</sup> | 1750 | 1023575 |
|  Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51) | 1139 | 681578 |
|  Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49) | 921 | 525348 |
|  SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27) | 75 | 70026 |
|  Stanford Health Care |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 08/15/51 (Call 02/15/51) | 1755 | 1112021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.80%, 11/15/48 (Call 05/15/48) | 2181 | 1628291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 3.31%, 08/15/30 (Call 05/15/30) | 630 | 539671 |
|  Summa Health, 3.51%, 11/15/51 (Call 05/15/51) | 1565 | 961145 |
|  Sutter Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 3.70%, 08/15/28 (Call 05/15/28)<sup>(b)</sup> | 2054 | 1844882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.09%, 08/15/48 (Call 02/15/48) | 2161 | 1562144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 1.32%, 08/15/25 (Call 05/15/25) | 1109 | 996769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.29%, 08/15/30 (Call 02/15/30) | 1489 | 1171456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.16%, 08/15/40 (Call 02/15/40) | 857 | 578432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 3.36%, 08/15/50 (Call 02/15/50) | 2014 | 1291639 |
|  Texas Health Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 11/15/50 (Call 05/15/50) | 2137 | 1133999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 11/15/55 | 729 | 580510 |
|  Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28) | 1960 | 1717979 |
|  Trinity Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/45 | 846 | 666936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.43%, 12/01/48<sup>(b)</sup> | 1735 | 1253971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.63%, 12/01/40 (Call 06/01/40) | 901 | 582397 |
|  UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52) | 455 | 391264 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 (Call 04/15/27)<sup>(b)</sup> | 2265 | 2142735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/24 (Call 11/14/22) | 710 | 664397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26) | 3135 | 2765133 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26 | $2473 | $2198126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 4360 | 3499772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 4790 | 3839089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 4571 | 4372573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 4381 | 3005497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 3769 | 3268967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 4503 | 2878183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27 | 2889 | 2615383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | 2795897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26 | 3377 | 3177419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59)<sup>(b)</sup> | 1474 | 913143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 3355 | 2276468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/27 | 2483 | 2317583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 2918 | 2740615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24 | 1716 | 1687909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 3914 | 3009514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/25 | 2149 | 2069530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49) | 3802 | 2810819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 | 7939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7708531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 3096 | 2327480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28 | 4126 | 3841058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28 | 1832 | 1704200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59)<sup>(b)</sup> | 3130 | 2281895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 (Call 04/15/42) | 2590 | 2042344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 3420 | 3180703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32) | 5030 | 4638113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 3516 | 2852531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 1381 | 1143551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/47 (Call 10/15/46) | 2399 | 1955833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47) | 5298 | 4302824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 (Call 09/15/41) | 1239 | 1042941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48) | 3846 | 3206256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 3986 | 3654883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/41 (Call 05/15/41) | 3086 | 2673464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45 | 7345 | 6435469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | 6575 | 5754045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61) | 4375 | 3857044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/24 | 2720 | 2721006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/25 | 1290 | 1292748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 1995 | 1999808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30<sup>(b)</sup> | 800 | 800040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 | 2720 | 2730064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/40 (Call 04/15/40) | 1869 | 1831022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36 | 1780 | 1799082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 6385 | 6524448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/41 (Call 08/15/40) | 2600 | 2602028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 | 1610 | 1656529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/37 | 2128 | 2278896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37 | 3068 | 3322583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 | 3416 | 3745166 |
|  Universal Health Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/01/26 (Call 08/01/26)<sup>(f)</sup> | 3840 | 3227098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/30 (Call 07/15/30)<sup>(f)</sup> | 2658 | 1985792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31)<sup>(b)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2150 | 1534992 |
|  UPMC, Series D-1, 3.60%, 04/03/25 | 300 | 288261 |
|  WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52) | 647 | 408425 |
|  West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49) | 673 | 404298 |
|  Willis-Knighton Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018, 4.81%, 09/01/48 (Call 03/01/48) | 2123 | 1769223 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.07%, 03/01/51 (Call 09/01/50) | $965 | $567796 |
|  Yale-New Haven Health Services Corp.,<br>Series 2020, 2.50%, 07/01/50 (Call 07/01/49) | 2461 | 1330909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589441211 |
| **Holding Companies - Diversified — 0.1%** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26) | 1710 | 1413691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 (Call 05/15/27) | 1250 | 1029087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 (Call 04/15/28) | 3475 | 2724087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/31 (Call 08/15/31) | 2175 | 1522478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 (Call 06/15/25)<sup>(b)</sup> | 3715 | 3352007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 1556 | 1396666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 (Call 05/10/24) | 3226 | 3102444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 (Call 01/01/25) | 2042 | 1914048 |
|  Bain Capital Specialty Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/13/26 (Call 09/13/26) | 1905 | 1544326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 (Call 02/10/26) | 2080 | 1760158 |
|  Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)<sup>(f)</sup> | 585 | 483678 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/24<sup>(b)</sup> | 1140 | 1041538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/24 | 544 | 497994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 2315 | 1913648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 (Call 11/15/24) | 970 | 890809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27) | 6385 | 5297890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/29 (Call 11/15/28) | 1775 | 1448187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25<sup>(b)</sup> | 3280 | 3152310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 09/29/25<sup>(f)</sup> | 75 | 74387 |
|  Blackstone Secured Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 (Call 01/15/27) | 1069 | 860000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 (Call 08/19/26) | 1445 | 1240215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/28 (Call 07/30/28) | 1880 | 1436076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 (Call 12/15/25) | 312 | 281393 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/12/24 | 1922 | 1742793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26) | 2745 | 2210823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 (Call 08/12/28) | 2300 | 1764583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 06/15/27) | 2350 | 1926671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 1275 | 1122357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/25 (Call 01/01/25) | 25 | 23389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 06/15/24) | 1634 | 1571385 |
|  Goldman Sachs BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25) | 975 | 881839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/10/25 (Call 01/10/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | 1501794 |
|  Golub Capital BDC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/27 (Call 01/15/27) | 3253 | 2602302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 (Call 07/24/26) | 1785 | 1485031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 (Call 03/15/24) | 1485 | 1413022 |
|  Main Street Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/14/26 (Call 06/14/26) | 2305 | 1950353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/01/24 | 1909 | 1858602 |
|  Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27) | 260 | 233262 |
|  Oaktree Specialty Lending Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/27 (Call 12/15/26) | 3378 | 2804517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/25 (Call 01/25/25) | 841 | 782904 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 2617 | 2093574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/11/28 (Call 04/11/28) | 3050 | 2300096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26) | 715 | 609123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 (Call 06/22/25) | 1666 | 1522391 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Holding Companies - Diversified (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 (Call 02/28/25) | $1272 | $1179984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 (Call 12/15/25) | 2460 | 2228096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24 (Call 03/15/24) | 1207 | 1184900 |
|  Owl Rock Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27) | 2790 | 2243857 |
|  OWL Rock Core Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 (Call 08/23/26) | 610 | 510027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/27 (Call 01/08/27) | 510 | 445618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/21/25 | 340 | 321086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27 (Call 08/16/27)<sup>(f)</sup> | 300 | 292602 |
|  Owl Rock Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26) | 1041 | 834913 |
|  Prospect Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 (Call 10/15/26) | 1725 | 1399596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/28 (Call 08/15/28) | 2100 | 1540896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 (Call 12/22/25) | 1894 | 1627969 |
|  Sixth Street Specialty Lending Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/26 (Call 07/01/26) | 475 | 400952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/24 (Call 10/01/24) | 1314 | 1247223 |
|  |  | 86235647 |
| **Home Builders — 0.1%** |  |  |
|  DR Horton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26 (Call 09/15/26) | 3975 | 3322305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 10/15/27 (Call 08/15/27) | 1269 | 1020822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 (Call 09/15/24) | 2449 | 2308770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 (Call 09/15/25) | 731 | 669187 |
|  Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 (Call 01/31/24) | 2585 | 2543407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 (Call 02/28/25) | 2620 | 2544780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27 (Call 05/29/27) | 3718 | 3440265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/23 (Call 09/15/23) | 2070 | 2053916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 (Call 12/15/26) | 1448 | 1361670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/25) | 2191 | 2129586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 (Call 05/15/24) | 1864 | 1866181 |
|  MDC Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/31 (Call 07/15/30) | 1682 | 1149428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/30 (Call 07/15/29) | 1581 | 1219425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/61 (Call 02/06/61) | 1020 | 511418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/43 (Call 10/15/42) | 1642 | 1249693 |
|  NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) | 858 | 695924 |
|  PulteGroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 (Call 10/15/26) | 1380 | 1327298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 (Call 12/01/25) | 425 | 416296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/35 | 1378 | 1223223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/33 | 1591 | 1482112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/32 | 444 | 466262 |
|  Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/29 (Call 08/01/29) | 2165 | 1753001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/28 (Call 11/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | 1769389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/25 (Call 08/15/25)<sup>(b)</sup> | 2102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26) | 2020 | 1862339 |
|  |  | 40383744 |
| **Home Furnishings — 0.0%** |  |  |
|  Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25) | 1841 | 1785420 |
|  Leggett & Platt Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 (Call 08/15/27) | 2322 | 2074753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/51 (Call 05/15/51)<sup>(b)</sup> | 2335 | 1525432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/24 (Call 08/15/24) | 2153 | 2078786 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Home Furnishings (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/29 (Call 12/15/28) | $2062 | $1884854 |
|  Whirlpool Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31) | 1635 | 1232921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/25<sup>(b)</sup> | 1741 | 1676774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24 | 1193 | 1172289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 (Call 12/01/45) | 1953 | 1415730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | 1935 | 1398328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/32 (Call 02/14/32)<sup>(b)</sup> | 1254 | 1125578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 (Call 11/26/28)<sup>(b)</sup> | 3176 | 2959429 |
|  |  | 20330294 |
| **Household Products & Wares — 0.1%** |  |  |
|  Avery Dennison Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 08/15/24 (Call 12/01/22) | 267 | 247052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/32 (Call 11/15/31) | 2565 | 1888892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/30/30 (Call 02/01/30) | 1527 | 1210178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/06/28 (Call 09/06/28) | 3111 | 2958561 |
|  Church & Dwight Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/15/31 (Call 09/15/31) | 1414 | 1099993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/27 (Call 05/01/27) | 3156 | 2881680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 (Call 02/01/47) | 1749 | 1294312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 (Call 12/15/51) | 2000 | 1740700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/32 | 1810 | 1806651 |
|  Clorox Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 05/15/30 (Call 02/15/30) | 1419 | 1090019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/01/27 (Call 07/01/27) | 2293 | 2076908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/28 (Call 02/15/28) | 2398 | 2237742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/29 (Call 03/01/29) | 1675 | 1573110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/32 (Call 02/01/32) | 2499 | 2319497 |
|  Kimberly-Clark Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 (Call 07/15/27) | 1731 | 1445264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/02/31 (Call 08/02/31) | 1435 | 1120807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/26 | 1399 | 1306470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/07/50 (Call 08/07/49)<sup>(b)</sup> | 1424 | 915774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/15/25 | 1208 | 1151333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/30 (Call 12/26/29) | 1873 | 1639943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/29 (Call 01/25/29) | 1330 | 1187344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/30/46 (Call 01/30/46) | 1905 | 1297553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/04/47 (Call 11/04/46) | 1402 | 1067315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/28 (Call 08/01/28) | 2217 | 2087305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/41 | 1650 | 1566527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/37 | 1588 | 1738701 |
|  |  | 40949631 |
| **Insurance — 0.7%** |  |  |
|  ACE Capital Trust II, Series N, 9.70%, 04/01/30 | 560 | 698034 |
|  Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),<br>(6 mo. LIBOR US + 3.540%)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267114 |
|  Aflac Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/26 (Call 02/15/26) | 495 | 433348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 07/15/26) | 1457 | 1343135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/30 (Call 01/01/30) | 4598 | 4085369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/46 (Call 04/15/46) | 1381 | 1023445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/49 (Call 07/15/48) | 2443 | 2020630 |
|  Alleghany Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/51 (Call 02/15/51) | 985 | 638073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | 2989 | 2654142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/44 (Call 03/15/44)<sup>(b)</sup> | 1725 | 1481551 |
|  Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25) | 2500 | 2378850 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Allstate Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 (Call 11/15/25) | $1400 | $1214822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 12/15/30 (Call 09/15/30) | 1174 | 862749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/15/26 (Call 09/15/26) | 2652 | 2466784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 (Call 02/10/49) | 2558 | 1857236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 (Call 06/15/46) | 3132 | 2448973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43 | 1073 | 885697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/33 | 1464 | 1414927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/09/35 | 2341 | 2298183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/36 | 216 | 218024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/67 (Call 05/15/37),<br>(3 mo. LIBOR US + 2.120%)<sup>(a)</sup> | 1876 | 1815837 |
|  American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27) | 1562 | 1462782 |
|  American Financial Group Inc./OH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 465 | 351224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/02/30 (Call 01/02/30) | 442 | 418384 |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 (Call 05/30/25)<sup>(b)</sup> | 3836 | 3561764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/30/30 (Call 03/30/30) | 270 | 232267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/35 (Call 07/15/34) | 100 | 82197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 (Call 01/01/26) | 3474 | 3309089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/24 | 1313 | 1295235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/28 (Call 01/01/28) | 280 | 259526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 (Call 12/30/49) | 3419 | 2674205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/16/44 (Call 01/16/44) | 175 | 139697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 (Call 10/01/47) | 3368 | 2786380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 (Call 01/10/45) | 3360 | 2782013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/36 | 355 | 358312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A-9, 5.75%, 04/01/48 (Call 04/01/28),<br>(3 mo. LIBOR US + 2.868%)<sup>(a)</sup> | 2623 | 2341657 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | 891258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 (Call 02/02/29) | 2387 | 2128488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 (Call 09/15/28) | 1191 | 1112465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/30/40 | 1379 | 1368313 |
|  Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/23/31 (Call 05/23/31) | 3455 | 2578812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/02/31 (Call 09/02/31) | 1175 | 912000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/28/27 (Call 04/28/27) | 1290 | 1145275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/23/51 (Call 02/23/51) | 2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/28/52 (Call 08/28/51) | 2170 | 1538031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/12/32 (Call 06/12/32) | 1450 | 1373280 |
|  Aon Global Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 (Call 03/14/24) | 2463 | 2395982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 (Call 09/15/25) | 986 | 938485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/14/44 (Call 03/14/44) | 2347 | 1886894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/45 (Call 11/15/44) | 2484 | 2017306 |
|  Aon PLC, 4.00%, 11/27/23 (Call 08/27/23) | 803 | 793003 |
|  Arch Capital Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 12/15/26 (Call 09/15/26) | 1997 | 1884209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 12/15/46 (Call 06/15/46) | 1049 | 851358 |
|  Arch Capital Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 06/30/50 (Call 12/30/49) | 3792 | 2436019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 05/01/34 | 780 | 836675 |
|  Arch Capital Group U.S. Inc., 5.14%, 11/01/43 | 2345 | 1985160 |
|  Arthur J Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 (Call 08/09/31) | 2510 | 1893444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/52 (Call 09/09/51) | 1430 | 830859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 (Call 11/20/50) | 837 | 540258 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Aspen Insurance Holdings Ltd., 4.65%, 11/15/23 | $1996 | $1969812 |
|  Assurant Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31) | 825 | 594602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/30 (Call 11/22/29) | 2107 | 1732755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 (Call 12/27/27) | 1510 | 1414885 |
|  Assured Guaranty U.S. Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/31 (Call 03/15/31) | 2361 | 1876334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/51 (Call 03/15/51) | 570 | 348464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24<sup>(b)</sup> | 1995 | 1984287 |
|  Athene Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/15/52 (Call 11/15/51) | 985 | 572374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 (Call 10/15/30) | 1645 | 1287377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/25/51 (Call 11/25/50) | 2280 | 1457558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/12/28 (Call 10/12/27) | 4165 | 3709141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/30 (Call 01/03/30) | 1182 | 1145677 |
|  AXIS Specialty Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/29 (Call 04/15/29) | 1474 | 1274332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/40 (Call 01/15/30)<sup>(a)(b)</sup> | 1780 | 1436549 |
|  AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27) | 1584 | 1450485 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 (Call 07/15/30) | 3220 | 2468838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 (Call 12/12/29) | 3016 | 2414459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 (Call 02/15/27)<sup>(b)</sup> | 3790 | 3425099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) | 4355 | 2481305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50) | 4904 | 3017382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31) | 2609 | 2170871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 4050 | 2977317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | 8442 | 6808051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48) | 5239 | 4278482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 | 3092 | 2552817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/42 | 3703 | 3163880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40 | 3288 | 3318085 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25) | 10416 | 9871764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43 | 4505 | 3932730 |
|  Brighthouse Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/22/27 (Call 03/22/27)<sup>(b)</sup> | 145 | 131242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/22/51 (Call 06/22/51) | 1290 | 757785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 (Call 12/22/46) | 3577 | 2475284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/30 (Call 02/15/30)<sup>(b)</sup> | 2754 | 2562349 |
|  Brown & Brown Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30) | 2928 | 2163938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/24 (Call 06/15/24) | 2660 | 2593553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 (Call 12/17/31) | 1290 | 1083381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 (Call 12/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | 1841952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/52 (Call 09/17/51) | 2115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612899 |
|  Chubb Corp. (The), 6.00%, 05/11/37 | 3440 | 3525484 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 (Call 06/15/30) | 490 | 364878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51 (Call 06/15/51) | 1165 | 713714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61) | 3385 | 2008354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25 | 2330 | 2226478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/24 | 455 | 442442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 1437 | 1353050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/13/43 | 2315 | 1836628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45) | 5630 | 4582820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 05/15/36 | 125 | 133662 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Cincinnati Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/34 | $285 | $285598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 05/15/28 | 799 | 835203 |
|  CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/30 (Call 05/15/30) | 770 | 583860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 (Call 05/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/29 (Call 02/01/29) | 2306 | 2032900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 (Call 02/15/24) | 3018 | 2946896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 (Call 12/01/25) | 2399 | 2311341 |
|  CNO Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/25 (Call 02/28/25) | 888 | 870853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/29 (Call 02/28/29)<sup>(b)</sup> | 2250 | 2050245 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 (Call 03/04/25)<sup>(f)</sup> | 2120 | 1999775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(f)</sup> | 2795 | 2534785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 (Call 02/05/29)<sup>(f)</sup> | 2000 | 1748300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 (Call 01/05/32)<sup>(f)</sup> | 2035 | 1703804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/42 (Call 10/05/41)<sup>(f)</sup> | 1035 | 778786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 (Call 10/05/51)<sup>(f)</sup> | 1400 | 1025010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/52 (Call 09/15/27)<sup>(a)(f)</sup> | 200 | 179802 |
|  Enstar Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/31 (Call 03/01/31) | 751 | 519332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/29 (Call 03/01/29)<sup>(b)</sup> | 2201 | 1947929 |
|  Equitable Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 (Call 01/20/28) | 5073 | 4703077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 (Call 10/20/47) | 4462 | 3577052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/28 | 169 | 177741 |
|  Everest Reinsurance Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 (Call 04/15/52) | 2553 | 1488425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 (Call 04/15/50) | 3264 | 2069931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/01/44 | 1596 | 1273002 |
|  Fairfax Financial Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/31 (Call 12/03/30) | 1687 | 1325105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/30 (Call 01/29/30) | 1252 | 1104189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/28 (Call 01/17/28) | 2619 | 2410082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/32 (Call 05/16/32)<sup>(f)</sup> | 590 | 536192 |
|  Fidelity National Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 (Call 12/15/30) | 2379 | 1733887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/51 (Call 03/17/51) | 1195 | 639803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/30 (Call 03/15/30) | 2490 | 2000541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/28 (Call 05/15/28) | 2332 | 2149334 |
|  First American Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/31 (Call 05/15/31) | 2112 | 1474810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 (Call 02/15/30) | 925 | 755105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/24 | 2138 | 2073368 |
|  Globe Life Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 (Call 05/15/30) | 3372 | 2560764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/28 (Call 06/15/28)<sup>(b)</sup> | 2295 | 2177289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/32 (Call 03/15/32) | 200 | 181610 |
|  Hanover Insurance Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 (Call 06/01/30) | 2160 | 1621404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/26 (Call 01/15/26) | 2077 | 1990742 |
|  Hartford Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/19/29 (Call 05/19/29) | 2740 | 2274803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/51 (Call 03/15/51) | 1180 | 692495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/19/49 (Call 02/19/49) | 2846 | 1929275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/43 | 1724 | 1298413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/48 (Call 09/15/47) | 1823 | 1427336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36 | 1175 | 1126343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/01/41 | 1754 | 1677719 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Jackson Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/22/23 | $550 | $525283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/23/31 (Call 08/23/31) | 590 | 435727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/23/51 (Call 05/23/51) | 340 | 204547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/27 (Call 05/08/27) | 1005 | 960338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/32 (Call 03/08/32) | 400 | 364528 |
|  Kemper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/30/30 (Call 06/30/30)<sup>(b)</sup> | 950 | 721363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/32 (Call 11/23/31) | 740 | 601857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/25 (Call 11/15/24) | 575 | 557060 |
|  Lincoln National Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/30 (Call 10/15/29) | 1550 | 1274937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/09/25 | 1398 | 1337103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/31 (Call 10/15/30)<sup>(b)</sup> | 1654 | 1366287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/32 (Call 12/01/31) | 144 | 116817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26 (Call 09/15/26) | 1258 | 1168871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | 1854429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/48 (Call 09/01/47) | 1813 | 1327769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/50 (Call 12/15/49)<sup>(b)</sup> | 1057 | 762478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/09/37 | 1150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/40 | 1852 | 1875909 |
|  Loews Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/30 (Call 02/15/30) | 3070 | 2611649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 (Call 01/01/26) | 3687 | 3542322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/43 (Call 11/15/42) | 2872 | 2153684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/35 | 297 | 295268 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 (Call 03/19/27) | 2190 | 1942705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 (Call 12/16/31)<sup>(b)</sup> | 2540 | 2167306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/24/32 (Call 02/24/27)<sup>(a)</sup> | 2666 | 2356157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26 | 3841 | 3696233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46 | 1148 | 1041833 |
|  Markel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/17/29 (Call 06/17/29) | 1250 | 1062312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/52 (Call 11/07/51) | 2205 | 1397198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/27 (Call 08/01/27) | 1992 | 1787382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/17/50 (Call 03/17/50) | 2076 | 1463622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/01/47 (Call 05/01/47) | 1311 | 958879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/05/46 | 1860 | 1529683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 (Call 11/20/48) | 1595 | 1301137 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 (Call 08/15/30) | 2965 | 2334967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 (Call 09/15/31)<sup>(b)</sup> | 255 | 198186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/51 (Call 06/15/51) | 730 | 431977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 (Call 03/03/24) | 4228 | 4110250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 (Call 12/10/24) | 3556 | 3415645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 (Call 12/14/25) | 3344 | 3183655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 (Call 02/15/24) | 3234 | 3176855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 (Call 09/01/47) | 2895 | 2217773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/30/47 (Call 07/30/46) | 2677 | 2089479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28) | 5852 | 5527331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 (Call 09/15/38) | 1923 | 1654722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48) | 3251 | 2771705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/32<sup>(b)</sup> | 500 | 501420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/01/33 | 655 | 654424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/52<sup>(b)</sup> | 500 | 510730 |
|  Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26) | 2015 | 1834980 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25 | 3323 | 3172468 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5833 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 (Call 08/13/25) | 2573 | 2468922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45 | 3392 | 2609567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42 | 2978 | 2344103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 (Call 12/23/29) | 3790 | 3604783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45) | 2109 | 1756797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44 | 2516 | 2077436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 3180 | 2739665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52) | 1620 | 1414130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35 | 4363 | 4315312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 3172 | 3041092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34 | 1016 | 1064372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/66 (Call 12/15/31) | 2999 | 2761419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/15/32 | 1555 | 1631630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 08/01/69 (Call 08/01/34) | 2062 | 2659733 |
|  Munich Re America Corp., Series B, 7.45%, 12/15/26<sup>(b)</sup> | 235 | 250884 |
|  Nationwide Financial Services Inc., 6.75%, 05/15/87 | 109 | 102485 |
|  Old Republic International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/11/51 (Call 12/11/50) | 1524 | 987232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/26/26 (Call 07/26/26) | 3337 | 3128938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 09/01/24) | 2674 | 2646886 |
|  PartnerRe Finance B LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/02/29 (Call 04/02/29) | 2306 | 2020725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 (Call 04/01/30)<sup>(a)</sup> | 177 | 144820 |
|  Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)<sup>(b)</sup> | 1303 | 1020914 |
|  Principal Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/15/30 (Call 03/15/30) | 3219 | 2496431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/26 (Call 08/15/26) | 2484 | 2256441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/25 (Call 02/15/25) | 2874 | 2742256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/29 (Call 02/15/29) | 1430 | 1268653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/46 (Call 05/15/46) | 1459 | 1129850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/43 | 1808 | 1403568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/42 | 481 | 386637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/15/36 | 1880 | 1838621 |
|  Progressive Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27 | 2781 | 2499396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 (Call 02/15/27) | 1980 | 1768180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31) | 1080 | 893268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/30 (Call 12/26/29) | 3266 | 2824894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/26/45 | 717 | 520169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 680 | 482140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 (Call 09/26/49) | 1724 | 1279329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 2852 | 2651191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/47 (Call 10/15/46) | 5006 | 3907083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 1295 | 1016005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/25/44 | 768 | 620513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32 | 680 | 710702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/01/29 | 211 | 223827 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/26 (Call 02/10/26) | 1906 | 1689993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/10/30 (Call 12/10/29) | 4075 | 3230782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/40 (Call 09/10/39) | 2182 | 1495674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/50 (Call 07/01/30)<sup>(a)</sup> | 280 | 217969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50) | 4549 | 3225969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/27/28 (Call 12/27/27) | 1532 | 1439100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47) | 3471 | 2561077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49) | 3919 | 2879289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49) | 3507 | 2775194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 03/27/48 (Call 09/27/47) | 1883 | 1507304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/47 (Call 09/15/27),<br>(3 mo. LIBOR US + 2.380%)<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44<sup>(b)</sup> | 2721 | 2247764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/52 (Call 11/28/31)<sup>(a)</sup> | 370 | 315310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 03/15/24),<br>(3 mo. LIBOR US + 3.040%)<sup>(a)</sup> | 1916 | 1787915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/45 (Call 05/15/25),<br>(3 mo. LIBOR US + 3.031%)<sup>(a)</sup> | 3322 | 3111585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36 | 2129 | 2080288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/48 (Call 09/15/28),<br>(3 mo. LIBOR US + 2.665%)<sup>(a)(b)</sup> | 3577 | 3269807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/33 | 217 | 215474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/01/37 | 865 | 893268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/21/40 | 645 | 657713 |
|  Prudential PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/14/30 | 2161 | 1772733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 (Call 12/24/31) | 2815 | 2305035 |
|  Reinsurance Group of America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/30 (Call 03/15/30) | 2461 | 2025231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/29 (Call 02/15/29) | 2778 | 2473059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/26 (Call 06/15/26) | 2846 | 2698634 |
|  RenaissanceRe Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/27 (Call 04/01/27) | 1363 | 1247445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/25 (Call 01/01/25) | 230 | 220903 |
|  RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29) | 2370 | 2088397 |
|  Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48) | 315 | 257938 |
|  Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31) | 2235 | 1680787 |
|  Swiss Re America Holding Corp., 7.00%, 02/15/26 | 554 | 580459 |
|  Transatlantic Holdings Inc., 8.00%, 11/30/39<sup>(b)</sup> | 1618 | 1883336 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/27/50 (Call 10/27/49) | 2026 | 1167057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50) | 2719 | 1730263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 (Call 11/15/45) | 1845 | 1360318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/47 (Call 11/30/46) | 2629 | 1998724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/07/48 (Call 09/07/47) | 1590 | 1214680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/04/49 (Call 09/04/48) | 1991 | 1530880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/25/45 (Call 02/25/45) | 1487 | 1177749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/01/43 | 990 | 829244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40 | 2452 | 2309637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | 3083 | 3206135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/20/36 | 1102 | 1195053 |
|  Travelers Property Casualty Corp., 6.38%, 03/15/33 | 858 | 907807 |
|  Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25) | 1733 | 1650492 |
|  Unum Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 (Call 03/15/29) | 2031 | 1773977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/51 (Call 12/15/50) | 2000 | 1258060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/49 (Call 06/15/49) | 745 | 488228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/42 | 2380 | 1962953 |
|  Voya Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/26 | 2682 | 2489996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/23/48 (Call 01/23/28),<br>(3 mo. LIBOR US + 2.084%)<sup>(a)</sup> | 1203 | 931254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/46 | 1394 | 1060235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/15/43 | 1768 | 1527870 |
|  W R Berkley Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/30/61 (Call 03/30/61) | 1395 | 784311 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/30/52 (Call 09/30/51) | $548 | $359630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 (Call 11/12/49) | 2319 | 1668010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/44 | 1231 | 1002514 |
|  Willis North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 2294 | 1862499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 (Call 03/15/24) | 2215 | 2143323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/49 (Call 03/15/49)<sup>(b)</sup> | 1440 | 952200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/28 (Call 06/15/28) | 2903 | 2668002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 (Call 05/15/27) | 2265 | 2133924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/15/48 (Call 03/15/48) | 2422 | 1907713 |
|  XLIT Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43 | 1025 | 944507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/45 | 2600 | 2298738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547369568 |
| **Internet — 0.4%** |  |  |
|  Alibaba Group Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 (Call 11/09/30) | 2225 | 1601778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/09/41 (Call 08/09/40) | 765 | 398664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/09/51 (Call 08/09/50) | 5840 | 2844839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/09/61 (Call 08/09/60) | 3253 | 1509132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 (Call 09/06/27)<sup>(b)</sup> | 9639 | 8282889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 (Call 08/28/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10089 | 9569517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/37 (Call 06/06/37) | 4255 | 2918079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/06/47 (Call 06/06/47)<sup>(b)</sup> | 6670 | 4076504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/06/57 (Call 06/06/57) | 3170 | 1887608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/28/34 (Call 05/28/34) | 2867 | 2215388 |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 (Call 07/15/25) | 3438 | 3073091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27)<sup>(b)</sup> | 4085 | 3440224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 (Call 05/15/30) | 7189 | 5525034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 4498 | 2852227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26) | 9001 | 8195410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50) | 8723 | 4985369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60) | 2615 | 1429856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24 | 2666 | 2626623 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24 | 9890 | 9273062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 (Call 05/03/25) | 2105 | 1905214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 10335 | 9047569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 1758 | 1496427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 (Call 03/03/30) | 5630 | 4403054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 (Call 03/12/28) | 10090 | 8523729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 9910 | 7934342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49) | 6976 | 4153929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59) | 7155 | 4054166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24 | 25 | 24342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 (Call 06/22/24) | 9704 | 9383089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40)<sup>(b)</sup> | 7269 | 5152267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25 | 305 | 293242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50) | 10890 | 7293033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 13863 | 12837415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 5045 | 3241009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27) | 4895 | 4593174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 (Call 02/13/29) | 3000 | 2752410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32) | 6840 | 6120706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 (Call 09/05/24) | 6915 | 6797929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | 10547 | 8970645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51) | 8490 | 6660914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47) | 11548 | 9390487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 4505 | 3454029 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57) | $6691 | $5383244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34) | 4532 | 4410678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44)<sup>(b)</sup> | 5058 | 4735957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25) | 3481 | 3533076 |
|  Baidu Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/23/27 (Call 01/23/27) | 1524 | 1260074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 04/09/26 (Call 03/09/26) | 520 | 453040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/09/30 (Call 07/09/30) | 25 | 18205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/23/31 (Call 05/23/31)<sup>(b)</sup> | 760 | 540064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 04/07/25 (Call 03/07/25)<sup>(b)</sup> | 545 | 508774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 04/07/30 (Call 01/07/30) | 1425 | 1143377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/06/27<sup>(b)</sup> | 1764 | 1575869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25 | 2390 | 2276093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/14/24 (Call 04/14/24)<sup>(b)</sup> | 2834 | 2769725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/29/28 (Call 12/29/27)<sup>(b)</sup> | 2260 | 1991625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/28 (Call 08/14/28) | 1965 | 1757830 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/28 (Call 12/15/27) | 3619 | 3292349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 3846 | 3634162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 (Call 12/15/24) | 3061 | 2948906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 (Call 01/13/30) | 5449 | 5138679 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 3655 | 3180873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 (Call 02/11/25) | 3997 | 3693868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 (Call 02/10/31)<sup>(b)</sup> | 2815 | 2203864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 (Call 12/11/29) | 4151 | 3378291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 (Call 05/01/24) | 4173 | 4057617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 (Call 03/05/27) | 3565 | 3279836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 (Call 11/10/50) | 2015 | 1326072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 (Call 01/15/42) | 2996 | 2207393 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 2613 | 1985201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 (Call 11/15/29) | 4009 | 3233539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 1779 | 1581656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 816 | 764045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25) | 4212 | 4070393 |
|  JD.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/30 (Call 10/14/29)<sup>(b)</sup> | 2265 | 1795080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/26<sup>(b)</sup> | 885 | 820501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/14/50 (Call 07/14/49) | 1975 | 1244309 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(f)</sup> | 10370 | 9526919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(f)</sup> | 8985 | 7660970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(f)</sup> | 7605 | 5655991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(f)</sup> | 4990 | 3692101 |
|  Tencent Music Entertainment Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/03/25 (Call 08/03/25) | 1214 | 1061692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/03/30 (Call 06/03/30) | 2971 | 2015556 |
|  VeriSign Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 (Call 03/15/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | 2415692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 (Call 12/01/22) | 2530 | 2433835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 01/01/25) | 2075 | 2055080 |
|  Weibo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/08/30 (Call 04/08/30)<sup>(b)</sup> | 2719 | 1876491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/05/24 (Call 06/05/24) | 2546 | 2397797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332174804 |
| **Iron & Steel — 0.1%** |  |  |
|  ArcelorMittal SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/16/29<sup>(b)</sup> | 2010 | 1778006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/11/26 | 2770 | 2646043 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Iron & Steel (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/41 | $1510 | $1375897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/39<sup>(b)</sup> | 2225 | 2098820 |
|  Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 (Call 05/01/25) | 3767 | 3463719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/30 (Call 03/01/30) | 3124 | 2549184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55 (Call 06/15/55) | 5302 | 2991123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/01/32 (Call 01/01/32) | 60 | 48661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/52 (Call 09/01/51) | 240 | 167458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 2370 | 2295582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/28 (Call 02/01/28)<sup>(b)</sup> | 1093 | 1005320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/23/27 (Call 04/23/27) | 2690 | 2564108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/48 (Call 11/01/47) | 199 | 154432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/01/43 (Call 02/01/43)<sup>(b)</sup> | 405 | 355776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/37 | 308 | 313683 |
|  Reliance Steel & Aluminum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 (Call 07/15/25) | 2883 | 2563938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 (Call 05/15/30)<sup>(b)</sup> | 165 | 124539 |
|  Steel Dynamics Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/15/27 (Call 08/15/27) | 705 | 575047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 (Call 05/15/25) | 1687 | 1560593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/15/24 (Call 11/15/24) | 3053 | 2895251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30) | 2236 | 1818516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/50 (Call 04/15/50) | 1644 | 972705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/30 (Call 01/15/30) | 1419 | 1194798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 (Call 12/01/22) | 2323 | 2240232 |
|  Vale Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/08/30 (Call 04/08/30) | 4229 | 3486303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/10/26 | 3378 | 3433264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/21/36 | 6985 | 6761061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/10/39 | 4705 | 4474737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/17/34 | 490 | 534110 |
|  Vale SA, 5.63%, 09/11/42<sup>(b)</sup> | 996 | 877117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57320023 |
| **Leisure Time — 0.0%** |  |  |
|  Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 08/18/24 (Call 12/01/22) | 1903 | 1742006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/18/31 (Call 05/18/31) | 1209 | 846421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/15/32 (Call 06/15/32)<sup>(b)</sup> | 2185 | 1726980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/52 (Call 10/01/51) | 1385 | 920734 |
|  Harley-Davidson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/28/25 (Call 04/28/25) | 2724 | 2559062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/28/45 (Call 01/28/45) | 1979 | 1385300 |
|  |  | 9180503 |
| **Lodging — 0.1%** |  |  |
|  Choice Hotels International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/29 (Call 09/01/29) | 1926 | 1613603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/31 (Call 10/15/30) | 970 | 795177 |
|  Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/24 (Call 12/01/22) | 1215 | 1134239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/28 (Call 06/15/28) | 2345 | 2094038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26 (Call 12/15/25) | 2965 | 2843168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/23/25 (Call 03/23/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | 1907670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/23/30 (Call 01/23/30) | 2022 | 1925247 |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 (Call 03/15/24) | 2445 | 2389058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 12/15/24) | 2086 | 2000307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 (Call 07/01/25) | 1930 | 1836685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 2290 | 2204926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AA, 4.65%, 12/01/28 (Call 09/01/28)<sup>(b)</sup> | 1904 | 1762304 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Lodging (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series EE, 5.75%, 05/01/25 (Call 04/01/25) | $2871 | $2899165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30 (Call 03/15/30) | 4807 | 4319186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 2334 | 1866850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 431 | 335917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series II, 2.75%, 10/15/33 (Call 07/15/33)<sup>(b)</sup> | 2300 | 1665591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 3438 | 3140922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 4.00%, 04/15/28 (Call 01/15/28) | 1724 | 1555669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series Z, 4.15%, 12/01/23 (Call 11/01/23) | 111 | 109686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38399408 |
| **Machinery — 0.3%** |  |  |
|  ABB Finance USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/03/28 (Call 01/03/28) | 710 | 663090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/08/42 | 260 | 211916 |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/17/24 | 51 | 47627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24 | 439 | 405702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25 | 684 | 605880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26 | 670 | 587396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24 | 975 | 931203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27 | 1061 | 885373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230 | 2797277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25 | 1125 | 1034280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27<sup>(b)</sup> | 3135 | 2749708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24 | 4461 | 4228716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/09/26 | 2389 | 2173703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24 | 3284 | 3185776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24<sup>(b)</sup> | 2850 | 2760253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24 | 4170 | 4067126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27 | 4375 | 4103006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/07/23 | 1431 | 1414329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25 | 2715 | 2629912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/24/23 | 3293 | 3262803 |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/12/31 (Call 12/12/30) | 250 | 197232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/19/29 (Call 06/19/29) | 2993 | 2559344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 (Call 01/09/30) | 4125 | 3488141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 3884 | 2753445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49)<sup>(b)</sup> | 4357 | 3089462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24)<sup>(b)</sup> | 4486 | 4387173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42 | 5923 | 4775656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/44 (Call 11/15/43)<sup>(b)</sup> | 2077 | 1781381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/64 (Call 11/15/63) | 2423 | 2068467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 1706 | 1651050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/35 | 550 | 542960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/36 | 1188 | 1248647 |
|  CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 (Call 06/15/26) | 1435 | 1227126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 (Call 12/15/25) | 1685 | 1485429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25 | 1450 | 1389419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/24 | 2065 | 2032249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/14/25 | 1000 | 989500 |
|  CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27) | 2585 | 2340588 |
|  Crane Holdings Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 (Call 09/15/47) | 1263 | 823552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/23 (Call 09/15/23) | 967 | 958046 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25 (Call 03/15/25) | 3030 | 2883712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/07/49 (Call 03/07/49)<sup>(b)</sup> | 1890 | 1260611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/30 (Call 01/15/30) | 2581 | 2263253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(b)</sup> | 3296 | 2587228 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/16/29 | 1495 | 1518307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/03/31 | 775 | 870511 |
|  Dover Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/04/29 (Call 08/04/29) | 2105 | 1784619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 08/15/25) | 2466 | 2314859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/35<sup>(b)</sup> | 142 | 133031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 (Call 12/01/40) | 1940 | 1761054 |
|  Flowserve Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/32 (Call 10/15/31) | 1820 | 1304867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 (Call 07/01/30)<sup>(b)</sup> | 2018 | 1611212 |
|  IDEX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 (Call 03/15/31) | 1495 | 1192980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 (Call 02/01/30) | 1199 | 1003695 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/17/24 | 1315 | 1249079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24 | 2615 | 2439926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24 | 1460 | 1352748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26 | 3325 | 2906316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26<sup>(b)</sup> | 2130 | 1858553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25<sup>(b)</sup> | 1625 | 1506456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/13/26 | 1525 | 1325408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/31 | 2595 | 1959796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/28 | 1475 | 1231300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27 | 2170 | 1903068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27 | 2221 | 1932314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31 | 2785 | 2183579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25 | 2865 | 2699059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/25 | 40 | 37560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/26 | 2051 | 1860688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27 | 600 | 537762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30 | 2564 | 2144812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24 | 2850 | 2766523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24 | 4438 | 4282404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26 | 1149 | 1063894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27 | 2300 | 2074692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29 | 2241 | 1939787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/06/28 | 805 | 733935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/12/24 | 1115 | 1088987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/29 | 1975 | 1785913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25 | 1370 | 1322187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/11/25 | 710 | 681579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/24 | 811 | 798478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25 | 3858 | 3733888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29 | 2959 | 2690678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/07/32 | 20 | 18136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/08/25<sup>(b)</sup> | 2315 | 2261547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 2720 | 2616994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/32 | 2430 | 2282961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24 | 1310 | 1303424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/11/29 | 1835 | 1803952 |
|  nVent Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/31 (Call 08/15/31)<sup>(b)</sup> | 1503 | 1101939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28) | 2374 | 2123970 |
|  Oshkosh Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/30 (Call 12/01/29) | 886 | 708685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/28 (Call 02/15/28) | 1608 | 1477720 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 (Call 03/05/25) | 4669 | 4321673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 (Call 02/05/27)<sup>(b)</sup> | 1543 | 1354677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Machinery (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 (Call 11/15/29) | $5981 | $4871704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 (Call 08/15/39) | 3238 | 2249795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/15/50 (Call 08/15/49) | 2351 | 1528268 |
|  Rockwell Automation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/31 (Call 05/15/31) | 1245 | 944071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/61 (Call 02/15/61) | 1913 | 1060586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/01/25 (Call 12/01/24) | 1042 | 993516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 12/01/28) | 1798 | 1633213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/49 (Call 09/01/48) | 2683 | 2145112 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 (Call 05/15/25) | 2314 | 2149243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26) | 3453 | 3114157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 (Call 02/15/24) | 2568 | 2518386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 (Call 06/15/28) | 4930 | 4599591 |
|  Xylem Inc./NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/28 (Call 11/30/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | 2175232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/30/31 (Call 10/30/30) | 2133 | 1675685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/26 (Call 08/01/26) | 3323 | 3052209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/46 (Call 05/01/46) | 1165 | 914234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215396879 |
| **Manufacturing — 0.2%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 (Call 01/14/25) | 3578 | 3345680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 (Call 06/19/26) | 3120 | 2814146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29) | 3620 | 2988600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 (Call 03/15/25) | 1230 | 1159410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 (Call 07/15/27) | 3328 | 2997796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25 | 1893 | 1795794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/15/30 (Call 01/15/30)<sup>(b)</sup> | 1550 | 1325870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/46 (Call 03/19/46) | 2072 | 1341744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 (Call 01/14/24)<sup>(b)</sup> | 4089 | 4001005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49)<sup>(b)</sup> | 2796 | 1860319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(b)</sup> | 3023 | 2714533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/14/28 (Call 06/14/28)<sup>(b)</sup> | 2390 | 2201788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/47 (Call 04/15/47) | 2011 | 1406916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/50 (Call 10/15/49)<sup>(b)</sup> | 2252 | 1607297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/44 | 1105 | 819081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(b)</sup> | 3910 | 2954631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37 | 1272 | 1241524 |
|  Carlisle Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/32 (Call 12/01/31)<sup>(b)</sup> | 925 | 680615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/30 (Call 12/01/29) | 3259 | 2626787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/24 (Call 10/01/24) | 2347 | 2248661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/27 (Call 09/01/27) | 1480 | 1350174 |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 (Call 06/15/27) | 2662 | 2419545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 09/15/47 | 2509 | 1884033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/02/32 | 2884 | 2548389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 (Call 12/15/32) | 900 | 799290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42 | 2649 | 2133028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/23/52 (Call 02/23/52) | 535 | 455167 |
|  GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32) | 4408 | 4073830 |
|  GE Capital International Funding Co. Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/15/25 | 405 | 385086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 11/15/35 | 22673 | 19984662 |
|  General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/50 (Call 11/01/49)<sup>(b)</sup> | 695 | 550183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/11/44 | 50 | 41214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38 | 445 | 438494 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Manufacturing (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | $6260 | $6813697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/10/39 | 375 | 401513 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26) | 5149 | 4732086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 (Call 12/01/23) | 4119 | 4048565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42) | 1822 | 1459695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/41 (Call 03/15/41) | 1975 | 1807599 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 (Call 05/14/24) | 2507 | 2402207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 (Call 12/01/26) | 3961 | 3618532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 (Call 03/14/29) | 2343 | 2035481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/21/24 (Call 08/21/24) | 1107 | 1067912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 | 2270 | 2208687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 (Call 12/14/48) | 2776 | 2051769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/47 (Call 09/01/46) | 2086 | 1567629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/21/34 (Call 05/21/34) | 1930 | 1657735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 1755 | 1664389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44 (Call 05/21/44) | 1727 | 1360375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 (Call 07/15/29) | 2873 | 2684617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/38 | 1276 | 1264312 |
|  Pentair Finance Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 (Call 04/01/29) | 2103 | 1863111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/15/32 (Call 04/15/32) | 1005 | 949735 |
|  Textron Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 (Call 12/15/30) | 2603 | 1996137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 (Call 03/01/30) | 1400 | 1146880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/28 (Call 12/01/27) | 1458 | 1282384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 12/15/26) | 1820 | 1659239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 (Call 12/01/24) | 1230 | 1188082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/17/29 (Call 06/17/29) | 1524 | 1343528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 1874 | 1785622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/24 (Call 12/01/23) | 1845 | 1821200 |
|  Trane Technologies Global Holding Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/21/28 (Call 05/21/28) | 2348 | 2143489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/21/48 (Call 08/21/47) | 1103 | 801605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/43 | 1717 | 1591590 |
|  Trane Technologies Luxembourg Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/26 (Call 01/21/26) | 1574 | 1465898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/01/24 (Call 08/01/24) | 2860 | 2760501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/29 (Call 12/21/28) | 2950 | 2630722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/21/49 (Call 09/21/48) | 1395 | 1065110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/44 (Call 05/01/44) | 1223 | 969472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150506397 |
| **Media — 0.8%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 (Call 11/15/28) | 4480 | 3526477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 (Call 11/01/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | 2074780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 (Call 01/01/31) | 6379 | 4843575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 4942 | 3116376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 (Call 09/01/41) | 4295 | 2696057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 (Call 10/01/50) | 5309 | 3185347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 11/15/27) | 3751 | 3302568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 6225 | 3572528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 (Call 12/01/51) | 8110 | 5016684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 (Call 12/30/61) | 3095 | 1817044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 12/15/27) | 4473 | 4003559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 (Call 01/01/33) | 3775 | 3143027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 (Call 06/01/61) | 5198 | 3302341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 (Call 01/01/24) | 4404 | 4336090 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49) | $9191 | $6489765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 (Call 04/23/25)<sup>(b)</sup> | 15287 | 14842301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 (Call 12/30/28) | 4328 | 3984616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 (Call 01/01/49) | 4420 | 3262888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 (Call 10/01/52) | 5800 | 4371866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 (Call 10/01/37) | 2547 | 2051761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46) | 8093 | 6239298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 (Call 10/01/62) | 1285 | 970239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47) | 7811 | 6281762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 6690 | 6121283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45) | 11569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10227343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 (Call 04/23/55) | 2383 | 2150824 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30) | 6165 | 4594898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30) | 5506 | 4266269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26) | 2776 | 2481133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52)<sup>(b)</sup> | 5000 | 2731000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 4590 | 3835129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62) | 4424 | 2317380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50) | 5199 | 3088726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 13125 | 7884581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56) | 19371 | 11220652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 13083 | 7374756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25) | 9509 | 8936178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27) | 5342 | 4817736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36) | 3215 | 2446068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 2217 | 1608434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26) | 4631 | 4289001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 2549 | 2353619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 (Call 11/15/24) | 3457 | 3333136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 (Call 05/15/25) | 5979 | 5716103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30) | 5650 | 4972791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46) | 1837 | 1253789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49) | 5915 | 3994932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 3886 | 3554485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 (Call 03/15/24) | 9311 | 9138188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39) | 6354 | 4902429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 3864 | 3124662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 (Call 08/15/25) | 4671 | 4517511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47) | 4677 | 3476508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 4322 | 3237653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47) | 4691 | 3517312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49) | 5393 | 3984672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52) | 3639 | 2695516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | 6539 | 6135021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 4890 | 4273909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 4464 | 4103711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 6907 | 6220651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 | 4214 | 3694540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38) | 3920 | 3399071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 3906 | 3196006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/42 | 3127 | 2609700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 7573 | 6349960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/44 | 2959 | 2483459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58) | 3624 | 3055286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/07/25 | 470 | 469873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 2350 | 2348943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | 2720 | 2702810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3311 | 3260607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 03/15/37 | 50 | 51993 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3252 | $3418502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 07/01/39 | 855 | 900443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 08/15/37 | 1130 | 1227937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 1922 | 2089445 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/25 (Call 12/15/24) | 2141 | 2009072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | 3477 | 2808790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/13/24 (Call 01/13/24) | 1544 | 1500892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 2028 | 1944730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 (Call 03/15/25) | 1883 | 1779510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 (Call 12/20/27) | 6455 | 5601649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 (Call 03/15/55) | 6653 | 3818090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 2418 | 2042775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 (Call 11/15/49) | 3193 | 2091702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/43 | 636 | 444990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 (Call 12/11/25) | 3060 | 2905286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 (Call 03/20/37) | 3605 | 2769722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 (Call 03/20/47) | 5460 | 3881077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 (Call 11/15/48) | 4187 | 3018660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/40 | 411 | 350221 |
|  FactSet Research Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 (Call 02/01/27) | 1190 | 1063622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 (Call 12/01/31) | 1240 | 996489 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 (Call 03/07/25) | 3229 | 3051050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/08/30 (Call 01/08/30)<sup>(b)</sup> | 2648 | 2246881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 (Call 12/25/23) | 4789 | 4706821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 (Call 10/25/28) | 7962 | 7411905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 (Call 07/25/38) | 4086 | 3507586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 (Call 07/25/48) | 4958 | 4139186 |
|  Grupo Televisa SAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/26 (Call 10/30/25)<sup>(b)</sup> | 1219 | 1165437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/45 (Call 11/13/44) | 2820 | 2248837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/49 (Call 11/24/48)<sup>(b)</sup> | 2490 | 2063090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/31/46 (Call 07/31/45)<sup>(b)</sup> | 3159 | 2949937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/40 | 1836 | 1736434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/11/32<sup>(b)</sup> | 970 | 1095838 |
|  NBCUniversal Media LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/43<sup>(b)</sup> | 2013 | 1640877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 | 2716 | 2660431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 04/30/40 | 272 | 277821 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 (Call 10/15/26)<sup>(b)</sup> | 1642 | 1446438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 (Call 11/15/27)<sup>(b)</sup> | 2259 | 1956181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 (Call 03/01/28) | 3130 | 2754369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25) | 3003 | 2818466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/29 (Call 03/01/29) | 1720 | 1501250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 (Call 02/19/32)<sup>(b)</sup> | 3245 | 2598369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 | 5386 | 3614060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 (Call 07/15/44) | 2672 | 1774983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 (Call 04/15/25) | 2434 | 2377263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/42 (Call 01/01/42) | 1857 | 1330466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 (Call 02/15/44) | 2461 | 1709977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 (Call 10/15/30) | 4225 | 3692650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 (Call 11/19/49) | 2838 | 1984557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 (Call 10/01/43) | 1659 | 1215135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/33 | 2327 | 2032495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 (Call 03/01/43) | 1514 | 1232896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/40 (Call 04/15/40) | 1643 | 1333393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36 | 2861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664192 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30 | $2839 | $2956052 |
|  TCI Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/28 | 927 | 993707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/26 | 3367 | 3630838 |
|  Thomson Reuters Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/26 (Call 02/15/26) | 2418 | 2246709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/23/23 (Call 08/23/23) | 1641 | 1624344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/35 | 982 | 906926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/23/43 (Call 05/23/43) | 1521 | 1351469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/15/40 | 1869 | 1741721 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | 3853 | 4080828 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 4336 | 2973846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 (Call 03/01/41) | 4434 | 3484193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 (Call 05/15/40) | 3034 | 2468523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37 | 5852 | 5222500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 4841 | 4284818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38 | 5151 | 4808304 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26 | 3473 | 3093227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(b)</sup> | 3489 | 3193691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26 | 3463 | 3238528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/46 | 2349 | 1544444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25 | 2997 | 2847180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/42 | 1636 | 1237340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44 | 3382 | 2732927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/16/41 | 1720 | 1444026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.00%, 03/01/32 | 1968 | 2156121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.13%, 12/01/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 | 2131782 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 (Call 07/30/24) | 6742 | 6371123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26 | 5037 | 4561608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 (Call 06/01/29) | 7357 | 6006623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28 | 1207 | 1050380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31 | 8618 | 7139754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49) | 7212 | 4461920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25 | 4413 | 4242791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/26 (Call 08/15/26) | 1714 | 1600996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39) | 6412 | 4902679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50) | 9427 | 6835423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 (Call 06/15/24) | 3278 | 3200770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 (Call 07/15/25) | 2207 | 2131432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27 | 1885 | 1778252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30 | 3639 | 3318331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 4367 | 3136729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 1201 | 1064566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49)<sup>(b)</sup> | 5095 | 4424345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 2424 | 2114892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/46 (Call 05/15/46) | 1683 | 1455256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45 (Call 04/15/45) | 1611 | 1422497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/43 | 2677 | 2537716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/37 | 25 | 25645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/15/41 | 932 | 955235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34 | 3745 | 3919367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | 4264 | 4513487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/15/33 | 805 | 857180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37 | 3282 | 3551583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/45 | 570 | 676145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585204830 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Metal Fabricate & Hardware — 0.0%** |  |  |
|  Precision Castparts Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 (Call 03/15/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 | $3549782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/43 (Call 07/15/42) | 2405 | 1885785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 (Call 12/15/44) | 1208 | 996177 |
|  Timken Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/24 (Call 06/01/24) | 997 | 968945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/32 (Call 01/01/32) | 1710 | 1487221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 (Call 09/15/28) | 2040 | 1875902 |
|  Valmont Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/44 (Call 04/01/44) | 1449 | 1169300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/54 (Call 04/01/54) | 1719 | 1389794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13322906 |
| **Mining — 0.2%** |  |  |
|  AngloGold Ashanti Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/28 (Call 09/01/28) | 655 | 524380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 07/01/30) | 820 | 630555 |
|  Barrick Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/42 | 1695 | 1502312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/35 | 532 | 541480 |
|  Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41 | 2948 | 2763101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43 | 3012 | 2824413 |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 | 2958 | 2839177 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42 | 2096 | 1721696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43 | 9318 | 8553738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 03/01/26<sup>(b)</sup> | 1160 | 1198315 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 (Call 03/01/23) | 3332 | 2990803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 (Call 03/01/25) | 3401 | 2972780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/28 (Call 08/01/23) | 3281 | 2959790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/24 (Call 08/14/24) | 2685 | 2638281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 (Call 08/01/25)<sup>(b)</sup> | 2811 | 2488297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 (Call 12/01/22) | 3445 | 3291594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/29 (Call 09/01/24) | 3495 | 3250700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 (Call 05/14/34) | 2855 | 2551028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 (Call 09/15/42) | 5860 | 4851260 |
|  Kinross Gold Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 (Call 04/15/27) | 2194 | 2033706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 (Call 12/15/23) | 2294 | 2293954 |
|  Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30) | 3958 | 3058030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/15/32 (Call 04/15/32) | 3735 | 2848348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/29 (Call 07/01/29) | 3057 | 2527252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 (Call 09/15/41) | 1463 | 1242409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/09/44 (Call 12/09/43) | 2487 | 2213629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/35 | 2690 | 2595904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39 | 2171 | 2132400 |
|  Rio Tinto Alcan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/35 | 1018 | 1010884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33 | 3218 | 3344500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/31 | 2463 | 2731713 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 4200 | 2590098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40 | 3669 | 3489586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28 | 2776 | 2981369 |
|  Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/21/42 (Call 02/21/42) | 2814 | 2294958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 (Call 09/22/41) | 1700 | 1502783 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Mining (continued)** |  |  |
|  Southern Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/23/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | $3295026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/42 | 5697 | 4909789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/45<sup>(b)</sup> | 3083 | 2855845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/40 | 3771 | 3855470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/27/35 | 3318 | 3532774 |
|  Teck Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/30 (Call 04/15/30) | 265 | 225300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/42 (Call 09/01/41) | 1178 | 933047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/43 (Call 08/01/42) | 473 | 383367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 02/15/40) | 2130 | 1872568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/35 | 1794 | 1688620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/41 (Call 01/15/41)<sup>(b)</sup> | 1716 | 1531925 |
|  Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31) | 770 | 555655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117624609 |
| **Office & Business Equipment — 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | 4290 | 3702141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 08/15/23) | 2680 | 2196957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 (Call 10/01/28) | 2025 | 1661229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 (Call 09/01/31) | 3280 | 2583820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 (Call 12/01/22) | 2965 | 2818944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 (Call 12/01/22) | 2157 | 1903509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 (Call 06/01/24) | 4564 | 4515211 |
|  |  | 19381811 |
| **Oil & Gas — 0.9%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30) | 3436 | 2663793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31) | 6555 | 5321283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50) | 2545 | 1532141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50) | 9250 | 5712707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49) | 7490 | 4734054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51) | 2540 | 1579270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 3871 | 3539797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40)<sup>(b)</sup> | 5105 | 3574572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26) | 4239 | 3957191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60) | 6185 | 3937124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25)<sup>(b)</sup> | 4289 | 4063613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 (Call 02/06/27)<sup>(b)</sup> | 2289 | 2131883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 (Call 01/14/27) | 2388 | 2228529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30) | 4167 | 3729715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 (Call 07/21/25) | 4358 | 4230223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28) | 4023 | 3734913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 4855 | 4570448 |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | 4372 | 3994565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 (Call 08/28/28) | 4842 | 4421521 |
|  Burlington Resources LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36 | 35 | 34785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/31 | 40 | 44075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 12/01/31 | 250 | 280868 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 (Call 06/15/25) | 3196 | 2927025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/30 (Call 04/15/30) | 1895 | 1559774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 (Call 01/15/24) | 3230 | 3153191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27) | 4274 | 3944646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 (Call 11/01/24) | 3045 | 2936537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 (Call 12/01/46) | 2668 | 2236077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/35 | 1500 | 1385265 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38 | $3028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/30/33 | 1475 | 1455854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/37 | 1799 | 1732005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/39 | 1715 | 1697370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 01/15/32 | 950 | 997054 |
|  Cenovus Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 (Call 10/15/31) | 1956 | 1511010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/52 (Call 08/15/51) | 2665 | 1777262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/37 (Call 12/15/36) | 2715 | 2362973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25)<sup>(b)</sup> | 3452 | 3439193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 (Call 12/15/46) | 731 | 623543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39 | 1960 | 1933873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37 | 1932 | 1914477 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 (Call 04/11/25) | 9593 | 8852996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27) | 4400 | 3893692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 (Call 02/11/30) | 3819 | 3170916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 (Call 01/03/24) | 4270 | 4170893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 7712 | 7238869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49)<sup>(b)</sup> | 3301 | 2257884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25)<sup>(b)</sup> | 3529 | 3401956 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 (Call 07/12/25) | 4066 | 3638907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27) | 3614 | 3036627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50) | 3058 | 1810795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/29 (Call 07/15/29) | 2036 | 1826862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/28 (Call 10/15/27) | 3095 | 2935453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 (Call 08/15/24) | 2506 | 2460817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/43 (Call 05/15/43) | 355 | 337768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/41 (Call 09/01/40) | 145 | 151376 |
|  CNOOC Finance 2013 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/30/29 (Call 06/30/29)<sup>(b)</sup> | 1249 | 1094549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/30/49 (Call 03/30/49) | 1315 | 818482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/09/43<sup>(b)</sup> | 3599 | 2756654 |
|  CNOOC Finance 2014 ULC, 4.25%, 04/30/24 | 7345 | 7247752 |
|  CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45 | 500 | 378310 |
|  CNOOC Finance 2015 USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/05/25 | 4520 | 4334816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/02/28<sup>(b)</sup> | 5052 | 4868713 |
|  CNOOC Petroleum North America ULC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/10/35 | 1913 | 1819225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/37 | 3637 | 3621397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/30/39<sup>(b)</sup> | 1006 | 1109024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 03/15/32 | 1846 | 2120943 |
|  Conoco Funding Co., 7.25%, 10/15/31 | 150 | 166370 |
|  ConocoPhillips, 4.88%, 10/01/47 (Call 04/01/47) | 25 | 21926 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/24 (Call 12/01/22) | 152 | 146373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 (Call 03/07/23) | 910 | 859504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/24 (Call 08/15/24) | 415 | 403766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 11090 | 8661401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51) | 1810 | 1355075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10347 | 7641777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 1610 | 1327590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/32 | 1831 | 1899278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 05/15/38 | 277 | 277886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/46 (Call 09/15/45) | 320 | 325312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 504 | 542415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29 | 880 | 956402 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Continental Resources Inc./OK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 (Call 03/01/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4160917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 10/15/27) | 3695 | 3309685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/44 (Call 12/01/43) | 2800 | 1994580 |
|  Coterra Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/27 (Call 02/15/27)<sup>(b)(f)</sup> | 2898 | 2672072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28)<sup>(f)</sup> | 2490 | 2293514 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 (Call 01/15/25) | 2715 | 2483763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 (Call 11/15/41) | 2938 | 2403695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 3904 | 3268038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 (Call 06/15/24) | 1385 | 1383920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 (Call 11/14/22) | 700 | 694813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 (Call 01/15/41)<sup>(b)</sup> | 2740 | 2502579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 (Call 09/15/25) | 4030 | 4069010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 1380 | 1374922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/30/31<sup>(b)</sup> | 1002 | 1105076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 04/15/32 | 1335 | 1478579 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 (Call 12/24/30) | 1957 | 1607558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 (Call 10/01/26) | 5681 | 5207205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 (Call 09/01/29) | 2763 | 2387481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 1964 | 1423114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 (Call 09/24/50)<sup>(b)</sup> | 2420 | 1812774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 1580 | 1587078 |
|  Eni USA Inc., 7.30%, 11/15/27 | 450 | 470921 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 (Call 01/01/25) | 1219 | 1170508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/35 (Call 10/01/34) | 2148 | 1831127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 5229 | 5075111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 (Call 01/15/30) | 2849 | 2703786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49) | 3001 | 2730880 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 5465 | 4911723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 07/15/28) | 1380 | 1282227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/25 (Call 10/04/23) | 1800 | 1780434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 (Call 03/01/28) | 340 | 330902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 5095 | 5099484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29) | 2560 | 2626330 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25) | 1976 | 1782273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30 (Call 02/22/30) | 4417 | 3654096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/24 | 3652 | 3554309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/06/25 (Call 03/06/25) | 3858 | 3673935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/27 (Call 02/06/27) | 1111 | 1017965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30 (Call 01/06/30) | 4856 | 4253662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24 | 633 | 612396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49 (Call 05/18/49)<sup>(b)</sup> | 3989 | 2763061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/28 (Call 06/10/28) | 2646 | 2453662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/40 (Call 10/06/39) | 2434 | 1899153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/24<sup>(b)</sup> | 3620 | 3560053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 3575 | 2691224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 | 3612 | 2863991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41 | 2245 | 1874755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43 | 2475 | 2196637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/17/40 | 3077 | 2866718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/23/27 | 900 | 968355 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 (Call 07/16/24) | 7202 | 6863506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26) | 3975 | 3619595 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 (Call 05/16/29) | $6891 | $5899385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30) | 4760 | 4030482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 (Call 12/06/24) | 2920 | 2786906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 (Call 02/19/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11263946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 5345 | 3900888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 9511 | 8954797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49) | 5896 | 4011579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 (Call 12/15/23) | 3795 | 3716975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27)<sup>(b)</sup> | 2525 | 2370621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50) | 4893 | 3489394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29) | 3612 | 3281105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44) | 2882 | 2131383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | 10356 | 8309551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 4741 | 4062421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49) | 9325 | 7745158 |
|  Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31) | 785 | 615048 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/24 (Call 04/15/24) | 2445 | 2357836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 (Call 01/01/27) | 5342 | 5004973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41 | 4258 | 3833435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/47 (Call 10/01/46)<sup>(b)</sup> | 1719 | 1560818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40 | 2558 | 2410582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/33 | 2332 | 2432929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31 | 2229 | 2365259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/01/29 | 872 | 948631 |
|  HF Sinclair Corp., 4.50%, 10/01/30 | 1397 | 1182714 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 (Call 04/15/27) | 4288 | 3999418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/45 (Call 12/01/44)<sup>(b)</sup> | 1746 | 1438948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37 | 2923 | 2883569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/32 | 1904 | 1939776 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 (Call 06/15/24) | 3204 | 3095801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28) | 2281 | 2048566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 (Call 10/01/47) | 1712 | 1290369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 (Call 04/01/25) | 5365 | 5254052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 3266 | 2577593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/54 (Call 03/15/54) | 2523 | 1976039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 09/15/26) | 3499 | 3439797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 (Call 09/01/40) | 2006 | 1956612 |
|  Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25) | 3634 | 3555615 |
|  Ovintiv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/34<sup>(b)</sup> | 3091 | 2995612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/38 | 1880 | 1788350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/37 | 1790 | 1749600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/01/31 | 1225 | 1250002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/31 | 1615 | 1674448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/30 | 1115 | 1194355 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 (Call 12/01/22)<sup>(b)</sup> | 755 | 714864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 (Call 01/15/26) | 3259 | 2846802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 (Call 09/15/30) | 3080 | 2387154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 (Call 09/15/51) | 3130 | 2027113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 (Call 03/09/25) | 4141 | 4010517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 (Call 12/15/27) | 1375 | 1269964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 (Call 05/15/34) | 4971 | 4451133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 (Call 05/15/44) | 4178 | 3576744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42 | 4699 | 4560426 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Phillips 66 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/15/29 (Call 09/15/29)<sup>(f)</sup> | $1991 | $1680802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/26 (Call 07/01/26)<sup>(f)</sup> | 2140 | 1978879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/25 (Call 11/15/24)<sup>(f)</sup> | 1037 | 992243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/28 (Call 12/01/27)<sup>(f)</sup> | 2521 | 2267917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/15/45 (Call 08/15/44)<sup>(f)</sup> | 1830 | 1482886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/46 (Call 04/01/46)<sup>(f)</sup> | 2222 | 1851037 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 (Call 12/15/25) | 300 | 261747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 (Call 05/15/30) | 7005 | 5397983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 (Call 10/15/30) | 385 | 298352 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 (Call 10/07/24) | 5000 | 4741800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29) | 5091 | 4291509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26 | 6340 | 5785123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30) | 1958 | 1676577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26 | 5542 | 5169744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/26/41 (Call 05/26/41) | 2380 | 1634417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51)<sup>(b)</sup> | 3540 | 2280185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 4688 | 3119958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10955691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49) | 7103 | 4883028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/13/23 (Call 10/13/23) | 5132 | 5063129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/42 | 2383 | 1803288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 4556 | 3407934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 (Call 08/13/28) | 3765 | 3522609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 7854 | 6169631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35 | 5388 | 4751462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45 | 10168 | 8404970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 2903 | 2482355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40<sup>(b)</sup> | 3405 | 3318513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38 | 7546 | 7955899 |
|  Suncor Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 (Call 09/04/50)<sup>(b)</sup> | 943 | 643164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47)<sup>(b)</sup> | 3507 | 2554814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/34 | 1860 | 1770329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38 | 2685 | 2640724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38 | 3817 | 3820130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39 | 3291 | 3314761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 02/01/32 | 837 | 870095 |
|  Tosco Corp., 8.13%, 02/15/30 | 1490 | 1706706 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 (Call 10/10/24) | 3931 | 3718136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 (Call 10/10/29) | 4314 | 3705381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40) | 1888 | 1324677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | 7211 | 4764885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 630 | 409399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/29 (Call 11/19/28) | 4739 | 4305998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 5445 | 3822227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24 | 4839 | 4762205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24 | 5986 | 5900101 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28 | 4037 | 3767288 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/15/27 (Call 07/15/27) | 1470 | 1261936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/31 (Call 09/01/31) | 2035 | 1603824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 (Call 06/01/51) | 3965 | 2641998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 (Call 12/01/51)<sup>(b)</sup> | 1245 | 878945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28) | 2121 | 1996858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45<sup>(b)</sup> | 2886 | 2377285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37 | 2900 | 2908526 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | $2574821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695157821 |
| **Oil & Gas Services — 0.1%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | 3629 | 3113609 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 12/15/23 | 2110 | 2021591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 (Call 11/15/26) | 3330 | 2914749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 (Call 08/07/29) | 1815 | 1540064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 (Call 09/15/27) | 4796 | 4300669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 (Call 06/15/47) | 5103 | 3702686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/01/30 (Call 02/01/30) | 1894 | 1748086 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | 1203 | 1010279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/25 (Call 08/15/25) | 1741 | 1677593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/41 (Call 05/15/41) | 2190 | 1710719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 (Call 02/01/43) | 3235 | 2611260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 (Call 05/15/35) | 3747 | 3309463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 (Call 05/15/45)<sup>(b)</sup> | 5466 | 4528854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38 | 3011 | 3011361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39 | 3491 | 3729645 |
|  HF Sinclair Corp., 5.88%, 04/01/26 | 4513 | 4393676 |
|  NOV Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/29 (Call 09/01/29) | 2022 | 1722238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/42 (Call 06/01/42) | 4226 | 2792541 |
|  Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) | 2875 | 2599719 |
|  Schlumberger Investment SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/26/30 (Call 03/26/30) | 2373 | 1986676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/23 (Call 09/01/23) | 5954 | 5870227 |
|  |  | 60295705 |
| **Packaging & Containers — 0.1%** |  |  |
|  Amcor Finance USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/28/26 (Call 01/28/26) | 1699 | 1567175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/28 (Call 02/15/28)<sup>(b)</sup> | 900 | 825633 |
|  Amcor Flexibles North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/19/30 (Call 03/19/30) | 2185 | 1701001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 05/25/31 (Call 02/25/31) | 3020 | 2328088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/17/25 (Call 04/17/25) | 1810 | 1740007 |
|  AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31) | 1025 | 823208 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 (Call 01/15/24) | 1685 | 1586326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 (Call 12/15/25) | 1816 | 1574672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/27 (Call 12/15/26) | 2470 | 2037058 |
|  Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/29 (Call 09/15/29) | 1039 | 864853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/51 (Call 04/01/51) | 1155 | 697435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/15/27 (Call 09/15/27) | 1320 | 1187855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/24 (Call 06/15/24) | 1188 | 1150281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/15/49 (Call 06/15/49) | 2152 | 1544921 |
|  Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/01/25 (Call 02/01/23) | 2485 | 2293754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 (Call 01/01/27) | 2330 | 2036979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/32 (Call 11/01/31) | 2398 | 1873246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/30 (Call 02/01/30)<sup>(b)</sup> | 1345 | 1110378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/40 (Call 05/01/40) | 65 | 58542 |
|  WestRock MWV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/15/31 | 1760 | 1923082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/30 | 486 | 533997 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 (Call 07/15/24) | $2648 | $2517745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/33 (Call 03/15/33) | 2415 | 1833396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/27 (Call 06/15/27) | 1236 | 1106381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 (Call 01/15/25) | 2244 | 2143626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/28 (Call 03/01/28) | 2641 | 2370667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 2607 | 2373126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 03/01/32) | 2001 | 1724782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26) | 4277 | 4144156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 (Call 12/15/28) | 2394 | 2249067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49921437 |
| **Pharmaceuticals — 1.2%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 (Call 10/21/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12845 | 12211099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26) | 6144 | 5610025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 7623 | 7104560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29) | 18544 | 16189283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 (Call 02/14/25) | 12694 | 12186113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/14/23 (Call 10/14/23) | 4579 | 4519748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 9901 | 9564168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 (Call 03/15/24) | 4305 | 4216920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39) | 11466 | 9235748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 (Call 08/14/28) | 4686 | 4409948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49) | 17553 | 13613580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 (Call 11/14/35) | 5733 | 4945458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42 | 7648 | 6262335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 (Call 11/14/45) | 7428 | 5965650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 (Call 11/14/34) | 6086 | 5412888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 (Call 09/15/34) | 6357 | 5657349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/42 (Call 04/01/42) | 1893 | 1568483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 7310 | 6084552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 (Call 09/15/44) | 3624 | 3050756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 (Call 12/15/43) | 4606 | 3922055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 (Call 05/14/48) | 6720 | 5753462 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30) | 2817 | 2245741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | 1457 | 1196226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 (Call 12/01/24) | 1972 | 1887460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 (Call 02/15/24) | 2686 | 2613263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 (Call 09/15/27) | 4304 | 3929724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/45 (Call 09/01/44) | 2120 | 1629792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 (Call 06/15/47) | 1840 | 1420370 |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 (Call 12/01/22) | 969 | 905249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26) | 4685 | 4088927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 (Call 03/28/28) | 5374 | 4496748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 (Call 02/28/31) | 1757 | 1415088 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26) | 4665 | 4021417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30) | 6416 | 4908112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 (Call 02/06/50) | 2749 | 1514479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 2755 | 1830780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | 3131 | 2882085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25 | 7201 | 6862913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 (Call 10/17/28) | 2815 | 2649225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42 | 3089 | 2538695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 2139 | 1812375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 2387 | 2014509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 9577 | 10284836 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 (Call 11/11/30) | $4185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 (Call 02/20/30) | 2722 | 2269114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 (Call 04/06/24) | 3105 | 3014086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27) | 4873 | 4527066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 (Call 09/15/24) | 2387 | 2318732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/20/50 (Call 11/20/49) | 1942 | 1403231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/22/32 (Call 05/22/32) | 1725 | 1560539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 (Call 12/06/46) | 2377 | 1984581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 (Call 06/15/44) | 4567 | 3836280 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.54%, 11/13/23 (Call 12/01/22) | 265 | 253420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25) | 1028 | 909256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27) | 786 | 653119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30) | 1110 | 850327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40) | 749 | 487689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50) | 5466 | 3278179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 (Call 06/26/24) | 5762 | 5575484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 (Call 12/15/31) | 2370 | 2009689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 4627 | 4368860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/23 | 313 | 308471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/42 | 3363 | 2427548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29) | 4487 | 4076529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41) | 2145 | 1640517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 (Call 02/15/24) | 660 | 647566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51) | 6555 | 4866301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 (Call 11/20/27) | 7193 | 6817597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 3567 | 2608690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 10591 | 9004362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49) | 12072 | 9830833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 4454 | 3697310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 4181 | 3571285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/44 (Call 11/15/43) | 765 | 664907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/45 (Call 02/15/45) | 25 | 22887 |
|  Cardinal Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 (Call 04/15/24) | 3573 | 3439191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 (Call 03/15/27) | 1865 | 1708303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 2269 | 2184230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 (Call 06/15/25) | 2467 | 2360968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/47 (Call 12/15/46) | 2049 | 1502982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/44 (Call 05/15/44) | 1370 | 1028815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/43 | 1100 | 852544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/45 (Call 03/15/45) | 1772 | 1426389 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 (Call 12/01/22) | 2813 | 2648243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26) | 1770 | 1546343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30) | 2521 | 2001825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 7480 | 6083634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 (Call 07/15/27) | 3419 | 3063595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 (Call 09/15/39) | 1795 | 1278489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 4246 | 4053317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 5791 | 5331426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 (Call 09/15/49) | 5282 | 3517073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 (Call 09/15/50) | 2235 | 1485448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 (Call 03/17/24) | 3283 | 3197806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 (Call 04/15/47) | 4166 | 3003769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 8015 | 7740486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28) | 9098 | 8551028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25) | 3370 | 3290198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 8129 | 7162868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 (Call 01/16/46) | $3574 | $2979322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48) | 9768 | 8279943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/41 | 2443 | 2413537 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27) | 8366 | 6936334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 (Call 05/21/30) | 5080 | 3866642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30) | 4990 | 3787759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 (Call 06/15/31)<sup>(b)</sup> | 4140 | 3168052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 (Call 07/15/24) | 3745 | 3586961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 (Call 02/21/40) | 5499 | 3559613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26) | 5580 | 5135888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 3212 | 2944408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 (Call 05/15/29) | 6783 | 5889747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 (Call 05/12/24) | 4132 | 4012585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27) | 3053 | 2842893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 3193 | 2819259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 (Call 04/20/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113 | 9763495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/05/23 (Call 09/05/23) | 660 | 653618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 (Call 01/25/25) | 2633 | 2570045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39) | 4090 | 3203942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 3353 | 2528061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 (Call 12/25/27) | 11120 | 10440234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37) | 15280 | 13249135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/20/35 (Call 01/20/35) | 2409 | 2159596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47) | 25564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21708182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | 9703 | 8324301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 (Call 06/05/43) | 2818 | 2488209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39 | 1443 | 1413505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/27 | 1075 | 1113141 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49) | 4317 | 2589293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60) | 2025 | 1166056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/25 (Call 03/01/25) | 2519 | 2400960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> | 4620 | 4312400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 12/15/28) | 5180 | 4792018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 (Call 09/01/44) | 75 | 59753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/47 (Call 11/15/46) | 983 | 815782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48) | 70 | 58463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/59 (Call 09/15/58) | 1130 | 916588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27 | 130 | 133691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/37 | 260 | 270377 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 | 4402 | 4271481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28 | 6538 | 6134605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/18/43 | 3714 | 3024533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/34 | 2176 | 2164054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38 | 6673 | 7148852 |
|  GlaxoSmithKline Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 (Call 05/01/24) | 5282 | 5128030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/29 (Call 03/01/29) | 4073 | 3673927 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 (Call 08/01/25) | 1567 | 1399989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27) | 2136 | 1808743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30) | 2638 | 2087634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40) | 3476 | 2276154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50) | 2886 | 1710763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25) | 3305 | 3088688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60)<sup>(b)</sup> | 3688 | 2081507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 (Call 11/15/24) | 4729 | 4532132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 (Call 10/15/27) | 5926 | 5446942 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | $3845 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/05/23<sup>(b)</sup> | 4537 | 4479788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 3615 | 2946840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 2780 | 2135179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35) | 3836 | 3278054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36)<sup>(b)</sup> | 5816 | 4961804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 6624 | 5246870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46) | 3441 | 2747260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33) | 3628 | 3448994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 | 2122 | 1920198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/05/43 (Call 06/05/43) | 1993 | 1762868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/15/41 | 1172 | 1095843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/33 | 719 | 723364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/38 | 1268 | 1329447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37 | 3474 | 3710232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/01/29 | 903 | 1023397 |
|  McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 (Call 11/03/25) | 2300 | 2009441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/26 (Call 07/15/26) | 2727 | 2344647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 (Call 12/15/23) | 5036 | 4948575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/16/28 (Call 11/16/27)<sup>(b)</sup> | 2402 | 2226366 |
|  Mead Johnson Nutrition Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 08/15/25) | 3716 | 3587649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/44 (Call 12/01/43) | 2828 | 2358382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/01/39 | 650 | 644384 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26) | 1825 | 1599631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30) | 1349 | 1047525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27) | 6170 | 5376476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 (Call 10/10/28) | 4490 | 3763922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 6720 | 5338435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39) | 3516 | 2317431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49) | 4820 | 2911569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 (Call 11/10/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10331 | 9873027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51)<sup>(b)</sup> | 3495 | 2221177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 (Call 02/07/24) | 4265 | 4157309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 4231 | 2573125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 (Call 12/07/28) | 6876 | 6278819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 (Call 03/15/42) | 2380 | 1830458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44) | 7014 | 5437113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38) | 3710 | 3089725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 5453 | 4402970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43 | 3897 | 3263854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 | 823 | 896897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/37 | 90 | 98623 |
|  Merck Sharp & Dohme Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/36 | 675 | 694697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/28 | 805 | 844204 |
|  Mylan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/29/23 (Call 08/29/23) | 1027 | 1007641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28) | 3170 | 2842000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 (Call 10/15/47) | 2555 | 1734385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43 (Call 05/29/43) | 1409 | 1004265 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 (Call 01/14/25) | 3135 | 2934862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 3886 | 3474395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 (Call 05/14/30) | 1518 | 1256904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50) | 4338 | 2843429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25) | 5796 | 5503766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27) | 1209 | 1126184 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/21/42 | 1905 | 1520171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45) | 4296 | 3521818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 | 6038 | 5283492 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 (Call 04/28/25) | 4237 | 3847832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30) | 3421 | 2727632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 (Call 05/18/31)<sup>(b)</sup> | 3790 | 2949302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39) | 4550 | 3152376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 4618 | 3944511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49) | 2970 | 1934242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(b)</sup> | 3707 | 3464673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 (Call 02/15/24) | 2917 | 2849238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26 | 7128 | 6667674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 | 3571 | 3497545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | 5568 | 5100733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 (Call 06/15/28) | 2758 | 2581571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 3608 | 3034544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 3962 | 3480260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48) | 5247 | 4315710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/38 (Call 03/15/38) | 1642 | 1422120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46 | 1922 | 1623975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48)<sup>(b)</sup> | 1950 | 1650500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43 | 2103 | 1817307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44 | 3934 | 3443509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/15/40 | 2234 | 2232369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 8418 | 9870021 |
|  Pharmacia LLC, 6.60%, 12/01/28 | 3749 | 4009668 |
|  Sanofi, 3.63%, 06/19/28 (Call 03/19/28) | 5231 | 4877437 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26) | 7488 | 6886115 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 (Call 12/31/29) | 9480 | 7485787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 (Call 01/09/40) | 5373 | 3709627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 (Call 01/09/50) | 6780 | 4361438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 (Call 01/09/60) | 2261 | 1401978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/26/23 (Call 10/26/23) | 1844 | 1825763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 (Call 08/26/28) | 6051 | 5841333 |
|  Utah Acquisition Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 (Call 03/15/26) | 5937 | 5406470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 (Call 12/15/45) | 3387 | 2340857 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 (Call 05/22/25) | 3192 | 2847360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27) | 3538 | 2893695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30) | 3880 | 2905460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 (Call 12/22/39) | 4746 | 2955049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 (Call 12/22/49) | 6851 | 3988858 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 5946 | 6199478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/36 | 1659 | 1714593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 02/01/24 | 2442 | 2484271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34 | 3174 | 3440648 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30) | 3910 | 3081979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27) | 3346 | 3003604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/50 (Call 11/15/49) | 520 | 328645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 (Call 05/20/28) | 1854 | 1710686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/12/47 (Call 03/12/47) | 3044 | 2306987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/20/48 (Call 02/20/48) | 1989 | 1615525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25) | 3806 | 3727825 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 (Call 08/01/42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2735 | $2332135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941965689 |
| **Pipelines — 0.8%** |  |  |
|  Boardwalk Pipelines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/31 (Call 11/15/30) | 1197 | 965728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/32 (Call 06/01/32) | 930 | 738280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 (Call 04/15/27) | 737 | 681504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/03/29 (Call 02/03/29)<sup>(b)</sup> | 2166 | 1972143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 (Call 09/15/24) | 1763 | 1734633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 (Call 03/01/26) | 2024 | 2028615 |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 12/31/39 (Call 07/04/39) | 3325 | 2463625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 (Call 05/18/29) | 4963 | 4336769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27) | 2017 | 1969520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 (Call 10/02/24) | 6308 | 6314308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/30/24 (Call 01/01/24) | 5599 | 5669547 |
|  Columbia Pipeline Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 (Call 03/01/25) | 5825 | 5697199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/01/45 (Call 12/01/44) | 2262 | 2039487 |
|  DCP Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/32 (Call 08/15/31) | 500 | 398480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/29 (Call 02/15/29) | 100 | 93785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 (Call 04/15/25) | 59 | 57667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 04/01/44 (Call 10/01/43) | 235 | 207573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 04/15/27) | 65 | 63074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/16/30 | 20 | 21416 |
|  Eastern Gas Transmission & Storage Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/29 (Call 08/15/29) | 2410 | 2039149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44 (Call 06/15/44) | 1901 | 1476545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/43 (Call 05/01/43) | 1283 | 1040000 |
|  Enbridge Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/40 (Call 03/15/40) | 2210 | 1964999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/25 (Call 07/15/25) | 2712 | 2737574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/45 (Call 04/15/45) | 2799 | 2961258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 7.50%, 04/15/38 | 1835 | 1931246 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 (Call 09/04/26) | 2350 | 2018744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/16/24 | 740 | 711303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/25 (Call 12/15/24) | 2622 | 2457129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/14/25 | 1115 | 1042380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 (Call 05/01/33)<sup>(b)</sup> | 4265 | 3190049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 (Call 08/15/29) | 3760 | 3207581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/51 (Call 02/01/51) | 1795 | 1170376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 (Call 03/10/24) | 2483 | 2407169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/27 (Call 04/15/27) | 2627 | 2412374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49) | 1618 | 1168811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 3201 | 3027122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/10/44 (Call 12/10/43) | 923 | 721952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 | 951 | 855006 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 (Call 04/15/25) | 4100 | 3806481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 (Call 02/15/30) | 4086 | 3474612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 (Call 02/15/24) | 2231 | 2166145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 (Call 04/15/26) | 2284 | 2109137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27) | 2715 | 2458432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 (Call 12/15/24) | 3716 | 3557959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/29 (Call 06/15/29) | 2512 | 2185239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 (Call 01/15/27) | 2342 | 2155296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 (Call 01/01/24) | 2049 | 1999578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 (Call 12/15/26) | 2762 | 2567666 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 (Call 03/15/24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2917 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2865690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 3837 | 3680412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 (Call 11/01/23) | 1753 | 1734611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/35 (Call 09/15/34)<sup>(b)</sup> | 1225 | 1024271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28) | 1798 | 1667339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 (Call 03/15/28) | 3969 | 3700021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/43 (Call 07/15/42) | 1499 | 1125689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/44 (Call 11/15/43) | 1895 | 1440598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49) | 5984 | 4550174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43 (Call 08/01/42) | 2211 | 1702757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 (Call 09/15/44) | 1013 | 788691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 01/15/29) | 4342 | 4069018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/44 (Call 10/01/43) | 2489 | 1957723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 (Call 10/15/46)<sup>(b)</sup> | 3680 | 2889978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 (Call 11/15/44) | 3148 | 2498221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47) | 5553 | 4410137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27) | 2868 | 2791453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 (Call 10/15/23) | 2367 | 2371237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 (Call 09/01/25) | 2098 | 2085580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/43 (Call 04/01/43) | 1278 | 1091169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 3535 | 2984141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/41 (Call 12/01/40) | 2129 | 1877757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 02/15/42 | 1730 | 1474427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 (Call 06/15/45) | 3138 | 2686285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48) | 6139 | 5358549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 (Call 08/01/41) | 907 | 833016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/36 | 1495 | 1413313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/38 | 2325 | 2328208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20Y, 5.80%, 06/15/38 (Call 12/15/37) | 1801 | 1540846 |
|  Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) | 2337 | 2307787 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 (Call 10/31/29) | 3701 | 3089299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 (Call 04/30/29) | 4741 | 4077070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 (Call 08/15/51) | 4095 | 2533617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/53 (Call 08/15/52) | 1705 | 1070501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25)<sup>(b)</sup> | 4157 | 3946531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 (Call 07/31/50) | 4002 | 2707673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 (Call 11/15/24) | 6073 | 5848178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 (Call 11/15/23) | 5394 | 5293833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 (Call 11/15/26) | 3284 | 3097863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | 2872 | 1912982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 (Call 07/16/28) | 3996 | 3681035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 4035 | 2968630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 (Call 08/15/47) | 3145 | 2343528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 (Call 08/15/42) | 3086 | 2441273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 4423 | 3572324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 (Call 02/15/42) | 2949 | 2446549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43) | 5167 | 4242314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 (Call 11/15/45) | 2447 | 2006442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 (Call 04/15/54) | 1697 | 1333587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 (Call 08/15/44) | 4349 | 3656378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/78 (Call 02/15/28),<br>(3 mo. LIBOR US + 2.570%)<sup>(a)</sup> | 1835 | 1332834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/42 | 912 | 835301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 3064 | 2907062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/39 | 1952 | 1879835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/01/40 | 1865 | 1840140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/15/38 | 1664 | 1782909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.88%, 03/01/33 | 940 | 986521 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 5.25%, 08/16/77 (Call 08/16/27),<br>(3 mo. LIBOR US + 3.033%)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 6.65%, 10/15/34 | 1465 | 1494608 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 (Call 11/01/23) | 3129 | 3076245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 (Call 06/01/24) | 1959 | 1914394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 (Call 02/01/24) | 3067 | 3011487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/42 (Call 05/01/42) | 1602 | 1229022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/42 (Call 02/15/42) | 2060 | 1655025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/43 (Call 09/01/42) | 2325 | 1872346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/01/44 (Call 03/01/44) | 2195 | 1836293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/44 (Call 09/01/43) | 1960 | 1657239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/41 | 1672 | 1414428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/35 | 1251 | 1169222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 2081 | 1928629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/37 | 1047 | 999759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/39 | 2182 | 2067554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/40 | 1513 | 1418392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 | 4113 | 4089021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/33 | 1000 | 1036090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 03/15/31 | 886 | 927722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40 | 1479 | 1510961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/15/32 | 851 | 909881 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 (Call 10/15/26) | 3330 | 2871992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 675 | 506932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/50 (Call 02/01/50) | 2282 | 1388757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 (Call 08/15/50) | 1330 | 860749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 (Call 03/01/25) | 5995 | 5831157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 (Call 12/01/27) | 5341 | 4992820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 (Call 11/01/32) | 3360 | 3013282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 (Call 08/15/45) | 2973 | 2402898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 (Call 09/01/47) | 2808 | 2298685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/34 (Call 06/01/34) | 3903 | 3514339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52) | 2740 | 2317684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44) | 6070 | 5246847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32 | 3624 | 3945485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31 | 770 | 835003 |
|  Magellan Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 (Call 03/01/30)<sup>(b)</sup> | 1337 | 1118922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/50 (Call 09/01/49) | 2729 | 1861642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/03/47 (Call 04/03/47) | 1713 | 1214791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/46 (Call 03/15/46) | 1688 | 1207224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/49 (Call 08/01/48) | 1828 | 1419241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 (Call 12/01/25) | 3029 | 2965149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43 (Call 04/15/43) | 2006 | 1633646 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 6073 | 5300879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | 5248 | 4132538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 (Call 11/15/24) | 2190 | 2105444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 4050 | 3666100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 3962 | 3681649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 (Call 09/01/27) | 2345 | 2164646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 (Call 10/15/37) | 5890 | 4708819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 (Call 10/15/47) | 4704 | 3510172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 (Call 11/15/28) | 3145 | 2913245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 (Call 09/01/24) | 4744 | 4667290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 03/01/25) | 4397 | 4295737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/58 (Call 10/15/57) | 921 | 668075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 (Call 06/01/32) | 3565 | 3229141 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 (Call 09/14/51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4930 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 (Call 09/01/46) | 3288 | 2627901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/01/47 (Call 06/01/47) | 1666 | 1332817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 4951 | 4146760 |
|  Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27) | 2474 | 2293843 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 (Call 08/15/25)<sup>(b)</sup> | 1420 | 1280016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 (Call 08/01/24) | 1176 | 1116342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 (Call 12/15/29) | 1618 | 1309075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 (Call 06/01/29) | 2708 | 2265621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 (Call 04/13/27) | 2111 | 1913875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 (Call 12/15/28) | 2488 | 2212603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/49 (Call 03/01/49) | 2558 | 1759802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/50 (Call 09/15/49) | 940 | 650706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 (Call 04/15/28) | 2841 | 2581048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/47 (Call 01/06/47) | 2350 | 1783932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 (Call 01/15/48) | 3419 | 2665760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 (Call 12/15/25) | 1641 | 1633665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/35 | 860 | 781688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 (Call 10/15/30) | 1700 | 1679090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 (Call 07/15/50) | 1135 | 1065005 |
|  ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/25 (Call 12/15/24) | 2533 | 2472208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/41 (Call 08/01/40) | 2340 | 2067788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/43 (Call 03/15/43) | 1212 | 1042805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/01/36 | 2408 | 2266434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 10/15/37 | 2005 | 1913532 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 (Call 09/15/29) | 2693 | 2246878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/24 (Call 08/01/24) | 3829 | 3666497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 (Call 06/15/30) | 2099 | 1752392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/31/43 (Call 07/31/42) | 1447 | 972008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26) | 3595 | 3377143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 (Call 07/15/25) | 4358 | 4210395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/44 (Call 12/15/43) | 2440 | 1724909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 (Call 08/15/44) | 2011 | 1462580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/42 (Call 12/01/41) | 1724 | 1309930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/37 | 2717 | 2565120 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 09/15/27) | 4053 | 3699538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 (Call 11/15/29) | 2132 | 1944448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | 8938 | 8613014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 (Call 12/01/24) | 8407 | 8368832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 (Call 02/15/24) | 7225 | 7217919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 2075 | 2067509 |
|  Spectra Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 2738 | 2509432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 (Call 12/15/24) | 2569 | 2450184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/45 (Call 09/15/44) | 3465 | 2712055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 (Call 12/15/23) | 3745 | 3712269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/25/43 (Call 03/25/43) | 2251 | 2072113 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 | 2790 | 2335342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 (Call 10/15/51) | 1635 | 1229749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 (Call 06/01/27) | 2720 | 2621754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/52 (Call 01/01/52) | 2650 | 2370160 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 (Call 07/15/26) | 3215 | 2649160 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 (Call 01/15/23) | 2205 | 2033760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 3165 | 2918636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 (Call 12/01/22) | 2325 | 2306888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 2730 | 2722902 |
|  TC PipeLines LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/27 (Call 02/25/27) | 3895 | 3625154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/13/25 (Call 12/13/24) | 2743 | 2661313 |
|  Tennessee Gas Pipeline Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/27 | 1698 | 1759230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 | 1170 | 1212097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 04/01/37<sup>(b)</sup> | 165 | 170724 |
|  Texas Eastern Transmission LP, 7.00%, 07/15/32 | 1012 | 1062985 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 (Call 09/12/24) | 1272 | 1168167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 (Call 07/12/31) | 3494 | 2685768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 (Call 01/15/30) | 1135 | 1016495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 (Call 02/15/28) | 6299 | 5852212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 (Call 12/01/33) | 4234 | 3702337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/38 (Call 11/15/37) | 2120 | 1782136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25) | 3150 | 3084511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 (Call 11/15/47) | 3000 | 2470380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/16/43 (Call 04/16/43) | 2521 | 2096363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 (Call 09/15/48) | 3711 | 3144739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/31/34 | 1296 | 1207794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/36 | 2358 | 2225740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40 | 2836 | 2704551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37 | 3708 | 3618155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/38 | 2556 | 2678100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39 | 2619 | 2861415 |
|  Transcontinental Gas Pipe Line Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 (Call 02/15/30) | 1999 | 1684197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/50 (Call 11/15/49) | 2249 | 1610509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 1619 | 1484234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/01/42 (Call 02/01/42) | 1228 | 981147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/48 (Call 09/15/47) | 2575 | 2046996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/41 (Call 02/15/41) | 1657 | 1485368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 02/01/26 (Call 11/01/25) | 3907 | 4118369 |
|  Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27) | 2166 | 2043339 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30) | 1440 | 1128384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 (Call 08/15/30) | 2454 | 2073704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 (Call 04/15/51) | 1035 | 663611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27) | 5820 | 5344739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 (Call 10/15/24) | 4535 | 4376048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 06/15/25) | 3901 | 3745974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 (Call 12/04/23) | 5423 | 5339920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/23 (Call 08/15/23) | 2519 | 2496077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 (Call 03/24/24) | 2272 | 2234921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 3145 | 2833519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 (Call 09/01/47) | 3136 | 2508204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/45 (Call 07/15/44) | 2166 | 1722836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 (Call 03/15/45) | 2218 | 1826856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 (Call 02/15/52) | 1350 | 1139049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/04/44 (Call 09/04/43) | 1956 | 1665006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/24/44 (Call 12/24/43) | 2086 | 1864133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43 (Call 05/15/43) | 1660 | 1484140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40 | 4448 | 4295033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32 | 545 | 626761 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 7.50%, 01/15/31 | $245 | $260570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640151371 |
| **Real Estate — 0.0%** |  |  |
|  Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24) | 1287 | 1247862 |
|  CBRE Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 (Call 01/01/31) | 3875 | 2906560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/26 (Call 12/01/25) | 2279 | 2232919 |
|  Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31) | 1802 | 1280087 |
|  |  | 7667428 |
| **Real Estate Investment Trusts — 1.0%** |  |  |
|  Agree LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/28 (Call 04/15/28) | 1635 | 1306594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/33 (Call 03/15/33) | 1141 | 816671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 (Call 07/01/30) | 1094 | 860125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/32 (Call 07/01/32) | 25 | 21864 |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 (Call 11/01/32) | 1885 | 1305381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 (Call 02/18/32) | 1678 | 1211482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29 (Call 09/15/29) | 1191 | 969105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33)<sup>(b)</sup> | 990 | 743846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 (Call 11/18/50) | 3120 | 1796309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 (Call 05/15/31) | 2075 | 1714303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/30/25 (Call 02/28/25) | 1700 | 1624962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 3000 | 1939950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 (Call 02/15/26) | 1486 | 1406766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/27 (Call 10/15/26) | 411 | 385140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 10/15/27) | 1447 | 1322645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 (Call 08/01/49) | 2710 | 1901878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 (Call 10/15/25) | 650 | 625352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 (Call 04/30/29) | 1746 | 1595303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 (Call 04/01/30) | 1347 | 1240237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/15/49 (Call 10/15/48) | 1228 | 974025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 (Call 09/15/30) | 1845 | 1723986 |
|  American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30) | 350 | 272164 |
|  American Homes 4 Rent LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 (Call 04/15/31)<sup>(b)</sup> | 410 | 303150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/51 (Call 01/15/51) | 1740 | 1022354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/32 (Call 01/15/32) | 65 | 52493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/28 (Call 11/15/27) | 2400 | 2189616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/52 (Call 10/15/51) | 60 | 41388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 (Call 11/15/28) | 1466 | 1353558 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24 | 2114 | 1998385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 (Call 08/15/25) | 2355 | 2076639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 (Call 08/15/26) | 2062 | 1736926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 (Call 11/30/27) | 1875 | 1487194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 (Call 03/15/26) | 2581 | 2229158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 (Call 07/15/30)<sup>(b)</sup> | 2151 | 1584878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 1697 | 1289805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/31 (Call 06/15/31) | 2895 | 2154806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 (Call 02/15/25) | 1342 | 1241041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 (Call 01/15/31) | 2992 | 2328135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26) | 2718 | 2380995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 (Call 10/15/29) | 2225 | 1812908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 (Call 12/15/24) | 2955 | 2785442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 (Call 07/15/50) | 3630 | 2067721 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 (Call 12/15/49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 (Call 10/15/26) | 1608 | 1432937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 (Call 04/15/24) | 2492 | 2415022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26) | 3512 | 3180537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27) | 2286 | 2045490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/28 (Call 10/15/27) | 3623 | 3213456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 (Call 02/15/27) | 1900 | 1719462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/49 (Call 04/15/49) | 1991 | 1304802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 (Call 05/15/29) | 5636 | 4919270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 (Call 12/15/28) | 2983 | 2641864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 2891 | 2764750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 (Call 12/15/31) | 2310 | 1976967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 (Call 11/15/25)<sup>(b)</sup> | 1829 | 1744921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24 | 3667 | 3648225 |
|  AvalonBay Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 (Call 10/01/28)<sup>(b)</sup> | 1890 | 1540558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 (Call 10/15/31)<sup>(b)</sup> | 2635 | 2006315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 (Call 12/01/29) | 2478 | 2006784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/17/30) | 2209 | 1769762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/15/26 (Call 07/15/26) | 1517 | 1369881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/11/26 (Call 02/11/26) | 2470 | 2255406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/28 (Call 10/15/27) | 1853 | 1661029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/29 (Call 03/01/29) | 1973 | 1730439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 (Call 02/15/27) | 927 | 844404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 (Call 03/03/25)<sup>(b)</sup> | 2177 | 2079470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 08/15/24) | 850 | 821330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/25 (Call 08/15/25) | 470 | 443323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46 (Call 04/15/46) | 960 | 699581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/47 (Call 01/01/47) | 980 | 739616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/23 (Call 09/16/23) | 1237 | 1225484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/48 | 1235 | 963535 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 (Call 07/01/33) | 3360 | 2319946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 (Call 01/01/32) | 3595 | 2589155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26) | 4236 | 3752079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/30 (Call 12/15/29) | 2737 | 2156373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 (Call 10/15/24) | 4317 | 4092343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 (Call 10/30/30) | 3112 | 2479704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 (Call 03/21/29) | 1720 | 1424676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 4108 | 3827465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/24 (Call 11/01/23) | 3290 | 3206270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | 3987 | 3595078 |
|  Brandywine Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 (Call 08/15/27) | 2198 | 1900413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 637 | 609042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/01/29 (Call 07/01/29) | 1423 | 1233570 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 (Call 02/01/28) | 598 | 478227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/16/31 (Call 05/16/31) | 2255 | 1617512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 (Call 04/15/24) | 1867 | 1800087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 (Call 11/01/24) | 1099 | 1047765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/27 (Call 12/15/26) | 736 | 659839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/30 (Call 04/01/30) | 3332 | 2773257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 (Call 03/15/26) | 1728 | 1592145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 1954 | 1670748 |
|  Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31) | 2717 | 1962625 |
|  Camden Property Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30) | 2020 | 1663531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/29 (Call 04/01/29) | 2208 | 1891947 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/49 (Call 05/01/49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/28 (Call 07/15/28) | 1157 | 1064544 |
|  Corporate Office Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/29 (Call 11/15/28) | 1260 | 939935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/26 (Call 02/15/26) | 420 | 363199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/31 (Call 01/15/31) | 1245 | 900969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/33 (Call 09/01/33) | 1620 | 1093338 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26) | 4990 | 4206271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31) | 3755 | 2804985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30) | 2237 | 1707457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 (Call 10/01/40) | 3845 | 2441498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 (Call 07/01/24) | 3676 | 3541789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 (Call 07/15/50) | 2245 | 1377061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 (Call 04/01/30) | 4260 | 3558804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27) | 2630 | 2378888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 3574 | 3321890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 4096 | 3694264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/26) | 2480 | 2298538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 2500 | 2396650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/47 (Call 11/15/46) | 1243 | 976986 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 (Call 06/15/25) | 2100 | 1876266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 (Call 04/15/31) | 250 | 192568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27) | 1080 | 954536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 (Call 08/15/29) | 423 | 352312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 (Call 05/15/49) | 1283 | 894687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/50 (Call 01/01/50) | 1798 | 1281992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 (Call 11/15/28) | 3050 | 2775958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/49 (Call 08/15/48) | 1553 | 1292919 |
|  CubeSmart LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 1525 | 1113357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/15/28 (Call 10/15/28) | 2422 | 1942323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/32 (Call 11/15/31) | 2460 | 1804853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/30 (Call 11/15/29) | 760 | 613860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 06/01/26) | 2447 | 2220848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 1301 | 1237433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/29 (Call 11/15/28)<sup>(b)</sup> | 1616 | 1461769 |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/29 (Call 04/01/29) | 3784 | 3262905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27)<sup>(b)</sup> | 4820 | 4388080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/28 (Call 04/15/28) | 1605 | 1481688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 (Call 12/15/27) | 1000 | 972060 |
|  EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 (Call 05/15/29) | 1500 | 1099725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 (Call 01/01/25)<sup>(b)</sup> | 1000 | 930460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/27 (Call 03/01/27) | 1500 | 1246155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/26 (Call 09/15/26) | 1500 | 1294995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/28 (Call 01/15/28) | 1000 | 819340 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 1469 | 1289327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 (Call 06/15/25) | 2773 | 2469273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 (Call 04/15/26) | 2715 | 2335497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 (Call 01/15/28) | 723 | 578205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/15/27 (Call 05/15/27) | 2004 | 1668470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/28 (Call 03/15/28) | 3158 | 2561959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 (Call 04/15/30) | 1075 | 819225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 (Call 02/15/31) | 605 | 461040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 (Call 10/18/24) | 4372 | 4117550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 (Call 09/18/26) | 2358 | 2102016 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 (Call 03/15/51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 (Call 01/15/50) | 1949 | 1132661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 (Call 08/18/29)<sup>(b)</sup> | 3522 | 2956332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 (Call 08/15/51) | 1860 | 1183183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 (Call 01/15/32) | 450 | 379278 |
|  ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31 (Call 05/01/31)<sup>(b)</sup> | 795 | 593738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/30 (Call 11/15/29) | 2098 | 1689981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/26 (Call 08/01/26) | 451 | 408335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 (Call 04/01/29) | 1933 | 1643398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/27 (Call 05/01/27) | 1094 | 973857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/25 (Call 03/01/25) | 488 | 462751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 2743 | 2460965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 (Call 02/01/47) | 981 | 713844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 (Call 09/01/28) | 1630 | 1485207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/44 (Call 01/01/44) | 445 | 355791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/45 (Call 12/01/44) | 1515 | 1200834 |
|  Essex Portfolio LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 1440 | 1024675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/01/28 (Call 01/01/28) | 585 | 469890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31)<sup>(b)</sup> | 1045 | 802205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 2638 | 2002928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/50 (Call 03/01/50) | 105 | 54593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 2240 | 1822733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/26 (Call 01/15/26) | 1359 | 1252903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 (Call 01/01/25) | 1226 | 1170904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/27 (Call 02/01/27) | 1710 | 1561059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/24 (Call 02/01/24) | 2075 | 2023021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 (Call 12/01/28) | 1521 | 1350100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/48 (Call 09/15/47) | 1825 | 1362417 |
|  Extra Space Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/15/32 (Call 12/15/31) | 1520 | 1099842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/31 (Call 03/01/31) | 1485 | 1124323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/29 (Call 02/01/29) | 145 | 127021 |
|  Federal Realty Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/15/26 (Call 01/15/26) | 1179 | 1024586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/29 (Call 03/15/29) | 1783 | 1506492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27) | 1769 | 1591304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30) | 446 | 372241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/24 (Call 10/15/23) | 1465 | 1437399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/44 (Call 06/01/44) | 1136 | 840174 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 (Call 10/15/31) | 2365 | 1752820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/24 (Call 08/01/24) | 1703 | 1595915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 (Call 10/15/29) | 3001 | 2474204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 (Call 10/15/30) | 2462 | 1994909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 (Call 03/01/25) | 3475 | 3364738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 (Call 10/15/28) | 2625 | 2376045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/23 (Call 08/01/23) | 3484 | 3438638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26) | 4278 | 4082581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 (Call 03/03/28) | 2129 | 1985974 |
|  Healthcare Realty Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/15/31 (Call 12/15/30) | 2013 | 1455137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 (Call 05/01/26) | 2422 | 2214410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/27 (Call 04/01/27) | 2728 | 2481525 |
|  Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29) | 1760 | 1417856 |
|  Healthpeak Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/01/27 (Call 01/01/27) | 1265 | 1064586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/28 (Call 10/01/28) | 2530 | 2050540 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/31 (Call 10/15/30)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 3194 | 2636040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 (Call 05/15/26) | 1222 | 1122932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/25 (Call 11/01/24)<sup>(b)</sup> | 348 | 331989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/29 (Call 04/15/29) | 2036 | 1758697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25)<sup>(b)</sup> | 2516 | 2423889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/41 (Call 08/01/40) | 758 | 749313 |
|  Highwoods Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/31 (Call 11/01/30) | 796 | 577888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 (Call 11/15/29) | 2691 | 2084260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/27 (Call 12/01/26) | 2150 | 1943557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 808 | 716025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/29 (Call 01/15/29) | 2190 | 1853550 |
|  Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/24 (Call 02/01/24) | 2642 | 2561076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 4.00%, 06/15/25 (Call 03/15/25) | 1929 | 1816790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 4.50%, 02/01/26 (Call 11/01/25) | 326 | 304549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 3.38%, 12/15/29 (Call 09/15/29) | 2254 | 1809015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series I, 3.50%, 09/15/30 (Call 06/15/30) | 325 | 255720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series J, 2.90%, 12/15/31 (Call 09/15/31) | 1690 | 1223492 |
|  Hudson Pacific Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30 (Call 10/15/29) | 2174 | 1666306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/27 (Call 08/01/27) | 1506 | 1265989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/29 (Call 01/01/29) | 2426 | 2080780 |
|  Invitation Homes Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 (Call 05/15/31) | 1358 | 955638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28 (Call 09/15/28)<sup>(b)</sup> | 1750 | 1392930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/34 (Call 10/15/33) | 1605 | 1112618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32) | 3025 | 2516558 |
|  Kilroy Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 (Call 08/15/32) | 1613 | 1120648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/33 (Call 08/15/33) | 1565 | 1059755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 (Call 11/15/29) | 1772 | 1383595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/24 (Call 09/15/24) | 2962 | 2799031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 (Call 05/15/29) | 1378 | 1193761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/25 (Call 07/01/25) | 1201 | 1143688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28 (Call 09/15/28) | 1879 | 1688864 |
|  Kimco Realty Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/01/28 (Call 01/01/28) | 618 | 501513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/31 (Call 09/01/31) | 986 | 725578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/24 (Call 01/01/24) | 2812 | 2707703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/30 (Call 07/01/30) | 880 | 693044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/26 (Call 07/01/26) | 2243 | 1986311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/25 (Call 12/01/24) | 1212 | 1151836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/49 (Call 04/01/49) | 787 | 509000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/27 (Call 01/01/27) | 1884 | 1722296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/46 (Call 06/01/46) | 871 | 605894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/45 (Call 10/01/44) | 1652 | 1179693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/47 (Call 03/01/47) | 2410 | 1771808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/01/33 (Call 11/01/32) | 1550 | 1373099 |
|  Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26) | 1892 | 1711144 |
|  Kite Realty Group Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/25 (Call 12/15/24)<sup>(b)</sup> | 50 | 47183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/30 (Call 06/15/30) | 2315 | 1972542 |
|  Life Storage LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 (Call 07/15/30) | 1336 | 999355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/31 (Call 07/15/31) | 2290 | 1686814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27) | 796 | 720921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 (Call 03/15/29) | 2363 | 2059922 |
|  LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26) | 1594 | 1478260 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
|  LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/01/31 (Call 07/01/31)<sup>(b)</sup> | $270 | $195521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 (Call 06/15/30) | 696 | 533359 |
|  Mid-America Apartments LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/15/26 (Call 08/15/26) | 1830 | 1547064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | 1683512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/30 (Call 12/15/29) | 1155 | 949629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/51 (Call 03/15/51) | 1190 | 692556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/27 (Call 03/01/27) | 2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 (Call 03/15/24) | 1112 | 1082543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 (Call 12/15/28) | 1795 | 1614710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 1692 | 1625572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/28 (Call 03/15/28) | 1358 | 1248491 |
|  National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30) | 2398 | 1655100 |
|  National Retail Properties Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 (Call 01/15/30) | 2087 | 1646351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/52 (Call 10/15/51) | 495 | 278002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/50 (Call 10/15/49) | 2027 | 1179653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/27 (Call 07/15/27) | 855 | 760830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/51 (Call 10/15/50) | 1517 | 943013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/26 (Call 09/15/26) | 2107 | 1925756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/24 (Call 03/15/24) | 2165 | 2109100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 (Call 08/15/25) | 2320 | 2205554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/28 (Call 07/15/28) | 1070 | 971453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/48 | 585 | 458459 |
|  Office Properties Income Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/27 (Call 01/01/27) | 1265 | 870548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/26 (Call 05/15/26) | 1383 | 1011084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/15/31 (Call 07/15/31) | 2116 | 1295055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/24 (Call 02/15/24) | 1477 | 1347925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/25 (Call 11/01/24) | 2132 | 1779666 |
|  Omega Healthcare Investors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/33 (Call 01/15/33) | 2883 | 2010489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 (Call 11/01/30)<sup>(b)</sup> | 1729 | 1301142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 07/01/29) | 2212 | 1762323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/25 (Call 10/15/24) | 2615 | 2520546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 01/01/27)<sup>(b)</sup> | 1330 | 1211178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 10/15/27) | 1857 | 1666899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/01/24 (Call 01/01/24) | 2568 | 2527811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 (Call 10/15/25) | 3520 | 3368006 |
|  Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31) | 2550 | 1823760 |
|  Physicians Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/01/31 (Call 08/01/31) | 2803 | 2083330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 10/15/27) | 2328 | 2085003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/27 (Call 12/15/26) | 261 | 242414 |
|  Piedmont Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/32 (Call 01/01/32) | 300 | 207060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/30 (Call 05/15/30) | 1468 | 1108531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/24 (Call 12/15/23) | 930 | 912088 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30) | 3148 | 2308177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/31 (Call 12/15/30) | 1604 | 1190489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/30 | 1697 | 1300089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/31 | 2040 | 1539710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/15/27 (Call 02/15/27)<sup>(b)</sup> | 1576 | 1383712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/15/50 (Call 04/15/50) | 1787 | 934887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30) | 2717 | 2187022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 | 1832 | 1383362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/50 (Call 10/15/49) | 3013 | 1899245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 | 1621 | 1032399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 | 884 | 820635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/26 (Call 07/01/26)<sup>(b)</sup> | 1330 | 1236488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 | 2705 | 2470260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 06/15/28) | 1952 | 1796855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/28 | 1216 | 1122550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 11/01/28) | 1621 | 1516121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/48 (Call 03/15/48) | 419 | 335565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/33 (Call 10/15/32) | 3260 | 3023813 |
|  Public Storage |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 (Call 01/15/26) | 1298 | 1122497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 (Call 10/09/26) | 2419 | 2107118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/28 (Call 03/01/28) | 2730 | 2264999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 (Call 09/09/28) | 2200 | 1810842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 (Call 08/09/31) | 1870 | 1434851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 (Call 02/01/31)<sup>(b)</sup> | 2545 | 2000981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 (Call 06/15/27) | 2800 | 2539292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 (Call 02/01/29) | 1981 | 1751065 |
|  Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31) | 2797 | 2153998 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 (Call 02/15/26) | 1433 | 1222034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 03/15/33 (Call 12/15/32) | 1568 | 1073076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/28 (Call 04/15/28) | 935 | 775349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 (Call 09/15/32) | 576 | 450622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 (Call 10/15/26) | 2219 | 1997122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 (Call 09/15/29) | 1269 | 1067711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/29 (Call 03/15/29) | 1082 | 933193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30) | 3364 | 2799891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 (Call 11/15/27) | 1710 | 1532570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 (Call 10/15/27) | 2564 | 2327779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/24 (Call 04/15/24) | 2150 | 2102421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/25 (Call 02/15/25) | 2667 | 2582483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 (Call 05/15/27) | 2716 | 2517895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 (Call 07/15/26) | 2221 | 2099733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 (Call 11/06/23) | 2134 | 2118849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 (Call 09/01/25) | 1796 | 1754961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/47 (Call 09/15/46) | 2733 | 2248412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 (Call 03/01/26) | 2279 | 2217535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 2235 | 2188534 |
|  Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 1465 | 1190415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/27 (Call 11/01/26) | 486 | 445312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/30 (Call 03/15/30) | 713 | 601244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 (Call 12/15/27) | 1176 | 1067690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/01/47 (Call 08/01/46) | 1683 | 1219855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/49 (Call 09/15/48) | 1321 | 984990 |
|  Rexford Industrial Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/30 (Call 09/01/30) | 2118 | 1585789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/31 (Call 06/01/31) | 2030 | 1490243 |
|  Sabra Health Care LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/31 (Call 09/01/31) | 3620 | 2610382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29 (Call 07/15/29) | 2089 | 1667878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/26 (Call 05/15/26) | 3116 | 2820354 |
|  Safehold Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/31 (Call 03/15/31) | 2385 | 1763731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/32 (Call 08/15/31) | 670 | 490145 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 (Call 10/15/26)<sup>(b)</sup> | 3304 | 2800999 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 (Call 11/01/27) | $635 | $520040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 (Call 06/13/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/01/31 (Call 11/01/30) | 1464 | 1101645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 (Call 10/15/31) | 3090 | 2260644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 (Call 06/13/29) | 4448 | 3564449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 (Call 04/15/30) | 1038 | 823041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 (Call 12/01/31) | 2385 | 1813029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 2933 | 2674984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49) | 4233 | 2563632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 3172 | 2960523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 (Call 07/01/24) | 5133 | 4940512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 1212 | 1102944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27) | 3418 | 3066766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 06/01/25) | 4108 | 3901491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 (Call 11/01/23) | 4063 | 3987875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50) | 2380 | 1608690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/44 (Call 04/01/44) | 1077 | 781536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 (Call 05/30/46) | 2102 | 1543646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 (Call 09/15/41) | 2136 | 1706942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 (Call 11/01/39) | 2138 | 2126284 |
|  SITE Centers Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/25 (Call 11/01/24) | 2552 | 2374662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/26 (Call 11/01/25) | 2034 | 1897458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/27 (Call 03/01/27) | 2074 | 1912850 |
|  Spirit Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/15/28 (Call 01/15/28) | 781 | 615116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/32 (Call 11/15/31) | 655 | 463544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 (Call 11/15/26) | 1742 | 1510244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/31 (Call 11/15/30) | 725 | 555154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/30 (Call 10/15/29) | 1970 | 1574680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/29 (Call 04/15/29) | 2702 | 2282758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/15/26 (Call 06/15/26) | 1506 | 1416363 |
|  STORE Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/01/31 (Call 09/01/31) | 1980 | 1601681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/18/30 (Call 08/18/30) | 704 | 584320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 (Call 12/15/27) | 2062 | 1878358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/29 (Call 12/15/28) | 1376 | 1278125 |
|  Sun Communities Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/28 (Call 09/01/28) | 615 | 490776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/31 (Call 04/15/31) | 2867 | 2112922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 1450 | 1196903 |
|  Tanger Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/31 (Call 06/01/31) | 650 | 445309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 06/01/26) | 813 | 720578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/27 (Call 04/15/27)<sup>(b)</sup> | 2065 | 1812099 |
|  UDR Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/33 (Call 12/15/32) | 1735 | 1169702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/32 (Call 05/01/32) | 1345 | 949758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/33 (Call 03/15/33)<sup>(b)</sup> | 585 | 397151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 (Call 06/01/26) | 805 | 724516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/31 (Call 05/15/31) | 2258 | 1775465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/01/34 (Call 08/01/34) | 808 | 592490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/30 (Call 10/15/29) | 2428 | 2006645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 04/01/27) | 1223 | 1112160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27) | 1050 | 925145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/26/29 (Call 10/26/28) | 2090 | 1897490 |
|  Ventas Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 (Call 06/01/31)<sup>(b)</sup> | 2310 | 1749548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/25 (Call 12/15/24) | 2491 | 2328711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 (Call 10/15/29) | 2070 | 1691252 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 (Call 07/15/26) | $914 | $827133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 (Call 03/15/24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | 2100959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 (Call 11/01/24) | 2953 | 2804257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 (Call 02/01/24) | 2670 | 2594759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/27 (Call 01/01/27) | 1080 | 997639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 (Call 12/01/27) | 1068 | 965152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 (Call 10/15/25) | 4277 | 4056307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/45 (Call 08/01/44) | 338 | 246672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/29 (Call 10/15/28) | 719 | 649703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30 (Call 08/15/30) | 1040 | 937602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/49 (Call 10/15/48) | 2182 | 1742807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/30/43 (Call 03/30/43) | 1105 | 950753 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/25 | 2055 | 1959422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 01/15/28) | 2620 | 2392374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 (Call 12/15/29) | 3185 | 2863570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 (Call 02/15/32) | 4595 | 4073422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 (Call 11/15/51) | 3131 | 2560125 |
|  Vornado Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 (Call 05/01/26) | 1050 | 867972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/31 (Call 03/01/31) | 1055 | 779033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 (Call 11/15/24) | 2440 | 2268907 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 (Call 11/15/28) | 2118 | 1669048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 (Call 12/15/26) | 1809 | 1600187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/31 (Call 10/15/30) | 1001 | 770880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/32 (Call 10/15/31) | 2145 | 1620848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 (Call 03/01/31) | 3530 | 2723925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 (Call 10/15/29) | 2630 | 2150630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 (Call 02/15/24) | 5118 | 4974389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 (Call 03/15/32) | 1740 | 1440215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 (Call 03/01/25) | 4593 | 4393296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 (Call 12/15/28) | 1966 | 1747047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 (Call 01/01/26) | 4112 | 3899656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/28 (Call 01/15/28) | 3058 | 2804675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 (Call 10/15/23) | 1641 | 1621045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/48 (Call 03/01/48) | 320 | 254010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/41 (Call 09/15/40) | 2042 | 1934121 |
|  Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/09/33 (Call 12/09/32) | 575 | 458885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 08/15/29) | 2469 | 2184324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30) | 3020 | 2637245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/09/52 (Call 09/09/51) | 370 | 259403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/01/27 | 1064 | 1118636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/32 | 2493 | 2653350 |
|  WP Carey Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/33 (Call 01/01/33) | 750 | 519945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/31 (Call 11/01/30) | 1858 | 1399483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/32 (Call 11/01/31) | 1720 | 1259418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/29 (Call 04/15/29) | 1841 | 1595650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/25 (Call 11/01/24) | 2568 | 2473215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/26 (Call 07/01/26) | 955 | 892209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/24 (Call 01/01/24) | 2382 | 2344888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747441383 |
| **Retail — 0.7%** |  |  |
|  Advance Auto Parts Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/27 (Call 08/01/27) | 1630 | 1331205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 1730 | 1368689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 (Call 01/15/30) | 2194 | 1858823 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  AutoNation Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/01/28 (Call 06/01/28) | $862 | $661594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/01/31 (Call 05/01/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 (Call 09/15/24) | 2649 | 2544788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/27 (Call 08/15/27) | 1612 | 1409775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/32 (Call 12/01/31) | 1460 | 1138888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/25 (Call 07/01/25) | 1949 | 1872365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/30 (Call 03/01/30) | 2258 | 1949038 |
|  AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 (Call 10/15/30) | 591 | 437724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/18/24 (Call 03/18/24) | 1489 | 1442126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/21/26 (Call 01/21/26) | 2828 | 2634565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 (Call 01/15/25) | 3383 | 3214053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 (Call 03/15/25) | 640 | 615085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/27 (Call 03/01/27) | 2179 | 2033944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/18/29 (Call 01/18/29) | 2900 | 2596921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30) | 945 | 849697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/32 (Call 05/01/32) | 2345 | 2186642 |
|  Best Buy Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/01/30 (Call 07/01/30) | 3574 | 2663309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/28 (Call 07/01/28)<sup>(b)</sup> | 3219 | 2985880 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 4376 | 3771587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 (Call 01/20/30) | 6129 | 4890023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 (Call 01/20/32)<sup>(b)</sup> | 4475 | 3431877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 (Call 03/18/24) | 4883 | 4743004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27) | 4847 | 4515368 |
|  Darden Restaurants Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/27 (Call 02/01/27)<sup>(b)</sup> | 3549 | 3309655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/48 (Call 08/15/47) | 1970 | 1405536 |
|  Dick's Sporting Goods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/32 (Call 10/15/31) | 2575 | 1952957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/52 (Call 07/15/51)<sup>(b)</sup> | 2615 | 1603596 |
|  Dollar General Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/03/30 (Call 01/03/30) | 1633 | 1426866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 (Call 01/15/27) | 3474 | 3261982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/28 (Call 02/01/28) | 2872 | 2685550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/03/50 (Call 10/03/49)<sup>(b)</sup> | 2835 | 2142239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/25 (Call 08/01/25) | 2112 | 2047394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24 | 375 | 368498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 (Call 10/01/27) | 2440 | 2355918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 (Call 08/01/32) | 2765 | 2637423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/52 (Call 05/01/52) | 5 | 4650 |
|  Dollar Tree Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/31 (Call 09/01/31) | 3585 | 2796909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/51 (Call 06/01/51) | 2350 | 1473215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 (Call 03/15/25) | 4625 | 4485556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 (Call 02/15/28) | 5388 | 5017144 |
|  Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/25 (Call 02/01/23) | 380 | 351219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/01/30 (Call 08/01/30) | 2245 | 1664151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 (Call 11/01/31) | 710 | 550513 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 (Call 01/15/28) | 4712 | 3826521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 (Call 12/15/30) | 6240 | 4668955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28)<sup>(b)</sup> | 1245 | 1027723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31) | 1940 | 1498825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26) | 3645 | 3290852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50) | 5375 | 3045367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(b)</sup> | 4154 | 3757542 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/25 (Call 03/15/25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 5106 | 4340508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 1470 | 897758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27) | 3099 | 2820679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27) | 2225 | 2045531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 (Call 03/15/29) | 2151 | 1897397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26) | 5132 | 4825106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 5259 | 3494921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32) | 5090 | 4385391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39) | 2732 | 2047443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 (Call 06/15/25) | 1965 | 1886243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 2971 | 2060121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 3110 | 2120989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51) | 5615 | 4074356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 (Call 11/15/23) | 3013 | 2980008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28) | 3723 | 3516038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46) | 4265 | 3292580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 (Call 08/15/25) | 315 | 308448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42) | 4209 | 3457483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 5930 | 4870487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44) | 2882 | 2387708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 1050 | 995295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48) | 5523 | 4677650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43) | 4070 | 3626940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 935 | 840612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/40 (Call 03/15/40) | 2404 | 2320221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 9388 | 9653023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 3800 | 3867412 |
|  Kohl's Corp., 5.55%, 07/17/45 (Call 01/17/45) | 2055 | 1233534 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 (Call 02/15/28) | 6252 | 5067121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 (Call 07/15/28) | 3173 | 2594308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 (Call 07/15/30) | 3603 | 2713455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26) | 3172 | 2906853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 (Call 01/01/31) | 5527 | 4424087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 (Call 03/15/41) | 2450 | 1564496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 (Call 04/15/50) | 3733 | 2237374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 4216 | 3849967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 (Call 06/15/24) | 3665 | 3538301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27) | 1780 | 1646464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 (Call 06/15/25) | 5337 | 5067962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/51 (Call 10/01/50) | 4732 | 3079870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 (Call 01/05/29) | 4558 | 4100058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 (Call 10/15/45) | 6841 | 4777754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 (Call 01/01/32) | 5405 | 4663272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 (Call 03/15/25) | 4442 | 4334815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 (Call 11/03/46) | 5269 | 3865338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 (Call 10/01/51) | 1800 | 1333674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 (Call 03/15/45) | 2178 | 1668500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25 | 1615 | 1584267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61) | 2175 | 1585836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 (Call 01/15/30) | 4594 | 4283354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/05/49 (Call 10/05/48) | 648 | 506315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/15/42 (Call 10/15/41) | 2270 | 1859448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 (Call 01/15/33) | 2720 | 2566592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 (Call 10/15/39) | 2506 | 2181699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/50 (Call 10/15/49) | 350 | 299856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/35 | 573 | 548011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 2475 | 2231410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 2720 | 2435134 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/29 | $600 | $626664 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/01/25 (Call 08/01/25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | 1045994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 (Call 12/01/29) | 1135 | 924378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 (Call 06/01/29) | 4508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3852988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/10/24 | 1603 | 1560937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25 (Call 06/01/25) | 5816 | 5594003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 (Call 02/26/25) | 2420 | 2324652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 2299 | 2155979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27) | 4358 | 4057559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 (Call 04/01/30) | 2095 | 1879278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 | 1771 | 1292423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 4747 | 3360022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | 4655 | 4469219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/42 | 2141 | 1599520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28) | 4041 | 3779062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49) | 2880 | 2255069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 (Call 09/01/46) | 3955 | 3223404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 (Call 03/01/48) | 2955 | 2405843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/26/45 (Call 11/26/44) | 2714 | 2241683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 (Call 06/09/35) | 3041 | 2771355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/15/40 | 1492 | 1315213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45) | 6300 | 5459328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/39 | 1569 | 1524440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37 | 3068 | 3162004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38 | 2223 | 2289690 |
|  O'Reilly Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 (Call 12/15/30) | 1265 | 939895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 (Call 12/15/25) | 2758 | 2615770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27) | 1896 | 1749439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/29 (Call 03/01/29) | 2877 | 2601527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/30 (Call 01/01/30) | 1731 | 1577893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28) | 1750 | 1651160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/32 (Call 03/15/32) | 3545 | 3316206 |
|  Ross Stores Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 (Call 03/15/26) | 3250 | 2790807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 (Call 01/15/31)<sup>(b)</sup> | 1680 | 1254338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 (Call 03/15/25) | 2899 | 2847949 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 (Call 01/12/27) | 2501 | 2180497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 (Call 12/12/29) | 2865 | 2320593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/26 (Call 03/15/26)<sup>(b)</sup> | 1566 | 1428583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 (Call 08/15/30) | 4126 | 3369498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 (Call 11/14/31)<sup>(b)</sup> | 3775 | 3125738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/50 (Call 09/12/49) | 2975 | 1954694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 (Call 12/01/27) | 2561 | 2355890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50) | 2620 | 1781705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 (Call 05/15/29) | 3360 | 3024773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 (Call 06/01/47) | 3119 | 2231364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 (Call 06/15/25) | 3876 | 3755263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 (Call 08/15/28) | 3620 | 3360048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/45<sup>(b)</sup> | 2066 | 1636293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49) | 1324 | 1058207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 (Call 05/15/48) | 4380 | 3547625 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26)<sup>(b)</sup> | 2450 | 2195543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 (Call 03/15/25) | 7808 | 7345454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 3016 | 2494594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 | 4336 | 4007895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/30 (Call 06/15/30) | 1909 | 1598635 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155 | $2692855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 01/15/29) | 5143 | 4646289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24 | 1015 | 993360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/46 | 3788 | 2824181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/47 (Call 05/15/47) | 3552 | 2757702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42 | 2166 | 1778957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 3935 | 3708974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37 | 488 | 521247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/38 | 670 | 753281 |
|  TJX Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/28 (Call 03/15/28) | 626 | 505795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/15/31 (Call 02/15/31) | 375 | 280620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 (Call 06/15/26) | 5790 | 5231786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 2650 | 2410413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 2460 | 2071517 |
|  Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30) | 2315 | 1721017 |
|  Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 11/17/23 (Call 12/01/22) | 1950 | 1864570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/30 (Call 01/15/30) | 2000 | 1676340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26)<sup>(b)</sup> | 2252 | 2107129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 (Call 10/15/49) | 1850 | 1281328 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/24/29 (Call 06/24/29) | 2117 | 1810480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41) | 4416 | 3037634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/24 (Call 10/15/24)<sup>(b)</sup> | 175 | 168033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51) | 5685 | 3660287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 (Call 06/08/24) | 160 | 155266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/24/49 (Call 03/24/49) | 223 | 152307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26)<sup>(b)</sup> | 50 | 47514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 (Call 04/08/29) | 945 | 863021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 (Call 01/22/24) | 9060 | 8876626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 (Call 04/26/25) | 180 | 175192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/47 (Call 06/15/47) | 380 | 296457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 (Call 03/26/28) | 1647 | 1561208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/28/38 (Call 12/28/37) | 645 | 563072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/11/43 (Call 10/11/42)<sup>(b)</sup> | 60 | 50288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47) | 1625 | 1358500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 (Call 06/09/32) | 3220 | 3048567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | 450 | 400545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/40 | 120 | 115075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35 | 35 | 35670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/01/40 | 615 | 634803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/41 | 15 | 15470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/05/27 | 255 | 267396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37 | 265 | 300518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 02/15/30 | 550 | 638446 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500580629 |
| **Savings & Loans — 0.0%** |  |  |
|  New York Community Bancorp Inc., 5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)<sup>(a)</sup> | 1985 | 1950282 |
| **Semiconductors — 0.6%** |  |  |
|  Advanced Micro Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/32 (Call 03/01/32) | 3345 | 2986349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/01/52 (Call 12/01/51) | 1675 | 1354673 |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 (Call 08/01/28) | 2315 | 1913880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31) | 2240 | 1758602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41)<sup>(b)</sup> | 1625 | 1119982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 (Call 03/01/25)<sup>(b)</sup> | 856 | 818961 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | $940 | $605689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | 1791089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26) | 4223 | 3984105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/15/45 (Call 06/15/45)<sup>(b)</sup> | 200 | 185920 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 (Call 03/01/30) | 3100 | 2448597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49) | 3006 | 1915243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27) | 4465 | 4197770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 (Call 07/01/25) | 3381 | 3294480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46) | 3272 | 2764513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/01/35 (Call 04/01/35) | 1149 | 1113772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/41 | 2209 | 2247503 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/25 (Call 11/15/24) | 857 | 817441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27) | 4691 | 4130238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 (Call 11/15/23) | 381 | 373209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 11947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10987297 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 (Call 12/15/27)<sup>(b)(f)</sup> | 10 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 (Call 11/15/30)<sup>(f)</sup> | 10550 | 7944572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 (Call 11/15/32)<sup>(f)</sup> | 4355 | 3095186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(f)</sup> | 2257 | 1565478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25) | 2138 | 1993706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 (Call 08/15/36)<sup>(f)</sup> | 1240 | 846064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(f)</sup> | 16626 | 12679653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26) | 1157 | 1062334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(f)</sup> | 11935 | 8933228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(f)</sup> | 9060 | 6046644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 (Call 09/15/24) | 680 | 657574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 (Call 08/15/50)<sup>(f)</sup> | 3801 | 2431310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(f)</sup> | 2930 | 2571368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 (Call 06/15/28) | 70 | 62897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 (Call 08/15/30) | 4490 | 3862747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(f)</sup> | 3295 | 2764241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32) | 8064 | 6804887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 (Call 01/15/29) | 45 | 41786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 (Call 02/15/37)<sup>(f)</sup> | 21274 | 17534031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/30 (Call 01/15/30) | 100 | 92161 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 (Call 06/12/28) | 4218 | 3481115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 (Call 05/12/31)<sup>(b)</sup> | 5045 | 3855339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 7202 | 5975427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26) | 4746 | 4390999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 1960 | 1262612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 (Call 03/11/24) | 5514 | 5349738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51) | 675 | 408010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59) | 5355 | 3040676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27) | 3478 | 3212281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 580 | 335420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 10248 | 6427956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 (Call 02/25/25) | 5977 | 5775754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 (Call 04/29/25) | 8208 | 7968244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 4707 | 3276260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27) | 4505 | 4275065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27) | 3740 | 3519602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 (Call 12/25/29) | 6139 | 5560829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29) | 2895 | 2673272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32<sup>(b)</sup> | 3251 | 2867707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45) | 6472 | 4878076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 5093 | 3795966 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2432822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/42 | 872 | 684424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39) | 6644 | 5614379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49) | 6684 | 5429480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41 | 855 | 734120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45) | 1781 | 1523859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 2880 | 2396621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(b)</sup> | 3554 | 2873480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | 2830 | 2306507 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 (Call 08/28/49) | 2768 | 1864414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 (Call 12/15/28) | 2803 | 2637231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 (Call 08/01/24) | 1386 | 1379389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 (Call 04/15/32) | 2095 | 1988364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 3995 | 3485278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/49 (Call 09/15/48) | 1519 | 1333166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | 2975 | 2625110 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 (Call 03/15/30) | 3015 | 2366323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49) | 2974 | 1857174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/60 (Call 12/15/59) | 2446 | 1472786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 4585 | 4399537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 (Call 12/15/24) | 2817 | 2743026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 12/15/28) | 3741 | 3469142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48) | 2805 | 2477152 |
|  Marvell Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/15/26 (Call 03/15/26) | 3125 | 2694812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 (Call 02/15/28) | 2982 | 2431910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 (Call 01/15/31) | 2040 | 1582122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/28 (Call 03/22/28) | 175 | 160690 |
|  Microchip Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/24<sup>(b)</sup> | 136 | 127987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24 | 387 | 355173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 (Call 12/01/22) | 4100 | 3909596 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 (Call 01/15/32) | 3817 | 2796105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/41 (Call 05/01/41) | 1935 | 1225339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 11/01/51 (Call 05/01/51) | 1865 | 1096489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26) | 3164 | 2938122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 (Call 11/15/29) | 3422 | 3051842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 (Call 12/06/25) | 2966 | 2891820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/06/29 (Call 11/06/28) | 2639 | 2452185 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 (Call 06/14/23) | 395 | 368519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 (Call 04/15/28) | 5975 | 4938278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 (Call 03/15/31) | 3408 | 2652583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 (Call 01/01/30) | 4177 | 3558303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26) | 3452 | 3251611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39) | 3158 | 2397269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49) | 7077 | 5024316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 (Call 10/01/59) | 2140 | 1459287 |
|  NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 02/01/24) | 2614 | 2584436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 (Call 01/01/26)<sup>(b)</sup> | 2540 | 2490343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/01/28 (Call 09/01/28) | 1342 | 1291541 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/31 (Call 02/11/31) | 3748 | 2815985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 (Call 11/15/31) | 3661 | 2730630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 (Call 04/01/25) | 2259 | 2088333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42 (Call 08/15/41) | 2150 | 1352006 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 (Call 03/01/27)<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | $2119264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 (Call 11/11/40) | 3565 | 2306805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/51 (Call 05/30/51) | 1480 | 859688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 (Call 02/01/30) | 3593 | 2979567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26) | 3250 | 3023085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 (Call 03/18/29) | 4666 | 4188995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 (Call 05/01/27) | 605 | 567381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 (Call 10/15/32) | 3745 | 3370163 |
|  Qorvo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/24 (Call 12/15/22)<sup>(f)</sup> | 1685 | 1544471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 (Call 10/15/24) | 3710 | 3171790 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 (Call 02/20/28) | 3825 | 3131030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32) | 4583 | 3445912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 (Call 02/20/30) | 4945 | 4058807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 (Call 03/20/24) | 253 | 245253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27) | 8672 | 8055507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49)<sup>(b)</sup> | 3704 | 2550686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 (Call 02/20/25) | 521 | 502577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/32 (Call 02/20/32) | 1026 | 963445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46) | 5881 | 4816304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51) | 4000 | 3316400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34) | 3682 | 3403899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44) | 2711 | 2395738 |
|  Skyworks Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/26 (Call 05/01/26) | 3140 | 2680963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 (Call 03/01/31) | 2020 | 1501688 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 (Call 08/15/26) | 610 | 530877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 (Call 02/12/25) | 3763 | 3482243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 (Call 02/04/30) | 2960 | 2356071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 (Call 06/15/31) | 2650 | 2072962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 (Call 06/04/29) | 2688 | 2263215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/24 (Call 03/15/24) | 1223 | 1182837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51)<sup>(b)</sup> | 2325 | 1491418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/27 (Call 08/03/27) | 2691 | 2454057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 (Call 05/16/32) | 2205 | 1976518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 2823 | 2354551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/16/52 (Call 02/16/52) | 945 | 776695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 4776 | 3940200 |
|  TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 (Call 09/25/26) | 5770 | 4982106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/25/31 (Call 07/25/31) | 2925 | 2269624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41 (Call 04/25/41)<sup>(b)</sup> | 4375 | 3052656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 (Call 04/25/51)<sup>(b)</sup> | 4205 | 2737371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 (Call 03/22/27) | 410 | 383797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/22/29 (Call 02/22/29) | 535 | 494228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 (Call 01/22/32) | 1070 | 955499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/52 (Call 10/22/51) | 1130 | 925029 |
|  Xilinx Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/30 (Call 03/01/30) | 2856 | 2328668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/24 (Call 04/01/24) | 4598 | 4451600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451610763 |
| **Shipbuilding — 0.0%** |  |  |
|  Huntington Ingalls Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 08/16/28 (Call 06/16/28) | 2429 | 1952139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 12/01/27 (Call 09/01/27) | 2256 | 2011653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 05/01/25 (Call 04/01/25) | 2075 | 1976085 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Shipbuilding (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/30 (Call 02/01/30) | $1445 | $1275472 |
|  |  | 7215349 |
| **Software — 0.6%** |  |  |
|  Activision Blizzard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/15/30 (Call 06/15/30) | 2121 | 1610560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/50 (Call 03/15/50) | 3453 | 2049701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 3405 | 3200870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/27 (Call 03/15/27) | 2335 | 2161206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 (Call 12/15/46) | 2187 | 1848540 |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 (Call 01/01/25) | 3203 | 3008001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 2761 | 2480841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 (Call 11/01/29) | 5708 | 4742948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 (Call 11/01/24) | 2823 | 2730744 |
|  Autodesk Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 (Call 09/15/31) | 3145 | 2427909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/30 (Call 10/15/29) | 2007 | 1674761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/27 (Call 03/15/27) | 3310 | 3041890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/25 (Call 03/15/25) | 2577 | 2525280 |
|  Broadridge Financial Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 (Call 02/01/31) | 4066 | 3164608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 (Call 09/01/29) | 3333 | 2747725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/27/26 (Call 03/27/26) | 2084 | 1927658 |
|  Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24) | 1780 | 1751520 |
|  Electronic Arts Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 (Call 11/15/30) | 2677 | 2063967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/51 (Call 08/15/50) | 2535 | 1577911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/26 (Call 12/01/25) | 2793 | 2768813 |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24 | 2898 | 2723511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 (Call 02/01/26) | 4933 | 4258659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 (Call 01/01/28) | 4545 | 3708811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 (Call 12/01/30)<sup>(b)</sup> | 4315 | 3317415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 (Call 09/01/40) | 2735 | 1787514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/25 | 1300 | 1265160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/46 (Call 02/15/46) | 1257 | 946521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/27 (Call 06/15/27) | 2325 | 2224653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 (Call 04/15/32) | 1415 | 1331204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/52 (Call 01/15/52) | 1735 | 1515991 |
|  Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 (Call 04/01/27) | 1365 | 1180684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30) | 4674 | 3786735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 (Call 06/01/24) | 6657 | 6367420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 7749 | 7114822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 (Call 04/01/29) | 7660 | 6656004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 (Call 03/01/25) | 4405 | 4226245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 (Call 07/01/28) | 2657 | 2461206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 (Call 01/01/49) | 5830 | 4385676 |
|  Intuit Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 (Call 06/15/25) | 3955 | 3560212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 (Call 05/15/27) | 4053 | 3423002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 (Call 04/15/30) | 4397 | 3398837 |
|  Micron Technology Inc., 6.75%, 11/01/29 | 3000 | 3001410 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26) | 12322 | 11401177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20632229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59) | 13498 | 8151442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 (Call 11/12/24) | 7615 | 7312761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 (Call 12/06/23) | 9545 | 9338542 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30511 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20658083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | 8099 | 5276337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25) | 6251 | 6014150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26) | 12775 | 12149280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 4061 | 3481373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34) | 10316 | 9106758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 955 | 757726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/23 (Call 09/15/23) | 7015 | 6948357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 795 | 642153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/12/45 (Call 08/12/44)<sup>(b)</sup> | 740 | 601072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/56 (Call 02/08/56) | 385 | 306391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/12/55 (Call 08/12/54) | 200 | 161316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36) | 1000 | 913840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/35 (Call 05/03/35) | 425 | 396189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46) | 525 | 460997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 (Call 05/03/45) | 370 | 334073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/40 | 385 | 355501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 305 | 269529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/08/41 | 415 | 420935 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26) | 7315 | 6430616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 (Call 01/25/28) | 9210 | 7693758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 (Call 03/01/25) | 8524 | 7968320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26) | 12790 | 11503965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27) | 7177 | 6346047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 (Call 12/25/30) | 9076 | 7156063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 (Call 09/15/24) | 4202 | 4011145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 (Call 02/15/25)<sup>(b)</sup> | 7319 | 6882129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 (Call 01/01/30) | 12310 | 10026618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 (Call 08/15/27) | 6802 | 6041060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 (Call 02/15/30) | 1414 | 1171457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 (Call 04/08/24)<sup>(b)</sup> | 7429 | 7206650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 10540 | 7124618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 15693 | 9661709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 (Call 09/25/40) | 6153 | 4171919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 (Call 05/15/37) | 6788 | 4952525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 (Call 01/15/36) | 4322 | 3236530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 11387 | 6871257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 (Call 11/15/34) | 4145 | 3207028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 7155 | 4680085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 10024 | 6690719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 6307 | 4168359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 (Call 09/25/60) | 5100 | 3195558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 (Call 11/15/44) | 7489 | 5123899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 5834 | 4798348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 (Call 11/15/54) | 4139 | 2806242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 (Call 01/08/44) | 2398 | 1760228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40 | 8144 | 6799751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39 | 2848 | 2605607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38 | 5020 | 4837272 |
|  Roper Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 (Call 08/15/25) | 2077 | 1838353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 (Call 07/15/27) | 2526 | 2076827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/31 (Call 11/15/30) | 2015 | 1480844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 (Call 03/30/30) | 2884 | 2188668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 (Call 08/15/24) | 2380 | 2259572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 (Call 06/15/29) | 3418 | 2850954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 (Call 09/15/26) | 2842 | 2658009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 (Call 09/15/25) | 1886 | 1795019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 (Call 06/15/28) | 2364 | 2191972 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 (Call 12/01/22) | $625 | $582131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 (Call 05/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | 1442583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 (Call 04/15/31) | 3080 | 2406342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41) | 1460 | 996027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51) | 3040 | 1956362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61) | 2075 | 1269195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28) | 8541 | 8060483 |
|  ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30) | 7119 | 5244354 |
|  Take-Two Interactive Software Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24 | 2832 | 2749532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25 | 2495 | 2379956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 (Call 03/14/27) | 2230 | 2062482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/14/32 (Call 01/14/32) | 2193 | 1890256 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 (Call 12/01/22) | 1000 | 922580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 (Call 07/15/26) | 1507 | 1287521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 (Call 06/15/28) | 479 | 378319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 (Call 05/15/31) | 652 | 475041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27) | 3454 | 3164969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 (Call 04/15/25) | 2791 | 2723737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/27 (Call 03/15/27) | 3916 | 3705241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 (Call 02/15/30) | 2590 | 2320251 |
|  Workday Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 03/01/27) | 1830 | 1688651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 1988 | 1771666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 (Call 01/01/32)<sup>(b)</sup> | 2885 | 2467685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488652420 |
| **Telecommunications — 1.0%** |  |  |
|  America Movil SAB de CV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30 (Call 02/07/30) | 5205 | 4292147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/29 (Call 01/22/29) | 3331 | 2942939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/16/42 | 5060 | 3969418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/49 (Call 10/22/48)<sup>(b)</sup> | 3876 | 3032970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/32 (Call 04/21/32) | 975 | 895820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37 | 2515 | 2421341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/30/40 | 4381 | 4204358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/35 | 3651 | 3680938 |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 (Call 11/14/22) | 2010 | 1898726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 (Call 12/01/27) | 9616 | 7933681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 3099 | 2733225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 (Call 11/01/31) | 8701 | 6544370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 2557 | 2231571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33) | 23288 | 17180256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 (Call 03/01/31) | 10456 | 8366368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 (Call 04/15/26) | 2080 | 1901598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 9785 | 6913885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53) | 29466 | 18939566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 29988 | 18980605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50) | 7966 | 5309259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59) | 24444 | 15481852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 689 | 644904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57) | 21701 | 14297704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 (Call 12/01/59) | 6375 | 4211708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 10/15/25) | 1739 | 1669040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 (Call 11/15/27) | 895 | 837111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26) | 1356 | 1296865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 9157 | 8358784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 (Call 06/15/42) | 1453 | 1126816 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11614 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10781508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 (Call 12/15/44) | 1020 | 781748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 10766 | 9294611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 (Call 09/09/47) | 2990 | 2308848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 (Call 09/09/48) | 2229 | 1729615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/44 (Call 12/01/43) | 1804 | 1440368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 (Call 11/15/45) | 1926 | 1573523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 (Call 12/15/43) | 365 | 296278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 (Call 09/01/38) | 11132 | 9529883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/45 (Call 01/15/45) | 594 | 483807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/37 (Call 02/14/37) | 3958 | 3462815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/42 | 500 | 430730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/46 (Call 05/15/46) | 566 | 480557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 (Call 08/14/49) | 937 | 796937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36) | 430 | 394301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/01/40 | 613 | 544638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 (Call 09/01/46) | 668 | 596985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/41 | 172 | 156475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46) | 277 | 255336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/57 (Call 09/01/56) | 686 | 626222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 (Call 05/15/40) | 1544 | 1475446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 01/15/38<sup>(b)</sup> | 400 | 399948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41 | 629 | 624459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 02/15/39 | 501 | 509948 |
|  Bell Canada, Series US-6, 3.20%, 02/15/52 (Call 08/15/51) | 490 | 304476 |
|  Bell Telephone Co. of Canada or Bell Canada (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/52 (Call 02/15/52) | 2025 | 1368799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/29/49 (Call 01/29/49) | 2450 | 1872462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 (Call 10/01/47) | 4226 | 3355613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-3, 0.75%, 03/17/24 | 420 | 395577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-4, 3.65%, 03/17/51 (Call 09/17/50) | 2094 | 1416738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series US-5, 2.15%, 02/15/32 (Call 11/15/31) | 2190 | 1649004 |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/04/23 (Call 11/04/23) | 2999 | 2959863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/04/28 (Call 09/04/28) | 3618 | 3320130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30 | 7296 | 8322255 |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26) | 2662 | 2461818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 1485 | 1401855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 | 2388 | 2319727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24 | 4377 | 4311301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 6751 | 6628942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 6715 | 6863267 |
|  Corning Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/49 (Call 05/15/49) | 1813 | 1239639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/57 (Call 05/15/57) | 2742 | 1983481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/15/37 | 1097 | 947896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 | 780 | 647345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48 (Call 05/15/48)<sup>(b)</sup> | 1939 | 1685495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 (Call 05/19/79) | 2883 | 2315424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/40 | 1932 | 1822108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/68 (Call 05/15/68) | 1762 | 1500854 |
|  Deutsche Telekom International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/30 | 8955 | 10257505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/32 | 2722 | 3290599 |
|  Juniper Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/25 (Call 11/10/25) | 365 | 318634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/10/30 (Call 09/10/30) | 1261 | 913456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 (Call 05/15/29) | 2711 | 2324384 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510584 |
|  Koninklijke KPN NV, 8.38%, 10/01/30 | 777 | 847800 |
|  Motorola Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 (Call 08/15/30) | 1476 | 1104137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 (Call 02/24/31) | 3850 | 2942286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/24 | 395 | 385208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/23/28 (Call 11/23/27) | 3805 | 3568824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 (Call 02/23/29) | 2491 | 2289478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/44 | 1673 | 1384207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 (Call 03/01/32) | 3030 | 2853048 |
|  Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/13/42 | 3253 | 2966183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 (Call 08/06/43) | 2319 | 2144750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31 | 7635 | 9117335 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 (Call 08/15/26) | 3637 | 3259589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 (Call 03/15/23)<sup>(f)</sup> | 3350 | 3164913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(f)</sup> | 2355 | 2137327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 (Call 09/15/25) | 3783 | 3539488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 (Call 05/15/49)<sup>(b)</sup> | 3843 | 2513091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(f)</sup> | 3000 | 2551800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 (Call 08/15/47) | 2392 | 1735229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48) | 3053 | 2223072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 (Call 09/15/41)<sup>(f)</sup> | 3055 | 2413633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/43 (Call 09/15/42) | 1988 | 1519011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 (Call 09/15/51)<sup>(f)</sup> | 4175 | 3224478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 (Call 09/15/43) | 3883 | 3130358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/01/43 (Call 04/01/43) | 2628 | 2254798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/38 | 1581 | 1713867 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/08/27 | 4384 | 4016095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38 | 2414 | 1827205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48 | 4131 | 2959985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47 | 8159 | 6139403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 (Call 09/01/48) | 4090 | 3220589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36 | 8420 | 8216910 |
|  Telefonica Europe BV, 8.25%, 09/15/30 | 4355 | 4725262 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 (Call 11/16/26) | 2920 | 2630832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/32 (Call 02/13/32) | 3085 | 2531613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 (Call 06/15/27) | 2193 | 2031749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/49 (Call 12/15/48)<sup>(b)</sup> | 1597 | 1210654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 (Call 05/16/48) | 2482 | 1983143 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | 1231 | 1081273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 (Call 12/15/27) | 7475 | 6199316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23) | 4748 | 4265176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 (Call 08/15/31) | 4504 | 3410654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 (Call 01/15/29) | 491 | 401181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 9514 | 7521198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 1447 | 1306569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 (Call 02/15/24) | 7610 | 6315235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 (Call 12/15/31) | 2410 | 1885825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 5710 | 4599062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40)<sup>(b)</sup> | 8486 | 5698264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50) | 7614 | 4873874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 04/15/24) | 3590 | 3107253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52) | 7570 | 4901953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 (Call 03/15/25) | 9976 | 9514810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26) | 4765 | 4032143 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | $6330 | $4065886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10819758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 24432 | 21618900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 (Call 10/15/39) | 7505 | 6117250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49) | 10343 | 8210067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 (Call 02/01/23) | 5315 | 5041809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 11/14/22) | 4990 | 4945589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 (Call 07/15/52) | 200 | 184572 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24 | 2185 | 2063339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 (Call 10/20/25) | 6166 | 5422997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26) | 4415 | 3890454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) | 965 | 717005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 (Call 07/30/30) | 1848 | 1375485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30) | 7580 | 5635730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 (Call 01/22/28) | 10660 | 8960903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 (Call 12/15/31) | 19597 | 14838652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30) | 12038 | 9509418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26 | 9154 | 8326753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 (Call 05/20/40) | 12448 | 7900995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41) | 3672 | 2396053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 (Call 05/20/50) | 11316 | 6676214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56) | 13209 | 7599534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27) | 3007 | 2728341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 (Call 05/20/60) | 6681 | 3735614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 (Call 12/22/29) | 7359 | 6237636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 | 6468 | 6244789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40)<sup>(b)</sup> | 8770 | 6219947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 (Call 08/01/24) | 3994 | 3878454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50) | 16858 | 11378307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60) | 7280 | 4753258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/42 (Call 05/01/42) | 5006 | 3724013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28)<sup>(b)</sup> | 4217 | 3831524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51) | 5205 | 3687326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 (Call 09/22/49) | 4247 | 3109823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29) | 10939 | 9882840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27 | 8823 | 8398614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46 | 1752 | 1321428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36 | 8169 | 6870701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28 | 14556 | 13661825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 (Call 05/01/34) | 5309 | 4604071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33 | 9666 | 8631158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48 | 990 | 795673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/15/55 | 95 | 76335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/41 | 1448 | 1226485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | 5851 | 5053216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | 8369 | 6987278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/15/49 | 1465 | 1265115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54 | 60 | 51245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37 | 4542 | 4215112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/16/47 | 3487 | 3192627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/15/35 | 737 | 712775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43 | 2333 | 2406606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/30 | 534 | 595293 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/16/24 | 115 | 113581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25 | 5782 | 5632304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50 | 5644 | 3979810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28 | 1471 | 1384299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 5642 | 4216097 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49 | $2298 | $1778353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38 | 4162 | 3531956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/19/59 | 1261 | 980352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10544 | 8596523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37 | 5465 | 5159725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/30/32 | 2088 | 2060772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/30 | 2830 | 3072191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802873933 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 (Call 10/19/24) | 2958 | 2811609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 2164 | 1941822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 (Call 09/19/26) | 2914 | 2671206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/19/29 (Call 08/19/29) | 2314 | 2000499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/15/44 (Call 11/15/43) | 1306 | 1020339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/15/40 | 1844 | 1694525 |
|  |  | 12140000 |
| **Transportation — 0.6%** |  |  |
|  BNSF Funding Trust I, 6.61%, 12/15/55 (Call 01/15/26), (3 mo. LIBOR US<br>+ 2.350%)<sup>(a)</sup> | 1627 | 1504991 |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 (Call 12/15/51) | 1869 | 1170461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 (Call 01/01/25) | 2890 | 2764343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 (Call 08/15/50) | 2207 | 1436867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27) | 4863 | 4508001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 (Call 03/15/51) | 3420 | 2336954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 (Call 06/01/24) | 2968 | 2879880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | 2504 | 1801277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/25 (Call 06/01/25) | 1699 | 1634880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 (Call 01/01/24) | 3803 | 3736447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 2841 | 2183564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 2738 | 2150562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 2200 | 1753378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 3623 | 2898219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 1850 | 1477114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/42 (Call 03/01/42) | 1337 | 1117719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/42 (Call 09/15/41) | 2287 | 1919845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 3050 | 2580361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52) | 760 | 638111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 2963 | 2516565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 (Call 03/01/45) | 2479 | 2127602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 2559 | 2289281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/41 (Call 03/15/41) | 1328 | 1202716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/41 (Call 09/01/40) | 1520 | 1393278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/01/43 (Call 03/01/43) | 2580 | 2386448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 (Call 12/01/40) | 1687 | 1607171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 2341 | 2315436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 1142 | 1193413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 08/15/36 | 780 | 818906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25 | 1559 | 1646881 |
|  Canadian National Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/50 (Call 11/01/49) | 2002 | 1157737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 2978 | 2751821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/24 (Call 08/21/24) | 2933 | 2803596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/02/46 (Call 02/02/46) | 2609 | 1774851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/03/48 (Call 08/03/47) | 2359 | 1753563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/05/32 (Call 05/05/32) | 2355 | 2126965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/05/52 (Call 02/05/52) | 1830 | 1522908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/20/49 (Call 07/20/48) | 2515 | 2110764 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 06/01/36 | $693 | $721815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/01/34 | 990 | 1042193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37 | 1257 | 1320592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/15/28 | 1670 | 1797421 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/24 (Call 12/02/22) | 1540 | 1421990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 (Call 11/02/26) | 1040 | 904602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/30 (Call 12/05/29) | 2176 | 1725742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 (Call 09/02/31) | 2675 | 2122960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 (Call 11/01/24) | 5303 | 5041721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 (Call 06/02/41) | 1960 | 1355869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 (Call 06/02/51) | 2687 | 1708583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 (Call 03/01/28) | 3915 | 3658215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/35 (Call 03/15/35) | 2633 | 2364671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/45 (Call 02/01/45) | 2177 | 1856284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37 | 1098 | 1091697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2115 (Call 03/15/15) | 2449 | 2227414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/31 | 3677 | 3969505 |
|  CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2478078 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 (Call 11/15/29) | 1953 | 1600855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/51 (Call 11/15/50)<sup>(b)</sup> | 776 | 440279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 (Call 08/01/26) | 3628 | 3292047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 (Call 03/01/27) | 4831 | 4429544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 (Call 08/01/25) | 4649 | 4409019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/49 (Call 03/15/49) | 2799 | 1894867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 (Call 05/01/24) | 3424 | 3327991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | 2566 | 2394719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 (Call 05/01/46) | 1504 | 1107350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/50 (Call 10/15/49) | 1781 | 1293059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/50 (Call 11/01/49) | 2681 | 2000750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/32 (Call 08/15/32) | 2475 | 2230247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 (Call 09/15/43) | 3453 | 2720619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 12/15/28) | 3790 | 3551836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/66 (Call 05/01/66) | 2068 | 1490201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 (Call 09/01/47) | 1970 | 1577044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/43 (Call 09/01/42)<sup>(b)</sup> | 1540 | 1258134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 (Call 09/15/48) | 1951 | 1590377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/52 (Call 05/15/52) | 1960 | 1602339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/54 (Call 02/01/54)<sup>(b)</sup> | 1300 | 1039064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/01/68 (Call 09/01/67) | 2035 | 1576840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/42 (Call 11/30/41) | 2740 | 2356263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 (Call 05/15/48)<sup>(b)</sup> | 1821 | 1548378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/41 (Call 10/15/40) | 774 | 736028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | 1392 | 1395884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37 | 1400 | 1432704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 04/30/40 | 2648 | 2713829 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31) | 3620 | 2811147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 (Call 05/05/29) | 4284 | 3658922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26) | 5118 | 4821668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 (Call 11/15/40) | 2050 | 1369175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 (Call 11/15/27) | 3047 | 2753117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/42 | 1025 | 737559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/35 | 2835 | 2312113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 (Call 08/15/47) | 1685 | 1190992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/43 | 1885 | 1368510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/45 | 1220 | 879498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/17/28 (Call 07/17/28) | 704 | 649574 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 (Call 07/15/46) | $3555 | $2648048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 (Call 10/01/45) | 4205 | 3223301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | 5142 | 4065574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/34 | 2364 | 2152895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 (Call 04/17/48) | 1616 | 1310657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 3137 | 2600981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511568 |
|  FedEx Corp. Class AA Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35<sup>(b)</sup> | 2451 | 1949308 |
|  JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26) | 3969 | 3804961 |
|  Kansas City Southern |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 (Call 08/15/29) | 1904 | 1602521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 (Call 11/01/49)<sup>(b)</sup> | 1216 | 808591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/15/69 (Call 05/15/69) | 825 | 566717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 (Call 11/15/42) | 2016 | 1572803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/48 (Call 11/01/47) | 1850 | 1515280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/45 (Call 02/15/45) | 2332 | 1972849 |
|  Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27) | 2772 | 2449090 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31) | 2040 | 1623187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/01/29 (Call 08/01/29) | 2309 | 1924852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 (Call 03/15/26) | 2958 | 2732305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/25/51 (Call 02/25/51) | 1943 | 1172018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 (Call 12/15/31)<sup>(b)</sup> | 2600 | 2154464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/50 (Call 11/15/49) | 2982 | 1886145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/27 (Call 03/01/27) | 1774 | 1618740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 (Call 11/15/54) | 2980 | 1829094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/01/49 (Call 05/01/49) | 1574 | 1060829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/25 (Call 06/01/25) | 1965 | 1883904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/53 (Call 09/15/52) | 1671 | 1168447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/01/28 (Call 05/01/28)<sup>(b)</sup> | 2241 | 2074404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/24 (Call 10/15/23) | 2161 | 2128952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/01/47 (Call 05/01/47) | 2764 | 2076731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/42 (Call 04/01/42) | 1077 | 831196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/15/52 (Call 02/15/52) | 2254 | 1679613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/49 (Call 11/15/48) | 1370 | 1043077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/2121 (Call 11/15/20) | 1880 | 1212844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/28/48 (Call 08/28/47) | 2610 | 2010692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/45 (Call 12/15/44) | 2032 | 1646062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 (Call 12/01/52) | 2285 | 1857248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/46 (Call 07/15/45) | 1999 | 1677321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 10/01/41 | 2192 | 1917605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/01/2118 (Call 02/01/18)<sup>(b)</sup> | 230 | 177815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 05/15/27 | 50 | 54572 |
|  Ryder System Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 (Call 08/01/26) | 2070 | 1800217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 (Call 08/01/24) | 2329 | 2201534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 (Call 02/01/27) | 1301 | 1155678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 (Call 10/01/26) | 1697 | 1516779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/25 (Call 08/01/25) | 1565 | 1468565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 (Call 02/18/24) | 3202 | 3126017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/23 (Call 11/01/23) | 1369 | 1347520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 (Call 05/15/27) | 1490 | 1390438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/25 (Call 05/01/25) | 1728 | 1676886 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 (Call 12/05/26) | 2029 | 1806906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/31 (Call 02/20/31) | 3245 | 2629099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 (Call 11/05/29) | 2752 | 2289416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 (Call 12/01/25) | 4377 | 4075775 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31) | $3067 | $2541132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 04/06/36 (Call 01/06/36) | 2530 | 1923989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 1915 | 1210874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62) | 1750 | 1023925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 (Call 01/15/27) | 3006 | 2757344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 (Call 02/01/24) | 4613 | 4505655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/25 (Call 10/15/24) | 2814 | 2714216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 (Call 05/15/25) | 1935 | 1848428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 5336 | 3645875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/15/46 (Call 02/15/46) | 1596 | 1100123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/35 (Call 08/01/34) | 1966 | 1579583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/14/42 (Call 08/14/41) | 2115 | 1577642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52) | 3250 | 2273602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/39 (Call 02/15/39) | 2590 | 2017506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 (Call 11/20/60) | 1489 | 992627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/37 (Call 03/15/37) | 3404 | 2734808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 (Call 11/15/23) | 991 | 974331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28) | 3273 | 3009818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/24 (Call 12/15/23) | 1641 | 1613891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 (Call 05/15/25) | 2225 | 2157404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69) | 2200 | 1467378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51) | 2948 | 2211413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70) | 1265 | 857822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59) | 4146 | 2954025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/14/72 (Call 08/14/71)<sup>(b)</sup> | 1505 | 1026831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/55 (Call 08/01/54) | 1373 | 1012340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 (Call 06/10/28) | 4374 | 4117596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/59 (Call 02/15/59) | 2280 | 1659840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/47 (Call 10/15/46) | 2149 | 1654859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/45 (Call 05/15/45) | 2141 | 1614014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/46 (Call 09/01/45) | 2525 | 1965435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/67 (Call 03/15/67) | 1566 | 1134520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 (Call 09/01/48) | 2864 | 2303859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 (Call 10/20/32) | 5240 | 4940901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/10/48 (Call 03/10/48) | 2023 | 1672475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 01/20/63 (Call 07/20/62) | 485 | 434153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/29<sup>(b)</sup> | 1815 | 1944863 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/01/24 (Call 08/01/24) | 2553 | 2434822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 (Call 08/15/26) | 2272 | 2063726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 (Call 06/01/29) | 2070 | 1760349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 (Call 09/15/24)<sup>(b)</sup> | 3457 | 3313949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 (Call 08/15/27)<sup>(b)</sup> | 5261 | 4835753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28) | 3454 | 3147216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/46 (Call 05/15/46) | 1071 | 766740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/49 (Call 03/01/49)<sup>(b)</sup> | 2986 | 2155773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/42 | 1240 | 969172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47) | 3072 | 2384056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 (Call 03/01/25) | 3683 | 3604257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 3148 | 2608527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30) | 1177 | 1131097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/40 (Call 05/15/40) | 1583 | 1451912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/40 (Call 10/01/39) | 1514 | 1447732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49) | 4402 | 4307137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 | 5332 | 5652240 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26) | 4810 | 4188981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 (Call 07/22/28) | 4733 | 3954232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 (Call 06/22/31) | 7377 | 5838527 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) | $2720 | $2633694 |
|  |  | 429425037 |
| **Trucking & Leasing — 0.0%** |  |  |
|  GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/31 (Call 03/01/31) | 1871 | 1331797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 (Call 12/01/50) | 1775 | 993379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/25 (Call 12/30/24)<sup>(b)</sup> | 1140 | 1075613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 (Call 06/15/26) | 1826 | 1650065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 (Call 12/15/27) | 2023 | 1776113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/32 (Call 03/01/32) | 25 | 19919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 (Call 12/30/26) | 3018 | 2736903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 (Call 03/30/30) | 1954 | 1684797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/24 (Call 01/15/24) | 698 | 687258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/07/28 (Call 08/07/28) | 3363 | 3085418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/29 (Call 01/01/29) | 1572 | 1445391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/33 (Call 12/15/32) | 1405 | 1249762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 (Call 09/15/43) | 1624 | 1320750 |
|  |  | 19057165 |
| **Venture Capital — 0.0%** |  |  |
|  Hercules Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 (Call 08/16/26) | 1294 | 1056111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/20/27 (Call 12/20/26) | 1040 | 862711 |
|  |  | 1918822 |
| **Water — 0.1%** |  |  |
|  American Water Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/31 (Call 03/01/31) | 2200 | 1727132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/01/30 (Call 02/01/30) | 2374 | 1986160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/27 (Call 06/01/27) | 1920 | 1730458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/51 (Call 12/01/50)<sup>(b)</sup> | 2490 | 1643475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/25 (Call 12/01/24) | 4955 | 4758683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/29 (Call 03/01/29) | 3038 | 2688357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/50 (Call 11/01/49) | 2359 | 1610560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/28 (Call 06/01/28) | 2217 | 2043897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/47 (Call 03/01/47) | 3302 | 2389856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/24 (Call 12/01/23) | 1674 | 1642227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 (Call 06/01/46) | 1490 | 1115652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 (Call 12/01/48) | 2501 | 1931147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 (Call 03/01/48) | 1045 | 818987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/42 (Call 06/01/42) | 1109 | 891980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/01/45 (Call 03/01/45) | 1801 | 1419476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 (Call 03/01/32)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755 | 2548375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37 | 800 | 839776 |
|  Essential Utilities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/31 (Call 02/01/31) | 2714 | 2116160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 1526 | 1238654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 2139 | 1346693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/01/29 (Call 02/01/29) | 2645 | 2311571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 05/01/49 (Call 11/01/48) | 2112 | 1553249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/01/52 (Call 11/01/51) | 1835 | 1607955 |
|  United Utilities PLC, 6.88%, 08/15/28<sup>(b)</sup> | 491 | 506825 |
|  Veolia Environnement SA, 6.75%, 06/01/38<sup>(b)</sup> | 195 | 203890 |
|  |  | 42671195 |
|  **Total Corporate Bonds & Notes — 24.7%<br>(Cost: $23,001,227,959)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18923889566 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Foreign Government Obligations<sup>(g)</sup>** | **Foreign Government Obligations<sup>(g)</sup>** | **Foreign Government Obligations<sup>(g)</sup>** |
|  **Canada — 0.2%** |  |  |
|  Canada Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/19/26 | $225 | $197561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/22/25 | 12820 | 12044262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/28/25 | 10 | 9614 |
|  Export Development Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/21/24 | 3290 | 3206664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/26/25 | 50 | 48413 |
|  Hydro-Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 8.50%, 12/01/29 | 1000 | 1214560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HK, 9.38%, 04/15/30 | 1405 | 1809682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series IO, 8.05%, 07/07/24<sup>(b)</sup> | 2320 | 2434167 |
|  Province of Alberta Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/20/25 | 5320 | 4855032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/22/30<sup>(b)</sup> | 5752 | 4514975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/13/24<sup>(b)</sup> | 3634 | 3435874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/23/24 | 825 | 807584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/28<sup>(b)</sup> | 11036 | 10320867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/23 | 7745 | 7642301 |
|  Province of British Columbia Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 07/20/26<sup>(b)</sup> | 895 | 780637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/29/31<sup>(b)</sup> | 3895 | 3040476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/02/26<sup>(b)</sup> | 7330 | 6751370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/26 | 188 | 196479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/01/36<sup>(b)</sup> | 300 | 365040 |
|  Province of Manitoba Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/25/28 | 250 | 208558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/22/26<sup>(b)</sup> | 55 | 50099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/14/24 | 2035 | 1984532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GX, 2.60%, 04/16/24 | 165 | 160171 |
|  Province of New Brunswick Canada, 3.63%, 02/24/28 | 1946 | 1851619 |
|  Province of Ontario Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/21/26 | 3787 | 3324077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 04/14/26 | 480 | 424066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 05/21/27 | 615 | 524921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/07/30 | 9347 | 7196255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 02/25/31 | 7365 | 5845674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/14/31 | 250 | 198470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/02/29<sup>(b)</sup> | 5620 | 4756993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/21/32<sup>(b)</sup> | 460 | 373672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/26<sup>(b)</sup> | 8465 | 7775441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604 | 11703696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/29/24 | 3940 | 3859112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/16/24 | 5870 | 5735753 |
|  Province of Quebec Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 07/23/25 | 906 | 812573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 05/28/30 | 5095 | 4044513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/21/31 | 2350 | 1911208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/26 | 8616 | 8007969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/12/27<sup>(b)</sup> | 6232 | 5774758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series NN, 7.13%, 02/09/24 | 2217 | 2277391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series PD, 7.50%, 09/15/29 | 5122 | 5969179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QO, 2.88%, 10/16/24 | 8798 | 8506962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QW, 2.50%, 04/09/24 | 225 | 218178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series QX, 1.50%, 02/11/25 | 7157 | 6678626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163850024 |
| **Chile — 0.1%** |  |  |
|  Chile Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/31/31 (Call 10/31/30)<sup>(b)</sup> | 10234 | 8207668 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chile (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/32 (Call 10/27/31)<sup>(b)</sup> | $8958 | $7059352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/33 (Call 04/27/33) | 6095 | 4556012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/27 (Call 12/31/26)<sup>(b)</sup> | 625 | 563350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/07/41 (Call 11/07/40) | 9026 | 5974400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/22/61 (Call 07/22/60) | 5620 | 3157878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/27/25<sup>(b)</sup> | 1475 | 1415572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/21/26 | 7480 | 6981907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 02/06/28 (Call 11/06/27) | 9980 | 9001062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/21/71 (Call 03/21/71) | 2885 | 1595982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/34 (Call 10/31/33) | 4550 | 3682861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/25/50 (Call 07/25/49) | 10217 | 6745468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/30/42 | 1280 | 897856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 06/21/47<sup>(b)</sup> | 3443 | 2466462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/52 (Call 07/31/51) | 3025 | 2144180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42 (Call 09/07/41) | 326 | 252314 |
|  |  | 64702324 |
| **Finland — 0.0%** |  |  |
|  Finland Government International Bond, 6.95%, 02/15/26<sup>(b)</sup> | 462 | 490778 |
|  **Germany — 0.0%** |  |  |
|  FMS Wertmanagement, 2.75%, 01/30/24 | 4485 | 4379872 |
|  **Hong Kong — 0.0%** |  |  |
|  Hong Kong Government International Bond, 1.75%, 11/24/31<sup>(d)</sup> | 2300 | 1832548 |
|  **Hungary — 0.0%** |  |  |
|  Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10530 | 10428596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/22/23 | 4156 | 4148103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/29/41 | 3080 | 3070206 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17646905 |
| **Indonesia — 0.1%** |  |  |
|  Indonesia Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/31<sup>(b)</sup> | 220 | 167688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/28/31 (Call 04/28/31) | 550 | 428995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30 | 5206 | 4427651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51<sup>(b)</sup> | 600 | 382842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/61 (Call 03/23/61)<sup>(b)</sup> | 725 | 445549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/71 | 1105 | 664171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/18/29 | 2795 | 2447078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/11/28 | 2167 | 1979836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/50 | 3806 | 2574493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/31/32 (Call 12/31/31) | 390 | 334421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/49 | 4141 | 2900812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/30<sup>(b)</sup> | 10150 | 9091659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/24/28 | 4500 | 4236525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/20/27 (Call 06/20/27) | 4425 | 4188705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/50 | 6250 | 4705313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/31/52 (Call 09/30/51) | 290 | 220774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/11/48 | 6720 | 5238106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/11/24 | 1786 | 1773016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/70 | 4955 | 3712286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/20/32 (Call 06/20/32) | 5800 | 5354560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/11/29 | 4033 | 3875108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/11/49 | 4095 | 3617154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 09/20/52 (Call 03/20/52)<sup>(b)</sup> | 1875 | 1688456 |
|  |  | 64455198 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Israel — 0.1%** |  |  |
|  Israel Government AID Bond, 5.50%, 12/04/23 | $25000 | $25181000 |
|  Israel Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/03/30 | 9150 | 7955010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/16/26 | 2970 | 2779059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/17/28 | 3920 | 3622080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/50 | 6295 | 4786466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/17/48 | 2530 | 2021116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/43 | 5180 | 4509397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, April 03, 2120 | 2865 | 2172300 |
|  State of Israel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/30 | 2905 | 2500217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/50 | 6040 | 4186989 |
|  |  | 59713634 |
| **Italy — 0.0%** |  |  |
|  Republic of Italy Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/06/24 | 1775 | 1644005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/17/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10070 | 8583769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/17/24 | 7334 | 6842842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/29 | 7580 | 6121002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/51 | 7255 | 4642910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/17/49 | 7425 | 4937402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/33 | 7432 | 6876532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39648462 |
| **Japan — 0.1%** |  |  |
|  Japan Bank for International Cooperation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25 | 1425 | 1272596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/21/31 | 7800 | 5956548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/17/24<sup>(b)</sup> | 5245 | 4943832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/21/26<sup>(b)</sup> | 6255 | 5617053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 | 12205 | 9744472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/17/29 | 4702 | 3919540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/10/25 | 865 | 815141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/16/29 | 4325 | 3694718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/04/26 | 7724 | 6980179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/20/26 | 5555 | 5110267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/23/24 | 4240 | 4091049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/25 | 3400 | 3206438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/21/26<sup>(b)</sup> | 5350 | 5009258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/16/27 | 6495 | 5884795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/14/25 | 50 | 47722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/27 | 6565 | 6054834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/27 | 4814 | 4428302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/29/24 | 5090 | 4941117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/20/28 | 1810 | 1669924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/28<sup>(b)</sup> | 3525 | 3279449 |
|  Japan International Cooperation Agency |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/22/30<sup>(b)</sup> | 901 | 686130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/20/26 | 624 | 561687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/27/27 | 1700 | 1560498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/25/27 | 450 | 420849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/12/28<sup>(b)</sup> | 450 | 417168 |
|  |  | 90313566 |
| **Mexico — 0.2%** |  |  |
|  Mexico Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31 (Call 02/24/31) | 3035 | 2358256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/16/30 (Call 01/16/30)<sup>(b)</sup> | 11860 | 9997624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/34 (Call 11/12/33) | 2355 | 1806544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28 | 7745 | 7102862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/24/61 (Call 11/24/60) | 8223 | 4808975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mexico (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/27/25 (Call 03/27/25)<sup>(b)</sup> | $925 | $907693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/26 | 8671 | 8363786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/28/27<sup>(b)</sup> | 8270 | 7903060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/41 (Call 02/14/41) | 4384 | 3191727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47 | 4760 | 3338902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/12/52 (Call 08/12/51) | 1225 | 840411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/29<sup>(b)</sup> | 11045 | 10282343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50 (Call 07/31/49)<sup>(b)</sup> | 11810 | 8419231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/23/46 | 7714 | 5649502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/10/48 | 10617 | 7677259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/32 (Call 01/27/32)<sup>(b)</sup> | 7527 | 6828720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/44 | 12558 | 9562666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/19/33 (Call 02/19/33) | 4000 | 3534200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/27/51 (Call 10/27/50) | 7110 | 5412772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/21/45<sup>(b)</sup> | 10580 | 8996915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, October 12, 2110 | 9214 | 7035350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/11/40<sup>(b)</sup> | 9868 | 9124841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/27/34 | 10612 | 10670048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/08/33 | 4387 | 4753797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 08/15/31<sup>(b)</sup> | 4758 | 5337953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 05/15/26<sup>(b)</sup> | 700 | 828891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154734328 |
| **Panama — 0.1%** |  |  |
|  Panama Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/29/32 (Call 06/29/32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10175 | 7088617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/30 (Call 10/23/29) | 5530 | 4511650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/19/33 (Call 10/19/32)<sup>(b)</sup> | 500 | 383840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/16/25 (Call 12/16/24) | 6193 | 5933575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/23/60 (Call 01/23/60) | 9700 | 5611062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28 (Call 12/17/27) | 5469 | 4972141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/22/24 | 2415 | 2343057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/29/53<sup>(b)</sup> | 5249 | 3429172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 | 3378 | 2352439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50 (Call 10/16/49)<sup>(b)</sup> | 7575 | 5175013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56 (Call 10/01/55) | 8240 | 5424969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/19/63 (Call 07/19/62) | 4210 | 2680507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 01/26/36 | 5796 | 5670575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/26<sup>(b)</sup> | 4407 | 4617170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/30/27 | 4546 | 5168893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 04/01/29 | 3247 | 3752623 |
|  |  | 69115303 |
| **Peru — 0.1%** |  |  |
|  Peruvian Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 12/01/32 (Call 09/01/32) | 4930 | 3422751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/26 (Call 12/23/25) | 4728 | 4271417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31 (Call 10/23/30) | 12759 | 10089179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/01/60 (Call 06/01/60) | 6063 | 3222727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 06/20/30 | 3087 | 2504854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/34 (Call 10/15/33) | 7125 | 5327648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, July 28, 2121 (Call 01/28/21) | 3128 | 1662939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/11/41 (Call 09/11/40) | 3286 | 2222256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51 (Call 09/10/50)<sup>(b)</sup> | 5248 | 3453237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/72 (Call 07/15/71) | 3270 | 1932439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/25/27<sup>(b)</sup> | 3603 | 3391792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50 | 7330 | 6731725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/37 | 4316 | 4322042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/21/25 | 6454 | 6719130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/21/33 | 7845 | 9306210 |
|  |  | 68580346 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Philippines — 0.1%** |  |  |
|  Bangko Sentral ng Pilipinas Bond, 8.60%, 06/15/27 | $200 | $224678 |
|  Philippine Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/10/31 | 1128 | 843970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/06/32<sup>(b)</sup> | 885 | 671865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 05/05/30 | 5620 | 4638017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/45 | 3225 | 1960800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/45 | 5332 | 3454390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28 | 9326 | 8425388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/06/46 | 5450 | 3573619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 03/29/27 | 575 | 530093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/29/32 | 555 | 476412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/41 | 7896 | 5890732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/02/42 | 7884 | 5886194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/14/29 | 6946 | 6397822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/20/40 | 7790 | 5988796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/21/24 | 4758 | 4675972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/13/37 | 5377 | 4909954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/26 | 4161 | 4193789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/32 | 4382 | 4534494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34 | 7361 | 7592430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/25/24 | 724 | 731988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/14/31 | 5753 | 6498071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/21/24<sup>(b)</sup> | 1024 | 1101629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/02/30 | 2600 | 3127098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%, 03/16/25 | 5336 | 5963140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92291341 |
| **Poland — 0.0%** |  |  |
|  Republic of Poland Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | 3310151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/24 | 7763 | 7649272 |
|  |  | 10959423 |
| **South Korea — 0.1%** |  |  |
|  Export-Import Bank of Korea |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 02/09/24<sup>(b)</sup> | 2090 | 1972730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 06/29/24 | 2470 | 2298706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/21/25 | 615 | 542977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/29/26<sup>(b)</sup> | 1160 | 990942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/18/25 | 3435 | 3159307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/21/30 | 2700 | 2003508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/09/31 | 1470 | 1081097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/27 | 1730 | 1496173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/18/32<sup>(b)</sup> | 1285 | 977975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/21/27 | 1640 | 1451794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/29/41<sup>(b)</sup> | 4345 | 2840587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/26/26 | 3684 | 3405747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/21/25<sup>(b)</sup> | 5495 | 5234702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/25 | 5585 | 5287990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/12/26 | 3885 | 3654386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/27/23 | 754 | 743866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/24 | 1555 | 1536464 |
|  Korea Development Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 06/19/24 | 2300 | 2135297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 04/27/26 | 1700 | 1475073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/25/27<sup>(b)</sup> | 1635 | 1390322 |
|  Korea International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/16/30<sup>(b)</sup> | 1350 | 1043631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/31<sup>(b)</sup> | 2785 | 2231593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/19/24 | 1310 | 1252858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/19/29 | 3585 | 3189001 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **South Korea (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/27 | $2860 | $2652879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/28 | 1745 | 1639096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/20/48 | 885 | 744028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/10/44 | 2436 | 2169404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/03/25 | 100 | 101572 |
|  |  | 58703705 |
| **Supranational — 0.9%** |  |  |
|  African Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/23/26 | 3970 | 3510353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/22/26 | 4938 | 4319219 |
|  Asian Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/11/24 | 3500 | 3271905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/03/25<sup>(b)</sup> | 3090 | 2749266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/04/26 | 4190 | 3681418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/08/24 | 10790 | 10004272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/29/25 | 14020 | 12732123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/30 | 974 | 743571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/26 | 4005 | 3557802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/09/28 | 50 | 42182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/18/24<sup>(b)</sup> | 14784 | 13931259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27<sup>(b)</sup> | 1955 | 1737428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/04/31<sup>(b)</sup> | 1359 | 1098847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/24<sup>(b)</sup> | 375 | 360180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/14/26 | 2160 | 1953266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/19/29 | 8665 | 7337522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/15/29 | 1000 | 865040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/24/30 | 9231 | 7825303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25 | 6152 | 5822130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/24/26<sup>(b)</sup> | 5960 | 5478253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/19/25 | 570 | 539254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/10/27 | 1315 | 1200740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/02/27<sup>(b)</sup> | 6092 | 5575947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/30/24 | 10656 | 10394076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/12/27 | 5844 | 5446842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/28 | 7040 | 6496723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/20/27<sup>(b)</sup> | 225 | 212683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/26/28 | 809 | 755816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/27/32<sup>(b)</sup> | 325 | 296114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 06/16/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/15/27 | 850 | 905275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/28 | 615 | 672742 |
|  Asian Infrastructure Investment Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/30/24 | 7975 | 7343141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/28/25 | 9435 | 8476687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/27/26 | 890 | 777095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/16/24 | 7040 | 6780435 |
|  Council of Europe Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/10/24 | 180 | 168311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/22/26 | 214 | 186368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/27/25 | 5 | 4652 |
|  European Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/19/25 | 2115 | 1910818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/25 | 1005 | 889204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/28/26 | 460 | 404105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/13/25 | 2465 | 2303370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/27/24 | 1985 | 1878068 |
|  European Investment Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/15/25 | 3260 | 2871408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/26/26 | 2275 | 1982276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/25/25 | 11227 | 10113618 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Supranational (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/21/27 | $697 | $582337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/26 | 7220 | 6252015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/23/30 | 840 | 644885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/17/30 | 7105 | 5572523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/14/31<sup>(b)</sup> | 12864 | 10274477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/27 | 16880 | 14905378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/14/25 | 16718 | 15642030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/09/29 | 4925 | 4149706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/13/31 | 100 | 82096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/29 | 6020 | 5177682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/10/25 | 8833 | 8331727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/13/26 | 7100 | 6569772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/24/24 | 310 | 298626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/27 | 5421 | 4984122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24<sup>(b)</sup> | 6200 | 5963222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/24 | 7202 | 7012299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/23 | 12940 | 12724549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/29/24 | 15830 | 15564373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/36 | 7146 | 7470929 |
|  Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 | 3955 | 3779398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/23/24 | 2270 | 2102270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25 | 1110 | 999832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/16/27 | 1230 | 1028009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/03/25 | 7650 | 7007553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/26 | 10955 | 9679619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/20/28<sup>(b)</sup> | 9655 | 8064049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/13/31 | 2800 | 2193772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/13/27 | 185 | 164639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/14/25 | 16054 | 15048217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/02/26<sup>(b)</sup> | 7798 | 7147101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/26<sup>(b)</sup> | 5308 | 4851884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/25 | 11301 | 10729282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/18/29 | 9049 | 7952714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/07/27<sup>(b)</sup> | 4459 | 4080163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/16/24 | 9724 | 9497236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/21/24 | 16323 | 15985114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/18/28<sup>(b)</sup> | 9525 | 8886349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/07/42<sup>(b)</sup> | 4945 | 3955110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/24 | 25 | 24447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/28/41 | 6100 | 5430037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/24/44<sup>(b)</sup> | 3235 | 3085155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 | 90 | 95046 |
|  International Bank for Reconstruction & Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/24/23 | 1100 | 1050038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12857897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/28/25<sup>(b)</sup> | 20800 | 18476640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25 | 26690 | 24267882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 02/10/26 (Call 11/10/22) | 29 | 24784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/11/25 | 12852 | 11771275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/24/27 | 4280 | 3579749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/26/30<sup>(b)</sup> | 4883 | 3735544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/15/26 | 8775 | 7695236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/14/30 | 11030 | 8620496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/13/28 | 16935 | 14096186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/10/31<sup>(b)</sup> | 13000 | 10305620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/20/28 | 17910 | 15295677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/28/24 | 2605 | 2465164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/25<sup>(b)</sup> | 11709 | 10999317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/03/31 | 21970 | 17688706 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* |
|  **Supranational (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/29 | $| 12587 | $10662951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/27/26 |  | 5980 | 5404724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/03/25 |  | 4399 | 4168712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/28/24 |  | 136 | 131625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/19/24 |  | 13789 | 13400564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/25/24 |  | 16209 | 15551725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/29/25 |  | 14589 | 13825558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/22/27 |  | 11350 | 10381845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/29/32<sup>(b)</sup> |  | 785 | 679520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/20/25 |  | 2897 | 2781526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/27 |  | 450 | 426834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/35<sup>(b)</sup> |  | 672 | 684768 |
|  International Finance Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/16/25 |  | 2102 | 1881647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/27/30<sup>(b)</sup> |  | 3625 | 2776967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/16/24 |  | 1470 | 1382461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/07/26 |  | 1223 | 1130358 |
|  Nordic Investment Bank, 2.25%, 05/21/24 |  | 1475 | 1423213 |
|  |  |  | 690222857 |
| **Sweden — 0.0%** |  |  |  |
|  Svensk Exportkredit AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/11/24 |  | 325 | 306543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/30/24 |  | 1360 | 1262733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/10/23 |  | 200 | 191522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/26/25 |  | 1070 | 952247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/14/25 |  | 5150 | 4656733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/12/23<sup>(b)</sup> |  | 5050 | 4889965 |
|  |  |  | 12259743 |
| **Uruguay — 0.1%** |  |  |  |
|  Uruguay Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/20/45<sup>(b)</sup> |  | 2012 | 1702837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27 |  | 10345 | 10243929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/23/31 (Call 10/23/30)<sup>(b)</sup> |  | 9756 | 9313775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/14/24<sup>(b)</sup> |  | 3401 | 3393874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/20/55 |  | 7791 | 6797803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11077 | 9977275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/21/36 |  | 4531 | 5363034 |
|  |  |  | 46792527 |
|  **Total Foreign Government Obligations — 2.2%<br>(Cost: $2,009,165,223)** | **Total Foreign Government Obligations — 2.2%<br>(Cost: $2,009,165,223)** | **Total Foreign Government Obligations — 2.2%<br>(Cost: $2,009,165,223)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710692884 |
|  **Municipal Debt Obligations** |  |  |  |
|  **Alabama — 0.0%** |  |  |  |
|  Alabama Federal Aid Highway Finance Authority, 2.65%, 09/01/37 (Call 09/01/31) |  | 1150 | 814990 |
|  **Arizona — 0.0%** |  |  |  |
|  Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41 |  | 1875 | 1754389 |
|  **California — 0.2%** |  |  |  |
|  Bay Area Toll Authority RB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 04/01/31 |  | 2930 | 2508672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/01/55 (Call 04/01/31) |  | 470 | 293188 |
|  Bay Area Toll Authority RB BAB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F-2, 6.26%, 04/01/49 |  | 4735 | 5110367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-1, 7.04%, 04/01/50 |  | 4100 | 4770055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series S-3, 6.91%, 10/01/50 |  | 1300 | 1495573 |
|  California Earthquake Authority, 5.60%, 07/01/27 |  | 1100 | 1091059 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **California (continued)** |  |  |
|  California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 06/01/37 | $325 | $277186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/41 | 445 | 373885 |
|  California State University RB |  |  |
|  Class B, 2.72%, 11/01/52 | 910 | 533861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/52 (Call 11/01/31) | 1000 | 610855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 2.98%, 11/01/51 (Call 05/01/51) | 3315 | 2147971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 2.90%, 11/01/51 (Call 11/01/30) | 1895 | 1201976 |
|  City of Los Angeles Department of Airports Customer Facility Charge Revenue RB, 4.24%, 05/15/48 (Call 05/15/32) (AGM) | 330 | 261239 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB 3.30%, 11/01/39 (Call 11/01/29)<sup>(b)</sup> | 1670 | 1258509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 2.83%, 11/01/41 (Call 11/01/30) | 980 | 659476 |
|  City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, Series B, 6.00%, 11/01/40 | 2500 | 2563990 |
|  East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40 | 4480 | 4658622 |
|  Foothill-Eastern Transportation Corridor Agency RB 3.92%, 01/15/53 (Call 01/15/30) | 1025 | 706480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.09%, 01/15/49 (Call 01/15/30) | 2040 | 1371704 |
|  Golden State Tobacco Securitization Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 2.75%, 06/01/34 (Call 06/01/31) | 1270 | 963446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 3.00%, 06/01/46 | 765 | 687858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 06/01/38 (Call 06/01/31) (SAP) | 1000 | 732465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B, 3.29%, 06/01/42 (Call 06/01/31) | 2790 | 1941893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 06/01/36 (Call 12/01/31) | 230 | 174472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 06/01/41 (Call 12/01/31) | 830 | 598532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/50 (Call 12/01/31) | 1320 | 1131136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 06/01/50 (Call 12/01/31) | 1535 | 1022370 |
|  Los Angeles Community College District/CA GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 08/01/30 | 5000 | 3990315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 08/01/32 (Call 08/01/30) | 3000 | 2272965 |
|  Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49 | 1100 | 1276896 |
|  Los Angeles County Metropolitan Transportation Authority RB BAB, Series A, 5.74%, 06/01/39 | 815 | 832034 |
|  Los Angeles County Public Works Financing Authority RB BAB, 7.62%, 08/01/40 | 1150 | 1371971 |
|  Los Angeles Department of Water & Power, RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.72%, 07/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.60%, 07/01/50 | 385 | 434758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 6.57%, 07/01/45 | 2470 | 2744246 |
|  Los Angeles Unified School District/CA GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/34 | 4760 | 4814326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/01/29 | 2170 | 2197453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series RY, 6.76%, 07/01/34 | 3025 | 3269550 |
|  Regents of the University of California Medical Center Pooled Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 3.71%, 05/15/20 (Call 11/15/19) | 2600 | 1488744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/32 (Call 02/15/32) | 550 | 494729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 05/15/53 | 895 | 725440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)<sup>(b)</sup> | 1835 | 1108044 |
|  Regents of the University of California Medical Center Pooled Revenue RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, Class H, 6.55%, 05/15/48 | 2575 | 2804023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 6.58%, 05/15/49 | 2015 | 2193338 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **California (continued)** |  |  |
|  San Diego County Regional Transportation Commission RB, 3.25%, 04/01/48 (Call 04/01/30) | $1025 | $741814 |
|  San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48 | 1905 | 1955332 |
|  San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49 | 2350 | 2493949 |
|  San Joaquin Hills Transportation Corridor Agency RB, 3.49%, 01/15/50 (Call 01/15/32) | 1600 | 1107005 |
|  Santa Clara Valley Transportation Authority RB BAB, 5.88%, 04/01/32 | 2620 | 2667804 |
|  State of California GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/29 | 6000 | 5092872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/25 | 3000 | 2896137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/28 | 860 | 798710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/33 (Call 04/01/28) | 2750 | 2585159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/38 (Call 04/01/28) | 1640 | 1460753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.05%, 04/01/29 | 1110 | 987041 |
|  State of California GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/01/39<sup>(b)</sup> | 5220 | 5965860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/01/39 | 2130 | 2433093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/34 | 8030 | 9333735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/39 | 12470 | 14803810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 11/01/40 | 6825 | 8207677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/40 | 3350 | 3973757 |
|  University of California RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AD, 4.86%, 05/15/12<sup>(b)</sup> | 3285 | 2531878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AJ, 4.60%, 05/15/31 | 1750 | 1686155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AQ, 4.77%, 05/15/15<sup>(b)</sup> | 835 | 632299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AX, 3.06%, 07/01/25 (Call 04/01/25) | 2925 | 2779680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BD, 3.35%, 07/01/29 | 4670 | 4162357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 0.88%, 05/15/25 (Call 04/15/25) | 950 | 854110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 1.32%, 05/15/27 (Call 03/15/27) | 775 | 655912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 1.61%, 05/15/30 (Call 02/15/30) | 2990 | 2303176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series BG, 3.07%, 05/15/51 (Call 05/15/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3110 | 1879264 |
|  University of California RB BAB, 5.95%, 05/15/45 | 2255 | 2321543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160625896 |
| **Colorado — 0.0%** |  |  |
|  Regional Transportation District Sales Tax Revenue RB BAB, Series B, 5.84%, 11/01/50 | 700 | 726381 |
|  **Connecticut — 0.0%** |  |  |
|  State of Connecticut GO, Series A, 5.85%, 03/15/32 | 3040 | 3150030 |
|  State of Connecticut GO BAB, Series D, 5.09%, 10/01/30 | 1515 | 1510247 |
|  |  | 4660277 |
| **District of Columbia — 0.0%** |  |  |
|  District of Columbia RB BAB, Series E, 5.59%, 12/01/34 | 700 | 715212 |
|  District of Columbia Water & Sewer Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 10/01/48 (Call 10/01/29) | 1000 | 665340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 10/01/14 | 1690 | 1341845 |
|  Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB BAB, 7.46%, 10/01/46 | 1300 | 1516840 |
|  |  | 4239237 |
| **Florida — 0.0%** |  |  |
|  County of Broward FL Airport System Revenue RB, 3.48%, 10/01/43 (Call 10/01/29) | 250 | 182385 |
|  County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28) | 985 | 816109 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Florida (continued)** |  |  |
|  County of Miami-Dade FL Transit System RB, Series B, 2.60%, 07/01/42 (Call 07/01/30) | $1300 | $891353 |
|  County of Miami-Dade FL Water & Sewer System Revenue RB, 3.49%, 10/01/42 (Call 10/01/29) | 1265 | 963977 |
|  State Board of Administration Finance Corp. RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%, 07/01/25 | 4385 | 3934024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 07/01/27 | 3000 | 2519427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/01/30 | 4902 | 3827854 |
|  |  | 13135129 |
| **Georgia — 0.0%** |  |  |
|  City of Atlanta GA Water & Wastewater Revenue RB, 2.26%, 11/01/35 (Call 11/01/30) | 1330 | 976243 |
|  Municipal Electric Authority of Georgia RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Project J, Series 2010-A, 6.64%, 04/01/57 | 3835 | 3852165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project M, Series 2010-A, 6.66%, 04/01/57 | 3357 | 3429011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Project P, Series 2010-A, 7.06%, 04/01/57 | 317 | 305163 |
|  |  | 8562582 |
| **Idaho — 0.0%** |  |  |
|  Idaho Energy Resources Authority RB, 2.86%, 09/01/46 | 580 | 376464 |
|  **Illinois — 0.1%** |  |  |
|  Chicago O'Hare International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.47%, 01/01/49 | 1050 | 871549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.57%, 01/01/54 | 2450 | 2011668 |
|  Chicago O'Hare International Airport RB BAB, Series B, 6.40%, 01/01/40 | 500 | 538406 |
|  Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 6.90%, 12/01/40 | 2400 | 2585314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.90%, 12/01/40<sup>(b)</sup> | 3850 | 4184815 |
|  Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34 | 1820 | 1891870 |
|  Sales Tax Securitization Corp. RB, 3.24%, 01/01/42 | 5125 | 3635521 |
|  State of Illinois GO |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/23 | 14 | 13595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27923 | 25959957 |
|  State of Illinois GO BAB, Series 5, 7.35%, 07/01/35 | 3621 | 3710052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45402747 |
| **Indiana — 0.0%** |  |  |
|  Indiana Finance Authority RB, 3.05%, 01/01/51 | 645 | 442972 |
|  **Kansas — 0.0%** |  |  |
|  Kansas Development Finance Authority RB, 2.77%, 05/01/51<sup>(b)</sup> | 605 | 380542 |
|  State of Kansas Department of Transportation RB BAB, 4.60%, 09/01/35 | 500 | 463568 |
|  |  | 844110 |
| **Louisiana — 0.0%** |  |  |
|  Louisiana Local Government Environmental Facilities & Community Development Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 02/01/29 | 1750 | 1696859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/33<sup>(b)</sup> | 2280 | 2130647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/39 | 1710 | 1554155 |
|  State of Louisiana Gasoline & Fuels Tax Revenue RB, 2.95%, 05/01/41 | 1185 | 836996 |
|  |  | 6218657 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Maryland — 0.0%** |  |  |
|  Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40) | $2500 | $1668203 |
|  Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43 | 1500 | 1541949 |
|  |  | 3210152 |
| **Massachusetts — 0.0%** |  |  |
|  Commonwealth of Massachusetts GO, 4.91%, 05/01/29 | 1950 | 1933665 |
|  Commonwealth of Massachusetts GOL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 07/01/41 (Call 07/01/30) | 540 | 361415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/01/49<sup>(b)</sup> | 2675 | 1741422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 2.66%, 09/01/39 | 1964 | 1474831 |
|  Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39 | 3700 | 3640952 |
|  Commonwealth of Massachusetts RB, 3.77%, 07/15/29 | 2900 | 2709989 |
|  Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40 | 1435 | 1438903 |
|  Massachusetts School Building Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/40 (Call 10/15/29) | 1755 | 1325353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.75%, 08/15/30 | 2050 | 1640273 |
|  Massachusetts School Building Authority RB BAB, Series B, 5.72%, 08/15/39 | 1060 | 1080408 |
|  Massachusetts Water Resources Authority RB, 2.82%, 08/01/41 (Call 08/01/31) | 925 | 632411 |
|  |  | 17979622 |
| **Michigan — 0.0%** |  |  |
|  Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39 | 1685 | 1263694 |
|  Great Lakes Water Authority Water Supply System Revenue RB, 3.47%, 07/01/41 (Call 07/01/30) | 575 | 439010 |
|  Michigan Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 12/01/34 | 2110 | 1663191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/40 | 845 | 628794 |
|  Michigan State Building Authority RB, 2.71%, 10/15/40 (Call 10/15/30) | 1250 | 843420 |
|  Michigan State University RB, 4.17%, 08/15/22 (Call 02/15/22) | 1675 | 1143337 |
|  Michigan Strategic Fund RB, 3.23%, 09/01/47 (Call 09/01/31) | 460 | 297530 |
|  University of Michigan RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/52 (Call 10/01/51)<sup>(b)</sup> | 614 | 443783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/52 (Call 10/01/51) | 475 | 340097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/22 (Call 10/01/21) | 1580 | 1178378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.44%, 04/01/40 (Call 10/01/39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | 1926032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10167266 |
| **Minnesota — 0.0%** |  |  |
|  University of Minnesota RB, 4.05%, 04/01/52 Call | 924 | 734448 |
|  **Mississippi — 0.0%** |  |  |
|  State of Mississippi GO BAB, Series F, 5.25%, 11/01/34 | 1000 | 990575 |
|  **Missouri — 0.0%** |  |  |
|  Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.65%, 08/15/57 (Call 02/15/57)<sup>(b)</sup> | 4730 | 3342738 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Nebraska — 0.0%** |  |  |
|  University of Nebraska Facilities Corp. RB, Series A, Class A, 3.04%, 10/01/49 | $1000 | $685964 |
|  **Nevada — 0.0%** |  |  |
|  County of Clark Department of Aviation RB BAB, Series C, 6.82%, 07/01/45 | 850 | 960257 |
|  **New Jersey — 0.1%** |  |  |
|  New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC) | 5560 | 5910791 |
|  New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40 | 6979 | 8187218 |
|  New Jersey Transportation Trust Fund Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 06/15/39<sup>(b)</sup> | 1200 | 935082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/42 | 345 | 260249 |
|  New Jersey Transportation Trust Fund Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.56%, 12/15/40 | 2650 | 2707383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.75%, 12/15/28 | 2475 | 2460643 |
|  New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41 | 4230 | 4818376 |
|  Rutgers The State University of New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 05/01/43 | 1000 | 719769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series P, 3.92%, 05/01/19 (Call 11/01/18)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | 953936 |
|  Rutgers The State University of New Jersey RB BAB, Class H, 5.67%, 05/01/40 | 900 | 890538 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27843985 |
| **New York — 0.1%** |  |  |
|  City of New York NY, 5.26%, 10/01/52<sup>(b)</sup> | 500 | 477101 |
|  City of New York NY GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-1, 5.52%, 10/01/37 | 3000 | 2946648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F1, 6.27%, 12/01/37 | 1255 | 1317760 |
|  Metropolitan Transportation Authority RB, Series C2, 5.18%, 11/15/49 | 3880 | 3192344 |
|  Metropolitan Transportation Authority RB BAB 7.34%, 11/15/39 | 3265 | 3795945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A, 6.67%, 11/15/39 | 50 | 49538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.87%, 11/15/39<sup>(b)</sup> | 100 | 93432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.65%, 11/15/39 | 220 | 213179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.81%, 11/15/40 | 1230 | 1250242 |
|  New York City Municipal Water Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 06/15/43 | 1385 | 1322966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/15/42<sup>(b)</sup> | 3145 | 3176868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/44 | 3200 | 3274954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 06/15/42 | 1860 | 1917528 |
|  New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 08/01/37 | 2235 | 2186766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.57%, 11/01/38 | 2100 | 2072971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C-2, 5.77%, 08/01/36 | 1910 | 1933304 |
|  New York State Dormitory Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 02/15/43 | 450 | 318785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 3.14%, 07/01/43 | 275 | 200612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 3.11%, 02/15/39 | 2350 | 1731073 |
|  New York State Dormitory Authority RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series D, 5.60%, 03/15/40 | 2325 | 2268012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series F, 5.63%, 03/15/39 | 2165 | 2168741 |
|  New York State Thruway Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M, 2.90%, 01/01/35 | 2000 | 1570122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series M, 3.50%, 01/01/42 (Call 01/01/30) | 1005 | 736535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **New York (continued)** |  |  |
|  New York State Urban Development Corp. RB, Series B, 3.90%, 03/15/33 (Call 09/15/28) | $290 | $254263 |
|  New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39<sup>(b)</sup> | 1260 | 1279815 |
|  Port Authority of New York & New Jersey RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 02/15/51 (Call 08/15/31) | 1145 | 746463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 08/01/69 | 1300 | 790741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 09/01/48 | 1440 | 1123079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 164, 5.65%, 11/01/40 | 2255 | 2254152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 165, 5.65%, 11/01/40 | 1795 | 1788017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 168, 4.93%, 10/01/51 | 2500 | 2257992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 174, 4.46%, 10/01/62 | 6585 | 5338756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 181, 4.96%, 08/01/46 | 2000 | 1809630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 182, 5.31%, 08/01/46 (Call 08/01/24) | 1000 | 934745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 192, 4.81%, 10/15/65<sup>(b)</sup> | 4235 | 3630289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 225, 3.18%, 07/15/60 (Call 07/15/31) | 675 | 404681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series AAA, 1.09%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | 2197795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63025844 |
| **North Carolina — 0.0%** |  |  |
|  Charlotte-Mecklenburg Hospital Authority (The) RB, 3.20%, 01/15/51 (Call 01/15/50) | 750 | 490715 |
|  **Ohio — 0.0%** |  |  |
|  American Municipal Power Inc. RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/15/47 | 1300 | 1285913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 8.08%, 02/15/50 | 4075 | 5061639 |
|  JobsOhio Beverage System RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/01/38 | 1950 | 1416644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.53%, 01/01/35 | 2400 | 2209188 |
|  Ohio State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.80%, 12/01/46 | 3750 | 2893361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.05%, 12/01/56 | 500 | 382024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.80%, 06/01/11 | 350 | 278699 |
|  Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40<sup>(b)</sup> | 1795 | 1671980 |
|  Ohio Turnpike & Infrastructure Commission RB, Series A, Class A, 3.22%, 02/15/48 (Call 02/15/30) | 1775 | 1214141 |
|  Ohio Water Development Authority Water Pollution Control Loan Fund RB, Series B-2, 4.88%, 12/01/34 | 1115 | 1091276 |
|  |  | 17504865 |
| **Oklahoma — 0.0%** |  |  |
|  Oklahoma Development Finance Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/37 | 250 | 235909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/45 | 715 | 633961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.62%, 06/01/44 | 1655 | 1474280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 05/01/52 | 520 | 454147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 02/01/52 | 680 | 616608 |
|  |  | 3414905 |
| **Oregon — 0.0%** |  |  |
|  Oregon School Boards Association RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.55%, 06/30/28 (NPFGC) | 50 | 50061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 5.68%, 06/30/28 (NPFGC) | 1000 | 1004876 |
|  Oregon State University RB, 3.42%, 03/01/60 (Call 03/01/30) (BAM) | 1100 | 710097 |
|  State of Oregon Department of Transportation RB BAB, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2010-A, 5.83%, 11/15/34 | 2085 | 2168498 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Oregon GO, 5.89%, 06/01/27 | 8020 | 8235906 |
|  |  | 12169438 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pennsylvania — 0.0%** |  |  |
|  City of Philadelphia PA Water & Wastewater Revenue RB, 2.93%, 07/01/45 (Call 07/01/31) | $1030 | $687925 |
|  Commonwealth Financing Authority RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 2.99%, 06/01/42 | 1130 | 763209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.14%, 06/01/38 | 50 | 41807 |
|  Pennsylvania State University (The) RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/01/43 | 1250 | 854616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/01/50 | 975 | 618427 |
|  Pennsylvania Turnpike Commission RB BAB, Series B, 5.51%, 12/01/45 | 1000 | 964362 |
|  University of Pittsburgh-of the Commonwealth System of Higher Education RB, 3.56%, 09/15/19 (Call 03/15/19) | 2000 | 1155178 |
|  |  | 5085524 |
| **South Carolina — 0.0%** |  |  |
|  South Carolina Public Service Authority, Series C, 6.45%, 01/01/50 | 1000 | 985177 |
|  **Tennessee — 0.0%** |  |  |
|  Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26) | 1000 | 942045 |
|  **Texas — 0.1%** |  |  |
|  City of San Antonio Texas Electric & Gas Systems Revenue RB BAB | City of San Antonio Texas Electric & Gas Systems Revenue RB BAB | City of San Antonio Texas Electric & Gas Systems Revenue RB BAB |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 02/01/48 (Call 02/01/31) | 480 | 312865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 02/01/41 | 1875 | 1889604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.99%, 02/01/39 | 1000 | 1038943 |
|  Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31) | 870 | 538557 |
|  Dallas Area Rapid Transit RB BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 12/01/48<sup>(b)</sup> | 3250 | 3024577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 6.00%, 12/01/44 | 400 | 422410 |
|  Dallas Convention Center Hotel Development Corp. RB BAB, 7.09%, 01/01/42 | 700 | 743905 |
|  Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44 | 1250 | 1254265 |
|  Dallas Fort Worth International Airport RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 11/01/46 (Call 11/01/31) | 220 | 146097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A, 2.99%, 11/01/38 | 1200 | 922444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.51%, 11/01/51 (Call 11/01/32) | 1330 | 1104913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, Class A, 3.14%, 11/01/45 | 1405 | 976899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, 2.92%, 11/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, Class C, 3.09%, 11/01/40 (Call 11/01/30) | 340 | 243406 |
|  Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 12/01/22) (PSF) | 400 | 407654 |
|  Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30) | 4805 | 3074354 |
|  North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49 | 4120 | 4600042 |
|  Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27) | 2000 | 1554144 |
|  Permanent University Fund - University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 01/01/47) | 1625 | 1215916 |
|  State of Texas GO BAB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 04/01/39 | 2300 | 2319240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.63%, 04/01/33 | 1255 | 1219796 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Texas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 4.68%, 04/01/40 | $2250 | $2071744 |
|  Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49 | 3350 | 2403903 |
|  Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30) | 2395 | 1477332 |
|  Texas Transportation Commission State Highway Fund RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/33 | 2725 | 2401248 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Class, 5.18%, 04/01/30 | 5115 | 5068510 |
|  University of Texas System (The) RB, Series B, 2.44%, 08/15/49 (Call 02/15/49) | 765 | 443263 |
|  University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46 | 2400 | 2234930 |
|  |  | 44871097 |
| **Virginia — 0.0%** |  |  |
|  University of Virginia RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 09/01/50 (Call 03/01/50)<sup>(b)</sup> | 2790 | 1558703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 11/01/51 (Call 05/01/51) | 1000 | 593015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.23%, 09/01/19 (Call 03/01/19)<sup>(b)</sup> | 790 | 431210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.18%, 09/01/17 (Call 03/01/17) | 840 | 597538 |
|  |  | 3180466 |
| **Washington — 0.0%** |  |  |
|  Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB BAB, 5.49%, 11/01/39 | 1200 | 1207185 |
|  State of Washington GO BAB, Series F, 5.14%, 08/01/40 | 2165 | 2081370 |
|  |  | 3288555 |
| **Wisconsin — 0.0%** |  |  |
|  State of Wisconsin RB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 5.70%, 05/01/26 | 220 | 222759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.15%, 05/01/27 | 2580 | 2376322 |
|  |  | 2599081 |
|  **Total Municipal Debt Obligations — 0.6%<br>(Cost: $581,760,123)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471276550 |
|  **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** | **U.S. Government & Agency Obligations** |
|  **Mortgage-Backed Securities — 29.0%** |  |  |
|  Federal Home Loan Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | 897155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 11/01/40, (12 mo. LIBOR US + 1.775%)<sup>(a)</sup> | 14 | 13589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/01/40, (12 mo. LIBOR US + 1.900%)<sup>(a)</sup> | 201 | 199506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/01/42, (12 mo. LIBOR US + 1.900%)<sup>(a)</sup> | 71 | 70217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/27 | 109 | 104275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/28 | 1419 | 1354366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/30 | 10971 | 10292795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 | 102 | 94244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/31 | 3583 | 3325218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 | 7443 | 6907042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/31 | 44 | 40388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 | 11044 | 10248381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 | 13739 | 12749598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/32 | 159 | 147124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 | 12191 | 11258393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/33 | 33 | 30664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/33 | 1389 | 1267700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 11/01/40, (12 mo. LIBOR US + 1.910%)<sup>(a)</sup> | 375 | 375732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/19/23 | 6935 | 6846301 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 12/01/38, (12 mo. LIBOR US + 1.760%)<sup>(a)</sup> | $514 | $509647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 05/01/42, (12 mo. LIBOR US + 1.804%)<sup>(a)</sup> | 351 | 350073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/26 | 248 | 240204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/27 | 116 | 112075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/27 | 285 | 275319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/27 | 176 | 170132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/27 | 1603 | 1547268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/27 | 1539 | 1485727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/27 | 58 | 55717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/27 | 203 | 195974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/27 | 897 | 865824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/27 | 370 | 356915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/27 | 188 | 180858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/28 | 51 | 49058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/28 | 173 | 166346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/29 | 200 | 192658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/29 | 610 | 585845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26012969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 | 4145 | 3889043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 | 2534 | 2433258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 | 4981 | 4674162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 | 11662 | 10940809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 | 3528 | 3307771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/31 | 7441 | 6977205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 | 5388 | 5052213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/31 | 45 | 42390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/31 | 30 | 28470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/32 | 108 | 101496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/32 | 8465 | 7936522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/32 | 10 | 9595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/33 | 21 | 19293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/33 | 1849 | 1680257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/42 | 489 | 429142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/42 | 194 | 169892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/43 | 525 | 459688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/43 | 13908 | 12199115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/44 | 36 | 31456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/45 | 291 | 252356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/45 | 194 | 168519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/45 | 15 | 12912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/46 | 1136 | 985117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/46 | 128 | 111295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 | 2524 | 2189047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/46 | 44723 | 38790066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/46 | 17901 | 15618792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 | 35020 | 30374328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/46 | 26293 | 22804916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/46 | 59709 | 51788488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/47 | 13994 | 12137201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 29998 | 26018569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/47 | 150 | 130107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/47 | 388 | 336544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/47 | 24006 | 20821230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/47 | 23383 | 20280491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/47 | 3108 | 2695953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/47 | 687 | 595943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/47 | 7656 | 6639930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/47 | 14 | 11884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/48 | 15 | 12778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/48 | 1179 | 1013464 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/49 | $187 | $160649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/49 | 229 | 196835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/49 | 183 | 157155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/25 | 779 | 762649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/26 | 791 | 774425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/26 | 185 | 180762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 | 740 | 696829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 2212 | 2112115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 | 1831 | 1733090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/33 | 128 | 120695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/33 | 6645 | 6339730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/33 | 18 | 17630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/34 | 5703 | 5433246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/38 | 3759 | 3482586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/38 | 1002 | 921684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/38 | 668 | 614375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/42 | 56 | 50478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/42 | 6 | 5574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/42 | 9 | 7885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7009396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/42 | 593 | 538425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/43 | 11 | 10174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/43 | 4305 | 3901513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/43 | 839 | 760668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/43 | 1371 | 1242962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/43 | 4949 | 4485371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/43 | 1057 | 957749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/44 | 13009 | 11802651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/44 | 6978 | 6324690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/44 | 5388 | 4858623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/44 | 7602 | 6838493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/44 | 88 | 78826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | 9587 | 8611493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/46 | 359 | 322022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/46 | 27486 | 24680897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/46 | 3613 | 3242777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/46 | 104 | 93571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/46 | 4854 | 4356575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/46 | 3299 | 2965772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/46 | 5373 | 4822135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/46 | 1265 | 1135117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/46 | 687 | 615962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/46 | 4024 | 3613144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/47 | 2192 | 1967640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | 5317 | 4772357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/47 | 3503 | 3143608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/47 | 7859 | 7050450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | 1688 | 1514170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/47 | 7004 | 6284338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/47 | 19694 | 17686587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/47 | 25132 | 22562610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/47 | 4468 | 4009273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/48 | 20297 | 18215768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/48 | 21356 | 19138629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/48 | 8709 | 7813630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/48 | 2041 | 1831407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/48 | 9959 | 8933822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/49 | 1379 | 1229612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/49 | 4117 | 3671546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/49 | 1776 | 1583718 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 08/01/41, (12 mo. LIBOR US + 1.732%)<sup>(a)</sup> | $203 | $203326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 | 82 | 79327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/25 | 472 | 458045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/26 | 322 | 312685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/26 | 549 | 532691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/32 | 1280 | 1239896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 2335 | 2261858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/41 | 3042 | 2850965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/42 | 2412 | 2260917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/42 | 519 | 485094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/42 | 3449 | 3232903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/42 | 1483 | 1387067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/44 | 4086 | 3819985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/45 | 1044 | 975888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/45 | 1448 | 1353657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/45 | 2089 | 1950554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/45 | 3804 | 3552194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/45 | 6307 | 5889922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/46 | 1870 | 1746318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/46 | 151 | 140034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 | 360 | 333713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/46 | 3716 | 3446660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/46 | 96 | 87804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | 3216 | 3005716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/46 | 90 | 83338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 2966 | 2770019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/46 | 8689 | 8057315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 3598 | 3337507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 | 259 | 239834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 786 | 728836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/47 | 1479 | 1371128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/48 | 5888 | 5458552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 | 8665 | 8030842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 | 172 | 159520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/48 | 15850 | 14710402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/48 | 14696 | 13615423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/48 | 1908 | 1768135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/48 | 3785 | 3507122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/48 | 1957 | 1807344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/48 | 10192 | 9443148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/49 | 1599 | 1482142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/41, (12 mo. LIBOR US + 1.892%)<sup>(a)</sup> | 300 | 300424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/01/41, (12 mo. LIBOR US + 1.880%)<sup>(a)</sup> | 219 | 216962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/24 | 70 | 69280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/24 | 19 | 18764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/24 | 61 | 60692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 | 54 | 53513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/30 | 1246 | 1228299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | 1008047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/39 | 1241 | 1203643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/39 | 748 | 725712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/40 | 223 | 216609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/41 | 1497 | 1450242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/41 | 50 | 48172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/41 | 3972 | 3846198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/42 | 3929 | 3804803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/45 | 2769 | 2676455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/45 | 173 | 166531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 | 145 | 140300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/46 | 4312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168090 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/46 | $202 | $194656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 | 606 | 581598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/46 | 464 | 445637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/46 | 109 | 104808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/46 | 315 | 302193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/46 | 2670 | 2568313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/47 | 2260 | 2164615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 | 1275 | 1220784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/47 | 159 | 150713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/48 | 7628 | 7290359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/48 | 6045 | 5765381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | 4391 | 4186764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/48 | 205 | 195573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/48 | 7986 | 7631838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 | 36 | 34565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | 7412 | 7084814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/49 | 1675 | 1601046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 15 | 14046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/52 | 14918 | 14044705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 0 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/25 | 443 | 438953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/33 | 3066 | 3065472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/33 | 370 | 370122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/33 | 732 | 732255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/35 | 1339 | 1338043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/36 | 606 | 605586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/37 | 75 | 74466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/37 | 74 | 73846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/38 | 392 | 392058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/38 | 2591 | 2594151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/38 | 330 | 330195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/40 | 91 | 90693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | 374 | 373640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/40 | 1593 | 1590334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/41 | 436 | 434834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/47 | 629 | 615145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/48 | 268 | 262350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/48 | 4864 | 4759366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 1570 | 1535611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 1015 | 993373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/48 | 654 | 640234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/48 | 1207 | 1181950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 | 462 | 451941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/49 | 880 | 861185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/34 | 1205 | 1223575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/35 | 1034 | 1056428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/35 | 556 | 568323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/36 | 687 | 702661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/36 | 1220 | 1247083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/38 | 1104 | 1125936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/38 | 251 | 255897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/39 | 599 | 609936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/39 | 601 | 613132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36 | 680 | 705668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/37 | 563 | 584903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/37 | 1902 | 1973841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/38 | 29 | 29617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/32 | 73453 | 83067998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25152569 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
|  Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/10/23 | $121600 | $117851072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/30 | 17530 | 13455677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/07/25 | 11645 | 10929531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/02/24 | 1550 | 1479739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/24/26 | 1285 | 1167243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 | 12203 | 10714027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/01/42, (12 mo. LIBOR US + 1.805%)<sup>(a)</sup> | 103 | 101724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/19/23 | 1065 | 1060282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 04/01/44, (12 mo. LIBOR US + 1.590%)<sup>(a)</sup> | 285 | 282123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/05/24 | 200 | 194752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/06/24 | 39730 | 38330709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 10398 | 9099835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/47 | 7549 | 6482413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/52 | 20000 | 17047607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/52 | 50389 | 43163021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/51 | 6290 | 5692464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/41, (12 mo. LIBOR US + 1.750%)<sup>(a)</sup> | 222 | 222857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 10548 | 9852857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/52 | 63365 | 57710647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/57 | 6958 | 6497020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/57 | 7859 | 7337698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 10/01/41, (12 mo. LIBOR US + 1.815%)<sup>(a)</sup> | 375 | 376957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | 10950 | 10405140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/52 | 54256 | 51337360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/29 | 580 | 639491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/30 | 8180 | 9336897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30 | 16826 | 19808577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2015-M10, Class A2, 3.09%, 04/25/27<sup>(a)</sup> | 3201 | 2995453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M11, Class A1, 2.08%, 07/25/26 | 583 | 564199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2016-M6, Class A2, 2.49%, 05/25/26 | 8838 | 8169846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017, Class A2, 2.96%, 09/25/27<sup>(a)</sup> | 1776 | 1646454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M4, Class A2, 2.55%, 12/25/26<sup>(a)</sup> | 21692 | 19880290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M7, Class A2, 2.96%, 02/25/27<sup>(a)</sup> | 15740 | 14641652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2017-M8, Class A2, 3.06%, 05/25/27<sup>(a)</sup> | 9514 | 8864648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M10, Class A2, 3.36%, 07/25/28<sup>(a)</sup> | 3000 | 2791900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M12, Class A2, 3.63%, 08/25/30<sup>(a)</sup> | 12300 | 11307668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M13, Class A2, 3.74%, 09/25/30<sup>(a)</sup> | 8393 | 7778562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2018-M2, Class A2, 2.91%, 01/25/28<sup>(a)</sup> | 8933 | 8219670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M2, Class A2, 3.63%, 11/25/28<sup>(a)</sup> | 5278 | 4959168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M22, Class A2, 2.52%, 08/25/29 | 24126 | 20947597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M13, Class A2, 1.61%, 04/25/31<sup>(a)</sup> | 17050 | 13107694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M17, Class A2, 1.71%, 07/25/31<sup>(a)</sup> | 20500 | 15833999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M1, Class A2, 1.67%, 10/25/31<sup>(a)</sup> | 29670 | 22592834 |
|  Freddie Mac Multifamily Structured Pass<br>Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K026, Class A2, 2.51%, 11/25/22 | 1443 | 1443470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K036, Class A2, 3.53%, 10/25/23 (Call 11/25/23)<sup>(a)</sup> | 8685 | 8584292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24) | 10700 | 10537847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25) | 5000 | 4802905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)<sup>(a)</sup> | 14000 | 13445072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26) | 19250 | 18318256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14192659 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)<sup>(a)</sup> | $14300 | $13427816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)<sup>(a)</sup> | 20000 | 18932554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K066, Class A2, 3.12%, 06/25/27 (Call 07/25/27) | 18250 | 16993169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27) | 10121 | 9704723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)<sup>(a)</sup> | 3150 | 2930931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27) | 10000 | 9379380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28) | 10000 | 9429743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28) | 8000 | 7641499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)<sup>(a)</sup> | 19091 | 18161490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)<sup>(a)</sup> | 20000 | 19094041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29) | 10000 | 9300230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29) | 10000 | 8717361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30) | 31000 | 26720152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30) | 4775 | 3901708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30) | 2000 | 1585921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30) | 13200 | 10395203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30) | 5000 | 3883173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30) | 15000 | 11594962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31) | 17440 | 14082627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)<sup>(a)</sup> | 4670 | 3731188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34) | 20000 | 18046413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34) | 10960 | 9526684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34) | 16190 | 13452732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34) | 15500 | 12458190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K722, Class A2, 2.41%, 03/25/23 (Call 05/25/23) | 9249 | 9190787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24) | 1813 | 1812981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26) | 15000 | 14525477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26) | 5700 | 5411003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21751743 |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/20/51 | 4718 | 3637888 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/20/50 | $5837 | $4829993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/50 | 77240 | 63913147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/20/50 | 2215 | 1832848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/50 | 8456 | 6997221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/50 | 46281 | 38295511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/50 | 83805 | 69345459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/20/51 | 167861 | 138648019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/20/51 | 7625 | 6288316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/20/51 | 137321 | 113168466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/20/51 | 96129 | 79162021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/20/51 | 69751 | 57418543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/51 | 249135 | 205008555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/20/52 | 87267 | 71783628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/52 | 71632 | 58831805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/52 | 41549 | 34079617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/20/52 | 7830 | 6422693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/21/52<sup>(h)</sup> | 110993 | 91153001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/28 | 82 | 77700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/31 | 85 | 78060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/45 | 3307 | 2858847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/46 | 474 | 409370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/46 | 14575 | 12599090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/47 | 6674 | 5769355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/50 | 17282 | 14767107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/50 | 19033 | 16263479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/50 | 40418 | 34536975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/20/51 | 88970 | 76024391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/20/51 | 71150 | 60619980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/51 | 288127 | 245217135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/20/51 | 9402 | 7999005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252082 | 214384711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/51 | 125600 | 106778672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/20/51 | 4571 | 3882876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/51 | 37431 | 31787453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/51 | 106098 | 90100589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/52 | 93414 | 79129434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/52 | 43159 | 36550214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/20/52 | 29505 | 24982390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/20/52 | 9822 | 8335508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/20/52 | 19730 | 16720765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/21/52<sup>(h)</sup> | 28998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24566521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/42 | 5240 | 4662226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/42 | 10 | 8630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/42 | 36 | 32292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/43 | 186 | 165411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/43 | 31 | 27338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/43 | 71 | 63123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/43 | 167 | 148375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/43 | 6006 | 5343154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/43 | 533 | 473974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/44 | 4975 | 4428962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/44 | 15793 | 14050813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/44 | 689 | 608862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/44 | 117 | 103978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/45 | 5047 | 4474567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/45 | 20839 | 18473643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/45 | 6792 | 6021398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/45 | 13657 | 12106862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/45 | 4641 | 4114005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/45 | 2938 | 2604489 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/45 | $5394 | $4782249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/46 | 16222 | 14380819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/46 | 7421 | 6576556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/46 | 12303 | 10903771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/46 | 14684 | 13057046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/46 | 20523 | 18162634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/46 | 35831 | 31754790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/46 | 27038 | 23962457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/46 | 7292 | 6462140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/46 | 8325 | 7330048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/46 | 41993 | 37215743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/47 | 2208 | 1956966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 12403 | 10918889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/47 | 13376 | 11854238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/47 | 12373 | 10964995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/20/47 | 269 | 238683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/47 | 5966 | 5286184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/47 | 353 | 312835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/47 | 7245 | 6420001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/47 | 132 | 116856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/48 | 5591 | 4913102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/20/48 | 21 | 18275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/49 | 8511 | 7516711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/49 | 30226 | 26660141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/49 | 11090 | 9721307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/49 | 15983 | 14092698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/49 | 177 | 156309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/49 | 94298 | 83095246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/50 | 50143 | 44171926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/50 | 63465 | 55890295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/50 | 1986 | 1745236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/50 | 27139 | 23850360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/51 | 754 | 659193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/51 | 81930 | 71622115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/20/51 | 27270 | 23830980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/20/51 | 31361 | 27398170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/51 | 53152 | 46420170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/20/51 | 47554 | 41517760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/20/52 | 24287 | 21190851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/52 | 9956 | 8652540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/20/52 | 29660 | 25807724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/20/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 | 12955899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/21/52<sup>(h)</sup> | 42407 | 36910655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/40 | 65 | 59963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/40 | 48 | 43815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/41 | 99 | 90586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/41 | 170 | 156814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/41 | 242 | 222337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/41 | 1846 | 1698627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/42 | 112 | 102825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/42 | 9244 | 8498137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/42 | 431 | 396503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/42 | 11130 | 10231856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/42 | 324 | 298301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/42 | 29617 | 27227522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42 | 457 | 420574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/42 | 25928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23835728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/42 | 671 | 617090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/42 | 9152 | 8413141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/43 | 352 | 324153 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/43 | $175 | $161027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/43 | 475 | 436339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/43 | 783 | 719888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/43 | 25 | 22648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/43 | 197 | 181317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/43 | 732 | 673662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/43 | 10527 | 9687331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/43 | 144 | 131929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/43 | 70 | 64595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/43 | 193 | 177157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/44 | 152 | 140106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/44 | 5950 | 5469977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/44 | 1936 | 1780010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/44 | 182 | 167203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/44 | 33 | 30174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/44 | 27 | 25130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/44 | 6338 | 5823363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/44 | 76 | 69491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/44 | 11389 | 10465918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/44 | 149 | 137263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/44 | 1735 | 1594088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/44 | 14 | 12825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/44 | 1065 | 978291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/45 | 63 | 57651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/45 | 157 | 144012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/45 | 124 | 112543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/45 | 10877 | 9946771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/45 | 4099 | 3749161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/45 | 43 | 39103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/45 | 17 | 15653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/45 | 238 | 217610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/45 | 524 | 479698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/45 | 15810 | 14458372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/45 | 1555 | 1421848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/45 | 11277 | 10313072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/45 | 6306 | 5767021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/46 | 23219 | 21233057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/46 | 10244 | 9328505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/46 | 45105 | 41073010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/46 | 319 | 290077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 | 48 | 43628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/46 | 462 | 420510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13086 | 11915822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/47 | 53 | 48133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/47 | 3081 | 2805409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/47 | 52871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48144509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/47 | 19627 | 17857910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/47 | 17329 | 15767646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/47 | 3895 | 3543697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/20/47 | 490 | 446284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/47 | 25735 | 23420672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/47 | 58 | 52681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/47 | 8092 | 7362573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/47 | 14923 | 13637041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/47 | 21 | 19336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/47 | 22227 | 20223287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/47 | 35045 | 31774051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/20/47 | 10294 | 9373506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/48 | 9680 | 8808290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/20/48 | 3643 | 3314338 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/20/48 | $35608 | $32385723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/48 | 374 | 338751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/48 | 4764 | 4330796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/20/48 | 3794 | 3449028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/49 | 2333 | 2122827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/20/49 | 772 | 700242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/49 | 6146 | 5574239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/49 | 7882 | 7148645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/50 | 31213 | 28300578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/20/50 | 8836 | 8009882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/20/50 | 7216 | 6537068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/20/51 | 2782 | 2504771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/20/52 | 881 | 792903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52<sup>(h)</sup> | 131876 | 118017659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/39 | 7 | 6265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/40 | 2417 | 2300892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/41 | 2 | 1654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/41 | 788 | 750230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/41 | 1878 | 1784400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/41 | 16 | 14772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/41 | 897 | 850719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/41 | 21 | 19535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/41 | 1050 | 999537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/41 | 347 | 328910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/41 | 207 | 196539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/41 | 850 | 807203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/41 | 3494 | 3324901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/42 | 72 | 68803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/42 | 1515 | 1442232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/42 | 357 | 339056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/42 | 1888 | 1784429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/42 | 524 | 495308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/42 | 768 | 730500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/43 | 15 | 13888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/43 | 3774 | 3566258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/44 | 128 | 120254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/44 | 31 | 28865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/44 | 173 | 162439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/44 | 10 | 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/44 | 268 | 252453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/44 | 3 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/44 | 10 | 9650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/44 | 5058 | 4763122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/44 | 332 | 313032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/45 | 7910 | 7448411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/45 | 4413 | 4141090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/45 | 5129 | 4813293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/45 | 611 | 573408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/46 | 2342 | 2197665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/46 | 11577 | 10863420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/46 | 2465 | 2310314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/46 | 33 | 30950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/46 | 565 | 529493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/46 | 2957 | 2770997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/46 | 4798 | 4504865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/47 | 18711 | 17522518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/47 | 7628 | 7143770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/47 | 33479 | 31351721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/47 | 1585 | 1484735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18896773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/20/47 | $47 | $44191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/20/48 | 161 | 150447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/48 | 43 | 40518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/48 | 23473 | 21981662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/20/48 | 12492 | 11686238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/48 | 2037 | 1906480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/48 | 13437 | 12570108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/20/48 | 20798 | 19457281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/48 | 7495 | 7011726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/20/48 | 635 | 593990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/48 | 17527 | 16396684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/20/49 | 7900 | 7390174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/20/49 | 320 | 298983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/20/49 | 753 | 701132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/49 | 773 | 721467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/49 | 1903 | 1767484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/49 | 1992 | 1866540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/20/50 | 123 | 114243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/50 | 181 | 169488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/20/52 | 9576 | 8827579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/20/52 | 45049 | 41463533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/21/52<sup>(h)</sup> | 92850 | 85551116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/39 | 335 | 327391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 | 1605 | 1566527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/39 | 820 | 803343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/40 | 223 | 218437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/40 | 1518 | 1481677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/40 | 746 | 727315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/40 | 1114 | 1086836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/40 | 1372 | 1343446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/40 | 1336 | 1303247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/40 | 3345 | 3275553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/41 | 2926 | 2864908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/41 | 2012 | 1969477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/41 | 408 | 399163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/45 | 3394 | 3291305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/46 | 4 | 3940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4121112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/46 | 708 | 691236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/46 | 3017 | 2928368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/46 | 1207 | 1171789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/46 | 503 | 488132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/20/47 | 507 | 491364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/20/47 | 608 | 585426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/47 | 573 | 551608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/47 | 1310 | 1262153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/47 | 3028 | 2916677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/47 | 948 | 913152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/20/48 | 2276 | 2189237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/48 | 5781 | 5561613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/48 | 6291 | 6050766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/48 | 8220 | 7905611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/48 | 13180 | 12677124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/20/48 | 661 | 635415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/20/48 | 680 | 654267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/20/48 | 188 | 180762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/20/48 | 6795 | 6535574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/49 | 145 | 139665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/20/49 | 1597 | 1521422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/49 | 2872 | 2761860 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/49 | $739 | $706496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/49 | 9056 | 8710276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/20/49 | 6709 | 6453117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/49 | 2694 | 2591180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/20/52 | 101540 | 96194416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52 | 5500 | 5248203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52<sup>(h)</sup> | 153711 | 145665190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/36 | 472 | 478027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/39 | 1387 | 1407563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/39 | 2469 | 2506275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/40 | 883 | 896700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/20/40 | 4600 | 4613251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/20/40 | 1693 | 1698325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/47 | 1061 | 1067495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/47 | 161 | 161764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/47 | 264 | 265163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/47 | 362 | 364638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/47 | 263 | 265462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/48 | 346 | 348460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/48 | 607 | 611005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/20/48 | 1266 | 1258314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 | 4404 | 4350568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/48 | 4723 | 4657826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/20/48 | 94 | 92404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/20/48 | 1718 | 1693064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/20/48 | 3117 | 3072602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/20/49 | 5187 | 5112886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/49 | 12171 | 11997658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 | 1459 | 1437877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/20/49 | 11714 | 11547241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/52 | 6639 | 6454551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/21/52<sup>(h)</sup> | 88677 | 86255702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/36 | 706 | 728294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/20/38 | 744 | 763187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/20/39 | 1141 | 1170491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/39 | 270 | 279278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 2631 | 2726393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/48 | 272 | 279074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/15/37 | 2182 | 2286573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/20/38 | 835 | 874656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/39 | 373 | 392116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/20/38 | 1250 | 1331497 |
|  Uniform Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/36 | 19685 | 16768427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/36 | 346 | 294867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/36 | 3552 | 3025722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/01/36 | 14082 | 11994540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/01/37 | 169284 | 144196694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/01/37 | 174080 | 148176131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/37 | 26805 | 22815847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/37 | 13921 | 11857958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/37<sup>(h)</sup> | 151413 | 128797176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/50 | 94375 | 70219917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/01/51 | 26241 | 19524792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 04/01/51 | 9556 | 7116319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106864 | 79567055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/01/51 | 145575 | 108378888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/01/51 | 93856 | 69820090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/52<sup>(h)</sup> | 77625 | 57645659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/35 | 35146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30909259 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/35 | $16890 | $14853983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/35 | 76200 | 67014942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/36 | 392873 | 345468097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/36 | 77343 | 67937248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/36 | 609 | 534532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/36 | 61731 | 54189609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/36 | 35877 | 31474411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/36 | 28937 | 25386103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/36 | 23634 | 20733614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/36 | 7574 | 6645076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/36 | 50871 | 44645532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/36 | 96390 | 84579513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/37 | 141464 | 124151489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/37 | 39235 | 34420174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/37 | 142923 | 125299504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/37 | 69882 | 61265284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/37 | 101176 | 88699900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/16/37<sup>(h)</sup> | 212 | 185690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/50 | 63010 | 49965782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/50 | 55041 | 43613282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/50 | 170540 | 135138704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/50 | 2685 | 2126705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/50 | 199413 | 158056541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/51 | 108757 | 86230329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/51 | 475443 | 376196144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/51 | 503868 | 398560643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/51 | 521485 | 412188965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/01/51 | 117136 | 92683174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/51 | 274822 | 216970583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/01/51 | 202085 | 159732559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/51 | 86429 | 68281917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/51 | 38322 | 30276143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/51 | 729598 | 575980001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/01/51 | 407868 | 322035857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/51 | 425675 | 336145190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/01/52 | 243156 | 192002932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/01/52 | 380181 | 299838921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/01/52 | 147243 | 115993932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/52 | 15401 | 12158641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/14/52<sup>(h)</sup> | 45381 | 35751645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/27 | 1235 | 1177717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/27 | 1305 | 1245292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/28 | 149 | 141749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/28 | 226 | 215052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/28 | 39 | 36989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/28 | 111 | 105381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/28 | 44 | 42196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 | 77 | 72345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 | 2034 | 1940038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/30 | 1290 | 1206636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/30 | 4149 | 3871595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/30 | 245 | 229284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/30 | 666 | 621291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/30 | 1362 | 1270701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/30 | 3596 | 3354517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 | 1338 | 1248562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/30 | 2678 | 2498926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/31 | 1716 | 1601342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 | 1021 | 946563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/31 | 26 | 23840 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 | $5076 | $4706009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/31 | 48635 | 45408481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/31 | 8853 | 8207239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/32 | 17110 | 15861754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/32 | 20351 | 18868247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/32 | 7835 | 7263465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/32 | 48327 | 44804366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/32 | 30986 | 28725795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/32 | 871 | 807681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/32 | 13901 | 12886602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/32 | 5194 | 4815490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/32 | 1007 | 928844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/32 | 742 | 684792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/32 | 9085 | 8379860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/33 | 28163 | 26314034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/33 | 126 | 114874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/33 | 122 | 110905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/34 | 708 | 660464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/34 | 296 | 268453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/34 | 26095 | 23684790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/35 | 14457 | 13113735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/35 | 27055 | 24539573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/35 | 86878 | 78802601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/36 | 25552 | 23090220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/36 | 1612 | 1456599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/36 | 21805 | 19703812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/36 | 37146 | 33567535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/36 | 10731 | 9696879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/36 | 1564 | 1413342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/37 | 3522 | 3177562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/37 | 8930 | 8054619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/37 | 1775 | 1600818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/37<sup>(h)</sup> | 89486 | 80615772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/43 | 230 | 194944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/47 | 795 | 665767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/47 | 10035 | 8400942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/47 | 192 | 161045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/50 | 47931 | 39853218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/50 | 51681 | 42815544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/50 | 154856 | 128369108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/50 | 198711 | 164255634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/50 | 227695 | 187967848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/50 | 66591 | 54803813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/51 | 147401 | 121240073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/51 | 20646 | 17020800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/51 | 66732 | 54787994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/51 | 40179 | 33004267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/51 | 21774 | 17909830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/51 | 260824 | 214464246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/51 | 298566 | 245692786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/51 | 124158 | 102044408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/01/51 | 72541 | 59622837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/51 | 105791 | 86978651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/10/51<sup>(h)</sup> | 611952 | 500752685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/51 | 415526 | 341475766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/01/52 | 429760 | 352916480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/52 | 114945 | 94449287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211224 | 173126890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/52 | 186087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152544382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/52 | 6159 | 5060540 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/52 | $19746 | $16182004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/25 | 106 | 102219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/26 | 71 | 68157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/27 | 1798 | 1734349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/27 | 24 | 22726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/27 | 2290 | 2208441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/27 | 1551 | 1495621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/27 | 103 | 99424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/29 | 155 | 148479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 | 239 | 228982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/29 | 119 | 114520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/29 | 34 | 32377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/30 | 93 | 88904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/30 | 48536 | 46708610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/30 | 3810 | 3570594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 | 874 | 840130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/30 | 2936 | 2751836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/30 | 11049 | 10354815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/30 | 15341 | 14377560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/30 | 6816 | 6389631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/30 | 1515 | 1419939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/30 | 4403 | 4127246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/31 | 15723 | 14735957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 | 11285 | 10576690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/31 | 7453 | 6981718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/31 | 1067 | 982325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/31 | 376 | 352456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 | 6435 | 6027559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/31 | 1642 | 1538253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/31 | 5938 | 5563481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/31 | 1464 | 1371754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/31 | 12550 | 12078546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/32 | 10825 | 10139609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/32 | 20168 | 18891843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 | 2834 | 2654593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/32 | 206 | 194694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/32 | 3690 | 3456262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/32 | 6406 | 6003597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/32 | 3996 | 3743312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/32 | 1133 | 1061221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/32 | 6469 | 6059438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/32 | 12563 | 11768084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/33 | 7186 | 6730886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/33 | 556 | 504674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/33 | 520 | 484994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/33 | 5914 | 5516867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/34 | 4748 | 4407000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/34 | 402 | 373554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/34 | 6660 | 6181864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/34 | 4426 | 4108643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/34 | 15244 | 14143602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/35 | 4312 | 4002613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/35 | 25808 | 23924862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/35 | 978 | 906935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/35 | 3547 | 3291895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/35 | 9866 | 9146310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/35 | 7079 | 6425897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/37 | 16543 | 15229539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54547244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/42 | 235 | 205975 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/42 | $89 | $77990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/42 | 3741 | 3277431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/42 | 2775 | 2431083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/42 | 14776 | 12946604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/43 | 8297 | 7269822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/43 | 254 | 222418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/43 | 10712 | 9375055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/43 | 11831 | 10354650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/43 | 4921 | 4306191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/43 | 2413 | 2111341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/43 | 1725 | 1510264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/43 | 2916 | 2552169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/43 | 6810 | 5960268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/44 | 9589 | 8392083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/44 | 30371 | 26579925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/44 | 11 | 9561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/45 | 3062 | 2679557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/45 | 269 | 233737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/45 | 13065 | 11434538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/45 | 109 | 94836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/45 | 12564 | 10969698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/45 | 60 | 52209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/45 | 138 | 119658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/45 | 975 | 844923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/45 | 2072 | 1795609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/45 | 387 | 336023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/46 | 607 | 525764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/46 | 3366 | 2916654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/46 | 64 | 55695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/46 | 78929 | 68383112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/46 | 14155 | 12263325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/46 | 4360 | 3777910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/46 | 53836 | 46644103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/46 | 118872 | 102990112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/47 | 44462 | 38520768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/47 | 72222 | 62572110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/47 | 39311 | 34058245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/47 | 1489 | 1288966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/47 | 18124 | 15702069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/47 | 5641 | 4886960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/47 | 29428 | 25483877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/48 | 4509 | 3904491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/48 | 171 | 146943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/48 | 445 | 385493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/48 | 50714 | 43921444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/49 | 23506 | 20365500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/49 | 10902 | 9357671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/49 | 17253 | 14801888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/49 | 32757 | 28108876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/50 | 8825 | 7575040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 | 21195 | 18184554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/50 | 34552 | 29618297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/50 | 9803 | 8401632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/50 | 28188 | 24160933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/50 | 25610 | 21845608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/50 | 64944 | 55807000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/01/50 | 238 | 203340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105305664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/50 | 1754 | 1501450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/50 | 626 | 535756 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/51 | $21856 | $18709151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/51 | 59427 | 51179103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/51 | 4085 | 3480858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/51 | 67013 | 57316136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/01/51 | 20742 | 17686940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/01/52 | 46997 | 40045859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/52 | 47803 | 40637089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/52 | 146739 | 124812134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/52 | 61223 | 52045137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52<sup>(h)</sup> | 420866 | 357637710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/25 | 196 | 191124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/27 | 241 | 235707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/28 | 122 | 119270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/29 | 253 | 247141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/29 | 117 | 110200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 | 991 | 945523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/30 | 6338 | 6043940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 | 1683 | 1605444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/30 | 338 | 322809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/31 | 2427 | 2310110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 | 7890 | 7527630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/32 | 9156 | 8722667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/32 | 1129 | 1061947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/32 | 4460 | 4254402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/32 | 4123 | 3932724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/32 | 1528 | 1457699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/32 | 1073 | 1008646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/32 | 2613 | 2493032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/32 | 987 | 928358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/32 | 1192 | 1127348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/32 | 137 | 131132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/33 | 570 | 543850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/33 | 5160 | 4921852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/33 | 6634 | 6238085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/33 | 4591 | 4376106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/33 | 5438 | 5182908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/33 | 735 | 700455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/34 | 1928 | 1840075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/34 | 26444 | 25204369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/34 | 567 | 539586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/34 | 1829 | 1759120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/34 | 2205 | 2098367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/34 | 8780 | 8581439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/34 | 6363 | 6053887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/35 | 4363 | 4151704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/35 | 378 | 360161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36641 | 34424895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/38 | 1002 | 920290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/38 | 1751 | 1608576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/40 | 259 | 234919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/41 | 295 | 267970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/42 | 8364 | 7583996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 | 60 | 54110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/42 | 25 | 23112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/42 | 3010 | 2729552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/42 | 497 | 450200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/42 | 9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9030862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/42 | 3726 | 3360575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/43 | 88 | 79950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/43 | 582 | 527830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/43 | $102 | $92678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/43 | 136 | 123077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/43 | 3837 | 3473627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/43 | 122 | 110883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/43 | 4101 | 3718624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/44 | 235 | 211513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/44 | 4864 | 4403958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/45 | 125 | 112468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/45 | 5902 | 5344224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/45 | 22980 | 20618945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/45 | 25323 | 22722006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/45 | 96 | 85950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/45 | 10294 | 9235999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/45 | 4109 | 3686711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/45 | 2079 | 1883810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/45 | 292 | 262139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/45 | 39193 | 35165534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/46 | 17337 | 15590891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/46 | 17534 | 15732619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/46 | 21747 | 19584343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/46 | 3067 | 2749232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/46 | 18236 | 16348471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/46 | 3465 | 3103810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/46 | 29213 | 26188839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/46 | 9074 | 8134653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/46 | 7381 | 6616907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/46 | 10188 | 9133245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/46 | 14436 | 12947216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/46 | 64093 | 57475876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/47 | 33346 | 29901154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/47 | 14021 | 12577940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/47 | 12963 | 11618650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/47 | 15252 | 13679457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/47 | 10502 | 9412566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/47 | 66887 | 59948662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/47 | 16312 | 14618614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/47 | 17320 | 15522975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/47 | 13505 | 12105001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/47 | 18766 | 16821276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/47 | 18025 | 16155293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/48 | 19295 | 17294660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/48 | 83215 | 74586263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/48 | 2688 | 2408544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/48 | 12414 | 11128244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/48 | 2482 | 2226002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/48 | 3538 | 3170398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/48 | 2787 | 2498486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/48 | 41688 | 37353856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/49 | 132 | 117368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/49 | 1640 | 1460708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/49 | 2597 | 2313543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/49 | 1923 | 1712897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/49 | 90292 | 80828134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/49 | 14823 | 13207039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/49 | 20083 | 17893070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 | 50865 | 45308803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/50 | 15892 | 14074824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28460087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/51 | 921 | 823139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/51 | 4649 | 4107807 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/52 | $49456 | $43526747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/52 | 63154 | 55664826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/52 | 26523 | 23424876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/14/52<sup>(h)</sup> | 242486 | 213100999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/25 | 835 | 810558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/25 | 53 | 51884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 | 333 | 323304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/26 | 447 | 433604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/26 | 164 | 159433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/30 | 1229 | 1189963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/31 | 449 | 434523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/31 | 324 | 313934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/31 | 1371 | 1325990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/32 | 1731 | 1674359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/32 | 5140 | 4985183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/33 | 5568 | 5388140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/33 | 930 | 899817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/33 | 1659 | 1604882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/33 | 11776 | 11425735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/37<sup>(h)</sup> | 10265 | 9802273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/38 | 3151 | 2992253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/40 | 24 | 22176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/41 | 1179 | 1103745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/42 | 2763 | 2581231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/42 | 1972 | 1846971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42 | 72 | 67586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/43 | 123 | 115060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/43 | 90 | 84193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/44 | 44 | 41100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/44 | 2855 | 2665592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/44 | 4774 | 4470214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/44 | 1408 | 1315038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/44 | 10102 | 9432344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/45 | 12912 | 12059573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/45 | 40822 | 38158026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/45 | 6448 | 6017304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/45 | 11768 | 10978502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/45 | 6573 | 6138451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/45 | 428 | 399188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/45 | 366 | 341437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/45 | 920 | 854057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/45 | 152 | 141671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/45 | 953 | 888591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/46 | 835 | 779209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/46 | 1334 | 1238702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/46 | 1802 | 1671416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/46 | 2640 | 2445616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/46 | 8060 | 7466194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/46 | 20924 | 19536088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23950 | 22274449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/46 | 4174 | 3866994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/46 | 191 | 177365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/46 | 4314 | 4018462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/46 | 1571 | 1468044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/47 | 3142 | 2930965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/47 | 2293 | 2094108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 | 7068 | 6544497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/47 | 6331 | 5862637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/47 | 12402 | 11505092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/47 | 19746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18288613 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/47 | $16534 | $15293867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/47 | 18048 | 16736817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/47 | 15101 | 14035653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/47 | 7078 | 6554679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/47 | 11291 | 10456611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/48 | 2233 | 2067352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 | 23920 | 22152144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 | 25812 | 23892491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/48 | 2051 | 1898093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/48 | 3342 | 3093133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/48 | 12641 | 11701515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/48 | 9055 | 8397733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/48 | 6268 | 5801766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/01/49 | 3460 | 3202405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/49 | 3586 | 3316684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 | 42324 | 39170261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/49 | 12660 | 11700187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/49 | 9718 | 8978076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 | 36641 | 33886995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/49 | 65206 | 60338270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/49 | 985 | 910838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/49 | 1832 | 1680023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 | 2987 | 2766664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/49 | 4204 | 3885164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 | 669 | 618739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/51 | 9088 | 8399619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/52 | 38929 | 35447135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 | 50834 | 46294385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/52 | 36804 | 33512623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/52 | 130097 | 118468101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/52 | 45379 | 41312879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/14/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177060976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 | 133 | 132145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/25 | 62 | 61375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 | 85 | 84407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 | 432 | 429072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/31 | 1201 | 1182023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/34 | 337 | 331044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/37<sup>(h)</sup> | 4200 | 4082203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40 | 2911 | 2815833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/40 | 1698 | 1642424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/41 | 3450 | 3337792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/41 | 2352 | 2274707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/41 | 13869 | 13592726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/41 | 4566 | 4416621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/41 | 1568 | 1516504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/42 | 1580 | 1528316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/42 | 1414 | 1367710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/43 | 2386 | 2306929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/43 | 77 | 74733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/44 | 15 | 14184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/44 | 4139 | 3996653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/44 | 829 | 802230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/44 | 287 | 276718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 | 1702 | 1643465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/45 | 2326 | 2244918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/45 | 429 | 414441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/45 | 191 | 183497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 | 778 | 747074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/46 | 75 | 71779 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/46 | $8592 | $8311632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/46 | 1477 | 1428046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 | 281 | 269729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/46 | 162 | 155114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 | 5 | 4550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/46 | 28 | 26502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/46 | 2043 | 1967617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/46 | 779 | 749320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/46 | 1031 | 988655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/47 | 421 | 402993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/47 | 151 | 144520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/47 | 1924 | 1840815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/47 | 5688 | 5441754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 | 3245 | 3104142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/47 | 25 | 23963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/47 | 287 | 274766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/47 | 7457 | 7134002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/48 | 10894 | 10421515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/48 | 1096 | 1046545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/48 | 6145 | 5869261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 | 2911 | 2779079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/48 | 6118 | 5855172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/48 | 3929 | 3751429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/48 | 2338 | 2232625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/48 | 10945 | 10450249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/48 | 319 | 300164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/48 | 13887 | 13258971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 | 5292 | 5052090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/48 | 19823 | 18925551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/01/49 | 6169 | 5890378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/49 | 7784 | 7431264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/49 | 833 | 793923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/49 | 13997 | 13363485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/49 | 12162 | 11583076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/49 | 812 | 772663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/49 | 177 | 168624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/52 | 450 | 422529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/52 | 49430 | 46391272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/52 | 2686 | 2523621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/52 | 6114 | 5744199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/52 | 17023 | 15976387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/14/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276591977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/23 | 39 | 38980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/23 | 2 | 1755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/33 | 102 | 101924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 | 2938 | 2934226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/35 | 142 | 142044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | 48 | 47493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 | 42 | 41570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/37<sup>(h)</sup> | 975 | 968830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/39 | 32 | 31781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/39 | 595 | 594175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/39 | 86 | 86045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/40 | 2 | 2057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/40 | 1530 | 1526444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/40 | 249 | 248830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/40 | 15 | 14885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/40 | 129 | 127856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/40 | 888 | 885752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/40 | 1299 | 1299924 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Mortgage-Backed Securities (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/40 | $10 | $9860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/40 | 35 | 35043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/41 | 643 | 642523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/41 | 2441 | 2434693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/41 | 627 | 624409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/41 | 1191 | 1186722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/41 | 2952 | 2941389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/42 | 15079 | 15039315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42 | 5627 | 5612503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/47 | 480 | 468744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/48 | 1945 | 1900533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/48 | 1585 | 1549312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/48 | 2530 | 2473178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/48 | 2220 | 2169523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/48 | 2765 | 2702155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/48 | 1908 | 1865695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/01/49 | 148 | 144226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 | 7455 | 7285869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/49 | 33 | 32735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/49 | 296 | 289091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/49 | 67 | 65073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/49 | 182 | 177594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/52 | 5188 | 5046413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/52<sup>(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227388504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/33 | 1095 | 1111176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/33 | 2222 | 2254035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/34 | 3273 | 3330369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/36 | 251 | 254391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/38 | 190 | 193779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/38 | 5319 | 5424564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/38 | 477 | 486236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/40 | 1407 | 1437102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 | 34614 | 35125842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/01/47 | 2708 | 2764693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/48 | 258 | 257856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/52<sup>(h)</sup> | 84885 | 83720690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/34 | 1828 | 1893899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/34 | 151 | 156933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/34 | 303 | 313530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/34 | 98 | 101391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/36 | 405 | 420097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/37 | 1028 | 1066067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/38 | 322 | 333667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/01/38 | 161 | 167308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/38 | 132 | 136878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/39 | 2601 | 2697340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/39 | 166 | 172518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/41 | 1447 | 1501545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/49 | 6963 | 7223119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/36 | 22 | 22934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/36 | 195 | 205982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/36 | 26 | 27298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/36 | 35 | 36758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/37 | 47 | 50161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/37 | 2058 | 2174948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/37 | 83 | 87476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/37 | 19 | 19872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/37 | 621 | 656466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/01/38 | 16 | 16571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/39 | 570 | 605036 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/40 | $| 19 | $| 19879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/37 |  | 742 |  | 797925 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22197028187 |
| **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** | **U.S. Government Agency Obligations — 0.2%** |
|  Federal Home Loan Banks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/14/25 |  | 7000 |  | 6346480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/24 |  | 1000 |  | 947100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/10/23 |  | 290 |  | 287445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/14/29 |  | 70 |  | 59807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/08/23 |  | 1000 |  | 975790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/13/24 |  | 250 |  | 240355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/13/24 |  | 1000 |  | 967990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/09/22 |  | 30510 |  | 30466981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/13/25 |  | 980 |  | 947102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28 |  | 25470 |  | 23943328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/36 |  | 7900 |  | 8380715 |
|  Federal National Mortgage Association |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/25/25 |  | 24991 |  | 22275728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25 |  | 5000 |  | 4537900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/12/23 |  | 5000 |  | 4919700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/37 |  | 795 |  | 854355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/30 |  | 10000 |  | 11623500 |
|  Tennessee Valley Authority |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/31 |  | 1000 |  | 772820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/42 |  | 525 |  | 407657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/60 |  | 1000 |  | 883970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/48 |  | 8035 |  | 7654623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/39 |  | 347 |  | 355654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/38 |  | 10000 |  | 10569800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/36 |  | 95 |  | 103490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 01/15/38 |  | 3553 |  | 3948413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 05/01/30 |  | 3556 |  | 4117706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.70%, 07/15/33 |  | 1500 |  | 1479450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series E, 6.75%, 11/01/25 |  | 7000 |  | 7409150 |
|  |  |  |  | 155477009 |
| **U.S. Government Obligations — 41.3%** |  |  |  |  |
|  U.S. Treasury Note/Bond |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 12/15/23 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109700 |  | 104326415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24 |  | 96000 |  | 90900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/24 |  | 75500 |  | 71256074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23 |  | 155300 |  | 148414629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24 |  | 378400 |  | 356375939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24 |  | 141870 |  | 132648450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24 |  | 439076 |  | 409198253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25 |  | 44110 |  | 39616294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25 |  | 4100 |  | 3677828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25 |  | 184800 |  | 165006188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25 |  | 340050 |  | 302431969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25 |  | 116300 |  | 103252594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25 |  | 164300 |  | 145212962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24 |  | 67910 |  | 63835400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24 |  | 38455 |  | 35808215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24 |  | 87250 |  | 80958457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24 |  | 5000 |  | 4628906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25 |  | 44000 |  | 39847500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25 |  | 467800 |  | 413674080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/25 |  | 360900 |  | 318381469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/26 |  | 672200 |  | 590590719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/27 |  | 119700 |  | 99921446 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27 | $155000 | $128516798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/30/23 | 143930 | 137683663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26 | 184700 | 162463852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27 | 93800 | 79392906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27 | 98400 | 83032688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27 | 136900 | 115209906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27 | 145022 | 121388364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208200 | 173163844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/15/24 | 12820 | 11897060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26 | 60000 | 52275000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/27 | 45600 | 38913188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27 | 232600 | 194239173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27 | 187400 | 156054423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30 | 260800 | 202690500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30 | 396000 | 305971875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/31/23 | 192950 | 184410456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24 | 93750 | 86901856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26 | 20500 | 18142500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26 | 42800 | 37670688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26 | 227900 | 199002993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28 | 496300 | 415147198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/24 | 20400 | 19458891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26 | 170000 | 149932032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26 | 190610 | 166873098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30 | 163800 | 128864531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24 | 165200 | 153661812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28 | 200000 | 167046876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25 | 153300 | 142509118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25 | 44600 | 41317719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26 | 171100 | 150982384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27 | 40300 | 35281391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/28 | 122340 | 104103694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28 | 273600 | 229546126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31 | 257200 | 205719812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40 | 156500 | 93410938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/40 | 58000 | 34310625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/31/24 | 141550 | 133305818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26 | 144900 | 128281781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26 | 133400 | 117871406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28 | 170000 | 145363282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/28 | 129100 | 110148524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/28 | 110000 | 93723438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28 | 232175 | 197276195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28 | 317000 | 267493517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31 | 318900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253674984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50 | 205900 | 106070672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26 | 22500 | 20139258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28 | 185000 | 157018750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28 | 95430 | 80839648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31 | 400250 | 319574609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40 | 284800 | 175908500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50 | 16000 | 8530000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/24 | 82650 | 79327858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/24 | 103300 | 97610430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/24 | 105100 | 99085489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24 | 290100 | 272807322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25 | 133000 | 124355000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26 | 382000 | 343740312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27 | 245280 | 218605800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28 | 284200 | 242657955 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30 | $35485 | $29724232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26 | 207890 | 190170627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26 | 250000 | 227500000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/30/26 | 24500 | 22136133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/26 | 76300 | 68711727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/30/26 | 21200 | 19070063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29 | 74000 | 63073438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31 | 294910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243853706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50 | 229500 | 131281172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/24 | 151540 | 144602309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24 | 69380 | 66060059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/24 | 140400 | 132667032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25 | 27900 | 26210742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/26 | 25200 | 22754813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/29 | 170700 | 147482134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271420 | 177101550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/31/24 | 83600 | 79635532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/30/26 | 5000 | 4581250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/26 | 24900 | 22758211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27 | 118100 | 106862047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29 | 159200 | 138541313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32 | 422760 | 351815587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41 | 120200 | 81304031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51 | 575700 | 352616250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51 | 233450 | 142222117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24 | 290500 | 279333906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24 | 213750 | 205158252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/24 | 132494 | 126919936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25 | 180068 | 170347142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25 | 326715 | 305784820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26 | 141000 | 128739610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41 | 63000 | 42958125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50 | 102000 | 64881563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51 | 466600 | 294030906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/23 | 83200 | 80990000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/24 | 89950 | 87019598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/24 | 224000 | 216308749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24 | 215509 | 206535072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24 | 100000 | 95609375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/24 | 76050 | 72419801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25 | 265800 | 250807219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/31/26 | 28500 | 26371406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/23 | 165330 | 160854466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/31/24 | 153700 | 149221087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/24 | 88170 | 85266589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24 | 185395 | 178956869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24 | 234966 | 224704595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/24 | 75300 | 71817375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25 | 159829 | 149939581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/26 | 19000 | 17716016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27 | 129206 | 118718015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27 | 146750 | 133897911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27 | 193750 | 176070312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41 | 276900 | 199714125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/46 | 118960 | 80521050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49 | 106500 | 72353438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52 | 252900 | 169640578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24 | 129500 | 125736406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24 | 259717 | 249734128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/30/26 | 17500 | 16369336 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27 | $190870 | $175734606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/29 | 244200 | 218787937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29 | 191600 | 171511937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42 | 71000 | 51852188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160364937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/51 | 113000 | 78234844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/24 | 17600 | 17136625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24 | 175500 | 170070469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/24 | 17850 | 17278242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24 | 232640 | 225097376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/25 | 15340 | 14683256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26 | 42350 | 39845395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27 | 49200 | 45652219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45 | 50824 | 36569456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46 | 152800 | 109228125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46 | 123517 | 88102360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/23 | 100000 | 97769531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/25 | 5000 | 4793750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/25 | 46500 | 44051484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/31/26 | 42300 | 40009852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/27 | 120000 | 111853126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 | 211491 | 192588992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/29 | 145500 | 132132188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/23 | 120760 | 118434427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24 | 151765 | 148101299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/25 | 90500 | 87063828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25 | 150000 | 143871094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25 | 141900 | 135957938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25 | 173108 | 165304617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27 | 169300 | 158665844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27 | 119500 | 111723165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28 | 253702 | 235427528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/29 | 285900 | 261821859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32 | 275750 | 246925508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/42 | 106523 | 82322306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42 | 118580 | 91343656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47 | 219000 | 164250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47 | 89500 | 67138984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/23 | 170200 | 167028696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25 | 48000 | 46200000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25 | 146800 | 141054157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25 | 277400 | 266672423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25 | 183900 | 176457797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25 | 80400 | 76838532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28 | 252994 | 235482072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28 | 219930 | 204277171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29 | 176320 | 162820500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32 | 469500 | 425631094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43 | 90184 | 70653528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45 | 153125 | 117906250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46 | 54000 | 41520938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49 | 42000 | 32700938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52 | 189000 | 146770312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24 | 249620 | 243106478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24 | 294400 | 286557001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25 | 73880 | 71161447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25 | 173100 | 166338281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25 | 127600 | 122476063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42 | 43150 | 34951500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44 | 99727 | 78846659 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Par*<br> *(000)* | *Value* |
|  **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45 | $121400 | $95735281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45 | 65100 | 51266250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47 | 96190 | 75614358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47 | 152118 | 119602778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48 | 110550 | 87282680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48 | 91800 | 72851906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/49 | 19300 | 15397781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52 | 94000 | 75317500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25 | 159300 | 153848953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27 | 9200 | 8757250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28 | 187515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176205502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208900 | 195811109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41 | 53900 | 44711734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42 | 71800 | 59605219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43 | 58700 | 48078969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44 | 60519 | 48982566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48 | 49280 | 39963000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24<sup>(b)</sup> | 80700 | 78865336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29 | 145480 | 137387675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/42 | 132100 | 111727703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/44 | 84200 | 71188469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48 | 45550 | 38909664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25 | 76500 | 74587500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/39 | 24000 | 21780000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43 | 89600 | 79436000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44 | 83950 | 74085875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/41 | 52000 | 47653125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43 | 36600 | 33031500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/29 | 120000 | 117900000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40 | 80516 | 75622137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/27<sup>(b)</sup> | 150000 | 149179687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/24<sup>(b)</sup> | 200000 | 198992188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/39 | 6040 | 6008856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40 | 28889 | 28500804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/31/24 | 100000 | 99795000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/38 | 32000 | 32535000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39 | 50933 | 51307039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/40 | 32403 | 32580204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/41 | 15949 | 15963952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/36 | 27685 | 28822680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/38 | 7000 | 7208906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39 | 50207 | 51485710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40 | 45950 | 47730563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/37 | 21977 | 23367732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/41 | 91158 | 95872578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/37 | 53658 | 58277618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/28 | 29377 | 30776998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29 | 60090 | 63108584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 | 77000 | 81589922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/26 | 9468 | 9898498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/15/29 | 14600 | 16194594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/26 | 26950 | 29017570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/27 | 28800 | 31272750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/26 | 14400 | 15554250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** | **U.S. Government Obligations (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/25 | 6265 | $6633069 |
|  |  | 31588781102 |
|  **Total U.S. Government & Agency<br>Obligations — 70.5%<br>(Cost: $62,110,120,743)** | **Total U.S. Government & Agency<br>Obligations — 70.5%<br>(Cost: $62,110,120,743)** | 53941286298 |
|  **Total Long-Term Investments — 99.5%<br>(Cost: $88,950,354,539)** | **Total Long-Term Investments — 99.5%<br>(Cost: $88,950,354,539)** | 76153899889 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 4.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(i)(j)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949822 | 2949231789 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(i)(j)(k)</sup> | 715584 | 715584312 |
|  **Total Short-Term Securities — 4.8%<br>(Cost: $3,664,931,107)** | **Total Short-Term Securities — 4.8%<br>(Cost: $3,664,931,107)** | 3664816101 |
|  **Total Investments Before TBA Sales Commitments — 104.3%<br>(Cost: $92,615,285,646)** | **Total Investments Before TBA Sales Commitments — 104.3%<br>(Cost: $92,615,285,646)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79818715990 |
|  **TBA Sales Commitments<sup>(h)</sup>** | **TBA Sales Commitments<sup>(h)</sup>** | **TBA Sales Commitments<sup>(h)</sup>** |
|  **Mortgage-Backed Securities — (0.4)%** | **Mortgage-Backed Securities — (0.4)%** | **Mortgage-Backed Securities — (0.4)%** |
|  Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/21/52 | (28175) | (25214131) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/21/52 | (44175) | (41862715) |
|  Uniform Mortgage-Backed Securities | Uniform Mortgage-Backed Securities |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/14/52 | (36125) | (28459727) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/10/51 | (51575) | (42203214) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/14/52 | (151464) | (128708901) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/14/52 | (12800) | (11248867) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/14/52 | (65206) | (61161190) |
|  **Total TBA Sales Commitments — (0.4)%<br>(Proceeds: $(337875178))** | **Total TBA Sales Commitments — (0.4)%<br>(Proceeds: $(337875178))** | (338858745) |
|  **Total Investments, Net of TBA Sales Commitments — 103.9%<br>(Cost: $92,277,410,468)** | **Total Investments, Net of TBA Sales Commitments — 103.9%<br>(Cost: $92,277,410,468)** | 79479857245 |
|  **Liabilities in Excess of Other Assets — (3.9)%** | **Liabilities in Excess of Other Assets — (3.9)%** | (2966462833) |
|  **Net Assets — 100.0%** |  | $76513394412 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

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

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

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

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

<sup>(h)</sup> Represents or includes a TBA transaction.

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

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

<sup>(k)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Core U.S. Aggregate Bond ETF** |

---

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $279120319 | $— | $279120319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collaterized Mortgage Obligations |  | 827634272 |  | 827634272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes |  | 18923889566 |  | 18923889566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Government Obligations |  | 1710692884 |  | 1710692884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Debt Obligations |  | 471276550 |  | 471276550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government & Agency Obligations |  | 53941286298 |  | 53941286298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3664816101 |  |  | 3664816101 |
|  | 3664816101 | 76153899889 |  | 79818715990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TBA Sales Commitments |  | (338858745) |  | (338858745) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;3664816101 | $75815041144 | $— | $79479857245 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.9%** |  |  |
|  Clear Channel Outdoor Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | $19155 | $17239500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 16910 | 13292105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup> | 17083 | 13940582 |
|  Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/31 (Call 01/15/26)<sup>(b)</sup> | 8057 | 6566455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 02/15/23)<sup>(b)</sup> | 9343 | 8175125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/30 (Call 02/15/25)<sup>(b)</sup> | 8667 | 7373450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 7132 | 6452320 |
|  Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 7557 | 6215633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup> | 7107 | 5871910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 9456 | 8534040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 5391 | 5343320 |
|  Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | 18111 | 15793698 |
|  Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 15894 | 13470165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128268303 |
| **Aerospace & Defense — 2.7%** |  |  |
|  Bombardier Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12988 | 11575555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/26 (Call 06/15/23)<sup>(a)</sup> | 18931 | 17891877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup> | 4217 | 4212264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 19628 | 19329066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 31275 | 29700304 |
|  Howmet Aerospace Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/29 (Call 11/15/28)<sup>(b)</sup> | 12109 | 10079289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 15177 | 14987288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/25 (Call 04/01/25)<sup>(b)</sup> | 9226 | 9430909 |
|  Rolls-Royce PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/14/25 (Call 07/14/25)<sup>(a)</sup> | 13458 | 11872646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/27 (Call 07/15/27)<sup>(a)</sup> | 18398 | 16677051 |
|  Spirit AeroSystems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/28 (Call 03/15/28)<sup>(b)</sup> | 11986 | 8584373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 5921 | 5700443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/25 (Call 12/01/22)<sup>(a)</sup> | 18434 | 17973150 |
|  TransDigm Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/24)<sup>(b)</sup> | 18927 | 16154573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/29 (Call 05/01/24)<sup>(b)</sup> | 12542 | 10692055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/27 (Call 12/01/22)<sup>(b)</sup> | 43314 | 39253313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup> | 68936 | 68010534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 12/01/22)<sup>(b)</sup> | 14616 | 14092747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/27 (Call 12/01/22)<sup>(b)</sup> | 8361 | 8256488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/25 (Call 12/01/22)<sup>(a)</sup> | 15368 | 15636940 |
|  TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) | 8339 | 8145223 |
|  Triumph Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/24 (Call 12/01/22)<sup>(a)</sup> | 9124 | 8451105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> | 8918 | 6756723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 06/01/24 (Call 02/01/23)<sup>(a)</sup> | 6236 | 6303099 |
|  |  | 379767015 |
| **Agriculture — 0.3%** |  |  |
|  Darling Ingredients Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 6131 | 5914116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 17919 | 17247038 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Agriculture (continued)** |  |  |
|  Vector Group Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup> | $12524 | $10958500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 11/01/26<br>(Call 12/01/22)<sup>(a)(b)</sup> | 7603 | 7502260 |
|  |  | 41621914 |
| **Airlines — 2.0%** |  |  |
|  Air Canada, 3.88%, 08/15/26 (Call 02/15/26)<sup>(a)</sup> | 18710 | 16495236 |
|  American Airlines Group Inc., 3.75%, 03/01/25<sup>(a)(b)</sup> | 9634 | 8448440 |
|  American Airlines Inc., 11.75%, 07/15/25<sup>(a)(b)</sup> | 40197 | 44016016 |
|  American Airlines Inc./AAdvantage Loyalty IP Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/20/26<sup>(a)</sup> | 52683 | 50048850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/20/29<sup>(a)</sup> | 48028 | 43705087 |
|  Delta Air Lines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/28/24 (Call 09/28/24)<sup>(b)</sup> | 15037 | 14192791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/28/29 (Call 07/28/29)<sup>(b)</sup> | 9272 | 7650129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/19/28 (Call 01/19/28)<sup>(b)</sup> | 8865 | 7866801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/26 (Call 12/15/25)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13539 | 13830089 |
|  Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)<sup>(a)</sup> | 18996 | 17548928 |
|  United Airlines Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/26 (Call 10/15/25)<sup>(a)</sup> | 29998 | 27410786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/29 (Call 10/15/28)<sup>(a)</sup> | 32762 | 28093415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279306568 |
| **Apparel — 0.2%** |  |  |
|  Hanesbrands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup> | 12546 | 12172846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup> | 15381 | 14112067 |
|  |  | 26284913 |
| **Auto Manufacturers — 3.1%** |  |  |
|  Allison Transmission Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/30/31 (Call 01/30/26)<sup>(a)(b)</sup> | 16595 | 13213082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/27 (Call 11/14/22)<sup>(a)</sup> | 6923 | 6360513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 8297 | 7736952 |
|  Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25<br>(Call 11/01/24)<sup>(a)(b)</sup> | 18263 | 17532480 |
|  Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/12/32 (Call 11/12/31)<sup>(b)</sup> | 33537 | 25141532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 12/08/26 (Call 09/08/26)<sup>(b)</sup> | 19795 | 18454720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 08/19/32 (Call 05/19/32)<sup>(b)</sup> | 25781 | 23654067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 04/22/30 (Call 01/22/30)<sup>(b)</sup> | 5658 | 6329565 |
|  Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/10/25 (Call 01/10/25)<sup>(b)</sup> | 15030 | 13594635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/10/26 (Call 07/10/26)<sup>(b)</sup> | 20567 | 17743768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/28 (Call 12/16/27)<sup>(b)</sup> | 10641 | 8649710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/10/29 (Call 12/10/28) | 11458 | 8980207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/22 | 713 | 713000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/17/23 | 4991 | 4828793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/13/25 (Call 10/13/25)<sup>(b)</sup> | 29492 | 26786994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/17/31 (Call 03/17/31)<sup>(b)</sup> | 13962 | 10833761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/08/24 | 10288 | 9773600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 01/09/24 (Call 11/09/23) | 5605 | 5431714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/02/27 (Call 08/02/27) | 10608 | 9135256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/13/30 (Call 08/13/30) | 21099 | 17094410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 11/01/24 (Call 10/01/24)<sup>(b)</sup> | 17949 | 17206809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/04/25 | 17345 | 16130850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/17/27 (Call 06/17/27) | 16689 | 14825673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/09/27 (Call 11/09/26) | 11270 | 10199350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 01/08/26 | 15099 | 14027531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/01/26 (Call 06/01/26) | 9604 | 8839522 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 06/09/25 (Call 04/09/25) | $7746 | $7339335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/28/27 (Call 04/28/27) | 21304 | 19517856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 05/03/29 (Call 02/03/29)<sup>(b)</sup> | 22129 | 19783326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/16/25 (Call 05/16/25)<sup>(b)</sup> | 22646 | 21848861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 03/18/24 (Call 02/18/24) | 18152 | 17929832 |
|  Jaguar Land Rover Automotive PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/27 (Call 07/01/27)<sup>(a)(b)</sup> | 7092 | 5123970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/29 (Call 07/15/24)<sup>(a)</sup> | 7204 | 5068914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/28 (Call 01/15/24)<sup>(a)</sup> | 10439 | 7730079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/15/25 (Call 12/01/22)<sup>(a)</sup> | 11607 | 10727538 |
|  |  | 448288205 |
| **Auto Parts & Equipment — 1.5%** |  |  |
|  American Axle & Manufacturing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 8877 | 7226655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/26 (Call 11/14/22)<sup>(b)</sup> | 475 | 451233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/01/27 (Call 12/01/22)<sup>(b)</sup> | 8533 | 7867448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> | 6938 | 6295416 |
|  Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup>  | 8788 | 8762691 |
|  Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 14510 | 14081835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 33014 | 32415621 |
|  Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup> | 8273 | 8065248 |
|  Dana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/30 (Call 05/01/26)<sup>(b)</sup> | 6497 | 5190063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/27 (Call 11/15/22)<sup>(b)</sup> | 5757 | 5256141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/28 (Call 06/15/23)<sup>(b)</sup> | 6081 | 5503305 |
|  Goodyear Tire & Rubber Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 (Call 12/15/26)<sup>(b)</sup> | 12994 | 11823148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/31/26 (Call 12/01/22)<sup>(b)</sup> | 15183 | 14573403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/29 (Call 04/15/29)<sup>(b)</sup> | 13361 | 11575022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/31 (Call 01/30/31)<sup>(b)</sup> | 10433 | 8786919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/31 (Call 04/15/31)<sup>(b)</sup> | 10447 | 8758939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/30/33 (Call 01/30/33)<sup>(b)</sup> | 5070 | 4239968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 05/31/25 (Call 11/16/22) | 6783 | 7067809 |
|  Tenneco Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/26 (Call 11/07/22)<sup>(b)</sup> | 7043 | 7016589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 10777 | 10713685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 6227 | 6219995 |
|  ZF North America Capital Inc., 4.75%, 04/29/25<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18878 | 17769201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209660334 |
| **Banks — 1.1%** |  |  |
|  Commerzbank AG, 8.13%, 09/19/23<sup>(a)</sup> | 996 | 993417 |
|  Deutsche Bank AG, 4.50%, 04/01/25<sup>(b)</sup> | 8664 | 8058040 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 (Call 10/14/30),<br>(SOFR + 2.757%)<sup>(b)(c)</sup> | 12830 | 9020968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 (Call 10/07/31),<br>(SOFR + 2.257%)<sup>(b)(c)</sup> | 6365 | 4309719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 (Call 12/01/27)<sup>(b)(c)</sup> | 5298 | 4219319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 (Call 04/08/30),<br>(SOFR + 5.438%)<sup>(b)(c)</sup> | 5595 | 4600715 |
|  Fifth Third Bancorp., Series H, 5.10%, (Call 06/30/23)<sup>(b)(c)(d)</sup> | 282 | 257012 |
|  Freedom Mortgage Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 01/15/24)<sup>(a)(b)</sup> | 10585 | 7837311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 05/01/26 (Call 05/01/23)<sup>(a)</sup> | 9323 | 7350533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 11/15/24 (Call 12/01/22)<sup>(a)</sup> | 6858 | 6042789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 8650 | 7418298 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Banks (continued)** |  |  |  |  |
|  Intesa Sanpaolo SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 (Call 06/01/31)<sup>(a)(c)</sup> | $| 11730 | $| 7997539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 06/26/24<sup>(a)</sup> |  | 29452 |  | 28143215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 01/15/26<sup>(a)(b)</sup> |  | 22349 |  | 20611329 |
|  UniCredit SpA |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 06/30/35 (Call 06/30/30)<sup>(a)(b)(c)</sup> |  | 19832 |  | 14679274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 06/19/32 (Call 06/19/27)<sup>(a)(b)(c)</sup> |  | 14982 |  | 12425418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 04/02/34 (Call 04/02/29)<sup>(a)(b)(c)</sup> |  | 16526 |  | 14312699 |
|  |  |  |  | 158277595 |
| **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** | **Building Materials — 1.1%** |
|  Builders FirstSource Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/32 (Call 08/01/26)<sup>(a)(b)</sup> |  | 20578 |  | 16279770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 03/01/25)<sup>(a)</sup> |  | 8533 |  | 7341111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/32 (Call 06/15/27)<sup>(a)(b)</sup> |  | 11409 |  | 10491945 |
|  Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)<sup>(a)</sup> |  | 11341 |  | 9441382 |
|  Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)<sup>(a)(b)</sup> |  | 7737 |  | 4835625 |
|  Griffon Corp., 5.75%, 03/01/28<br>(Call 03/01/23)<sup>(b)</sup> |  | 18120 |  | 16598282 |
|  Jeld-Wen Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/25 (Call 12/01/22)<sup>(a)(b)</sup> |  | 7772 |  | 6467554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> |  | 6113 |  | 4559564 |
|  SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)<sup>(a)</sup> |  | 16949 |  | 14308588 |
|  Standard Industries Inc./NJ |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/31 (Call 07/15/25)<sup>(a)</sup> |  | 16806 |  | 12569123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup> |  | 26478 |  | 21407993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> |  | 14458 |  | 12675329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup> |  | 12038 |  | 10952998 |
|  Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12140 |  | 11131166 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159060430 |
| **Chemicals — 1.8%** |  |  |  |  |
|  ASP Unifrax Holdings Inc |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/28 (Call 09/30/24)<sup>(a)(b)</sup> |  | 13176 |  | 10536042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/30/29 (Call 09/30/24)<sup>(a)(b)</sup> |  | 6199 |  | 4183292 |
|  Avient Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup> |  | 10465 |  | 10199887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 08/01/30 (Call 08/01/25)<sup>(a)</sup> |  | 11524 |  | 11021784 |
|  Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> |  | 11082 |  | 9152693 |
|  Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup> |  | 7943 |  | 7256483 |
|  Chemours Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> |  | 10811 |  | 8432580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/27 (Call 02/15/27)<sup>(b)</sup> |  | 7401 |  | 6622045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/28 (Call 11/15/23)<sup>(a)(b)</sup> |  | 13315 |  | 11311092 |
|  Methanex Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/15/27 (Call 04/15/27)<sup>(b)</sup> |  | 10728 |  | 9783936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/29 (Call 09/15/29)<sup>(b)</sup> |  | 11973 |  | 10285713 |
|  NOVA Chemicals Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> |  | 8294 |  | 6739704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/24 (Call 03/03/24)<sup>(a)(b)</sup> |  | 13723 |  | 13298874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/25 (Call 01/31/25)<sup>(a)(b)</sup> |  | 7234 |  | 6872300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/27 (Call 03/03/27)<sup>(a)(b)</sup> |  | 18956 |  | 16965620 |
|  Olin Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/30 (Call 02/01/24)<sup>(b)</sup> |  | 8267 |  | 7481635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/27 (Call 12/01/22) |  | 6170 |  | 5784375 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | $10487 | $9855683 |
|  Olympus Water U.S. Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup> | 13407 | 10836208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup> | 5501 | 3817529 |
|  SCIH Salt Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup> | 16272 | 14120842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 10348 | 8399048 |
|  Tronox Inc., 4.63%, 03/15/29<br>(Call 03/15/24)<sup>(a)(b)</sup> | 16541 | 12746577 |
|  Valvoline Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/31 (Call 06/15/26)<sup>(a)</sup> | 8373 | 6606297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 5897 | 5698016 |
|  WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/27 (Call 06/15/23)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12300 | 10762500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | 16890 | 13055632 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251826387 |
| **Commercial Services — 4.0%** |  |  |
|  ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)<sup>(a)(b)</sup> | 14987 | 12845770 |
|  Albion Financing 1 SARL/Aggreko Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/26 (Call 10/15/23)<sup>(a)</sup> | 7379 | 6242634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/27 (Call 10/15/23)<sup>(a)(b)</sup> | 7787 | 6696041 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 14297 | 10022197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/15/26 (Call 12/01/22)<sup>(a)</sup> | 29757 | 28455131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 16727 | 14542621 |
|  Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)<sup>(a)(b)</sup> | 32203 | 26801326 |
|  APX Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/29 (Call 07/15/24)<sup>(a)(b)</sup> | 12298 | 9717757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup> | 11233 | 10797721 |
|  Avis Budget Car Rental LLC/Avis Budget Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup> | 9938 | 8639369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup> | 9418 | 8231332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 3866 | 3525792 |
|  Block Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/26 (Call 05/01/26)<sup>(b)</sup> | 15563 | 13929055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/31 (Call 03/01/31)<sup>(b)</sup> | 16509 | 13286993 |
|  Brink's Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 10675 | 9805254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/25 (Call 12/01/22)<sup>(a)</sup> | 6842 | 6651177 |
|  Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup> | 9461 | 8441046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 8241 | 6426332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 11/01/27 (Call 12/01/22)<sup>(a)</sup> | 9072 | 8192016 |
|  Gartner Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 9159 | 7891051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup> | 14644 | 12372716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup> | 13096 | 12049411 |
|  Grand Canyon University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/01/24<sup>(b)</sup> | 7048 | 6607500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/28 (Call 08/01/28)<sup>(b)</sup> | 5641 | 5102284 |
|  Herc Holdings Inc., 5.50%, 07/15/27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/01/22)<sup>(a)(b)</sup> | 19560 | 18508650 |
|  Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/26 (Call 12/01/23)<sup>(a)</sup> | 8592 | 7310360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | 14954 | 11910487 |
|  MPH Acquisition Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/28 (Call 09/01/24)<sup>(a)(b)</sup> | 16505 | 14196830 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup> | $20528 | $15857880 |
|  Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)<sup>(a)(b)</sup> | 6276 | 6263636 |
|  Prime Security Services Borrower LLC/Prime Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/31/27 (Call 08/31/26)<sup>(a)(b)</sup> | 15156 | 13162759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24<sup>(a)(b)</sup> | 8732 | 8644243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21065817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> | 21142 | 19567048 |
|  Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 382 | 376808 |
|  RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)<sup>(a)</sup> | 716 | 582134 |
|  Sabre GLBL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 12037 | 11062003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 04/15/25 (Call 03/16/25)<sup>(a)</sup> | 12447 | 12121414 |
|  Service Corp. International/U.S. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/30 (Call 08/15/25) | 13812 | 10983993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/31 (Call 05/15/26)<sup>(b)</sup> | 11800 | 9826121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 7536 | 7002710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29 (Call 06/01/24)<sup>(b)</sup> | 10847 | 10029860 |
|  Sotheby's, 7.38%, 10/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 13224 | 12794220 |
|  United Rentals North America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/32 (Call 07/15/26)<sup>(b)</sup> | 11656 | 9391205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 08/15/25)<sup>(b)</sup> | 17467 | 14465588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/30 (Call 07/15/25)<sup>(b)</sup> | 11534 | 9832850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> | 24788 | 23052840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 12854 | 11922085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/27 (Call 12/01/22)<sup>(b)</sup> | 6437 | 6256700 |
|  Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)<sup>(a)</sup> | 17685 | 17732484 |
|  Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup> | 9108 | 8229472 |
|  |  | 569422723 |
| **Computers — 1.2%** |  |  |
|  Booz Allen Hamilton Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/28 (Call 09/01/23)<sup>(a)(b)</sup> | 10764 | 9483945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 (Call 07/01/24)<sup>(a)</sup> | 7629 | 6702662 |
|  Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 32706 | 26979180 |
|  Diebold Nixdorf Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 04/15/24 (Call 12/01/22)<sup>(b)</sup> | 5195 | 2656755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 07/15/25 (Call 11/16/22)<sup>(a)(b)</sup> | 9868 | 7374356 |
|  Exela Intermediate LLC/Exela Finance Inc., 11.50%, 07/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 9846 | 2699951 |
|  NCR Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 9816 | 8319060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 19355 | 16232773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/30 (Call 10/01/25)<sup>(a)</sup> | 7808 | 6308585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/01/27 (Call 11/14/22)<sup>(a)(b)</sup> | 5110 | 4931150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup> | 6350 | 6080347 |
|  Presidio Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup> | 7484 | 6910726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 9811 | 8731790 |
|  Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/29 (Call 01/15/24) | 7446 | 5517858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/31 (Call 01/15/26)<sup>(b)</sup> | 8284 | 5912705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 06/01/29 (Call 03/01/29) | 8187 | 6561321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/31 (Call 10/15/30) | 9039 | 6797328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/01/25<sup>(b)</sup> | 6160 | 5923148 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Computers (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 (Call 01/01/24) | $3699 | $3625082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 03/01/27)<sup>(b)</sup> | 7044 | 6498090 |
|  Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup> | 20434 | 20000151 |
|  |  | 174246963 |
| **Cosmetics & Personal Care — 0.3%** |  |  |
|  Coty Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/26 (Call 04/15/23)<sup>(a)</sup> | 15174 | 14292763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 7581 | 7219386 |
|  Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)<sup>(a)(b)</sup> | 6473 | 5609178 |
|  Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup> | 6541 | 5579473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup> | 12923 | 12154469 |
|  |  | 44855269 |
| **Distribution & Wholesale — 0.3%** |  |  |
|  American Builders & Contractors Supply Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 5690 | 4673766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/28 (Call 01/15/23)<sup>(a)</sup> | 10471 | 9240553 |
|  H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)<sup>(a)</sup> | 18210 | 15387450 |
|  Wesco Aircraft Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 11/15/24 (Call 12/01/22)<sup>(a)</sup> | 9609 | 5049930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 13712 | 8660499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43012198 |
| **Diversified Financial Services — 3.5%** |  |  |
|  AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)<sup>(b)(c)</sup> | 11996 | 10772308 |
|  AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup> | 8455 | 7919645 |
|  AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)<sup>(a)</sup> | 6998 | 7024243 |
|  Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)<sup>(b)</sup> | 15594 | 15094992 |
|  Coinbase Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/28 (Call 10/01/24)<sup>(a)(b)</sup> | 15134 | 9969645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup> | 16219 | 9628491 |
|  Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14449 | 8524910 |
|  Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)<sup>(a)</sup> | 16538 | 12982826 |
|  LD Holdings Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/28 (Call 04/01/24)<sup>(a)(b)</sup> | 7289 | 4081840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 8158 | 5547440 |
|  LPL Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 03/15/24)<sup>(a)(b)</sup> | 14023 | 12240116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/31 (Call 05/15/26)<sup>(a)(b)</sup> | 6274 | 5475257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 12/01/22)<sup>(a)</sup> | 5903 | 5462985 |
|  Midcap Financial Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup> | 7098 | 5465460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/28 (Call 05/01/24)<sup>(a)</sup> | 14705 | 12504817 |
|  Nationstar Mortgage Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/30 (Call 12/15/25)<sup>(a)</sup> | 9712 | 7307256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 08/15/23)<sup>(a)</sup> | 13689 | 11101505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/31 (Call 11/15/26)<sup>(a)</sup> | 10085 | 7733063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 01/15/23)<sup>(a)(b)</sup> | 10580 | 9422482 |
|  Navient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/28 (Call 06/15/27) | 9545 | 7611879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26)<sup>(b)</sup> | 10727 | 9081283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/29 (Call 06/15/28)<sup>(b)</sup> | 10963 | 8758615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/25/24 | 6744 | 6558506 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/25/24<sup>(b)</sup> | $12694 | $12518466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/25/25 | 6813 | 6505461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/26 | 10516 | 9916062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/25/23 | 331 | 331430 |
|  NFP Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup> | 8882 | 7733868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup> | 32994 | 28297222 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/27 (Call 01/15/24)<sup>(b)</sup> | 11116 | 9123568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 (Call 09/15/24) | 10344 | 8079647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/30 (Call 09/15/25)<sup>(b)</sup> | 13140 | 9920700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/29 (Call 05/15/29)<sup>(b)</sup> | 11475 | 9409500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/24 (Call 09/15/23) | 19101 | 18647414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28 (Call 07/15/27)<sup>(b)</sup> | 11963 | 10885134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/25 | 18239 | 17691830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/26<sup>(b)</sup> | 25921 | 24961923 |
|  PennyMac Financial Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 10935 | 8255925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/25 (Call 12/01/22)<sup>(a)</sup> | 9696 | 8762760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 09/15/31 (Call 09/15/26)<sup>(a)</sup> | 7718 | 5883808 |
|  Radian Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 420 | 399541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 (Call 09/15/24) | 391 | 385213 |
|  Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 (Call 10/15/23)<sup>(a)(b)</sup> | 18288 | 15293340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup> | 11266 | 8731150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup> | 21742 | 16208298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/33 (Call 10/15/27)<sup>(a)</sup> | 12683 | 8838022 |
|  SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/02/26 (Call 10/02/26)<sup>(b)</sup> | 7262 | 6369282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 (Call 09/29/25) | 7156 | 6638979 |
|  United Wholesale Mortgage LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 12924 | 11683942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 10162 | 7709401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup> | 7619 | 6243771 |
|  VistaJet Malta Finance PLC/XO Management Holding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 02/01/30 (Call 02/01/25)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15822 | 13211370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/27 (Call 05/01/24)<sup>(a)(b)</sup> | 6327 | 5732227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504638818 |
| **Electric — 2.5%** |  |  |
|  Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/31 (Call 03/01/26)<sup>(a)(b)</sup> | 14007 | 11498486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)</sup> | 20429 | 18360564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup> | 9505 | 7950932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup> | 13713 | 11555945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup> | 22648 | 20041677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 7426 | 7072894 |
|  Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 15086 | 12540237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/28 (Call 03/15/23)<sup>(a)(b)</sup> | 13344 | 12367419 |
|  DPL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/25 (Call 04/01/25) | 6303 | 5940578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/29 (Call 01/15/29)<sup>(b)</sup> | 6491 | 5549805 |
|  Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, (Call 01/29/23)<sup>(a)(c)(d)</sup> | 265 | 247272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, (Call 01/22/24)<sup>(a)(b)(c)(d)</sup> | 20136 | 17741715 |
|  Emera Inc., Series 16-A, 6.75%, 06/15/76 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 06/15/26)<sup>(b)(c)</sup> | 17600 | 16362134 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric (continued)** |  |  |  |  |
|  FirstEnergy Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/01/30 (Call 12/01/29)<sup>(b)</sup> | $| 9037 | $| 7276057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.25%, 09/01/30<br>(Call 06/01/30)<sup>(b)</sup> |  | 9131 |  | 6990658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.15%, 07/15/27 (Call 04/15/27) |  | 21390 |  | 20087563 |
|  NextEra Energy Operating Partners LP |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/26 (Call 07/15/26)<sup>(a)(b)</sup> |  | 8621 |  | 7988111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/24 (Call 04/15/24)<sup>(a)(b)</sup> |  | 5863 |  | 5693552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 (Call 07/15/24)<sup>(a)</sup> |  | 593 |  | 557238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup> |  | 8512 |  | 7919086 |
|  NRG Energy Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> |  | 7147 |  | 5988829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> |  | 16149 |  | 12850888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup> |  | 17125 |  | 13538169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> |  | 10803 |  | 9776715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(b)</sup> |  | 13344 |  | 12701820 |
|  PG&E Corp. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/28 (Call 07/01/23)<sup>(b)</sup> |  | 13893 |  | 12523150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/30 (Call 07/01/25)<sup>(b)</sup> |  | 16838 |  | 14936821 |
|  Vistra Operations Co. LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/01/29 (Call 05/01/24)<sup>(a)</sup> |  | 19098 |  | 16380546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/31/27 (Call 11/14/22)<sup>(a)(b)</sup> |  | 19774 |  | 18244811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/26 (Call 11/14/22)<sup>(a)(b)</sup> |  | 14841 |  | 14223450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/27 (Call 11/14/22)<sup>(a)(b)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20506 |  | 19547960 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354455082 |
| **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** | **Electrical Components & Equipment — 0.5%** |
|  Energizer Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/31/29 (Call 09/30/23)<sup>(a)(b)</sup> |  | 11888 |  | 9614420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/28 (Call 06/15/23)<sup>(a)</sup> |  | 10420 |  | 8620360 |
|  WESCO Distribution Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/25 (Call 12/01/22)<sup>(a)(b)</sup> |  | 27420 |  | 27685974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> |  | 18462 |  | 18759238 |
|  |  |  |  | 64679992 |
| **Electronics — 0.6%** |  |  |  |  |
|  Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> |  | 32985 |  | 28449563 |
|  Sensata Technologies BV |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> |  | 17049 |  | 14372094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/25<sup>(a)(b)</sup> |  | 9894 |  | 9607965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/01/24<sup>(a)(b)</sup> |  | 6435 |  | 6412441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/30 (Call 09/01/25)<sup>(a)(b)</sup> |  | 7749 |  | 7315490 |
|  Sensata Technologies Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> |  | 12841 |  | 10224646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 11/15/29)<sup>(a)</sup> |  | 7401 |  | 6346843 |
|  |  |  |  | 82729042 |
| **Energy - Alternate Sources — 0.1%** |  |  |  |  |
|  TerraForm Power Operating LLC |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup> |  | 11736 |  | 10499913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/31/28 (Call 07/31/27)<sup>(a)</sup> |  | 10463 |  | 9741942 |
|  |  |  |  | 20241855 |
| **Engineering & Construction — 0.1%** |  |  |  |  |
|  Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup> |  | 14856 |  | 10696320 |
| **Entertainment — 2.9%** |  |  |  |  |
|  AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)<sup>(a)(b)</sup> |  | 14522 |  | 9983875 |
|  Caesars Entertainment Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/29 (Call 10/15/24)<sup>(a)(b)</sup> |  | 19161 |  | 15328800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/01/25 (Call 11/14/22)<sup>(a)</sup> |  | 52943 |  | 51685604 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Entertainment (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/01/27 (Call 07/01/23)<sup>(a)(b)</sup> | $27942 | $27157296 |
|  Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)<sup>(a)(b)</sup> | 15239 | 14858787 |
|  CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)<sup>(a)</sup> | 19966 | 17938828 |
|  Cedar Fair LP, 5.25%, 07/15/29<br>(Call 07/15/24)<sup>(b)</sup> | 8141 | 7164080 |
|  Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 6089 | 5750299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 11651 | 11578181 |
|  Churchill Downs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup> | 13753 | 12097826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 8244 | 7879450 |
|  Cinemark USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup> | 10599 | 8134839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 03/15/23)<sup>(a)(b)</sup> | 6486 | 5447591 |
|  International Game Technology PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/26 (Call 04/15/23)<sup>(a)(b)</sup> | 12723 | 11804823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 11924 | 11063087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup> | 11836 | 11726635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/25 (Call 08/15/24)<sup>(a)(b)</sup> | 7156 | 7162011 |
|  Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 330 | 250467 |
|  Live Nation Entertainment Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/28 (Call 01/15/24)<sup>(a)(b)</sup> | 7253 | 6335224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 14333 | 12756370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup> | 6043 | 5869264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/27 (Call 05/15/23)<sup>(a)(b)</sup> | 17867 | 17777665 |
|  Mohegan Gaming & Entertainment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/15/24 (Call 11/16/22)<sup>(a)(b)</sup> | 2213 | 2227523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup> | 19833 | 16722789 |
|  Odeon Finco PLC, 12.75%, 11/01/27<sup>(b)</sup> | 6925 | 6189219 |
|  Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup> | 11400 | 8435082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup> | 12011 | 8620295 |
|  Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29<br>(Call 01/16/29)<sup>(a)(b)</sup> | 15686 | 11589866 |
|  Scientific Games International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/28 (Call 05/15/23)<sup>(a)</sup> | 10683 | 10298412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 7883 | 7622467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 5326 | 5495354 |
|  Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/31/24 (Call 12/01/22)<sup>(a)(b)</sup> | 11869 | 11489647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 8604 | 7743600 |
|  Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 278 | 279738 |
|  WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/31 (Call 02/15/26)<sup>(a)</sup> | 12388 | 9724031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | 8908 | 7462677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup> | 7928 | 6728890 |
|  Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/01/29 (Call 07/01/29)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11723 | 9323302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 04/15/25 (Call 12/01/22)<sup>(a)</sup> | 8995 | 8723441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418427335 |
| **Environmental Control — 0.8%** |  |  |
|  Covanta Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | 12188 | 10420801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/30 (Call 09/01/25)<sup>(b)</sup> | 6674 | 5564447 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Environmental Control (continued)** |  |  |
|  GFL Environmental Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/28 (Call 03/01/28)<sup>(a)(b)</sup> | $11787 | $9995730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/25 (Call 12/01/22)<sup>(a)</sup> | 10756 | 10164420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup> | 11537 | 9901491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 5259 | 5009197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | 8354 | 7080015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 11950 | 10449827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup> | 7019 | 6685597 |
|  Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/28 (Call 06/30/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10949 | 9151577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 06/30/24)<sup>(a)(b)</sup> | 16287 | 11217108 |
|  Stericycle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 11/15/23)<sup>(a)(b)</sup> | 9818 | 8518274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/24 (Call 11/16/22)<sup>(a)(b)</sup> | 5104 | 5029820 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109188304 |
| **Food — 2.2%** |  |  |
|  Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/26 (Call 12/01/22)<sup>(a)</sup> | 12004 | 10803600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 (Call 09/15/23)<sup>(a)</sup> | 21241 | 17576927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/27 (Call 01/15/23)<sup>(a)</sup> | 24390 | 22560750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 16443 | 14593162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/28 (Call 12/01/22)<sup>(a)(b)</sup> | 12119 | 11400454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 03/15/26 (Call 12/01/22)<sup>(a)</sup> | 5900 | 6043147 |
|  B&G Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 (Call 12/01/22)<sup>(b)</sup> | 14773 | 13437949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/27 (Call 12/01/22)<sup>(b)</sup> | 9011 | 7562572 |
|  Lamb Weston Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/31/30 (Call 01/31/25)<sup>(a)(b)</sup> | 15020 | 13115945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/31/32 (Call 01/31/27)<sup>(a)</sup> | 11026 | 9503089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/28 (Call 11/15/27)<sup>(a)(b)</sup> | 7050 | 6576549 |
|  Performance Food Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup> | 15202 | 12931885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 17043 | 16105635 |
|  Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 (Call 09/01/26)<sup>(a)(b)</sup> | 13571 | 10446006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 (Call 04/15/26)<sup>(a)(b)</sup> | 16562 | 13814497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/27 (Call 12/01/22)<sup>(a)</sup> | 14066 | 13756488 |
|  Post Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/31 (Call 09/15/26)<sup>(a)(b)</sup> | 20935 | 17299262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/30 (Call 04/15/25)<sup>(a)</sup> | 23459 | 19852179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/29 (Call 12/15/24)<sup>(a)</sup> | 19188 | 17244256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 12/01/22)<sup>(a)(b)</sup> | 13401 | 12496432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)(b)</sup> | 8633 | 8352427 |
|  U.S. Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup> | 10327 | 8971581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 12567 | 11154570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 12165 | 12123077 |
|  |  | 307722439 |
| **Food Service — 0.4%** |  |  |
|  Aramark Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 7659 | 7401091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 16930 | 15452011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 21728 | 21546028 |
|  TKC Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/15/28 (Call 05/15/24)<sup>(a)(b)</sup> | 6449 | 5372017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 11225 | 7839259 |
|  |  | 57610406 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Forest Products & Paper — 0.1%** |  |  |
|  Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | $13708 | $11429045 |
| **Gas — 0.2%** |  |  |
|  AmeriGas Partners LP/AmeriGas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/20/25 (Call 02/20/25) | 9955 | 9555406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/20/24 (Call 03/20/24)<sup>(b)</sup> | 7572 | 7399646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/20/27 (Call 02/20/27) | 8075 | 7438229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 08/20/26 (Call 05/20/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12104 | 11326742 |
|  |  | 35720023 |
| **Health Care - Products — 1.1%** |  |  |
|  Avantor Funding Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/29 (Call 11/01/24)<sup>(a)(b)</sup> | 13528 | 11447349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 26066 | 23421388 |
|  Hologic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 (Call 09/28/23)<sup>(a)(b)</sup> | 16083 | 13667333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 7546 | 7042933 |
|  Mozart Debt Merger Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/29 (Call 10/01/24)<sup>(a)</sup> | 71086 | 58077262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup> | 40421 | 31289662 |
|  Teleflex Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup> | 8425 | 7622940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/27 (Call 11/16/22)<sup>(b)</sup> | 7897 | 7403832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159972699 |
| **Health Care - Services — 5.0%** |  |  |
|  Catalent Pharma Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 10815 | 8852294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup> | 10426 | 8418995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/27 (Call 12/01/22)<sup>(a)</sup> | 7317 | 6868834 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 23015 | 18929837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 19936 | 15276159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 11030 | 8434503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 21799 | 17521818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 15862 | 13185288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22)<sup>(b)</sup> | 29217 | 26952682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 32462 | 29396289 |
|  Charles River Laboratories International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/29 (Call 03/15/24)<sup>(a)</sup> | 8159 | 7057535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup> | 8648 | 7286264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup> | 8192 | 7452262 |
|  CHS/Community Health Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 17095 | 11476301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/30 (Call 05/15/25)<sup>(a)(b)</sup> | 23244 | 16084848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/27 (Call 12/15/23)<sup>(a)(b)</sup> | 30445 | 24246398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 14805 | 11029725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup> | 20175 | 8271750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup> | 8945 | 3221691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 25785 | 10743751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 33158 | 28598775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 11124 | 9018783 |
|  DaVita Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 23094 | 16760240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/30 (Call 06/01/25)<sup>(a)(b)</sup> | 43820 | 34016151 |
|  Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 12963 | 11575959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/01/31 (Call 04/01/26) | 7738 | 6383850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 02/01/25)<sup>(b)</sup> | 11632 | 9916280 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
|  IQVIA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | $13853 | $13227444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 15620 | 14842935 |
|  Legacy LifePoint Health LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 8902 | 7001227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 8102 | 7170270 |
|  Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)<sup>(a)</sup> | 7922 | 4956399 |
|  ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup> | 7229 | 6184337 |
|  ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/22)<sup>(a)</sup> | 10354 | 9867614 |
|  Molina Healthcare Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/30 (Call 08/17/30)<sup>(a)(b)</sup> | 9309 | 7961057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/32 (Call 02/15/32)<sup>(a)(b)</sup> | 11006 | 9175152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> | 8843 | 7947646 |
|  Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 10751 | 5724908 |
|  RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 22459 | 17904932 |
|  RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)<sup>(a)</sup> | 11843 | 8964796 |
|  Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 18236 | 17366143 |
|  Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 22253 | 18698083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/30 (Call 12/01/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22623 | 18918484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 (Call 12/01/22)<sup>(b)</sup> | 9928 | 9615367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/24 (Call 11/16/22)<sup>(a)(b)</sup> | 8185 | 7918988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> | 8445 | 7427378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/01/26 (Call 12/01/22)<sup>(a)</sup> | 33587 | 31739715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/27 (Call 12/01/22)<sup>(a)</sup> | 22946 | 21024502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 38631 | 33367275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 32319 | 30056670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 24958 | 23963224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718001808 |
| **Holding Companies - Diversified — 0.7%** |  |  |
|  Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 15469 | 13303959 |
|  Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 (Call 08/01/28)<sup>(b)</sup> | 11563 | 9655105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/24 (Call 06/15/24) | 19250 | 18630907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 11/15/26) | 23153 | 21388741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/26 (Call 12/01/22) | 21625 | 20770812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/25 (Call 12/01/22) | 12043 | 11690742 |
|  |  | 95440266 |
| **Home Builders — 0.6%** |  |  |
|  Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)<sup>(a)</sup> | 6161 | 4566841 |
|  Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/30 (Call 02/15/25)<sup>(a)</sup> | 6951 | 5318384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 10353 | 9032992 |
|  Century Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)(b)</sup> | 7207 | 5675801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/01/27 (Call 12/01/22) | 9058 | 8636350 |
|  Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup> | 9830 | 7738317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 6803 | 5816633 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Home Builders (continued)** |  |  |
|  Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29 (Call 10/15/28)<sup>(a)(b)</sup> | $7138 | $5753674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/25 (Call 03/01/25) | 5790 | 5616300 |
|  Taylor Morrison Communities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/01/30 (Call 02/01/30)<sup>(a)</sup> | 8548 | 7158950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 10/15/27)<sup>(a)(b)</sup> | 6302 | 5784543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/27 (Call 03/15/27)<sup>(a)(b)</sup> | 7708 | 7228177 |
|  TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24<sup>(b)</sup> | 6443 | 6363268 |
|  |  | 84690230 |
| **Home Furnishings — 0.1%** |  |  |
|  Tempur Sealy International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/31 (Call 10/15/26)<sup>(a)(b)</sup> | 13618 | 10247545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 11875 | 9577829 |
|  |  | 19825374 |
| **Household Products & Wares — 0.3%** |  |  |
|  Central Garden & Pet Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/30 (Call 10/15/25)<sup>(b)</sup> | 6839 | 5668915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/31 (Call 04/30/26)<sup>(a)</sup> | 7130 | 5970805 |
|  Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/31/26 (Call 06/30/23)<sup>(a)</sup> | 7676 | 6958064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/31/27 (Call 12/31/23)<sup>(a)(b)</sup> | 8192 | 6934528 |
|  Spectrum Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(a)(b)</sup> | 8997 | 6635288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/25 (Call 12/01/22)<sup>(b)</sup> | 6930 | 6834747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39002347 |
| **Housewares — 0.5%** |  |  |
|  Newell Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/26 (Call 01/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30839 | 28659324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 (Call 05/01/25)<sup>(b)</sup> | 7442 | 7167464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/15/27 (Call 06/15/27)<sup>(b)</sup> | 6853 | 6701353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/15/29 (Call 06/15/29)<sup>(b)</sup> | 8803 | 8604933 |
|  Scotts Miracle-Gro Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/31 (Call 04/01/26)<sup>(b)</sup> | 8625 | 6572250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/32 (Call 08/01/26)<sup>(b)</sup> | 6119 | 4660074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/15/29 (Call 10/15/24)<sup>(b)</sup> | 6482 | 5250420 |
|  |  | 67615818 |
| **Insurance — 1.0%** |  |  |
|  Acrisure LLC/Acrisure Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 10390 | 8494344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup> | 7817 | 6428411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 13801 | 13059416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.13%, 08/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 4986 | 4929908 |
|  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup> | 10230 | 9251330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(a)</sup> | 7269 | 6163073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 18812 | 17165950 |
|  AssuredPartners Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/29 (Call 12/15/23)<sup>(a)(b)</sup> | 7631 | 6276497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 08/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 6070 | 5810507 |
|  Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27)<sup>(b)(c)</sup> | 6560 | 5130161 |
|  Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)<sup>(a)(b)(c)</sup> | 9621 | 7206129 |
|  GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 6170 | 5839134 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Hub International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | $8819 | $7559537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/01/26 (Call 11/14/22)<sup>(a)(b)</sup> | 26077 | 25751037 |
|  Liberty Mutual Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/51 (Call 09/15/26)<sup>(a)(b)(c)</sup> | 6188 | 4641000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/61 (Call 02/01/26)<sup>(a)(b)</sup> | 11303 | 6621439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140327873 |
| **Internet — 1.7%** |  |  |
|  Arches Buyer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 (Call 12/01/23)<sup>(a)</sup> | 14222 | 11660618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup> | 6941 | 5331555 |
|  Go Daddy Operating Co. LLC/GD Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup> | 12209 | 10106162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 10328 | 9724328 |
|  Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup> | 7339 | 5560320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/01/30 (Call 05/01/25)<sup>(a)(b)</sup> | 7593 | 6157164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/28 (Call 06/01/23)<sup>(a)(b)</sup> | 8025 | 7131256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 6739 | 6049937 |
|  NortonLifeLock Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/25 (Call 11/14/22)<sup>(a)</sup> | 16265 | 15828688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/30/27 (Call 09/30/24)<sup>(a)(b)</sup> | 12625 | 12604039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 09/30/30 (Call 09/30/25)<sup>(a)(b)</sup> | 11185 | 11039595 |
|  Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 12911 | 8470055 |
|  Rakuten Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, (Call 04/22/26)<sup>(a)(b)(c)(d)</sup> | 12035 | 8974891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, (Call 04/22/31)<sup>(a)(b)(c)(d)</sup> | 15427 | 10539378 |
|  Twitter Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 (Call 09/15/27)<sup>(a)(b)</sup> | 8478 | 8552182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/30 (Call 12/01/29)<sup>(a)(b)</sup> | 15110 | 15238758 |
|  Uber Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22864 | 19599021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/28 (Call 09/15/23)<sup>(a)(b)</sup> | 8824 | 8459081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/15/25 (Call 12/01/22)<sup>(a)</sup> | 16134 | 16129966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 19336 | 19354907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup> | 24441 | 24531432 |
|  |  | 241043333 |
| **Iron & Steel — 0.4%** |  |  |
|  Cleveland-Cliffs Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/01/27 (Call 12/01/22)<sup>(b)</sup> | 8589 | 7987770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 11604 | 11516970 |
|  Mineral Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/27 (Call 11/01/24)<sup>(a)</sup> | 9932 | 9783020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 05/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 10338 | 10286310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 05/01/30 (Call 05/01/25)<sup>(a)</sup> | 10554 | 10385136 |
|  U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 720 | 661906 |
|  |  | 50621112 |
| **Leisure Time — 0.8%** |  |  |
|  Life Time Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/26 (Call 01/15/23)<sup>(a)(b)</sup> | 15144 | 14083920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/15/26 (Call 02/01/23)<sup>(a)(b)</sup> | 8263 | 7248341 |
|  NCL Corp. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/24 (Call 11/14/22)<sup>(a)</sup> | 8671 | 7475486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 22215 | 18083010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/27 (Call 02/15/24)<sup>(a)(b)</sup> | 16051 | 14317492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 11/15/28)<sup>(a)(b)</sup> | 9082 | 7208837 |
|  NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)<sup>(a)(b)</sup>  | 7770 | 5998440 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Leisure Time (continued)** |  |  |
|  Viking Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | $12263 | $9805290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 8158 | 6526910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 13.00%, 05/15/25 (Call 11/16/22)<sup>(a)(b)</sup> | 10347 | 11123025 |
|  VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)<sup>(a)</sup> | 10454 | 8716441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110587192 |
| **Lodging — 3.0%** |  |  |
|  Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/27 (Call 12/01/22)<sup>(b)</sup> | 15104 | 13829222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/31 (Call 06/15/26)<sup>(a)(b)</sup> | 12726 | 10769377 |
|  Hilton Domestic Operating Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/32 (Call 08/15/26)<sup>(a)</sup> | 23022 | 18288101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 13701 | 11666950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/31 (Call 05/01/26)<sup>(a)(b)</sup> | 17353 | 14437214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/30 (Call 01/15/25)<sup>(b)</sup> | 14596 | 13081665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/25 (Call 11/14/22)<sup>(a)</sup> | 4363 | 4297555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/28 (Call 05/01/23)<sup>(a)(b)</sup> | 7298 | 7039577 |
|  Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/31 (Call 07/01/26)<sup>(a)</sup> | 8261 | 6753367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13997 | 12054916 |
|  Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)<sup>(b)</sup> | 6863 | 6503837 |
|  Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/25/25 (Call 05/25/25)<sup>(b)</sup> | 7122 | 6444698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/08/24 (Call 07/08/24) | 23402 | 22223007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/18/26 (Call 06/18/26) | 15241 | 13254640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/08/29 (Call 05/08/29) | 11516 | 9295571 |
|  Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)<sup>(a)</sup> | 7866 | 6558606 |
|  Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/06/25 (Call 12/01/22)<sup>(a)(b)</sup> | 14772 | 10608142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/26/26 (Call 12/01/22)<sup>(a)(b)</sup> | 7390 | 4718515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/04/29 (Call 12/04/24)<sup>(a)(b)</sup> | 17524 | 9769630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/17/27 (Call 12/01/22)<sup>(a)(b)</sup> | 8527 | 5182455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/21/28 (Call 07/21/23)<sup>(a)(b)</sup> | 12495 | 7209615 |
|  MGM China Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/27 (Call 02/01/24)<sup>(a)</sup> | 11078 | 8308500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/18/25 (Call 11/11/22)<sup>(a)(b)</sup> | 8270 | 6618812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/24 (Call 11/11/22)<sup>(a)</sup> | 9833 | 8310114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/15/26 (Call 11/11/22)<sup>(a)(b)</sup> | 10819 | 8299471 |
|  MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/26 (Call 06/01/26)<sup>(b)</sup> | 5723 | 5202064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/28 (Call 07/15/28)<sup>(b)</sup> | 10576 | 9180788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 01/15/27)<sup>(b)</sup> | 10694 | 9849709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/25 (Call 03/15/25)<sup>(b)</sup> | 9214 | 8931130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/25 (Call 12/01/22)<sup>(b)</sup> | 11872 | 11722413 |
|  Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 10560 | 9087514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/31 (Call 06/01/31)<sup>(a)(b)</sup> | 8287 | 6689266 |
|  Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 17234 | 7315833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 6732 | 3250719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 6502 | 2936466 |
|  Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/29 (Call 09/01/29)<sup>(a)(b)</sup> | 11799 | 9615005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/27 (Call 01/01/27) | 5638 | 5264483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 07/31/26 (Call 04/30/26)<sup>(a)</sup> | 10213 | 9970441 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Lodging (continued)** |  |  |
|  Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/27 (Call 02/15/27)<sup>(a)(b)</sup> | $14672 | $12782980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/25 (Call 12/01/24)<sup>(a)(b)</sup> | 27755 | 26146598 |
|  Wynn Macau Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 (Call 11/11/22)<sup>(a)(b)</sup> | 8308 | 6480240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/29 (Call 12/15/24)<sup>(a)(b)</sup> | 15213 | 9203865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 16335 | 11352825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 11441 | 7376814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/26/28 (Call 08/26/23)<sup>(a)(b)</sup> | 21614 | 13184540 |
|  |  | 431067250 |
| **Machinery — 0.2%** |  |  |
|  Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)<sup>(a)</sup> | 11209 | 9175127 |
|  TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 7126 | 5817928 |
|  TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)<sup>(a)(b)</sup> | 23426 | 20977006 |
|  |  | 35970061 |
| **Manufacturing — 0.1%** |  |  |
|  FXI Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 11/01/24 (Call 12/01/22)<sup>(a)(b)</sup> | 7025 | 6101212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 12.25%, 11/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 12486 | 10851458 |
|  Hillenbrand Inc., 5.75%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 4423 | 4401234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21353904 |
| **Media — 10.5%** |  |  |
|  Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> | 18379 | 14620002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/29 (Call 08/15/24)<sup>(a)(b)</sup> | 33657 | 26504888 |
|  AMC Networks Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/29 (Call 02/15/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17478 | 13494108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/25 (Call 12/01/22)<sup>(b)</sup> | 11510 | 10546038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/24 (Call 12/01/22) | 5537 | 5404112 |
|  Audacy Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/01/27 (Call 11/16/22)<sup>(a)</sup> | 5201 | 1523893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/31/29 (Call 03/31/24)<sup>(a)</sup> | 6623 | 1880932 |
|  CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/31 (Call 07/01/25)<sup>(a)</sup> | 42525 | 33594750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/34 (Call 01/15/28)<sup>(a)(b)</sup> | 31488 | 23064960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 02/15/25)<sup>(a)</sup> | 42230 | 34364663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/32 (Call 05/01/26) | 45020 | 35284425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/33 (Call 06/01/27)<sup>(a)</sup> | 26287 | 19951833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 09/01/24)<sup>(a)(b)</sup> | 44742 | 37214158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(a)(b)</sup> | 19348 | 15503278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/01/28 (Call 11/16/22)<sup>(a)(b)</sup> | 39974 | 36104017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 50404 | 46655202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 06/01/24)<sup>(a)</sup> | 23523 | 20912229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/26 (Call 12/01/22)<sup>(a)(b)</sup> | 10962 | 10520322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/29 (Call 09/01/25)<sup>(a)(b)</sup> | 23522 | 21719951 |
|  CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 15976 | 11590588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup> | 17466 | 13638763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/31 (Call 11/15/26)<sup>(a)</sup> | 23993 | 18733494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup> | 35763 | 25786643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup> | 8050 | 5705438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/24<sup>(b)</sup> | 10027 | 9726190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/28 (Call 02/01/23)<sup>(a)(b)</sup> | 15229 | 14048753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 21281 | 19982859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/30 (Call 01/15/25)<sup>(a)</sup> | 35718 | 27614182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup> | 28172 | 26499288 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup> | $16498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14244850 |
|  Diamond Sports Group LLC/Diamond Sports Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/26 (Call 11/16/22)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32305 | 6461000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/27 (Call 11/16/22)<sup>(a)</sup> | 14249 | 730261 |
|  Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27<br>(Call 08/15/23)<sup>(a)</sup> | 58022 | 52098923 |
|  DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/01/26 (Call 06/01/26)<sup>(a)</sup> | 42726 | 37118212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/28 (Call 12/01/27)<sup>(a)</sup> | 39953 | 32012341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24<sup>(b)</sup> | 30681 | 28341574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 07/01/28 (Call 07/01/23) | 15617 | 11868920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/01/26<sup>(b)</sup> | 31173 | 26384048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/01/29<sup>(b)</sup> | 22882 | 15500248 |
|  Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup> | 20162 | 16172444 |
|  Gray Television Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup> | 13763 | 10859282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 10252 | 9657865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 05/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 13032 | 12412980 |
|  iHeartCommunications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> | 8562 | 7470345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup> | 11657 | 10538511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/01/26 (Call 11/16/22) | 12840 | 12289147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 05/01/27 (Call 11/16/22)<sup>(b)</sup> | 21172 | 19055558 |
|  LCPR Senior Secured Financing DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 07/15/24)<sup>(a)</sup> | 14629 | 12366479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/15/27 (Call 12/01/22)<sup>(a)</sup> | 16948 | 15804010 |
|  McGraw-Hill Education Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup> | 14666 | 12913413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/29 (Call 08/01/24)<sup>(a)(b)</sup> | 11318 | 9634448 |
|  News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 15966 | 13722777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/32 (Call 02/15/27)<sup>(a)(b)</sup> | 8151 | 7311447 |
|  Nexstar Media Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup> | 17659 | 15497538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 27473 | 25879566 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/28/57 (Call 02/28/27)<sup>(b)(c)</sup> | 10571 | 8926707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/30/62 (Call 03/30/27)<sup>(c)</sup> | 16072 | 13708947 |
|  Radiate Holdco LLC/Radiate Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/26 (Call 09/15/23)<sup>(a)(b)</sup> | 15276 | 12970596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/23)<sup>(a)(b)</sup> | 15787 | 9945810 |
|  Scripps Escrow II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 7808 | 6448159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup> | 6258 | 5084625 |
|  Scripps Escrow Inc., 5.88%, 07/15/27 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Call 12/01/22)<sup>(a)(b)</sup> | 8333 | 7549281 |
|  Sinclair Television Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/30 (Call 12/01/25)<sup>(a)(b)</sup> | 12872 | 9911440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 12/01/24)<sup>(a)(b)</sup> | 7709 | 5804877 |
|  Sirius XM Radio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 (Call 09/01/23)<sup>(a)(b)</sup> | 14922 | 13334299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup> | 24113 | 19230118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/28 (Call 07/15/24)<sup>(a)(b)</sup> | 33266 | 28673835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/30 (Call 07/01/25)<sup>(a)(b)</sup> | 22977 | 18735044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 22441 | 20769704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup> | 19264 | 17767187 |
|  TEGNA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/28 (Call 03/15/23)<sup>(b)</sup> | 15370 | 14630242 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26 (Call 03/15/23)<sup>(a)</sup> | $8561 | $8444776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 17611 | 16802977 |
|  Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)<sup>(a)</sup> | 13800 | 12058900 |
|  Univision Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 16801 | 14057397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/15/25 (Call 11/14/22)<sup>(a)</sup> | 23215 | 22404107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/01/27 (Call 06/01/23)<sup>(a)(b)</sup> | 25208 | 24855088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 06/30/30 (Call 06/30/25)<sup>(a)(b)</sup> | 14568 | 14165764 |
|  UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)<sup>(a)</sup> | 21396 | 17713748 |
|  UPC Holding BV, 5.50%, 01/15/28 (Call 11/11/22)<sup>(a)(b)</sup> | 6759 | 5917572 |
|  Videotron Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 9618 | 8115476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 9340 | 8794731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/24 (Call 03/15/24)<sup>(a)(b)</sup> | 4136 | 4099423 |
|  Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)<sup>(a)(b)</sup> | 15712 | 12742432 |
|  Virgin Media Secured Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/30 (Call 08/15/25)<sup>(a)(b)</sup> | 16935 | 14065534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 22520 | 20493200 |
|  Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28<br>(Call 07/15/23)<sup>(a)</sup> | 7566 | 6395792 |
|  VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)<sup>(a)</sup> | 25344 | 20186509 |
|  Ziggo Bond Co. BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/28/30 (Call 02/15/25)<sup>(a)(b)</sup> | 7782 | 6136963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 9501 | 8493894 |
|  Ziggo BV, 4.88%, 01/15/30<br>(Call 10/15/24)<sup>(a)(b)</sup> | 15609 | 13147086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491118386 |
| **Mining — 1.0%** |  |  |
|  Alcoa Nederland Holding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup> | 593 | 504349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 06/15/23)<sup>(a)(b)</sup> | 678 | 634864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 05/15/28 (Call 05/15/23)<sup>(a)(b)</sup> | 299 | 283900 |
|  Arconic Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 10159 | 10030123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 15291 | 14333478 |
|  Constellium SE, 3.75%, 04/15/29<br>(Call 04/15/24)<sup>(a)(b)</sup> | 6986 | 5462214 |
|  FMG Resources August 2006 Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/31 (Call 01/01/31)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23736 | 18865373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/27 (Call 06/15/27)<sup>(a)(b)</sup> | 8923 | 7967347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/24 (Call 02/15/24)<sup>(a)(b)</sup> | 6265 | 6136506 |
|  FMG Resources August Pty. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/15/30 (Call 01/15/30)<sup>(a)(b)</sup> | 12280 | 10898500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/15/32 (Call 01/15/32)<sup>(a)(b)</sup> | 11841 | 10406957 |
|  Kaiser Aluminum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup> | 10453 | 8407871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup> | 6331 | 5526013 |
|  Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/26 (Call 11/15/23)<sup>(a)(b)</sup> | 11758 | 10348862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/31 (Call 08/15/26)<sup>(a)(b)</sup> | 11158 | 8614869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/30/30 (Call 01/30/25)<sup>(a)(b)</sup> | 26175 | 22286965 |
|  |  | 140708191 |
| **Office & Business Equipment — 0.1%** |  |  |
|  Pitney Bowes Inc., 6.88%, 03/15/27<br>(Call 03/15/24)<sup>(a)(b)</sup> | 144 | 92340 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Office & Business Equipment (continued)** |  |  |
|  Xerox Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/25 (Call 07/15/25)<sup>(a)</sup> | $11695 | $10583975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28 (Call 07/15/28)<sup>(a)(b)</sup> | 12044 | 9514760 |
|  |  | 20191075 |
| **Oil & Gas — 5.9%** |  |  |
|  Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/30 (Call 03/01/25)<sup>(a)(b)</sup> | 10818 | 10010977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/01/29 (Call 02/01/24)<sup>(a)</sup> | 5153 | 5258207 |
|  Apache Corp., 4.25%, 01/15/30<br>(Call 10/15/29)<sup>(b)</sup> | 10144 | 9064475 |
|  Ascent Resources Utica Holdings LLC/ARU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/29 (Call 09/01/24)<sup>(a)(b)</sup> | 6093 | 5394608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 11/01/26 (Call 12/01/22)<sup>(a)</sup> | 9663 | 9518055 |
|  Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 11390 | 10818222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 08/01/28 (Call 08/01/24)<sup>(a)(b)</sup> | 9934 | 9884529 |
|  Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 7110 | 7403090 |
|  Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/01/26 (Call 02/05/23)<sup>(a)(b)</sup> | 6177 | 5967600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/05/24)<sup>(a)(b)</sup> | 7575 | 7156860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/15/29 (Call 04/15/24)<sup>(a)(b)</sup> | 14704 | 14444895 |
|  Citgo Holding Inc., 9.25%, 08/01/24<br>(Call 12/01/22)<sup>(a)</sup> | 16915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16952213 |
|  CITGO Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/26 (Call 06/15/23)<sup>(a)(b)</sup> | 11971 | 11763136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/25 (Call 12/01/22)<sup>(a)</sup> | 17344 | 17079504 |
|  CNX Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 7324 | 6820475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/14/27 (Call 12/01/22)<sup>(a)</sup> | 945 | 937516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/31 (Call 01/15/26)<sup>(a)(b)</sup> | 8761 | 8695468 |
|  Colgate Energy Partners III LLC, 5.88%, 07/01/29<br>(Call 07/01/24)<sup>(a)</sup> | 10185 | 9500262 |
|  Comstock Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup> | 16481 | 14935906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/29 (Call 03/01/24)<sup>(a)(b)</sup> | 19546 | 18715295 |
|  CrownRock LP/CrownRock Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/29 (Call 05/01/24)<sup>(a)</sup> | 5280 | 4824819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 17551 | 16941254 |
|  CVR Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/25 (Call 11/16/22)<sup>(a)(b)</sup> | 8056 | 7766387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 6557 | 5998016 |
|  Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28<br>(Call 01/30/23)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980 | 14496895 |
|  Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/30/24 (Call 12/30/23)<sup>(a)(e)</sup> | 9036 | 8638697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/30/26 (Call 12/30/25)<sup>(a)(e)</sup> | 8668 | 7810051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/30/28 (Call 09/30/27)<sup>(a)(e)</sup> | 7750 | 6823836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/30/31 (Call 09/30/30)<sup>(a)(e)</sup> | 8561 | 7256543 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup> | 69 | 62218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 558 | 501898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 (Call 01/01/25) | 437 | 436255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29)<sup>(b)</sup> | 444 | 454972 |
|  Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/29 (Call 02/01/24)<sup>(a)</sup> | 9984 | 9095082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup> | 8477 | 7720512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/31 (Call 02/01/26)<sup>(a)</sup> | 10453 | 9461463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/01/28 (Call 11/01/23)<sup>(a)(b)</sup> | 8224 | 7743750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/32 (Call 05/15/27)<sup>(a)</sup> | 8402 | 7698719 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
|  Laredo Petroleum Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/31/29 (Call 07/31/24)<sup>(a)(b)</sup> | $5930 | $5661173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 01/15/25 (Call 12/01/22)<sup>(b)</sup> | 8613 | 8629149 |
|  Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 06/30/25 (Call 03/30/25)<sup>(a)(e)</sup> | 8800 | 8371000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/30/27 (Call 12/30/26)<sup>(a)(e)</sup> | 8006 | 7448182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/30/30 (Call 12/30/29)<sup>(a)(e)</sup> | 6801 | 6089262 |
|  Matador Resources Co., 5.88%, 09/15/26 (Call 11/16/22)<sup>(b)</sup> | 4847 | 4762177 |
|  MEG Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup> | 10062 | 9609210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12056950 |
|  Moss Creek Resources Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 11342 | 10434640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 12/01/22)<sup>(a)</sup> | 7605 | 7321613 |
|  Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/25 (Call 12/01/22)<sup>(b)</sup> | 5311 | 5266919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/27 (Call 12/01/22)<sup>(b)</sup> | 8090 | 7868334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/28 (Call 07/15/24)<sup>(b)</sup> | 6338 | 6194825 |
|  Nabors Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/25 (Call 11/01/24)<sup>(b)</sup> | 6922 | 6644255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 05/15/27 (Call 05/15/24)<sup>(a)</sup> | 11893 | 11729471 |
|  Nabors Industries Ltd., 7.25%, 01/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 9550 | 9193785 |
|  Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/24 (Call 07/15/24)<sup>(b)</sup> | 6801 | 6546144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/25 (Call 09/01/25)<sup>(b)</sup> | 8777 | 8797857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 15505 | 15718194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/01/25 (Call 06/01/25) | 11096 | 11179220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/01/31 (Call 07/01/30)<sup>(b)</sup> | 19908 | 19910190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 09/01/28 (Call 03/01/28)<sup>(b)</sup> | 9411 | 9526567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 09/01/30 (Call 03/01/30)<sup>(b)</sup> | 24990 | 26005094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 07/01/24<sup>(b)</sup> | 6318 | 6451626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 05/01/31<sup>(b)</sup> | 13179 | 14167425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/31 | 8523 | 9287257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 07/15/25 (Call 04/15/25) | 5953 | 6284046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 07/15/27 (Call 01/15/27)<sup>(b)</sup> | 7943 | 8636027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 07/15/30 (Call 01/15/30) | 15548 | 17788467 |
|  Parkland Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup> | 13613 | 11377065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/01/30 (Call 05/01/25)<sup>(a)(b)</sup> | 11937 | 9937814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 6221 | 5884106 |
|  PBF Holding Co. LLC/PBF Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23) | 14242 | 12864977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/25 (Call 12/01/22) | 10055 | 9954450 |
|  Puma International Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/24/26 (Call 11/11/22)<sup>(a)</sup> | 9555 | 8539781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 10/06/24 (Call 11/11/22)<sup>(a)</sup> | 8343 | 7836422 |
|  Range Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/30 (Call 02/15/25)<sup>(a)</sup> | 9471 | 8361330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/25 (Call 02/15/25)<sup>(b)</sup> | 9448 | 9138767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 01/15/29 (Call 01/15/24) | 7223 | 7455039 |
|  SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/24)<sup>(b)</sup> | 6486 | 6228181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/27 (Call 12/01/22)<sup>(b)</sup> | 5881 | 5752794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/26 (Call 12/01/22)<sup>(b)</sup> | 5911 | 5820118 |
|  Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/32 (Call 02/01/27)<sup>(b)</sup> | 18166 | 15669810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | 10268 | 9537945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/30 (Call 03/15/25)<sup>(b)</sup> | 19173 | 17765153 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 01/23/25 (Call 10/23/24)<sup>(b)</sup> | $664 | $655093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/01/27 (Call 12/01/22)<sup>(b)</sup> | 3195 | 3278869 |
|  Sunoco LP/Sunoco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/29 (Call 05/15/24) | 12516 | 10765324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/30 (Call 04/30/25)<sup>(b)</sup> | 13344 | 11342400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/28 (Call 03/15/23) | 6116 | 5841544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/27 (Call 12/01/22)<sup>(b)</sup> | 9472 | 9280666 |
|  Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)<sup>(a)</sup> | 1628 | 1583037 |
|  Transocean Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 11/01/25 (Call 11/11/22)<sup>(a)(b)</sup> | 5162 | 4502296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/26 (Call 11/11/22)<sup>(a)</sup> | 9791 | 8352213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 02/01/27 (Call 02/01/23)<sup>(a)(b)</sup> | 8264 | 6746626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 01/30/27 (Call 07/30/23)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10134 | 10195865 |
|  Transocean Pontus Ltd., 6.13%, 08/01/25 (Call 12/01/22)<sup>(a)</sup> | 275 | 264649 |
|  Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)<sup>(a)</sup> | 5411 | 5180733 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841744786 |
| **Oil & Gas Services — 0.5%** |  |  |
|  Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/01/28 (Call 04/01/23)<sup>(a)(b)</sup> | 12879 | 11976182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/27 (Call 12/01/22)<sup>(a)</sup> | 6832 | 6529870 |
|  USA Compression Partners LP/USA Compression Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/01/26 (Call 12/01/22) | 11316 | 10861889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 09/01/27 (Call 12/01/22)<sup>(b)</sup> | 11025 | 10528875 |
|  Weatherford International Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/28 (Call 09/15/24)<sup>(a)(b)</sup> | 7474 | 7191358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.63%, 04/30/30 (Call 10/30/24)<sup>(a)(b)</sup> | 24892 | 23435818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 12/01/24 (Call 12/01/22)<sup>(a)(b)</sup> | 526 | 541835 |
|  |  | 71065827 |
| **Packaging & Containers — 2.6%** |  |  |
|  Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/28 (Call 05/15/24)<sup>(a)</sup> | 9528 | 7794952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/29 (Call 05/15/24)<sup>(a)(b)</sup> | 17700 | 13474125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/27 (Call 06/15/24)<sup>(a)(b)</sup> | 8522 | 8182398 |
|  Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/26 (Call 11/11/22)<sup>(a)(b)</sup> | 18887 | 16242820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/30/25 (Call 12/01/22)<sup>(a)</sup> | 9842 | 9297175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)</sup> | 12172 | 8550830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 16363 | 11495007 |
|  Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/30 (Call 05/15/30)<sup>(b)</sup> | 20383 | 15847782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/31 (Call 06/15/31)<sup>(b)</sup> | 14468 | 11081765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/23 | 4714 | 4621794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 13192 | 12658120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/01/25<sup>(b)</sup> | 14371 | 14184321 |
|  Berry Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 516 | 484653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 7053 | 6682718 |
|  Clydesdale Acquisition Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup> | 8032 | 7589276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup> | 17798 | 15640526 |
|  Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)<sup>(a)(b)</sup> | 7562 | 6916944 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Packaging & Containers (continued)** |  |  |
|  Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)<sup>(b)</sup> | $5567 | $5163393 |
|  Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13343947 |
|  Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28<sup>(a)</sup> | 6436 | 5599809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/30 (Call 08/01/29)<sup>(a)(b)</sup> | 5524 | 4750640 |
|  LABL Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/28 (Call 11/01/24)<sup>(a)(b)</sup> | 7513 | 6557346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/26 (Call 11/14/22)<sup>(a)</sup> | 10971 | 10443271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 11/01/29 (Call 11/01/24)<sup>(a)</sup> | 7248 | 5821231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 07/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 11716 | 10683527 |
|  Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/24 (Call 12/01/22)<sup>(a)(b)</sup> | 24953 | 24439385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 21466 | 19353263 |
|  OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)<sup>(a)(b)</sup> | 6212 | 5246228 |
|  Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)<sup>(a)(b)</sup> | 10240 | 9833298 |
|  Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup> | 15680 | 13876800 |
|  Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)<sup>(a)(b)</sup> | 7308 | 6394500 |
|  Sealed Air Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/27 (Call 09/01/27)<sup>(a)(b)</sup> | 7725 | 6836625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/29 (Call 04/15/25)<sup>(a)(b)</sup> | 5927 | 5400979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/01/24 (Call 09/01/24)<sup>(a)(b)</sup> | 3539 | 3510836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/25 (Call 06/15/25)<sup>(a)(b)</sup> | 4612 | 4527699 |
|  Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/22)<sup>(b)</sup> | 7367 | 6740805 |
|  Trivium Packaging Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/26 (Call 12/01/22)<sup>(a)(b)</sup> | 16885 | 15539097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 08/15/27 (Call 11/11/22)<sup>(a)(b)</sup> | 10944 | 10381260 |
|  |  | 365189145 |
| **Pharmaceuticals — 2.9%** |  |  |
|  AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 02/01/24)<sup>(a)(b)</sup> | 8438 | 7186476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/30 (Call 03/01/25)<sup>(a)</sup> | 10227 | 8871923 |
|  Bausch Health Cos. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/28 (Call 06/01/24)<sup>(a)(b)</sup> | 26785 | 16405812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/30/30 (Call 01/30/25)<sup>(a)</sup> | 5069 | 1964238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/31 (Call 02/15/26)<sup>(a)</sup> | 2730 | 1073027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/01/25 (Call 12/01/22)<sup>(a)</sup> | 28960 | 23218005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/27 (Call 11/16/22)<sup>(a)(b)</sup> | 7885 | 5019197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/27 (Call 02/01/24)<sup>(a)(b)</sup> | 15792 | 10346820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.00%, 09/30/28 | 47114 | 36631135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 14.00%, 10/15/30 | 8478 | 4853507 |
|  Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 8807 | 8307252 |
|  HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 9607 | 7205689 |
|  Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)<sup>(a)(b)</sup> | 25001 | 22123652 |
|  Mallinckrodt International Finance SA/Mallinckrodt CB LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.00%, 04/15/25 (Call 11/16/22)<sup>(a)</sup> | 8220 | 7418550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 11.50%, 12/15/28 (Call 06/15/27)<sup>(a)(b)</sup> | 10238 | 9265390 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pharmaceuticals (continued)** |  |  |
|  Organon & Co./Organon Foreign Debt Co.-Issuer BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/30/28 (Call 04/30/24)<sup>(a)(b)</sup> | $37481 | $33014014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/30/31 (Call 04/30/26)<sup>(a)(b)</sup> | 31534 | 26667005 |
|  Owens & Minor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/31/29 (Call 03/31/24)<sup>(a)(b)</sup> | 7200 | 5580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 04/01/30 (Call 04/01/25)<sup>(a)(b)</sup> | 9530 | 7957550 |
|  Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/15/24 (Call 09/15/24) | 9158 | 8724002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/26 (Call 12/15/25)<sup>(b)</sup> | 16022 | 15018863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/30 (Call 03/15/30) | 10849 | 9067160 |
|  Prestige Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/31 (Call 04/01/26)<sup>(a)(b)</sup> | 8822 | 7087154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/28 (Call 01/15/23)<sup>(a)(b)</sup> | 5807 | 5396271 |
|  Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/21/23<sup>(b)</sup> | 406 | 394751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/26<sup>(b)</sup> | 53076 | 44849220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/27 (Call 02/09/27)<sup>(b)</sup> | 18963 | 16687440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/09/29 (Call 02/09/29)<sup>(b)</sup> | 16065 | 13798320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/24 (Call 01/15/24)<sup>(b)</sup> | 16756 | 16588440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/01/28 (Call 12/01/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20386 | 19239667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/31/25 (Call 10/31/24) | 16909 | 16761046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416721576 |
| **Pipelines — 5.0%** |  |  |
|  Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 12209 | 11138271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/27 (Call 11/16/22)<sup>(a)</sup> | 10492 | 9991532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/28 (Call 01/15/23)<sup>(a)</sup> | 10512 | 9928704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/15/26 (Call 05/15/23)<sup>(a)(b)</sup> | 6705 | 6834071 |
|  Buckeye Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 9357 | 8207960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/25 (Call 02/01/25)<sup>(a)(b)</sup> | 6005 | 5659773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/27 (Call 09/01/27) | 6134 | 5307216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/23 (Call 04/01/23) | 488 | 482271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27)<sup>(a)(b)</sup> | 8888 | 7751669 |
|  Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)<sup>(b)</sup> | 31799 | 29334577 |
|  Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 (Call 01/31/27) | 18878 | 14689100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 (Call 03/01/26) | 23441 | 19807645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 (Call 10/01/24)<sup>(b)</sup> | 22879 | 20217028 |
|  CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)<sup>(a)(b)</sup> | 23120 | 20519000 |
|  Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/27 (Call 11/16/22)<sup>(a)(b)</sup> | 10112 | 9537582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/25 (Call 12/01/22) | 7423 | 7237425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/29 (Call 02/01/24)<sup>(a)</sup> | 11525 | 10817173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup> | 6361 | 6401892 |
|  DT Midstream Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 17641 | 15153619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/31 (Call 06/15/26)<sup>(a)</sup> | 16155 | 13732558 |
|  EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/01/29 (Call 03/01/29)<sup>(b)</sup> | 7830 | 7232258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/28 (Call 07/15/27)<sup>(a)(b)</sup> | 7355 | 7049400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/30 (Call 03/01/30)<sup>(a)(b)</sup> | 10580 | 10375541 |
|  EnLink Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/25 (Call 03/01/25) | 6273 | 5919516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/15/26 (Call 04/15/26)<sup>(b)</sup> | 8122 | 7648894 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
|  EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/01/24 (Call 05/01/24)<sup>(b)</sup> | $757 | $716955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/26 (Call 09/01/26)<sup>(b)</sup> | 6905 | 6129339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 07/15/28)<sup>(a)(b)</sup> | 11563 | 9819052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/31 (Call 07/15/30)<sup>(a)(b)</sup> | 17623 | 14670936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/28 (Call 04/15/28) | 13681 | 12251062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/25 (Call 04/01/25)<sup>(a)(b)</sup> | 4974 | 4823785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/27 (Call 01/01/27)<sup>(a)(b)</sup> | 12848 | 12507528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/27 (Call 06/01/24)<sup>(a)(b)</sup> | 8178 | 8075775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/30 (Call 12/01/29)<sup>(a)(b)</sup> | 9504 | 9245016 |
|  Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(b)</sup> | 6506 | 6214857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/01/28 (Call 02/01/23)<sup>(b)</sup> | 11768 | 11223730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/27 (Call 01/15/24) | 15889 | 15432191 |
|  Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 12809 | 10942857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/28 (Call 06/15/23)<sup>(a)(b)</sup> | 8563 | 7859550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/30 (Call 10/15/25)<sup>(a)</sup> | 6475 | 5843299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 02/15/26 (Call 12/01/22)<sup>(a)</sup> | 13123 | 12870645 |
|  ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)<sup>(a)</sup> | 19020 | 15139920 |
|  Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 16035 | 15147787 |
|  New Fortress Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/30/26 (Call 03/31/23)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24278130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/25 (Call 11/21/22)<sup>(a)</sup> | 17788 | 17392217 |
|  NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)<sup>(a)(b)</sup> | 32985 | 29851425 |
|  NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)<sup>(b)</sup> | 6134 | 5980650 |
|  NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/28/27 (Call 01/28/27) | 8049 | 7442642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/25 (Call 07/01/25)<sup>(b)</sup> | 8448 | 8192110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/01/26 (Call 03/01/26) | 9771 | 9468936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/01/30 (Call 04/01/30)<sup>(b)</sup> | 9469 | 8780588 |
|  Rockies Express Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/25 (Call 04/15/25)<sup>(a)</sup> | 3944 | 3681302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/29 (Call 04/15/29)<sup>(a)(b)</sup> | 7924 | 6957272 |
|  Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 01/15/23)<sup>(a)</sup> | 11403 | 10219699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/27 (Call 03/01/23)<sup>(a)(b)</sup> | 6977 | 6613403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/31/30 (Call 12/31/25)<sup>(a)(b)</sup> | 13289 | 12043156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/31 (Call 09/01/26)<sup>(a)(b)</sup> | 7371 | 6576743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 10/01/25 (Call 12/01/22)<sup>(a)(b)</sup> | 8880 | 8988158 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 323 | 285387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 371 | 341906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 (Call 01/15/24) | 237 | 237209 |
|  Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/33 (Call 05/01/33)<sup>(a)(b)</sup> | 18037 | 14434897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/29 (Call 02/15/29)<sup>(a)(b)</sup> | 19261 | 16581313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/31 (Call 02/15/31)<sup>(a)(b)</sup> | 19882 | 16894729 |
|  Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/01/25 (Call 01/01/25) | 8986 | 8540923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/25 (Call 03/01/25) | 644 | 610692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/30 (Call 11/01/29) | 20582 | 18108044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 12/01/27) | 6875 | 6317231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/01/26 (Call 04/01/26) | 7288 | 6895282 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/15/28 (Call 05/15/28) | $6018 | $5532385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711135388 |
| **Real Estate — 0.5%** |  |  |
|  Howard Hughes Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/29 (Call 02/01/24)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10445 | 8275337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/31 (Call 02/01/26)<sup>(a)(b)</sup> | 10436 | 7835050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/01/28 (Call 08/01/23)<sup>(a)(b)</sup> | 11191 | 9515987 |
|  Kennedy-Wilson Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/29 (Call 03/01/24)<sup>(b)</sup> | 9464 | 7573566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/30 (Call 09/01/24) | 9900 | 7771500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/31 (Call 03/01/26)<sup>(b)</sup> | 9853 | 7706229 |
|  Realogy Group LLC/Realogy Co-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/30 (Call 04/15/25)<sup>(a)(b)</sup> | 15627 | 10845919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 13151 | 9352827 |
|  WeWork Companies Inc., 7.88%, 05/01/25<sup>(a)</sup> | 8058 | 4340240 |
|  WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)<sup>(a)(b)</sup> | 6349 | 3174500 |
|  |  | 76391155 |
| **Real Estate Investment Trusts — 3.5%** |  |  |
|  Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 (Call 10/01/23)<sup>(a)(b)</sup> | 12319 | 10440353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/26 (Call 11/14/22)<sup>(a)(b)</sup> | 16652 | 15429452 |
|  Diversified Healthcare Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/01/31 (Call 09/01/30) | 8486 | 5633855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 08/15/27)<sup>(b)</sup> | 7123 | 4887446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 06/15/25 (Call 12/01/22)<sup>(b)</sup> | 8282 | 7825496 |
|  HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/26 (Call 03/15/26)<sup>(a)(b)</sup> | 16664 | 13497840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 4613 | 4397711 |
|  Iron Mountain Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/31 (Call 02/15/26)<sup>(a)(b)</sup> | 17791 | 14468993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 14335 | 13198712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/29 (Call 09/15/24)<sup>(a)</sup> | 17952 | 15416280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 7578 | 6783243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/15/28 (Call 12/27/22)<sup>(a)(b)</sup> | 12270 | 11295982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/30 (Call 07/15/25)<sup>(a)</sup> | 19842 | 17193627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/32 (Call 07/15/26)<sup>(a)</sup> | 9160 | 7893630 |
|  Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)<sup>(a)(b)</sup> | 10678 | 8779452 |
|  iStar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/25 (Call 05/01/25)<sup>(b)</sup> | 4838 | 4686813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/24 (Call 07/01/24)<sup>(b)</sup> | 9982 | 9879884 |
|  Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/27 (Call 02/01/23)<sup>(a)</sup> | 11324 | 9529146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 9904 | 7903703 |
|  MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/31 (Call 03/15/26) | 19212 | 13232586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/29 (Call 08/01/24)<sup>(b)</sup> | 14224 | 11272900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 22669 | 19378368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26 (Call 12/01/22)<sup>(b)</sup> | 7371 | 6651222 |
|  Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/29 (Call 05/15/24)<sup>(a)(b)</sup> | 11777 | 10068157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 12431 | 11281132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/01/25 (Call 12/01/22)<sup>(a)</sup> | 10839 | 10866097 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** | **Real Estate Investment Trusts (continued)** |
|  RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | $9272 | $8121941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/15/27 (Call 12/01/22)<sup>(b)</sup> | 10549 | 9737149 |
|  RLJ Lodging Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/26 (Call 07/01/23)<sup>(a)</sup> | 8905 | 8142198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/29 (Call 09/15/24)<sup>(a)(b)</sup> | 7204 | 6005058 |
|  SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/01/29 (Call 02/01/24)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20903670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/27 (Call 02/15/23)<sup>(b)</sup> | 22055 | 19959775 |
|  Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 (Call 07/15/27)<sup>(b)</sup> | 7063 | 5183959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/01/24 (Call 09/01/24) | 14941 | 13736382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/30 (Call 08/15/29)<sup>(b)</sup> | 5808 | 4138200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/01/26 (Call 08/01/26) | 7119 | 5801985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/27 (Call 08/15/26)<sup>(b)</sup> | 6366 | 5148503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/29 (Call 07/01/29) | 7600 | 5551709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/15/27 (Call 09/15/27)<sup>(b)</sup> | 6234 | 5360617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/25 (Call 06/15/25)<sup>(b)</sup> | 12293 | 12001041 |
|  Starwood Property Trust Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/15/26 (Call 01/15/26)<sup>(a)</sup> | 7456 | 6488584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/31/24 (Call 09/30/24)<sup>(a)(b)</sup> | 5040 | 4712400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/27 (Call 07/15/26)<sup>(a)(b)</sup> | 8450 | 7406425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/25 (Call 09/15/24) | 6681 | 6253008 |
|  Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup> | 11089 | 7662499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/25 (Call 12/01/22)<sup>(a)</sup> | 36349 | 36039670 |
|  Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/28 (Call 04/15/24)<sup>(a)(b)</sup> | 7686 | 6320480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 17694 | 12605206 |
|  VICI Properties LP/VICI Note Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 557 | 514947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/27 (Call 02/15/23)<sup>(a)(b)</sup> | 591 | 511716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/26 (Call 06/01/26)<sup>(a)</sup> | 602 | 549165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/25 (Call 03/15/25)<sup>(a)</sup> | 387 | 364367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/01/24 (Call 02/01/24)<sup>(a)</sup> | 584 | 577056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/01/27 (Call 11/01/26)<sup>(a)</sup> | 330 | 311220 |
|  XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 7503 | 6501213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/25 (Call 11/14/22)<sup>(a)(b)</sup> | 5161 | 5075229 |
|  |  | 503577452 |
| **Retail — 4.8%** |  |  |
|  1011778 BC ULC/New Red Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/29 (Call 02/15/24)<sup>(a)</sup> | 11731 | 9824712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/28 (Call 12/01/22)<sup>(a)(b)</sup> | 24614 | 21649736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 (Call 10/15/25)<sup>(a)(b)</sup> | 46266 | 37764622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 (Call 12/01/22)<sup>(a)</sup> | 12896 | 11344289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 4307 | 4308260 |
|  1375209 BC Ltd., 9.00%, 01/30/28 | 26537 | 25873575 |
|  Asbury Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/28 (Call 03/01/23)<sup>(b)</sup> | 5181 | 4473431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 12326 | 10154056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/30 (Call 03/01/25)<sup>(b)</sup> | 7049 | 5798155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/32 (Call 11/15/26)<sup>(a)(b)</sup> | 9026 | 7277213 |
|  Bath & Body Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/28<sup>(b)</sup> | 7527 | 6647909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/01/30 (Call 10/01/25)<sup>(a)(b)</sup> | 15812 | 14056868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 9165 | 8658817 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup> | $11975 | $5298938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/27 (Call 04/15/24)<sup>(a)(b)</sup> | 8490 | 4084013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/01/25 (Call 11/14/22)<sup>(a)(b)</sup> | 9183 | 6014865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 8600 | 3956000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.25%, 05/01/30 (Call 05/01/27)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30722400 |
|  eG Global Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/07/25 (Call 11/11/22)<sup>(a)(b)</sup> | 10713 | 9707148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 10/30/25 (Call 12/01/22)<sup>(a)</sup> | 10453 | 9719025 |
|  Ferrellgas LP/Ferrellgas Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup> | 10774 | 9777405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup> | 14049 | 11800282 |
|  Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/15/29 (Call 01/15/25)<sup>(a)(b)</sup> | 15340 | 13327611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 01/15/30 (Call 01/15/25)<sup>(a)(b)</sup> | 20113 | 15788705 |
|  FirstCash Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/01/28 (Call 09/01/23)<sup>(a)</sup> | 7773 | 6730307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/01/30 (Call 01/01/25)<sup>(a)</sup> | 8321 | 7394357 |
|  Gap Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 (Call 10/01/24)<sup>(a)(b)</sup> | 11358 | 7991375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/01/31 (Call 10/01/26)<sup>(a)(b)</sup> | 12250 | 8434330 |
|  KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 8061 | 7674314 |
|  LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 12269 | 8581920 |
|  LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 15003 | 12658781 |
|  Lithia Motors Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/29 (Call 06/01/24)<sup>(a)(b)</sup> | 12264 | 10005891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/31 (Call 10/15/25)<sup>(a)(b)</sup> | 9709 | 7900699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 7040 | 6354515 |
|  Macy's Retail Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup> | 7613 | 6592925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup> | 6640 | 5604949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/15/32 (Call 03/15/27)<sup>(a)(b)</sup> | 6459 | 5353849 |
|  Michaels Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/28 (Call 11/01/23)<sup>(a)(b)</sup> | 11929 | 8409945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 19724 | 10996130 |
|  Murphy Oil USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/31 (Call 02/15/26)<sup>(a)</sup> | 8363 | 6985196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/29 (Call 09/15/24)<sup>(b)</sup> | 7364 | 6676847 |
|  NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)<sup>(a)</sup> | 19958 | 18964690 |
|  Nordstrom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/01/31 (Call 05/01/31)<sup>(b)</sup> | 6472 | 4685404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/01/30 (Call 01/01/30)<sup>(b)</sup> | 9149 | 7052572 |
|  Penske Automotive Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 (Call 12/01/22)<sup>(b)</sup> | 5196 | 4846430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/29 (Call 06/15/24)<sup>(b)</sup> | 7488 | 6025968 |
|  PetSmart Inc./PetSmart Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 02/15/24)<sup>(a)</sup> | 18825 | 17103689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 02/15/29 (Call 02/15/24)<sup>(a)(b)</sup> | 18037 | 16920465 |
|  QVC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/28 (Call 06/01/28) | 8035 | 5825375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/25 (Call 11/15/24)<sup>(b)</sup> | 9991 | 8738328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/27 (Call 11/15/26)<sup>(b)</sup> | 8860 | 7019246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/01/24<sup>(b)</sup> | 9147 | 8741102 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
|  Rite Aid Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/25 (Call 12/01/22)<sup>(a)</sup> | $7453 | $5239707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/15/26 (Call 01/15/23)<sup>(a)(b)</sup> | 14073 | 9146127 |
|  Sonic Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 9348 | 7349865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/31 (Call 11/15/26)<sup>(a)(b)</sup> | 9346 | 7110044 |
|  SRS Distribution Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/01/28 (Call 07/01/24)<sup>(a)(b)</sup> | 10448 | 9194240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | 14350 | 11669779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/01/29 (Call 07/01/24)<sup>(a)(b)</sup> | 6600 | 5393368 |
|  Staples Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/26 (Call 12/01/22)<sup>(a)</sup> | 29984 | 26086080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 04/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | 16984 | 12340659 |
|  Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)<sup>(a)(b)</sup>  | 10547 | 8868058 |
|  Yum! Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/31 (Call 12/15/30)<sup>(b)</sup> | 15468 | 12386001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/31/32 (Call 10/01/26)<sup>(b)</sup> | 19804 | 16853204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | 12462 | 11137912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/32 (Call 04/01/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15642 | 13969088 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685041766 |
| **Semiconductors — 0.2%** |  |  |
|  Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)<sup>(a)(b)</sup> | 15610 | 14238193 |
|  Entegris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 6701 | 5467765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/28 (Call 04/15/23)<sup>(a)</sup> | 6474 | 5689027 |
|  |  | 25394985 |
| **Software — 2.5%** |  |  |
|  Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)<sup>(a)(b)</sup> | 17716 | 15397101 |
|  Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)<sup>(a)(b)</sup> | 9076 | 8674932 |
|  Clarivate Science Holdings Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/01/28 (Call 06/30/24)<sup>(a)(b)</sup> | 15512 | 13424732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/01/29 (Call 06/30/24)<sup>(a)(b)</sup> | 14454 | 12051022 |
|  Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 (Call 12/15/22)<sup>(a)(b)</sup> | 15742 | 14243991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/26 (Call 02/15/26)<sup>(a)(b)</sup> | 5052 | 4920648 |
|  Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 37592 | 29321760 |
|  MSCI Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/33 (Call 08/15/27)<sup>(a)(b)</sup> | 8992 | 7011818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/30 (Call 03/01/25)<sup>(a)(b)</sup> | 15502 | 12943550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 11/01/31 (Call 11/01/26)<sup>(a)(b)</sup> | 9422 | 7775977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/31 (Call 06/01/25)<sup>(a)(b)</sup> | 15802 | 13352532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 11/15/24)<sup>(a)(b)</sup> | 15837 | 13720564 |
|  Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/28 (Call 02/15/23)<sup>(a)</sup> | 14093 | 12084747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/01/29 (Call 12/01/24)<sup>(a)(b)</sup> | 13231 | 10485568 |
|  Open Text Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/30 (Call 02/15/25)<sup>(a)(b)</sup> | 14775 | 11764594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/31 (Call 12/01/26)<sup>(a)</sup> | 11581 | 8764153 |
|  Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)<sup>(a)(b)</sup>  | 63514 | 55098395 |
|  PTC Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/25 (Call 12/01/22)<sup>(a)(b)</sup> | 4947 | 4692259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 8632 | 7871125 |
|  Rackspace Technology Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 (Call 02/15/24)<sup>(a)(b)</sup> | 7870 | 5152391 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 12/01/28 (Call 12/01/23)<sup>(a)(b)</sup> | $9548 | $3962420 |
|  ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)<sup>(a)(b)</sup> | 15150 | 12441937 |
|  SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)<sup>(a)(b)</sup> | 30288 | 28143149 |
|  Twilio Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/29 (Call 03/15/24)<sup>(b)</sup> | 8187 | 6697171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/31 (Call 03/15/26)<sup>(b)</sup> | 8737 | 7132188 |
|  Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28598 | 23950825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351079549 |
| **Telecommunications — 6.4%** |  |  |
|  Altice France Holding SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/28 (Call 02/15/23)<sup>(a)(b)</sup> | 19556 | 12655349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.50%, 05/15/27 (Call 11/14/22)<sup>(a)</sup> | 25787 | 20078790 |
|  Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)<sup>(a)</sup> | 31275 | 23769000 |
|  Altice France SA/France |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 01/15/29 (Call 09/15/23)<sup>(a)</sup> | 7232 | 5416768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/15/29 (Call 04/15/24)<sup>(a)</sup> | 40143 | 30048015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/28 (Call 12/01/22)<sup>(a)</sup> | 17175 | 13716462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/01/27 (Call 11/14/22)<sup>(a)</sup> | 28910 | 26510470 |
|  Avaya Inc., 6.13%, 09/15/28<br>(Call 09/15/23)<sup>(a)(b)</sup> | 13230 | 5695515 |
|  British Telecommunications PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/81 (Call 11/23/26)<sup>(a)(c)</sup> | 7549 | 6347796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/23/81 (Call 08/23/31)<sup>(a)(b)(c)</sup> | 8075 | 6450360 |
|  C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/11/22)<sup>(a)(b)</sup> | 16737 | 14555332 |
|  CommScope Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/29 (Call 09/01/24)<sup>(a)(b)</sup> | 20293 | 17143679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/26 (Call 12/01/22)<sup>(a)</sup> | 22260 | 21547680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup> | 12400 | 10490400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 15617 | 13862152 |
|  CommScope Technologies LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 11/14/22)<sup>(a)(b)</sup> | 13989 | 11348576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/25 (Call 11/14/22)<sup>(a)(b)</sup> | 17565 | 16450501 |
|  Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 12/01/22)<sup>(a)</sup> | 33761 | 31735340 |
|  Consolidated Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 6239 | 4812141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/28 (Call 10/01/23)<sup>(a)(b)</sup> | 12122 | 9978467 |
|  Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/28 (Call 05/01/24)<sup>(a)</sup> | 24060 | 21036459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27 (Call 10/15/23)<sup>(a)(b)</sup> | 17533 | 16178576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/01/29 (Call 11/01/24)<sup>(b)</sup> | 11783 | 9220197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/30 (Call 10/15/24)<sup>(a)(b)</sup> | 14958 | 11671428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/01/29 (Call 05/01/24)<sup>(a)(b)</sup> | 17203 | 14170971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 05/15/30 (Call 05/15/25)<sup>(a)</sup> | 19509 | 19759365 |
|  Hughes Satellite Systems Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/26<sup>(b)</sup> | 12942 | 12346150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/26<sup>(b)</sup> | 13367 | 12598397 |
|  Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/26 (Call 10/15/23)<sup>(a)</sup> | 18618 | 17254418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28 (Call 10/15/24)<sup>(a)</sup> | 13453 | 12174965 |
|  Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)<sup>(a)(b)</sup> | 45943 | 42193592 |
|  Level 3 Financing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 01/01/27)<sup>(a)</sup> | 12935 | 11141996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/29 (Call 01/15/24)<sup>(a)</sup> | 12754 | 9734490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/29 (Call 01/15/24)<sup>(a)(b)</sup> | 14685 | 11162068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/15/29 (Call 08/15/29)<sup>(a)</sup> | 12202 | 10044804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/28 (Call 07/01/23)<sup>(a)(b)</sup> | 18683 | 15362097 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| <br>*Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/27 (Call 12/01/22)<sup>(a)(b)</sup> | $13890 | $12065905 |
|  Lumen Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/27 (Call 02/15/23)<sup>(a)</sup> | 18344 | 15589124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 (Call 01/15/24)<sup>(a)</sup> | 15523 | 10948023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 (Call 12/15/22)<sup>(a)(b)</sup> | 12377 | 10597806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/29 (Call 06/15/24)<sup>(a)(b)</sup> | 7192 | 5235776 |
|  Nokia OYJ, 4.38%, 06/12/27<sup>(b)</sup> | 7110 | 6512760 |
|  Sprint Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 06/15/24 | 35274 | 35609103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25 (Call 11/15/24) | 20728 | 21390964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/26 (Call 11/01/25) | 23956 | 24997846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/15/23<sup>(b)</sup> | 21493 | 21849283 |
|  Switch Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/28 (Call 09/15/23)<sup>(a)</sup> | 6879 | 6947790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 06/15/24)<sup>(a)</sup> | 5860 | 5874455 |
|  Telecom Italia SpA/Milano, 5.30%, 05/30/24<sup>(a)</sup> | 22698 | 21392865 |
|  Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | 6569 | 2964261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/06/26 (Call 12/06/23)<sup>(a)(b)</sup> | 5832 | 2721017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/27 (Call 11/16/22)<sup>(a)</sup> | 249 | 87590 |
|  T-Mobile USA Inc., 2.25%, 02/15/26 (Call 02/15/23) | 834 | 748934 |
|  ViaSat Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/15/25 (Call 11/14/22)<sup>(a)</sup> | 8571 | 7905033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/27 (Call 11/14/22)<sup>(a)</sup> | 10992 | 10161005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/28 (Call 07/15/23)<sup>(a)(b)</sup> | 6902 | 5767484 |
|  Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/31/31 (Call 01/31/26)<sup>(a)</sup> | 20571 | 16421984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/31 (Call 07/15/26)<sup>(a)</sup> | 21482 | 17360678 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/04/81 (Call 06/04/26)<sup>(c)</sup> | 7239 | 5803224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/04/81 (Call 03/04/31)<sup>(c)</sup> | 13706 | 9776362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/04/79 (Call 01/04/29)<sup>(c)</sup> | 32413 | 30967471 |
|  Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)<sup>(a)(b)</sup> | 23669 | 20471022 |
|  Zayo Group Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 (Call 12/01/22)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22426 | 17324085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/01/28 (Call 03/01/23)<sup>(a)(b)</sup> | 18300 | 12151200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908305816 |
| **Toys, Games & Hobbies — 0.2%** |  |  |
|  Mattel Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/26 (Call 04/01/23)<sup>(a)(b)</sup> | 8877 | 8117871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/29 (Call 04/01/24)<sup>(a)(b)</sup> | 9108 | 7871930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/15/27 (Call 12/15/22)<sup>(a)(b)</sup> | 9004 | 8758101 |
|  |  | 24747902 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
|  **Trucking & Leasing — 0.3%** |  |  |  |
|  AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)<sup>(a)(b)(c)</sup> | $| 7227 | $6603166 |
|  Fortress Transportation and Infrastructure Investors LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/28 (Call 05/01/24)<sup>(a)(b)</sup> |  | 15637 | 13096769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/25 (Call 12/01/22)<sup>(a)</sup> |  | 9493 | 9125146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.75%, 08/01/27 (Call 08/01/23)<sup>(a)</sup> |  | 7257 | 7382691 |
|  |  |  | 36207772 |
|  **Total Long-Term Investments — 96.8%<br>(Cost: $15,757,706,751)** | **Total Long-Term Investments — 96.8%<br>(Cost: $15,757,706,751)** | **Total Long-Term Investments — 96.8%<br>(Cost: $15,757,706,751)** | 13775577516 |
|  **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |  |
| **Money Market Funds — 20.1%** | **Money Market Funds — 20.1%** | **Money Market Funds — 20.1%** |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(f)(g)(h)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582498282 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(f)(g)</sup> |  | 273430 | 273430000 |
|  **Total Short-Term Securities — 20.1%<br>(Cost: $2,856,062,855)** | **Total Short-Term Securities — 20.1%<br>(Cost: $2,856,062,855)** | **Total Short-Term Securities — 20.1%<br>(Cost: $2,856,062,855)** | 2855928282 |
|  **Total Investments — 116.9%<br>(Cost: $18,613,769,606)** | **Total Investments — 116.9%<br>(Cost: $18,613,769,606)** | **Total Investments — 116.9%<br>(Cost: $18,613,769,606)** | 16631505798 |
|  **Liabilities in Excess of Other Assets — (16.9)%** | **Liabilities in Excess of Other Assets — (16.9)%** | **Liabilities in Excess of Other Assets — (16.9)%** | (2402611864) |
|  **Net Assets — 100.0%** |  |  | $14228893934 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan.

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

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

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

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

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

<sup>(h)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Fair Value Hierarchy as of Period End** 

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ High Yield Corporate Bond ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund's policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $13775577516 | $— | $13775577516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 2855928282 |  |  | 2855928282 |
|  | $2855928282 | $13775577516 | $— | $16631505798 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) <br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Corporate Bonds & Notes** |  |  |
| **Advertising — 0.1%** |  |  |
|  Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)<sup>(a)</sup> | $13193 | $10315736 |
|  Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26) | 12335 | 11575153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21890889 |
| **Aerospace & Defense — 2.2%** |  |  |
|  Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 (Call 02/04/23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49550 | 44107730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 (Call 12/01/26)<sup>(a)</sup> | 12921 | 11222423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 (Call 01/01/26) | 9643 | 8696016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 (Call 11/01/29)<sup>(a)</sup> | 11625 | 9316186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 (Call 12/01/28) | 14764 | 12281472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 (Call 12/01/27)<sup>(a)</sup> | 10341 | 8969665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 (Call 11/01/34) | 11162 | 7888934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 (Call 02/01/34) | 9449 | 7041469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 (Call 11/01/30)<sup>(a)</sup> | 16247 | 13476133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 (Call 08/01/49)<sup>(a)</sup> | 14804 | 9503567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 (Call 11/01/48)<sup>(a)</sup> | 8981 | 5794385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 (Call 02/01/59) | 12589 | 7815607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 (Call 03/01/27)<sup>(a)</sup> | 20110 | 19414025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 49532 | 45732182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 (Call 11/01/39)<sup>(a)</sup> | 33253 | 28908991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 (Call 11/01/49)<sup>(a)</sup> | 61154 | 52552378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 (Call 11/01/59) | 37916 | 32023319 |
|  General Dynamics Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 02/01/27)<sup>(a)</sup> | 8554 | 8037314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 11919 | 10831775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 (Call 02/15/28) | 13264 | 12372695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 (Call 10/01/39)<sup>(a)</sup> | 6860 | 5900423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49) | 9659 | 8060417 |
|  L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)<sup>(a)</sup> | 21013 | 19662453 |
|  Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 8431 | 5387444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | 7702 | 7394588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 (Call 09/01/44)<sup>(a)</sup> | 13691 | 10642124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 (Call 03/15/32)<sup>(a)</sup> | 10500 | 9582173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42<sup>(a)</sup> | 14953 | 12285940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 (Call 03/15/52)<sup>(a)</sup> | 16194 | 12935662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 (Call 12/15/52) | 12981 | 10403977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 (Call 11/15/45) | 15153 | 13357660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27<sup>(a)</sup> | 5530 | 5540756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 | 8602 | 8613880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 | 4698 | 4744081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 | 3786 | 3846244 |
|  Northrop Grumman Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 (Call 11/01/26)<sup>(a)</sup> | 4767 | 4380785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 (Call 10/15/27) | 27165 | 24577072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 (Call 04/15/47) | 24212 | 19022216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 10721 | 10076641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43<sup>(a)</sup> | 14150 | 12255076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 (Call 11/01/49)<sup>(a)</sup> | 10279 | 9509933 |
|  Raytheon Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 (Call 06/01/31) | 15529 | 11771153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 (Call 04/01/30) | 15668 | 12629635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 13817 | 10784468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 (Call 03/01/51) | 11884 | 7230680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 16521 | 10540768 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Aerospace & Defense (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 (Call 02/04/27) | $11878 | $10830587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 (Call 01/01/50) | 11544 | 7601274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 (Call 12/15/26)<sup>(a)</sup> | 9353 | 8726452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 (Call 05/01/46) | 12499 | 9146087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 (Call 08/16/28) | 34061 | 31707606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 (Call 11/16/44) | 10754 | 8419618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 (Call 10/15/46) | 9617 | 7754335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 (Call 05/16/38)<sup>(a)</sup> | 9905 | 8449024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42<sup>(a)</sup> | 36241 | 30709964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 (Call 05/16/48)<sup>(a)</sup> | 17186 | 14467113 |
|  Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31) | 12850 | 10033700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774968275 |
| **Agriculture — 1.4%** |  |  |
|  Altria Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 (Call 11/04/31)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17326 | 12301781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 (Call 02/06/30) | 11311 | 9175997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 (Call 08/04/40) | 17292 | 10600404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 (Call 08/04/50)<sup>(a)</sup> | 13301 | 7777873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 (Call 03/16/46)<sup>(a)</sup> | 18288 | 11263354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 (Call 08/04/60)<sup>(a)</sup> | 10089 | 6046196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42 | 9829 | 6652014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 (Call 12/14/25)<sup>(a)</sup> | 10533 | 10124215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 (Call 11/14/28)<sup>(a)</sup> | 19846 | 18271275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44<sup>(a)</sup> | 20056 | 16015258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 (Call 08/14/38) | 21577 | 18397648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 (Call 08/14/48) | 28257 | 23017002 |
|  Archer-Daniels-Midland Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 (Call 05/11/26)<sup>(a)</sup> | 9848 | 9002766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 (Call 03/15/51) | 9496 | 5936881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(a)</sup> | 10498 | 8745422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 (Call 12/27/29) | 11216 | 9869945 |
|  BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 (Call 01/25/28) | 21739 | 17207745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 (Call 12/25/30) | 16916 | 12343052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 (Call 07/06/26)<sup>(a)</sup> | 12177 | 10841313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 (Call 05/15/27) | 40476 | 35440223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 (Call 03/25/40) | 7773 | 4899149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 (Call 03/25/50)<sup>(a)</sup> | 11029 | 6613373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 (Call 02/15/37)<sup>(a)</sup> | 29412 | 21280226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 (Call 02/15/47)<sup>(a)</sup> | 28253 | 18272503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 (Call 02/02/27)<sup>(a)</sup> | 10407 | 9642937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 (Call 12/16/31)<sup>(a)</sup> | 11332 | 9486640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 (Call 03/06/49) | 11501 | 7664621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 (Call 01/02/30) | 9565 | 8337540 |
|  BAT International Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 (Call 02/25/26)<sup>(a)</sup> | 14125 | 12133371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 (Call 02/16/28) | 13270 | 11733143 |
|  Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)<sup>(a)</sup> | 11565 | 9068916 |
|  Philip Morris International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 (Call 04/01/26) | 8424 | 7203853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 (Call 08/01/30)<sup>(a)</sup> | 11162 | 8158381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 9601 | 7318885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 (Call 11/25/25)<sup>(a)</sup> | 9042 | 8285737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 9457 | 8077073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42 | 9816 | 6517377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43 | 7715 | 5270063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44 | 10450 | 7233679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41<sup>(a)</sup> | 9378 | 6770879 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Agriculture (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43<sup>(a)</sup> | $9033 | $6906673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38 | 19013 | 17690747 |
|  Reynolds American Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/35 (Call 02/15/35) | 8393 | 7079299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 (Call 02/15/45) | 25947 | 20258766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494934195 |
| **Airlines — 0.1%** |  |  |
|  Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21164 | 20640333 |
| **Apparel — 0.2%** |  |  |
|  NIKE Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | 12395 | 11290598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 (Call 01/27/27) | 12417 | 11375107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 (Call 12/27/29)<sup>(a)</sup> | 18857 | 16339830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 (Call 09/27/39) | 9912 | 7525853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 (Call 09/27/49)<sup>(a)</sup> | 16729 | 12150841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 (Call 05/01/45)<sup>(a)</sup> | 9957 | 7924392 |
|  VF Corp., 2.95%, 04/23/30 (Call 01/23/30)<sup>(a)</sup> | 12826 | 10345617 |
|  |  | 76952238 |
| **Auto Manufacturers — 1.3%** |  |  |
|  American Honda Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26<sup>(a)</sup> | 7195 | 6242669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/24/28<sup>(a)</sup> | 10709 | 9005427 |
|  Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)<sup>(a)</sup> | 8302 | 6317494 |
|  General Motors Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 (Call 07/01/27)<sup>(a)</sup> | 9318 | 8508814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 (Call 07/01/28)<sup>(a)</sup> | 10817 | 10019130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35<sup>(a)</sup> | 5329 | 4424775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 (Call 10/01/37) | 12778 | 10429598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45<sup>(a)</sup> | 15565 | 11952468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 (Call 08/15/29)<sup>(a)</sup> | 8728 | 8085099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 (Call 10/01/47)<sup>(a)</sup> | 8788 | 6909255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 (Call 07/15/32)<sup>(a)</sup> | 13459 | 12198172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 (Call 10/01/48)<sup>(a)</sup> | 9990 | 8449598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43<sup>(a)</sup> | 17275 | 15151797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 (Call 10/01/35)<sup>(a)</sup> | 12873 | 12122850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 (Call 10/01/45) | 7736 | 7135722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 (Call 08/01/27)<sup>(a)</sup> | 13533 | 13693250 |
|  General Motors Financial Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 (Call 12/08/25)<sup>(a)</sup> | 17042 | 14560910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 (Call 05/10/26) | 14425 | 12141372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 (Call 01/26/27)<sup>(a)</sup> | 12012 | 10167955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 (Call 10/08/30)<sup>(a)</sup> | 12784 | 9341104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 (Call 02/10/28)<sup>(a)</sup> | 12113 | 9812798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 (Call 08/15/28) | 9553 | 7535968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 (Call 06/20/27)<sup>(a)</sup> | 14111 | 11880548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 (Call 03/10/31) | 14485 | 10771670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 (Call 10/12/31)<sup>(a)</sup> | 13796 | 10489240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 (Call 03/21/30)<sup>(a)</sup> | 12362 | 10127744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 (Call 07/06/26)<sup>(a)</sup> | 10564 | 9700359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/06/29 (Call 02/06/29)<sup>(a)</sup> | 10669 | 9374031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 (Call 10/17/26) | 15512 | 14284416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 (Call 03/09/27)<sup>(a)</sup> | 15662 | 14794618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 12935 | 12531916 |
|  Honda Motor Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 (Call 02/10/27)<sup>(a)</sup> | 9447 | 8453700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 (Call 12/10/31)<sup>(a)</sup> | 12913 | 10683955 |
|  Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31<sup>(a)</sup> | 19449 | 22681721 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Auto Manufacturers (continued)** |  |  |
|  Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26)<sup>(a)</sup>  | $9284 | $8199332 |
|  Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26 | 13577 | 11793918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27<sup>(a)</sup> | 10143 | 8894647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28<sup>(a)</sup> | 3654 | 3092635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30<sup>(a)</sup> | 10141 | 8289589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27 | 17048 | 15622821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27<sup>(a)</sup> | 7638 | 7062351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30<sup>(a)</sup> | 8897 | 7898611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/29/29<sup>(a)</sup> | 10422 | 10006212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27 | 11048 | 10744706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451584965 |
| **Auto Parts & Equipment — 0.1%** |  |  |
|  Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18638 | 10382480 |
|  Aptiv PLC/Aptiv Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/32 (Call 12/01/31)<sup>(a)</sup> | 11213 | 8934770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/52 (Call 11/01/51)<sup>(a)</sup> | 11048 | 7408367 |
|  BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27) | 11112 | 9673306 |
|  Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)<sup>(a)</sup> | 7736 | 6211399 |
|  |  | 42610322 |
| **Banks — 23.7%** |  |  |
|  Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25<sup>(a)</sup> | 2721 | 2610393 |
|  Banco Santander SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 (Call 09/14/26)<sup>(a)(b)</sup> | 19946 | 16267646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26 | 10037 | 8570822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30<sup>(a)</sup> | 19661 | 13589318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31<sup>(a)</sup> | 13555 | 10032581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29<sup>(a)</sup> | 10627 | 8865017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30 | 13052 | 10295381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28<sup>(a)</sup> | 12825 | 10913670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 (Call 03/24/27)<sup>(b)</sup> | 27171 | 23906605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27<sup>(a)</sup> | 11854 | 10647794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28<sup>(a)</sup> | 9783 | 8605955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27 | 7462 | 6867200 |
|  Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 (Call 07/22/26),<br>(SOFR + 0.960%)<sup>(b)</sup> | 51007 | 43603900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 (Call 07/23/30),<br>(SOFR + 1.530%)<sup>(b)</sup> | 24633 | 18248018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 (Call 10/24/30),<br>(SOFR + 1.370%)<sup>(b)</sup> | 23099 | 16946838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 (Call 06/14/28),<br>(SOFR + 1.060%)<sup>(b)</sup> | 29602 | 23971629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 (Call 07/21/31),<br>(SOFR + 1.220%)<sup>(b)</sup> | 36671 | 27151051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 (Call 02/13/30), (3 mo. LIBOR US + 0.990%)<sup>(b)</sup> | 32280 | 25365446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 (Call 02/04/27),<br>(SOFR + 1.050%)<sup>(b)</sup> | 20274 | 17535431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 (Call 10/20/31),<br>(SOFR + 1.210%)<sup>(b)</sup> | 28145 | 21215124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 (Call 04/29/30),<br>(SOFR + 2.150%)<sup>(b)</sup> | 31226 | 24575015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 (Call 06/19/40),<br>(SOFR + 1.930%)<sup>(a)(b)</sup> | 48686 | 30839100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 (Call 04/22/31),<br>(SOFR + 1.320%)<sup>(b)</sup> | 39809 | 30727874 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 (Call 10/24/50),<br>(SOFR + 1.880%)<sup>(a)(b)</sup> | $10832 | $6300897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 (Call 10/22/29),<br>(3 mo. LIBOR US + 1.190%)<sup>(b)</sup> | 18793 | 15301078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 (Call 02/04/32),<br>(SOFR + 1.330%)<sup>(b)</sup> | 33607 | 26064682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 (Call 07/21/51),<br>(SOFR + 1.560%)<sup>(a)(b)</sup> | 21423 | 12727115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 (Call 07/23/29),<br>(3 mo. LIBOR US + 1.180%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23257 | 19440998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 (Call 10/21/26)<sup>(a)</sup> | 22295 | 19872853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 (Call 04/22/41),<br>(SOFR + 1.580%)<sup>(b)</sup> | 30834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21335938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 (Call 12/20/27),<br>(3 mo. LIBOR US + 1.040%)<sup>(a)(b)</sup> | 57105 | 50392758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26 | 18690 | 17467508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 (Call 04/23/26),<br>(3 mo. LIBOR US + 1.060%)<sup>(a)(b)</sup> | 26051 | 23985711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 (Call 07/21/27),<br>(3 mo. LIBOR US + 1.370%)<sup>(b)</sup> | 19069 | 17084201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 (Call 04/24/27),<br>(3 mo. LIBOR US + 1.512%)<sup>(b)</sup> | 19608 | 17722138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 (Call 01/20/27),<br>(3 mo. LIBOR US + 1.575%)<sup>(b)</sup> | 22727 | 20752078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 (Call 01/23/48),<br>(3 mo. LIBOR US + 1.19%)<sup>(b)</sup> | 12544 | 9097959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 (Call 03/05/28),<br>(3 mo. LIBOR US + 1.070%)<sup>(a)(b)</sup> | 22500 | 20262366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 (Call 02/07/29),<br>(3 mo. LIBOR US + 1.210%)<sup>(b)</sup> | 27223 | 24081760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 (Call 04/23/39),<br>(3 mo. LIBOR US + 1.32%)<sup>(a)(b)</sup> | 18873 | 14714448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 (Call 03/20/50),<br>(3 mo. LIBOR US + 3.15%)<sup>(a)(b)</sup> | 50952 | 37844226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 (Call 04/24/37),<br>(3 mo. LIBOR US + 1.814%)<sup>(b)</sup> | 20524 | 16563510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26 | 19432 | 18396749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 (Call 07/23/28),<br>(3 mo. LIBOR US + 1.310%)<sup>(a)(b)</sup> | 26225 | 23799229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 (Call 03/15/49),<br>(3 mo. LIBOR US + 1.520%)<sup>(a)(b)</sup> | 24903 | 19367897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 (Call 04/27/27),<br>(SOFR + 1.580%)<sup>(b)</sup> | 15973 | 14870298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 (Call 01/20/47),<br>(3 mo. LIBOR US + 1.990%)<sup>(a)(b)</sup> | 21008 | 16565884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26 | 11666 | 11190767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 (Call 04/27/32),<br>(SOFR + 1.830%)<sup>(a)(b)</sup> | 35309 | 31228124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 (Call 07/22/27)<sup>(b)</sup> | 27764 | 26482786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44 | 19852 | 16950291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 (Call 07/22/32)<sup>(b)</sup> | 48376 | 44282384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42<sup>(a)</sup> | 13651 | 13069914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37 | 19700 | 18882641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38 | 14563 | 16100439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series L, 4.18%, 11/25/27 (Call 11/25/26) | 18621 | 17071785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 1.66%, 03/11/27 (Call 03/11/26),<br>(SOFR + 0.910%)<sup>(b)</sup> | 27109 | 23447759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 2.65%, 03/11/32 (Call 03/11/31),<br>(SOFR + 1.220%)<sup>(b)</sup> | 17711 | 13667205 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series N, 3.48%, 03/13/52 (Call 03/13/51), (SOFR + 1.650%)<sup>(b)</sup> | $8812 | $5833232 |
|  Bank of America NA, 6.00%, 10/15/36<sup>(a)</sup> | 13052 | 12693418 |
|  Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 (Call 01/22/26),<br>(SOFR + 0.603%)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13107659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26 | 19524 | 16586675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27<sup>(a)</sup> | 13540 | 11997839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series H, 4.70%, 09/14/27 (Call 08/14/27) | 9870 | 9447068 |
|  Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 (Call 12/26/26)<sup>(a)</sup> | 6894 | 6064837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 (Call 05/17/26)<sup>(a)</sup> | 9355 | 8456270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 (Call 02/04/26)<sup>(a)</sup> | 10107 | 9358342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 (Call 02/16/27)<sup>(a)</sup> | 8855 | 8188073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 (Call 05/23/29)<sup>(a)</sup> | 7293 | 6309148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 (Call 10/29/27) | 9949 | 9051718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28<sup>(a)</sup> | 7656 | 7106443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28<sup>(a)</sup> | 2705 | 2720581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 | 8945 | 8943924 |
|  Bank of Nova Scotia (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26<sup>(a)</sup> | 12015 | 10411857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26<sup>(a)</sup> | 14199 | 12094242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26<sup>(a)</sup> | 10759 | 9320531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27<sup>(a)</sup> | 13185 | 11370581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32 | 5222 | 3919738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26<sup>(a)</sup> | 18480 | 16655854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25<sup>(a)</sup> | 8832 | 8489393 |
|  Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 (Call 11/24/26)<sup>(a)(b)</sup> | 22750 | 18809545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 (Call 06/24/30),<br>(SOFR + 1.900%)<sup>(b)</sup> | 13861 | 10144372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 (Call 03/10/31)<sup>(b)</sup> | 11797 | 8405107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 (Call 11/24/31)<sup>(a)(b)</sup> | 13307 | 9442658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 (Call 11/24/41)<sup>(b)</sup> | 9519 | 5811501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 (Call 01/10/27)<sup>(a)</sup> | 12732 | 11176900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26<sup>(a)</sup> | 18062 | 16763340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 (Call 05/07/27) | 23471 | 19917944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47 | 16776 | 12515591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 (Call 05/16/28),<br>(3 mo. LIBOR US + 1.902%)<sup>(a)(b)</sup> | 20229 | 17986350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26 | 24857 | 22863767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45<sup>(a)</sup> | 18248 | 14601544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 (Call 08/09/27)<sup>(a)(b)</sup> | 21115 | 19508959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 (Call 08/09/32)<sup>(a)(b)</sup> | 12933 | 11480272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 | 4000 | 3980919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 | 2500 | 2488652 |
|  Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26 | 5243 | 4487227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27<sup>(a)</sup> | 13317 | 12153109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 (Call 03/07/32)<sup>(a)</sup> | 11323 | 9326849 |
|  Citigroup Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 (Call 01/28/26),<br>(SOFR + 0.765%)<sup>(b)</sup> | 27613 | 23536913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 (Call 06/09/26),<br>(SOFR + 0.770%)<sup>(b)</sup> | 27624 | 23421080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 (Call 11/03/31),<br> (SOFR + 1.177%)<sup>(b)</sup> | 19452 | 14546676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 (Call 05/01/31),<br>(SOFR + 1.167%)<sup>(b)</sup> | 33402 | 25441528 |

---

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 (Call 06/03/30), (SOFR + 2.107%)<sup>(a)(b)</sup> | $39770 | $31100808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)<sup>(a)(b)</sup> | 29119 | 23124394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 (Call 11/03/41), (SOFR + 1.379%)<sup>(a)(b)</sup> | 16987 | 10779120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 (Call 11/05/29), (SOFR + 1.422%)<sup>(b)</sup> | 27151 | 22177637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 (Call 01/25/32), (SOFR + 1.351%)<sup>(b)</sup> | 32487 | 25320436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 (Call 02/24/27), (SOFR + 1.280%)<sup>(b)</sup> | 27836 | 24538486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 (Call 07/21/26) | 32670 | 29749178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26<sup>(a)</sup> | 19303 | 17909047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 (Call 10/27/27), (3 mo. LIBOR US + 1.151%)<sup>(b)</sup> | 25708 | 22783340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 (Call 07/24/27), (3 mo. LIBOR US + 1.390%)<sup>(b)</sup> | 29910 | 26834633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26 | 19865 | 18668259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 (Call 03/17/32), (SOFR + 1.939%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33100 | 27406307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 (Call 01/24/38), (3 mo. LIBOR US + 1.168%)<sup>(b)</sup> | 13783 | 10674378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 (Call 01/10/27), (3 mo. LIBOR US + 1.563%)<sup>(b)</sup> | 31549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28899269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 (Call 03/20/29), (3 mo. LIBOR US + 1.338%)<sup>(a)(b)</sup> | 31601 | 27822538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.192%)<sup>(b)</sup> | 21695 | 19564159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28<sup>(a)</sup> | 22217 | 20009917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 (Call 04/24/47), (3 mo. LIBOR US + 1.839%)<sup>(b)</sup> | 12625 | 9638858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26<sup>(a)</sup> | 13783 | 13002998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)<sup>(b)</sup> | 42562 | 37983444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27<sup>(a)</sup> | 39547 | 36742904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26<sup>(a)</sup> | 14531 | 13937253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45<sup>(a)</sup> | 10589 | 8441570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 (Call 06/23/48)<sup>(a)</sup> | 28497 | 22923406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 (Call 05/24/27), (SOFR + 1.887%)<sup>(a)(b)</sup> | 17934 | 16907790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46 | 21515 | 16672810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 (Call 05/24/32)<sup>(a)(b)</sup> | 33309 | 30250135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44<sup>(a)</sup> | 11351 | 9647377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)<sup>(a)(b)</sup> | 14608 | 12999988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42<sup>(a)</sup> | 9986 | 9347270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32<sup>(a)</sup> | 15637 | 15815956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43<sup>(a)</sup> | 11240 | 11203996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39<sup>(a)</sup> | 24129 | 28016452 |
|  Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27)<sup>(b)</sup> | 12327 | 11646926 |
|  Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)<sup>(a)</sup> | 7755 | 6333220 |
|  Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26<sup>(a)</sup> | 20027 | 18181912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41 | 18247 | 16960594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45<sup>(a)</sup> | 13220 | 10802900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43<sup>(a)</sup> | 12499 | 11033065 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Credit Suisse AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26 | $20862 | $16649693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27 | 14257 | 12835886 |
|  Credit Suisse Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26<sup>(a)</sup> | 25937 | 22842488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/45 | 15178 | 10002580 |
|  Deutsche Bank AG/New York NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26<sup>(a)</sup> | 12639 | 10893133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23163 | 19470829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)<sup>(b)</sup> | 23391 | 18655071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 (Call 01/07/27), (SOFR + 1.318%)<sup>(b)</sup> | 16088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12855599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 (Call 05/28/31), (SOFR + 1.718%)<sup>(a)(b)</sup> | 6673 | 4675561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 (Call 09/18/30), (SOFR + 3.043%)<sup>(a)(b)</sup> | 17536 | 13036655 |
|  Discover Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 (Call 04/27/26) | 9924 | 8894275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/13/28 (Call 06/13/28) | 13647 | 12190836 |
|  Fifth Third Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 (Call 04/05/27) | 12432 | 10870136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 (Call 07/28/29)<sup>(b)</sup> | 19384 | 17604310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 | 4000 | 4014086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/38 | 12397 | 14022088 |
|  Fifth Third Bank NA, 3.85%, 03/15/26 (Call 02/15/26)<sup>(a)</sup>  | 5870 | 5470051 |
|  Goldman Sachs Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 (Call 12/09/25), (SOFR + 0.789%)<sup>(b)</sup> | 23539 | 20282033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)<sup>(b)</sup> | 31877 | 27283065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 (Call 09/10/26), (SOFR + 0.818%)<sup>(a)(b)</sup> | 32146 | 26952798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 (Call 10/21/26), (SOFR + 0.913%)<sup>(b)</sup> | 49245 | 41826423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 (Call 01/27/31), (SOFR + 1.090%)<sup>(b)</sup> | 30959 | 22580228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)<sup>(b)</sup> | 46499 | 34576698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 (Call 11/07/29) | 22034 | 17499707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)<sup>(b)</sup> | 42130 | 32152335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 (Call 02/24/27), (SOFR + 1.114%)<sup>(b)</sup> | 35253 | 30486886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 (Call 10/21/31), (SOFR + 1.264%)<sup>(b)</sup> | 31843 | 24060440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)<sup>(b)</sup> | 20132 | 12677805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 (Call 02/24/32), (SOFR + 1.410%)<sup>(a)(b)</sup> | 44333 | 34605994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 (Call 04/22/41), (SOFR + 1.513%)<sup>(a)(b)</sup> | 27468 | 18250495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 (Call 02/24/42), (SOFR + 1.632%)<sup>(b)</sup> | 22116 | 15080945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 (Call 11/16/25)<sup>(a)</sup> | 28830 | 26319685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 (Call 03/15/27), (SOFR + 1.846%)<sup>(b)</sup> | 37208 | 33556812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 (Call 06/05/27), (3 mo. LIBOR US + 1.510%)<sup>(b)</sup> | 28597 | 25713244 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 (Call 11/25/25) | $14564 | $13678818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 (Call 12/15/29)<sup>(a)</sup> | 29136 | 25084645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.158%)<sup>(b)</sup> | 29261 | 25988248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 (Call 01/26/26) | 33237 | 30932769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 (Call 10/31/37), (3 mo. LIBOR US + 1.373%)<sup>(b)</sup> | 26704 | 20755508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 (Call 05/01/28), (3 mo. LIBOR US + 1.301%)<sup>(b)</sup> | 40418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36640073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 (Call 04/23/38), (3 mo. LIBOR US + 1.430%)<sup>(a)(b)</sup> | 17415 | 14119560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 (Call 08/23/27)<sup>(b)</sup> | 28942 | 26930580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 (Call 04/21/45)<sup>(a)</sup> | 20774 | 16777907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 (Call 01/08/44) | 19881 | 16216568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45 | 22283 | 18061708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27<sup>(a)</sup> | 13855 | 13978980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33<sup>(a)</sup> | 14649 | 14570547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41 | 29914 | 29161893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60486 | 60191469 |
|  HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 (Call 05/24/26), (SOFR + 1.290%)<sup>(b)</sup> | 20868 | 17147713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 (Call 09/22/27), (SOFR + 1.732%)<sup>(a)(b)</sup> | 21888 | 17208256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)<sup>(b)</sup> | 21952 | 16649448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 (Call 11/22/26), (SOFR + 1.100%)<sup>(b)</sup> | 26814 | 22068651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 (Call 08/18/30), (SOFR + 1.947%)<sup>(b)</sup> | 14302 | 10144430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 (Call 05/24/31), (SOFR + 1.187%)<sup>(b)</sup> | 33925 | 24260521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 (Call 06/04/30), (SOFR + 2.387%)<sup>(b)</sup> | 15512 | 11517725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 (Call 11/22/31), (SOFR + 1.410%)<sup>(b)</sup> | 19695 | 13971131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26 | 26630 | 24259523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 (Call 05/22/29), (3 mo. LIBOR US + 1.610%)<sup>(b)</sup> | 35567 | 29247918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 (Call 03/13/27), (3 mo. LIBOR US + 1.546%)<sup>(b)</sup> | 24278 | 21252410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26<sup>(a)</sup> | 26598 | 25037357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26<sup>(a)</sup> | 16538 | 14998598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 (Call 06/19/28), (3 mo. LIBOR US + 1.535%)<sup>(b)</sup> | 31144 | 27061112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 (Call 06/09/27)<sup>(a)(b)</sup> | 28059 | 25314184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30<sup>(a)</sup> | 27581 | 24685668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 (Call 08/11/27)<sup>(b)</sup> | 15585 | 14264308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/44<sup>(a)</sup> | 14882 | 11430032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 (Call 08/11/32)<sup>(a)(b)</sup> | 16200 | 14023261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42<sup>(a)</sup> | 10037 | 9191004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36 | 6074 | 5497433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37<sup>(a)</sup> | 1844 | 1647673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37 | 29588 | 26291139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38 | 3355 | 3056958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 | 25400 | 25318969 |
|  Huntington Bancshares Inc., 4.44%, 08/04/28 (Call 08/04/27)<sup>(b)</sup> | 11349 | 10560650 |
|  Huntington Bancshares Inc./OH, 2.55%, 02/04/30 (Call 11/04/29) | 7428 | 5887015 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Huntington National Bank (The), 4.55%, 05/17/28 (Call 05/17/27)<sup>(a)(b)</sup> | $6508 | $6207498 |
|  ING Groep NV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 (Call 04/01/26), (SOFR + 1.005%)<sup>(a)(b)</sup> | 11811 | 10060170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 (Call 04/01/31), (SOFR + 1.316%)<sup>(b)</sup> | 9279 | 6935108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27<sup>(a)</sup> | 18828 | 17084785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 (Call 03/28/27), (SOFR + 1.830%)<sup>(b)</sup> | 19739 | 17739303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29<sup>(a)</sup> | 8852 | 7735266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 (Call 03/28/32), (SOFR + 2.070%)<sup>(b)</sup> | 11932 | 9908853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28<sup>(a)</sup> | 14152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12751643 |
|  JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 (Call 02/04/26), (SOFR + 0.695%)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20452 | 17411090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)<sup>(b)</sup> | 26297 | 22643069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 (Call 09/22/26), (SOFR + 0.765%)<sup>(b)</sup> | 26892 | 22572169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)<sup>(b)</sup> | 33765 | 29017310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 (Call 11/19/30), (SOFR + 1.105%)<sup>(a)(b)</sup> | 14399 | 10467326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 (Call 02/04/31), (SOFR + 1.065%)<sup>(b)</sup> | 27172 | 19934629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 (Call 06/01/28), (SOFR + 1.015%)<sup>(b)</sup> | 20623 | 16671157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 (Call 06/01/27), (SOFR + 1.890%)<sup>(b)</sup> | 17829 | 15084035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)<sup>(a)(b)</sup> | 35482 | 27920591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 (Call 11/19/40), (SOFR + 1.510%)<sup>(b)</sup> | 16373 | 10088823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 (Call 11/08/31), (SOFR + 1.180%)<sup>(b)</sup> | 28908 | 21814014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 (Call 04/22/31), (SOFR + 1.250%)<sup>(b)</sup> | 39859 | 30646919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)<sup>(b)</sup> | 37602 | 30425248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 (Call 07/01/26)<sup>(a)</sup> | 31422 | 28692352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 (Call 02/24/27), (SOFR + 1.170%)<sup>(b)</sup> | 16503 | 14518623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 (Call 01/25/32), (SOFR + 1.260%)<sup>(a)(b)</sup> | 33985 | 26504086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)<sup>(b)</sup> | 16411 | 11221865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)<sup>(a)(b)</sup> | 23956 | 14949291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 (Call 04/22/41), (SOFR + 2.460%)<sup>(b)</sup> | 22819 | 15553446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> | 17859 | 16518768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 (Call 01/01/26) | 19289 | 17993161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)<sup>(a)(b)</sup> | 34135 | 22087939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 (Call 01/23/28), (3 mo. LIBOR US + 0.945%)<sup>(b)</sup> | 22398 | 19782279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 (Call 05/01/27), (3 mo. LIBOR US + 1.380%)<sup>(a)(b)</sup> | 26420 | 23766145 |

---

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

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 (Call 12/01/26)<sup>(a)</sup> | $11661 | $10530634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 (Call 05/06/29), (3 mo. LIBOR US + 1.160%)<sup>(a)(b)</sup> | 23656 | 20584264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 (Call 02/01/27), (3 mo. LIBOR US + 1.337%)<sup>(a)(b)</sup> | 28057 | 25619254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 (Call 07/24/37), (3 mo. LIBOR US + 1.360%)<sup>(a)(b)</sup> | 21833 | 16866506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 (Call 01/23/48), (3 mo. LIBOR US + 1.220%)<sup>(b)</sup> | 20131 | 14643591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 (Call 01/29/26), (3 mo. LIBOR US + 1.245%)<sup>(b)</sup> | 21872 | 20495311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 (Call 11/15/47), (3 mo. LIBOR US + 1.380%)<sup>(b)</sup> | 35119 | 25903954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 (Call 04/23/28), (3 mo. LIBOR US + 1.120%)<sup>(b)</sup> | 22215 | 20027995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 (Call 07/24/47), (3 mo. LIBOR US + 1.460%)<sup>(b)</sup> | 17477 | 13051186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26<sup>(a)</sup> | 19695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18670519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 (Call 07/23/28), (3 mo. LIBOR US + 1.260%)<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24310 | 22028876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27<sup>(a)</sup> | 15190 | 14262294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 (Call 02/22/47), (3 mo. LIBOR US + 1.580%)<sup>(b)</sup> | 22236 | 17282284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 (Call 04/26/27), (SOFR + 1.560%)<sup>(b)</sup> | 29583 | 27536972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 (Call 12/05/28), (3 mo. LIBOR US + 1.330%)<sup>(a)(b)</sup> | 24081 | 21970288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)<sup>(b)</sup> | 28418 | 25639180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 (Call 06/14/29)<sup>(a)(b)</sup> | 23210 | 21246037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 (Call 04/26/32), (SOFR + 1.800%)<sup>(b)</sup> | 22828 | 20340022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup> | 34971 | 33233172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44<sup>(a)</sup> | 9705 | 8287833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 (Call 07/25/32)<sup>(a)(b)</sup> | 50003 | 45654734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45<sup>(a)</sup> | 18435 | 15202544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42<sup>(a)</sup> | 11363 | 10364684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40<sup>(a)</sup> | 13749 | 12706251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41<sup>(a)</sup> | 18128 | 16983206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43 | 12526 | 11253380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38<sup>(a)</sup> | 25329 | 26080965 |
|  KeyBank NA/Cleveland OH, 4.90%, 08/08/32<sup>(a)</sup> | 10613 | 9398160 |
|  KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27<sup>(a)</sup> | 9475 | 8133545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29 | 9186 | 7390337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28<sup>(a)</sup> | 6737 | 6198054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 (Call 06/01/32)<sup>(a)(b)</sup> | 9459 | 8516759 |
|  Lloyds Banking Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 (Call 05/11/26)<sup>(a)(b)</sup> | 12328 | 10322534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 (Call 11/07/27), (3 mo. LIBOR US + 1.205%)<sup>(a)(b)</sup> | 22389 | 19148824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27 | 17887 | 15989164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 (Call 03/18/27)<sup>(a)(b)</sup> | 18046 | 15907908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48<sup>(a)</sup> | 16086 | 10741846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28 | 17257 | 15369554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 | 14747 | 13154893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25 | 11003 | 10102294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26 | 15427 | 14177378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 (Call 08/11/32)<sup>(a)(b)</sup> | 10148 | 8671374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45<sup>(a)</sup> | 10166 | 7767724 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  Mitsubishi UFJ Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 (Call 07/20/26)<sup>(b)</sup> | $25857 | $21825777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 (Call 10/13/26)<sup>(a)(b)</sup> | 16702 | 14055424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30<sup>(a)</sup> | 16271 | 12169416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 (Call 07/20/31)<sup>(b)</sup> | 20415 | 14833278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 (Call 01/19/27)<sup>(b)</sup> | 17266 | 14763193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 (Call 10/13/31)<sup>(b)</sup> | 6105 | 4483431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30 | 13784 | 10850234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26<sup>(a)</sup> | 12034 | 10715845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 (Call 01/19/32)<sup>(b)</sup> | 12266 | 9203482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29<sup>(a)</sup> | 18759 | 15721168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27<sup>(a)</sup> | 11800 | 10572124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27<sup>(a)</sup> | 9237 | 8451065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29 | 14961 | 13084485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39<sup>(a)</sup> | 15999 | 11881534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26 | 17701 | 16641009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28<sup>(a)</sup> | 14955 | 13642558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28<sup>(a)</sup> | 8427 | 7605769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 (Call 04/19/27)<sup>(b)</sup> | 9567 | 8790337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 (Call 07/20/27)<sup>(b)</sup> | 16420 | 15599870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 (Call 07/20/32)<sup>(b)</sup> | 17910 | 16217854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 (Call 09/13/27)<sup>(b)</sup> | 15932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15353041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.47%, 09/13/33 (Call 09/13/32)<sup>(b)</sup> | 10482 | 9768753 |
|  Mizuho Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 (Call 05/22/26)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15303 | 12854722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 (Call 07/09/26)<sup>(a)(b)</sup> | 11573 | 9806209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 (Call 09/08/30), (SOFR + 1.532%)<sup>(b)</sup> | 7815 | 5623944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 (Call 07/10/30), (SOFR + 1.772%)<sup>(b)</sup> | 17485 | 12827508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31 | 12800 | 9162255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26<sup>(a)</sup> | 10375 | 9228149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)<sup>(a)(b)</sup> | 10190 | 8336812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27<sup>(a)</sup> | 4773 | 4174552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28<sup>(a)</sup> | 11039 | 9931624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 (Call 09/11/28), (3 mo. LIBOR US + 1.270%)<sup>(b)</sup> | 11983 | 10643665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 (Call 09/13/27)<sup>(a)(b)</sup> | 10377 | 10017113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 (Call 09/13/32)<sup>(b)</sup> | 9269 | 8635912 |
|  Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 (Call 12/10/25), (SOFR + 0.720%)<sup>(b)</sup> | 27033 | 23150691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)<sup>(b)</sup> | 34831 | 29538534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)<sup>(b)</sup> | 35227 | 30155126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 (Call 02/13/31), (SOFR + 1.034%)<sup>(b)</sup> | 31282 | 22597882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)<sup>(b)</sup> | 34283 | 24821235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)<sup>(a)(b)</sup> | 36905 | 27273946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 (Call 01/21/27), (SOFR + 1.000%)<sup>(b)</sup> | 29373 | 25398096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 (Call 10/20/31), (SOFR + 1.200%)<sup>(b)</sup> | 28435 | 21390579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)<sup>(b)</sup> | 42655 | 34124691 |

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 (Call 01/25/51), (SOFR + 1.430%)<sup>(a)(b)</sup> | $19573 | $11502381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 (Call 01/21/32), (SOFR + 1.290%)<sup>(a)(b)</sup> | 29581 | 23003955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26<sup>(a)</sup> | 36176 | 33010350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 (Call 04/22/41), (SOFR + 1.485%)<sup>(a)(b)</sup> | 24202 | 16477924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)<sup>(b)</sup> | 36477 | 32692165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)<sup>(b)</sup> | 32889 | 27947510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27<sup>(a)</sup> | 33534 | 30899901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)<sup>(a)(b)</sup> | 35649 | 31855323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26 | 27304 | 25953470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27<sup>(a)</sup> | 24222 | 22379803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)<sup>(a)(b)</sup> | 25540 | 19994804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 (Call 04/20/27), (SOFR + 1.610%)<sup>(a)(b)</sup> | 23551 | 21796783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45<sup>(a)</sup> | 29291 | 22575698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26<sup>(a)</sup> | 25421 | 24191551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47<sup>(a)</sup> | 24846 | 19322933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)<sup>(b)</sup> | 32410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29580030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 0.408%)<sup>(b)</sup> | 13265 | 10873888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 (Call 07/20/32)<sup>(a)(b)</sup> | 25135 | 22842954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25<sup>(a)</sup> | 13252 | 13041077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)<sup>(b)</sup> | 22578 | 20938361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 | 20259 | 20434804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 | 31046 | 31464606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42<sup>(a)</sup> | 24134 | 24563378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32<sup>(a)</sup> | 13648 | 14732637 |
|  National Australia Bank Ltd., 3.91%, 06/09/27 | 12991 | 12264962 |
|  National Australia Bank Ltd./New York |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11002 | 9998676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26<sup>(a)</sup> | 4014 | 3794705 |
|  NatWest Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 (Call 06/14/26)<sup>(a)(b)</sup> | 20023 | 16629156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 (Call 05/22/27)<sup>(a)(b)</sup> | 11650 | 9864811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)<sup>(b)</sup> | 11949 | 10178192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26<sup>(a)</sup> | 14367 | 13543341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 (Call 05/18/28), (3 mo. LIBOR US + 1.754%)<sup>(a)(b)</sup> | 21945 | 19547812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)<sup>(a)(b)</sup> | 18542 | 16494207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 (Call 09/30/27)<sup>(b)</sup> | 12044 | 11223382 |
|  Northern Trust Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 8436 | 6590491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25<sup>(a)</sup> | 1073 | 1041354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 (Call 04/10/27)<sup>(a)</sup> | 11904 | 11377850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 | 7670 | 7658582 |
|  PNC Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29 | 10977 | 8905084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 (Call 09/25/27)<sup>(a)</sup> | 17052 | 15404639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28<sup>(a)</sup> | 13615 | 12369353 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
|  PNC Financial Services Group Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 (Call 04/23/31), (SOFR + 0.979%)<sup>(a)(b)</sup> | $11293 | $8630547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 (Call 10/24/29)<sup>(a)</sup> | 23794 | 19314582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 (Call 05/23/26)<sup>(a)</sup> | 9259 | 8359722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 (Call 04/19/27)<sup>(a)</sup> | 12337 | 11100866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 (Call 01/23/29) | 16687 | 14671321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 | 1183 | 1185340 |
|  Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26 | 13336 | 11503175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26 | 11646 | 9936686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26 | 20834 | 17999801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26 | 13348 | 11354850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31 | 11188 | 8488461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27<sup>(a)</sup> | 16474 | 15188904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32 | 11041 | 9511987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27<sup>(a)</sup> | 16255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15267154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10113 | 9759021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27 | 6391 | 6428953 |
|  Santander Holdings USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 (Call 01/06/27), (SOFR + 1.249%)<sup>(a)(b)</sup> | 11859 | 9814896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 (Call 08/05/26)<sup>(a)</sup> | 12657 | 11183140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 (Call 04/14/27) | 14648 | 13233301 |
|  Santander UK Group Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 (Call 06/14/26), (SOFR + 0.989%)<sup>(a)(b)</sup> | 17717 | 14481344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 (Call 01/11/27), (SOFR + 1.220%)<sup>(b)</sup> | 14554 | 12022768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/03/28 (Call 11/03/27), (3 mo. LIBOR US + 1.400%)<sup>(a)(b)</sup> | 13631 | 11565466 |
|  State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31 | 10684 | 8181873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30<sup>(a)</sup> | 8717 | 7116447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26<sup>(a)</sup> | 6721 | 6223448 |
|  Sumitomo Mitsui Financial Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/12/26<sup>(a)</sup> | 8224 | 7077414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26<sup>(a)</sup> | 20460 | 17319351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28<sup>(a)</sup> | 29291 | 23229412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30<sup>(a)</sup> | 15635 | 11723272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30 | 12357 | 9051830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31<sup>(a)</sup> | 10175 | 7431201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26<sup>(a)</sup> | 17509 | 15682943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30<sup>(a)</sup> | 15882 | 12677195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41 | 12484 | 7755184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26<sup>(a)</sup> | 16322 | 14719005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29<sup>(a)</sup> | 30451 | 25116688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27<sup>(a)</sup> | 11991 | 10656800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27<sup>(a)</sup> | 18579 | 16699279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27<sup>(a)</sup> | 13137 | 11961964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28<sup>(a)</sup> | 10384 | 9271834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26<sup>(a)</sup> | 16132 | 15188588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28 | 11324 | 10187154 |
|  Toronto-Dominion Bank (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26<sup>(a)</sup> | 10501 | 9059025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26 | 14548 | 12523153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26 | 23839 | 20332355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27<sup>(a)</sup> | 11430 | 9909343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31 | 11263 | 8320715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27 | 16076 | 14318692 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32 | $15176 | $12296063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 | 20079 | 18787406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32 | 21826 | 19552916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27 | 14805 | 14158359 |
|  Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 (Call 12/11/29)<sup>(a)</sup> | 14154 | 11013693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 (Call 04/15/26)<sup>(a)</sup> | 9595 | 8832343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 (Call 09/30/26)<sup>(a)</sup> | 11750 | 10935062 |
|  Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 (Call 06/03/27)<sup>(a)</sup> | 6523 | 5287184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 (Call 03/02/26), (SOFR + 0.609%)<sup>(a)(b)</sup> | 8273 | 7141137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 (Call 06/07/28), (SOFR + 0.862%)<sup>(a)(b)</sup> | 13089 | 10500841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 (Call 03/05/30)<sup>(a)</sup> | 5193 | 3993766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 (Call 06/06/27)<sup>(a)(b)</sup> | 10190 | 9412480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33<sup>(a)</sup> | 12000 | 12017329 |
|  U.S. Bancorp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 (Call 04/22/30) | 10581 | 7801530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 (Call 01/27/27), (SOFR + 0.730%)<sup>(a)(b)</sup> | 20333 | 17737147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 (Call 01/27/32), (SOFR + 1.020%)<sup>(a)(b)</sup> | 12737 | 9984823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 (Call 04/30/29) | 18707 | 15786985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 (Call 03/27/26)<sup>(a)</sup> | 13174 | 12216626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 (Call 03/24/28)<sup>(a)</sup> | 10674 | 9951507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 (Call 10/17/25)<sup>(a)</sup> | 4290 | 4138290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 (Call 07/22/27)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21505534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 | 8180 | 8148317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series V, 2.38%, 07/22/26 (Call 06/22/26)<sup>(a)</sup> | 16132 | 14619752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series X, 3.15%, 04/27/27 (Call 03/27/27)<sup>(a)</sup> | 7411 | 6819407 |
|  Wachovia Corp., 5.50%, 08/01/35<sup>(a)</sup> | 16083 | 14656380 |
|  Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 (Call 06/02/27), (SOFR + 2.100%)<sup>(b)</sup> | 37218 | 31795955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 (Call 02/11/30), (SOFR + 1.262%)<sup>(a)(b)</sup> | 31899 | 25431449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 (Call 10/30/29), (SOFR + 1.432%)<sup>(a)(b)</sup> | 38727 | 31733593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26<sup>(a)</sup> | 36375 | 33277636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26<sup>(a)</sup> | 38685 | 35023155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 (Call 04/30/40), (SOFR + 2.530%)<sup>(a)(b)</sup> | 39570 | 26799985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 (Call 06/17/26), (3 mo. LIBOR US + 1.170%)<sup>(b)</sup> | 27531 | 24938728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 (Call 03/02/32), (SOFR + 1.500%)<sup>(a)(b)</sup> | 42661 | 34361913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 (Call 03/24/27), (SOFR + 1.510%)<sup>(b)</sup> | 37062 | 33413105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 (Call 05/22/27), (3 mo. LIBOR US + 1.310%)<sup>(a)(b)</sup> | 36460 | 32858441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45 | 23182 | 16770893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26<sup>(a)</sup> | 26959 | 25493476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 (Call 10/24/28) | 28211 | 25641116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27 | 26633 | 24907096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46<sup>(a)</sup> | 23314 | 17085355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 (Call 04/04/30), (SOFR + 4.032%)<sup>(b)</sup> | 25143 | 22734632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 (Call 04/25/52)<sup>(b)</sup> | 33660 | 26873760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44 | 25037 | 19486475 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Banks (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46<sup>(a)</sup> | $24707 | $19027328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 (Call 07/25/27)<sup>(a)(b)</sup> | 37783 | 35780339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 (Call 07/25/32)<sup>(b)</sup> | 47525 | 43348912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45 | 24208 | 19248250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 (Call 04/04/50), (SOFR + 4.502%)<sup>(b)</sup> | 60713 | 51472688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43 | 22266 | 18885460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44 | 28671 | 24973284 |
|  Wells Fargo Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37<sup>(a)</sup> | 12073 | 11502022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38<sup>(a)</sup> | 17456 | 17845274 |
|  Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13151 | 11417789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28 | 10448 | 8656280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31<sup>(a)</sup> | 10685 | 8413154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30<sup>(a)</sup> | 10968 | 9194731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26<sup>(a)</sup> | 12754 | 11652121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26<sup>(a)</sup> | 19288 | 17844185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40 | 7951 | 4785669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41 | 13670 | 8379925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27<sup>(a)</sup> | 11372 | 10529416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28<sup>(a)</sup> | 10266 | 9416221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27<sup>(a)</sup> | 11155 | 10592950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39 | 16158 | 12258590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255432068 |
| **Beverages — 3.0%** |  |  |
|  Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/01/25)<sup>(a)</sup> | 38115 | 36532999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 (Call 08/01/35) | 62008 | 56077282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45) | 106141 | 91996321 |
|  Anheuser-Busch InBev Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/43 | 10237 | 7852379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44 | 10911 | 9118051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 (Call 08/01/45)<sup>(a)</sup> | 13181 | 11295082 |
|  Anheuser-Busch InBev Worldwide Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 21152 | 18898189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/42 | 10675 | 8048035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 (Call 01/13/28)<sup>(a)</sup> | 29163 | 27556679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 (Call 12/01/39)<sup>(a)</sup> | 11875 | 9918793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 (Call 10/15/37)<sup>(a)</sup> | 21003 | 17924487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 (Call 04/06/48)<sup>(a)</sup> | 18918 | 15279719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 26924 | 22023719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 (Call 10/15/47)<sup>(a)</sup> | 28919 | 23840263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/60 (Call 12/01/59)<sup>(a)</sup> | 10037 | 7931507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 (Call 10/23/28) | 45030 | 43780751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 (Call 10/15/57)<sup>(a)</sup> | 18016 | 14609137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 (Call 10/23/30)<sup>(a)</sup> | 9644 | 9408922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42<sup>(a)</sup> | 18452 | 16327833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 (Call 07/23/38)<sup>(a)</sup> | 22783 | 21535392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 (Call 07/23/48)<sup>(a)</sup> | 45714 | 43045057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 (Call 07/23/58)<sup>(a)</sup> | 22553 | 21438235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39 | 13259 | 15803548 |
|  Coca-Cola Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28<sup>(a)</sup> | 15148 | 12448117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31<sup>(a)</sup> | 18404 | 13992033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27 | 15850 | 13758594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28<sup>(a)</sup> | 7902 | 6683595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30<sup>(a)</sup> | 17585 | 13951137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31 | 8429 | 6769474 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Beverages (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 | $11860 | $9957524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32<sup>(a)</sup> | 18490 | 14920892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40 | 12095 | 8359073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51<sup>(a)</sup> | 17178 | 10505785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50<sup>(a)</sup> | 17500 | 11077015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60<sup>(a)</sup> | 10746 | 6523093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/05/41 | 7338 | 5302268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51<sup>(a)</sup> | 18533 | 12670944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27<sup>(a)</sup> | 11174 | 10615967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14170 | 12818563 |
|  Constellation Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/31 (Call 05/01/31)<sup>(a)</sup> | 15804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12106472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 (Call 05/01/29) | 10421 | 8924557 |
|  Diageo Capital PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 (Call 01/29/30)<sup>(a)</sup> | 15298 | 12180636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 (Call 01/29/32)<sup>(a)</sup> | 4905 | 3754227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 (Call 07/24/29) | 12863 | 10640716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 | 3525 | 3537950 |
|  Keurig Dr Pepper Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 14057 | 11889964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 (Call 11/01/49) | 9164 | 6392922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 (Call 02/15/29)<sup>(a)</sup> | 16835 | 15255427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 6158 | 5385351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 (Call 10/15/51)<sup>(a)</sup> | 16063 | 12573548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/25/28 (Call 02/25/28) | 8234 | 7854337 |
|  Molson Coors Beverage Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/26 (Call 04/15/26) | 22221 | 20249880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 (Call 01/15/46)<sup>(a)</sup> | 20978 | 15441967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42<sup>(a)</sup> | 12754 | 10663608 |
|  PepsiCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 (Call 11/25/30)<sup>(a)</sup> | 9778 | 7501837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 (Call 02/01/30) | 14380 | 11419808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 (Call 07/21/31) | 11265 | 8888745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 (Call 07/06/26) | 6101 | 5585135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 (Call 04/29/29)<sup>(a)</sup> | 9819 | 8505002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/21/41 (Call 04/21/41) | 12387 | 8537236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 (Call 12/19/29) | 19449 | 16794964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/21/51 (Call 04/21/51)<sup>(a)</sup> | 10281 | 6669218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 (Call 11/24/25) | 9248 | 8702648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 (Call 04/15/49) | 10713 | 7268985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 (Call 07/15/27)<sup>(a)</sup> | 14603 | 13475378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 (Call 04/06/46) | 11674 | 8773219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 (Call 01/18/28)<sup>(a)</sup> | 20051 | 18848808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 (Call 09/19/49) | 10532 | 8236208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 (Call 04/18/32)<sup>(a)</sup> | 17264 | 15966950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 (Call 10/14/45)<sup>(a)</sup> | 6698 | 5848767 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038470924 |
| **Biotechnology — 1.6%** |  |  |
|  Amgen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 (Call 06/15/28) | 13697 | 11268751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> | 15173 | 11536584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 (Call 12/21/26) | 18646 | 16548651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 (Call 11/25/30)<sup>(a)</sup> | 11730 | 9373016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 (Call 11/21/29)<sup>(a)</sup> | 14485 | 11925211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 (Call 05/19/26)<sup>(a)</sup> | 16534 | 15123809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 (Call 03/01/53)<sup>(a)</sup> | 7480 | 4300466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 (Call 02/15/41) | 15006 | 10055030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 (Call 12/22/28) | 9996 | 8755332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 (Call 07/15/51)<sup>(a)</sup> | 12967 | 7974258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 (Call 08/21/39) | 21042 | 14987198 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Biotechnology (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 (Call 08/02/27)<sup>(a)</sup> | $11390 | $10447767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 (Call 11/22/31) | 10844 | 9228314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 (Call 08/21/49)<sup>(a)</sup> | 25795 | 17146091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 (Call 06/18/29) | 16450 | 15177824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 (Call 12/01/32) | 11590 | 10416457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 (Call 08/22/51) | 12186 | 9312734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 (Call 11/01/44) | 26312 | 21192466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 (Call 08/22/61)<sup>(a)</sup> | 16004 | 12155985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 (Call 12/15/47) | 16376 | 13346250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 (Call 12/15/50)<sup>(a)</sup> | 38885 | 32139413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 (Call 09/01/52)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15443 | 13126125 |
|  Biogen Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/30 (Call 02/01/30)<sup>(a)</sup> | 20875 | 16361257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 (Call 11/01/49) | 25530 | 15720539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/15/45 (Call 03/15/45)<sup>(a)</sup> | 7038 | 6082340 |
|  Gilead Sciences Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 (Call 08/01/27) | 10807 | 8885915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 (Call 07/01/30)<sup>(a)</sup> | 14441 | 11131803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/40 (Call 04/01/40)<sup>(a)</sup> | 17526 | 11578233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 (Call 04/01/50)<sup>(a)</sup> | 18931 | 11551265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 (Call 12/01/26)<sup>(a)</sup> | 14699 | 13370369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 28316 | 26818820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 (Call 03/01/36)<sup>(a)</sup> | 7046 | 5896171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 (Call 09/01/46) | 17761 | 13866855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44)<sup>(a)</sup> | 19989 | 16526505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 (Call 03/01/35) | 10237 | 9236121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 (Call 09/01/45)<sup>(a)</sup> | 26934 | 23071864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 (Call 10/01/43) | 20048 | 17244780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 (Call 06/01/41) | 10557 | 10118530 |
|  Regeneron Pharmaceuticals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 (Call 06/15/30) | 17739 | 13370931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 (Call 03/15/50)<sup>(a)</sup> | 8225 | 4819509 |
|  Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 (Call 07/02/27)<sup>(a)</sup> | 11006 | 9071871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 (Call 06/02/30) | 12740 | 9652353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 (Call 03/02/40) | 13033 | 8657445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 (Call 03/02/50)<sup>(a)</sup> | 11583 | 7099923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555671131 |
| **Building Materials — 0.2%** |  |  |
|  Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 (Call 12/15/26)<sup>(a)</sup> | 7096 | 6249904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 (Call 11/15/30)<sup>(a)</sup> | 10181 | 8146951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 (Call 11/15/29)<sup>(a)</sup> | 25798 | 21173920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 (Call 10/05/39)<sup>(a)</sup> | 19290 | 13773500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 (Call 10/05/49)<sup>(a)</sup> | 20602 | 13833664 |
|  Martin Marietta Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 13242 | 10148445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/51 (Call 01/15/51) | 8862 | 5533423 |
|  |  | 78859807 |
| **Chemicals — 1.1%** |  |  |
|  Air Products and Chemicals Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 12485 | 10084715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 (Call 11/15/39) | 7315 | 5070806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 12835 | 8205518 |
|  Celanese U.S. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 (Call 06/15/27) | 24786 | 23384582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 (Call 05/15/29) | 7253 | 6738618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> | 12769 | 11596340 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Chemicals (continued)** |  |  |
|  CF Industries Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/43 | $11211 | $9042789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34<sup>(a)</sup> | 10445 | 9422831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44 | 8082 | 6862775 |
|  Dow Chemical Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/30 (Call 08/15/30)<sup>(a)</sup> | 7479 | 5710590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 11506 | 7511386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 (Call 05/15/42)<sup>(a)</sup> | 11712 | 8952551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 (Call 05/15/41)<sup>(a)</sup> | 10929 | 9433713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 (Call 05/30/48) | 10582 | 9181992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 | 2224 | 2250722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29<sup>(a)</sup> | 13843 | 14978512 |
|  DuPont de Nemours Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 (Call 09/15/25)<sup>(a)</sup> | 16074 | 15729762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 (Call 08/15/28)<sup>(a)</sup> | 28690 | 27430457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 (Call 05/15/38)<sup>(a)</sup> | 20748 | 18859849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 (Call 05/15/48)<sup>(a)</sup> | 21870 | 19168670 |
|  Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44) | 11721 | 8877918 |
|  Ecolab Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | 4721 | 4319239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 (Call 06/15/51)<sup>(a)</sup> | 12224 | 7363618 |
|  International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)<sup>(a)</sup> | 5575 | 4455836 |
|  LYB International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 13198 | 10333494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43<sup>(a)</sup> | 7987 | 6562747 |
|  LYB International Finance III LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 (Call 04/01/40)<sup>(a)</sup> | 10080 | 6710241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 11115 | 6928595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 (Call 04/15/49)<sup>(a)</sup> | 10854 | 7489408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 (Call 11/01/49) | 12147 | 8366125 |
|  LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) | 11507 | 8202978 |
|  Nutrien Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/29 (Call 01/01/29) | 9354 | 8564272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 (Call 10/01/48)<sup>(a)</sup> | 8208 | 6972140 |
|  Sherwin-Williams Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 10668 | 9042140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 (Call 03/01/27)<sup>(a)</sup> | 15931 | 14637653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 (Call 12/01/46)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15273 | 12041340 |
|  Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)<sup>(a)</sup> | 6765 | 6233408 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366718330 |
| **Commercial Services — 0.8%** |  |  |
|  Automatic Data Processing Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 (Call 06/01/30)<sup>(a)</sup> | 14850 | 11352323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 (Call 03/15/28) | 9599 | 8160921 |
|  Equifax Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/31 (Call 06/15/31)<sup>(a)</sup> | 13206 | 9763299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 (Call 11/15/27) | 10170 | 9800922 |
|  Global Payments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 (Call 02/01/26) | 12840 | 10953509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 11359 | 9691602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 11948 | 9524868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 (Call 08/15/31) | 11379 | 8699022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 16855 | 14003225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 (Call 02/15/49)<sup>(a)</sup> | 7621 | 5146043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 8886 | 8516274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 (Call 05/15/32) | 4830 | 4457406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 (Call 02/15/52) | 8768 | 7574642 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Commercial Services (continued)** |  |  |
|  Massachusetts Institute of Technology, 5.60%, 07/01/2111 | $7626 | $7240936 |
|  PayPal Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 13700 | 11050282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 (Call 08/01/26) | 11680 | 10659077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 (Call 07/01/29) | 17496 | 14884050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 10908 | 7103155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 (Call 03/01/32)<sup>(a)</sup> | 12584 | 11539298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 12362 | 10705700 |
|  Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30) | 15434 | 12164690 |
|  RELX Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/30 (Call 02/22/30)<sup>(a)</sup> | 9841 | 8189370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 (Call 12/18/28) | 10764 | 9783466 |
|  S&P Global Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 (Call 02/01/27)<sup>(a)(c)</sup> | 15166 | 13585286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 (Call 01/01/29)<sup>(a)(c)</sup> | 19146 | 16410115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 (Call 12/01/31)<sup>(a)(c)</sup> | 19385 | 15924820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 (Call 09/01/51)<sup>(a)(c)</sup> | 14384 | 10477615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 (Call 02/01/29)<sup>(a)(c)</sup> | 10630 | 9912575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287274491 |
| **Computers — 3.2%** |  |  |
|  Apple Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 (Call 01/08/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22494 | 19700511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 (Call 05/20/30) | 14795 | 11360693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 (Call 06/05/28) | 19627 | 16256854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 (Call 02/11/30) | 19292 | 15417802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 (Call 11/08/30) | 34316 | 26874912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 (Call 05/05/31)<sup>(a)</sup> | 13525 | 10499409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 (Call 07/11/26) | 22990 | 20785452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 (Call 06/11/29)<sup>(a)</sup> | 19107 | 16142774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 (Call 08/08/40)<sup>(a)</sup> | 16044 | 10761410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 (Call 02/20/50) | 16080 | 9517538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 (Call 05/04/26) | 24274 | 22338967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 (Call 02/20/60)<sup>(a)</sup> | 19475 | 11128257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 (Call 11/11/49) | 27944 | 17506388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 (Call 08/08/50)<sup>(a)</sup> | 33686 | 20852756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 (Call 02/05/51)<sup>(a)</sup> | 19927 | 12501554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 (Call 08/08/60) | 22540 | 13348278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 (Call 02/05/61) | 15718 | 9405282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 (Call 06/12/27)<sup>(a)</sup> | 16539 | 15179211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 (Call 03/11/49)<sup>(a)</sup> | 17268 | 11629925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 (Call 03/20/27)<sup>(a)</sup> | 10240 | 9542270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 (Call 08/13/27)<sup>(a)</sup> | 12566 | 11616992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 (Call 02/11/27)<sup>(a)</sup> | 21295 | 19948458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 (Call 11/23/25)<sup>(a)</sup> | 30768 | 29309501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 (Call 06/08/29) | 19269 | 17529601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 (Call 11/09/26)<sup>(a)</sup> | 24502 | 23235060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 (Call 05/08/32)<sup>(a)</sup> | 19719 | 17362136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45<sup>(a)</sup> | 22636 | 17146086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 (Call 03/12/47) | 10510 | 8245077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 (Call 05/13/47) | 13689 | 10742096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43<sup>(a)</sup> | 34501 | 28077804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 (Call 02/04/46) | 22012 | 17578876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 (Call 02/08/52) | 21214 | 16819762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/08/62 (Call 02/08/62) | 19115 | 14871153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 (Call 08/09/46)<sup>(a)</sup> | 10647 | 9135740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45<sup>(a)</sup> | 23305 | 20295327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44 | 9173 | 8193013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 (Call 08/23/35)<sup>(a)</sup> | 12471 | 11914399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 (Call 08/23/45)<sup>(a)</sup> | 46358 | 41695804 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Computers (continued)** |  |  |
|  Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 (Call 06/15/41)<sup>(a)(c)</sup> | $13023 | $8069152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 (Call 06/15/51)<sup>(a)(c)</sup> | 12736 | 7212064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 (Call 08/01/26) | 20247 | 19433449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 (Call 07/01/29) | 19882 | 18601939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> | 46385 | 46299754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 (Call 04/15/30)<sup>(a)</sup> | 7136 | 6984314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 (Call 01/15/36) | 14723 | 15613855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 (Call 01/15/46)<sup>(a)</sup> | 10952 | 11619576 |
|  Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 (Call 03/01/26)<sup>(a)</sup> | 6403 | 5666396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 (Call 04/15/35)<sup>(a)</sup> | 10016 | 9678017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 (Call 04/15/45)<sup>(a)</sup> | 18050 | 16307731 |
|  HP Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 (Call 05/17/26)<sup>(a)</sup> | 10651 | 9111834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 (Call 03/17/31) | 12412 | 9100591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 (Call 04/17/27)<sup>(a)</sup> | 11430 | 10065188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 (Call 03/17/30)<sup>(a)</sup> | 6258 | 5095905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)</sup> | 12903 | 11294889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 (Call 01/15/32) | 14130 | 11540540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 (Call 12/15/27)<sup>(a)</sup> | 9882 | 9230168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 (Call 10/15/32)<sup>(a)</sup> | 11490 | 10222617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41<sup>(a)</sup> | 14980 | 13319776 |
|  International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 (Call 03/15/27)<sup>(a)</sup> | 14806 | 12719515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 (Call 02/15/30) | 7949 | 6263930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 10337 | 6272656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26<sup>(a)</sup> | 30656 | 28747952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26<sup>(a)</sup> | 14597 | 13848621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29 | 34729 | 31021759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42<sup>(a)</sup> | 11426 | 8806409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 (Call 06/27/27)<sup>(a)</sup> | 14629 | 13975408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39 | 21823 | 17757340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49<sup>(a)</sup> | 32220 | 24947891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 (Call 04/27/32)<sup>(a)</sup> | 17506 | 16001146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/27/52 (Call 01/27/52)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11493 | 9683641 |
|  Leidos Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/15/31 (Call 11/15/30) | 13183 | 9748263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 (Call 02/15/30) | 6136 | 5350776 |
|  Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)<sup>(a)</sup> | 17794 | 16447026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100527216 |
| **Cosmetics & Personal Care — 0.5%** |  |  |
|  GSK Consumer Healthcare Capital U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 | 21571 | 19508954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/29 | 10457 | 9119650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 | 21242 | 17895944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/24/52 | 10175 | 7295158 |
|  Procter & Gamble Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26<sup>(a)</sup> | 10237 | 9054987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30 | 21262 | 16211050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27<sup>(a)</sup> | 8661 | 7765922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31<sup>(a)</sup> | 9528 | 7666121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32<sup>(a)</sup> | 7430 | 6118413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26<sup>(a)</sup> | 12609 | 11619712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27<sup>(a)</sup> | 9541 | 8781803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30<sup>(a)</sup> | 20266 | 18079124 |
|  Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 (Call 05/12/31)<sup>(a)</sup> | 12504 | 9518628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 (Call 06/06/29)<sup>(a)</sup> | 10176 | 8397356 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Cosmetics & Personal Care (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 (Call 02/05/27)<sup>(a)</sup> | $11214 | $10246337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 (Call 12/22/27)<sup>(a)</sup> | 13145 | 12124105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32<sup>(a)</sup> | 11356 | 11820289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191223553 |
| **Diversified Financial Services — 3.1%** |  |  |
|  AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 (Call 12/30/25) | 4354 | 3712325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 (Call 09/29/26)<sup>(a)</sup> | 42018 | 35544640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 (Call 08/29/28) | 45434 | 36689550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 (Call 10/30/31)<sup>(a)</sup> | 40342 | 30209849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 (Call 07/29/33) | 21945 | 15832995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 (Call 04/21/27) | 14089 | 12251390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 (Call 04/29/41)<sup>(a)</sup> | 18340 | 12158087 |
|  Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 (Call 07/15/26)<sup>(a)</sup> | 17364 | 14565008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 12446 | 10411318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 8348 | 7422457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/32 (Call 10/15/31) | 8353 | 6218419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 (Call 09/01/30)<sup>(a)</sup> | 11592 | 8993497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 (Call 04/01/26) | 12087 | 10958379 |
|  Ally Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/02/28 (Call 09/02/28)<sup>(a)</sup> | 9463 | 7275533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 (Call 05/09/27)<sup>(a)</sup> | 9886 | 9022754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22318 | 22858319 |
|  American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 (Call 10/04/26)<sup>(a)</sup> | 14498 | 12470289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 (Call 02/01/27) | 29517 | 25933438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 (Call 04/20/26)<sup>(a)</sup> | 16396 | 15174352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 (Call 04/03/27)<sup>(a)</sup> | 10100 | 9143622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 (Call 03/03/29)<sup>(a)</sup> | 8402 | 7578407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42<sup>(a)</sup> | 10438 | 8023992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 (Call 10/06/25)<sup>(a)</sup> | 4382 | 4244305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 | 4960 | 4956429 |
|  Brookfield Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 (Call 09/30/50) | 8992 | 5374196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 (Call 10/25/27)<sup>(a)</sup> | 12560 | 11244717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 11087 | 9748826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 (Call 03/20/47) | 10212 | 7621494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 (Call 12/29/28) | 13393 | 12364094 |
|  Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 (Call 04/11/27)<sup>(a)</sup> | 14550 | 13195724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 (Call 06/28/26)<sup>(a)</sup> | 20349 | 18601235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 (Call 02/09/27)<sup>(a)</sup> | 17271 | 15737283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 (Call 12/31/27) | 14028 | 12537849 |
|  Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 (Call 02/11/26)<sup>(a)</sup> | 12322 | 10663796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 (Call 04/13/26) | 7998 | 6933650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 (Call 12/11/30)<sup>(a)</sup> | 9808 | 7267854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 (Call 09/01/31) | 11787 | 8811305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 (Call 01/20/28)<sup>(a)</sup> | 16457 | 14029653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 (Call 02/13/31)<sup>(a)</sup> | 12619 | 9861171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 (Call 02/03/27) | 19780 | 17646759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 (Call 12/03/31) | 12695 | 10297895 |
|  CME Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 (Call 12/15/31) | 11367 | 9138444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 (Call 03/15/43)<sup>(a)</sup> | 11344 | 10777502 |
|  Discover Financial Services, 4.10%, 02/09/27 (Call 11/09/26) | 13394 | 12182260 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
|  Intercontinental Exchange Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 (Call 06/15/32)<sup>(a)</sup> | $21737 | $15723798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30) | 14310 | 11328625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 (Call 03/15/40)<sup>(a)</sup> | 16684 | 10923520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 14902 | 9313476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 (Call 03/15/60)<sup>(a)</sup> | 16224 | 9429392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 (Call 09/01/25)<sup>(a)</sup> | 8709 | 8359446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 (Call 08/15/27)<sup>(a)</sup> | 22076 | 20913425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 (Call 03/21/48) | 14037 | 10916071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 (Call 04/15/29)<sup>(a)</sup> | 13945 | 13192737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 (Call 12/15/32)<sup>(a)</sup> | 18964 | 17390460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 (Call 12/15/51)<sup>(a)</sup> | 19229 | 16687828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 (Call 12/15/61)<sup>(a)</sup> | 10580 | 9426316 |
|  Jefferies Group LLC/Jefferies Group Capital Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 (Call 07/15/31) | 8176 | 5796518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30<sup>(a)</sup> | 16199 | 13698113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27<sup>(a)</sup> | 12537 | 11762751 |
|  Mastercard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 (Call 08/18/31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10250 | 8054501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 08/21/26)<sup>(a)</sup> | 6444 | 5986589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 (Call 03/01/29)<sup>(a)</sup> | 13223 | 11707451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 (Call 01/26/27) | 12303 | 11525821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 (Call 12/26/29)<sup>(a)</sup> | 19045 | 17104619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 (Call 12/01/48) | 10271 | 7791756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 (Call 09/26/49)<sup>(a)</sup> | 17343 | 13590375 |
|  Nomura Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26<sup>(a)</sup> | 14074 | 11955942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28<sup>(a)</sup> | 14832 | 11727484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27<sup>(a)</sup> | 17166 | 14628010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31 | 14032 | 10193082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30<sup>(a)</sup> | 13299 | 10008044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32 | 9097 | 6753827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30<sup>(a)</sup> | 18175 | 14327047 |
|  Raymond James Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 (Call 10/01/50) | 9697 | 6611525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46 | 9672 | 8217116 |
|  Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 (Call 07/28/31)<sup>(a)</sup> | 5671 | 3992111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 (Call 09/01/27)<sup>(a)</sup> | 8611 | 7405733 |
|  Visa Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 (Call 11/15/30) | 10909 | 8145407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 (Call 02/15/27)<sup>(a)</sup> | 18864 | 16633547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 (Call 02/15/50)<sup>(a)</sup> | 17755 | 9836140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 15686 | 12929847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 (Call 10/15/39)<sup>(a)</sup> | 11659 | 8268429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 (Call 06/15/27)<sup>(a)</sup> | 9001 | 8171321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 (Call 09/14/25) | 37358 | 35601778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 (Call 03/15/47) | 9227 | 7014462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 (Call 06/14/35)<sup>(a)</sup> | 16575 | 14947791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 (Call 06/14/45)<sup>(a)</sup> | 40244 | 34255970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077933262 |
| **Electric — 2.8%** |  |  |
|  AES Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 (Call 12/15/25) | 2062 | 1782365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 (Call 10/15/30) | 15346 | 11604906 |
|  Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30) | 6434 | 5459944 |
|  Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)<sup>(a)</sup> | 10690 | 9359789 |
|  Berkshire Hathaway Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 (Call 11/15/50)<sup>(a)</sup> | 19324 | 11594680 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electric (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 (Call 04/15/30) | $11298 | $10113840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 (Call 01/15/48) | 7750 | 5655404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 (Call 04/15/50)<sup>(a)</sup> | 9546 | 7408363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 (Call 07/15/48) | 11976 | 9630532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 (Call 08/01/44) | 8161 | 6638679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 (Call 11/01/52)<sup>(a)(c)</sup> | 13504 | 11118148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 (Call 05/15/43) | 7497 | 6621745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36 | 16920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17148049 |
|  Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)<sup>(a)</sup> | 8395 | 6450928 |
|  Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47) | 7391 | 5762497 |
|  Consolidated Edison Co. of New York Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 (Call 03/15/31)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12008 | 9457972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 (Call 12/15/60)<sup>(a)</sup> | 11623 | 7696254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 9681 | 7763729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 (Call 06/01/54)<sup>(a)</sup> | 7468 | 5931060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20B, 3.95%, 04/01/50<br>(Call 10/01/49)<sup>(a)</sup> | 9072 | 6716891 |
|  Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/15/42 (Call 12/15/41) | 7393 | 6482626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39<sup>(a)</sup> | 12441 | 11960888 |
|  Dominion Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 2.25%, 08/15/31 (Call 05/15/31)<sup>(a)</sup> | 16171 | 12463561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 3.38%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 16449 | 14111114 |
|  Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 (Call 02/15/49) | 6046 | 3972274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40 | 8658 | 8068283 |
|  Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 9085 | 7241524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 (Call 03/15/31)<sup>(a)</sup> | 12357 | 9675745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 (Call 06/01/26)<sup>(a)</sup> | 11385 | 10293259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 (Call 05/15/27) | 5897 | 5315047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/41 (Call 12/15/40)<sup>(a)</sup> | 8226 | 5587802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 (Call 12/15/50)<sup>(a)</sup> | 7981 | 5194400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 (Call 03/01/46) | 16989 | 11683162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 (Call 02/15/28)<sup>(a)</sup> | 9937 | 9321601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 (Call 05/15/32) | 15699 | 14155281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 (Call 02/15/52)<sup>(a)</sup> | 14656 | 12102895 |
|  Duke Energy Florida LLC, 6.40%, 06/15/38 | 10524 | 10921577 |
|  Emera U.S. Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> | 8671 | 8003875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/46 (Call 12/15/45)<sup>(a)</sup> | 12764 | 9500001 |
|  Entergy Corp., 2.95%, 09/01/26<br>(Call 06/01/26)<sup>(a)</sup> | 13261 | 12056987 |
|  Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)<sup>(a)</sup> | 9881 | 7625453 |
|  Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) | 7225 | 5958359 |
|  Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 (Call 01/15/26)<sup>(a)</sup> | 9584 | 8959536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 (Call 01/15/30) | 15006 | 13455678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 (Call 10/15/45) | 8421 | 6600234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 9328 | 7513478 |
|  Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 (Call 11/03/31)<sup>(a)</sup> | 18339 | 14752986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 (Call 06/04/51)<sup>(a)</sup> | 13107 | 8343900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 (Call 04/01/49) | 11062 | 7441503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 (Call 09/01/47) | 10852 | 8442624 |
|  Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/42<sup>(a)</sup> | 14611 | 11771506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 (Call 11/15/51)<sup>(a)</sup> | 9356 | 8383530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.25%, 03/15/51 (Call 09/15/50)<sup>(a)</sup> | 10811 | 6952664 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Par*<br> *(000)* | *Value* | *Value* |
|  **Electric (continued)** |  |  |  |  |
|  MidAmerican Energy Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 (Call 01/15/29)<sup>(a)</sup> | $| 8270 | $| 7537078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 (Call 01/15/49) |  | 9738 |  | 7771049 |
|  NextEra Energy Capital Holdings Inc. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 (Call 12/15/26) |  | 11850 |  | 10328027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 (Call 04/15/28) |  | 18004 |  | 14871509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> |  | 26454 |  | 20991381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 (Call 10/15/31)<sup>(a)</sup> |  | 13267 |  | 10237794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 (Call 08/01/29) |  | 9901 |  | 8278099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 (Call 02/01/27)<sup>(a)</sup> |  | 17320 |  | 15940166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 (Call 06/15/27)<sup>(a)</sup> |  | 14111 |  | 13564900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> |  | 14298 |  | 13608633 |
|  Pacific Gas and Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 (Call 06/01/27)<sup>(a)</sup> |  | 9760 |  | 8023647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 (Call 11/01/30)<sup>(a)</sup> |  | 19770 |  | 14747433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 (Call 04/15/28)<sup>(a)</sup> |  | 7816 |  | 6443720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26<sup>(a)</sup> |  | 16097 |  | 14507940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> |  | 6249 |  | 4865457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 (Call 09/01/27)<sup>(a)</sup> |  | 13777 |  | 11672273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 (Call 02/01/40)<sup>(a)</sup> |  | 12086 |  | 7867105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 (Call 02/01/50)<sup>(a)</sup> |  | 19112 |  | 11667876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28<sup>(a)</sup> |  | 8995 |  | 7662952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/47 (Call 06/01/47)<sup>(a)</sup> |  | 9783 |  | 6418687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 (Call 01/01/40) |  | 21821 |  | 16172166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 (Call 01/01/30)<sup>(a)</sup> |  | 34524 |  | 30270642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 (Call 01/01/50) |  | 35365 |  | 26385307 |
|  PacifiCorp, 2.90%, 06/15/52 (Call 12/15/51) |  | 11599 |  | 7068355 |
|  Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30) |  | 6184 |  | 4759512 |
|  Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)<sup>(a)</sup> |  | 10629 |  | 8128172 |
|  San Diego Gas & Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series VVV, 1.70%, 10/01/30 (Call 07/01/30)<sup>(a)</sup> |  | 9206 |  | 7026233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series WWW, 2.95%, 08/15/51 (Call 02/15/51)<sup>(a)</sup> |  | 10041 |  | 6319211 |
|  Sempra Energy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 (Call 03/15/27)<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11747 |  | 10620157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 (Call 11/01/27) |  | 12168 |  | 10854410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 (Call 08/01/37) |  | 11505 |  | 8730412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 (Call 08/01/47) |  | 9140 |  | 6500610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39<sup>(a)</sup> |  | 7602 |  | 7220032 |
|  Southern California Edison Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 (Call 08/01/49)<sup>(a)</sup> |  | 14574 |  | 9783159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 (Call 10/01/46)<sup>(a)</sup> |  | 20212 |  | 14489126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 (Call 04/01/43)<sup>(a)</sup> |  | 9369 |  | 7561721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 20A, 2.95%, 02/01/51 (Call 08/01/50)<sup>(a)</sup> |  | 4372 |  | 2570058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, 4.13%, 03/01/48 (Call 09/01/47) |  | 14692 |  | 10683859 |
|  Southern Co. (The) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 (Call 04/01/26)<sup>(a)</sup> |  | 18174 |  | 16811739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 (Call 01/01/46) |  | 18240 |  | 14155172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.70%, 04/30/30 (Call 01/30/30) |  | 13051 |  | 11392254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.00%, 01/15/51<br>(Call 10/15/25)<sup>(a)(b)</sup> |  | 14886 |  | 12984314 |
|  Virginia Electric & Power Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 (Call 06/15/50)<sup>(a)</sup> |  | 10545 |  | 5892313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/51 (Call 05/15/51) |  | 10002 |  | 6194908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.15%, 01/15/26 (Call 10/15/25) |  | 4472 |  | 4180443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series A, 3.50%, 03/15/27<br>(Call 12/15/26)<sup>(a)</sup> |  | 11002 |  | 10218244 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962207383 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
|  Emerson Electric Co. |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 (Call 09/15/26)<sup>(a)</sup> |  | 8671 |  | 7403245 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 (Call 10/21/28)<sup>(a)</sup> | $15173 | $12643236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 (Call 09/21/31)<sup>(a)</sup> | 9543 | 7497910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 (Call 06/21/51) | 13535 | 8315336 |
|  |  | 35859727 |
| **Electronics — 0.3%** |  |  |
|  Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/31 (Call 06/15/31) | 5902 | 4506848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 (Call 11/15/29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12234 | 10162513 |
|  Honeywell International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 (Call 02/01/27)<sup>(a)</sup> | 11086 | 9489630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 (Call 06/01/31)<sup>(a)</sup> | 14526 | 11231666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 14220 | 11524396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 (Call 08/01/26)<sup>(a)</sup> | 17618 | 16114672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 (Call 05/15/29) | 10521 | 9157607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 6132 | 4123098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/33 | 16000 | 15842880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92153310 |
| **Entertainment — 0.6%** |  |  |
|  Magallanes Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup> | 45555 | 40499447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 (Call 01/15/29)<sup>(a)(c)</sup> | 16709 | 14139632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 (Call 12/15/31)<sup>(a)(c)</sup> | 52874 | 42651949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 (Call 09/15/41)<sup>(c)</sup> | 47492 | 34649379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 (Call 09/15/51)<sup>(c)</sup> | 74064 | 51684400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 (Call 09/15/61)<sup>(c)</sup> | 29441 | 20547928 |
|  |  | 204172735 |
| **Environmental Control — 0.2%** |  |  |
|  Republic Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 (Call 11/15/31)<sup>(a)</sup> | 7645 | 5668148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 (Call 02/15/28) | 8370 | 7778039 |
|  Waste Connections Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51) | 10837 | 6727933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/33 (Call 10/15/32) | 9520 | 8595570 |
|  Waste Management Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 17322 | 13132861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | 6354 | 5793475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 11757 | 10813262 |
|  |  | 58509288 |
| **Food — 1.3%** |  |  |
|  Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27) | 10447 | 9798647 |
|  Conagra Brands Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 (Call 09/01/27) | 11023 | 8900109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 (Call 09/01/25)<sup>(a)</sup> | 5789 | 5623334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 (Call 08/01/28)<sup>(a)</sup> | 19108 | 18042622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 (Call 05/01/38) | 8686 | 7587138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 (Call 05/01/48)<sup>(a)</sup> | 14257 | 12243608 |
|  Diageo Capital PLC, 5.50%, 01/24/33 | 4936 | 4976179 |
|  General Mills Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 10359 | 8729244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 (Call 11/10/26)<sup>(a)</sup> | 7197 | 6659273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 (Call 01/17/28)<sup>(a)</sup> | 17851 | 16895861 |
|  Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 (Call 04/03/28)<sup>(a)</sup> | 9166 | 7715858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 (Call 03/11/30)<sup>(a)</sup> | 12231 | 9709138 |
|  JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 (Call 12/15/26)<sup>(c)</sup> | 7384 | 6304090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/32 (Call 01/15/27)<sup>(a)(c)</sup> | 6049 | 4736570 |
|  Kellogg Co., 3.25%, 04/01/26<sup>(a)</sup> | 4288 | 4015570 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Food (continued)** |  |  |
|  Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | $18846 | $17342560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> | 13302 | 12414624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 (Call 12/01/45)<sup>(a)</sup> | 37034 | 28936916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 (Call 04/01/49)<sup>(a)</sup> | 17597 | 14620467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42<sup>(a)</sup> | 18233 | 15688063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 (Call 01/15/45)<sup>(a)</sup> | 23511 | 20543912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 8922 | 8149411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39 | 10128 | 10449249 |
|  Kroger Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 (Call 07/15/26) | 9616 | 8610257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 (Call 07/15/49)<sup>(a)</sup> | 6893 | 4983591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 (Call 08/01/46)<sup>(a)</sup> | 11597 | 9135492 |
|  McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27) | 9129 | 8302501 |
|  Mondelez International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 (Call 02/17/27) | 5735 | 5108015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/04/50 (Call 03/04/50) | 12356 | 7215421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 (Call 01/13/30)<sup>(a)</sup> | 11722 | 9745258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/32 (Call 12/17/31) | 10343 | 8458073 |
|  Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/51 (Call 06/14/51)<sup>(a)</sup> | 12106 | 7523234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 8531 | 7716627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 (Call 04/15/26)<sup>(a)</sup> | 12565 | 11621845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 14181 | 14410636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 12629 | 12959423 |
|  Tyson Foods Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 (Call 03/02/27)<sup>(a)</sup> | 14997 | 13808377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 (Call 01/01/26)<sup>(a)</sup> | 10204 | 9754279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28)<sup>(a)</sup> | 15631 | 14648531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 (Call 12/02/46)<sup>(a)</sup> | 10864 | 8845231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 (Call 03/28/48)<sup>(a)</sup> | 17075 | 15007834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437937068 |
| **Gas — 0.2%** |  |  |
|  Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)<sup>(a)</sup> | 6062 | 4689564 |
|  NiSource Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 (Call 11/15/30)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11404 | 8358389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 (Call 06/01/29)<sup>(a)</sup> | 10668 | 8937351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 (Call 02/15/27)<sup>(a)</sup> | 13227 | 12094499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 (Call 02/01/30) | 11450 | 9872250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 (Call 09/30/47)<sup>(a)</sup> | 7856 | 5641859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 (Call 11/15/46)<sup>(a)</sup> | 12621 | 9709243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 (Call 08/15/43) | 6783 | 5534701 |
|  |  | 64837856 |
| **Hand & Machine Tools — 0.0%** |  |  |
|  Stanley Black & Decker Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 (Call 12/15/29) | 12702 | 10174501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 (Call 05/15/50) | 9542 | 5431673 |
|  |  | 15606174 |
| **Health Care - Products — 0.9%** |  |  |
|  Abbott Laboratories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 (Call 08/30/26)<sup>(a)</sup> | 19022 | 18242790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 (Call 05/30/36)<sup>(a)</sup> | 15008 | 14333308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 (Call 05/30/46) | 38398 | 35770770 |
|  Baxter International Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 (Call 01/01/27) | 18543 | 15937987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/28 (Call 10/01/28)<sup>(a)</sup> | 15442 | 12695579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 (Call 11/01/31)<sup>(a)</sup> | 20645 | 15751260 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Products (continued)** | **Health Care - Products (continued)** | **Health Care - Products (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 (Call 05/15/26)<sup>(a)</sup> | $6348 | $5704637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 (Call 06/01/51) | 11101 | 6747264 |
|  Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 12999 | 10719533 |
|  Danaher Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 (Call 04/01/50) | 11946 | 7177123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 (Call 06/10/51)<sup>(a)</sup> | 15029 | 9362424 |
|  DH Europe Finance II Sarl |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29 (Call 08/15/29)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10336 | 8781367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 (Call 05/15/39)<sup>(a)</sup> | 9601 | 7097901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 (Call 05/15/49)<sup>(a)</sup> | 9781 | 6890446 |
|  Medtronic Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35 | 20418 | 18673374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45<sup>(a)</sup> | 21451 | 18799832 |
|  PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29) | 11898 | 9993603 |
|  Stryker Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/30 (Call 03/15/30)<sup>(a)</sup> | 15312 | 12012690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 (Call 08/01/25)<sup>(a)</sup> | 4256 | 4052855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 7607 | 7204701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 (Call 09/15/45) | 12810 | 10776313 |
|  Thermo Fisher Scientific Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 (Call 07/15/31)<sup>(a)</sup> | 17385 | 13604161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 (Call 07/01/29)<sup>(a)</sup> | 11346 | 9719882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 (Call 04/15/41)<sup>(a)</sup> | 13463 | 9284817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 (Call 02/15/47)<sup>(a)</sup> | 11054 | 9004712 |
|  Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)<sup>(a)</sup> | 11476 | 8874021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307213350 |
| **Health Care - Services — 2.9%** |  |  |
|  Aetna Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/47 (Call 02/15/47)<sup>(a)</sup> | 11103 | 7984762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36 | 12506 | 12574901 |
|  Ascension Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46 | 10360 | 8103197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series B, 2.53%, 11/15/29 (Call 08/15/29)<sup>(a)</sup> | 11880 | 9884800 |
|  Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 (Call 05/15/28) | 13411 | 11030548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 (Call 12/01/30) | 14065 | 10777447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 (Call 05/01/31) | 12683 | 9698532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 (Call 07/15/30) | 12916 | 10381752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 (Call 02/15/25) | 5217 | 4336631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 (Call 12/15/22) | 14115 | 13021088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 (Call 12/15/24) | 7773 | 7038918 |
|  CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 (Call 04/01/29) | 6887 | 5774432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 (Call 04/01/49) | 4420 | 3129499 |
|  Elevance Health Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 (Call 02/15/26)<sup>(a)</sup> | 7090 | 6255440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 (Call 02/15/30) | 17350 | 13944369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 (Call 12/15/30) | 7932 | 6389497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 (Call 06/15/29) | 10608 | 9004352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 12989 | 8317679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 (Call 09/15/50) | 12376 | 8691979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 (Call 09/01/27) | 17502 | 16167373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 (Call 03/15/49) | 8875 | 6333723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 (Call 12/01/27) | 16727 | 15693648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 (Call 06/01/47) | 15187 | 12196403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 (Call 09/01/47) | 11704 | 9624796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42 | 11493 | 9733779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43<sup>(a)</sup> | 10677 | 8979553 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 (Call 02/15/44)<sup>(a)</sup> | $9191 | $7676345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 | 1995 | 2026630 |
|  HCA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 9385 | 6989876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup> | 11860 | 10494040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 (Call 03/01/30) | 30314 | 25113524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 (Call 01/15/51)<sup>(a)</sup> | 15694 | 9722850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 (Call 12/15/31)<sup>(a)(c)</sup> | 21843 | 17740515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 (Call 03/15/29)<sup>(a)</sup> | 23131 | 20400466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 (Call 08/15/26) | 14137 | 13239580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 (Call 09/15/51)<sup>(a)(c)</sup> | 22972 | 16872718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 (Call 12/15/38) | 11844 | 9848147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 (Call 12/15/25)<sup>(a)</sup> | 14535 | 14094043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 (Call 12/15/48)<sup>(a)</sup> | 22604 | 18322158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 (Call 03/01/26)<sup>(a)</sup> | 10237 | 9955552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 (Call 12/15/46) | 16778 | 14026264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 (Call 03/01/28)<sup>(a)</sup> | 15320 | 14738347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 (Call 08/15/25)<sup>(a)</sup> | 13772 | 13631714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 (Call 08/01/28)<sup>(a)</sup> | 16804 | 16419383 |
|  Humana Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 (Call 01/03/27) | 7615 | 6383111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 (Call 11/03/31)<sup>(a)</sup> | 15264 | 11475474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 (Call 02/23/29) | 9674 | 8576759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 (Call 04/01/44)<sup>(a)</sup> | 8425 | 7205292 |
|  Kaiser Foundation Hospitals |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 (Call 11/01/46)<sup>(a)</sup> | 11468 | 9034303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2019, 3.27%, 11/01/49 (Call 05/01/49) | 9680 | 6401799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 2.81%, 06/01/41 (Call 12/01/40)<sup>(a)</sup> | 14817 | 9904988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2021, 3.00%, 06/01/51 (Call 12/01/50)<sup>(a)</sup> | 11714 | 7220630 |
|  Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10244064 |
|  Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30)<sup>(a)</sup> | 13520 | 11292687 |
|  UnitedHealth Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 (Call 04/15/26)<sup>(a)</sup> | 12089 | 10615448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 | 18478 | 14811983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 (Call 02/15/31)<sup>(a)</sup> | 16777 | 13437253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 (Call 11/15/39) | 16219 | 11132918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29 | 13408 | 11606576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 (Call 11/15/49) | 15517 | 9929754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27<sup>(a)</sup> | 12633 | 11395147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 (Call 11/15/40) | 17449 | 12332252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26<sup>(a)</sup> | 8494 | 7993587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 (Call 11/15/59)<sup>(a)</sup> | 9641 | 5973148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 (Call 11/15/50) | 24750 | 16755329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27 | 9290 | 8708995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 (Call 02/15/39) | 16468 | 12636377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 (Call 02/15/49)<sup>(a)</sup> | 14888 | 11055564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 (Call 04/15/47) | 11462 | 8599973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28<sup>(a)</sup> | 12305 | 11451520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28<sup>(a)</sup> | 5600 | 5209444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 (Call 02/15/59) | 12961 | 9430862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 (Call 03/15/29) | 9230 | 8578812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | 17717 | 16316429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 (Call 07/15/46) | 10386 | 8400935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/43 (Call 09/15/42) | 9026 | 7461440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 (Call 12/15/47)<sup>(a)</sup> | 14785 | 12028872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 (Call 06/15/48)<sup>(a)</sup> | 13067 | 10882723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35 | 9654 | 8902177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45<sup>(a)</sup> | 21176 | 18516144 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Health Care - Services (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 (Call 11/15/51) | $23282 | $20332159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 (Call 11/15/61)<sup>(a)</sup> | 9078 | 7996157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 | 4990 | 4999416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 | 11800 | 12617656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 | 16935 | 16951976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36<sup>(a)</sup> | 10614 | 10704465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 | 23180 | 23635220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63<sup>(a)</sup> | 17341 | 17812642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38 | 13353 | 14619733 |
|  Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)<sup>(a)(c)</sup> | 9428 | 7043170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994996613 |
| **Holding Companies - Diversified — 0.3%** |  |  |
|  Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 (Call 06/15/26)<sup>(a)</sup> | 14653 | 12105683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 (Call 04/15/28) | 16031 | 12532226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 (Call 12/15/25) | 9910 | 8883365 |
|  Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 (Call 11/15/26) | 10931 | 9044151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 12776 | 10744690 |
|  Blackstone Secured Lending Fund, 3.63%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 7780 | 7029446 |
|  FS KKR Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 (Call 08/12/28)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10758 | 8274592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 (Call 12/15/25) | 4964 | 4372241 |
|  Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/11/28 (Call 04/11/28)<sup>(a)</sup> | 9597 | 7232325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 (Call 06/15/26)<sup>(a)</sup> | 15320 | 13068109 |
|  |  | 93286828 |
| **Home Builders — 0.0%** |  |  |
|  Lennar Corp., 4.75%, 11/29/27<br>(Call 05/29/27)<sup>(a)</sup> | 11287 | 10431382 |
| **Household Products & Wares — 0.0%** |  |  |
|  Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)<sup>(a)</sup> | 10212 | 8934547 |
| **Insurance — 1.8%** |  |  |
|  American International Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 7911 | 7535357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 (Call 12/30/49)<sup>(a)</sup> | 13432 | 10458597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 (Call 10/01/47) | 9622 | 7970874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 (Call 01/10/45)<sup>(a)</sup> | 9807 | 8085974 |
|  Aon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 17437 | 14246805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 (Call 02/02/29)<sup>(a)</sup> | 5836 | 5192008 |
|  Aon Corp./Aon Global Holdings PLC, 3.90%, 02/28/52 (Call 08/28/51)<sup>(a)</sup> | 11774 | 8295621 |
|  Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25) | 7289 | 6935527 |
|  Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49) | 12650 | 8102720 |
|  Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)<sup>(a)</sup> | 14078 | 12530189 |
|  Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 10128 | 7759951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 8755 | 7886847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 (Call 07/15/50) | 11594 | 6635484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 (Call 04/15/50)<sup>(a)</sup> | 24317 | 14958780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 7555 | 6263862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 (Call 09/15/51) | 30331 | 22269885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 (Call 02/15/48) | 24846 | 20061880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 (Call 07/15/48)<sup>(a)</sup> | 21312 | 17267773 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40<sup>(a)</sup> | $10209 | $10268401 |
|  Berkshire Hathaway Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 (Call 12/15/25)<sup>(a)</sup> | 25628 | 24291300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43<sup>(a)</sup> | 10878 | 9322458 |
|  Brighthouse Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/22/27 (Call 03/22/27)<sup>(a)</sup> | 3937 | 3556209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 (Call 12/22/46) | 11493 | 7945984 |
|  Chubb Corp. (The), 6.00%, 05/11/37 | 10472 | 10732654 |
|  Chubb INA Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 (Call 06/15/30)<sup>(a)</sup> | 5800 | 4305088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 (Call 06/15/61)<sup>(a)</sup> | 11763 | 6970683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 (Call 02/03/26) | 17487 | 16463537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 (Call 05/03/45)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13432870 |
|  Corebridge Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 (Call 03/05/27)<sup>(c)</sup> | 15304 | 13868301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 (Call 02/05/29)<sup>(a)(c)</sup> | 12866 | 11235871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 (Call 01/05/32)<sup>(a)(c)</sup> | 16720 | 13957642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 (Call 10/05/51)<sup>(a)(c)</sup> | 16003 | 11668808 |
|  Equitable Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 (Call 01/20/28) | 16739 | 15532548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 (Call 10/20/47) | 16109 | 12844223 |
|  Everest Reinsurance Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 (Call 04/15/52)<sup>(a)</sup> | 11651 | 6767197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 (Call 04/15/50) | 11828 | 7462018 |
|  Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)<sup>(c)</sup> | 8304 | 7538967 |
|  Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)<sup>(a)</sup> | 9045 | 6116287 |
|  Manulife Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 (Call 12/16/31)<sup>(a)</sup> | 3701 | 3157571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26<sup>(a)</sup> | 8788 | 8453518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46 | 6908 | 6260544 |
|  Marsh & McLennan Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 (Call 08/15/30)<sup>(a)</sup> | 5848 | 4583414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 15211 | 14335093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 15862 | 13507391 |
|  MetLife Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45<sup>(a)</sup> | 11941 | 9121179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42<sup>(a)</sup> | 10161 | 7956429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 (Call 12/23/29)<sup>(a)</sup> | 7602 | 7223607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 (Call 11/13/45)<sup>(a)</sup> | 8473 | 7050836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43 | 8521 | 7347844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 (Call 01/15/52)<sup>(a)</sup> | 12560 | 10964939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35<sup>(a)</sup> | 11887 | 11740921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41 | 8350 | 7990173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/34<sup>(a)</sup> | 11781 | 12288974 |
|  Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)<sup>(a)</sup> | 8906 | 6950070 |
|  Prudential Financial Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 (Call 09/13/50)<sup>(a)</sup> | 17528 | 12438498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 (Call 06/07/47)<sup>(a)</sup> | 9623 | 7085464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 (Call 06/07/49) | 12039 | 8837996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 (Call 08/25/49)<sup>(a)</sup> | 12187 | 9669124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44<sup>(a)</sup> | 3505 | 2881402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36<sup>(a)</sup> | 12263 | 11962400 |
|  Travelers Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 (Call 12/08/50)<sup>(a)</sup> | 11063 | 7013579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40<sup>(a)</sup> | 6219 | 5829628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37 | 13060 | 13576920 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Insurance (continued)** |  |  |
|  Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)<sup>(a)</sup> | $10185 | $9588100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634554794 |
| **Internet — 2.3%** |  |  |
|  Alphabet Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 (Call 06/15/27)<sup>(a)</sup> | 13816 | 11614936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 (Call 05/15/30)<sup>(a)</sup> | 25500 | 19570391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 (Call 02/15/40) | 13910 | 8786812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 (Call 05/15/26)<sup>(a)</sup> | 20564 | 18710848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 (Call 02/15/50)<sup>(a)</sup> | 27066 | 15477708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 (Call 02/15/60)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25726 | 14081834 |
|  Amazon.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 (Call 04/12/26) | 31599 | 27653634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 (Call 04/03/27) | 14936 | 12696541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 (Call 03/03/30) | 25030 | 19548325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 (Call 03/12/28) | 26771 | 22590098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 (Call 02/12/31) | 34342 | 27471316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 (Call 12/03/49)<sup>(a)</sup> | 25675 | 15283765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 (Call 12/03/59)<sup>(a)</sup> | 24152 | 13694660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 (Call 11/12/40) | 22948 | 16277221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 (Call 11/12/50)<sup>(a)</sup> | 39764 | 26891936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 (Call 05/22/27) | 38569 | 35708573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 (Call 11/12/60) | 21212 | 13720887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 (Call 03/13/27)<sup>(a)</sup> | 23618 | 22166360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 (Call 02/13/29)<sup>(a)</sup> | 16794 | 15414275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 (Call 01/13/32)<sup>(a)</sup> | 28903 | 25854875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 (Call 02/22/37) | 34489 | 29296105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 (Call 10/13/51)<sup>(a)</sup> | 27947 | 21906678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 (Call 02/22/47)<sup>(a)</sup> | 39031 | 31587777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 (Call 10/13/61) | 16221 | 12417435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 (Call 02/22/57)<sup>(a)</sup> | 24309 | 19550336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 (Call 06/05/34)<sup>(a)</sup> | 13457 | 13072519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 (Call 06/05/44)<sup>(a)</sup> | 17669 | 16484636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 (Call 09/03/25)<sup>(a)</sup> | 3590 | 3639294 |
|  Booking Holdings Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 (Call 03/01/26) | 14142 | 13347139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 (Call 01/13/30)<sup>(a)</sup> | 17018 | 16011812 |
|  eBay Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 (Call 04/10/26) | 11074 | 9635770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 (Call 02/10/31)<sup>(a)</sup> | 6769 | 5307261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 (Call 12/11/29)<sup>(a)</sup> | 13888 | 11294447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 (Call 03/05/27)<sup>(a)</sup> | 11260 | 10360830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 (Call 11/10/50)<sup>(a)</sup> | 10073 | 6636739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 (Call 01/15/42)<sup>(a)</sup> | 11758 | 8623251 |
|  Expedia Group Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 7785 | 5901595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 (Call 11/15/29)<sup>(a)</sup> | 14665 | 11813552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27)<sup>(a)</sup> | 11022 | 9797985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 (Call 05/01/27) | 7994 | 7478031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 (Call 11/15/25)<sup>(a)</sup> | 6130 | 5923823 |
|  Meta Platforms Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 (Call 07/15/27)<sup>(c)</sup> | 35263 | 32351038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 (Call 05/15/32)<sup>(c)</sup> | 34289 | 29166467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 (Call 02/15/52)<sup>(c)</sup> | 32243 | 23978371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 (Call 02/15/62)<sup>(c)</sup> | 17449 | 12864394 |
|  Netflix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/26<sup>(a)</sup> | 11985 | 11441970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/28 | 18644 | 17721681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/28<sup>(a)</sup> | 22627 | 22457298 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Internet (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/29<sup>(a)</sup> | $5113 | $5201966 |
|  |  | 808485195 |
| **Lodging — 0.2%** |  |  |
|  Marriott International Inc./MD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 (Call 09/15/27) | 11273 | 10857112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series FF, 4.63%, 06/15/30<br>(Call 03/15/30)<sup>(a)</sup> | 15912 | 14297612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series GG, 3.50%, 10/15/32 (Call 07/15/32) | 7899 | 6311255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series HH, 2.85%, 04/15/31 (Call 01/15/31) | 11025 | 8560662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Series R, 3.13%, 06/15/26 (Call 03/15/26) | 6093 | 5566845 |
|  Sands China Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/08/26 (Call 12/08/25) | 2400 | 1954248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 08/08/28 (Call 05/08/28)<sup>(a)</sup> | 18615 | 14781985 |
|  |  | 62329719 |
| **Machinery — 0.4%** |  |  |
|  Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25<sup>(a)</sup> | 2318 | 2052323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26<sup>(a)</sup> | 10447 | 9154818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27<sup>(a)</sup> | 10269 | 8547287 |
|  Caterpillar Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 (Call 01/09/30)<sup>(a)</sup> | 12550 | 10595129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 (Call 03/19/49) | 12669 | 8961743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 (Call 10/09/49)<sup>(a)</sup> | 11607 | 8219214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42<sup>(a)</sup> | 21162 | 17041993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41 | 9719 | 9388621 |
|  Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 10148 | 7899397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 (Call 12/09/41)<sup>(a)</sup> | 15803 | 13103868 |
|  John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26<sup>(a)</sup> | 7382 | 6454747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27 | 7822 | 7514336 |
|  Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 (Call 11/15/29)<sup>(a)</sup> | 15409 | 12540028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 (Call 08/15/39)<sup>(a)</sup> | 10653 | 7359429 |
|  Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 (Call 08/15/26)<sup>(a)</sup> | 3831 | 3429097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 (Call 06/15/28)<sup>(a)</sup> | 12623 | 11762465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144024495 |
|  **Manufacturing — 0.7%** |  |  |
|  3M Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 (Call 05/26/29)<sup>(a)</sup> | 9196 | 7584917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 (Call 07/15/27)<sup>(a)</sup> | 9820 | 8839974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 (Call 02/26/49)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11346 | 7487871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 (Call 12/01/28)<sup>(a)</sup> | 6720 | 6009314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 (Call 03/14/48)<sup>(a)</sup> | 12920 | 9763743 |
|  Eaton Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 (Call 12/15/32) | 15449 | 13694517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42<sup>(a)</sup> | 12684 | 10198832 |
|  GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)<sup>(a)</sup> | 7604 | 7001864 |
|  GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35<sup>(a)</sup> | 79799 | 70300980 |
|  General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38<sup>(a)</sup> | 10765 | 10612381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32 | 28737 | 31271408 |
|  Illinois Tool Works Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 (Call 08/15/26)<sup>(a)</sup> | 11012 | 10109300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 (Call 03/01/42)<sup>(a)</sup> | 12172 | 9716465 |
|  Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 (Call 03/14/29) | 14604 | 12652790 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Manufacturing (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 (Call 12/14/48)<sup>(a)</sup> | $8194 | $6044553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 (Call 08/15/27) | 14355 | 13609144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 (Call 07/15/29) | 13291 | 12433732 |
|  Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)<sup>(a)</sup> | 9881 | 8808619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256140404 |
| **Media — 4.2%** |  |  |
|  Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 (Call 11/15/28) | 18707 | 14722207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 (Call 11/01/31) | 11269 | 8027116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 (Call 01/01/31) | 17548 | 13295446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 18838 | 11919485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 (Call 09/01/41) | 15425 | 9656928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 (Call 10/01/50)<sup>(a)</sup> | 24190 | 14518458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 (Call 11/15/27)<sup>(a)</sup> | 13432 | 11823103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 (Call 10/01/60) | 22061 | 12729662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 (Call 12/01/51)<sup>(a)</sup> | 27393 | 16928217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 (Call 12/30/61) | 16881 | 9906078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 12/15/27)<sup>(a)</sup> | 18248 | 16341646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 (Call 01/01/33)<sup>(a)</sup> | 9554 | 7931948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 (Call 06/01/61) | 16666 | 10593556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 (Call 09/01/49)<sup>(a)</sup> | 31227 | 22064436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 (Call 12/30/28) | 12834 | 11809611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 (Call 01/01/49) | 13922 | 10253229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 (Call 10/01/52)<sup>(a)</sup> | 17745 | 13375691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 (Call 10/01/37)<sup>(a)</sup> | 11674 | 9410422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 (Call 11/01/46)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28889 | 22214402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 (Call 10/01/62) | 10134 | 7654042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 (Call 10/01/47)<sup>(a)</sup> | 27051 | 21614506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 (Call 04/23/35) | 21904 | 19974095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 (Call 04/23/45)<sup>(a)</sup> | 37385 | 32903223 |
|  Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 (Call 11/15/30)<sup>(a)</sup> | 21752 | 16204050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 19424 | 15022964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 (Call 10/15/26)<sup>(a)</sup> | 12743 | 11382504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 (Call 02/15/52)<sup>(a)</sup> | 17774 | 9696115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 (Call 11/01/29) | 15237 | 12744666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 (Call 02/15/62)<sup>(a)</sup> | 15980 | 8356457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 (Call 07/15/50) | 23404 | 13897796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 (Call 05/01/51) | 58450 | 35135172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 (Call 05/01/56)<sup>(a)</sup> | 66103 | 38179414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 (Call 05/01/63) | 41285 | 23272813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 23184 | 21785008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 (Call 11/15/27)<sup>(a)</sup> | 18017 | 16250428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 (Call 01/15/36)<sup>(a)</sup> | 9903 | 7527346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 (Call 05/01/39) | 17135 | 12418113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 (Call 11/01/26)<sup>(a)</sup> | 16923 | 15671336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 02/01/27) | 7102 | 6584875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 (Call 01/01/30) | 16323 | 14267765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 (Call 01/15/46)<sup>(a)</sup> | 16522 | 11204353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 (Call 08/01/49)<sup>(a)</sup> | 21370 | 14451559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 (Call 02/01/28) | 10025 | 9170593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 (Call 10/01/39) | 19776 | 15206207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 (Call 09/01/37) | 15292 | 12313571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 (Call 05/01/47)<sup>(a)</sup> | 23045 | 17132335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 (Call 02/15/47) | 11653 | 8754468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 (Call 09/01/47)<sup>(a)</sup> | 11430 | 8588030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 (Call 05/01/49)<sup>(a)</sup> | 20454 | 15051299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 (Call 05/01/52)<sup>(a)</sup> | 8991 | 6657861 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 (Call 07/15/28) | $45788 | $42932463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 (Call 02/15/34) | 10822 | 9455639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 (Call 07/15/30) | 18586 | 17035565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33 | 21674 | 19549009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 (Call 02/15/35)<sup>(a)</sup> | 7211 | 6326176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 (Call 04/15/38)<sup>(a)</sup> | 12447 | 10746822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 (Call 02/15/45) | 10153 | 8256968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 (Call 04/15/48) | 19583 | 16380032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 (Call 04/15/58)<sup>(a)</sup> | 10643 | 8952779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 | 8630 | 8626116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 | 10000 | 9936800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35 | 11232 | 11024434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33 | 9807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10636599 |
|  Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 (Call 02/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14461 | 11664746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 (Call 12/20/27)<sup>(a)</sup> | 20321 | 17626771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 (Call 03/15/55)<sup>(a)</sup> | 14117 | 8078353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29)<sup>(a)</sup> | 9150 | 7750758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 (Call 11/15/49) | 12238 | 8058089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 (Call 03/20/47)<sup>(a)</sup> | 14937 | 10634506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 (Call 11/15/48) | 10927 | 7845508 |
|  Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 (Call 10/25/28)<sup>(a)</sup> | 22066 | 20519162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 (Call 07/25/38) | 15789 | 13526130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 (Call 07/25/48)<sup>(a)</sup> | 17576 | 14678215 |
|  Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | 6938 | 6505665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 (Call 02/19/32)<sup>(a)</sup> | 12479 | 9981937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43 | 17563 | 11730552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 12160 | 10603041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 (Call 11/19/49)<sup>(a)</sup> | 13588 | 9527300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 (Call 03/01/43)<sup>(a)</sup> | 12106 | 9834793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36<sup>(a)</sup> | 11336 | 10541913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30 | 12758 | 13273266 |
|  Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 | 11206 | 11863277 |
|  Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 (Call 03/15/42) | 11458 | 7833071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 (Call 03/01/41)<sup>(a)</sup> | 13403 | 10461454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 (Call 05/15/40) | 15248 | 12357333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37<sup>(a)</sup> | 16653 | 14934472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39 | 16914 | 15025834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38<sup>(a)</sup> | 16609 | 15491462 |
|  TWDC Enterprises 18 Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26<sup>(a)</sup> | 12897 | 11483958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27<sup>(a)</sup> | 10281 | 9345036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26<sup>(a)</sup> | 9090 | 8500244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44<sup>(a)</sup> | 13596 | 10991012 |
|  Walt Disney Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26<sup>(a)</sup> | 16630 | 15055713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 (Call 06/01/29)<sup>(a)</sup> | 22906 | 18686321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28<sup>(a)</sup> | 10568 | 9153955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31<sup>(a)</sup> | 24404 | 20191767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 (Call 03/01/49)<sup>(a)</sup> | 25282 | 15452338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 (Call 11/13/39)<sup>(a)</sup> | 24638 | 18798725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 (Call 07/13/50)<sup>(a)</sup> | 28098 | 20406206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30<sup>(a)</sup> | 12565 | 11429725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 (Call 11/13/59) | 13280 | 9492398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 (Call 09/23/39) | 11697 | 10304527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 (Call 09/23/49)<sup>(a)</sup> | 21140 | 18378112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34<sup>(a)</sup> | 14066 | 14657442 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Media (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35 | $11411 | $12027961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37<sup>(a)</sup> | 16403 | 17745876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448902931 |
| **Mining — 0.5%** |  |  |
|  Barrick Gold Corp., 5.25%, 04/01/42<sup>(a)</sup> | 9037 | 8013445 |
|  Barrick North America Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41<sup>(a)</sup> | 11221 | 10517444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43 | 5999 | 5611969 |
|  Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39<sup>(a)</sup> | 11660 | 11171284 |
|  BHP Billiton Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42<sup>(a)</sup> | 14989 | 12295487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43 | 24733 | 22626505 |
|  Freeport-McMoRan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 (Call 08/01/25)<sup>(a)</sup> | 7610 | 6750153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 (Call 05/14/34)<sup>(a)</sup> | 9736 | 8668353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 (Call 09/15/42)<sup>(a)</sup> | 19063 | 15768265 |
|  Newmont Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 (Call 07/01/30) | 16453 | 12704798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/15/32 (Call 04/15/32) | 5444 | 4164519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 (Call 09/15/41)<sup>(a)</sup> | 13757 | 11644504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39<sup>(a)</sup> | 9264 | 9099508 |
|  Rio Tinto Alcan Inc., 6.13%, 12/15/33<sup>(a)</sup> | 8256 | 8551195 |
|  Rio Tinto Finance USA Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 (Call 05/02/51) | 14280 | 8825308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40<sup>(a)</sup> | 11102 | 10551424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28 | 10664 | 11444840 |
|  Rio Tinto Finance USA PLC, 4.13%, 08/21/42 (Call 02/21/42)<sup>(a)</sup> | 11216 | 9146524 |
|  |  | 187555525 |
| **Office & Business Equipment — 0.0%** |  |  |
|  CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 (Call 11/01/26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10068 | 8667811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 (Call 09/01/31) | 8194 | 6443114 |
|  |  | 15110925 |
| **Oil & Gas — 3.9%** |  |  |
|  BP Capital Markets America Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 (Call 05/10/30)<sup>(a)</sup> | 12698 | 9831195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 (Call 10/12/31)<sup>(a)</sup> | 27185 | 22011814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 (Call 05/10/50)<sup>(a)</sup> | 17720 | 10671838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 (Call 12/04/50)<sup>(a)</sup> | 25755 | 15983950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 (Call 08/24/49)<sup>(a)</sup> | 23004 | 14520932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 (Call 09/17/51)<sup>(a)</sup> | 17696 | 11013955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 (Call 10/16/26) | 10657 | 9746474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 (Call 12/17/40)<sup>(a)</sup> | 17938 | 12519824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 (Call 02/04/26)<sup>(a)</sup> | 11292 | 10522633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 (Call 08/08/60)<sup>(a)</sup> | 18538 | 11779370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 (Call 12/11/25)<sup>(a)</sup> | 10731 | 10157660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 (Call 01/06/30)<sup>(a)</sup> | 14625 | 13086100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 (Call 06/21/28)<sup>(a)</sup> | 11495 | 10660083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 (Call 08/06/28) | 21818 | 20540999 |
|  BP Capital Markets PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 (Call 06/19/27) | 15804 | 14431424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 (Call 08/28/28) | 9831 | 8982022 |
|  Canadian Natural Resources Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 (Call 03/01/27)<sup>(a)</sup> | 12138 | 11166960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 (Call 12/01/46)<sup>(a)</sup> | 7711 | 6454980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38 | 12704 | 12229071 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
|  Cenovus Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/52 (Call 08/15/51)<sup>(a)</sup> | $9369 | $6215799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 (Call 12/15/46)<sup>(a)</sup> | 11878 | 10100470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39<sup>(a)</sup> | 13116 | 12913439 |
|  Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 (Call 03/11/27)<sup>(a)</sup> | 13556 | 11990443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 (Call 02/11/30)<sup>(a)</sup> | 18886 | 15650503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 (Call 02/16/26) | 25989 | 24401259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 (Call 11/11/49)<sup>(a)</sup> | 8938 | 6105471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 (Call 08/17/25)<sup>(a)</sup> | 3495 | 3368935 |
|  Chevron USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 (Call 06/12/27)<sup>(a)</sup> | 8998 | 7554145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 (Call 02/12/50)<sup>(a)</sup> | 7401 | 4367471 |
|  ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 | 16423 | 12838692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 12671 | 9442552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 | 16115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11894357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 (Call 05/15/44) | 7141 | 5886224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39 | 14755 | 15879048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12562 | 13626705 |
|  Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)<sup>(a)</sup> | 12334 | 11049249 |
|  Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 (Call 11/15/41) | 9789 | 8013198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 (Call 12/15/44) | 4604 | 3844542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 (Call 01/15/41)<sup>(a)</sup> | 15470 | 14111808 |
|  Diamondback Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 (Call 12/24/30)<sup>(a)</sup> | 18172 | 14868098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 (Call 10/01/26)<sup>(a)</sup> | 4157 | 3811252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 (Call 09/01/29)<sup>(a)</sup> | 7850 | 6779022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 (Call 09/15/51) | 11126 | 8047115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 | 5333 | 5337032 |
|  EOG Resources Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 (Call 10/15/25) | 4091 | 3969311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 11646 | 11051309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 8323 | 7566835 |
|  EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 (Call 07/01/27) | 13449 | 12096819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 02/01/30 (Call 11/01/29)<sup>(a)</sup> | 11409 | 11690927 |
|  Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26 (Call 12/22/25)<sup>(a)</sup> | 4753 | 4285348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30 (Call 02/22/30)<sup>(a)</sup> | 7786 | 6436556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30 (Call 01/06/30)<sup>(a)</sup> | 14744 | 12901112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49 (Call 05/18/49) | 8380 | 5798192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/28 (Call 06/10/28)<sup>(a)</sup> | 7609 | 7051613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50 (Call 10/06/49) | 11358 | 8541253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 | 9905 | 7860923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43 | 7499 | 6662557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 08/17/40 | 7256 | 6760501 |
|  Exxon Mobil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 (Call 06/16/26)<sup>(a)</sup> | 14049 | 12784576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 (Call 05/16/29)<sup>(a)</sup> | 14696 | 12569902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 22673 | 19150203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 (Call 02/16/39) | 11175 | 8176295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 (Call 12/01/25) | 22886 | 21536742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 (Call 02/16/49)<sup>(a)</sup> | 15202 | 10325130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 (Call 01/19/27)<sup>(a)</sup> | 8588 | 8063516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 (Call 10/15/50)<sup>(a)</sup> | 32995 | 23541316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 (Call 12/19/29)<sup>(a)</sup> | 23701 | 21473028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 (Call 09/06/44)<sup>(a)</sup> | 11560 | 8546907 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 (Call 09/01/45) | $28945 | $23288247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 (Call 09/19/39) | 24963 | 21321013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 (Call 09/19/49)<sup>(a)</sup> | 29295 | 24333561 |
|  Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> | 11756 | 11039608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41<sup>(a)</sup> | 17285 | 15483053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40<sup>(a)</sup> | 4177 | 3933237 |
|  Marathon Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 12190 | 11370101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37 | 7561 | 7451452 |
|  Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 (Call 03/15/44) | 8782 | 6917802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 (Call 09/01/40)<sup>(a)</sup> | 14311 | 13945627 |
|  Phillips 66 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 (Call 09/15/30)<sup>(a)</sup> | 12270 | 9497454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 10259 | 6630401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 (Call 12/15/27)<sup>(a)</sup> | 8725 | 8053065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 (Call 05/15/34) | 12603 | 11289969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 (Call 05/15/44) | 18948 | 16198410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42<sup>(a)</sup> | 18033 | 17447290 |
|  Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 (Call 12/15/25) | 4337 | 3782627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 (Call 05/15/30) | 11639 | 8946064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 5994 | 4641740 |
|  Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 (Call 08/07/29)<sup>(a)</sup> | 18185 | 15302948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26<sup>(a)</sup> | 11910 | 10866628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 (Call 01/06/30)<sup>(a)</sup> | 20966 | 17923993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26<sup>(a)</sup> | 21325 | 19871550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 (Call 05/26/51) | 12117 | 7839488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 (Call 05/07/49) | 13150 | 8715395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 (Call 10/06/49) | 22610 | 15541099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46 | 14334 | 10690557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 (Call 08/13/28)<sup>(a)</sup> | 18400 | 17215075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46 | 23671 | 18572174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35<sup>(a)</sup> | 18094 | 15935851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45<sup>(a)</sup> | 35162 | 29008130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43 | 12353 | 10537997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/25/40 | 10800 | 10521743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38<sup>(a)</sup> | 31397 | 33042526 |
|  Suncor Energy Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 (Call 09/04/50)<sup>(a)</sup> | 5177 | 3527200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 5543 | 4031582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38 | 14839 | 14560055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38<sup>(a)</sup> | 11253 | 11252249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39 | 9484 | 9530877 |
|  TotalEnergies Capital International SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 (Call 10/10/29)<sup>(a)</sup> | 13945 | 11961778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 (Call 12/29/40)<sup>(a)</sup> | 10562 | 7425284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 (Call 11/29/49) | 27660 | 18281382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 (Call 12/29/59) | 9341 | 6075345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/29 (Call 11/19/28)<sup>(a)</sup> | 14948 | 13551707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 (Call 01/12/49) | 13784 | 9705194 |
|  TotalEnergies Capital SA, 3.88%, 10/11/28<sup>(a)</sup> | 12842 | 11983682 |
|  Valero Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 (Call 06/01/51) | 11635 | 7721554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 (Call 03/01/28)<sup>(a)</sup> | 5186 | 4874378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18873 | 18891073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32<sup>(a)</sup> | 9103 | 9850565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373628764 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Oil & Gas Services — 0.4%** |  |  |
|  Baker Hughes Holdings LLC, 5.13%, 09/15/40 | $13962 | $11961742 |
|  Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 (Call 09/15/27)<sup>(a)</sup> | 17396 | 15588660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 (Call 06/15/47)<sup>(a)</sup> | 13759 | 9938625 |
|  Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 (Call 12/01/29)<sup>(a)</sup> | 17468 | 14691867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 (Call 02/01/43)<sup>(a)</sup> | 9370 | 7506143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 (Call 05/15/35) | 10318 | 9119110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 (Call 05/15/45)<sup>(a)</sup> | 20680 | 17110111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38 | 11529 | 11525431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39 | 12794 | 13701480 |
|  Schlumberger Investment SA, 2.65%, 06/26/30<br>(Call 03/26/30)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17636 | 14720744 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125863913 |
| **Packaging & Containers — 0.1%** |  |  |
|  Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31) | 3472 | 2659716 |
|  Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25)<sup>(a)</sup> | 13559 | 11751623 |
|  WRKCo Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 (Call 01/15/26)<sup>(a)</sup> | 6210 | 6014335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 11632 | 10921004 |
|  |  | 31346678 |
| **Pharmaceuticals — 7.2%** |  |  |
|  AbbVie Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 (Call 09/21/26)<sup>(a)</sup> | 39995 | 36528869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 (Call 02/14/26) | 25411 | 23679418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 (Call 08/21/29)<sup>(a)</sup> | 56570 | 49347482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 (Call 05/21/39)<sup>(a)</sup> | 44348 | 35573806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 (Call 08/14/28)<sup>(a)</sup> | 19555 | 18407442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 (Call 05/21/49)<sup>(a)</sup> | 66319 | 51435683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 (Call 11/14/35)<sup>(a)</sup> | 17927 | 15442440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42<sup>(a)</sup> | 30368 | 24753339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 (Call 11/14/45) | 25457 | 20420534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 (Call 11/14/34) | 28433 | 25232201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 (Call 09/15/34) | 17946 | 15960264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 (Call 11/14/44) | 27217 | 22607042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 (Call 09/15/44)<sup>(a)</sup> | 12198 | 10241497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 (Call 12/15/43) | 16569 | 14112064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 (Call 05/14/48)<sup>(a)</sup> | 18470 | 15752797 |
|  AmerisourceBergen Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 (Call 12/15/30) | 10822 | 8617872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 (Call 09/15/27)<sup>(a)</sup> | 11298 | 10300291 |
|  Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 (Call 04/28/26)<sup>(a)</sup> | 10113 | 8817183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 (Call 03/28/28) | 16282 | 13627723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 (Call 02/28/31)<sup>(a)</sup> | 8822 | 7102238 |
|  AstraZeneca PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 (Call 03/08/26)<sup>(a)</sup> | 14197 | 12188000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 (Call 05/06/30)<sup>(a)</sup> | 17170 | 13117727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 (Call 11/28/50) | 10569 | 7020862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 (Call 03/12/27) | 9302 | 8558986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25<sup>(a)</sup> | 17115 | 16306941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 (Call 10/17/28)<sup>(a)</sup> | 12050 | 11314703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42<sup>(a)</sup> | 11979 | 9817705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45 | 9319 | 7861672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 (Call 02/17/48) | 9569 | 8093029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37 | 32066 | 34335381 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
|  Becton Dickinson and Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 (Call 11/11/30)<sup>(a)</sup> | $14874 | $11390048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 (Call 02/20/30)<sup>(a)</sup> | 9766 | 8147467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 (Call 03/06/27)<sup>(a)</sup> | 18223 | 16920356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 (Call 12/06/46)<sup>(a)</sup> | 18111 | 15145786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 (Call 06/15/44)<sup>(a)</sup> | 11569 | 9711989 |
|  Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 (Call 10/13/25)<sup>(a)</sup> | 5599 | 4948537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 (Call 09/13/27)<sup>(a)</sup> | 15396 | 12772114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 (Call 08/13/30)<sup>(a)</sup> | 14640 | 11196938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 (Call 05/13/40)<sup>(a)</sup> | 11754 | 7652215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 (Call 05/13/50)<sup>(a)</sup> | 18634 | 11198046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 (Call 12/15/31)<sup>(a)</sup> | 19735 | 16640919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 (Call 04/15/26) | 19178 | 18187669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 (Call 04/26/29)<sup>(a)</sup> | 24988 | 22669768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/42 (Call 09/15/41)<sup>(a)</sup> | 14283 | 10916296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 (Call 09/15/51)<sup>(a)</sup> | 25177 | 18698855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 (Call 11/20/27) | 19740 | 18711984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 (Call 09/15/61) | 12101 | 8888704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 (Call 12/15/38) | 25314 | 21445841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 (Call 04/26/49)<sup>(a)</sup> | 40833 | 33278732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 (Call 05/15/47) | 14068 | 11675396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 (Call 08/20/47) | 11006 | 9392936 |
|  Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380065 |
|  Cigna Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 (Call 02/15/26)<sup>(a)</sup> | 12173 | 10622547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 15982 | 12659139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 (Call 12/15/29) | 20858 | 16966669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 (Call 09/15/39) | 10295 | 7321404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 (Call 12/01/26) | 17216 | 15853259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 (Call 09/15/49)<sup>(a)</sup> | 17272 | 11470662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 (Call 09/15/50)<sup>(a)</sup> | 18529 | 12313536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 (Call 04/15/47) | 9887 | 7120750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 (Call 09/15/25) | 17625 | 17032190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 (Call 07/15/28) | 41648 | 39204087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 (Call 11/27/25)<sup>(a)</sup> | 12360 | 12062876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 (Call 02/15/38) | 25796 | 22713654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 (Call 01/16/46) | 15173 | 12652580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 (Call 06/15/48)<sup>(a)</sup> | 34535 | 29302540 |
|  CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 (Call 06/21/27)<sup>(a)</sup> | 23576 | 19520204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 (Call 05/21/30) | 19694 | 14975836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 (Call 11/28/30)<sup>(a)</sup> | 13341 | 10109929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 (Call 06/15/31)<sup>(a)</sup> | 9583 | 7325032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 (Call 02/21/40)<sup>(a)</sup> | 17850 | 11522985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | 20939 | 19259148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 (Call 06/15/26) | 9641 | 8832310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 19359 | 16780319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 (Call 02/01/27)<sup>(a)</sup> | 7415 | 6904801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 (Call 01/01/30) | 21286 | 18819106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 (Call 10/01/39)<sup>(a)</sup> | 12695 | 9939079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 10339 | 7796907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 (Call 12/25/27) | 53311 | 50048202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 (Call 09/25/37)<sup>(a)</sup> | 53923 | 46784695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 (Call 09/25/47)<sup>(a)</sup> | 91603 | 77873771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 (Call 01/20/45) | 38023 | 32629190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 (Call 06/05/43)<sup>(a)</sup> | 11079 | 9787618 |
|  Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 12868 | 7703948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 (Call 03/15/60)<sup>(a)</sup> | 9901 | 5672513 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | $14102 | $13004884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 11744 | 9792766 |
|  GlaxoSmithKline Capital Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28<sup>(a)</sup> | 22856 | 21466463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38<sup>(a)</sup> | 30049 | 32123691 |
|  GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)<sup>(a)</sup> | 9622 | 8667213 |
|  Johnson & Johnson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 (Call 07/01/27) | 20444 | 17273694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 (Call 06/01/30)<sup>(a)</sup> | 21229 | 16768447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 (Call 03/01/40)<sup>(a)</sup> | 11066 | 7265733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 (Call 03/01/50)<sup>(a)</sup> | 11738 | 6959268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 (Call 12/01/25)<sup>(a)</sup> | 18555 | 17307759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 (Call 03/01/60)<sup>(a)</sup> | 12256 | 6894007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 (Call 10/15/27)<sup>(a)</sup> | 17631 | 16225783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 (Call 12/03/26) | 11575 | 10770176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 (Call 07/15/37) | 12914 | 10523337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 (Call 07/15/47) | 8710 | 6668677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 (Call 09/01/35)<sup>(a)</sup> | 9271 | 7922374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 (Call 09/03/36) | 16324 | 13908312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 (Call 09/01/45) | 21243 | 16955736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 (Call 09/03/46)<sup>(a)</sup> | 11993 | 9573903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 (Call 06/05/33)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10266 | 9762607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/37<sup>(a)</sup> | 12214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13093148 |
|  Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25) | 4420 | 4270526 |
|  Merck & Co. Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 (Call 01/24/26)<sup>(a)</sup> | 5793 | 5069975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 (Call 03/24/30)<sup>(a)</sup> | 17553 | 13614939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 (Call 05/10/27)<sup>(a)</sup> | 16887 | 14709166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 (Call 10/10/28)<sup>(a)</sup> | 13494 | 11310006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 (Call 09/10/31) | 23311 | 18495057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 (Call 12/24/39)<sup>(a)</sup> | 11493 | 7586262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 (Call 12/24/49)<sup>(a)</sup> | 14823 | 8931409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 (Call 06/10/51)<sup>(a)</sup> | 24356 | 15460122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 (Call 06/10/61) | 14649 | 8877807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 (Call 12/07/28)<sup>(a)</sup> | 23621 | 21544936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 (Call 08/10/44)<sup>(a)</sup> | 23255 | 18003877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 (Call 09/07/38)<sup>(a)</sup> | 13954 | 11627176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 (Call 09/07/48) | 15711 | 12711611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43<sup>(a)</sup> | 14563 | 12131883 |
|  Mylan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 (Call 01/15/28)<sup>(a)</sup> | 10517 | 9407310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 (Call 10/15/47) | 8567 | 5712371 |
|  Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 (Call 12/14/26) | 16529 | 14770772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 (Call 05/14/30)<sup>(a)</sup> | 18507 | 15322232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 (Call 02/14/50)<sup>(a)</sup> | 11834 | 7736611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 (Call 08/20/25)<sup>(a)</sup> | 13314 | 12633958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 (Call 02/17/27)<sup>(a)</sup> | 11918 | 11079496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 (Call 05/20/45)<sup>(a)</sup> | 11819 | 9676624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44 | 23527 | 20553535 |
|  Pfizer Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 (Call 02/28/30)<sup>(a)</sup> | 11838 | 9429168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 (Call 05/18/31)<sup>(a)</sup> | 10392 | 8102410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 (Call 11/28/39)<sup>(a)</sup> | 11972 | 8275373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 (Call 01/01/30) | 18442 | 15752852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 (Call 11/28/49)<sup>(a)</sup> | 13823 | 8986363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26<sup>(a)</sup> | 12703 | 11866035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26<sup>(a)</sup> | 18416 | 17193373 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pharmaceuticals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 (Call 12/15/28) | $17066 | $15622687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 (Call 06/15/28)<sup>(a)</sup> | 10756 | 10050618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 (Call 09/15/38) | 9217 | 7753441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36 | 6370 | 5591682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 11519 | 9497852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46<sup>(a)</sup> | 16616 | 14009044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 (Call 03/15/48) | 12528 | 10626078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43<sup>(a)</sup> | 9486 | 8192525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44<sup>(a)</sup> | 12513 | 10909385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39 | 30444 | 35658747 |
|  Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36278 | 33365272 |
|  Takeda Pharmaceutical Co. Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 (Call 12/31/29) | 30249 | 23848254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 (Call 01/09/40)<sup>(a)</sup> | 17172 | 11833689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 (Call 01/09/50) | 22932 | 14730790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 (Call 01/09/60)<sup>(a)</sup> | 12867 | 7962035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 (Call 08/26/28)<sup>(a)</sup> | 20323 | 19602983 |
|  Utah Acquisition Sub Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 (Call 03/15/26)<sup>(a)</sup> | 25340 | 23088419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 (Call 12/15/45) | 13039 | 8965088 |
|  Viatris Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 (Call 04/22/27)<sup>(a)</sup> | 8647 | 7072081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 (Call 03/22/30)<sup>(a)</sup> | 17334 | 12959741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 (Call 12/22/39)<sup>(a)</sup> | 17325 | 10804069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 (Call 12/22/49) | 22803 | 13277870 |
|  Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37 | 24618 | 25644046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34<sup>(a)</sup> | 11277 | 12180016 |
|  Zoetis Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 11371 | 8931709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 (Call 06/12/27)<sup>(a)</sup> | 7985 | 7158351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 (Call 08/13/25)<sup>(a)</sup> | 5113 | 4990460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 (Call 08/01/42)<sup>(a)</sup> | 13344 | 11369346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2508594829 |
| **Pipelines — 3.1%** |  |  |
|  Cheniere Corpus Christi Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 (Call 05/18/29) | 20930 | 18276909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 (Call 01/01/27)<sup>(a)</sup> | 14884 | 14511900 |
|  Enbridge Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 (Call 05/01/33)<sup>(a)</sup> | 14793 | 11050325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 (Call 08/15/29)<sup>(a)</sup> | 12132 | 10333907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/51 (Call 02/01/51) | 10853 | 7023089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 (Call 09/01/26) | 6821 | 6455607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 (Call 06/01/46)<sup>(a)</sup> | 8874 | 7980167 |
|  Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 20581 | 17479871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 (Call 07/01/27)<sup>(a)</sup> | 9300 | 8427785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 (Call 10/15/25) | 7894 | 7572814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 (Call 02/15/28)<sup>(a)</sup> | 9545 | 8839564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 (Call 03/15/28)<sup>(a)</sup> | 8274 | 7704075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 23735 | 18032842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 (Call 09/15/44)<sup>(a)</sup> | 12353 | 9613463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 (Call 01/15/29) | 16716 | 15648409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 (Call 10/15/46) | 8683 | 6811906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 (Call 11/15/44)<sup>(a)</sup> | 9007 | 7119595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 (Call 04/01/47)<sup>(a)</sup> | 14935 | 11862360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 (Call 03/01/27)<sup>(a)</sup> | 11065 | 10767535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 (Call 12/15/47) | 11449 | 9660572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 (Call 06/15/45) | 12722 | 10915591 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 (Call 10/15/48)<sup>(a)</sup> | $18882 | $16487668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 (Call 08/01/41)<sup>(a)</sup> | 13032 | 12019639 |
|  Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 (Call 10/31/29) | 15714 | 13090813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 (Call 04/30/29) | 18179 | 15602145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 (Call 08/15/51)<sup>(a)</sup> | 12070 | 7462952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/53 (Call 08/15/52)<sup>(a)</sup> | 13060 | 8183312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 (Call 11/15/25) | 6275 | 5948716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 (Call 07/31/50) | 13757 | 9281123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 (Call 07/31/59) | 9481 | 6290021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 (Call 07/16/28) | 14482 | 13342313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 (Call 07/31/49) | 13572 | 9984398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 (Call 08/15/47) | 13944 | 10367713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 (Call 08/15/42)<sup>(a)</sup> | 12690 | 10014872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 (Call 08/01/48) | 13066 | 10475145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 (Call 02/15/42) | 8115 | 6747179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 14500 | 11931605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 (Call 11/15/45) | 11872 | 9702371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 (Call 08/15/44) | 12947 | 10874616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41 | 9401 | 8867829 |
|  Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/44 (Call 09/01/43) | 8875 | 7492222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38 | 12267 | 12176170 |
|  Kinder Morgan Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 (Call 11/15/30) | 5810 | 4344648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/51 (Call 08/15/50) | 13017 | 8414283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 (Call 12/01/27)<sup>(a)</sup> | 15751 | 14720680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/33 (Call 11/01/32)<sup>(a)</sup> | 11270 | 10090908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 (Call 08/15/45) | 9738 | 7860520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 (Call 09/01/47) | 7969 | 6510131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/34 (Call 06/01/34) | 9110 | 8221770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 08/01/52 (Call 02/01/52) | 9904 | 8400248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 (Call 12/01/44)<sup>(a)</sup> | 21458 | 18532159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32 | 11266 | 12235110 |
|  Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)<sup>(a)</sup> | 7692 | 5240560 |
|  MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 (Call 02/01/26) | 11368 | 9918022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 (Call 05/15/30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14125096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 (Call 12/15/27) | 14964 | 13529608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 (Call 12/01/26) | 12478 | 11590543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 (Call 10/15/37) | 20378 | 16265127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 (Call 10/15/47) | 15006 | 11263906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 (Call 11/15/28) | 7313 | 6767765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 (Call 06/01/32) | 15017 | 13580948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 (Call 09/14/51) | 15370 | 11858922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 (Call 09/01/46) | 13450 | 10757506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 (Call 08/15/48) | 22467 | 18751282 |
|  ONEOK Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 (Call 12/15/29)<sup>(a)</sup> | 9824 | 7948390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 (Call 06/01/29)<sup>(a)</sup> | 8603 | 7194961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 (Call 04/15/28) | 9326 | 8477290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 (Call 01/15/48)<sup>(a)</sup> | 12885 | 10031934 |
|  Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 (Call 09/15/29)<sup>(a)</sup> | 14755 | 12283425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 (Call 06/15/30)<sup>(a)</sup> | 7385 | 6158196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 (Call 09/15/26)<sup>(a)</sup> | 8695 | 8170170 |
|  Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 (Call 09/15/27)<sup>(a)</sup> | 18641 | 17012280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 (Call 11/15/29)<sup>(a)</sup> | 18896 | 17188115 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Pipelines (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 (Call 09/15/26) | $16720 | $16113032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 (Call 12/31/25) | 15288 | 15220430 |
|  Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 (Call 11/01/32)<sup>(a)</sup> | 6271 | 5238454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 (Call 10/15/51)<sup>(a)</sup> | 8439 | 6353802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 (Call 06/01/27) | 9710 | 9361702 |
|  Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 (Call 07/15/26) | 11794 | 9699162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 (Call 02/01/26) | 13588 | 12005677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 (Call 03/01/25) | 11199 | 10320771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 (Call 12/01/22)<sup>(a)</sup> | 10632 | 10551941 |
|  TransCanada PipeLines Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 (Call 07/12/31) | 13086 | 10053704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 14943 | 13355892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 (Call 02/15/28) | 17012 | 15770241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 (Call 12/01/33) | 14434 | 12603001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 (Call 10/15/25)<sup>(a)</sup> | 3552 | 3470508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 (Call 11/15/47)<sup>(a)</sup> | 8711 | 7174832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 (Call 09/15/48) | 9267 | 7869908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40 | 9431 | 8955132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37 | 11359 | 11029478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39<sup>(a)</sup> | 14575 | 15906165 |
|  Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) | 10063 | 10605011 |
|  Williams Companies Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 17251 | 13505539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 (Call 08/15/30)<sup>(a)</sup> | 14401 | 12152203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 (Call 03/15/27)<sup>(a)</sup> | 15853 | 14557398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 (Call 05/15/32) | 11407 | 10278087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 (Call 09/01/47)<sup>(a)</sup> | 7554 | 6055325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 (Call 03/15/45)<sup>(a)</sup> | 11295 | 9288676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 (Call 02/15/52)<sup>(a)</sup> | 11535 | 9725116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13429 | 12958464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080055262 |
| **Real Estate Investment Trusts — 1.8%** |  |  |
|  Alexandria Real Estate Equities Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 (Call 11/01/32) | 8597 | 5943288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 (Call 02/18/32) | 10095 | 7264045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 (Call 12/15/33)<sup>(a)</sup> | 13076 | 9824562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 (Call 11/18/50)<sup>(a)</sup> | 11798 | 6784974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 (Call 05/15/31) | 7877 | 6503582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 (Call 09/15/51) | 11738 | 7577873 |
|  American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 (Call 07/15/30) | 8804 | 6496729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 (Call 03/15/30)<sup>(a)</sup> | 8705 | 6620921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 (Call 11/15/26)<sup>(a)</sup> | 10453 | 9159002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 (Call 10/15/29)<sup>(a)</sup> | 8946 | 7293077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 (Call 07/15/50) | 11962 | 6848409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 13810 | 8150927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 (Call 07/15/26)<sup>(a)</sup> | 13928 | 12606847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 (Call 04/15/27)<sup>(a)</sup> | 9996 | 8943812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 16966 | 14792235 |
|  Boston Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 (Call 07/01/33)<sup>(a)</sup> | 15391 | 10570271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 (Call 01/01/32) | 9234 | 6659576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 (Call 07/01/26)<sup>(a)</sup> | 13243 | 11738529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 (Call 10/30/30)<sup>(a)</sup> | 13433 | 10689449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 (Call 03/21/29) | 15247 | 12631275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 (Call 11/03/25) | 4144 | 3839312 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 (Call 09/01/28) | $8553 | $7704376 |
|  Brixmor Operating Partnership LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/30 (Call 04/01/30)<sup>(a)</sup> | 9110 | 7565333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 (Call 02/15/29) | 3498 | 2990522 |
|  Crown Castle Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 (Call 06/15/26)<sup>(a)</sup> | 13328 | 11224679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 (Call 01/01/31)<sup>(a)</sup> | 13926 | 10391456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 14188 | 10805674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 (Call 10/01/40)<sup>(a)</sup> | 16042 | 10174788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 (Call 07/15/50)<sup>(a)</sup> | 10383 | 6374961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 (Call 04/01/30)<sup>(a)</sup> | 10035 | 8384879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 (Call 06/01/27)<sup>(a)</sup> | 13420 | 12129008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 (Call 03/15/26) | 6128 | 5694972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 (Call 11/15/27) | 11231 | 10120994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 (Call 11/15/25) | 10901 | 10440632 |
|  Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 7425 | 5704292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 (Call 02/15/27)<sup>(a)</sup> | 11604 | 10252759 |
|  Digital Realty Trust LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/29 (Call 04/01/29)<sup>(a)</sup> | 13294 | 11458185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 (Call 05/15/27)<sup>(a)</sup> | 12590 | 11458478 |
|  Equinix Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 (Call 04/15/30)<sup>(a)</sup> | 10198 | 7753313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 (Call 02/15/31)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10997220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 (Call 08/18/29)<sup>(a)</sup> | 14816 | 12410599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 13494 | 11339830 |
|  ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44) | 8937 | 7049032 |
|  GLP Capital LP/GLP Financing II Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 (Call 10/15/31) | 8716 | 6478722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 (Call 10/15/28) | 6658 | 5999976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 (Call 01/15/26)<sup>(a)</sup> | 6346 | 6058062 |
|  Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)<sup>(a)</sup> | 6910 | 4984647 |
|  Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29) | 6511 | 5360259 |
|  Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 11016 | 8062738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 10428 | 8383299 |
|  Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 (Call 10/15/30)<sup>(a)</sup> | 10648 | 8847685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 | 3878 | 3780846 |
|  Simon Property Group LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 (Call 11/01/27)<sup>(a)</sup> | 12481 | 10211660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 (Call 06/13/29) | 14025 | 11194026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 (Call 04/15/30)<sup>(a)</sup> | 10292 | 8153722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 (Call 08/30/26) | 10749 | 9808705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 (Call 03/13/49)<sup>(a)</sup> | 17726 | 10730962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 (Call 10/15/25) | 6663 | 6217367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 (Call 03/15/27) | 8998 | 8195225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 (Call 09/01/27)<sup>(a)</sup> | 7694 | 6894463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 (Call 01/15/50)<sup>(a)</sup> | 7518 | 5081318 |
|  Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)<sup>(a)</sup> | 10980 | 9913650 |
|  VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 (Call 01/15/28) | 14832 | 13530112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 (Call 12/15/29)<sup>(a)</sup> | 10649 | 9572599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 (Call 02/15/32) | 17690 | 15644286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 (Call 11/15/51)<sup>(a)</sup> | 9045 | 7329471 |
|  Welltower Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | 12304 | 9479713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 (Call 10/15/29) | 4410 | 3599250 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
|  **Real Estate Investment Trusts (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/28 (Call 01/15/28)<sup>(a)</sup> | $10743 | $9846374 |
|  Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 (Call 08/15/29) | 13173 | 11670946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11106 | 9688487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618083247 |
| **Retail — 3.3%** |  |  |
|  AutoZone Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 (Call 01/15/30) | 15772 | 14149337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/32 (Call 05/01/32) | 4144 | 3853438 |
|  Costco Wholesale Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 (Call 04/20/27) | 14691 | 12628577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 (Call 01/20/30)<sup>(a)</sup> | 20666 | 16501084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 (Call 01/20/32)<sup>(a)</sup> | 11740 | 8978912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 (Call 02/18/27)<sup>(a)</sup> | 10468 | 9751554 |
|  Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)<sup>(a)</sup> | 12247 | 10683243 |
|  Dollar Tree Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/31 (Call 09/01/31)<sup>(a)</sup> | 7120 | 5554227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 (Call 02/15/28)<sup>(a)</sup> | 16541 | 15388319 |
|  Home Depot Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 (Call 12/15/30) | 17538 | 13117523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 (Call 07/15/28)<sup>(a)</sup> | 12880 | 10628630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 (Call 06/15/31)<sup>(a)</sup> | 11282 | 8690805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 (Call 06/15/26)<sup>(a)</sup> | 13643 | 12295859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 (Call 09/15/50)<sup>(a)</sup> | 14558 | 8213721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 (Call 02/15/27)<sup>(a)</sup> | 9231 | 8343697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 (Call 01/15/30) | 20564 | 17427171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 (Call 03/15/51) | 12794 | 7780102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 (Call 06/14/27)<sup>(a)</sup> | 13603 | 12360332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/27 (Call 03/15/27)<sup>(a)</sup> | 9012 | 8278535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 (Call 03/15/29)<sup>(a)</sup> | 22171 | 19552776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 12089 | 11366605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 (Call 06/15/49) | 14430 | 9613557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 (Call 01/15/32)<sup>(a)</sup> | 13370 | 11519018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 (Call 10/15/39)<sup>(a)</sup> | 14366 | 10751216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 (Call 10/15/49) | 16046 | 11117243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 (Call 03/15/56) | 10252 | 6991634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 (Call 10/15/51)<sup>(a)</sup> | 20190 | 14635121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 (Call 09/06/28)<sup>(a)</sup> | 9851 | 9283740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 (Call 12/15/46)<sup>(a)</sup> | 13280 | 10255592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 (Call 10/01/42)<sup>(a)</sup> | 10927 | 8984928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 (Call 10/01/45) | 17666 | 14506024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 (Call 09/15/44)<sup>(a)</sup> | 13782 | 11404051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 11005 | 10419568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 (Call 06/06/48)<sup>(a)</sup> | 17136 | 14532180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 (Call 08/15/43)<sup>(a)</sup> | 12214 | 10885483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 (Call 03/15/52) | 13973 | 12523311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36 | 34728 | 35651678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 (Call 10/01/40) | 10420 | 10569402 |
|  Lowe's Companies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 (Call 02/15/28)<sup>(a)</sup> | 12574 | 10182140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 (Call 07/15/28)<sup>(a)</sup> | 12587 | 10304707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 (Call 07/15/30)<sup>(a)</sup> | 15503 | 11697652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 (Call 01/15/26)<sup>(a)</sup> | 13215 | 12098849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 (Call 01/01/31)<sup>(a)</sup> | 18955 | 15189716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/41 (Call 03/15/41)<sup>(a)</sup> | 15454 | 9815494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 (Call 04/15/50)<sup>(a)</sup> | 18018 | 10804728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 (Call 02/03/27) | 14815 | 13527553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 (Call 03/01/27)<sup>(a)</sup> | 7480 | 6914522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 (Call 01/05/29)<sup>(a)</sup> | 17688 | 15893807 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 (Call 10/15/45) | $15992 | $11157769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 (Call 01/01/32)<sup>(a)</sup> | 17091 | 14739514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 (Call 11/03/46) | 19975 | 14657849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 (Call 10/01/51)<sup>(a)</sup> | 15366 | 11419728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 (Call 10/01/61)<sup>(a)</sup> | 15798 | 11515180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 (Call 01/15/30)<sup>(a)</sup> | 16368 | 15244350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 (Call 01/15/33)<sup>(a)</sup> | 11829 | 11145413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 (Call 10/15/52) | 15602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14058148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11085 | 9915052 |
|  McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 (Call 12/01/29)<sup>(a)</sup> | 9470 | 7703399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 (Call 06/01/29)<sup>(a)</sup> | 9862 | 8445299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 (Call 12/01/26) | 11048 | 10361264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 (Call 05/01/27)<sup>(a)</sup> | 12267 | 11414408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 (Call 04/01/30)<sup>(a)</sup> | 12206 | 10947548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 (Call 03/01/49) | 19828 | 13976634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 (Call 10/30/25) | 16873 | 16199480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 (Call 01/01/28)<sup>(a)</sup> | 14522 | 13603611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 6768 | 5291591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 (Call 09/01/46) | 13360 | 10928298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 (Call 03/01/48) | 9588 | 7786677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/09/32 (Call 06/09/32) | 7817 | 7413710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 (Call 06/09/35) | 9100 | 8280413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 (Call 06/09/45)<sup>(a)</sup> | 24111 | 20939883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/09/52 (Call 03/09/52) | 4787 | 4298821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37<sup>(a)</sup> | 12268 | 12662503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38<sup>(a)</sup> | 9702 | 9990104 |
|  O'Reilly Automotive Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 (Call 06/01/27)<sup>(a)</sup> | 8905 | 8177856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/32 (Call 03/15/32)<sup>(a)</sup> | 10155 | 9487563 |
|  Starbucks Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 (Call 12/12/29)<sup>(a)</sup> | 9172 | 7423207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 (Call 08/15/30)<sup>(a)</sup> | 14959 | 12208158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 (Call 11/14/31)<sup>(a)</sup> | 13428 | 11105955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 (Call 05/15/50)<sup>(a)</sup> | 14032 | 9534048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 (Call 05/15/29)<sup>(a)</sup> | 11048 | 9940005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 (Call 08/15/28)<sup>(a)</sup> | 8639 | 8013910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 (Call 02/15/49)<sup>(a)</sup> | 13016 | 10343520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 (Call 05/15/48) | 9456 | 7633653 |
|  Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/27 (Call 12/15/26)<sup>(a)</sup> | 11866 | 10614231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 (Call 11/15/29) | 10301 | 8520593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26<sup>(a)</sup> | 12818 | 11848312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 (Call 07/15/51)<sup>(a)</sup> | 14431 | 9368607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 01/15/29)<sup>(a)</sup> | 13615 | 12277754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42<sup>(a)</sup> | 11616 | 9527779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 (Call 06/15/32) | 12352 | 11625692 |
|  TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)<sup>(a)</sup> | 12497 | 11271660 |
|  Walgreens Boots Alliance Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 (Call 03/01/26)<sup>(a)</sup> | 5954 | 5573417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 7667 | 5305717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/18/44 (Call 05/18/44)<sup>(a)</sup> | 2000 | 1569868 |
|  Walmart Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 (Call 03/22/41)<sup>(a)</sup> | 22525 | 15461313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 (Call 03/22/51)<sup>(a)</sup> | 23723 | 15278549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 (Call 05/08/26)<sup>(a)</sup> | 9480 | 9021376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 (Call 03/26/28)<sup>(a)</sup> | 20297 | 19238936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 (Call 12/29/47)<sup>(a)</sup> | 19345 | 16194483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 (Call 06/09/32) | 8872 | 8392823 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Retail (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/09/52 (Call 03/09/52) | $8554 | $7599433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35<sup>(a)</sup> | 15923 | 16195903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38 | 4652 | 5058248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37<sup>(a)</sup> | 3312 | 3755201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1167281777 |
| **Semiconductors — 3.3%** |  |  |
|  Analog Devices Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 (Call 08/01/28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12171 | 10060986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 (Call 07/01/31)<sup>(a)</sup> | 14440 | 11356133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 (Call 04/01/41)<sup>(a)</sup> | 5661 | 3899668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 (Call 04/01/51) | 15364 | 9887630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 (Call 09/05/26)<sup>(a)</sup> | 10397 | 9815065 |
|  Applied Materials Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 15386 | 12122882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 7471 | 4772226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 (Call 01/01/27)<sup>(a)</sup> | 10620 | 9982896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 (Call 10/01/46)<sup>(a)</sup> | 11543 | 9748764 |
|  Broadcom Corp./Broadcom Cayman Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 (Call 10/15/27) | 14205 | 12489922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 (Call 10/15/26) | 33199 | 30509921 |
|  Broadcom Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 (Call 12/15/27)<sup>(a)(c)</sup> | 9932 | 8112763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 (Call 11/15/30)<sup>(a)(c)</sup> | 29859 | 22436306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 (Call 11/15/32)<sup>(c)</sup> | 18395 | 13070225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 (Call 08/15/35)<sup>(c)</sup> | 36331 | 25143973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 (Call 10/15/25)<sup>(a)</sup> | 6415 | 5980484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 (Call 08/15/36)<sup>(c)</sup> | 30050 | 20445097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 (Call 01/15/33)<sup>(c)</sup> | 24648 | 18778207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 (Call 07/15/26)<sup>(a)</sup> | 13494 | 12399248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 (Call 01/15/34)<sup>(c)</sup> | 34936 | 26106412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 (Call 08/15/40)<sup>(c)</sup> | 33749 | 22190015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 (Call 08/15/50)<sup>(a)(c)</sup> | 21605 | 13810975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 (Call 02/15/29)<sup>(a)(c)</sup> | 12477 | 10912827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 (Call 06/15/28) | 13540 | 12167007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 (Call 08/15/30) | 24858 | 21340081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 (Call 01/15/32)<sup>(a)(c)</sup> | 14434 | 12083591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 (Call 08/15/32)<sup>(a)</sup> | 22930 | 19302921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 (Call 01/15/29)<sup>(a)</sup> | 5481 | 5090996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 (Call 02/15/37)<sup>(c)</sup> | 36692 | 30210538 |
|  Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 (Call 06/12/28) | 12064 | 9955417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 (Call 05/12/31)<sup>(a)</sup> | 14620 | 11146077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 (Call 08/15/29) | 21979 | 18192842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 (Call 02/19/26)<sup>(a)</sup> | 10049 | 9292723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 (Call 02/12/41) | 10295 | 6632369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 (Call 02/12/51)<sup>(a)</sup> | 11956 | 7232046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 (Call 08/15/59)<sup>(a)</sup> | 14021 | 7975847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 (Call 02/11/27)<sup>(a)</sup> | 12583 | 11623422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 (Call 02/12/61) | 8505 | 4918395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 (Call 05/15/49) | 21565 | 13499291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 (Call 06/08/47) | 25030 | 17413391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 (Call 01/25/27)<sup>(a)</sup> | 7378 | 6996691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 (Call 07/05/27)<sup>(a)</sup> | 9365 | 8802289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 (Call 12/25/29) | 13981 | 12677955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 (Call 06/05/29)<sup>(a)</sup> | 9881 | 9108582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32<sup>(a)</sup> | 5918 | 5225919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 (Call 11/19/45)<sup>(a)</sup> | 16119 | 12177513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 (Call 11/11/46) | 11147 | 8292166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 (Call 05/05/32)<sup>(a)</sup> | 16342 | 14579499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 (Call 09/25/39)<sup>(a)</sup> | 7017 | 5942585 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Semiconductors (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 (Call 09/25/49)<sup>(a)</sup> | $28726 | $23370256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41<sup>(a)</sup> | 7171 | 6173991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 (Call 01/29/45)<sup>(a)</sup> | 8103 | 6892417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 (Call 02/05/52) | 18949 | 15696044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 (Call 09/25/59)<sup>(a)</sup> | 7201 | 5851600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 (Call 02/05/62) | 15378 | 12484606 |
|  KLA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 (Call 08/28/49)<sup>(a)</sup> | 5621 | 3785995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 7031 | 6595910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> | 14888 | 14128894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/52 (Call 01/15/52) | 15805 | 13815885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 (Call 01/15/62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10388514 |
|  Lam Research Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 (Call 03/15/30) | 10945 | 8572722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 (Call 12/15/49)<sup>(a)</sup> | 11418 | 7140984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 (Call 01/15/26) | 6753 | 6474719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 12875 | 11913212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 (Call 09/15/48)<sup>(a)</sup> | 8004 | 7030052 |
|  Marvell Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 (Call 02/15/28)<sup>(a)</sup> | 9504 | 7776825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 (Call 01/15/31)<sup>(a)</sup> | 10881 | 8420380 |
|  Micron Technology Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 (Call 01/15/32) | 13636 | 9983430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 (Call 12/15/26)<sup>(a)</sup> | 13170 | 12219339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 (Call 11/15/29)<sup>(a)</sup> | 11198 | 9993679 |
|  NVIDIA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 (Call 04/15/28) | 15556 | 12846425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 (Call 03/15/31)<sup>(a)</sup> | 16717 | 12993783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 18955 | 16118306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 (Call 06/16/26)<sup>(a)</sup> | 11399 | 10711326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 (Call 10/01/39)<sup>(a)</sup> | 10811 | 8200136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | 23578 | 16658274 |
|  NXP BV/NXP Funding LLC/NXP USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/31 (Call 02/11/31) | 11816 | 8898471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 (Call 11/15/31)<sup>(a)</sup> | 12536 | 9332702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 (Call 11/11/40) | 12414 | 8054180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 (Call 02/01/30) | 11278 | 9336505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 (Call 04/18/26)<sup>(a)</sup> | 11181 | 10397673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 (Call 03/18/29)<sup>(a)</sup> | 11416 | 10252764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/33 (Call 10/15/32)<sup>(a)</sup> | 11570 | 10338957 |
|  Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)<sup>(a)</sup> | 11429 | 9773281 |
|  QUALCOMM Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 (Call 02/20/28) | 10996 | 9000209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 (Call 02/20/32)<sup>(a)</sup> | 11210 | 8385786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 (Call 02/20/30)<sup>(a)</sup> | 18764 | 15363374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 (Call 02/20/27)<sup>(a)</sup> | 21980 | 20417569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 (Call 11/20/49)<sup>(a)</sup> | 8853 | 6098129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 (Call 11/20/46)<sup>(a)</sup> | 17398 | 14230804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 (Call 11/20/51)<sup>(a)</sup> | 11286 | 9356145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 (Call 11/20/34)<sup>(a)</sup> | 12138 | 11206759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 (Call 11/20/44)<sup>(a)</sup> | 19398 | 17182572 |
|  Texas Instruments Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 (Call 02/04/30) | 11542 | 9187693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 (Call 06/04/29) | 10147 | 8529024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 (Call 09/15/38) | 9769 | 8122616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 (Call 11/15/47) | 18194 | 14979571 |
|  Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30) | 11304 | 9230850 |
|  |  | 1149826116 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software — 3.4%** |  |  |
|  Activision Blizzard Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/50 (Call 03/15/50) | $17099 | $10182757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 (Call 06/15/26) | 11669 | 10994859 |
|  Adobe Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 (Call 12/01/26) | 8279 | 7430831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 (Call 11/01/29) | 13653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11326122 |
|  Autodesk Inc., 2.40%, 12/15/31<br>(Call 09/15/31)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11210 | 8647743 |
|  Broadridge Financial Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 (Call 02/01/31)<sup>(a)</sup> | 13404 | 10417082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 (Call 09/01/29) | 9144 | 7540194 |
|  Fidelity National Information Services Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 (Call 02/01/26)<sup>(a)</sup> | 7725 | 6669962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 (Call 01/01/28)<sup>(a)</sup> | 9370 | 7639763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 (Call 12/01/30)<sup>(a)</sup> | 19334 | 14839570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 (Call 09/01/40) | 13261 | 8652338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 (Call 04/15/32)<sup>(a)</sup> | 8254 | 7779027 |
|  Fiserv Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 (Call 04/01/27)<sup>(a)</sup> | 7310 | 6321523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 (Call 03/01/30)<sup>(a)</sup> | 16112 | 13049193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 (Call 05/01/26) | 25030 | 22966847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 (Call 04/01/29)<sup>(a)</sup> | 36022 | 31252734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 (Call 07/01/28)<sup>(a)</sup> | 10966 | 10102714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 (Call 01/01/49)<sup>(a)</sup> | 25787 | 19366269 |
|  Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 (Call 05/08/26)<sup>(a)</sup> | 44845 | 41484558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 (Call 12/01/49)<sup>(a)</sup> | 75577 | 47463278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 (Call 12/01/59)<sup>(a)</sup> | 44667 | 26964566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 (Call 09/17/51) | 70369 | 47578036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 (Call 09/17/61) | 24667 | 16067731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 (Call 08/03/25)<sup>(a)</sup> | 16884 | 16234035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 (Call 11/06/26)<sup>(a)</sup> | 45259 | 43015348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 (Call 02/08/36) | 18176 | 15565165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 (Call 08/12/34)<sup>(a)</sup> | 17899 | 15803888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 (Call 02/08/46) | 19356 | 15612002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 (Call 08/06/36)<sup>(a)</sup> | 9926 | 9070984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 (Call 08/06/46)<sup>(a)</sup> | 13523 | 11898259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 (Call 05/03/45)<sup>(a)</sup> | 8308 | 7453694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 (Call 08/06/56) | 7666 | 6762325 |
|  Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 (Call 02/25/26)<sup>(a)</sup> | 26066 | 22908498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 (Call 01/25/28)<sup>(a)</sup> | 24749 | 20670768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 (Call 04/15/26)<sup>(a)</sup> | 33173 | 29817866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 (Call 02/01/27)<sup>(a)</sup> | 24024 | 21231251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 (Call 12/25/30)<sup>(a)</sup> | 36081 | 28386709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 (Call 01/01/30) | 36129 | 29378499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | 29876 | 26507194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 (Call 10/01/39) | 34177 | 23165936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 (Call 10/01/49) | 51567 | 31680630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 (Call 09/25/40)<sup>(a)</sup> | 23651 | 15921673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 (Call 05/15/37) | 21955 | 15977962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 (Call 01/15/36)<sup>(a)</sup> | 14674 | 10962402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 (Call 10/01/59) | 36286 | 21879943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 (Call 11/15/34)<sup>(a)</sup> | 14321 | 11074700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 (Call 09/25/50) | 35287 | 23038279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 (Call 01/15/46) | 34680 | 23150065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 (Call 05/15/47) | 25874 | 17107418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 (Call 09/25/60)<sup>(a)</sup> | 15138 | 9487275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 (Call 11/15/44) | 22777 | 15571726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 (Call 01/08/34) | 20694 | 16841963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 (Call 11/15/54) | 13939 | 9439329 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 (Call 01/08/44)<sup>(a)</sup> | $11397 | $8426040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40 | 24509 | 20467603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39 | 14786 | 13519121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38<sup>(a)</sup> | 14006 | 13473195 |
|  Roper Technologies Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/31 (Call 11/15/30) | 9773 | 7164561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 (Call 06/15/28) | 10221 | 9461224 |
|  salesforce.com Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 (Call 05/15/28)<sup>(a)</sup> | 12946 | 10813925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 (Call 04/15/31)<sup>(a)</sup> | 19127 | 14962216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 (Call 01/15/41)<sup>(a)</sup> | 13627 | 9289046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 (Call 01/15/51)<sup>(a)</sup> | 24304 | 15627956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 (Call 01/15/61)<sup>(a)</sup> | 14890 | 9098954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 (Call 01/11/28)<sup>(a)</sup> | 15524 | 14637119 |
|  VMware Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 (Call 07/15/26)<sup>(a)</sup> | 14872 | 12702160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 (Call 06/15/28)<sup>(a)</sup> | 9743 | 7699201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 (Call 05/15/31) | 16022 | 11650279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 (Call 05/21/27)<sup>(a)</sup> | 14109 | 12927872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 11066 | 9919775 |
|  Workday Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 (Call 03/01/27)<sup>(a)</sup> | 11929 | 11000658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 (Call 02/01/29) | 6873 | 6100915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 (Call 01/01/32)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14981 | 12808207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192103510 |
| **Telecommunications — 6.9%** |  |  |
|  AT&T Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 (Call 12/01/27)<sup>(a)</sup> | 25297 | 20889989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 (Call 03/25/23) | 33052 | 29170267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 (Call 11/01/31) | 29186 | 21876124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 (Call 04/01/27) | 28420 | 24805280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 (Call 09/01/33)<sup>(a)</sup> | 44994 | 33168636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 (Call 03/01/31)<sup>(a)</sup> | 31937 | 25504138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/52 (Call 08/01/51)<sup>(a)</sup> | 9852 | 6199715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 (Call 12/01/40) | 30731 | 21777059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 (Call 03/15/53)<sup>(a)</sup> | 80181 | 51436472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 (Call 03/15/55) | 81913 | 52054213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 (Call 12/01/50)<sup>(a)</sup> | 35459 | 23624264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 (Call 03/15/59)<sup>(a)</sup> | 72426 | 45907561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 (Call 11/15/26) | 6930 | 6486549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 (Call 06/01/57)<sup>(a)</sup> | 65022 | 42884629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 (Call 12/01/59)<sup>(a)</sup> | 16733 | 11072390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 (Call 11/15/27)<sup>(a)</sup> | 21312 | 19945762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 (Call 12/01/26)<sup>(a)</sup> | 16476 | 15765894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 (Call 11/15/29) | 35043 | 31940514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 (Call 06/15/42) | 15368 | 11889655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 (Call 12/01/28) | 32343 | 30037956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 (Call 12/15/44) | 17514 | 13392481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 (Call 11/15/34) | 28824 | 24881171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 (Call 09/09/47) | 21570 | 16674192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 (Call 09/09/48)<sup>(a)</sup> | 15608 | 12211356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 (Call 11/15/45) | 23102 | 18895620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 (Call 09/01/38) | 12168 | 10420884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 (Call 09/01/36)<sup>(a)</sup> | 11194 | 10204384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 (Call 08/15/46)<sup>(a)</sup> | 9808 | 9090692 |
|  Bell Telephone Co. of Canada or Bell Canada (The) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/52 (Call 02/15/52) | 9334 | 6300383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 (Call 10/01/47)<sup>(a)</sup> | 13824 | 10804274 |
|  British Telecommunications PLC, 9.63%, 12/15/30 | 31641 | 36057593 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
|  Cisco Systems Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 (Call 06/20/26)<sup>(a)</sup> | $17743 | $16388258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26 | 2976 | 2812791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40 | 23716 | 23193560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39 | 22271 | 22750216 |
|  Corning Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/57 (Call 05/15/57)<sup>(a)</sup> | 8452 | 6095669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 (Call 05/19/79) | 11806 | 9487097 |
|  Deutsche Telekom International Finance BV, 8.75%, 06/15/30<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46484942 |
|  Motorola Solutions Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 (Call 08/15/30) | 14042 | 10497707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 (Call 02/24/31) | 9937 | 7592893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 (Call 02/23/29)<sup>(a)</sup> | 10362 | 9516997 |
|  Orange SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/13/42 | 12927 | 11752546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 (Call 08/06/43)<sup>(a)</sup> | 5869 | 5419134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31 | 31099 | 37122540 |
|  Rogers Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 (Call 02/15/27)<sup>(a)(c)</sup> | 13430 | 12198278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 (Call 05/15/49)<sup>(a)</sup> | 9373 | 6140388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 (Call 12/15/31)<sup>(c)</sup> | 19837 | 16861018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 (Call 08/15/47) | 10936 | 7965117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 (Call 11/01/48)<sup>(a)</sup> | 16544 | 12088463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 (Call 09/15/41)<sup>(a)(c)</sup> | 10259 | 8093237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 (Call 09/15/51)<sup>(a)(c)</sup> | 23056 | 17650846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 9542 | 7738980 |
|  Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/08/27<sup>(a)</sup> | 17447 | 15965914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38<sup>(a)</sup> | 12073 | 9130402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48<sup>(a)</sup> | 13469 | 9604211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47<sup>(a)</sup> | 30355 | 22746264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 (Call 09/01/48)<sup>(a)</sup> | 16107 | 12637290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36<sup>(a)</sup> | 23092 | 22343207 |
|  Telefonica Europe BV, 8.25%, 09/15/30<sup>(a)</sup> | 15216 | 16626230 |
|  TELUS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/32 (Call 02/13/32) | 15480 | 12697874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 (Call 05/16/48)<sup>(a)</sup> | 8059 | 6429919 |
|  T-Mobile USA Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 (Call 01/15/26) | 13415 | 11774781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 (Call 12/15/27) | 20996 | 17401886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 (Call 02/15/23)<sup>(a)</sup> | 8439 | 7578237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 (Call 08/15/31) | 11441 | 8657468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 (Call 11/15/30) | 32129 | 25409766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 (Call 04/15/23) | 18232 | 16467750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 (Call 02/15/24) | 18259 | 15101807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 (Call 12/15/31) | 12792 | 9997571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 (Call 02/15/26) | 13153 | 10574012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 (Call 08/15/40)<sup>(a)</sup> | 28755 | 19273591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 (Call 08/15/50)<sup>(a)</sup> | 35632 | 22882710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 (Call 04/15/24) | 29173 | 25270703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 (Call 04/15/52)<sup>(a)</sup> | 32046 | 20787083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 (Call 04/15/26)<sup>(a)</sup> | 28487 | 24051967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 (Call 05/15/60) | 21078 | 13540718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 (Call 02/15/27) | 45196 | 41675516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 (Call 01/15/30) | 77788 | 68689643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 (Call 10/15/39)<sup>(a)</sup> | 23132 | 18822138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 (Call 10/15/49)<sup>(a)</sup> | 35408 | 28097756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 (Call 02/01/23) | 19526 | 18516701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 01/15/33 (Call 10/15/32) | 11407 | 10904290 |

---

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

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Telecommunications (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 (Call 07/15/52) | $11354 | $10466502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 (Call 03/15/62) | 8345 | 7662438 |
|  Verizon Communications Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 (Call 10/20/25)<sup>(a)</sup> | 12350 | 10846575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 (Call 02/20/26)<sup>(a)</sup> | 17701 | 15602260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 (Call 06/18/30) | 12364 | 9163752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 (Call 07/30/30) | 19790 | 14715274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 (Call 10/20/30)<sup>(a)</sup> | 26911 | 19923774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 (Call 01/22/28) | 32176 | 27048729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 (Call 12/15/31) | 51179 | 38711770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 (Call 12/21/30)<sup>(a)</sup> | 45945 | 36238774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26<sup>(a)</sup> | 19567 | 17792011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 (Call 05/20/40)<sup>(a)</sup> | 37815 | 24012170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/03/41 (Call 03/03/41) | 16110 | 10482234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 (Call 05/20/50) | 33943 | 19953186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 (Call 04/30/56)<sup>(a)</sup> | 40695 | 23413632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 (Call 01/22/27)<sup>(a)</sup> | 10275 | 9314414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 (Call 05/20/60) | 23130 | 12927281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 (Call 12/22/29) | 17342 | 14705211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 (Call 09/22/40) | 41923 | 29787172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 (Call 09/22/50)<sup>(a)</sup> | 51176 | 34448567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 (Call 09/22/60)<sup>(a)</sup> | 37911 | 24726703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 (Call 11/08/28) | 14511 | 13167659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 (Call 09/01/51)<sup>(a)</sup> | 13734 | 9724506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 (Call 09/22/49)<sup>(a)</sup> | 15371 | 11263666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 (Call 09/03/29)<sup>(a)</sup> | 45103 | 40667751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27<sup>(a)</sup> | 31968 | 30422411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46<sup>(a)</sup> | 11925 | 8978347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36<sup>(a)</sup> | 20356 | 17072425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28<sup>(a)</sup> | 46775 | 43889081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 (Call 05/01/34)<sup>(a)</sup> | 22160 | 19136676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33<sup>(a)</sup> | 25370 | 22569801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48<sup>(a)</sup> | 15568 | 12388898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39 | 13859 | 12053724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20728114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54<sup>(a)</sup> | 4554 | 3861131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37 | 12984 | 12027561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43<sup>(a)</sup> | 9728 | 10025367 |
|  Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50 | 18828 | 13230230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28<sup>(a)</sup> | 34045 | 31978533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43 | 18706 | 13978029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49<sup>(a)</sup> | 16948 | 13112278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38 | 11473 | 9723719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48 | 34623 | 28203487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37<sup>(a)</sup> | 20272 | 19109506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386133508 |
| **Toys, Games & Hobbies — 0.0%** |  |  |
|  Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) | 15197 | 13103891 |
| **Transportation — 1.8%** |  |  |
|  Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 (Call 03/15/51) | 11389 | 7781923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/15/50 (Call 08/15/49) | 10352 | 7450591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 (Call 02/01/46) | 7103 | 5469809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 (Call 12/15/47) | 9514 | 7531018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 (Call 12/15/46) | 8786 | 7033976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/45 (Call 10/01/44) | 10904 | 8723861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 (Call 06/15/48) | 8131 | 6476439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 (Call 09/15/42) | 8079 | 6836383 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/53 (Call 07/15/52)<sup>(a)</sup> | $16569 | $13933795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 (Call 03/01/44) | 7704 | 6538548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 (Call 10/01/43) | 12183 | 10855784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 (Call 11/01/39) | 8156 | 8067553 |
|  Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)<sup>(a)</sup> | 7637 | 6888928 |
|  Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 (Call 11/02/26) | 13439 | 11667099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 (Call 09/02/31)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17401858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 (Call 06/02/41)<sup>(a)</sup> | 9867 | 6868876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 (Call 06/02/51)<sup>(a)</sup> | 22869 | 14552482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/2115 (Call 03/15/2115) | 7530 | 6852975 |
|  CSX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 (Call 03/01/27) | 8948 | 8199042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 (Call 12/01/27) | 11163 | 10400122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 (Call 05/01/46)<sup>(a)</sup> | 8463 | 6225225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/32 (Call 08/15/32)<sup>(a)</sup> | 13551 | 12210348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 (Call 09/15/43)<sup>(a)</sup> | 9540 | 7504632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 11581 | 10845386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 (Call 09/01/47) | 14171 | 11313110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/52 (Call 05/15/52)<sup>(a)</sup> | 10352 | 8439251 |
|  FedEx Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 (Call 02/15/31)<sup>(a)</sup> | 9614 | 7449802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 (Call 05/05/29)<sup>(a)</sup> | 9694 | 8265434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 (Call 01/01/26)<sup>(a)</sup> | 3197 | 3007322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 (Call 11/15/40) | 8487 | 5643942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 (Call 08/15/47) | 8643 | 6156316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/30 (Call 02/15/30)<sup>(a)</sup> | 6422 | 5780941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 (Call 07/15/46) | 3342 | 2491238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 (Call 10/01/45)<sup>(a)</sup> | 10101 | 7698291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 (Call 05/15/45) | 11048 | 8720212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 (Call 04/17/48) | 8973 | 7273952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44 | 9243 | 7658768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 13618 | 11534520 |
|  Norfolk Southern Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/50 (Call 11/15/49)<sup>(a)</sup> | 5791 | 3655763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 (Call 11/15/54) | 11230 | 6912249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 (Call 12/01/52) | 10151 | 8251734 |
|  Union Pacific Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/31 (Call 02/20/31)<sup>(a)</sup> | 10858 | 8777062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 (Call 11/05/29)<sup>(a)</sup> | 12801 | 10634907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 (Call 12/15/31)<sup>(a)</sup> | 11632 | 9627199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/52 (Call 09/10/51) | 8033 | 5070678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 (Call 03/16/62)<sup>(a)</sup> | 12681 | 7418830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 (Call 11/20/40)<sup>(a)</sup> | 8731 | 6383574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 (Call 08/05/49) | 20608 | 14073473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 (Call 08/14/52)<sup>(a)</sup> | 14929 | 10481724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 (Call 12/01/28)<sup>(a)</sup> | 7006 | 6434785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 (Call 08/05/69) | 9081 | 6099928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 (Call 04/01/51)<sup>(a)</sup> | 11588 | 8693277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 (Call 10/06/70)<sup>(a)</sup> | 11837 | 8035577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 (Call 09/20/59)<sup>(a)</sup> | 20194 | 14369176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 (Call 06/10/28) | 10499 | 9891964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/33 (Call 10/20/32)<sup>(a)</sup> | 14420 | 13557365 |
|  United Parcel Service Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 (Call 08/15/27)<sup>(a)</sup> | 13706 | 12590003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 (Call 12/15/28)<sup>(a)</sup> | 10281 | 9367380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 (Call 05/15/47)<sup>(a)</sup> | 15390 | 11940855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 (Call 09/15/48) | 6360 | 5302813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 (Call 01/01/30)<sup>(a)</sup> | 8467 | 8128895 |

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

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---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **iBoxx $ Investment Grade Corporate Bond ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/*<br> *Shares*<br> *(000)* | *Par/*<br> *Shares*<br> *(000)* | *Value* |
| **Transportation (continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 (Call 10/01/49)<sup>(a)</sup> | $| 12993 | $12712946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38 |  | 19190 | 20361716 |
|  Walmart Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 (Call 08/17/26)<sup>(a)</sup> |  | 17955 | 15626380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 (Call 07/22/28)<sup>(a)</sup> |  | 13608 | 11376284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 (Call 06/22/31)<sup>(a)</sup> |  | 29764 | 23490969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 (Call 08/09/27) |  | 7220 | 6985990 |
|  |  |  | 614003248 |
| **Water — 0.1%** |  |  |  |
|  American Water Capital Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/47 (Call 03/01/47) |  | 7360 | 5345329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 (Call 03/01/32)<sup>(a)</sup> |  | 10994 | 10131675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37 |  | 9089 | 9527366 |
|  |  |  | 25004370 |
|  **Total Long-Term Investments — 97.6%<br>(Cost: $41,905,960,299)** | **Total Long-Term Investments — 97.6%<br>(Cost: $41,905,960,299)** | **Total Long-Term Investments — 97.6%<br>(Cost: $41,905,960,299)** | &nbsp;&nbsp;&nbsp;&nbsp;33963971361 |
|  **Short-Term Securities** |  |  |  |
| **Money Market Funds — 9.0%** |  |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%<sup>(d)(e)(f)</sup> |  | 2692241 | 2691702704 |

---

---

| | | |
|:---|:---|:---|
| *Security* | <br> *Shares<br>(000)* | *Value* |
| **Money Market Funds (continued)** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup> | 438754 | $438754000 |
|  **Total Short-Term Securities — 9.0%<br>(Cost: $3,130,589,424)** | **Total Short-Term Securities — 9.0%<br>(Cost: $3,130,589,424)** | 3130456704 |
|  **Total Investments — 106.6%<br>(Cost: $45,036,549,723)** | **Total Investments — 106.6%<br>(Cost: $45,036,549,723)** | 37094428065 |
| **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | (2281886575) |
| **Net Assets — 100.0%** |  | $34812541490 |

---

<sup>(a)</sup> All or a portion of this security is on loan.

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

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

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

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

<sup>(f)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

**Fair Value Hierarchy as of Period End** 

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds & Notes | $— | $33963971361 | $— | $33963971361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 3130456704 |  |  | 3130456704 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;3130456704 | $33963971361 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $37094428065 |

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

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Statements of Assets and Liabilities (unaudited) (continued)

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> 10+ Year<br> Investment<br> Grade<br> Corporate<br> Bond ETF | iShares<br> Core<br> U.S. Aggregate<br> Bond ETF | iShares<br> iBoxx $ High<br> Yield Corporate<br>Bond ETF | iShares<br> iBoxx $ Investment<br> Grade<br> Corporate<br> Bond ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup> | $1243952582 | $76153899889 | $13775577516 | $33963971361 |
|  Investments, at value — affiliated<sup>(c)</sup> | 103101779 | 3664816101 | 2855928282 | 3130456704 |
|  Cash | 43505 | 37230930 |  |  |
|  Foreign currency, at value<sup>(d)</sup> |  |  | 14173 |  |
|  Cash pledged as collateral for TBA commitments |  | 28070000 |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 1797832 | 438130316 | 64558968 | 337776010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 27199 | 265948 | 1307253 | 604153 |
| &nbsp;&nbsp;&nbsp;&nbsp; TBA sales commitments |  | 337875178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 45462 | 36586632 | 4741331 | 1220148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated |  | 8012904 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 26359 | 247 | 560969 | 908664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 18076109 | 477005383 | 225255389 | 380292756 |
|  Total assets | 1367070827 | 81181893528 | 16927943881 | 37815229796 |
|  **LIABILITIES** |  |  |  |  |
|  Bank overdraft |  |  | 921244 | 761679 |
|  Collateral on securities loaned, at value | 92831811 | 715484312 | 2583158577 | 2692084530 |
|  TBA sales commitments, at value |  | 338858745 |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 1981836 | 3612419643 | 107526978 | 305911147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  | 37 | 2122426 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 63056 | 1736379 | 5320722 | 3930950 |
|  Total liabilities | 94876703 | 4668499116 | 2699049947 | 3002688306 |
|  NET ASSETS | $1272194124 | $76513394412 | $14228893934 | $34812541490 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $1940733858 | $90465037799 | $18347364647 | $44501759261 |
|  Accumulated loss | (668539734) | (13951643387) | (4118470713) | (9689217771) |
|  NET ASSETS | $1272194124 | $76513394412 | $14228893934 | $34812541490 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 27200000 | 807100000 | 193700000 | 344200000 |
|  Net asset value | $46.77 | $94.80 | $73.46 | $101.14 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $1794700429 | $88950354539 | $15757706751 | $41905960299 |
|  <sup>(b)</sup> Securities loaned, at value | $89041832 | $693037608 | $2472758148 | $2595594979 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $103089228 | $3664931107 | $2856062855 | $3130589424 |
|  <sup>(d)</sup> Foreign currency, at cost | $— | $— | $14707 | $— |

---

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

------

Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corp. |
| BAB | Build America Bond |
| BAM | Build America Mutual Assurance Co. |
| GO | General Obligation |
| GOL | General Obligation Limited |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| NPFGC | National Public Finance Guarantee Corp. |
| PJSC | Public Joint Stock Company |
| PSF | Permanent School Fund |
| RB | Revenue Bond |
| REIT | Real Estate Investment Trust |
| SAP | Subject to Appropriations |
| SCA | Svenska Celluosa Aktiebolaget |
| SOFR | Secured Overnight Financing Rate |
| TBA | To-Be-Announced |

---

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

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**Want to know more?** 

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

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

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

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

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

iS-AR-1010-1022

---

| | |
|:---|:---|
| ![LOGO](g395699sp49a.jpg)  | ![LOGO](g395699sp49b.jpg) |

---

------

---

| | |
|:---|:---|
| ![LOGO](g374926001g1.jpg)  | **OCTOBER 31, 2022** |

---

**2022 Annual Report**

**iShares U.S. ETF Trust** 

· iShares Bloomberg Roll Select Commodity Strategy ETF \| CMDY \| NYSE Arca

· iShares Commodity Curve Carry Strategy ETF \| CCRV \| NYSE Arca

· iShares Gold Strategy ETF \| IAUF \| Cboe BZX

· iShares GSCI Commodity Dynamic Roll Strategy ETF \| COMT \| NASDAQ

------

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

![LOGO](g374926002g2.jpg)

Rob Kapito

President, BlackRock, Inc.

![LOGO](g374926002g1.jpg)

Rob Kapito

President, BlackRock, Inc.

---

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

---

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

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**Table of Contents**

---

| | |
|:---|:---|
| | Page |
|  [The Markets in Review](#tx374926_1) | 2 |
|  **Annual Report:** |  |
|  [Market Overview](#tx374926_2) | 4 |
|  [Fund Summary](#tx374926_3) | 5 |
|  [About Fund Performance](#tx374926_4) | 13 |
|  [Disclosure of Expenses](#tx374926_5) | 13 |
|  [Consolidated Schedules of Investments](#tx374926_6) | 14 |
|  Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Assets and Liabilities](#tx374926_7) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Operations](#tx374926_8) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#tx374926_9) | 28 |
|  [Consolidated Financial Highlights](#tx374926_10) | 30 |
|  [Notes to Consolidated Financial Statements](#tx374926_11) | 34 |
|  [Report of Independent Registered Public Accounting Firm](#tx374926_12) | 42 |
|  [Important Tax Information](#tx374926_13) | 43 |
|  [Board Review and Approval of Investment Advisory Contract](#tx374926_14) | 44 |
|  [Supplemental Information](#tx374926_15) | 50 |
|  [Trustee and Officer Information](#tx374926_16) | 51 |
|  [General Information](#tx374926_17) | 54 |
|  [Glossary of Terms Used in this Report](#tx374926_18) | 55 |

---

------

Market Overview

**iShares U.S. ETF Trust** 

**Global Market Overview** 

Commodities posted solid gains for the 12 months ended October 31, 2022 (the "reporting period"). The S&P GSCI Index, a broad measure of commodity market performance, returned 24.7% in U.S. dollar terms for the reporting period. The strong showing for commodities stands in start contrast to the sizable declines for the global equity and fixed-income markets.

The gain for the index largely reflected the favorable supply-and-demand trends that were in place through the end of May 2022. On the demand side, the reopening of the world economy, together with economic growth that remained in positive territory across much of the globe, provided firm support for prices. With respect to supply, two key factors acted as tailwinds for the market. First, Russia's invasion of Ukraine in February 2022 led to extreme uncertainty about supply for a wide range of commodities. The conflict also put additional stress on global supply chains, further complicating the outlook. Second, producers continued to exhibit discipline by emphasizing shareholder returns rather than focusing primarily on growth.

These developments helped fuel robust gains for commodities in the first seven months of the period, with prices moving steadily higher from early December 2021 through mid-June 2022. However, the market began to trend lower in the summer as investors gained clarity regarding the outlook for Russian energy supplies. In addition, the aggressive interest-rate increases by global central banks raised the prospect of slowing growth and a possible slowdown in demand. The index declined sharply through June and early July in response, before trading sideways in a fairly narrow range over the final four months of the period.

Energy was the primary driver of the index's gain, with crude oil and natural gas each delivering positive returns but finishing October well off of their previous highs. Late in the period, however, OPEC+ announced plans to cut oil production by two million barrels per day in an effort to keep prices stable ahead of a possible global recession.

Industrial metals lost ground on the year. After performing well in late 2021 and gaining further strength following the Ukraine invasion, the category subsequently weakened on concerns that China's slowing economy—together with its continued pursuit of a zero-COVID policy—would crimp demand. The growing odds of a global growth slowdown was an added headwind for performance.

Gold also lagged, due in part to the unusual rally in the U.S. Dollar. Since gold is traded in Dollars worldwide, the currency's increasing value made the metal more expensive for non-U.S. buyers. Rising real (after-inflation) interest rates were an additional challenge since gold is a non- interest-bearing asset. Other precious metals—silver, platinum, and palladium—generally tracked the decline in industrial metals.

Agricultural commodities were largely flat as a group, with rising demand post-COVID offset by higher-than-expected supply.

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

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Bloomberg Roll Select Commodity Strategy ETF** |

---

**Investment Objective** 

The **iShares Bloomberg Roll Select Commodity Strategy ETF** (the "Fund") seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the Bloomberg Roll Select Commodity Total Return Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since<br>Inception* | *1 Year* | *Since<br>Inception* |
|  Fund NAV | 9.78% | 7.01% | 9.78% | 36.39% |
|  Fund Market | 9.10 | 6.96 | 9.10 | 36.11 |
|  Index | 10.74 | 7.63 | 10.74 | 39.99 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g374926g33p89.jpg)

The inception date of the Fund was April 3, 2018. The first day of secondary market trading was April 5, 2018.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882.40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.80 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | 0.27% |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Bloomberg Roll Select Commodity Strategy ETF** |

---

**Portfolio Management Commentary** 

The Fund finished the reporting period in positive territory, reflecting higher prices for many commodities against a backdrop of historically high inflation. The Fund uses a mix of commodities futures designed to provide total returns consistent with investment in a broad variety of commodities.

Significant portfolio shifts during the period included increased exposures to soybeans and gold, along with reduced exposure to coffee, West Texas Intermediate crude oil, and aluminum. At the end of the period, the largest exposures were to gold, natural gas, West Texas Intermediate crude oil, and Brent crude oil.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve. Inflation would spike in the wake of Russia's late-February invasion of Ukraine and subsequent sanctions imposed on Russia's energy sector which reduced natural gas imports to Europe from Russia via pipelines. The failure of U.S. production to keep up with demand and OPECs announcement of supply cuts also bolstered energy prices. The conflict in Ukraine also exacerbated ongoing supply-chain pressures and led to sharply higher prices for a range of commodities. To illustrate, U.S. consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June.

Energy futures such as natural gas, Brent crude oil and gasoil were the largest positive contributors to performance. Exposure to metals detracted the most from return, as concerns about global consumption and economic activity weighed on prices of industrial metals such as copper and aluminum, while the price of gold was pressure by rising interest rates and the strengthening U.S. dollar.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Commercial Paper | 71.4% |
|  U.S. Treasury Obligations | 8.3 |
|  Money Market Funds | 10.8 |
|  Cash | 6.8 |
|  Futures | (1.6) |
|  Other assets, less liabilities | 4.3 |

---

**COMMODITIES EXPOSURE** 

---

| | |
|:---|:---|
| Sector Exposure<sup>(a)</sup> | Percent of<br>Exposure |
|  Energy Futures | 37.2% |
|  Agriculture Futures | 28.9 |
|  Precious Metals Futures | 16.7 |
|  Industrial Metals Futures | 11.8 |
|  Livestock Futures | 5.4 |

---

<sup>(a)</sup> Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index. 

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

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---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **Commodity Curve Carry Strategy ETF** |

---

**Investment Objective** 

The **iShares Commodity Curve Carry Strategy ETF** (the "Fund") seeks to track the investment results of an index composed of commodities with the top ten highest ranking roll yields, on a total return basis, selected from a broad commodity universe, as represented by the ICE BofA Commodity Enhanced Carry Total Return Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since*<br> *Inception* |
|  Fund NAV | 15.79% | 25.25% | 15.79% | 62.88% |
|  Fund Market | 14.94 | 25.09 | 14.94 | 62.43 |
|  Index | 16.69 | 26.10 | 16.69 | 65.17 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g374926dsp7b.jpg)

The inception date of the Fund was September 1, 2020. The first day of secondary market trading was September 3, 2020.

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

**Expense Example** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses*<br> *Paid During<br>the Period* | <br> *<br><sup>(a)</sup>*  | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890.70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023.30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 |  |  | 0.37 | % |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **Commodity Curve Carry Strategy ETF** |

---

**Portfolio Management Commentary** 

The Fund finished the reporting period in positive territory, reflecting higher prices for many commodities against a backdrop of historically high inflation. The Fund gains exposure to a concentrated mix of commodities futures exhibiting positive carry (the difference between the price of an expiring futures contract and its replacement) by investing in commodity total return swaps. During the reporting period, the Fund decreased its exposure to industrial metals such as nickel and aluminum, while increasing exposure to soft commodities such as wheat, corn and soybeans. At the end of the reporting period, the Fund's largest exposures included Brent crude oil, copper, and corn.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve. Inflation would spike in the wake of Russia's late-February invasion of Ukraine and subsequent sanctions imposed on Russia's energy sector which reduced natural gas imports to Europe from Russia via pipelines. The failure of U.S. production to keep up with demand and OPECs announcement of supply cuts also bolstered energy prices. The conflict in Ukraine also exacerbated ongoing supply-chain pressures and led to sharply higher prices for a range of commodities. To illustrate, U.S. consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June.

Exposure via energy futures to commodities such as Brent crude oil and gasoil were the largest contributors to the Fund's performance over the 12 months. On the downside, copper prices experienced declines driven by weakened demand from China, new supply projects in the pipeline, and the strengthening dollar.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Commercial Paper | 69.4% |
|  U.S. Treasury Obligations | 8.3 |
|  Money Market Funds | 24.1 |
|  Cash | 0.0 <sup>(a)</sup> |
|  Commodity Swaps | (1.8) |
|  Other assets, less liabilities | 0.0 |

---

<sup>(a)</sup> Rounds to less than 0.1% 

**FIVE LARGEST HOLDINGS** 

---

| | |
|:---|:---|
| *Security* | *Percent of*<br> *Net Assets* |
|  U.S. Treasury Bill, 3.36%, 11/22/22 | 4.1% |
|  U.S. Treasury Bill, 3.78%, 12/20/22 | 4.1 |
|  MetLife Short Term Funding LLC, 3.48%, 11/08/22 | 3.6 |
|  John Deere Canada ULC, 3.62%, 11/21/22 | 3.6 |
|  DuPont de Nemours Inc., 3.90%, 11/21/22 | 3.6 |

---

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

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---

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

---

**Investment Objective** 

The **iShares Gold Strategy ETF** (the "Fund") seeks to track the investment results of an index that provides exposure, on a total return basis, to the price performance of gold, as represented by the Bloomberg Composite Gold Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *Since*<br> *Inception* | *1 Year* | *Since*<br> *Inception* |
|  Fund NAV | (8.92)% | 4.08% | (8.92)% | 19.26% |
|  Fund Market | (9.11) | 4.03 | (9.11) | 18.99 |
|  Index | (8.60) | 4.31 | (8.60) | 20.41 |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g374926vv3.jpg)

The inception date of the Fund was June 6, 2018. The first day of secondary market trading was June 8, 2018.

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

**Expense Example** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |  |  |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value*<br> *(10/31/22)* | ** <br>| *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value*<br> *(05/01/22)* | ** <br>| *Ending<br>Account Value*<br> *(10/31/22)* | *Expenses*<br> *Paid During*<br> *the Period* | <br>*<sup>(a)</sup>*  | <br>| *Annualized*<br> *Expense*<br> *Ratio* | <br>|
| $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856.30 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000.00 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024.20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 |  |  | 0.19 | % |

---

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

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

------

---

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

---

**Portfolio Management Commentary** 

The Fund finished the reporting period in negative territory, reflecting the decline in the price of gold. The Fund's performance was approximately in line with the broader gold market, as represented by the Bloomberg Composite Gold Index, due to its composition as a mix of gold futures and exchange-traded products linked to or backed by gold.

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

The U.S. Treasury yield curve moved dramatically higher in response to the Fed's policy tightening, with the two-year yield moving from 0.28% to 4.22% over the 12 months, an increase of 394 basis points. Longer-term Treasury yields, which are less directly influenced by changes in Fed funds, rose to a more moderate degree, as reflected in the bellwether 10-year note yield which increased from 1.52% to 3.83%, or 231 basis points.

Rising yields on U.S. bonds over the period reduced gold's relative attractiveness as an investment. Because gold does not pay interest, its appeal decreases when yields rise as the metal's carrying cost relative to bonds increases. Continued strength in the U.S. dollar also pressured gold prices. As gold is priced in U.S. dollars, strength in the currency makes it more expensive for foreign investors to purchase gold.

From November 2021 through March 8, 2022, gold prices climbed more than 14% to near their all-time high. In mid-March, as the Fed began tightening monetary policy, gold prices began to fall. Gold weakened further as central banks continued to tighten over the period, and the price of the metal finished the period more than 20% below its March high.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of*<br> *Net Assets* |
|  Commercial Paper | 71.2% |
|  Grantor Trust | 17.9 |
|  U.S. Treasury Obligations | 7.1 |
|  Money Market Funds | 1 |
|  Cash | 5.8 |
|  Futures | (4.7) |
|  Other assets, less liabilities | 1.7 |

---

**COMMODITY-LINKED FUTURES** 

---

| | |
|:---|:---|
| *Sector Exposure<sup>(a)</sup>* | *Percent of*<br> *Net Assets* |
|  Gold Futures | 75.5% |

---

<sup>(a)</sup> Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. 

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 | **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF** |

---

**Investment Objective** 

The **iShares GSCI Commodity Dynamic Roll Strategy ETF** (the "Fund") seeks to track the investment results of an index composed of a broad range of commodity exposures with enhanced roll selection, on a total return basis, as represented by the S&P GSCI Dynamic Roll (USD) Total Return Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

**Performance** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Average Annual Total Returns | Average Annual Total Returns | Average Annual Total Returns | Cumulative Total Returns | Cumulative Total Returns | Cumulative Total Returns |
|  | *1 Year* | *5 Years* | *Since<br>Inception* | *1 Year* | *5 Years* | *Since<br>Inception* |
|  Fund NAV | 19.92% | 8.39% | 1.29% | 19.92% | 49.57% | 10.88% |
|  Fund Market | 19.35 | 8.31 | 1.25 | 19.35 | 49.07 | 10.47 |
|  Index | 20.85 | 9.18 | (1.28) | 20.85 | 55.13 | (9.82) |

---

**GROWTH OF $10,000 INVESTMENT** 

**(SINCE INCEPTION AT NET ASSET VALUE)**![LOGO](g374926vv2.jpg)

The inception date of the Fund was October 15, 2014. The first day of secondary market trading was October 16, 2014.

Index performance through January 30, 2020 reflects the performance of the S&P GSCI Dynamic Roll Reduced Energy 70/30 Futures/Equity Blend Total Return Index. Index performance beginning on January 31, 2020 reflects the performance of the S&P GSCI Dynamic Roll (USD) Total Return Index.

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

**Expense Example** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Actual | Actual | Actual | Hypothetical 5% Return | Hypothetical 5% Return | Hypothetical 5% Return |  |
| *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Beginning<br>Account Value<br>(05/01/22)* | *Ending<br>Account Value<br>(10/31/22)* | *Expenses<br>Paid During<br>the Period* *<br><sup>(a)</sup>* | *Annualized<br>Expense<br>Ratio* |
| $1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908.90 | $2.31 | $1000.00 | $1022.80 | $2.45 | 0.48% |

---

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

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

------

---

| | |
|:---|:---|
| Fund Summary as of October 31, 2022 (continued) | **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF** |

---

**Portfolio Management Commentary** 

The Fund finished the reporting period in positive territory, reflecting higher prices for many commodities against a backdrop of historically high inflation. The Fund uses a mix of commodities futures designed to provide total returns consistent with investment in a broad variety of commodities.

Entering the period, U.S. inflation was already running well above the 2% target of the U.S. Federal Reserve. Inflation would spike in the wake of Russia's late-February invasion of Ukraine and subsequent sanctions imposed on Russia's energy sector which reduced natural gas imports to Europe from Russia via pipelines. The failure of U.S. production to keep up with demand and OPEC's announcement of supply cuts also bolstered energy prices. The conflict in Ukraine exacerbated ongoing supply-chain pressures and led to sharply higher prices for a range of commodities. To illustrate, U.S. consumer price inflation rose by at least 7.5% on a year-over-year basis in each of the first nine months of 2022, hitting a peak of 9.1% in June.

Exposure via energy futures to commodities such as Brent crude oil, gasoil, West Texas Intermediate crude oil, and heating oil were the largest contributors to the Fund's performance over the 12 months. Outside of energy, the Fund had notable exposure to corn, which also added to return. Prices for industrial metals such as copper and aluminum declined over the period as recession fears increased, while rising yields on U.S. bonds and strength in the U.S. dollar pressured the price of gold.

**Portfolio Information** 

**PORTFOLIO COMPOSITION** 

---

| | |
|:---|:---|
| *Investment Type* | *Percent of<br>Net Assets* |
|  Commercial Paper | 70.7% |
|  U.S. Treasury Obligations | 10.2 |
|  Certificates of Deposit | 4.9 |
|  Money Market Funds | 8.8 |
|  Cash | 9.1 |
|  Futures | 0.4 |
|  Other assets, less liabilities | (4.1) |

---

**COMMODITY-LINKED FUTURES** 

---

| | |
|:---|:---|
| *Sector Exposure<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Energy Futures | 62.3% |
|  Agriculture Futures | 18.5 |
|  Industrial Metals Futures | 9.1 |
|  Livestock Futures | 6.5 |
|  Gold Futures | 3.6 |

---

<sup>(a)</sup> Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets. 

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

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About Fund Performance

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

Net asset value or "NAV" is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund's NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund's inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 13

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Bloomberg Roll Select Commodity Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<br>Par*<br> *(000)* | *Value* |
|  **Commercial Paper** |  |  |
|  American Electric Power Co. Inc., 3.87%, 11/16/22 | $&nbsp;&nbsp;&nbsp;&nbsp;10000 | $9982809 |
|  AT&T Inc., 3.99%, 11/28/22 | 5000 | 4984522 |
|  Banco Santander SA, 3.63%, 11/21/22 | 6000 | 5987323 |
|  Bell Canada<br>3.60%, 11/09/22 | 5000 | 4995510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/14/22 | 5000 | 4992911 |
|  Britannia Funding Co. LLC, 3.61%, 11/15/22 | 5000 | 4992492 |
|  CenterPoint Energy Resources Corp., 4.01%, 11/28/22 | 5000 | 4984452 |
|  Collateralized Commercial Paper V Co. LLC, 4.40%, 01/13/23 | 10000 | 9910316 |
|  DuPont de Nemours Inc., 3.90%, 11/09/22 | 10000 | 9990270 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%, 11/21/22 | 6150 | 6136970 |
|  Fiserv Inc., 3.79%, 11/07/22 | 4000 | 3997052 |
|  Glencove Funding LLC<br>3.64%, 11/18/22 | 2000 | 1996371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 12/12/22 | 12000 | 11945764 |
|  GTA Funding LLC<br>3.90%, 12/13/22 | 6000 | 5972172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 12/21/22 | 5000 | 4972007 |
|  ING U.S. Funding LLC, 3.64%, 11/22/22 | 7000 | 6984480 |
|  John Deere Canada ULC, 3.62%, 11/21/22 | 6700 | 6685891 |
|  Lloyds Bank PLC, 3.51%, 11/10/22 | 12000 | 11988323 |
|  LMA-Americas LLC, 4.53%, 01/18/23 | 10000 | 9901491 |
|  LVMH Moet Hennessy Louis Vuitton Inc., 3.26%, 11/03/22 | 11000 | 10997011 |
|  Mackinac Funding Co. LLC, 3.53%, 11/09/22 | 10000 | 9991190 |
|  Manhattan Asset Funding Co. LLC, 3.28%, 11/04/22 | 7000 | 6997451 |
|  Nordea Bank Abp, 3.68%, 12/01/22 | 7950 | 7939734 |
|  Penske Truck Leasing Co. LP, 3.77%, 11/07/22 | 5000 | 4996335 |
|  PSP Capital Inc., 3.90%, 12/21/22 | 10000 | 9945019 |
|  Pure Grove Funding, 4.33%, 01/12/23 | 4000 | 3965171 |
|  Salisbury Receivables Co. LLC, 3.75%, 12/02/22 | 7000 | 6976748 |
|  Santander U.K. PLC, 3.75%, 12/01/22 | 6000 | 5980677 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  Spire Inc.<br>3.43%, 11/02/22 | $1900 | $1899637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/09/22 | 4000 | 3996208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 12/01/22 | 5000 | 4982657 |
|  Toyota Industries Commercial Finance Inc., 3.65%, 11/29/22 | 5900 | 5882714 |
|  TransCanada PipeLines Ltd., 4.17%, 12/15/22 | 7000 | 6963731 |
|  Victory Receivables Corp., 4.56%, 01/18/23 | 2000 | 1980189 |
|  **Total Commercial Paper — 71.4%<br>(Cost: $224,931,833)** |  | 224895598 |
|  **U.S. Treasury Obligations** |  |  |
|  U.S. Treasury Bill<br>3.36%, 11/22/22<sup>(a)</sup>  | 13000 | 12974924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/20/22<sup>(a)</sup>  | 13000 | 12934445 |
|  **Total U.S. Treasury Obligations — 8.3%<br>(Cost: $25,909,896)** |  | 25909369 |
|  **Money Market Funds** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)</sup> | 34050 | 34050000 |
|  **Total Money Market Funds — 10.8%<br>(Cost: $34,050,000)** |  | 34050000 |
|  **Total Investments — 90.5%<br>(Cost: $284,891,729)** |  | 284854967 |
|  **Other Assets Less Liabilities — 9.5%** |  | 30035381 |
|  **Net Assets — 100.0%** |  | $314890348 |

---

<sup>(a)</sup> Rates are discount rates or a range of discount rates as of period end.

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

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

**Affiliates** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $19480000 | $14570000 <sup>(a)</sup> | $– $– $– $| 34050000 | 34050 | $321007 | $— |

---

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

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Roll Select Index | 10612 | 12/21/22 | $314009 | $(4975546) |

---

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Bloomberg Roll Select Commodity Strategy ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $4975546 | $— | $— | $— | $— | $— | $4975546 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $26000796 | $— | $— | $— | $— | $— | $26000796 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $(15626622) | $— | $— | $— | $— | $— | $(15626622) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $315760121 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | $— | $224895598 | $— | $224895598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 25909369 |  | 25909369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 34050000 |  |  | 34050000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;34050000 | $250804967 | $— | $284854967 |
|  Derivative financial instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $— | $(4975546) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(4975546) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements* 

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments<br> October 31, 2022 | **iShares**<sup>®</sup> **Commodity Curve Carry Strategy ETF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *Value* |
|  **Commercial Paper** |  |  |
|  Amcor Flexibles North America Inc., 3.62%, 12/01/22 | $&nbsp;&nbsp;&nbsp;&nbsp;1200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195841 |
|  Ameren Illinois Co., 3.43%, 11/02/22 | 750 | 749857 |
|  American Electric Power Co. Inc., 3.87%, 11/16/22 | 900 | 898453 |
|  AT&T Inc., 3.99%, 11/28/22 | 500 | 498452 |
|  Banco Santander SA, 3.63%, 11/21/22 | 500 | 498944 |
|  Barton Capital SA, 4.25%, 01/06/23 | 500 | 496073 |
|  Bell Canada, 3.65%, 11/14/22 | 1200 | 1198298 |
|  Britannia Funding Co. LLC, 3.71%, 11/22/22 | 900 | 897967 |
|  DuPont de Nemours Inc., 3.90%, 11/21/22 | 1300 | 1296838 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%,<br>11/21/22 | 600 | 598729 |
|  Fiserv Inc., 3.79%, 11/07/22 | 500 | 499632 |
|  Glencove Funding LLC<br>3.64%, 11/18/22 | 500 | 499093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 12/12/22 | 1000 | 995480 |
|  GTA Funding LLC, 4.29%, 01/10/23 | 1300 | 1289085 |
|  John Deere Canada ULC, 3.62%, 11/21/22 | 1300 | 1297262 |
|  Liberty Street Funding LLC, 3.92%, 12/15/22 | 400 | 398050 |
|  LMA-Americas LLC<br>3.64%, 11/14/22 | 700 | 699009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 01/18/23 | 500 | 495075 |
|  Mackinac Funding Co. LLC, 3.53%, 11/09/22 | 1100 | 1099031 |
|  Manhattan Asset Funding Co. LLC, 4.31%, 01/11/23 | 1300 | 1288888 |
|  MetLife Short Term Funding LLC, 3.48%, 11/08/22 | 1300 | 1298994 |
|  Mont Blanc Capital Corp., 3.67%, 11/21/22 | 1112 | 1109623 |
|  Nordea Bank Abp, 3.68%, 12/01/22 | 700 | 699096 |
|  Norinchukin BK BR, 2.90%, 11/15/22 | 700 | 699807 |
|  PPG Industries Inc., 3.48%, 11/02/22 | 495 | 494904 |
|  PSP Capital Inc., 3.90%, 12/21/22 | 1200 | 1193402 |
|  Salisbury Receivables Co. LLC, 3.75%, 12/02/22 | 400 | 398671 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  Santander U.K. PLC, 3.75%, 12/01/22 | $| 700 | $697746 |
|  TransCanada PipeLines Ltd., 4.17%, 12/15/22 |  | 1200 | 1193782 |
|  Victory Receivables Corp., 3.50%, 11/07/22 |  | 500 | 499660 |
|  **Total Commercial Paper — 69.4%<br>(Cost: $25,180,428)** | **Total Commercial Paper — 69.4%<br>(Cost: $25,180,428)** | **Total Commercial Paper — 69.4%<br>(Cost: $25,180,428)** | 25175742 |
|  **U.S. Treasury Obligations** |  |  |  |
|  U.S. Treasury Bill<br>3.36%, 11/22/22<sup>(a)</sup>  |  | 1500 | 1497107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/20/22<sup>(a)</sup>  |  | 1500 | 1492436 |
|  **Total U.S. Treasury Obligations — 8.3%<br>(Cost: $2,989,604)** | **Total U.S. Treasury Obligations — 8.3%<br>(Cost: $2,989,604)** | **Total U.S. Treasury Obligations — 8.3%<br>(Cost: $2,989,604)** | 2989543 |
|  **Money Market Funds** |  |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(b)(c)</sup>  |  | 8760 | 8760000 |
|  **Total Money Market Funds — 24.1%<br>(Cost: $8,760,000)** |  |  | 8760000 |
|  **Total Investments — 101.8%<br>(Cost: $36,930,032)** | **Total Investments — 101.8%<br>(Cost: $36,930,032)** | **Total Investments — 101.8%<br>(Cost: $36,930,032)** | 36925285 |
|  **Liabilities in Excess of Other Assets — (1.8)%** | **Liabilities in Excess of Other Assets — (1.8)%** | **Liabilities in Excess of Other Assets — (1.8)%** | (661581) |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;36263704 |

---

<sup>(a)</sup> Rates are discount rates or a range of discount rates as of period end.

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

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

**Affiliates** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $7190000 | $1570000 <sup>(a)</sup> | $– $– $– $| 8760000 | 8760 | $115882 | $— |

---

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

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

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---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Commodity Curve Carry Strategy ETF** |

---

**OTC Total Return Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Paid by the Fund* | *Paid by the Fund* | *Received by the Fund* | *Received by the Fund* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premiums*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| *Rate<sup>(a)</sup>* | *Frequency* | *Reference<sup>(b)</sup>* | *Frequency* | *Counterparty* | *Effective<br>Date* | *Termination<br>Date* | *Notional<br>Amount (000)* | *Value* | *Upfront<br>Premiums*<br> *Paid<br>(Received)* | *Unrealized*<br> *Appreciation<br>(Depreciation)* |
| 4.07% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Citibank N.A. | N/A | 08/31/23 | 13438 | $(321763) | $(81539) | $(240224) |
| 4.07% | At Termination | ICE BofA Commodity Enhanced Carry Total Return Index | At Termination | Merrill Lynch International | N/A | 08/31/23 | 23492 | (565318) | (145345) | (419973) |
|  |  |  |  |  |  |  |  | $(887081) | $(226884) | $(660197) |

---

<sup>(a)</sup> Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end.

<sup>(b)</sup> Please refer to the Reference Entity below for more details.

**Reference Entity** 

The ICE BofA Commodity Enhanced Carry Total Return Index consists of futures contracts under each counterparty. The following table represents the individual long positions and related weighting of the future contracts underlying the ICE BofA Commodity Enhanced Carry Total Return Index as of October 31, 2022.

---

| | | |
|:---|:---|:---|
| *Futures contracts* | *Maturity date* | *Weight%* |
|  Brent Crude Oil | 10/31/2023 | 25.8% |
|  Copper | 12/19/2023 | 16.0 |
|  Corn | 12/14/2023 | 12.9 |
|  Gas Oil | 12/12/2023 | 9.5 |
|  Soybeans | 11/14/2023 | 9.0 |
|  RBOB Gasoline | 5/31/2023 | 7.1 |
|  WTI Crude Oil | 11/20/2023 | 6.7 |
|  Sugar | 9/29/2023 | 6.5 |
|  Zinc | 12/19/2023 | 2.8 |
|  Coffee | 5/18/2023 | 2.7 |
|  Natural Gas | 11/28/2023 | 1.2 |

---

**Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Swap Premiums<br>Paid* | *Swap Premiums<br>Received* | *Unrealized<br>Appreciation* | *Unrealized<br>Depreciation* |
|  Total Return Swaps | $— | $(226884) | $— | $(660197) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Swaps — OTC |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on OTC swaps; Swap premiums received | $887081 | $— | $— | $— | $— | $— | $887081 |

---

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Swaps | $9107191 | $— | $— | $— | $— | $— | $9107191 |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Swaps | $(4509634) | $— | $— | $— | $— | $— | $(4509634) |

---

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Commodity Curve Carry Strategy ETF** |

---

**Derivative Financial Instruments Categorized by Risk Exposure (continued)** 

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
| Total return swaps |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value | $30397428 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Derivative Financial Instruments - Offsetting as of Period End** 

The Fund's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
|  **Derivative Financial Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swaps - OTC<sup>(a)</sup>  | $— | $887081 |
|  Total derivative assets and liabilities in the Statement of Assets and Liabilities |  | 887081 |
|  Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |  |  |
|  Total derivative assets and liabilities subject to an MNA |  | 887081 |

---

<sup>(a)</sup> Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund's derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative<br>Liabilities<br>Subject to<br>an MNA by<br>Counterparty* |  | *Cash<br>Collateral<br>Pledged <br><sup>(b)</sup>* | *Net Amount<br>of Derivative<br>Liabilities* | *<br><sup>(c)</sup>* |
|  Citibank N.A. | $321763 | $– | $(20000) | $301763 |  |
|  Merrill Lynch International | 565318 | – | (180000) | 385318 |  |
|  | $887081 | $– | $(200000) | $687081 |  |

---

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. 

<sup>(b)</sup> Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

**Fair Value Hierarchy as of Period End** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | $— | $25175742 | $— | $25175742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 2989543 |  | 2989543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 8760000 |  |  | 8760000 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;8760000 | $28165285 | $— | $36925285 |
|  Derivative financial instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps | $— | $(660197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(660197) |

---

<sup>(a)</sup> Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements* 

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

------

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *<br>Par<br>(000)* | *<br>Par<br>(000)* | *Value* |
|  **Commercial Paper** |  |  |  |
|  Amcor Flexibles North America Inc., 3.88%, 11/15/22 | $| &nbsp;&nbsp;&nbsp;&nbsp;1300 | $1297904 |
|  American Electric Power Co. Inc., 3.87%, 11/16/22 |  | 1200 | 1197937 |
|  AT&T Inc., 3.99%, 11/28/22 |  | 500 | 498452 |
|  Banco Santander SA, 3.63%, 11/21/22 |  | 1200 | 1197465 |
|  Banque et Caisse d'Epargne de l'Etat, 4.25%, 11/16/22 |  | 261 | 260587 |
|  Barton Capital SA, 4.25%, 01/06/23 |  | 500 | 496073 |
|  Bell Canada<br>3.60%, 11/09/22 |  | 600 | 599461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/14/22 |  | 500 | 499291 |
|  CenterPoint Energy Resources Corp., 4.01%, 11/28/22 |  | 800 | 797512 |
|  Credit Agricole Corporate & Investment Bank, 3.20%, 11/03/22 |  | 1200 | 1199680 |
|  DuPont de Nemours Inc.<br>3.53%, 11/07/22 |  | 700 | 699479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 11/17/22 |  | 300 | 299418 |
|  DZ Bank AG Deutsche Zentral-Genossenschaftsbank, 3.64%, 11/21/22 |  | 700 | 698517 |
|  Fidelity National Information Services Inc., 4.02%, 12/01/22 |  | 1000 | 996408 |
|  Glencove Funding LLC<br>3.64%, 11/18/22 |  | 700 | 698730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 12/12/22 |  | 300 | 298644 |
|  GTA Funding LLC, 3.90%, 12/13/22 |  | 750 | 746522 |
|  Legacy Capital Co. LLC, 3.75%, 11/23/22 |  | 1300 | 1296896 |
|  Liberty Street Funding LLC, 3.97%, 12/19/22 |  | 1000 | 994626 |
|  Lloyds Bank PLC, 3.51%, 11/10/22 |  | 1300 | 1298735 |
|  Mackinac Funding Co. LLC, 3.53%, 11/09/22 |  | 350 | 349692 |
|  Manhattan Asset Funding Co. LLC, 3.28%, 11/04/22 |  | 1200 | 1199563 |
|  Mitsubishi UFJ Trust & Banking Corp., 3.25%, 11/04/22 |  | 750 | 749729 |
|  Nordea Bank Abp, 3.68%, 12/01/22 |  | 500 | 499354 |
|  Norinchukin BK BR, 2.90%, 11/15/22 |  | 1000 | 999724 |
|  Penske Truck Leasing Co. LP, 3.77%, 11/07/22 |  | 1200 | 1199120 |
|  PPG Industries Inc., 3.48%, 11/02/22 |  | 495 | 494904 |
|  Salisbury Receivables Co. LLC, 3.75%, 12/02/22 |  | 500 | 498339 |
|  Spire Inc., 4.04%, 12/01/22 |  | 1200 | 1195838 |
|  Toronto-Dominion Bank, 0.73%, 01/13/23 |  | 400 | 397274 |
|  Toyota Industries Commercial Finance Inc., 3.65%, 11/29/22 |  | 1100 | 1096777 |
|  **Total Commercial Paper — 71.2%<br>(Cost: $24,756,214)** | **Total Commercial Paper — 71.2%<br>(Cost: $24,756,214)** | **Total Commercial Paper — 71.2%<br>(Cost: $24,756,214)** | 24752651 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Par/<br>Shares<br>(000)* | *Value* |
|  **Grantor Trust** |  |  |  |
|  iShares Gold Trust <sup>(a)(b)</sup>  | $| 201 | $6213349 |
|  **Total Grantor Trust — 17.9%<br>(Cost: $6,549,580)** | **Total Grantor Trust — 17.9%<br>(Cost: $6,549,580)** | **Total Grantor Trust — 17.9%<br>(Cost: $6,549,580)** | 6213349 |
|  **U.S. Treasury Obligations** |  |  |  |
|  U.S. Treasury Bill<br>3.36%, 11/22/22<sup>(c)</sup>  |  | 1250 | 1247589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/20/22<sup>(c)</sup>  |  | 1250 | 1243696 |
|  **Total U.S. Treasury Obligations — 7.1%<br>(Cost: $2,491,336)** | **Total U.S. Treasury Obligations — 7.1%<br>(Cost: $2,491,336)** | **Total U.S. Treasury Obligations — 7.1%<br>(Cost: $2,491,336)** | 2491285 |
|  **Money Market Funds** |  |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(a)(d)</sup>  |  | 350 | 350000 |
|  **Total Money Market Funds — 1.0%<br>(Cost: $350,000)** | **Total Money Market Funds — 1.0%<br>(Cost: $350,000)** | **Total Money Market Funds — 1.0%<br>(Cost: $350,000)** | 350000 |
|  **Total Investments — 97.2%<br>(Cost: $34,147,130)** | **Total Investments — 97.2%<br>(Cost: $34,147,130)** | **Total Investments — 97.2%<br>(Cost: $34,147,130)** | 33807285 |
|  **Other Assets Less Liabilities — 2.8%** | **Other Assets Less Liabilities — 2.8%** | **Other Assets Less Liabilities — 2.8%** | 966090 |
|  **Net Assets — 100.0%** | **Net Assets — 100.0%** | **Net Assets — 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;34773375 |

---

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

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

<sup>(c)</sup> Rates are discount rates or a range of discount rates as of period end.

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

**Affiliates** 

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds<br>from Sale* | *Net Realized<br>Gain (Loss)* | *Change in<br>Unrealized<br>Appreciation<br>(Depreciation)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | $23797000 | $— | $(23447000)<sup>(a)</sup> | $— | $— | $350000 | 350 | $24915 | $— |
|  iShares Gold Trust | 5542262 | 6905623 | (5275097) | (276393) | (683046) | 6213349 | 201 |  |  |
|  |  |  |  | $(276393) | $(683046) | $6563349 |  | $24915 | $— |

---

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Gold Strategy ETF** |

---

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold 100 OZ | 160 | 12/28/22 | $26251 | $(1643214) |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $1643214 | $— | $— | $— | $— | $— | $1643214 |

---

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). 

For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
|  Futures contracts | $(2129335) | $— | $— | $— | $— | $— | $(2129335) |
|  **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
|  Futures contracts | $(1248122) | $— | $— | $— | $— | $— | $(1248122) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $26523475 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

**Fair Value Hierarchy as of Period End** 

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

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

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | **iShares**<sup>®</sup> **Gold Strategy ETF** |

---

**Fair Value Hierarchy as of Period End (continued)** 

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grantor Trust | $6213349 | $— | $— | $6213349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 24752651 |  | 24752651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 2491285 |  | 2491285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 350000 |  |  | 350000 |
|  | $6563349 | $27243936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33807285 |
|  Derivative financial instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $(1643214) | $— | $— | $(1643214) |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 21

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments<br> October 31, 2022 | <br> **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  **Certificates of Deposit** |  |  |
|  Bank of Montreal, 5.40%, 10/13/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | $9992864 |
|  Barclays Bank PLC/NY, 3.70%, 06/08/23,<br>(SOFR + 0.650%)<sup>(a)</sup> | 11250 | 11237767 |
|  Canadian Imperial Bank of Commerce/New York NY, 0.35%, 11/03/22 | 11000 | 10997386 |
|  Credit Suisse AG/NY, 1.10%, 02/02/23 | 5000 | 4952413 |
|  Landesbank Baden-Wuerttemberg, 3.53%, 02/03/23, (SOFR + 0.490%)<sup>(a)</sup>  | 25000 | 24995204 |
|  Mizuho Bank Ltd./New York NY, 3.61%, 02/01/23, (SOFR + 0.570%)<sup>(a)</sup>  | 14700 | 14701770 |
|  MUFG Bank Ltd./New York NY, 3.35%, 03/13/23, (SOFR + 0.300%)<sup>(a)</sup>  | 22000 | 21973311 |
|  Royal Bank of Canada, 4.08%, 07/14/23 | 10000 | 9910231 |
|  Svenska Handelsbanken/New York NY,<br>3.50%, 02/06/23<sup>(a)</sup>  | 5715 | 5713787 |
|  **Total Certificates of Deposit — 4.9%<br>(Cost: $114,665,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114474733 |
|  **Commercial Paper** |  |  |
|  ABN AMRO Funding USA LLC,<br>4.78%, 03/20/23 | 8100 | 7952265 |
|  Amcor Finance USA Inc., 3.57%, 11/04/22 | 29500 | 29488301 |
|  Amcor Flexibles North America Inc.,<br>3.88%, 11/15/22 | 28700 | 28653721 |
|  Ameren Illinois Co., 3.43%, 11/02/22 | 4500 | 4499141 |
|  American Electric Power Co. Inc.<br>3.86%, 11/15/22 | 29900 | 29851948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 11/16/22 | 34000 | 33941550 |
|  Antalis SA, 4.20%, 01/06/23 | 49800 | 49413325 |
|  AT&T Inc.<br>3.99%, 11/28/22 | 50000 | 49845222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/01/22 | 30000 | 29896512 |
|  Banco Santander SA, 3.63%, 11/21/22 | 42300 | 42210627 |
|  Bank of Montreal, 4.05%, 01/18/23 | 15000 | 14867708 |
|  Barton Capital SA, 3.67%, 11/18/22 | 25000 | 24954263 |
|  Bell Canada, 3.65%, 11/14/22 | 12450 | 12432347 |
|  Britannia Funding Co. LLC, 3.61%, 11/15/22 | 17900 | 17873120 |
|  CenterPoint Energy Resources Corp.,<br>4.01%, 11/28/22 | 7600 | 7576367 |
|  Citigroup Global Markets Inc.,<br>3.64%, 09/21/23<sup>(a)(b)</sup>  | 10000 | 9982261 |
|  Collateralized Commercial Paper V Co. LLC,<br>4.40%, 01/13/23 | 35000 | 34686106 |
|  Commonwealth Bank of Australia,<br>3.48%, 04/03/23, (SOFR + 0.430%)<sup>(a)(b)</sup>  | 24200 | 24186338 |
|  DNB Bank ASA, 3.54%, 05/31/23,<br>(SOFR + 0.490%)<sup>(a)(b)</sup>  | 11600 | 11597982 |
|  Duke Energy Corp., 3.48%, 11/03/22 | 14900 | 14895678 |
|  DuPont de Nemours Inc.<br>3.90%, 11/09/22 | 6213 | 6206955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/21/22 | 24700 | 24639917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 11/17/22 | 13250 | 13224284 |
|  Enbridge US Inc, 3.70%, 11/03/22 | 31360 | 31350339 |
|  Federation des Caisses Desjardins du Quebec<br>3.78%, 12/06/22 | 35000 | 34868050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/13/22 | 35000 | 34839968 |
|  Fidelity National Information Services Inc.,<br>4.02%, 12/01/22 | 34584 | 34459786 |
|  Fiserv Inc., 3.79%, 11/07/22 | 4975 | 4971334 |
|  Glencove Funding LLC<br>3.64%, 11/18/22 | 21800 | 21760444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 12/12/22 | 28000 | 27873449 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par<br>(000)* | *Value* |
|  GTA Funding LLC<br>3.90%, 12/13/22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22445412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 12/21/22 | 25000 | 24860033 |
|  Hyundai Capital America, 3.90%, 11/18/22 | 35000 | 34931925 |
|  John Deere Canada ULC, 3.62%, 11/21/22 | 17000 | 16964201 |
|  Kookmin Bank, 5.08%, 04/25/23 | 13300 | 12977555 |
|  Korea Development Bank/New York NY,<br>3.79%, 12/07/22 | 15000 | 14941756 |
|  Landesbank Baden-Wuerttemberg,<br>4.86%, 03/22/23 | 14000 | 13736424 |
|  Legacy Capital Co. LLC, 3.75%, 11/23/22 | 37050 | 36961518 |
|  Liberty Street Funding LLC<br>3.97%, 12/19/22 | 15000 | 14919395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/20/23 | 32000 | 31671968 |
|  Lloyds Bank PLC<br>3.51%, 11/10/22 | 26000 | 25974700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/07/23 | 15000 | 14809219 |
|  LMA-Americas LLC<br>3.56%, 11/09/22 | 15000 | 14986646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 01/18/23 | 22300 | 22080326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 01/27/23 | 9000 | 8898338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 02/16/23 | 5000 | 4927460 |
|  Mackinac Funding Co. LLC<br>3.51%, 11/08/22 | 30000 | 29976587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 11/09/22 | 17550 | 17534538 |
|  Macquarie Bank Ltd., 5.19%, 05/12/23 | 10000 | 9729318 |
|  Manhattan Asset Funding Co. LLC<br>3.28%, 11/04/22 | 28800 | 28789514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 12/15/22 | 20000 | 19902500 |
|  Mont Blanc Capital Corp., 3.67%, 11/21/22 | 47000 | 46899546 |
|  Nieuw Amsterdam Receivables Corp. BV<br>3.63%, 11/16/22 | 34750 | 34693952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 12/05/22 | 25000 | 24906594 |
|  Nordea Bank Abp, 3.68%, 12/01/22 | 7000 | 6990961 |
|  Penske Truck Leasing Co. LP, 3.77%, 11/07/22 | 3250 | 3247618 |
|  PPG Industries Inc., 3.48%, 11/02/22 | 9901 | 9899084 |
|  PSP Capital Inc., 3.90%, 12/21/22 | 60000 | 59670115 |
|  Pure Grove Funding<br>4.33%, 01/12/23 | 25000 | 24782318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 02/27/23 | 15000 | 14762744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.44%, 08/25/23 | 6650 | 6363314 |
|  Salisbury Receivables Co. LLC, 3.75%, 12/02/22 | 25000 | 24916956 |
|  Skandinaviska Enskilda Banken AB, 3.71%, 12/05/22, (SOFR + 0.340%) | 24350 | 24262573 |
|  Spire Inc.<br>3.80%, 11/09/22 | 30000 | 29971560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 12/01/22 | 29000 | 28899412 |
|  Standard Chartered Bank/New York,<br>3.52%, 11/14/22 | 10000 | 9986315 |
|  Starbird Funding Corp., 3.20%, 11/03/22 | 31300 | 31291645 |
|  Sumitomo Mitsui Banking Corp., 3.65%, 04/18/23, (SOFR + 0.630%)<sup>(a)</sup>  | 15000 | 14991739 |
|  Svenska Handelsbanken, 3.60%, 09/01/23,<br>(SOFR + 0.560%)<sup>(a)</sup>  | 10000 | 9981428 |
|  Swedbank AB, 4.90%, 03/28/23 | 10500 | 10292843 |
|  Toronto-Dominion Bank, 3.55%, 03/31/23 | 24300 | 24287140 |
|  TransCanada PipeLines Ltd., 4.17%, 12/15/22 | 3950 | 3929534 |
|  USAA Capital Corp., 3.20%, 11/03/22 | 15000 | 14995996 |
|  Victory Receivables Corp.<br>4.54%, 01/17/23 | 7953 | 7875562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 01/18/23 | 46600 | 46138393 |

---

22 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | <br> **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF**<br> **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par/<br>Shares<br>(000)* | *Value* |
|  Wells Fargo Bank NA, 3.34%, 03/23/23,<br>(SOFR + 0.350%)<sup>(a)</sup> | $20000 | $19988307 |
|  **Total Commercial Paper — 70.7%<br>(Cost: $1,669,932,517)** |  | 1669044290 |
|  **U.S. Treasury Obligations** |  |  |
|  U.S. Treasury Bill<br>2.36%, 11/01/22<sup>(c)</sup>  | 60000 | 60000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/22/22<sup>(c)</sup>  | 3500 | 3493249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/20/22<sup>(c)</sup>  | 60000 | 59697439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/07/23<sup>(c)</sup>  | 40000 | 39554808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 02/14/23<sup>(c)</sup>  | 40000 | 39520908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 02/28/23<sup>(c)</sup>  | 40000 | 39443873 |
|  **Total U.S. Treasury Obligations — 10.2%<br>(Cost: $241,753,676)** |  | 241710277 |
|  **Money Market Funds** |  |  |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%<sup>(d)(e)</sup>  | 207400 | 207400095 |
|  **Total Money Market Funds — 8.8%<br>(Cost: $207,400,095)** |  | 207400095 |
|  **Total Investments — 94.6%<br>(Cost: $2,233,751,288)** |  | 2232629395 |
|  **Other Assets Less Liabilities — 5.4%** |  | 126519039 |
|  **Net Assets — 100.0%** |  | $2359148434 |

---

<sup>(a)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

<sup>(b)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

<sup>(c)</sup> Rates are discount rates or a range of discount rates as of period end.

<sup>(d)</sup> Affiliate of the Fund.

<sup>(e)</sup> Annualized 7-day yield as of period end.

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | *Affiliated Issuer* | *Value at<br>10/31/21* | *Purchases<br>at Cost* | *Proceeds*<br> *from Sale* | *Net Realized<br>Gain (Loss)* | *Value at<br>10/31/22* | *Shares<br>Held at<br>10/31/22<br>(000)* | *Income* | *Capital Gain<br>Distributions from<br>Underlying Funds* | |
|  | BlackRock Cash Funds: Treasury, SL<br>Agency Shares | $233060095 | $– $| (25660000)<sup>(a)</sup> | $– $– $| 207400095 | 207400 | $2099349 | $1 |  |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gasoline RBOB | 1029 | 11/30/22 | $109156 | $571561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cotton | 550 | 12/07/22 | 19800 | (9427327) |
| &nbsp;&nbsp;&nbsp;&nbsp; Low Sulphur Gasoil | 1729 | 12/12/22 | 176315 | 6905940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lean Hogs | 1193 | 12/14/22 | 40526 | 417833 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME Copper | 477 | 12/19/22 | 89425 | (921508) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME Lead | 224 | 12/19/22 | 11058 | (385086) |

---

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 23

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | <br> **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF** |

---

**Futures Contracts (continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount<br>(000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
| &nbsp;&nbsp;&nbsp;&nbsp; LME Nickel | 170 | 12/19/22 | $22187 | $(1903742) |
| &nbsp;&nbsp;&nbsp;&nbsp; LME PRI Aluminum | 1332 | 12/19/22 | 74126 | (2072033) |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold 100 OZ | 517 | 12/28/22 | 84824 | (5422233) |
| &nbsp;&nbsp;&nbsp;&nbsp; Silver | 90 | 12/28/22 | 8603 | (639350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Brent Crude Oil | 5067 | 12/29/22 | 461198 | 8329787 |
| &nbsp;&nbsp;&nbsp;&nbsp; LME Zinc | 273 | 01/16/23 | 18448 | (3218769) |
| &nbsp;&nbsp;&nbsp;&nbsp; Cattle Feeder | 299 | 01/26/23 | 26828 | 482759 |
| &nbsp;&nbsp;&nbsp;&nbsp; WTI Crude | 6263 | 02/21/23 | 519077 | (4740111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheat KCBT | 797 | 03/14/23 | 38824 | 3997743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cocoa | 255 | 03/16/23 | 5975 | (189637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas | 1903 | 03/29/23 | 91211 | 20637144 |
| &nbsp;&nbsp;&nbsp;&nbsp; NY Harbor ULSD (Heat Oil) | 853 | 03/31/23 | 112698 | 835766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugar | 1756 | 04/28/23 | 33218 | (3891760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Coffee | 279 | 05/18/23 | 18095 | (3318985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Cattle | 1398 | 06/30/23 | 86326 | (202709) |
| &nbsp;&nbsp;&nbsp;&nbsp; Wheat | 1967 | 07/14/23 | 88884 | 6636698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soybean | 1240 | 11/14/23 | 85157 | 846792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corn | 4364 | 12/14/23 | 136539 | (3627519) |
|  |  |  |  | $9701254 |

---

**Derivative Financial Instruments Categorized by Risk Exposure** 

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $49662023 | $— | $— | $— | $— | $— | $49662023 |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts<sup>(a)</sup>  | $39960769 | $— | $— | $— | $— | $— | $39960769 |
|  <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). | <sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: | For the period ended October 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows: |
|  | *Commodity<br>Contracts* | *Credit<br>Contracts* | *Equity<br>Contracts* | *Foreign<br>Currency<br>Exchange<br>Contracts* | *Interest<br>Rate<br>Contracts* | *Other<br>Contracts* | *Total* |
| **Net Realized Gain (Loss) from** |  |  |  |  |  |  |  |
| Futures contracts | $684909176 | $— | $— | $— | $— | $— | $684909176 |
| **Net Change in Unrealized Appreciation (Depreciation) on** |  |  |  |  |  |  |  |
| Futures contracts | $(73798222) | $— | $— | $— | $— | $— | $(73798222) |

---

**Average Quarterly Balances of Outstanding Derivative Financial Instruments** 

---

| | |
|:---|:---|
|  Futures contracts |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $2991800590 |

---

For more information about the Fund's investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

24 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

---

| | |
|:---|:---|
| Consolidated Schedule of Investments (continued)<br> October 31, 2022 | <br> **iShares**<sup>®</sup> **GSCI Commodity Dynamic Roll Strategy ETF** |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements.

The following table summarizes the Fund's financial instruments categorized in the fair value hierarchy. The breakdown of the Fund's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certificates of Deposit | $— | $114474733 | $— | $114474733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 1669044290 |  | 1669044290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations |  | 241710277 |  | 241710277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 207400095 |  |  | 207400095 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;207400095 | $2025229300 | $— | $2232629395 |
|  Derivative financial instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | $49662023 | $— | $— | $49662023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts | (39960769) |  |  | (39960769) |
|  | $9701254 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $9701254 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D S C H E D U L E O F I N V E S T M E N T S 25

------

Consolidated Statements of Assets and Liabilities

October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| | iShares<br> Bloomberg<br> Roll Select<br>Commodity<br>Strategy ETF | iShares<br>Commodity<br>Curve Carry<br>Strategy ETF | iShares<br> Gold<br> Strategy ETF | iShares<br> GSCI Commodity<br>Dynamic Roll<br> Strategy ETF |
|  **ASSETS** |  |  |  |  |
|  Investments, at value — unaffiliated<sup>(a)</sup>  | $250804967 | $28165285 | $27243936 | $2025229300 |
|  Investments, at value — affiliated<sup>(b)</sup>  | 34050000 | 8760000 | 6563349 | 207400095 |
|  Cash | 16274 | 10110 | 1009640 | 8187355 |
|  Cash pledged: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 21421000 |  | 1014000 | 206336115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateral — OTC derivatives |  | 200000 |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2889841 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 5623042 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 155651 | 27104 | 10192 | 1301538 |
|  Total assets | 314960775 | 37162499 | 35841117 | 2448454403 |
|  **LIABILITIES** |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 996409 | 73903659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 65609 | 14439480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 70427 | 11714 | 5724 | 962829 |
|  Swap premiums received |  | 226884 |  |  |
|  Unrealized depreciation on OTC swaps |  | 660197 |  |  |
|  Total liabilities | 70427 | 898795 | 1067742 | 89305969 |
|  NET ASSETS | $314890348 | $36263704 | $34773375 | $2359148434 |
|  **NET ASSETS CONSIST OF** |  |  |  |  |
|  Paid-in capital | $309143102 | $27606668 | $36657605 | $1895003783 |
|  Accumulated earnings (loss) | 5747246 | 8657036 | (1884230) | 464144651 |
|  NET ASSETS | $314890348 | $36263704 | $34773375 | $2359148434 |
|  **NET ASSETVALUE** |  |  |  |  |
|  Shares outstanding | 5600000 | 1400000 | 700000 | 62200000 |
|  Net asset value | $56.23 | $25.90 | $49.68 | $37.93 |
|  Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
|  Par value |  |  |  |  |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $250841729 | $28170032 | $27247550 | $2026351193 |
|  <sup>(b)</sup> Investments, at cost — affiliated | $34050000 | $8760000 | $6899580 | $207400095 |

---

*See notes to Consolidated Financial Statements* 

26 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

Consolidated Statements of Operations

Year Ended October 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Bloomberg<br>Roll Select<br>Commodity<br>Strategy ETF | iShares<br>Commodity<br>Curve Carry<br>Strategy ETF | iShares<br>Gold<br>Strategy ETF | iShares<br> GSCI<br>Commodity<br> Dynamic Roll<br>Strategy ETF |
|  **INVESTMENT INCOME** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | $321007 | $115882 | $24915 | $2099349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 3324927 | 242287 | 283848 | 27957638 |
|  Total investment income | 3645934 | 358169 | 308763 | 30056987 |
|  EXPENSES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 865498 | 150280 | 89258 | 14130843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional |  |  |  | 217 |
|  Total expenses | 865498 | 150280 | 89258 | 14131060 |
|  Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees waived | (21919) | (7893) | (28400) | (27090) |
|  Total expenses after fees waived | 843579 | 142387 | 60858 | 14103970 |
|  Net investment income | 2802355 | 215782 | 247905 | 15953017 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (5923) | (992) | (261) | (49193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | (353010) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 26000796 |  | (2129335) | 684909176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated<sup>(a)</sup>  |  |  | 76617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | 9107191 |  |  |
|  | 25994873 | 9106199 | (2405989) | 684859983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (37858) | (4988) | (3614) | (1169781) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated |  |  | (683046) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (15626622) |  | (1248122) | (73798222) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps |  | (4509634) |  |  |
|  | (15664480) | (4514622) | (1934782) | (74968003) |
|  Net realized and unrealized gain (loss) | 10330393 | 4591577 | (4340771) | 609891980 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $13132748 | $4807359 | $(4092866) | $625844997 |

---

<sup>(a)</sup> See Note 2 of the Notes to Financial Statements.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 27

------

Consolidated Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br>Bloomberg Roll Select Commodity<br>Strategy ETF | iShares<br>Bloomberg Roll Select Commodity<br>Strategy ETF | iShares<br>Commodity Curve Carry Strategy ETF | iShares<br>Commodity Curve Carry Strategy ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2802355 | $(161116) | $215782 | $(96638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 25994873 | 19938578 | 9106199 | 8349961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15664480) | 10876593 | (4514622) | 4877734 |
|  Net increase in net assets resulting from operations | 13132748 | 30654055 | 4807359 | 13131057 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders | (30653592) | (69482) | (8253258) |  |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 123567454 | 136346700 |  | (2599830) |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 106046610 | 166931273 | (3445899) | 10531227 |
|  Beginning of period | 208843738 | 41912465 | 39709603 | 29178376 |
|  End of period | $314890348 | $208843738 | $36263704 | $39709603 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to Consolidated Financial Statements* 

28 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Consolidated Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares<br> Gold Strategy ETF | iShares<br> Gold Strategy ETF | iShares<br> GSCI Commodity Dynamic Roll Strategy ETF | iShares<br> GSCI Commodity Dynamic Roll Strategy ETF |
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br> 10/31/22 | Year Ended<br> 10/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
|  **OPERATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $247905 | $(30684) | $15953017 | $(5032541) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (2405989) | (1792497) | 684859983 | 351111376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1934782) | 99087 | (74968003) | 88305347 |
|  Net increase (decrease) in net assets resulting from operations | (4092866) | (1724094) | 625844997 | 434384182 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |  |  |
|  Decrease in net assets resulting from distributions to shareholders |  | (1564719) | (426344721) | (799124) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
|  Net increase (decrease) in net assets derived from capital share transactions | 8870593 | 11320515 | (665137244) | 2194642007 |
|  *NET ASSETS* |  |  |  |  |
|  Total increase (decrease) in net assets | 4777727 | 8031702 | (465636968) | 2628227065 |
|  Beginning of period | 29995648 | 21963946 | 2824785402 | 196558337 |
|  End of period | $34773375 | $29995648 | $2359148434 | $2824785402 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 29

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Consolidated Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Bloomberg Roll Select Commodity Strategy ETF | iShares Bloomberg Roll Select Commodity Strategy ETF |
|  | |  |  |  | Period From |
|  | Year Ended | Year Ended | Year Ended | Year Ended | 04/03/18<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 |
|  **Net asset value, beginning of period** | $59.67 | $41.91 | $45.01 | $47.77 | $50.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.53 | (0.09) | 0.23 | 1.05 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | 3.99 | 17.92 | (2.33) | (3.05) | (2.81) |
|  Net increase (decrease) from investment operations | 4.52 | 17.83 | (2.10) | (2.00) | (2.23) |
|  Distributions from net investment income<sup>(d)</sup>  | (7.96) | (0.07) | (1.00) | (0.76) |  |
|  **Net asset value, end of period** | $56.23 | $59.67 | $41.91 | $45.01 | $47.77 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 9.78% | 42.59% | (4.81)% | (4.19)% | (4.46)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.28% | 0.28% | 0.28% | 0.28% | 0.28 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.27% | 0.27% | 0.27% | 0.19% | 0.10 %<sup>(h)</sup> |
|  Net investment income (loss) | 0.91% | (0.16)% | 0.55% | 2.30% | 2.01 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $314890 | $208844 | $41912 | $27004 | $40607 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0% | 0% | 0% | 0% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to Consolidated Financial Statements* 

30 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | |
|:---|:---|:---|:---|
|  | iShares Commodity Curve Carry Strategy ETF | iShares Commodity Curve Carry Strategy ETF | iShares Commodity Curve Carry Strategy ETF |
|  | |  | Period From |
|  | Year Ended | Year Ended | 09/01/20<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | to 10/31/20 |
|  **Net asset value, beginning of period** | $28.36 | $19.45 | $20.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.15 | (0.07) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | 3.29 | 8.98 | (0.70) |
|  Net increase (decrease) from investment operations | 3.44 | 8.91 | (0.71) |
|  Distributions from net investment income<sup>(d)</sup>  | (5.90) |  |  |
|  **Net asset value, end of period** | $25.90 | $28.36 | $19.45 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |
|  Based on net asset value | 15.79% | 45.81% | (3.52)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |
|  Total expenses | 0.40% | 0.40% | 0.40 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.38% | 0.39% | 0.00 %<sup>(h)</sup> |
|  Net investment income (loss) | 0.57% | (0.28)% | (0.28)%<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |
|  Net assets, end of period (000) | $36264 | $39710 | $29178 |
|  Portfolio turnover rate<sup>(i)</sup>  | 0% | 0% | 0% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 31

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Gold Strategy ETF | iShares Gold Strategy ETF | iShares Gold Strategy ETF | iShares Gold Strategy ETF | iShares Gold Strategy ETF |
|  | |  |  |  | Period From |
|  | Year Ended | Year Ended | Year Ended | Year Ended | 06/06/18<sup>(a)</sup> |
|  | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 |
|  **Net asset value, beginning of period** | $54.54 | $62.75 | $57.41 | $46.76 | $50.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(b)</sup>  | 0.38 | (0.07) | 0.13 | 0.82 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(c)</sup>  | (5.24) | (3.67) | 10.47 | 10.20 | (3.51) |
|  Net increase (decrease) from investment operations | (4.86) | (3.74) | 10.60 | 11.02 | (3.24) |
|  Distributions from net investment income<sup>(d)</sup>  |  | (4.47) | (5.26) | (0.37) |  |
|  **Net asset value, end of period** | $49.68 | $54.54 | $62.75 | $57.41 | $46.76 |
|  **Total Return<sup>(e)</sup>**  |  |  |  |  |  |
|  Based on net asset value | (8.92)% | (6.21)% | 20.64% | 23.74% | (6.48)%<sup>(f)</sup> |
|  **Ratios to Average Net Assets<sup>(g)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.25% | 0.25% | 0.25% | 0.25% | 0.25 %<sup>(h)</sup> |
|  Total expenses after fees waived | 0.17% | 0.13% | 0.13% | 0.18% | 0.19 %<sup>(h)</sup> |
|  Net investment income (loss) | 0.69% | (0.12)% | 0.22% | 1.58% | 1.45 %<sup>(h)</sup> |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of period (000) | $34773 | $29996 | $21964 | $8612 | $4676 |
|  Portfolio turnover rate<sup>(i)</sup>  | 52% | 121% | 77% | 47% | 13% |

---

<sup>(a)</sup> Commencement of operations.

<sup>(b)</sup> Based on average shares outstanding.

<sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(d)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(e)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(f)</sup> Not annualized.

<sup>(g)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(h)</sup> Annualized.

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to Consolidated Financial Statements* 

32 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares GSCI Commodity Dynamic Roll Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF | iShares GSCI Commodity Dynamic Roll Strategy ETF |
|  | <br> Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/20 | Year Ended<br>10/31/19 | Year Ended<br>10/31/18 |
|  **Net asset value, beginning of year** | $37.41 | $24.27 | $31.80 | $37.18 | $35.97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(a)</sup>  | 0.21 | (0.13) | 0.26 | 0.76 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(b)</sup>  | 5.80 | 13.37 | (6.93) | (3.04) | 2.62 |
|  Net increase (decrease) from investment operations | 6.01 | 13.24 | (6.67) | (2.28) | 3.25 |
|  Distributions from net investment income<sup>(c)</sup>  | (5.49) | (0.10) | (0.86) | (3.10) | (2.04) |
|  **Net asset value, end of year** | $37.93 | $37.41 | $24.27 | $31.80 | $37.18 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |
|  Based on net asset value | 19.92% | 54.75% | (21.66)% | (5.87)% | 9.29 %<sup>(e)</sup> |
|  **Ratios to Average Net Assets<sup>(f)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
|  Total expenses after fees waived | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
|  Net investment income (loss) | 0.54% | (0.38)% | 0.95% | 2.32% | 1.66% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $2359148 | $2824785 | $196558 | $518373 | $728739 |
|  Portfolio turnover rate<sup>(g)</sup>  | 0% | 0% | 5% | 32% | 167% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund's underlying securities. 

<sup>(c)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Includes payment received from an affiliate, which impacted the Fund's total return. Excluding the payment from an affiliate, the Fund's total return would have been 9.06%. 

<sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

*See notes to Consolidated Financial Statements* 

C O N S O L I D A T E D F I N A N C I A L H I G H L I G H T S 33

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*Notes to Consolidated Financial Statements* 

***1. ORGANIZATION***

iShares U.S. ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a "Fund" and collectively, the "Funds"):

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Diversification<br>Classification* | *Diversification<br>Classification* |
|  Bloomberg Roll Select Commodity Strategy |  | Non-diversified |
|  Commodity Curve Carry Strategy |  | Non-diversified |
|  Gold Strategy |  | Non-diversified |
|  GSCI Commodity Dynamic Roll Strategy | | Diversified |

---

**Basis of Consolidation:** The accompanying consolidated financial statements for each Fund include the accounts of its wholly-owned subsidiary in the Cayman Islands (each, a "Subsidiary") that invests in certain "commodity-linked instruments" and cash and cash equivalents in accordance with each Fund's investment objective. In compliance with Sub-chapter M of the Internal Revenue Code of 1986, as amended, each Fund may invest up to 25% of its total assets in its Subsidiary. Intercompany accounts and transactions, if any, have been eliminated. Each Fund's commodity-linked instruments held in its Subsidiary are intended to provide the Fund with exposure to applicable commodity markets or commodities consistent with current U.S. federal income tax laws applicable to investment companies such as the Fund. Each Subsidiary has the same investment objective as its Fund.

***2. SIGNIFICANT ACCOUNTING POLICIES***

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

**Collateralization:** If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

**In-kind Redemptions:** For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

**Distributions:** Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Net income and realized gains from investments held by each Subsidiary are treated as ordinary income for tax purposes. If a net loss is realized by the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund's ordinary income and/or capital gains for that year.

**Indemnifications:** In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

***3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS***

**Investment Valuation Policies:** Each Fund's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Fund's listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the "Board") of each Fund has approved the designation of BlackRock Fund Advisors ("BFA"), the Funds' investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA's policies and procedures as reflecting fair value. BFA has

34 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

------

*Notes to Consolidated Financial Statements* (continued)

formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of each Fund's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid
price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or
transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values,
including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage
related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique
attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-traded funds and closed-end funds traded on a recognized securities
exchange are valued at that day's official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued
at that day's published NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

&nbsp;&nbsp;&nbsp;&nbsp;• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are
derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund's NAV and the prices used by the fund's underlying index, which in turn could result in a difference between the fund's performance and the performance of the fund's underlying index.

**Fair Value Hierarchy:** Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each
Fund has the ability to access;

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield
curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available, (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 35

------

*Notes to Consolidated Financial Statements* (continued)

***4.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) or to the applicable commodities market (commodities price risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the statement of assets and liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the statement of assets and liabilities. Payments received or paid are recorded in the statement of operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the statement of operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds' basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares Commodity Curve Carry Strategy ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap's market value. The market value also includes interest charges and credits ("financing fees") related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of

36 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Consolidated Financial Statements* (continued)

the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Consolidated Statements of Assets and Liabilities.

***5.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory Fees:** Pursuant to an Investment Advisory Agreement with the Trust, BlackRock Fund Advisors ("BFA") manages the investment of each Fund's assets. BFA is a California corporation indirectly owned by BlackRock, Inc. ("BlackRock"). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
|  Bloomberg Roll Select Commodity Strategy | 0.28% |
|  Commodity Curve Carry Strategy | 0.40 |
|  Gold Strategy | 0.25 |
|  GSCI Commodity Dynamic Roll Strategy | 0.48 |

---

**Expense Waivers:** A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies ("acquired fund fees and expenses"). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund's total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF through February 28, 2025, March 1, 2024 and February 29, 2024, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other registered investment companies advised by BFA or its affiliates.

BFA has contractually agreed to waive a portion of its investment advisory fee for the iShares Gold Strategy ETF through February 29, 2024 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other exchange-traded products sponsored by BFA or its affiliates and other funds advised by BFA or its affiliates, provided that the waiver be no greater than the Fund's investment advisory fee of 0.25%.

These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts Waived* |
|  Bloomberg Roll Select Commodity Strategy | $21919 |
|  Commodity Curve Carry Strategy | 7893 |
|  Gold Strategy | 28400 |
|  GSCI Commodity Dynamic Roll Strategy | 27090 |

---

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 37

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*Notes to Consolidated Financial Statements* (continued)

**Sub-Adviser:** BFA has entered into a sub-advisory agreement with BlackRock International Limited (the "Sub-Adviser"), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the iShares GSCI Commodity Dynamic Roll Strategy ETF and its Subsidiary.

**Distributor:** BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

**Officers and Trustees:** Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Consolidated Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund's underlying index.

***6.***  ***PURCHASES AND SALES*** 

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
|  Gold Strategy | $4139547 | $4646297 |

---

For the year ended October 31, 2022, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind<br>Purchases* | *In-kind* <br> *Sales*  |
|  Gold Strategy | $2766077 | $628800 |

---

***7.***  ***INCOME TAX INFORMATION*** 

Each Fund is treated as an entity separate from the Trust's other funds for federal income tax purposes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' consolidated financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | *Accumulated*<br> *Earnings (Loss)* |
|  Bloomberg Roll Select Commodity Strategy | $18037378 | $(18037378) |
|  Gold Strategy | (2299606) | 2299606 |
|  GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp;&nbsp;&nbsp;198012931 | &nbsp;&nbsp;&nbsp;&nbsp;(198012931) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended<br>10/31/22* | *Year Ended<br>10/31/21* |
|  Bloomberg Roll Select Commodity Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $30653592 | $69482 |
|  Commodity Curve Carry Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $8253258 | $— |
|  Gold Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $— | $1564719 |
|  GSCI Commodity Dynamic Roll Strategy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ordinary income | $426344721 | $799124 |

---

38 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Consolidated Financial Statements* (continued)

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed<br>Ordinary Income* | *Non-expiring<br>Capital Loss<br>Carryforwards <br><sup>(a)</sup>* | *Net Unrealized<br>Gains (Losses)* | *Total* |
|  Bloomberg Roll Select Commodity Strategy | $10765772 | $(6218) | $(5012308) | $5747246 |
|  Commodity Curve Carry Strategy | 9322972 | (992) | (664944) | 8657036 |
|  Gold Strategy | 175707 | (76878) | (1983059) | (1884230) |
|  GSCI Commodity Dynamic Roll Strategy | 502849249 | (47283976) | 8579378 | 464144651 |

---

<sup>(a)</sup> Amounts available to offset future realized capital gains. 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  Bloomberg Roll Select Commodity Strategy | $284891729 | $2733 | $(39495) | $(36762) |
|  Commodity Curve Carry Strategy | 36930032 | 50687 | (715631) | (664944) |
|  Gold Strategy | 34147130 | 475 | (340320) | (339845) |
|  GSCI Commodity Dynamic Roll Strategy | &nbsp;&nbsp;&nbsp;&nbsp;2233751288 | 17447 | (9640478) | (9623031) |

---

***8.***  ***PRINCIPAL RISKS*** 

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund's prospectus provides details of the risks to which the Fund is subject.

BFA uses a "passive" or index approach to try to achieve each Fund's investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

**Market Risk:** Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund's portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio's current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

**Counterparty Credit Risk:** The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 39

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*Notes to Consolidated Financial Statements* (continued)

receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Consolidated Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Funds.

**Concentration Risk:** A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund's portfolio are disclosed in its Consolidated Schedule of Investments.

Certain Funds a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds' performance.

Certain Funds have substantial exposure to certain commodity markets through investments in commodity-linked instruments and through commodity-related equities. Any negative changes in commodity markets that may be due to changes in supply and demand for the commodities, market events, regulatory developments or other factors that the Funds cannot control could have an adverse impact on the Funds' portfolios.

The iShares Gold Strategy ETF has substantial exposure to gold through its investments in gold investments and the Fund's portfolio may be adversely affected by changes or trends in the price of gold, which historically has been volatile. Governments, central banks, or other large holders can influence the production and sale of gold, which may adversely affect the performance of the Fund.

**Significant Shareholder Redemption Risk:** Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

***9.***  ***CAPITAL SHARE TRANSACTIONS*** 

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Year Ended<br> 10/31/22 | <br> Year Ended<br> 10/31/22 | <br> Year Ended<br> 10/31/21 | <br> Year Ended<br> 10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Bloomberg Roll Select Commodity Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 4400000 | $256785591 | 2500000 | $136346700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2300000) | &nbsp;&nbsp;&nbsp;&nbsp;(133218137) |  |  |
|  | 2100000 | $123567454 | 2500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136346700 |
|  Commodity Curve Carry Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | $— | (100000) | $(2599830) |

---

40 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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*Notes to Consolidated Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br>10/31/22 | Year Ended<br>10/31/22 | Year Ended<br>10/31/21 | Year Ended<br>10/31/21 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
|  Gold Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 200000 | $11484407 | 200000 | $11320515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (2613814) |  |  |
|  | 150000 | $8870593 | 200000 | $11320515 |
|  GSCI Commodity Dynamic Roll Strategy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 32700000 | $&nbsp;&nbsp;&nbsp;&nbsp;1230993779 | 80000000 | $2645593591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (46000000) | (1896131023) | (12600000) | (450951584) |
|  | (13300000) | $(665137244) | 67400000 | $2194642007 |

---

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Consolidated Statements of Assets and Liabilities.

***10. SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Funds through the date the consolidated financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the consolidated financial statements.

N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S 41

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares U.S. ETF Trust and Shareholders of each of the four funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of each of the funds listed in the table below and their subsidiaries (four of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the "Funds") as of October 31, 2022, the related consolidated statements of operations for the year ended October 31, 2022, the consolidated statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the consolidated financial highlights for each of the periods indicated therein (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares Bloomberg Roll Select Commodity Strategy ETF iShares Commodity Curve Carry Strategy ETF iShares Gold Strategy ETF iShares GSCI Commodity Dynamic Roll Strategy ETF

***Basis for Opinions***

These consolidated financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

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| | |
|:---|:---|
| *iShares ETF* | *Federal Obligation<br>Interest* |
|  Bloomberg Roll Select Commodity Strategy | $416791 |
|  Commodity Curve Carry Strategy | 49578 |
|  Gold Strategy | 28095 |
|  GSCI Commodity Dynamic Roll Strategy | 3211399 |

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The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest Dividends* |
|  Bloomberg Roll Select Commodity Strategy | $3070859 |
|  Commodity Curve Carry Strategy | 309224 |
|  Gold Strategy | 220181 |
|  GSCI Commodity Dynamic Roll Strategy | 25855979 |

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The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

---

| | |
|:---|:---|
| *iShares ETF* | *Interest-Related<br>Dividends* |
|  Bloomberg Roll Select Commodity Strategy | $3005707 |
|  Commodity Curve Carry Strategy | 302909 |
|  Gold Strategy | 217628 |
|  GSCI Commodity Dynamic Roll Strategy | 24676991 |

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I M P O R T A N T T A X I N F O R M A T I O N 43

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Board Review and Approval of Investment Advisory Contract

**iShares Bloomberg Roll Select Commodity Strategy ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided**: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates**: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates**: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion**: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF (each the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Nature, Extent and Quality of Services Provided**: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA's investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates**: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

46 2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Economies of Scale**: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreement for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates**: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates**: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

**Conclusion**: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

**iShares GSCI Commodity Dynamic Roll Strategy ETF (the "Fund")** 

Under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), including a majority of Board Members who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Board Members"), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the "Advisory Agreement"), and the Sub-Advisory Agreement between BFA and BlackRock International Limited, (together the Advisory Agreements") on behalf of the Fund. The Board's consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock's services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and

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Board Review and Approval of Investment Advisory Contract (continued)

regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreements. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the "15(c) Committee"), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreements for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreements for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA and BlackRock International Limited; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFAand its affiliates; and (vi) other benefits to BFAand/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreements are discussed below.

**Expenses and Performance of the Fund**: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. ("Broadridge"), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund's applicable expense peer group pursuant to Broadridge's proprietary ETF methodology (the "Peer Group"). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund's Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge's report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board further noted that BFA pays BlackRock International Limited for sub-advisory services, and that there are no additional fees imposed on the Fund in respect of the services provided under the Sub-Advisory Agreement(s).

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund's performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund's short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Nature, Extent and Quality of Services Provided**: Based on management's representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA and BlackRock International Limited under the Advisory Agreements for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA's investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA's compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, including those of the Sub-Advisor(s), as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding investment performance, investment and risk management processes and strategies for BFA and BlackRock International Limited, which were provided at the May 3, 2022 meeting and throughout the year and matters related to BFA's portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreements supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates**: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund's operations for the last calendar year. The Board reviewed BlackRock's methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA's estimated profit margin as reflected in the Fund's profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreements and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Economies of Scale:** The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock's historical estimated profitability, including BFA's and its affiliates' estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund's investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board's approval of the continuance of the Advisory Agreements for the coming year.

**Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates:** The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the "Other Accounts"). The Board acknowledged BFA's representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management's assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the "all-inclusive" nature of the Fund's advisory fee structure, and the Fund's expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

**Other Benefits to BFA and/or its Affiliates:** The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund's securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA's estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock's profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock's technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board's conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreements for the coming year.

**Conclusion:** Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund's investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm's-length bargaining, and concluded to approve the continuance of the Advisory Agreements for the coming year.

B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T 49

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Supplemental Information (unaudited)

**Section 19(a) Notices** 

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

**October 31, 2022** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | Total Cumulative Distributions<br>for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year | % Breakdown of the Total Cumulative<br>Distributions for the Fiscal Year |
| *iShares ETF* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* | *Net<br>Investment<br>Income* | *Net Realized<br>Capital Gains* | *Return of<br>Capital* | *Total Per<br>Share* |
|  Bloomberg Roll Select Commodity Strategy<sup>(a)</sup>  | $7.951997 | $— | $0.009975 | $7.961972 | 100% | —% | 0 %<sup>(b)</sup> | 100% |
|  Commodity Curve Carry Strategy<sup>(a)</sup>  | 5.886339 |  | 0.008845 | 5.895184 | 100 |  | 0 <sup>(b)</sup> | 100 |
|  GSCI Commodity Dynamic Roll Strategy<sup>(a)</sup>  | 5.480819 |  | 0.013314 | 5.494133 | 100 |  | 0 <sup>(b)</sup> | 100 |

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<sup>(a)</sup> The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. 

<sup>(b)</sup> Rounds to less than 1%. 

**Premium/Discount Information** 

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not "interested persons" (as defined in the 1940 Act) of the Trust are referred to as independent trustees ("Independent Trustees").

The registered investment companies advised by BFA or its affiliates (the "BlackRock-advised Funds") are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the "BlackRock Multi-Asset Complex"), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the "BlackRock Fixed-Income Complex") and one complex of ETFs ("Exchange-Traded Fund Complex") (each, a "BlackRock Fund Complex"). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds' Trustees and officers may be found in the Funds' combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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| | | | |
|:---|:---|:---|:---|
| | | **Interested Trustees** | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| Robert S. Kapito<sup>(a)</sup> (65) | Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock's Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.'s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children's Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009). |
| Salim Ramji<sup>(b)</sup> (52) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock's ETF and Index Investments Business (since 2019); Head of BlackRock's U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019). |
|  <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(a)</sup> Robert S. Kapito is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
|  <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | <sup>(b)</sup> Salim Ramji is deemed to be an "interested person" (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |

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| | | | |
|:---|:---|:---|:---|
| | | **Independent Trustees** | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** | **Other Directorships Held by Trustee** |
| John E. Kerrigan (67) | Trustee (since 2011); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2022). |
| Jane D. Carlin (66) | Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016). |
| Richard L. Fagnani (67) | Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017). |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 51

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Trustee and Officer Information (unaudited) (continued)

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| | | | |
|:---|:---|:---|:---|
| | | **Independent Trustees** (continued) | |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s) During Past 5 Years** | **Other Directorships Held by Trustee** |
| Cecilia H. Herbert (73) | Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York's public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
| Drew E. Lawton (63) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017). |
| John E. Martinez (61) | Trustee (since 2011); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003). |
| Madhav V. Rajan (58) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011). |

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| | | |
|:---|:---|:---|
| **Officers** | **Officers** | **Officers** |
| **Name (Age)** | **Position(s)** | **Principal Occupation(s)<br>During Past 5 Years** |
| Armando Senra (51) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). |
| Trent Walker (48) | Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| Charles Park (55) | Chief Compliance Officer (since 2011). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). |
| Marisa Rolland (42) | Secretary (since 2022). | Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017). |
| Rachel Aguirre (40) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). |
| Jennifer Hsui (46) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
| James Mauro (52) | Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |

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Trustee and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 53

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General Information

**Electronic Delivery** 

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at **iShares.com**. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

&nbsp;&nbsp;&nbsp;&nbsp;• Go to **icsdelivery.com**.

&nbsp;&nbsp;&nbsp;&nbsp;• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or
financial advisor.

**Householding** 

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

**Availability of Quarterly Schedule of Investments** 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC's website at **sec.gov**. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at **iShares.com/fundreports**.

**Availability of Proxy Voting Policies and Proxy Voting Records** 

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at **iShares.com**; and (3) on the SEC website at **sec.gov**.

A description of the Trust's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at **iShares.com**.

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Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

SOFR Secured Overnight Financing Rate

G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T 55

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**Want to know more?** 

**iShares.com** \| 1-800-474-2737

**This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.** 

**Investing involves risk, including possible loss of principal.** 

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, "BlackRock").

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, S&P Dow Jones Indices LLC, or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.©2022 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1011-1022

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|:---|:---|
| ![LOGO](g374926g24u50.jpg)  | ![LOGO](g374926g48v93.jpg) |

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(b) Not Applicable

**Item 2.** **Code of Ethics.** <br>

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock's General Counsel, and retains the alternative option of anonymous reporting following "whistleblower" policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

**Item 3.** **Audit Committee Financial Expert.** <br>

The registrant's Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant's audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

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**Item 4.** **Principal Accountant Fees and Services.** <br>

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the fourteen series of the registrant for which the fiscal year-end is October 31, 2022 (the "Funds"), and whose annual financial statements are reported in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal
years were $162,550 for the fiscal year ended October 31, 2021 and $184,850 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended October 31, 2021 and
October 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services
rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $116,400 for the fiscal year ended October 31, 2021 and $135,800 for the fiscal year ended October 31, 2022. These services related to
the review of the Funds' tax returns and excise tax calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended October 31,
2021 and October 31, 2022 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The registrant's audit committee charter, as amended, provides that the audit committee is responsible
for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the
engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser
("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the Funds' financial
statements for the fiscal year ended October 31, 2022 were attributable to work performed by persons other than the principal accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal
accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $116,400 for the fiscal year ended
October 31, 2021 and $135,800 for the fiscal year ended October 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the
principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

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**Item 5.** **Audit Committee of Listed Registrants** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant's audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6.** **Investments.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to the registrant.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees.

**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The President (the registrant's Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant's Principal Financial Officer) have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to the registrant.

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**Item 13.** **Exhibits.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (1) Code of Ethics is not filed as an exhibit; please refer to Item 2.](#item2425863_1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(a) (2) Section 302 Certifications are attached.](d425863dex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (4) Change in Registrant's independent public accountant – Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached.](d425863dex99906cert.htm)

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares U.S. ETF Trust

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| | |
|:---|:---|
| By: | /s/ Armando Senra  |
|  | Armando Senra, President (Principal Executive Officer) |

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Date: December 22, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Armando Senra  |
|  | Armando Senra, President (Principal Executive Officer) |

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Date: December 22, 2022

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| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |

---

Date: December 22, 2022

## Ex-99.Cert

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| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** | **EX-99.CERT** |

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------

I, Armando Senra, certify that:

1. I have reviewed this report on Form N-CSR of iShares U.S. ETF Trust for the following fourteen series: BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF, BlackRock Ultra Short-Term Bond ETF, iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF, iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF and iShares Interest Rate Hedged U.S. Aggregate Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Armando Senra | President<br> (Principal Executive Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Armando Senra<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

| | |
|:---|:---|
| **N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS** | **EX-99.CERT** |

---

------

I, Trent Walker, certify that:

1. I have reviewed this report on Form N-CSR of iShares U.S. ETF Trust for the following fourteen series: BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF, BlackRock Ultra Short-Term Bond ETF, iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF, iShares GSCI Commodity Dynamic Roll Strategy ETF, iShares Inflation Hedged Corporate Bond ETF, iShares Inflation Hedged High Yield Bond ETF, iShares Inflation Hedged U.S. Aggregate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF, iShares Interest Rate Hedged Long-Term Corporate Bond ETF and iShares Interest Rate Hedged U.S. Aggregate Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Walker | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Trent Walker<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

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## Exhibit 99.906

**Ex.99.906 CERT** 

**N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

------

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares U.S. ETF Trust (the "Registrant"), each certify, to his knowledge, that:

1. The Registrant's periodic report on Form N-CSR for the period ended October 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Armando Senra | President<br> (Principal Executive Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Armando Senra<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

---

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| | | | |
|:---|:---|:---|:---|
| Date: | <u>December 22, 2022</u> | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Trent Walker | Treasurer and Chief Financial Officer<br> (Principal Financial Officer) |
| | | &nbsp;&nbsp;&nbsp;&nbsp;Trent Walker<br> &nbsp;&nbsp;&nbsp;&nbsp;[Signature] | [Title] |

---