iShares U.S. ETF Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22649

iShares U.S. ETF Trust

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2023

Date of reporting period: April 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

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

The Markets in Review

Dear Shareholder,

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

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		8.63	%		2.66	%
U.S. small cap equities (Russell 2000® Index)		(3.45	)		(3.65	)
International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		33
Notes to Financial Statements		36
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48

Fund Summary  as of April 30, 2023 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									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.87	%		2.98	%		1.72	%		1.44	%		2.98	%		8.89	%		14.72	%
Fund Market		2.92			3.04			1.72			1.44			3.04			8.90			14.73
Bloomberg Short-Term Government/Corporate Index		2.29			2.51			1.56			1.10			2.51			8.05			11.03

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

Actual							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,028.70	$	1.26		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of     Total Investments(a)
Corporate Bonds & Notes	66.7%
Asset-Backed Securities	22.5
Collaterized Mortgage Obligations	5.4
Commercial Paper	3.4
U.S. Government & Agency Obligations	2.0

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of    Total Investments(a)
Aaa	18.5%
Aa	3.5
A	27.8
Baa	35.6
Ba	0.7
Not Rated	13.9

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

^(a)  Excludes money market funds.

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Fund Summary  as of April 30, 2023 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		1.67	%		2.05	%		1.13	%		0.96	%		2.05	%		5.76	%		8.12	%
Fund Market		1.64			2.05			1.13			0.97			2.05			5.79			8.17
Bloomberg Municipal Bond: 1 Year (1-2) Index		1.88			1.67			1.12			0.92			1.67			5.70			7.71

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							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,016.70	$	1.25		$	1,000.00	$	1,023.60	$	1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

CREDIT QUALITY ALLOCATION

S&P Credit Rating*	Percent of    Total Investments(a)
AAA	0.6%
AA+	10.5
AA	5.9
AA-	3.3
A+	1.4
A	4.0
A-	16.2
BBB+	4.0
Not Rated	54.1

TEN LARGEST STATES

State	Percent of    Total Investments(a)
Pennsylvania	13.2%
Alabama	10.5
New Jersey	8.5
Wisconsin	8.0
Texas	7.5
Louisiana	7.2
Georgia	5.8
Indiana	4.7
Minnesota	4.2
New York	3.8

* 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.

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary  as of April 30, 2023 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

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.56	%		3.10	%		1.85	%		1.40	%		3.10	%		9.62	%		13.94	%
Fund Market		2.62			3.14			1.86			1.40			3.14			9.66			13.96
ICE BofA US 6-Month Treasury Bill Index		2.31			2.92			1.59			1.11			2.92			8.23			10.90

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							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,025.60	$	0.40		$	1,000.00	$	1,024.40	$	0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of    Total Investments(a)
Commercial Paper	43.2%
Corporate Bonds & Notes	36.4
Certificates of Deposit	12.9
Repurchase Agreements	3.5
Asset-Backed Securities	3.0
Municipal Debt Obligations	0.8
U.S. Government & Agency Obligations	0.2

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of    Total Investments(a)
Aaa	2.2%
Aa	7.4
A	21.1
Baa	10.6
B	0.4
P-1	27.8
P-2	17.6
Not Rated	12.9

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

^(a)  Excludes money market funds.

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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 7

Schedule of Investments  (unaudited) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities
ACAS CLO Ltd., 6.15%, 10/18/28 (Call 07/18/23), (3-mo. LIBOR US + 0.890%)(a)(b)	USD		1,375	$	1,360,177
AIG CLO Ltd., 6.37%, 04/20/32 (Call 07/20/23), (3-mo. LIBOR US + 1.120%)(a)(b)	USD		1,000		986,895
Ally Auto Receivables Trust, 2.67%, 04/15/25 (Call 09/15/25)	USD		10,498		10,417,843
American Express Credit Account Master Trust, Series 2018-9, Class A, 5.33%, 04/15/26, (1-mo. LIBOR US + 0.380%)(b)	USD		17,650		17,649,250
AmeriCredit Automobile Receivables Trust, 4.20%, 12/18/25 (Call 07/18/26)	USD		5,416		5,371,615
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 6.32%, 01/28/31 (Call 07/28/23), (3-mo. LIBOR US + 1.050%)(a)(b)	USD		4,257		4,210,473
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 6.36%, 01/28/31 (Call 07/28/23), (3-mo. LIBOR US + 1.090%)(a)(b)	USD		13,551		13,711,086
Apidos CLO XII, 6.34%, 04/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.080%)(a)(b)	USD		500		495,333
ASSURANT CLO Ltd., Series 2018-2A, Class A, 6.29%, 04/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.040%)(a)(b)	USD		250		247,503
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 5.71%, 11/17/27 (Call 05/17/23), (3-mo. LIBOR US + 0.830%)(a)(b)	USD		3,775		3,754,578
Atrium XIII, Series 13A, Class A1, 6.45%, 11/21/30 (Call 07/23/23), (3-mo. LIBOR US + 1.180%)(a)(b)	USD		2,476		2,459,606
Autoflorence 2 SRL
3.70%, 12/24/44 (Call 10/24/26), (1-mo. EURIBOR + 0.700%)(b)(c)	EUR		8,339		9,180,562
3.75%, 12/24/44 (Call 10/24/26), (1-mo. EURIBOR + 0.750%)(b)(c)	EUR		726		783,738
Autonoria Spain FTA
3.80%, 01/25/40 (Call 04/25/28), (1-mo. EURIBOR + 0.840%)(b)(c)	EUR		8,313		9,197,532
4.96%, 01/26/40 (Call 04/25/28), (1-mo. EURIBOR + 2.000%)(b)(c)	EUR		489		543,432
Azure Finance No. 3 PLC, 4.98%, 06/20/34	GBP		2,137		2,686,347
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 6.22%, 07/20/30 (Call 07/20/23), (3-mo. LIBOR US + 0.970%)(a)(b)	USD		2,798		2,767,696
Barings CLO Ltd., 6.32%, 04/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.070%)(a)(b)	USD		550		543,122
Bavarian Sky U.K. 5 PLC, 4.81%, 04/20/31	GBP		12,066		15,184,421
BDS 2021-FL9 Ltd., 6.03%, 11/16/38 (Call 10/16/23), (1-mo. LIBOR US + 1.070%)(a)(b)	USD		8,750		8,439,687
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 6.25%, 07/20/29 (Call 07/20/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		150		149,192
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 6.35%, 01/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.100%)(a)(b)	USD		728		720,377
Benefit Street Partners Clo XII Ltd., 6.21%, 10/15/30 (Call 07/15/23), (3-mo. LIBOR US + 0.950%)(a)(b)	USD		1,583		1,566,427
BHG Securitization Trust, 3.75%, 06/18/35 (Call 05/17/29)(a)	USD		839		825,352
BMW Vehicle Owner Trust, 5.34%, 12/26/24 (Call 12/25/25), (30-day SOFR + 0.520%)(b)	USD		7,445		7,447,530

Security		Par (000)		Value
Bumper De SA, 3.58%, 08/23/32 (Call 04/23/27), (1-mo. EURIBOR + 0.580%)(b)(c)	EUR		6,000	$	6,615,191
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25 (Call 04/15/26)	USD		9,971		9,845,477
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 5.83%, 04/30/31 (Call 04/30/23), (3-mo. LIBOR US + 1.030%)(a)(b)	USD		1,000		990,588
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 6.23%, 04/17/31 (Call 07/17/23), (3-mo. LIBOR US + 0.970%)(a)(b)	USD		5,234		5,168,754
Carmax Auto Owner Trust, 3.81%, 09/15/25 (Call 03/15/26)	USD		6,595		6,537,014
Cbam Ltd., Series 2018-7A, Class A, 6.35%, 07/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.100%)(a)(b)	USD		750		739,682
Cedar Funding IX CLO Ltd., 6.23%, 04/20/31 (Call 07/20/23), (3-mo. LIBOR US + 0.980%)(a)(b)	USD		2,130		2,107,171
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 5.60%, 08/15/32 (Call 06/15/23), (1-mo. LIBOR US + 0.650%)(a)(b)	USD		3,896		3,895,229
CIFC Funding Ltd.
6.44%, 11/16/30 (Call 07/17/23), (3-mo. LIBOR US + 1.180%)(a)(b)	USD		613		607,986
Series 2014-2RA, Class A1, 6.32%, 04/24/30 (Call 07/24/23), (3-mo. LIBOR US + 1.050%)(a)(b) .	USD		229		226,906
Series 2018-1A, Class A, 6.26%, 04/18/31 (Call 07/18/23), (3-mo. LIBOR US + 1.000%)(a)(b) .	USD		13,000		12,867,100
Series 2018-2A, Class A1, 6.29%, 04/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.040%)(a)(b) .	USD		1,250		1,237,657
Citibank Credit Card Issuance Trust 5.72%, 05/14/29, (1-mo. LIBOR US + 0.770%)(b)	USD		7,000		6,992,313
Series 2019-A5, Class A5, 5.63%, 04/22/26, (1-mo. LIBOR US + 0.620%)(b)	USD		40,505		40,552,573
College Ave Student Loans LLC, Series 2021-A, Class A1, 6.12%, 07/25/51 (Call 02/25/32), (1-mo. LIBOR US + 1.100%)(a)(b)	USD		199		194,468
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a)	USD		4,130		4,003,434
Delamare Cards MTN Issuer PLC, 4.98%, 04/19/31	GBP		3,610		4,536,869
Diameter Capital Clo 1 Ltd., 6.50%, 07/15/36 (Call 10/15/23), (3-mo. LIBOR US + 1.240%)(a)(b)	USD		2,170		2,133,220
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a)	USD		5,843		5,683,407
Dowson PLC
5.11%, 01/20/29 (Call 05/20/25), (1-day SONIA + 0.920%)(b)(c)	GBP		2,038		2,563,225
5.94%, 01/20/29 (Call 05/20/25), (1-day SONIA + 1.750%)(b)(c)	GBP		646		811,706
6.89%, 08/20/29 (Call 05/20/25), (1-day SONIA + 2.700%)(b)(c)	GBP		3,806		4,817,894
Series 2021-2, Class A, 4.87%, 10/20/28, (1-day SONIA + 0.680%)(b)(c)	GBP		1,807		2,270,872
Series 2021-2, Class B, 5.39%, 10/20/28 (Call 11/20/24), (1-day SONIA + 1.200%)(b)(c)	GBP		1,600		2,005,963
Dryden 36 Senior Loan Fund, 6.27%, 04/15/29 (Call 07/15/23), (3-mo. SOFR + 1.282%)(a)(b)	USD		1,495		1,484,608
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 6.21%, 07/18/30 (Call 07/18/23), (3-mo. LIBOR US + 0.950%)(a)(b)	USD		10,185		10,049,451
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 5.92%, 05/20/34 (Call 05/20/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		203		202,099

8 2 0 2 3  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) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 6.16%, 04/15/29 (Call 07/15/23), (3-mo. LIBOR US + 0.900%)(a)(b)	USD		13,703	$	13,566,040
Dryden XXVIII Senior Loan Fund, 6.06%, 08/15/30 (Call 05/15/23), (3-mo. LIBOR US + 1.200%)(a)(b)	USD		3,216		3,196,085
Dutch Property Finance, Series 2021-2, Class A, 3.94%, 04/28/59 (Call 04/28/26), (3-mo. EURIBOR + 0.700%)(b)(c)	EUR		4,884		5,350,254
Dutch Property Finance BV, 3.22%, 10/28/59 (Call 01/28/27), (3-mo. EURIBOR + 0.750%)(b)(c)	EUR		7,831		8,555,429
Elevation CLO Ltd., Series 2014-2A, Class A1R, 6.48%, 10/15/29 (Call 07/15/23), (3-mo. SOFR + 1.492%)(a)(b)	USD		294		291,956
Elvet Mortgages PLC, Series 2021-1, Class A, 4.57%, 10/22/63, (1-day SONIA + 0.370%)(b)(c)	GBP		7,184		9,016,022
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 06/20/24)(a)	USD		4,680		4,563,482
FCT Autonoria DE 2023 3.43%, 01/26/43, (1-mo. EURIBOR + 0.470%)(b)(c)	EUR		12,000		13,231,903
4.11%, 01/26/43 (Call 11/25/27), (1-mo. EURIBOR + 1.150%)(b)(c)	EUR		400		439,941
Ford Credit Auto Owner Trust 3.44%, 02/15/25 (Call 12/15/25)	USD		17,259		17,126,597
5.27%, 05/17/27 (Call 05/15/26)	USD		1,130		1,141,764
5.47%, 03/15/26	USD		20,710		20,737,047
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 6.23%, 10/15/30 (Call 07/15/23), (3-mo. LIBOR US + 0.970%)(a)(b)	USD		653		645,228
Galaxy XXVII CLO Ltd., 5.89%, 05/16/31 (Call 05/16/23), (3-mo. LIBOR US + 1.020%)(a)(b)	USD		2,730		2,692,974
Generate CLO 2 Ltd., 6.42%, 01/22/31 (Call 07/22/23), (3-mo. LIBOR US + 1.150%)(a)(b)	USD		1,594		1,578,214
Gilbert Park CLO Ltd., 6.45%, 10/15/30 (Call 07/15/23), (3-mo. LIBOR US + 1.190%)(a)(b)	USD		250		247,928
GM Financial Automobile Leasing Trust, 2.93%, 10/21/24 (Call 10/20/24)	USD		11,235		11,123,289
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 5.91%, 10/29/29 (Call 07/29/23), (3-mo. LIBOR US + 1.110%)(a)(b)	USD		13,473		10,623,100
Grippen Park CLO Ltd., 6.51%, 01/20/30 (Call 07/20/23), (3-mo. LIBOR US + 1.260%)(a)(b)	USD		549		545,845
Highbridge Loan Management, Series 3A-2014, Class A1R, 6.44%, 07/18/29 (Call 07/18/23), (3-mo. LIBOR US + 1.180%)(a)(b)	USD		841		836,692
Honda Auto Receivables Owner Trust, 3.81%, 03/18/25 (Call 01/18/26)	USD		11,811		11,714,600
Hyundai Auto Lease Securitization Trust, 5.37%, 10/15/24 (Call 09/15/24), (30-day SOFR + 0.620%)(a)(b)	USD		15,689		15,686,871
Hyundai Auto Receivables Trust 3.64%, 05/15/25 (Call 08/15/26)	USD		8,759		8,674,290
5.53%, 11/17/25 (Call 11/15/26), (30-day SOFR + 0.780%)(b)	USD		16,463		16,473,261
John Deere Owner Trust, 3.73%, 06/16/25 (Call 02/15/26)	USD		7,678		7,613,121
KKR CLO 21 Ltd., 6.26%, 04/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		5,590		5,524,674
Koromo Italy Srl, 3.76%, 02/26/35 (Call 12/26/25), (1-mo. EURIBOR + 0.800%)(b)(c)	EUR		4,457		4,909,941
KREF Ltd., 6.37%, 02/17/39 (Call 01/17/24), (1-mo. CME Term SOFR + 1.450%)(a)(b)	USD		5,360		5,266,425

Security		Par (000)		Value
LCM 29 Ltd., Series 29A, Class AR, 6.33%, 04/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.070%)(a)(b)	USD		2,600	$	2,557,434
Lt Autorahoitus IV DAC, 3.74%, 07/18/33	EUR		2,900		3,196,456
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 6.22%, 04/19/30 (Call 07/19/23), (3-mo. LIBOR US + 0.950%)(a)(b)	USD		3,190		3,162,553
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 6.26%, 07/21/30 (Call 07/21/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		1,750		1,732,062
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 6.00%, 07/29/30, (3-mo. LIBOR US + 1.200%)(a)(b)	USD		4,816		4,827,059
Madison Park Funding XXXVII Ltd., 6.33%, 07/15/33 (Call 07/15/23), (3-mo. LIBOR US + 1.070%)(a)(b)	USD		1,750		1,727,793
Mariner CLO LLC, Series 2016-3A, Class AR2, 6.26%, 07/23/29 (Call 07/23/23), (3-mo. LIBOR US + 0.990%)(a)(b)	USD		740		732,911
MF1 Multifamily Housing Mortgage Loan Trust, 6.06%, 07/16/36 (Call 07/16/23), (1-mo. LIBOR US + 1.100%)(a)(b)	USD		4,520		4,432,974
Multifamily Housing Mortgage Loan Trust, 6.13%, 02/19/37 (Call 02/17/24), (30-day SOFR + 1.350%)(a)(b)	USD		1,860		1,802,511
Navient Private Education Loan Trust
Series 2017-A, Class A2B, 5.85%, 12/16/58 (Call 10/15/28), (1-mo. LIBOR US + 0.900%)(a)(b)	USD		182		182,001
Series 2020-IA, Class A1B, 5.95%, 04/15/69 (Call 09/15/31), (1-mo. LIBOR US + 1.000%)(a)(b)	USD		5,488		5,383,485
Navient Private Education Refi Loan Trust
Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 11/15/28)(a)	USD		5,448		4,794,208
Series 2021-DA, Class A, 6.01%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)(a)(b)	USD		6,422		6,008,819
Nelnet Student Loan Trust
5.64%, 04/20/62 (Call 10/20/31), (1-mo. LIBOR US + 0.690%)(a)(b)	USD		2,613		2,545,941
5.69%, 04/20/62 (Call 06/20/31), (1-mo. LIBOR US + 0.740%)(a)(b)	USD		4,892		4,776,726
Series 2021-A, Class A1, 5.75%, 04/20/62 (Call 02/20/29), (1-mo. LIBOR US + 0.800%)(a)(b)	USD		6,245		6,165,928
Series 2021-BA, Class AFL, 5.73%, 04/20/62 (Call 07/20/29), (1-mo. LIBOR US + 0.780%)(a)(b)	USD		10,911		10,757,382
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 6.30%, 01/28/30 (Call 07/28/23), (3-mo. LIBOR US + 0.990%)(a)(b)	USD		471		466,762
Niagara Park Clo Ltd., 6.26%, 07/17/32 (Call 07/17/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		2,500		2,455,637
Nissan Auto Lease Trust, 3.45%, 08/15/24 (Call 01/15/25)	USD		9,780		9,723,815
OCP CLO Ltd., Series 2017-13A, 6.22%, 07/15/30 (Call 07/15/23), (3-mo. LIBOR US + 0.960%)(a)(b)	USD		3,820		3,778,460
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 6.26%, 01/25/31 (Call 07/25/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		2,974		2,945,044
OneMain Direct Auto Receivables Trust, 6.34%, 03/14/29 (Call 01/14/26), (30-day SOFR + 1.600%)(a)(b)	USD		8,825		8,817,447
OneMain Financial Issuance Trust, 3.84%, 05/14/32 (Call 05/14/23)(a)	USD		1,251		1,242,285

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

Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Palmer Square CLO Ltd. 6.26%, 10/17/31 (Call 07/17/23), (3-mo. LIBOR US + 1.000%)(a)(b)	USD		1,800	$	1,780,485
Series 2015-2, 6.35%, 07/20/30 (Call 07/20/23), (3-mo. LIBOR US + 1.100%)(a)(b)	USD		3,075		3,049,570
Series 2021-3A, Class A1, 6.41%, 01/15/35 (Call 01/15/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD		500		494,497
Palmer Square Loan Funding Ltd., 6.55%, 01/15/31 (Call 10/15/23), (3-mo. SOFR + 1.560%)(a)(b)	USD		4,635		4,617,120
PCL Funding V PLC, 4.93%, 10/15/25 (Call 10/15/23), (1-day SONIA + 0.750%)(b)(c)	GBP		3,000		3,764,132
PCL Funding VI PLC, 5.58%, 07/15/26 (Call 07/15/24), (1-day SONIA + 1.400%)(b)(c)	GBP		6,611		8,337,938
PCL Funding VIII PLC 0.00%, 05/15/28(d)	GBP		3,193		4,012,804
0.00%, 05/15/28(d)	GBP		592		743,996
PFS Financing Corp., 5.35%, 02/15/26, (1-mo. SOFR + 0.600%)(a)(b)	USD		22,642		22,587,863
Pikes Peak CLO 1, Series 2018-1A, Class A, 6.45%, 07/24/31 (Call 07/24/23), (3-mo. LIBOR US + 1.180%)(a)(b)	USD		1,500		1,488,295
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 6.27%, 07/25/51 (Call 02/25/27), (1-mo. LIBOR US + 1.250%)(a)(b)	USD		1,002		977,254
Red & Black Auto Germany 8 UG, Class B, 3.68%, 09/15/30 (Call 11/15/25), (1-mo. EURIBOR + 0.750%)(b)(c)	EUR		360		394,229
Red & Black Auto Italy S.r.l., Class A, 3.72%, 12/28/31 (Call 09/28/25), (1-mo. EURIBOR + 0.700%)(b)(c)	EUR		9,331		10,270,263
Romark WM-R Ltd., Series 2018-1A, Class A1, 6.28%, 04/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.030%)(a)(b)	USD		3,879		3,836,393
RR 3 Ltd., Series 2018-3A, Class A1R2, 6.35%, 01/15/30 (Call 07/15/23), (3-mo. LIBOR US + 1.090%)(a)(b)	USD		1,837		1,821,728
Santander Drive Auto Receivables Trust 2.76%, 03/17/25 (Call 05/15/25)	USD		2,028		2,026,032
4.05%, 07/15/25 (Call 08/15/25)	USD		2,888		2,880,415
Satus PLC
4.88%, 08/17/28 (Call 03/17/25), (1-day SONIA + 0.700%)(b)(c)	GBP		245		308,382
5.38%, 08/17/28 (Call 03/17/25), (1-day SONIA + 1.200%)(b)(c)	GBP		400		501,711
5.78%, 08/17/28 (Call 03/17/25), (1-day SONIA + 1.600%)(b)(c)	GBP		300		373,804
Shackleton Clo Ltd., Series 2017-11A, 5.95%, 08/15/30 (Call 05/15/23), (3-mo. LIBOR US + 1.090%)(a)(b)	USD		2,630		2,603,413
Shackleton CLO Ltd., Series 2015-7R, 6.41%, 07/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.150%)(a)(b)	USD		2,750		2,714,230
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 6.23%, 04/20/29 (Call 07/20/23), (3-mo. LIBOR US + 0.980%)(a)(b)	USD		1,000		991,013
Silver Creek CLO Ltd., 6.49%, 07/20/30 (Call 07/20/23), (3-mo. LIBOR US + 1.240%)(a)(b)	USD		4,758		4,723,586
Silverstone Master Issuer PLC, 4.49%, 01/21/70 (Call 07/21/23), (1-day SONIA + 0.290%)(b)(c)	GBP		3,485		4,357,210
SLM Private Credit Student Loan Trust
Series 2004-A, Class A3, 5.27%, 06/15/33 (Call 06/15/23), (3-mo. LIBOR US + 0.400%)(b)	USD		2,634		2,557,417

Security		Par (000)		Value
Series 2004-B, Class A3, 5.20%, 03/15/24 (Call 12/15/23), (3-mo. LIBOR US + 0.330%)(b)	USD		781	$	778,835
Series 2005-A, Class A4, 5.18%, 12/15/38 (Call 03/15/26), (3-mo. LIBOR US + 0.310%)(b)	USD		6,161		5,883,020
Series 2005-B, Class A4, 5.20%, 06/15/39 (Call 06/15/26), (3-mo. LIBOR US + 0.330%)(b)	USD		4,365		4,142,312
Series 2006-A, Class A5, 5.16%, 06/15/39 (Call 09/15/28), (3-mo. LIBOR US + 0.290%)(b)	USD		9,980		9,320,597
Series 2006-B, Class A5, 5.14%, 12/15/39 (Call 09/15/27), (3-mo. LIBOR US + 0.270%)(b)	USD		7,150		6,649,347
SMB Private Education Loan Trust 5.95%, 06/15/37, (1-mo. LIBOR US + 1.000%)(a)(b)	USD		2,144		2,113,618
6.20%, 02/16/55, (30-day SOFR + 1.450%)(a)(b)	USD		10,264		10,191,644
6.55%, 10/15/58, (30-day SOFR + 1.450%)(a)(b)	USD		19,217		19,304,459
6.60%, 05/16/50, (1-mo. SOFR + 1.850%)(a)(b)	USD		4,689		4,713,156
Series 2017-A, Class A2B, 5.85%, 09/15/34, (1-mo. LIBOR US + 0.900%)(a)(b)	USD		6,261		6,220,988
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 6.17%, 01/23/29 (Call 07/23/23), (3-mo. LIBOR US + 0.900%)(a)(b)	USD		1,271		1,258,239
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 6.54%, 01/25/32 (Call 07/25/23), (3-mo. LIBOR US + 1.280%)(a)(b)	USD		1,250		1,232,522
Southwick Park CLO LLC, 6.31%, 07/20/32 (Call 07/20/23), (3-mo. LIBOR US + 1.060%)(a)(b)	USD		8,760		8,682,450
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 6.41%, 10/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.150%)(a)(b)	USD		500		494,847
TAGUS - Sociedade de Titularizacao de Creditos SA/Ulisses Finance No. 2, 3.70%, 09/23/38 (Call 02/23/28), (1-mo. EURIBOR + 0.700%)(b)(c)	EUR		10,219		11,270,102
TAGUS - Sociedade de Titularizacao de Creditos SA/Viriato Finance No. 1, 3.97%, 10/28/40 (Call 10/28/27), (1-mo. EURIBOR + 0.950%)(b)(c)	EUR		1,621		1,756,681
TCI-Symphony CLO Ltd. 6.19%, 07/15/30 (Call 07/15/23), (3-mo. LIBOR US + 0.930%)(a)(b)	USD		7,563		7,463,949
6.26%, 10/13/32 (Call 07/13/23), (3-mo. LIBOR US + 1.020%)(a)(b)	USD		5,235		5,148,717
TICP CLO IX Ltd., Series 2017-9A, Class A, 6.39%, 01/20/31 (Call 07/20/23), (3-mo. LIBOR US + 1.140%)(a)(b)	USD		482		477,213
Together Asset-Backed Securitisation PLC, 4.90%, 07/12/63, (1-day SONIA + 0.700%)(b)(c)	GBP		1,989		2,477,694
Toyota Auto Receivables Owner Trust, 5.58%, 01/15/26 (Call 11/15/26), (1-mo. CME Term SOFR + 0.690%)(b)	USD		12,000		12,014,966
Volkswagen Auto Lease Trust, 3.02%, 10/21/24 (Call 09/20/24)	USD		14,547		14,385,175
Voya CLO, Series 2017-2A, Class A1R, 6.24%, 06/07/30 (Call 07/15/23), (3-mo. LIBOR US + 0.980%)(a)(b)	USD		4,549		4,499,885
Voya CLO Ltd., 6.32%, 04/15/31 (Call 07/15/23), (3-mo. LIBOR US + 1.060%)(a)(b)	USD		1,250		1,238,272
Voya Ltd., Series 2012-4, 6.25%, 10/15/30 (Call 07/15/23), (3-mo. SOFR + 1.262%)(a)(b)	USD		12,118		12,037,481
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 6.16%, 04/20/28 (Call 07/20/23), (3-mo. LIBOR US + 0.910%)(a)(b)	USD		470		466,402
Westlake Automobile Receivables Trust 3.36%, 08/15/25 (Call 12/15/25)(a)	USD		5,166		5,115,149

10 2 0 2 3  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) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
5.50%, 07/15/26		USD	6,000	$	5,985,601
Total Asset-Backed Securities — 21.5% (Cost: $820,153,683)					812,966,398
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 5.2%
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 5.77%, 09/15/34 (Call 09/15/23), (1-mo. LIBOR US + 0.880%)(a)(b)		USD	12,100		11,703,026
AREIT Trust, Series 2019-CRE3, Class A, 6.02%, 09/14/36 (Call 09/14/23), (1-mo. CME Term SOFR + 1.134%)(a)(b)		USD	1,250		1,231,956
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 5.80%, 09/15/34, (1-mo. LIBOR US + 0.850%)(a)(b)		USD	14,220		14,095,771
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 5.82%, 03/15/37, (1-mo. LIBOR US + 0.872%)(a)(b)		USD	8,630		7,706,467
Beast Mortgage Trust, 5.70%, 04/15/36 (Call 04/15/24), (1-mo. LIBOR US + 0.75%)(a)(b)		USD	4,905		4,668,403
Brass No. 11 PLC, 4.83%, 11/16/70 (Call 11/16/27), (1-day SONIA + 0.750%)(b)(c)		GBP	5,499		6,961,891
BX Trust
5.80%, 02/15/36, (1-mo. CME Term SOFR + 0.914%)(a)(b)		USD	7,351		7,080,420
Series 2019-CALM, Class A, 5.88%, 11/15/32, (1-mo. CME Term SOFR + 0.990%)(a)(b)		USD	1,290		1,273,857
Series 2021, Class A, 6.23%, 06/15/36, (1-mo. LIBOR US + 1.280%)(a)(b)		USD	2,070		1,966,429
CEDR Commercial Mortgage Trust, 5.88%, 02/15/39, (1-mo. CME Term SOFR + 0.988%)(a)(b)		USD	5,410		4,966,135
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 5.75%, 07/25/49 (Call 04/25/33), (1-mo. LIBOR US + 0.900%)(a)(b)		USD	1,104		1,049,782
Cold Storage Trust, Series 2020-ICE5, Class A, 5.85%, 11/15/37, (1-mo. LIBOR US + 0.900%)(a)(b)		USD	3,692		3,608,760
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 5.93%, 05/15/36, (1-mo. LIBOR US + 0.980%)(a)(b)		USD	6,018		5,971,754
Domi BV, 3.76%, 02/15/55 (Call 02/15/28), (3-mo. EURIBOR + 1.120%)(b)(c)		EUR	2,699		2,984,379
Economic Master Issuer PLC, 4.74%, 06/25/74 (Call 01/25/27), (1-day SONIA + 0.560%)(b)(c)		GBP	2,601		3,276,461
Extended Stay America Trust, Series 2021-ESH, Class A, 6.03%, 07/15/38, (1-mo. LIBOR US + 1.080%)(a)(b)		USD	6,082		5,925,551
FREMF Mortgage Trust, 4.12%, 12/25/46		USD	12,537		12,427,728
Friary No. 7 PLC, 4.87%, 10/21/70, (1-day SONIA + 0.670%)(b)		GBP	1,367		1,725,634
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 5.75%, 02/15/38, (1-mo. LIBOR US + 0.800%)(a)(b)		USD	8,600		7,460,336
Great Wolf Trust, 6.04%, 12/15/36, (1-mo. CME Term SOFR + 1.148%)(a)(b)		USD	5,180		5,088,592
GS Mortgage Securities Corportation Trust, 5.90%, 10/15/36, (1-mo. LIBOR US + 0.950%)(a)(b)		USD	4,785		4,480,307
Hops Hill No. 1 PLC, 5.14%, 05/27/54 (Call 05/27/24), (1-day SONIA + 0.950%)(b)(c)		GBP	2,805		3,519,855

Security	Par (000)				Value
Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage
Securities Trust 6.15%, 03/15/39, (30-day SOFR + 1.400%)(a)(b)		USD		5,540	$	5,415,172
Series 2019-BKWD, Class A, 6.20%, 09/15/29, (1-mo. LIBOR US + 1.250%)(a)(b)		USD		1,645		1,526,423
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 5.75%, 05/15/36, (1-mo. LIBOR US + 0.800%)(a)(b)		USD		8,533		8,457,248
Last Mile Securities PE DAC, 3.58%, 08/17/31, (3-mo. Euribor + 0.900%)(b)(c)		EUR		3,965		4,220,338
MF1 Multifamily Housing Mortgage Loan Trust, 5.96%, 12/15/34, (1-mo. CME Term SOFR + 1.070%)(a)(b)		USD		1,230		1,183,723
Morgan Stanley Capital I Trust, Series 2018-BOP, Class A, 5.80%, 08/15/33, (1-mo. LIBOR US + 0.850%)(a)(b)		USD		1,426		1,212,490
MTN Commercial Mortgage Trust, 6.29%, 03/15/39, (1-mo. CME Term SOFR + 1.396%)(a)(b)		USD		3,000		2,943,577
Ready Capital Mortgage Financing LLC, 6.47%, 01/25/37 (Call 02/25/24), (1-mo. SOFR + 1.650%)(a)(b)		USD		4,491		4,401,563
RIAL Issuer Ltd., 7.14%, 01/19/37, (1-mo. CME Term SOFR + 2.250%)(a)(b)		USD		2,000		1,965,000
Taubman Centers Commercial Mortgage Trust, 7.08%, 05/15/37, (1-mo. CME Term SOFR + 2.186%)(a)(b)		USD		4,030		3,888,548
Taurus U.K. DAC, 5.40%, 11/17/29, (1-day SONIA + 1.319%)(b)(c)		GBP		6,930		8,569,757
Taurus UK DAC, 5.03%, 08/17/31 (Call 08/17/26), (1-day SOFR + 0.950%)(b)(c)		GBP		6,733		8,241,105
Vita Scientia DAC, 4.00%, 02/27/33, (3-mo. EURIBOR + 1.300%)(b)(c)		EUR		9,031		9,507,760
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 5.82%, 12/15/34, (1-mo. LIBOR US + 0.875%)(a)(b)		USD		17,280		16,376,052
Total Collaterized Mortgage Obligations — 5.2% (Cost: $202,340,047)						197,082,250
Commercial Paper
3M Co., 5.15%, 09/07/23(e)			$	15,000		14,721,755
American Honda Finance Corp., 5.30%, 07/21/23(e)				12,000		11,853,504
AT&T Inc., 5.90%, 02/21/24(e)				18,000		17,159,660
BAT International Finance PLC, 5.38%, 06/30/23(e)				15,000		14,860,219
Bayer Corp., 5.23%, 07/10/23(e)				15,000		14,842,655
Enel Finance America LLC 6.21%, 08/09/23(e)				10,000		9,825,501
6.32%, 09/06/23(e)				15,000		14,662,893
General Motors Financial Co. Inc., 6.06%, 10/16/23(e)				15,000		14,580,266
HSBC USA Inc., 5.33%, 08/23/23(e)				10,000		9,829,863
Total Commercial Paper — 3.2% (Cost: $122,500,208)						122,336,316
Corporate Bonds & Notes
Aerospace & Defense — 1.3%
Boeing Co. (The), 1.95%, 02/01/24(f)				22,000		21,386,439
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)				14,480		14,453,566
Northrop Grumman Corp., 2.93%, 01/15/25 (Call 11/15/24)				5,000		4,849,500

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

Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
Raytheon Technologies Corp., 3.20%, 03/15/24 (Call 01/15/24)	$	10,000	$	9,836,918
				50,526,423
Agriculture — 0.3%
BAT Capital Corp., 3.22%, 08/15/24 (Call 06/15/24)		11,168		10,864,159
Auto Manufacturers — 8.3%
American Honda Finance Corp. 0.55%, 07/12/24(f)		10,550		10,028,628
3.63%, 10/10/23(f)		12,000		11,919,012
5.76%, 01/12/26, (1-day SOFR + 0.920%)(b)		10,735		10,687,058
BMW U.S. Capital LLC 0.80%, 04/01/24(a)(f)		11,285		10,865,248
5.10%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)		20,795		20,676,482
5.68%, 04/01/25, (1-day SOFR + 0.840%)(a)(b)(f)		10,820		10,788,699
Daimler Finance North America LLC, 0.75%, 03/01/24(a)(f)		21,485		20,713,452
Daimler Trucks Finance North America LLC 1.13%, 12/14/23(a)		15,000		14,583,036
5.20%, 01/17/25(a)(f)		8,695		8,721,724
General Motors Financial Co. Inc. 1.05%, 03/08/24		19,320		18,581,429
4.35%, 04/09/25 (Call 02/09/25)		10,000		9,789,903
5.46%, 10/15/24, (1-day SOFR + 0.620%)(b)		14,480		14,309,995
Hyundai Capital America, 1.00%, 09/17/24(a)		26,110		24,552,128
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)(f)		10,160		9,446,374
Nissan Motor Acceptance Corp. 1.05%, 03/08/24(a)		12,075		11,502,860
3.88%, 09/21/23(a)(f)		7,640		7,569,425
5.65%, 03/08/24, (3-mo. LIBOR US + 0.640%)(a)(b)		4,215		4,166,975
Toyota Motor Credit Corp. 4.40%, 09/20/24		7,125		7,104,644
5.40%, 01/10/25, (1-day SOFR + 0.560%)(b)(f)		19,320		19,240,260
5.49%, 12/29/23, (1-day SOFR + 0.650%)(b)(f)		14,480		14,473,811
Volkswagen Group of America Finance LLC 0.88%, 11/22/23(a)		22,000		21,469,158
4.25%, 11/13/23(a)(f)		13,000		12,911,103
5.73%, 06/07/24, (1-day SOFR + 0.950%)(a)(b)		19,465		19,503,288
				313,604,692
Banks — 17.0%
Banco Santander SA, 0.70%, 06/30/24 (Call 06/30/23), (1-year CMT + 0.450%)(b)		21,200		21,000,803
Bank of America Corp.
3.86%, 07/23/24 (Call 07/23/23), (3-mo. LIBOR US + 0.940%)(b)		10,000		9,956,544
4.83%, 07/22/26 (Call 07/22/25), (1-day SOFR + 1.750%)(b)		19,320		19,134,189
Bank of Montreal 5.85%, 06/07/25, (1-day SOFR + 1.060%)(b)		18,800		18,803,055
Series H, 4.25%, 09/14/24		4,000		3,947,835
Barclays PLC, 6.25%, 05/16/24 (Call 05/16/23), (3-mo. LIBOR US + 1.380%)(b)		41,000		40,998,902
BPCE SA 5.41%, 01/14/25, (1-day SOFR + 0.570%)(a)(b)(f)		3,110		3,078,113
6.39%, 09/12/23, (3-mo. LIBOR US + 1.240%)(a)(b)		15,000		15,009,653
Citigroup Inc.
1.68%, 05/15/24 (Call 05/15/23), (1-day SOFR + 1.667%)(b)		14,480		14,458,597

Security	Par (000)		Value
Banks (continued)
3.35%, 04/24/25 (Call 04/24/24), (3-mo. SOFR + 1.158%)(b)	$	20,000	$	19,531,597
6.13%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)(b)		21,700		21,724,332
Credit Suisse AG/New York NY 0.52%, 08/09/23(f)		10,000		9,800,000
1.00%, 05/05/23(f)		9,100		9,077,250
Deutsche Bank AG/New York NY 2.22%, 09/18/24 (Call 09/18/23), (1-day SOFR + 2.159%)(b)(f)		17,000		16,652,500
Series E, 5.20%, 11/08/23, (1-day SOFR + 0.500%)(b)		13,790		13,665,331
DNB Bank ASA, 5.67%, 03/28/25 (Call 03/28/24), (1-day SOFR + 0.830%)(a)(b)		15,000		14,927,001
Federation des Caisses Desjardins du Quebec, 5.18%, 05/21/24, (1-day SOFR + 0.430%)(a)(b)(f)		20,000		19,883,825
Goldman Sachs Group Inc. (The) 1.22%, 12/06/23 (Call 05/04/23)		27,899		27,243,036
6.55%, 11/29/23, (3-mo. LIBOR US + 1.600%)(b)		12,060		12,113,074
HSBC Holdings PLC 0.73%, 08/17/24 (Call 08/17/23), (1-day SOFR + 0.534%)(b)		13,500		13,282,693
3.60%, 05/25/23		10,000		9,987,141
6.38%, 03/11/25 (Call 03/11/24), (3-mo. LIBOR US + 1.230%)(b)(f)		13,000		13,027,694
5.32%, 11/22/24 (Call 11/22/23), (1-day SOFR + 0.580%)(b)		6,570		6,477,806
HSBC USA Inc., 5.63%, 03/17/25(f)		15,000		15,115,207
Huntington National Bank (The), 5.92%, 05/16/25 (Call 05/16/24), (1-day SOFR + 1.190%)(b)(f)		17,900		17,261,848
JPMorgan Chase & Co., 1.51%, 06/01/24 (Call 06/01/23), (1-day SOFR + 1.455%)(b)		32,468		32,358,107
KeyBank NA/Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (1-day SOFR + 0.320%)(b)		4,625		4,525,160
KeyCorp, 3.88%, 05/23/25 (Call 05/23/24), (1-day SOFR + 1.250%)(b)(f)		6,195		5,986,215
Mitsubishi UFJ Financial Group Inc., 6.49%, 07/18/25 (Call 07/18/24), (1-day SOFR + 1.650%)(b)		19,100		19,220,818
Mizuho Financial Group Inc., 5.59%, 05/25/24 (Call 05/25/23), (3-mo. LIBOR US + 0.630%)(b)		10,000		9,999,456
Morgan Stanley
5.18%, 11/10/23 (Call 10/10/23), (1-day SOFR + 0.466%)(b)(f)		5,300		5,293,680
5.29%, 01/25/24 (Call 12/25/23), (1-day SOFR + 0.455%)(b)		63,860		63,797,417
National Bank of Canada, 5.19%, 08/06/24, (1-day SOFR + 0.490%)(b)(f)		8,695		8,651,429
Natwest Group PLC, 6.68%, 06/25/24 (Call 06/25/23), (3-mo. LIBOR US + 1.550%)(b)		3,000		2,998,981
NatWest Markets PLC, 3.48%, 03/22/25(a)		10,000		9,642,000
Nordea Bank Abp, 5.74%, 06/06/25, (1-day SOFR + 0.960%)(a)(b)(f)		19,885		19,885,235
Royal Bank of Canada, 5.66%, 10/25/24		9,830		9,930,730
Sumitomo Mitsui Financial Group Inc., 6.06%, 10/16/23, (3-mo. LIBOR US + 0.800%)(b)(f)		2,800		2,804,572
Toronto-Dominion Bank (The), 4.29%, 09/13/24		19,650		19,428,657
U.S. Bank N.A./Cincinnati OH, 3.40%, 07/24/23 (Call 06/23/23)		10,000		9,954,854
UBS AG/London, 5.16%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)		15,725		15,628,213

12 2 0 2 3  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) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Wells Fargo & Co., 3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(b)	$	18,690	$	18,224,954
				644,488,504
Beverages — 0.5%
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 05/09/23)(f)		20,760		19,987,010
Biotechnology — 2.3%
Amgen Inc., 5.25%, 03/02/25		26,932		27,165,101
Gilead Sciences Inc. 0.75%, 09/29/23 (Call 05/09/23)		21,988		21,592,701
2.50%, 09/01/23 (Call 07/01/23)(f)		4,000		3,960,913
3.70%, 04/01/24 (Call 01/01/24)		33,800		33,324,327
				86,043,042
Building Materials — 0.2%
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 05/30/23)(f)		8,480		8,392,933
Chemicals — 0.2%
International Flavors & Fragrances Inc., 3.20%, 05/01/23		8,680		8,680,000
Diversified Financial Services — 5.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.15%, 10/29/23		35,000		34,183,615
4.88%, 01/16/24 (Call 12/16/23)(f)		10,000		9,918,077
Air Lease Corp. 0.80%, 08/18/24 (Call 07/18/24)		3,205		3,009,462
3.88%, 07/03/23 (Call 06/03/23)		5,338		5,321,202
American Express Co. 3.38%, 05/03/24		14,720		14,445,714
3.40%, 02/22/24 (Call 01/22/24)(f)		20,011		19,736,783
4.92%, 11/03/23, (1-day SOFR + 0.230%)(b)		6,765		6,745,875
5.71%, 03/04/25 (Call 02/01/25), (1-day SOFR + 0.930%)(b)(f)		8,930		8,928,660
Aviation Capital Group LLC, 3.88%, 05/01/23(a)(f)		18,660		18,660,000
Capital One Financial Corp. 5.48%, 12/06/24 (Call 12/06/23), (1-day SOFR + 0.690%)(b)(f)		8,680		8,497,199
6.07%, 05/09/25 (Call 05/09/24), (1-day SOFR + 1.350%)(b)(f)		21,085		20,896,878
Charles Schwab Corp. (The), 5.32%, 03/18/24 (Call 02/18/24), (1-day SOFR + 0.500%)(b)(f)		32,140		31,802,232
Synchrony Financial 4.25%, 08/15/24 (Call 05/15/24)		3,130		2,986,947
4.38%, 03/19/24 (Call 02/19/24)		6,050		5,922,374
				191,055,018
Electric — 2.3%
Dominion Energy Inc., Series D, 5.40%, 09/15/23 (Call 05/19/23), (3-mo. LIBOR US + 0.530%)(b)(f)		9,785		9,776,654
Duke Energy Corp., 5.05%, 06/10/23, (1-day SOFR + 0.250%)(b)(f)		12,935		12,932,915
NextEra Energy Capital Holdings Inc. 4.20%, 06/20/24		6,105		6,053,743
4.26%, 09/01/24		20,000		19,808,696
5.09%, 11/03/23 (Call 05/30/23), (1-day SOFR + 0.400%)(b)(f)		23,695		23,635,154
6.05%, 03/01/25		3,635		3,695,436

Security	Par (000)		Value
Electric (continued)
Southern California Edison Co., Series K, 0.98%, 08/01/24	$	10,000	$	9,484,308
				85,386,906
Food — 0.9%
General Mills Inc. 3.65%, 02/15/24 (Call 11/15/23)		23,365		23,079,809
6.27%, 10/17/23, (3-mo. LIBOR US + 1.010%)(b)(f)		2,576		2,583,564
JM Smucker Co. (The), 3.50%, 03/15/25		10,140		9,900,974
				35,564,347
Health Care — Products — 2.1%
Baxter International Inc., 5.20%, 11/29/24 (Call 10/29/24), (1-day SOFR + 0.440%)(b)		5,505		5,400,059
GE Healthcare Holding LLC, 5.55%, 11/15/24(a)(f)		23,705		23,805,870
Thermo Fisher Scientific Inc. 0.80%, 10/18/23 (Call 05/09/23)		29,156		28,577,140
1.22%, 10/18/24 (Call 05/09/23)		8,830		8,408,778
5.37%, 10/18/24 (Call 05/30/23), (1-day SOFR + 0.530%)(b)		11,620		11,617,189
				77,809,036
Health Care-Services — 0.9%
Humana Inc. 0.65%, 08/03/23 (Call 05/08/23)		29,030		28,682,048
3.85%, 10/01/24 (Call 07/01/24)		5,000		4,921,215
				33,603,263
Home Builders — 0.3%
Lennar Corp., 4.50%, 04/30/24 (Call 01/30/24)		11,480		11,372,032
Household Products & Wares — 0.3%
Avery Dennison Corp., 0.85%, 08/15/24 (Call 05/30/23)(f)		10,440		9,884,798
Insurance — 0.9%
Marsh & McLennan Companies Inc., 3.88%, 03/15/24 (Call 02/15/24)(f)		4,281		4,226,696
MassMutual Global Funding II, 5.69%, 03/21/25, (1-day SOFR + 0.270%)(a)(b)		3,996		3,989,461
Metropolitan Life Global Funding I, 5.73%, 03/21/25, (1-day SOFR + 0.910%)(a)(b)(f)		8,745		8,741,969
New York Life Global Funding 2.90%, 01/17/24(a)		5,000		4,924,072
3.15%, 06/06/24(a)		12,605		12,369,208
				34,251,406
Machinery — 1.0%
Caterpillar Financial Services Corp. 5.17%, 11/13/23, (1-day SOFR + 0.450%)(b)(f)		24,160		24,168,698
5.37%, 05/15/23, (3-mo. LIBOR US + 0.510%)(b)		8,700		8,699,059
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 05/09/23)		3,870		3,815,152
				36,682,909
Manufacturing — 0.8%
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 05/30/23)		8,110		7,958,101
Parker-Hannifin Corp., 3.65%, 06/15/24		21,640		21,317,385
				29,275,486
Media — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.50%, 02/01/24 (Call 01/01/24)(f)		9,680		9,567,147

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

Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
6.95%, 02/01/24 (Call 01/01/24), (3-mo. LIBOR US + 1.650%)(b)	$	17,040	$	17,109,808
Sky Ltd., 3.75%, 09/16/24(a)		7,910		7,766,655
				34,443,610
Oil & Gas — 0.6%
ConocoPhillips Co., 2.13%, 03/08/24 (Call 05/30/23)(f)		. 7,000		6,837,715
Phillips 66, 0.90%, 02/15/24 (Call 05/15/23)(f)		17,890		17,293,609
				24,131,324
Pharmaceuticals — 4.1%
AbbVie Inc., 2.60%, 11/21/24 (Call 10/21/24)		49,975		48,245,934
Bayer U.S. Finance II LLC 3.88%, 12/15/23 (Call 11/15/23)(a)(f)		29,682		29,376,050
5.88%, 12/15/23 (Call 11/15/23), (3-mo. LIBOR US + 1.010%)(a)(b)(f)		32,500		32,433,164
Cigna Group (The), 0.61%, 03/15/24 (Call 05/30/23)		8,210		7,888,330
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)		31,893		31,562,527
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)		6,662		6,623,980
				156,129,985
Pipelines — 2.3%
Enbridge Inc. 0.55%, 10/04/23		2,685		2,626,871
2.15%, 02/16/24(f)		6,620		6,449,717
4.00%, 10/01/23 (Call 07/01/23)(f)		5,800		5,764,873
Energy Transfer LP, 5.88%, 01/15/24 (Call 10/15/23)(f)		. 9,680		9,677,325
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23)(f)		18,660		18,545,436
Kinder Morgan Energy Partners LP 3.50%, 09/01/23 (Call 06/01/23)(f)		19,411		19,307,850
4.30%, 05/01/24 (Call 02/01/24)		4,660		4,617,840
Sabine Pass Liquefaction LLC, 5.63%, 03/01/25 (Call 12/01/24)		8,800		8,843,283
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)		9,000		8,941,906
				84,775,101
Real Estate Investment Trusts — 1.1%
American Tower Corp. 3.38%, 05/15/24 (Call 04/15/24)		29,463		28,813,617
5.00%, 02/15/24(f)		4,840		4,829,601
Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)		3,000		2,922,703
Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)		5,000		4,807,692
				41,373,613
Retail — 0.8%
7-Eleven Inc., 0.80%, 02/10/24 (Call 05/30/23)(a)		28,600		27,574,106
Starbucks Corp., 5.14%, 02/14/24 (Call 05/30/23), (1-day SOFR + 0.420%)(b)(f)		4,130		4,127,574
				31,701,680
Semiconductors — 1.3%
Analog Devices Inc., 5.09%, 10/01/24, (1-day SOFR + 0.250%)(b)(f)		5,025		4,990,314
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)		16,400		16,197,446
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)(f)		4,840		4,735,619
NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)(f)		22,000		21,864,018
				47,787,397

Security	Par (000)		Value
Software — 4.3%
Fidelity National Information Services Inc., 0.60%, 03/01/24(f)	$	20,000	$	19,176,478
Fiserv Inc. 2.75%, 07/01/24 (Call 06/01/24)		30,200		29,346,305
3.80%, 10/01/23 (Call 09/01/23)(f)		15,019		14,917,617
Oracle Corp. 2.40%, 09/15/23 (Call 07/15/23)(f)		22,200		21,957,233
2.95%, 11/15/24 (Call 09/15/24)		15,000		14,520,713
3.40%, 07/08/24 (Call 04/08/24)		9,675		9,486,381
VMware Inc. 0.60%, 08/15/23		36,059		35,561,643
1.00%, 08/15/24 (Call 05/09/23)		20,000		18,934,981
				163,901,351
Telecommunications — 2.2%
AT&T Inc.
5.48%, 03/25/24 (Call 05/09/23), (1-day SOFR + 0.640%)(b)		21,240		21,200,764
6.33%, 06/12/24, (3-mo. LIBOR US + 1.180%)(b)		13,870		13,954,796
Rogers Communications Inc., 2.95%, 03/15/25 (Call 05/29/23)(a)		23,330		22,348,908
Verizon Communications Inc. 3.38%, 02/15/25		5,000		4,891,811
5.33%, 03/22/24, (1-day SOFR + 0.500%)(b)		11,355		11,344,457
5.96%, 05/15/25 (Call 03/15/25), (3-mo. LIBOR US + 1.100%)(b)		9,680		9,743,139
				83,483,875
Transportation — 1.0%
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 05/29/23)		7,720		7,294,685
Ryder System Inc. 3.65%, 03/18/24 (Call 02/18/24)(f)		24,950		24,551,910
3.88%, 12/01/23 (Call 11/01/23)(f)		4,840		4,797,592
				36,644,187
Trucking & Leasing — 0.5%
Penske Truck Leasing Co. LP/PTL Finance Corp. 3.90%, 02/01/24 (Call 01/01/24)(a)		5,800		5,720,625
4.13%, 08/01/23 (Call 07/01/23)(a)(f)		14,480		14,408,778
				20,129,403
Total Corporate Bonds & Notes — 63.8% (Cost: $2,432,862,112)				2,411,973,490
U.S. Government Obligations
U.S. Government Obligations — 1.9%
Federal Home Loan Banks 5.51%, 04/01/24 (Call 09/08/23)		15,000		14,972,528
5.55%, 04/05/24 (Call 09/13/23)		15,000		14,967,594
5.74%, 04/08/24		670		669,053
U.S. Treasury Note/Bond 0.75%, 12/31/23		11,843		11,519,630
2.00%, 04/30/24 (f)		30,000		29,171,484
Total U.S. Government Obligations — 1.9% (Cost: $71,433,397)				71,300,289

14 2 0 2 3  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) April 30, 2023 BlackRock Short Maturity Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(g)(h)(i)		57,406	$	57,423,300
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(g)(h)		127,930		127,930,000
Total Money Market Funds — 4.9% (Cost: $185,325,207)				185,353,300
Total Investments — 100.5% (Cost: $3,834,614,654)				3,801,012,043
Liabilities in Excess of Other Assets — (0.5)%				(17,767,129	)
Net Assets — 100.0%			$	3,783,244,914

^(a)  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.

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

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

^(d)  Zero-coupon bond.

^(e)  Rates are discount rates or a range of discount rates as of period end.

^(f)  All or a portion of this security is on loan.

^(g)  Affiliate of the Fund.

^(h)  Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	77,892,775	$	—	$	(20,512,638	)(a)	$	11,354	$	31,809	$	57,423,300		57,406	$	165,739	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,200,000		—		(62,270,000	)(a)		—		—		127,930,000		127,930		2,732,074			187
								$	11,354	$	31,809	$	185,353,300			$	2,897,813		$	187

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	662,000		USD	716,762	Deutsche Bank Securities Inc.		06/21/23	$	14,737
EUR	600,000		USD	656,882	State Street Bank and Trust Co.		06/21/23		6,108
									20,845
USD	89,597,283		EUR	83,027,500	Deutsche Bank Securities Inc.		06/21/23		(2,146,687	)
USD	13,207,647		EUR	12,400,000	Goldman Sachs & Co.		06/21/23		(494,142	)
USD	61,954,802		GBP	51,348,000	Deutsche Bank Securities Inc.		06/21/23		(2,643,245	)
USD	3,267,698		GBP	2,672,000	HSBC Bank PLC		06/21/23		(93,796	)
USD	27,703,611		GBP	22,334,000	State Street Bank and Trust Co.		06/21/23		(393,545	)
									(5,771,415	)
								$	(5,750,570	)

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

Schedule of Investments  (unaudited) (continued) April 30, 2023 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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	20,845	$	—	$	—	$	20,845
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	5,771,415	$	—	$	—	$	5,771,415

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(5,775,426	)	$	—	$	—	$	(5,775,426	)
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(6,053,687	)	$	—	$	—	$	(6,053,687	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	3,388,945
Average amounts sold — in USD	$	168,054,210

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:
Forward foreign currency exchange contracts	$	20,845	$	5,771,415
Total derivative assets and liabilities in the Statement of Assets and Liabilities		20,845		5,771,415
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		20,845		5,771,415

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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)(c)
Deutsche Bank Securities Inc.	$	14,737	$	(14,737	)	$	—	$	—	$	—
State Street Bank and Trust Co.		6,108		(6,108	)		—		—		—
	$	20,845	$	(20,845	)	$	—	$	—	$	—

16 2 0 2 3  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) April 30, 2023 BlackRock Short Maturity Bond ETF

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

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Assets	(c)(d)
Deutsche Bank Securities Inc.	$	4,789,932	$	(14,737	)	$	—	$	—	$	4,775,195
Goldman Sachs & Co.		494,142		—			—		—		494,142
HSBC Bank PLC		93,796		—			—		—		93,796
State Street Bank and Trust Co.		393,545		(6,108	)		—		—		387,437
	$	5,771,415	$	(20,845	)	$	—	$	—	$	5,750,570

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

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

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

^(d)  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
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	812,966,398		$	—	$	812,966,398
Collaterized Mortgage Obligations		—		197,082,250			—		197,082,250
Commercial Paper		—		122,336,316			—		122,336,316
Corporate Bonds & Notes		—		2,411,973,490			—		2,411,973,490
U.S. Government & Agency Obligations		—		71,300,289			—		71,300,289
Short-Term Securities
Money Market Funds		185,353,300		—			—		185,353,300
	$	185,353,300	$	3,615,658,743		$	—	$	3,801,012,043
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	20,845		$	—	$	20,845
Liabilities
Foreign Currency Exchange Contracts		—		(5,771,415	)		—		(5,771,415	)
	$	—	$	(5,750,570	)	$	—		(5,750,570	)

^(a)  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 17

Schedule of Investments  (unaudited) April 30, 2023 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 10.4%
Black Belt Energy Gas District RB 4.00%, 06/01/23	$	240	$	239,970
4.00%, 06/01/23		1,500		1,499,527
4.00%, 12/01/24		1,250		1,235,700
4.48%, 12/01/48 (Put 12/01/23)(a)(b)		20,000		19,916,080
5.00%, 12/01/23		1,000		1,000,765
5.25%, 12/01/23		530		532,697
5.25%, 06/01/24		500		504,906
5.25%, 12/01/24		2,745		2,765,222
5.25%, 12/01/24		630		639,190
5.25%, 06/01/25		615		626,974
Columbia Industrial Development Board RB, 3.90%, 12/01/37 (Put 05/01/23)(b)		12,200		12,200,000
Industrial Development Board of the City of Mobile Alabama RB, 3.90%, 06/01/34 (Put 05/01/23)(b)		4,300		4,300,000
Southeast Energy Authority A Cooperative District RB 5.00%, 07/01/24		350		353,226
5.00%, 07/01/25		650		661,452
Series A, 4.00%, 10/01/23		450		448,539
Series B, 4.00%, 06/01/24		1,200		1,197,684
				48,121,932
Arizona — 0.8%
Arizona Health Facilities Authority RB, Class B, 4.11%, 01/01/46 (Put 11/04/26)(a)(b)		3,600		3,523,316
California — 0.5%
California Community Choice Financing Authority RB 4.00%, 02/01/24		500		499,037
4.00%, 08/01/24		350		349,049
State of California GO, 5.00%, 12/01/24		1,190		1,228,823
				2,076,909
Colorado — 1.1%
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23		250		252,574
Colorado School of Mines RB, 4.73%, 12/01/25 (Call 06/01/25)(a)(b)		5,000		5,017,245
				5,269,819
Connecticut — 1.0%
State of Connecticut GO, 4.85%, 03/01/25(a)(b)		4,600		4,665,108
District of Columbia — 0.3%
Tender Option Bond Trust Receipts/Certificates RB, 1.95%, 10/01/53 (Put 10/01/29)(b)(c)		1,565		1,565,000
Florida — 2.6%
County of Martin FL RB, 3.95%, 07/01/52 (Put 05/04/23)(b)		2,500		2,500,000
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23		2,500		2,518,060
County of Palm Beach FL RB, 3.93%, 07/01/32 (Put 05/01/23)(b)		2,800		2,800,000
Miami-Dade County Industrial Development Authority RB, 0.40%, 08/01/23		1,000		990,573
Pinellas County Housing Finance Authority RB, 3.85%, 10/01/48 (Put 05/04/23)(b)		3,070		3,070,000
				11,878,633
Georgia — 5.8%
Development Authority of Burke County (The), 2.25%, 10/01/32 (Put 05/25/23)(b)		2,000		1,997,790

Security	Par (000)		Value
Georgia (continued)
Development Authority of Monroe County (The), 4.00%, 06/01/49 (Put 05/01/23)(b)	$	3,700	$	3,700,000
Main Street Natural Gas Inc. RB 5.00%, 05/15/24		1,500		1,507,541
5.00%, 06/01/24		560		562,950
5.00%, 09/01/24		220		222,949
5.00%, 03/01/25		290		295,480
5.00%, 06/01/25		750		759,049
5.00%, 09/01/25		260		266,272
5.00%, 06/01/27		1,750		1,804,470
VRDN, 4.43%, 08/01/48 (Put 12/01/23)(a)(b)		5,000		4,971,840
Series A, VRDN, 4.00%, 04/01/48 (Put 09/01/23)(b)		5,685		5,685,205
Series D, VRDN, 4.08%, 08/01/48 (Put 12/01/23)(a)(b)		5,000		4,998,485
				26,772,031
Illinois — 1.6%
Illinois Development Finance Authority RB, 3.97%, 02/01/33 (Put 05/04/23)(b)		2,000		2,000,000
Illinois Finance Authority RB, 3.86%, 01/01/37 (Put 05/01/23)(b)		3,100		3,100,000
State of Illinois GO, 5.00%, 05/01/24		2,000		2,025,028
				7,125,028
Indiana — 4.7%
Indiana Finance Authority RB 3.65%, 05/01/28 (Put 06/01/23)(b)		2,000		2,000,000
4.50%, 12/15/46 (Put 11/15/23)		12,000		12,003,672
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23		1,800		1,802,108
Tender Option Bond Trust Receipts/Certificates RB, 2.05%, 04/01/30 (Put 05/05/23)(b)(c)		6,000		6,000,000
				21,805,780
Iowa — 0.7%
Iowa Finance Authority RB, 3.98%, 12/01/41 (Put 05/04/23)(b)(c)		3,200		3,200,000
Kansas — 1.5%
City of Burlington KS RB
Series A, VRDN, 4.08%, 09/01/35 (Put 05/03/23)(b)		4,000		4,000,000
Series B, VRDN, 4.08%, 09/01/35 (Put 05/03/23)(b)		3,000		3,000,000
			7,000,000
Kentucky — 3.8%
County of Meade KY RB
VRDN, 4.85%, 08/01/61 (Put 05/01/23)(b)		4,300		4,300,000
VRDN, 4.81%, 08/01/61 (Put 05/01/23)(b)		4,700		4,700,000
Kentucky Public Energy Authority RB 4.00%, 12/01/49 (Put 06/01/25)		4,000		4,007,768
Series A, VRDN, 4.00%, 04/01/48 (Put 04/01/24)(b)		3,930		3,928,027
Tender Option Bond Trust Receipts/Certificates RB, 1.93%, 12/01/41 (Put 12/01/27) (AGM)(b)(c)		500		500,000
				17,435,795
Louisiana — 7.2%
Lake Charles Harbor & Terminal District RB, 1.00%, 12/01/51 (Put 12/01/24)(b)		4,325		4,079,279
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27 (Put 12/01/23)(b)		400		394,406
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23 (Call 05/30/23)		2,325		2,325,946
Parish of St James LA RB, Series B1, 4.35%, 11/01/40 (Put 05/03/23)(b)		26,500		26,500,000
				33,299,631

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Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts — 1.0%
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/24	$	2,500	$	2,523,160
Massachusetts Housing Finance Agency RB
Series A, 0.30%, 12/01/23 (Call 05/19/23)		1,000		981,258
Series A, 0.40%, 06/01/24 (Call 06/01/23)		1,000		968,727
				4,473,145
Michigan — 0.1%
Michigan Finance Authority RB, 0.40%, 10/15/23		665		656,284
Minnesota — 4.2%
City of Minneapolis MN RB, 3.85%, 12/01/40 (Put 05/01/23)(b)		9,450		9,450,000
City of Rochester MN RB, 3.99%, 05/01/61 (Put 05/04/23)(b)		4,800		4,800,000
University of Minnesota, 3.02%, 06/08/23		5,000		4,998,154
				19,248,154
Missouri — 0.4%
RBC Municipal Products Inc. Trust RB, 3.91%, 09/01/39 (Put 05/05/23)(b)(c)		2,000		2,000,000
Nebraska — 1.0%
Central Plains Energy Project RB, 5.00%, 03/01/50 (Put 01/01/24)(b)		1,000		1,003,149
County of Douglas NE RB, 4.39%, 07/01/35 (Put 09/01/26)(a)(b)		3,470		3,410,958
				4,414,107
Nevada — 2.1%
State of Nevada Department of Business & Industry RB, 3.70%, 01/01/50 (Put 01/31/24)(c)		10,000		9,755,460
New Jersey — 8.5%
Borough of Berlin NJ GO, 4.50%, 09/26/23		2,212		2,218,415
Borough of North Arlington NJ GO, 4.50%, 08/08/23		1,173		1,175,061
New Jersey Economic Development Authority RB 5.00%, 03/01/24		2,850		2,884,020
5.25%, 09/01/24 (c)		7,600		7,766,052
Series B, 5.00%, 11/01/23 (SAP)		1,450		1,460,436
Series B, 5.00%, 11/01/24		1,010		1,032,957
Series N-1, 5.50%, 09/01/24 (AMBAC)		1,460		1,498,480
Series UU, 5.00%, 06/15/23		1,575		1,577,651
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23		1,500		1,508,934
New Jersey Higher Education Student Assistance Authority RB, 5.00%, 12/01/24		500		510,440
New Jersey Transportation Trust Fund Authority RB
Series A, 5.00%, 06/15/24		1,575		1,600,980
Series A, 5.00%, 12/15/24		1,000		1,024,757
Series A, 5.50%, 12/15/23		155		156,823
Series D, 5.00%, 12/15/23		470		474,207
Series D, 5.25%, 12/15/23		1,275		1,288,082
State of New Jersey GO, Series A, 4.00%, 06/01/23		1,290		1,290,586
Township of Clark NJ GO, 4.50%, 08/18/23		2,533		2,539,029
Township of Cranford NJ GO, 4.75%, 07/20/23		1,940		1,942,122
Township of Deptford NJ RB, 4.00%, 07/11/23		1,800		1,799,638
Township of Plainsboro NJ GO, 4.50%, 07/26/23		1,500		1,502,545
Township of Plainsboro NJ RB, 4.00%, 07/26/23		1,340		1,339,694
Township of River Vale NJ RB, 4.00%, 07/14/23		1,258		1,257,937
Township of Voorhees NJ GO, 4.00%, 09/27/23		1,145		1,146,861
				38,995,707

Security	Par (000)		Value
New York — 3.8%
Albany Industrial Development Agency RB, 3.97%, 07/01/32 (Put 05/04/23)(b)	$	800	$	800,000
Genesee County Funding Corp. (The) RB, 5.00%, 12/01/23		150		150,898
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23 (GTD)		1,425		1,431,528
New York City Housing Development Corp. RB, 0.45%, 11/01/25 (FHA)		1,560		1,441,175
New York Transportation Development Corp. RB, Series A, 5.00%, 12/01/23		1,250		1,257,641
Triborough Bridge & Tunnel Authority RB, 4.27%, 04/01/26 (Call 10/01/25), (1-day SOFR + 0.650%)(a)(b)		11,000		11,000,000
Village of Hamburg NY RB, 3.50%, 07/20/23		1,506		1,504,112
				17,585,354
North Carolina — 1.7%
North Carolina Capital Facilities Finance Agency RB, Series A, 3.65%, 07/01/34 (Put 06/01/23)(b)		8,000		8,000,000
Ohio — 1.5%
Akron Bath Copley Joint Township Hospital District RB, 5.00%, 11/15/23		325		327,868
County of Miami OH GOL, 3.25%, 07/27/23		1,050		1,047,459
Ohio Higher Educational Facility Commission RB, Series B, 4.09%, 12/01/42 (Put 12/01/26)(a)(b)		5,500		5,467,803
				6,843,130
Pennsylvania — 13.1%
Allegheny County Hospital Development Authority RB, 4.23%, 11/15/23(a)(b)		1,500		1,501,801
Ephrata Area School District GO, 3.00%, 03/01/24		1,000		999,284
Pennsylvania Economic Development Financing Authority RB
VRDN, 4.26%, 06/01/41 (Put 06/03/24)(a)(b)		3,000		2,931,399
VRDN, 5.25%, 12/01/37 (Put 05/03/23)(b)		19,970		19,970,000
VRDN, 5.25%, 12/01/38 (Put 05/03/23)(b)		23,000		23,000,000
Pennsylvania Housing Finance Agency RB, 5.00%, 10/01/25 .		500		523,265
Pennsylvania Turnpike Commission RB, 4.46%, 12/01/23 (Call 06/01/23)(a)(b)		10,000		10,002,260
Tender Option Bond Trust Receipts/Certificates RB, 1.93%, 10/01/41 (Put 10/01/29)(b)(c)		1,620		1,620,000
				60,548,009
South Carolina — 1.5%
South Carolina Jobs-Economic Development Authority RB, 3.88%, 03/01/63 (Put 05/04/23)(b)		6,000		6,000,000
Tender Option Bond Trust Receipts/Certificates RB, 2.02%, 12/01/55 (Put 06/01/32) (BAM-TCRS)(b)(c)		1,000		1,000,000
				7,000,000
Tennessee — 3.1%
Tender Option Bond Trust Receipts/Certificates RB, 3.90%, 09/01/36 (Put 05/30/23)(b)(c)		5,000		5,000,000
Tennergy Corp./TN RB 5.25%, 12/01/23		650		651,475
5.25%, 12/01/24		575		579,517
5.25%, 12/01/25		575		584,515
Series A, 4.00%, 09/01/23		320		320,192
Tennessee Energy Acquisition Corp. RB 4.00%, 05/01/48 (Call 05/01/23)		5,000		5,000,000
5.63%, 09/01/26		2,000		2,046,156
Series A, 5.00%, 11/01/23		250		250,810
				14,432,665

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  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Municipal Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas — 7.5%
Bexar County Housing Finance Corp. RB, 3.85%, 12/15/25 (Put 05/15/23)(b)	$	2,105	$	2,105,000
Harris County Cultural Education Facilities Finance Corp. RB, 3.95%, 10/01/45 (Put 05/03/23)(b)		5,000		5,000,000
Port of Arthur Navigation District Industrial Development Corp. RB, 3.90%, 06/01/41 (Put 05/01/23)(b)		3,000		3,000,000
State of Texas GO
VRDN, 3.94%, 12/01/46 (Put 05/01/23)(b)		3,305		3,305,000
VRDN, 4.05%, 12/01/43 (Put 05/05/23)(b)		9,375		9,375,000
Series A, VRDN, 4.05%, 06/01/45 (Put 05/03/23)(b)		5,335		5,335,000
Texas Municipal Gas Acquisition & Supply Corp. III RB 5.00%, 12/15/23		4,300		4,305,573
5.00%, 12/15/26		1,850		1,887,738
				34,313,311
Virginia — 0.1%
Fairfax County Industrial Development Authority RB, 5.00%, 05/15/23		300		300,188
Washington — 0.2%
Washington Health Care Facilities Authority RB, 5.00%, 08/01/49 (Put 08/01/25)(b)		800		822,998
Wisconsin — 8.0%
Racine Unified School District, 4.00%, 08/09/23 (Call 05/09/23)		13,000		13,001,755
State of Wisconsin GO, 4.28%, 05/01/25 (Call 11/01/24)(a)(b)		19,990		19,928,851
Wisconsin Health & Educational Facilities Authority RB, 4.04%, 08/15/54 (Put 07/01/26)(a)(b)		2,000		1,999,130
Wisconsin Housing & Economic Development Authority RB
VRDN, 3.85%, 03/01/41 (Put 05/04/23)(b)		1,000		1,000,000
VRDN, 3.85%, 04/01/46 (Put 05/04/23)(b)		760		760,000
				36,689,736
Total Municipal Debt Obligations — 99.8% (Cost $461,691,228)				459,817,230

Security	Shares (000)		Value
Money Market Funds
BlackRock Liquidity Funds: MuniCash, 3.27%(d)(e)		51	$	51,297
Total Money Market Funds — 0.0% (Cost: $51,303)				51,297
Total Investments — 99.8% (Cost: $461,742,531)				459,868,527
Other Assets Less Liabilities — 0.2%				930,525
Net Assets — 100.0%			$	460,799,052

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

^(b)  Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(c)  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.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	28,912	$	22,393	(a)	$	—	$	(2	)	$	(6	)	$	51,297		51	$	3,861	$	—

^(a)  Represents net amount purchased (sold).

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Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Short Maturity Municipal Bond ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments Municipal Debt Obligations	$	—	$	459,817,230	$	—	$	459,817,230
Short-Term Securities Money Market Funds		51,297		—		—		51,297
	$	51,297	$	459,817,230	$	—	$	459,868,527

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

Schedule of Investments  (unaudited) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Express Credit Account Master Trust, Class A, 4.95%, 10/15/27
	$	14,709	$	14,883,722
BMW Vehicle Lease Trust, 5.27%, 02/25/25		5,453		5,442,905
BMW Vehicle Owner Trust, 2.52%, 12/26/24 (Call 12/25/25)		7,383		7,322,006
Carmax Auto Owner Trust, 5.65%, 06/15/26		16,756		16,755,987
CarMax Auto Owner Trust
2.81%, 05/15/25 (Call 01/15/26)		1,770		1,751,308
5.23%, 01/15/26 (Call 11/15/26)		20,200		20,157,903
Carmax Auto Owner Trust 2022-4, 5.34%, 12/15/25 (Call 07/15/26)		12,861		12,841,788
Chase Issuance Trust, 3.97%, 09/15/27		14,100		13,925,529
CNH Equipment Trust, 5.34%, 09/15/26		8,421		8,426,261
Ford Credit Auto Lease Trust
2.78%, 10/15/24 (Call 10/15/24)		2,253		2,238,588
5.19%, 06/15/25 (Call 08/15/25)		3,875		3,867,555
Ford Credit Auto Owner Trust
0.73%, 09/15/24 (Call 10/15/25)		2,335		2,320,315
3.44%, 02/15/25 (Call 12/15/25)		6,198		6,150,599
Honda Auto Receivables Owner Trust, 1.44%, 10/15/24 (Call 08/15/25)		7,286		7,191,153
Hyundai Auto Lease Securitization Trust
0.81%, 04/15/24 (Call 06/15/24)(a)		3,200		3,183,055
2.75%, 10/15/24 (Call 09/15/24)(a)		12,322		12,202,465
4.34%, 01/15/25 (Call 03/15/25)(a)		2,066		2,052,453
5.20%, 04/15/25 (Call 05/15/25)(a)		11,100		11,080,632
Nissan Auto Receivables 2023-A Owner Trust, 5.47%, 02/17/26		21,992		21,996,456
Nissan Auto Receivables Owner Trust, 4.50%, 08/15/25 (Call 10/15/26)		9,440		9,382,215
Toyota Auto Receivables Owner Trust, 2.35%, 01/15/25 (Call 05/15/26)		5,134		5,089,804
Total Asset-Backed Securities — 3.0% (Cost:$188,845,264)				188,262,699
Certificates of Deposit
Banco Santander SA, 5.35%, 05/03/23,
(1-day SOFR + 0.800%)(b)		10,000		10,000,885
Bank of America N.A., 5.09%, 07/14/23		10,000		10,000,186
Bank of Montreal, 5.34%, 10/13/23		25,000		24,988,373
Bank of Montreal/Chicago IL, 5.50%, 07/13/23,
(1-day SOFR + 0.700%)(b)		7,000		7,006,821
Bank of Nova Scotia, 5.30%, 01/26/24,
(1-day SOFR + 0.490%)(b)		31,700		31,696,368
Bank of Nova Scotia (The), 4.05%, 07/14/23		20,000		19,949,123
Barclays Bank PLC
2.98%, 06/01/23		8,750		8,730,336
4.00%, 07/13/23		15,000		14,954,829
5.03%, 06/08/23, (1-day SOFR + 0.650%)(b)		15,000		15,007,674
5.54%, 02/07/24		16,800		16,804,567
5.70%, 02/16/24		25,000		25,037,881
Bayerische Landesbank/New York, 0.90%, 06/27/23		15,000		14,891,944
Canadian Imperial Bank of Commerce, 4.65%, 09/14/23		17,000		16,950,329
Citibank N.A.
3.77%, 05/01/23		15,000		14,998,450
3.85%, 07/28/23		10,000		9,960,776
5.42%, 09/21/23, (1-day SOFR + 0.620%)(b)		10,000		10,010,298
Cooperatieve Rabobank UA, 5.18%, 02/01/24		25,000		24,938,925
HSBC Bank USA NA, 5.38%, 11/03/23		15,000		14,988,167

Security	Par (000)		Value
Lloyds Bank Corporate Markets PLC
2.81%, 05/11/23	$	15,000	$	14,988,088
4.92%, 05/15/23		8,000		7,981,474
5.24%, 10/12/23		15,000		14,979,464
Mizuho Bank Ltd., 5.53%, 02/21/24		20,000		19,972,122
MUFG Bank Ltd., 5.26%, 07/28/23		33,070		33,073,307
Natixis SA
5.15%, 11/02/23		12,500		12,479,446
5.26%, 02/02/24		20,000		19,971,201
Royal Bank of Canada, 4.05%, 08/22/23		25,000		24,886,009
Skandinaviska Enskilda Banken AB,
5.04%, 07/17/23 (1-day SOFR + 0.230%)(b)		25,000		24,999,733
Standard Chartered Bank/New York
5.15%, 05/01/23, (1-day SOFR + 0.350%)(b)		25,000		25,000,000
5.22%, 07/28/23, (1-day SOFR + 0.420%)(b)		15,000		15,003,672
Sumitomo Mitsui Banking Corp.
5.12%, 08/11/23, (1-day SOFR + 0.310%)(b)		25,000		25,000,360
5.50%, 09/28/23, (1-day SOFR + 0.700%)(b)		15,000		15,015,726
Svenska Handelsbanken/New York NY
5.16%, 10/25/23, (1-day SOFR + 0.350%)(b)		19,958		19,956,001
5.36%, 04/29/24		47,390		47,379,259
Swedbank AB, 4.99%, 07/20/23		12,550		12,543,019
Toronto-Dominion Bank
3.70%, 05/01/23		10,000		9,998,946
4.35%, 09/13/23		17,000		16,923,987
4.89%, 05/01/23		15,000		15,000,673
5.20%, 10/11/23		25,000		24,959,584
5.33%, 02/06/24		20,150		20,127,912
Versailles Commercial Paper LLC
5.06%, 06/05/23		14,805		14,726,409
5.23%, 07/05/23		25,000		24,755,625
Wells Fargo Bank NA, 5.31%, 01/22/24,
(1-day SOFR + 0.500%)(b)		47,700		47,700,499
Westpac Banking Corp., 4.22%, 09/06/23		17,000		16,925,917
Total Certificates of Deposit — 12.9% (Cost: $816,040,412)				815,264,365
Commercial Paper
ABN AMRO Funding USA LLC, 5.38%, 10/13/23		6,847		6,679,249
Amcor Finance USA Inc.
5.12%, 05/03/23		25,000		24,982,243
5.48%, 05/30/23		44,400		44,184,709
Ameren Corp.,
5.09%, 05/10/23		5,500		5,490,690
Ameren Illinois Co.
5.23%, 05/24/23		22,732		22,646,432
5.24%, 05/25/23		21,632		21,547,294
American Electric Power Co. Inc.
5.03%, 05/03/23		33,533		33,509,588
5.07%, 05/08/23		11,481		11,464,866
5.11%, 05/12/23		5,280		5,269,534
5.15%, 05/16/23		44,400		44,286,003
American Honda Finance Corp.
5.01%, 05/09/23		15,900		15,875,708
5.01%, 05/16/23		17,715		17,670,757
5.27%, 06/06/23		6,659		6,621,206
ASB Bank Ltd.
5.15%, 08/11/23		20,000		19,703,958
5.23%, 09/12/23		15,000		14,707,277

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Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Australia & New Zealand Banking Group Ltd., 5.47%, 06/08/23, (1-day SOFR + 0.660%)(a)(b)	$	35,000	$	35,015,498
Bank of Montreal, 2.80%, 05/12/23		12,000		11,989,965
BASF SE
5.09%, 06/30/23		27,900		27,653,531
5.50%, 10/02/23		60,000		58,594,327
5.63%, 12/18/23		8,810		8,499,051
Bell Telephone Co. of Canada or Bell Canada (The)
5.05%, 05/02/23		24,750		24,736,121
5.16%, 05/23/23		18,869		18,801,674
Brighthouse Financial Short Term Funding LLC
5.45%, 10/16/23		8,720		8,500,060
5.46%, 11/14/23		4,413		4,283,086
Brookfield BRP Holdings Canada Inc.
5.03%, 05/02/23		35,497		35,477,177
5.14%, 05/15/23		20,102		20,053,341
Brookfield Infrastructure Holdings Canada Inc., 5.03%, 05/02/23		5,100		5,097,152
Canadian Imperial Bank of Commerce, 5.48%, 06/05/23, (1-day SOFR + 0.670%)(b)		35,000		35,020,823
CDP Financial Inc.
5.15%, 06/27/23		7,900		7,832,718
5.18%, 07/05/23		29,400		29,115,170
5.23%, 07/20/23		14,077		13,909,401
5.28%, 08/10/23		25,000		24,624,228
5.35%, 09/07/23		10,000		9,807,500
Collateralized Commercial Paper V Co. LLC, 5.30%, 08/21/23		30,000		29,500,708
Commonwealth Bank of Australia, 5.41%, 07/13/23, (1-day SOFR + 0.600%)(a)(b)		35,000		35,021,518
Credit Industriel et Commercial, 5.06%, 07/19/23		19,358		19,350,159
Credit Industriel et Commercial/New York, 4.82%, 05/04/23		15,500		15,487,564
DNB Bank ASA, 5.12%, 08/18/23		53,290		52,453,750
Enbridge U.S. Inc.
5.22%, 05/01/23		30,934		30,920,544
5.33%, 05/19/23		15,110		15,063,126
Estee Lauder Cos. Inc. (The)
4.92%, 05/15/23		25,000		24,942,105
5.04%, 06/20/23		7,552		7,496,342
Evergy Missouri West Inc.
5.08%, 05/09/23		20,000		19,969,029
5.15%, 05/16/23		22,690		22,631,743
Eversource Energy
5.05%, 05/03/23		7,029		7,024,069
5.06%, 05/04/23		15,881		15,867,618
5.10%, 05/11/23		19,282		19,246,586
Fiserv Inc.
5.05%, 05/02/23		36,628		36,607,464
5.20%, 05/22/23		45,977		45,818,134
5.21%, 05/23/23		7,400		7,373,324
Hewlett Packard Enterprise Co., 5.03%, 05/15/23		38,091		38,000,649
HSBC Bank PLC, 5.65%, 11/01/23,
(1-day SOFR + 0.850%)(a)(b)		20,000		20,043,222
HSBC USA Inc.
5.30%, 08/14/23		15,000		14,765,100
5.36%, 09/07/23		20,000		19,614,267
5.50%, 10/17/23		29,412		28,658,370
5.54%, 11/01/23		6,422		6,242,397
Hyundai Capital America, 5.30%, 06/07/23		34,502		34,299,857
ING U.S. Funding LLC, 5.27%, 08/22/23		25,000		24,582,319
John Deere Canada ULC, 4.89%, 05/19/23		40,000		39,886,320

Security	Par (000)		Value
Johnson & Johnson, 4.83%, 05/12/23	$	35,000	$	34,934,367
JP Morgan Securities LLC, 5.25%, 11/03/23 (Call 08/07/23)(a)		10,000		9,994,703
Korea Development Bank
5.15%, 08/07/23		4,026		3,968,643
5.15%, 08/08/23		6,338		6,246,775
Korea Development Bank (The)
4.97%, 05/26/23		12,500		12,451,865
5.30%, 10/06/23		9,745		9,519,333
Kreditanstalt fuer Wiederaufbau
4.96%, 05/30/23		30,000		29,868,373
5.08%, 07/18/23		40,000		39,547,570
LMA-Americas LLC, 4.83%, 05/02/23		32,447		32,429,601
Mackinac Funding Co. LLC, 5.33%, 08/01/23		10,090		9,949,998
Macquarie Bank Ltd.
5.25%, 08/17/23		10,000		9,840,684
5.42%, 02/12/24		17,500		16,767,649
5.44%, 01/09/24, (1-day SOFR + 0.640%)(a)(b)		15,000		15,013,515
Marriott International Inc.
5.25%, 05/16/23		16,714		16,670,243
5.29%, 05/05/23		22,250		22,227,157
Mitsubishi HC Finance America LLC, 5.03%, 05/04/23		11,017		11,007,766
Mohawk Industries Inc., 5.03%, 05/02/23		17,357		17,347,307
National Australia Bank Ltd.
5.06%, 03/01/24, (1-day SOFR + 0.250%)(a)(b)		20,000		19,953,220
5.16%, 10/25/23, (1-day SOFR + 0.350%)(a)(b)		32,500		32,501,622
5.48%, 05/03/23, (1-day SOFR + 0.490%)(a)(b)		25,000		25,001,958
National Bank of Canada, 5.06%, 07/11/23, (1-day SOFR + 0.250%)(a)(b)		15,000		14,999,955
National Grid North America Inc., 5.25%, 05/26/23		19,750		19,669,646
Nordea Bank Abp, 5.54%, 08/01/23, (1-day SOFR + 0.730%)(a)(b)		30,000		30,040,770
NTT Finance Americas Inc., 5.22%, 05/18/23		10,000		9,971,090
Nutrien Ltd. 5.07%, 05/08/23		19,181		19,154,008
5.08%, 05/16/23		37,053		36,959,163
5.08%, 05/17/23		26,174		26,104,004
5.09%, 05/19/23		6,340		6,321,249
5.30%, 06/05/23		4,995		4,967,219
Penske Truck Leasing Co. LP
5.11%, 05/04/23		18,250		18,234,460
5.12%, 05/05/23		60,000		59,940,383
5.17%, 05/09/23		11,000		10,982,653
5.25%, 05/16/23		2,845		2,837,552
Philip Morris International Inc., 5.03%, 05/04/23		29,700		29,675,131
Podium Funding Trust, 4.97%, 05/08/23		23,000		22,968,867
PPG Industries Inc.
5.03%, 05/05/23		32,476		32,444,237
5.03%, 05/09/23		9,877		9,861,835
Pricoa Short Term Funding LLC
5.31%, 09/13/23		15,000		14,700,655
5.35%, 10/18/23		9,130		8,901,062
Pure Grove Funding, 5.46%, 01/08/24		20,000		19,255,400
RWE AG, 5.45%, 05/02/23		29,960		29,941,881
Salisbury Receivables Co. LLC, 5.14%, 08/02/23		20,000		19,729,600
Sherwin-Williams Co. (The)
4.99%, 05/08/23		25,193		25,158,094
5.08%, 05/22/23		14,670		14,620,445
Skandinaviska Enskilda Banken AB
5.53%, 06/01/23, (1-day SOFR + 0.720%)(a)(b)		35,000		35,018,527
5.56%, 08/02/23, (1-day SOFR + 0.750%)(a)(b)		17,500		17,523,275

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  (unaudited) (continued) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Sony Capital Corp.
5.08%, 05/02/23	$	50,000	$	49,971,811
5.09%, 05/03/23		12,480		12,471,189
Spire Inc.
5.03%, 05/01/23		12,500		12,494,767
5.08%, 05/09/23		26,000		25,959,737
Suncorp-Metway Ltd., 5.46%, 07/31/23		15,000		14,789,009
Svenska Handelsbanken AB, 5.56%, 07/28/23, (1-day SOFR + 0.750%)(a)(b)		25,000		25,033,769
Telstra Group Ltd.
4.93%, 05/08/23		30,000		29,958,975
4.95%, 05/12/23		29,500		29,443,316
5.08%, 06/15/23		5,539		5,501,719
TELUS Corp., 5.03%, 05/03/23		23,445		23,428,631
TransCanada PipeLines Ltd.
5.07%, 05/08/23		14,100		14,080,186	��
5.17%, 05/18/23		45,865		45,733,648
UBS AG/London, 5.49%, 09/26/23 (Call 06/26/23), (1-day SOFR + 0.650%)(a)(b)		10,000		10,003,805
United Overseas Bank Ltd., 5.26%, 07/24/23		44,664		44,103,154
Volvo Treasury North America LP, 5.07%, 05/08/23		22,848		22,815,892
Vulcan Materials Co.
5.23%, 05/09/23		19,301		19,270,221
5.28%, 05/16/23		13,604		13,568,147
5.34%, 05/23/23		11,398		11,355,875
VW Credit Inc.
5.07%, 05/08/23		30,750		30,706,788
5.10%, 05/11/23		19,000		18,965,091
5.23%, 05/24/23		32,850		32,726,345
Westpac Securities NZ Ltd., 5.03%, 02/23/24		10,000		9,596,531
Total Commercial Paper — 43.0% (Cost: $2,722,995,121)				2,721,718,737
Corporate Bonds & Notes
Aerospace & Defense — 0.3%
Lockheed Martin Corp., 4.95%, 10/15/25 (Call 09/15/25)		6,195		6,298,921
Raytheon Technologies Corp.
3.65%, 08/16/23 (Call 07/16/23)		4,000		3,981,100
5.00%, 02/27/26 (Call 01/27/26)		5,590		5,684,306
				15,964,327
Agriculture — 0.7%
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)(a)(c)		10,165		9,838,643
3.50%, 04/22/25 (Call 05/30/23)(a)		6,825		6,705,417
4.88%, 10/10/25 (Call 09/10/25)(a)(c)		14,235		14,337,640
Philip Morris International Inc., 5.13%, 11/15/24		16,000		16,099,787
				46,981,487
Auto Manufacturers — 3.6%
American Honda Finance Corp.
0.65%, 09/08/23(c)		20,000		19,682,569
0.75%, 08/09/24		3,235		3,069,301
0.88%, 07/07/23(c)		7,025		6,970,924
5.43%, 09/08/23, (3-mo. LIBOR US + 0.420%)(b)		5,790		5,781,971
BMW U.S. Capital LLC
0.75%, 08/12/24(a)		2,925		2,779,378
0.80%, 04/01/24(a)		3,350		3,225,395
5.10%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)		19,960		19,846,241
5.37%, 04/01/24, (1-day SOFR + 0.530%)(a)(b)		15,615		15,571,809
Daimler Finance North America LLC, 0.75%, 03/01/24(a)		26,690		25,731,536

Security	Par (000)		Value
Auto Manufacturers (continued)
Daimler Trucks Finance North America LLC
1.13%, 12/14/23(a)(c)	$	4,000	$	3,888,810
5.20%, 01/17/25(a)		9,295		9,323,568
Hyundai Capital America, 0.80%, 01/08/24(a)		3,000		2,907,574
Hyundai Capital Services Inc., 0.75%, 09/15/23(a)		20,000		19,674,000
PACCAR Financial Corp.
0.80%, 06/08/23(c)		2,760		2,747,062
3.15%, 06/13/24		8,865		8,712,339
Toyota Motor Credit Corp.
0.50%, 06/18/24		4,000		3,812,342
2.50%, 03/22/24(c)		15,000		14,669,208
3.65%, 08/18/25		13,145		12,919,011
4.40%, 09/20/24		15,000		14,957,146
5.09%, 09/13/24, (1-day SOFR + 0.290%)(b)		12,000		11,909,223
5.45%, 03/22/24, (1-day SOFR + 0.320%)(b)(c)		10,000		9,990,381
Volkswagen Group of America Finance LLC, 5.73%, 06/07/24, (1-day SOFR + 0.950%)(a)(b)		12,380		12,404,352
				230,574,140
Auto Parts & Equipment — 0.1%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 05/10/23)		3,275		3,124,060
Banks — 11.9%
Australia & New Zealand Banking Group Ltd.
4.83%, 02/03/25(a)		14,970		14,971,623
5.09%, 12/08/25		10,810		10,904,169
Banco Santander SA
0.70%, 06/30/24 (Call 06/30/23), (1-year CMT + 0.450%)(b)		8,200		8,122,952
3.89%, 05/24/24		15,800		15,515,051
Bank of America Corp.
0.52%, 06/14/24 (Call 06/14/23), (1-day SOFR + 0.410%)(b)		18,580		18,469,265
Series 2025, 5.36%, 02/04/25 (Call 02/04/24), (1-day SOFR + 0.660%)(b)		15,000		14,897,014
Bank of New York Mellon Corp. (The),
3.43%, 06/13/25 (Call 06/13/24), (1-day SOFR + 0.565%)(b)		16,100		15,764,263
Banque Federative du Credit Mutuel SA, 4.93%, 01/26/26(a)		17,400		17,349,430
Canadian Imperial Bank of Commerce, 3.50%, 09/13/23(c)		4,500		4,470,801
Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)(b)		4,770		4,711,647
Commonwealth Bank of Australia/New York NY, 5.08%, 01/10/25(c)		17,800		17,919,213
Cooperatieve Rabobank UA/NY, 3.88%, 08/22/24		16,800		16,584,303
Credit Suisse AG/New York NY
0.50%, 02/02/24		5,335		5,025,943
1.00%, 05/05/23(c)		5,000		4,987,500
5.23%, 02/02/24, (1-day SOFR + 0.390%)(b)		15,000		14,520,110
5.36%, 01/19/24, (1-day SOFR + 0.540%)(b)		10,000		9,822,318
Deutsche Bank AG/New York NY
4.16%, 05/13/25(c)		6,905		6,665,499
Series E, 0.96%, 11/08/23		20,815		20,154,595
Series E, 5.20%, 11/08/23, (1-day SOFR + 0.500%)(b)		16,220		16,073,362
Goldman Sachs Group Inc. (The), 1.22%, 12/06/23 (Call 05/04/23)		12,000		11,717,855
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23), (1-day SOFR + 0.580%)(b)		6,995		6,806,100
JPMorgan Chase & Co., 3.85%, 06/14/25 (Call 06/14/24), (1-day SOFR + 0.980%)(b)		16,100		15,806,450
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)		3,275		3,161,811

24 2 0 2 3  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) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
KeyBank NA/Cleveland OH
0.43%, 06/14/24 (Call 06/14/23), (1-day SOFR + 0.320%)(b)	$	10,000	$	9,784,130
4.15%, 08/08/25(c)		5,370		5,141,375
5.12%, 06/14/24 (Call 06/14/23), (1-day SOFR + 0.320%)(b)		15,565		15,239,878
Mitsubishi UFJ Financial Group Inc.
4.79%, 07/18/25 (Call 07/18/24), (1-year CMT + 1.700%)(b)		9,010		8,928,771
5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)(b)		15,675		15,594,599
5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)(b)		12,775		12,841,952
Morgan Stanley
3.62%, 04/17/25 (Call 04/17/24), (1-day SOFR + 1.160%)(b)		6,865		6,730,113
5.18%, 11/10/23 (Call 10/10/23), (1-day SOFR + 0.466%)(b)(c)		15,000		14,982,114
5.29%, 01/25/24 (Call 12/25/23), (1-day SOFR + 0.455%)(b)		21,000		20,979,420
5.46%, 01/24/25 (Call 01/24/24), (1-day SOFR + 0.625%)(b)(c)		15,000		14,847,419
6.00%, 04/17/25 (Call 04/17/24), (1-day SOFR + 0.950%)(b)(c)		10,000		10,007,776
MUFG Bank Ltd., 5.36%, 05/31/23, (1-day SOFR + 0.550%)(b)		25,000		25,004,810
National Australia Bank Ltd., 4.97%, 01/12/26		17,800		18,017,442
Nordea Bank Abp
1.00%, 06/09/23(a)(c)		3,135		3,120,015
3.60%, 06/06/25(a)		10,665		10,332,738
4.75%, 09/22/25(a)		16,900		16,796,981
PNC Financial Services Group Inc. (The),
5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(b)		15,526		15,548,760
Societe Generale SA, 4.35%, 06/13/25(a)(c)		15,000		14,672,563
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24(c)		3,580		3,462,983
5.46%, 01/13/26		17,800		17,987,055
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 09/12/23(a)		12,744		12,534,030
0.80%, 09/16/24(a)		12,000		11,311,933
2.55%, 03/10/25(a)(c)		10,000		9,532,083
5.24%, 09/16/24, (1-day SOFR + 0.440%)(a)(b)		15,000		14,907,201
Svenska Handelsbanken AB
0.63%, 06/30/23(a)		6,310		6,259,402
3.65%, 06/10/25(a)		15,900		15,435,656
Swedbank AB
0.60%, 09/25/23(a)(c)		14,500		14,206,549
1.30%, 06/02/23(a)		6,680		6,652,412
Truist Bank, 5.04%, 01/17/24 (Call 05/30/23), (1-day SOFR + 0.200%)(b)		45,000		44,469,195
UBS AG/London
0.38%, 06/01/23(a)(c)		4,440		4,421,989
0.45%, 02/09/24(a)		7,000		6,732,379
0.70%, 08/09/24(a)(c)		4,330		4,064,145
1.38%, 01/13/25 (Call 12/13/24)(a)		6,970		6,475,463
5.07%, 02/09/24, (1-day SOFR + 0.360%)(a)(b)		5,000		4,984,419
5.09%, 06/01/23, (1-day SOFR + 0.320%)(a)(b)		8,470		8,469,896
5.16%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)		8,470		8,417,867
UBS Group AG, 4.49%, 08/05/25 (Call 08/05/24), (1-year CMT + 1.600%)(a)(b)		8,810		8,635,901

Security	Par (000)			Value
Banks (continued)
Westpac Banking Corp.
1.02%, 11/18/24	$	3,550		$	3,353,883
5.03%, 11/18/24, (1-day SOFR + 0.300%)(b)		12,445			12,388,107
5.35%, 10/18/24(c)		17,600			17,754,330
			��		755,449,008
Beverages — 0.9%
Coca-Cola Europacific Partners PLC, 0.50%, 05/05/23(a)		52,207			52,185,589
PepsiCo Inc., 0.75%, 05/01/23		1,615			1,615,000
					53,800,589
Biotechnology — 0.3%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 05/09/23)		15,971			15,683,874
Chemicals — 0.5%
Ecolab Inc., 0.90%, 12/15/23 (Call 05/30/23)(c)		8,800			8,575,203
Linde Inc., 4.80%, 12/05/24		17,700			17,741,943
Sherwin-Williams Co. (The), 4.05%, 08/08/24		7,310			7,216,572
					33,533,718
Cosmetics & Personal Care — 0.2%
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 05/15/23)		9,235			9,036,441
Unilever Capital Corp., 0.63%, 08/12/24 (Call 05/30/23)		5,975			5,660,183
					14,696,624
Diversified Financial Services — 1.0%
American Express Co.
0.75%, 11/03/23(c)		10,000			9,778,670
3.38%, 05/03/24		7,600			7,458,385
4.92%, 11/03/23, (1-day SOFR + 0.230%)(b)		10,000			9,971,730
5.71%, 03/04/25 (Call 02/01/25), (1-day SOFR + 0.930%)(b)		8,235			8,233,765
Capital One Financial Corp.,
4.17%, 05/09/25 (Call 05/09/24), (1-day SOFR + 1.370%)(b)		15,800			15,384,460
CDP Financial Inc., 4.50%, 02/13/26(a)		9,219			9,299,946
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)(a)		3,895			3,710,639
					63,837,595
Electric — 3.6%
Dominion Energy Inc., Series D,
5.40%, 09/15/23 (Call 05/19/23), (3-mo. LIBOR US + 0.530%)(b)		30,560			30,533,934
Duke Energy Corp., 5.05%, 06/10/23, (1-day SOFR + 0.250%)(b)(c)		14,765			14,762,620
Eversource Energy, 4.97%, 08/15/23, (1-day SOFR + 0.250%)(b)		23,850			23,827,817
Florida Power & Light Co.
4.96%, 05/10/23 (Call 05/09/23), (1-day SOFR + 0.250%)(b)		11,020			11,017,850
5.22%, 01/12/24 (Call 05/09/23), (1-day SOFR + 0.250%)(b)		8,240			8,206,956
National Rural Utilities Cooperative Finance Corp.
5.10%, 08/07/23, (1-day SOFR + 0.330%)(b)		16,150			16,147,083
Series D, 5.17%, 10/18/24, (1-day SOFR + 0.330%)(b)		5,000			4,949,460
NextEra Energy Capital Holdings Inc.
2.94%, 03/21/24 (Call 05/30/23)(c)		15,000			14,685,671
4.26%, 09/01/24		10,000			9,904,348
5.09%, 11/03/23 (Call 05/30/23), (1-day SOFR + 0.400%)(b)		30,000			29,924,229
6.05%, 03/01/25		5,275			5,362,704
WEC Energy Group Inc.
0.55%, 09/15/23(c)		21,955			21,561,142
4.75%, 01/09/26 (Call 12/09/25)		10,000			10,031,013
5.00%, 09/27/25 (Call 08/27/25)(c)		7,465			7,504,620

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  (unaudited) (continued) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)	$	8,520	$	8,667,323
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,389,012
				224,475,782
Electronics — 0.0%
Amphenol Corp., 4.75%, 03/30/26		2,840		2,855,447
Food — 1.3%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 05/30/23)		12,125		11,589,712
Nestle Holdings Inc.
0.61%, 09/14/24 (Call 09/14/23)(a)		35,000		33,093,698
4.00%, 09/12/25 (Call 08/12/25)(a)(c)		17,000		16,900,282
Walmart Inc., 3.90%, 09/09/25		20,000		19,881,389
				81,465,081
Health Care - Products — 0.6%
Thermo Fisher Scientific Inc.
0.80%, 10/18/23 (Call 05/09/23)		30,000		29,404,384
5.37%, 10/18/24 (Call 05/30/23), (1-day SOFR + 0.530%)(b)		9,215		9,212,771
				38,617,155
Health Care - Services — 1.1%
Roche Holdings Inc.
1.88%, 03/08/24(a)(c)		15,000		14,596,959
5.02%, 03/05/24, (1-day SOFR + 0.240%)(a)(b)		5,370		5,358,514
5.13%, 09/11/23, (1-day SOFR + 0.240%)(a)(b)(c)		15,000		15,001,747
UnitedHealth Group Inc.
0.55%, 05/15/24 (Call 05/09/23)		15,135		14,484,108
5.00%, 10/15/24		17,600		17,693,858
				67,135,186
Insurance — 2.3%
Athene Global Funding, 2.51%, 03/08/24(a)		10,000		9,659,918
Brighthouse Financial Global Funding, 1.20%, 12/15/23(a)		17,000		16,490,565
MassMutual Global Funding II
0.85%, 06/09/23(a)(c)		8,328		8,290,334
4.15%, 08/26/25(a)(c)		7,302		7,177,420
Metropolitan Life Global Funding I
0.55%, 06/07/24(a)(c)		3,590		3,417,049
5.00%, 01/06/26(a)		10,000		10,044,855
5.16%, 01/07/24, (1-day SOFR + 0.320%)(a)(b)		27,000		26,931,995
New York Life Global Funding
3.15%, 06/06/24(a)		8,400		8,242,868
3.60%, 08/05/25(a)		16,500		16,059,002
5.21%, 06/06/24, (1-day SOFR + 0.430%)(a)(b)		9,130		9,103,670
Northwestern Mutual Global Funding, 4.00%, 07/01/25(a)		16,300		16,021,601
Principal Life Global Funding II
0.75%, 08/23/24(a)		660		622,066
5.14%, 08/23/24, (1-day SOFR + 0.380%)(a)(b)		635		631,605
Protective Life Global Funding
0.63%, 10/13/23(a)		4,820		4,709,534
5.37%, 01/06/26(a)		10,000		10,165,037
				147,567,519
Internet — 0.9%
Amazon.com Inc.
0.25%, 05/12/23(c)		9,205		9,195,057
2.73%, 04/13/24		20,000		19,605,405
3.00%, 04/13/25		10,000		9,781,192
eBay Inc., 5.90%, 11/22/25 (Call 10/22/25)		17,600		18,095,116
				56,676,770

Security	Par (000)		Value
Machinery — 1.7%
Caterpillar Financial Services Corp.
0.95%, 01/10/24	$	20,000	$	19,489,974
4.98%, 05/17/24, (1-day SOFR + 0.245%)(b)		10,000		9,966,946
5.07%, 09/13/24, (1-day SOFR + 0.270%)(b)		15,620		15,548,614
John Deere Capital Corp.
0.90%, 01/10/24		3,605		3,501,145
3.40%, 06/06/25		10,390		10,186,574
4.80%, 01/09/26		17,800		18,069,710
4.96%, 07/10/23, (1-day SOFR + 0.120%)(b)(c)		7,330		7,327,783
5.04%, 10/11/24, (1-day SOFR + 0.200%)(b)(c)		14,290		14,191,793
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 05/09/23)		9,050		8,921,738
				107,204,277
Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV,
5.23%, 03/11/24, (1-day SOFR + 0.430%)(a)(b)(c)		18,980		18,965,757
Media — 0.0%
Comcast Corp., 5.25%, 11/07/25		2,950		3,010,899
Oil & Gas — 0.9%
Chevron Corp., 1.14%, 05/11/23(c)		4,510		4,506,068
Chevron USA Inc., 5.07%, 08/11/23, (3-mo. LIBOR US + 0.200%)(b)		37,065		37,063,045
ConocoPhillips Co., 2.13%, 03/08/24 (Call 05/30/23)		16,000		15,629,062
				57,198,175
Pharmaceuticals — 0.6%
AstraZeneca PLC, 0.30%, 05/26/23		24,000		23,924,229
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)		17,000		16,537,897
				40,462,126
Pipelines — 0.9%
Enbridge Inc.
0.55%, 10/04/23		5,380		5,263,526
2.15%, 02/16/24		5,530		5,387,754
5.36%, 02/16/24, (1-day SOFR + 0.630%)(b)		10,125		10,097,236
Enterprise Products Operating LLC, 5.05%, 01/10/26		12,365		12,566,619
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)		27,205		25,544,606
				58,859,741
Retail — 0.6%
Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25)		5,170		5,155,603
Lowe’s Companies Inc.
4.40%, 09/08/25		11,510		11,465,085
4.80%, 04/01/26 (Call 03/01/26)		6,660		6,707,788
Starbucks Corp.,
5.14%, 02/14/24 (Call 05/30/23), (1-day SOFR + 0.420%)(b)(c)		11,515		11,508,235
				34,836,711
Savings & Loans — 0.3%
Nationwide Building Society, 0.55%, 01/22/24(a)		16,520		15,885,188
Semiconductors — 0.8%
Analog Devices Inc., 5.09%, 10/01/24, (1-day SOFR + 0.250%)(b)		15,330		15,224,182
NVIDIA Corp.
0.31%, 06/15/23 (Call 05/30/23)		28,000		27,849,463
0.58%, 06/14/24 (Call 06/14/23)		5,305		5,074,255
				48,147,900
Software — 0.1%
salesforce.com Inc., 0.63%, 07/15/24 (Call 05/30/23)		9,415		8,978,999

26 2 0 2 3  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) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications — 0.8%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24	$	21,081	$	20,197,624
NTT Finance Corp.
0.58%, 03/01/24(a)		6,005		5,783,462
4.14%, 07/26/24(a)		2,830		2,804,926
Verizon Communications Inc.
0.75%, 03/22/24		3,580		3,446,712
5.33%, 03/22/24, (1-day SOFR + 0.500%)(b)		16,955		16,939,258
				49,171,982
Total Corporate Bonds & Notes — 36.3% (Cost: $2,323,433,021)				2,295,160,117
Municipal Debt Obligations
Alabama — 0.1%
Alabama Federal Aid Highway Finance Authority RB, 0.45%, 09/01/23		3,545		3,491,733
California — 0.0%
Port of Oakland RB, 0.82%, 05/01/23		400		399,841
Illinois — 0.1%
State of Illinois GO, 5.25%, 05/01/25		5,865		5,892,307
New York — 0.6%
Mizuho Floater/Residual Trust RB
VRDN, 5.22%, 02/15/41 (Put 05/30/23)(a)(d)		4,476		4,476,398
VRDN, 5.23%, 03/01/31 (Put 05/01/23)(a)(d)		18,000		18,000,000
Port Authority of New York & New Jersey RB, Series AAA, 1.09%, 07/01/23		12,570		12,482,450
Taxable Municipal Funding Trust RB
VRDN, 5.22%, 01/16/25 (Put 05/05/23)(a)(d)		1,085		1,085,000
VRDN, 5.22%, 09/01/30 (Put 05/01/25)(a)(d)		2,440		2,440,000
				38,483,848
Total Municipal Debt Obligations — 0.8% (Cost $48,381,398)				48,267,729
Repurchase Agreements(b)(e)
Bank of America Securities Inc., 4.93%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $10,004,108, collateralized by non-agency mortgage-backed security, 0.00%, due 05/05/23, par and fair value of $10,662,259 and $10,500,001, respectively)		10,000		10,000,000
Bank of America Securities Inc., 5.13%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $35,014,963, collateralized by non-agency mortgage-backed security, 0.00% to 6.15%, due 07/15/31 to 01/25/60, par and fair value of $304,812,411 and $38,225,911, respectively)		35,000		35,000,000
Bank of America Securities Inc., 5.31%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $7,003,098, collateralized by non-agency mortgage-backed security, 6.56%, due 07/16/35, par and fair value of $8,236,500 and $8,050,372, respectively)		7,000		7,000,000
BNP Paribas, 5.18%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $20,008,633, collateralized by non-agency mortgage-backed security, 2.10% to 9.75%, due 05/22/23 to 12/15/44, par and fair value of $27,739,326 and $21,869,708, respectively)		20,000		20,000,000

Security	Par (000)		Value
Citigroup Global Markets Inc., 5.12%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $9,003,840, collateralized by non-agency mortgage-backed security, 5.54% to 6.45%, due 07/20/34 to 07/28/34, par and fair value of $9,706,661 and $9,475,569, respectively)	$	9,000	$	9,000,000
Citigroup Global Markets Inc., 5.14%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $12,005,140, collateralized by non-agency mortgage-backed security, 5.54% to 6.51%, due 07/20/34 to 10/15/34, par and fair value of $12,927,193 and $12,650,147, respectively)		12,000		12,000,000
Credit Suisse Securities (USA) LLC, 5.41%, 5/01/23 (Purchased on 04/28/23 to be repurchased at $16,007,213, collateralized by non-agency mortgage-backed security, 0.00% to 20.01%, due 08/15/27 to 01/25/41, par and fair value of $48,589,320 and $18,400,026 respectively)		16,000		16,000,000
Credit Suisse Securities (USA) LLC, 5.56%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $10,004,633, collateralized by non-agency mortgage-backed security, 0.00% to 20.01%, due 08/15/2027 to 10/15/2116, par and fair value of $30,629,176 and $11,500,000, respectively)		10,000		10,000,000
Credit Suisse Securities (USA) LLC, 5.56%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $6,002,780, collateralized by non-agency mortgage-backed security, 20.01%, due 08/15/2027, par and fair value of $18,214,656 and $6,900,018, respectively)		6,000		6,000,000
Goldman Sachs & Co. LLC, 5.33%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $60,026,650, collateralized by non-agency mortgage-backed security, 0.0% to 15.86%, due 10/17/2024 to 07/31/2118, par and fair value of $477,422,519 and 69,000,001, respectively) .		60,000		60,000,000
Mizuho Securities USA Inc., 5.26%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $6,002,630, collateralized by U.S. Government Agency mortgage-backed security, 2.50% to 3.38, due 11/15/42 to 02/15/46, par and fair value of $6,811,500 and $6,120,004, respectively)		6,000		6,000,000
Mizuho Securities USA Inc., 5.36%, 05/01/23 (Purchased on 04/28/23 to be repurchased at $30,013,400, collateralized by non-agency mortgage-backed security, 2.28% to 7.77%, due 03/20/25 to 12/27/66, par and fair value of $39,173,381 and $33,784,195, respectively)		30,000		30,000,000
Total Repurchase Agreements — 3.5% (Cost: $221,000,000)				221,000,000
U.S. Government Obligations
U.S. Government Obligations — 0.1%
U.S. Treasury Note/Bond, 0.25%, 09/30/23(c)		10,000		9,811,719
Total U.S. Government Obligations — 0.1% (Cost: $9,997,512)				9,811,719

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  (unaudited) (continued) April 30, 2023 BlackRock Ultra Short-Term Bond ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(f)(g)(h)		36,910	$	36,920,813
Total Money Market Funds — 0.6% (Cost: $36,905,008)				36,920,813
Total Investments — 100.2% (Cost: $6,367,597,736)				6,336,406,179
Liabilities in Excess of Other Assets — (0.2)%				(11,885,035	)
Net Assets — 100.0%			$	6,324,521,144

^(a)  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.

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

^(c)  All or a portion of this security is on loan.

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

^(e)  Maturity date represents next reset date.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,987,823	$	—		$	(20,080,397	)(a)	$	(4,199	)	$	17,586	$	36,920,813		36,910	$	152,788	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—			—			—		—		—		32,183			—
									$	(4,199	)	$	17,586	$	36,920,813			$	184,971		$	—

^(a)  Represents net amount purchased (sold).

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

^(c)  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
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	188,262,699	$	—	$	188,262,699
Certificates of Deposit		—		815,264,365		—		815,264,365
Commercial Paper		—		2,721,718,737		—		2,721,718,737
Corporate Bonds & Notes		—		2,295,160,117		—		2,295,160,117
Municipal Debt Obligations		—		48,267,729		—		48,267,729
Repurchase Agreements		—		221,000,000		—		221,000,000
U.S. Government & Agency Obligations		—		9,811,719		—		9,811,719
Short-Term Securities
Money Market Funds		36,920,813		—		—		36,920,813
	$	36,920,813	$	6,299,485,366	$	—	$	6,336,406,179

See notes to financial statements.

28 2 0 2 3  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

Statements of Assets and Liabilities  (unaudited)

April 30, 2023

	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	3,615,658,743		$	459,817,230		$	6,078,485,366
Investments, at value — affiliated(c)		185,353,300			51,297			36,920,813
Cash		344,572			—			115,627
Foreign currency, at value(d)		1,886,952			—			—
Repurchase agreements, at value — unaffiliated(e)		—			—			221,000,000
Receivables:
Investments sold		2,788,998			—			—
Securities lending income — affiliated		49,748			—			38,910
Capital shares sold		24,855,970			—			5,032,503
Dividends — affiliated		101,472			—			9,773,795
Interest — unaffiliated		20,917,761			3,053,148			16,377,158
Unrealized appreciation on forward foreign currency exchange contracts		20,845			—			—
Total assets		3,851,978,361			462,921,675			6,367,744,172
LIABILITIES
Collateral on securities loaned, at value		57,400,504			—			36,942,060
Payables:
Investments purchased		4,756,800			2,028,100			5,865,000
Investment advisory fees		804,728			94,523			415,968
Unrealized depreciation on forward foreign currency exchange contracts		5,771,415			—			—
Total liabilities		68,733,447			2,122,623			43,223,028
NET ASSETS	$	3,783,244,914		$	460,799,052		$	6,324,521,144
NET ASSETS CONSIST OF
Paid-in capital	$	3,848,562,645		$	461,697,669		$	6,336,860,469
Accumulated loss		(65,317,731	)		(898,617	)		(12,339,325	)
NET ASSETS	$	3,783,244,914		$	460,799,052		$	6,324,521,144
NET ASSET VALUE
Shares outstanding		76,100,000			9,250,000			125,700,000
Net asset value	$	49.71		$	49.82		$	50.31
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	3,649,289,447		$	461,691,228		$	6,109,692,728
(b) Securities loaned, at value	$	55,795,790		$	—		$	36,065,677
(c)  Investments, at cost — affiliated	$	185,325,207		$	51,303		$	36,905,008
(d) Foreign currency, at cost	$	1,889,154		$	—		$	—
(e) Repurchase agreements, at cost — unaffiliated	$	—		$	—		$	221,000,000

See notes to financial statements.

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

Statements of Operations  (unaudited)

Six Months Ended April 30, 2023

	BlackRock Short Maturity Bond ETF			BlackRock Short Maturity Municipal Bond ETF			BlackRock Ultra Short-Term Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	2,732,074		$	3,861		$	32,183
Interest — unaffiliated		72,586,088			7,222,107			134,460,870
Securities lending income — affiliated — net		165,739			—			152,788
Other income — unaffiliated		102,477			—			—
Foreign taxes withheld		1,687			—			—
Total investment income		75,588,065			7,225,968			134,645,841
EXPENSES
Investment advisory		5,028,024			626,171			2,684,409
Total expenses		5,028,024			626,171			2,684,409
Less:
Investment advisory fees waived		(60,710	)		—			—
Total expenses after fees waived		4,967,314			626,171			2,684,409
Net investment income		70,620,751			6,599,797			131,961,432
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,641,199	)		—			(1,138,737	)
Investments — affiliated		11,354			(2	)		(4,199	)
Capital gain distributions from underlying funds — affiliated		187			—			—
Forward foreign currency exchange contracts		(5,775,426	)		—			—
Foreign currency transactions		(624,459	)		—			—
In-kind redemptions — unaffiliated(a)		(588,387	)		—			—
		(13,617,930	)		(2	)		(1,142,936	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		65,153,284			1,933,522			40,807,763
Investments — affiliated		31,809			(6	)		17,586
Forward foreign currency exchange contracts		(6,053,687	)		—			—
Foreign currency translations		(57,203	)		—			—
		59,074,203			1,933,516			40,825,349
Net realized and unrealized gain		45,456,273			1,933,514			39,682,413
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	116,077,024		$	8,533,311		$	171,643,845

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

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Statements of Changes in Net Assets

	BlackRock Short Maturity Bond ETF						BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	70,620,751		$	53,155,567		$	6,599,797		$	2,664,600
Net realized gain (loss)		(13,617,930	)		13,998,568			(2	)		(894	)
Net change in unrealized appreciation (depreciation)		59,074,203			(102,613,181	)		1,933,516			(4,216,983	)
Net increase (decrease) in net assets resulting from operations		116,077,024			(35,459,046	)		8,533,311			(1,553,277	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(70,229,299	)		(49,011,290	)		(6,321,641	)		(1,873,888	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(492,768,432	)		(539,564,075	)		(62,372,233	)		231,217,779
NET ASSETS
Total increase (decrease) in net assets		(446,920,707	)		(624,034,411	)		(60,160,563	)		227,790,614
Beginning of period		4,230,165,621			4,854,200,032			520,959,615			293,169,001
End of period	$	3,783,244,914		$	4,230,165,621		$	460,799,052		$	520,959,615

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	131,961,432		$	78,105,196
Net realized loss		(1,142,936	)		(10,085	)
Net change in unrealized appreciation (depreciation)		40,825,349			(73,935,385	)
Net increase in net assets resulting from operations		171,643,845			4,159,726
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(127,652,295	)		(62,518,287	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(773,011,585	)		1,305,237,758
NET ASSETS
Total increase (decrease) in net assets		(729,020,035	)		1,246,879,197
Beginning of period		7,053,541,179			5,806,661,982
End of period	$	6,324,521,144		$	7,053,541,179

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

32 2 0 2 3  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

Financial Highlights

(For a share outstanding throughout each period)

	BlackRock Short Maturity Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of period	$	49.16		$	50.07		$	50.15		$	50.36		$	50.12		$	50.25
Net investment income(a)		0.86			0.58			0.38			0.91			1.37			1.11
Net realized and unrealized gain (loss)(b)		0.54			(0.95	)		(0.03	)		(0.16	)		0.21			(0.23	)
Net increase (decrease) from investment operations		1.40			(0.37	)		0.35			0.75			1.58			0.88
Distributions from net investment income(c)		(0.85	)		(0.54	)		(0.43	)		(0.96	)		(1.34	)		(1.01	)
Net asset value, end of period	$	49.71		$	49.16		$	50.07		$	50.15		$	50.36		$	50.12
Total Return(d)
Based on net asset value		2.87	%(e)		(0.75	)%		0.70	%		1.51	%		3.19	%		1.78	%
Ratios to Average Net Assets(f)
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses after fees waived		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		3.51	%(g)		1.17	%		0.76	%		1.81	%		2.73	%		2.21	%
Supplemental Data
Net assets, end of period (000)	$	3,783,245		$	4,230,166		$	4,854,200		$	4,397,750		$	6,260,259		$	4,981,818
Portfolio turnover rate(h)		25	%		44	%		55	%		67	%(i)		58	%(i)		48	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Short Maturity Municipal Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of period	$	49.62		$	50.11		$	50.19		$	50.13		$	49.85		$	50.01
Net investment income(a)		0.65			0.37			0.17			0.51			0.81			0.68
Net realized and unrealized gain (loss)(b)		0.18			(0.62	)		(0.07	)		0.13			0.26			(0.21	)
Net increase (decrease) from investment operations		0.83			(0.25	)		0.10			0.64			1.07			0.47
Distributions from net investment income(c)		(0.63	)		(0.24	)		(0.18	)		(0.58	)		(0.79	)		(0.63	)
Net asset value, end of period	$	49.82		$	49.62		$	50.11		$	50.19		$	50.13		$	49.85
Total Return(d)
Based on net asset value		1.67	%(e)		(0.51	)%		0.19	%		1.29	%		2.16	%		0.95	%
Ratios to Average Net Assets(f)
Total expenses		0.25	%(g)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.64	%(g)		0.75	%		0.34	%		1.02	%		1.63	%		1.35	%
Supplemental Data
Net assets, end of period (000)	$	460,799		$	520,960		$	293,169		$	291,091		$	210,532		$	127,111
Portfolio turnover rate(h)		66	%		98	%		52	%		108	%		170	%		221	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	BlackRock Ultra Short-Term Bond ETF
	Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22			Year Ended 10/31/21			Year Ended 10/31/20			Year Ended 10/31/19			Year Ended 10/31/18
Net asset value, beginning of period	$	49.99		$	50.45		$	50.54		$	50.41		$	50.15		$	50.12
Net investment income(a)		0.98			0.61			0.22			0.69			1.38			1.16
Net realized and unrealized gain (loss)(b)		0.28			(0.60	)		(0.07	)		0.25			0.23			(0.16	)
Net increase from investment operations		1.26			0.01			0.15			0.94			1.61			1.00
Distributions from net investment income(c)		(0.94	)		(0.47	)		(0.24	)		(0.81	)		(1.35	)		(0.97	)
Net asset value, end of period	$	50.31		$	49.99		$	50.45		$	50.54		$	50.41		$	50.15
Total Return(d)
Based on net asset value		2.56	%(e)		0.03	%		0.29	%		1.89	%		3.25	%		2.02	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.93	%(g)		1.22	%		0.44	%		1.36	%		2.74	%		2.33	%
Supplemental Data
Net assets, end of period (000)	$	6,324,521		$	7,053,541		$	5,806,662		$	4,922,726		$	2,195,391		$	601,794
Portfolio turnover rate(h)		15	%		27	%		47	%		54	%		16	%		32	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T  S 35

Notes to Financial Statements (unaudited)

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     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 April 30, 2023, 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.

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.

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Notes to Financial Statements (unaudited) (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:

• 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.

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

• 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 New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

• 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:

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

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

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

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

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 37

Notes to Financial Statements (unaudited) (continued)

4.    SECURITIES AND OTHER INVESTMENTS

Asset-Backed and Mortgage-Backed Securities: Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower’s ability to repay its loans.

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

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 April 30, 2023 which are subject to offset under an MRA:

BlackRock ETF and Counterparty		Market Value of Repurchase Agreements		Cash Collateral Received at value		Non-Cash Collateral Received at Fair Value	(a)		Net Amount
Ultra Short-Term Bond
Bank of America Securities Inc.	$	52,000,000	$	—	$	52,000,000		$	—
BNP Paribas		20,000,000		—		20,000,000			—
Citigroup Global Markets Inc.		21,000,000		—		21,000,000			—
Credit Suisse Securities (USA) LLC		32,000,000		—		32,000,000			—
Goldman Sachs & Co. LLC		60,000,000		—		60,000,000			—
Mizuho Securities USA Inc.		36,000,000		—		36,000,000			—
	$	221,000,000	$	—	$	221,000,000		$	—

^(a)  Collateral received in excess of the market value of repurchase agreements is not presented in this table.

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

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Notes to Financial Statements (unaudited) (continued)

or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

BlackRock ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Short Maturity Bond
Barclays Bank PLC	$	6,897,660	$	(6,897,660	)	$	—		$	—
BMO Capital Markets Corp.		945,667		(945,667	)		—			—
BofA Securities, Inc.		7,944,990		(7,944,990	)		—			—
Citigroup Global Markets, Inc.		21,718,905		(21,718,905	)		—			—
Deutsche Bank Securities, Inc.		45,008		(45,008	)		—			—
Goldman Sachs & Co. LLC		1,231,749		(1,231,749	)		—			—
HSBC Securities (USA), Inc.		198,414		(198,414	)		—			—
J.P. Morgan Securities LLC		4,432,939		(4,432,939	)		—			—
Jefferies LLC		366,758		(366,758	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd.		289,104		(289,104	)		—			—
Morgan Stanley		10,559,407		(10,559,407	)		—			—
Pershing LLC		667,694		(667,694	)		—			—
TD Prime Services LLC		497,495		(497,495	)		—			—
	$	55,795,790	$	(55,795,790	)	$	—		$	—
Ultra Short-Term Bond
Barclays Capital, Inc.	$	14,383,523	$	(14,383,523	)	$	—		$	—
BNP Paribas SA		565,184		(565,184	)		—			—
BofA Securities, Inc.		2,959,387		(2,959,387	)		—			—
Goldman Sachs & Co. LLC		3,253,589		(3,253,589	)		—			—
J.P. Morgan Securities LLC		10,877,375		(10,877,375	)		—			—
Nomura Securities International, Inc.		1,200,546		(1,200,546	)		—			—
Wells Fargo Securities LLC		2,826,073		(2,826,073	)		—			—
	$	36,065,677	$	(36,065,677	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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).

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Notes to Financial Statements (unaudited) (continued)

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 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.

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Notes to Financial Statements (unaudited) (continued)

This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended April 30, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

BlackRock ETF	Amounts Waived
Short Maturity Bond	$	60,710

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 BlackRock Ultra Short-Term Bond ETF.

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

BlackRock ETF	Amounts
Short Maturity Bond	$	48,037
Ultra Short-Term Bond		43,598

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 six months ended April 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

BlackRock ETF	Purchases		Sales		Net Realized Gain (Loss)
Short Maturity Municipal Bond	$	13,806,292	$	18,406,979	$	—

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.

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Notes to Financial Statements (unaudited) (continued)

7.    PURCHASES AND SALES

For the six months ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

	U.S. Government Securities				Other Securities
BlackRock ETF	Purchases		Sales		Purchases		Sales
Short Maturity Bond	$	136,577,216	$	77,820,803	$	763,356,882	$	1,267,523,879
Short Maturity Municipal Bond		—		—		291,286,430		353,130,000
Ultra Short-Term Bond		—		—		398,945,677		766,272,076

For the six months ended April 30, 2023, in-kind transactions were as follows:

BlackRock ETF	In-kind Purchases		In-kind Sales
Short Maturity Bond	$	—	$	63,747,141

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 April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

BlackRock ETF	Non-Expiring   Capital Loss   Carryforwards
Short Maturity Bond	$	37,653,426
Short Maturity Municipal Bond		120,691
Ultra Short-Term Bond		2,189,489

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income

tax purposes were as follows:

BlackRock ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Maturity Bond	$	3,835,440,384	$	11,735,464	$	(51,914,375	)	$	(40,178,911	)
Short Maturity Municipal Bond		461,781,202		351,762		(2,264,437	)		(1,912,675	)
Ultra Short-Term Bond		6,367,614,031		4,161,234		(35,369,086	)		(31,207,852	)

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.

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Notes to Financial Statements (unaudited) (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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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.

Financials Sector Risk: Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal

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

Notes to Financial Statements (unaudited) (continued)

Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/23						Year Ended 10/31/22
BlackRock ETF	Shares			Amount			Shares			Amount
Short Maturity Bond
Shares sold		9,100,000		$	449,623,843			17,200,000		$	852,350,848
Shares redeemed		(19,050,000	)		(942,392,275	)		(28,100,000	)		(1,391,914,923	)
		(9,950,000	)	$	(492,768,432	)		(10,900,000	)	$	(539,564,075	)
Short Maturity Municipal Bond
Shares sold		1,000,000		$	49,769,985			4,900,000		$	243,687,671
Shares redeemed		(2,250,000	)		(112,142,218	)		(250,000	)		(12,469,892	)
		(1,250,000	)	$	(62,372,233	)		4,650,000		$	231,217,779
Ultra Short-Term Bond
Shares sold		8,900,000		$	445,904,851			42,250,000		$	2,119,194,220
Shares redeemed		(24,300,000	)		(1,218,916,436	)		(16,250,000	)		(813,956,462	)
		(15,400,000	)	$	(773,011,585	)		26,000,000		$	1,305,237,758

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.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Short Maturity Bond ETF, BlackRock Short Maturity Municipal Bond ETF and BlackRock Ultra Short-Term Bond ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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.

April 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
BlackRock ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Short Maturity Bond	$	0.853291	$	—	$	—	$	0.853291		100	%		—	%		—	%		100	%
Ultra Short-Term Bond		0.944684		—		—		0.944684		100			—			—			100

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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.

G E N E R A L  I N F O R M A T I O N 47

Glossary of Terms Used in this Report

Portfolio Abbreviation

AGM	Assured Guaranty Municipal Corp.
AMBAC	Ambac Assurance Corp.
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
FHA	Federal Housing Administration
GO	General Obligation

Currency Abbreviations

EUR	Euro
GBP	British Pound
USD	United States Dollar

Portfolio Abbreviation (continued)

GOL	General Obligation Limited
GTD	Guaranteed
LIBOR	London Interbank Offered Rate
RB	Revenue Bond
SAP	Subject to Appropriations
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate

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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”).

^©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1008-0423

APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

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,

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

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	8.63%	2.66%
U.S. small cap equities (Russell 2000® Index)	(3.45)	(3.65)
International equities (MSCI Europe, Australasia, Far East Index)	24.19	8.42
Emerging market equities (MSCI Emerging Markets Index)	16.36	(6.51)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.09	2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	7.14	(1.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	6.91	(0.43)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.65	2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.21	1.21
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		38
Statements of Operations		40
Statements of Changes in Net Assets		42
Financial Highlights		46
Notes to Financial Statements		53
Statement Regarding Liquidity Risk Management Program		62
Supplemental Information		63
General Information		64
Glossary of Terms Used in this Report		65
Additional Financial Information		66

Fund Summary as of April 30, 2023  iShares^® 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.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		7.94	%		(1.80	)%		3.87	%		(1.80	)%		20.82	%
Fund Market		8.29			(1.86	)		3.90			(1.86	)		21.01
Index		8.31			(1.33	)		5.27			(1.33	)		29.12

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

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Inflation Hedged Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Inflation Hedge Corporate Bond Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,079.40	$         0.26			$      1,000.00	$      1,024.50	$         0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		94.7	%
Short-term Investments		1.2
Swaps, net cumulative appreciation		3.8
Other assets less liabilities		0.3

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.2	%
Aa		4.9
A		46.2
Baa		43.4
Ba		2.0
Not Rated		0.3

^(a)  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.

^(b)  Excludes money market funds.

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Fund Summary as of April 30, 2023  iShares^® 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 $ HighYield Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.

Performance

				Cumulative Total Returns
	6-Month Total Returns			Since Inception
Fund NAV		4.37	%		6.07	%
Fund Market		4.40			6.09
Index		4.49			5.97

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							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,043.70	$	0.25		$	1,000.00	$	1,024.50	$	0.25		0.05	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		96.1	%
Short-term Investments		48.1
Swaps, net cumulative depreciation		(0.3	)
Other assets less liabilities		(43.9	)

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)
Credit Rating(a)	Percent of   Total Investment(b)
Baa		4.6	%
Ba		42.2
B		42.1
Caa		9.7
Ca		0.8
Not Rated		0.6

^(a) 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.

^(b)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of April 30, 2023  iShares^® 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

				Cumulative Total Returns
	6-Month Total Returns			Since Inception
Fund NAV		4.86	%		0.44	%
Fund Market		5.06			0.46
Index		5.25			0.67

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							Hypothetical 5% Return
	Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,048.60	$	0.51		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		95.7	%
Short-term Investments		1.6
Swaps, net cumulative depreciation		(0.1	)
Other assets less liabilities		2.8

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)
Credit Rating(a)	Percent of Total Investment(b)
Aaa		52.9	%
Aa		2.1
A		11.4
Baa		12.6
Ba		0.4
Not Rated		20.6

^(a)  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.

^(b)  Excludes money market funds.

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Fund Summary as of April 30, 2023 iShares^® 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		5.75	%		5.61	%		2.36	%		2.07	%		5.61	%		12.38	%		20.06	%
Fund Market		5.98			5.35			2.33			2.06			5.35			12.19			19.93
Index		5.67			5.19			2.07			2.39			5.19			10.77			23.48

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

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid Investment Grade Interest Rate Hedged Swaps Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged Corporate Bond Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,057.50	$	0.51		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		94.9	%
Short-term Investments		15.8
Swaps, net cumulative appreciation		1.1
Other assets less liabilities		(11.8	)

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.2	%
Aa		4.9
A		46.2
Baa		43.4
Ba		2.0
Not Rated		0.3

^(a)  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.

^(b)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of April 30, 2023 iShares^® 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.47	%		4.56	%		3.20	%		2.98	%		4.56	%		17.07	%		29.94	%
Fund Market		3.44			4.61			3.21			2.98			4.61			17.13			29.96
Index		3.12			3.61			3.09			3.20			3.61			16.44			32.52

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

Index performance through November 30, 2021 reflects the performance of the Markit iBoxx^® USD Liquid High Yield Interest Rate Hedged Swaps Index. Index performance beginning on December 1, 2021 reflects the performance of the BlackRock Interest Rate Hedged High Yield Bond Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,034.70	$	0.25		$	1,000.00	$	1,024.50	$	0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		95.1	%
Short-term Investments		48.9
Swaps, net cumulative appreciation		1.6
Other assets less liabilities		(45.6	)

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Baa		4.6	%
Ba		42.2
B		42.1
Caa		9.7
Ca		0.8
Not Rated		0.6

^(a)  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.

^(b)  Excludes money market funds.

8 2 0 2 3    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

Fund Summary as of April 30, 2023 iShares^® 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									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.44	%		5.54	%		1.74	%		2.70	%		5.54	%		9.02	%		23.01	%
Fund Market		7.83			5.54			1.71			2.69			5.54			8.82			22.89
Index		7.56			5.44			1.15			2.61			5.44			5.89			22.22

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

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.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning     Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,074.40	$	0.51		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		91.4	%
Short-term Investments		1.7
Swaps, net cumulative depreciation		(1.4	)
Other assets less liabilities		8.3

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		3.0	%
Aa		7.9
A		42.8
Baa		40.5
Ba		1.3
Not Rated		4.6

^(a)  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.

^(b)  Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary as of April 30, 2023 iShares^® 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

				Cumulative Total Returns
	6-Month Total Returns			Since Inception
Fund NAV		3.34	%		3.67	%
Fund Market		3.42			3.63
Index		3.32			3.42

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							Hypothetical 5% Return
	Beginning     Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)		Ending Account Value (04/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.40	$	0.50		$	1,000.00	$	1,024.30	$	0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
Investment Companies		94.5	%
Short-term Investments		1.2
Swaps, net cumulative appreciation		2.3
Other assets less liabilities		2.0

CREDIT QUALITY ALLOCATION (of the UNDERLYING FUND)

Credit Rating(a)	Percent of Total Investment(b)
Aaa		52.9	%
Aa		2.1
A		11.4
Baa		12.6
Ba		0.4
Not Rated		20.6

^(a)  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.

^(b)  Excludes money market funds.

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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

Schedule of Investments (unaudited)  April 30, 2023 iShares^® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.7%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		538,138	$	59,157,510
Total Investment Companies (Cost: $66,987,298)				59,157,510
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		740,000		740,000
Total Short-Term Securities — 1.2% (Cost: $740,000)				740,000
Total Investments in Securities — 95.9% (Cost: $67,727,298)				59,897,510
Other Assets Less Liabilities — 4.1%				2,592,373
Net Assets — 100.0%			$	62,489,883

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	2,482	(b)	$	—		$	(2,482	)	$	—	$	—		—	$	4,995	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		170,000		570,000	(b)		—			—			—		740,000		740,000		11,506			—
iShares iBoxx $ Investment Grade Corporate Bond ETF		53,261,756		15,609,841			(14,119,284	)		(3,361,800	)		7,766,997		59,157,510		538,138		1,001,850			—
									$	(3,364,282	)	$	7,766,997	$	59,897,510			$	1,018,351		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3.32%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/06/29	$  (600)	$	(3,691	)	$	8	$	(3,699	)
3.48%	Annual	1-Day SOFR, 4.81%	Annual	N/A		01/09/30	(200)		(3,231	)		3		(3,234	)
3.27%	Annual	1-Day SOFR, 4.81%	Annual	N/A		03/15/30	(100)		(385	)		1		(386	)
3.25%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/06/32	(200)		(1,433	)		3		(1,436	)
3.08%	Annual	1-Day SOFR, 4.81%	Annual	N/A		01/23/33	(200)		1,246			4		1,242
3.23%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/06/37	(100)		(677	)		2		(679	)
3.18%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/06/42	(250)		(1,168	)		7		(1,175	)
3.17%	Annual	1-Day SOFR, 4.81%	Annual	N/A		01/09/48	(200)		(3,721	)		6		(3,727	)

12 2 0 2 3    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) April 30, 2023 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
2.98%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/15/48	$ (100)	$	1,330		$	2	$	1,328
3.15%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/23/52	(100)		(3,458	)		4		(3,462	)
2.93%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/06/52	(200)		1,512			7		1,505
									$	(13,676	)	$	47	$	(13,723	)

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value	Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
1.75%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/20/23	$	(10)		$ 1,301	$	—		$	1,301
U.S. CPI Urban Consumers NSA	At Termination	2.63%	At Termination		12/09/23		(1,770	)	(7,714)		(2,001	)		(5,713	)
3.35%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/05/24		(3,000	)	111,528		19			111,509
3.12%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		11/04/24		(400	)	(3,160)		284			(3,444	)
2.74%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		11/17/24		(800	)	(758)		5			(763	)
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/30/24		(560	)	(195)		(4	)		(191	)
2.54%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/10/25		(60	)	(13)		1			(14	)
2.48%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/06/25		(66	)	(73)		1			(74	)
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/13/25		(400	)	(809)		275			(1,084	)
2.42%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/25/25		(520	)	(607)		4			(611	)
2.68%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		09/07/26		(1,400	)	75,937		19			75,918
2.74%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		09/15/26		(2,000	)	100,174		27			100,147
2.92%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/21/26		(3,500	)	136,719		47			136,672
3.13%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/27/26		(3,430	)	98,779		45			98,734
3.15%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/29/26		(1,540	)	42,472		20			42,452
2.59%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/11/27		(100	)	(196)		1			(197	)
2.75%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/07/27		(200	)	(1,893)		3			(1,896	)
2.54%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/30/27		(430	)	(992)		(243	)		(749	)
2.46%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/05/28		(1,900	)	2,487		25			2,462
2.45%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/08/28		(965	)	2,584		13			2,571
2.59%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/22/28		(360	)	(960)		5			(965	)
2.71%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/24/28		(250	)	(1,949)		4			(1,953	)
2.58%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		03/31/28		(80	)	(364)		1			(365	)
2.56%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/05/28		(125	)	(530)		1			(531	)

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

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps (continued)

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/06/28	$	(700	)	$	(829	)	$	10		$	(839	)
2.52%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/13/28		(1,200	)		(2,855	)		1,935			(4,790	)
2.55%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/19/28		(800	)		(3,304	)		11			(3,315	)
2.66%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/01/28		(1,000	)		49,727			18			49,709
2.96%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/26/28		(1,800	)		50,960			33			50,927
1.89%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/20/30		(360	)		56,763			7,108			49,655
1.90%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/20/30		(420	)		65,938			10			65,928
2.24%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/12/31		(2,000	)		230,096			46			230,050
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/09/31		(3,000	)		296,728			70			296,658
2.47%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/07/31		(2,000	)		182,228			47			182,181
2.67%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		05/19/31		(1,000	)		67,766			23			67,743
2.57%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		06/02/31		(3,000	)		230,476			2,869			227,607
2.60%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		09/30/31		(1,000	)		50,340			23			50,317
2.43%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/19/32		(110	)		750			3			747
2.55%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/30/32		(270	)		(1,533	)		(358	)		(1,175	)
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/05/33		(700	)		(666	)		17			(683	)
2.47%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		02/07/33		(410	)		935			10			925
2.54%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/13/33		(815	)		(4,367	)		1,211			(5,578	)
2.55%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/25/33		(1,200	)		(8,521	)		28			(8,549	)
2.61%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/07/37		(3,500	)		88,240			101			88,139
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/25/37		(560	)		21,081			16			21,065
2.45%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/06/38		(510	)		(1,066	)		15			(1,081	)
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		06/29/41		(500	)		37,649			19			37,630
2.45%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		06/29/41		(1,000	)		67,462			38			67,424
2.38%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/16/41		(300	)		22,635			4			22,631
2.58%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/05/42		(1,530	)		23,360			59			23,301
2.33%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/19/42		(200	)		2,929			7			2,922
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/13/43		(40	)		9			1			8
2.47%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		03/31/43		(120	)		(1,548	)		5			(1,553	)
2.43%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/05/43		(275	)		(1,649	)		11			(1,660	)

14 2 0 2 3    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) April 30, 2023 iShares^® Inflation Hedged Corporate Bond ETF

Centrally Cleared Inflation Swaps (continued)

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
2.47%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/19/43	$	(325	)	$	(4,207	)	$	13		$	(4,220	)
2.50%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/06/46		(500	)		12,463			23			12,440
2.47%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/09/46		(1,000	)		31,610			44			31,566
2.31%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/20/48		(230	)		3,160			11			3,149
2.35%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/06/48		(210	)		986			10			976
1.83%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/18/49		(418	)		87,119			(11,789	)		98,908
1.94%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/20/50		(10	)		1,982			1			1,981
1.95%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/20/50		(600	)		117,488			16,729			100,759
2.23%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/06/51		(300	)		35,582			15			35,567
2.41%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/30/51		(1,000	)		56,861			49			56,812
2.42%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		08/02/51		(459	)		24,395			22			24,373
2.37%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/08/53		(225	)		287			12			275
2.35%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/06/53		(50	)		238			2			236
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		04/13/53		(345	)		(3,177	)		351			(3,528	)
									$	2,436,289		$	17,435		$	2,418,854

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	31,877	$	(14,395	)	$	2,478,450	$	(73,319)

^(a)  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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	4,075	$	2,474,375	$	2,478,450
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	17,798	$	55,521	$	73,319

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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 15

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged Corporate Bond ETF

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Inflation Linked Contracts			Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—	$	—	$	(56,283	)	$	—		$	(56,283	)
Swaps		—		—		—		—		(6,017	)		494,473			488,456
	$	—	$	—	$	—	$	—	$	(62,300	)	$	494,473		$	432,173
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	(113,634	)	$	—		$	(113,634	)
Swaps		—		—		—		—		(13,723	)		(1,363,498	)		(1,377,221	)
	$	—	$	—	$	—	$	—	$	(127,357	)	$	(1,363,498	)	$	(1,490,855	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	2,200,000
Inflation swaps:
Average notional value – pays fixed rate	$	56,247,500
Average notional value – receives fixed rate	$	1,385,000

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
Assets
Investments
Long-Term Investments
Investment Companies	$	59,157,510	$	—		$	—	$	59,157,510
Short-Term Securities
Money Market Funds		740,000		—			—		740,000
	$	59,897,510	$	—		$	—	$	59,897,510
Derivative Financial Instruments(a)
Assets
Inflation Linked Contracts	$	—	$	2,474,375		$	—	$	2,474,375
Interest Rate Contracts		—		4,075			—		4,075
Liabilities
Inflation Linked Contracts		—		(55,521	)		—		(55,521	)
Interest Rate Contracts		—		(17,798	)		—		(17,798	)
	$	—	$	2,405,131		$	—		2,405,131

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 3    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) April 30, 2023 iShares^® Inflation Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 96.1%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		32,244	$	2,429,908
Total Investment Companies (Cost: $2,385,834)				2,429,908
Short-Term Securities
Money Market Funds — 48.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(a)(c)(d)		1,155,468		1,155,814
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(c)		60,000		60,000
Total Short-Term Securities — 48.1% (Cost: $1,216,140)				1,215,814
Total Investments in Securities — 144.2% (Cost: $3,601,974)				3,645,722
Liabilities in Excess of Other Assets — (44.2)%				(1,117,317	)
Net Assets — 100.0%			$	2,528,405

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	723,613	$	432,009	(a)	$	—		$	517	$	(325	)	$	1,155,814		1,155,468	$	4,679	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		50,000		10,000	(a)		—			—		—			60,000		60,000		1,168			—
iShares iBoxx $ High Yield Corporate Bond ETF		2,389,706		37,756			(59,435	)		186		61,695			2,429,908		32,244		69,423			—
									$	703	$	61,370		$	3,645,722			$	75,270		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund

Received by the Fund

Effective Date

Termination Date

Notional Amount (000)

Value

��

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

3.18%

Annual

1-Day SOFR, 4.81%

Annual

N/A

01/17/30

$    (15)

$

29

$

—

$

29

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 (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged High Yield Bond ETF

OTC Inflation Swaps

Paid by the Fund		Received by the Fund		Counterparty		Termination Date		Notional Amount (000)	Value	Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
4.05%	At Termination	U.S. CPI Urban Consumers NAS	At Termination		Goldman Sachs International		06/24/24	$    (197)	$(1,655)	$	—	$	(1,655	)
4.06%	At Termination	U.S. CPI Urban Consumers NAS	At Termination		Goldman Sachs International		06/24/24	(50)	(429)		—		(429	)
3.05%	At Termination	U.S. CPI Urban Consumers NAS	At Termination		Goldman Sachs International		06/24/27	(520)	(3,268)		—		(3,268	)
2.82%	At Termination	U.S. CPI Urban Consumers NAS	At Termination		Goldman Sachs International		06/24/32	(98)	(1,031)		—		(1,031	)
									$(6,383)	$	—	$	(6,383	)

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
2.75%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/29/23	$	(32	)	$	142		$	—	$	142
2.54%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		02/10/24		(60	)		188			—		188
2.58%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		11/22/24		(8	)		15			—		15
3.13%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		07/12/25		(370	)		(495	)		4		(499	)
2.98%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		09/08/25		(100	)		(1,370	)		1		(1,371	)
2.74%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/07/25		(42	)		(216	)		1		(217	)
2.35%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		02/07/26		(14	)		52			—		52
2.50%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		04/13/26		(43	)		(108	)		—		(108	)
2.90%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		07/12/27		(124	)		(298	)		2		(300	)
2.62%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		02/28/28		(8	)		(25	)		—		(25	)
2.75%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		07/12/29		(488	)		564			8		556
2.52%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/11/29		(13	)		25			—		25
2.80%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		10/27/29		(25	)		(399	)		—		(399	)
2.71%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/07/29		(24	)		(256	)		1		(257	)
2.51%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		12/22/29		(25	)		23			—		23
2.44%	At Termination	U.S. CPI Urban Consumers NSA	At Termination		02/07/30		(20	)		101			—		101
									$	(2,057	)	$	17	$	(2,074	)

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	17	$	—	$	1,131	$	(3,176	)
OTC Swaps		—		—		—		(6,383	)

^(a)  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.

18 2 0 2 3    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) April 30, 2023 iShares^® Inflation Hedged High Yield 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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	29	$	1,102	$	1,131
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	—	$	—	$	—	$	6,383	$	6,383
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	—	$	3,176	$	3,176
	$	—	$	—	$	—	$	—	$	—	$	9,559	$	9,559

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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 April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Inflation Linked Contracts			Total
Net Realized Gain (Loss) from
Swaps	$	—	$	—	$	—	$	—	$	282	$	319		$	601
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	—	$	—	$	29	$	(29,630	)	$	(29,601	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	15,000
Inflation swaps:
Average notional value – pays fixed rate	$	2,272,350

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:
Swaps - centrally cleared	$	1,131		$	3,176
Swaps - OTC(a)		—			6,383
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,131			9,559
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,131	)		(3,176	)
Total derivative assets and liabilities subject to an MNA		—			6,383

^(a)  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 19

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged High Yield Bond ETF

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 Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(a)
Goldman Sachs International	$	6,383	$	—	$	—	$	—	$	6,383

^(a)  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
Assets
Investments
Long-Term Investments
Investment Companies	$	2,429,908	$	—		$	—	$	2,429,908
Short-Term Securities
Money Market Funds		1,215,814		—			—		1,215,814
	$	3,645,722	$	—		$	—	$	3,645,722
Derivative Financial Instruments(a)
Assets
Inflation Linked Contracts	$	—	$	1,102		$	—	$	1,102
Interest Rate Contracts		—		29			—		29
Liabilities
Inflation Linked Contracts		—		(9,559	)		—		(9,559	)
	$	—	$	(8,428	)	$	—		(8,428	)

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 3    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)  April 30, 2023 iShares^® Inflation Hedged U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.7%
iShares Core U.S. Aggregate Bond ETF(a)		23,738	$	2,372,850
Total Investment Companies (Cost: $2,388,389)				2,372,850
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		40,000		40,000
Total Short-Term Securities — 1.6% (Cost: $40,000)				40,000
Total Investments in Securities — 97.3% (Cost: $2,428,389)				2,412,850
Other Assets Less Liabilities — 2.7%				65,751
Net Assets — 100.0%			$	2,478,601

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	30,000	$	10,000	(a)	$	—		$	—		$	—	$	40,000		40,000	$	370	$	—
iShares Core U.S. Aggregate Bond ETF		2,285,951		69,048			(103,306	)		(2,524	)		123,681		2,372,850		23,738		33,278		—
									$	(2,524	)	$	123,681	$	2,412,850			$	33,648	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3.23%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/11/33	$	(5	)	$	(31	)	$	—	$	(31	)
3.20%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/06/42		(5	)		(36	)		—		(36	)
											$	(67	)	$	—	$	(67	)

OTC Inflation Swaps

Paid by the Fund		Received by the Fund			Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency	Counterparty
		U.S. CPI Urban
3.05%	At Termination	Consumers NAS	At Termination	Goldman Sachs International		06/24/27	$	(315	)	$	(1,980	)	$	—	$	(1,980	)

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 (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged U.S. Aggregate Bond ETF

OTC Inflation Swaps (continued)

Paid by the Fund		Received by the Fund				Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate		Frequency	Counterparty
2.86%	At Termination		U.S. CPI Urban     Consumers NAS	At Termination	Goldman Sachs International		06/24/29	$	(315	)	$	(998	)	$	—	$	(998	)
2.55%	At Termination		U.S. CPI Urban     Consumers NAS	At Termination	Goldman Sachs International		06/24/47		(47	)		(814	)		—		(814	)
											$	(3,792	)	$	—	$	(3,792	)

Centrally Cleared Inflation Swaps

Paid by the Fund		Received by the Fund		Termination Date		Notional Amount (000)			Value	Upfront Premium Paid (Received)	Unrealized Appreciation (Depreciation)
Reference	Frequency	Rate	Frequency
3.51%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/05/24	$	(311	)	$ 118	$576	$	(458	)
3.05%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/11/25		(200	)	238	1		237
2.98%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		09/08/25		(250	)	(3,425)	3		(3,428	)
2.76%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/07/25		(47	)	(275)	—		(275	)
2.80%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		03/06/26		(52	)	(367)	—		(367	)
2.65%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/12/27		(11	)	(52)	—		(52	)
2.68%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/14/27		(15	)	(93)	(44)		(49	)
2.67%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/17/27		(13	)	(71)	—		(71	)
2.89%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		11/04/27		(25	)	(373)	—		(373	)
2.67%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/05/29		(50	)	406	19		387
2.45%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		01/25/30		(37	)	137	—		137
2.64%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/05/32		(219	)	1,182	27		1,155
2.69%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/07/32		(58	)	(884)	1		(885	)
2.53%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/11/37		(100	)	718	2		716
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/12/37		(36	)	366	1		365
2.44%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/05/42		(114	)	1,504	(620)		2,124
2.39%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		02/07/43		(11	)	40	—		40
2.38%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		10/14/47		(17	)	29	(214)		243
2.34%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		12/21/47		(17	)	147	1		146
2.40%	At Termination	U.S. CPI Urban     Consumers NSA	At Termination		07/05/52		(38	)	385	(325)		710
									$(270)	$(572)	$	302

22 2 0 2 3    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) April 30, 2023 iShares^® Inflation Hedged U.S. Aggregate Bond ETF

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

Description	Swap Premiums Paid		Swap Premiums Received			Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	631	$	(1,203	)	$	6,260	$	(6,025	)
OTC Swaps		—		—			—		(3,792	)

^(a)  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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Inflation Linked Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	—	$	6,260	$	6,260
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	—	$	—	$	—	$	3,792	$	3,792
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	67	$	5,958	$	6,025
	$	—	$	—	$	—	$	—	$	67	$	9,750	$	9,817

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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 April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Inflation Linked Contracts			Total
Net Realized Gain (Loss) from
Swaps	$	—	$	—	$	—	$	—	$	(986	)	$	909		$	(77	)
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	—	$	—	$	175		$	(38,001	)	$	(37,826	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	15,000
Inflation swaps:
Average notional value – pays fixed rate	$	2,326,250

For more information about the Fund’s investment risks regarding derivative 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 23

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Inflation Hedged U.S. Aggregate Bond ETF

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:
Swaps - centrally cleared	$	6,260		$	6,025
Swaps - OTC(a)		—			3,792
Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,260			9,817
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(6,260	)		(6,025	)
Total derivative assets and liabilities subject to an MNA		—			3,792

^(a) 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 Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount   of Derivative   Liabilities(a)
Goldman Sachs International		$3,792		$    —		$    —		$    —		$3,792

^(a)  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
Assets
Investments
Long-Term Investments
Investment Companies	$	2,372,850	$	—		$	—	$	2,372,850
Short-Term Securities
Money Market Funds		40,000		—			—		40,000
	$	2,412,850	$	—		$	—	$	2,412,850
Derivative Financial Instruments(a)
Assets
Inflation Linked Contracts	$	—	$	6,260		$	—	$	6,260
Liabilities
Inflation Linked Contracts		—		(9,750	)		—		(9,750	)
Interest Rate Contracts		—		(67	)		—		(67	)
	$	—	$	(3,557	)	$	—		(3,557	)

^(a)  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 3    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) April 30, 2023 iShares^® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)(c)		2,536,264	$	278,811,501
Total Investment Companies (Cost: $275,203,874)				278,811,501
Short-Term Securities
Money Market Funds — 15.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(a)(d)(e)		29,808,767		29,817,710
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(d)		16,710,000		16,710,000
Total Short-Term Securities — 15.8% (Cost: $46,527,312)				46,527,710
Total Investments in Securities — 110.7% (Cost: $321,731,186)				325,339,211
Liabilities in Excess of Other Assets — (10.7)%				(31,475,702	)
Net Assets — 100.0%			$	293,863,509

^(a)  Affiliate of the Fund.

^(b)  All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institu-tional, SL Agency Shares	$	94,026,906	$	—		$	(64,192,771	)(a)	$	(29,777	)	$	13,352	$	29,817,710		29,808,767	$	66,976	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,120,000		15,590,000	(a)		—			—			—		16,710,000		16,710,000		300,676			27
iShares iBoxx $ Investment Grade Corporate Bond ETF		644,356,037		102,609,548			(512,548,926	)		(117,858,438	)		162,253,280		278,811,501		2,536,264		8,544,274			—
									$	(117,888,215	)	$	162,266,632	$	325,339,211			$	8,911,926		$	27

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
0.40%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/19/25	$(24,900)	$	2,003,185	$	2,339,416	$	(336,231	)
0.86%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/23/26	(4,420)		371,531		452,222		(80,691	)
0.87%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/01/26	(7,500)		643,757		48		643,709
1.00%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/07/26	(5,000)		421,316		36		421,280
0.49%	Annual	1-Day SOFR, 4.81%	Annual	N/A		09/22/27	(62,232)		7,251,227		8,606,753		(1,355,526	)
1.19%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/20/28	(22,300)		2,315,824		227		2,315,597
0.78%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/19/30	(27,400)		4,358,033		5,130,338		(772,305	)

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 (unaudited) (continued) April 30, 2023 iShares^® Interest Rate Hedged Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective   Date		Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.22%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/12/31	$(23,180)	$	3,118,823	$	3,799,919	$	(681,096	)
1.03%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/23/31	(1,000)		155,854		13		155,841
1.28%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/23/31	(5,000)		688,327		851,518		(163,191	)
1.24%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/15/31	(18,300)		2,632,455		274		2,632,181
1.28%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/17/31	(3,100)		438,040		46		437,994
0.91%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/25/35	(26,000)		5,991,126		6,831,829		(840,703	)
1.35%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/15/36	(8,500)		1,699,847		166		1,699,681
1.34%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/21/36	(1,800)		364,918		33		364,885
1.11%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/19/40	(21,700)		5,980,966		6,704,336		(723,370	)
0.86%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/30/45	(21,747)		7,729,934		8,372,493		(642,559	)
1.06%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/18/50	(18,655)		6,708,203		7,235,119		(526,916	)
1.18%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/19/50	(16,750)		5,646,522		6,132,618		(486,096	)
1.29%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/07/51	(3,700)		1,194,036		127		1,193,909
									$	59,713,924	$	56,457,531	$	3,256,393

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	56,457,531	$	—	$	9,865,077	$	(6,608,684	)

^(a)  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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	9,865,077	$	—	$	9,865,077
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	6,608,684	$	—	$	6,608,684

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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).

26 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged Corporate Bond ETF

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—	$	—	$	2,263		$	—	$	2,263
Swaps		—		—		—		—		138,557,440			—		138,557,440
	$	—	$	—	$	—	$	—	$	138,559,703		$	—	$	138,559,703
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	(3,826	)	$	—	$	(3,826	)
Swaps		—		—		—		—		(166,607,903	)		—		(166,607,903	)
	$	—	$	—	$	—	$	—	$	(166,611,729	)	$	—	$	(166,611,729	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	491,347,500

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
Assets
Investments
Long-Term Investments
Investment Companies	$	278,811,501	$	—		$	—	$	278,811,501
Short-Term Securities
Money Market Funds		46,527,710		—			—		46,527,710
	$	325,339,211	$	—		$	—	$	325,339,211
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	9,865,077		$	—	$	9,865,077
Liabilities
Interest Rate Contracts		—		(6,608,684	)		—		(6,608,684	)
	$	—	$	3,256,393		$	—		3,256,393

^(a)  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 27

Schedule of Investments (unaudited) April 30, 2023 iShares^® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 95.1%
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b)		1,612,875	$	121,546,260
Total Investment Companies (Cost: $132,307,078)				121,546,260
Short-Term Securities
Money Market Funds — 48.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(a)(c)(d)		59,442,144		59,459,976
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(c)		2,970,000		2,970,000
Total Short-Term Securities — 48.9% (Cost: $62,437,424)				62,429,976
Total Investments in Securities — 144.0% (Cost: $194,744,502)				183,976,236
Liabilities in Excess of Other Assets — (44.0)%				(56,232,952	)
Net Assets — 100.0%			$	127,743,284

^(a)  Affiliate of the Fund.

^(b)  All or a portion of this security is on loan.

^(c)  Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	50,132,602	$	9,308,097	(a)	$	—		$	27,060		$	(7,783	)	$	59,459,976		59,442,144	$	282,371	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		880,000		2,090,000	(a)		—			—			—			2,970,000		2,970,000		51,611			3
iShares iBoxx $ High Yield Corporate Bond ETF		107,333,659		34,966,546			(23,485,777	)		(4,170,988	)		6,902,820			121,546,260		1,612,875		3,530,749			—
									$	(4,143,928	)	$	6,895,037		$	183,976,236			$	3,864,731		$	3

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
0.33%	Annual	1-Day SOFR, 4.81%	Annual	N/A		06/30/23	$(1,070)	$	8,740	$	8,405	$	335
0.77%	Annual	1-Day SOFR, 4.81%	Annual	N/A		01/05/24	(1,520)		43,621		2		43,619
1.44%	Annual	1-Day SOFR, 4.81%	Annual	N/A		02/22/24	(2,600)		73,081		5		73,076
1.64%	Annual	1-Day SOFR, 4.81%	Annual	N/A		03/14/24	(1,500)		41,964		3		41,961
0.44%	Annual	1-Day SOFR, 4.81%	Annual	N/A		06/17/24	(6,120)		287,128		324,987		(37,859	)
2.94%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/04/24	(4,000)		81,914		12		81,902
3.20%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/09/24	(1,000)		17,240		3		17,237

28 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged High Yield Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective   Date		Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3.14%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/15/24	$(2,000)	$	36,189		$	6	$	36,183
0.33%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/15/25	(16,400)		1,310,700			1,616,773		(306,073	)
4.22%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/01/25	(1,000)		(9,460	)		7		(9,467	)
4.47%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/09/25	(1,500)		(23,323	)		10		(23,333	)
3.90%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/02/25	(3,200)		(8,809	)		22		(8,831	)
3.90%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/27/25	(1,000)		(3,551	)		7		(3,558	)
4.02%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/05/26	(1,500)		(9,877	)		11		(9,888	)
3.77%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/13/26	(2,000)		(1,012	)		15		(1,027	)
3.83%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/07/26	(1,000)		(2,950	)		8		(2,958	)
4.03%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/10/26	(2,000)		(16,080	)		15		(16,095	)
0.87%	Annual	1-Day SOFR, 4.81%	Annual		N/A		06/17/26	(1,250)		100,797			130,862		(30,065	)
0.87%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/29/26	(2,900)		248,276			18		248,258
1.13%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/18/26	(7,600)		602,985			51		602,934
1.32%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/23/26	(500)		36,534			50,041		(13,507	)
1.32%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/10/27	(3,776)		281,938			28		281,910
1.60%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/09/27	(1,916)		125,892			15		125,877
1.70%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/28/27	(1,172)		73,556			9		73,547
2.64%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/15/27	(300)		8,833			3		8,830
3.28%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/03/28	(1,000)		2,323			10		2,313
1.42%	Annual	1-Day SOFR, 4.81%	Annual		N/A		04/07/28	(9,450)		810,999			1,128,211		(317,212	)
1.23%	Annual	1-Day SOFR, 4.81%	Annual		N/A		06/08/28	(5,780)		557,673			755,343		(197,670	)
1.12%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/03/28	(1,960)		206,869			275,611		(68,742	)
1.14%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/12/28	(2,500)		264,470			25		264,445
1.21%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/22/28	(2,100)		215,716			21		215,695
1.32%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/05/29	(4,300)		429,060			47		429,013
1.45%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/27/29	(4,450)		418,975			50		418,925
1.73%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/28/29	(355)		28,379			3		28,376
1.70%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/11/29	(842)		69,164			10		69,154
2.56%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/15/29	(300)		11,239			3		11,236
3.10%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/12/29	(800)		5,658			10		5,648
3.44%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/22/29	(500)		(6,268	)		6		(6,274	)
3.37%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/02/29	(450)		(4,077	)		6		(4,083	)
3.29%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/10/30	(1,500)		(7,199	)		20		(7,219	)
3.16%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/03/30	(1,200)		3,357			16		3,341
0.77%	Annual	1-Day SOFR, 4.81%	Annual		N/A		04/01/30	(10,500)		1,570,936			1,987,194		(416,258	)
1.59%	Annual	1-Day SOFR, 4.81%	Annual		N/A		06/04/31	(2,814)		316,448			442,995		(126,547	)
1.36%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/20/31	(830)		111,026			12		111,014
1.28%	Annual	1-Day SOFR, 4.81%	Annual		N/A		11/30/31	(1,100)		154,253			16		154,237
1.52%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/10/32	(328)		40,517			5		40,512
1.61%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/12/32	(2,033)		237,635			31		237,604
1.78%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/28/32	(100)		10,541			1		10,540
2.76%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/23/32	(150)		4,812			3		4,809
3.37%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/27/32	(300)		(5,229	)		5		(5,234	)
3.45%	Annual	1-Day SOFR, 4.81%	Annual		N/A		01/05/33	(300)		(7,244	)		5		(7,249	)
3.34%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/08/33	(500)		(7,489	)		9		(7,498	)
0.86%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/30/45	(80)		28,436			32,593		(4,157	)
0.87%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/30/50	(10)		3,908			4,409		(501	)
1.06%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/18/50	(15)		5,394			6,169		(775	)
									$	8,774,608		$	6,764,157	$	2,010,451

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	6,764,157	$	—	$	3,642,531	$	(1,632,080	)

^(a)  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.

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

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Interest Rate Hedged High Yield 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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	3,642,531	$	—	$	3,642,531
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	1,632,080	$	—	$	1,632,080

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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 April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—	$	—	$	3,903		$	—	$	3,903
Swaps		—		—		—		—		8,274,753			—		8,274,753
	$	—	$	—	$	—	$	—	$	8,278,656		$	—	$	8,278,656
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	(3,827	)	$	—	$	(3,827	)
Swaps		—		—		—		—		(10,878,158	)		—		(10,878,158	)
	$	—	$	—	$	—	$	—	$	(10,881,985	)	$	—	$	(10,881,985	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	156,720,500

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
Assets
Investments
Long-Term Investments
Investment Companies	$	121,546,260	$	—	$	—	$	121,546,260
Short-Term Securities
Money Market Funds		62,429,976		—		—		62,429,976
	$	183,976,236	$	—	$	—	$	183,976,236
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	3,642,531	$	—	$	3,642,531

30 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged High Yield Bond ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Liabilities
Interest Rate Contracts	$	—	$	(1,632,080	)	$	—	$	(1,632,080	)
	$	—	$	2,010,451		$	—		2,010,451

^(a)  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 31

Schedule of Investments (unaudited) April 30, 2023 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 91.4%
iShares 10+ Year Investment Grade Corporate Bond ETF(a)		1,122,741	$	59,044,949
Total Investment Companies (Cost: $54,838,368)				59,044,949
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		1,110,000		1,110,000
Total Short-Term Securities — 1.7% (Cost: $1,110,000)				1,110,000
Total Investments in Securities — 93.1% (Cost: $55,948,368)				60,154,949
Other Assets Less Liabilities — 6.9%				4,453,271
Net Assets — 100.0%			$	64,608,220

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	245,498	$	—	$	(268,972	)(b)	$	23,474		$	—	$	—		—	$	100,766	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,210,000		—		(100,000	)(b)		—			—		1,110,000		1,110,000		36,851			2
iShares 10+ Year Investment Grade Corpo - rate Bond ETF		49,067,109		61,405,034		(59,789,530	)		(4,795,708	)		13,158,044		59,044,949		1,122,741		1,824,549			—
								$	(4,772,234	)	$	13,158,044	$	60,154,949			$	1,962,166		$	2

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.49%	Annual	1-Day SOFR, 4.81%	Annual	N/A		02/18/24	$ (800)	$	22,053	$	2	$	22,051
0.40%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/19/25	(3,850)		309,733		363,160		(53,427	)
2.45%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/04/27	(500)		18,392		4		18,388
0.48%	Annual	1-Day SOFR, 4.81%	Annual	N/A		09/15/27	(2,335)		272,572		326,090		(53,518	)
3.24%	Annual	1-Day SOFR, 4.81%	Annual	N/A		04/11/28	(1,000)		3,602		9		3,593
0.78%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/19/30	(3,390)		539,210		643,068		(103,858	)
2.10%	Annual	1-Day SOFR, 4.81%	Annual	N/A		04/04/32	(3,930)		321,955		61		321,894
1.75%	Annual	1-Day SOFR, 4.81%	Annual	N/A		06/17/36	(11,585)		1,754,137		2,215,350		(461,213	)

32 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1.95%	Annual	1-Day SOFR, 4.81%	Annual	N/A		05/10/41	$(16,027)	$	2,670,426	$	3,358,700	$	(688,274	)
1.61%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/24/46	(6,200)		1,513,143		1,765,428		(252,285	)
1.40%	Annual	1-Day SOFR, 4.81%	Annual	N/A		11/12/46	(1,900)		532,674		51		532,623
1.44%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/10/46	(1,550)		421,922		48		421,874
2.04%	Annual	1-Day SOFR, 4.81%	Annual	N/A		05/07/51	(14,385)		2,577,703		3,205,784		(628,081	)
								$	10,957,522	$	11,877,755	$	(920,233	)

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	11,877,755	$	—	$	1,320,423	$	(2,240,656	)

^(a)  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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	1,320,423	$	—	$	1,320,423
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	2,240,656	$	—	$	2,240,656

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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 April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	—	$	—	$	(217	)	$	—	$	(217	)
Swaps		—		—		—		—		19,608,716			—		19,608,716
	$	—	$	—	$	—	$	—	$	19,608,499		$	—	$	19,608,499
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	—	$	—	$	(1,505	)	$	—	$	(1,505	)
Swaps		—		—		—		—		(26,346,415	)		—		(26,346,415	)
	$	—	$	—	$	—	$	—	$	(26,347,920	)	$	—	$	(26,347,920	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	110,547,388

For more information about the Fund’s investment risks regarding derivative 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 33

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Interest Rate Hedged Long-Term Corporate Bond ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	59,044,949	$	—		$	—	$	59,044,949
Short-Term Securities
Money Market Funds		1,110,000		—			—		1,110,000
	$	60,154,949	$	—		$	—	$	60,154,949
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	1,320,423		$	—	$	1,320,423
Liabilities
Interest Rate Contracts		—		(2,240,656	)		—		(2,240,656	)
	$	—	$	(920,233	)	$	—		(920,233	)

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

34 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 94.5%
iShares Core U.S. Aggregate Bond ETF(a)		24,104	$	2,409,436
Total Investment Companies (Cost: $2,413,758)				2,409,436
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(a)(b)		30,000		30,000
Total Short-Term Securities — 1.2% (Cost: $30,000)				30,000
Total Investments in Securities — 95.7% (Cost: $2,443,758)				2,439,436
Other Assets Less Liabilities — 4.3%				110,515
Net Assets — 100.0%			$	2,549,951

^(a)  Affiliate of the Fund.

^(b)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	10,000	$	20,000	(a)	$	—		$	—		$	—	$	30,000		30,000	$	1,938	$	—
iShares Core U.S. Aggregate Bond ETF		2,382,370		165,684			(266,816	)		(5,317	)		133,515		2,409,436		24,104		34,179		—
									$	(5,317	)	$	133,515	$	2,439,436			$	36,117	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
3.01%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/11/24	$(250)	$	4,793		$	—	$	4,793
2.87%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/11/25	(310)		7,000			2		6,998
2.83%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/04/25	(30)		706			1		705
3.14%	Annual	1-Day SOFR, 4.81%	Annual	N/A		08/23/25	(10)		168			—		168
4.04%	Annual	1-Day SOFR, 4.81%	Annual	N/A		12/30/25	(30)		(212	)		—		(212	)
3.69%	Annual	1-Day SOFR, 4.81%	Annual	N/A		01/27/26	(50)		55			—		55
3.66%	Annual	1-Day SOFR, 4.81%	Annual	N/A		02/06/26	(20)		32			—		32
3.58%	Annual	1-Day SOFR, 4.81%	Annual	N/A		04/11/26	(20)		44			—		44
2.91%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/01/27	(15)		284			—		284
2.80%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/11/27	(380)		8,879			3		8,876
3.08%	Annual	1-Day SOFR, 4.81%	Annual	N/A		09/02/27	(10)		120			—		120
4.20%	Annual	1-Day SOFR, 4.81%	Annual	N/A		10/24/27	(10)		(345	)		—		(345	)
4.17%	Annual	1-Day SOFR, 4.81%	Annual	N/A		11/03/27	(10)		(335	)		—		(335	)
2.88%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/01/29	(15)		295			—		295
2.78%	Annual	1-Day SOFR, 4.81%	Annual	N/A		07/11/29	(320)		7,998			4		7,994

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 (unaudited) (continued) April 30, 2023 iShares^® Interest Rate Hedged U.S. Aggregate Bond ETF

Centrally Cleared Interest Rate Swaps (continued)

Paid by the Fund		Received by the Fund		Effective   Date		Termination Date		Notional Amount (000)	Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
2.64%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/22/29	$(20)	$	667		$	—	$	667
3.60%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/07/29	(10)		(218	)		1		(219	)
4.06%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/24/29	(12)		(585	)		1		(586	)
3.62%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/30/29	(10)		(242	)		—		(242	)
3.32%	Annual	1-Day SOFR, 4.81%	Annual		N/A		02/07/30	(15)		(104	)		—		(104	)
2.89%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/01/32	(10)		210			—		210
2.81%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/11/32	(210)		5,852			4		5,848
2.61%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/22/32	(10)		440			—		440
2.80%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/25/32	(10)		289			—		289
2.93%	Annual	1-Day SOFR, 4.81%	Annual		N/A		09/02/32	(10)		185			—		185
3.56%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/30/32	(10)		(336	)		1		(337	)
3.81%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/06/33	(10)		(546	)		—		(546	)
2.89%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/11/37	(130)		4,212			2		4,210
2.68%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/22/37	(10)		568			1		567
2.86%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/25/37	(7)		251			—		251
2.86%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/11/42	(125)		5,151			3		5,148
2.67%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/22/42	(10)		695			—		695
2.84%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/25/42	(10)		455			—		455
3.48%	Annual	1-Day SOFR, 4.81%	Annual		N/A		12/30/42	(5)		(245	)		1		(246	)
2.76%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/11/47	(105)		5,552			3		5,549
2.56%	Annual	1-Day SOFR, 4.81%	Annual		N/A		08/05/47	(15)		1,290			1		1,289
3.08%	Annual	1-Day SOFR, 4.81%	Annual		N/A		10/05/47	(10)		(33	)		—		(33	)
3.11%	Annual	1-Day SOFR, 4.81%	Annual		N/A		03/17/48	(5)		(40	)		—		(40	)
2.70%	Annual	1-Day SOFR, 4.81%	Annual		N/A		06/24/52	(3)		162			—		162
2.65%	Annual	1-Day SOFR, 4.81%	Annual		N/A		07/11/52	(75)		4,748			2		4,746
2.92%	Annual	1-Day SOFR, 4.81%	Annual		N/A		04/12/53	(10)		92			—		92
									$	57,952		$	30	$	57,922

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Centrally Cleared Swaps(a)	$	30	$	—	$	61,167	$	(3,245	)

^(a)  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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized appreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	61,167	$	—	$	61,167
Liabilities — Derivative Financial Instruments
Swaps — centrally cleared
Unrealized depreciation on centrally cleared swaps(a)	$	—	$	—	$	—	$	—	$	3,245	$	—	$	3,245

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, 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).

36 2 0 2 3    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) April 30, 2023 iShares^® Interest Rate Hedged U.S. Aggregate Bond ETF

For the period ended April 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Swaps	$	—	$	—	$	—	$	—	$	16,831		$	—	$	16,831
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	—	$	—	$	—	$	—	$	(96,441	)	$	—	$	(96,441	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Interest rate swaps:
Average notional value — pays fixed rate	$	2,414,500

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
Assets
Investments
Long-Term Investments
Investment Companies	$	2,409,436	$	—		$	—	$	2,409,436
Short-Term Securities
Money Market Funds		30,000		—			—		30,000
	$	2,439,436	$	—		$	—	$	2,439,436
Derivative Financial Instruments(a)
Assets
Interest Rate Contracts	$	—	$	61,167		$	—	$	61,167
Liabilities
Interest Rate Contracts		—		(3,245	)		—		(3,245	)
	$	—	$	57,922		$	—		57,922

^(a)  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 37

Statements of Assets and Liabilities (unaudited)

April 30, 2023

	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
ASSETS
Investments, at value — affiliated(a)(b)	$	59,897,510			$	3,645,722			$	2,412,850			$	325,339,211
Cash		2,322				2,969				10,948				2,572
Cash pledged for centrally cleared swaps		2,965,000				45,000				66,000				491,000
Receivables:
Securities lending income — affiliated		—				573				—				1,778
Capital shares sold		1				—				—				—
Dividends — affiliated		2,223				237				183				131,256
Total assets		62,867,056				3,694,501				2,489,981				325,965,817
LIABILITIES
Collateral on securities loaned, at value		—				1,156,155				—				30,193,219
Payables:
Investment advisory fees		2,444				104				204				25,240
Variation margin on centrally cleared swaps		374,729				3,454				7,384				1,883,849
Unrealized depreciation on OTC swaps		—				6,383				3,792				—
Total liabilities		377,173				1,166,096				11,380				32,102,308
NET ASSETS	$	62,489,883			$	2,528,405			$	2,478,601			$	293,863,509
NET ASSETS CONSIST OF
Paid-in capital	$	77,337,808			$	2,610,144			$	2,647,377			$	289,230,161
Accumulated earnings (loss)		(14,847,925	)			(81,739	)			(168,776	)			4,633,348
NET ASSETS	$	62,489,883			$	2,528,405			$	2,478,601			$	293,863,509
NET ASSET VALUE
Shares outstanding		2,400,000				100,000				100,000				3,200,000
Net asset value	$	26.04			$	25.28			$	24.79			$	91.83
Shares authorized		Unlimited				Unlimited				Unlimited				Unlimited
Par value		None				None				None				None
(a) Investments, at cost — affiliated	$	67,727,298			$	3,601,974			$	2,428,389			$	321,731,186
(b) Securities loaned, at value	$	—			$	1,131,530			$	—			$	29,769,044

See notes to financial statements.

38 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

April 30, 2023

	iShares Interest Rate Hedged High Yield Bond ETF					iShares Interest Rate Hedged Long-Term Corporate Bond ETF	iShares Interest Rate Hedged U.S. Aggregate Bond ETF
ASSETS
Investments, at value — affiliated(a)(b)		$	183,976,236		$	60,154,949		$	2,439,436
Cash			3,623			535,901			19,924
Cash pledged for centrally cleared swaps			3,516,000			4,993,042			103,000
Receivables:
Securities lending income — affiliated			32,490			10			—
Dividends — affiliated			10,000			5,367			167
Total assets			187,538,349			65,689,269			2,562,527
LIABILITIES
Collateral on securities loaned, at value			59,453,298			—			—
Payables:
Capital shares redeemed			—			1			—
Investment advisory fees			5,366			6,098			209
Variation margin on centrally cleared swaps			336,401			1,074,950			12,367
Total liabilities			59,795,065			1,081,049			12,576
NET ASSETS		$	127,743,284		$	64,608,220		$	2,549,951
NET ASSETS CONSIST OF
Paid-in capital		$	145,159,679		$	49,934,784		$	2,539,886
Accumulated earnings (loss)			(17,416,395	)		14,673,436			10,065
NET ASSETS		$	127,743,284		$	64,608,220		$	2,549,951
NET ASSET VALUE
Shares outstanding			1,550,000			2,750,000			100,000
Net asset value		$	82.42		$	23.49		$	25.50
Shares authorized			Unlimited			Unlimited			Unlimited
Par value			None			None			None
(a) Investments, at cost — affiliated		$	194,744,502		$	55,948,368		$	2,443,758
(b) Securities loaned, at value		$	57,575,190		$	—		$	—

See notes to financial statements.

FINANCIAL    STATEMENTS 39

Statements of Operations (unaudited)

Six Months Ended April 30, 2023

		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
INVESTMENT INCOME
Dividends — affiliated	$	1,013,356			$	70,591			$	33,648		$	8,844,950
Interest — unaffiliated		980				79				95			451,272
Securities lending income — affiliated — net		4,995				4,679				—			66,976
Total investment income		1,019,331				75,349				33,743			9,363,198
EXPENSES
Investment advisory		56,674				6,846				1,579			645,305
Total expenses		56,674				6,846				1,579			645,305
Less:
Investment advisory fees waived		(42,505	)			(6,224	)			(364	)		(430,716	)
Total expenses after fees waived		14,169				622				1,215			214,589
Net investment income		1,005,162				74,727				32,528			9,148,609
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—				—				—			4,395,254
Investments — affiliated		(3,364,282	)			703				(2,524	)		(117,888,215	)
Capital gain distributions from underlying funds — affiliated		—				—				—			27
Futures contracts		(56,283	)			—				—			2,263
Swaps		488,456				601				(77	)		138,557,440
		(2,932,109	)			1,304				(2,601	)		25,066,769
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—				—				—			244,647
Investments — affiliated		7,766,997				61,370				123,681			162,266,632
Futures contracts		(113,634	)			—				—			(3,826	)
Swaps		(1,377,221	)			(29,601	)			(37,826	)		(166,607,903	)
		6,276,142				31,769				85,855			(4,100,450	)
Net realized and unrealized gain		3,344,033				33,073				83,254			20,966,319
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,349,195			$	107,800			$	115,782		$	30,114,928

See notes to financial statements.

40 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended April 30, 2023

		iShares Interest Rate Hedged High Yield Bond ETF			iShares Interest Rate Hedged Long-Term Corporate Bond ETF		iShares Interest Rate Hedged U.S. Aggregate Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	3,582,360		$	1,861,400			$	36,117
Interest — unaffiliated		1,013			227,994				126
Securities lending income — affiliated — net		282,371			100,766				—
Total investment income		3,865,744			2,190,160				36,243
EXPENSES
Investment advisory		416,094			165,903				1,639
Total expenses		416,094			165,903				1,639
Less:
Investment advisory fees waived		(384,177	)		(118,534	)			(378	)
Total expenses after fees waived		31,917			47,369				1,261
Net investment income		3,833,827			2,142,791				34,982
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		—			3,406,809				—
Investments — affiliated		(4,143,928	)		(4,772,234	)			(5,317	)
Capital gain distributions from underlying funds — affiliated		3			2				—
Futures contracts		3,903			(217	)			—
Swaps		8,274,753			19,608,716				16,831
		4,134,731			18,243,076				11,514
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		—			214,098				—
Investments — affiliated		6,895,037			13,158,044				133,515
Futures contracts		(3,827	)		(1,505	)			—
Swaps		(10,878,158	)		(26,346,415	)			(96,441	)
		(3,986,948	)		(12,975,778	)			37,074
Net realized and unrealized gain		147,783			5,267,298				48,588
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,981,610		$	7,410,089			$	83,570

See notes to financial statements.

FINANCIAL    STATEMENTS 41

Statements of Changes in Net Assets

	iShares Inflation Hedged Corporate Bond ETF							iShares Inflation Hedged High Yield  Bond ETF
		Six Months Ended							Six Months Ended		Period From
		04/30/23		Year Ended					04/30/23				06/22/22	(a)
		(unaudited	)	10/31/22					(unaudited	)	to 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,005,162			$	2,666,650		$	74,727			$	71,778
Net realized gain (loss)		(2,932,109	)			(7,552,493	)		1,304				(119,125	)
Net change in unrealized appreciation (depreciation)		6,276,142				(14,610,183	)		31,769				3,551
Net increase (decrease) in net assets resulting from operations		4,349,195				(19,496,026	)		107,800				(43,796	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(1,034,934	)			(2,838,582	)		(76,477	)			(69,266	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,660,660				5,776,762			—				2,610,144
NET ASSETS
Total increase (decrease) in net assets		5,974,921				(16,557,846	)		31,323				2,497,082
Beginning of period		56,514,962				73,072,808			2,497,082				—
End of period	$	62,489,883			$	56,514,962		$	2,528,405			$	2,497,082

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

42 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Inflation Hedged U.S. Aggregate Bond ETF							iShares Interest Rate Hedged Corporate Bond ETF
	Six Months Ended 04/30/23 (unaudited)					Period From 06/22/22 to 10/31/22	(a)		Six Months Ended 04/30/23 (unaudited	)		Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	32,528		$	31,988		$	9,148,609		$	28,496,165
Net realized gain (loss)			(2,601	)		(145,734	)		25,066,769			(72,857,593	)
Net change in unrealized appreciation (depreciation)			85,855			(104,951	)		(4,100,450	)		(10,553,700	)
Net increase (decrease) in net assets resulting from operations			115,782			(218,697	)		30,114,928			(54,915,128	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			(33,518	)		(32,343	)		(14,950,021	)		(23,524,103	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			—			2,647,377			(465,482,277	)		106,530,552
NET ASSETS
Total increase (decrease) in net assets			82,264			2,396,337			(450,317,370	)		28,091,321
Beginning of period			2,396,337			—			744,180,879			716,089,558
End of period		$	2,478,601		$	2,396,337		$	293,863,509		$	744,180,879

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 43

Statements of Changes in Net Assets (continued)

	iShares Interest Rate Hedged High Yield Bond ETF							iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)			Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	3,833,827		$	7,462,153		$	2,142,791		$	12,025,113
Net realized gain (loss)			4,134,731			(6,190,330	)		18,243,076			(37,290,414	)
Net change in unrealized appreciation (depreciation)			(3,986,948	)		(4,703,180	)		(12,975,778	)		(10,023,958	)
Net increase (decrease) in net assets resulting from operations			3,981,610			(3,431,357	)		7,410,089			(35,289,259	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,200,339	)		(7,061,210	)		(3,095,815	)		(15,092,854	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			17,033,604			(13,499,477	)		(42,415,686	)		(677,701,130	)
NET ASSETS
Total increase (decrease) in net assets			15,814,875			(23,992,044	)		(38,101,412	)		(728,083,243	)
Beginning of period			111,928,409			135,920,453			102,709,632			830,792,875
End of period		$	127,743,284		$	111,928,409		$	64,608,220		$	102,709,632

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

44 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Interest Rate Hedged U.S. Aggregate Bond ETF
		Six Months
		Ended		Period From
		04/30/23				06/22/22	(a)
		(unaudited	)	to 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	34,982			$	27,365
Net realized gain (loss)		11,514				(48,750	)
Net change in unrealized appreciation (depreciation)		37,074				16,526
Net increase (decrease) in net assets resulting from operations		83,570				(4,859	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(50,486	)			(18,160	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—				2,539,886
NET ASSETS
Total increase in net assets		33,084				2,516,867
Beginning of period		2,516,867				—
End of period	$	2,549,951			$	2,516,867

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL    STATEMENTS 45

Financial Highlights

(For a share outstanding throughout each period)

		iShares Inflation Hedged Corporate Bond ETF
	Six Months Ended														Period From
	04/30/23				Year Ended				Year Ended				Year Ended				Year Ended						05/08/18	(a)
	(unaudited)				10/31/22				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period		$	24.57			$	30.45			$	27.66			$	26.33			$	24.31			$	25.00
Net investment income(b)			0.45				0.75				0.63				0.71				0.91				0.37
Net realized and unrealized gain (loss)(c)			1.49				(5.80	)			2.82				1.36				2.01				(0.70	)
Net increase (decrease) from investment operations			1.94				(5.05	)			3.45				2.07				2.92				(0.33	)
Distributions(d)
From net investment income			(0.47	)			(0.76	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)
From net realized gain			—				(0.07	)			—				—				—				—
Total distributions			(0.47	)			(0.83	)			(0.66	)			(0.74	)			(0.90	)			(0.36	)
Net asset value, end of period		$	26.04			$	24.57			$	30.45			$	27.66			$	26.33			$	24.31
Total Return(e)
Based on net asset value			7.94	%(f)			(16.89	)%			12.60	%			8.00	%(g)			12.26	%(h)			(1.34	)%(f)
Ratios to Average Net Assets(i)
Total expenses			0.20	%(j)			0.20	%			0.20	%			0.20	%			0.20	%			0.20	%(j)
Total expenses after fees waived			0.05	%(j)			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%(j)
Net investment income			3.55	%(j)			2.68	%			2.14	%			2.64	%			3.60	%			3.04	%(j)
Supplemental Data
Net assets, end of period (000)		$	62,490			$	56,515			$	73,073			$	17,979			$	7,898			$	9,725
Portfolio turnover rate(k)			4	%			10	%			0	%(l)			13	%			0	%(l)			0	%(l)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h) 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%.

⁽ⁱ⁾  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(j)  Annualized.

^(k) Portfolio turnover rate excludes in-kind transactions.

^(l) Rounds to less than 1%.

See notes to financial statements.

46 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Inflation Hedged High Yield Bond ETF
		Six Months Ended				Period From
		04/30/23						06/22/22	(a)
		(unaudited)				to 10/31/22
Net asset value, beginning of period			$	24.97			$	24.99
Net investment income(b)				0.75				0.44
Net realized and unrealized gain (loss)(c)				0.32				(0.03	)
Net increase from investment operations				1.07				0.41
Distributions from net investment income(d)				(0.76	)			(0.43	)
Net asset value, end of period			$	25.28			$	24.97
Total Return(e)
Based on net asset value				4.37	%(f)			1.62	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.55	%(h)			0.55	%(h)
Total expenses after fees waived				0.05	%(h)			0.05	%(h)
Net investment income				6.00	%(h)			4.85	%(h)
Supplemental Data
Net assets, end of period (000)			$	2,528			$	2,497
Portfolio turnover rate(i)				2	%			1	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c) 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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Inflation Hedged U.S. Aggregate Bond ETF
		Six Months Ended				Period From
		04/30/23						06/22/22	(a)
		(unaudited)				to 10/31/22
Net asset value, beginning of period			$	23.96			$	25.20
Net investment income(b)				0.33				0.19
Net realized and unrealized gain (loss)(c)				0.84				(1.24	)
Net increase (decrease) from investment operations				1.17				(1.05	)
Distributions from net investment income(d)				(0.34	)			(0.19	)
Net asset value, end of period			$	24.79			$	23.96
Total Return(e)
Based on net asset value				4.86	%(f)			(4.21	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.13	%(h)			0.13	%(h)
Total expenses after fees waived				0.10	%(h)			0.10	%(h)
Net investment income				2.68	%(h)			2.09	%(h)
Supplemental Data
Net assets, end of period (000)			$	2,479			$	2,396
Portfolio turnover rate(i)				2	%			1	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

48 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Corporate Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	89.66			$	96.12			$	91.84			$	93.50			$	95.79			$	96.62
Net investment income(a)			1.93				2.61				2.23				2.38				3.35				3.16
Net realized and unrealized gain (loss)(b)			3.17				(6.79	)			3.68				(1.69	)			(0.97	)			(1.16	)
Net increase (decrease) from investment operations			5.10				(4.18	)			5.91				0.69				2.38				2.00
Distributions(c)
From net investment income			(2.93	)			(2.28	)			(1.63	)			(2.35	)			(3.12	)			(2.83	)
From net realized gain			—				—				—				—				(1.55	)			—
Total distributions			(2.93	)			(2.28	)			(1.63	)			(2.35	)			(4.67	)			(2.83	)
Net asset value, end of period		$	91.83			$	89.66			$	96.12			$	91.84			$	93.50			$	95.79
Total Return(d)
Based on net asset value			5.75	%(e)			(4.37	)%			6.46	%			0.79	%			2.63	%			2.08	%
Ratios to Average Net Assets(f)
Total expenses			0.30	%(g)			0.30	%			0.30	%			0.30	%			0.30	%			0.30	%
Total expenses after fees waived			0.10	%(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			4.25	%(g)			2.83	%			2.33	%			2.64	%			3.59	%			3.27	%
Supplemental Data
Net assets, end of period (000)		$	293,864			$	744,181			$	716,090			$	450,004			$	126,232			$	215,530
Portfolio turnover rate(h)			20	%			20	%			5	%			7	%			4	%			2	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged High Yield Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	82.91			$	87.69			$	83.10			$	87.86			$	90.47			$	91.78
Net investment income(a)			2.45				4.50				3.81				4.31				5.51				4.98
Net realized and unrealized gain (loss)(b)			0.39				(4.92	)			4.15				(5.53	)			(2.92	)			(1.46	)
Net increase (decrease) from investment operations			2.84				(0.42	)			7.96				(1.22	)			2.59				3.52
Distributions(c)
From net investment income			(3.33	)			(4.36	)			(3.37	)			(3.51	)			(5.18	)			(4.83	)
Return of capital			—				—				—				(0.03	)			(0.02	)			—
Total distributions			(3.33	)			(4.36	)			(3.37	)			(3.54	)			(5.20	)			(4.83	)
Net asset value, end of period		$	82.42			$	82.91			$	87.69			$	83.10			$	87.86			$	90.47
Total Return(d)
Based on net asset value			3.47	%(e)			(0.43	)%			9.70	%			(1.32	)%			3.00	%			3.93	%
Ratios to Average Net Assets(f)
Total expenses			0.65	%(g)			0.65	%			0.65	%			0.65	%			0.65	%			0.65	%
Total expenses after fees waived			0.05	%(g)			0.05	%			0.05	%			0.05	%			0.05	%			0.05	%
Net investment income			5.99	%(g)			5.32	%			4.37	%			5.12	%			6.22	%			5.46	%
Supplemental Data
Net assets, end of period (000)		$	127,743			$	111,928			$	135,920			$	62,325			$	114,212			$	416,178
Portfolio turnover rate(h)			2	%			10	%			1	%			1	%			1	%			0	%(i)

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾  Rounds to less than 1%.

See notes to financial statements.

50 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged Long-Term Corporate Bond ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Year Ended 10/31/21				Year Ended 10/31/20				Year Ended 10/31/19				Year Ended 10/31/18
Net asset value, beginning of period		$	22.57			$	25.33			$	23.48			$	24.31			$	25.76			$	25.98
Net investment income(a)			0.53				0.77				0.68				0.52				0.98				1.01
Net realized and unrealized gain (loss)(b)			1.14				(2.66	)			1.66				(0.70	)			(1.01	)			(0.32	)
Net increase (decrease) from investment operations			1.67				(1.89	)			2.34				(0.18	)			(0.03	)			0.69
Distributions(c)
From net investment income			(0.75	)			(0.67	)			(0.46	)			(0.65	)			(0.96	)			(0.91	)
From net realized gain			—				(0.20	)			(0.03	)			—				(0.45	)			—
Return of capital			—				—				—				—				(0.01	)			—
Total distributions			(0.75	)			(0.87	)			(0.49	)			(0.65	)			(1.42	)			(0.91	)
Net asset value, end of period		$	23.49			$	22.57			$	25.33			$	23.48			$	24.31			$	25.76
Total Return(d)
Based on net asset value			7.44	%(e)			(7.59	)%			10.01	%			(0.69	)%			(0.03	)%			2.66	%
Ratios to Average Net Assets(f)
Total expenses			0.35	%(g)			0.35	%			0.35	%			0.35	%			0.35	%			0.35	%
Total expenses after fees waived			0.10	%(g)			0.10	%			0.10	%			0.10	%			0.10	%			0.10	%
Net investment income			4.52	%(g)			3.18	%			2.69	%			2.22	%			3.98	%			3.86	%
Supplemental Data
Net assets, end of period (000)		$	64,608			$	102,710			$	830,793			$	557,715			$	59,558			$	57,954
Portfolio turnover rate(h)			64	%			42	%			14	%			18	%			13	%			5	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Interest Rate Hedged U.S. Aggregate Bond ETF
		Six Months Ended				Period From
		04/30/23						06/22/22	(a)
		(unaudited)				to 10/31/22
Net asset value, beginning of period			$	25.17			$	25.19
Net investment income(b)				0.35				0.17
Net realized and unrealized gain (loss)(c)				0.48				(0.08	)
Net increase from investment operations				0.83				0.09
Distributions from net investment income(d)				(0.50	)			(0.11	)
Net asset value, end of period			$	25.50			$	25.17
Total Return(e)
Based on net asset value				3.34	%(f)			0.32	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.13	%(h)			0.13	%(h)
Total expenses after fees waived				0.10	%(h)			0.10	%(h)
Net investment income				2.77	%(h)			1.84	%(h)
Supplemental Data
Net assets, end of period (000)			$	2,550			$	2,517
Portfolio turnover rate(i)				7	%			14	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

52 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) 

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 Classification
Inflation Hedged Corporate Bond		Diversified
Inflation Hedged High Yield Bond		Non-diversified
Inflation Hedged U.S. Aggregate Bond		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		Non-diversified

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.

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:

NOTES   TO   FINANCIAL   STATEMENTS 53

Notes to Financial Statements (unaudited) (continued)

• 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.

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

• 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:

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

54 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Inflation Hedged High Yield Bond
J.P. Morgan Securities LLC	$	1,131,530	$	(1,131,530	)	$	—		$	—
Interest Rate Hedged Corporate Bond
Natixis SA	$	7,167,436	$	(7,167,436	)	$	—		$	—
SG Americas Securities LLC		22,601,608		(22,601,608	)		—			—
	$	29,769,044	$	(29,769,044	)	$	—		$	—
Interest Rate Hedged High Yield Bond
Goldman Sachs & Co	$	9,526,182	$	(9,526,182	)	$	—		$	—
J.P. Morgan Securities LLC		48,003,491		(48,003,491	)		—			—
Morgan Stanley		45,517		(45,517	)		—			—
	$	57,575,190	$	(57,575,190	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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”).

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 Statements 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 Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements 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.

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

NOTES   TO   FINANCIAL   STATEMENTS 55

Notes to Financial Statements (unaudited) (continued)

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, iShares Inflation Hedged High Yield Bond ETF and iShares Inflation Hedged U.S. Aggregate Bond ETF use 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, 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 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.

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 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).

56 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Investment Advisory Fees
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, 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 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, 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 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, 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 the iShares Core U.S. Aggregate Bond ETF (“AGG”), after taking into account any fee waivers by AGG, plus 0.10%.

For the iShares Interest Rate Hedged 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 LQD, after taking into account any fee waivers by LQD, plus 0.10%.

For the iShares Interest Rate Hedged High Yield 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 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 six months ended April 30, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Inflation Hedged Corporate Bond	$	42,505
Inflation Hedged High Yield Bond		6,224
Inflation Hedged U.S. Aggregate Bond		364
Interest Rate Hedged Corporate Bond		430,716
Interest Rate Hedged High Yield Bond		384,177
Interest Rate Hedged Long-Term Corporate Bond		118,534
Interest Rate Hedged U.S. Aggregate Bond		378

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

NOTES   TO   FINANCIAL   STATEMENTS 57

Notes to Financial Statements (unaudited) (continued)

Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended April 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Inflation Hedged Corporate Bond	$	1,899
Inflation Hedged High Yield Bond		1,179
Interest Rate Hedged Corporate Bond		25,367
Interest Rate Hedged High Yield Bond		71,397
Interest Rate Hedged Long-Term Corporate Bond		25,559

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 six months ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Inflation Hedged Corporate Bond	$	2,284,935	$	14,119,284
Inflation Hedged High Yield Bond		37,756		59,435
Inflation Hedged U.S. Aggregate Bond		39,099		103,306
Interest Rate Hedged Corporate Bond		85,142,476		606,272,314
Interest Rate Hedged High Yield Bond		2,938,552		23,485,777
Interest Rate Hedged Long-Term Corporate Bond		54,116,530		106,748,223
Interest Rate Hedged U.S. Aggregate Bond		165,684		266,816

For the six months ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Inflation Hedged Corporate Bond	$	13,324,906	$	—
Interest Rate Hedged Corporate Bond		17,467,072		—
Interest Rate Hedged High Yield Bond		32,027,995		—
Interest Rate Hedged Long-Term Corporate Bond		7,288,505		—

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.

58 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring    Capital Loss    Carryforwards
Inflation Hedged Corporate Bond	$	5,844,862
Inflation Hedged High Yield Bond		117,549
Inflation Hedged U.S. Aggregate Bond		144,225
Interest Rate Hedged High Yield Bond		10,497,777
Interest Rate Hedged U.S. Aggregate Bond		25,731

As of April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
Inflation Hedged Corporate Bond	$	68,251,619	$	2,478,450	$	(8,427,428	)	$	(5,948,978)
Inflation Hedged High Yield Bond		3,603,550		45,205		(11,461	)		33,744
Inflation Hedged U.S. Aggregate Bond		2,430,663		6,260		(27,630	)		(21,370)
Interest Rate Hedged Corporate Bond		344,264,742		13,473,102		(29,142,240	)		(15,669,138)
Interest Rate Hedged High Yield Bond		195,910,170		3,642,531		(13,566,014	)		(9,923,483)
Interest Rate Hedged Long-Term Corporate Bond		61,956,730		5,527,004		(8,249,018	)		(2,722,014)
Interest Rate Hedged U.S. Aggregate Bond		2,458,266		61,167		(22,075	)		39,092

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

NOTES   TO   FINANCIAL   STATEMENTS 59

Notes to Financial Statements (unaudited) (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 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 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 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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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.

Transactions in capital shares were as follows:

	Six Months Ended 04/30/23						Year Ended 10/31/22
iShares ETF	Shares			Amount			Shares			Amount
Inflation Hedged Corporate Bond
Shares sold		550,000		$	14,139,031			2,800,000		$	82,986,717
Shares redeemed		(450,000	)		(11,478,371	)		(2,900,000	)		(77,209,955	)
		100,000		$	2,660,660			(100,000	)	$	5,776,762

	Six Months Ended 04/30/23				Period Ended 10/31/22
iShares ETF	Shares		Amount		Shares			Amount
Inflation Hedged High Yield Bond
Shares sold		—	$	—		200,000		$	5,020,582
Shares redeemed		—		—		(100,000	)		(2,410,438	)
		—	$	—		100,000		$	2,610,144
Inflation Hedged U.S. Aggregate Bond
Shares sold		—	$	—		200,000		$	5,031,676
Shares redeemed		—		—		(100,000	)		(2,384,299	)
		—	$	—		100,000		$	2,647,377

60 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 04/30/23						Year Ended 10/31/22
iShares ETF	Shares			Amount			Shares			Amount
Interest Rate Hedged Corporate Bond
Shares sold		200,000		$	18,370,546			9,300,000		$	875,012,659
Shares redeemed		(5,300,000	)		(483,852,823	)		(8,450,000	)		(768,482,107	)
		(5,100,000	)	$	(465,482,277	)		850,000		$	106,530,552
Interest Rate Hedged High Yield Bond
Shares sold		400,000		$	33,363,827			1,250,000		$	107,235,850
Shares redeemed		(200,000	)		(16,330,223	)		(1,450,000	)		(120,735,327	)
		200,000		$	17,033,604			(200,000	)	$	(13,499,477	)
Interest Rate Hedged Long-Term Corporate Bond
Shares sold		350,000		$	8,172,755			3,900,000		$	94,891,724
Shares redeemed		(2,150,000	)		(50,588,441	)		(32,150,000	)		(772,592,854	)
		(1,800,000	)	$	(42,415,686	)		(28,250,000	)	$	(677,701,130	)

	Six Months Ended 04/30/23				Period Ended 10/31/22
iShares ETF	Shares		Amount		Shares			Amount
Interest Rate Hedged U.S. Aggregate Bond
Shares sold		—	$	—		200,000		$	5,044,817
Shares redeemed		—		—		(100,000	)		(2,504,931	)
		—	$	—		100,000		$	2,539,886

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.

NOTES   TO   FINANCIAL   STATEMENTS 61

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for 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 (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

62 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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.

April 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Inflation Hedged Corporate Bond	$	0.472956	$	—	$	—	$	0.472956		100	%		—	%		—	%		100	%
Inflation Hedged High Yield Bond		0.764766		—		—		0.764766		100			—			—			100

SUPPLEMENTAL    INFORMATION 63

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.

64 2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report  

Portfolio Abbreviation

CPI	Consumer Price Index
SOFR	Secured Overnight Financing Rate

GLOSSARY   OF   TERMS   USED   IN   THIS   REPOR T 65

Additional Financial Information

Schedules of Investments (Unaudited)

April 30, 2023

Statements of Assets and Liabilities (Unaudited)

April 30, 2023

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

Schedule of Investments (unaudited)  April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.0%
Interpublic Group of Companies Inc. (The) 3.38%, 03/01/41 (Call 09/01/40)	$	339	$	256,174
5.40%, 10/01/48 (Call 04/01/48)		299		286,006
				542,180
Aerospace & Defense — 2.3%
Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)(a)(b)		230		198,614
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)		189		174,555
BAE Systems PLC 3.00%, 09/15/50 (Call 03/15/50)(a)		399		280,339
5.80%, 10/11/41(a)		645		671,249
Boeing Co. (The) 3.25%, 02/01/35 (Call 11/01/34)		549		449,184
3.30%, 03/01/35 (Call 09/01/34)		244		195,727
3.38%, 06/15/46 (Call 12/15/45)		336		238,228
3.50%, 03/01/39 (Call 09/01/38)		277		215,583
3.50%, 03/01/45 (Call 09/01/44)		256		182,421
3.55%, 03/01/38 (Call 09/01/37)		262		207,581
3.60%, 05/01/34 (Call 02/01/34)		544		467,910
3.63%, 03/01/48 (Call 09/01/47)		465		332,970
3.65%, 03/01/47 (Call 09/01/46)		294		211,644
3.75%, 02/01/50 (Call 08/01/49)		905		679,456
3.83%, 03/01/59 (Call 09/01/58)		187		131,019
3.85%, 11/01/48 (Call 05/01/48)		382		284,694
3.90%, 05/01/49 (Call 11/01/48)		549		415,956
3.95%, 08/01/59 (Call 02/01/59)		646		475,431
5.71%, 05/01/40 (Call 11/01/39)		1,868		1,874,848
5.81%, 05/01/50 (Call 11/01/49)		3,615		3,595,645
5.88%, 02/15/40		395		403,783
5.93%, 05/01/60 (Call 11/01/59)		2,392		2,363,496
6.63%, 02/15/38		161		175,507
6.88%, 03/15/39		270		298,876
General Dynamics Corp. 2.85%, 06/01/41 (Call 12/01/40)		341		265,079
3.60%, 11/15/42 (Call 05/14/42)(b)		360		309,281
4.25%, 04/01/40 (Call 10/01/39)		535		499,491
4.25%, 04/01/50 (Call 10/01/49)		501		465,999
L3Harris Technologies Inc. 4.85%, 04/27/35 (Call 10/27/34)		368		361,519
5.05%, 04/27/45 (Call 10/27/44)		219		207,918
6.15%, 12/15/40		356		384,153
Lockheed Martin Corp. 2.80%, 06/15/50 (Call 12/15/49)		421		307,501
3.60%, 03/01/35 (Call 09/01/34)(b)		195		181,104
3.80%, 03/01/45 (Call 09/01/44)		720		624,826
4.07%, 12/15/42		1,145		1,051,522
4.09%, 09/15/52 (Call 03/15/52)		964		868,550
4.15%, 06/15/53 (Call 12/15/52)		695		628,334
4.30%, 06/15/62 (Call 12/15/61)		545		492,391
4.50%, 05/15/36 (Call 11/15/35)(b)		256		255,218
4.70%, 05/15/46 (Call 11/15/45)		842		837,977
5.70%, 11/15/54 (Call 05/15/54)(b)		780		881,327
5.72%, 06/01/40(b)		114		125,616
5.90%, 11/15/63 (Call 05/15/63)		485		566,145
Series B, 6.15%, 09/01/36		470		538,176
Northrop Grumman Corp. 3.85%, 04/15/45 (Call 10/15/44)		504		419,922
4.03%, 10/15/47 (Call 04/15/47)		1,406		1,211,851
4.75%, 06/01/43		811		774,518

Security	Par (000)		Value
Aerospace & Defense (continued)
4.95%, 03/15/53 (Call 09/15/52)	$	695	$	686,847
5.05%, 11/15/40		229		228,005
5.15%, 05/01/40 (Call 11/01/39)		482		484,441
5.25%, 05/01/50 (Call 11/01/49)		694		715,772
Raytheon Technologies Corp. 2.82%, 09/01/51 (Call 03/01/51)		680		467,948
3.03%, 03/15/52 (Call 09/15/51)		754		540,885
3.13%, 07/01/50 (Call 01/01/50)		690		507,913
3.75%, 11/01/46 (Call 05/01/46)		685		565,481
4.05%, 05/04/47 (Call 11/04/46)(b)		464		401,989
4.15%, 05/15/45 (Call 11/16/44)		683		597,405
4.20%, 12/15/44 (Call 06/15/44)		260		219,401
4.35%, 04/15/47 (Call 10/15/46)		710		644,761
4.45%, 11/16/38 (Call 05/16/38)		548		521,842
4.50%, 06/01/42		2,286		2,158,199
4.63%, 11/16/48 (Call 05/16/48)		1,096		1,042,095
4.70%, 12/15/41		235		222,975
4.80%, 12/15/43 (Call 06/15/43)		477		456,882
4.88%, 10/15/40		337		329,724
5.38%, 02/27/53 (Call 08/27/52)		845		888,453
5.40%, 05/01/35		160		167,061
5.70%, 04/15/40		160		168,917
6.05%, 06/01/36		380		418,155
6.13%, 07/15/38		510		570,157
				39,788,442
Agriculture — 1.3%
Altria Group Inc. 3.40%, 02/04/41 (Call 08/04/40)		1,014		716,958
3.70%, 02/04/51 (Call 08/04/50)		846		566,574
3.88%, 09/16/46 (Call 03/16/46)		1,048		751,474
4.00%, 02/04/61 (Call 08/04/60)		679		477,360
4.25%, 08/09/42		722		568,718
4.45%, 05/06/50 (Call 11/06/49)		304		226,666
4.50%, 05/02/43		466		378,145
5.38%, 01/31/44(b)		1,249		1,143,965
5.80%, 02/14/39 (Call 08/14/38)		1,323		1,306,253
5.95%, 02/14/49 (Call 08/14/48)		1,730		1,632,803
6.20%, 02/14/59 (Call 08/14/58)		257		251,923
Archer-Daniels-Midland Co. 2.70%, 09/15/51 (Call 03/15/51)		525		366,701
3.75%, 09/15/47 (Call 03/15/47)		285		243,002
4.02%, 04/16/43		214		189,242
4.50%, 03/15/49 (Call 09/15/48)		333		318,188
4.54%, 03/26/42(b)		386		368,590
5.38%, 09/15/35		555		596,603
5.77%, 03/01/41(b)(c)		95		101,279
BAT Capital Corp. 3.73%, 09/25/40 (Call 03/25/40)		599		430,003
3.98%, 09/25/50 (Call 03/25/50)		705		483,356
4.39%, 08/15/37 (Call 02/15/37)		1,767		1,441,626
4.54%, 08/15/47 (Call 02/15/47)		1,735		1,295,464
4.76%, 09/06/49 (Call 03/06/49)(b)		727		555,458
5.28%, 04/02/50 (Call 02/02/49)		300		249,054
5.65%, 03/16/52 (Call 09/16/51)(b)		389		341,988
Cargill Inc. 3.13%, 05/25/51 (Call 11/25/50)(a)		530		389,247
3.88%, 05/23/49 (Call 11/23/48)(a)(b)		257		212,787
4.38%, 04/22/52 (Call 10/22/51)(a)		435		394,336
4.76%, 11/23/45(a)		340		327,096

2 0 2 3   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
Philip Morris International Inc. 3.88%, 08/21/42	$	576	$	461,783
4.13%, 03/04/43		539		444,808
4.25%, 11/10/44		810		676,654
4.38%, 11/15/41		589		511,151
4.50%, 03/20/42		600		524,885
4.88%, 11/15/43		440		402,116
6.38%, 05/16/38		1,018		1,126,117
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		552		528,891
5.85%, 08/15/45 (Call 02/12/45)		1,539		1,391,728
6.15%, 09/15/43		411		399,991
7.25%, 06/15/37		306		331,478
				23,124,461
Apparel — 0.2%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		727		613,546
3.38%, 11/01/46 (Call 05/01/46)		514		422,612
3.38%, 03/27/50 (Call 09/27/49)(b)		912		751,296
3.63%, 05/01/43 (Call 11/01/42)		529		456,439
3.88%, 11/01/45 (Call 05/01/45)(b)		728		655,518
VF Corp.
6.00%, 10/15/33(b)		251		249,565
6.45%, 11/01/37		200		205,621
				3,354,597
Auto Manufacturers — 0.3%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)(b)		404		267,423
4.88%, 10/01/43 (Call 04/01/43)(b)		332		320,941
General Motors Co.
5.00%, 04/01/35		424		386,774
5.15%, 04/01/38 (Call 10/01/37)		762		682,438
5.20%, 04/01/45		896		758,177
5.40%, 04/01/48 (Call 10/01/47)		533		456,139
5.95%, 04/01/49 (Call 10/01/48)		601		556,638
6.25%, 10/02/43		1,026		994,116
6.60%, 04/01/36 (Call 10/01/35)		903		928,330
6.75%, 04/01/46 (Call 10/01/45)		547		551,454
				5,902,430
Auto Parts & Equipment — 0.1%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		1,101		698,872
4.40%, 10/01/46 (Call 04/01/46)(b)		160		125,712
5.40%, 03/15/49 (Call 09/15/48)(b)		230		205,959
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52 (Call 11/01/51)		665		514,809
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		260		210,854
Lear Corp.
3.55%, 01/15/52 (Call 07/15/51)		260		174,167
5.25%, 05/15/49 (Call 11/15/48)(b)		399		351,770
				2,282,143
Banks — 7.7%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(d)		3,441		2,441,275
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(d)		707		465,990
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(d)		1,369		934,145

Security	Par (000)		Value
Banks (continued)
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(d)	$	2,395	$	1,844,086
3.95%, 01/23/49 (Call 01/23/48), (3-mo. LIBOR US + 1.19%)(d)		889		721,910
4.08%, 04/23/40 (Call 04/23/39), (3-mo. LIBOR US + 1.32%)(d)		1,039		898,778
4.08%, 03/20/51 (Call 03/20/50), (3-mo. LIBOR US + 3.15%)(d)		3,859		3,236,789
4.24%, 04/24/38 (Call 04/24/37), (3-mo. LIBOR US + 1.814%)(d)		1,357		1,215,857
4.33%, 03/15/50 (Call 03/15/49), (3-mo. LIBOR US + 1.520%)(d)		1,941		1,668,928
4.44%, 01/20/48 (Call 01/20/47), (3-mo. LIBOR US + 1.990%)(d)		1,439		1,275,978
4.88%, 04/01/44		341		329,582
5.00%, 01/21/44		1,361		1,316,932
5.88%, 02/07/42		1,046		1,126,772
6.11%, 01/29/37		1,369		1,467,502
7.75%, 05/14/38		1,135		1,377,080
Series L, 4.75%, 04/21/45(b)		363		334,428
Series N, 3.48%, 03/13/52 (Call 03/11/51), (1-day SOFR + 1.650%)(d)		725		544,394
Bank of America NA, 6.00%, 10/15/36		876		949,283
Barclays PLC
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(d)		964		698,355
3.81%, 03/10/42 (Call 03/10/41), (1-year CMT + 1.700%)(d)		502		364,282
4.95%, 01/10/47		1,208		1,080,250
5.25%, 08/17/45(b)		1,052		987,011
BNP Paribas SA, 2.82%, 01/26/41(a)(b)		585		392,416
BPCE SA
3.58%, 10/19/42 (Call 10/19/41), (1-day SOFR + 1.952%)(a)(b)(d)		525		356,054
3.65%, 01/14/37 (Call 01/14/32), (5-year CMT + 1.900%)(a)(b)(d)		340		270,890
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(d)		927		668,341
3.88%, 01/24/39 (Call 01/22/38), (3-mo. SOFR + 1.430%)(d)		558		478,657
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(d)		805		698,951
4.65%, 07/30/45(b)		757		695,163
4.65%, 07/23/48 (Call 06/23/48)(b)		1,710		1,577,289
4.75%, 05/18/46		1,429		1,251,593
5.30%, 05/06/44		684		650,202
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(d)		946		934,595
5.88%, 01/30/42		726		774,280
6.00%, 10/31/33		234		242,898
6.13%, 08/25/36		553		572,042
6.68%, 09/13/43		746		833,991
6.88%, 03/05/38		185		206,681
6.88%, 02/15/98		112		124,976
8.13%, 07/15/39		1,346		1,739,643
Commonwealth Bank of Australia
3.31%, 03/11/41(a)(b)		855		602,792
3.74%, 09/12/39(a)		1,080		827,847
3.90%, 07/12/47(a)(b)		939		826,490

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.32%, 01/10/48(a)(b)	$	932	$	717,155
Cooperatieve Rabobank UA
5.25%, 05/24/41		1,215		1,296,461
5.25%, 08/04/45(b)		856		810,909
5.75%, 12/01/43		867		882,917
5.80%, (a)(b)		210		210,543
Credit Agricole SA, 2.81%, 01/11/41(a)(b)		742		502,986
Credit Suisse Group AG, 4.88%, 05/15/45		1,181		1,004,429
Fifth Third Bancorp., 8.25%, 03/01/38		771		889,567
Goldman Sachs Capital I, 6.35%, 02/15/34		275		285,581
Goldman Sachs Group Inc. (The)
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(b)(d)		1,012		726,800
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(b)(d)		1,567		1,177,484
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(d)		1,385		1,068,968
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.373%)(d)		1,747		1,508,783
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.430%)(d)		1,048		945,002
4.75%, 10/21/45 (Call 04/21/45)		1,217		1,128,695
4.80%, 07/08/44 (Call 01/08/44)		1,197		1,114,721
5.15%, 05/22/45		1,537		1,451,447
6.25%, 02/01/41		1,658		1,830,158
6.45%, 05/01/36		581		625,525
6.75%, 10/01/37		3,761		4,116,001
HSBC Bank USA NA/New York NY
5.63%, 08/15/35		321		316,476
5.88%, 11/01/34(b)		70		70,563
7.00%, 01/15/39		685		764,170
HSBC Holdings PLC
5.25%, 03/14/44		1,135		1,033,623
6.10%, 01/14/42		627		672,140
6.33%, 03/09/44 (Call 03/09/43)		1,295		1,363,994
6.50%, 05/02/36(b)		340		362,626
6.50%, 05/02/36		1,012		1,040,861
6.50%, 09/15/37		1,705		1,746,873
6.80%, 06/01/38		798		837,841
HSBC USA Inc., 7.20%, 07/15/97(b)		205		224,945
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40), (1-day SOFR + 1.510%)(d)		1,153		808,150
3.11%, 04/22/41 (Call 04/22/40), (1-day SOFR + 2.460%)(d)		1,061		810,203
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(d)		1,609		1,143,948
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)(d)		1,436		1,095,864
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(d)		2,585		1,930,070
3.88%, 07/24/38 (Call 07/24/37), (3-mo. LIBOR US + 1.360%)(d)		1,663		1,457,988
3.90%, 01/23/49 (Call 01/23/48), (3-mo. LIBOR US + 1.220%)(d)		1,232		1,004,732
3.96%, 11/15/48 (Call 11/15/47), (3-mo. LIBOR US + 1.380%)(d)		2,282		1,900,621
4.03%, 07/24/48 (Call 07/24/47), (3-mo. LIBOR US + 1.460%)(d)		1,028		866,214

Security	Par (000)		Value
Banks (continued)
4.26%, 02/22/48 (Call 02/22/47), (3-mo. LIBOR US + 1.580%)(d)	$	1,372	$	1,202,862
4.85%, 02/01/44		720		692,556
4.95%, 06/01/45		1,003		956,328
5.40%, 01/06/42(b)		855		882,403
5.50%, 10/15/40		818		847,897
5.60%, 07/15/41		1,225		1,277,540
5.63%, 08/16/43		928		967,123
6.40%, 05/15/38		1,790		2,024,919
Lloyds Banking Group PLC
3.37%, 12/14/46 (Call 09/14/41), (5-year CMT + 1.500%)(d)		1,150		767,252
4.34%, 01/09/48		1,104		850,663
5.30%, 12/01/45(b)		593		528,787
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		1,119		968,760
4.15%, 03/07/39		355		320,960
4.29%, 07/26/38(b)		356		327,972
Mizuho Financial Group Inc., 5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(d)		235		242,137
Morgan Stanley
2.80%, 01/25/52 (Call 07/25/51), (1-day SOFR + 1.430%)(b)(d)		1,293		862,167
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(d)		1,479		1,145,373
3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)(d)		1,414		1,245,370
4.30%, 01/27/45		1,717		1,541,910
4.38%, 01/22/47		1,575		1,412,908
4.46%, 04/22/39 (Call 04/22/38), (3-mo. LIBOR US + 0.408%)(d)		839		770,275
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)(d)		1,235		1,306,358
6.38%, 07/24/42		1,386		1,569,035
National Australia Bank Ltd., 2.65%, 01/14/41(a)(b)		318		207,696
Regions Bank/Birmingham AL, 6.45%, 06/26/37(b)		440		447,661
Regions Financial Corp., 7.38%, 12/10/37(b)		245		263,133
Societe Generale SA
3.63%, 03/01/41(a)		649		419,577
4.03%, 01/21/43 (Call 01/21/42), (1-year CMT + 1.900%)(a)(d)		710		473,821
5.63%, 11/24/45(a)(b)		210		174,831
7.37%, 01/10/53(a)		700		686,464
Standard Chartered PLC
5.30%, 01/09/43(a)(b)		622		555,109
5.70%, 03/26/44(a)(b)		1,388		1,295,251
Sumitomo Mitsui Financial Group Inc.
2.30%, 01/12/41		321		217,295
2.93%, 09/17/41(b)		488		349,271
3.05%, 01/14/42(b)		390		289,034
UBS AG/London, 4.50%, 06/26/48(a)(b)		660		602,422
UBS Group AG, 3.18%, 02/11/43 (Call 02/11/42), (1-year CMT + 1.100%)(a)(d)		1,000		713,306
Wachovia Corp.
5.50%, 08/01/35		640		643,678
7.50%, 04/15/35		190		218,194
Wells Fargo & Co.
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(d)		2,416		1,812,309
3.90%, 05/01/45		1,387		1,129,931

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.40%, 06/14/46	$	1,312	$	1,097,898
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(d)		2,260		2,023,834
4.65%, 11/04/44		1,207		1,058,676
4.75%, 12/07/46		1,405		1,228,656
4.90%, 11/17/45		1,366		1,229,321
5.01%, 04/04/51 (Call 04/04/50), (1-day SOFR + 4.502%)(d)		3,823		3,617,670
5.38%, 02/07/35		295		296,574
5.38%, 11/02/43		1,267		1,213,933
5.61%, 01/15/44(b)		1,693		1,664,635
5.95%, 12/01/86(b)		145		147,683
Wells Fargo Bank NA 5.85%, 02/01/37		755		786,682
5.95%, 08/26/36		485		506,458
6.60%, 01/15/38		1,035		1,158,306
Westpac Banking Corp. 2.96%, 11/16/40		782		537,034
3.13%, 11/18/41		686		476,907
4.42%, 07/24/39		656		556,451
				132,562,688
Beverages — 2.9%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		3,659		3,681,237
4.90%, 02/01/46 (Call 08/01/45)(b)		6,525		6,465,969
Anheuser-Busch InBev Finance Inc. 4.63%, 02/01/44		667		633,592
4.70%, 02/01/36 (Call 08/01/35)		590		593,586
4.90%, 02/01/46 (Call 08/01/45)		1,143		1,132,659
Anheuser-Busch InBev Worldwide Inc. 3.75%, 07/15/42		10		8,649
4.35%, 06/01/40 (Call 12/01/39)		845		802,793
4.38%, 04/15/38 (Call 10/15/37)		1,096		1,058,129
4.44%, 10/06/48 (Call 04/06/48)		1,381		1,293,335
4.50%, 06/01/50 (Call 12/01/49)		855		807,841
4.60%, 04/15/48 (Call 10/15/47)		1,622		1,554,758
4.60%, 06/01/60 (Call 12/01/59)(b)		410		383,346
4.75%, 04/15/58 (Call 10/15/57)		635		606,172
4.95%, 01/15/42		1,005		1,007,294
5.45%, 01/23/39 (Call 07/23/38)		1,452		1,543,064
5.55%, 01/23/49 (Call 07/23/48)		2,757		2,978,629
5.80%, 01/23/59 (Call 07/23/58)(b)		1,370		1,534,390
5.88%, 06/15/35(b)		235		260,817
6.63%, 08/15/33		205		235,244
8.00%, 11/15/39(b)		369		480,419
8.20%, 01/15/39		789		1,054,470
Bacardi Ltd. 5.15%, 05/15/38 (Call 11/15/37)(a)		427		412,302
5.30%, 05/15/48 (Call 11/15/47)(a)		363		339,661
Brown-Forman Corp. 3.75%, 01/15/43 (Call 07/15/42)		205		167,098
4.00%, 04/15/38 (Call 10/15/37)		175		160,686
4.50%, 07/15/45 (Call 01/15/45)(b)		315		294,952
Coca-Cola Co. (The) 2.50%, 06/01/40		749		576,868
2.50%, 03/15/51(b)		895		629,972
2.60%, 06/01/50(b)		867		623,418
2.75%, 06/01/60		676		490,824
2.88%, 05/05/41		679		546,935

Security	Par (000)		Value
Beverages (continued)
3.00%, 03/05/51	$	1,044	$	819,281
4.20%, 03/25/50		537		514,626
Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43		404		414,706
Constellation Brands Inc. 3.75%, 05/01/50 (Call 11/01/49)		330		261,436
4.10%, 02/15/48 (Call 08/15/47)		435		358,592
4.50%, 05/09/47 (Call 11/09/46)		367		321,479
5.25%, 11/15/48 (Call 05/15/48)		486		472,197
Diageo Capital PLC 3.88%, 04/29/43 (Call 10/29/42)		232		202,937
5.88%, 09/30/36		252		280,546
Diageo Investment Corp. 4.25%, 05/11/42(b)		350		332,519
7.45%, 04/15/35		445		556,312
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		150		134,718
Heineken NV 4.00%, 10/01/42(a)(b)		486		417,918
4.35%, 03/29/47 (Call 09/29/46)(a)		325		284,302
Keurig Dr Pepper Inc. 3.35%, 03/15/51 (Call 09/15/50)		380		275,375
3.80%, 05/01/50 (Call 11/01/49)		564		448,793
4.42%, 12/15/46 (Call 06/15/46)		287		251,225
4.50%, 11/15/45 (Call 05/15/45)		399		358,591
4.50%, 04/15/52 (Call 10/15/51)		815		727,785
5.09%, 05/25/48 (Call 11/25/47)		235		223,148
Molson Coors Beverage Co. 4.20%, 07/15/46 (Call 01/15/46)		1,188		1,000,410
5.00%, 05/01/42		963		913,587
PepsiCo Inc. 2.63%, 10/21/41 (Call 04/21/41)		756		585,724
2.75%, 10/21/51 (Call 04/21/51)		789		579,944
2.88%, 10/15/49 (Call 04/15/49)		737		564,758
3.38%, 07/29/49 (Call 01/29/49)		460		383,595
3.45%, 10/06/46 (Call 04/06/46)		694		592,723
3.50%, 03/19/40 (Call 09/19/39)		190		163,196
3.60%, 08/13/42		240		207,346
3.63%, 03/19/50 (Call 09/19/49)		728		632,357
3.88%, 03/19/60 (Call 09/19/59)		198		173,844
4.00%, 03/05/42		282		261,241
4.00%, 05/02/47 (Call 11/02/46)		70		65,090
4.20%, 07/18/52 (Call 01/18/52)(b)		450		427,570
4.25%, 10/22/44 (Call 04/22/44)		55		51,622
4.45%, 04/14/46 (Call 10/14/45)		610		606,813
4.60%, 07/17/45 (Call 01/17/45)		325		314,367
4.65%, 02/15/53 (Call 08/15/52)(b)		440		451,785
4.88%, 11/01/40		470		497,188
5.50%, 01/15/40		90		99,765
Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(a)		257		174,101
Pernod Ricard SA, 5.50%, 01/15/42(a)		691		709,105
				49,471,726
Biotechnology — 1.9%
Amgen Inc. 2.77%, 09/01/53 (Call 03/01/53)		783		501,426
2.80%, 08/15/41 (Call 02/15/41)		972		708,306
3.00%, 01/15/52 (Call 07/15/51)		955		652,896
3.15%, 02/21/40 (Call 08/21/39)		1,439		1,119,848
3.38%, 02/21/50 (Call 08/21/49)(b)		1,562		1,154,288
4.20%, 02/22/52 (Call 08/22/51)		875		740,264

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
4.40%, 05/01/45 (Call 11/01/44)	$	1,714	$	1,512,532
4.40%, 02/22/62 (Call 08/22/61)		915		767,752
4.56%, 06/15/48 (Call 12/15/47)		1,105		1,002,956
4.66%, 06/15/51 (Call 12/15/50)		2,434		2,213,915
4.88%, 03/01/53 (Call 09/01/52)		810		761,063
4.95%, 10/01/41		552		524,343
5.15%, 11/15/41 (Call 05/15/41)		708		689,418
5.60%, 03/02/43 (Call 09/02/42)		1,625		1,672,130
5.65%, 06/15/42 (Call 12/15/41)		340		351,530
5.65%, 03/02/53 (Call 09/02/52)(b)		2,295		2,377,505
5.75%, 03/15/40(b)		360		370,798
5.75%, 03/02/63 (Call 09/02/62)		1,660		1,719,348
6.38%, 06/01/37		281		313,109
6.40%, 02/01/39		325		354,832
6.90%, 06/01/38		50		56,062
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)		310		304,710
Biogen Inc. 3.15%, 05/01/50 (Call 11/01/49)		995		691,646
3.25%, 02/15/51 (Call 08/15/50)		527		374,233
5.20%, 09/15/45 (Call 03/15/45)(b)		700		701,263
CSL Finance PLC 4.63%, 04/27/42 (Call 10/27/41)(a)		205		194,025
4.75%, 04/27/52 (Call 10/27/51)(a)		835		792,982
4.95%, 04/27/62 (Call 10/27/61)(a)		355		341,623
Gilead Sciences Inc. 2.60%, 10/01/40 (Call 04/01/40)		736		542,909
2.80%, 10/01/50 (Call 04/01/50)(b)		1,134		777,251
4.00%, 09/01/36 (Call 03/01/36)		520		483,908
4.15%, 03/01/47 (Call 09/01/46)		1,160		1,028,678
4.50%, 02/01/45 (Call 08/01/44)		1,215		1,133,698
4.60%, 09/01/35 (Call 03/01/35)		757		752,920
4.75%, 03/01/46 (Call 09/01/45)		1,506		1,438,346
4.80%, 04/01/44 (Call 10/01/43)		1,200		1,160,854
5.65%, 12/01/41 (Call 06/01/41)		843		904,127
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)		523		345,238
Royalty Pharma PLC 3.30%, 09/02/40 (Call 03/02/40)		694		506,323
3.35%, 09/02/51 (Call 03/02/51)		507		333,462
3.55%, 09/02/50 (Call 03/02/50)		651		447,326
				32,819,843
Building Materials — 0.6%
Carrier Global Corp. 3.38%, 04/05/40 (Call 10/05/39)		1,156		900,099
3.58%, 04/05/50 (Call 10/05/49)		1,397		1,043,472
CRH America Finance Inc. 4.40%, 05/09/47 (Call 11/09/46)(a)		200		170,132
4.50%, 04/04/48 (Call 10/04/47)(a)		529		456,177
CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(a)		335		312,885
Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51)		320		247,472
Holcim Capital Corp. Ltd. 6.50%, 09/12/43(a)		340		346,103
6.88%, 09/29/39(a)		185		194,397
Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(a)(b)		220		193,348
Johnson Controls International PLC 4.50%, 02/15/47 (Call 08/15/46)		408		359,663
4.63%, 07/02/44 (Call 01/02/44)		490		447,182
4.95%, 07/02/64 (Call 01/02/64)(c)		232		209,339

Security	Par (000)		Value
Building Materials (continued)
5.13%, 09/14/45 (Call 03/14/45)	$	231	$	224,691
6.00%, 01/15/36		227		241,868
Lafarge SA, 7.13%, 07/15/36		285		310,493
Martin Marietta Materials Inc. 3.20%, 07/15/51 (Call 01/15/51)		633		449,967
4.25%, 12/15/47 (Call 06/15/47)		384		325,636
Masco Corp. 3.13%, 02/15/51 (Call 08/15/50)(b)		254		165,804
4.50%, 05/15/47 (Call 11/15/46)(b)		282		233,519
Owens Corning 4.30%, 07/15/47 (Call 01/15/47)		357		293,912
4.40%, 01/30/48 (Call 07/30/47)		379		315,998
7.00%, 12/01/36(b)		229		258,032
Trane Technologies Global Holding Co. Ltd. 4.30%, 02/21/48 (Call 08/21/47)		205		176,772
5.75%, 06/15/43		318		332,153
Trane Technologies Luxembourg Finance SA 4.50%, 03/21/49 (Call 09/21/48)(b)		203		182,525
4.65%, 11/01/44 (Call 05/01/44)		211		189,846
Votorantim Cimentos International SA, 7.25%, 04/05/41(a)		205		218,325
Vulcan Materials Co. 4.50%, 06/15/47 (Call 12/15/46)		515		458,774
4.70%, 03/01/48 (Call 09/01/47)		274		251,127
				9,509,711
Chemicals — 1.7%
Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(a)		535		435,286
Air Products and Chemicals Inc. 2.70%, 05/15/40 (Call 11/15/39)		582		451,089
2.80%, 05/15/50 (Call 11/15/49)(b)		572		417,847
Albemarle Corp. 5.45%, 12/01/44 (Call 06/01/44)(b)		238		223,614
5.65%, 06/01/52 (Call 12/01/51)(b)		290		271,427
Braskem America Finance Co., 7.13%, 07/22/41
(Call 01/22/41)(a)(b)		300		275,567
Braskem Netherlands Finance BV, 5.88%, 01/31/50(a)(b)		350		267,011
CF Industries Inc. 4.95%, 06/01/43		540		471,636
5.15%, 03/15/34		540		525,020
5.38%, 03/15/44		575		528,899
Dow Chemical Co. (The) 3.60%, 11/15/50 (Call 05/15/50)(b)		706		537,986
4.25%, 10/01/34 (Call 04/01/34)		361		338,544
4.38%, 11/15/42 (Call 05/15/42)		853		750,269
4.63%, 10/01/44 (Call 04/01/44)(b)		417		370,290
4.80%, 05/15/49 (Call 11/15/48)		494		440,196
5.25%, 11/15/41 (Call 05/15/41)		721		704,235
5.55%, 11/30/48 (Call 05/30/48)		579		574,276
6.90%, 05/15/53 (Call 11/15/52)(b)		625		720,670
9.40%, 05/15/39		386		522,545
DuPont de Nemours Inc. 5.32%, 11/15/38 (Call 05/15/38)		1,252		1,265,720
5.42%, 11/15/48 (Call 05/15/48)		1,457		1,465,085
Eastman Chemical Co. 4.65%, 10/15/44 (Call 04/15/44)(b)		431		370,960
4.80%, 09/01/42 (Call 03/01/42)		565		500,021
Ecolab Inc. 2.13%, 08/15/50 (Call 02/15/50)		338		205,115
2.70%, 12/15/51 (Call 06/15/51)		645		433,393
2.75%, 08/18/55 (Call 02/18/55)		467		301,747
3.95%, 12/01/47 (Call 06/01/47)		365		315,360

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
5.50%, 12/08/41(b)	$	200	$	211,321
FMC Corp., 4.50%, 10/01/49 (Call 04/01/49)		345		285,373
GC Treasury Center Co. Ltd., 4.30%, 03/18/51
(Call 09/18/50)(a)		360		268,068
International Flavors & Fragrances Inc. 3.27%, 11/15/40 (Call 05/15/40)(a)		528		376,864
3.47%, 12/01/50 (Call 06/01/50)(a)(b)		485		332,669
4.38%, 06/01/47 (Call 12/01/46)		510		403,899
5.00%, 09/26/48 (Call 03/26/48)		620		536,996
Linde Inc./CT 2.00%, 08/10/50 (Call 02/10/50)		177		104,463
3.55%, 11/07/42 (Call 05/07/42)		500		417,301
Lubrizol Corp. (The), 6.50%, 10/01/34(b)		385		449,943
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)		699		620,641
5.25%, 07/15/43		550		503,837
LYB International Finance III LLC 3.38%, 10/01/40 (Call 04/01/40)		622		459,962
3.63%, 04/01/51 (Call 04/01/50)(b)		757		536,881
3.80%, 10/01/60 (Call 04/01/60)		378		258,759
4.20%, 10/15/49 (Call 04/15/49)		762		589,767
4.20%, 05/01/50 (Call 11/01/49)		673		521,844
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)		635		518,180
Mosaic Co. (The) 4.88%, 11/15/41 (Call 05/15/41)		330		294,630
5.45%, 11/15/33 (Call 05/15/33)(b)		163		164,294
5.63%, 11/15/43 (Call 05/15/43)		210		203,602
Nutrien Ltd. 3.95%, 05/13/50 (Call 11/13/49)		376		300,956
4.13%, 03/15/35 (Call 09/15/34)		352		320,824
4.90%, 06/01/43 (Call 12/01/42)		335		311,101
5.00%, 04/01/49 (Call 10/01/48)		501		465,635
5.25%, 01/15/45 (Call 07/15/44)(b)		318		304,533
5.63%, 12/01/40		450		451,689
5.80%, 03/27/53 (Call 09/27/52)		355		368,779
5.88%, 12/01/36		361		381,354
6.13%, 01/15/41 (Call 07/15/40)		160		168,042
Orbia Advance Corp. SAB de CV 5.50%, 01/15/48 (Call 07/15/47)(a)		200		164,300
5.88%, 09/17/44(a)		756		654,197
PPG Industries Inc., 5.50%, 11/15/40		50		48,607
RPM International Inc. 4.25%, 01/15/48 (Call 07/15/47)		195		151,267
5.25%, 06/01/45 (Call 12/01/44)(b)		199		181,849
Sherwin-Williams Co. (The) 2.90%, 03/15/52 (Call 09/15/51)		410		268,050
3.30%, 05/15/50 (Call 11/15/49)(b)		273		195,209
3.80%, 08/15/49 (Call 02/15/49)		471		366,319
4.00%, 12/15/42 (Call 06/15/42)		205		169,056
4.50%, 06/01/47 (Call 12/01/46)		799		707,522
4.55%, 08/01/45 (Call 02/01/45)(b)		317		278,734
Sociedad Quimica y Minera de Chile SA 3.50%, 09/10/51 (Call 03/10/51)(a)		250		174,375
4.25%, 01/22/50 (Call 07/22/49)(a)(b)		310		244,822
Westlake Corp. 2.88%, 08/15/41 (Call 02/15/41)		267		181,309
3.13%, 08/15/51 (Call 02/15/51)		478		305,885
3.38%, 08/15/61 (Call 02/15/61)		321		200,471
4.38%, 11/15/47 (Call 05/15/47)		330		264,406

Security	Par (000)		Value
Chemicals (continued)
5.00%, 08/15/46 (Call 02/15/46)	$	480	$	420,807
				29,793,200
Coal — 0.1%
Teck Resources Ltd. 5.20%, 03/01/42 (Call 09/01/41)(b)		245		227,117
5.40%, 02/01/43 (Call 08/01/42)		245		233,173
6.00%, 08/15/40 (Call 02/15/40)(b)		290		295,180
6.13%, 10/01/35		150		156,254
6.25%, 07/15/41 (Call 01/15/41)		242		252,200
				1,163,924
Commercial Services — 1.8%
Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41 (Call 02/01/41)(a)		120		78,238
American University (The), Series 2019, 3.67%, 04/01/49		345		285,467
Ashtead Capital Inc., 5.55%, 05/30/33 (Call 02/28/33)(a)		500		497,575
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)		323		246,966
California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)		130		87,347
California Institute of Technology 3.65%, 09/01/2119 (Call 03/01/2119)		108		76,681
4.32%, 08/01/45		298		280,851
4.70%, 11/01/2111		345		311,555
Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)		195		190,864
Cintas Corp. No. 2, 6.15%, 08/15/36(b)		175		194,428
Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/2121)		150		107,325
DP World Ltd./United Arab Emirates 4.70%, 09/30/49 (Call 03/30/49)(a)		380		331,317
5.63%, 09/25/48(a)		1,029		998,134
6.85%, 07/02/37(a)(b)		880		982,525
Duke University 3.20%, 10/01/38(b)		175		144,846
3.30%, 10/01/46		180		146,540
Series 2020, 2.68%, 10/01/44		282		215,617
Series 2020, 2.76%, 10/01/50(b)		214		155,427
Series 2020, 2.83%, 10/01/55		380		277,626
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		315		237,195
Equifax Inc., 7.00%, 07/01/37		200		219,248
ERAC USA Finance LLC 4.20%, 11/01/46 (Call 05/01/46)(a)		195		169,206
4.50%, 02/15/45 (Call 08/15/44)(a)		194		174,195
5.40%, 05/01/53 (Call 11/01/52)		440		442,685
5.63%, 03/15/42(a)(b)		422		434,807
6.70%, 06/01/34(a)(b)		335		385,364
7.00%, 10/15/37(a)(b)		875		1,041,153
Ford Foundation (The)
Series 2017, 3.86%, 06/01/47 (Call 12/01/46)		170		147,241
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(b)		105		70,142
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		350		218,800
George Washington University (The) 4.87%, 09/15/45(b)		230		224,043
Series 2014, 4.30%, 09/15/44		272		249,506
Series 2016, 3.55%, 09/15/46(b)		225		180,908
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		412		364,366

S CHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
Georgetown University (The)
Series 20A, 2.94%, 04/01/50	$	121	$	83,612
Series A, 5.22%, 10/01/2118 (Call 04/01/2118)		185		174,911
Series B, 4.32%, 04/01/49 (Call 10/01/48)		385		343,243
Global Payments Inc. 4.15%, 08/15/49 (Call 02/15/49)		374		279,988
5.95%, 08/15/52 (Call 02/15/52)(b)		595		577,519
Howard University, 5.21%, 10/01/52 (Call 10/01/32)(b)		215		178,798
ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)(a)		110		109,093
Johns Hopkins University
Series 2013, 4.08%, 07/01/53		293		264,664
Series A, 2.81%, 01/01/60 (Call 07/01/59)(b)		215		147,023
Leland Stanford Junior University (The) 2.41%, 06/01/50 (Call 12/01/49)		333		227,078
3.46%, 05/01/47		185		155,503
3.65%, 05/01/48 (Call 11/01/47)		502		440,777
Massachusetts Institute of Technology 3.07%, 04/01/52 (Call 10/01/51)		210		164,113
3.89%, 07/01/2116		189		147,635
3.96%, 07/01/38		114		107,403
4.68%, 07/01/2114		404		384,635
5.60%, 07/01/2111		492		557,980
Series F, 2.99%, 07/01/50 (Call 01/01/50)		344		268,055
Series G, 2.29%, 07/01/51 (Call 01/01/51)(b)		420		277,195
Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45		176		143,664
Moody’s Corp. 2.55%, 08/18/60 (Call 02/18/60)		90		51,590
2.75%, 08/19/41 (Call 02/19/41)		390		283,262
3.10%, 11/29/61 (Call 05/29/61)(b)		350		233,078
3.25%, 05/20/50 (Call 11/20/49)		179		130,284
3.75%, 02/25/52 (Call 08/25/51)(b)		440		352,140
4.88%, 12/17/48 (Call 06/17/48)		364		342,691
5.25%, 07/15/44		415		409,249
Northeastern University, Series 2020, 2.89%, 10/01/50(b)		245		173,468
Northwestern University 3.69%, 12/01/38(b)		260		237,013
3.87%, 12/01/48(b)		230		207,013
4.64%, 12/01/44		380		373,098
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)(b)		180		145,354
Series 2020, 2.64%, 12/01/50 (Call 06/01/50)		75		53,627
PayPal Holdings Inc. 3.25%, 06/01/50 (Call 12/01/49)		685		494,771
5.05%, 06/01/52 (Call 12/01/51)(b)		750		720,637
5.25%, 06/01/62 (Call 12/01/61)(b)		320		308,419
President and Fellows of Harvard College 2.52%, 10/15/50 (Call 04/15/50)		347		239,147
3.15%, 07/15/46 (Call 01/15/46)		385		310,039
3.30%, 07/15/56 (Call 01/15/56)		335		262,528
3.62%, 10/01/37		252		225,744
3.75%, 11/15/52 (Call 05/15/52)		200		178,209
4.88%, 10/15/40		150		157,042
6.50%, 01/15/39(a)		455		545,196
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41)		305		214,611
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		467		318,171
S&P Global Inc. 2.30%, 08/15/60 (Call 02/15/60)		450		264,264
3.25%, 12/01/49 (Call 06/01/49)		518		391,818

Security	Par (000)		Value
Commercial Services (continued)
3.70%, 03/01/52 (Call 09/01/51)	$	745	$	622,915
3.90%, 03/01/62 (Call 09/01/61)		360		299,970
4.50%, 05/15/48 (Call 11/15/47)(b)		200		182,799
Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)		340		262,111
Trustees of Boston College 3.13%, 07/01/52(b)		302		229,841
3.99%, 07/01/47		100		87,129
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)(b)		255		232,244
Trustees of Dartmouth College, 3.47%, 06/01/46		255		212,593
Trustees of Princeton University (The) 4.20%, 03/01/52 (Call 09/01/51)		5		4,847
5.70%, 03/01/39		731		828,539
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(b)		155		110,504
Trustees of the University of Pennsylvania (The) 3.61%, 02/15/2119 (Call 08/15/2118)		140		102,964
4.67%, 09/01/2112		250		230,552
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)		205		133,872
Trustees of Tufts College 3.10%, 08/15/51 (Call 02/15/51)		115		81,280
Series 2012, 5.02%, 04/15/2112(b)		190		163,718
University of Chicago (The) 3.00%, 10/01/52 (Call 04/01/52)		130		96,897
4.00%, 10/01/53 (Call 04/01/53)		360		324,343
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)(b)		235		187,707
Series C, 2.55%, 04/01/50 (Call 10/01/49)(b)		250		176,124
University of Miami, 4.06%, 04/01/52(b)		370		320,354
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		279		236,040
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)(b)		318		267,859
University of Southern California 2.81%, 10/01/50 (Call 04/01/50)		210		151,889
3.03%, 10/01/39		610		512,602
5.25%, 10/01/2111(b)		220		233,172
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		360		322,940
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		244		182,164
Series A, 3.23%, 10/01/2120 (Call 04/01/2120)(b)		70		44,920
Verisk Analytics Inc. 3.63%, 05/15/50 (Call 11/15/49)		364		267,805
5.50%, 06/15/45 (Call 12/15/44)		273		267,609
Washington University (The) 3.52%, 04/15/54 (Call 10/15/53)		600		499,280
4.35%, 04/15/2122 (Call 10/15/2121)(b)		110		94,185
Wesleyan University, 4.78%, 07/01/2116		156		136,145
William Marsh Rice University 3.57%, 05/15/45		68		58,553
3.77%, 05/15/55(b)		230		203,190
WK Kellogg Foundation Trust, 2.44%, 10/01/50 (Call 04/01/50)(a)(b)		120		79,222
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		366		249,360
				31,521,778
Computers — 2.0%
Apple Inc. 2.38%, 02/08/41 (Call 08/08/40)(b)		1,005		753,924
2.40%, 08/20/50 (Call 02/20/50)		940		638,733
2.55%, 08/20/60 (Call 02/20/60)		1,181		782,580
2.65%, 05/11/50 (Call 11/11/49)		1,775		1,259,667
2.65%, 02/08/51 (Call 08/08/50)		1,796		1,262,277

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.70%, 08/05/51 (Call 02/05/51)	$	1,275	$	902,054
2.80%, 02/08/61 (Call 02/08/60)		1,287		873,704
2.85%, 08/05/61 (Call 02/05/61)		930		640,585
2.95%, 09/11/49 (Call 03/11/49)		1,066		808,157
3.45%, 02/09/45		1,415		1,209,037
3.75%, 09/12/47 (Call 03/12/47)		740		647,635
3.75%, 11/13/47 (Call 05/13/47)		902		789,812
3.85%, 05/04/43		2,099		1,916,073
3.85%, 08/04/46 (Call 02/04/46)		1,431		1,280,603
3.95%, 08/08/52 (Call 02/08/52)		1,270		1,133,092
4.10%, 08/08/62 (Call 02/08/62)		900		797,864
4.25%, 02/09/47 (Call 08/09/46)		690		661,395
4.38%, 05/13/45		1,392		1,348,172
4.45%, 05/06/44		627		628,106
4.50%, 02/23/36 (Call 08/23/35)(b)		693		719,452
4.65%, 02/23/46 (Call 08/23/45)		2,738		2,755,253
Dell Inc. 5.40%, 09/10/40(b)		225		205,891
6.50%, 04/15/38(b)		415		424,962
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)(a)		710		504,001
3.45%, 12/15/51 (Call 06/15/51)(a)(b)		885		581,739
8.10%, 07/15/36 (Call 01/15/36)		567		665,572
8.35%, 07/15/46 (Call 01/15/46)		529		651,667
Hewlett Packard Enterprise Co. 6.20%, 10/15/35 (Call 04/15/35)(b)		554		598,877
6.35%, 10/15/45 (Call 04/15/45)		1,025		1,061,268
HP Inc., 6.00%, 09/15/41(b)		937		950,243
International Business Machines Corp. 2.85%, 05/15/40 (Call 11/15/39)		610		452,289
2.95%, 05/15/50 (Call 11/15/49)(b)		480		324,707
3.43%, 02/09/52 (Call 08/09/51)		545		399,799
4.00%, 06/20/42(b)		784		671,394
4.15%, 05/15/39		1,372		1,217,485
4.25%, 05/15/49		2,053		1,772,825
4.70%, 02/19/46(b)		547		500,994
4.90%, 07/27/52 (Call 01/27/52)		610		569,308
5.10%, 02/06/53 (Call 08/06/52)(b)		260		251,873
5.60%, 11/30/39		565		587,199
7.13%, 12/01/96(b)		137		177,535
Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)		327		220,853
				34,598,656
Cosmetics & Personal Care — 0.4%
Colgate-Palmolive Co. 3.70%, 08/01/47 (Call 02/01/47)		325		292,364
4.00%, 08/15/45		460		428,148
Estee Lauder Companies Inc. (The) 3.13%, 12/01/49 (Call 06/01/49)		263		203,594
3.70%, 08/15/42		231		193,341
4.15%, 03/15/47 (Call 09/15/46)		304		277,956
4.38%, 06/15/45 (Call 12/15/44)		315		295,848
6.00%, 05/15/37		305		347,468
GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52 (Call 09/24/51)(b)		655		553,533
Kenvue Inc. 5.05%, 03/22/53 (Call 09/22/52)		1,110		1,152,315
5.10%, 03/22/43 (Call 09/22/42)		570		590,704
5.20%, 03/22/63 (Call 09/22/62)(a)		480		499,137
Procter & Gamble Co. (The) 3.50%, 10/25/47		170		145,447

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
3.55%, 03/25/40	$	396	$	355,109
3.60%, 03/25/50		491		432,736
5.50%, 02/01/34		160		175,927
5.55%, 03/05/37		765		875,380
Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)(b)		312		218,783
				7,037,790
Distribution & Wholesale — 0.1%
WW Grainger Inc. 3.75%, 05/15/46 (Call 11/15/45)(b)		260		214,124
4.20%, 05/15/47 (Call 11/15/46)		275		245,189
4.60%, 06/15/45 (Call 12/15/44)		676		645,936
				1,105,249
Diversified Financial Services — 1.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.40%, 10/29/33 (Call 07/29/33)		1,147		921,641
3.85%, 10/29/41 (Call 04/29/41)(b)		1,077		808,888
American Express Co., 4.05%, 12/03/42(b)		888		804,900
Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(a)(b)		300		199,288
Blackstone Holdings Finance Co. LLC 2.80%, 09/30/50 (Call 03/30/50)(a)		283		164,519
2.85%, 08/05/51 (Call 02/05/51)(a)		330		194,702
3.20%, 01/30/52 (Call 07/30/51)(a)		615		391,674
3.50%, 09/10/49 (Call 03/10/49)(a)		285		194,024
4.00%, 10/02/47 (Call 04/02/47)(a)(b)		200		151,298
4.45%, 07/15/45(a)(b)		200		164,378
5.00%, 06/15/44(a)		341		296,041
6.25%, 08/15/42(a)		340		345,173
Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)(a)		240		152,411
Brookfield Finance Inc. 3.50%, 03/30/51 (Call 09/30/50)(b)		502		339,052
3.63%, 02/15/52 (Call 08/15/51)		315		215,481
4.70%, 09/20/47 (Call 03/20/47)		554		481,138
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		436		298,219
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50) .		623		362,653
CME Group Inc. 4.15%, 06/15/48 (Call 12/15/47)(b)		486		446,148
5.30%, 09/15/43 (Call 03/15/43)		649		686,812
FMR LLC 5.15%, 02/01/43(a)		250		229,251
6.45%, 11/15/39(a)(b)		250		268,084
6.50%, 12/14/40(a)		317		338,518
Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)		235		153,179
Invesco Finance PLC, 5.38%, 11/30/43		271		271,302
Jefferies Financial Group Inc. 6.25%, 01/15/36(b)		275		289,674
6.50%, 01/20/43(b)		339		352,889
6.63%, 10/23/43 (Call 07/23/43)(b)		188		193,808
KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)(b)		356		340,032
Legg Mason Inc., 5.63%, 01/15/44.		355		360,091
LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(a).		576		443,486
Mastercard Inc. 2.95%, 03/15/51 (Call 09/15/50)		461		348,904
3.65%, 06/01/49 (Call 12/01/48)		698		599,659
3.80%, 11/21/46 (Call 05/21/46)(b)		459		402,373
3.85%, 03/26/50 (Call 09/26/49)		1,024		907,089
3.95%, 02/26/48 (Call 08/26/47)(b)		357		322,232

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Nasdaq Inc. 2.50%, 12/21/40 (Call 06/21/40)	$	448	$	300,826
3.25%, 04/28/50 (Call 10/28/49)(b)		378		262,890
3.95%, 03/07/52 (Call 09/07/51)		410		323,607
Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(a)(b)		235		194,633
Raymond James Financial Inc. 3.75%, 04/01/51 (Call 10/01/50)		569		424,922
4.95%, 07/15/46		521		479,991
Visa Inc. 2.00%, 08/15/50 (Call 02/15/50)(b)		1,193		754,673
2.70%, 04/15/40 (Call 10/15/39)		816		649,854
3.65%, 09/15/47 (Call 03/15/47)		609		533,352
4.15%, 12/14/35 (Call 06/14/35)		992		976,507
4.30%, 12/14/45 (Call 06/14/45)		2,240		2,174,093
Voya Financial Inc. 4.80%, 06/15/46		158		133,890
5.70%, 07/15/43		240		235,316
Western Union Co. (The) 6.20%, 11/17/36		417		433,032
6.20%, 06/21/40		220		219,298
				21,535,895
Electric — 12.5%
Abu Dhabi National Energy Co. PJSC 3.40%, 04/29/51 (Call 10/29/50)(a)		577		445,167
4.00%, 10/03/49(a)		243		211,070
6.50%, 10/27/36(a)(b)		560		646,063
AEP Texas Inc. 3.45%, 05/15/51 (Call 11/15/50)		396		290,769
3.80%, 10/01/47 (Call 04/01/47)		258		198,554
5.25%, 05/15/52 (Call 11/15/51)		360		354,421
Series G, 4.15%, 05/01/49 (Call 11/01/48)		234		195,983
Series H, 3.45%, 01/15/50 (Call 07/15/49)		305		227,483
AEP Transmission Co. LLC 3.15%, 09/15/49 (Call 03/15/49)(b)		280		205,714
3.75%, 12/01/47 (Call 06/01/47)		370		306,340
3.80%, 06/15/49 (Call 12/15/48)		282		233,211
4.00%, 12/01/46 (Call 06/01/46)		105		91,248
4.25%, 09/15/48 (Call 03/15/48)		204		181,390
4.50%, 06/15/52 (Call 12/15/51)(b)		360		333,157
5.40%, 03/15/53 (Call 09/15/52)		235		247,547
Series M, 3.65%, 04/01/50 (Call 10/01/49)		352		281,495
Series N, 2.75%, 08/15/51 (Call 02/15/51)(b)		262		175,353
Alabama Power Co. 3.00%, 03/15/52 (Call 09/15/51)		315		216,622
3.13%, 07/15/51 (Call 01/15/51)		385		274,439
3.45%, 10/01/49 (Call 04/01/49)		497		374,605
3.75%, 03/01/45 (Call 09/01/44)		590		479,053
3.85%, 12/01/42(b)		220		186,253
4.10%, 01/15/42(b)		90		76,620
4.15%, 08/15/44 (Call 02/15/44)		352		305,287
4.30%, 01/02/46 (Call 07/02/45)		255		222,601
5.50%, 03/15/41		293		290,754
6.00%, 03/01/39(b)		247		262,369
6.13%, 05/15/38(b)		120		132,290
Series 11-C, 5.20%, 06/01/41		220		212,091
Series A, 4.30%, 07/15/48 (Call 01/15/48)		342		299,194
Series B, 3.70%, 12/01/47 (Call 06/01/47)		505		402,923
Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(a)		542		392,364

Security	Par (000)		Value
Electric (continued)
Ameren Illinois Co. 2.90%, 06/15/51 (Call 12/15/50)	$	232	$	160,915
3.25%, 03/15/50 (Call 09/15/49)		242		181,753
3.70%, 12/01/47 (Call 06/01/47)		362		303,771
4.15%, 03/15/46 (Call 09/15/45)		340		294,814
4.30%, 07/01/44 (Call 01/01/44)		95		81,649
4.50%, 03/15/49 (Call 09/15/48)		330		307,078
4.80%, 12/15/43 (Call 06/15/43)(b)		240		220,254
5.90%, 12/01/52 (Call 06/01/52)		190		215,131
American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)		257		181,477
American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(a)		231		223,986
Appalachian Power Co. 4.40%, 05/15/44 (Call 11/15/43)		221		191,751
4.45%, 06/01/45 (Call 12/01/44)		246		211,491
7.00%, 04/01/38		370		436,114
Series L, 5.80%, 10/01/35(b)		290		303,037
Series P, 6.70%, 08/15/37		170		187,432
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		331		286,904
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		305		234,474
Arizona Public Service Co. 2.65%, 09/15/50 (Call 03/15/50)		225		141,522
3.35%, 05/15/50 (Call 11/15/49)		264		186,304
3.50%, 12/01/49 (Call 06/01/49)		212		153,226
3.75%, 05/15/46 (Call 11/15/45)		271		206,012
4.20%, 08/15/48 (Call 02/15/48)		198		160,941
4.25%, 03/01/49 (Call 09/01/48)		246		200,265
4.35%, 11/15/45 (Call 05/15/45)		217		179,769
4.50%, 04/01/42 (Call 10/01/41)		456		398,142
4.70%, 01/15/44 (Call 07/15/43)		185		160,798
5.05%, 09/01/41 (Call 03/01/41)		270		253,731
5.50%, 09/01/35(b)		195		195,406
Avista Corp. 4.00%, 04/01/52 (Call 10/01/51)		260		217,468
4.35%, 06/01/48 (Call 12/01/47)		151		135,341
Baltimore Gas & Electric Co. 2.90%, 06/15/50 (Call 12/15/49)		288		200,431
3.20%, 09/15/49 (Call 03/15/49)		257		191,495
3.50%, 08/15/46 (Call 02/15/46)		325		252,619
3.75%, 08/15/47 (Call 02/15/47)		289		232,173
4.25%, 09/15/48 (Call 03/15/48)		295		258,982
4.55%, 06/01/52 (Call 12/01/51)		360		332,495
6.35%, 10/01/36(b)		140		157,678
Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(a)		144		124,322
Berkshire Hathaway Energy Co. 2.85%, 05/15/51 (Call 11/15/50)		1,006		694,822
3.80%, 07/15/48 (Call 01/15/48)		537		441,023
4.25%, 10/15/50 (Call 04/15/50)		618		539,373
4.45%, 01/15/49 (Call 07/15/48)		663		601,601
4.50%, 02/01/45 (Call 08/01/44)		543		497,734
4.60%, 05/01/53 (Call 11/01/52)		390		363,374
5.15%, 11/15/43 (Call 05/15/43)		243		243,846
5.95%, 05/15/37		400		438,745
6.13%, 04/01/36		1,252		1,403,085
Black Hills Corp. 3.88%, 10/15/49 (Call 04/15/49)		209		159,397
4.20%, 09/15/46 (Call 03/15/46)		235		188,328
4.35%, 05/01/33 (Call 02/01/33)		96		88,930

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(a)	$	190	$	163,388
CenterPoint Energy Houston Electric LLC 3.55%, 08/01/42 (Call 02/01/42)		550		451,927
3.60%, 03/01/52 (Call 09/01/51)		190		152,114
3.95%, 03/01/48 (Call 09/01/47)		290		245,971
4.50%, 04/01/44 (Call 10/01/43)		452		418,168
5.30%, 04/01/53 (Call 10/01/52)		45		47,110
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		515		461,292
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		256		179,838
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		345		265,265
Series AJ, 4.85%, 10/01/52 (Call 04/01/52)(b)		236		234,325
CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)		162		124,304
CEZ AS, 5.63%, 04/03/42(a)(b)		223		213,762
Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)		175		153,907
Cleco Power LLC 6.00%, 12/01/40(b)		188		189,419
6.50%, 12/01/35		260		275,805
Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36 .		287		296,701
CMS Energy Corp. 4.70%, 03/31/43 (Call 09/30/42)		210		185,419
4.88%, 03/01/44 (Call 09/01/43)(b)		276		256,381
Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b)		227		216,911
Comision Federal de Electricidad 3.88%, 07/26/33 (Call 04/26/33)(a)		489		377,312
4.68%, 02/09/51 (Call 08/09/50)(a)		362		244,082
5.75%, 02/14/42(a)		461		386,203
6.13%, 06/16/45(a)		500		430,450
6.26%, 02/15/52 (Call 08/15/51)(a)		305		256,003
Commonwealth Edison Co. 3.00%, 03/01/50 (Call 09/01/49)		323		231,051
3.65%, 06/15/46 (Call 12/15/45)		510		411,001
3.70%, 03/01/45 (Call 09/01/44)		308		249,995
3.80%, 10/01/42 (Call 04/01/42)		310		262,478
4.00%, 03/01/48 (Call 09/01/47)		306		262,398
4.00%, 03/01/49 (Call 09/01/48)		373		316,401
4.35%, 11/15/45 (Call 05/15/45)		308		278,904
4.60%, 08/15/43 (Call 02/15/43)		260		246,113
4.70%, 01/15/44 (Call 07/15/43)		250		237,600
5.30%, 02/01/53 (Call 08/01/52)		240		250,510
6.45%, 01/15/38		299		346,835
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		482		396,543
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		345		255,945
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		549		398,059
Series 131, 2.75%, 09/01/51 (Call 03/01/51)		330		222,596
Series 133, 3.85%, 03/15/52 (Call 09/15/51)		360		298,581
Connecticut Light & Power Co. (The) 4.00%, 04/01/48 (Call 10/01/47)		222		192,834
4.30%, 04/15/44 (Call 10/15/43)		374		334,522
5.25%, 01/15/53 (Call 07/15/52)		335		351,117
6.35%, 06/01/36(b)		200		220,417
Series A, 4.15%, 06/01/45 (Call 12/01/44)(b)		237		205,242
Consolidated Edison Co. of New York Inc. 3.20%, 12/01/51 (Call 06/01/51)		400		290,720
3.60%, 06/15/61 (Call 12/15/60)		515		394,609
3.70%, 11/15/59 (Call 05/15/59)		488		369,035
3.85%, 06/15/46 (Call 12/15/45)		392		318,500
3.95%, 03/01/43 (Call 09/01/42)(b)		500		423,293
4.45%, 03/15/44 (Call 09/15/43)		555		503,603

Security	Par (000)		Value
Electric (continued)
4.50%, 12/01/45 (Call 06/01/45)(b)	$	438	$	393,736
4.50%, 05/15/58 (Call 11/15/57)		476		416,137
4.63%, 12/01/54 (Call 06/01/54)		568		512,851
5.70%, 06/15/40		325		335,532
6.15%, 11/15/52 (Call 05/15/52)		455		512,442
Series 05-A, 5.30%, 03/01/35.		248		254,716
Series 06-A, 5.85%, 03/15/36.		397		422,202
Series 06-B, 6.20%, 06/15/36(b)		315		349,279
Series 06-E, 5.70%, 12/01/36.		255		266,585
Series 07-A, 6.30%, 08/15/37.		410		458,477
Series 08-B, 6.75%, 04/01/38.		395		460,421
Series 09-C, 5.50%, 12/01/39.		370		375,412
Series 12-A, 4.20%, 03/15/42.		355		309,955
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		321		261,729
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		661		553,314
Series A, 4.13%, 05/15/49 (Call 11/15/48)		418		352,237
Series C, 3.00%, 12/01/60 (Call 06/01/60)		365		241,873
Series C, 4.00%, 11/15/57 (Call 05/15/57)		234		190,320
Series C, 4.30%, 12/01/56 (Call 06/01/56)		291		245,598
Series E, 4.65%, 12/01/48 (Call 06/01/48)		424		388,375
Consorcio Transmantaro SA 4.70%, 04/16/34(a)		215		198,928
5.20%, 04/11/38 (Call 01/11/38)(a)		465		429,639
Constellation Energy Generation LLC 5.60%, 06/15/42 (Call 12/15/41)		473		467,682
6.25%, 10/01/39		653		692,349
Consumers Energy Co. 2.50%, 05/01/60 (Call 11/01/59)		308		182,114
2.65%, 08/15/52 (Call 02/15/52)		230		155,374
3.10%, 08/15/50 (Call 02/15/50)		476		345,975
3.25%, 08/15/46 (Call 02/15/46)		290		221,207
3.50%, 08/01/51 (Call 02/01/51)		461		360,801
3.75%, 02/15/50 (Call 08/15/49)		243		200,337
3.95%, 05/15/43 (Call 11/15/42)		324		278,936
3.95%, 07/15/47 (Call 01/15/47)		240		205,220
4.05%, 05/15/48 (Call 11/15/47)		400		347,255
4.10%, 11/15/45 (Call 05/15/45)		20		16,666
4.20%, 09/01/52 (Call 03/01/52)(b)		315		278,963
4.35%, 04/15/49 (Call 10/15/48)		355		324,038
4.35%, 08/31/64 (Call 02/28/64)		184		155,728
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)		266		207,796
Delmarva Power & Light Co. 4.00%, 06/01/42 (Call 12/01/41)		200		165,221
4.15%, 05/15/45 (Call 11/15/44)		310		264,259
Dominion Energy Inc. 4.70%, 12/01/44 (Call 06/01/44)		332		297,568
4.85%, 08/15/52 (Call 02/15/52)(b)		445		405,912
7.00%, 06/15/38		274		317,255
Series A, 4.60%, 03/15/49 (Call 09/15/48)		205		181,743
Series B, 3.30%, 04/15/41 (Call 10/15/40)(b)		389		299,649
Series B, 5.95%, 06/15/35		299		320,567
Series C, 4.05%, 09/15/42 (Call 03/15/42)		285		231,455
Series C, 4.90%, 08/01/41 (Call 02/01/41)		429		394,329
Series F, 5.25%, 08/01/33		290		293,447
Dominion Energy South Carolina Inc. 4.60%, 06/15/43 (Call 12/15/42)		313		290,513
5.10%, 06/01/65 (Call 12/01/64)		156		158,175
5.30%, 05/15/33		185		191,900
5.45%, 02/01/41 (Call 08/01/40)		240		246,586

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
6.05%, 01/15/38	$	278	$	307,242
DTE Electric Co. 2.95%, 03/01/50 (Call 09/01/49)		140		99,366
3.70%, 03/15/45 (Call 09/15/44)		131		107,780
3.70%, 06/01/46 (Call 12/01/45)		210		169,504
3.75%, 08/15/47 (Call 02/15/47)		310		253,850
3.95%, 06/15/42 (Call 12/15/41)		183		150,631
3.95%, 03/01/49 (Call 09/01/48)		473		403,321
4.30%, 07/01/44 (Call 01/01/44)		191		170,720
5.40%, 04/01/53 (Call 10/01/52)		430		455,282
5.70%, 10/01/37(b)		193		199,348
Series A, 4.00%, 04/01/43 (Call 10/01/42)		241		209,608
Series A, 4.05%, 05/15/48 (Call 11/15/47)		340		292,104
Series A, 6.63%, 06/01/36		355		398,011
Series B, 3.25%, 04/01/51 (Call 10/01/50)		282		210,621
Series B, 3.65%, 03/01/52 (Call 09/01/51)(b)		360		290,367
Duke Energy Carolinas LLC 3.20%, 08/15/49 (Call 02/15/49)		441		328,084
3.45%, 04/15/51 (Call 10/15/50)		249		190,434
3.55%, 03/15/52 (Call 09/15/51)		380		300,770
3.70%, 12/01/47 (Call 06/01/47)		417		337,787
3.75%, 06/01/45 (Call 12/01/44)		402		331,303
3.88%, 03/15/46 (Call 09/15/45)		383		317,507
3.95%, 03/15/48 (Call 09/15/47)		403		336,877
4.00%, 09/30/42 (Call 03/30/42)		478		413,138
4.25%, 12/15/41 (Call 06/15/41)		464		418,049
5.30%, 02/15/40		390		407,764
5.35%, 01/15/53 (Call 07/15/52)(b)		390		409,214
6.00%, 01/15/38		399		436,526
6.05%, 04/15/38		374		413,620
6.10%, 06/01/37		333		365,968
Duke Energy Corp. 3.30%, 06/15/41 (Call 12/15/40)		537		410,561
3.50%, 06/15/51 (Call 12/15/50)		537		398,184
3.75%, 09/01/46 (Call 03/01/46)		1,038		815,150
3.95%, 08/15/47 (Call 02/15/47)		406		323,019
4.20%, 06/15/49 (Call 12/15/48)		433		358,144
4.80%, 12/15/45 (Call 06/15/45)		442		409,995
5.00%, 08/15/52 (Call 02/15/52)(b)		805		755,291
Duke Energy Florida LLC 3.00%, 12/15/51 (Call 06/15/51)		315		221,560
3.40%, 10/01/46 (Call 04/01/46)		403		313,495
3.85%, 11/15/42 (Call 05/15/42)		275		233,746
4.20%, 07/15/48 (Call 01/15/48)		282		248,001
5.65%, 04/01/40		271		285,284
5.95%, 11/15/52 (Call 05/15/52)(b)		390		444,009
6.35%, 09/15/37		376		423,471
6.40%, 06/15/38		535		609,532
Duke Energy Indiana LLC 2.75%, 04/01/50 (Call 10/01/49)		395		263,282
3.75%, 05/15/46 (Call 11/15/45)		296		239,660
5.40%, 04/01/53 (Call 10/01/52)		335		346,207
6.12%, 10/15/35		300		325,007
6.35%, 08/15/38		405		463,530
6.45%, 04/01/39		300		339,807
Series UUU, 4.20%, 03/15/42 (Call 09/15/41)		209		181,245
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		226		219,933
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		351		259,026
Duke Energy Ohio Inc. 3.70%, 06/15/46 (Call 12/15/45)		298		232,850

Security	Par (000)		Value
Electric (continued)
4.30%, 02/01/49 (Call 08/01/48)	$	312	$	269,222
5.65%, 04/01/53 (Call 10/01/52)		130		138,027
Duke Energy Progress LLC 2.50%, 08/15/50 (Call 02/15/50)		435		276,142
2.90%, 08/15/51 (Call 02/15/51)		317		217,476
3.60%, 09/15/47 (Call 03/15/47)		415		324,751
3.70%, 10/15/46 (Call 04/15/46)		386		308,109
4.00%, 04/01/52 (Call 10/01/51)		310		261,860
4.10%, 05/15/42 (Call 11/15/41)		362		317,745
4.10%, 03/15/43 (Call 09/15/42)		326		283,814
4.15%, 12/01/44 (Call 06/01/44)		329		286,156
4.20%, 08/15/45 (Call 02/15/45)		467		406,523
4.38%, 03/30/44 (Call 09/30/43)		205		184,687
5.35%, 03/15/53 (Call 09/15/52)		385		400,530
6.30%, 04/01/38(b)		270		303,587
E.ON International Finance BV, 6.65%, 04/30/38(a)(b)		694		766,124
El Paso Electric Co. 5.00%, 12/01/44 (Call 06/01/44)(b)		180		163,687
6.00%, 05/15/35(b)		456		477,079
Electricite de France SA 4.75%, 10/13/35 (Call 04/13/35)(a)(b)		278		253,262
4.88%, 09/21/38 (Call 03/21/38)(a)		341		308,242
4.88%, 01/22/44(a)		588		509,594
4.95%, 10/13/45 (Call 04/13/45)(a)		713		625,280
5.00%, 09/21/48 (Call 03/21/48)(a)(b)		1,244		1,106,598
5.25%, 10/13/55 (Call 04/13/55)(a)		201		173,173
5.60%, 01/27/40(a)		605		580,547
6.00%, 01/22/2114(a)(b)		414		394,744
6.95%, 01/26/39(a)		1,375		1,503,218
Elm Road Generating Station Supercritical LLC, 6.09%, 02/11/40(a)(b)		220		229,527
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		721		599,137
Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(a)(b)		215		208,864
Empresa de Transmision Electrica SA, 5.13%, 05/02/49(a) .		325		264,875
Enel Finance America LLC, 2.88%, 07/12/41 (Call 01/12/41)(a)		275		183,127
Enel Finance International NV 4.75%, 05/25/47(a)		757		656,047
5.50%, 06/15/52 (Call 12/15/51)(a)		630		571,979
6.00%, 10/07/39(a)		1,242		1,242,196
6.80%, 09/15/37(a)(b)		743		795,754
7.75%, 10/14/52 (Call 04/14/52)(a)		740		865,109
Entergy Arkansas LLC 2.65%, 06/15/51 (Call 12/15/50)		542		353,584
3.35%, 06/15/52 (Call 12/15/51)		290		215,858
4.20%, 04/01/49 (Call 10/01/48)(b)		408		352,819
4.95%, 12/15/44 (Call 12/15/24)		320		297,710
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)		410		313,926
Entergy Louisiana LLC 2.90%, 03/15/51 (Call 09/15/50)		511		350,485
3.10%, 06/15/41 (Call 12/15/40)		374		291,757
4.20%, 09/01/48 (Call 03/01/48)		544		473,877
4.20%, 04/01/50 (Call 10/01/49)		386		334,628
4.75%, 09/15/52 (Call 03/15/52)		355		337,186
4.95%, 01/15/45 (Call 01/15/25)		485		461,834
Entergy Mississippi LLC 3.50%, 06/01/51 (Call 12/01/50)(b)		275		207,094
3.85%, 06/01/49 (Call 12/01/48)		358		286,573

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Entergy Texas Inc. 3.55%, 09/30/49 (Call 03/30/49)	$	355	$	270,772
4.50%, 03/30/39 (Call 09/30/38)		318		293,537
5.00%, 09/15/52 (Call 03/15/52)(b)		165		160,961
5.15%, 06/01/45 (Call 06/01/25)		80		75,832
Evergy Kansas Central Inc. 3.25%, 09/01/49 (Call 03/01/49)		196		142,411
3.45%, 04/15/50 (Call 10/15/49)		340		255,770
4.10%, 04/01/43 (Call 10/01/42)		157		134,326
4.13%, 03/01/42 (Call 09/01/41)		486		420,344
4.25%, 12/01/45 (Call 06/01/45)		182		156,712
4.63%, 09/01/43 (Call 03/01/43)(b)		199		173,921
5.70%, 03/15/53 (Call 09/15/52)		170		179,824
Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)(a)		70		58,191
Evergy Metro Inc. 4.20%, 06/15/47 (Call 12/15/46)		210		178,344
4.20%, 03/15/48 (Call 09/15/47)		185		156,832
5.30%, 10/01/41 (Call 04/01/41)		484		482,279
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		240		200,988
Series B, 6.05%, 11/15/35		195		204,458
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)(b)		445		339,118
Exelon Corp. 4.10%, 03/15/52 (Call 09/15/51)		255		211,843
4.45%, 04/15/46 (Call 10/15/45)		458		399,306
4.70%, 04/15/50 (Call 10/15/49)		528		480,768
4.95%, 06/15/35 (Call 12/15/34)		125		124,997
5.10%, 06/15/45 (Call 12/15/44)		506		478,996
5.60%, 03/15/53 (Call 09/15/52)		580		597,050
5.63%, 06/15/35		377		397,379
Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)		437		432,623
FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)(a)		383		325,573
FirstEnergy Transmission LLC 4.55%, 04/01/49 (Call 10/01/48)(a)		258		223,589
5.45%, 07/15/44 (Call 01/15/44)(a)		235		229,038
Florida Power & Light Co. 2.88%, 12/04/51 (Call 06/04/51)		855		609,823
3.15%, 10/01/49 (Call 04/01/49)		455		343,341
3.70%, 12/01/47 (Call 06/01/47)		503		424,316
3.80%, 12/15/42 (Call 06/15/42)		264		225,897
3.95%, 03/01/48 (Call 09/01/47)		511		444,740
3.99%, 03/01/49 (Call 09/01/48)		370		321,882
4.05%, 06/01/42 (Call 12/01/41)		484		432,356
4.05%, 10/01/44 (Call 04/01/44)		349		308,529
4.13%, 02/01/42 (Call 08/01/41)		490		440,794
4.13%, 06/01/48 (Call 12/01/47)		342		304,850
4.95%, 06/01/35		380		387,625
5.13%, 06/01/41 (Call 12/01/40)		240		237,664
5.25%, 02/01/41 (Call 08/01/40)(b)		344		354,626
5.30%, 04/01/53 (Call 10/01/52)		550		585,958
5.63%, 04/01/34(b)		340		368,127
5.65%, 02/01/37		246		265,683
5.69%, 03/01/40(b)		231		251,071
5.95%, 10/01/33		456		495,485
5.95%, 02/01/38		450		501,038
5.96%, 04/01/39		395		435,208
Georgia Power Co. 4.30%, 03/15/42		579		513,622
4.30%, 03/15/43		466		407,146

Security	Par (000)		Value
Electric (continued)
5.13%, 05/15/52 (Call 11/15/51)	$	520	$	514,683
5.40%, 06/01/40		180		176,859
Series 10-C, 4.75%, 09/01/40.		510		477,929
Series A, 3.25%, 03/15/51 (Call 09/15/50)		505		363,440
Series B, 3.70%, 01/30/50 (Call 07/30/49)		379		296,799
Great River Energy, 6.25%, 07/01/38(a)		419		445,692
Iberdrola International BV, 6.75%, 07/15/36(b)		430		498,505
Idaho Power Co. 3.65%, 03/01/45 (Call 09/01/44)		199		148,455
5.50%, 03/15/53 (Call 09/15/52)		210		222,951
Series K, 4.20%, 03/01/48 (Call 09/01/47)(b)		165		143,916
Indiana Michigan Power Co. 3.25%, 05/01/51 (Call 11/01/50)		270		192,449
4.25%, 08/15/48 (Call 02/15/48)		340		293,448
5.63%, 04/01/53 (Call 10/01/52)		280		297,874
6.05%, 03/15/37(b)		249		271,019
Series K, 4.55%, 03/15/46 (Call 09/15/45)		280		249,089
Series L, 3.75%, 07/01/47 (Call 01/01/47)		240		186,122
Indianapolis Power & Light Co. 4.05%, 05/01/46 (Call 11/01/45)(a)		318		267,032
4.70%, 09/01/45 (Call 03/01/45)(a)		177		158,141
Infraestructura Energetica Nova SAB de CV 4.75%, 01/15/51 (Call 07/15/50)(a)		450		340,425
4.88%, 01/14/48(a)		342		261,120
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(a)		830		680,268
Interconexion Electrica SA ESP, 3.83%, 11/26/33 (Call 08/26/33)(a)		186		150,088
International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)		190		164,690
Interstate Power & Light Co. 3.10%, 11/30/51 (Call 05/30/51)		180		123,083
3.50%, 09/30/49 (Call 03/30/49)		253		188,185
3.70%, 09/15/46 (Call 03/15/46)		210		163,287
4.70%, 10/15/43 (Call 04/15/43)		188		164,069
6.25%, 07/15/39		250		270,883
ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)		282		271,798
Jersey Central Power & Light Co., 6.15%, 06/01/37		161		172,978
Kentucky Utilities Co. 3.30%, 06/01/50 (Call 12/01/49)		355		257,794
4.38%, 10/01/45 (Call 04/01/45)		265		232,130
5.13%, 11/01/40 (Call 05/01/40)		327		323,446
Series 1, 4.65%, 11/15/43 (Call 05/15/43)		195		175,500
LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)		196		175,344
Louisville Gas & Electric Co. 4.25%, 04/01/49 (Call 10/01/48)		249		216,926
4.38%, 10/01/45 (Call 04/01/45)		160		139,823
4.65%, 11/15/43 (Call 05/15/43)		172		153,501
5.13%, 11/15/40 (Call 05/01/40)		95		94,792
Massachusetts Electric Co. 4.00%, 08/15/46 (Call 02/15/46)(a)		275		213,909
5.90%, 11/15/39(a)		340		354,958
MidAmerican Energy Co. 2.70%, 08/01/52 (Call 02/01/52)		395		269,271
3.15%, 04/15/50 (Call 10/15/49)		565		421,613
3.65%, 08/01/48 (Call 02/01/48)		445		365,669
3.95%, 08/01/47 (Call 02/01/47)		465		400,299
4.25%, 05/01/46 (Call 11/01/45)		356		316,448
4.25%, 07/15/49 (Call 01/15/49)		629		566,615
4.40%, 10/15/44 (Call 04/15/44)(b)		280		259,800
4.80%, 09/15/43 (Call 03/15/43)		356		346,029

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.75%, 11/01/35	$	406	$	442,874
5.80%, 10/15/36		285		313,892
Minejesa Capital BV, 5.63%, 08/10/37(a)		425		336,885
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42.		525		452,587
Series B, 3.10%, 07/30/51 (Call 01/30/51)		155		106,853
Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)		302		307,709
Narragansett Electric Co. (The) 4.17%, 12/10/42(a)		267		218,145
5.64%, 03/15/40(a)		135		136,560
National Grid USA, 5.80%, 04/01/35		210		217,856
National Rural Utilities Cooperative Finance Corp. 4.30%, 03/15/49 (Call 09/15/48)		166		146,383
4.40%, 11/01/48 (Call 05/01/48)		179		158,154
Nevada Power Co. 5.38%, 09/15/40 (Call 03/15/40)		295		293,651
5.45%, 05/15/41 (Call 11/15/40)		145		145,900
5.90%, 05/01/53 (Call 11/01/52)(b)		140		156,997
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		266		191,034
Series N, 6.65%, 04/01/36		324		371,478
Series R, 6.75%, 07/01/37		260		302,731
New England Power Co. 2.81%, 10/06/50 (Call 04/06/50)(a)		439		292,817
3.80%, 12/05/47 (Call 06/05/47)(a)		235		189,797
5.94%, 11/25/52 (Call 05/25/52)(a)		135		147,968
New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(a)		190		136,674
NextEra Energy Capital Holdings Inc. 3.00%, 01/15/52 (Call 07/15/51)		365		250,061
5.25%, 02/28/53 (Call 08/28/52)		820		811,478
Niagara Mohawk Power Corp. 3.03%, 06/27/50 (Call 12/27/49)(a)		397		271,267
4.12%, 11/28/42(a)		115		95,506
4.28%, 10/01/34 (Call 04/01/34)(a)(b)		257		237,320
5.78%, 09/16/52 (Call 03/16/52)(a)		425		443,201
Northern States Power Co./MN 2.60%, 06/01/51 (Call 12/01/50)		450		304,826
2.90%, 03/01/50 (Call 09/01/49)(b)		365		261,356
3.20%, 04/01/52 (Call 10/01/51)		271		201,924
3.40%, 08/15/42 (Call 02/15/42)		188		154,070
3.60%, 05/15/46 (Call 11/15/45)		267		214,422
3.60%, 09/15/47 (Call 03/15/47)		333		272,509
4.00%, 08/15/45 (Call 02/15/45)		245		211,306
4.13%, 05/15/44 (Call 11/15/43)		248		220,298
4.50%, 06/01/52 (Call 12/01/51)		365		342,870
4.85%, 08/15/40 (Call 02/15/40)		280		267,506
5.25%, 07/15/35		147		151,031
5.35%, 11/01/39(b)		260		270,931
6.20%, 07/01/37		325		364,637
6.25%, 06/01/36		311		349,124
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)(b)		113		99,475
NSTAR Electric Co. 3.10%, 06/01/51 (Call 12/01/50)		260		186,848
4.40%, 03/01/44 (Call 09/01/43)		246		226,961
4.55%, 06/01/52 (Call 12/01/51)		255		241,548
4.95%, 09/15/52 (Call 03/15/52)		255		253,847
5.50%, 03/15/40(b)		462		480,084
Oglethorpe Power Corp. 3.75%, 08/01/50 (Call 02/01/50)		189		147,353

Security	Par (000)		Value
Electric (continued)
4.20%, 12/01/42	$	275	$	215,233
4.25%, 04/01/46 (Call 10/01/45)		240		183,553
4.55%, 06/01/44(b)		130		107,722
5.05%, 10/01/48 (Call 04/01/48)		185		169,712
5.25%, 09/01/50		385		370,165
5.38%, 11/01/40		290		278,017
5.95%, 11/01/39		313		317,164
Ohio Edison Co. 6.88%, 07/15/36		315		363,759
8.25%, 10/15/38		230		288,042
Ohio Power Co. 4.00%, 06/01/49 (Call 12/01/48)		345		288,425
4.15%, 04/01/48 (Call 10/01/47)		305		263,323
Series F, 5.85%, 10/01/35		280		292,949
Series R, 2.90%, 10/01/51 (Call 04/01/51)		335		229,896
Oklahoma Gas & Electric Co. 3.85%, 08/15/47 (Call 02/15/47)		185		147,382
3.90%, 05/01/43 (Call 11/01/42)(b)		190		151,572
4.00%, 12/15/44 (Call 06/15/44)		70		55,771
4.15%, 04/01/47 (Call 10/01/46)		171		143,301
4.55%, 03/15/44 (Call 09/15/43)		166		141,197
5.25%, 05/15/41 (Call 11/15/40)(b)		180		171,341
5.60%, 04/01/53 (Call 10/01/52)(b)		295		305,797
5.85%, 06/01/40		225		229,224
Oncor Electric Delivery Co. LLC 2.70%, 11/15/51 (Call 05/15/51)		385		259,079
3.10%, 09/15/49 (Call 03/15/49)		415		305,268
3.70%, 05/15/50 (Call 11/15/49)		360		296,482
3.75%, 04/01/45 (Call 10/01/44)		382		320,904
3.80%, 09/30/47 (Call 03/30/47)		301		250,591
3.80%, 06/01/49 (Call 12/01/48)		345		287,065
4.10%, 11/15/48 (Call 05/15/48)		322		283,943
4.55%, 12/01/41 (Call 06/01/41)(b)		215		204,307
4.60%, 06/01/52 (Call 12/01/51)		351		329,293
4.95%, 09/15/52 (Call 03/15/52)		340		335,012
5.25%, 09/30/40		465		474,388
5.30%, 06/01/42 (Call 12/01/41)		195		201,637
5.35%, 10/01/52 (Call 04/01/52)(b)		135		141,051
7.50%, 09/01/38		345		429,769
Pacific Gas and Electric Co. 3.30%, 08/01/40 (Call 02/01/40)		735		514,371
3.50%, 08/01/50 (Call 02/01/50)		1,267		825,783
3.75%, 08/15/42 (Call 02/15/42)		399		283,670
3.95%, 12/01/47 (Call 06/01/47)		639		452,206
4.00%, 12/01/46 (Call 06/01/46)		370		262,600
4.20%, 06/01/41 (Call 12/01/40)		377		290,514
4.25%, 03/15/46 (Call 09/15/45)		265		196,235
4.30%, 03/15/45 (Call 09/15/44)		435		325,383
4.45%, 04/15/42 (Call 10/15/41)		350		273,986
4.50%, 07/01/40 (Call 01/01/40)		1,381		1,122,222
4.50%, 12/15/41 (Call 06/15/41)		225		170,042
4.60%, 06/15/43 (Call 12/15/42)		298		233,798
4.75%, 02/15/44 (Call 08/15/43)		471		383,695
4.95%, 07/01/50 (Call 01/01/50)		2,037		1,657,399
5.25%, 03/01/52 (Call 09/01/51)		490		411,580
6.70%, 04/01/53 (Call 10/01/52)		230		234,424
6.75%, 01/15/53 (Call 07/15/52)		505		516,963
PacifiCorp 2.90%, 06/15/52 (Call 12/15/51)		644		449,117
3.30%, 03/15/51 (Call 09/15/50)		440		328,699

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.10%, 02/01/42 (Call 08/01/41)	$	152	$	134,228
4.13%, 01/15/49 (Call 07/15/48)		360		310,005
4.15%, 02/15/50 (Call 08/15/49)		457		393,675
5.25%, 06/15/35		305		316,883
5.35%, 12/01/53 (Call 06/01/53)		690		718,367
5.75%, 04/01/37		460		495,666
6.00%, 01/15/39		394		428,475
6.10%, 08/01/36		295		323,136
6.25%, 10/15/37		515		581,821
6.35%, 07/15/38		235		265,318
PECO Energy Co. 2.80%, 06/15/50 (Call 12/15/49)		332		228,765
2.85%, 09/15/51 (Call 03/15/51)		250		171,758
3.00%, 09/15/49 (Call 03/15/49)		326		235,892
3.05%, 03/15/51 (Call 09/15/50)		290		207,488
3.70%, 09/15/47 (Call 03/15/47)		288		235,038
3.90%, 03/01/48 (Call 09/01/47)		364		310,836
4.15%, 10/01/44 (Call 04/01/44)		209		183,795
4.38%, 08/15/52 (Call 02/15/52)		365		335,913
4.60%, 05/15/52 (Call 11/15/51)		305		291,013
4.80%, 10/15/43 (Call 04/15/43)		205		191,616
5.95%, 10/01/36		271		295,843
Pennsylvania Electric Co., 6.15%, 10/01/38		225		232,296
Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(a)		803		580,888
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.38%, 02/05/50(a)(b)		390		298,390
4.88%, 07/17/49(a)		563		464,965
5.25%, 10/24/42(a)		712		641,797
5.25%, 05/15/47(a)		200		174,823
6.15%, 05/21/48(a)		660		643,555
6.25%, 01/25/49(a)		370		362,138
Potomac Electric Power Co. 4.15%, 03/15/43 (Call 09/15/42)		421		377,756
6.50%, 11/15/37(b)		305		349,563
7.90%, 12/15/38(b)		220		276,850
PPL Electric Utilities Corp. 3.00%, 10/01/49 (Call 04/01/49)		280		204,166
3.95%, 06/01/47 (Call 12/01/46)		380		327,655
4.13%, 06/15/44 (Call 12/15/43)		222		193,907
4.15%, 10/01/45 (Call 04/01/45)		246		216,498
4.15%, 06/15/48 (Call 12/15/47)		288		258,265
4.75%, 07/15/43 (Call 01/15/43)		235		226,268
5.20%, 07/15/41 (Call 01/15/41)		185		178,554
5.25%, 05/15/53 (Call 11/15/52)		625		650,984
6.25%, 05/15/39(b)		255		284,100
Progress Energy Inc., 6.00%, 12/01/39		390		404,134
Public Service Co. of Colorado 3.55%, 06/15/46 (Call 12/15/45)		220		168,729
3.60%, 09/15/42 (Call 03/15/42)		277		230,268
3.80%, 06/15/47 (Call 12/15/46)(b)		177		147,562
3.95%, 03/15/43 (Call 09/15/42)		215		178,618
4.05%, 09/15/49 (Call 03/15/49)		270		231,402
4.10%, 06/15/48 (Call 12/15/47)		210		182,253
4.30%, 03/15/44 (Call 09/15/43)		150		134,852
4.50%, 06/01/52 (Call 12/01/51)		290		269,869
4.75%, 08/15/41 (Call 02/15/41)(b)		224		207,558
5.25%, 04/01/53 (Call 10/01/52)		600		617,136
6.50%, 08/01/38		220		254,781

Security	Par (000)		Value
Electric (continued)
Series 17, 6.25%, 09/01/37(b)	$	285	$	323,891
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		405		302,554
Series 36, 2.70%, 01/15/51 (Call 07/15/49)		230		155,003
Public Service Co. of New Hampshire 3.60%, 07/01/49 (Call 01/01/49)		147		118,985
5.15%, 01/15/53 (Call 07/15/52)(b)		225		233,352
Public Service Co. of Oklahoma
Series G, 6.63%, 11/15/37(b)		275		302,935
Series K, 3.15%, 08/15/51 (Call 02/15/51)		287		196,543
Public Service Electric & Gas Co. 2.05%, 08/01/50 (Call 02/01/50)		166		98,555
2.70%, 05/01/50 (Call 11/01/49)(b)		131		89,608
3.00%, 03/01/51 (Call 09/01/50)		282		203,247
3.15%, 01/01/50 (Call 07/01/49)		255		189,632
3.20%, 08/01/49 (Call 02/01/49)		235		177,927
3.60%, 12/01/47 (Call 06/01/47)		188		151,996
3.65%, 09/01/42 (Call 03/01/42)		527		439,119
3.80%, 01/01/43 (Call 07/01/42)		165		140,186
3.80%, 03/01/46 (Call 09/01/45)		374		311,382
3.85%, 05/01/49 (Call 11/01/48)		279		234,059
3.95%, 05/01/42 (Call 11/01/41)		438		382,245
4.05%, 05/01/48 (Call 11/01/47)		200		175,474
4.15%, 11/01/45 (Call 05/01/45)		166		141,647
5.13%, 03/15/53 (Call 09/15/52)		100		103,482
5.38%, 11/01/39		240		239,777
5.50%, 03/01/40		275		290,167
5.70%, 12/01/36(b)		285		299,151
5.80%, 05/01/37		359		390,667
Series I, 4.00%, 06/01/44 (Call 12/01/43)		80		67,020
Series K, 4.05%, 05/01/45 (Call 11/01/44)		180		151,348
Puget Sound Energy Inc. 2.89%, 09/15/51 (Call 03/15/51)		120		81,990
3.25%, 09/15/49 (Call 03/15/49)		266		197,694
4.22%, 06/15/48 (Call 12/15/47)		305		267,134
4.30%, 05/20/45 (Call 11/20/44)		182		156,031
4.43%, 11/15/41 (Call 05/15/41)		200		171,118
5.48%, 06/01/35		246		249,360
5.64%, 04/15/41 (Call 10/15/40)(b)		385		399,161
5.76%, 10/01/39(b)		280		292,399
5.76%, 07/15/40		235		234,743
5.80%, 03/15/40		256		270,659
6.27%, 03/15/37		330		362,426
6.72%, 06/15/36		20		21,733
Ruwais Power Co. PJSC, 6.00%, 08/31/36(a)		375		400,313
San Diego Gas & Electric Co. 3.70%, 03/15/52 (Call 09/15/51)		135		109,552
3.95%, 11/15/41(b)		315		260,160
4.15%, 05/15/48 (Call 11/15/47)		208		181,132
4.30%, 04/01/42 (Call 10/01/41)		220		189,986
4.50%, 08/15/40		344		324,610
5.35%, 05/15/35		145		148,254
5.35%, 05/15/40		205		205,771
5.35%, 04/01/53 (Call 10/01/52)		450		466,258
6.00%, 06/01/39		248		264,139
Series FFF, 6.13%, 09/15/37		185		197,263
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		285		232,430
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		251		214,315
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		229		171,801
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		555		391,525
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)(b) .		505		496,355

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)	$	622	$	635,696
Sempra Energy 3.80%, 02/01/38 (Call 08/01/37)		665		583,849
4.00%, 02/01/48 (Call 08/01/47)		543		442,279
6.00%, 10/15/39		364		384,298
Sierra Pacific Power Co., Series P, 6.75%, 07/01/37(b)		150		168,683
Solar Star Funding LLC, 5.38%, 06/30/35(a)		79		80,099
Southern California Edison Co. 3.45%, 02/01/52 (Call 08/01/51)		455		336,395
3.65%, 02/01/50 (Call 08/01/49)		797		620,081
3.90%, 12/01/41 (Call 06/01/41)		252		200,230
4.00%, 04/01/47 (Call 10/01/46)		1,226		1,013,269
4.05%, 03/15/42 (Call 09/15/41)		342		286,709
4.50%, 09/01/40 (Call 03/01/40)		399		359,309
4.65%, 10/01/43 (Call 04/01/43)		396		364,059
5.50%, 03/15/40		405		408,410
5.63%, 02/01/36		299		310,404
5.70%, 03/01/53 (Call 09/01/52)(b)		160		167,480
6.00%, 01/15/34		482		522,936
6.05%, 03/15/39		387		413,798
Series 04-G, 5.75%, 04/01/35		270		286,130
Series 05-B, 5.55%, 01/15/36(b)		245		247,957
Series 05-E, 5.35%, 07/15/35.		180		182,180
Series 06-E, 5.55%, 01/15/37(b)		325		336,001
Series 08-A, 5.95%, 02/01/38.		467		504,746
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		237		196,105
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)(b)		388		263,002
Series B, 4.88%, 03/01/49 (Call 09/01/48)		379		355,671
Series C, 3.60%, 02/01/45 (Call 08/01/44)		307		234,543
Series C, 4.13%, 03/01/48 (Call 09/01/47)		752		638,151
Series E, 5.45%, 06/01/52 (Call 12/01/51)(b)		260		263,050
Series H, 3.65%, 06/01/51 (Call 12/01/50)		395		306,701
Southern Co. (The) 4.25%, 07/01/36 (Call 01/01/36)		181		167,640
4.40%, 07/01/46 (Call 01/01/46)		1,300		1,141,400
Southern Power Co. 5.15%, 09/15/41		420		400,423
5.25%, 07/15/43		170		161,413
Series F, 4.95%, 12/15/46 (Call 06/15/46)		261		234,615
Southwestern Electric Power Co. 3.25%, 11/01/51 (Call 05/01/51)		390		271,226
6.20%, 03/15/40		284		302,502
Series J, 3.90%, 04/01/45 (Call 10/01/44)		306		243,871
Series L, 3.85%, 02/01/48 (Call 08/01/47)		383		295,676
Southwestern Public Service Co. 3.40%, 08/15/46 (Call 02/15/46)		132		99,224
3.70%, 08/15/47 (Call 02/15/47)		263		208,846
3.75%, 06/15/49 (Call 12/15/48)		226		179,139
4.50%, 08/15/41 (Call 02/15/41)		302		274,172
6.00%, 10/01/36		223		236,032
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		145		128,527
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		418		302,794
Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)		150		129,710
State Grid Overseas Investment 2013 Ltd., 4.38%, 05/22/43(a)(b)		200		191,637
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(a)		525		533,112
State Grid Overseas Investment BVI Ltd, 4.00%, 05/04/47(a)(b)		260		232,345

Security	Par (000)		Value
Electric (continued)
Tampa Electric Co. 3.45%, 03/15/51 (Call 09/15/50)(b)	$	280	$	206,444
3.63%, 06/15/50 (Call 12/15/49)		205		157,167
4.10%, 06/15/42 (Call 12/15/41)		266		229,144
4.20%, 05/15/45 (Call 11/15/44)		227		186,148
4.30%, 06/15/48 (Call 12/15/47)		226		192,808
4.35%, 05/15/44 (Call 11/15/43)		210		182,704
4.45%, 06/15/49 (Call 12/15/48)		261		225,300
5.00%, 07/15/52 (Call 01/15/52)(b)		155		150,013
6.15%, 05/15/37(b)		205		215,593
6.55%, 05/15/36		315		346,319
Toledo Edison Co. (The), 6.15%, 05/15/37 .		315		340,691
Tri-State Generation & Transmission Association Inc. 4.70%, 11/01/44 (Call 05/01/44)		190		153,505
6.00%, 06/15/40(a)(b)		349		338,175
Tucson Electric Power Co. 3.25%, 05/01/51 (Call 11/01/50)		250		175,329
4.00%, 06/15/50 (Call 12/15/49)		184		149,345
4.85%, 12/01/48 (Call 06/01/48)		216		197,225
5.50%, 04/15/53 (Call 10/15/52)		200		204,013
Union Electric Co. 2.63%, 03/15/51 (Call 09/15/50)		420		279,688
3.25%, 10/01/49 (Call 04/01/49)		255		188,690
3.65%, 04/15/45 (Call 10/15/44)		295		236,244
3.90%, 09/15/42 (Call 03/15/42)		341		289,831
3.90%, 04/01/52 (Call 10/01/51)		360		303,021
4.00%, 04/01/48 (Call 10/01/47)		439		368,384
5.30%, 08/01/37		195		200,550
5.45%, 03/15/53 (Call 09/15/52)(b)		250		263,121
8.45%, 03/15/39		215		286,371
Virginia Electric & Power Co. 2.45%, 12/15/50 (Call 06/15/50)		733		450,958
2.95%, 11/15/51 (Call 05/15/51)		538		370,058
3.30%, 12/01/49 (Call 06/01/49)		272		202,002
4.00%, 01/15/43 (Call 07/15/42)		411		349,891
4.45%, 02/15/44 (Call 08/15/43)		442		394,707
4.60%, 12/01/48 (Call 06/01/48)		247		223,145
5.45%, 04/01/53 (Call 10/01/52)		740		758,008
6.35%, 11/30/37		380		425,378
8.88%, 11/15/38		577		805,309
Series A, 6.00%, 05/15/37		363		392,118
Series B, 3.80%, 09/15/47 (Call 03/15/47)		370		296,154
Series B, 4.20%, 05/15/45 (Call 11/15/44)		332		284,816
Series B, 6.00%, 01/15/36		418		454,240
Series C, 4.00%, 11/15/46 (Call 05/15/46)		372		307,997
Series C, 4.63%, 05/15/52 (Call 11/15/51)		395		362,035
Series D, 4.65%, 08/15/43 (Call 02/15/43)		413		376,694
Wisconsin Electric Power Co. 3.65%, 12/15/42 (Call 06/15/42)		220		174,372
4.25%, 06/01/44 (Call 12/01/43)		157		134,297
4.30%, 12/15/45 (Call 06/15/45)		195		164,318
4.30%, 10/15/48 (Call 04/15/48)		186		165,282
5.63%, 05/15/33(b)		345		369,024
5.70%, 12/01/36		235		249,704
Wisconsin Power and Light Co. 3.65%, 04/01/50 (Call 10/01/49)		189		147,129
4.10%, 10/15/44 (Call 04/15/44)		162		132,575
6.38%, 08/15/37		220		243,652
7.60%, 10/01/38		170		206,891

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Wisconsin Public Service Corp. 2.85%, 12/01/51 (Call 06/01/51)	$	305	$	208,604
3.30%, 09/01/49 (Call 03/01/49)		255		191,581
3.67%, 12/01/42		170		138,841
4.75%, 11/01/44 (Call 05/01/44)		185		173,019
Xcel Energy Inc. 3.50%, 12/01/49 (Call 06/01/49)		361		277,181
4.80%, 09/15/41 (Call 03/15/41)		204		188,758
6.50%, 07/01/36		240		267,494
				214,617,871
Electrical Components & Equipment — 0.1%
Emerson Electric Co. 2.75%, 10/15/50 (Call 04/15/50)		343		229,595
2.80%, 12/21/51 (Call 06/21/51)		620		419,347
5.25%, 11/15/39(b)		305		318,593
6.13%, 04/15/39		160		173,439
				1,140,974
Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		349		282,811
Honeywell International Inc. 2.80%, 06/01/50 (Call 12/01/49)(b)		304		229,140
3.81%, 11/21/47 (Call 05/21/47)		379		331,288
5.38%, 03/01/41		370		394,314
5.70%, 03/15/36		365		402,748
5.70%, 03/15/37		325		359,055
Tyco Electronics Group SA, 7.13%, 10/01/37		358		424,440
				2,423,796
Engineering & Construction — 0.2%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/41 (Call 08/11/40)(a)		350		279,648
5.13%, 08/11/61 (Call 08/11/60)(a)		870		669,726
LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(a)		375		257,700
Mexico City Airport Trust 5.50%, 10/31/46 (Call 04/30/46)(a)		476		370,575
5.50%, 07/31/47 (Call 01/31/47)(a)(b)		1,321		1,025,129
				2,602,778
Entertainment — 0.4%
Magallanes Inc. 5.05%, 03/15/42 (Call 09/15/41)(a)		2,915		2,410,997
5.14%, 03/15/52 (Call 09/15/51)(a)		4,565		3,647,698
5.39%, 03/15/62 (Call 09/15/61)(a)		1,960		1,573,718
				7,632,413
Environmental Control — 0.2%
Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)		130		110,316
Republic Services Inc. 3.05%, 03/01/50 (Call 09/01/49)		332		241,427
5.00%, 04/01/34 (Call 01/01/34)		265		271,095
5.70%, 05/15/41 (Call 11/15/40)(b)		345		372,257
6.20%, 03/01/40		312		347,654
Waste Connections Inc. 2.95%, 01/15/52 (Call 07/15/51)		516		356,918
3.05%, 04/01/50 (Call 10/01/49)		539		376,423
Waste Management Inc. 2.50%, 11/15/50 (Call 05/15/50)		382		249,358
2.95%, 06/01/41 (Call 12/01/40)		340		260,933
3.90%, 03/01/35 (Call 09/01/34)		272		248,087
4.10%, 03/01/45 (Call 09/01/44)		270		240,096

Security	Par (000)		Value
Environmental Control (continued)
4.15%, 07/15/49 (Call 01/15/49)(b)	$	406	$	367,933
				3,442,497
Food — 1.9%
Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(a)		335		271,937
Campbell Soup Co. 3.13%, 04/24/50 (Call 10/24/49)		367		261,009
4.80%, 03/15/48 (Call 09/15/47)		503		470,055
Cencosud SA, 6.63%, 02/12/45 (Call 08/12/44)(a)(b)		215		214,462
Conagra Brands Inc. 5.30%, 11/01/38 (Call 05/01/38)		790		780,274
5.40%, 11/01/48 (Call 05/01/48)		779		758,532
General Mills Inc. 3.00%, 02/01/51 (Call 08/01/50)		443		321,229
4.15%, 02/15/43 (Call 08/15/42)(b)		120		107,679
4.55%, 04/17/38 (Call 10/17/37)		139		131,331
4.70%, 04/17/48 (Call 10/17/47)(b)		167		157,806
5.40%, 06/15/40(b)		583		598,079
Grupo Bimbo SAB de CV 4.00%, 09/06/49 (Call 03/06/49)(a)(b)		290		234,117
4.70%, 11/10/47 (Call 05/10/47)(a)		344		314,123
4.88%, 06/27/44(a)(b)		290		268,499
Hershey Co. (The) 2.65%, 06/01/50 (Call 12/01/49)		114		79,853
3.13%, 11/15/49 (Call 05/15/49)		225		170,828
3.38%, 08/15/46 (Call 02/15/46)		335		265,874
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50) .		397		290,340
Ingredion Inc. 3.90%, 06/01/50 (Call 12/01/49)		261		195,674
6.63%, 04/15/37(b)		169		166,987
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. 4.38%, 02/02/52 (Call 08/02/51)(a)(b)		800		565,385
6.50%, 12/01/52 (Call 06/01/52)(a)(b)		1,060		1,004,300
JM Smucker Co. (The) 2.75%, 09/15/41 (Call 03/15/41)		190		137,423
3.55%, 03/15/50 (Call 09/15/49)		185		138,801
4.25%, 03/15/35		505		476,502
4.38%, 03/15/45		369		326,786
Kellogg Co., 4.50%, 04/01/46(b)		463		428,429
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40. .		315		325,314
Kraft Heinz Foods Co. 4.38%, 06/01/46 (Call 12/01/45)		1,920		1,680,199
4.63%, 10/01/39 (Call 04/01/39)		330		303,927
4.88%, 10/01/49 (Call 04/01/49)		1,038		962,808
5.00%, 07/15/35 (Call 01/15/35)		350		351,568
5.00%, 06/04/42		1,080		1,035,409
5.20%, 07/15/45 (Call 01/15/45)		1,190		1,153,657
5.50%, 06/01/50 (Call 12/01/49)		540		545,289
6.50%, 02/09/40		495		544,457
6.88%, 01/26/39		240		274,236
7.13%, 08/01/39(a)		695		794,253
Kroger Co. (The) 3.88%, 10/15/46 (Call 04/15/46)		325		257,583
3.95%, 01/15/50 (Call 07/15/49)		530		434,062
4.45%, 02/01/47 (Call 08/01/46)		604		536,411
4.65%, 01/15/48 (Call 07/15/47)		370		330,513
5.00%, 04/15/42 (Call 10/15/41)		334		316,142
5.15%, 08/01/43 (Call 02/01/43)		300		284,668
5.40%, 07/15/40 (Call 01/15/40)		340		332,274

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
5.40%, 01/15/49 (Call 07/15/48)	$	361	$	357,262
6.90%, 04/15/38		355		406,333
Mars Inc. 2.38%, 07/16/40 (Call 01/16/40)(a)		535		380,708
2.45%, 07/16/50 (Call 01/16/50)(a)		332		210,889
3.60%, 04/01/34 (Call 01/01/34)(a)(b)		315		288,733
3.88%, 04/01/39 (Call 10/01/38)(a)		594		518,326
3.95%, 04/01/44 (Call 10/01/43)(a)(b)		293		249,665
3.95%, 04/01/49 (Call 10/01/48)(a)		615		527,082
4.13%, 04/01/54 (Call 10/01/53)(a)		485		420,216
4.20%, 04/01/59 (Call 10/01/58)(a)		412		347,603
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)(b)		185		157,542
Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50)		748		499,779
Nestle Holdings Inc. 2.50%, 09/14/41 (Call 03/14/41)(a)		342		251,957
2.63%, 09/14/51 (Call 03/14/51)(a)		471		333,274
3.90%, 09/24/38 (Call 03/24/38)(a)		1,092		1,028,395
4.00%, 09/24/48 (Call 03/24/48)(a)		1,103		994,503
4.70%, 01/15/53 (Call 07/15/52)(a)		870		889,857
Sysco Corp. 3.15%, 12/14/51 (Call 06/14/51)		605		422,632
3.30%, 02/15/50 (Call 08/15/49)		449		324,371
4.45%, 03/15/48 (Call 09/15/47)		324		282,467
4.50%, 04/01/46 (Call 10/01/45)		321		280,425
4.85%, 10/01/45 (Call 04/01/45)		369		336,933
5.38%, 09/21/35		240		248,510
6.60%, 04/01/40 (Call 10/01/39)		255		280,398
6.60%, 04/01/50 (Call 10/01/49)		733		840,005
Tesco PLC, 6.15%, 11/15/37(a)		320		326,426
Tyson Foods Inc. 4.55%, 06/02/47 (Call 12/02/46)		567		492,658
4.88%, 08/15/34 (Call 02/15/34)		255		254,620
5.10%, 09/28/48 (Call 03/28/48)		1,025		971,588
5.15%, 08/15/44 (Call 02/15/44)		323		309,969
				32,832,210
Forest Products & Paper — 0.3%
Celulosa Arauco y Constitucion SA 5.15%, 01/29/50 (Call 07/29/49)(a)(b)		280		242,594
5.50%, 11/02/47 (Call 05/02/47)		360		321,400
5.50%, 04/30/49 (Call 10/30/48)(a)(b)		265		237,698
International Paper Co. 4.35%, 08/15/48 (Call 02/15/48)		709		613,003
4.40%, 08/15/47 (Call 02/15/47)		526		456,012
4.80%, 06/15/44 (Call 12/15/43)		611		560,843
5.00%, 09/15/35 (Call 03/15/35)		245		240,576
5.15%, 05/15/46 (Call 11/15/45)(b)		170		159,770
6.00%, 11/15/41 (Call 05/15/41)		633		663,585
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(a) .		743		747,644
				4,243,125
Gas — 1.0%
APA Infrastructure Ltd., 5.00%, 03/23/35 (Call 12/23/34)(a) .		229		219,151
Atmos Energy Corp. 2.85%, 02/15/52 (Call 08/15/51)		312		213,827
3.38%, 09/15/49 (Call 03/15/49)		275		209,945
4.13%, 10/15/44 (Call 04/15/44)		490		428,605
4.13%, 03/15/49 (Call 09/15/48)		347		298,408
4.15%, 01/15/43 (Call 07/15/42)		357		317,110

Security	Par (000)		Value
Gas (continued)
4.30%, 10/01/48 (Call 04/01/48)	$	436	$	389,005
5.50%, 06/15/41 (Call 12/15/40)		325		334,223
5.75%, 10/15/52 (Call 04/15/52)		345		378,291
Boston Gas Co., 4.49%, 02/15/42(a)		380		328,008
Brooklyn Union Gas Co. (The) 4.27%, 03/15/48 (Call 09/15/47)(a)		409		321,521
4.49%, 03/04/49 (Call 09/04/48)(a)		217		173,005
4.50%, 03/10/46 (Call 09/10/45)(a)		317		259,280
CenterPoint Energy Resources Corp. 4.10%, 09/01/47 (Call 03/01/47)(b)		191		163,075
5.85%, 01/15/41 (Call 07/15/40)		303		318,461
6.63%, 11/01/37(b)		200		214,465
Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(a)(b)		285		268,416
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)		522		353,327
KeySpan Gas East Corp. 3.59%, 01/18/52 (Call 07/18/51)(a)		305		218,217
5.82%, 04/01/41(a)		485		484,229
Korea Gas Corp., 6.25%, 01/20/42(a)(b)		410		480,754
Mega Advance Investments Ltd., 6.38%, 05/12/41(a)(b)		275		301,240
Nakilat Inc., 6.07%, 12/31/33(a)(b)		178		185,468
NiSource Inc. 3.95%, 03/30/48 (Call 09/30/47)		456		374,942
4.38%, 05/15/47 (Call 11/15/46)		565		496,627
4.80%, 02/15/44 (Call 08/15/43)		410		384,000
5.00%, 06/15/52 (Call 12/15/51)		280		265,458
5.25%, 02/15/43 (Call 08/15/42)		474		472,212
5.65%, 02/01/45 (Call 08/01/44)(b)		216		224,916
5.80%, 02/01/42 (Call 08/01/41)		250		249,169
5.95%, 06/15/41 (Call 12/15/40)		386		405,605
ONE Gas Inc. 4.50%, 11/01/48 (Call 05/01/48)		289		256,855
4.66%, 02/01/44 (Call 08/01/43)(b)		411		379,999
Piedmont Natural Gas Co. Inc. 3.35%, 06/01/50 (Call 12/01/49)		306		217,963
3.64%, 11/01/46 (Call 05/01/46)		265		197,200
4.10%, 09/18/34 (Call 03/18/34)		220		200,959
4.65%, 08/01/43 (Call 02/01/43)(b)		240		216,929
5.05%, 05/15/52 (Call 11/15/51)		310		292,822
Southern California Gas Co. 3.75%, 09/15/42 (Call 03/15/42)		330		272,873
4.45%, 03/15/44 (Call 09/15/43)		210		181,996
5.13%, 11/15/40		269		267,616
6.35%, 11/15/52 (Call 05/15/52)		445		518,473
Series KK, 5.75%, 11/15/35(b)		225		237,599
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		310		259,619
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		369		324,834
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		289		235,184
Southern Co. Gas Capital Corp. 3.95%, 10/01/46 (Call 04/01/46)		311		247,203
4.40%, 06/01/43 (Call 12/01/42)		290		249,035
4.40%, 05/30/47 (Call 11/30/46)		431		366,777
5.88%, 03/15/41 (Call 09/15/40)		391		410,889
6.00%, 10/01/34		175		178,889
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		350		242,264
Southwest Gas Corp. 3.18%, 08/15/51 (Call 02/15/51)		131		87,383
3.80%, 09/29/46 (Call 03/29/46)(b)		195		148,053
4.15%, 06/01/49 (Call 12/01/48)		183		147,352
Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)		190		159,205

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)(b)	$	215	$	155,828
Washington Gas Light Co. 3.65%, 09/15/49 (Call 03/15/49)		308		236,314
Series K, 3.80%, 09/15/46 (Call 03/15/46)		312		249,760
				16,670,833
Hand & Machine Tools — 0.1%
Snap-on Inc. 3.10%, 05/01/50 (Call 11/01/49)		302		228,768
4.10%, 03/01/48 (Call 09/01/47)		318		284,450
Stanley Black & Decker Inc. 2.75%, 11/15/50 (Call 05/15/50)		424		256,452
4.85%, 11/15/48 (Call 05/15/48)(b)		292		252,044
5.20%, 09/01/40		460		422,852
				1,444,566
Health Care - Products — 1.1%
Abbott Laboratories 4.75%, 11/30/36 (Call 05/30/36)		929		963,972
4.75%, 04/15/43 (Call 10/15/42)		413		416,919
4.90%, 11/30/46 (Call 05/30/46)		2,209		2,272,452
5.30%, 05/27/40		638		685,391
6.00%, 04/01/39		420		483,040
6.15%, 11/30/37		584		675,305
Alcon Finance Corp. 3.80%, 09/23/49 (Call 03/23/49)(a)		399		316,534
5.75%, 12/06/52 (Call 06/06/52)(a)		380		407,019
Baxter International Inc. 3.13%, 12/01/51 (Call 06/01/51)(b)		505		333,738
3.50%, 08/15/46 (Call 02/15/46)		484		353,219
4.50%, 06/15/43 (Call 12/15/42)		75		61,861
6.25%, 12/01/37		125		129,597
Boston Scientific Corp. 4.55%, 03/01/39 (Call 09/01/38)		315		296,678
4.70%, 03/01/49 (Call 09/01/48)		339		321,959
6.75%, 11/15/35(b)		320		367,047
7.38%, 01/15/40(b)		300		365,766
Covidien International Finance SA, 6.55%, 10/15/37		295		345,266
Danaher Corp. 2.60%, 10/01/50 (Call 04/01/50)(b)		659		447,289
2.80%, 12/10/51 (Call 06/10/51)(b)		590		411,493
4.38%, 09/15/45 (Call 03/15/45)		345		320,566
DH Europe Finance II Sarl 3.25%, 11/15/39 (Call 05/15/39)		676		565,739
3.40%, 11/15/49 (Call 05/15/49)(b)		653		517,171
GE Healthcare Holding LLC, 6.38%, 11/22/52 (Call 05/22/52)(a)		810		909,693
Koninklijke Philips NV 5.00%, 03/15/42		309		293,799
6.88%, 03/11/38(b)		646		750,271
Medtronic Inc. 4.00%, 04/01/43 (Call 10/01/42)(b)		50		45,683
4.38%, 03/15/35		1,289		1,285,136
4.63%, 03/15/45		1,200		1,212,927
PerkinElmer Inc., 3.63%, 03/15/51 (Call 09/15/50)(b)		243		179,824
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)		471		351,285
Stryker Corp. 2.90%, 06/15/50 (Call 12/15/49)		395		280,367
4.10%, 04/01/43 (Call 10/01/42)		442		387,184
4.38%, 05/15/44 (Call 11/15/43)		260		234,458

Security	Par (000)		Value
Health Care - Products (continued)
4.63%, 03/15/46 (Call 09/15/45)	$	575	$	544,451
Thermo Fisher Scientific Inc. 2.80%, 10/15/41 (Call 04/15/41)		720		552,037
4.10%, 08/15/47 (Call 02/15/47)		532		484,969
5.30%, 02/01/44 (Call 08/01/43)		358		373,526
Zimmer Biomet Holdings Inc. 4.25%, 08/15/35 (Call 02/15/35)(b)		189		165,978
4.45%, 08/15/45 (Call 02/15/45)		189		162,140
5.75%, 11/30/39		254		259,448
				19,531,197
Health Care - Services — 4.4%
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)		182		123,364
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		225		169,601
Advocate Health & Hospitals Corp. 3.39%, 10/15/49 (Call 04/15/49)		248		193,570
4.27%, 08/15/48 (Call 02/15/48)		208		188,955
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)		145		104,064
Aetna Inc. 3.88%, 08/15/47 (Call 02/15/47)		473		373,956
4.13%, 11/15/42 (Call 05/15/42)		484		411,052
4.50%, 05/15/42 (Call 11/15/41)		508		454,528
4.75%, 03/15/44 (Call 09/15/43)		227		206,548
6.63%, 06/15/36		556		617,185
6.75%, 12/15/37		414		461,883
AHS Hospital Corp. 5.02%, 07/01/45(b)		350		355,782
Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		354		237,144
Allina Health System 2.90%, 11/15/51 (Call 05/15/51)		185		121,889
4.81%, 11/15/45 (Call 05/15/45)(b)		175		164,412
Series 2019, 3.89%, 04/15/49(b)		231		190,076
Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51)		580		526,279
Ascension Health 3.95%, 11/15/46		684		597,586
4.85%, 11/15/53		370		368,208
Series B, 3.11%, 11/15/39 (Call 05/15/39)		419		336,959
Banner Health 2.91%, 01/01/42 (Call 07/01/41)		215		162,704
2.91%, 01/01/51 (Call 07/01/50)		245		169,983
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		184		133,185
Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41		233		203,454
Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)(b)		10		6,177
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		370		286,881
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		176		149,256
Baylor Scott & White Holdings 3.97%, 11/15/46 (Call 05/15/46)		380		322,814
4.19%, 11/15/45 (Call 05/15/45)		403		364,731
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		413		287,432
Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)		210		142,068
BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)		204		160,563
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		176		124,526

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)	$	222	$	157,130
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)		275		176,593
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)(b)		177		157,947
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		245		163,708
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		156		145,459
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)		290		196,182
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)		204		134,079
City of Hope
Series 2013, 5.62%, 11/15/43		232		237,044
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		214		182,372
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(b)		285		268,461
CommonSpirit Health 3.82%, 10/01/49 (Call 04/01/49)		418		332,624
3.91%, 10/01/50 (Call 04/01/50)		447		354,676
4.19%, 10/01/49 (Call 04/01/49)(b)		487		400,594
4.35%, 11/01/42(b)		244		212,429
6.46%, 11/01/52 (Call 05/01/52)(b)		215		253,954
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		248		168,851
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		344		261,419
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		204		166,627
Dignity Health 4.50%, 11/01/42		201		176,667
5.27%, 11/01/64		80		76,226
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		418		363,504
Elevance Health Inc. 3.13%, 05/15/50 (Call 11/15/49)		773		558,677
3.60%, 03/15/51 (Call 09/15/50)		869		677,710
3.70%, 09/15/49 (Call 03/15/49)		707		562,355
4.38%, 12/01/47 (Call 06/01/47)		1,004		892,619
4.55%, 03/01/48 (Call 09/01/47)		731		661,547
4.63%, 05/15/42		591		549,821
4.65%, 01/15/43		697		655,475
4.65%, 08/15/44 (Call 02/15/44)(b)		662		610,721
4.85%, 08/15/54 (Call 02/15/54)		220		193,742
5.10%, 01/15/44		502		487,984
5.13%, 02/15/53 (Call 08/15/52)		210		208,684
5.85%, 01/15/36		240		254,640
5.95%, 12/15/34		295		316,873
6.10%, 10/15/52 (Call 04/15/52)		700		780,778
6.38%, 06/15/37		230		257,696
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)(b)		145		113,223
Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)(b)		120		121,787
Hackensack Meridian Health Inc. 4.21%, 07/01/48 (Call 01/01/48)(b)		250		222,951
4.50%, 07/01/57 (Call 01/01/57)		205		185,188
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		265		190,387
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		339		231,066
Hartford HealthCare Corp., 3.45%, 07/01/54(b)		215		156,728

Security	Par (000)		Value
Health Care - Services (continued)
HCA Inc. 3.50%, 07/15/51 (Call 01/15/51)	$	996	$	695,210
4.38%, 03/15/42 (Call 09/15/41)(a)		455		381,800
4.63%, 03/15/52 (Call 09/15/51)(a)		1,388		1,151,297
5.13%, 06/15/39 (Call 12/15/38)		868		816,168
5.25%, 06/15/49 (Call 12/15/48)		1,260		1,141,060
5.50%, 06/15/47 (Call 12/15/46)		1,160		1,091,134
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)		405		292,313
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)		180		149,787
Humana Inc. 3.95%, 08/15/49 (Call 02/15/49)		334		274,974
4.63%, 12/01/42 (Call 06/01/42)		482		439,540
4.80%, 03/15/47 (Call 09/14/46)		388		352,503
4.95%, 10/01/44 (Call 04/01/44)		526		493,276
5.50%, 03/15/53 (Call 09/15/52)		485		494,680
8.15%, 06/15/38		179		223,646
Indiana University Health Inc. Obligated Group 3.97%, 11/01/48 (Call 05/01/48)		364		317,302
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		170		115,703
Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)		210		184,328
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		265		202,097
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		189		149,005
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46(b)		481		410,616
Kaiser Foundation Hospitals 4.15%, 05/01/47 (Call 11/01/46)		1,054		954,780
4.88%, 04/01/42		539		533,416
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)		897		695,810
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		730		546,236
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		810		576,145
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		608		552,018
Mass General Brigham Inc.
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)		142		116,762
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		89		66,513
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)		399		285,846
Mayo Clinic 3.77%, 11/15/43		15		13,024
Series 2013, 4.00%, 11/15/47(b)		100		88,565
Series 2016, 4.13%, 11/15/52(b)		365		320,706
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)		356		248,122
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)(b)		231		209,515
MedStar Health Inc., Series 20A, 3.63%, 08/15/49(b)		205		159,222
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		177		136,583
Memorial Sloan-Kettering Cancer Center 4.13%, 07/01/52		155		135,260
5.00%, 07/01/42		411		412,653
Series 2015, 4.20%, 07/01/55		335		292,362
Series 2020, 2.96%, 01/01/50 (Call 07/01/49)(b)		50		35,802
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		415		276,045
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		198		142,748

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Montefiore Obligated Group 4.29%, 09/01/50(b)	$	135	$	84,048
Series 18-C, 5.24%, 11/01/48 (Call 05/01/48)		258		189,055
Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52		180		144,021
Mount Sinai Hospitals Group Inc. Series 2017, 3.98%, 07/01/48		189		154,393
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)		274		215,330
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		355		250,456
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(b)		201		126,939
Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)		195		184,086
New York and Presbyterian Hospital (The) 2.26%, 08/01/40 (Call 02/01/40)		185		128,619
2.61%, 08/01/60 (Call 02/01/60)(b)		155		95,231
3.56%, 08/01/36		175		152,526
4.02%, 08/01/45		310		275,660
4.06%, 08/01/56		198		173,118
4.76%, 08/01/2116		180		157,275
Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)		250		187,461
Northwell Healthcare Inc. 3.81%, 11/01/49 (Call 11/01/48)		222		170,865
3.98%, 11/01/46 (Call 11/01/45)		330		267,183
4.26%, 11/01/47 (Call 11/01/46)		554		463,679
6.15%, 11/01/43		195		205,709
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(b)		184		123,101
Novant Health Inc. 2.64%, 11/01/36 (Call 08/01/36)		190		149,913
3.17%, 11/01/51 (Call 05/01/51)		437		320,453
3.32%, 11/01/61 (Call 05/01/61)		276		194,015
4.37%, 11/01/43		195		178,145
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(b)		209		134,522
NYU Langone Hospitals 5.75%, 07/01/43(b)		80		85,162
Series 2020, 3.38%, 07/01/55 (Call 01/01/55)		130		94,996
Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)		185		194,937
OhioHealth Corp. 2.83%, 11/15/41 (Call 05/15/41)		225		171,542
Series 2020, 3.04%, 11/15/50 (Call 05/15/50)		180		133,180
Orlando Health Obligated Group 3.33%, 10/01/50 (Call 04/01/50)		185		131,038
4.09%, 10/01/48 (Call 04/01/48)		200		166,204
PeaceHealth Obligated Group Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		252		238,193
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		310		223,569
Piedmont Healthcare Inc. 2.86%, 01/01/52 (Call 07/01/51)		254		172,465
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		245		174,201
Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)		175		177,080
Providence St Joseph Health Obligated Group Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		520		323,678
Series A, 3.93%, 10/01/48 (Call 04/01/48)		400		317,936
Series I, 3.74%, 10/01/47		180		138,437

Security	Par (000)		Value
Health Care - Services (continued)
Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)	$	135	$	133,142
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)		198		178,692
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)(b)		195		143,245
Roche Holdings Inc. 2.61%, 12/13/51 (Call 06/13/51)(a)		1,575		1,098,062
4.00%, 11/28/44 (Call 05/28/44)(a)		601		538,324
7.00%, 03/01/39(a)		635		790,665
RWJ Barnabas Health Inc. 3.48%, 07/01/49 (Call 01/01/49)		264		207,142
3.95%, 07/01/46 (Call 07/01/45)		175		148,235
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		255		173,609
Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)		200		141,831
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)		105		69,889
Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)		165		154,479
Stanford Health Care 3.03%, 08/15/51 (Call 02/15/51)		237		170,094
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		338		282,296
Summa Health, 3.51%, 11/15/51 (Call 05/15/51)		173		124,918
Sutter Health
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		168		139,922
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		145		110,935
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		296		215,361
Texas Health Resources 2.33%, 11/15/50 (Call 05/15/50)		190		115,196
4.33%, 11/15/55		210		189,270
Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)		240		234,284
Trinity Health Corp. 4.13%, 12/01/45(b)		330		293,130
Series 2019, 3.43%, 12/01/48(b)		163		131,545
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		251		184,241
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)(b)		105		105,738
UnitedHealth Group Inc. 2.75%, 05/15/40 (Call 11/15/39)		730		560,459
2.90%, 05/15/50 (Call 11/15/49)		876		625,602
3.05%, 05/15/41 (Call 11/15/40)		1,002		795,975
3.13%, 05/15/60 (Call 11/15/59)		585		416,234
3.25%, 05/15/51 (Call 11/15/50)		1,422		1,079,915
3.50%, 08/15/39 (Call 02/15/39)		892		764,667
3.70%, 08/15/49 (Call 02/15/49)		880		723,684
3.75%, 10/15/47 (Call 04/15/47)		690		577,178
3.88%, 08/15/59 (Call 02/15/59)		876		710,119
3.95%, 10/15/42 (Call 04/15/42)		462		406,494
4.20%, 01/15/47 (Call 07/15/46)		570		506,806
4.25%, 03/15/43 (Call 09/15/42)		552		515,506
4.25%, 04/15/47 (Call 10/15/46)		556		501,780
4.25%, 06/15/48 (Call 12/15/47)		718		650,221
4.38%, 03/15/42 (Call 09/15/41)		385		356,553
4.45%, 12/15/48 (Call 06/15/48)		640		593,907
4.63%, 07/15/35		287		289,675
4.63%, 11/15/41 (Call 05/15/41)		524		507,187
4.75%, 07/15/45(b)		1,395		1,362,149
4.75%, 05/15/52 (Call 11/15/51)		1,215		1,180,994
4.95%, 05/15/62 (Call 11/15/61)		705		693,290
5.05%, 04/15/53 (Call 10/15/52)		1,355		1,376,116

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
5.20%, 04/15/63 (Call 10/15/62)	$	1,245	$	1,269,565
5.70%, 10/15/40 (Call 04/15/40)		324		349,512
5.80%, 03/15/36		633		698,058
5.88%, 02/15/53 (Call 08/15/52)(b)		1,380		1,558,478
5.95%, 02/15/41 (Call 08/15/40)		374		413,272
6.05%, 02/15/63 (Call 08/15/62)		1,035		1,190,168
6.50%, 06/15/37		571		663,517
6.63%, 11/15/37		541		638,507
6.88%, 02/15/38(b)		670		814,467
WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)		185		132,115
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)		155		103,981
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		235		214,260
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(b)		248		163,384
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		225		143,389
				75,458,435
Holding Companies - Diversified — 0.1%
Alfa SAB de CV, 6.88%, 03/25/44 (Call 09/25/43)(a)(b)		140		135,809
CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(a)		805		621,003
Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(a)		470		571,530
JAB Holdings BV 3.75%, 05/28/51 (Call 11/28/50)(a)		429		286,820
4.50%, 04/08/52 (Call 10/08/51)(a)(b)		270		205,242
PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)		545		368,850
				2,189,254
Home Builders — 0.1%
MDC Holdings Inc. 3.97%, 08/06/61 (Call 02/06/61)		220		133,637
6.00%, 01/15/43 (Call 10/15/42)		386		340,076
PulteGroup Inc. 6.00%, 02/15/35(b)		275		285,053
6.38%, 05/15/33		153		163,150
				921,916
Home Furnishings — 0.1%
Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)		358		266,202
Whirlpool Corp. 4.50%, 06/01/46 (Call 12/01/45)		346		285,180
4.60%, 05/15/50 (Call 11/15/49)(b)		336		280,730
5.15%, 03/01/43(b)		186		167,174
				999,286
Household Products & Wares — 0.2%
Church & Dwight Co. Inc. 3.95%, 08/01/47 (Call 02/01/47)		429		358,969
5.00%, 06/15/52 (Call 12/15/51)		325		325,868
Kimberly-Clark Corp. 2.88%, 02/07/50 (Call 08/07/49)(b)		331		244,817
3.20%, 07/30/46 (Call 01/30/46)		368		284,238
3.70%, 06/01/43		180		146,159
3.90%, 05/04/47 (Call 11/04/46)		290		252,690
5.30%, 03/01/41(b)		275		290,968
6.63%, 08/01/37		550		676,401
SC Johnson & Son Inc. 4.00%, 05/15/43 (Call 02/15/43)(a)		300		257,309
4.35%, 09/30/44 (Call 03/30/44)(a)(b)		235		206,888

Security	Par (000)		Value
Household Products & Wares (continued)
4.75%, 10/15/46 (Call 04/15/46)(a)	$	570	$	536,748
4.80%, 09/01/40(a)		450		426,159
				4,007,214
Insurance — 5.1%
Aflac Inc. 4.00%, 10/15/46 (Call 04/15/46)		151		122,102
4.75%, 01/15/49 (Call 07/15/48)(b)		348		320,929
6.45%, 08/15/40		311		331,961
AIA Group Ltd. 3.20%, 09/16/40 (Call 03/16/40)(a)		990		741,391
4.50%, 03/16/46 (Call 09/16/45)(a)		345		311,282
4.88%, 03/11/44(a)		282		269,196
Alleghany Corp. 3.25%, 08/15/51 (Call 02/15/51)		185		133,827
4.90%, 09/15/44 (Call 03/15/44)(b)		179		171,311
Allstate Corp. (The) 3.85%, 08/10/49 (Call 02/10/49)		367		292,718
4.20%, 12/15/46 (Call 06/15/46)		458		385,661
4.50%, 06/15/43		392		353,484
5.35%, 06/01/33(b)		63		64,469
5.55%, 05/09/35		417		437,185
5.95%, 04/01/36		390		436,483
6.50%, 05/15/67 (Call 05/15/37), (3-mo. LIBOR US + 2.120%)(b)(d)		270		262,335
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		395		330,866
American International Group Inc. 3.88%, 01/15/35 (Call 07/15/34)(b)		295		263,002
4.38%, 06/30/50 (Call 12/30/49)		845		723,636
4.50%, 07/16/44 (Call 01/16/44)		390		341,309
4.75%, 04/01/48 (Call 10/01/47)		739		671,367
4.80%, 07/10/45 (Call 01/10/45)		560		508,873
6.25%, 05/01/36		435		465,059
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)		312		204,511
Aon Corp., 6.25%, 09/30/40(b)		255		276,309
Aon Corp./Aon Global Holdings PLC 2.90%, 08/23/51 (Call 02/23/51)		434		286,514
3.90%, 02/28/52 (Call 08/28/51)		700		563,636
Aon Global Ltd. 4.25%, 12/12/42		205		166,305
4.45%, 05/24/43 (Call 02/24/43)		215		178,913
4.60%, 06/14/44 (Call 03/14/44)		519		463,642
4.75%, 05/15/45 (Call 11/15/44)		179		163,679
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		280		255,332
Arch Capital Group Ltd. 3.64%, 06/30/50 (Call 12/30/49)		743		562,881
7.35%, 05/01/34(b)		345		402,939
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		330		308,698
Arthur J Gallagher & Co. 3.05%, 03/09/52 (Call 09/09/51)		140		91,753
3.50%, 05/20/51 (Call 11/20/50)		647		473,496
5.75%, 03/02/53 (Call 09/02/52)		469		481,368
Assurant Inc., 6.75%, 02/15/34(b)		128		132,863
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)		380		263,128
Athene Holding Ltd. 3.45%, 05/15/52 (Call 11/15/51)(b)		365		221,597
3.95%, 05/25/51 (Call 11/25/50)(b)		371		250,933
AXIS Specialty Finance PLC, 5.15%, 04/01/45		188		161,385

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Berkshire Hathaway Finance Corp. 2.50%, 01/15/51 (Call 07/15/50)	$	536	$	361,092
2.85%, 10/15/50 (Call 04/15/50)		1,221		874,944
3.85%, 03/15/52 (Call 09/15/51)		1,825		1,555,785
4.20%, 08/15/48 (Call 02/15/48)		1,486		1,374,031
4.25%, 01/15/49 (Call 07/15/48)		1,285		1,210,065
4.30%, 05/15/43		411		386,153
4.40%, 05/15/42		567		549,828
5.75%, 01/15/40		499		559,903
Berkshire Hathaway Inc., 4.50%, 02/11/43		761		739,869
Brighthouse Financial Inc. 3.85%, 12/22/51 (Call 06/22/51)(b)		190		118,134
4.70%, 06/22/47 (Call 12/22/46)		626		472,332
Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)		410		353,461
Chubb Corp. (The) 6.00%, 05/11/37		675		751,961
Series 1, 6.50%, 05/15/38		490		569,522
Chubb INA Holdings Inc. 2.85%, 12/15/51 (Call 06/15/51)		420		295,990
3.05%, 12/15/61 (Call 06/15/61)		635		437,749
4.15%, 03/13/43(b)		270		242,180
4.35%, 11/03/45 (Call 05/03/45)		935		863,758
6.70%, 05/15/36		165		189,132
Cincinnati Financial Corp., 6.13%, 11/01/34		275		299,281
Corebridge Financial Inc. 4.35%, 04/05/42 (Call 10/05/41)(a)		330		272,581
4.40%, 04/05/52 (Call 10/05/51)(a)		930		727,912
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)(b)		472		314,672
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		1,025		887,135
Everest Reinsurance Holdings Inc. 3.13%, 10/15/52 (Call 04/15/52)		615		412,252
3.50%, 10/15/50 (Call 04/15/50)		740		534,729
4.87%, 06/01/44(b)		290		266,833
Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3-mo. LIBOR US + 3.744%)(a)(d)		285		282,061
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo. LIBOR US + 3.454%)(a)(b)(d)		250		232,231
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo. LIBOR US + 1.374%)(a)(d)		320		253,769
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)		260		160,178
Five Corners Funding Trust IV, 6.00%, 02/15/53 (Call 08/15/52)		585		599,522
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)		301		259,696
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(a)		448		363,854
Guardian Life Insurance Co. of America (The) 3.70%, 01/22/70 (Call 07/22/69)(a)(b)		214		146,744
4.85%, 01/24/77(a)(b)		205		180,430
4.88%, 06/19/64(a)(b)		446		399,346
Hartford Financial Services Group Inc. (The) 2.90%, 09/15/51 (Call 03/15/51)		340		224,791
3.60%, 08/19/49 (Call 02/19/49)		457		345,882
4.30%, 04/15/43		334		280,074
4.40%, 03/15/48 (Call 09/15/47)		314		268,007
5.95%, 10/15/36		325		341,737
6.10%, 10/01/41		281		290,353
6.63%, 03/30/40		205		221,215

Security	Par (000)		Value
Insurance (continued)
Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(a)	$	200	$	138,150
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)		360		241,062
Liberty Mutual Group Inc. 3.95%, 10/15/50 (Call 04/15/50)(a)(b)		986		734,798
3.95%, 05/15/60 (Call 11/15/59)(a)		444		312,979
4.85%, 08/01/44(a)(b)		95		82,669
5.50%, 06/15/52 (Call 12/15/51)(a)(b)		645		613,263
6.50%, 03/15/35(a)		355		373,216
6.50%, 05/01/42(a)		230		241,537
Liberty Mutual Insurance Co., 7.70%, 10/15/97(a)(b)		205		236,789
Lincoln National Corp. 4.35%, 03/01/48 (Call 09/01/47)		166		117,201
4.38%, 06/15/50 (Call 12/15/49)(b)		206		146,330
6.30%, 10/09/37		266		262,083
7.00%, 06/15/40		413		417,967
Loews Corp. 4.13%, 05/15/43 (Call 11/15/42)		250		211,194
6.00%, 02/01/35(b)		351		378,963
Manulife Financial Corp., 5.38%, 03/04/46		485		488,554
Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(a)		485		348,455
Markel Corp. 3.45%, 05/07/52 (Call 11/07/51)		385		276,205
4.15%, 09/17/50 (Call 03/17/50)		355		284,193
4.30%, 11/01/47 (Call 05/01/47)		244		204,361
5.00%, 03/30/43		195		172,770
5.00%, 04/05/46		380		347,885
5.00%, 05/20/49 (Call 11/20/48)		398		360,512
Marsh & McLennan Companies Inc. 2.90%, 12/15/51 (Call 06/15/51)		230		157,767
4.20%, 03/01/48 (Call 09/01/47)		415		357,730
4.35%, 01/30/47 (Call 07/30/46)		361		316,359
4.75%, 03/15/39 (Call 09/15/38)		365		345,783
4.90%, 03/15/49 (Call 09/15/48)		781		753,521
5.45%, 03/15/53 (Call 09/15/52)(b)		465		484,234
5.88%, 08/01/33		300		326,195
6.25%, 11/01/52 (Call 05/01/52)		330		378,349
Massachusetts Mutual Life Insurance Co. 3.20%, 12/01/61(a)(b)		340		217,082
3.38%, 04/15/50(a)(b)		364		267,341
3.73%, 10/15/70(a)		641		448,454
4.50%, 04/15/65(a)		220		175,075
4.90%, 04/01/77(a)		264		232,454
5.08%, 02/15/69 (Call 02/15/49), (3-mo. LIBOR US + 3.191%)(a)(d)		295		266,282
5.38%, 12/01/41(a)(b)		391		364,367
5.67%, 12/01/52 (Call 06/01/52)(a)(b)		485		506,188
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)(b)		370		390,284
MetLife Inc. 4.05%, 03/01/45		663		558,981
4.13%, 08/13/42		523		451,650
4.60%, 05/13/46 (Call 11/13/45)		507		456,613
4.72%, 12/15/44		457		420,530
4.88%, 11/13/43		687		647,170
5.00%, 07/15/52 (Call 01/15/52)		605		576,259
5.25%, 01/15/54 (Call 07/15/53)		690		682,211
5.70%, 06/15/35		814		867,115
5.88%, 02/06/41		640		673,495
6.38%, 06/15/34(b)		897		1,013,154

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
6.40%, 12/15/66 (Call 12/15/31)(b)	$	713	$	715,139
9.25%, 04/08/68 (Call 04/08/33)(a)(b)		290		341,475
10.75%, 08/01/69 (Call 08/01/34)		411		534,066
Mutual of Omaha Insurance Co., 6.80%, 06/15/36(a)		65		67,754
National Life Insurance Co., 5.25%, 07/19/68 (Call 07/19/48), (3-mo. LIBOR US + 3.314%)(a)(b)(d)		105		99,039
Nationwide Financial Services Inc. 3.90%, 11/30/49 (Call 05/30/49)(a)		824		611,990
5.30%, 11/18/44(a)(b)		319		291,343
6.75%, 05/15/87		135		129,846
Nationwide Mutual Insurance Co. 4.35%, 04/30/50 (Call 10/30/49)(a)		814		634,065
4.95%, 04/22/44(a)		212		185,694
9.38%, 08/15/39(a)		601		809,870
New York Life Insurance Co. 3.75%, 05/15/50 (Call 11/15/49)(a)		998		797,525
4.45%, 05/15/69 (Call 11/15/68)(a)(b)		626		537,887
5.88%, 05/15/33(a)		525		557,288
6.75%, 11/15/39(a)		760		891,310
Northwestern Mutual Life Insurance Co. (The) 3.45%, 03/30/51 (Call 09/30/50)(a)		715		526,646
3.63%, 09/30/59 (Call 03/30/59)(a)		840		619,534
3.85%, 09/30/47 (Call 03/30/47)(a)		850		678,697
6.06%, 03/30/40(a)(b)		901		960,659
Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(a)(b)		200		183,373
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)(b)		505		369,596
OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(a)		160		118,084
Pacific Life Insurance Co. 4.30%, 10/24/67 (Call 10/24/47), (3-mo. LIBOR US + 2.796%)(a)(d)		495		384,427
9.25%, 06/15/39(a)		185		249,347
Pacific LifeCorp. 3.35%, 09/15/50 (Call 03/15/50)(a)		400		285,836
5.13%, 01/30/43(a)(b)		235		222,395
5.40%, 09/15/52 (Call 03/15/52)(a)(b)		555		546,994
6.60%, 09/15/33(a)		570		629,605
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(a)(b)		315		220,013
Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(a)		446		400,847
Principal Financial Group Inc. 4.30%, 11/15/46 (Call 05/15/46)(b)		185		153,119
4.35%, 05/15/43		268		224,551
4.63%, 09/15/42		232		204,417
5.50%, 03/15/53 (Call 09/15/52)		190		184,412
6.05%, 10/15/36		396		418,709
Progressive Corp. (The) 3.70%, 01/26/45		255		207,072
3.70%, 03/15/52 (Call 09/15/51)		420		337,866
3.95%, 03/26/50 (Call 09/26/49)		363		303,654
4.13%, 04/15/47 (Call 10/15/46)		583		508,249
4.20%, 03/15/48 (Call 09/15/47)		436		383,357
4.35%, 04/25/44		193		173,315
Prudential Financial Inc. 3.00%, 03/10/40 (Call 09/10/39)		400		305,008
3.70%, 03/13/51 (Call 09/13/50)		1,014		782,641
3.91%, 12/07/47 (Call 06/07/47)		596		483,343
3.94%, 12/07/49 (Call 06/07/49)		699		565,626

Security	Par (000)		Value
Insurance (continued)
4.35%, 02/25/50 (Call 08/25/49)	$	659	$	566,043
4.42%, 03/27/48 (Call 09/27/47)		280		241,504
4.60%, 05/15/44		513		463,703
5.70%, 12/14/36(b)		516		555,577
5.75%, 07/15/33(b)		152		163,231
6.63%, 12/01/37		345		392,574
6.63%, 06/21/40(b)		274		305,712
Securian Financial Group Inc., 4.80%, 04/15/48(a)		210		171,112
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		162		153,778
Sompo International Holdings Ltd., 7.00%, 07/15/34		180		193,225
Teachers Insurance & Annuity Association of America 3.30%, 05/15/50 (Call 11/15/49)(a)		960		685,484
4.27%, 05/15/47 (Call 11/15/46)(a)		1,265		1,071,435
4.90%, 09/15/44(a)		982		914,582
6.85%, 12/16/39(a)		850		964,915
Transatlantic Holdings Inc., 8.00%, 11/30/39		364		461,663
Travelers Companies Inc. (The) 2.55%, 04/27/50 (Call 10/27/49)(b)		304		200,969
3.05%, 06/08/51 (Call 12/08/50)(b)		525		378,928
3.75%, 05/15/46 (Call 11/15/45)		332		271,109
4.00%, 05/30/47 (Call 11/30/46)		454		391,342
4.05%, 03/07/48 (Call 09/07/47)		326		281,238
4.10%, 03/04/49 (Call 09/04/48)		356		309,839
4.30%, 08/25/45 (Call 02/25/45)		260		235,705
4.60%, 08/01/43		330		309,963
5.35%, 11/01/40		605		637,302
6.25%, 06/15/37		592		670,866
6.75%, 06/20/36		262		306,560
Trinity Acquisition PLC, 6.13%, 08/15/43		219		210,484
Unum Group 4.13%, 06/15/51 (Call 12/15/50)		400		290,334
4.50%, 12/15/49 (Call 06/15/49)(b)		295		222,366
5.75%, 08/15/42		330		308,052
W R Berkley Corp. 3.15%, 09/30/61 (Call 03/30/61)		185		119,067
3.55%, 03/30/52 (Call 09/30/51)		173		126,240
4.00%, 05/12/50 (Call 11/12/49)		332		266,989
4.75%, 08/01/44		235		217,048
Western & Southern Financial Group Inc., 5.75%, 07/15/33(a)(b)		195		199,600
Western & Southern Life Insurance Co. (The) 3.75%, 04/28/61 (Call 10/28/60)(a)		330		229,897
5.15%, 01/15/49 (Call 07/15/48)(a)(b)		285		260,084
Willis North America Inc. 3.88%, 09/15/49 (Call 03/15/49)		386		281,845
5.05%, 09/15/48 (Call 03/15/48)		238		205,596
WR Berkley Corp., 6.25%, 02/15/37(b)		250		272,958
XLIT Ltd., 5.25%, 12/15/43		210		212,404
				87,202,287
Internet — 1.8%
Alibaba Group Holding Ltd. 2.70%, 02/09/41 (Call 08/09/40)		678		455,042
3.15%, 02/09/51 (Call 08/09/50)		1,170		766,320
3.25%, 02/09/61 (Call 08/09/60)(b)		605		381,359
4.00%, 12/06/37 (Call 06/06/37)		507		439,690
4.20%, 12/06/47 (Call 06/06/47)		1,307		1,043,086
4.40%, 12/06/57 (Call 06/06/57)		610		488,448
4.50%, 11/28/34 (Call 05/28/34)		345		326,589

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet (continued)
Alphabet Inc.
1.90%, 08/15/40 (Call 02/15/40)(b)	$	939	$	661,426
2.05%, 08/15/50 (Call 02/15/50)		1,658		1,055,899
2.25%, 08/15/60 (Call 02/15/60)		1,344		833,981
Amazon.com Inc.
2.50%, 06/03/50 (Call 12/03/49)(b)		1,756		1,185,703
2.70%, 06/03/60 (Call 12/03/59)		1,393		907,747
2.88%, 05/12/41 (Call 11/12/40)		1,392		1,092,943
3.10%, 05/12/51 (Call 11/12/50)		2,236		1,690,117
3.25%, 05/12/61 (Call 11/12/60)		1,222		901,663
3.88%, 08/22/37 (Call 02/22/37)(b)		1,868		1,749,660
3.95%, 04/13/52 (Call 10/13/51)		1,815		1,598,100
4.05%, 08/22/47 (Call 02/22/47)		2,214		2,010,543
4.10%, 04/13/62 (Call 10/13/61)(b)		955		830,381
4.25%, 08/22/57 (Call 02/22/57)		1,495		1,357,723
4.80%, 12/05/34 (Call 06/05/34)(b)		684		710,099
4.95%, 12/05/44 (Call 06/05/44)(b)		1,086		1,123,922
eBay Inc.
3.65%, 05/10/51 (Call 11/10/50)		455		338,431
4.00%, 07/15/42 (Call 01/15/42)		831		679,784
JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)		208		162,188
Meta Platforms Inc.
4.45%, 08/15/52 (Call 02/15/52)		1,885		1,661,260
4.65%, 08/15/62 (Call 02/15/62)		985		872,452
Prosus NV
3.83%, 02/08/51 (Call 08/08/50)(a)		715		450,456
4.03%, 08/03/50 (Call 02/03/50)(a)		737		469,210
4.99%, 01/19/52 (Call 07/19/51)(a)		660		485,067
Tencent Holdings Ltd.
3.24%, 06/03/50 (Call 12/03/49)(a)		1,307		870,647
3.29%, 06/03/60 (Call 12/03/59)(a)		663		418,538
3.68%, 04/22/41 (Call 10/22/40)(a)		442		344,262
3.84%, 04/22/51 (Call 10/22/50)(a)		1,195		888,252
3.93%, 01/19/38 (Call 07/19/37)(a)		685		583,387
3.94%, 04/22/61 (Call 10/22/60)(a)		590		427,179
4.53%, 04/11/49 (Call 10/11/48)(a)(b)		366		308,620
				30,570,174
Iron & Steel — 0.3%
ArcelorMittal SA
6.75%, 03/01/41		365		369,375
7.00%, 10/15/39		480		504,853
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)		333		221,805
3.85%, 04/01/52 (Call 10/01/51)		325		265,583
4.40%, 05/01/48 (Call 11/01/47)		340		299,698
5.20%, 08/01/43 (Call 02/01/43)(b)		242		244,491
6.40%, 12/01/37		150		173,466
Reliance Steel & Aluminum Co., 6.85%, 11/15/36(b)		195		220,873
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)		277		190,828
Vale Overseas Ltd.
6.88%, 11/21/36		1,035		1,083,016
6.88%, 11/10/39		940		983,426
8.25%, 01/17/34		345		401,572
Vale SA, 5.63%, 09/11/42(b)		166		161,354
				5,120,340
Leisure Time — 0.0%
Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)(b)		205		152,629
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)(b)		204		158,631
				311,260

Security	Par (000)		Value
Lodging — 0.0%
Marriott International Inc./MD 4.50%, 10/01/34 (Call 04/01/34)	$	150	$	134,062
Series II, 2.75%, 10/15/33 (Call 07/15/33)(b)		407		330,283
				464,345
Machinery — 0.5%
ABB Finance USA Inc., 4.38%, 05/08/42		350		322,698
Caterpillar Inc. 3.25%, 09/19/49 (Call 03/19/49)		703		563,569
3.25%, 04/09/50 (Call 10/09/49)(b)		793		639,719
3.80%, 08/15/42(b)		1,033		926,751
4.30%, 05/15/44 (Call 11/15/43)		251		240,576
4.75%, 05/15/64 (Call 11/15/63)		295		290,116
5.20%, 05/27/41		597		636,704
5.30%, 09/15/35		197		209,396
6.05%, 08/15/36		523		595,302
Deere & Co. 2.88%, 09/07/49 (Call 03/07/49)		323		248,473
3.75%, 04/15/50 (Call 10/15/49)(b)		530		476,662
3.90%, 06/09/42 (Call 12/09/41)		885		816,927
Dover Corp. 5.38%, 10/15/35(b)		285		299,472
5.38%, 03/01/41 (Call 12/01/40)		262		266,131
6.60%, 03/15/38		160		183,687
Otis Worldwide Corp. 3.11%, 02/15/40 (Call 08/15/39)		549		430,853
3.36%, 02/15/50 (Call 08/15/49)		565		420,970
Rockwell Automation Inc. 2.80%, 08/15/61 (Call 02/15/61)		315		207,918
4.20%, 03/01/49 (Call 09/01/48)		429		387,703
6.25%, 12/01/37		125		140,623
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		270		237,082
				8,541,332
Manufacturing — 0.8%
3M Co. 3.13%, 09/19/46 (Call 03/19/46)(b)		374		271,232
3.25%, 08/26/49 (Call 02/26/49)(b)		724		549,695
3.63%, 10/15/47 (Call 04/15/47)(b)		526		412,509
3.70%, 04/15/50 (Call 10/15/49)(b)		428		348,088
3.88%, 06/15/44(b)		150		125,281
4.00%, 09/14/48 (Call 03/14/48)(b)		714		621,614
5.70%, 03/15/37(b)		435		480,076
Eaton Corp. 3.92%, 09/15/47 (Call 02/15/47)		235		199,377
4.15%, 11/02/42		725		645,017
4.70%, 08/23/52 (Call 02/23/52)(b)		477		459,237
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35(b)		545		531,662
General Electric Co. 4.35%, 05/01/50 (Call 11/01/49)		552		483,732
4.50%, 03/11/44		475		428,908
5.88%, 01/14/38		335		367,121
6.15%, 08/07/37		421		461,378
6.88%, 01/10/39(b)		240		281,450
Illinois Tool Works Inc. 3.90%, 09/01/42 (Call 03/01/42)		499		450,666
4.88%, 09/15/41 (Call 03/15/41)		570		577,746
Parker-Hannifin Corp. 4.00%, 06/14/49 (Call 12/14/48)		579		485,717
4.10%, 03/01/47 (Call 09/01/46)		350		302,310

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Manufacturing (continued)
4.20%, 11/21/34 (Call 05/21/34)	$	287	$	270,966
4.45%, 11/21/44 (Call 05/21/44)		277		254,281
6.25%, 05/15/38		345		384,360
Siemens Financieringsmaatschappij NV 2.88%, 03/11/41(a)		1,435		1,117,066
3.30%, 09/15/46(a)		884		713,905
4.20%, 03/16/47(a)		825		766,264
4.40%, 05/27/45(a)		1,068		1,011,550
				13,001,208
Media — 4.5%
Charter Communications Operating LLC/Charter Communications Operating Capital 3.50%, 06/01/41 (Call 12/01/40)		1,047		715,413
3.50%, 03/01/42 (Call 09/01/41)		995		671,904
3.70%, 04/01/51 (Call 10/01/50)		1,414		896,770
3.85%, 04/01/61 (Call 10/01/60)		1,310		801,826
3.90%, 06/01/52 (Call 12/01/51)		1,673		1,089,914
3.95%, 06/30/62 (Call 12/30/61)		1,035		637,069
4.40%, 12/01/61 (Call 06/01/61)		1,023		685,678
4.80%, 03/01/50 (Call 09/01/49)		1,962		1,485,800
5.13%, 07/01/49 (Call 01/01/49)		902		704,987
5.25%, 04/01/53 (Call 10/01/52)		1,045		836,366
5.38%, 04/01/38 (Call 10/01/37)		589		510,551
5.38%, 05/01/47 (Call 11/01/46)		1,670		1,366,828
5.50%, 04/01/63 (Call 10/01/62)		700		559,216
5.75%, 04/01/48 (Call 10/01/47)		1,532		1,302,117
6.38%, 10/23/35 (Call 04/23/35)		1,416		1,399,744
6.48%, 10/23/45 (Call 04/23/45)		2,275		2,107,883
6.83%, 10/23/55 (Call 04/23/55)		370		351,101
Comcast Corp. 2.45%, 08/15/52 (Call 02/15/52)		981		615,026
2.65%, 08/15/62 (Call 02/15/62)(b)		688		421,376
2.80%, 01/15/51 (Call 07/15/50)(b)		1,196		807,433
2.89%, 11/01/51 (Call 05/01/51)(b)		3,392		2,318,059
2.94%, 11/01/56 (Call 05/01/56)		4,071		2,706,438
2.99%, 11/01/63 (Call 05/01/63)		2,722		1,762,484
3.20%, 07/15/36 (Call 01/15/36)		720		611,813
3.25%, 11/01/39 (Call 05/01/39)		950		770,896
3.40%, 07/15/46 (Call 01/15/46)		962		748,989
3.45%, 02/01/50 (Call 08/01/49)		1,215		939,547
3.75%, 04/01/40 (Call 10/01/39)		989		853,565
3.90%, 03/01/38 (Call 09/01/37)		871		784,382
3.97%, 11/01/47 (Call 05/01/47)(b)		1,384		1,173,292
4.00%, 08/15/47 (Call 02/15/47)		592		499,314
4.00%, 03/01/48 (Call 09/01/47)		702		592,280
4.00%, 11/01/49 (Call 05/01/49)		1,378		1,161,498
4.05%, 11/01/52 (Call 05/01/52)		693		585,418
4.20%, 08/15/34 (Call 02/15/34)		801		770,126
4.40%, 08/15/35 (Call 02/25/35)		567		556,045
4.60%, 10/15/38 (Call 04/15/38)		748		722,645
4.60%, 08/15/45 (Call 02/15/45)		530		491,071
4.65%, 07/15/42		511		483,974
4.70%, 10/15/48 (Call 04/15/48)		1,290		1,223,517
4.75%, 03/01/44		335		315,882
4.95%, 10/15/58 (Call 04/15/58)(b)		562		551,922
5.65%, 06/15/35		665		718,635
6.40%, 03/01/40		125		138,246
6.45%, 03/15/37		480		549,429
6.50%, 11/15/35		547		630,674
6.55%, 07/01/39		100		114,721

Security	Par (000)		Value
Media (continued)
6.95%, 08/15/37	$	280	$	335,773
Cox Communications Inc. 2.95%, 10/01/50 (Call 04/01/50)(a)		360		228,052
3.60%, 06/15/51 (Call 12/15/50)(a)		487		349,190
4.50%, 06/30/43 (Call 12/30/42)(a)		296		249,534
4.60%, 08/15/47 (Call 02/15/47)(a)		200		169,070
4.70%, 12/15/42(a)		281		241,781
4.80%, 02/01/35 (Call 08/01/34)(a)		334		308,622
8.38%, 03/01/39(a)		465		573,903
Discovery Communications LLC 4.00%, 09/15/55 (Call 03/15/55)		1,259		827,447
4.65%, 05/15/50 (Call 11/15/49)(b)		752		568,164
4.88%, 04/01/43		435		350,728
4.95%, 05/15/42		246		199,337
5.00%, 09/20/37 (Call 03/20/37)		280		245,193
5.20%, 09/20/47 (Call 03/20/47)		980		802,933
5.30%, 05/15/49 (Call 11/15/48)		600		490,568
6.35%, 06/01/40(b)		494		481,546
Fox Corp. 5.48%, 01/25/39 (Call 07/25/38)(b)		913		865,260
5.58%, 01/25/49 (Call 07/25/48)		1,072		995,733
Grupo Televisa SAB 5.00%, 05/13/45 (Call 11/13/44)		377		335,068
5.25%, 05/24/49 (Call 11/24/48)		110		103,203
6.13%, 01/31/46 (Call 06/30/45)(b)		460		475,589
6.63%, 01/15/40(b)		916		983,135
NBCUniversal Media LLC 4.45%, 01/15/43		534		489,680
5.95%, 04/01/41(b)		346		376,792
6.40%, 04/30/40		285		324,326
Paramount Global 4.38%, 03/15/43		813		580,437
4.60%, 01/15/45 (Call 07/15/44)		425		310,092
4.85%, 07/01/42 (Call 01/01/42)		417		321,190
4.90%, 08/15/44 (Call 02/15/44)		370		281,349
4.95%, 05/19/50 (Call 11/19/49)(b)		673		509,072
5.25%, 04/01/44 (Call 10/01/43)		230		181,838
5.50%, 05/15/33(b)		296		279,167
5.85%, 09/01/43 (Call 03/01/43)		836		716,049
5.90%, 10/15/40 (Call 04/15/40)		255		227,439
6.88%, 04/30/36		843		866,607
Sky Group Finance Ltd., 6.50%, 10/15/35(a)		280		308,338
Thomson Reuters Corp. 5.50%, 08/15/35		345		349,912
5.65%, 11/23/43 (Call 05/23/43)		225		217,919
5.85%, 04/15/40		405		404,186
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33.		560		632,815
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)		868		661,115
5.50%, 09/01/41 (Call 03/01/41)		967		825,747
5.88%, 11/15/40 (Call 05/15/40)		725		644,919
6.55%, 05/01/37		1,089		1,061,390
6.75%, 06/15/39		1,089		1,058,777
7.30%, 07/01/38		1,115		1,155,472
TWDC Enterprises 18 Corp. 3.00%, 07/30/46		505		370,807
3.70%, 12/01/42		602		507,050
4.13%, 06/01/44(b)		837		756,823
4.38%, 08/16/41		330		306,246
Series E, 4.13%, 12/01/41		435		391,891

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Walt Disney Co. (The) 2.75%, 09/01/49 (Call 03/01/49)	$	1,609	$	1,116,968
3.50%, 05/13/40 (Call 11/13/39)		1,385		1,177,597
3.60%, 01/13/51 (Call 07/13/50)		1,960		1,585,607
3.80%, 05/13/60 (Call 11/13/59)		443		359,996
4.63%, 03/23/40 (Call 09/23/39)		545		534,141
4.70%, 03/23/50 (Call 09/23/49)(b)		1,015		989,261
4.75%, 09/15/44 (Call 03/15/44)		494		484,750
4.75%, 11/15/46 (Call 05/15/46)		429		413,782
4.95%, 10/15/45 (Call 04/15/45)		422		416,503
5.40%, 10/01/43		430		448,137
6.15%, 03/01/37		215		239,728
6.15%, 02/15/41		565		634,566
6.20%, 12/15/34		601		686,904
6.40%, 12/15/35		294		339,714
6.65%, 11/15/37		636		755,524
7.75%, 12/01/45		235		308,881
				76,531,197
Metal Fabricate & Hardware — 0.1%
Precision Castparts Corp. 3.90%, 01/15/43 (Call 07/15/42)		116		101,108
4.20%, 06/15/35 (Call 12/15/34)		186		178,486
4.38%, 06/15/45 (Call 12/15/44)(b)		271		249,623
Valmont Industries Inc. 5.00%, 10/01/44 (Call 04/01/44)		315		283,631
5.25%, 10/01/54 (Call 04/01/54)		182		163,888
				976,736
Mining — 1.6%
Anglo American Capital PLC 3.95%, 09/10/50 (Call 03/10/50)(a)(b)		419		319,952
4.75%, 03/16/52 (Call 09/16/51)(a)		585		495,571
Barrick Gold Corp., 6.45%, 10/15/35(b)		250		276,450
Barrick International Barbados Corp., 6.35%, 10/15/36(a)		400		437,481
Barrick North America Finance LLC 5.70%, 05/30/41		650		683,783
5.75%, 05/01/43		510		539,092
7.50%, 09/15/38		245		294,334
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		603		647,756
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42		741		675,861
5.00%, 09/30/43		1,588		1,617,610
Corp. Nacional del Cobre de Chile 3.15%, 01/15/51 (Call 07/15/50)(a)		370		258,219
3.70%, 01/30/50 (Call 07/30/49)(a)		2,130		1,601,866
4.25%, 07/17/42(a)		430		357,756
4.38%, 02/05/49 (Call 08/05/48)(a)		1,008		850,284
4.50%, 08/01/47 (Call 02/01/47)(a)		962		822,655
4.88%, 11/04/44(a)		640		584,689
5.63%, 09/21/35(a)		100		105,646
5.63%, 10/18/43(a)(b)		545		542,112
6.15%, 10/24/36(a)(b)		313		341,007
Freeport Indonesia PT, 6.20%, 04/14/52 (Call 10/14/51)(a)		497		457,573
Freeport-McMoRan Inc. 5.40%, 11/14/34 (Call 05/14/34)(b)		497		490,028
5.45%, 03/15/43 (Call 09/15/42)		1,309		1,228,704
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(a)		435		331,325
Glencore Canada Corp., 6.20%, 06/15/35		275		276,096
Glencore Finance Canada Ltd. 5.55%, 10/25/42(a)(b)		225		216,915

Security	Par (000)		Value
Mining (continued)
6.00%, 11/15/41(a)	$	403	$	410,258
6.90%, 11/15/37(a)		535		598,921
Glencore Funding LLC 3.38%, 09/23/51 (Call 03/23/51)(a)		225		155,690
3.88%, 04/27/51 (Call 10/27/50)(a)(b)		225		172,796
Indonesia Asahan Aluminium Persero PT 5.80%, 05/15/50 (Call 11/15/49)(a)(b)		330		298,692
6.76%, 11/15/48(a)(b)		264		265,095
Industrias Penoles SAB de CV 4.75%, 08/06/50 (Call 02/06/50)(a)		283		230,485
5.65%, 09/12/49 (Call 03/12/49)(a)		210		194,470
Kinross Gold Corp., 6.88%, 09/01/41 (Call 03/01/41)(b)		244		262,755
Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)(b)		625		483,135
Newcrest Finance Pty Ltd. 4.20%, 05/13/50 (Call 11/13/49)(a)		123		100,902
5.75%, 11/15/41(a)(b)		549		552,630
Newmont Corp. 4.88%, 03/15/42 (Call 09/15/41)(b)		758		728,628
5.45%, 06/09/44 (Call 12/09/43)(b)		245		248,984
5.88%, 04/01/35(b)		449		473,464
6.25%, 10/01/39		704		765,414
Rio Tinto Alcan Inc. 5.75%, 06/01/35		486		517,245
6.13%, 12/15/33		926		1,024,312
Rio Tinto Finance USA Ltd. 2.75%, 11/02/51 (Call 05/02/51)		905		633,378
5.20%, 11/02/40		828		855,905
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)		454		411,663
4.75%, 03/22/42 (Call 09/22/41)		198		194,049
5.13%, 03/09/53 (Call 09/09/52)		525		540,926
Southern Copper Corp. 5.25%, 11/08/42		770		751,923
5.88%, 04/23/45		965		1,008,425
6.75%, 04/16/40		799		893,014
7.50%, 07/27/35		790		930,140
				28,156,064
Oil & Gas — 5.6%
BG Energy Capital PLC, 5.13%, 10/15/41(a)(b)		895		873,539
BP Capital Markets America Inc. 2.77%, 11/10/50 (Call 05/10/50)		1,081		740,135
2.94%, 06/04/51 (Call 12/04/50)(b)		1,582		1,110,574
3.00%, 02/24/50 (Call 08/24/49)		1,441		1,032,273
3.00%, 03/17/52 (Call 09/17/51)		814		577,949
3.06%, 06/17/41 (Call 12/17/40)		990		772,022
3.07%, 03/30/50 (Call 09/30/49)		410		372,906
3.38%, 02/08/61 (Call 08/08/60)		1,375		1,020,507
Burlington Resources LLC, 5.95%, 10/15/36(b)		40		44,037
Canadian Natural Resources Ltd. 4.95%, 06/01/47 (Call 12/01/46)		370		336,701
5.85%, 02/01/35		321		323,569
6.25%, 03/15/38		821		875,493
6.45%, 06/30/33		172		179,486
6.50%, 02/15/37		357		375,886
6.75%, 02/01/39		382		409,843
Cenovus Energy Inc. 3.75%, 02/15/52 (Call 08/15/51)(b)		680		494,013
5.25%, 06/15/37 (Call 12/15/36)(b)		181		173,977
5.40%, 06/15/47 (Call 12/15/46)		581		541,331

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
6.75%, 11/15/39	$	654	$	710,136
6.80%, 09/15/37		418		449,924
Chevron Corp. 2.98%, 05/11/40 (Call 11/11/39)		255		200,992
3.08%, 05/11/50 (Call 11/11/49)		660		509,527
Chevron USA Inc. 2.34%, 08/12/50 (Call 02/12/50)(b)		578		380,052
5.25%, 11/15/43 (Call 05/15/43)		270		280,806
6.00%, 03/01/41 (Call 09/01/40)		225		252,025
CNOOC Finance 2011 Ltd., 5.75%, 01/26/41(a)		500		527,055
CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a)		250		241,807
CNOOC Finance 2013 Ltd. 3.30%, 09/30/49 (Call 03/30/49)		470		338,370
4.25%, 05/09/43(b)		220		192,250
CNOOC Finance 2014 ULC, 4.88%, 04/30/44		405		383,599
CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45		365		314,075
CNOOC Petroleum North America ULC 5.88%, 03/10/35(b)		562		595,016
6.40%, 05/15/37		645		721,199
7.50%, 07/30/39		410		506,572
CNPC HK Overseas Capital Ltd., 5.95%, 04/28/41(a)(b)		400		441,936
ConocoPhillips Co. 3.76%, 03/15/42 (Call 09/15/41)		525		450,112
3.80%, 03/15/52 (Call 09/15/51)(b)		1,065		891,604
4.03%, 03/15/62 (Call 09/15/61)(b)		1,419		1,206,489
4.30%, 11/15/44 (Call 05/15/44)		583		532,819
4.88%, 10/01/47 (Call 04/01/47)(b)		70		67,495
5.90%, 05/15/38		75		82,265
5.95%, 03/15/46 (Call 09/15/45)		200		223,632
6.50%, 02/01/39		835		980,499
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		505		393,166
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)		514		451,584
5.00%, 06/15/45 (Call 12/15/44)(b)		536		479,922
5.60%, 07/15/41 (Call 01/15/41)		971		946,449
Diamondback Energy Inc. 4.25%, 03/15/52 (Call 09/15/51)		560		442,010
4.40%, 03/24/51 (Call 09/24/50)(b)		542		441,215
6.25%, 03/15/53 (Call 09/15/52)(b)		425		444,164
Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(a)		331		255,043
Eni SpA, 5.70%, 10/01/40(a)		325		305,949
EOG Resources Inc. 3.90%, 04/01/35 (Call 10/01/34)		398		368,735
4.95%, 04/15/50 (Call 10/15/49)(b)		453		456,495
5.10%, 01/15/36 (Call 07/15/35)		215		213,235
Equinor ASA 3.25%, 11/18/49 (Call 05/18/49)		626		485,578
3.63%, 04/06/40 (Call 10/06/39)		368		319,177
3.70%, 04/06/50 (Call 10/06/49)		824		694,961
3.95%, 05/15/43		599		536,798
4.25%, 11/23/41		415		388,222
4.80%, 11/08/43		621		612,937
5.10%, 08/17/40		573		592,416
Exxon Mobil Corp. 3.00%, 08/16/39 (Call 02/16/39)		658		533,590
3.10%, 08/16/49 (Call 02/16/49)		1,068		805,255
3.45%, 04/15/51 (Call 10/15/50)(b)		1,915		1,534,248

Security	Par (000)		Value
Oil & Gas (continued)
3.57%, 03/06/45 (Call 09/06/44)(b)	$	688	$	574,712
4.11%, 03/01/46 (Call 09/01/45)		1,748		1,572,666
4.23%, 03/19/40 (Call 09/19/39)		1,428		1,344,970
4.33%, 03/19/50 (Call 09/19/49)		1,844		1,716,801
Hess Corp. 5.60%, 02/15/41		993		965,502
5.80%, 04/01/47 (Call 10/01/46)(b)		158		156,423
6.00%, 01/15/40(b)		610		620,844
KazMunayGas National Co. JSC 5.75%, 04/19/47(a)		600		474,000
6.38%, 10/24/48(a)		1,140		959,242
Marathon Oil Corp. 5.20%, 06/01/45 (Call 12/01/44)		323		279,554
6.60%, 10/01/37		613		631,289
Marathon Petroleum Corp. 4.50%, 04/01/48 (Call 10/01/47)		405		329,532
4.75%, 09/15/44 (Call 03/15/44)		496		430,105
5.00%, 09/15/54 (Call 03/15/54)		308		265,610
5.85%, 12/15/45 (Call 06/15/45)		184		174,275
6.50%, 03/01/41 (Call 09/01/40)		813		858,842
Motiva Enterprises LLC, 6.85%, 01/15/40(a)		448		487,228
Ovintiv Inc. 6.50%, 08/15/34(b)		370		379,048
6.50%, 02/01/38		415		415,007
6.63%, 08/15/37		305		310,269
Pertamina Persero PT 4.15%, 02/25/60 (Call 08/25/59)(a)(b)		660		483,848
4.18%, 01/21/50 (Call 07/21/49)(a)		755		589,392
4.70%, 07/30/49(a)		431		365,551
5.63%, 05/20/43(a)		1,005		954,208
6.00%, 05/03/42(a)		669		663,668
6.45%, 05/30/44(a)		1,043		1,083,309
6.50%, 05/27/41(a)		300		310,817
6.50%, 11/07/48(a)		614		631,372
Petronas Capital Ltd. 3.40%, 04/28/61 (Call 10/28/60)(a)		1,170		854,619
4.50%, 03/18/45(a)		982		920,196
4.55%, 04/21/50 (Call 10/21/49)(a)		1,714		1,601,752
4.80%, 04/21/60 (Call 10/21/59)(a)		725		700,144
Phillips 66 3.30%, 03/15/52 (Call 09/15/51)		770		542,197
4.65%, 11/15/34 (Call 05/15/34)		688		665,933
4.68%, 02/15/45 (Call 08/15/44)(a)		360		319,530
4.88%, 11/15/44 (Call 05/15/44)		1,180		1,111,497
4.90%, 10/01/46 (Call 04/01/46)(a)		413		373,563
5.88%, 05/01/42		874		926,862
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(a)(b)		585		428,038
Qatar Energy 3.13%, 07/12/41 (Call 01/12/41)(a)		2,165		1,702,231
3.30%, 07/12/51 (Call 01/12/51)(a)		2,700		2,030,940
Reliance Industries Ltd. 3.63%, 01/12/52(a)		1,580		1,130,342
3.75%, 01/12/62(a)		645		448,909
Saudi Arabian Oil Co. 3.25%, 11/24/50 (Call 05/24/50)(a)		1,478		1,060,465
3.50%, 11/24/70 (Call 05/24/70)(a)		1,555		1,056,641
4.25%, 04/16/39(a)		2,093		1,918,281
4.38%, 04/16/49(a)		2,018		1,779,924
Shell International Finance BV 2.88%, 11/26/41 (Call 05/26/41)		405		312,990

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.00%, 11/26/51 (Call 05/26/51)	$	725	$	524,937
3.13%, 11/07/49 (Call 05/07/49)		888		664,711
3.25%, 04/06/50 (Call 10/06/49)		1,370		1,049,375
3.63%, 08/21/42		398		335,920
3.75%, 09/12/46		904		761,540
4.00%, 05/10/46		1,393		1,219,389
4.13%, 05/11/35		1,068		1,026,401
4.38%, 05/11/45		1,861		1,730,256
4.55%, 08/12/43		877		834,454
5.50%, 03/25/40		831		886,345
6.38%, 12/15/38		1,843		2,145,954
Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(a)		345		308,295
Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)		620		614,564
Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(a)		250		263,729
Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(a)		550		484,665
Sinopec Group Overseas Development 2017 Ltd. 4.00%, 09/13/47(a)		400		346,051
4.25%, 04/12/47(a)		450		405,718
Sinopec Group Overseas Development 2018 Ltd. 3.10%, 01/08/51 (Call 07/08/50)(a)		400		285,310
3.35%, 05/13/50 (Call 11/13/49)(a)		290		221,083
3.44%, 11/12/49 (Call 05/12/49)(a)		200		155,423
3.68%, 08/08/49 (Call 02/08/49)(a)		273		221,765
4.60%, 09/12/48(a)		323		305,210
Sinopec Group Overseas Development Ltd., 4.25%, 05/03/46(a)		200		179,725
Suncor Energy Inc. 3.75%, 03/04/51 (Call 09/04/50)		332		252,621
4.00%, 11/15/47 (Call 05/15/47)		324		260,530
5.95%, 12/01/34		455		472,416
6.50%, 06/15/38		918		988,909
6.80%, 05/15/38(b)		760		837,237
6.85%, 06/01/39(b)		585		639,392
Thaioil Treasury Center Co. Ltd. 3.50%, 10/17/49(a)(b)		466		298,201
3.75%, 06/18/50(a)		390		259,693
5.38%, 11/20/48(a)		395		337,535
TotalEnergies Capital International SA 2.99%, 06/29/41 (Call 12/29/40)(b)		575		451,104
3.13%, 05/29/50 (Call 11/29/49)		1,697		1,268,760
3.39%, 06/29/60 (Call 12/29/59)		572		430,735
3.46%, 07/12/49 (Call 01/12/49)		726		580,931
Valero Energy Corp. 3.65%, 12/01/51 (Call 06/01/51)(b)		671		478,242
4.00%, 06/01/52 (Call 12/01/51)(b)		365		280,475
4.90%, 03/15/45(b)		381		345,550
6.63%, 06/15/37		1,079		1,183,981
XTO Energy Inc., 6.75%, 08/01/37.		125		146,564
				95,832,480
Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		839		821,758
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		789		647,293
Halliburton Co. 4.50%, 11/15/41 (Call 05/15/41)		297		257,078
4.75%, 08/01/43 (Call 02/01/43)		559		498,514
4.85%, 11/15/35 (Call 05/15/35)		754		736,694

Security	Par (000)		Value
Oil & Gas Services (continued)
5.00%, 11/15/45 (Call 05/15/45)(b)	$	1,331	$	1,221,387
6.70%, 09/15/38		605		673,591
7.45%, 09/15/39		755		889,918
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)(b)		867		645,762
				6,391,995
Packaging & Containers — 0.1%
Packaging Corp. of America 3.05%, 10/01/51 (Call 04/01/51)		550		371,410
4.05%, 12/15/49 (Call 06/15/49)		210		171,210
Sonoco Products Co., 5.75%, 11/01/40 (Call 05/01/40)(b)		315		322,579
Stora Enso OYJ, 7.25%, 04/15/36(a)		200		212,938
WRKCo Inc., 3.00%, 06/15/33 (Call 03/15/33)(b)		355		290,245
				1,368,382
Pharmaceuticals — 6.3%
AbbVie Inc. 4.05%, 11/21/39 (Call 05/21/39)		2,740		2,423,724
4.25%, 11/21/49 (Call 05/21/49)		3,857		3,380,926
4.30%, 05/14/36 (Call 11/14/35)		780		738,618
4.40%, 11/06/42		1,820		1,657,869
4.45%, 05/14/46 (Call 11/14/45)		1,389		1,254,132
4.50%, 05/14/35 (Call 11/14/34)(b)		1,763		1,715,815
4.55%, 03/15/35 (Call 09/15/34)		1,207		1,182,263
4.63%, 10/01/42 (Call 04/01/42)		282		256,060
4.70%, 05/14/45 (Call 11/14/44)		1,886		1,769,306
4.75%, 03/15/45 (Call 09/15/44)		589		555,967
4.85%, 06/15/44 (Call 12/15/43)		765		728,423
4.88%, 11/14/48 (Call 05/14/48)		1,202		1,153,603
AmerisourceBergen Corp. 4.25%, 03/01/45 (Call 09/01/44)		347		291,909
4.30%, 12/15/47 (Call 06/15/47)		374		322,444
AstraZeneca PLC 2.13%, 08/06/50 (Call 02/06/50)		305		193,557
3.00%, 05/28/51 (Call 11/28/50)		566		429,145
4.00%, 09/18/42		828		756,920
4.38%, 11/16/45		652		625,396
4.38%, 08/17/48 (Call 02/17/48)		551		524,692
6.45%, 09/15/37		1,753		2,076,382
Bayer U.S. Finance II LLC 3.95%, 04/15/45 (Call 10/15/44)(a)		265		202,853
4.20%, 07/15/34 (Call 01/15/34)(a)		233		214,617
4.40%, 07/15/44 (Call 01/15/44)(a)		564		464,269
4.63%, 06/25/38 (Call 12/25/37)(a)(b)		921		844,330
4.65%, 11/15/43 (Call 05/15/43)(a)(b)		210		170,759
4.70%, 07/15/64 (Call 01/15/64)(a)		460		383,670
4.88%, 06/25/48 (Call 12/25/47)(a)(b)		1,400		1,262,003
5.50%, 07/30/35(a)(b)		195		195,986
Becton Dickinson and Co. 3.79%, 05/20/50 (Call 11/20/49)		510		413,486
4.67%, 06/06/47 (Call 12/06/46)		1,047		976,924
4.69%, 12/15/44 (Call 06/15/44)		620		579,870
Bristol-Myers Squibb Co. 2.35%, 11/13/40 (Call 05/13/40)		582		421,523
2.55%, 11/13/50 (Call 05/13/50)(b)		1,080		722,353
3.25%, 08/01/42		451		359,741
3.55%, 03/15/42 (Call 09/15/41)(b)		815		694,401
3.70%, 03/15/52 (Call 09/15/51)		1,460		1,211,194
3.90%, 03/15/62 (Call 09/15/61)		740		613,698
4.13%, 06/15/39 (Call 12/15/38)		1,358		1,272,522
4.25%, 10/26/49 (Call 04/26/49)		2,486		2,255,296

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
4.35%, 11/15/47 (Call 05/15/47)	$	840	$	778,351
4.50%, 03/01/44 (Call 09/01/43)		55		52,076
4.55%, 02/20/48 (Call 08/20/47)		868		825,828
4.63%, 05/15/44 (Call 11/15/43)		721		698,384
5.00%, 08/15/45 (Call 02/15/45)(b)		310		314,370
5.88%, 11/15/36(b)		165		181,370
Cardinal Health Inc. 4.37%, 06/15/47 (Call 12/15/46)(b)		336		281,402
4.50%, 11/15/44 (Call 05/15/44)		328		281,979
4.60%, 03/15/43		213		186,325
4.90%, 09/15/45 (Call 03/15/45)		414		370,735
Cigna Group (The) 3.20%, 03/15/40 (Call 09/15/39)		557		438,676
3.40%, 03/15/50 (Call 09/15/49)		1,011		743,700
3.40%, 03/15/51 (Call 09/15/50)		1,050		773,987
3.88%, 10/15/47 (Call 04/15/47)		744		601,210
4.80%, 08/15/38 (Call 02/15/38)		1,608		1,560,227
4.80%, 07/15/46 (Call 01/16/46)		815		753,057
4.90%, 12/15/48 (Call 06/15/48)		2,089		1,964,889
5.38%, 02/15/42 (Call 08/15/41)		241		234,060
6.13%, 11/15/41		224		244,818
CVS Health Corp. 2.70%, 08/21/40 (Call 02/21/40)		1,034		740,637
4.13%, 04/01/40 (Call 10/01/39)		715		611,870
4.25%, 04/01/50 (Call 10/01/49)		518		432,108
4.78%, 03/25/38 (Call 09/25/37)(b)		3,388		3,235,195
4.88%, 07/20/35 (Call 01/20/35)		609		596,882
5.05%, 03/25/48 (Call 09/25/47)		5,486		5,121,320
5.13%, 07/20/45 (Call 01/20/45)(b)		2,422		2,291,434
5.30%, 12/05/43 (Call 06/05/43)		533		520,113
5.63%, 02/21/53 (Call 08/21/52)		935		939,453
6.13%, 09/15/39		355		373,348
Eli Lilly & Co. 2.25%, 05/15/50 (Call 11/15/49)(b)		887		600,489
2.50%, 09/15/60 (Call 03/15/60)		599		390,794
3.70%, 03/01/45 (Call 09/01/44)		251		218,763
3.95%, 05/15/47 (Call 11/15/46)		135		120,611
3.95%, 03/15/49 (Call 09/15/48)		415		380,727
4.15%, 03/15/59 (Call 09/15/58)(b)		449		409,969
4.88%, 02/27/53 (Call 08/27/52)		960		1,003,183
4.95%, 02/27/63 (Call 08/27/62)		745		777,696
5.55%, 03/15/37(b)		255		284,497
5.95%, 11/15/37(b)		215		239,446
GlaxoSmithKline Capital Inc. 4.20%, 03/18/43		300		274,227
5.38%, 04/15/34		576		621,534
6.38%, 05/15/38		1,873		2,224,228
Johnson & Johnson 2.10%, 09/01/40 (Call 03/01/40)		879		639,066
2.25%, 09/01/50 (Call 03/01/50)(b)		784		530,274
2.45%, 09/01/60 (Call 03/01/60)(b)		797		532,101
3.40%, 01/15/38 (Call 07/15/37)		852		772,291
3.50%, 01/15/48 (Call 07/15/47)		393		342,305
3.55%, 03/01/36 (Call 09/01/35)		684		639,375
3.63%, 03/03/37 (Call 09/03/36)		982		918,968
3.70%, 03/01/46 (Call 09/01/45)		1,228		1,099,368
3.75%, 03/03/47 (Call 09/03/46)		765		688,305
4.38%, 12/05/33 (Call 06/05/33)		583		603,686
4.50%, 09/01/40		427		426,800
4.50%, 12/05/43 (Call 06/05/43)		269		270,493

Security	Par (000)		Value
Pharmaceuticals (continued)
4.85%, 05/15/41	$	221	$	229,063
4.95%, 05/15/33(b)		261		284,323
5.85%, 07/15/38		562		653,852
5.95%, 08/15/37		630		742,720
McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)(b)		190		175,005
Mead Johnson Nutrition Co. 4.60%, 06/01/44 (Call 12/01/43)		186		172,834
5.90%, 11/01/39		365		388,595
Merck & Co. Inc. 2.35%, 06/24/40 (Call 12/24/39)		744		548,965
2.45%, 06/24/50 (Call 12/24/49)		823		556,873
2.75%, 12/10/51 (Call 06/10/51)		1,405		995,623
2.90%, 12/10/61 (Call 06/10/61)		1,075		732,798
3.60%, 09/15/42 (Call 03/15/42)		548		469,984
3.70%, 02/10/45 (Call 08/10/44)		896		781,589
3.90%, 03/07/39 (Call 09/07/38)		657		601,769
4.00%, 03/07/49 (Call 09/07/48)		1,038		933,256
4.15%, 05/18/43		815		762,451
6.50%, 12/01/33		435		507,390
6.55%, 09/15/37(b)		560		671,211
Merck Sharp & Dohme Corp. 5.75%, 11/15/36		195		213,887
5.85%, 06/30/39		250		267,967
Mylan Inc. 5.20%, 04/15/48 (Call 10/15/47)		600		461,524
5.40%, 11/29/43 (Call 05/29/43)		330		271,389
Novartis Capital Corp. 2.75%, 08/14/50 (Call 02/14/50)(b)		746		549,175
3.70%, 09/21/42		675		595,928
4.00%, 11/20/45 (Call 05/20/45)		868		799,986
4.40%, 05/06/44		1,135		1,114,941
Pfizer Inc. 2.55%, 05/28/40 (Call 11/28/39)		790		597,884
2.70%, 05/28/50 (Call 11/28/49)		878		633,294
3.90%, 03/15/39 (Call 09/15/38)		563		514,633
4.00%, 12/15/36		233		224,358
4.00%, 03/15/49 (Call 09/15/48)		824		747,697
4.10%, 09/15/38 (Call 03/15/38)		546		516,915
4.13%, 12/15/46(b)		876		807,986
4.20%, 09/15/48 (Call 03/15/48)		654		613,645
4.30%, 06/15/43		499		471,311
4.40%, 05/15/44		755		729,969
5.60%, 09/15/40		418		455,231
7.20%, 03/15/39		1,736		2,192,819
Takeda Pharmaceutical Co. Ltd. 3.03%, 07/09/40 (Call 01/09/40)		1,106		861,184
3.18%, 07/09/50 (Call 01/09/50)		1,450		1,043,961
3.38%, 07/09/60 (Call 01/09/60)		689		486,222
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)		704		545,611
Viatris Inc. 3.85%, 06/22/40 (Call 12/22/39)		1,083		747,902
4.00%, 06/22/50 (Call 12/22/49)		1,390		901,723
Wyeth LLC 5.95%, 04/01/37		1,453		1,640,147
6.00%, 02/15/36		423		476,877
6.50%, 02/01/34(b)		570		658,242
Zoetis Inc. 3.00%, 05/15/50 (Call 11/15/49)		255		183,810
3.95%, 09/12/47 (Call 03/12/47)		291		243,800

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
4.45%, 08/20/48 (Call 02/20/48)	$	352	$	317,889
4.70%, 02/01/43 (Call 08/01/42)		925		868,907
				108,418,761
Pipelines — 4.4%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(a)		1,216		1,146,007
Cameron LNG LLC 3.30%, 01/15/35 (Call 09/15/34)(a)		616		533,671
3.40%, 01/15/38 (Call 07/15/37)(a)(b)		320		279,171
3.70%, 01/15/39 (Call 07/15/38)(a)		584		494,376
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39)		307		251,777
Colonial Pipeline Co. 4.20%, 04/15/43 (Call 10/15/42)(a)(b)		105		89,253
4.25%, 04/15/48 (Call 10/15/47)(a)(b)		370		329,532
6.38%, 08/01/37(a)		50		53,387
Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)		235		240,686
DCP Midstream Operating LP 5.60%, 04/01/44 (Call 10/01/43)		310		297,338
6.45%, 11/03/36(a)		270		282,962
6.75%, 09/15/37(a)		235		255,292
Eastern Gas Transmission & Storage Inc. 3.90%, 11/15/49 (Call 05/15/49)		313		239,589
4.60%, 12/15/44 (Call 06/15/44)		221		192,234
4.80%, 11/01/43 (Call 05/01/43)		178		159,953
EIG Pearl Holdings Sarl 3.55%, 08/31/36(a)		200		172,250
4.39%, 11/30/46(a)		805		642,994
Enbridge Energy Partners LP 5.50%, 09/15/40 (Call 03/15/40)		468		452,821
7.38%, 10/15/45 (Call 04/15/45)		357		423,795
Series B, 7.50%, 04/15/38		215		250,105
Enbridge Inc. 2.50%, 08/01/33 (Call 05/01/33)(b)		532		430,126
3.40%, 08/01/51 (Call 02/01/51)		665		469,601
4.00%, 11/15/49 (Call 05/15/49)(b)		337		262,783
4.50%, 06/10/44 (Call 12/10/43)		389		332,770
5.50%, 12/01/46 (Call 05/29/46)		490		476,994
Energy Transfer LP 4.90%, 03/15/35 (Call 09/15/34)		137		128,996
4.95%, 01/15/43 (Call 07/15/42)		250		211,212
5.00%, 05/15/44 (Call 11/15/43)		360		311,309
5.00%, 05/15/50 (Call 11/15/49)		1,382		1,173,085
5.15%, 02/01/43 (Call 08/01/42)		380		332,736
5.15%, 03/15/45 (Call 09/15/44)		717		624,975
5.30%, 04/01/44 (Call 10/01/43)		516		456,755
5.30%, 04/15/47 (Call 10/15/46)		711		622,892
5.35%, 05/15/45 (Call 11/15/44)		479		426,655
5.40%, 10/01/47 (Call 04/01/47)		974		867,307
5.95%, 10/01/43 (Call 04/01/43)		370		357,160
6.00%, 06/15/48 (Call 12/15/47)		754		720,057
6.05%, 06/01/41 (Call 12/01/40)(b)		490		492,301
6.10%, 02/15/42(b)		250		242,630
6.13%, 12/15/45 (Call 06/15/45)		696		679,965
6.25%, 04/15/49 (Call 10/15/48)(b)		1,164		1,154,695
6.50%, 02/01/42 (Call 08/01/41)		706		734,135
6.63%, 10/15/36		306		323,365
6.85%, 02/15/40(b)		150		154,815
7.50%, 07/01/38		416		470,372
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		340		336,612

Security	Par (000)		Value
Pipelines (continued)
Enterprise Products Operating LLC 3.20%, 02/15/52 (Call 08/15/51)	$	683	$	480,906
3.30%, 02/15/53 (Call 08/15/52)		747		537,818
3.70%, 01/31/51 (Call 07/31/50)		714		548,694
3.95%, 01/31/60 (Call 07/31/59)		776		604,856
4.20%, 01/31/50 (Call 07/31/49)		914		764,998
4.25%, 02/15/48 (Call 08/15/47)		885		753,407
4.45%, 02/15/43 (Call 08/15/42)		796		708,925
4.80%, 02/01/49 (Call 08/01/48)		886		817,957
4.85%, 08/15/42 (Call 02/15/42)		560		521,319
4.85%, 03/15/44 (Call 09/15/43)		790		737,048
4.90%, 05/15/46 (Call 11/15/45)		778		723,490
4.95%, 10/15/54 (Call 04/15/54)		328		301,071
5.10%, 02/15/45 (Call 08/15/44)		784		754,773
5.70%, 02/15/42		416		425,533
5.95%, 02/01/41		455		482,549
6.13%, 10/15/39		420		456,304
6.45%, 09/01/40		480		524,673
7.55%, 04/15/38		362		424,620
Series H, 6.65%, 10/15/34		226		250,779
Series J, 5.75%, 03/01/35(b)		75		76,832
Flex Intermediate Holdco LLC, 4.32%, 12/30/39 (Call 06/30/39)(a)		272		204,760
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(a)		294		265,393
Galaxy Pipeline Assets Bidco Ltd. 2.16%, 03/31/34(a)		177		153,693
2.63%, 03/31/36(a)		757		623,767
2.94%, 09/30/40(a)(b)		1,192		977,159
3.25%, 09/30/40(a)		750		596,283
Greensaif Pipelines Bidco Sarl 6.13%, 02/23/38(a)		600		630,900
6.51%, 02/23/42(a)		600		640,792
Gulfstream Natural Gas System LLC, 5.95%, 10/15/45 (Call 04/15/45)(a)		170		156,221
Kinder Morgan Energy Partners LP 4.70%, 11/01/42 (Call 05/01/42)		306		262,044
5.00%, 08/15/42 (Call 02/15/42)		600		530,421
5.00%, 03/01/43 (Call 09/01/42)		552		486,094
5.40%, 09/01/44 (Call 03/01/44)		450		415,160
5.50%, 03/01/44 (Call 09/01/43)		594		556,065
5.63%, 09/01/41		249		236,742
5.80%, 03/15/35		385		393,328
6.38%, 03/01/41		389		402,004
6.50%, 02/01/37		295		309,777
6.50%, 09/01/39		448		475,144
6.55%, 09/15/40		454		469,151
6.95%, 01/15/38		805		910,250
7.30%, 08/15/33		283		317,800
7.50%, 11/15/40		350		398,668
Kinder Morgan Inc. 3.25%, 08/01/50 (Call 02/01/50)		377		246,826
3.60%, 02/15/51 (Call 08/15/50)		704		494,609
5.05%, 02/15/46 (Call 08/15/45)		582		511,476
5.20%, 03/01/48 (Call 09/01/47)		528		471,413
5.30%, 12/01/34 (Call 06/01/34)		709		696,779
5.45%, 08/01/52 (Call 02/01/52)		485		447,544
5.55%, 06/01/45 (Call 12/01/44)		1,188		1,120,426
Magellan Midstream Partners LP 3.95%, 03/01/50 (Call 09/01/49)		520		400,746
4.20%, 12/01/42 (Call 06/01/42)		186		143,368

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.20%, 03/15/45 (Call 09/15/44)	$	170	$	128,353
4.20%, 10/03/47 (Call 04/03/47)		393		314,363
4.25%, 09/15/46 (Call 03/15/46)		380		301,579
4.85%, 02/01/49 (Call 08/01/48)		343		299,485
5.15%, 10/15/43 (Call 04/15/43)		369		333,851
6.40%, 05/01/37(b)		230		237,188
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		1,077		966,881
4.70%, 04/15/48 (Call 10/15/47)		1,015		848,337
4.90%, 04/15/58 (Call 10/15/57)		393		325,096
4.95%, 03/14/52 (Call 09/14/51)		1,038		898,537
5.20%, 03/01/47 (Call 09/01/46)		705		635,955
5.20%, 12/01/47 (Call 06/01/47)		356		319,846
5.50%, 02/15/49 (Call 08/15/48)		1,056		977,185
5.65%, 03/01/53 (Call 09/01/52)		410		392,337
NGPL PipeCo LLC, 7.77%, 12/15/37(a)(b)		328		363,621
Northern Natural Gas Co. 3.40%, 10/16/51 (Call 04/16/51)(a)		246		176,559
4.10%, 09/15/42 (Call 03/15/42)(a)		290		230,896
4.30%, 01/15/49 (Call 07/15/48)(a)		452		381,120
ONEOK Inc. 4.45%, 09/01/49 (Call 03/01/49)		411		322,857
4.50%, 03/15/50 (Call 09/15/49)		293		230,217
4.95%, 07/13/47 (Call 01/06/47)		479		406,881
5.20%, 07/15/48 (Call 01/15/48)		724		633,762
6.00%, 06/15/35(b)		319		318,007
7.15%, 01/15/51 (Call 07/15/50)		224		244,229
ONEOK Partners LP 6.13%, 02/01/41 (Call 08/01/40)		473		471,480
6.20%, 09/15/43 (Call 03/15/43)		244		244,062
6.65%, 10/01/36(b)		400		422,483
6.85%, 10/15/37		463		495,953
Plains All American Pipeline LP/PAA Finance Corp. 4.30%, 01/31/43 (Call 07/31/42)		394		298,267
4.70%, 06/15/44 (Call 12/15/43)		446		352,689
4.90%, 02/15/45 (Call 08/15/44)		453		367,797
5.15%, 06/01/42 (Call 12/01/41)		398		336,500
6.65%, 01/15/37		389		404,491
Sabal Trail Transmission LLC 4.68%, 05/01/38 (Call 11/01/37)(a)(b)		435		414,976
4.83%, 05/01/48 (Call 11/01/47)(a)		174		157,356
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 (Call 03/15/37)(a)		195		200,754
Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)(a)		402		341,068
Spectra Energy Partners LP 4.50%, 03/15/45 (Call 09/15/44)		436		371,095
5.95%, 09/25/43 (Call 03/25/43)		280		283,035
Targa Resources Corp. 4.95%, 04/15/52 (Call 10/15/51)		550		455,800
6.25%, 07/01/52 (Call 01/01/52)		440		435,285
6.50%, 02/15/53 (Call 08/15/52)		548		559,777
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		115		131,639
Texas Eastern Transmission LP, 4.15%, 01/15/48 (Call 07/15/47)(a)		269		220,833
TransCanada PipeLines Ltd. 4.63%, 03/01/34 (Call 12/01/33)		484		460,442
4.75%, 05/15/38 (Call 11/15/37)(b)		279		263,604
4.88%, 05/15/48 (Call 11/15/47)		679		620,060
5.00%, 10/16/43 (Call 04/16/43)		420		386,096

Security	Par (000)		Value
Pipelines (continued)
5.10%, 03/15/49 (Call 09/15/48)	$	558	$	525,223
5.60%, 03/31/34		365		370,431
5.85%, 03/15/36		545		560,690
6.10%, 06/01/40		540		565,068
6.20%, 10/15/37		671		710,894
7.25%, 08/15/38		595		688,103
7.63%, 01/15/39		955		1,137,368
Transcontinental Gas Pipe Line Co. LLC 3.95%, 05/15/50 (Call 11/15/49)		360		288,484
4.45%, 08/01/42 (Call 02/01/42)		330		291,796
4.60%, 03/15/48 (Call 09/15/47)		445		392,210
5.40%, 08/15/41 (Call 02/15/41)		401		398,378
Western Midstream Operating LP 5.30%, 03/01/48 (Call 09/01/47)		525		443,049
5.45%, 04/01/44 (Call 10/01/43)		335		291,287
5.50%, 08/15/48 (Call 02/15/48)		275		235,175
5.50%, 02/01/50 (Call 08/01/49)		675		572,652
Williams Companies Inc. (The) 3.50%, 10/15/51 (Call 04/15/51)		455		324,331
4.85%, 03/01/48 (Call 09/01/47)		476		422,796
4.90%, 01/15/45 (Call 07/15/44)		314		280,457
5.10%, 09/15/45 (Call 03/15/45)		710		649,124
5.30%, 08/15/52 (Call 02/15/52)		562		529,473
5.40%, 03/04/44 (Call 09/04/43)		285		269,193
5.75%, 06/24/44 (Call 12/24/43)(b)		453		448,875
5.80%, 11/15/43 (Call 05/15/43)		262		261,162
6.30%, 04/15/40		800		844,026
				75,905,780
Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b)		195		177,194
Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(a)		230		212,028
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)(b)		409		376,728
KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(a)(b)		823		733,137
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(a)		393		276,084
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)		526		359,274
KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)(a)		385		253,481
				2,387,926
Real Estate — 0.0%
Sinochem Overseas Capital Co. Ltd., 6.30%, 11/12/40(a)		100		101,597
Real Estate Investment Trusts — 1.3%
Agree LP, 2.60%, 06/15/33 (Call 03/15/33)(b)		96		75,902
Alexandria Real Estate Equities Inc. 2.95%, 03/15/34 (Call 12/15/33)		530		428,872
3.00%, 05/18/51 (Call 11/18/50)		599		374,752
3.55%, 03/15/52 (Call 09/15/51)		800		564,751
4.00%, 02/01/50 (Call 08/01/49)		427		322,248
4.75%, 04/15/35 (Call 01/15/35)(b)		370		352,201
4.85%, 04/15/49 (Call 10/15/48)		227		196,320
5.15%, 04/15/53 (Call 10/15/52)		405		370,580
American Homes 4 Rent LP 3.38%, 07/15/51 (Call 01/15/51)		210		138,925
4.30%, 04/15/52 (Call 10/15/51)(b)		230		178,654
American Tower Corp. 2.95%, 01/15/51 (Call 07/15/50)		750		483,120

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.10%, 06/15/50 (Call 12/15/49)	$	761	$	507,824
3.70%, 10/15/49 (Call 04/15/49)		534		389,269
AvalonBay Communities Inc. 3.90%, 10/15/46 (Call 04/15/46)		206		163,262
4.15%, 07/01/47 (Call 01/01/47)		195		163,365
4.35%, 04/15/48 (Call 10/15/47)		243		208,737
Boston Properties LP, 2.45%, 10/01/33 (Call 07/01/33)		600		431,528
Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)		160		117,730
Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33)		218		152,200
Crown Castle Inc. 2.90%, 04/01/41 (Call 10/01/40)		936		669,070
3.25%, 01/15/51 (Call 07/15/50)(b)		710		487,781
4.75%, 05/15/47 (Call 11/15/46)		173		151,443
Crown Castle International Corp. 4.00%, 11/15/49 (Call 05/15/49)(b)		272		212,549
4.15%, 07/01/50 (Call 01/01/50)		416		335,962
5.20%, 02/15/49 (Call 08/15/48)(b)		259		241,819
Equinix Inc. 2.95%, 09/15/51 (Call 03/15/51)		300		193,471
3.00%, 07/15/50 (Call 01/15/50)		311		206,091
3.40%, 02/15/52 (Call 08/15/51)		397		281,924
ERP Operating LP 4.00%, 08/01/47 (Call 02/01/47)(b)		145		116,159
4.50%, 07/01/44 (Call 01/01/44)		554		500,929
4.50%, 06/01/45 (Call 12/01/44)		262		228,291
Essex Portfolio LP 2.65%, 09/01/50 (Call 03/01/50)		239		141,127
4.50%, 03/15/48 (Call 09/15/47)		235		197,490
Federal Realty Investment Trust 3.63%, 08/01/46 (Call 02/01/46)		179		121,853
4.50%, 12/01/44 (Call 06/01/44)		442		356,147
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(a)		194		168,836
Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)		205		219,323
Invitation Homes Operating Partnership LP, 2.70%, 01/15/34 (Call 10/15/33)		160		123,294
Kilroy Realty LP, 2.65%, 11/15/33 (Call 08/15/33)(b)		315		208,735
Kimco Realty Corp. 3.70%, 10/01/49 (Call 04/01/49)		229		165,219
4.13%, 12/01/46 (Call 06/01/46)		241		183,550
4.25%, 04/01/45 (Call 10/01/44)		365		286,936
4.45%, 09/01/47 (Call 03/01/47)		242		196,316
Mid-America Apartments LP, 2.88%, 09/15/51 (Call 03/15/51)		185		121,518
National Retail Properties Inc. 3.00%, 04/15/52 (Call 10/15/51)		445		276,578
3.10%, 04/15/50 (Call 10/15/49)		184		117,120
3.50%, 04/15/51 (Call 01/15/50)		293		201,942
4.80%, 10/15/48 (Call 04/25/48)		231		195,281
Prologis LP 2.13%, 10/15/50 (Call 04/15/50)(b)		449		258,745
3.00%, 04/15/50 (Call 10/15/49)		499		346,371
3.05%, 03/01/50 (Call 09/01/49)		245		171,546
4.38%, 09/15/48 (Call 03/15/48)(b)		249		221,373
5.25%, 06/15/53 (Call 12/15/52)		340		340,251
Realty Income Corp. 4.65%, 03/15/47 (Call 09/15/46)		367		335,412
5.88%, 03/15/35(b)		160		163,919

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Regency Centers LP 4.40%, 02/01/47 (Call 08/01/46)	$	337	$	279,116
4.65%, 03/15/49 (Call 09/15/48)		174		149,142
Simon Property Group LP 3.25%, 09/13/49 (Call 03/13/49)(b)		828		566,110
3.80%, 07/15/50 (Call 01/15/50)(b)		504		378,442
4.25%, 10/01/44 (Call 04/01/44)		181		148,749
4.25%, 11/30/46 (Call 05/30/46)		250		203,038
4.75%, 03/15/42 (Call 09/15/41)		365		326,286
5.85%, 03/08/53 (Call 09/08/52)		525		532,937
6.75%, 02/01/40 (Call 11/01/39)		433		485,167
Trust Fibra Uno 6.39%, 01/15/50 (Call 07/28/49)(a)		465		353,400
6.95%, 01/30/44 (Call 07/30/43)(a)		445		372,890
UDR Inc. 2.10%, 06/15/33 (Call 03/15/33)		88		66,665
3.10%, 11/01/34 (Call 08/01/34)(b)		160		131,976
Ventas Realty LP 4.38%, 02/01/45 (Call 08/01/44)		130		106,603
4.88%, 04/15/49 (Call 10/15/48)		194		167,257
5.70%, 09/30/43 (Call 03/30/43)		274		263,552
VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51)		515		465,944
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)		345		242,530
WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44 (Call 03/17/44)(a)		402		296,619
Welltower Inc. 5.13%, 03/15/43 (Call 09/15/42)		325		288,876
6.50%, 03/15/41 (Call 09/15/40)		366		386,204
Welltower OP LLC, 4.95%, 09/01/48 (Call 03/01/48)		184		162,503
Weyerhaeuser Co. 4.00%, 03/09/52 (Call 09/09/51)(b)		335		274,831
6.88%, 12/15/33		422		466,590
				21,480,038
Retail — 3.0%
7-Eleven Inc. 2.50%, 02/10/41 (Call 09/10/40)(a)		558		381,475
2.80%, 02/10/51 (Call 08/10/50)(a)		854		554,371
Alimentation Couche-Tard Inc. 3.44%, 05/13/41 (Call 11/13/40)(a)		496		369,500
3.63%, 05/13/51 (Call 11/13/50)(a)		260		182,354
3.80%, 01/25/50 (Call 07/25/49)(a)(b)		403		299,442
4.50%, 07/26/47 (Call 01/26/47)(a)		335		274,379
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)		330		253,201
CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b)		260		203,842
Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)		194		164,944
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)		510		357,646
Dollar General Corp. 4.13%, 04/03/50 (Call 10/03/49)		269		220,666
5.50%, 11/01/52 (Call 05/01/52)(b)		220		223,292
Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)		267		190,181
Home Depot Inc. (The) 2.38%, 03/15/51 (Call 09/15/50)		907		574,777
2.75%, 09/15/51 (Call 03/15/51)		700		479,759
3.13%, 12/15/49 (Call 06/15/49)		899		668,865
3.30%, 04/15/40 (Call 10/15/39)		906		755,153
3.35%, 04/15/50 (Call 10/15/49)		1,090		848,690
3.50%, 09/15/56 (Call 03/15/56)(b)		580		453,873

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
3.63%, 04/15/52 (Call 10/15/51)	$	1,030	$	839,429
3.90%, 06/15/47 (Call 12/15/46)		832		716,906
4.20%, 04/01/43 (Call 10/01/42)		664		608,796
4.25%, 04/01/46 (Call 10/01/45)		1,104		1,002,744
4.40%, 03/15/45 (Call 09/15/44)(b)		772		717,872
4.50%, 12/06/48 (Call 06/06/48)		1,026		972,398
4.88%, 02/15/44 (Call 08/15/43)		510		507,614
4.95%, 09/15/52 (Call 03/15/52)(b)		710		714,840
5.40%, 09/15/40 (Call 03/15/40)		461		487,015
5.88%, 12/16/36		1,832		2,066,347
5.95%, 04/01/41 (Call 10/01/40)		792		888,522
Lowe’s Companies Inc. 2.80%, 09/15/41 (Call 03/15/41)		740		524,331
3.00%, 10/15/50 (Call 04/15/50)		1,169		781,221
3.50%, 04/01/51 (Call 10/01/50)(b)		416		301,753
3.70%, 04/15/46 (Call 10/15/45)		939		732,010
4.05%, 05/03/47 (Call 11/03/46)		1,027		837,621
4.25%, 04/01/52 (Call 10/01/51)		950		783,798
4.38%, 09/15/45 (Call 03/15/45)(b)		329		277,779
4.45%, 04/01/62 (Call 10/01/61)		795		653,028
4.55%, 04/05/49 (Call 10/05/48)		432		372,617
4.65%, 04/15/42 (Call 10/15/41)		504		455,358
5.00%, 04/15/40 (Call 10/15/39)		325		313,752
5.00%, 09/15/43 (Call 03/15/43)(b)		30		28,595
5.13%, 04/15/50 (Call 10/15/49)		250		239,437
5.50%, 10/15/35		482		496,634
5.63%, 04/15/53 (Call 10/15/52)(b)		1,080		1,086,300
5.75%, 07/01/53 (Call 01/01/53)		100		102,044
5.80%, 10/15/36		100		101,868
5.80%, 09/15/62 (Call 03/15/62)		695		699,343
5.85%, 04/01/63 (Call 10/01/62)		760		764,182
McDonald’s Corp. 3.63%, 05/01/43		346		282,478
3.63%, 09/01/49 (Call 03/01/49)		1,143		906,856
3.70%, 02/15/42		533		442,559
4.20%, 04/01/50 (Call 10/01/49)		554		484,037
4.45%, 03/01/47 (Call 09/01/46)(b)		810		740,681
4.45%, 09/01/48 (Call 03/01/48)		576		526,981
4.60%, 05/26/45 (Call 11/26/44)		478		442,282
4.70%, 12/09/35 (Call 06/09/35)		231		230,875
4.88%, 07/15/40		284		276,083
4.88%, 12/09/45 (Call 06/09/45)		1,111		1,075,237
5.15%, 09/09/52 (Call 03/09/52)		415		421,539
5.70%, 02/01/39		381		402,604
6.30%, 10/15/37(b)		613		700,860
6.30%, 03/01/38		532		606,822
Starbucks Corp. 3.35%, 03/12/50 (Call 09/12/49)		386		288,374
3.50%, 11/15/50 (Call 05/15/50)		881		680,826
3.75%, 12/01/47 (Call 06/01/47)		325		263,579
4.30%, 06/15/45 (Call 12/10/44)(b)		242		217,086
4.45%, 08/15/49 (Call 02/15/49)		683		617,584
4.50%, 11/15/48 (Call 05/15/48)		755		684,834
Target Corp. 2.95%, 01/15/52 (Call 07/15/51)(b)		650		473,593
3.63%, 04/15/46		527		439,912
3.90%, 11/15/47 (Call 05/15/47)		438		378,028
4.00%, 07/01/42(b)		510		467,772
4.80%, 01/15/53 (Call 07/15/52)		575		566,838
6.50%, 10/15/37		480		565,264

Security	Par (000)		Value
Retail (continued)
7.00%, 01/15/38	$	455	$	560,940
Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)		193		181,506
TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)(b)		234		221,583
Walgreen Co., 4.40%, 09/15/42		50		41,115
Walgreens Boots Alliance Inc. 4.10%, 04/15/50 (Call 10/15/49)		945		715,733
4.65%, 06/01/46 (Call 12/01/45)(b)		175		146,376
4.80%, 11/18/44 (Call 05/18/44)		200		173,780
Walmart Inc. 2.50%, 09/22/41 (Call 03/22/41)		1,055		805,998
2.65%, 09/22/51 (Call 03/22/51)		980		709,080
2.95%, 09/24/49 (Call 03/24/49)		395		299,434
3.63%, 12/15/47 (Call 06/15/47)		405		349,241
3.95%, 06/28/38 (Call 12/28/37)		695		666,111
4.00%, 04/11/43 (Call 10/11/42)		270		249,574
4.05%, 06/29/48 (Call 12/29/47)		1,140		1,067,563
4.30%, 04/22/44 (Call 10/22/43)(b)		245		233,039
4.50%, 09/09/52 (Call 03/09/52)		725		717,780
4.50%, 04/15/53 (Call 10/15/52)		870		862,073
4.88%, 07/08/40		200		201,662
5.00%, 10/25/40		300		311,756
5.25%, 09/01/35(b)		1,205		1,329,310
5.63%, 04/01/40(b)		365		407,084
5.63%, 04/15/41(b)		40		44,238
6.20%, 04/15/38		545		648,624
6.50%, 08/15/37		290		353,644
				51,011,392
Semiconductors — 2.4%
Advanced Micro Devices Inc., 4.39%, 06/01/52 (Call 12/01/51)		310		288,565
Analog Devices Inc. 2.80%, 10/01/41 (Call 04/01/41)		535		410,915
2.95%, 10/01/51 (Call 04/01/51)		653		474,326
5.30%, 12/15/45 (Call 06/15/45)(b)		230		235,971
Applied Materials Inc. 2.75%, 06/01/50 (Call 12/01/49)(b)		561		407,750
4.35%, 04/01/47 (Call 10/01/46)		687		650,040
5.10%, 10/01/35 (Call 04/01/35)		364		382,595
5.85%, 06/15/41		531		590,867
Broadcom Inc. 3.14%, 11/15/35 (Call 08/15/35)(a)		2,338		1,809,987
3.19%, 11/15/36 (Call 08/15/36)(a)		1,910		1,453,517
3.47%, 04/15/34 (Call 01/15/34)(a)		2,262		1,868,789
3.50%, 02/15/41 (Call 08/15/40)(a)		2,094		1,570,852
3.75%, 02/15/51 (Call 08/15/50)(a)		1,278		941,294
4.93%, 05/15/37 (Call 02/15/37)(a)(b)		1,655		1,510,672
Intel Corp. 2.80%, 08/12/41 (Call 02/12/41)		595		431,812
3.05%, 08/12/51 (Call 02/12/51)		885		601,930
3.10%, 02/15/60 (Call 08/15/59)		693		448,410
3.20%, 08/12/61 (Call 02/12/61)		500		330,113
3.25%, 11/15/49 (Call 05/15/49)		1,441		1,016,914
3.73%, 12/08/47 (Call 06/08/47)		1,340		1,058,033
4.10%, 05/19/46 (Call 11/19/45)		835		707,383
4.10%, 05/11/47 (Call 11/11/46)		589		495,798
4.25%, 12/15/42(b)		390		342,916
4.60%, 03/25/40 (Call 09/25/39)(b)		419		394,139
4.75%, 03/25/50 (Call 09/25/49)(b)		1,528		1,389,300
4.80%, 10/01/41		608		578,406

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
4.90%, 07/29/45 (Call 01/29/45)(b)	$	526	$	521,847
4.90%, 08/05/52 (Call 02/05/52)		1,190		1,099,478
4.95%, 03/25/60 (Call 09/25/59)(b)		668		618,221
5.05%, 08/05/62 (Call 02/05/62)		635		584,358
5.63%, 02/10/43 (Call 08/10/42)		790		810,756
5.70%, 02/10/53 (Call 08/10/52)		1,355		1,385,926
5.90%, 02/10/63 (Call 08/10/62)		830		854,784
KLA Corp. 3.30%, 03/01/50 (Call 08/28/49)		529		403,715
4.95%, 07/15/52 (Call 01/15/52)		815		806,656
5.00%, 03/15/49 (Call 09/15/48)		286		281,445
5.25%, 07/15/62 (Call 01/15/62)		520		528,663
5.65%, 11/01/34 (Call 07/01/34)		199		209,076
Lam Research Corp. 2.88%, 06/15/50 (Call 12/15/49)(b)		558		394,080
3.13%, 06/15/60 (Call 12/15/59)		343		237,701
4.88%, 03/15/49 (Call 09/15/48)		484		476,813
Micron Technology Inc. 3.37%, 11/01/41 (Call 05/01/41)		395		279,425
3.48%, 11/01/51 (Call 05/01/51)(b)		401		264,337
NVIDIA Corp. 3.50%, 04/01/40 (Call 10/01/39)		740		637,256
3.50%, 04/01/50 (Call 10/01/49)		1,346		1,098,782
3.70%, 04/01/60 (Call 10/01/59)		343		276,881
NXP BV/NXP Funding LLC/NXP USA Inc. 3.13%, 02/15/42 (Call 08/15/41)		380		270,216
3.25%, 05/11/41 (Call 11/11/40)		747		543,825
3.25%, 11/30/51 (Call 05/30/51)		330		220,065
QUALCOMM Inc. 3.25%, 05/20/50 (Call 11/20/49)(b)		397		304,852
4.30%, 05/20/47 (Call 11/20/46)(b)		1,018		945,795
4.50%, 05/20/52 (Call 11/20/51)		915		850,538
4.65%, 05/20/35 (Call 11/20/34)		466		469,968
4.80%, 05/20/45 (Call 11/20/44)		1,039		1,030,055
5.40%, 05/20/33 (Call 02/20/33)(b)		75		80,663
6.00%, 05/20/53 (Call 11/20/52)		960		1,091,616
Texas Instruments Inc. 2.70%, 09/15/51 (Call 03/15/51)		320		225,914
3.88%, 03/15/39 (Call 09/15/38)		544		499,355
4.10%, 08/16/52 (Call 02/16/52)		400		364,616
4.15%, 05/15/48 (Call 11/15/47)		926		855,015
5.00%, 03/14/53 (Call 09/14/52)		425		440,012
TSMC Arizona Corp. 3.13%, 10/25/41 (Call 04/25/41)		290		235,748
3.25%, 10/25/51 (Call 04/25/51)(b)		855		670,342
4.50%, 04/22/52 (Call 10/22/51)(b)		775		761,066
				42,021,155
Software — 2.8%
Activision Blizzard Inc. 2.50%, 09/15/50 (Call 03/15/50)		1,016		663,321
4.50%, 06/15/47 (Call 12/15/46)		283		266,018
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		358		244,428
Fidelity National Information Services Inc. 3.10%, 03/01/41 (Call 09/01/40)		503		353,985
4.50%, 08/15/46 (Call 02/15/46)		165		136,103
5.63%, 07/15/52 (Call 01/15/52)(b)		425		408,223
Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)		207		170,408
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)(b)		1,323		1,125,980
Microsoft Corp. 2.53%, 06/01/50 (Call 12/01/49)		4,227		2,999,068

Security	Par (000)		Value
Software (continued)
2.68%, 06/01/60 (Call 12/01/59)	$	2,486	$	1,722,218
2.92%, 03/17/52 (Call 09/17/51)		4,208		3,224,670
3.04%, 03/17/62 (Call 09/17/61)		1,586		1,194,872
3.45%, 08/08/36 (Call 02/08/36)		1,215		1,128,642
3.50%, 02/12/35 (Call 08/12/34)		1,192		1,138,692
3.50%, 11/15/42		212		189,303
3.70%, 08/08/46 (Call 02/08/46)		1,309		1,186,716
3.75%, 02/12/45 (Call 08/12/44)(b)		432		394,805
3.95%, 08/08/56 (Call 02/08/56)(b)		291		264,162
4.00%, 02/12/55 (Call 08/12/54)		50		46,819
4.10%, 02/06/37 (Call 08/06/36)		636		634,382
4.20%, 11/03/35 (Call 05/03/35)		515		524,824
4.25%, 02/06/47 (Call 08/06/46)		824		811,577
4.45%, 11/03/45 (Call 05/03/45)(b)		1,080		1,084,225
4.50%, 10/01/40		535		546,277
4.50%, 02/06/57 (Call 08/06/56)		460		474,209
4.75%, 11/03/55 (Call 05/03/55)		100		102,592
5.20%, 06/01/39		136		150,297
5.30%, 02/08/41		425		475,817
MSCI Inc., 3.25%, 08/15/33 (Call 08/15/27)(a)		25		20,313
Oracle Corp. 3.60%, 04/01/40 (Call 10/01/39)		2,141		1,662,545
3.60%, 04/01/50 (Call 10/01/49)		3,242		2,305,101
3.65%, 03/25/41 (Call 09/25/40)		1,584		1,228,427
3.80%, 11/15/37 (Call 05/15/37)		1,284		1,074,244
3.85%, 07/15/36 (Call 01/15/36)		938		801,608
3.85%, 04/01/60 (Call 10/01/59)		2,348		1,647,223
3.90%, 05/15/35 (Call 11/15/34)		955		837,819
3.95%, 03/25/51 (Call 09/25/50)		2,285		1,725,198
4.00%, 07/15/46 (Call 01/15/46)		2,053		1,575,848
4.00%, 11/15/47 (Call 05/15/47)		1,593		1,223,565
4.10%, 03/25/61 (Call 09/25/60)		1,119		833,137
4.13%, 05/15/45 (Call 11/15/44)		1,336		1,052,691
4.30%, 07/08/34 (Call 01/08/34)		1,178		1,086,220
4.38%, 05/15/55 (Call 11/15/54)		899		717,715
4.50%, 07/08/44 (Call 01/08/44)		713		600,837
5.38%, 07/15/40		1,565		1,507,688
5.55%, 02/06/53 (Call 08/06/52)		1,025		984,754
6.13%, 07/08/39		852		898,901
6.50%, 04/15/38		941		1,027,974
6.90%, 11/09/52 (Call 05/09/52)		1,765		1,977,378
salesforce.com Inc. 2.70%, 07/15/41 (Call 01/15/41)		879		657,411
2.90%, 07/15/51 (Call 01/15/51)		1,309		929,386
3.05%, 07/15/61 (Call 01/15/61)(b)		885		607,932
				48,646,548
Telecommunications — 6.0%
America Movil SAB de CV 4.38%, 07/16/42		537		482,360
4.38%, 04/22/49 (Call 10/22/48)(b)		659		587,935
6.13%, 11/15/37		316		348,544
6.13%, 03/30/40		1,501		1,624,726
6.38%, 03/01/35(b)		1,006		1,121,110
AT&T Inc. 2.55%, 12/01/33 (Call 09/01/33)		2,676		2,154,362
3.10%, 02/01/43 (Call 08/01/42)(b)		250		183,468
3.30%, 02/01/52 (Call 08/01/51)(b)		714		510,091
3.50%, 06/01/41 (Call 12/01/40)		1,802		1,419,772
3.50%, 09/15/53 (Call 03/15/53)		5,253		3,767,588
3.50%, 02/01/61 (Call 08/01/60)(b)		505		355,877

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
3.55%, 09/15/55 (Call 03/15/55)	$	5,108	$	3,625,129
3.65%, 06/01/51 (Call 12/01/50)		2,240		1,670,083
3.65%, 09/15/59 (Call 03/15/59)(b)		4,605		3,258,358
3.80%, 12/01/57 (Call 06/01/57)		4,091		3,005,065
3.85%, 06/01/60 (Call 12/01/59)		1,063		784,999
4.30%, 12/15/42 (Call 06/15/42)(b)		958		827,785
4.35%, 06/15/45 (Call 12/15/44)		975		833,504
4.50%, 05/15/35 (Call 11/15/34)		1,779		1,674,936
4.50%, 03/09/48 (Call 09/09/47)		1,185		1,022,496
4.55%, 03/09/49 (Call 09/09/48)		679		588,834
4.65%, 06/01/44 (Call 12/01/43)		385		340,378
4.75%, 05/15/46 (Call 11/15/45)		1,309		1,172,858
4.80%, 06/15/44 (Call 12/15/43)		195		177,921
4.85%, 03/01/39 (Call 09/01/38)		736		690,641
4.85%, 07/15/45 (Call 01/15/45)		143		129,028
4.90%, 08/15/37 (Call 02/14/37)		624		604,971
5.15%, 03/15/42(b)		294		281,318
5.15%, 11/15/46 (Call 05/15/46)		565		544,231
5.15%, 02/15/50 (Call 08/14/49)		447		427,174
5.25%, 03/01/37 (Call 09/01/36)		751		749,917
5.35%, 09/01/40		448		442,936
5.45%, 03/01/47 (Call 09/01/46)(b)		345		343,212
5.55%, 08/15/41		47		47,346
5.65%, 02/15/47 (Call 08/15/46)(b)		485		492,295
5.70%, 03/01/57 (Call 09/01/56)(b)		270		270,394
6.00%, 08/15/40 (Call 05/15/40)		305		317,048
6.15%, 09/15/34		65		67,798
6.30%, 01/15/38		184		201,180
6.38%, 03/01/41		255		276,254
6.55%, 02/15/39		285		313,478
Bell Telephone Co. of Canada or Bell Canada (The) 3.65%, 08/15/52 (Call 02/15/52)		460		359,581
4.30%, 07/29/49 (Call 01/29/49)		450		388,840
4.46%, 04/01/48 (Call 10/01/47)		870		770,125
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		344		270,171
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)		436		309,092
British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(a)		211		161,630
Cisco Systems Inc. 5.50%, 01/15/40		1,399		1,519,910
5.90%, 02/15/39		1,436		1,623,355
Corning Inc. 3.90%, 11/15/49 (Call 05/15/49)		441		342,672
4.38%, 11/15/57 (Call 05/15/57)		438		370,871
4.70%, 03/15/37		325		315,073
4.75%, 03/15/42(b)		491		465,233
5.35%, 11/15/48 (Call 05/15/48)(b)		162		160,980
5.45%, 11/15/79 (Call 05/15/79)		739		693,436
5.75%, 08/15/40		370		388,502
5.85%, 11/15/68 (Call 05/15/68)		119		118,078
7.25%, 08/15/36 (Call 08/15/26)		210		221,672
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b)		821		641,059
Deutsche Telekom International Finance BV 4.75%, 06/21/38 (Call 12/21/37)(a)		424		403,543
4.88%, 03/06/42(a)		742		702,145
Juniper Networks Inc., 5.95%, 03/15/41		301		304,668
Motorola Solutions Inc., 5.50%, 09/01/44(b)		272		262,985
Nokia OYJ, 6.63%, 05/15/39		260		256,203
Ooredoo International Finance Ltd., 4.50%, 01/31/43(a)		368		356,618

Security	Par (000)		Value
Telecommunications (continued)
Orange SA 5.38%, 01/13/42	$	910	$	939,494
5.50%, 02/06/44 (Call 08/06/43)		314		332,044
Rogers Communications Inc. 3.70%, 11/15/49 (Call 05/15/49)		611		442,869
4.30%, 02/15/48 (Call 08/15/47)		611		484,009
4.35%, 05/01/49 (Call 11/01/48)(b)		861		691,519
4.50%, 03/15/42 (Call 09/15/41)(a)(b)		580		491,939
4.50%, 03/15/43 (Call 09/15/42)		389		326,739
4.55%, 03/15/52 (Call 09/15/51)(a)		1,250		1,024,964
5.00%, 03/15/44 (Call 09/15/43)(b)		673		610,782
5.45%, 10/01/43 (Call 04/01/43)		496		468,349
7.50%, 08/15/38		430		487,265
SES Global Americas Holdings Inc., 5.30%, 03/25/44(a)		404		299,849
SES SA, 5.30%, 04/04/43(a)		155		115,120
Telefonica Emisiones SA 4.67%, 03/06/38(b)		314		273,697
4.90%, 03/06/48		850		705,641
5.21%, 03/08/47		1,589		1,380,238
5.52%, 03/01/49 (Call 09/01/48)		925		834,217
7.05%, 06/20/36		1,623		1,803,297
TELUS Corp. 4.30%, 06/15/49 (Call 12/15/48)		290		242,677
4.60%, 11/16/48 (Call 05/16/48)		528		467,603
T-Mobile USA Inc. 3.00%, 02/15/41 (Call 08/15/40)		1,960		1,457,067
3.30%, 02/15/51 (Call 08/15/50)		2,260		1,612,850
3.40%, 10/15/52 (Call 04/15/52)		1,955		1,414,521
3.60%, 11/15/60 (Call 05/15/60)		1,125		802,619
4.38%, 04/15/40 (Call 10/15/39)		1,337		1,200,868
4.50%, 04/15/50 (Call 10/15/49)		2,102		1,842,173
5.05%, 07/15/33 (Call 04/15/33)(b)		75		75,567
5.65%, 01/15/53 (Call 07/15/52)		1,315		1,356,391
5.80%, 09/15/62 (Call 03/15/62)		465		481,351
Verizon Communications Inc. 2.65%, 11/20/40 (Call 05/20/40)		2,091		1,483,964
2.85%, 09/03/41 (Call 03/03/41)		750		543,481
2.88%, 11/20/50 (Call 05/20/50)(b)		1,889		1,253,030
2.99%, 10/30/56 (Call 04/30/56)		2,584		1,670,771
3.00%, 11/20/60 (Call 05/20/60)		1,378		876,657
3.40%, 03/22/41 (Call 09/22/40)		2,454		1,931,540
3.55%, 03/22/51 (Call 09/22/50)		2,966		2,249,818
3.70%, 03/22/61 (Call 09/22/60)(b)		2,268		1,684,680
3.85%, 11/01/42 (Call 05/01/42)		652		540,250
3.88%, 03/01/52 (Call 09/01/51)(b)		765		613,879
4.00%, 03/22/50 (Call 09/22/49)		892		735,893
4.13%, 08/15/46		770		656,825
4.27%, 01/15/36		1,357		1,260,026
4.40%, 11/01/34 (Call 05/01/34)		1,352		1,282,922
4.50%, 08/10/33(b)		1,077		1,040,506
4.52%, 09/15/48(b)		877		792,797
4.67%, 03/15/55		482		433,531
4.75%, 11/01/41		425		405,713
4.81%, 03/15/39		825		790,374
4.86%, 08/21/46		1,563		1,478,660
5.01%, 04/15/49		465		448,322
5.01%, 08/21/54		120		114,069
5.25%, 03/16/37		827		842,842
5.50%, 03/16/47(b)		361		368,133
5.85%, 09/15/35(b)		350		371,718

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
6.40%, 09/15/33	$	60	$	66,130
6.55%, 09/15/43		622		704,913
Vodafone Group PLC 4.25%, 09/17/50		990		811,293
4.38%, 02/19/43		1,015		859,261
4.88%, 06/19/49		1,231		1,104,498
5.00%, 05/30/38(b)		205		198,759
5.13%, 06/19/59(b)		342		311,088
5.25%, 05/30/48(b)		620		591,912
5.63%, 02/10/53 (Call 08/10/52)		650		641,679
5.75%, 02/10/63 (Call 08/10/62)(b)		427		422,564
6.15%, 02/27/37		1,384		1,490,973
Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)(a)		210		127,132
				103,010,164
Toys, Games & Hobbies — 0.0%
Hasbro Inc. 5.10%, 05/15/44 (Call 11/15/43)(b)		167		146,328
6.35%, 03/15/40		392		396,828
				543,156
Transportation — 3.4%
Burlington Northern Santa Fe LLC 2.88%, 06/15/52 (Call 12/15/51)		451		316,807
3.05%, 02/15/51 (Call 08/15/50)		422		308,133
3.30%, 09/15/51 (Call 03/15/51)		666		508,907
3.55%, 02/15/50 (Call 08/15/49)		535		432,987
3.90%, 08/01/46 (Call 02/01/46)		587		500,817
4.05%, 06/15/48 (Call 12/15/47)		483		424,887
4.13%, 06/15/47 (Call 12/15/46)		545		482,662
4.15%, 04/01/45 (Call 10/01/44)		623		556,186
4.15%, 12/15/48 (Call 06/15/48)		552		490,293
4.38%, 09/01/42 (Call 03/01/42)		420		390,752
4.40%, 03/15/42 (Call 09/15/41)		428		397,816
4.45%, 03/15/43 (Call 09/15/42)		478		446,623
4.45%, 01/15/53 (Call 07/15/52)(b)		680		639,557
4.55%, 09/01/44 (Call 03/01/44)		528		500,049
4.70%, 09/01/45 (Call 03/01/45)		440		422,674
4.90%, 04/01/44 (Call 10/01/43)		710		699,805
4.95%, 09/15/41 (Call 03/15/41)(b)		203		201,867
5.05%, 03/01/41 (Call 09/01/40)		363		363,876
5.15%, 09/01/43 (Call 03/01/43)		486		496,435
5.40%, 06/01/41 (Call 12/01/40)		337		351,002
5.75%, 05/01/40 (Call 11/01/39)		524		565,541
6.15%, 05/01/37		520		592,445
6.20%, 08/15/36		220		248,872
Canadian National Railway Co. 2.45%, 05/01/50 (Call 11/01/49)(b)		435		284,728
3.20%, 08/02/46 (Call 02/02/46)		342		263,537
3.50%, 11/15/42 (Call 05/14/42)		185		147,277
3.65%, 02/03/48 (Call 08/03/47)		413		345,096
4.40%, 08/05/52 (Call 02/05/52)		540		510,698
4.45%, 01/20/49 (Call 07/20/48)		361		341,467
4.50%, 11/07/43 (Call 05/07/43)		100		89,617
6.20%, 06/01/36		375		426,128
6.25%, 08/01/34		425		488,492
6.38%, 11/15/37		266		308,490
6.71%, 07/15/36		167		191,958
Canadian Pacific Railway Co. 3.00%, 12/02/41 (Call 06/02/41)(b)		766		636,251

Security	Par (000)		Value
Transportation (continued)
3.10%, 12/02/51 (Call 06/02/51)(b)	$	1,335	$	956,614
3.50%, 05/01/50 (Call 11/01/49)		375		291,174
4.20%, 11/15/69 (Call 05/15/69)		316		251,463
4.30%, 05/15/43 (Call 11/15/42)		266		238,018
4.70%, 05/01/48 (Call 11/01/47)		327		304,357
4.80%, 09/15/35 (Call 03/15/35)		190		191,746
4.80%, 08/01/45 (Call 02/01/45)		426		415,695
4.95%, 08/15/45 (Call 02/15/45)		267		263,191
5.75%, 01/15/42		370		385,599
5.95%, 05/15/37		391		422,916
6.13%, 09/15/2115 (Call 03/15/2115) .		409		435,219
CSX Corp. 2.50%, 05/15/51 (Call 11/15/50)		288		188,039
3.35%, 09/15/49 (Call 03/15/49)		585		441,081
3.80%, 11/01/46 (Call 05/01/46)(b)		593		490,358
3.80%, 04/15/50 (Call 10/15/49)		442		358,784
3.95%, 05/01/50 (Call 11/01/49)		367		305,638
4.10%, 03/15/44 (Call 09/15/43)		537		473,176
4.25%, 11/01/66 (Call 05/01/66)		438		365,427
4.30%, 03/01/48 (Call 09/01/47)		617		547,371
4.40%, 03/01/43 (Call 09/01/42)		197		178,230
4.50%, 03/15/49 (Call 09/15/48)		398		364,924
4.50%, 11/15/52 (Call 05/15/52)		635		584,245
4.50%, 08/01/54 (Call 02/01/54)		236		212,590
4.65%, 03/01/68 (Call 09/01/67)		310		277,076
4.75%, 05/30/42 (Call 11/30/41)		426		404,100
4.75%, 11/15/48 (Call 05/15/48)		459		433,988
5.50%, 04/15/41 (Call 10/15/40)		297		305,513
6.00%, 10/01/36		359		393,260
6.15%, 05/01/37		501		554,743
6.22%, 04/30/40		474		527,441
Empresa de los Ferrocarriles del Estado 3.07%, 08/18/50 (Call 02/18/50)(a)		295		185,750
3.83%, 09/14/61 (Call 03/14/61)(a)		320		220,307
Empresa de Transporte de Pasajeros Metro SA 3.69%, 09/13/61 (Call 03/13/61)(a)		515		354,057
4.70%, 05/07/50 (Call 11/07/49)(a)		758		659,460
5.00%, 01/25/47 (Call 07/25/46)(a)		282		257,259
FedEx Corp. 3.25%, 05/15/41 (Call 11/15/40)(b)		567		432,820
3.88%, 08/01/42		477		389,204
3.90%, 02/01/35		259		233,430
4.05%, 02/15/48 (Call 08/15/47)		776		632,223
4.10%, 04/15/43		457		379,189
4.10%, 02/01/45		396		325,920
4.40%, 01/15/47 (Call 07/15/46)		555		471,924
4.50%, 02/01/65(b)		159		125,079
4.55%, 04/01/46 (Call 10/01/45)		733		640,769
4.75%, 11/15/45 (Call 05/15/45)		757		684,669
4.90%, 01/15/34(b)		65		64,834
4.95%, 10/17/48 (Call 04/17/48)		676		630,451
5.10%, 01/15/44		535		505,173
5.25%, 05/15/50 (Call 11/15/49)(b)		917		895,448
Norfolk Southern Corp. 2.90%, 08/25/51 (Call 02/25/51)		541		361,741
3.05%, 05/15/50 (Call 11/15/49)(b)		488		342,285
3.16%, 05/15/55 (Call 11/15/54)		630		431,317
3.40%, 11/01/49 (Call 05/01/49)		287		212,892
3.70%, 03/15/53 (Call 09/15/52)(b)		415		323,742
3.94%, 11/01/47 (Call 05/01/47)		551		454,987

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
3.95%, 10/01/42 (Call 04/01/42)	$	455	$	389,855
4.05%, 08/15/52 (Call 02/15/52)		564		473,091
4.10%, 05/15/49 (Call 11/15/48)		284		237,811
4.10%, 05/15/2121 (Call 11/15/2120)		290		207,785
4.15%, 02/28/48 (Call 08/28/47)(b)		465		394,093
4.45%, 06/15/45 (Call 12/15/44)		370		329,065
4.55%, 06/01/53 (Call 12/01/52)(b)		695		630,153
4.65%, 01/15/46 (Call 07/15/45)		456		416,393
4.80%, 08/15/43 (Call 02/15/43)		180		161,528
4.84%, 10/01/41		490		463,902
5.10%, 08/01/2118 (Call 02/01/2118)		5		4,380
Pelabuhan Indonesia Persero PT, 5.38%, 05/05/45(a)		315		304,132
Polar Tankers Inc., 5.95%, 05/10/37(a)(b)		538		560,779
TTX Co. 3.90%, 02/01/45 (Call 08/01/44)(a)		240		201,143
4.20%, 07/01/46 (Call 01/01/46)(a)		355		308,968
4.60%, 02/01/49 (Call 08/01/48)(a)		310		286,555
4.65%, 06/15/44(a)		70		63,413
5.65%, 12/01/52 (Call 06/01/52)(a)(b)		305		330,112
Union Pacific Corp. 2.89%, 04/06/36 (Call 01/06/36)		450		374,929
2.95%, 03/10/52 (Call 09/10/51)(b)		642		456,997
2.97%, 09/16/62 (Call 03/16/62)		690		457,337
3.20%, 05/20/41 (Call 11/20/40)(b)		648		520,868
3.25%, 02/05/50 (Call 08/05/49)		1,152		879,387
3.35%, 08/15/46 (Call 02/15/46)		239		184,300
3.38%, 02/01/35 (Call 08/01/34)		191		168,470
3.38%, 02/14/42 (Call 08/14/41)(b)		320		265,253
3.50%, 02/14/53 (Call 08/14/52)		865		686,344
3.55%, 08/15/39 (Call 02/15/39)		387		333,014
3.55%, 05/20/61 (Call 11/20/60)		465		355,570
3.60%, 09/15/37 (Call 03/15/37)		312		275,471
3.75%, 02/05/70 (Call 08/05/69)		515		397,874
3.80%, 10/01/51 (Call 04/01/51)		698		584,528
3.80%, 04/06/71 (Call 10/06/70)(b)		591		461,868
3.84%, 03/20/60 (Call 09/20/59)		1,243		1,011,257
3.85%, 02/14/72 (Call 08/14/71)		315		250,823
3.88%, 02/01/55 (Call 08/01/54)		285		234,927
3.95%, 08/15/59 (Call 02/15/59)		345		285,038
4.00%, 04/15/47 (Call 10/15/46)		470		406,258
4.05%, 11/15/45 (Call 05/15/45)		441		380,997
4.05%, 03/01/46 (Call 09/01/45)		430		370,724
4.10%, 09/15/67 (Call 03/15/67)		309		258,805
4.30%, 03/01/49 (Call 09/01/48)		473		427,123
4.50%, 09/10/48 (Call 03/10/48)		385		352,854
4.95%, 09/09/52 (Call 03/09/52)(b)		395		402,799
4.96%, 05/15/53 (Call 11/15/52)		465		469,269
5.15%, 01/20/63 (Call 07/20/62)		280		286,262
United Parcel Service Inc. 3.40%, 11/15/46 (Call 05/15/46)		335		268,331
3.40%, 09/01/49 (Call 03/01/49)(b)		337		272,045
3.63%, 10/01/42		450		384,006
3.75%, 11/15/47 (Call 05/15/47)		804		695,019
4.25%, 03/15/49 (Call 09/15/48)		498		455,338
4.88%, 11/15/40 (Call 05/15/40)		355		356,341
5.05%, 03/03/53 (Call 09/03/52)		635		654,267
5.20%, 04/01/40 (Call 10/01/39)		366		382,082
5.30%, 04/01/50 (Call 10/01/49)		852		915,141
6.20%, 01/15/38		971		1,115,796
				58,950,508

Security	Par/ Shares (000)		Value
Trucking & Leasing — 0.0%
GATX Corp. 3.10%, 06/01/51 (Call 12/01/50)	$	379	$	243,957
4.50%, 03/30/45 (Call 09/30/44)(b)		140		113,265
5.20%, 03/15/44 (Call 09/15/43)		224		202,738
				559,960
Water — 0.2%
American Water Capital Corp. 3.25%, 06/01/51 (Call 12/01/50)		340		250,861
3.45%, 05/01/50 (Call 11/01/49)		380		294,413
3.75%, 09/01/47 (Call 03/01/47)		484		397,043
4.00%, 12/01/46 (Call 06/01/46)		275		227,815
4.15%, 06/01/49 (Call 12/01/48)		400		344,754
4.20%, 09/01/48 (Call 03/01/48)		534		463,110
4.30%, 12/01/42 (Call 06/01/42)		271		243,538
4.30%, 09/01/45 (Call 03/01/45)		116		102,880
6.59%, 10/15/37		517		593,884
Essential Utilities Inc. 3.35%, 04/15/50 (Call 10/15/49)		431		308,746
4.28%, 05/01/49 (Call 11/01/48)		350		293,575
5.30%, 05/01/52 (Call 11/01/51)		390		381,135
				3,901,754
Total Corporate Bonds & Notes — 98.2% (Cost: $2,063,825,657)				1,687,679,617
Foreign Government and Agency Obligations(e)
South Korea — 0.0%
Korea Electric Power Corp., 5.13%, 04/23/34(a)		300		310,065
Total Foreign Government and Agency Obligations — 0.0% (Cost: $313,369)				310,065
Total Long-Term Investments — 98.2% (Cost: $2,064,139,026)				1,687,989,682
Short-Term Securities
Money Market Funds — 8.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(f)(g)(h)		127,833		127,871,177
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(f)(g)		10,790		10,790,000
Total Short-Term Securities — 8.1% (Cost: $138,600,287)				138,661,177
Total Investments — 106.3% (Cost: $2,202,739,313)				1,826,650,859
Liabilities in Excess of Other Assets — (6.3)%			(107,542,656)
Net Assets — 100.0%			$  1,719,108,203

^(a)  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.

^(b)  All or a portion of this security is on loan.

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

^(d) 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.

^(e) U.S. dollar denominated security issued by foreign domiciled entity.

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® 10+ Year Investment Grade Corporate Bond ETF

^(f) Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

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

FairValueHierarchyasof PeriodEnd

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	1,687,679,617	$	—	$	1,687,679,617
Foreign Government and Agency Obligations		—		310,065		—		310,065
Short-Term Securities
Money Market Funds		138,661,177		—		—		138,661,177
	$	138,661,177	$	1,687,989,682	$	—	$	1,826,650,859

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Express Credit Account Master Trust 3.75%, 08/15/27	$	9,330	$	9,183,573
Class A, 0.90%, 11/15/26		70,000		65,773,186
Class A, 4.95%, 10/15/27		15,000		15,170,257
AmeriCredit Automobile Receivables Trust Series 2021-1, Class B, 0.68%, 10/19/26 (Call 03/18/25)		11,050		10,598,686
Americredit Automobile Receivables Trust 2023-15.62%, 11/18/27		8,210		8,333,216
BA Credit Card Trust Series 2021-A1, Class A1, 0.44%, 09/15/26		23,870		22,810,273
BMW Vehicle Lease Trust1.23%, 05/27/25 (Call 05/25/24)		6,500		6,235,523
Capital One Multi-Asset Execution Trust
Class A2, 1.39%, 07/15/30		11,000		9,516,726
Series 2021-A1, Class A1, 0.55%, 07/15/26		20,000		18,946,826
CarMax Auto Owner Trust
4.65%, 01/16/29 (Call 11/15/26)		8,300		8,305,402
Series 2021-4, Class A3, 0.56%, 09/15/26 (Call 11/15/25)		7,490		7,117,855
Discover Card Execution Note Trust 3.56%, 07/15/27		18,000		17,619,970
Series 2022-A1, Class A1, 1.96%, 02/15/27		6,900		6,570,863
Exeter Automobile Receivables Trust Series 2021-2, Class D, 1.40%, 04/15/27 (Call 02/15/25)		3,261		3,028,293
Exeter Automobile Receivables Trust 2023-15.82%, 02/15/28 (Call 08/15/27)		11,180		11,180,173
GM Financial Consumer Automobile Receivables Trust 1.26%, 11/16/26 (Call 02/16/26)		14,000		13,322,514
1.51%, 04/17/28 (Call 02/16/26)		2,940		2,712,251
4.47%, 02/16/28		6,667		6,638,113
4.43%, 10/16/28		13,000		12,949,296
GM Financial Consumer Automobile Receivables Trust 2023-1 4.66%, 02/16/28 (Call 09/16/26)		18,560		18,589,118
4.59%, 07/17/28 (Call 09/16/26)		3,500		3,508,265
Hyundai Auto Receivables Trust 5.39%, 06/15/27 (Call 11/15/26)		11,045		11,163,984
4.58%, 04/15/27		6,600		6,573,837
4.48%, 07/17/28		13,000		12,951,113
Nissan Auto Lease Trust 2023-A 4.91%, 01/15/26 (Call 08/15/25)		28,290		28,200,019
5.09%, 05/15/30 (Call 11/15/26)		17,060		16,937,459
Santander Drive Auto Receivables Trust Series 2021-3, Class C, 0.95%, 09/15/27 (Call 12/15/24)		13,720		13,386,559
Santander Drive Auto Receivables Trust 2023-14.88%, 04/15/27 (Call 11/15/26)		10,000		9,956,592
Verizon Master Trust Series 2021-1, Class A, 0.50%, 05/20/27 (Call 05/20/24)		28,690		27,282,319
Total Asset-Backed Securities — 0.4% (Cost: $417,266,787)				404,562,261
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 1.0%
Bank
Series 2018-BN15, Class A4, 4.41%, 11/15/61 (Call 11/15/28)(a)		5,000		4,865,789
Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 10/15/29)		15,310		13,448,968

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2020, Class A5, 2.65%, 01/15/63 (Call 02/15/30)	$	6,500	$	5,647,460
Series 2020-BN27, Class A5, 2.14%, 04/15/63 (Call 04/15/30)		23,610		19,636,118
Series 2020-BN29, Class A4, 2.00%, 11/15/53 (Call 12/15/30)		5,760		4,653,735
BANK 2021-BNK35, 2.29%, 06/15/64 (Call 08/15/31)		7,260		5,994,194
BANK 2021-BNK36, Series 21-BN36, Class A5, 2.47%, 09/15/64 (Call 10/15/31)		8,930		7,465,318
Bank of America Merrill Lynch Commercial Mortgage Trust, Series 2017-BNK3, Class ASB, 3.37%, 02/15/50 (Call 02/15/27)		1,769		1,706,474
Barclays Commercial Mortgage Trust, Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 08/15/29)		8,750		7,802,188
BBCMS Mortgage Trust 5.45%, 04/15/56		7,710		8,038,506
Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)		18,450		17,462,595
Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 02/15/30)		10,000		8,688,543
Series 2020-C7, Class A5, 2.04%, 04/15/53 (Call 04/15/30)		16,670		13,984,925
Series 2021-C11, Class A5, 2.32%, 09/15/54		1,965		1,622,468
Series 2022-C15, Class A5, 3.66%, 04/15/55 (Call 04/15/32)(a)		3,745		3,409,510
BBCMS Mortgage Trust 2022-C18, 5.71%, 12/15/55 (Call 12/15/32)(a)		3,160		3,349,719
BBCMS Trust, Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 07/15/31)		18,590		15,684,641
Benchmark Mortgage Trust
Series 2018-B2, Class A5, 3.88%, 02/15/51 (Call 02/15/28)(a)		10,616		10,026,512
Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 04/10/28)		7,000		6,645,621
Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 08/15/28)		6,150		5,882,378
Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 11/15/28)(a)		10,093		9,758,919
Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)		17,000		16,272,885
Series 2019-B11, Class A4, 3.28%, 05/15/52 (Call 06/15/29)		20,650		18,966,360
Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 06/15/29)		20,000		18,390,707
Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 10/15/30)		2,700		1,879,088
Series 2020-B21, Class A4, 1.70%, 12/17/53 (Call 12/15/30)		7,000		5,661,824
Series 2020-B21, Class A5, 1.98%, 12/17/53 (Call 12/15/30)		8,616		7,000,333
Series 2020-B23, Class A5, 2.07%, 02/15/54 (Call 02/15/31)		25,000		20,222,203
Series 2023-B38, Class A2, 5.63%, 04/15/56		10,000		10,145,395
Citigroup Commercial Mortgage Trust
Series 2014-GC25, Class AAB, 3.37%, 10/10/47 (Call 10/10/24)		2,906		2,851,174
Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 10/10/24)		5,209		4,972,707
Series 2015-GC27, Class AAB, 2.94%, 02/10/48 (Call 01/10/25)		3,254		3,185,637

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2016-GC37, Class A4, 3.31%, 04/10/49 (Call 03/10/26)	$	17,730	$	16,786,776
Series 2016-P5, Class A4, 2.94%, 10/10/49 (Call 10/10/26)		11,400		10,584,778
Series 2017-P7, Class A4, 3.71%, 04/14/50 (Call 04/14/27)		13,900		13,148,531
Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 03/10/28)		20,020		19,055,302
COMM Mortgage Trust
Series 2014-CR20, Class A3, 3.33%, 11/10/47 (Call 01/10/29)		5,716		5,550,963
Series 2014-UBS2, Class A4, 3.69%, 03/10/47 (Call 03/10/24)		4,160		4,117,725
Series 2014-UBS3, Class A4, 3.82%, 06/10/47 (Call 06/10/24)		12,887		12,526,780
Series 2015-CR24, Class A5, 3.70%, 08/10/48 (Call 06/10/26)		16,990		16,340,779
Series 2015-LC23, Class A2, 3.22%, 10/10/48 (Call 11/10/25)		3,289		3,152,043
Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 06/10/25)		9,650		9,326,538
Series 2016-CR28, Class A4, 3.76%, 02/10/49 (Call 01/10/26)		8,000		7,672,961
Series 2016-DC2, Class A5, 3.77%, 02/10/49 (Call 02/10/26)		4,000		3,836,434
Commission Mortgage Trust
Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 07/15/24)		10,000		9,626,783
Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 03/10/24)		9,700		9,563,156
Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/29)		12,920		12,511,751
Series 2015-CR22, Class A5, 3.31%, 03/10/48 (Call 03/10/25)		3,000		2,876,725
Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 02/10/25)		2,750		2,641,024
Series 2015-DC1, Class C, 4.44%, 02/10/48 (Call 02/10/25)(a)		3,000		2,541,168
Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 01/10/26)		15,500		14,929,456
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 05/15/25)		10,000		9,599,876
Series 2015-C4, Class A4, 3.81%, 11/15/48 (Call 11/15/25)		17,519		16,847,758
Series 2016-C7, Class A5, 3.50%, 11/15/49 (Call 11/15/26)		5,200		4,833,643
Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 04/15/28)(a)		27,000		25,708,308
Series 2019-C18, Class A4, 2.97%, 12/15/52 (Call 12/15/29)		10,000		8,820,965
DBJPM Mortgage Trust, Series 2016-C3, Class A5, 2.89%, 08/10/49 (Call 08/10/26)		1,000		929,663
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 4.35%, 01/25/33		21,490		21,805,634
GS Mortgage Securities Corp. II, Series 2018-GS10, Class A5, 4.16%, 07/10/51 (Call 07/10/28)(a)		3,000		2,870,516

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust
Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 11/10/23)	$	10,000	$	9,947,431
Series 2014-GC24, Class A4, 3.67%, 09/10/47 (Call 09/10/24)		18,397		17,905,389
Series 2014-GC24, Class A5, 3.93%, 09/10/47 (Call 09/10/24)		6,000		5,814,604
Series 2015-GS1, Class A3, 3.73%, 11/10/48 (Call 11/10/25)		10,000		9,584,573
Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 08/10/27)		13,000		11,961,100
Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 03/10/28)(a)		3,000		2,853,918
Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 02/10/29)		2,500		2,360,067
JPMBB Commercial Mortgage Securities Trust
Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 03/15/26)		7,000		6,791,604
Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 02/15/26)		9,660		9,388,794
Series 2014-C24, Class A5, 3.64%, 11/15/47 (Call 10/15/25)		16,995		16,418,797
Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a)		3,800		3,387,864
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2013-C10, Class AS, 4.19%, 07/15/46 (Call 06/15/28)(a)		8,166		7,939,782
Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)		5,000		4,782,143
Series 2015-C23, Class A4, 3.72%, 07/15/50 (Call 06/15/25)		1,850		1,780,228
Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 08/15/25)		7,275		7,003,476
Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 11/15/25)		17,025		16,336,521
Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 02/15/28)		16,420		15,639,280
Series 2016-C28, Class AS, 3.95%, 01/15/49 (Call 02/15/28)		2,000		1,828,666
Series 2016-C32, Class A3, 3.46%, 12/15/49 (Call 01/15/27)		9,522		8,962,517
Morgan Stanley Capital I Trust
Series 2015-UBS8, Class A4, 3.81%, 12/15/48 (Call 12/15/25)		3,500		3,354,055
Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 06/15/27)		12,000		11,215,287
Series 2018, Class A3, 4.14%, 10/15/51 (Call 10/15/28)		21,700		20,697,260
Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 07/15/28)		700		664,318
Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29)		7,660		6,990,854
Series 2019-L3, Class AS, 3.49%, 11/15/52 (Call 11/15/29)		720		623,104
Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)		20,000		17,289,793
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		10,430		8,684,847
UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		18,150		17,249,517

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust Class A4, 2.34%, 08/15/54 (Call 07/15/31)	$	4,600	$	3,799,338
Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 03/15/25)		8,500		8,161,511
Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)		5,000		4,813,371
Series 2015-SG1, Class A4, 3.79%, 09/15/48 (Call 08/15/25)		10,856		10,448,446
Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)		6,480		5,501,903
Series 2020-C58, Class A4, 2.10%, 07/15/53 (Call 12/15/30)		17,680		14,414,513
Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)		5,200		4,374,967
				852,498,768
Total Collaterized Mortgage Obligations — 1.0% (Cost: $943,918,063)				852,498,768
Corporate Bonds & Notes
Advertising — 0.0%
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)		1,888		1,573,535
3.38%, 03/01/41 (Call 09/01/40)		1,732		1,307,798
4.65%, 10/01/28 (Call 07/01/28)		1,331		1,306,949
4.75%, 03/30/30 (Call 12/30/29)		2,348		2,308,647
5.40%, 10/01/48 (Call 04/01/48)		1,840		1,754,532
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		2,422		2,085,584
2.60%, 08/01/31 (Call 05/01/31)		2,869		2,450,528
4.20%, 06/01/30 (Call 03/01/30)		2,671		2,579,091
Omnicom Group Inc./Omnicom Capital Inc.
3.60%, 04/15/26 (Call 01/15/26)		6,280		6,111,194
3.65%, 11/01/24 (Call 08/01/24)		3,015		2,957,504
WPP Finance 2010, 3.75%, 09/19/24		3,111		3,035,465
				27,470,827
Aerospace & Defense — 0.4%
Boeing Co. (The)
2.20%, 02/04/26 (Call 05/30/23)		11,235		10,432,933
2.25%, 06/15/26 (Call 03/15/26)		3,924		3,617,300
2.60%, 10/30/25 (Call 07/30/25)		2,998		2,835,568
2.70%, 02/01/27 (Call 12/01/26)		6,195		5,747,040
2.75%, 02/01/26 (Call 01/01/26)		1,005		950,539
2.80%, 03/01/27 (Call 12/01/26)		2,985		2,755,662
2.85%, 10/30/24 (Call 07/30/24)		1,631		1,573,605
2.95%, 02/01/30 (Call 11/01/29)		5,209		4,623,144
3.10%, 05/01/26 (Call 03/01/26)		4,871		4,617,562
3.20%, 03/01/29 (Call 12/01/28)		3,771		3,451,709
3.25%, 02/01/28 (Call 12/01/27)		1,110		1,035,108
3.25%, 03/01/28 (Call 12/01/27)		2,879		2,669,380
3.25%, 02/01/35 (Call 11/01/34)		2,704		2,213,576
3.38%, 06/15/46 (Call 12/15/45)		1,278		902,996
3.45%, 11/01/28 (Call 08/01/28)		2,463		2,272,659
3.50%, 03/01/39 (Call 09/01/38)		1,789		1,391,896
3.55%, 03/01/38 (Call 09/01/37)		1,518		1,202,408
3.60%, 05/01/34 (Call 02/01/34)		2,996		2,575,332
3.63%, 02/01/31 (Call 11/01/30)		902		825,366
3.63%, 03/01/48 (Call 09/01/47)		1,868		1,328,895
3.65%, 03/01/47 (Call 09/01/46)		1,376		988,945

Security	Par (000)		Value
Aerospace & Defense (continued)
3.75%, 02/01/50 (Call 08/01/49)	$	4,758	$	3,569,594
3.83%, 03/01/59 (Call 09/01/58)		1,816		1,273,833
3.85%, 11/01/48 (Call 05/01/48)		1,669		1,241,703
3.90%, 05/01/49 (Call 11/01/48)		3,336		2,521,149
3.95%, 08/01/59 (Call 02/01/59)		3,943		2,893,807
4.88%, 05/01/25 (Call 04/01/25)		11,752		11,716,979
5.04%, 05/01/27 (Call 03/01/27)		7,229		7,259,579
5.15%, 05/01/30 (Call 02/01/30)		12,413		12,496,291
5.71%, 05/01/40 (Call 11/01/39)		7,627		7,644,923
5.81%, 05/01/50 (Call 11/01/49)		19,286		19,243,764
5.88%, 02/15/40		1,858		1,887,858
5.93%, 05/01/60 (Call 11/01/59)		11,470		��      11,337,521
6.13%, 02/15/33		1,648		1,748,429
6.63%, 02/15/38		1,269		1,394,352
6.88%, 03/15/39		2,096		2,331,339
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		3,060		2,802,226
2.13%, 08/15/26 (Call 05/15/26)		4,058		3,819,106
2.25%, 06/01/31 (Call 03/01/31)		1,615		1,395,085
2.38%, 11/15/24 (Call 09/15/24)		866		836,530
2.63%, 11/15/27 (Call 08/15/27)		2,459		2,292,304
2.85%, 06/01/41 (Call 12/01/40)		2,715		2,109,745
3.25%, 04/01/25 (Call 03/01/25)		3,889		3,792,631
3.50%, 05/15/25 (Call 03/15/25)		2,852		2,797,270
3.50%, 04/01/27 (Call 02/01/27)		1,282		1,245,732
3.60%, 11/15/42 (Call 05/14/42)(b)		753		644,749
3.63%, 04/01/30 (Call 01/01/30)		4,312		4,142,409
3.75%, 05/15/28 (Call 02/15/28)		3,988		3,907,482
4.25%, 04/01/40 (Call 10/01/39)		2,064		1,928,808
4.25%, 04/01/50 (Call 10/01/49)		3,115		2,895,642
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		995		954,036
4.95%, 08/15/25 (Call 05/15/25)		1,822		1,791,445
L3Harris Technologies Inc.
1.80%, 01/15/31 (Call 10/15/30)		2,855		2,323,513
2.90%, 12/15/29 (Call 09/15/29)		2,676		2,385,895
3.83%, 04/27/25 (Call 01/27/25)		2,766		2,704,346
3.85%, 12/15/26 (Call 09/15/26)		4,102		3,984,437
3.95%, 05/28/24 (Call 02/28/24)		1,430		1,411,381
4.40%, 06/15/28 (Call 03/15/28)		6,192		6,129,173
4.85%, 04/27/35 (Call 10/27/34)		1,616		1,593,554
5.05%, 04/27/45 (Call 10/27/44)		1,065		1,012,655
6.15%, 12/15/40		1,705		1,841,519
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)		1,980		1,693,870
2.80%, 06/15/50 (Call 12/15/49)		3,700		2,694,192
3.55%, 01/15/26 (Call 10/15/25)		4,293		4,230,150
3.60%, 03/01/35 (Call 09/01/34)		1,988		1,848,979
3.80%, 03/01/45 (Call 09/01/44)		4,425		3,840,413
3.90%, 06/15/32 (Call 03/15/32)		2,950		2,863,358
4.07%, 12/15/42		2,243		2,058,424
4.09%, 09/15/52 (Call 03/15/52)		5,826		5,218,814
4.15%, 06/15/53 (Call 12/15/52)		4,405		3,982,032
4.30%, 06/15/62 (Call 12/15/61)		3,510		3,168,021
4.50%, 05/15/36 (Call 11/15/35)		1,910		1,906,085
4.70%, 05/15/46 (Call 11/15/45)		4,244		4,209,369
4.95%, 10/15/25 (Call 09/15/25)		880		894,186
5.10%, 11/15/27 (Call 10/15/27)		3,225		3,355,354
5.25%, 01/15/33 (Call 10/15/32)		3,980		4,253,307
5.70%, 11/15/54 (Call 05/15/54)		1,810		2,043,617

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Aerospace & Defense (continued)
5.72%, 06/01/40	$	1,082	$	1,194,625
5.90%, 11/15/63 (Call 05/15/63)		1,450		1,691,802
Series B, 6.15%, 09/01/36		1,925		2,201,854
Northrop Grumman Corp.
2.93%, 01/15/25 (Call 11/15/24)		6,329		6,136,662
3.20%, 02/01/27 (Call 11/01/26)		2,806		2,696,173
3.25%, 01/15/28 (Call 10/15/27)		8,593		8,178,560
3.85%, 04/15/45 (Call 10/15/44)		1,714		1,426,477
4.03%, 10/15/47 (Call 04/15/47)		7,986		6,878,182
4.40%, 05/01/30 (Call 02/01/30)		1,027		1,025,809
4.70%, 03/15/33 (Call 12/15/32)		3,390		3,410,476
4.75%, 06/01/43		3,539		3,385,053
4.95%, 03/15/53 (Call 09/15/52)		2,645		2,614,186
5.05%, 11/15/40		1,233		1,229,178
5.15%, 05/01/40 (Call 11/01/39)		2,275		2,284,600
5.25%, 05/01/50 (Call 11/01/49)		3,818		3,935,518
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		3,541		2,899,796
2.25%, 07/01/30 (Call 04/01/30)		4,150		3,579,043
2.38%, 03/15/32 (Call 12/15/31)		4,007		3,381,587
2.65%, 11/01/26 (Call 08/01/26)		1,925		1,816,295
2.82%, 09/01/51 (Call 03/01/51)		2,919		2,006,900
3.03%, 03/15/52 (Call 09/15/51)		5,125		3,679,494
3.13%, 05/04/27 (Call 02/04/27)		4,836		4,618,380
3.13%, 07/01/50 (Call 01/01/50)		4,050		2,981,569
3.50%, 03/15/27 (Call 12/15/26)		5,185		5,023,487
3.75%, 11/01/46 (Call 05/01/46)		4,504		3,717,827
3.95%, 08/16/25 (Call 06/16/25)		6,266		6,183,477
4.05%, 05/04/47 (Call 11/04/46)		3,053		2,647,195
4.13%, 11/16/28 (Call 08/16/28)		8,224		8,111,413
4.15%, 05/15/45 (Call 11/16/44)		3,475		3,040,660
4.35%, 04/15/47 (Call 10/15/46)		3,648		3,299,032
4.45%, 11/16/38 (Call 05/16/38)		3,625		3,454,879
4.50%, 06/01/42		13,217		12,500,374
4.63%, 11/16/48 (Call 05/16/48)		6,248		5,938,911
4.70%, 12/15/41		2,350		2,234,498
4.80%, 12/15/43 (Call 06/15/43)		2,002		1,917,295
4.88%, 10/15/40		959		938,171
5.00%, 02/27/26 (Call 01/27/26)		1,885		1,917,837
5.15%, 02/27/33 (Call 11/27/32)		3,930		4,082,170
5.38%, 02/27/53 (Call 08/27/52)		3,240		3,407,087
5.40%, 05/01/35		140		146,481
5.70%, 04/15/40		415		438,215
6.05%, 06/01/36		115		126,361
6.13%, 07/15/38		440		491,876
7.20%, 08/15/27		1,888		2,102,439
7.50%, 09/15/29		328		380,234
				400,926,726
Agriculture — 0.3%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		3,875		3,694,076
2.45%, 02/04/32 (Call 11/04/31)		6,695		5,317,571
2.63%, 09/16/26 (Call 06/16/26)(b)		3,530		3,308,528
3.40%, 05/06/30 (Call 02/06/30)		2,839		2,534,489
3.40%, 02/04/41 (Call 08/04/40)		5,602		3,950,082
3.70%, 02/04/51 (Call 08/04/50)		4,837		3,218,830
3.88%, 09/16/46 (Call 03/16/46)		5,167		3,708,873
4.00%, 02/04/61 (Call 08/04/60)		3,355		2,351,150
4.25%, 08/09/42		3,664		2,883,605
4.40%, 02/14/26 (Call 12/14/25)(b)		3,911		3,885,500

Security	Par (000)		Value
Agriculture (continued)
4.45%, 05/06/50 (Call 11/06/49)	$	2,173	$	1,622,210
4.50%, 05/02/43		2,858		2,306,177
4.80%, 02/14/29 (Call 11/14/28)		3,859		3,833,376
5.38%, 01/31/44		6,427		5,891,309
5.80%, 02/14/39 (Call 08/14/38)		7,537		7,435,552
5.95%, 02/14/49 (Call 08/14/48)		7,202		6,778,522
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		5,735		5,450,659
2.70%, 09/15/51 (Call 03/15/51)		1,150		801,389
2.90%, 03/01/32 (Call 12/01/31)		2,445		2,178,030
3.25%, 03/27/30 (Call 12/27/29)		2,921		2,741,855
3.75%, 09/15/47 (Call 03/15/47)		1,579		1,341,913
4.02%, 04/16/43		842		747,561
4.50%, 08/15/33 (Call 05/15/33)		1,130		1,132,136
4.50%, 03/15/49 (Call 09/15/48)		3,564		3,399,842
4.54%, 03/26/42		1,252		1,200,105
5.38%, 09/15/35		616		663,229
5.94%, 10/01/32		662		732,702
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		2,230		1,936,420
2.73%, 03/25/31 (Call 12/25/30)		4,253		3,450,799
2.79%, 09/06/24 (Call 08/06/24)		4,048		3,907,494
3.22%, 08/15/24 (Call 06/15/24)		8,962		8,719,130
3.22%, 09/06/26 (Call 07/06/26)		6,198		5,870,126
3.46%, 09/06/29 (Call 06/06/29)		2,397		2,130,957
3.56%, 08/15/27 (Call 05/15/27)		11,532		10,795,566
3.73%, 09/25/40 (Call 03/25/40)		1,918		1,372,118
3.98%, 09/25/50 (Call 03/25/50)		2,861		1,959,442
4.39%, 08/15/37 (Call 02/15/37)		8,879		7,243,488
4.54%, 08/15/47 (Call 02/15/47)		9,161		6,843,084
4.70%, 04/02/27 (Call 02/02/27)		3,314		3,269,195
4.74%, 03/16/32 (Call 12/16/31)		3,495		3,264,365
4.76%, 09/06/49 (Call 03/06/49)		3,978		3,036,010
4.91%, 04/02/30 (Call 01/02/30)		3,643		3,513,163
5.28%, 04/02/50 (Call 02/02/49)		2,197		1,824,565
5.65%, 03/16/52 (Call 09/16/51)		2,520		2,206,361
7.75%, 10/19/32 (Call 07/19/32)		2,470		2,736,142
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)		3,938		3,585,785
4.45%, 03/16/28 (Call 02/16/28)		4,040		3,881,996
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		3,555		3,287,273
2.75%, 05/14/31 (Call 02/14/31)		4,365		3,748,007
3.25%, 08/15/26 (Call 05/15/26)		3,743		3,572,132
3.75%, 09/25/27 (Call 06/25/27)		2,891		2,787,849
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		2,424		2,185,284
1.50%, 05/01/25 (Call 04/01/25)		3,509		3,299,899
1.75%, 11/01/30 (Call 08/01/30)		2,323		1,874,127
2.10%, 05/01/30 (Call 02/01/30)		2,173		1,825,581
2.75%, 02/25/26 (Call 11/25/25)		3,985		3,800,614
2.88%, 05/01/24 (Call 04/01/24)		4,023		3,939,885
3.13%, 08/17/27 (Call 05/17/27)		2,525		2,395,265
3.13%, 03/02/28 (Call 12/02/27)(b)		2,771		2,601,553
3.25%, 11/10/24		3,622		3,542,642
3.38%, 08/11/25 (Call 05/11/25)		2,633		2,571,783
3.38%, 08/15/29 (Call 05/15/29)		3,131		2,904,848
3.88%, 08/21/42		3,926		3,137,384
4.13%, 03/04/43		2,104		1,737,483
4.25%, 11/10/44		2,248		1,877,530

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.38%, 11/15/41	$	3,887	$	3,357,591
4.50%, 03/20/42		4,630		4,053,843
4.88%, 02/13/26		4,440		4,465,042
4.88%, 02/15/28 (Call 01/15/28)		4,270		4,307,576
4.88%, 11/15/43		3,815		3,486,033
5.00%, 11/17/25		3,685		3,718,791
5.13%, 11/15/24		4,125		4,151,482
5.13%, 11/17/27 (Call 10/17/27)		4,640		4,747,555
5.13%, 02/15/30 (Call 12/15/29)		4,625		4,679,205
5.38%, 02/15/33 (Call 11/15/32)		4,540		4,625,080
5.63%, 11/17/29 (Call 09/17/29)		4,290		4,480,219
5.75%, 11/17/32 (Call 08/17/32)		2,591		2,722,182
6.38%, 05/16/38		4,323		4,763,298
Reynolds American Inc.
4.45%, 06/12/25 (Call 03/12/25)		9,230		9,081,951
5.70%, 08/15/35 (Call 02/15/35)		2,884		2,756,412
5.85%, 08/15/45 (Call 02/12/45)		7,358		6,640,374
6.15%, 09/15/43		2,356		2,293,425
7.25%, 06/15/37		1,745		1,890,009
				291,964,684
Airlines — 0.1%
American Airlines 2015-2 Class AA Pass Through Trust, Series 2015-2, Class AA, 3.60%, 03/22/29		1,464		1,346,036
American Airlines 2016-1 Class AA Pass Through Trust, Series 2016-1, Class AA, 3.58%, 07/15/29		1,288		1,188,057
American Airlines 2016-2 Pass Through Trust, Series 2016-2, Class AA, 3.20%, 12/15/29		1,544		1,388,314
American Airlines 2016-3 Class AA Pass Through Trust, Series 2016-3, Class AA, 3.00%, 04/15/30(b)		810		718,772
American Airlines 2017-1 Class AA Pass Through Trust, Series 2017-1, Class AA, 3.65%, 08/15/30		2,071		1,892,730
American Airlines 2017-2 Pass Through Trust, Series 2017-2, Class AA, 3.35%, 04/15/31		1,632		1,456,664
American Airlines 2019-1 Class AA Pass Through Trust, Series 2019-1, Class AA, 3.15%, 08/15/33		2,359		2,035,067
American Airlines 2021-1 Pass Through Trust, Series A, Class A, 2.88%, 01/11/36		4,564		3,803,073
Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26		1,516		1,471,642
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		5,163		4,563,762
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34(b)		2,653		2,445,145
Series 2019-1, Class AA, 2.75%, 11/15/33		1,735		1,462,184
Southwest Airlines Co.
2.63%, 02/10/30 (Call 11/10/29)		1,408		1,208,867
3.00%, 11/15/26 (Call 08/15/26)		1,880		1,767,651
3.45%, 11/16/27 (Call 08/16/27)		1,683		1,576,517
5.13%, 06/15/27 (Call 04/15/27)		7,640		7,699,974
5.25%, 05/04/25 (Call 04/04/25)		6,924		6,945,672
United Airlines Pass Through Trust
Series 2012-1 A, Class A, 4.15%, 10/11/25		1,435		1,403,183
Series 2013-1, Class A, 4.30%, 02/15/27		1,388		1,329,283
Series 2014-1, Class A, 4.00%, 10/11/27		2,889		2,722,572
Series 2014-2, Class A, 3.75%, 03/03/28		2,950		2,756,608
Series 2016-1, Class AA, 3.10%, 01/07/30		2,694		2,436,314
Series 2016-2, Class AA, 2.88%, 04/07/30		2,255		1,999,315
Series 2018-1, Class AA, 3.50%, 09/01/31		2,816		2,523,361
Series 2019, Class AA, 4.15%, 02/25/33		769		704,345
Series 2019-2, Class AA, 2.70%, 11/01/33(b)		2,920		2,491,157

Security	Par (000)		Value
Airlines (continued)
Series 2020-1, Class A, 5.88%, 04/15/29	$	4,630	$	4,617,002
Series 2020-1, Class B, 4.88%, 07/15/27		2,691		2,592,296
				68,545,563
Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		2,228		2,104,881
2.40%, 03/27/25 (Call 02/27/25)		6,261		6,064,467
2.75%, 03/27/27 (Call 01/27/27)		7,603		7,261,169
2.85%, 03/27/30 (Call 12/27/29)		6,490		6,000,135
3.25%, 03/27/40 (Call 09/27/39)(b)		2,945		2,487,288
3.38%, 11/01/46 (Call 05/01/46)		4,375		3,595,813
3.38%, 03/27/50 (Call 09/27/49)(b)		3,612		2,972,712
3.63%, 05/01/43 (Call 11/01/42)		1,274		1,099,500
3.88%, 11/01/45 (Call 05/01/45)(b)		4,548		4,099,249
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		2,848		2,800,467
Ralph Lauren Corp.
2.95%, 06/15/30 (Call 03/15/30)		2,099		1,893,508
3.75%, 09/15/25 (Call 07/15/25)		3,745		3,671,074
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		1,718		1,422,830
4.13%, 07/15/27 (Call 04/15/27)		581		560,473
4.25%, 04/01/25 (Call 01/01/25)		265		260,378
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		4,354		4,116,751
2.80%, 04/23/27 (Call 02/23/27)		3,354		3,100,404
2.95%, 04/23/30 (Call 01/23/30)(b)		3,644		3,087,561
				56,598,660
Auto Manufacturers — 0.4%
American Honda Finance Corp.
0.55%, 07/12/24		447		424,900
0.75%, 08/09/24		1,280		1,215,078
1.00%, 09/10/25		724		666,876
1.20%, 07/08/25		1,036		964,257
1.30%, 09/09/26		3,855		3,485,768
1.50%, 01/13/25		3,485		3,310,820
1.80%, 01/13/31		1,452		1,205,959
2.00%, 03/24/28		2,080		1,867,382
2.15%, 09/10/24		2,718		2,623,549
2.25%, 01/12/29		3,290		2,930,074
2.30%, 09/09/26		2,856		2,671,874
2.35%, 01/08/27		1,826		1,703,402
2.40%, 06/27/24		3,785		3,678,982
3.50%, 02/15/28		3,346		3,226,615
4.60%, 04/17/30		2,605		2,614,638
4.70%, 01/12/28		1,260		1,279,379
4.75%, 01/12/26		695		702,277
Series A, 4.60%, 04/17/25		2,580		2,579,613
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		2,355		2,155,814
1.50%, 09/01/30 (Call 06/01/30)		1,774		1,467,595
2.60%, 09/01/50 (Call 03/01/50)(b)		4,310		2,835,032
4.88%, 10/01/43 (Call 04/01/43)		1,451		1,404,553
General Motors Co.
4.00%, 04/01/25		2,449		2,390,812
4.20%, 10/01/27 (Call 07/01/27)		3,159		3,030,997
5.00%, 10/01/28 (Call 07/01/28)		3,375		3,330,652
5.00%, 04/01/35		3,193		2,914,187
5.15%, 04/01/38 (Call 10/01/37)		4,290		3,841,223
5.20%, 04/01/45		5,087		4,300,550

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
5.40%, 10/15/29 (Call 08/15/29)	$	2,200	$	2,174,964
5.40%, 04/01/48 (Call 10/01/47)		3,316		2,844,863
5.60%, 10/15/32 (Call 07/15/32)(b)		4,465		4,371,503
5.95%, 04/01/49 (Call 10/01/48)		3,782		3,501,262
6.13%, 10/01/25 (Call 09/01/25)		7,801		7,932,837
6.25%, 10/02/43		3,400		3,286,712
6.60%, 04/01/36 (Call 10/01/35)		4,795		4,933,911
6.75%, 04/01/46 (Call 10/01/45)		3,227		3,251,687
6.80%, 10/01/27 (Call 08/01/27)		3,876		4,094,296
General Motors Financial Co. Inc.
1.20%, 10/15/24		3,690		3,474,467
1.25%, 01/08/26 (Call 12/08/25)		1,945		1,752,678
1.50%, 06/10/26 (Call 05/10/26)		5,120		4,575,232
2.35%, 02/26/27 (Call 01/26/27)		4,035		3,629,886
2.35%, 01/08/31 (Call 10/08/30)		1,905		1,504,531
2.40%, 04/10/28 (Call 02/10/28)		3,235		2,824,446
2.40%, 10/15/28 (Call 08/15/28)		4,575		3,925,396
2.70%, 08/20/27 (Call 06/20/27)		1,894		1,698,407
2.70%, 06/10/31 (Call 03/10/31)		5,310		4,257,292
2.75%, 06/20/25 (Call 05/20/25)		5,514		5,232,235
2.90%, 02/26/25 (Call 01/26/25)		5,716		5,471,241
3.10%, 01/12/32 (Call 10/12/31)		2,350		1,917,248
3.50%, 11/07/24 (Call 09/07/24)		4,282		4,171,867
3.60%, 06/21/30 (Call 03/21/30)		2,091		1,830,608
3.80%, 04/07/25		270		262,367
3.85%, 01/05/28 (Call 10/05/27)		1,894		1,774,962
4.00%, 01/15/25 (Call 10/15/24)		3,065		2,993,432
4.00%, 10/06/26 (Call 07/06/26)		3,395		3,255,024
4.30%, 07/13/25 (Call 04/13/25)		3,093		3,013,819
4.30%, 04/06/29 (Call 02/06/29)		555		517,293
4.35%, 04/09/25 (Call 02/09/25)		2,962		2,901,753
4.35%, 01/17/27 (Call 10/17/26)		4,974		4,818,314
5.00%, 04/09/27 (Call 03/09/27)		4,830		4,776,918
5.25%, 03/01/26 (Call 12/01/25)		5,315		5,310,961
5.40%, 04/06/26		1,935		1,936,935
5.65%, 01/17/29 (Call 10/17/28)		2,149		2,154,781
5.85%, 04/06/30 (Call 02/06/30)		1,320		1,318,891
6.00%, 01/09/28 (Call 12/09/27)		3,380		3,449,594
6.05%, 10/10/25		3,129		3,163,482
6.40%, 01/09/33 (Call 10/09/32)		3,293		3,388,826
Honda Motor Co. Ltd.
2.27%, 03/10/25 (Call 02/10/25)		1,040		996,954
2.53%, 03/10/27 (Call 02/10/27)		940		883,196
2.97%, 03/10/32 (Call 12/10/31)		3,690		3,331,701
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		6,024		7,666,022
PACCAR Financial Corp.
0.50%, 08/09/24		619		586,311
0.90%, 11/08/24		650		613,171
1.10%, 05/11/26		2,314		2,106,411
1.80%, 02/06/25		1,061		1,010,380
2.00%, 02/04/27		1,250		1,150,638
2.15%, 08/15/24		1,688		1,632,904
2.85%, 04/07/25		25		24,187
3.15%, 06/13/24		910		895,012
3.55%, 08/11/25		1,718		1,696,611
4.45%, 03/30/26		850		854,131
4.60%, 01/10/28		1,405		1,425,878
4.95%, 10/03/25		1,790		1,809,117

Security	Par (000)		Value
Auto Manufacturers (continued)
Toyota Motor Corp.
1.34%, 03/25/26 (Call 02/25/26)	$	3,070	$	2,827,470
2.36%, 07/02/24		2,607		2,535,203
2.36%, 03/25/31 (Call 12/25/30)(b)		1,305		1,141,444
2.76%, 07/02/29		1,098		1,009,358
3.67%, 07/20/28		1,930		1,893,967
Toyota Motor Credit Corp.
0.50%, 06/18/24		5,790		5,520,302
0.63%, 09/13/24		3,720		3,522,691
0.80%, 10/16/25		785		719,712
0.80%, 01/09/26		415		378,248
1.13%, 06/18/26		6,724		6,104,383
1.15%, 08/13/27		2,108		1,860,057
1.45%, 01/13/25		2,830		2,687,651
1.65%, 01/10/31		1,971		1,619,728
1.80%, 02/13/25		3,318		3,171,245
1.90%, 01/13/27		3,110		2,858,339
1.90%, 04/06/28		3,489		3,117,736
1.90%, 09/12/31		4,160		3,444,730
2.00%, 10/07/24		1,983		1,909,629
2.15%, 02/13/30		4,080		3,590,359
2.40%, 01/13/32		635		544,024
3.00%, 04/01/25		7,268		7,066,313
3.05%, 03/22/27		6,285		6,003,055
3.05%, 01/11/28		2,755		2,618,710
3.20%, 01/11/27		4,672		4,499,977
3.38%, 04/01/30		2,224		2,097,766
3.40%, 04/14/25		3,675		3,606,388
3.65%, 08/18/25		3,445		3,385,401
3.65%, 01/08/29		2,130		2,076,303
3.95%, 06/30/25		3,615		3,575,416
4.40%, 09/20/24		1,600		1,595,808
4.45%, 06/29/29		3,235		3,286,275
4.55%, 09/20/27		1,315		1,328,768
4.63%, 01/12/28		2,135		2,172,277
4.70%, 01/12/33		1,730		1,766,814
4.80%, 01/10/25		2,155		2,163,081
5.40%, 11/10/25		3,155		3,230,184
5.45%, 11/10/27		3,710		3,881,736
				324,010,951
Auto Parts & Equipment — 0.0%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		5,555		3,510,482
4.35%, 03/15/29 (Call 12/15/28)		1,000		970,510
4.40%, 10/01/46 (Call 04/01/46)		1,212		961,916
5.40%, 03/15/49 (Call 09/15/48)(b)		1,422		1,284,180
Aptiv PLC/Aptiv Corp.
2.40%, 02/18/25 (Call 05/10/23)		1,205		1,149,401
3.25%, 03/01/32 (Call 12/01/31)		3,735		3,261,252
4.15%, 05/01/52 (Call 11/01/51)		3,520		2,721,277
BorgWarner Inc.
2.65%, 07/01/27 (Call 05/01/27)		4,163		3,861,724
3.38%, 03/15/25 (Call 12/15/24)		794		772,562
4.38%, 03/15/45 (Call 09/15/44)		2,010		1,639,517
Lear Corp.
2.60%, 01/15/32 (Call 10/15/31)		1,525		1,218,704
3.50%, 05/30/30 (Call 02/28/30)		1,845		1,650,316
3.55%, 01/15/52 (Call 07/15/51)		1,060		714,270
3.80%, 09/15/27 (Call 06/15/27)		1,684		1,614,232
4.25%, 05/15/29 (Call 02/15/29)		2,135		2,039,779

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Parts & Equipment (continued)
5.25%, 05/15/49 (Call 11/15/48)	$	1,540	$	1,346,822
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		1,183		1,018,989
3.63%, 06/15/24 (Call 03/15/24)		4,500		4,422,690
4.15%, 10/01/25 (Call 07/01/25)		2,924		2,866,192
5.50%, 03/21/33 (Call 12/21/32)		1,100		1,139,820
5.98%, 03/21/26 (Call 03/21/24)		165		166,228
				38,330,863
Banks — 5.5%
Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25		3,239		3,161,005
5.09%, 12/08/25		1,535		1,548,615
Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25		3,940		3,587,567
5.86%, 09/14/26 (Call 09/14/25),
(1-year CMT + 2.300%)(a)		4,080		4,070,616
6.13%, 09/14/28 (Call 09/14/27),
(1-year CMT + 2.700%)(a)		200		204,840
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26),
(1-year CMT + 0.900%)(a)		3,813		3,354,258
1.85%, 03/25/26		5,489		4,975,833
2.71%, 06/27/24		7,680		7,426,022
2.75%, 05/28/25		7,974		7,512,943
2.75%, 12/03/30		2,378		1,884,303
2.96%, 03/25/31		3,580		2,996,245
3.23%, 11/22/32 (Call 08/22/31),
(1-year CMT + 1.600%)(a)		3,930		3,149,345
3.31%, 06/27/29		4,937		4,494,694
3.49%, 05/28/30		4,158		3,709,310
3.50%, 03/24/25		835		806,886
3.80%, 02/23/28		2,384		2,221,960
3.89%, 05/24/24		4,475		4,391,541
4.18%, 03/24/28 (Call 03/24/27),
(1-year CMT + 2.000%)(a)		4,938		4,690,902
4.25%, 04/11/27		6,933		6,648,054
4.38%, 04/12/28		3,459		3,305,386
5.15%, 08/18/25		2,025		2,009,327
5.18%, 11/19/25		6,486		6,403,109
5.29%, 08/18/27		4,423		4,403,229
Bank of America Corp.
0.98%, 04/22/25 (Call 04/22/24),
(1-day SOFR + 0.690%)(a)		9,248		8,809,090
0.98%, 09/25/25 (Call 09/25/24),
(1-day SOFR + 0.910%)(a)		3,013		2,822,729
1.20%, 10/24/26 (Call 10/24/25),
(1-day SOFR + 1.010%)(a)		10,033		9,080,066
1.32%, 06/19/26 (Call 06/19/25),
(1-day SOFR + 1.150%)(a)		10,448		9,565,562
1.53%, 12/06/25 (Call 12/06/24),
(1-day SOFR + 0.650%)(a)		7,189		6,745,151
1.73%, 07/22/27 (Call 07/22/26),
(1-day SOFR + 0.960%)(a)		18,348		16,442,377
1.90%, 07/23/31 (Call 07/23/30),
(1-day SOFR + 1.530%)(a)		4,545		3,651,817
1.92%, 10/24/31 (Call 10/24/30),
(1-day SOFR + 1.370%)(a)		11,441		9,134,151
2.02%, 02/13/26 (Call 02/13/25),
(3-mo. LIBOR US + 0.640%)(a)		5,174		4,869,872

Security	Par (000)		Value
Banks (continued)
2.09%, 06/14/29 (Call 06/14/28),
(1-day SOFR + 1.060%)(a)	$	7,305	$	6,311,374
2.30%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.220%)(a)		9,860		7,955,640
2.46%, 10/22/25 (Call 10/22/24),
(3-mo. LIBOR US + 0.870%)(a)		9,531		9,110,111
2.48%, 09/21/36 (Call 09/21/31),
(5-year CMT + 1.200%)(a)		11,135		8,510,592
2.50%, 02/13/31 (Call 02/13/30),
(3-mo. LIBOR US + 0.990%)(a)		13,250		11,206,187
2.55%, 02/04/28 (Call 02/04/27),
(1-day SOFR + 1.050%)(a)		9,670		8,824,842
2.57%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.210%)(a)		10,145		8,332,596
2.59%, 04/29/31 (Call 04/29/30),
(1-day SOFR + 2.150%)(a)		13,149		11,146,670
2.68%, 06/19/41 (Call 06/19/40),
(1-day SOFR + 1.930%)(a)		16,672		11,839,454
2.69%, 04/22/32 (Call 04/22/31),
(1-day SOFR + 1.320%)(a)		14,889		12,454,351
2.83%, 10/24/51 (Call 10/24/50),
(1-day SOFR + 1.880%)(a)		3,559		2,345,844
2.88%, 10/22/30 (Call 10/22/29),
(3-mo. LIBOR US + 1.190%)(a)		8,063		7,016,019
2.97%, 02/04/33 (Call 02/04/32),
(1-day SOFR + 1.330%)(a)		15,300		12,923,757
2.97%, 07/21/52 (Call 07/21/51),
(1-day SOFR + 1.560%)(a)		6,190		4,218,423
3.09%, 10/01/25 (Call 10/01/24),
(3-mo. LIBOR US + 1.090%)(a)		6,034		5,825,706
3.19%, 07/23/30 (Call 07/23/29),
(3-mo. LIBOR US + 1.180%)(a)		9,849		8,770,338
3.25%, 10/21/27 (Call 10/21/26)		11,215		10,568,455
3.31%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.580%)(a)		12,340		9,533,144
3.37%, 01/23/26 (Call 01/23/25),
(3-mo. LIBOR US + 0.810%)(a)		6,064		5,842,967
3.38%, 04/02/26 (Call 04/02/25),
(1-day SOFR + 1.330%)(a)		7,300		7,039,463
3.42%, 12/20/28 (Call 12/20/27),
(3-mo. LIBOR US + 1.040%)(a)		18,467		17,143,839
3.50%, 04/19/26		11,741		11,423,641
3.56%, 04/23/27 (Call 04/23/26),
(3-mo. LIBOR US + 1.060%)(a)		8,697		8,298,590
3.59%, 07/21/28 (Call 07/21/27),
(3-mo. LIBOR US + 1.370%)(a)		8,491		7,985,531
3.71%, 04/24/28 (Call 04/24/27),
(3-mo. LIBOR US + 1.512%)(a)		8,629		8,185,211
3.82%, 01/20/28 (Call 01/20/27),
(3-mo. LIBOR US + 1.575%)(a)		10,543		10,084,696
3.85%, 03/08/37 (Call 03/08/32),
(5-year CMT + 2.000%)(a)		1,375		1,187,615
3.88%, 08/01/25		2,108		2,062,488
3.95%, 01/23/49 (Call 01/23/48),
(3-mo. LIBOR US + 1.19%)(a)		4,400		3,586,924
3.97%, 03/05/29 (Call 03/05/28),
(3-mo. LIBOR US + 1.070%)(a)		9,505		9,017,584
3.97%, 02/07/30 (Call 02/07/29),
(3-mo. SOFR + 1.210%)(a)		10,048		9,400,406
4.00%, 01/22/25		10,110		9,920,235

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.08%, 04/23/40 (Call 04/23/39),
(3-mo. LIBOR US + 1.32%)(a)	$	5,629	$	4,892,333
4.08%, 03/20/51 (Call 03/20/50),
(3-mo. LIBOR US + 3.15%)(a)		17,808		14,837,804
4.20%, 08/26/24		8,992		8,871,237
4.24%, 04/24/38 (Call 04/24/37),
(3-mo. LIBOR US + 1.814%)(a)		7,933		7,119,550
4.25%, 10/22/26		9,258		9,009,886
4.27%, 07/23/29 (Call 07/23/28),
(3-mo. LIBOR US + 1.310%)(a)		11,579		11,094,998
4.33%, 03/15/50 (Call 03/15/49),
(3-mo. LIBOR US + 1.520%)(a)		10,391		8,950,288
4.38%, 04/27/28 (Call 04/27/27),
(1-day SOFR + 1.580%)(a)		5,796		5,627,742
4.44%, 01/20/48 (Call 01/20/47),
(3-mo. LIBOR US + 1.990%)(a)		7,671		6,811,848
4.45%, 03/03/26		7,546		7,436,281
4.57%, 04/27/33 (Call 04/27/32),
(1-day SOFR + 1.830%)(a)		10,285		9,812,918
4.83%, 07/22/26 (Call 07/22/25),
(1-day SOFR + 1.750%)(a)		9,570		9,479,372
4.88%, 04/01/44		1,698		1,647,315
4.95%, 07/22/28 (Call 07/22/27),
(1-day SOFR + 2.040%)(a)		9,545		9,515,983
5.00%, 01/21/44		7,005		6,827,283
5.02%, 07/22/33 (Call 07/22/32),
(1-day SOFR + 2.160%)(a)		15,180		14,981,749
5.08%, 01/20/27 (Call 01/20/26),
(1-day SOFR + 1.290%)(a)		10,865		10,860,111
5.20%, 04/25/29 (Call 04/25/28),
(1-day SOFR + 1.630%)(a)		9,265		9,319,015
5.29%, 04/25/34 (Call 04/25/33)		12,380		12,449,823
5.88%, 02/07/42		5,872		6,314,455
6.11%, 01/29/37		7,887		8,434,831
6.20%, 11/10/28 (Call 11/10/27),
(1-day SOFR + 1.990%)(a)		7,419		7,738,165
6.22%, 09/15/26		2,429		2,505,028
7.75%, 05/14/38		6,229		7,562,255
Series L, 3.95%, 04/21/25		11,841		11,566,881
Series L, 4.18%, 11/25/27 (Call 11/25/26)		8,996		8,688,517
Series L, 4.75%, 04/21/45		2,387		2,212,844
Series N, 1.66%, 03/11/27 (Call 03/11/26),
(1-day SOFR + 0.910%)(a)		11,085		10,019,731
Series N, 2.65%, 03/11/32 (Call 03/11/31),
(1-day SOFR + 1.220%)(a)		10,445		8,703,296
Series N, 3.48%, 03/13/52 (Call 03/11/51),
(1-day SOFR + 1.650%)(a)		4,345		3,282,039
Bank of America NA, 6.00%, 10/15/36		5,553		6,014,177
Bank of Montreal
0.63%, 07/09/24		2,796		2,650,776
0.95%, 01/22/27 (Call 01/22/26),
(1-day SOFR + 0.603%)(a)		2,290		2,055,687
1.25%, 09/15/26		7,781		6,930,615
1.50%, 01/10/25		3,025		2,851,879
1.85%, 05/01/25		6,887		6,477,430
2.50%, 06/28/24		1,643		1,591,114
2.65%, 03/08/27		4,190		3,896,155
3.09%, 01/10/37 (Call 01/10/32),
(5-year CMT + 1.400%)(a)		3,470		2,791,268
3.70%, 06/07/25		550		536,250

Security	Par (000)		Value
Banks (continued)
3.80%, 12/15/32 (Call 12/15/27),
(5-year USD Swap + 1.432%)(a)	$	5,446	$	4,915,886
5.20%, 12/12/24		200		199,942
5.20%, 02/01/28 (Call 01/01/28)		6,895		7,008,561
Series H, 4.25%, 09/14/24.		348		343,486
Series H, 4.70%, 09/14/27 (Call 08/14/27)		1,500		1,496,895
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		671		605,269
1.05%, 10/15/26 (Call 09/15/26)		2,026		1,793,739
1.60%, 04/24/25 (Call 03/24/25)		2,251		2,119,992
1.65%, 07/14/28 (Call 05/14/28)		2,110		1,861,885
1.65%, 01/28/31 (Call 10/28/30)(b)		952		759,801
1.80%, 07/28/31 (Call 04/28/31)		2,000		1,595,340
2.05%, 01/26/27 (Call 12/26/26)		2,630		2,396,114
2.10%, 10/24/24		4,078		3,912,882
2.45%, 08/17/26 (Call 05/17/26)		3,031		2,834,470
2.50%, 01/26/32 (Call 10/26/31)		1,845		1,543,933
2.80%, 05/04/26 (Call 02/04/26)		3,897		3,716,179
3.00%, 10/30/28 (Call 07/30/28)		2,102		1,935,501
3.25%, 09/11/24 (Call 08/11/24)		2,562		2,503,228
3.25%, 05/16/27 (Call 02/16/27)		3,597		3,432,869
3.30%, 08/23/29 (Call 05/23/29)		2,579		2,394,421
3.35%, 04/25/25 (Call 03/25/25)		3,830		3,712,764
3.40%, 05/15/24 (Call 04/15/24)		2,792		2,741,437
3.40%, 01/29/28 (Call 10/29/27)		3,404		3,243,127
3.43%, 06/13/25 (Call 06/13/24),
(1-day SOFR + 0.565%)(a)		2,150		2,107,903
3.44%, 02/07/28 (Call 02/07/27),
(3-mo. LIBOR US + 1.069%)(a)		3,456		3,309,604
3.85%, 04/28/28		3,590		3,493,070
3.85%, 04/26/29 (Call 02/26/29)		1,550		1,492,030
3.95%, 11/18/25 (Call 10/18/25)		2,544		2,484,598
3.99%, 06/13/28 (Call 06/13/27),
(1-day SOFR + 1.151%)(a)		2,592		2,522,146
4.29%, 06/13/33 (Call 06/13/32),
(1-day SOFR + 1.418%)(a)		1,882		1,813,081
4.41%, 07/24/26 (Call 07/24/25),
(1-day SOFR + 1.345%)(a)		2,003		1,979,725
4.54%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.168%)(a)		3,225		3,216,196
4.60%, 07/26/30 (Call 07/26/29),
(1-day SOFR + 1.755%)(a)		1,620		1,600,916
4.71%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.511%)(a)		2,795		2,776,050
4.95%, 04/26/27 (Call 04/26/26),
(1-day SOFR + 1.026%)(a)		3,460		3,484,739
4.97%, 04/26/34 (Call 04/26/33)		3,535		3,567,168
5.22%, 11/21/25 (Call 11/21/24),
(1-day SOFR + 0.800%)(a)		3,020		3,025,376
5.80%, 10/25/28 (Call 10/25/27),
(1-day SOFR + 1.802%)(a)		1,895		1,978,513
5.83%, 10/25/33 (Call 10/25/32),
(1-day SOFR + 2.074%)(a)		3,965		4,242,471
Series G, 3.00%, 02/24/25 (Call 01/24/25)		3,356		3,242,198
Series J, 0.85%, 10/25/24 (Call 09/25/24)		2,327		2,188,427
Series J, 1.90%, 01/25/29 (Call 11/25/28)		1,778		1,529,276
Bank of Nova Scotia (The)
0.65%, 07/31/24		4,525		4,275,310
1.05%, 03/02/26		3,415		3,065,236
1.30%, 06/11/25		5,177		4,782,409

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
1.30%, 09/15/26	$	3,665	$	3,262,510
1.35%, 06/24/26		3,295		2,969,388
1.45%, 01/10/25		5,625		5,290,087
1.95%, 02/02/27		3,230		2,942,595
2.15%, 08/01/31		1,211		993,371
2.20%, 02/03/25		5,329		5,074,061
2.45%, 02/02/32		2,725		2,277,664
2.70%, 08/03/26		4,951		4,641,315
2.95%, 03/11/27		1,785		1,676,329
3.45%, 04/11/25		4,405		4,273,599
4.50%, 12/16/25		5,397		5,304,711
4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(a)		4,745		4,193,251
4.75%, 02/02/26		1,015		1,012,818
4.85%, 02/01/30		3,425		3,406,162
5.25%, 12/06/24		2,075		2,076,909
Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (3-mo. SOFR + 2.090%)(a)(b)		1,345		1,052,288
BankUnited Inc.
4.88%, 11/17/25 (Call 08/17/25)		2,226		2,003,355
5.13%, 06/11/30 (Call 03/11/30)		1,069		905,603
Barclays Bank PLC, 3.75%, 05/15/24		705		690,851
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(a)		6,881		6,158,908
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(a)		3,289		2,672,378
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(a)		1,735		1,393,049
2.85%, 05/07/26 (Call 05/07/25), (1-day SOFR + 2.714%)(a)		4,598		4,332,052
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(a)		4,373		3,499,406
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(a)		5,180		3,746,798
3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(a)		4,445		3,562,267
3.65%, 03/16/25		8,613		8,277,351
3.81%, 03/10/42 (Call 03/10/41), (1-year CMT + 1.700%)(a)		823		606,214
3.93%, 05/07/25 (Call 05/07/24), (3-mo. LIBOR US + 1.610%)(a)		7,532		7,363,359
4.34%, 01/10/28 (Call 01/10/27)		4,820		4,635,442
4.38%, 09/11/24		5,198		5,042,996
4.38%, 01/12/26		9,327		9,087,016
4.84%, 05/09/28 (Call 05/07/27)		7,343		6,980,036
4.95%, 01/10/47		6,130		5,557,213
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(a)		6,455		6,255,928
5.09%, 06/20/30 (Call 06/20/29), (3-mo. LIBOR US + 3.054%)(a)		5,033		4,708,925
5.20%, 05/12/26		7,208		7,034,143
5.25%, 08/17/45		6,095		5,785,679
5.30%, 08/09/26 (Call 08/09/25), (1-year CMT + 2.300%)(a)		4,930		4,893,370
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(a)		6,250		6,230,187
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(a)		2,580		2,536,217

Security	Par (000)		Value
Banks (continued)
7.33%, 11/02/26 (Call 11/02/25), (1-year CMT + 3.050%)(a)	$	2,584	$	2,684,337
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(a)		2,215		2,365,664
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(a)		6,235		6,867,977
BNP Paribas SA, 4.25%, 10/15/24		4,386		4,300,692
BPCE SA, 3.38%, 12/02/26		2,397		2,261,905
Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3-mo. LIBOR US + 2.470%)(a)		630		568,581
Canadian Imperial Bank of Commerce
0.95%, 10/23/25		3,393		3,089,632
1.00%, 10/18/24		4,020		3,792,709
1.25%, 06/22/26 (Call 05/22/26)		4,505		4,047,788
2.25%, 01/28/25		3,420		3,267,707
3.30%, 04/07/25		1,705		1,649,485
3.45%, 04/07/27		2,235		2,134,291
3.60%, 04/07/32 (Call 03/07/32)(b)		1,115		1,028,164
3.95%, 08/04/25		2,945		2,878,914
5.00%, 04/28/28		2,240		2,248,870
5.14%, 04/28/25		2,240		2,241,680
Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (1-day SOFR + 0.911%)(a)		2,580		2,420,556
Citigroup Inc.
0.98%, 05/01/25 (Call 05/01/24), (1-day SOFR + 0.669%)(a)		4,555		4,340,505
1.12%, 01/28/27 (Call 01/28/26), (1-day SOFR + 0.765%)(a)		9,818		8,818,724
1.28%, 11/03/25 (Call 11/03/24), (1-day SOFR + 0.528%)(a)		1,800		1,689,750
1.46%, 06/09/27 (Call 06/09/26), (1-day SOFR + 0.770%)(a)		10,738		9,639,180
2.01%, 01/25/26 (Call 01/25/25), (1-day SOFR + 0.694%)(a)		3,520		3,323,408
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(a)		2,365		1,935,989
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(a)		10,700		8,891,593
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(a)		13,870		11,732,356
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(a)		8,407		7,216,148
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(a)		3,175		2,294,477
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(a)		5,682		4,985,500
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(a)		9,565		8,152,345
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(a)		6,250		5,839,937
3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)(a)		14,417		13,869,298
3.20%, 10/21/26 (Call 07/21/26)		10,528		10,005,285
3.29%, 03/17/26 (Call 03/17/25), (1-day SOFR + 1.528%)(a)		3,990		3,855,058
3.30%, 04/27/25		5,697		5,525,862
3.40%, 05/01/26		9,220		8,887,066
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(a)		8,813		8,274,349

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(a)	$	9,275	$	8,781,570
3.70%, 01/12/26		8,867		8,641,069
3.75%, 06/16/24		4,235		4,173,508
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(a)		6,510		5,862,060
3.88%, 03/26/25		6,068		5,896,518
3.88%, 01/24/39 (Call 01/22/38), (3-mo. SOFR + 1.430%)(a)		2,621		2,257,336
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(a)		10,032		9,645,668
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(a)		9,474		8,889,644
4.00%, 08/05/24		2,908		2,868,597
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(a)		8,051		7,685,565
4.13%, 07/25/28		7,944		7,568,964
4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)(a)		5,400		5,333,796
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(a)		3,714		3,230,103
4.30%, 11/20/26		5,113		5,012,530
4.40%, 06/10/25		4,080		4,007,906
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(a)		13,609		13,028,440
4.45%, 09/29/27		13,852		13,541,438
4.60%, 03/09/26		7,355		7,267,770
4.65%, 07/30/45		4,825		4,427,854
4.65%, 07/23/48 (Call 06/23/48)		8,818		8,141,395
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(a)		3,810		3,775,939
4.75%, 05/18/46		8,453		7,416,240
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(a)		3,195		3,142,602
5.30%, 05/06/44		4,270		4,054,963
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(a)		3,247		3,222,810
5.50%, 09/13/25		7,203		7,226,194
5.61%, 09/29/26 (Call 09/29/25), (1-day SOFR + 1.546%)(a)		10,665		10,790,954
5.88%, 02/22/33		1,417		1,464,484
5.88%, 01/30/42		4,664		4,976,395
6.00%, 10/31/33		4,975		5,161,214
6.13%, 08/25/36		1,578		1,633,230
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(a)		10,365		11,217,003
6.63%, 01/15/28		1,347		1,452,201
6.63%, 06/15/32		4,015		4,339,452
6.68%, 09/13/43		4,824		5,392,267
8.13%, 07/15/39		7,923		10,262,028
Citizens Bank NA 2.25%, 04/28/25 (Call 03/28/25)		2,051		1,874,040
4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(a)		1,853		1,730,331
Citizens Bank NA/Providence RI 3.75%, 02/18/26 (Call 11/18/25)		2,242		2,064,613
4.12%, 05/23/25 (Call 05/23/24), (1-day SOFR + 1.395%)(a)		1,863		1,777,749
6.06%, 10/24/25 (Call 10/24/24), (1-day SOFR + 1.450%)(a)		1,960		1,898,103

Security	Par (000)		Value
Banks (continued)
Citizens Financial Group Inc. 2.50%, 02/06/30 (Call 12/06/29)	$	811	$	654,396
2.64%, 09/30/32 (Call 07/02/32)		1,887		1,397,210
2.85%, 07/27/26 (Call 04/25/26)		1,870		1,650,518
3.25%, 04/30/30 (Call 01/30/30)		2,703		2,297,199
4.30%, 12/03/25 (Call 11/03/25)		829		783,131
5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(a)		1,345		1,259,256
Comerica Bank 2.50%, 07/23/24		2,706		2,521,911
4.00%, 07/27/25		1,280		1,150,669
5.33%, 08/25/33 (Call 08/25/32), (1-day SOFR + 2.610%)(a)		275		232,760
Comerica Inc., 4.00%, 02/01/29 (Call 10/31/28)(b)		2,701		2,296,849
Commonwealth Bank of Australia/New York NY 5.08%, 01/10/25		1,220		1,226,332
5.32%, 03/13/26		255		260,080
Cooperatieve Rabobank UA 3.75%, 07/21/26		4,373		4,115,168
4.38%, 08/04/25		5,357		5,210,432
5.25%, 05/24/41		4,881		5,199,485
5.25%, 08/04/45		4,535		4,291,697
5.75%, 12/01/43		4,860		4,961,768
Cooperatieve Rabobank UA/NY 1.38%, 01/10/25		4,960		4,680,008
3.38%, 05/21/25		3,577		3,458,923
3.88%, 08/22/24		330		325,958
5.00%, 01/13/25		1,226		1,228,759
Credit Agricole Corporate & Investment Bank SA, 0.78%, 06/28/24 (Call 06/28/23)		250		237,315
Credit Suisse AG, 7.95%, 01/09/25		2,495		2,551,512
Credit Suisse AG/New York NY 1.25%, 08/07/26		4,093		3,491,206
2.95%, 04/09/25		5,214		4,852,357
3.63%, 09/09/24		11,860		11,295,464
3.70%, 02/21/25		7,106		6,729,808
4.75%, 08/09/24		500		483,070
5.00%, 07/09/27		5,555		5,354,631
7.50%, 02/15/28		3,200		3,415,072
Credit Suisse Group AG 3.75%, 03/26/25		9,186		8,554,279
4.55%, 04/17/26		6,754		6,299,456
4.88%, 05/15/45		6,913		5,880,751
Deutsche Bank AG 4.10%, 01/13/26(b)		3,589		3,382,597
4.50%, 04/01/25		1,783		1,671,830
6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(a)		2,955		2,922,200
7.08%, 02/10/34 (Call 02/10/33), (1-day SOFR + 3.650%)(a)		2,270		2,115,163
Deutsche Bank AG/London, 3.70%, 05/30/24		4,045		3,922,801
Deutsche Bank AG/New York NY 0.90%, 05/28/24		3,525		3,326,613
1.45%, 04/01/25 (Call 04/01/24), (1-day SOFR + 1.131%)(a)		3,813		3,594,591
1.69%, 03/19/26		5,468		4,917,482
2.13%, 11/24/26 (Call 11/24/25), (1-day SOFR + 1.870%)(a)		6,449		5,724,132
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(a)		5,933		5,127,536

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)(a)	$	5,130	$	4,466,999
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(a)		1,759		1,407,218
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(a)		7,082		5,932,308
3.70%, 05/30/24		2,716		2,633,651
3.73%, 01/14/32 (Call 01/14/31), (1-day SOFR + 2.757%)(a)		1,675		1,261,593
3.74%, 01/07/33 (Call 10/07/31), (1-day SOFR + 2.257%)(a)		4,695		3,439,463
3.96%, 11/26/25 (Call 11/26/24), (1-day SOFR + 2.581%)(a)		5,068		4,836,747
4.10%, 01/13/26		3,148		2,943,915
4.16%, 05/13/25		260		251,857
4.88%, 12/01/32 (Call 12/01/27), (5-year USD ICE Swap + 2.553%)(a)		2,960		2,462,128
5.37%, 09/09/27		194		192,508
5.88%, 07/08/31 (Call 04/08/30), (1-day SOFR + 5.438%)(a)		340		301,022
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(a)		3,510		3,569,600
Discover Bank 2.45%, 09/12/24 (Call 08/12/24)		3,238		3,077,946
2.70%, 02/06/30 (Call 11/06/29)		1,683		1,379,185
3.45%, 07/27/26 (Call 04/27/26)		3,578		3,319,060
4.25%, 03/13/26		1,575		1,507,622
4.65%, 09/13/28 (Call 06/13/28)		4,347		4,139,518
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (1-day SOFR + 0.685%)(a)		2,624		2,287,682
2.38%, 01/28/25 (Call 12/29/24)		2,732		2,589,417
2.55%, 05/05/27 (Call 04/05/27)		3,429		3,051,124
3.95%, 03/14/28 (Call 02/14/28)		105		97,917
4.06%, 04/25/28 (Call 04/25/27), (1-day SOFR + 1.355%)(a)		2,153		2,031,743
4.34%, 04/25/33 (Call 04/05/32), (1-day SOFR + 1.660%)(a)(b)		1,601		1,452,507
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(a)		2,785		2,653,576
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(a)		2,925		3,006,871
8.25%, 03/01/38		4,742		5,459,370
Fifth Third Bank NA 2.25%, 02/01/27 (Call 01/01/27)(b)		3,051		2,732,354
3.85%, 03/15/26 (Call 02/15/26)		3,279		3,079,965
3.95%, 07/28/25 (Call 06/28/25)		3,017		2,907,362
5.85%, 10/27/25 (Call 10/27/24), (1-day SOFR + 1.230%)(a)		5,030		5,000,977
First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (3-mo. SOFR + 2.465%)(a)		925		849,696
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		1,251		1,183,296
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		1,090		1,020,567
First-Citizens Bank & Trust Co.
2.97%, 09/27/25 (Call 09/27/24), (3-mo. SOFR + 1.715%)(a)		2,429		2,271,674
6.13%, 03/09/28		1,555		1,551,595
FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)		180		172,377
Goldman Sachs Capital I, 6.35%, 02/15/34		5,493		5,682,563

Security	Par (000)		Value
Banks (continued)
Goldman Sachs Group Inc. (The)
0.86%, 02/12/26 (Call 02/12/25), (1-day SOFR + 0.609%)(a)	$	4,286	$	3,934,634
1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)(a)		3,377		3,022,922
1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)(a)		11,010		9,907,128
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(a)		12,553		11,123,339
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(a)		12,945		11,600,532
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(a)		10,410		8,341,637
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(a)		8,347		6,817,746
2.60%, 02/07/30 (Call 11/07/29)		8,411		7,276,693
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(a)		13,765		11,493,913
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(a)		8,060		7,380,542
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(a)		9,860		8,194,646
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(a)		7,840		5,633,824
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(a)		12,770		10,994,331
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(a)		10,113		7,609,325
3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.201%)(a)		10,252		9,918,297
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(a)		4,775		3,687,780
3.50%, 01/23/25 (Call 10/23/24)		5,557		5,397,848
3.50%, 04/01/25 (Call 03/01/25)		13,055		12,683,455
3.50%, 11/16/26 (Call 11/16/25)		11,651		11,125,190
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(a)		4,815		4,583,110
3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.510%)(a)		10,047		9,564,141
3.75%, 05/22/25 (Call 02/22/25)		9,030		8,798,019
3.75%, 02/25/26 (Call 11/25/25)		8,213		8,006,032
3.80%, 03/15/30 (Call 12/15/29)		10,202		9,589,064
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.158%)(a)		8,159		7,685,615
3.85%, 07/08/24 (Call 04/08/24)		11,215		11,035,448
3.85%, 01/26/27 (Call 01/26/26)		12,189		11,801,755
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.373%)(a)		7,661		6,653,425
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.301%)(a)		10,356		9,947,249
4.25%, 10/21/25		7,684		7,545,304
4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)(a)		3,541		3,475,987
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.430%)(a)		4,204		3,774,730
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(a)		9,545		9,371,281
4.75%, 10/21/45 (Call 04/21/45)		6,189		5,725,506
4.80%, 07/08/44 (Call 01/08/44)		8,364		7,793,408
5.15%, 05/22/45		8,827		8,345,134

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.70%, 11/01/24	$	5,210	$	5,256,838
5.95%, 01/15/27		4,072		4,200,227
6.13%, 02/15/33		3,623		3,932,477
6.25%, 02/01/41		6,361		7,019,491
6.45%, 05/01/36		3,826		4,110,884
6.75%, 10/01/37		20,400		22,363,500
HSBC Bank USA NA/New York NY 5.63%, 08/15/35		935		926,613
5.88%, 11/01/34		1,130		1,136,667
7.00%, 01/15/39		2,500		2,774,350
HSBC Holdings PLC
0.98%, 05/24/25 (Call 05/24/24), (1-day SOFR + 0.708%)(a)		4,075		3,855,724
1.59%, 05/24/27 (Call 05/24/26), (1-day SOFR + 1.290%)(a)		4,850		4,320,913
1.65%, 04/18/26 (Call 04/18/25), (1-day SOFR + 1.538%)(a)		9,368		8,661,184
2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(a)		2,250		1,958,265
2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)(a)		3,215		2,993,519
2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)(a)		3,400		2,892,720
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)(a)		5,670		5,073,006
2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(a)		6,283		5,099,660
2.63%, 11/07/25 (Call 11/07/24), (1-day SOFR + 1.401%)(a)		8,203		7,819,920
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(a)		8,480		6,939,778
2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(a)		3,333		2,805,786
2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(a)		6,900		5,642,544
3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)(a)		4,515		4,302,434
3.90%, 05/25/26		11,149		10,774,840
3.97%, 05/22/30 (Call 05/22/29), (3-mo. LIBOR US + 1.610%)(a)		11,830		10,887,149
4.04%, 03/13/28 (Call 03/13/27), (3-mo. LIBOR US + 1.546%)(a)		8,876		8,453,414
4.18%, 12/09/25 (Call 12/09/24), (1-day SOFR + 1.510%)(a)		4,095		4,005,934
4.25%, 08/18/25		6,991		6,807,906
4.29%, 09/12/26 (Call 09/15/25), (3-mo. LIBOR US + 1.348%)(a)		10,449		10,138,456
4.30%, 03/08/26		12,357		12,144,583
4.38%, 11/23/26		6,651		6,443,954
4.58%, 06/19/29 (Call 06/19/28), (3-mo. LIBOR US + 1.535%)(a)		13,312		12,778,455
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(a)		10,670		10,424,483
4.76%, 03/29/33 (Call 03/29/32), (1-day SOFR + 2.530%)(a)		6,215		5,731,287
4.95%, 03/31/30		10,400		10,247,224
5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(a)		2,550		2,538,168
5.25%, 03/14/44		3,829		3,493,273

Security	Par (000)		Value
Banks (continued)
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(a)	$	7,555	$	7,476,277
6.10%, 01/14/42		3,612		3,861,698
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)(a)		5,855		6,021,750
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(a)		11,145		11,625,461
6.33%, 03/09/44 (Call 03/09/43)		7,955		8,380,831
6.50%, 05/02/36		8,217		8,466,009
6.50%, 09/15/37		7,287		7,375,625
6.80%, 06/01/38		6,792		7,127,526
7.34%, 11/03/26 (Call 11/03/25), (1-day SOFR + 3.030%)(a)		9,035		9,481,239
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(a)		8,380		9,018,807
8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(a)		9,595		10,838,608
HSBC USA Inc. 3.50%, 06/23/24		2,203		2,153,939
3.75%, 05/24/24		6,645		6,528,779
5.63%, 03/17/25		440		443,599
Huntington Bancshares Inc.
2.49%, 08/15/36 (Call 08/15/31), (5-year CMT + 1.170%)(a)		2,540		1,811,376
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(a)		2,095		1,990,501
5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(a)		1,414		1,319,319
Huntington Bancshares Inc./OH 2.55%, 02/04/30 (Call 01/04/30)		2,692		2,192,769
2.63%, 08/06/24 (Call 07/06/24)		3,433		3,279,511
4.00%, 05/15/25 (Call 04/15/25)		2,076		1,983,743
Huntington National Bank (The)
4.01%, 05/16/25 (Call 05/16/24), (1-day SOFR + 1.205%)(a)		2,120		2,043,426
4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(a)		1,730		1,649,866
5.65%, 01/10/30 (Call 11/10/29)		1,660		1,647,201
5.70%, 11/18/25 (Call 11/18/24), (1-day SOFR + 1.215%)(a)		2,245		2,191,996
Indonesia Government International Bond, 3.54%, 11/08/27		2,965		2,885,390
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1-day SOFR + 1.005%)(a)		2,736		2,466,340
2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(a)		2,343		1,953,547
3.87%, 03/28/26 (Call 03/28/25), (1-day SOFR + 1.640%)(a)		640		620,653
3.95%, 03/29/27		8,970		8,615,595
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)(a)		1,423		1,360,061
4.05%, 04/09/29		5,020		4,796,158
4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(a)		2,425		2,250,352
4.55%, 10/02/28		4,106		4,016,407
JPMorgan Chase & Co.
0.77%, 08/09/25 (Call 08/09/24), (1-day SOFR + 0.490%)(a)		8,729		8,211,283

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
0.82%, 06/01/25 (Call 06/01/24), (1-day SOFR + 0.540%)(a)	$	8,055	$	7,653,619
0.97%, 06/23/25 (Call 06/23/24), (3-mo. SOFR + 0.580%)(a)		11,773		11,166,926
1.04%, 02/04/27 (Call 02/04/26), (3-mo. SOFR + 0.695%)(a)		4,116		3,693,863
1.05%, 11/19/26 (Call 11/19/25), (1-day SOFR + 0.800%)(a)		2,432		2,197,117
1.05%, 06/23/27 (Call 12/23/25)		70		60,857
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(a)		7,213		6,429,452
1.56%, 12/10/25 (Call 12/10/24), (1-day SOFR + 0.605%)(a)		11,610		10,901,442
1.58%, 04/22/27 (Call 04/22/26), (1-day SOFR + 0.885%)(a)		5,296		4,798,812
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(a)		2,250		1,800,225
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(a)		4,830		3,894,429
2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)(a)		9,200		8,677,992
2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(a)		8,566		7,462,100
2.08%, 04/22/26 (Call 04/22/25), (1-day SOFR + 1.850%)(a)		13,188		12,423,624
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(a)		7,100		6,386,308
2.30%, 10/15/25 (Call 10/15/24), (1-day SOFR + 1.160%)(a)		7,851		7,503,907
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(a)		13,366		11,466,558
2.53%, 11/19/41 (Call 11/19/40), (1-day SOFR + 1.510%)(a)		2,840		1,988,426
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(a)		8,395		6,989,341
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(a)		5,544		4,659,399
2.60%, 02/24/26 (Call 02/24/25), (1-day SOFR + 0.915%)(a)		2,278		2,173,235
2.74%, 10/15/30 (Call 10/15/29), (1-day SOFR + 1.510%)(a)		7,616		6,677,100
2.95%, 10/01/26 (Call 07/01/26)		12,326		11,697,990
2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)(a)		3,449		3,209,019
2.96%, 05/13/31 (Call 05/13/30), (1-day SOFR + 2.515%)(a)		3,741		3,239,145
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(a)		11,010		9,424,009
3.11%, 04/22/41 (Call 04/22/40), (1-day SOFR + 2.460%)(a)		7,973		6,093,525
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(a)		10,335		7,385,391
3.13%, 01/23/25 (Call 10/23/24)		8,557		8,330,838
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)(a)		4,560		3,507,506
3.20%, 06/15/26 (Call 03/15/26)		6,460		6,243,009
3.30%, 04/01/26 (Call 01/01/26)		10,769		10,432,469
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(a)		9,755		7,259,573

Security	Par (000)		Value
Banks (continued)
3.51%, 01/23/29 (Call 01/23/28), (3-mo. LIBOR US + 0.945%)(a)	$	9,951	$	9,363,791
3.54%, 05/01/28 (Call 05/01/27), (3-mo. LIBOR US + 1.380%)(a)		6,830		6,482,490
3.63%, 05/13/24		7,379		7,279,457
3.63%, 12/01/27 (Call 12/01/26)		7,111		6,782,045
3.70%, 05/06/30 (Call 05/06/29), (3-mo. LIBOR US + 1.160%)(a)		10,491		9,790,411
3.78%, 02/01/28 (Call 02/01/27), (3-mo. LIBOR US + 1.337%)(a)		11,956		11,481,705
3.85%, 06/14/25 (Call 06/14/24), (1-day SOFR + 0.980%)(a)		6,250		6,135,562
3.88%, 09/10/24		11,251		11,058,158
3.88%, 07/24/38 (Call 07/24/37), (3-mo. LIBOR US + 1.360%)(a)		10,266		9,034,901
3.90%, 07/15/25 (Call 04/15/25)		10,470		10,318,185
3.90%, 01/23/49 (Call 01/23/48), (3-mo. LIBOR US + 1.220%)(a)		8,428		6,880,451
3.96%, 01/29/27 (Call 01/29/26), (3-mo. LIBOR US + 1.245%)(a)		9,230		8,979,036
3.96%, 11/15/48 (Call 11/15/47), (3-mo. LIBOR US + 1.380%)(a)		10,185		8,574,039
4.01%, 04/23/29 (Call 04/23/28), (3-mo. LIBOR US + 1.120%)(a)		5,589		5,352,082
4.03%, 07/24/48 (Call 07/24/47), (3-mo. LIBOR US + 1.460%)(a)		7,586		6,427,542
4.08%, 04/26/26 (Call 04/26/25), (1-day SOFR + 1.320%)(a)		11,130		10,927,323
4.13%, 12/15/26		10,296		10,119,424
4.20%, 07/23/29 (Call 07/23/28), (3-mo. LIBOR US + 1.260%)(a)		9,977		9,651,650
4.25%, 10/01/27		3,808		3,751,261
4.26%, 02/22/48 (Call 02/22/47), (3-mo. LIBOR US + 1.580%)(a)		9,254		8,112,519
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(a)		12,038		11,809,158
4.45%, 12/05/29 (Call 12/05/28), (3-mo. LIBOR US + 1.330%)(a)		9,616		9,362,041
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(a)		12,145		11,823,765
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(a)		8,426		8,215,434
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(a)		7,980		7,751,293
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(a)		6,450		6,469,866
4.85%, 02/01/44		5,074		4,874,389
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(a)		16,425		16,354,701
4.95%, 06/01/45		4,666		4,444,738
5.40%, 01/06/42		6,508		6,688,987
5.50%, 10/15/40		6,149		6,383,892
5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)(a)		12,835		12,890,447
5.60%, 07/15/41		8,020		8,386,033
5.63%, 08/16/43		6,181		6,445,979
5.72%, 09/14/33 (Call 09/14/32), (1-day SOFR + 2.580%)(a)		13,620		14,011,030
6.40%, 05/15/38		8,251		9,382,460
7.63%, 10/15/26		3,941		4,288,399

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
7.75%, 07/15/25	$	980	$	1,043,641
8.00%, 04/29/27		5,826		6,571,670
8.75%, 09/01/30		1,354		1,643,187
KeyBank NA 4.70%, 01/26/26 (Call 12/26/25)		270		260,788
5.00%, 01/26/33 (Call 10/26/32)		2,130		1,979,047
KeyBank NA/Cleveland OH 3.30%, 06/01/25		925		871,988
3.40%, 05/20/26		3,045		2,769,001
3.90%, 04/13/29 (Call 03/13/29)		1,805		1,541,488
4.15%, 08/08/25		1,645		1,575,746
4.90%, 08/08/32		2,030		1,804,142
5.85%, 11/15/27 (Call 10/16/27)		4,400		4,389,704
6.95%, 02/01/28		30		30,205
KeyCorp 2.25%, 04/06/27		2,691		2,344,991
2.55%, 10/01/29		3,141		2,558,282
3.88%, 05/23/25 (Call 05/23/24), (1-day SOFR + 1.250%)(a)		1,035		999,914
4.10%, 04/30/28		3,496		3,232,192
4.15%, 10/29/25		1,729		1,651,586
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(a)		2,940		2,672,372
Korea Development Bank (The) 0.75%, 01/25/25		1,985		1,857,900
0.80%, 07/19/26		2,090		1,851,656
1.00%, 09/09/26		1,800		1,597,572
1.63%, 01/19/31		1,990		1,636,596
2.00%, 09/12/26(b)		925		850,371
2.00%, 10/25/31		3,075		2,560,922
2.13%, 10/01/24		1,602		1,546,699
2.25%, 02/24/27		350		325,514
3.00%, 01/13/26		3,563		3,418,698
3.38%, 09/16/25(b)		2,710		2,634,120
Kreditanstalt fuer Wiederaufbau 0.00%, 04/18/36(c)		9,430		5,824,062
0.00%, 06/29/37(c)		13,951		8,221,603
0.38%, 07/18/25		9,795		9,057,339
0.50%, 09/20/24		1,240		1,174,974
0.63%, 01/22/26		6,395		5,866,389
0.75%, 09/30/30		4,039		3,314,727
1.00%, 10/01/26		1,994		1,820,442
1.25%, 01/31/25		11,245		10,679,939
1.38%, 08/05/24		11,520		11,083,277
1.63%, 05/10/24(d)		10		9,695
1.75%, 09/14/29		8,482		7,617,175
2.00%, 05/02/25		7,343		7,040,982
2.50%, 11/20/24		26,320		25,591,462
2.88%, 04/03/28		8,632		8,341,878
3.00%, 05/20/27		1,090		1,061,965
3.13%, 06/10/25		625		612,306
3.38%, 08/23/24		3,215		3,169,058
Landwirtschaftliche Rentenbank 0.88%, 03/30/26		1,970		1,809,622
0.88%, 09/03/30		3,010		2,480,150
1.75%, 07/27/26		4,265		3,997,840
2.00%, 01/13/25		9,142		8,801,003
2.38%, 06/10/25		4,355		4,197,523
3.88%, 09/28/27		55		55,421
Series 37, 2.50%, 11/15/27		2,837		2,697,959

Security	Par (000)		Value
Banks (continued)
Series 40, 0.50%, 05/27/25	$	6,070	$	5,631,867
Lloyds Bank PLC, 3.50%, 05/14/25		200		192,094
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26), (1-year CMT + 0.850%)(a)		1,880		1,680,419
2.44%, 02/05/26 (Call 02/05/25), (1-year CMT + 1.000%)(a)		4,567		4,315,130
3.37%, 12/14/46 (Call 09/14/41), (5-year CMT + 1.500%)(a)		3,067		2,078,782
3.51%, 03/18/26 (Call 03/18/25), (1-year CMT + 1.600%)(a)		4,420		4,255,046
3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)(a)		4,807		4,462,386
3.75%, 01/11/27		5,949		5,663,745
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)(a)		6,485		6,103,877
3.87%, 07/09/25 (Call 07/09/24), (1-year CMT + 3.500%)(a)		3,960		3,867,811
4.34%, 01/09/48		5,664		4,421,432
4.38%, 03/22/28		2,228		2,153,384
4.45%, 05/08/25		6,507		6,390,785
4.50%, 11/04/24		2,620		2,560,133
4.55%, 08/16/28		6,188		5,978,598
4.58%, 12/10/25		5,018		4,835,244
4.65%, 03/24/26		5,644		5,435,454
4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)(a)		3,018		2,977,498
4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(a)		1,890		1,833,848
5.30%, 12/01/45		3,579		3,232,195
5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)(a)		2,150		2,198,977
7.95%, 11/15/33 (Call 11/15/32), (1-year CMT + 3.750%)(a)		4,190		4,675,495
M&T Bank Corp. 4.00%, 07/15/24 (Call 04/16/24)		344		334,829
4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)(a)		3,075		2,914,608
5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(a)		2,435		2,285,856
Manufacturers & Traders Trust Co. 2.90%, 02/06/25 (Call 01/06/25)		2,957		2,788,451
3.40%, 08/17/27		1,820		1,622,621
4.65%, 01/27/26 (Call 12/27/25)		2,085		2,013,568
4.70%, 01/27/28 (Call 12/28/27)		2,370		2,248,514
5.40%, 11/21/25 (Call 10/21/25)		2,135		2,081,241
Mitsubishi UFJ Financial Group Inc.
0.95%, 07/19/25 (Call 07/19/24), (1-year CMT + 0.550%)(a)		1,810		1,710,577
0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(a)		3,040		2,840,181
1.41%, 07/17/25		2,824		2,597,176
1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)(a)		3,385		3,014,478
1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)(a)		3,380		3,002,015
2.05%, 07/17/30		1,825		1,498,362
2.19%, 02/25/25		7,189		6,803,454
2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(a)		5,924		4,778,595

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)(a)	$	5,890	$	5,339,521
2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(a)		2,789		2,273,370
2.56%, 02/25/30		4,325		3,705,573
2.76%, 09/13/26		2,905		2,703,103
2.80%, 07/18/24		6,596		6,385,983
2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(a)		3,580		2,987,295
3.20%, 07/18/29		6,779		6,098,253
3.29%, 07/25/27		3,717		3,495,207
3.68%, 02/22/27		3,619		3,562,073
3.74%, 03/07/29		4,724		4,446,512
3.75%, 07/18/39		5,750		4,941,090
3.78%, 03/02/25		5,231		5,123,974
3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)(a)		2,750		2,664,778
3.85%, 03/01/26		2,954		2,862,190
3.96%, 03/02/28		5,453		5,244,041
4.05%, 09/11/28		4,101		4,001,920
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)(a)		2,945		2,839,068
4.15%, 03/07/39		2,286		2,054,428
4.29%, 07/26/38		2,292		2,109,901
4.32%, 04/19/33 (Call 04/19/32), (1-year CMT + 1.550%)(a)		2,755		2,573,501
4.79%, 07/18/25 (Call 07/18/24), (1-year CMT + 1.700%)(a)		4,750		4,708,532
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)(a)		5,845		5,827,348
5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)(a)		3,615		3,595,732
5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(a)		5,650		5,652,260
5.24%, 04/19/29 (Call 04/19/28)		2,180		2,194,388
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)(a)		3,530		3,567,736
5.41%, 04/19/34 (Call 04/19/33)		1,540		1,555,215
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(a)		3,445		3,496,847
5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(a)		2,380		2,412,963
5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)(a)		3,280		3,329,987
5.48%, 02/22/31 (Call 02/22/30), (1-year CMT + 1.530%)(a)		3,085		3,131,861
5.54%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.500%)(a)		1,575		1,580,292
5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)(a)		5,020		5,044,548
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26), (1-year CMT + 0.670%)(a)		2,988		2,643,125
1.55%, 07/09/27 (Call 07/09/26), (1-year CMT + 0.750%)(a)		3,118		2,770,842
1.98%, 09/08/31 (Call 09/08/30), (1-day SOFR + 1.532%)(a)		1,790		1,428,331
2.17%, 05/22/32 (Call 05/22/31), (1-year CMT + 0.870%)(a)		1,408		1,118,487

Security	Par (000)		Value
Banks (continued)
2.20%, 07/10/31 (Call 07/10/30), (1-day SOFR + 1.772%)(a)	$	3,755	$	3,063,554
2.23%, 05/25/26 (Call 05/25/25), (3-mo. LIBOR US + 0.830%)(a)		3,239		3,029,987
2.26%, 07/09/32 (Call 07/09/31), (1-year CMT + 0.900%)(a)(b)		2,075		1,652,343
2.56%, 09/13/25 (Call 09/13/24), (1-day SOFR + 1.362%)(a)		2,913		2,792,984
2.56%, 09/13/31		3,638		2,900,650
2.59%, 05/25/31 (Call 05/25/30), (3-mo. LIBOR US + 1.070%)(a)		2,018		1,692,275
2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)(a)		3,265		3,080,985
2.84%, 07/16/25 (Call 07/16/24), (1-day SOFR + 1.242%)(a)		2,201		2,127,509
2.84%, 09/13/26		2,447		2,276,077
2.87%, 09/13/30 (Call 09/13/29), (1-day SOFR + 1.572%)(a)		2,310		2,011,409
3.15%, 07/16/30 (Call 07/16/29), (3-mo. LIBOR US + 1.130%)(a)		3,098		2,748,453
3.17%, 09/11/27		4,168		3,893,454
3.26%, 05/22/30 (Call 05/22/29), (1-year CMT + 1.250%)(a)		1,920		1,727,942
3.66%, 02/28/27		2,692		2,572,987
4.02%, 03/05/28		5,305		5,070,254
4.25%, 09/11/29 (Call 09/11/28), (3-mo. LIBOR US + 1.270%)(a)		3,645		3,485,786
5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)(a)		2,730		2,757,655
5.67%, 05/27/29 (Call 05/27/28), (1-year CMT + 1.500%)(a)		2,620		2,669,020
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(a)		2,760		2,830,849
5.74%, 05/27/31 (Call 05/27/30), (1-year CMT + 1.650%)(a)		2,940		3,010,736
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(a)		3,145		3,228,909
Morgan Stanley
0.79%, 05/30/25 (Call 05/30/24), (1-day SOFR + 0.525%)(a)		12,688		12,012,491
0.99%, 12/10/26 (Call 12/10/25), (1-day SOFR + 0.720%)(a)		10,524		9,417,928
1.16%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.560%)(a)		10,830		10,138,288
1.51%, 07/20/27 (Call 07/20/26), (1-day SOFR + 0.858%)(a)		10,419		9,266,450
1.59%, 05/04/27 (Call 04/04/27), (1-day SOFR + 0.879%)(a)		4,218		3,795,399
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(a)		7,295		5,755,828
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(a)		14,175		11,258,777
2.19%, 04/28/26 (Call 04/28/25), (1-day SOFR + 1.990%)(a)		12,259		11,546,384
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(a)		9,507		7,681,656
2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)(a)		8,695		7,940,709
2.48%, 09/16/36 (Call 09/16/31), (1-day SOFR + 1.360%)(a)		15,408		11,827,489

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(a)	$	9,768	$	8,034,082
2.63%, 02/18/26 (Call 02/18/25), (1-day SOFR + 0.940%)(a)		7,536		7,182,562
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(a)		13,692		11,830,573
2.72%, 07/22/25 (Call 07/22/24), (1-day SOFR + 1.152%)(a)		8,689		8,386,449
2.80%, 01/25/52 (Call 07/25/51), (1-day SOFR + 1.430%)(a)		6,524		4,355,944
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(a)		6,408		5,433,023
3.13%, 07/27/26		10,877		10,345,876
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(a)		4,391		3,404,825
3.59%, 07/22/28 (Call 07/22/27), (3-mo. LIBOR US + 1.340%)(a)		��  10,652		10,075,833
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(a)		4,844		4,432,212
3.63%, 01/20/27		10,635		10,246,610
3.70%, 10/23/24		13,108		12,855,409
3.77%, 01/24/29 (Call 01/24/28), (3-mo. LIBOR US + 1.140%)(a)		10,609		10,046,935
3.88%, 01/27/26		12,012		11,739,207
3.95%, 04/23/27		7,130		6,855,780
3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)(a)		9,270		8,174,842
4.00%, 07/23/25		8,028		7,913,922
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(a)		5,140		4,983,230
4.30%, 01/27/45		7,229		6,481,377
4.35%, 09/08/26		9,774		9,566,107
4.38%, 01/22/47		8,970		8,066,452
4.43%, 01/23/30 (Call 01/23/29), (3-mo. LIBOR US + 1.628%)(a)		10,553		10,190,188
4.46%, 04/22/39 (Call 04/22/38), (3-mo. LIBOR US + 0.408%)(a)		4,927		4,524,809
4.68%, 07/17/26 (Call 07/17/25), (1-day SOFR + 1.669%)(a)		7,195		7,134,346
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(a)		3,925		3,857,176
5.00%, 11/24/25		8,511		8,528,362
5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)(a)		3,880		3,888,458
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)(a)		5,340		5,364,190
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)(a)		10,235		10,307,157
5.25%, 04/21/34 (Call 04/21/33)		8,745		8,837,172
5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(a)		4,500		4,324,635
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)(a)		7,730		8,220,005
5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(a)		4,450		4,467,310
6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)(a)		630		647,955
6.25%, 08/09/26		5,011		5,205,026
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(a)		5,220		5,484,758

Security	Par (000)		Value
Banks (continued)
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(a)	$	11,870	$	12,927,498
6.38%, 07/24/42		7,848		8,869,339
7.25%, 04/01/32		8,319		9,808,517
Series I, 0.86%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.745%)(a)		3,923		3,652,195
Morgan Stanley Bank NA, 4.75%, 04/21/26 (Call 03/21/26)		4,890		4,916,259
National Australia Bank Ltd. 3.91%, 06/09/27		250		244,333
4.94%, 01/12/28		3,300		3,363,360
4.97%, 01/12/26		2,249		2,276,550
National Australia Bank Ltd./New York 2.50%, 07/12/26		6,156		5,800,306
3.38%, 01/14/26		3,799		3,686,512
3.50%, 06/09/25		275		268,879
5.13%, 11/22/24		1,085		1,091,250
National Bank of Canada 0.75%, 08/06/24		3,910		3,689,085
3.75%, 06/09/25 (Call 06/09/24), (1-day SOFR + 1.009%)(a)		2,590		2,539,236
5.25%, 01/17/25		1,125		1,119,263
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1-year CMT + 0.900%)(a)		4,610		4,103,315
3.03%, 11/28/35 (Call 08/28/30), (5-year CMT + 2.350%)(a)		4,713		3,687,357
3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)(a)		4,007		3,670,212
3.75%, 11/01/29 (Call 11/01/24), (5-year CMT + 2.100%)(a)		3,122		2,947,824
4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(a)		2,574		2,446,638
4.80%, 04/05/26		5,878		5,857,427
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(a)		6,895		6,710,283
5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(a)		7,160		7,067,564
5.52%, 09/30/28 (Call 09/30/27), (1-year CMT + 2.270%)(a)		2,700		2,708,559
5.85%, 03/02/27 (Call 03/02/26), (1-year CMT + 1.350%)(a)		1,515		1,532,680
6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(a)		1,190		1,234,530
7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)(a)		5,475		5,719,404
Northern Trust Corp. 1.95%, 05/01/30 (Call 02/01/30)		3,061		2,587,555
3.15%, 05/03/29 (Call 02/03/29)		3,502		3,299,795
3.38%, 05/08/32 (Call 05/08/27), (3-mo. LIBOR US + 1.131%)(a)		2,896		2,622,676
3.65%, 08/03/28 (Call 05/03/28)		500		488,380
3.95%, 10/30/25		4,361		4,257,819
4.00%, 05/10/27 (Call 04/10/27)		5,220		5,125,622
6.13%, 11/02/32 (Call 08/02/32)		3,566		3,809,986
Oesterreichische Kontrollbank AG 0.38%, 09/17/25		2,540		2,333,803
0.50%, 09/16/24		456		432,119
0.50%, 02/02/26		655		596,600
1.50%, 02/12/25		6,520		6,211,539

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.88%, 05/23/25	$	865	$	842,216
3.63%, 09/09/27		50		49,786
4.13%, 01/20/26		1,160		1,165,498
4.25%, 03/01/28		345		353,877
4.63%, 11/03/25		235		238,518
PNC Bank NA 2.70%, 10/22/29		3,757		3,236,994
2.95%, 02/23/25 (Call 01/23/25)		2,436		2,337,269
3.10%, 10/25/27 (Call 09/25/27)		3,688		3,458,717
3.25%, 06/01/25 (Call 05/02/25)		3,387		3,253,146
3.25%, 01/22/28 (Call 12/23/27)		2,759		2,566,808
3.30%, 10/30/24 (Call 09/30/24)		1,976		1,902,038
3.88%, 04/10/25 (Call 03/10/25)		2,871		2,781,310
4.05%, 07/26/28		4,654		4,440,661
4.20%, 11/01/25 (Call 10/01/25)		2,038		1,974,944
2.50%, 08/27/24 (Call 07/27/24)		4,128		3,973,365
PNC Financial Services Group Inc. (The) 1.15%, 08/13/26 (Call 07/13/26)		2,766		2,453,995
2.20%, 11/01/24 (Call 10/02/24)		2,862		2,732,924
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(a)		3,198		2,627,093
2.55%, 01/22/30 (Call 10/24/29)		8,807		7,551,474
2.60%, 07/23/26 (Call 05/24/26)		2,971		2,780,024
3.15%, 05/19/27 (Call 04/19/27)		2,927		2,749,682
3.45%, 04/23/29 (Call 01/23/29)		6,040		5,587,302
4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(a)		857		795,870
4.76%, 01/26/27 (Call 01/26/26), (1-day SOFR + 1.085%)(a)		4,755		4,705,072
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(a)(b)		9,000		8,861,580
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.630%)(a)		3,370		3,390,759
5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(a)		530		531,876
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(a)		3,610		3,810,896
Regions Bank/Birmingham AL, 6.45%, 06/26/37		2,025		2,043,549
Regions Financial Corp. 1.80%, 08/12/28 (Call 06/12/28)		2,760		2,293,836
2.25%, 05/18/25 (Call 04/18/25)		3,125		2,912,219
7.38%, 12/10/37		1,738		1,913,833
Royal Bank of Canada 0.65%, 07/29/24		5,329		5,045,764
0.75%, 10/07/24		5,862		5,509,108
0.88%, 01/20/26		3,649		3,307,928
1.15%, 06/10/25		4,451		4,131,240
1.15%, 07/14/26		4,867		4,380,251
1.20%, 04/27/26		5,995		5,426,015
1.40%, 11/02/26		4,953		4,430,558
1.60%, 01/21/25		1,325		1,254,033
2.05%, 01/21/27		1,205		1,096,598
2.25%, 11/01/24		7,535		7,226,592
2.30%, 11/03/31		5,930		4,905,711
2.55%, 07/16/24		5,241		5,088,906
3.38%, 04/14/25		1,630		1,584,947
3.63%, 05/04/27		3,204		3,086,381
3.88%, 05/04/32		2,140		1,998,011
3.97%, 07/26/24		3,475		3,429,477
4.24%, 08/03/27		5,984		5,858,695

Security	Par (000)		Value
Banks (continued)
4.65%, 01/27/26	$	6,507	$	6,445,639
4.88%, 01/12/26		4,870		4,887,873
4.90%, 01/12/28		3,600		3,622,644
4.95%, 04/25/25		2,270		2,271,589
5.00%, 02/01/33		4,035		4,047,831
5.00%, 05/02/33		3,270		3,268,921
5.66%, 10/25/24		2,615		2,637,201
6.00%, 11/01/27		2,415		2,538,576
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)(a)		3,745		3,285,938
3.24%, 10/05/26 (Call 08/05/26)		3,989		3,663,418
3.45%, 06/02/25 (Call 05/02/25)		4,159		3,956,249
3.50%, 06/07/24 (Call 05/07/24)		4,782		4,647,817
4.26%, 06/09/25 (Call 06/09/24), (1-day SOFR + 1.380%)(a)		115		111,174
4.40%, 07/13/27 (Call 04/14/27)		4,378		4,169,651
4.50%, 07/17/25 (Call 04/17/25)		4,536		4,419,606
5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)(a)		2,240		2,216,166
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(a)		3,045		3,059,921
Santander UK Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25), (1-year CMT + 1.250%)(a)		4,297		3,864,464
1.67%, 06/14/27 (Call 06/14/26), (1-day SOFR + 0.989%)(a)		4,700		4,120,114
2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)(a)		2,648		2,355,740
2.90%, 03/15/32 (Call 03/15/31), (1-day SOFR + 1.475%)(a)		1,105		909,647
3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(a)		5,191		4,778,679
6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)(a)		2,565		2,637,384
6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)(a)		2,050		2,086,408
State Street Corp.
1.68%, 11/18/27 (Call 11/18/26), (1-day SOFR + 0.560%)(a)		2,095		1,885,605
1.75%, 02/06/26 (Call 02/06/25), (1-day SOFR + 0.441%)(a)(b)		780		735,556
2.20%, 02/07/28 (Call 02/07/27), (1-day SOFR + 0.730%)(a)		2,240		2,039,923
2.20%, 03/03/31		1,625		1,334,531
2.35%, 11/01/25 (Call 11/01/24), (1-day SOFR + 0.940%)(a)		3,284		3,149,520
2.40%, 01/24/30		3,913		3,407,988
2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)(a)		3,000		2,541,720
2.65%, 05/19/26		3,441		3,255,874
2.90%, 03/30/26 (Call 10/30/25), (1-day SOFR + 2.600%)(a)		2,569		2,470,761
3.03%, 11/01/34 (Call 11/01/29), (1-day SOFR + 1.490%)(a)		1,585		1,388,983
3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)(a)		2,031		1,825,808
3.30%, 12/16/24		3,707		3,604,020
3.55%, 08/18/25		4,222		4,101,884

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.14%, 12/03/29 (Call 12/03/28), (3-mo. LIBOR US + 1.030%)(a)	$	1,143	$	1,104,424
4.16%, 08/04/33 (Call 08/04/32), (1-day SOFR + 1.726%)(a)		1,950		1,847,157
4.42%, 05/13/33 (Call 05/13/32), (1-day SOFR + 1.605%)(a)		845		819,616
4.82%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.567%)(a)(b)		1,795		1,789,256
4.86%, 01/26/26 (Call 01/26/25), (1-day SOFR + 0.604%)(a)		225		224,701
5.75%, 11/04/26 (Call 11/04/25), (1-day SOFR + 1.353%)(a)		1,765		1,801,183
5.82%, 11/04/28 (Call 11/04/27), (1-day SOFR + 1.715%)(a)		2,155		2,253,311
Sumitomo Mitsui Banking Corp. 3.40%, 07/11/24		2,115		2,072,933
3.65%, 07/23/25		3,800		3,674,448
Sumitomo Mitsui Financial Group Inc. 0.95%, 01/12/26		1,445		1,296,425
1.40%, 09/17/26		6,565		5,828,079
1.47%, 07/08/25		1,489		1,374,005
1.71%, 01/12/31		3,245		2,558,001
1.90%, 09/17/28		6,055		5,169,275
2.13%, 07/08/30		4,120		3,400,524
2.14%, 09/23/30		2,596		2,104,318
2.17%, 01/14/27		931		842,620
2.22%, 09/17/31		2,720		2,207,525
2.30%, 01/12/41		840		562,733
2.35%, 01/15/25		2,249		2,138,012
2.45%, 09/27/24		2,951		2,833,845
2.47%, 01/14/29		1,555		1,356,287
2.63%, 07/14/26		8,688		8,121,977
2.70%, 07/16/24		8,630		8,358,673
2.72%, 09/27/29		1,396		1,216,139
2.75%, 01/15/30		5,295		4,608,344
2.93%, 09/17/41		3,635		2,604,950
3.01%, 10/19/26		5,473		5,132,853
3.04%, 07/16/29		8,220		7,342,268
3.05%, 01/14/42		2,185		1,612,749
3.20%, 09/17/29		1,626		1,438,246
3.35%, 10/18/27		3,719		3,479,013
3.36%, 07/12/27		2,606		2,469,367
3.45%, 01/11/27		3,112		2,953,568
3.54%, 01/17/28		4,416		4,149,097
3.78%, 03/09/26		6,654		6,460,701
3.94%, 07/19/28		3,694		3,507,194
4.31%, 10/16/28		3,577		3,458,172
5.46%, 01/13/26		4,450		4,496,636
5.52%, 01/13/28		5,910		6,044,512
5.71%, 01/13/30		4,280		4,431,683
5.77%, 01/13/33		4,605		4,832,901
Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)		2,700		2,576,934
Synchrony Financial, 5.63%, 08/23/27 (Call 07/23/27)		3,527		3,354,248
Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)		760		714,370
Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)		300		288,213
Toronto-Dominion Bank (The) 0.70%, 09/10/24		4,625		4,354,206
0.75%, 09/11/25		1,445		1,311,034
0.75%, 01/06/26		7,310		6,578,634

Security	Par (000)		Value
Banks (continued)
1.15%, 06/12/25	$	2,430	$	2,245,660
1.20%, 06/03/26		5,610		5,008,552
1.25%, 12/13/24		2,823		2,656,782
1.25%, 09/10/26		6,893		6,138,216
1.45%, 01/10/25		3,835		3,615,945
1.95%, 01/12/27		3,955		3,575,636
2.00%, 09/10/31		4,863		3,936,939
2.45%, 01/12/32		3,640		3,033,248
2.65%, 06/12/24		4,580		4,452,630
2.80%, 03/10/27		5,320		4,944,408
3.20%, 03/10/32		4,660		4,134,026
3.63%, 09/15/31 (Call 09/15/26), (5-year USD Swap + 2.205%)(a)		6,202		5,857,045
3.77%, 06/06/25		4,685		4,576,074
4.11%, 06/08/27		4,265		4,147,030
4.29%, 09/13/24		4,266		4,213,699
4.46%, 06/08/32		2,230		2,151,995
4.69%, 09/15/27		5,040		5,007,341
5.10%, 01/09/26		645		650,108
5.16%, 01/10/28		4,030		4,072,033
Truist Bank 1.50%, 03/10/25 (Call 02/10/25)		2,148		1,996,953
2.15%, 12/06/24 (Call 11/06/24)		5,696		5,392,688
2.25%, 03/11/30 (Call 12/11/29)		4,740		3,888,743
2.64%, 09/17/29 (Call 09/17/24), (5-year CMT + 1.150%)(a)		3,355		3,142,796
3.30%, 05/15/26 (Call 04/15/26)		4,734		4,398,927
3.63%, 09/16/25 (Call 08/16/25)		5,049		4,790,996
3.80%, 10/30/26 (Call 09/30/26)		2,181		2,033,630
4.05%, 11/03/25 (Call 09/03/25)		2,695		2,615,686
Truist Financial Corp. 1.13%, 08/03/27 (Call 06/03/27)		4,247		3,618,189
1.20%, 08/05/25 (Call 07/03/25)		2,704		2,461,424
1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)(a)		2,180		1,933,398
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(a)		4,055		3,431,422
1.95%, 06/05/30 (Call 03/05/30)		1,275		1,027,153
2.50%, 08/01/24 (Call 07/01/24)		4,643		4,463,873
2.85%, 10/26/24 (Call 09/26/24)		4,699		4,521,378
3.70%, 06/05/25 (Call 05/05/25)		3,814		3,674,102
3.88%, 03/19/29 (Call 02/19/29)		2,631		2,373,820
4.00%, 05/01/25 (Call 03/01/25)		3,102		3,012,600
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(a)		3,085		2,944,417
4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(a)		3,866		3,749,247
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(a)		2,905		2,842,107
4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)(a)		4,840		4,517,027
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(a)		2,095		2,031,040
5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(a)		4,025		4,050,679
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(a)		4,533		4,713,912

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
U.S. Bancorp
4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)(a)	$	4,410	$	4,288,063
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(a)		4,230		4,047,433
U.S. Bancorp. 1.38%, 07/22/30 (Call 04/22/30)		2,536		1,986,550
1.45%, 05/12/25 (Call 04/12/25)		5,356		4,966,726
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(a)		3,755		3,381,828
2.40%, 07/30/24 (Call 06/30/24)		5,525		5,334,387
2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)(a)		5,130		3,955,127
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(a)		3,893		3,180,698
3.00%, 07/30/29 (Call 04/30/29)		2,753		2,420,851
3.10%, 04/27/26 (Call 03/27/26)		3,783		3,539,450
3.60%, 09/11/24 (Call 08/11/24)		4,105		3,998,065
3.90%, 04/26/28 (Call 03/26/28)		4,434		4,267,104
3.95%, 11/17/25 (Call 10/17/25)		2,651		2,570,860
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(a)		6,020		5,842,831
4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)(a)		6,325		5,935,253
5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(a)		5,185		5,215,384
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(a)		4,545		4,679,077
Series V, 2.38%, 07/22/26 (Call 06/22/26)		4,917		4,567,205
Series X, 3.15%, 04/27/27 (Call 03/27/27)		4,672		4,397,473
U.S. Bank NA/Cincinnati OH 2.05%, 01/21/25 (Call 12/20/24)		3,388		3,210,808
2.80%, 01/27/25 (Call 12/27/24)		3,927		3,766,386
Valley National Bancorp., 3.00%, 06/15/31 (Call 06/15/26), (3-mo. SOFR + 2.360%)(a)		525		437,882
Wachovia Corp. 5.50%, 08/01/35		7,241		7,256,061
7.57%, 08/01/26(e)		355		377,340
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)(b)		1,615		1,481,746
Wells Fargo & Co.
0.81%, 05/19/25 (Call 05/19/24), (1-day SOFR + 0.510%)(a)		3,902		3,713,611
2.16%, 02/11/26 (Call 02/11/25), (3-mo. LIBOR US + 0.750%)(a)		11,578		10,956,377
2.19%, 04/30/26 (Call 04/29/25), (1-day SOFR + 2.000%)(a)		8,296		7,815,910
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(a)		8,986		8,097,015
2.41%, 10/30/25 (Call 10/30/24), (1-day SOFR + 1.087%)(a)		10,680		10,219,799
2.57%, 02/11/31 (Call 02/11/30), (1-day SOFR + 1.262%)(a)		11,038		9,435,834
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(a)		12,376		10,828,134
3.00%, 02/19/25		8,877		8,588,054
3.00%, 04/22/26		13,710		13,067,549
3.00%, 10/23/26		14,983		14,116,983
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(a)		13,690		10,278,178

Security	Par (000)		Value
Banks (continued)
3.20%, 06/17/27 (Call 06/17/26), (3-mo. LIBOR US + 1.170%)(a)	$	9,848	$	9,292,474
3.30%, 09/09/24		9,219		9,025,862
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(a)		9,105		7,949,849
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(a)		10,880		10,289,978
3.55%, 09/29/25		10,315		10,027,211
3.58%, 05/22/28 (Call 05/22/27), (3-mo. LIBOR US + 1.310%)(a)		13,329		12,593,772
3.90%, 05/01/45		7,441		6,102,439
3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(a)		9,030		8,806,237
4.10%, 06/03/26		9,142		8,907,599
4.15%, 01/24/29 (Call 10/24/28)		6,572		6,325,090
4.30%, 07/22/27		6,641		6,491,644
4.40%, 06/14/46		7,627		6,391,426
4.48%, 04/04/31 (Call 04/04/30), (1-day SOFR + 4.032%)(a)		7,132		6,873,108
4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)(a)		3,990		3,944,793
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(a)		11,440		10,251,270
4.65%, 11/04/44		7,623		6,682,474
4.75%, 12/07/46		7,675		6,705,571
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(a)		7,840		7,774,536
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(a)		13,600		13,310,456
4.90%, 11/17/45		7,633		6,861,380
5.01%, 04/04/51 (Call 04/04/50), (1-day SOFR + 4.502%)(a)		19,831		18,777,974
5.38%, 02/07/35		1,130		1,139,345
5.38%, 11/02/43		6,683		6,418,754
5.39%, 04/24/34 (Call 04/24/33)		6,740		6,850,401
5.61%, 01/15/44		9,238		9,074,118
5.95%, 12/01/86		1,980		1,996,988
Series B, 7.95%, 11/15/29		479		530,483
Wells Fargo Bank NA 5.85%, 02/01/37		2,509		2,614,353
5.95%, 08/26/36		2,352		2,439,988
6.60%, 01/15/38		3,501		3,922,870
Westpac Banking Corp. 1.02%, 11/18/24		3,515		3,321,851
1.15%, 06/03/26		8,730		7,873,412
1.95%, 11/20/28		5,005		4,390,386
2.15%, 06/03/31		5,410		4,607,535
2.35%, 02/19/25		4,432		4,250,776
2.65%, 01/16/30		3,539		3,182,269
2.67%, 11/15/35 (Call 11/15/30), (5-year CMT + 1.750%)(a)		3,429		2,690,908
2.70%, 08/19/26		4,121		3,892,408
2.85%, 05/13/26		7,625		7,256,865
2.89%, 02/04/30 (Call 02/04/25), (5-year CMT + 1.350%)(a)		6,028		5,663,788
2.96%, 11/16/40		2,346		1,605,743
3.02%, 11/18/36 (Call 11/18/31), (5-year CMT + 1.530%)(a)		4,490		3,524,470
3.13%, 11/18/41		4,519		3,157,154
3.35%, 03/08/27		4,185		4,018,395

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.40%, 01/25/28	$	4,545	$	4,341,838
3.74%, 08/26/25		75		73,496
4.04%, 08/26/27		1,536		1,517,676
4.11%, 07/24/34 (Call 07/24/29), (5-year CMT + 2.000%)(a)		4,673		4,218,130
4.32%, 11/23/31 (Call 11/23/26), (5-year USD ICE Swap + 2.236%)(a)		5,708		5,411,983
4.42%, 07/24/39		4,067		3,457,845
5.35%, 10/18/24		1,455		1,467,251
5.41%, 08/10/33 (Call 08/10/32), (1-year CMT + 2.680%)(a)		1,170		1,135,310
5.46%, 11/18/27		6,492		6,744,344
Wintrust Financial Corp., 4.85%, 06/06/29		787		730,745
Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)		1,881		1,393,840
				4,942,080,235
Beverages — 0.5%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		19,253		19,342,719
4.90%, 02/01/46 (Call 08/01/45)		31,491		31,194,670
Anheuser-Busch InBev Finance Inc. 4.00%, 01/17/43(b)		125		111,666
4.63%, 02/01/44		4,728		4,498,266
4.70%, 02/01/36 (Call 08/01/35)		3,031		3,022,483
4.90%, 02/01/46 (Call 08/01/45)		5,169		5,085,366
Anheuser-Busch InBev Worldwide Inc. 3.50%, 06/01/30 (Call 03/01/30)		2,776		2,642,419
3.65%, 02/01/26 (Call 11/01/25)		13,659		13,422,290
3.75%, 07/15/42		235		202,807
4.00%, 04/13/28 (Call 01/13/28)		10,239		10,145,723
4.35%, 06/01/40 (Call 12/01/39)		5,269		5,006,235
4.38%, 04/15/38 (Call 10/15/37)		3,838		3,707,278
4.44%, 10/06/48 (Call 04/06/48)		6,840		6,417,767
4.50%, 06/01/50 (Call 12/01/49)		680		642,280
4.60%, 04/15/48 (Call 10/15/47)		6,120		5,868,774
4.60%, 06/01/60 (Call 12/01/59)		620		578,956
4.75%, 01/23/29 (Call 10/23/28)		13,882		14,194,761
4.75%, 04/15/58 (Call 10/15/57)		1,185		1,130,810
4.90%, 01/23/31 (Call 10/23/30)(b)		2,939		3,063,731
4.95%, 01/15/42		5,210		5,223,963
5.45%, 01/23/39 (Call 07/23/38)		8,080		8,588,555
5.55%, 01/23/49 (Call 07/23/48)		13,920		15,032,626
5.80%, 01/23/59 (Call 07/23/58)		7,246		8,117,984
5.88%, 06/15/35		620		683,327
8.00%, 11/15/39		1,390		1,816,535
8.20%, 01/15/39		4,686		6,283,832
Brown-Forman Corp. 3.50%, 04/15/25 (Call 02/15/25)		550		539,402
4.00%, 04/15/38 (Call 10/15/37)		966		877,466
4.50%, 07/15/45 (Call 01/15/45)		1,490		1,395,087
4.75%, 04/15/33 (Call 01/15/33)		2,090		2,134,224
Coca-Cola Co. (The) 1.00%, 03/15/28		3,444		3,006,646
1.38%, 03/15/31		2,335		1,911,641
1.45%, 06/01/27		2,212		2,011,902
1.50%, 03/05/28		2,420		2,172,894
1.65%, 06/01/30		4,049		3,438,289
1.75%, 09/06/24		4,703		4,548,506
2.00%, 03/05/31		2,724		2,345,418
2.13%, 09/06/29		5,603		5,030,710

Security	Par (000)		Value
Beverages (continued)
2.25%, 01/05/32	$	8,760	$	7,654,576
2.50%, 06/01/40		3,068		2,363,863
2.50%, 03/15/51		4,750		3,339,725
2.60%, 06/01/50		5,929		4,260,698
2.75%, 06/01/60		4,101		2,960,020
2.88%, 05/05/41		5,570		4,485,632
2.90%, 05/25/27		3,328		3,189,422
3.00%, 03/05/51		3,135		2,448,780
3.38%, 03/25/27		2,712		2,667,605
3.45%, 03/25/30		6,193		5,950,172
4.20%, 03/25/50		2,421		2,329,099
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		3,192		3,146,993
Coca-Cola Femsa SAB de CV 1.85%, 09/01/32 (Call 06/01/32)		2,023		1,614,516
2.75%, 01/22/30 (Call 10/22/29)		2,438		2,197,686
5.25%, 11/26/43		2,427		2,507,358
Constellation Brands Inc. 2.25%, 08/01/31 (Call 05/01/31)		380		315,316
2.88%, 05/01/30 (Call 02/01/30)		3,070		2,717,932
3.15%, 08/01/29 (Call 05/01/29)		3,447		3,170,688
3.50%, 05/09/27 (Call 02/09/27)		2,100		2,031,603
3.60%, 05/09/24		1,775		1,745,606
3.60%, 02/15/28 (Call 11/15/27)		2,120		2,028,077
3.70%, 12/06/26 (Call 09/06/26)		3,275		3,182,219
3.75%, 05/01/50 (Call 11/01/49)		2,370		1,876,329
4.10%, 02/15/48 (Call 08/15/47)		2,226		1,835,382
4.35%, 05/09/27 (Call 04/09/27)		2,465		2,446,241
4.40%, 11/15/25 (Call 09/15/25)		2,164		2,143,853
4.50%, 05/09/47 (Call 11/09/46)		1,980		1,736,737
4.65%, 11/15/28 (Call 08/15/28)		2,617		2,624,040
4.75%, 11/15/24		3,233		3,223,463
4.75%, 12/01/25		1,887		1,892,491
4.75%, 05/09/32 (Call 02/09/32)		620		618,171
4.90%, 05/01/33 (Call 02/01/33)		2,580		2,589,211
5.00%, 02/02/26 (Call 02/02/24)		475		473,247
5.25%, 11/15/48 (Call 05/15/48)		1,915		1,858,967
Diageo Capital PLC 1.38%, 09/29/25 (Call 08/29/25)		3,001		2,783,037
2.00%, 04/29/30 (Call 01/29/30)		4,226		3,643,488
2.13%, 10/24/24 (Call 09/24/24)		3,725		3,586,542
2.13%, 04/29/32 (Call 01/29/32)		3,443		2,878,555
2.38%, 10/24/29 (Call 07/24/29)		2,075		1,841,894
3.88%, 05/18/28 (Call 02/18/28)		1,439		1,423,977
3.88%, 04/29/43 (Call 10/29/42)		2,262		1,979,205
5.20%, 10/24/25		3,410		3,462,957
5.30%, 10/24/27 (Call 09/24/27)		3,365		3,508,753
5.50%, 01/24/33 (Call 10/24/32)		2,380		2,593,653
5.88%, 09/30/36		2,530		2,814,397
Diageo Investment Corp. 4.25%, 05/11/42		722		685,842
7.45%, 04/15/35		1,980		2,470,882
Keurig Dr Pepper Inc. 2.25%, 03/15/31 (Call 12/15/30)		2,993		2,519,777
2.55%, 09/15/26 (Call 06/15/26)		2,163		2,018,339
3.20%, 05/01/30 (Call 02/01/30)		1,539		1,406,354
3.35%, 03/15/51 (Call 09/15/50)		3,070		2,224,184
3.40%, 11/15/25 (Call 08/15/25)		3,124		3,023,345
3.43%, 06/15/27 (Call 03/15/27)		2,818		2,710,042
3.80%, 05/01/50 (Call 11/01/49)		1,925		1,531,222

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
3.95%, 04/15/29 (Call 02/15/29)	$	4,295	$	4,142,141
4.05%, 04/15/32 (Call 01/15/32)		3,505		3,332,940
4.42%, 05/25/25 (Call 03/25/25)		1,210		1,201,591
4.42%, 12/15/46 (Call 06/15/46)		1,789		1,562,853
4.50%, 11/15/45 (Call 05/15/45)		3,085		2,771,687
4.50%, 04/15/52 (Call 10/15/51)		2,615		2,333,574
4.60%, 05/25/28 (Call 02/25/28)		1,335		1,340,447
5.09%, 05/25/48 (Call 11/25/47)		50		47,700
Molson Coors Beverage Co. 3.00%, 07/15/26 (Call 04/15/26)		5,596		5,316,032
4.20%, 07/15/46 (Call 01/15/46)		6,607		5,553,514
5.00%, 05/01/42		4,257		4,051,642
PepsiCo Inc. 1.40%, 02/25/31 (Call 11/25/30)		2,890		2,389,105
1.63%, 05/01/30 (Call 02/01/30)		4,358		3,706,218
1.95%, 10/21/31 (Call 07/21/31)		5,030		4,274,896
2.25%, 03/19/25 (Call 02/19/25)		7,251		6,986,411
2.38%, 10/06/26 (Call 07/06/26)		4,269		4,048,037
2.63%, 03/19/27 (Call 01/19/27)		2,458		2,326,644
2.63%, 07/29/29 (Call 04/29/29)		4,178		3,840,125
2.63%, 10/21/41 (Call 04/21/41)		5,420		4,199,037
2.75%, 04/30/25 (Call 01/30/25)		2,721		2,639,887
2.75%, 03/19/30 (Call 12/19/29)		6,078		5,571,946
2.75%, 10/21/51 (Call 04/21/51)		3,605		2,650,612
2.85%, 02/24/26 (Call 11/24/25)		3,310		3,207,291
2.88%, 10/15/49 (Call 04/15/49)		3,387		2,587,431
3.00%, 10/15/27 (Call 07/15/27)		5,356		5,150,865
3.38%, 07/29/49 (Call 01/29/49)		2,010		1,669,044
3.45%, 10/06/46 (Call 04/06/46)		3,564		3,039,450
3.50%, 07/17/25 (Call 04/17/25)		3,986		3,923,021
3.50%, 03/19/40 (Call 09/19/39)		300		258,942
3.60%, 02/18/28 (Call 01/18/28)		3,380		3,332,748
3.60%, 08/13/42		630		547,237
3.63%, 03/19/50 (Call 09/19/49)		3,769		3,271,831
3.88%, 03/19/60 (Call 09/19/59)		235		207,073
3.90%, 07/18/32 (Call 04/18/32)		5,045		4,966,550
4.00%, 03/05/42		775		722,323
4.00%, 05/02/47 (Call 11/02/46)		1,035		974,784
4.20%, 07/18/52 (Call 01/18/52)		2,505		2,376,944
4.25%, 10/22/44 (Call 04/22/44)		300		281,172
4.45%, 05/15/28 (Call 04/15/28)		2,465		2,525,294
4.45%, 02/15/33 (Call 11/15/32)		2,635		2,703,694
4.45%, 04/14/46 (Call 10/14/45)		1,200		1,191,672
4.55%, 02/13/26 (Call 01/13/26)		2,600		2,639,520
4.65%, 02/15/53 (Call 08/15/52)		2,665		2,733,384
4.88%, 11/01/40		700		740,285
7.00%, 03/01/29		2,435		2,847,684
				470,355,449
Biotechnology — 0.4%
Amgen Inc. 1.65%, 08/15/28 (Call 06/15/28)		7,598		6,621,353
1.90%, 02/21/25 (Call 01/21/25)		2,792		2,654,969
2.00%, 01/15/32 (Call 10/15/31)		5,925		4,802,923
2.20%, 02/21/27 (Call 12/21/26)		2,642		2,444,273
2.30%, 02/25/31 (Call 11/25/30)		6,686		5,663,309
2.45%, 02/21/30 (Call 11/21/29)		2,782		2,431,440
2.60%, 08/19/26 (Call 05/19/26)		5,970		5,619,203
2.77%, 09/01/53 (Call 03/01/53)		6,209		3,979,596
2.80%, 08/15/41 (Call 02/15/41)		6,140		4,475,200
3.00%, 02/22/29 (Call 12/22/28)		1,085		1,007,086

Security	Par (000)		Value
Biotechnology (continued)
3.00%, 01/15/52 (Call 07/15/51)	$	6,592	$	4,506,225
3.13%, 05/01/25 (Call 02/01/25)		4,777		4,641,620
3.15%, 02/21/40 (Call 08/21/39)		6,297		4,902,718
3.20%, 11/02/27 (Call 08/02/27)		3,037		2,893,714
3.35%, 02/22/32 (Call 11/22/31)		2,691		2,433,633
3.38%, 02/21/50 (Call 08/21/49)		7,430		5,485,792
3.63%, 05/22/24 (Call 02/22/24)		6,585		6,494,193
4.05%, 08/18/29 (Call 06/18/29)		6,175		5,989,565
4.20%, 03/01/33 (Call 12/01/32)		5,245		5,034,466
4.20%, 02/22/52 (Call 08/22/51)		3,129		2,644,318
4.40%, 05/01/45 (Call 11/01/44)		7,989		7,060,199
4.40%, 02/22/62 (Call 08/22/61)		2,936		2,460,485
4.56%, 06/15/48 (Call 12/15/47)		6,619		5,986,621
4.66%, 06/15/51 (Call 12/15/50)		10,650		9,674,034
4.88%, 03/01/53 (Call 09/01/52)		2,525		2,370,697
4.95%, 10/01/41		3,712		3,527,068
5.15%, 03/02/28 (Call 02/02/28)		12,675		12,976,665
5.15%, 11/15/41 (Call 05/15/41)		2,255		2,196,934
5.25%, 03/02/25		12,330		12,438,381
5.25%, 03/02/30 (Call 01/02/30)		12,900		13,253,331
5.25%, 03/02/33 (Call 12/02/32)		13,990		14,388,015
5.51%, 03/02/26 (Call 03/02/24)		290		291,154
5.60%, 03/02/43 (Call 09/02/42)		12,540		12,908,551
5.65%, 06/15/42 (Call 12/15/41)		470		484,373
5.65%, 03/02/53 (Call 09/02/52)		11,655		12,066,305
5.75%, 03/02/63 (Call 09/02/62)		8,055		8,332,253
6.38%, 06/01/37		460		513,503
6.40%, 02/01/39		1,615		1,761,157
Baxalta Inc. 4.00%, 06/23/25 (Call 03/23/25)		2,925		2,872,233
5.25%, 06/23/45 (Call 12/23/44)		1,728		1,711,688
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)		7,025		5,958,183
3.15%, 05/01/50 (Call 11/01/49)		7,581		5,279,484
3.25%, 02/15/51 (Call 08/15/50)		4,616		3,271,544
4.05%, 09/15/25 (Call 06/15/25)		6,154		6,034,428
5.20%, 09/15/45 (Call 03/15/45)		672		678,196
Bio-Rad Laboratories Inc. 3.30%, 03/15/27 (Call 02/15/27)		1,511		1,433,471
3.70%, 03/15/32 (Call 12/15/31)		2,545		2,293,096
Gilead Sciences Inc. 1.20%, 10/01/27 (Call 08/01/27)		4,302		3,771,907
1.65%, 10/01/30 (Call 07/01/30)		3,677		3,041,872
2.60%, 10/01/40 (Call 04/01/40)		4,111		3,025,901
2.80%, 10/01/50 (Call 04/01/50)		5,870		4,039,969
2.95%, 03/01/27 (Call 12/01/26)		4,705		4,503,061
3.50%, 02/01/25 (Call 11/01/24)		2,641		2,593,937
3.65%, 03/01/26 (Call 12/01/25)		7,908		7,736,396
4.00%, 09/01/36 (Call 03/01/36)		3,283		3,056,276
4.15%, 03/01/47 (Call 09/01/46)		7,365		6,497,918
4.50%, 02/01/45 (Call 08/01/44)		5,465		5,074,471
4.60%, 09/01/35 (Call 03/01/35)		4,148		4,131,574
4.75%, 03/01/46 (Call 09/01/45)		8,563		8,190,681
4.80%, 04/01/44 (Call 10/01/43)		3,581		3,473,176
5.65%, 12/01/41 (Call 06/01/41)		3,127		3,357,335
Illumina Inc. 2.55%, 03/23/31 (Call 12/23/30)		405		339,613
5.75%, 12/13/27 (Call 11/13/27)		3,815		3,920,714
5.80%, 12/12/25 (Call 11/12/25)		4,290		4,358,039

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
Regeneron Pharmaceuticals Inc. 1.75%, 09/15/30 (Call 06/15/30)	$	5,342	$	4,362,598
2.80%, 09/15/50 (Call 03/15/50)		2,708		1,791,559
Royalty Pharma PLC 1.20%, 09/02/25 (Call 08/02/25)		2,116		1,929,348
1.75%, 09/02/27 (Call 07/02/27)		3,376		2,956,262
2.15%, 09/02/31 (Call 06/02/31)		2,374		1,891,746
2.20%, 09/02/30 (Call 06/02/30)		2,579		2,115,966
3.30%, 09/02/40 (Call 03/02/40)		2,852		2,070,267
3.35%, 09/02/51 (Call 03/02/51)		3,300		2,167,308
3.55%, 09/02/50 (Call 03/02/50)		4,547		3,124,335
				330,469,874
Building Materials — 0.1%
Carrier Global Corp. 2.24%, 02/15/25 (Call 01/15/25)		1,366		1,303,273
2.49%, 02/15/27 (Call 12/15/26)		1,293		1,195,391
2.70%, 02/15/31 (Call 11/15/30)		3,335		2,863,965
2.72%, 02/15/30 (Call 11/15/29)		6,758		5,916,426
3.38%, 04/05/40 (Call 10/05/39)		6,505		5,061,280
3.58%, 04/05/50 (Call 10/05/49)		6,636		4,959,547
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		1,800		1,465,056
Fortune Brands Home & Security Inc. 3.25%, 09/15/29 (Call 06/15/29)		3,092		2,762,486
4.00%, 06/15/25 (Call 03/15/25)		1,360		1,330,556
4.00%, 03/25/32 (Call 12/25/31)		1,855		1,678,923
4.50%, 03/25/52 (Call 09/25/51)		2,031		1,571,832
Johnson Controls International PLC 3.63%, 07/02/24 (Call 04/02/24)(e)		448		440,568
3.90%, 02/14/26 (Call 11/14/25)		2,151		2,102,602
4.50%, 02/15/47 (Call 08/15/46)		1,942		1,707,834
4.63%, 07/02/44 (Call 01/02/44)		2,370		2,159,260
4.95%, 07/02/64 (Call 01/02/64)(e)		1,775		1,600,819
5.13%, 09/14/45 (Call 03/14/45)		520		505,768
6.00%, 01/15/36		524		558,526
Johnson Controls International PLC/Tyco Fire & Security Finance SCA 1.75%, 09/15/30 (Call 06/15/30)		2,605		2,159,545
2.00%, 09/16/31 (Call 06/16/31)		1,915		1,573,115
4.90%, 12/01/32 (Call 09/01/32)		1,760		1,797,277
Lafarge SA, 7.13%, 07/15/36		850		939,412
Lennox International Inc. 1.35%, 08/01/25 (Call 07/01/25)		1,700		1,561,348
1.70%, 08/01/27 (Call 06/01/27)		1,053		930,757
Martin Marietta Materials Inc. 2.40%, 07/15/31 (Call 04/15/31)		1,820		1,512,948
3.20%, 07/15/51 (Call 01/15/51)		2,305		1,634,199
3.45%, 06/01/27 (Call 03/01/27)		1,113		1,069,838
3.50%, 12/15/27 (Call 09/15/27)		3,604		3,484,023
4.25%, 07/02/24 (Call 04/02/24)		560		553,963
4.25%, 12/15/47 (Call 06/15/47)		3,075		2,610,706
Series CB, 2.50%, 03/15/30 (Call 12/15/29)		2,816		2,414,438
Masco Corp. 1.50%, 02/15/28 (Call 12/15/27)		2,577		2,230,935
2.00%, 10/01/30 (Call 07/01/30)		1,819		1,461,730
2.00%, 02/15/31 (Call 11/15/30)		970		781,044
3.13%, 02/15/51 (Call 08/15/50)		1,281		840,541
3.50%, 11/15/27 (Call 08/15/27)		1,823		1,744,976
4.50%, 05/15/47 (Call 11/15/46)		1,780		1,475,531
Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)(b)		1,700		1,552,729

Security	Par (000)		Value
Building Materials (continued)
Owens Corning 3.40%, 08/15/26 (Call 05/15/26)	$	3,453	$	3,312,532
3.88%, 06/01/30 (Call 03/01/30)		2,110		1,978,209
3.95%, 08/15/29 (Call 05/15/29)		2,418		2,296,133
4.20%, 12/01/24 (Call 09/01/24)		2,281		2,250,617
4.30%, 07/15/47 (Call 01/15/47)		2,336		1,961,422
4.40%, 01/30/48 (Call 07/30/47)		1,729		1,446,568
7.00%, 12/01/36		1,310		1,476,501
Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)		545		565,388
Trane Technologies Global Holding Co. Ltd. 3.75%, 08/21/28 (Call 05/21/28)		2,353		2,287,657
4.30%, 02/21/48 (Call 08/21/47)		1,103		953,510
5.75%, 06/15/43		1,882		1,973,747
Trane Technologies Luxembourg Finance SA 3.50%, 03/21/26 (Call 01/21/26)		2,102		2,026,370
3.55%, 11/01/24 (Call 08/01/24)		3,175		3,098,197
3.80%, 03/21/29 (Call 12/21/28)		3,035		2,905,618
4.50%, 03/21/49 (Call 09/21/48)		1,395		1,252,222
4.65%, 11/01/44 (Call 05/01/44)		1,263		1,143,647
Vulcan Materials Co. 3.50%, 06/01/30 (Call 03/01/30)		3,705		3,398,263
3.90%, 04/01/27 (Call 01/01/27)		1,081		1,058,548
4.50%, 04/01/25 (Call 01/01/25)		1,582		1,573,378
4.50%, 06/15/47 (Call 12/15/46)		2,939		2,616,621
4.70%, 03/01/48 (Call 09/01/47)		1,593		1,455,237
5.80%, 03/01/26 (Call 03/01/24)		100		100,523
				112,644,075
Chemicals — 0.4%
Air Products and Chemicals Inc. 1.50%, 10/15/25 (Call 09/15/25)		3,675		3,426,937
1.85%, 05/15/27 (Call 03/15/27)		5,587		5,132,274
2.05%, 05/15/30 (Call 02/15/30)		3,352		2,924,855
2.70%, 05/15/40 (Call 11/15/39)		2,056		1,588,507
2.80%, 05/15/50 (Call 11/15/49)		3,942		2,875,610
3.35%, 07/31/24 (Call 04/30/24)		1,834		1,802,272
4.80%, 03/03/33 (Call 12/03/32)		2,875		2,993,536
Albemarle Corp. 4.65%, 06/01/27 (Call 05/01/27)		1,980		1,954,814
5.05%, 06/01/32 (Call 03/01/32)		700		674,891
5.45%, 12/01/44 (Call 06/01/44)		1,840		1,747,926
5.65%, 06/01/52 (Call 12/01/51)		120		112,228
Cabot Corp. 4.00%, 07/01/29 (Call 04/01/29)		500		470,045
5.00%, 06/30/32 (Call 03/30/32)		2,365		2,309,825
Celanese U.S. Holdings LLC 1.40%, 08/05/26 (Call 07/05/26)		2,025		1,778,902
3.50%, 05/08/24 (Call 04/08/24)		2,448		2,387,926
5.90%, 07/05/24		2,430		2,432,697
6.05%, 03/15/25		5,530		5,551,843
6.17%, 07/15/27 (Call 06/15/27)		7,350		7,433,422
6.33%, 07/15/29 (Call 05/15/29)		1,875		1,898,512
6.38%, 07/15/32 (Call 04/15/32)(b)		3,200		3,249,984
CF Industries Inc. 4.95%, 06/01/43		2,890		2,522,045
5.15%, 03/15/34		3,336		3,235,853
5.38%, 03/15/44		2,722		2,499,041
Dow Chemical Co. (The) 2.10%, 11/15/30 (Call 08/15/30)		826		695,277
3.60%, 11/15/50 (Call 05/15/50)		1,656		1,254,304

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
4.25%, 10/01/34 (Call 04/01/34)	$	2,929	$	2,743,126
4.38%, 11/15/42 (Call 05/15/42)		4,847		4,252,952
4.63%, 10/01/44 (Call 04/01/44)		2,485		2,214,334
4.80%, 11/30/28 (Call 08/30/28)		2,507		2,539,115
4.80%, 05/15/49 (Call 11/15/48)		2,805		2,493,028
5.25%, 11/15/41 (Call 05/15/41)		4,676		4,563,589
5.55%, 11/30/48 (Call 05/30/48)		3,053		3,017,829
6.30%, 03/15/33 (Call 12/15/32)		825		908,581
6.90%, 05/15/53 (Call 11/15/52)		1,320		1,526,870
7.38%, 11/01/29		3,029		3,462,935
9.40%, 05/15/39		1,812		2,450,458
DuPont de Nemours Inc. 4.49%, 11/15/25 (Call 09/25/25)		9,458		9,433,315
4.73%, 11/15/28 (Call 08/15/28)		8,442		8,527,011
5.32%, 11/15/38 (Call 05/15/38)		5,450		5,519,542
5.42%, 11/15/48 (Call 05/15/48)		6,794		6,807,452
Eastman Chemical Co. 3.80%, 03/15/25 (Call 12/15/24)		4,604		4,495,161
4.50%, 12/01/28 (Call 09/01/28)		758		746,630
4.65%, 10/15/44 (Call 04/15/44)		3,358		2,889,593
4.80%, 09/01/42 (Call 03/01/42)		1,877		1,669,573
5.75%, 03/08/33 (Call 12/08/32)		1,435		1,466,713
Ecolab Inc. 1.30%, 01/30/31 (Call 10/30/30)		4,035		3,233,488
1.65%, 02/01/27 (Call 01/01/27)		1,077		982,666
2.13%, 02/01/32 (Call 11/01/31)		2,850		2,398,674
2.13%, 08/15/50 (Call 02/15/50)		1,068		643,299
2.70%, 11/01/26 (Call 08/01/26)		4,014		3,831,002
2.70%, 12/15/51 (Call 06/15/51)		2,155		1,449,927
2.75%, 08/18/55 (Call 02/18/55)		5,629		3,626,821
3.25%, 12/01/27 (Call 09/01/27)		1,615		1,563,417
3.95%, 12/01/47 (Call 06/01/47)		610		527,571
4.80%, 03/24/30 (Call 12/24/29)		2,493		2,552,059
5.25%, 01/15/28 (Call 12/15/27)		3,050		3,180,082
5.50%, 12/08/41		30		31,664
EI du Pont de Nemours and Co. 1.70%, 07/15/25 (Call 06/15/25)		5,540		5,222,115
2.30%, 07/15/30 (Call 04/15/30)		3,307		2,851,395
FMC Corp. 3.20%, 10/01/26 (Call 08/01/26)		1,988		1,885,419
3.45%, 10/01/29 (Call 07/01/29)		1,991		1,828,574
4.50%, 10/01/49 (Call 04/01/49)		2,185		1,808,240
Huntsman International LLC 2.95%, 06/15/31 (Call 03/15/31)		2,430		2,000,546
4.50%, 05/01/29 (Call 02/01/29)		3,325		3,127,661
International Flavors & Fragrances Inc. 4.38%, 06/01/47 (Call 12/01/46)		2,260		1,775,705
4.45%, 09/26/28 (Call 06/26/28)		1,405		1,351,807
5.00%, 09/26/48 (Call 03/26/48)		2,217		1,911,542
Linde Inc., 4.80%, 12/05/24		110		110,238
Linde Inc./CT 1.10%, 08/10/30 (Call 05/10/30)		4,672		3,754,513
2.00%, 08/10/50 (Call 02/10/50)		1,845		1,088,901
2.65%, 02/05/25 (Call 11/05/24)		4,825		4,660,757
3.20%, 01/30/26 (Call 10/30/25)		3,814		3,703,852
3.55%, 11/07/42 (Call 05/07/42)		1,917		1,596,669
4.70%, 12/05/25 (Call 11/05/25)		4,530		4,569,230
Lubrizol Corp. (The), 6.50%, 10/01/34		212		253,957
LYB International Finance BV 4.88%, 03/15/44 (Call 09/15/43)		3,810		3,376,270

Security	Par (000)		Value
Chemicals (continued)
5.25%, 07/15/43	$	529	$	485,352
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)		225		216,034
LYB International Finance III LLC 1.25%, 10/01/25 (Call 09/01/25)		2,617		2,386,442
2.25%, 10/01/30 (Call 07/01/30)		1,711		1,415,288
3.38%, 10/01/40 (Call 04/01/40)		3,353		2,477,800
3.63%, 04/01/51 (Call 04/01/50)		4,396		3,107,708
3.80%, 10/01/60 (Call 04/01/60)		3,461		2,372,723
4.20%, 10/15/49 (Call 04/15/49)		3,213		2,486,444
4.20%, 05/01/50 (Call 11/01/49)		4,382		3,386,366
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		3,702		3,021,832
Mosaic Co. (The) 4.05%, 11/15/27 (Call 08/15/27)		1,160		1,124,655
4.88%, 11/15/41 (Call 05/15/41)		1,090		970,896
5.45%, 11/15/33 (Call 05/15/33)		1,517		1,525,692
5.63%, 11/15/43 (Call 05/15/43)		923		896,436
NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)		1,751		1,463,153
Nutrien Ltd. 2.95%, 05/13/30 (Call 02/13/30)		1,109		987,820
3.00%, 04/01/25 (Call 01/01/25)		2,340		2,249,208
3.95%, 05/13/50 (Call 11/13/49)		1,385		1,100,715
4.00%, 12/15/26 (Call 09/15/26)		2,524		2,465,872
4.13%, 03/15/35 (Call 09/15/34)		2,000		1,825,460
4.20%, 04/01/29 (Call 01/01/29)		2,770		2,696,484
4.90%, 03/27/28 (Call 02/27/28)		1,180		1,184,803
4.90%, 06/01/43 (Call 12/01/42)		2,419		2,241,445
5.00%, 04/01/49 (Call 10/01/48)		2,559		2,378,590
5.25%, 01/15/45 (Call 07/15/44)		1,712		1,647,697
5.63%, 12/01/40		951		948,575
5.80%, 03/27/53 (Call 09/27/52)		1,230		1,274,686
5.88%, 12/01/36		2,029		2,138,809
5.90%, 11/07/24		1,852		1,875,483
5.95%, 11/07/25		2,470		2,545,335
6.13%, 01/15/41 (Call 07/15/40)		135		141,612
PPG Industries Inc. 1.20%, 03/15/26 (Call 02/15/26)		4,525		4,099,831
2.40%, 08/15/24 (Call 07/15/24)		1,452		1,400,861
2.55%, 06/15/30 (Call 03/15/30)		1,117		969,210
2.80%, 08/15/29 (Call 05/15/29)		1,765		1,578,034
3.75%, 03/15/28 (Call 12/15/27)		4,511		4,360,874
Rohm & Haas Co., 7.85%, 07/15/29		2,314		2,647,355
RPM International Inc. 2.95%, 01/15/32 (Call 10/15/31)		1,775		1,444,992
3.75%, 03/15/27 (Call 12/15/26)		2,930		2,801,402
4.25%, 01/15/48 (Call 07/15/47)		1,046		814,886
4.55%, 03/01/29 (Call 12/01/28)		1,729		1,666,549
5.25%, 06/01/45 (Call 12/01/44)		1,400		1,277,556
Sherwin-Williams Co. (The) 2.20%, 03/15/32 (Call 12/15/31)		2,287		1,870,880
2.30%, 05/15/30 (Call 02/15/30)		2,388		2,037,465
2.90%, 03/15/52 (Call 09/15/51)		2,005		1,308,263
2.95%, 08/15/29 (Call 05/15/29)		2,987		2,702,070
3.13%, 06/01/24 (Call 04/01/24)		2,122		2,078,923
3.30%, 05/15/50 (Call 11/15/49)		1,975		1,408,432
3.45%, 08/01/25 (Call 05/01/25)		2,360		2,291,466
3.45%, 06/01/27 (Call 03/01/27)		5,790		5,555,794
3.80%, 08/15/49 (Call 02/15/49)		2,185		1,713,433
3.95%, 01/15/26 (Call 10/15/25)		2,291		2,248,204

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
4.00%, 12/15/42 (Call 06/15/42)	$	1,090	$	900,296
4.05%, 08/08/24		15		14,813
4.25%, 08/08/25		2,275		2,252,136
4.50%, 06/01/47 (Call 12/01/46)		4,543		4,031,004
4.55%, 08/01/45 (Call 02/01/45)		807		707,376
Westlake Corp. 0.88%, 08/15/24 (Call 05/09/23)		1,745		1,652,096
2.88%, 08/15/41 (Call 02/15/41)		908		616,532
3.13%, 08/15/51 (Call 02/15/51)		3,160		2,020,314
3.38%, 06/15/30 (Call 03/15/30)		1,535		1,360,655
3.38%, 08/15/61 (Call 02/15/61)		2,435		1,515,179
3.60%, 08/15/26 (Call 05/15/26)		4,159		3,991,559
4.38%, 11/15/47 (Call 05/15/47)		930		746,520
5.00%, 08/15/46 (Call 02/15/46)		3,300		2,898,753
				329,602,522
Coal — 0.0%
Teck Resources Ltd. 3.90%, 07/15/30 (Call 04/15/30)		265		247,221
5.20%, 03/01/42 (Call 09/01/41)		1,178		1,093,431
5.40%, 02/01/43 (Call 08/01/42)		473		448,617
6.00%, 08/15/40 (Call 02/15/40)		2,130		2,159,927
6.13%, 10/01/35		1,794		1,873,151
6.25%, 07/15/41 (Call 01/15/41)		1,716		1,790,560
				7,612,907
Commercial Services — 0.3%
American University (The), Series 2019, 3.67%, 04/01/49		1,790		1,472,919
Automatic Data Processing Inc. 1.25%, 09/01/30 (Call 06/01/30)		6,017		4,963,062
1.70%, 05/15/28 (Call 03/15/28)		3,475		3,110,820
3.38%, 09/15/25 (Call 06/15/25)		5,136		5,041,138
Block Financial LLC 2.50%, 07/15/28 (Call 05/15/28)		2,923		2,524,917
3.88%, 08/15/30 (Call 05/15/30)		1,778		1,568,783
5.25%, 10/01/25 (Call 07/01/25)		1,034		1,027,310
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)		1,850		1,410,089
California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)		2,355		1,578,863
California Institute of Technology 3.65%, 09/01/2119 (Call 03/01/19)		654		465,171
4.32%, 08/01/45		772		719,303
4.70%, 11/01/2111		1,594		1,437,995
Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/21)		1,103		1,104,875
Cintas Corp. No. 2 3.45%, 05/01/25 (Call 04/01/25)		1,755		1,714,196
3.70%, 04/01/27 (Call 01/01/27)		5,447		5,338,387
4.00%, 05/01/32 (Call 02/01/32)		2,200		2,138,510
Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/21)		510		365,650
Duke University
Series 2020, 2.68%, 10/01/44		931		712,020
Series 2020, 2.76%, 10/01/50(b)		1,268		920,403
Series 2020, 2.83%, 10/01/55		2,335		1,701,351
Emory University
Series 2020, 2.14%, 09/01/30 (Call 06/01/30)		318		273,137
Series 2020, 2.97%, 09/01/50 (Call 03/01/50)		1,868		1,391,212

Security	Par (000)		Value
Commercial Services (continued)
Equifax Inc. 2.35%, 09/15/31 (Call 06/15/31)	$	3,080	$	2,486,515
2.60%, 12/01/24 (Call 11/01/24)		4,104		3,937,378
2.60%, 12/15/25 (Call 11/15/25)		1,567		1,477,493
3.10%, 05/15/30 (Call 02/15/30)		2,771		2,429,419
5.10%, 12/15/27 (Call 11/15/27)		2,070		2,096,993
Ford Foundation (The) Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(b)		955		636,909
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		2,602		1,611,939
George Washington University (The) 4.87%, 09/15/45		1,505		1,473,591
Series 2014, 4.30%, 09/15/44		800		726,424
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		3,036		2,680,393
Georgetown University (The) Series 20A, 2.94%, 04/01/50		1,199		831,459
Series A, 5.22%, 10/01/2118 (Call 04/01/18)		846		798,954
Series B, 4.32%, 04/01/49 (Call 10/01/48)		1,263		1,123,653
Global Payments Inc. 1.20%, 03/01/26 (Call 02/01/26)		2,637		2,366,206
1.50%, 11/15/24 (Call 10/15/24)		944		890,787
2.15%, 01/15/27 (Call 12/15/26)		4,027		3,613,387
2.65%, 02/15/25 (Call 01/15/24)		2,503		2,391,591
2.90%, 05/15/30 (Call 02/15/30)		3,374		2,890,067
2.90%, 11/15/31 (Call 08/15/31)		3,014		2,494,296
3.20%, 08/15/29 (Call 05/15/29)		5,377		4,759,774
4.15%, 08/15/49 (Call 02/15/49)	��	2,114		1,583,090
4.45%, 06/01/28 (Call 03/01/28)		2,005		1,925,422
4.80%, 04/01/26 (Call 01/01/26)		4,462		4,412,472
4.95%, 08/15/27 (Call 07/15/27)		1,274		1,266,496
5.30%, 08/15/29 (Call 06/15/29)		1,920		1,909,286
5.40%, 08/15/32 (Call 05/15/32)		1,690		1,670,937
5.95%, 08/15/52 (Call 02/15/52)		2,595		2,516,475
GXO Logistics Inc. 1.65%, 07/15/26 (Call 06/15/26)		3,490		3,035,881
2.65%, 07/15/31 (Call 04/15/31)		2,942		2,313,471
Howard University, 5.21%, 10/01/52 (Call 10/01/32)		863		702,094
Johns Hopkins University 4.71%, 07/01/32 (Call 04/01/32)		1,120		1,146,958
Series 2013, 4.08%, 07/01/53		1,878		1,697,092
Series A, 2.81%, 01/01/60 (Call 07/01/59)		1,000		681,390
Leland Stanford Junior University (The) 1.29%, 06/01/27 (Call 04/01/27)		1,280		1,147,853
2.41%, 06/01/50 (Call 12/01/49)		1,725		1,171,379
3.65%, 05/01/48 (Call 11/01/47)		2,686		2,352,882
Massachusetts Institute of Technology 3.07%, 04/01/52 (Call 10/01/51)		1,013		792,510
3.89%, 07/01/2116		473		365,856
3.96%, 07/01/38		629		591,952
4.68%, 07/01/2114		2,428		2,293,635
5.60%, 07/01/2111		2,890		3,289,109
Series F, 2.99%, 07/01/50 (Call 01/01/50)		2,486		1,937,514
Series G, 2.29%, 07/01/51 (Call 01/01/51)(b)		1,344		888,008
Moody’s Corp. 2.00%, 08/19/31 (Call 05/19/31)		2,782		2,280,238
2.75%, 08/19/41 (Call 02/19/41)		2,765		2,009,464
3.10%, 11/29/61 (Call 05/29/61)		2,305		1,537,527
3.25%, 01/15/28 (Call 10/15/27)		2,414		2,294,917
3.25%, 05/20/50 (Call 11/20/49)		1,568		1,139,779
3.75%, 03/24/25 (Call 02/24/25)		795		777,494
3.75%, 02/25/52 (Call 08/25/51)		1,205		966,675

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
4.25%, 02/01/29 (Call 11/01/28)	$	2,661	$	2,608,605
4.25%, 08/08/32 (Call 05/08/32)		2,100		2,038,869
4.88%, 12/17/48 (Call 06/17/48)		2,440		2,295,015
5.25%, 07/15/44		1,201		1,193,109
Northeastern University, Series 2020, 2.89%, 10/01/50(b)		1,536		1,094,508
Northwestern University 4.64%, 12/01/44		975		966,420
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)		1,304		1,070,141
Series 2020, 2.64%, 12/01/50 (Call 06/01/50)		1,934		1,357,687
PayPal Holdings Inc. 1.65%, 06/01/25 (Call 05/01/25)		4,979		4,691,662
2.30%, 06/01/30 (Call 03/01/30)		4,574		3,942,697
2.40%, 10/01/24 (Call 09/01/24)		5,160		4,994,570
2.65%, 10/01/26 (Call 08/01/26)		5,071		4,803,505
2.85%, 10/01/29 (Call 07/01/29)		6,089		5,526,864
3.25%, 06/01/50 (Call 12/01/49)		4,857		3,507,385
3.90%, 06/01/27 (Call 05/01/27)		120		118,519
4.40%, 06/01/32 (Call 03/01/32)		3,780		3,709,163
5.05%, 06/01/52 (Call 12/01/51)		3,010		2,895,439
5.25%, 06/01/62 (Call 12/01/61)		2,510		2,414,068
President and Fellows of Harvard College 2.52%, 10/15/50 (Call 04/15/50)		2,114		1,472,760
3.15%, 07/15/46 (Call 01/15/46)		1,245		1,008,363
3.30%, 07/15/56 (Call 01/15/56)		1,846		1,444,513
3.75%, 11/15/52 (Call 05/15/52)		160		143,214
4.88%, 10/15/40(b)		745		777,601
Quanta Services Inc. 0.95%, 10/01/24 (Call 05/30/23)		2,695		2,538,259
2.35%, 01/15/32 (Call 10/15/31)		1,751		1,412,759
2.90%, 10/01/30 (Call 07/01/30)		3,411		2,958,019
3.05%, 10/01/41 (Call 04/01/41)		1,885		1,328,586
RELX Capital Inc. 3.00%, 05/22/30 (Call 02/22/30)		1,429		1,284,700
4.00%, 03/18/29 (Call 12/18/28)		5,702		5,583,455
4.75%, 05/20/32 (Call 02/20/32)		450		451,400
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		3,099		2,082,683
S&P Global Inc. 1.25%, 08/15/30 (Call 05/15/30)		4,223		3,408,975
2.30%, 08/15/60 (Call 02/15/60)		3,000		1,763,760
2.45%, 03/01/27 (Call 02/01/27)		1,640		1,540,747
2.50%, 12/01/29 (Call 09/01/29)		3,582		3,187,407
2.70%, 03/01/29 (Call 01/01/29)		3,645		3,328,104
2.90%, 03/01/32 (Call 12/01/31)		2,496		2,216,173
2.95%, 01/22/27 (Call 10/22/26)		3,285		3,152,582
3.25%, 12/01/49 (Call 06/01/49)		4,273		3,238,806
3.70%, 03/01/52 (Call 09/01/51)		1,445		1,208,627
3.90%, 03/01/62 (Call 09/01/61)		724		602,983
4.25%, 05/01/29 (Call 02/01/29)		3,850		3,808,035
4.75%, 08/01/28 (Call 05/01/28)		4,455		4,542,674
Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)		1,491		1,147,846
Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)		1,859		1,469,986
Trustees of Boston College, 3.13%, 07/01/52		1,518		1,151,934
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		1,847		1,677,335
Trustees of Princeton University (The) 4.20%, 03/01/52 (Call 09/01/51)		1,050		1,014,762

Security	Par (000)		Value
Commercial Services (continued)
5.70%, 03/01/39	$	2,370	$	2,679,024
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(b)		1,947		1,376,393
Trustees of the University of Pennsylvania (The) 3.61%, 02/15/2119 (Call 08/15/18)		2,083		1,521,611
4.67%, 09/01/2112		70		64,519
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)		1,183		774,321
University of Chicago (The) 3.00%, 10/01/52 (Call 04/01/52)		750		555,068
4.00%, 10/01/53 (Call 04/01/53)		2,024		1,799,417
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		1,137		907,906
Series C, 2.55%, 04/01/50 (Call 10/01/49)(b)		1,666		1,173,597
University of Miami, 4.06%, 04/01/52		488		422,710
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		1,955		1,624,155
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		1,924		1,613,255
University of Southern California 2.81%, 10/01/50 (Call 04/01/50)		1,170		829,413
3.03%, 10/01/39		2,529		2,120,212
5.25%, 10/01/2111		748		784,472
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		1,908		1,704,092
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		1,415		1,055,519
Series A, 3.23%, 10/01/2120 (Call 04/01/20)		1,334		849,851
Verisk Analytics Inc. 3.63%, 05/15/50 (Call 11/15/49)		2,036		1,502,853
4.00%, 06/15/25 (Call 03/15/25)		948		927,533
4.13%, 03/15/29 (Call 12/15/28)		2,298		2,222,901
5.50%, 06/15/45 (Call 12/15/44)		1,485		1,453,770
5.75%, 04/01/33 (Call 01/01/33)		2,370		2,495,894
Washington University (The) 3.52%, 04/15/54 (Call 10/15/53)		2,751		2,283,935
4.35%, 04/15/2122 (Call 10/15/21)		1,029		876,873
William Marsh Rice University 3.57%, 05/15/45		875		758,538
3.77%, 05/15/55		1,465		1,285,669
Yale University
Series 2020, 0.87%, 04/15/25 (Call 03/15/25)		2,817		2,631,472
Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		984		828,272
Series 2020, 2.40%, 04/15/50 (Call 10/15/49)		1,073		728,031
				283,421,745
Computers — 0.6%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		1,771		1,506,413
Apple Inc. 0.55%, 08/20/25 (Call 07/20/25)		5,318		4,906,227
0.70%, 02/08/26 (Call 01/08/26)		6,440		5,879,913
1.13%, 05/11/25 (Call 04/11/25)		7,701		7,242,020
1.20%, 02/08/28 (Call 12/08/27)		5,672		5,016,941
1.25%, 08/20/30 (Call 05/20/30)		7,397		6,109,182
1.40%, 08/05/28 (Call 06/05/28)		7,350		6,464,399
1.65%, 05/11/30 (Call 02/11/30)		7,308		6,247,317
1.65%, 02/08/31 (Call 11/08/30)		4,920		4,144,706
1.70%, 08/05/31 (Call 05/05/31)		6,155		5,145,949
1.80%, 09/11/24 (Call 08/11/24)		3,297		3,186,221
2.05%, 09/11/26 (Call 07/11/26)		9,097		8,531,894
2.20%, 09/11/29 (Call 06/11/29)		4,245		3,817,571
2.38%, 02/08/41 (Call 08/08/40)		2,955		2,214,152
2.40%, 08/20/50 (Call 02/20/50)		2,791		1,894,726
2.45%, 08/04/26 (Call 05/04/26)		10,056		9,591,413
2.50%, 02/09/25		6,232		6,045,414
2.55%, 08/20/60 (Call 02/20/60)		10,977		7,266,774
2.65%, 05/11/50 (Call 11/11/49)		7,926		5,628,887

2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.65%, 02/08/51 (Call 08/08/50)	$	7,360	$	5,165,027
2.70%, 08/05/51 (Call 02/05/51)		8,439		5,962,154
2.75%, 01/13/25 (Call 11/13/24)		2,583		2,520,982
2.80%, 02/08/61 (Call 02/08/60)		3,720		2,516,654
2.85%, 05/11/24 (Call 03/11/24)		7,177		7,047,599
2.85%, 08/05/61 (Call 02/05/61)		2,990		2,052,187
2.90%, 09/12/27 (Call 06/12/27)		7,316		7,027,018
2.95%, 09/11/49 (Call 03/11/49)		8,023		6,079,829
3.00%, 06/20/27 (Call 03/20/27)		5,625		5,437,575
3.00%, 11/13/27 (Call 08/13/27)		7,252		6,987,737
3.20%, 05/13/25		9,250		9,075,083
3.20%, 05/11/27 (Call 02/11/27)		6,872		6,700,475
3.25%, 02/23/26 (Call 11/23/25)		12,648		12,387,704
3.25%, 08/08/29 (Call 06/08/29)		8,420		8,069,223
3.35%, 02/09/27 (Call 11/09/26)		9,845		9,630,281
3.35%, 08/08/32 (Call 05/08/32)(b)		6,850		6,497,568
3.45%, 05/06/24		9,505		9,372,500
3.45%, 02/09/45		8,326		7,108,406
3.75%, 09/12/47 (Call 03/12/47)		4,929		4,299,764
3.75%, 11/13/47 (Call 05/13/47)		5,637		4,935,024
3.85%, 05/04/43		8,653		7,915,418
3.85%, 08/04/46 (Call 02/04/46)		7,159		6,402,795
3.95%, 08/08/52 (Call 02/08/52)		7,055		6,296,799
4.10%, 08/08/62 (Call 02/08/62)		4,745		4,224,948
4.25%, 02/09/47 (Call 08/09/46)		3,486		3,353,253
4.38%, 05/13/45		6,709		6,502,564
4.45%, 05/06/44		2,917		2,923,651
4.50%, 02/23/36 (Call 08/23/35)(b)		4,188		4,346,306
4.65%, 02/23/46 (Call 08/23/45)		12,474		12,552,212
CGI Inc. 1.45%, 09/14/26 (Call 08/14/26)		2,001		1,806,643
2.30%, 09/14/31 (Call 06/14/31)		2,648		2,118,744
Dell Inc. 6.50%, 04/15/38		1,805		1,853,175
7.10%, 04/15/28		1,980		2,134,222
Dell International LLC/EMC Corp. 3.38%, 12/15/41 (Call 06/15/41)(f)		4,180		2,955,051
3.45%, 12/15/51 (Call 06/15/51)(f)		4,975		3,266,585
4.00%, 07/15/24 (Call 06/15/24)		85		83,885
4.90%, 10/01/26 (Call 08/01/26)		7,454		7,469,430
5.25%, 02/01/28 (Call 01/01/28)		975		986,544
5.30%, 10/01/29 (Call 07/01/29)		6,150		6,216,789
5.75%, 02/01/33 (Call 11/01/32)(b)		1,580		1,600,698
5.85%, 07/15/25 (Call 06/15/25)		4,640		4,731,083
6.02%, 06/15/26 (Call 03/15/26)		9,279		9,548,555
6.10%, 07/15/27 (Call 05/15/27)		2,830		2,970,793
6.20%, 07/15/30 (Call 04/15/30)		2,428		2,562,924
8.10%, 07/15/36 (Call 01/15/36)		3,247		3,820,355
8.35%, 07/15/46 (Call 01/15/46)		3,360		4,153,733
DXC Technology Co. 1.80%, 09/15/26 (Call 08/15/26)		3,570		3,140,993
2.38%, 09/15/28 (Call 07/15/28)(b)		3,067		2,601,276
Fortinet Inc. 1.00%, 03/15/26 (Call 02/15/26)		3,235		2,936,636
2.20%, 03/15/31 (Call 12/15/30)		2,904		2,403,002
Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)		2,613		2,526,405
Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)		450		414,612

Security	Par (000)		Value
Computers (continued)
Hewlett Packard Enterprise Co. 1.75%, 04/01/26 (Call 03/01/26)	$	1,021	$	943,312
4.90%, 10/15/25 (Call 07/15/25)		8,221		8,187,129
6.10%, 04/01/26 (Call 04/01/24)		330		332,379
6.20%, 10/15/35 (Call 04/15/35)		3,000		3,230,940
6.35%, 10/15/45 (Call 04/15/45)		4,902		5,078,766
HP Inc. 1.45%, 06/17/26 (Call 05/17/26)(b)		3,890		3,516,677
2.20%, 06/17/25 (Call 05/17/25)		5,541		5,244,501
2.65%, 06/17/31 (Call 03/17/31)		4,700		3,827,868
3.00%, 06/17/27 (Call 04/17/27)		3,439		3,205,148
3.40%, 06/17/30 (Call 03/17/30)		3,763		3,337,292
4.00%, 04/15/29 (Call 02/15/29)		3,610		3,426,612
4.20%, 04/15/32 (Call 01/15/32)		3,625		3,250,574
4.75%, 01/15/28 (Call 12/15/27)		3,075		3,053,352
5.50%, 01/15/33 (Call 10/15/32)		4,845		4,806,628
6.00%, 09/15/41(b)		3,852		3,907,276
International Business Machines Corp. 1.70%, 05/15/27 (Call 03/15/27)		5,029		4,547,423
1.95%, 05/15/30 (Call 02/15/30)		5,570		4,684,147
2.20%, 02/09/27 (Call 01/09/27)		1,950		1,804,394
2.72%, 02/09/32 (Call 11/09/31)(b)		2,340		2,027,025
2.85%, 05/15/40 (Call 11/15/39)		3,688		2,726,797
2.95%, 05/15/50 (Call 11/15/49)		3,309		2,231,391
3.00%, 05/15/24		10,649		10,439,534
3.30%, 05/15/26		10,199		9,889,052
3.30%, 01/27/27		2,658		2,565,050
3.43%, 02/09/52 (Call 08/09/51)		2,270		1,660,914
3.45%, 02/19/26		5,586		5,439,368
3.50%, 05/15/29		9,510		8,921,046
4.00%, 07/27/25		365		360,981
4.00%, 06/20/42		4,811		4,125,481
4.15%, 07/27/27 (Call 06/27/27)		3,258		3,231,643
4.15%, 05/15/39		7,304		6,472,001
4.25%, 05/15/49		8,510		7,350,087
4.40%, 07/27/32 (Call 04/27/32)(b)		3,035		2,974,057
4.50%, 02/06/26		3,025		3,028,993
4.50%, 02/06/28 (Call 01/06/28)		2,600		2,604,706
4.70%, 02/19/46		2,904		2,654,895
4.75%, 02/06/33 (Call 11/06/32)		3,150		3,142,629
4.90%, 07/27/52 (Call 01/27/52)		1,595		1,490,910
5.10%, 02/06/53 (Call 08/06/52)		2,310		2,229,011
5.60%, 11/30/39		2,975		3,086,206
5.88%, 11/29/32		2,629		2,856,987
6.22%, 08/01/27		1,652		1,762,568
6.50%, 01/15/28		1,290		1,399,779
7.00%, 10/30/25		2,607		2,758,180
7.13%, 12/01/96(b)		1,550		2,025,137
Kyndryl Holdings Inc. 2.05%, 10/15/26 (Call 09/15/26)		3,090		2,705,697
2.70%, 10/15/28 (Call 08/15/28)		2,692		2,273,286
3.15%, 10/15/31 (Call 07/15/31)		2,880		2,214,979
4.10%, 10/15/41 (Call 04/15/41)		515		346,384
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		4,138		3,355,628
3.63%, 05/15/25 (Call 04/15/25)		1,721		1,673,414
4.38%, 05/15/30 (Call 02/15/30)		1,553		1,465,815
NetApp Inc. 1.88%, 06/22/25 (Call 05/22/25)		4,240		3,976,357
2.38%, 06/22/27 (Call 04/22/27)		1,890		1,746,114

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.70%, 06/22/30 (Call 03/22/30)	$	1,639	$	1,417,964
3.30%, 09/29/24 (Call 07/29/24)		1,712		1,667,197
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		1,511		1,273,758
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		1,339		1,058,680
3.10%, 02/01/32 (Call 11/01/31)		2,718		1,968,131
4.75%, 02/15/26 (Call 11/15/25)		8,705		8,277,236
				557,792,474
Cosmetics & Personal Care — 0.2%
Bestfoods, Series E, 7.25%, 12/15/26		1,402		1,530,227
Colgate-Palmolive Co.
3.10%, 08/15/25		950		927,304
3.10%, 08/15/27 (Call 07/15/27)		700		681,142
3.25%, 08/15/32 (Call 05/15/32)		1,495		1,404,194
3.70%, 08/01/47 (Call 02/01/47)		1,870		1,672,565
4.00%, 08/15/45		2,703		2,515,466
4.60%, 03/01/28 (Call 02/01/28)		709		731,553
4.60%, 03/01/33 (Call 12/01/32)		934		968,829
4.80%, 03/02/26		764		781,251
Estee Lauder Companies Inc. (The)
1.95%, 03/15/31 (Call 12/15/30)		3,425		2,904,811
2.00%, 12/01/24 (Call 11/01/24)		2,261		2,168,028
2.38%, 12/01/29 (Call 09/01/29)		3,888		3,462,964
2.60%, 04/15/30 (Call 01/15/30)		1,259		1,131,715
3.13%, 12/01/49 (Call 06/01/49)		2,812		2,178,991
3.15%, 03/15/27 (Call 12/15/26)		2,242		2,180,233
4.15%, 03/15/47 (Call 09/15/46)		1,600		1,461,936
4.38%, 06/15/45 (Call 12/15/44)		542		508,911
6.00%, 05/15/37		1,917		2,186,511
GSK Consumer Healthcare Capital U.S. LLC
3.38%, 03/24/27 (Call 02/24/27)		5,200		4,959,916
3.38%, 03/24/29 (Call 01/24/29)		4,935		4,585,602
3.63%, 03/24/32 (Call 12/24/31)		5,265		4,829,269
4.00%, 03/24/52 (Call 09/24/51)		3,960		3,333,845
GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25		7,130		6,888,792
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)		6,295		6,518,284
5.00%, 03/22/30 (Call 01/22/30)		3,660		3,795,859
5.05%, 03/22/28 (Call 02/22/28)(f)		3,570		3,697,056
5.05%, 03/22/53 (Call 09/22/52)		4,675		4,845,263
5.10%, 03/22/43 (Call 09/22/42)		2,935		3,043,301
5.20%, 03/22/63 (Call 09/22/62)(f)		2,005		2,086,323
5.35%, 03/22/26 (Call 02/22/26)(f)		325		333,700
5.50%, 03/22/25(f)		20		20,342
Procter & Gamble Co. (The)
0.55%, 10/29/25		5,526		5,062,258
1.00%, 04/23/26		855		785,796
1.20%, 10/29/30		6,680		5,495,235
1.90%, 02/01/27		670		624,936
1.95%, 04/23/31		1,307		1,136,188
2.30%, 02/01/32		1,615		1,435,396
2.45%, 11/03/26		3,280		3,118,001
2.70%, 02/02/26		2,744		2,657,564
2.80%, 03/25/27		3,272		3,141,938
2.85%, 08/11/27		4,251		4,077,814
3.00%, 03/25/30		7,245		6,820,371
3.50%, 10/25/47		995		859,521
3.55%, 03/25/40		1,305		1,170,011
3.60%, 03/25/50		1,012		887,736

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
3.95%, 01/26/28	$	2,310	$	2,319,841
4.05%, 01/26/33		730		736,081
4.10%, 01/26/26		3,150		3,160,111
5.55%, 03/05/37		525		601,051
5.80%, 08/15/34(b)		165		188,143
Unilever Capital Corp.
0.63%, 08/12/24 (Call 05/30/23)		1,175		1,113,348
1.38%, 09/14/30 (Call 06/14/30)		2,326		1,902,482
1.75%, 08/12/31 (Call 05/12/31)		3,580		2,953,536
2.00%, 07/28/26(b)		3,022		2,838,051
2.13%, 09/06/29 (Call 06/06/29)		1,864		1,645,148
2.60%, 05/05/24 (Call 03/05/24)		4,022		3,930,902
2.90%, 05/05/27 (Call 02/05/27)		4,855		4,646,478
3.10%, 07/30/25		1,460		1,419,383
3.38%, 03/22/25 (Call 01/22/25)		1,479		1,447,985
3.50%, 03/22/28 (Call 12/22/27)		3,819		3,743,613
5.90%, 11/15/32		3,825		4,310,048
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)		1,880		1,317,974
				153,881,123
Distribution & Wholesale — 0.0%
WW Grainger Inc.
1.85%, 02/15/25 (Call 01/15/25)		2,090		1,997,977
3.75%, 05/15/46 (Call 11/15/45)		1,646		1,355,086
4.20%, 05/15/47 (Call 11/15/46)		1,845		1,642,530
4.60%, 06/15/45 (Call 12/15/44)		3,475		3,318,521
				8,314,114
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.65%, 10/29/24 (Call 09/29/24)		9,676		9,052,382
1.75%, 01/30/26 (Call 12/30/25)		1,248		1,119,756
2.45%, 10/29/26 (Call 09/29/26)		8,873		7,958,282
2.88%, 08/14/24 (Call 07/14/24)		3,270		3,138,121
3.00%, 10/29/28 (Call 08/29/28)		12,980		11,282,605
3.30%, 01/30/32 (Call 10/30/31)		13,970		11,429,555
3.40%, 10/29/33 (Call 07/29/33)		6,187		4,975,957
3.50%, 01/15/25 (Call 11/15/24)		5,031		4,823,622
3.65%, 07/21/27 (Call 04/21/27)		3,935		3,647,902
3.85%, 10/29/41 (Call 04/29/41)		3,643		2,737,970
3.88%, 01/23/28 (Call 10/23/27)		3,532		3,279,780
4.45%, 10/01/25 (Call 08/01/25)		3,679		3,568,483
4.45%, 04/03/26 (Call 02/03/26)		5,503		5,321,621
4.63%, 10/15/27 (Call 08/15/27)		2,201		2,119,673
6.50%, 07/15/25 (Call 06/15/25)(b)		3,853		3,888,910
Series 3NC1, 1.75%, 10/29/24 (Call 05/29/23)		1,083		1,014,977
Affiliated Managers Group Inc.
3.30%, 06/15/30 (Call 03/15/30)		1,571		1,362,874
3.50%, 08/01/25		2,821		2,705,142
Air Lease Corp.
0.80%, 08/18/24 (Call 07/18/24)		435		408,522
1.88%, 08/15/26 (Call 07/15/26)		1,945		1,731,964
2.10%, 09/01/28 (Call 07/01/28)		2,485		2,089,736
2.20%, 01/15/27 (Call 12/15/26)		460		412,063
2.30%, 02/01/25 (Call 01/01/25)		3,926		3,718,393
2.88%, 01/15/26 (Call 12/15/25)		1,861		1,738,137
2.88%, 01/15/32 (Call 10/15/31)		1,983		1,625,604
3.00%, 02/01/30 (Call 11/01/29)		2,866		2,455,388
3.13%, 12/01/30 (Call 09/01/30)		1,228		1,047,226
3.25%, 03/01/25 (Call 01/01/25)		3,558		3,413,438

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
3.25%, 10/01/29 (Call 07/01/29)	$	2,322	$	2,056,340
3.38%, 07/01/25 (Call 06/01/25)		2,467		2,363,559
3.63%, 04/01/27 (Call 01/01/27)		3,128		2,937,943
3.63%, 12/01/27 (Call 09/01/27)		2,899		2,672,965
3.75%, 06/01/26 (Call 04/01/26)		4,188		3,989,112
4.25%, 09/15/24 (Call 06/15/24)		3,822		3,753,586
4.63%, 10/01/28 (Call 07/01/28)		2,474		2,366,826
5.30%, 02/01/28 (Call 01/01/28)		1,985		1,965,527
5.85%, 12/15/27 (Call 11/15/27)		360		364,226
Aircastle Ltd.
4.13%, 05/01/24 (Call 02/01/24)		1,882		1,841,857
4.25%, 06/15/26 (Call 04/15/26)		3,237		3,075,409
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)		2,985		2,430,477
3.88%, 05/21/24 (Call 04/21/24)		3,715		3,616,998
4.63%, 03/30/25		1,882		1,831,544
4.75%, 06/09/27 (Call 05/09/27)		2,280		2,159,821
5.13%, 09/30/24		3,105		3,046,129
5.80%, 05/01/25 (Call 04/01/25)		2,708		2,682,545
7.10%, 11/15/27 (Call 10/15/27)(b)		2,775		2,861,358
8.00%, 11/01/31		8,985		9,490,795
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		3,769		3,417,051
2.25%, 03/04/25 (Call 02/01/25)		2,300		2,189,922
2.50%, 07/30/24 (Call 06/29/24)		7,097		6,883,025
2.55%, 03/04/27 (Call 02/01/27)		4,020		3,724,289
3.00%, 10/30/24 (Call 09/29/24)		7,518		7,301,707
3.13%, 05/20/26 (Call 04/20/26)		7,460		7,172,342
3.30%, 05/03/27 (Call 04/02/27)		6,010		5,724,345
3.38%, 05/03/24		1,405		1,378,769
3.63%, 12/05/24 (Call 11/04/24)		3,492		3,416,119
3.95%, 08/01/25 (Call 07/01/25)		6,640		6,512,578
4.05%, 05/03/29 (Call 03/03/29)		2,920		2,862,301
4.05%, 12/03/42		5,340		4,843,914
4.20%, 11/06/25 (Call 10/06/25)		2,925		2,895,662
4.42%, 08/03/33 (Call 08/03/32), (1-day SOFR + 1.760%)(a)		4,751		4,566,044
4.90%, 02/13/26 (Call 01/13/26)		5,975		6,016,825
4.99%, 05/01/26 (Call 05/01/25)		4,270		4,267,096
4.99%, 05/26/33 (Call 05/26/32), (1-day SOFR + 2.255%)(a)		1,765		1,743,308
5.04%, 05/01/34 (Call 05/01/33)		6,270		6,288,810
5.85%, 11/05/27 (Call 10/05/27)		3,870		4,052,625
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		1,062		1,014,964
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)		2,913		2,768,573
3.00%, 04/02/25 (Call 03/02/25)		1,652		1,592,611
3.70%, 10/15/24		2,909		2,852,507
4.50%, 05/13/32 (Call 02/13/32)		2,170		2,105,920
5.15%, 05/15/33 (Call 02/15/33)		2,060		2,077,325
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)		2,005		1,764,360
BGC Partners Inc., 3.75%, 10/01/24 (Call 09/01/24)		3,235		3,113,396
Brookfield Finance Inc.
2.34%, 01/30/32 (Call 10/30/31)		2,985		2,431,611
2.72%, 04/15/31 (Call 01/15/31)		2,575		2,171,935
3.50%, 03/30/51 (Call 09/30/50)		2,392		1,611,849
3.63%, 02/15/52 (Call 08/15/51)		1,392		952,392
3.90%, 01/25/28 (Call 10/25/27)		4,291		4,052,377

Security	Par (000)		Value
Diversified Financial Services (continued)
4.25%, 06/02/26 (Call 03/02/26)	$	2,121	$	2,059,767
4.35%, 04/15/30 (Call 01/15/30)		3,139		2,978,220
4.70%, 09/20/47 (Call 03/20/47)		3,261		2,829,472
4.85%, 03/29/29 (Call 12/29/28)		4,057		3,987,950
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)		2,268		1,535,141
Capital One Financial Corp.
1.88%, 11/02/27 (Call 11/02/26), (1-day SOFR + 0.855%)(a)		4,905		4,266,712
2.36%, 07/29/32 (Call 07/29/31), (1-day SOFR + 1.337%)(a)		3,489		2,528,513
2.62%, 11/02/32 (Call 11/02/31), (1-day SOFR + 1.265%)(a)		1,645		1,280,106
2.64%, 03/03/26 (Call 03/03/25), (1-day SOFR + 1.290%)(a)		4,985		4,686,199
3.20%, 02/05/25 (Call 01/05/25)		4,342		4,146,784
3.27%, 03/01/30 (Call 03/01/29), (1-day SOFR + 1.790%)(a)		3,440		2,993,454
3.30%, 10/30/24 (Call 09/30/24)		6,510		6,348,422
3.65%, 05/11/27 (Call 04/11/27)		3,837		3,578,962
3.75%, 07/28/26 (Call 06/28/26)		5,702		5,345,112
3.75%, 03/09/27 (Call 02/09/27)		5,259		4,924,475
3.80%, 01/31/28 (Call 12/31/27)		5,385		5,023,074
4.17%, 05/09/25 (Call 05/09/24), (1-day SOFR + 1.370%)(a)		2,165		2,109,165
4.20%, 10/29/25 (Call 09/29/25)		5,618		5,366,145
4.25%, 04/30/25 (Call 03/31/25)		3,624		3,511,112
4.93%, 05/10/28 (Call 05/10/27), (1-day SOFR + 2.057%)(a)		4,070		3,947,005
4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(a)		3,135		3,066,124
5.25%, 07/26/30 (Call 07/26/29), (1-day SOFR + 2.600%)(a)		2,890		2,793,763
5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(a)(b)		4,740		4,516,746
5.47%, 02/01/29 (Call 02/01/28), (1-day SOFR + 2.080%)(a)		3,075		3,024,447
5.82%, 02/01/34 (Call 02/01/33), (1-day SOFR + 2.600%)(a)		2,800		2,730,420
Cboe Global Markets Inc.
1.63%, 12/15/30 (Call 09/15/30)		3,700		2,987,380
3.00%, 03/16/32 (Call 12/16/31)		2,440		2,147,444
3.65%, 01/12/27 (Call 10/12/26)		2,639		2,576,192
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		6,959		6,164,700
1.15%, 05/13/26 (Call 04/13/26)		5,663		5,011,302
1.65%, 03/11/31 (Call 12/11/30)		3,284		2,555,872
1.95%, 12/01/31 (Call 09/01/31)		3,555		2,781,361
2.00%, 03/20/28 (Call 01/20/28)		2,562		2,236,908
2.30%, 05/13/31 (Call 02/13/31)		2,990		2,444,265
2.45%, 03/03/27 (Call 02/03/27)		2,160		1,958,515
2.75%, 10/01/29 (Call 07/01/29)		2,154		1,872,860
2.90%, 03/03/32 (Call 12/03/31)		4,038		3,409,445
3.00%, 03/10/25 (Call 12/10/24)		245		233,759
3.20%, 03/02/27 (Call 12/02/26)		3,117		2,900,337
3.20%, 01/25/28 (Call 10/25/27)		3,908		3,619,277
3.25%, 05/22/29 (Call 02/22/29)		2,525		2,295,377
3.30%, 04/01/27 (Call 01/01/27)		4,240		3,957,404
3.45%, 02/13/26 (Call 11/13/25)		1,728		1,647,441
3.63%, 04/01/25 (Call 01/01/25)		1,764		1,707,217

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
3.85%, 05/21/25 (Call 03/21/25)	$	3,796	$	3,684,436
4.00%, 02/01/29 (Call 11/01/28)		2,628		2,518,807
4.20%, 03/24/25 (Call 02/22/25)		4,059		3,979,971
4.63%, 03/22/30 (Call 12/22/29)		2,238		2,199,260
CI Financial Corp.
3.20%, 12/17/30 (Call 09/17/30)		3,323		2,468,856
4.10%, 06/15/51 (Call 12/15/50)		3,110		1,798,047
Citigroup Global Markets Holdings Inc./U.S, 0.75%, 06/07/24 (Call 06/07/23)		1,390		1,317,984
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		2,726		2,385,932
3.00%, 03/15/25 (Call 12/15/24)		8,256		7,977,030
3.75%, 06/15/28 (Call 03/15/28)		5,043		4,951,117
4.15%, 06/15/48 (Call 12/15/47)		2,263		2,094,836
5.30%, 09/15/43 (Call 03/15/43)		2,949		3,121,605
Credit Suisse USA Inc., 7.13%, 07/15/32		2,256		2,523,923
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		2,057		1,966,451
3.95%, 11/06/24 (Call 08/06/24)		2,169		2,102,238
4.10%, 02/09/27 (Call 11/09/26)		3,645		3,461,000
4.50%, 01/30/26 (Call 11/30/25)(b)		2,326		2,251,382
6.70%, 11/29/32 (Call 08/29/32)		1,295		1,369,993
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		2,803		2,667,867
Franklin Resources Inc.
1.60%, 10/30/30 (Call 07/30/30)		2,077		1,657,197
2.85%, 03/30/25		1,526		1,457,727
2.95%, 08/12/51 (Call 02/12/51)		1,415		923,457
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		4,948		3,937,470
2.10%, 06/15/30 (Call 03/15/30)		8,266		7,007,832
2.65%, 09/15/40 (Call 03/15/40)		3,043		2,230,123
3.00%, 06/15/50 (Call 12/15/49)		5,582		3,982,645
3.00%, 09/15/60 (Call 03/15/60)		2,936		1,953,321
3.10%, 09/15/27 (Call 06/15/27)		4,195		3,972,455
3.65%, 05/23/25		2,269		2,228,385
3.75%, 12/01/25 (Call 09/01/25)		7,006		6,871,345
3.75%, 09/21/28 (Call 06/21/28)		2,760		2,673,695
4.00%, 09/15/27 (Call 08/15/27)		3,195		3,164,520
4.25%, 09/21/48 (Call 03/21/48)		5,405		4,794,776
4.35%, 06/15/29 (Call 04/15/29)		5,542		5,495,059
4.60%, 03/15/33 (Call 12/15/32)		5,210		5,213,178
4.95%, 06/15/52 (Call 12/15/51)		3,685		3,657,915
5.20%, 06/15/62 (Call 01/15/62)		3,965		4,032,326
Invesco Finance PLC
3.75%, 01/15/26		1,628		1,580,007
5.38%, 11/30/43		1,094		1,096,637
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		1,764		1,734,859
Jefferies Financial Group Inc.
4.15%, 01/23/30		3,670		3,405,320
4.85%, 01/15/27		3,973		3,917,497
6.25%, 01/15/36		2,928		3,075,483
6.45%, 06/08/27		1,541		1,606,415
6.50%, 01/20/43		1,219		1,270,978
Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)		2,740		2,177,368
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)		2,630		2,117,518
Lazard Group LLC
3.63%, 03/01/27 (Call 12/01/26)		1,271		1,197,879
3.75%, 02/13/25		3,302		3,201,817

Security	Par (000)		Value
Diversified Financial Services (continued)
4.38%, 03/11/29 (Call 12/11/28)	$	3,182	$	3,030,219
4.50%, 09/19/28 (Call 06/19/28)		1,193		1,151,424
Legg Mason Inc.
4.75%, 03/15/26		1,508		1,495,076
5.63%, 01/15/44		2,060		2,103,239
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)		3,350		2,855,976
2.00%, 03/03/25 (Call 02/03/25)		4,013		3,841,484
2.00%, 11/18/31 (Call 08/18/31)		2,955		2,504,097
2.95%, 11/21/26 (Call 08/21/26)		2,826		2,716,549
2.95%, 06/01/29 (Call 03/01/29)		5,099		4,793,723
2.95%, 03/15/51 (Call 09/15/50)		3,885		2,925,366
3.30%, 03/26/27 (Call 01/26/27)		3,575		3,468,608
3.35%, 03/26/30 (Call 12/26/29)		5,710		5,438,318
3.50%, 02/26/28 (Call 11/26/27)		3,225		3,158,952
3.65%, 06/01/49 (Call 12/01/48)		3,276		2,821,029
3.80%, 11/21/46 (Call 05/21/46)		2,147		1,876,972
3.85%, 03/26/50 (Call 09/26/49)		3,249		2,872,376
3.95%, 02/26/48 (Call 08/26/47)		2,736		2,477,940
4.85%, 03/09/33 (Call 12/09/32)		2,010		2,099,787
4.88%, 03/09/28 (Call 02/09/28)		2,220		2,303,028
Morgan Stanley Domestic Holdings Inc.
3.80%, 08/24/27 (Call 05/24/27)		3,192		3,074,502
4.50%, 06/20/28 (Call 03/20/28)		1,487		1,481,587
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		4,710		3,756,602
2.50%, 12/21/40 (Call 06/21/40)		1,255		844,828
3.25%, 04/28/50 (Call 10/28/49)		4,058		2,830,333
3.85%, 06/30/26 (Call 03/30/26)		4,606		4,518,302
3.95%, 03/07/52 (Call 09/07/51)		675		532,737
Nomura Holdings Inc.
1.65%, 07/14/26		6,020		5,327,820
1.85%, 07/16/25		2,200		2,020,458
2.17%, 07/14/28		3,720		3,131,756
2.33%, 01/22/27		5,813		5,168,455
2.61%, 07/14/31		3,215		2,564,702
2.65%, 01/16/25		7,673		7,280,910
2.68%, 07/16/30		2,125		1,746,346
2.71%, 01/22/29		2,170		1,851,770
3.00%, 01/22/32		3,490		2,843,233
3.10%, 01/16/30		2,260		1,933,905
5.10%, 07/03/25		3,193		3,145,360
5.39%, 07/06/27		2,780		2,752,422
5.61%, 07/06/29		2,355		2,344,450
5.71%, 01/09/26		2,616		2,628,060
5.84%, 01/18/28		2,445		2,474,316
6.18%, 01/18/33		2,220		2,290,130
ORIX Corp.
2.25%, 03/09/31(b)		2,825		2,337,236
3.25%, 12/04/24		2,875		2,785,329
3.70%, 07/18/27		3,290		3,154,485
4.00%, 04/13/32		2,150		2,003,542
5.00%, 09/13/27		1,888		1,904,822
5.20%, 09/13/32(b)		2,305		2,371,983
Radian Group Inc.
4.50%, 10/01/24 (Call 07/01/24)		2,126		2,058,882
4.88%, 03/15/27 (Call 09/15/26)		2,485		2,364,229
6.63%, 03/15/25 (Call 09/15/24)		2,285		2,277,208
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		2,685		2,004,621

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
4.65%, 04/01/30 (Call 01/01/30)	$	1,892	$	1,875,804
4.95%, 07/15/46		2,879		2,650,667
Stifel Financial Corp.
4.00%, 05/15/30 (Call 02/15/30)		1,957		1,725,917
4.25%, 07/18/24		4,270		4,201,936
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)		2,401		1,771,146
3.70%, 08/04/26 (Call 05/04/26)		4,037		3,603,224
3.95%, 12/01/27 (Call 09/01/27)		4,262		3,761,599
4.25%, 08/15/24 (Call 05/15/24)		4,845		4,626,103
4.50%, 07/23/25 (Call 04/24/25)		3,697		3,460,947
4.88%, 06/13/25 (Call 05/13/25)		1,705		1,609,384
5.15%, 03/19/29 (Call 12/19/28)		2,752		2,568,744
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)(b)		2,669		2,352,003
1.10%, 02/15/31 (Call 11/15/30)		4,932		3,954,626
1.90%, 04/15/27 (Call 02/15/27)		5,191		4,809,046
2.00%, 08/15/50 (Call 02/15/50)		6,153		3,896,141
2.05%, 04/15/30 (Call 01/15/30)		6,822		5,970,137
2.70%, 04/15/40 (Call 10/15/39)		3,804		3,028,707
2.75%, 09/15/27 (Call 06/15/27)		2,689		2,566,919
3.15%, 12/14/25 (Call 09/14/25)		16,035		15,574,475
3.65%, 09/15/47 (Call 03/15/47)		2,909		2,550,728
4.15%, 12/14/35 (Call 06/14/35)		7,270		7,165,239
4.30%, 12/14/45 (Call 06/14/45)		12,389		12,036,037
Voya Financial Inc.
3.65%, 06/15/26		2,612		2,508,669
4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)(a)		1,383		1,163,684
4.80%, 06/15/46		1,459		1,232,067
5.70%, 07/15/43		1,718		1,692,367
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)		2,037		1,830,632
2.75%, 03/15/31 (Call 12/15/30)		2,145		1,717,544
2.85%, 01/10/25 (Call 12/10/24)		2,979		2,853,256
6.20%, 11/17/36(b)		2,067		2,148,584
				814,547,753
Electric — 2.0%
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		750		553,102
3.80%, 10/01/47 (Call 04/01/47)		1,631		1,256,180
3.95%, 06/01/28 (Call 03/01/28)		1,727		1,672,271
4.70%, 05/15/32 (Call 02/15/32)		1,415		1,391,214
5.25%, 05/15/52 (Call 11/15/51)		2,250		2,208,127
Series G, 4.15%, 05/01/49 (Call 11/01/48)		1,596		1,336,044
Series H, 3.45%, 01/15/50 (Call 07/15/49)		2,147		1,596,294
Series I, 2.10%, 07/01/30 (Call 04/01/30)		2,800		2,340,268
AEP Transmission Co. LLC
3.10%, 12/01/26 (Call 09/01/26)		1,903		1,818,469
3.15%, 09/15/49 (Call 03/15/49)		499		365,727
3.75%, 12/01/47 (Call 06/01/47)		2,160		1,777,831
3.80%, 06/15/49 (Call 12/15/48)		1,837		1,522,487
4.00%, 12/01/46 (Call 06/01/46)		1,605		1,390,877
4.25%, 09/15/48 (Call 03/15/48)		1,617		1,429,784
4.50%, 06/15/52 (Call 12/15/51)		1,020		944,357
5.40%, 03/15/53 (Call 09/15/52)		1,425		1,501,294
Series M, 3.65%, 04/01/50 (Call 10/01/49)		1,455		1,164,946
Series N, 2.75%, 08/15/51 (Call 02/15/51)		1,504		1,009,004

Security	Par (000)		Value
Electric (continued)
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)	$	3,845	$	3,477,072
2.45%, 01/15/31 (Call 10/15/30)		2,505		2,055,879
Alabama Power Co.
3.00%, 03/15/52 (Call 09/15/51)		2,295		1,583,275
3.05%, 03/15/32 (Call 12/15/31)		355		316,795
3.13%, 07/15/51 (Call 01/15/51)		2,795		1,989,090
3.45%, 10/01/49 (Call 04/01/49)		2,663		2,008,035
3.75%, 09/01/27 (Call 08/01/27)		1,980		1,942,598
3.75%, 03/01/45 (Call 09/01/44)		3,238		2,630,843
3.85%, 12/01/42		1,437		1,209,580
3.94%, 09/01/32 (Call 03/01/32)		2,045		1,936,288
4.15%, 08/15/44 (Call 02/15/44)		1,515		1,311,960
4.30%, 01/02/46 (Call 07/02/45)		1,317		1,147,120
6.00%, 03/01/39		434		463,621
6.13%, 05/15/38		1,140		1,261,513
Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)		3,424		2,762,483
Series A, 4.30%, 07/15/48 (Call 01/15/48)		2,326		2,029,668
Series B, 3.70%, 12/01/47 (Call 06/01/47)		761		607,301
Ameren Corp.
1.75%, 03/15/28 (Call 01/15/28)		968		844,512
1.95%, 03/15/27 (Call 02/15/27)		2,025		1,831,005
2.50%, 09/15/24 (Call 08/15/24)		2,582		2,485,640
3.50%, 01/15/31 (Call 10/15/30)		3,435		3,127,739
3.65%, 02/15/26 (Call 11/15/25)		2,083		2,014,053
Ameren Illinois Co.
1.55%, 11/15/30 (Call 08/15/30)		2,132		1,736,429
2.90%, 06/15/51 (Call 12/15/50)		1,494		1,040,287
3.25%, 03/01/25 (Call 12/01/24)		455		445,113
3.25%, 03/15/50 (Call 09/15/49)		1,107		834,501
3.70%, 12/01/47 (Call 06/01/47)		2,676		2,240,240
3.80%, 05/15/28 (Call 02/15/28)		2,087		2,044,467
3.85%, 09/01/32 (Call 06/01/32)		1,875		1,783,069
4.15%, 03/15/46 (Call 09/15/45)		1,606		1,394,490
4.50%, 03/15/49 (Call 09/15/48)		2,389		2,220,289
5.90%, 12/01/52 (Call 06/01/52)		1,350		1,525,446
American Electric Power Co. Inc.
2.30%, 03/01/30 (Call 12/01/29)		886		750,796
3.20%, 11/13/27 (Call 08/13/27)		2,378		2,248,137
3.25%, 03/01/50 (Call 09/01/49)		810		570,159
3.88%, 02/15/62 (Call 11/15/26), (5-year CMT + 2.675%)(a)		2,730		2,205,676
5.63%, 03/01/33 (Call 12/01/32)		1,521		1,594,130
5.75%, 11/01/27 (Call 10/01/27)		2,675		2,786,547
5.95%, 11/01/32 (Call 08/01/32)		940		1,004,578
Series J, 4.30%, 12/01/28 (Call 09/01/28)		2,935		2,890,300
Series N, 1.00%, 11/01/25 (Call 10/01/25)		547		498,776
Appalachian Power Co.
3.40%, 06/01/25 (Call 03/01/25)		986		954,645
4.40%, 05/15/44 (Call 11/15/43)		1,154		999,906
4.45%, 06/01/45 (Call 12/01/44)		1,348		1,162,920
4.50%, 08/01/32 (Call 05/01/32)		1,940		1,878,366
7.00%, 04/01/38		2,030		2,380,236
Series AA, 2.70%, 04/01/31 (Call 01/01/31)		232		197,970
Series X, 3.30%, 06/01/27 (Call 03/01/27)		1,924		1,833,091
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		1,820		1,584,365
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		1,650		1,274,790
Arizona Public Service Co.
2.20%, 12/15/31 (Call 09/15/31)		2,205		1,769,005
2.60%, 08/15/29 (Call 05/15/29)		2,215		1,945,302

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
2.65%, 09/15/50 (Call 03/15/50)(b)	$	916	$	573,352
2.95%, 09/15/27 (Call 06/15/27)		934		869,685
3.15%, 05/15/25 (Call 02/15/25)(b)		1,816		1,750,188
3.35%, 05/15/50 (Call 11/15/49)		1,902		1,339,788
3.50%, 12/01/49 (Call 06/01/49)		1,318		954,324
3.75%, 05/15/46 (Call 11/15/45)		1,336		1,019,956
4.20%, 08/15/48 (Call 02/15/48)		1,243		1,004,332
4.25%, 03/01/49 (Call 09/01/48)		1,215		987,856
4.35%, 11/15/45 (Call 05/15/45)		1,582		1,311,747
4.50%, 04/01/42 (Call 10/01/41)		1,640		1,424,570
5.05%, 09/01/41 (Call 03/01/41)		1,225		1,147,764
6.35%, 12/15/32 (Call 09/15/32)		1,900		2,079,284
Atlantic City Electric Co.
2.30%, 03/15/31 (Call 12/15/30)		1,229		1,044,011
4.00%, 10/15/28 (Call 07/15/28)		1,412		1,379,905
Avangrid Inc.
3.15%, 12/01/24 (Call 10/01/24)		2,785		2,694,209
3.20%, 04/15/25 (Call 03/15/25)		3,620		3,478,530
3.80%, 06/01/29 (Call 03/01/29)		3,919		3,695,617
Avista Corp.
4.00%, 04/01/52 (Call 10/01/51)		205		170,552
4.35%, 06/01/48 (Call 12/01/47)		2,395		2,142,735
Baltimore Gas & Electric Co.
2.25%, 06/15/31 (Call 03/15/31)		2,430		2,067,031
2.40%, 08/15/26 (Call 05/15/26)		563		529,327
2.90%, 06/15/50 (Call 12/15/49)		1,705		1,182,094
3.20%, 09/15/49 (Call 03/15/49)		1,900		1,412,365
3.50%, 08/15/46 (Call 02/15/46)		2,330		1,820,476
3.75%, 08/15/47 (Call 02/15/47)		1,429		1,157,476
4.25%, 09/15/48 (Call 03/15/48)		744		649,095
4.55%, 06/01/52 (Call 12/01/51)		1,942		1,795,612
6.35%, 10/01/36		920		1,038,422
Berkshire Hathaway Energy Co.
1.65%, 05/15/31 (Call 02/15/31)		2,866		2,325,100
2.85%, 05/15/51 (Call 11/15/50)		5,610		3,875,893
3.25%, 04/15/28 (Call 01/15/28)		3,237		3,090,299
3.50%, 02/01/25 (Call 11/01/24)		2,237		2,187,160
3.70%, 07/15/30 (Call 04/15/30)		5,505		5,277,478
3.80%, 07/15/48 (Call 01/15/48)		1,906		1,557,583
4.05%, 04/15/25 (Call 03/15/25)		3,309		3,274,553
4.25%, 10/15/50 (Call 04/15/50)		3,087		2,698,100
4.45%, 01/15/49 (Call 07/15/48)		3,771		3,423,050
4.50%, 02/01/45 (Call 08/01/44)		2,349		2,150,298
4.60%, 05/01/53 (Call 11/01/52)		3,820		3,557,757
5.15%, 11/15/43 (Call 05/15/43)		2,773		2,777,603
5.95%, 05/15/37		2,143		2,343,756
6.13%, 04/01/36		3,873		4,335,862
Black Hills Corp.
1.04%, 08/23/24 (Call 05/15/23)		55		51,955
2.50%, 06/15/30 (Call 03/15/30)		1,367		1,150,440
3.05%, 10/15/29 (Call 07/15/29)		1,962		1,730,052
3.15%, 01/15/27 (Call 07/15/26)		1,434		1,350,971
3.88%, 10/15/49 (Call 04/15/49)		1,684		1,283,477
3.95%, 01/15/26 (Call 07/15/25)		2,284		2,214,155
4.20%, 09/15/46 (Call 03/15/46)		895		720,081
4.35%, 05/01/33 (Call 02/01/33)		330		305,583
5.95%, 03/15/28 (Call 02/15/28)		2,065		2,139,154
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		1,735		1,425,528
3.60%, 03/01/52 (Call 09/01/51)		260		208,408

Security	Par (000)		Value
Electric (continued)
3.95%, 03/01/48 (Call 09/01/47)	$	2,438	$	2,067,400
4.50%, 04/01/44 (Call 10/01/43)		2,703		2,503,086
4.95%, 04/01/33 (Call 01/01/33)		625		641,600
5.30%, 04/01/53 (Call 10/01/52)		270		282,995
Series AA, 3.00%, 02/01/27 (Call 11/01/26)		805		765,917
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		1,787		1,606,531
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		2,350		1,648,337
Series AE, 2.35%, 04/01/31 (Call 01/01/31)		1,065		917,327
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		510		391,619
Series AG, 3.00%, 03/01/32 (Call 12/01/31)		355		317,917
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		1,875		1,859,962
Series AJ, 4.85%, 10/01/52 (Call 04/01/52)		800		788,232
Series K2, 6.95%, 03/15/33		275		323,406
Series Z, 2.40%, 09/01/26 (Call 06/01/26)		1,838		1,720,791
CenterPoint Energy Inc.
1.45%, 06/01/26 (Call 05/01/26)		2,293		2,083,993
2.50%, 09/01/24 (Call 08/01/24)		2,121		2,040,826
2.65%, 06/01/31 (Call 03/01/31)		1,335		1,140,157
2.95%, 03/01/30 (Call 12/01/29)		2,698		2,392,155
3.70%, 09/01/49 (Call 03/01/49)		2,255		1,735,132
Cleco Corporate Holdings LLC
3.74%, 05/01/26 (Call 02/01/26)		4,144		3,970,408
4.97%, 05/01/46 (Call 11/01/45)		1,519		1,338,345
Cleveland Electric Illuminating Co. (The)
5.50%, 08/15/24		2,055		2,066,467
5.95%, 12/15/36		979		1,010,612
CMS Energy Corp.
3.00%, 05/15/26 (Call 02/15/26)		689		657,106
3.45%, 08/15/27 (Call 05/15/27)		2,663		2,553,444
3.75%, 12/01/50 (Call 12/01/30), (5-year CMT + 2.900%)(a)		785		592,871
4.75%, 06/01/50 (Call 03/01/30), (5-year CMT + 4.116%)(a)		1,851		1,623,383
4.88%, 03/01/44 (Call 09/01/43)		1,290		1,196,565
Commonwealth Edison Co.
2.20%, 03/01/30 (Call 12/01/29)		2,065		1,785,213
2.55%, 06/15/26 (Call 03/15/26)		1,280		1,213,440
3.00%, 03/01/50 (Call 09/01/49)		1,030		739,159
3.15%, 03/15/32 (Call 12/15/31)		555		501,492
3.65%, 06/15/46 (Call 12/15/45)		3,024		2,443,906
3.70%, 08/15/28 (Call 05/15/28)		3,285		3,181,260
3.70%, 03/01/45 (Call 09/01/44)		1,745		1,422,105
3.80%, 10/01/42 (Call 04/01/42)		894		759,846
4.00%, 03/01/48 (Call 09/01/47)		2,895		2,484,518
4.00%, 03/01/49 (Call 09/01/48)		1,916		1,625,649
4.35%, 11/15/45 (Call 05/15/45)		2,191		1,969,183
4.60%, 08/15/43 (Call 02/15/43)		1,130		1,065,466
4.70%, 01/15/44 (Call 07/15/43)		1,235		1,181,759
4.90%, 02/01/33 (Call 11/01/32)		815		838,684
5.30%, 02/01/53 (Call 08/01/52)		1,030		1,075,474
5.90%, 03/15/36		1,184		1,284,462
6.45%, 01/15/38		1,931		2,244,382
Series 122, 2.95%, 08/15/27 (Call 05/15/27)		2,237		2,111,169
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		2,835		2,344,772
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		1,718		1,274,876
Series 130, 3.13%, 03/15/51 (Call 09/15/50)		2,940		2,133,323
Series 131, 2.75%, 09/01/51 (Call 03/01/51)		1,045		701,508
Series 133, 3.85%, 03/15/52 (Call 09/15/51)		995		824,945
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		3,121		2,712,149

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.30%, 04/15/44 (Call 10/15/43)	$	2,200	$	1,964,512
5.25%, 01/15/53 (Call 07/15/52)		2,070		2,172,320
Series A, 0.75%, 12/01/25 (Call 11/01/25)		575		521,945
Series A, 2.05%, 07/01/31 (Call 04/01/31)		2,340		1,963,237
Series A, 3.20%, 03/15/27 (Call 12/15/26)		2,558		2,454,938
Series A, 4.15%, 06/01/45 (Call 12/01/44)		365		317,641
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)(b)		3,650		3,121,005
3.20%, 12/01/51 (Call 06/01/51)		190		138,102
3.60%, 06/15/61 (Call 12/15/60)		3,228		2,455,798
3.70%, 11/15/59 (Call 05/15/59)		2,788		2,107,059
3.80%, 05/15/28 (Call 02/15/28)		2,431		2,362,689
3.85%, 06/15/46 (Call 12/15/45)		2,599		2,111,376
3.95%, 03/01/43 (Call 09/01/42)		1,406		1,201,300
4.45%, 03/15/44 (Call 09/15/43)		1,978		1,800,633
4.50%, 12/01/45 (Call 06/01/45)		1,467		1,328,442
4.50%, 05/15/58 (Call 11/15/57)		3,084		2,690,327
4.63%, 12/01/54 (Call 06/01/54)		2,197		1,980,376
5.20%, 03/01/33 (Call 12/01/32)		1,890		1,974,294
5.70%, 06/15/40		1,812		1,871,742
6.15%, 11/15/52 (Call 05/15/52)		3,040		3,430,306
Series 05-A, 5.30%, 03/01/35		1,080		1,106,644
Series 06-A, 5.85%, 03/15/36		1,643		1,740,561
Series 06-B, 6.20%, 06/15/36		782		876,215
Series 07-A, 6.30%, 08/15/37		853		952,315
Series 08-B, 6.75%, 04/01/38		1,933		2,251,114
Series 09-C, 5.50%, 12/01/39		2,466		2,499,316
Series 12-A, 4.20%, 03/15/42		913		804,956
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		2,057		1,677,319
Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		2,399		2,227,591
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		4,274		3,576,526
Series A, 4.13%, 05/15/49 (Call 11/15/48)(b)		2,567		2,181,129
Series B, 3.13%, 11/15/27 (Call 08/15/27)		783		739,489
Series C, 3.00%, 12/01/60 (Call 06/01/60)		1,718		1,138,879
Series C, 4.00%, 11/15/57 (Call 05/15/57)		1,365		1,104,640
Series C, 4.30%, 12/01/56 (Call 06/01/56)		2,314		1,948,943
Series D, 4.00%, 12/01/28 (Call 09/01/28)		1,737		1,711,327
Series E, 4.65%, 12/01/48 (Call 06/01/48)		2,889		2,642,222
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)		3,407		3,274,229
5.60%, 03/01/28 (Call 02/01/28)		1,810		1,872,807
5.60%, 06/15/42 (Call 12/15/41)		2,798		2,772,622
5.80%, 03/01/33 (Call 12/01/32)		1,995		2,082,880
6.25%, 10/01/39		1,047		1,109,757
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)		1,980		1,170,517
2.65%, 08/15/52 (Call 02/15/52)		500		338,610
3.10%, 08/15/50 (Call 02/15/50)		2,282		1,657,782
3.25%, 08/15/46 (Call 02/15/46)		1,713		1,307,927
3.50%, 08/01/51 (Call 02/01/51)		2,286		1,792,224
3.60%, 08/15/32 (Call 02/15/32)		965		898,926
3.75%, 02/15/50 (Call 08/15/49)		1,276		1,049,906
3.80%, 11/15/28 (Call 08/15/28)		676		655,875
3.95%, 05/15/43 (Call 11/15/42)		966		833,156
3.95%, 07/15/47 (Call 01/15/47)		1,373		1,172,597
4.05%, 05/15/48 (Call 11/15/47)		2,167		1,878,247
4.20%, 09/01/52 (Call 03/01/52)		1,895		1,674,839
4.35%, 04/15/49 (Call 10/15/48)		2,136		1,949,420
4.63%, 05/15/33 (Call 11/15/32)		1,750		1,760,395
4.65%, 03/01/28 (Call 01/01/28)		2,765		2,805,756

Security	Par (000)		Value
Electric (continued)
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)	$	1,940	$	1,523,075
Delmarva Power & Light Co., 4.15%, 05/15/45 (Call 11/15/44)		1,604		1,369,704
Dominion Energy Inc.
3.07%, 08/15/24(e)		3,543		3,444,363
3.90%, 10/01/25 (Call 07/01/25)		1,978		1,938,578
4.25%, 06/01/28 (Call 03/01/28)		3,157		3,089,882
4.35%, 08/15/32 (Call 05/15/32)		1,165		1,122,233
4.70%, 12/01/44 (Call 06/01/44)		2,165		1,932,371
4.85%, 08/15/52 (Call 02/15/52)		1,345		1,227,124
5.38%, 11/15/32 (Call 08/15/32)		1,585		1,626,781
5.75%, 10/01/54 (Call 10/01/24), (3-mo. LIBOR US + 3.057%)(a)		1,534		1,461,304
7.00%, 06/15/38		1,565		1,802,113
Series A, 1.45%, 04/15/26 (Call 03/15/26)		2,990		2,722,873
Series A, 3.30%, 03/15/25 (Call 02/15/25)		1,175		1,135,814
Series A, 4.60%, 03/15/49 (Call 09/15/48)		1,110		982,672
Series B, 3.30%, 04/15/41 (Call 10/15/40)		1,895		1,463,262
Series B, 3.60%, 03/15/27 (Call 01/15/27)		1,275		1,224,727
Series B, 5.95%, 06/15/35		2,272		2,435,970
Series C, 2.25%, 08/15/31 (Call 05/15/31)		1,708		1,418,238
Series C, 3.38%, 04/01/30 (Call 01/01/30)		5,404		4,928,448
Series C, 4.05%, 09/15/42 (Call 03/15/42)		1,530		1,245,558
Series C, 4.90%, 08/01/41 (Call 02/01/41)		1,920		1,770,182
Series D, 2.85%, 08/15/26 (Call 05/15/26)		1,633		1,537,633
Series E, 6.30%, 03/15/33		1,050		1,157,026
Series F, 5.25%, 08/01/33		1,940		1,962,582
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)		1,580		1,466,461
5.10%, 06/01/65 (Call 12/01/64)		2,385		2,417,317
5.30%, 05/15/33		615		643,554
5.45%, 02/01/41 (Call 08/01/40)		1,325		1,361,027
6.05%, 01/15/38		1,775		1,958,535
6.63%, 02/01/32		355		400,334
Series A, 2.30%, 12/01/31 (Call 09/01/31)		2,130		1,778,763
DTE Electric Co.
2.25%, 03/01/30 (Call 12/01/29)		2,332		2,032,361
2.95%, 03/01/50 (Call 09/01/49)		1,290		915,049
3.38%, 03/01/25 (Call 12/01/24)		1,232		1,203,023
3.70%, 03/15/45 (Call 09/15/44)		2,505		2,063,669
3.70%, 06/01/46 (Call 12/01/45)		1,480		1,190,808
3.75%, 08/15/47 (Call 02/15/47)		1,927		1,572,817
3.95%, 03/01/49 (Call 09/01/48)		2,339		1,997,108
4.30%, 07/01/44 (Call 01/01/44)		1,456		1,303,921
5.20%, 04/01/33 (Call 01/01/33)		1,840		1,920,482
5.40%, 04/01/53 (Call 10/01/52)		1,925		2,038,941
Series A, 1.90%, 04/01/28 (Call 02/01/28)		2,645		2,362,011
Series A, 3.00%, 03/01/32 (Call 12/01/31)		2,790		2,472,275
Series A, 4.00%, 04/01/43 (Call 10/01/42)		277		240,389
Series A, 4.05%, 05/15/48 (Call 11/15/47)		1,741		1,496,128
Series B, 3.25%, 04/01/51 (Call 10/01/50)		1,846		1,379,774
Series B, 3.65%, 03/01/52 (Call 09/01/51)		1,005		809,246
Series C, 2.63%, 03/01/31 (Call 12/01/30)		2,182		1,904,231
DTE Energy Co.
2.85%, 10/01/26 (Call 07/01/26)		4,120		3,872,347
2.95%, 03/01/30 (Call 12/01/29)		1,458		1,289,616
4.22%, 11/01/24(e)		3,935		3,887,819
Series C, 2.53%, 10/01/24(e)		1,544		1,486,455
Series C, 3.40%, 06/15/29 (Call 03/15/29)		2,125		1,962,480

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series F, 1.05%, 06/01/25 (Call 05/01/25)	$	3,530	$	3,262,002
Duke Energy Carolinas LLC
2.45%, 08/15/29 (Call 05/15/29)		1,829		1,621,646
2.45%, 02/01/30 (Call 11/01/29)(b)		2,170		1,911,314
2.55%, 04/15/31 (Call 01/15/31)		2,728		2,383,781
2.85%, 03/15/32 (Call 12/15/31)		2,810		2,463,611
2.95%, 12/01/26 (Call 09/01/26)		4,040		3,844,141
3.20%, 08/15/49 (Call 02/15/49)		1,495		1,110,606
3.45%, 04/15/51 (Call 10/15/50)		2,220		1,704,294
3.55%, 03/15/52 (Call 09/15/51)		1,675		1,325,243
3.70%, 12/01/47 (Call 06/01/47)		3,047		2,463,926
3.75%, 06/01/45 (Call 12/01/44)		2,279		1,875,617
3.88%, 03/15/46 (Call 09/15/45)		2,530		2,099,698
3.95%, 11/15/28 (Call 08/15/28)		2,656		2,619,958
3.95%, 03/15/48 (Call 09/15/47)		1,805		1,520,460
4.00%, 09/30/42 (Call 03/30/42)		964		831,122
4.25%, 12/15/41 (Call 06/15/41)		1,074		966,256
4.95%, 01/15/33 (Call 10/15/32)		1,035		1,063,121
5.30%, 02/15/40		2,690		2,802,496
5.35%, 01/15/53 (Call 07/15/52)		1,320		1,385,327
6.00%, 01/15/38		867		948,871
6.05%, 04/15/38		1,605		1,777,313
6.10%, 06/01/37		1,810		1,989,860
6.45%, 10/15/32		970		1,082,016
Series A, 6.00%, 12/01/28		1,544		1,656,511
Duke Energy Corp.
0.90%, 09/15/25 (Call 08/15/25)		3,648		3,341,604
2.45%, 06/01/30 (Call 03/01/30)		2,268		1,947,101
2.55%, 06/15/31 (Call 03/15/31)		1,240		1,044,700
2.65%, 09/01/26 (Call 06/01/26)		2,239		2,105,041
3.15%, 08/15/27 (Call 05/15/27)		3,438		3,253,586
3.25%, 01/15/82 (Call 10/15/26), (5-year CMT + 2.321%)(a)		2,039		1,553,249
3.30%, 06/15/41 (Call 12/15/40)		3,538		2,708,304
3.40%, 06/15/29 (Call 03/15/29)		2,247		2,087,665
3.50%, 06/15/51 (Call 12/15/50)		995		737,942
3.75%, 09/01/46 (Call 03/01/46)		4,192		3,284,097
3.95%, 08/15/47 (Call 02/15/47)		3,085		2,449,675
4.20%, 06/15/49 (Call 12/15/48)		2,955		2,443,785
4.30%, 03/15/28 (Call 02/15/28)		3,280		3,233,096
4.50%, 08/15/32 (Call 05/15/32)		4,220		4,094,919
4.80%, 12/15/45 (Call 06/15/45)		2,674		2,498,104
5.00%, 12/08/25		1,450		1,459,758
5.00%, 12/08/27 (Call 11/08/27)		3,960		4,038,566
5.00%, 08/15/52 (Call 02/15/52)		3,740		3,514,179
Duke Energy Florida LLC
1.75%, 06/15/30 (Call 03/15/30)		2,675		2,221,721
2.40%, 12/15/31 (Call 09/15/31)		2,840		2,403,123
2.50%, 12/01/29 (Call 09/01/29)		2,543		2,257,396
3.00%, 12/15/51 (Call 06/15/51)		2,340		1,647,243
3.20%, 01/15/27 (Call 10/15/26)		3,492		3,352,041
3.40%, 10/01/46 (Call 04/01/46)		2,878		2,237,098
3.80%, 07/15/28 (Call 04/15/28)		2,635		2,574,369
3.85%, 11/15/42 (Call 05/15/42)		2,091		1,781,072
4.20%, 07/15/48 (Call 01/15/48)		1,765		1,548,223
5.65%, 04/01/40		2,076		2,195,744
5.95%, 11/15/52 (Call 05/15/52)		885		1,009,068
6.35%, 09/15/37		991		1,117,293
6.40%, 06/15/38		3,854		4,404,891

Security	Par (000)		Value
Electric (continued)
Duke Energy Florida Project Finance LLC
Series 2032, 2.86%, 03/01/33	$	55	$	47,233
Series 2035, 3.11%, 09/01/38		115		96,999
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		1,970		1,310,464
3.75%, 05/15/46 (Call 11/15/45)		1,349		1,093,095
5.40%, 04/01/53 (Call 10/01/52)		1,720		1,778,755
6.12%, 10/15/35		1,119		1,212,783
6.35%, 08/15/38		868		995,188
6.45%, 04/01/39		2,043		2,314,658
Series WWW, 4.90%, 07/15/43 (Call 01/15/43)		714		696,207
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		2,785		2,054,355
Duke Energy Ohio Inc.
2.13%, 06/01/30 (Call 03/01/30)		2,563		2,167,529
3.65%, 02/01/29 (Call 11/01/28)		1,301		1,244,433
3.70%, 06/15/46 (Call 12/15/45)		1,672		1,304,528
4.30%, 02/01/49 (Call 08/01/48)		1,422		1,225,920
5.25%, 04/01/33 (Call 01/01/33)		1,400		1,453,494
5.65%, 04/01/53 (Call 10/01/52)		475		503,182
Duke Energy Progress LLC
2.00%, 08/15/31 (Call 05/15/31)		2,300		1,905,895
2.50%, 08/15/50 (Call 02/15/50)		2,045		1,292,522
2.90%, 08/15/51 (Call 02/15/51)		1,313		901,151
3.25%, 08/15/25 (Call 05/15/25)		2,132		2,071,473
3.40%, 04/01/32 (Call 01/01/32)		2,170		1,979,886
3.45%, 03/15/29 (Call 12/15/28)		2,377		2,248,832
3.60%, 09/15/47 (Call 03/15/47)		2,366		1,858,304
3.70%, 09/01/28 (Call 06/01/28)		2,366		2,294,452
3.70%, 10/15/46 (Call 04/15/46)		2,629		2,099,651
4.00%, 04/01/52 (Call 10/01/51)		1,170		984,789
4.10%, 05/15/42 (Call 11/15/41)		930		816,754
4.10%, 03/15/43 (Call 09/15/42)		1,619		1,408,465
4.15%, 12/01/44 (Call 06/01/44)		2,539		2,213,145
4.20%, 08/15/45 (Call 02/15/45)		1,344		1,167,600
4.38%, 03/30/44 (Call 09/30/43)		1,717		1,543,858
5.25%, 03/15/33 (Call 12/15/32)		1,285		1,345,305
5.35%, 03/15/53 (Call 09/15/52)		1,430		1,492,663
6.30%, 04/01/38		1,505		1,692,869
Edison International
3.55%, 11/15/24 (Call 10/15/24)		2,693		2,618,889
4.13%, 03/15/28 (Call 12/15/27)		2,370		2,264,298
4.70%, 08/15/25		1,700		1,680,178
4.95%, 04/15/25 (Call 03/15/25)		1,858		1,851,088
5.75%, 06/15/27 (Call 04/15/27)		3,063		3,142,761
6.95%, 11/15/29 (Call 09/15/29)		2,010		2,183,744
El Paso Electric Co.
5.00%, 12/01/44 (Call 06/01/44)		1,281		1,166,222
6.00%, 05/15/35		619		648,941
Emera U.S. Finance LP
0.83%, 06/15/24		2,035		1,927,776
2.64%, 06/15/31 (Call 03/15/31)		2,180		1,770,574
3.55%, 06/15/26 (Call 03/15/26)		4,200		4,012,806
4.75%, 06/15/46 (Call 12/15/45)		4,351		3,614,985
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		3,553		3,468,048
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		3,067		2,994,680
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		1,548		1,005,983
3.35%, 06/15/52 (Call 12/15/51)		1,490		1,105,342
3.50%, 04/01/26 (Call 01/01/26)		3,183		3,125,197
3.70%, 06/01/24 (Call 03/01/24)		350		345,170

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.00%, 06/01/28 (Call 03/01/28)	$	375	$	365,603
4.20%, 04/01/49 (Call 10/01/48)		2,594		2,245,574
5.15%, 01/15/33 (Call 10/15/32)		1,945		2,015,078
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		2,028		1,848,279
1.90%, 06/15/28 (Call 04/15/28)		1,870		1,639,205
2.40%, 06/15/31 (Call 03/05/31)		2,770		2,311,094
2.80%, 06/15/30 (Call 03/15/30)		2,742		2,406,242
2.95%, 09/01/26 (Call 06/01/26)		3,022		2,853,584
3.75%, 06/15/50 (Call 12/15/49)		2,699		2,069,350
Entergy Louisiana LLC
0.95%, 10/01/24 (Call 05/30/23)		1,216		1,151,443
1.60%, 12/15/30 (Call 09/15/30)		1,658		1,325,753
2.35%, 06/15/32 (Call 03/15/32)		1,240		1,026,968
2.40%, 10/01/26 (Call 07/01/26)		2,701		2,521,302
2.90%, 03/15/51 (Call 09/15/50)		2,940		2,013,136
3.05%, 06/01/31 (Call 03/01/31)		1,650		1,471,635
3.10%, 06/15/41 (Call 12/15/40)		251		196,350
3.12%, 09/01/27 (Call 06/01/27)		1,995		1,886,193
3.25%, 04/01/28 (Call 01/01/28)		2,744		2,589,266
4.00%, 03/15/33 (Call 12/15/32)		2,337		2,212,999
4.20%, 09/01/48 (Call 03/01/48)		3,491		3,034,412
4.20%, 04/01/50 (Call 10/01/49)		2,441		2,113,076
4.75%, 09/15/52 (Call 03/15/52)		2,350		2,230,314
4.95%, 01/15/45 (Call 01/15/25)		2,215		2,115,635
5.40%, 11/01/24		336		338,513
5.59%, 10/01/24		102		102,934
Entergy Mississippi LLC
2.85%, 06/01/28 (Call 03/01/28)		3,853		3,561,906
3.50%, 06/01/51 (Call 12/01/50)		640		486,291
3.85%, 06/01/49 (Call 12/01/48)		304		244,680
Entergy Texas Inc.
1.75%, 03/15/31 (Call 12/15/30)		1,910		1,552,181
3.55%, 09/30/49 (Call 03/30/49)		2,005		1,528,993
4.00%, 03/30/29 (Call 12/30/28)		532		517,460
4.50%, 03/30/39 (Call 09/30/38)		175		161,543
5.00%, 09/15/52 (Call 03/15/52)		1,480		1,447,588
Evergy Inc.
2.45%, 09/15/24 (Call 08/15/24)		3,999		3,848,238
2.90%, 09/15/29 (Call 06/15/29)		3,245		2,917,417
Evergy Kansas Central Inc.
2.55%, 07/01/26 (Call 04/01/26)		1,625		1,534,504
3.10%, 04/01/27 (Call 01/01/27)		1,865		1,782,250
3.25%, 09/01/49 (Call 03/01/49)		1,488		1,086,314
3.45%, 04/15/50 (Call 10/15/49)		1,435		1,082,980
4.10%, 04/01/43 (Call 10/01/42)		1,435		1,260,016
4.13%, 03/01/42 (Call 09/01/41)		2,022		1,746,563
4.25%, 12/01/45 (Call 06/01/45)		1,014		869,251
5.70%, 03/15/53 (Call 09/15/52)		1,195		1,257,737
Evergy Metro Inc.
3.65%, 08/15/25 (Call 05/15/25)		1,625		1,576,169
4.20%, 06/15/47 (Call 12/15/46)		1,140		967,928
4.20%, 03/15/48 (Call 09/15/47)		1,054		900,906
4.95%, 04/15/33 (Call 01/15/33)		960		965,453
5.30%, 10/01/41 (Call 04/01/41)		1,451		1,447,532
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		1,838		1,544,416
Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		1,023		868,507
Eversource Energy
2.55%, 03/15/31 (Call 12/15/30)		1,765		1,513,717
2.90%, 03/01/27 (Call 02/01/27)		2,865		2,701,810

Security	Par (000)		Value
Electric (continued)
3.38%, 03/01/32 (Call 12/01/31)	$	2,042	$	1,837,351
3.45%, 01/15/50 (Call 07/15/49)		2,560		1,951,667
4.20%, 06/27/24		1,820		1,800,690
4.60%, 07/01/27 (Call 06/01/27)		2,888		2,888,664
5.45%, 03/01/28 (Call 02/01/28)		2,210		2,293,096
Series H, 3.15%, 01/15/25 (Call 10/15/24)		1,621		1,574,186
Series L, 2.90%, 10/01/24 (Call 08/01/24)		2,781		2,694,511
Series M, 3.30%, 01/15/28 (Call 10/15/27)		856		808,766
Series O, 4.25%, 04/01/29 (Call 01/01/29)		2,212		2,169,795
Series Q, 0.80%, 08/15/25 (Call 07/15/25)		2,316		2,111,590
Series R, 1.65%, 08/15/30 (Call 05/15/30)		2,966		2,415,243
Series U, 1.40%, 08/15/26 (Call 07/15/26)		1,725		1,552,931
Exelon Corp.
2.75%, 03/15/27 (Call 02/15/27)		2,215		2,077,648
3.35%, 03/15/32 (Call 12/15/31)		75		67,494
3.40%, 04/15/26 (Call 01/15/26)		3,662		3,537,309
3.95%, 06/15/25 (Call 03/15/25)		3,748		3,676,376
4.05%, 04/15/30 (Call 01/15/30)		5,995		5,754,780
4.10%, 03/15/52 (Call 09/15/51)		1,470		1,219,218
4.45%, 04/15/46 (Call 10/15/45)		1,978		1,724,104
4.70%, 04/15/50 (Call 10/15/49)		2,977		2,705,766
4.95%, 06/15/35 (Call 12/15/34)		2,034		2,035,017
5.10%, 06/15/45 (Call 12/15/44)		2,355		2,226,488
5.15%, 03/15/28 (Call 02/15/28)		1,410		1,441,288
5.30%, 03/15/33 (Call 12/15/32)		2,885		2,972,646
5.60%, 03/15/53 (Call 09/15/52)		2,585		2,661,490
5.63%, 06/15/35		2,524		2,660,271
Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)		3,471		3,434,173
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		2,143		1,840,773
2.85%, 04/01/25 (Call 03/01/25)		7,669		7,443,838
2.88%, 12/04/51 (Call 06/04/51)		5,272		3,759,885
3.13%, 12/01/25 (Call 06/01/25)		3,228		3,137,196
3.15%, 10/01/49 (Call 04/01/49)		3,234		2,433,391
3.25%, 06/01/24 (Call 12/01/23)		2,846		2,801,090
3.70%, 12/01/47 (Call 06/01/47)		3,267		2,744,411
3.80%, 12/15/42 (Call 06/15/42)		1,736		1,489,662
3.95%, 03/01/48 (Call 09/01/47)		3,987		3,472,318
3.99%, 03/01/49 (Call 09/01/48)		2,690		2,343,393
4.05%, 06/01/42 (Call 12/01/41)		2,380		2,129,886
4.05%, 10/01/44 (Call 04/01/44)		2,163		1,911,789
4.13%, 02/01/42 (Call 08/01/41)		2,118		1,904,167
4.13%, 06/01/48 (Call 12/01/47)		2,381		2,123,185
4.95%, 06/01/35		434		443,847
5.05%, 04/01/28 (Call 03/01/28)		1,840		1,906,626
5.10%, 04/01/33 (Call 01/01/33)		2,690		2,805,266
5.25%, 02/01/41 (Call 08/01/40)		2,359		2,434,559
5.30%, 04/01/53 (Call 10/01/52)		2,035		2,167,967
5.63%, 04/01/34		670		722,943
5.65%, 02/01/37		2,297		2,477,154
5.69%, 03/01/40		1,403		1,526,240
5.95%, 02/01/38		1,863		2,062,397
5.96%, 04/01/39		685		759,733
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		5,815		5,485,231
Georgia Power Co.
3.25%, 04/01/26 (Call 01/01/26)		295		283,477
3.25%, 03/30/27 (Call 12/30/26)		1,570		1,495,095
4.30%, 03/15/42		4,513		3,999,195
4.30%, 03/15/43		1,947		1,698,232

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.70%, 05/15/32 (Call 02/15/32)	$	1,340	$	1,337,561
5.13%, 05/15/52 (Call 11/15/51)		2,430		2,403,124
Series 10-C, 4.75%, 09/01/40		2,299		2,158,899
Series A, 2.20%, 09/15/24 (Call 08/15/24)		2,442		2,347,739
Series A, 3.25%, 03/15/51 (Call 09/15/50)		735		527,870
Series B, 2.65%, 09/15/29 (Call 06/15/29)		2,822		2,504,835
Series B, 3.70%, 01/30/50 (Call 07/30/49)		2,028		1,589,830
Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)		1,651		1,590,161
Iberdrola International BV
5.81%, 03/15/25		2,495		2,549,391
6.75%, 07/15/36		1,422		1,658,934
Idaho Power Co.
5.50%, 03/15/53 (Call 09/15/52)		1,060		1,122,434
Series K, 4.20%, 03/01/48 (Call 09/01/47)		941		821,117
Indiana Michigan Power Co.
3.25%, 05/01/51 (Call 11/01/50)		2,210		1,569,984
3.85%, 05/15/28 (Call 02/15/28)		2,049		1,990,235
4.25%, 08/15/48 (Call 02/15/48)		1,705		1,472,387
5.63%, 04/01/53 (Call 10/01/52)		1,150		1,225,532
6.05%, 03/15/37		215		234,163
Series K, 4.55%, 03/15/46 (Call 09/15/45)		1,818		1,620,474
Series L, 3.75%, 07/01/47 (Call 01/01/47)		713		561,609
Interstate Power & Light Co.
2.30%, 06/01/30 (Call 03/01/30)		997		842,585
3.10%, 11/30/51 (Call 05/30/51)		1,405		959,517
3.25%, 12/01/24 (Call 09/01/24)		3,215		3,127,359
3.50%, 09/30/49 (Call 03/30/49)		1,354		1,012,250
3.60%, 04/01/29 (Call 01/01/29)		807		759,129
3.70%, 09/15/46 (Call 03/15/46)		1,143		885,722
4.10%, 09/26/28 (Call 06/26/28)		2,856		2,803,421
6.25%, 07/15/39		1,010		1,094,103
IPALCO Enterprises Inc.
3.70%, 09/01/24 (Call 07/01/24)		2,463		2,395,834
4.25%, 05/01/30 (Call 02/01/30)		2,055		1,907,266
ITC Holdings Corp.
3.25%, 06/30/26 (Call 03/30/26)		2,060		1,969,690
3.35%, 11/15/27 (Call 08/15/27)		1,635		1,551,402
3.65%, 06/15/24 (Call 03/15/24)		1,262		1,241,215
5.30%, 07/01/43 (Call 01/01/43)		1,396		1,345,339
John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42		333		325,642
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)		2,030		1,484,600
4.38%, 10/01/45 (Call 04/01/45)		2,096		1,841,483
5.13%, 11/01/40 (Call 05/01/40)		2,744		2,708,932
5.45%, 04/15/33 (Call 01/15/33)		865		901,096
Louisville Gas & Electric Co.
4.25%, 04/01/49 (Call 10/01/48)		715		621,228
5.45%, 04/15/33 (Call 01/15/33)		885		920,896
Series 25, 3.30%, 10/01/25 (Call 07/01/25)		1,177		1,145,598
MidAmerican Energy Co.
2.70%, 08/01/52 (Call 02/01/52)		2,440		1,663,812
3.10%, 05/01/27 (Call 02/01/27)		2,800		2,678,872
3.15%, 04/15/50 (Call 10/15/49)		3,022		2,253,838
3.50%, 10/15/24 (Call 07/15/24)		4,653		4,573,946
3.65%, 04/15/29 (Call 01/15/29)		4,215		4,062,712
3.65%, 08/01/48 (Call 02/01/48)		2,903		2,386,847
3.95%, 08/01/47 (Call 02/01/47)		2,398		2,064,342
4.25%, 05/01/46 (Call 11/01/45)		1,665		1,475,889

Security	Par (000)		Value
Electric (continued)
4.25%, 07/15/49 (Call 01/15/49)	$	3,729	$	3,351,401
4.40%, 10/15/44 (Call 04/15/44)		1,942		1,798,195
4.80%, 09/15/43 (Call 03/15/43)		987		958,495
5.75%, 11/01/35		320		347,526
5.80%, 10/15/36		1,694		1,866,415
6.75%, 12/30/31		1,085		1,256,332
Mississippi Power Co.
3.95%, 03/30/28 (Call 12/30/27)		3,235		3,129,765
Series 12-A, 4.25%, 03/15/42		2,156		1,855,648
Series B, 3.10%, 07/30/51 (Call 01/30/51)		1,618		1,119,219
National Grid USA, 5.80%, 04/01/35		1,447		1,500,988
National Rural Utilities Cooperative Finance Corp.
1.00%, 06/15/26 (Call 05/15/26)		2,342		2,106,863
1.35%, 03/15/31 (Call 12/15/30)		2,229		1,747,202
1.65%, 06/15/31 (Call 03/15/31)		1,615		1,291,968
1.88%, 02/07/25		1,386		1,320,733
2.40%, 03/15/30 (Call 12/15/29)		2,560		2,225,613
2.75%, 04/15/32 (Call 01/15/32)		2,175		1,868,107
2.85%, 01/27/25 (Call 10/27/24)		1,907		1,848,627
3.05%, 04/25/27 (Call 01/25/27)		1,661		1,578,482
3.25%, 11/01/25 (Call 08/01/25)		2,480		2,397,168
3.40%, 02/07/28 (Call 11/07/27)		2,605		2,491,318
3.45%, 06/15/25		1,145		1,116,593
3.70%, 03/15/29 (Call 12/15/28)		690		662,290
3.90%, 11/01/28 (Call 08/01/28)		1,435		1,389,109
4.02%, 11/01/32 (Call 05/01/32)		1,559		1,462,326
4.15%, 12/15/32 (Call 09/15/32)		1,440		1,378,109
4.30%, 03/15/49 (Call 09/15/48)		1,739		1,528,251
4.40%, 11/01/48 (Call 05/01/48)		1,150		1,016,853
4.45%, 03/13/26 (Call 02/13/26)		1,535		1,541,631
4.80%, 03/15/28 (Call 02/15/28)		3,970		4,026,017
5.25%, 04/20/46 (Call 04/20/26), (3-mo. LIBOR US + 3.630%)(a)		1,020		979,220
5.45%, 10/30/25		2,585		2,631,530
5.80%, 01/15/33 (Call 07/15/32)		2,200		2,370,896
Series C, 8.00%, 03/01/32		1,193		1,439,915
Series D, 1.00%, 10/18/24		1,210		1,144,140
Nevada Power Co.
5.90%, 05/01/53 (Call 11/01/52)		835		935,701
Series CC, 3.70%, 05/01/29 (Call 02/01/29)		2,329		2,240,754
Series DD, 2.40%, 05/01/30 (Call 02/01/30)		535		466,761
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		1,745		1,248,530
Series N, 6.65%, 04/01/36		1,220		1,403,122
Series R, 6.75%, 07/01/37		1,470		1,715,843
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		5,095		4,634,004
1.90%, 06/15/28 (Call 04/15/28)		3,315		2,920,515
2.25%, 06/01/30 (Call 03/01/30)		3,782		3,213,944
2.44%, 01/15/32 (Call 10/15/31)		3,998		3,322,618
2.75%, 11/01/29 (Call 08/01/29)		4,355		3,892,717
3.00%, 01/15/52 (Call 07/15/51)		2,095		1,435,264
3.50%, 04/01/29 (Call 01/01/29)		4,259		4,000,095
3.55%, 05/01/27 (Call 02/01/27)		6,077		5,865,824
3.80%, 03/15/82 (Call 03/15/27), (5-year CMT + 2.547%)(a)		435		366,627
4.20%, 06/20/24		3,100		3,072,472
4.26%, 09/01/24		2,025		2,005,276
4.45%, 06/20/25		3,135		3,118,447
4.63%, 07/15/27 (Call 06/15/27)		5,660		5,664,981

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.80%, 12/01/77 (Call 12/01/27), (3-mo. LIBOR US + 2.409%)(a)	$	2,898	$	2,493,671
4.90%, 02/28/28 (Call 01/28/28)		5,005		5,068,213
5.00%, 02/28/30 (Call 12/28/29)		4,670		4,727,721
5.00%, 07/15/32 (Call 04/15/32)		4,897		4,942,346
5.05%, 02/28/33 (Call 11/28/32)		4,850		4,903,883
5.25%, 02/28/53 (Call 08/28/52)		4,760		4,714,399
5.65%, 05/01/79 (Call 05/01/29), (3-mo. LIBOR US + 3.156%)(a)		766		697,918
6.05%, 03/01/25		485		493,070
Northern States Power Co./MN
2.25%, 04/01/31 (Call 11/01/30)		1,660		1,422,769
2.60%, 06/01/51 (Call 12/01/50)		1,930		1,306,899
2.90%, 03/01/50 (Call 09/01/49)		2,459		1,760,964
3.20%, 04/01/52 (Call 10/01/51)		1,740		1,294,195
3.40%, 08/15/42 (Call 02/15/42)		1,078		886,127
3.60%, 05/15/46 (Call 11/15/45)		1,311		1,053,362
3.60%, 09/15/47 (Call 03/15/47)		2,213		1,812,823
4.00%, 08/15/45 (Call 02/15/45)		1,747		1,507,521
4.13%, 05/15/44 (Call 11/15/43)		1,530		1,356,773
4.50%, 06/01/52 (Call 12/01/51)		1,215		1,142,635
5.35%, 11/01/39		1,005		1,049,371
6.20%, 07/01/37		1,088		1,217,494
6.25%, 06/01/36		1,110		1,241,946
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		415		362,544
NSTAR Electric Co.
1.95%, 08/15/31 (Call 05/15/31)		876		726,055
3.10%, 06/01/51 (Call 12/01/50)		615		441,183
3.20%, 05/15/27 (Call 02/15/27)		2,416		2,309,189
3.25%, 05/15/29 (Call 02/15/29)		2,382		2,232,720
3.95%, 04/01/30 (Call 01/01/30)		2,221		2,155,281
4.40%, 03/01/44 (Call 09/01/43)		1,690		1,557,487
4.55%, 06/01/52 (Call 12/01/51)		1,990		1,884,530
4.95%, 09/15/52 (Call 03/15/52)		20		19,962
5.50%, 03/15/40		255		264,619
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)		1,560		1,216,940
4.50%, 04/01/47 (Call 10/01/46)(f)		1,485		1,265,190
5.05%, 10/01/48 (Call 04/01/48)		1,770		1,622,895
5.25%, 09/01/50		1,217		1,164,949
5.38%, 11/01/40		1,665		1,588,626
5.95%, 11/01/39		1,651		1,681,560
Ohio Edison Co., 6.88%, 07/15/36		1,095		1,259,513
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)		2,087		1,748,259
4.15%, 04/01/48 (Call 10/01/47)		1,677		1,443,142
Series P, 2.60%, 04/01/30 (Call 01/01/30)		2,363		2,071,169
Series Q, 1.63%, 01/15/31 (Call 10/15/30)		2,571		2,068,267
Series R, 2.90%, 10/01/51 (Call 04/01/51)		1,240		853,294
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		1,873		1,706,116
3.30%, 03/15/30 (Call 09/15/29)		1,621		1,484,155
3.80%, 08/15/28 (Call 02/15/28)		1,187		1,147,212
3.85%, 08/15/47 (Call 02/15/47)		1,359		1,084,414
4.15%, 04/01/47 (Call 10/01/46)		1,560		1,306,828
5.40%, 01/15/33 (Call 07/15/32)		1,425		1,487,629
5.60%, 04/01/53 (Call 10/01/52)		810		840,059
Oncor Electric Delivery Co. LLC
0.55%, 10/01/25 (Call 09/01/25)		3,770		3,429,192
2.70%, 11/15/51 (Call 05/15/51)		1,835		1,240,185

Security	Par (000)		Value
Electric (continued)
2.75%, 06/01/24 (Call 05/01/24)	$	4,280	$	4,176,210
2.75%, 05/15/30 (Call 02/15/30)		2,077		1,866,787
2.95%, 04/01/25 (Call 01/01/25)		1,156		1,120,441
3.10%, 09/15/49 (Call 03/15/49)		2,060		1,517,211
3.70%, 11/15/28 (Call 08/15/28)		3,398		3,318,725
3.70%, 05/15/50 (Call 11/15/49)		2,391		1,975,086
3.75%, 04/01/45 (Call 10/01/44)		2,591		2,182,736
3.80%, 09/30/47 (Call 03/30/47)		2,207		1,846,641
3.80%, 06/01/49 (Call 12/01/48)		2,093		1,747,111
4.10%, 11/15/48 (Call 05/15/48)		1,750		1,546,842
4.15%, 06/01/32 (Call 03/01/32)		1,560		1,522,201
4.55%, 09/15/32 (Call 06/15/32)		2,800		2,804,648
4.55%, 12/01/41 (Call 06/01/41)		1,111		1,058,161
4.60%, 06/01/52 (Call 12/01/51)		240		224,657
4.95%, 09/15/52 (Call 03/15/52)		4,520		4,445,510
5.25%, 09/30/40		1,032		1,054,694
5.30%, 06/01/42 (Call 12/01/41)		1,548		1,605,539
5.35%, 10/01/52 (Call 04/01/52)		70		73,811
5.75%, 03/15/29 (Call 12/15/28)		1,029		1,098,365
7.00%, 05/01/32		769		900,553
7.25%, 01/15/33		1,612		1,932,804
7.50%, 09/01/38		594		742,458
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)		4,535		3,974,111
2.50%, 02/01/31 (Call 11/01/30)		7,233		5,860,104
2.95%, 03/01/26 (Call 12/01/25)		3,188		2,968,538
3.00%, 06/15/28 (Call 04/15/28)		3,395		3,016,899
3.15%, 01/01/26		3,378		3,185,086
3.25%, 06/01/31 (Call 03/01/31)		2,535		2,143,342
3.30%, 03/15/27 (Call 12/15/26)		1,692		1,563,899
3.30%, 12/01/27 (Call 09/01/27)		2,857		2,591,928
3.30%, 08/01/40 (Call 02/01/40)		1,597		1,118,667
3.40%, 08/15/24 (Call 05/15/24)		125		121,586
3.45%, 07/01/25		1,747		1,668,158
3.50%, 06/15/25 (Call 03/15/25)		1,145		1,093,956
3.50%, 08/01/50 (Call 02/01/50)		7,290		4,754,101
3.75%, 07/01/28		3,519		3,249,093
3.75%, 08/15/42 (Call 02/15/42)		1,373		989,425
3.95%, 12/01/47 (Call 06/01/47)		3,048		2,161,946
4.00%, 12/01/46 (Call 06/01/46)		2,844		2,017,079
4.20%, 03/01/29 (Call 01/01/29)		1,605		1,490,098
4.20%, 06/01/41 (Call 12/01/40)		2,442		1,899,510
4.25%, 03/15/46 (Call 09/15/45)		2,332		1,727,009
4.30%, 03/15/45 (Call 09/15/44)		2,664		1,990,701
4.40%, 03/01/32 (Call 12/01/31)		2,015		1,816,583
4.45%, 04/15/42 (Call 10/15/41)		1,606		1,245,694
4.50%, 07/01/40 (Call 01/01/40)		7,473		6,073,158
4.55%, 07/01/30 (Call 01/01/30)		11,109		10,326,482
4.60%, 06/15/43 (Call 12/15/42)		1,866		1,451,748
4.65%, 08/01/28 (Call 05/01/28)		1,180		1,115,655
4.75%, 02/15/44 (Call 08/15/43)		1,995		1,626,982
4.95%, 06/08/25		2,655		2,627,388
4.95%, 07/01/50 (Call 01/01/50)		10,867		8,854,649
5.25%, 03/01/52 (Call 09/01/51)		2,510		2,109,555
5.45%, 06/15/27 (Call 05/15/27)		2,489		2,470,108
5.90%, 06/15/32 (Call 03/15/32)		2,705		2,712,953
6.15%, 01/15/33 (Call 10/15/32)		2,975		3,021,142
6.70%, 04/01/53 (Call 10/01/52)		1,480		1,510,902
6.75%, 01/15/53 (Call 07/15/52)		1,545		1,585,371

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
PacifiCorp
2.70%, 09/15/30 (Call 06/15/30)	$	1,505	$	1,341,978
2.90%, 06/15/52 (Call 12/15/51)		960		670,512
3.30%, 03/15/51 (Call 09/15/50)		2,674		1,993,654
3.50%, 06/15/29 (Call 03/15/29)		1,825		1,746,890
4.10%, 02/01/42 (Call 08/01/41)		1,441		1,272,720
4.13%, 01/15/49 (Call 07/15/48)		1,795		1,548,762
4.15%, 02/15/50 (Call 08/15/49)		2,337		2,007,343
5.25%, 06/15/35		884		918,980
5.35%, 12/01/53 (Call 06/01/53)		3,655		3,797,545
5.75%, 04/01/37		702		755,373
6.00%, 01/15/39		2,408		2,625,996
6.10%, 08/01/36		1,025		1,124,343
6.25%, 10/15/37		2,342		2,638,169
6.35%, 07/15/38		770		874,112
7.70%, 11/15/31		50		61,266
PECO Energy Co.
2.80%, 06/15/50 (Call 12/15/49)		355		242,838
2.85%, 09/15/51 (Call 03/15/51)		970		669,610
3.00%, 09/15/49 (Call 03/15/49)		1,500		1,079,655
3.05%, 03/15/51 (Call 09/15/50)		960		688,147
3.15%, 10/15/25 (Call 07/15/25)		835		812,488
3.70%, 09/15/47 (Call 03/15/47)		1,696		1,376,864
3.90%, 03/01/48 (Call 09/01/47)		2,582		2,215,821
4.15%, 10/01/44 (Call 04/01/44)		855		752,913
4.38%, 08/15/52 (Call 02/15/52)		1,625		1,496,966
4.60%, 05/15/52 (Call 11/15/51)		1,655		1,576,338
5.95%, 10/01/36		665		724,650
PG&E Recovery Funding LLC, 5.05%, 07/15/34		100		101,806
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		2,303		2,115,605
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		2,299		2,067,284
6.50%, 11/15/37		210		241,525
PPL Capital Funding Inc.
3.10%, 05/15/26 (Call 02/15/26)		3,819		3,654,401
4.13%, 04/15/30 (Call 01/15/30)		1,350		1,273,036
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)		1,652		1,206,390
3.95%, 06/01/47 (Call 12/01/46)		823		711,360
4.13%, 06/15/44 (Call 12/15/43)		903		791,660
4.15%, 10/01/45 (Call 04/01/45)		1,435		1,263,288
4.15%, 06/15/48 (Call 12/15/47)		1,570		1,411,477
4.75%, 07/15/43 (Call 01/15/43)		1,055		1,014,910
5.00%, 05/15/33 (Call 02/15/33)		4,270		4,398,698
5.25%, 05/15/53 (Call 11/15/52)		4,875		5,080,871
6.25%, 05/15/39		1,325		1,479,932
Progress Energy Inc.
6.00%, 12/01/39		2,562		2,651,388
7.00%, 10/30/31		1,245		1,402,928
7.75%, 03/01/31		2,154		2,513,567
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		375		309,825
3.60%, 09/15/42 (Call 03/15/42)		778		646,845
3.70%, 06/15/28 (Call 12/15/27)		1,940		1,892,819
3.80%, 06/15/47 (Call 12/15/46)		1,944		1,615,328
4.05%, 09/15/49 (Call 03/15/49)		1,786		1,520,154
4.10%, 06/01/32 (Call 12/01/31)		1,105		1,070,657
4.10%, 06/15/48 (Call 12/15/47)		1,560		1,351,958
4.30%, 03/15/44 (Call 09/15/43)		1,416		1,270,506

Security	Par (000)		Value
Electric (continued)
4.50%, 06/01/52 (Call 12/01/51)	$	1,415	$	1,312,653
5.25%, 04/01/53 (Call 10/01/52)		2,500		2,571,800
6.50%, 08/01/38		60		68,956
Series 17, 6.25%, 09/01/37		799		909,997
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		1,374		1,024,798
Series 35, 1.90%, 01/15/31 (Call 07/15/30)		2,249		1,881,176
Series 36, 2.70%, 01/15/51 (Call 07/15/49)		1,480		999,992
Public Service Co. of New Hampshire
3.60%, 07/01/49 (Call 01/01/49)		1,550		1,254,601
5.15%, 01/15/53 (Call 07/15/52)		1,620		1,675,015
Series V, 2.20%, 06/15/31 (Call 03/15/31)		170		144,271
Public Service Co. of Oklahoma
5.25%, 01/15/33 (Call 10/15/32)		2,290		2,350,387
Series J, 2.20%, 08/15/31 (Call 05/15/31)		1,095		906,660
Series K, 3.15%, 08/15/51 (Call 02/15/51)		500		345,085
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		1,635		1,490,613
1.90%, 08/15/31 (Call 05/15/31)		2,075		1,713,576
2.05%, 08/01/50 (Call 02/01/50)		1,570		931,638
2.25%, 09/15/26 (Call 06/15/26)		1,439		1,339,047
2.45%, 01/15/30 (Call 10/15/29)		3,354		2,970,168
2.70%, 05/01/50 (Call 11/01/49)		755		515,650
3.00%, 05/15/25 (Call 02/15/25)		513		496,066
3.00%, 05/15/27 (Call 02/15/27)		1,884		1,795,414
3.00%, 03/01/51 (Call 09/01/50)		210		151,599
3.10%, 03/15/32 (Call 12/15/31)		379		341,748
3.15%, 01/01/50 (Call 07/01/49)		1,850		1,382,116
3.20%, 05/15/29 (Call 02/15/29)		1,399		1,309,464
3.20%, 08/01/49 (Call 02/01/49)		1,685		1,281,004
3.60%, 12/01/47 (Call 06/01/47)		1,694		1,370,412
3.65%, 09/01/28 (Call 06/01/28)		2,093		2,018,531
3.65%, 09/01/42 (Call 03/01/42)		1,975		1,643,180
3.70%, 05/01/28 (Call 02/01/28)		1,859		1,813,008
3.80%, 01/01/43 (Call 07/01/42)		494		423,887
3.80%, 03/01/46 (Call 09/01/45)		2,758		2,290,602
3.85%, 05/01/49 (Call 11/01/48)		2,392		2,011,265
3.95%, 05/01/42 (Call 11/01/41)		200		174,378
4.05%, 05/01/48 (Call 11/01/47)		1,801		1,577,550
4.65%, 03/15/33 (Call 12/15/32)		1,145		1,158,202
4.90%, 12/15/32 (Call 09/15/32)		2,613		2,693,768
5.13%, 03/15/53 (Call 09/15/52)		595		614,790
5.50%, 03/01/40		247		261,200
5.80%, 05/01/37		193		210,563
Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)		1,867		1,709,705
1.60%, 08/15/30 (Call 05/15/30)		1,613		1,305,627
2.45%, 11/15/31 (Call 08/15/31)		450		375,422
2.88%, 06/15/24 (Call 05/15/24)		4,272		4,159,347
5.85%, 11/15/27 (Call 10/15/27)		1,300		1,363,557
Puget Energy Inc.
2.38%, 06/15/28 (Call 04/15/28)		3,705		3,293,486
3.65%, 05/15/25 (Call 02/15/25)		2,448		2,370,570
4.10%, 06/15/30 (Call 03/15/30)		1,634		1,528,591
4.22%, 03/15/32 (Call 12/15/31)		2,554		2,369,141
Puget Sound Energy Inc.
2.89%, 09/15/51 (Call 03/15/51)		445		305,154
3.25%, 09/15/49 (Call 03/15/49)		3,083		2,302,014
4.22%, 06/15/48 (Call 12/15/47)		3,160		2,766,706
4.30%, 05/20/45 (Call 11/20/44)		1,312		1,122,298
5.64%, 04/15/41 (Call 10/15/40)		25		25,895

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.76%, 10/01/39	$	1,320	$	1,377,552
5.80%, 03/15/40		1,310		1,378,945
6.27%, 03/15/37		740		812,764
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)		2,800		2,658,236
3.70%, 03/15/52 (Call 09/15/51)		365		295,949
4.15%, 05/15/48 (Call 11/15/47)		1,870		1,632,248
4.50%, 08/15/40		483		453,088
5.35%, 04/01/53 (Call 10/01/52)		3,315		3,434,638
6.00%, 06/01/39		940		1,014,072
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		2,420		1,974,405
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		2,449		2,099,454
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		1,981		1,486,978
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		3,559		2,934,929
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		1,920		1,352,678
Series XXX, 3.00%, 03/15/32 (Call 12/15/31)		1,110		980,230
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)		3,719		3,502,368
3.30%, 04/01/25 (Call 03/01/25)		2,673		2,593,157
3.40%, 02/01/28 (Call 10/01/27)		4,627		4,362,752
3.70%, 04/01/29 (Call 02/01/29)		1,860		1,755,394
3.80%, 02/01/38 (Call 08/01/37)		3,437		3,027,722
4.00%, 02/01/48 (Call 08/01/47)		1,327		1,081,717
4.13%, 04/01/52 (Call 01/01/27), (5-year CMT + 2.868%)(a)		3,410		2,782,935
6.00%, 10/15/39		2,996		3,160,750
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		3,194		3,026,283
Southern California Edison Co.
2.25%, 06/01/30 (Call 03/01/30)		2,062		1,768,742
2.75%, 02/01/32 (Call 11/01/31)		2,400		2,073,240
2.85%, 08/01/29 (Call 05/01/29)		2,163		1,962,230
3.45%, 02/01/52 (Call 08/01/51)		1,430		1,063,834
3.65%, 02/01/50 (Call 08/01/49)		4,884		3,800,533
4.00%, 04/01/47 (Call 10/01/46)		6,854		5,667,230
4.05%, 03/15/42 (Call 09/15/41)		1,512		1,267,767
4.50%, 09/01/40 (Call 03/01/40)		1,550		1,395,868
4.65%, 10/01/43 (Call 04/01/43)		2,003		1,844,743
5.30%, 03/01/28 (Call 02/01/28)		475		488,025
5.50%, 03/15/40		2,383		2,409,237
5.63%, 02/01/36		1,284		1,334,692
5.70%, 03/01/53 (Call 09/01/52)		465		487,139
5.85%, 11/01/27 (Call 10/01/27)		1,780		1,872,507
5.95%, 11/01/32 (Call 08/01/32)		925		1,005,947
6.00%, 01/15/34		1,364		1,482,886
6.05%, 03/15/39		2,170		2,305,799
6.65%, 04/01/29		1,230		1,329,298
Series 04-G, 5.75%, 04/01/35		679		721,261
Series 05-E, 5.35%, 07/15/35		1,156		1,164,196
Series 06-E, 5.55%, 01/15/37		1,580		1,644,401
Series 08-A, 5.95%, 02/01/38		2,127		2,295,437
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		1,794		1,483,566
Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)		1,340		1,217,243
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		445		300,780
Series A, 4.20%, 03/01/29 (Call 12/01/28)		1,428		1,406,066
Series B, 3.65%, 03/01/28 (Call 12/01/27)		2,072		1,988,312
Series B, 4.88%, 03/01/49 (Call 09/01/48)		2,906		2,729,751
Series C, 3.60%, 02/01/45 (Call 08/01/44)		1,215		931,030
Series C, 4.13%, 03/01/48 (Call 09/01/47)		3,947		3,353,569
Series C, 4.20%, 06/01/25		1,320		1,301,375

Security	Par (000)		Value
Electric (continued)
Series D, 4.70%, 06/01/27 (Call 05/01/27)	$	1,977	$	1,987,775
Series E, 3.70%, 08/01/25 (Call 06/01/25)		3,742		3,664,541
Series E, 5.45%, 06/01/52 (Call 12/01/51)		1,765		1,791,916
Series G, 2.50%, 06/01/31 (Call 03/01/31)		2,547		2,179,060
Series H, 3.65%, 06/01/51 (Call 12/01/50)		1,695		1,312,337
Series K, 0.98%, 08/01/24		1,050		999,474
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		9,103		8,728,503
4.25%, 07/01/36 (Call 01/01/36)		995		920,365
4.40%, 07/01/46 (Call 01/01/46)		6,551		5,750,730
4.48%, 08/01/24(e)		40		39,540
5.11%, 08/01/27		2,150		2,167,329
5.15%, 10/06/25		2,210		2,233,956
5.70%, 10/15/32 (Call 04/15/32)		1,200		1,267,656
Series 21-A, 3.75%, 09/15/51 (Call 06/15/26), (5-year CMT + 2.915%)(a)		3,745		3,216,843
Series 21-B, 1.75%, 03/15/28 (Call 12/15/27)		1,310		1,139,556
Series A, 3.70%, 04/30/30 (Call 01/30/30)		3,935		3,687,961
Series B, 4.00%, 01/15/51 (Call 01/15/26), (5-year CMT + 3.733%)(a)		1,200		1,124,568
Southern Power Co.
0.90%, 01/15/26 (Call 12/15/25)		1,528		1,387,393
4.15%, 12/01/25 (Call 09/01/25)		3,301		3,241,714
5.15%, 09/15/41		2,468		2,347,265
5.25%, 07/15/43		1,060		1,004,414
Series F, 4.95%, 12/15/46 (Call 06/15/46)		1,530		1,376,602
Southwestern Electric Power Co.
3.25%, 11/01/51 (Call 05/01/51)		1,560		1,081,220
5.30%, 04/01/33 (Call 01/01/33)		670		678,743
6.20%, 03/15/40		1,614		1,711,808
Series J, 3.90%, 04/01/45 (Call 10/01/44)		680		540,206
Series K, 2.75%, 10/01/26 (Call 07/01/26)		1,690		1,580,691
Series L, 3.85%, 02/01/48 (Call 08/01/47)		1,763		1,361,794
Series M, 4.10%, 09/15/28 (Call 06/15/28)		1,875		1,825,875
Series N, 1.65%, 03/15/26 (Call 02/15/26)		2,275		2,086,402
Southwestern Public Service Co.
3.30%, 06/15/24 (Call 12/15/23)		810		793,597
3.40%, 08/15/46 (Call 02/15/46)		1,098		824,971
3.70%, 08/15/47 (Call 02/15/47)		1,910		1,513,102
3.75%, 06/15/49 (Call 12/15/48)		1,273		1,009,884
4.50%, 08/15/41 (Call 02/15/41)		1,656		1,502,986
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		1,463		1,294,258
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		1,408		1,019,336
System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)		175		180,441
Tampa Electric Co.
2.40%, 03/15/31 (Call 12/15/30)		1,949		1,642,988
3.45%, 03/15/51 (Call 09/15/50)		330		244,147
3.63%, 06/15/50 (Call 12/15/49)		1,336		1,023,269
4.10%, 06/15/42 (Call 12/15/41)		1,611		1,389,713
4.30%, 06/15/48 (Call 12/15/47)		1,519		1,298,304
4.35%, 05/15/44 (Call 11/15/43)		1,380		1,201,525
4.45%, 06/15/49 (Call 12/15/48)		1,544		1,340,763
5.00%, 07/15/52 (Call 01/15/52)(b)		1,235		1,194,307
Toledo Edison Co. (The), 6.15%, 05/15/37		909		980,529
Tucson Electric Power Co.
1.50%, 08/01/30 (Call 05/01/30)		2,845		2,289,087
3.05%, 03/15/25 (Call 12/15/24)		580		560,379
3.25%, 05/15/32 (Call 02/15/32)		998		893,220
3.25%, 05/01/51 (Call 11/01/50)		1,150		810,106

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.00%, 06/15/50 (Call 12/15/49)	$	1,252	$	1,012,918
4.85%, 12/01/48 (Call 06/01/48)		1,172		1,062,570
5.50%, 04/15/53 (Call 10/15/52)		1,540		1,569,091
Union Electric Co.
2.15%, 03/15/32 (Call 12/15/31)		2,445		2,014,338
2.63%, 03/15/51 (Call 09/15/50)		1,081		720,486
2.95%, 06/15/27 (Call 03/15/27)		2,583		2,453,850
2.95%, 03/15/30 (Call 12/15/29)		2,134		1,941,513
3.25%, 10/01/49 (Call 04/01/49)		2,241		1,631,314
3.50%, 03/15/29 (Call 12/15/28)		2,389		2,270,553
3.65%, 04/15/45 (Call 10/15/44)		1,850		1,479,223
3.90%, 09/15/42 (Call 03/15/42)		750		637,185
3.90%, 04/01/52 (Call 10/01/51)		595		503,090
4.00%, 04/01/48 (Call 10/01/47)		2,440		2,053,992
5.30%, 08/01/37		115		118,801
5.45%, 03/15/53 (Call 09/15/52)		2,485		2,617,202
8.45%, 03/15/39		523		702,739
Virginia Electric & Power Co.
2.30%, 11/15/31 (Call 08/15/31)		2,849		2,378,117
2.40%, 03/30/32 (Call 12/30/31)		1,085		909,979
2.45%, 12/15/50 (Call 06/15/50)		3,747		2,308,302
2.95%, 11/15/51 (Call 05/15/51)		3,100		2,129,235
3.30%, 12/01/49 (Call 06/01/49)		1,880		1,403,909
4.00%, 01/15/43 (Call 07/15/42)		2,105		1,790,681
4.45%, 02/15/44 (Call 08/15/43)		2,195		1,953,111
4.60%, 12/01/48 (Call 06/01/48)		2,150		1,944,825
5.00%, 04/01/33 (Call 01/01/33)		2,460		2,492,226
5.45%, 04/01/53 (Call 10/01/52)		2,455		2,514,656
6.35%, 11/30/37		1,572		1,759,225
8.88%, 11/15/38		1,898		2,638,201
Series A, 2.88%, 07/15/29 (Call 04/15/29)		1,481		1,354,004
Series A, 3.10%, 05/15/25 (Call 02/15/25)		2,267		2,190,851
Series A, 3.15%, 01/15/26 (Call 10/15/25)		4,262		4,144,965
Series A, 3.50%, 03/15/27 (Call 12/15/26)		3,867		3,742,096
Series A, 3.80%, 04/01/28 (Call 01/01/28)		3,770		3,674,053
Series A, 6.00%, 05/15/37		2,032		2,202,180
Series B, 2.95%, 11/15/26 (Call 08/15/26)		2,530		2,391,255
Series B, 3.75%, 05/15/27 (Call 04/15/27)		1,195		1,170,562
Series B, 3.80%, 09/15/47 (Call 03/15/47)		2,162		1,732,865
Series B, 4.20%, 05/15/45 (Call 11/15/44)		1,407		1,202,310
Series B, 6.00%, 01/15/36		1,319		1,434,452
Series C, 4.00%, 11/15/46 (Call 05/15/46)		1,990		1,646,048
Series C, 4.63%, 05/15/52 (Call 11/15/51)		2,390		2,183,504
Series D, 4.65%, 08/15/43 (Call 02/15/43)		2,365		2,157,519
WEC Energy Group Inc.
1.38%, 10/15/27 (Call 08/15/27)		1,892		1,651,092
1.80%, 10/15/30 (Call 07/15/30)		1,013		827,246
2.20%, 12/15/28 (Call 10/15/28)		607		535,137
4.75%, 01/09/26 (Call 12/09/25)		4,325		4,339,316
4.75%, 01/15/28 (Call 12/15/27)		3,345		3,363,230
5.00%, 09/27/25 (Call 08/27/25)		1,740		1,749,031
5.15%, 10/01/27 (Call 09/01/27)		3,515		3,591,697
Wisconsin Electric Power Co.
1.70%, 06/15/28 (Call 04/15/28)		1,995		1,756,318
2.05%, 12/15/24 (Call 11/15/24)		1,690		1,621,893
4.30%, 10/15/48 (Call 04/15/48)		785		697,889
4.75%, 09/30/32 (Call 06/30/32)		1,745		1,759,937
5.63%, 05/15/33		110		117,836
5.70%, 12/01/36		475		501,861

Security	Par (000)		Value
Electric (continued)
Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)	$	415	$	424,342
Wisconsin Power and Light Co.
1.95%, 09/16/31 (Call 06/16/31)		2,250		1,831,770
3.00%, 07/01/29 (Call 04/01/29)		1,943		1,782,178
3.05%, 10/15/27 (Call 07/15/27)		1,205		1,139,653
3.65%, 04/01/50 (Call 10/01/49)		1,305		1,014,102
3.95%, 09/01/32 (Call 06/01/32)		2,125		2,018,495
6.38%, 08/15/37		250		277,393
Wisconsin Public Service Corp.
2.85%, 12/01/51 (Call 06/01/51)		1,755		1,205,790
3.30%, 09/01/49 (Call 03/01/49)		1,310		982,500
3.67%, 12/01/42		1,365		1,099,876
4.75%, 11/01/44 (Call 05/01/44)		1,568		1,471,207
5.35%, 11/10/25 (Call 10/10/25)		1,415		1,440,753
Xcel Energy Inc.
1.75%, 03/15/27 (Call 02/15/27)		2,725		2,459,748
2.35%, 11/15/31 (Call 05/15/31)		1,635		1,349,938
2.60%, 12/01/29 (Call 06/01/29)		2,551		2,260,186
3.30%, 06/01/25 (Call 12/01/24)		2,549		2,476,175
3.35%, 12/01/26 (Call 06/01/26)		2,932		2,817,095
3.40%, 06/01/30 (Call 12/01/29)		2,830		2,605,779
3.50%, 12/01/49 (Call 06/01/49)		1,715		1,318,938
4.00%, 06/15/28 (Call 12/15/27)		3,566		3,480,844
4.60%, 06/01/32 (Call 12/01/31)		2,770		2,720,943
6.50%, 07/01/36		904		1,003,666
				1,797,500,989
Electrical Components & Equipment — 0.0%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		1,496		1,215,515
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		1,454		1,300,908
1.80%, 10/15/27 (Call 08/15/27)		3,056		2,756,359
1.95%, 10/15/30 (Call 07/15/30)		1,306		1,103,466
2.00%, 12/21/28 (Call 10/21/28)		2,405		2,133,884
2.20%, 12/21/31 (Call 09/21/31)		2,486		2,096,071
2.75%, 10/15/50 (Call 04/15/50)		2,950		1,973,815
2.80%, 12/21/51 (Call 06/21/51)		2,530		1,707,877
3.15%, 06/01/25 (Call 03/01/25)		3,010		2,934,690
5.25%, 11/15/39		1,645		1,725,375
				18,947,960
Electronics — 0.2%
Agilent Technologies Inc.
2.10%, 06/04/30 (Call 03/04/30)		939		788,591
2.30%, 03/12/31 (Call 12/12/30)		4,064		3,420,140
2.75%, 09/15/29 (Call 06/15/29)		2,209		1,984,367
3.05%, 09/22/26 (Call 06/22/26)		2,846		2,695,674
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		2,536		2,317,371
Allegion U.S. Holding Co. Inc.
3.20%, 10/01/24 (Call 08/01/24)		1,971		1,907,573
3.55%, 10/01/27 (Call 07/01/27)		1,677		1,600,898
5.41%, 07/01/32 (Call 04/01/32)		1,460		1,470,235
Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)		986		936,730
2.20%, 09/15/31 (Call 06/15/31)		2,705		2,259,243
2.80%, 02/15/30 (Call 11/15/29)		4,467		3,999,841
4.35%, 06/01/29 (Call 03/01/29)		1,506		1,501,256
4.75%, 03/30/26		35		35,194

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics (continued)
Arrow Electronics Inc.
2.95%, 02/15/32 (Call 11/15/31)	$	2,910	$	2,431,625
3.25%, 09/08/24 (Call 07/08/24)		1,983		1,925,969
3.88%, 01/12/28 (Call 10/12/27)		1,560		1,470,690
4.00%, 04/01/25 (Call 01/01/25)		1,611		1,565,699
6.13%, 03/01/26 (Call 03/01/24)		75		75,037
Avnet Inc.
3.00%, 05/15/31 (Call 02/15/31)		1,831		1,497,062
4.63%, 04/15/26 (Call 01/15/26)		3,001		2,955,685
5.50%, 06/01/32 (Call 03/01/32)		1,305		1,266,111
6.25%, 03/15/28 (Call 02/15/28)		1,950		2,000,018
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		2,770		2,652,829
4.75%, 06/15/25 (Call 03/15/25)		2,757		2,719,064
4.88%, 06/15/29 (Call 03/15/29)		3,321		3,220,971
4.88%, 05/12/30 (Call 02/12/30)		2,134		2,077,257
6.00%, 01/15/28 (Call 12/15/27)		1,500		1,526,490
Fortive Corp.
3.15%, 06/15/26 (Call 03/15/26)		5,506		5,265,663
4.30%, 06/15/46 (Call 12/15/45)		1,375		1,110,230
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		2,729		2,459,539
1.35%, 06/01/25 (Call 05/01/25)		3,829		3,604,123
1.75%, 09/01/31 (Call 06/01/31)		4,530		3,745,087
1.95%, 06/01/30 (Call 03/01/30)		2,726		2,333,483
2.30%, 08/15/24 (Call 07/15/24)		4,720		4,581,751
2.50%, 11/01/26 (Call 08/01/26)		7,077		6,737,375
2.70%, 08/15/29 (Call 05/15/29)		4,070		3,750,993
2.80%, 06/01/50 (Call 12/01/49)(b)		3,760		2,831,882
3.81%, 11/21/47 (Call 05/21/47)		2,270		1,985,183
4.85%, 11/01/24		1,000		1,005,700
4.95%, 02/15/28 (Call 01/15/28)		3,250		3,371,517
5.00%, 02/15/33 (Call 11/15/32)		4,905		5,170,900
5.38%, 03/01/41		785		833,866
5.70%, 03/15/36		345		382,408
5.70%, 03/15/37		1,833		2,027,811
Hubbell Inc.
2.30%, 03/15/31 (Call 12/15/30)		525		438,244
3.15%, 08/15/27 (Call 05/15/27)		1,022		967,149
3.35%, 03/01/26 (Call 12/01/25)		1,855		1,791,670
3.50%, 02/15/28 (Call 11/15/27)		2,384		2,260,628
Jabil Inc.
1.70%, 04/15/26 (Call 03/15/26)		3,335		3,026,346
3.00%, 01/15/31 (Call 10/15/30)		3,581		3,055,273
3.60%, 01/15/30 (Call 10/15/29)		911		834,403
3.95%, 01/12/28 (Call 10/12/27)		2,750		2,613,628
4.25%, 05/15/27 (Call 04/15/27)		1,210		1,178,564
5.45%, 02/01/29 (Call 01/01/29)		550		553,273
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		3,324		2,970,326
4.55%, 10/30/24 (Call 07/30/24)		3,743		3,711,858
4.60%, 04/06/27 (Call 01/06/27)		3,933		3,929,932
Legrand France SA, 8.50%, 02/15/25		3,377		3,599,207
TD SYNNEX Corp.
1.25%, 08/09/24 (Call 05/09/23)		330		309,154
1.75%, 08/09/26 (Call 07/09/26)		3,566		3,123,388
2.38%, 08/09/28 (Call 06/09/28)		2,195		1,826,899
2.65%, 08/09/31 (Call 05/09/31)		2,811		2,200,170
Trimble Inc.
4.75%, 12/01/24 (Call 09/01/24)		2,685		2,667,440

Security	Par (000)		Value
Electronics (continued)
4.90%, 06/15/28 (Call 03/15/28)	$	2,834	$	2,838,364
6.10%, 03/15/33 (Call 12/15/32)		240		245,978
Tyco Electronics Group SA
2.50%, 02/04/32 (Call 11/04/31)		270		233,240
3.13%, 08/15/27 (Call 05/15/27)		3,220		3,044,703
3.45%, 08/01/24 (Call 05/01/24)		1,394		1,370,316
3.70%, 02/15/26 (Call 11/15/25)		1,714		1,681,897
4.50%, 02/13/26		1,585		1,589,200
7.13%, 10/01/37		711		842,827
Vontier Corp.
1.80%, 04/01/26 (Call 03/01/26)		2,787		2,491,327
2.40%, 04/01/28 (Call 02/01/28)		2,891		2,423,005
2.95%, 04/01/31 (Call 01/01/31)		3,079		2,442,571
				163,760,111
Engineering & Construction — 0.0%
Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)		3,745		3,797,542
Entertainment — 0.1%
Magallanes Inc.
3.64%, 03/15/25(f)		8,080		7,815,057
3.76%, 03/15/27 (Call 02/15/27)(f)		14,615		13,781,506
3.79%, 03/15/25 (Call 05/09/23)(f)		625		605,919
4.05%, 03/15/29 (Call 01/15/29)(f)		5,255		4,869,493
4.28%, 03/15/32 (Call 12/15/31)(f)		17,477		15,534,082
5.05%, 03/15/42 (Call 09/15/41)(f)		7,528		6,222,795
5.14%, 03/15/52 (Call 09/15/51)(f)		21,820		17,419,124
5.39%, 03/15/62 (Call 09/15/61)(f)		8,530		6,846,690
Warnermedia Holdings Inc., 6.41%, 03/15/26 (Call 03/15/24)		75		75,439
				73,170,105
Environmental Control — 0.1%
Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)		1,433		1,218,064
Republic Services Inc.
0.88%, 11/15/25 (Call 10/15/25)		1,525		1,386,683
1.45%, 02/15/31 (Call 11/15/30)		3,938		3,157,488
1.75%, 02/15/32 (Call 11/15/31)		1,635		1,321,178
2.30%, 03/01/30 (Call 12/01/29)		2,205		1,925,230
2.38%, 03/15/33 (Call 12/15/32)(b)		2,900		2,417,527
2.50%, 08/15/24 (Call 07/15/24)		3,948		3,825,691
2.90%, 07/01/26 (Call 04/01/26)		1,604		1,531,371
3.05%, 03/01/50 (Call 09/01/49)		2,085		1,516,421
3.20%, 03/15/25 (Call 12/15/24)		2,830		2,752,854
3.38%, 11/15/27 (Call 08/15/27)		2,835		2,728,744
3.95%, 05/15/28 (Call 02/15/28)		3,616		3,542,559
4.88%, 04/01/29 (Call 03/01/29)		475		484,894
5.00%, 04/01/34 (Call 01/01/34)		730		746,841
5.70%, 05/15/41 (Call 11/15/40)		181		195,630
6.20%, 03/01/40		435		484,634
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		2,658		2,191,149
2.60%, 02/01/30 (Call 11/01/29)		2,682		2,366,677
2.95%, 01/15/52 (Call 07/15/51)		2,685		1,854,288
3.05%, 04/01/50 (Call 10/01/49)		1,391		970,320
3.20%, 06/01/32 (Call 03/01/32)		2,080		1,852,906
3.50%, 05/01/29 (Call 02/01/29)		2,076		1,946,956
4.20%, 01/15/33 (Call 10/15/32)		2,980		2,861,694
4.25%, 12/01/28 (Call 09/01/28)		2,517		2,481,410

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Environmental Control (continued)
Waste Management Inc.
0.75%, 11/15/25 (Call 10/15/25)	$	1,483	$	1,347,157
1.15%, 03/15/28 (Call 01/15/28)		1,590		1,372,106
1.50%, 03/15/31 (Call 12/15/30)		1,488		1,205,771
2.00%, 06/01/29 (Call 04/01/29)		1,615		1,415,838
2.50%, 11/15/50 (Call 05/15/50)		1,082		706,524
2.95%, 06/01/41 (Call 12/01/40)		3,675		2,819,166
3.13%, 03/01/25 (Call 12/01/24)		726		707,552
3.15%, 11/15/27 (Call 08/15/27)		3,778		3,614,790
4.10%, 03/01/45 (Call 09/01/44)		180		160,492
4.15%, 04/15/32 (Call 01/15/32)		1,040		1,019,907
4.15%, 07/15/49 (Call 01/15/49)		2,947		2,666,564
4.63%, 02/15/30 (Call 12/15/29)		2,890		2,928,899
4.63%, 02/15/33 (Call 11/15/32)		5,315		5,378,408
				71,104,383
Food — 0.4%
Ahold Finance USA LLC, 6.88%, 05/01/29		1,566		1,715,678
Campbell Soup Co.
2.38%, 04/24/30 (Call 01/24/30)		2,748		2,363,527
3.13%, 04/24/50 (Call 10/24/49)		1,800		1,279,188
3.30%, 03/19/25 (Call 12/19/24)		1,684		1,636,646
3.95%, 03/15/25 (Call 01/15/25)		4,097		4,026,695
4.15%, 03/15/28 (Call 12/15/27)		3,697		3,639,881
4.80%, 03/15/48 (Call 09/15/47)		2,640		2,465,311
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		2,118		1,826,309
4.30%, 05/01/24 (Call 04/01/24)		4,250		4,209,965
4.60%, 11/01/25 (Call 09/01/25)		3,321		3,298,650
4.85%, 11/01/28 (Call 08/01/28)		3,520		3,515,565
5.30%, 11/01/38 (Call 05/01/38)		4,196		4,144,012
5.40%, 11/01/48 (Call 05/01/48)		3,548		3,445,818
7.00%, 10/01/28		2,529		2,777,550
8.25%, 09/15/30		2,055		2,410,988
Flowers Foods Inc.
2.40%, 03/15/31 (Call 12/15/30)		1,730		1,445,415
3.50%, 10/01/26 (Call 07/01/26)		1,572		1,507,611
General Mills Inc.
2.25%, 10/14/31 (Call 07/14/31)		2,287		1,922,704
2.88%, 04/15/30 (Call 01/15/30)		3,364		3,056,766
3.00%, 02/01/51 (Call 08/01/50)		2,554		1,857,371
3.20%, 02/10/27 (Call 11/10/26)		3,052		2,944,661
4.00%, 04/17/25 (Call 02/17/25)		5,157		5,094,291
4.20%, 04/17/28 (Call 01/17/28)		6,753		6,716,804
4.70%, 04/17/48 (Call 10/17/47)		10		9,555
4.95%, 03/29/33 (Call 12/29/32)		1,940		1,976,744
5.24%, 11/18/25 (Call 11/18/23)		370		370,366
5.40%, 06/15/40		827		850,131
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)		1,546		1,437,208
1.70%, 06/01/30 (Call 03/01/30)		1,222		1,024,464
2.05%, 11/15/24 (Call 10/15/24)		1,280		1,236,634
2.30%, 08/15/26 (Call 05/15/26)		4,107		3,907,235
2.45%, 11/15/29 (Call 08/15/29)		1,713		1,538,976
2.65%, 06/01/50 (Call 12/01/49)		620		433,151
3.13%, 11/15/49 (Call 05/15/49)		1,894		1,443,323
3.20%, 08/21/25 (Call 05/21/25)		878		852,169
3.38%, 08/15/46 (Call 02/15/46)		535		423,779
Hormel Foods Corp.
0.65%, 06/03/24 (Call 05/30/23)		307		293,458
1.70%, 06/03/28 (Call 04/03/28)		5,055		4,503,904

Security	Par (000)		Value
Food (continued)
1.80%, 06/11/30 (Call 03/11/30)	$	862	$	727,649
3.05%, 06/03/51 (Call 12/03/50)		3,135		2,295,478
Ingredion Inc.
2.90%, 06/01/30 (Call 03/01/30)		1,314		1,155,348
3.20%, 10/01/26 (Call 07/01/26)		3,010		2,865,640
3.90%, 06/01/50 (Call 12/01/49)		2,160		1,627,970
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)(f)		265		235,813
3.00%, 02/02/29 (Call 12/02/28)(f)		165		141,603
3.00%, 05/15/32 (Call 02/15/32)(f)		1,511		1,195,805
3.63%, 01/15/32 (Call 01/15/27)(f)		735		608,455
3.75%, 12/01/31 (Call 12/01/26)(f)		525		437,934
4.38%, 02/02/52 (Call 08/02/51)(f)		1,330		937,796
5.13%, 02/01/28 (Call 01/01/28)(f)		6,475		6,315,715
5.50%, 01/15/30 (Call 01/15/25)(f)		535		511,235
5.75%, 04/01/33 (Call 01/01/33)(f)		5,840		5,603,071
6.50%, 12/01/52 (Call 06/01/52)(f)		6,149		5,830,605
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		2,250		1,843,875
2.38%, 03/15/30 (Call 12/15/29)		2,300		1,992,927
2.75%, 09/15/41 (Call 03/15/41)		1,080		783,810
3.38%, 12/15/27 (Call 09/15/27)		2,985		2,849,332
3.50%, 03/15/25		5,650		5,516,434
3.55%, 03/15/50 (Call 09/15/49)		1,583		1,188,026
4.25%, 03/15/35		2,612		2,456,481
4.38%, 03/15/45		1,886		1,674,711
Kellogg Co.
2.10%, 06/01/30 (Call 03/01/30)		915		770,174
3.25%, 04/01/26		3,511		3,387,272
3.40%, 11/15/27 (Call 08/15/27)		2,131		2,036,426
4.30%, 05/15/28 (Call 02/15/28)		2,949		2,930,923
4.50%, 04/01/46		1,924		1,778,873
5.25%, 03/01/33 (Call 12/01/32)		1,500		1,543,725
Series B, 7.45%, 04/01/31		3,717		4,298,525
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		1,565		1,638,070
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		6,930		6,636,653
3.75%, 04/01/30 (Call 01/01/30)		2,740		2,600,863
3.88%, 05/15/27 (Call 02/15/27)		5,400		5,277,420
4.25%, 03/01/31 (Call 12/01/30)		1,712		1,669,080
4.38%, 06/01/46 (Call 12/01/45)		9,210		8,038,948
4.63%, 01/30/29 (Call 10/30/28)		1,965		1,992,097
4.63%, 10/01/39 (Call 04/01/39)		1,920		1,764,672
4.88%, 10/01/49 (Call 04/01/49)		3,930		3,636,861
5.00%, 07/15/35 (Call 01/15/35)		3,115		3,129,827
5.00%, 06/04/42		5,116		4,907,369
5.20%, 07/15/45 (Call 01/15/45)		6,565		6,361,091
5.50%, 06/01/50 (Call 12/01/49)		3,140		3,164,398
6.50%, 02/09/40		2,670		2,932,488
6.75%, 03/15/32		1,160		1,302,251
6.88%, 01/26/39		3,360		3,840,480
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)		2,160		1,734,437
2.20%, 05/01/30 (Call 02/01/30)		3,233		2,725,581
2.65%, 10/15/26 (Call 07/15/26)		3,372		3,192,879
3.50%, 02/01/26 (Call 11/01/25)		4,071		3,971,545
3.70%, 08/01/27 (Call 05/01/27)		3,310		3,215,632
3.88%, 10/15/46 (Call 04/15/46)		2,086		1,649,588
3.95%, 01/15/50 (Call 07/15/49)		2,861		2,338,724

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
4.45%, 02/01/47 (Call 08/01/46)	$	2,386	$	2,119,412
4.50%, 01/15/29 (Call 10/15/28)		2,681		2,682,046
4.65%, 01/15/48 (Call 07/15/47)		1,994		1,789,774
5.00%, 04/15/42 (Call 10/15/41)		1,366		1,283,084
5.15%, 08/01/43 (Call 02/01/43)		1,720		1,634,757
5.40%, 07/15/40 (Call 01/15/40)		1,323		1,302,163
5.40%, 01/15/49 (Call 07/15/48)		2,207		2,186,850
6.90%, 04/15/38		1,570		1,802,862
7.50%, 04/01/31		1,178		1,379,697
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		3,005		2,712,223
1.85%, 02/15/31 (Call 11/15/30)		2,333		1,900,485
2.50%, 04/15/30 (Call 01/15/30)		2,670		2,312,781
3.15%, 08/15/24 (Call 06/15/24)		3,442		3,355,124
3.40%, 08/15/27 (Call 05/15/27)		4,480		4,270,829
4.20%, 08/15/47 (Call 02/15/47)		1,430		1,220,734
4.95%, 04/15/33 (Call 01/15/33)		1,455		1,455,888
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		4,388		4,113,487
1.50%, 02/04/31 (Call 11/04/30)		2,731		2,176,935
1.88%, 10/15/32 (Call 07/15/32)		2,129		1,702,519
2.63%, 03/17/27 (Call 01/17/27)		1,140		1,067,895
2.63%, 09/04/50 (Call 03/04/50)		3,910		2,602,027
2.75%, 04/13/30 (Call 01/13/30)		2,346		2,083,154
3.00%, 03/17/32 (Call 12/17/31)		225		198,866
4.13%, 05/07/28 (Call 02/07/28)		800		788,984
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		1,345		1,084,245
4.25%, 04/15/31 (Call 04/15/26)		1,980		1,726,362
6.25%, 07/01/33 (Call 04/01/33)		1,990		1,965,404
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		3,244		2,826,303
2.45%, 12/14/31 (Call 09/14/31)		1,460		1,224,867
3.15%, 12/14/51 (Call 06/14/51)		3,480		2,421,106
3.25%, 07/15/27 (Call 04/15/27)		3,471		3,307,620
3.30%, 07/15/26 (Call 04/15/26)		3,785		3,654,910
3.30%, 02/15/50 (Call 08/15/49)		1,949		1,420,743
3.75%, 10/01/25 (Call 07/01/25)		4,135		4,044,692
4.45%, 03/15/48 (Call 09/15/47)		1,943		1,688,525
4.50%, 04/01/46 (Call 10/01/45)		855		748,253
4.85%, 10/01/45 (Call 04/01/45)		2,345		2,145,886
5.38%, 09/21/35		1,904		1,964,338
5.95%, 04/01/30 (Call 01/01/30)		2,163		2,310,755
6.60%, 04/01/40 (Call 10/01/39)		770		852,375
6.60%, 04/01/50 (Call 10/01/49)		4,732		5,429,449
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		5,273		5,058,283
3.95%, 08/15/24 (Call 05/15/24)		4,721		4,655,614
4.00%, 03/01/26 (Call 01/01/26)		4,151		4,072,629
4.35%, 03/01/29 (Call 12/01/28)		5,144		5,030,060
4.55%, 06/02/47 (Call 12/02/46)		2,011		1,746,413
4.88%, 08/15/34 (Call 02/15/34)		2,936		2,931,332
5.10%, 09/28/48 (Call 03/28/48)		5,285		4,986,397
5.15%, 08/15/44 (Call 02/15/44)		2,541		2,424,444
Walmart Inc., 3.90%, 09/09/25		4,005		3,981,210
				352,709,879
Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA
3.88%, 11/02/27 (Call 08/02/27)		2,318		2,167,631
4.50%, 08/01/24 (Call 05/01/24)		2,214		2,185,949

Security	Par (000)		Value
Forest Products & Paper (continued)
5.50%, 11/02/47 (Call 05/02/47)	$	1,440	$	1,290,830
Fibria Overseas Finance Ltd.
4.00%, 01/14/25 (Call 11/14/24)		660		643,619
5.50%, 01/17/27		3,019		3,034,759
Georgia-Pacific LLC
7.75%, 11/15/29		1,933		2,269,671
8.88%, 05/15/31		2,620		3,298,999
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		856		739,789
4.40%, 08/15/47 (Call 02/15/47)		3,288		2,841,851
4.80%, 06/15/44 (Call 12/15/43)		4,140		3,790,460
5.00%, 09/15/35 (Call 03/15/35)		825		809,300
5.15%, 05/15/46 (Call 11/15/45)		300		285,690
6.00%, 11/15/41 (Call 05/15/41)		2,831		2,962,443
7.30%, 11/15/39(b)		25		28,846
Suzano Austria GmbH
2.50%, 09/15/28 (Call 07/15/28)		1,820		1,536,644
3.13%, 01/15/32 (Call 10/15/31)		867		689,300
3.75%, 01/15/31 (Call 10/15/30)		1,176		997,260
5.00%, 01/15/30 (Call 10/15/29)		3,771		3,524,000
6.00%, 01/15/29 (Call 10/15/28)		6,212		6,180,381
				39,277,422
Gas — 0.2%
Atmos Energy Corp.
1.50%, 01/15/31 (Call 10/15/30)		2,180		1,756,470
2.63%, 09/15/29 (Call 06/15/29)		1,240		1,125,337
2.85%, 02/15/52 (Call 08/15/51)		650		445,412
3.00%, 06/15/27 (Call 03/15/27)		2,345		2,225,264
3.38%, 09/15/49 (Call 03/15/49)		2,797		2,140,796
4.13%, 10/15/44 (Call 04/15/44)		1,771		1,548,739
4.13%, 03/15/49 (Call 09/15/48)		2,789		2,404,369
4.15%, 01/15/43 (Call 07/15/42)		2,574		2,293,280
4.30%, 10/01/48 (Call 04/01/48)		1,668		1,492,493
5.45%, 10/15/32 (Call 07/15/32)		40		42,384
5.50%, 06/15/41 (Call 12/15/40)		1,916		1,967,215
5.75%, 10/15/52 (Call 04/15/52)		1,600		1,751,952
CenterPoint Energy Resources Corp.
1.75%, 10/01/30 (Call 07/01/30)		2,660		2,184,259
4.00%, 04/01/28 (Call 01/01/28)		2,104		2,070,168
4.10%, 09/01/47 (Call 03/01/47)		1,088		920,492
4.40%, 07/01/32 (Call 04/01/32)(b)		1,990		1,952,787
5.25%, 03/01/28 (Call 02/01/28)		3,050		3,163,917
5.40%, 03/01/33 (Call 12/01/32)		3,730		3,881,475
5.85%, 01/15/41 (Call 07/15/40)		1,048		1,099,593
Eastern Energy Gas Holdings LLC
3.60%, 12/15/24 (Call 09/15/24)		371		363,183
Series A, 2.50%, 11/15/24 (Call 10/15/24)		6,317		6,082,071
National Fuel Gas Co.
2.95%, 03/01/31 (Call 12/01/30)		1,560		1,265,129
3.95%, 09/15/27 (Call 06/15/27)		624		589,062
4.75%, 09/01/28 (Call 06/01/28)		1,878		1,810,336
5.20%, 07/15/25 (Call 04/15/25)		1,684		1,678,106
5.50%, 01/15/26 (Call 12/15/25)		1,817		1,821,488
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		5,183		4,757,113
1.70%, 02/15/31 (Call 11/15/30)		3,940		3,166,184
2.95%, 09/01/29 (Call 06/01/29)		2,134		1,921,390
3.49%, 05/15/27 (Call 02/15/27)		3,194		3,064,036
3.60%, 05/01/30 (Call 02/01/30)		4,099		3,808,176
3.95%, 03/30/48 (Call 09/30/47)		2,986		2,462,554

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
4.38%, 05/15/47 (Call 11/15/46)	$	2,256	$	1,992,161
4.80%, 02/15/44 (Call 08/15/43)		3,139		2,936,880
5.00%, 06/15/52 (Call 12/15/51)		1,655		1,572,730
5.25%, 03/30/28 (Call 02/29/28)		675		689,485
5.25%, 02/15/43 (Call 08/15/42)		1,265		1,261,218
5.65%, 02/01/45 (Call 08/01/44)		2,142		2,232,757
5.95%, 06/15/41 (Call 12/15/40)		1,675		1,758,147
ONE Gas Inc.
2.00%, 05/15/30 (Call 02/15/30)		517		439,114
4.25%, 09/01/32 (Call 06/01/32)		450		440,370
4.50%, 11/01/48 (Call 05/01/48)		1,860		1,652,089
4.66%, 02/01/44 (Call 08/01/43)		1,518		1,400,977
Piedmont Natural Gas Co. Inc.
2.50%, 03/15/31 (Call 12/15/30)		2,635		2,216,931
3.35%, 06/01/50 (Call 12/01/49)		2,640		1,872,737
3.50%, 06/01/29 (Call 03/01/29)		2,304		2,156,267
3.64%, 11/01/46 (Call 05/01/46)		1,112		827,183
4.65%, 08/01/43 (Call 02/01/43)		785		712,442
5.05%, 05/15/52 (Call 11/15/51)		1,208		1,136,656
Southern California Gas Co.
2.95%, 04/15/27 (Call 03/15/27)		3,775		3,575,038
3.15%, 09/15/24 (Call 06/15/24)		3,675		3,601,463
3.20%, 06/15/25 (Call 03/15/25)		1,866		1,810,076
3.75%, 09/15/42 (Call 03/15/42)		1,330		1,103,488
5.13%, 11/15/40		1,800		1,787,436
6.35%, 11/15/52 (Call 05/15/52)		2,610		3,037,701
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		3,132		2,976,747
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		1,779		1,488,294
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		1,840		1,617,470
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		857		693,373
Series XX, 2.55%, 02/01/30 (Call 11/01/29)		2,603		2,289,729
Southern Co. Gas Capital Corp.
3.25%, 06/15/26 (Call 03/15/26)		1,730		1,669,554
3.95%, 10/01/46 (Call 04/01/46)		2,298		1,825,141
4.40%, 06/01/43 (Call 12/01/42)		1,930		1,638,377
4.40%, 05/30/47 (Call 11/30/46)		1,953		1,659,542
5.15%, 09/15/32 (Call 03/15/32)		665		678,114
5.88%, 03/15/41 (Call 09/15/40)		2,140		2,246,272
Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		2,839		2,275,828
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		1,800		1,239,012
Southwest Gas Corp.
2.20%, 06/15/30 (Call 03/15/30)		1,468		1,218,734
3.18%, 08/15/51 (Call 02/15/51)		1,255		837,286
3.70%, 04/01/28 (Call 01/01/28)		1,833		1,740,782
3.80%, 09/29/46 (Call 03/29/46)		1,301		991,570
4.05%, 03/15/32 (Call 12/15/31)		2,747		2,544,876
4.15%, 06/01/49 (Call 12/01/48)		1,194		957,349
5.45%, 03/23/28 (Call 02/23/28)		565		574,328
5.80%, 12/01/27 (Call 11/01/27)		1,940		2,003,884
Spire Missouri Inc.
3.30%, 06/01/51 (Call 12/01/50)		310		224,207
4.80%, 02/15/33 (Call 11/15/32)		700		707,903
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		1,870		1,433,860
Series K, 3.80%, 09/15/46 (Call 03/15/46)		2,086		1,672,617
				144,673,425
Hand & Machine Tools — 0.0%
Kennametal Inc.
2.80%, 03/01/31 (Call 12/01/30)		1,365		1,129,565
4.63%, 06/15/28 (Call 03/15/28)		805		783,024

Security	Par (000)		Value
Hand & Machine Tools (continued)
Regal Rexnord Corp.
6.05%, 02/15/26(f)	$	1,805	$	1,830,559
6.05%, 04/15/28 (Call 03/15/28)(f)		2,870		2,896,088
6.30%, 02/15/30 (Call 12/15/29)(f)		910		925,425
6.40%, 04/15/33 (Call 01/15/33)(f)		1,935		1,971,397
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)		1,544		1,169,981
3.25%, 03/01/27 (Call 12/01/26)		1,775		1,709,076
4.10%, 03/01/48 (Call 09/01/47)		920		820,051
Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)(b)		2,192		1,861,315
Stanley Black & Decker Inc.
2.30%, 02/24/25 (Call 05/30/23)		155		148,002
2.30%, 03/15/30 (Call 12/15/29)		3,355		2,800,284
2.75%, 11/15/50 (Call 05/15/50)		2,645		1,594,512
3.40%, 03/01/26 (Call 01/01/26)		3,875		3,739,336
4.00%, 03/15/60 (Call 03/15/25), (5-year CMT + 2.657%)(a)		2,700		2,065,041
4.25%, 11/15/28 (Call 08/15/28)		1,776		1,725,331
4.85%, 11/15/48 (Call 05/15/48)(b)		1,732		1,498,440
5.20%, 09/01/40		1,883		1,753,600
6.00%, 03/06/28 (Call 02/06/28)		7,230		7,491,509
				37,912,536
Health Care - Products — 0.3%
Abbott Laboratories
1.15%, 01/30/28 (Call 11/30/27)		4,775		4,240,343
1.40%, 06/30/30 (Call 03/30/30)		3,743		3,125,218
2.95%, 03/15/25 (Call 12/15/24)		4,585		4,478,628
3.75%, 11/30/26 (Call 08/30/26)		6,207		6,185,834
3.88%, 09/15/25 (Call 06/15/25)		3,134		3,105,324
4.75%, 11/30/36 (Call 05/30/36)		6,388		6,621,354
4.75%, 04/15/43 (Call 10/15/42)		3,415		3,445,428
4.90%, 11/30/46 (Call 05/30/46)		8,997		9,260,072
5.30%, 05/27/40		3,445		3,698,311
6.00%, 04/01/39		1,200		1,381,092
6.15%, 11/30/37		2,205		2,548,098
Baxter International Inc.
1.32%, 11/29/24		826		777,621
1.73%, 04/01/31 (Call 01/01/31)		910		715,160
1.92%, 02/01/27 (Call 01/01/27)		6,073		5,458,838
2.27%, 12/01/28 (Call 10/01/28)		5,475		4,775,514
2.54%, 02/01/32 (Call 11/01/31)(b)		1,135		934,332
2.60%, 08/15/26 (Call 05/15/26)		3,672		3,432,218
3.13%, 12/01/51 (Call 06/01/51)(b)		3,345		2,203,418
3.50%, 08/15/46 (Call 02/15/46)		2,043		1,466,016
3.95%, 04/01/30 (Call 01/01/30)		4,545		4,265,664
Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)		3,475		3,293,918
2.65%, 06/01/30 (Call 03/01/30)		2,261		1,999,425
4.55%, 03/01/39 (Call 09/01/38)		1,763		1,660,834
4.70%, 03/01/49 (Call 09/01/48)		2,334		2,224,395
6.75%, 11/15/35		1,083		1,240,013
7.38%, 01/15/40		1,166		1,438,727
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		3,883		2,637,139
2.80%, 12/10/51 (Call 06/10/51)		4,005		2,788,481
3.35%, 09/15/25 (Call 06/15/25)		1,016		992,744
4.38%, 09/15/45 (Call 03/15/45)		1,838		1,711,601
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)		2,473		2,197,904

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
DH Europe Finance II Sarl
2.20%, 11/15/24 (Call 10/15/24)	$	3,649	$	3,508,258
2.60%, 11/15/29 (Call 08/15/29)		3,256		2,938,247
3.25%, 11/15/39 (Call 05/15/39)		3,777		3,158,025
3.40%, 11/15/49 (Call 05/15/49)		2,314		1,825,283
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		2,366		2,363,871
GE Healthcare Holding LLC
5.55%, 11/15/24(f)		5,745		5,771,829
5.60%, 11/15/25 (Call 10/15/25)(f)		6,325		6,406,656
5.65%, 11/15/27 (Call 10/15/27)(f)		7,190		7,424,106
5.86%, 03/15/30 (Call 01/15/30)(f)		2,215		2,326,503
5.91%, 11/22/32 (Call 08/22/32)(f)		730		781,261
6.38%, 11/22/52 (Call 05/22/52)(f)		4,073		4,568,888
Koninklijke Philips NV
5.00%, 03/15/42		2,037		1,923,621
6.88%, 03/11/38		2,945		3,409,279
Medtronic Global Holdings SCA
4.25%, 03/30/28 (Call 02/29/28)		1,570		1,575,385
4.50%, 03/30/33 (Call 12/30/32)		2,965		2,990,410
Medtronic Inc.
4.00%, 04/01/43 (Call 10/01/42)(b)		30		27,240
4.38%, 03/15/35		7,900		7,878,275
4.63%, 03/15/45		7,207		7,275,106
PerkinElmer Inc.
0.85%, 09/15/24 (Call 05/09/23)		1,602		1,507,867
1.90%, 09/15/28 (Call 07/15/28)		2,448		2,112,844
2.25%, 09/15/31 (Call 06/15/31)		2,295		1,863,058
2.55%, 03/15/31 (Call 12/15/30)		1,100		916,267
3.30%, 09/15/29 (Call 06/15/29)		2,191		1,986,426
3.63%, 03/15/51 (Call 09/15/50)		1,180		874,828
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		4,605		3,750,819
STERIS Irish FinCo UnLtd Co.
2.70%, 03/15/31 (Call 12/15/30)		3,026		2,541,780
3.75%, 03/15/51 (Call 09/15/50)		3,100		2,308,663
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)		1,283		1,190,598
1.95%, 06/15/30 (Call 03/15/30)		3,843		3,259,978
2.90%, 06/15/50 (Call 12/15/49)		2,141		1,525,227
3.38%, 05/15/24 (Call 02/15/24)		3,940		3,868,371
3.38%, 11/01/25 (Call 08/01/25)		2,923		2,829,844
3.50%, 03/15/26 (Call 12/15/25)		5,629		5,487,937
3.65%, 03/07/28 (Call 12/07/27)		3,672		3,550,310
4.10%, 04/01/43 (Call 10/01/42)		2,498		2,195,867
4.38%, 05/15/44 (Call 11/15/43)		2,478		2,252,626
4.63%, 03/15/46 (Call 09/15/45)		2,235		2,107,493
Thermo Fisher Scientific Inc.
1.22%, 10/18/24 (Call 05/09/23)		2,325		2,214,330
1.75%, 10/15/28 (Call 08/15/28)		3,480		3,091,736
2.00%, 10/15/31 (Call 07/15/31)		3,500		2,930,935
2.60%, 10/01/29 (Call 07/01/29)		3,589		3,261,683
2.80%, 10/15/41 (Call 04/15/41)		1,480		1,133,710
4.10%, 08/15/47 (Call 02/15/47)		3,114		2,831,436
4.80%, 11/21/27 (Call 10/21/27)		1,808		1,857,901
4.95%, 11/21/32 (Call 08/21/32)		1,855		1,932,261
5.30%, 02/01/44 (Call 08/01/43)		2,249		2,360,618
Zimmer Biomet Holdings Inc.
1.45%, 11/22/24 (Call 05/30/23)		2,060		1,949,584
2.60%, 11/24/31 (Call 08/24/31)		4,005		3,390,513
3.05%, 01/15/26 (Call 12/15/25)		2,743		2,628,672

Security	Par (000)		Value
Health Care - Products (continued)
3.55%, 04/01/25 (Call 01/01/25)	$	1,110	$	1,080,530
4.45%, 08/15/45 (Call 02/15/45)		2,674		2,326,888
5.75%, 11/30/39		428		435,965
				240,013,472
Health Care - Services — 0.8%
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)		1,209		818,239
Adventist Health System, 5.43%, 03/01/32 (Call 12/01/31)		395		398,812
Adventist Health System/West
2.95%, 03/01/29 (Call 12/01/28)		888		787,088
3.63%, 03/01/49 (Call 09/01/48)		1,896		1,423,706
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)		1,787		1,387,588
3.83%, 08/15/28 (Call 05/15/28)		1,186		1,152,401
4.27%, 08/15/48 (Call 02/15/48)		1,586		1,421,897
Series 2020, 2.21%, 06/15/30 (Call 03/15/30)		455		386,427
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)		1,622		1,179,178
Aetna Inc.
3.50%, 11/15/24 (Call 08/15/24)		5,255		5,132,138
3.88%, 08/15/47 (Call 02/15/47)		1,140		897,476
4.13%, 11/15/42 (Call 05/15/42)		4,076		3,468,472
4.50%, 05/15/42 (Call 11/15/41)		2,241		2,017,841
4.75%, 03/15/44 (Call 09/15/43)		1,894		1,734,336
6.63%, 06/15/36		2,871		3,202,141
6.75%, 12/15/37		2,838		3,164,994
AHS Hospital Corp.
5.02%, 07/01/45		770		774,220
Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		941		628,955
Allina Health System
2.90%, 11/15/51 (Call 05/15/51)		395		270,480
Series 2019, 3.89%, 04/15/49		2,528		2,138,056
Anthem Inc.
4.10%, 05/15/32 (Call 02/15/32)		2,088		2,005,545
4.55%, 05/15/52 (Call 11/15/51)		2,260		2,047,379
Ascension Health
3.95%, 11/15/46		3,555		3,104,546
4.85%, 11/15/53(b)		3,135		3,109,638
Series B, 2.53%, 11/15/29 (Call 08/15/29)		2,324		2,061,481
Series B, 3.11%, 11/15/39 (Call 05/15/39)		1,346		1,078,079
Banner Health
1.90%, 01/01/31 (Call 07/01/30)		1,163		966,116
2.34%, 01/01/30 (Call 10/01/29)		2,412		2,103,192
2.91%, 01/01/42 (Call 07/01/41)		185		139,200
2.91%, 01/01/51 (Call 07/01/50)		1,552		1,066,659
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		1,603		1,172,594
Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)		510		316,980
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		708		544,247
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		2,629		2,243,063
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		860		741,406
4.19%, 11/15/45 (Call 05/15/45)		1,358		1,216,700
Series 2021, 1.78%, 11/15/30 (Call 05/15/30)		1,131		925,509
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		4,895		3,401,389
Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)		730		491,472

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
BHSH System Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)	$	1,928	$	1,473,705
Bon Secours Mercy Health Inc.
3.46%, 06/01/30 (Call 12/01/29)		2,221		2,022,287
Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)		1,350		1,092,811
Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		1,740		1,288,279
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)		1,655		1,192,378
Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)(b)		1,150		975,315
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		3,035		2,647,795
2.50%, 03/01/31 (Call 12/01/30)		7,660		6,248,415
2.63%, 08/01/31 (Call 05/01/31)		3,090		2,526,260
3.00%, 10/15/30 (Call 07/15/30)		6,830		5,830,703
3.38%, 02/15/30 (Call 02/15/25)		2,390		2,110,752
4.25%, 12/15/27 (Call 12/15/23)		3,740		3,574,355
4.63%, 12/15/29 (Call 12/15/24)		7,285		6,885,855
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)		1,881		1,201,658
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)		1,723		1,530,024
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		505		336,133
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		1,658		1,524,846
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)		1,628		1,089,360
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)		1,136		754,804
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)		1,754		1,718,043
City of Hope
Series 2013, 5.62%, 11/15/43		1,090		1,105,260
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		1,497		1,279,501
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		1,505		1,406,799
CommonSpirit Health
1.55%, 10/01/25 (Call 07/01/25)		1,828		1,679,603
2.76%, 10/01/24 (Call 07/01/24)		264		256,220
2.78%, 10/01/30 (Call 04/01/30)		1,872		1,605,184
3.35%, 10/01/29 (Call 04/01/29)		3,045		2,750,701
3.82%, 10/01/49 (Call 04/01/49)		3,052		2,418,832
3.91%, 10/01/50 (Call 04/01/50)		1,304		1,030,995
4.19%, 10/01/49 (Call 04/01/49)		2,966		2,473,792
4.35%, 11/01/42		2,968		2,582,961
6.07%, 11/01/27 (Call 08/01/27)		1,756		1,826,416
6.46%, 11/01/52 (Call 05/01/52)		915		1,081,182
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		1,500		1,017,570
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		2,550		1,900,744
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		2,052		1,688,283
Dignity Health
4.50%, 11/01/42		1,030		911,179
5.27%, 11/01/64		1,330		1,266,173
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		1,761		1,519,479
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		3,440		3,165,488

Security	Par (000)		Value
Health Care - Services (continued)
2.25%, 05/15/30 (Call 02/15/30)	$	3,273	$	2,813,569
2.38%, 01/15/25 (Call 12/15/24)		2,885		2,774,476
2.55%, 03/15/31 (Call 12/15/30)		4,300		3,708,707
2.88%, 09/15/29 (Call 06/15/29)		3,252		2,970,930
3.13%, 05/15/50 (Call 11/15/49)		1,341		964,394
3.35%, 12/01/24 (Call 10/01/24)		5,954		5,813,962
3.50%, 08/15/24 (Call 05/15/24)		4,868		4,778,575
3.60%, 03/15/51 (Call 09/15/50)		5,418		4,223,060
3.65%, 12/01/27 (Call 09/01/27)		5,523		5,358,028
3.70%, 09/15/49 (Call 03/15/49)		4,287		3,393,461
4.10%, 03/01/28 (Call 12/01/27)		5,028		4,958,966
4.38%, 12/01/47 (Call 06/01/47)		5,288		4,696,008
4.55%, 03/01/48 (Call 09/01/47)		4,195		3,798,153
4.63%, 05/15/42		1,814		1,692,988
4.65%, 01/15/43		4,385		4,123,303
4.65%, 08/15/44 (Call 02/15/44)		1,967		1,816,485
4.75%, 02/15/33 (Call 11/15/32)		1,805		1,815,884
4.90%, 02/08/26 (Call 02/08/24)		300		299,403
5.10%, 01/15/44		3,873		3,773,115
5.13%, 02/15/53 (Call 08/15/52)		2,565		2,544,506
5.35%, 10/15/25 (Call 09/15/25)		2,690		2,727,176
5.50%, 10/15/32 (Call 07/15/32)		2,360		2,493,505
5.85%, 01/15/36		1,014		1,080,600
5.95%, 12/15/34		700		752,514
6.10%, 10/15/52 (Call 04/15/52)		2,115		2,355,793
6.38%, 06/15/37		1,425		1,597,054
Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)		205		158,387
Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)(b)		662		668,395
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		1,496		1,317,198
4.50%, 07/01/57 (Call 01/01/57)		1,635		1,479,462
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		2,001		1,446,083
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		1,942		1,326,658
Hartford HealthCare Corp., 3.45%, 07/01/54		2,065		1,511,972
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		4,515		3,685,324
3.13%, 03/15/27 (Call 02/15/27)(f)		3,190		2,995,123
3.38%, 03/15/29 (Call 01/15/29)(f)		1,457		1,327,910
3.50%, 09/01/30 (Call 03/01/30)		11,005		9,903,399
3.50%, 07/15/51 (Call 01/15/51)		5,690		3,965,987
3.63%, 03/15/32 (Call 12/15/31)(f)		5,247		4,644,644
4.13%, 06/15/29 (Call 03/15/29)		8,305		7,874,054
4.38%, 03/15/42 (Call 09/15/41)(f)		1,405		1,178,247
4.50%, 02/15/27 (Call 08/15/26)		5,823		5,721,796
4.63%, 03/15/52 (Call 09/15/51)(f)		5,185		4,298,572
5.13%, 06/15/39 (Call 12/15/38)		3,775		3,537,326
5.25%, 04/15/25		5,751		5,764,400
5.25%, 06/15/26 (Call 12/15/25)		7,190		7,210,060
5.25%, 06/15/49 (Call 12/15/48)		5,556		5,026,235
5.38%, 02/01/25		12,450		12,458,839
5.38%, 09/01/26 (Call 03/01/26)		5,053		5,090,847
5.50%, 06/15/47 (Call 12/15/46)		7,067		6,639,729
5.63%, 09/01/28 (Call 03/01/28)		6,597		6,735,405
5.88%, 02/15/26 (Call 08/15/25)		7,160		7,271,410
5.88%, 02/01/29 (Call 08/01/28)		4,895		5,046,549
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)		1,577		1,308,547

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)	$	4,755	$	4,216,544
2.15%, 02/03/32 (Call 11/03/31)		3,135		2,536,434
3.13%, 08/15/29 (Call 05/15/29)		2,467		2,238,210
3.70%, 03/23/29 (Call 02/23/29)		2,240		2,115,882
3.85%, 10/01/24 (Call 07/01/24)		3,834		3,773,346
3.95%, 03/15/27 (Call 12/15/26)		2,394		2,327,662
3.95%, 08/15/49 (Call 02/15/49)		1,782		1,461,988
4.50%, 04/01/25 (Call 03/01/25)		2,553		2,537,299
4.63%, 12/01/42 (Call 06/01/42)		1,670		1,521,320
4.80%, 03/15/47 (Call 09/14/46)		2,090		1,902,882
4.88%, 04/01/30 (Call 01/01/30)		2,169		2,177,850
4.95%, 10/01/44 (Call 04/01/44)		2,811		2,621,848
5.50%, 03/15/53 (Call 09/15/52)		150		153,018
5.70%, 03/13/26 (Call 03/13/24)		500		503,965
5.75%, 03/01/28 (Call 02/01/28)		761		793,396
5.88%, 03/01/33 (Call 12/01/32)		2,190		2,356,812
IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47)		335		292,981
Indiana University Health Inc. Obligated Group
3.97%, 11/01/48 (Call 05/01/48)		2,615		2,268,382
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		835		577,002
Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)		1,189		1,031,850
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		2,179		1,680,009
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		275		215,886
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		2,956		2,496,372
Kaiser Foundation Hospitals
3.15%, 05/01/27 (Call 02/01/27)		4,078		3,881,400
4.15%, 05/01/47 (Call 11/01/46)		6,067		5,486,449
4.88%, 04/01/42		2,482		2,459,439
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)		4,373		3,352,429
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		3,422		2,561,743
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		2,832		2,027,684
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		2,510		2,267,961
2.30%, 12/01/24 (Call 11/01/24)		2,195		2,101,405
2.70%, 06/01/31 (Call 03/01/31)		2,520		2,171,056
2.95%, 12/01/29 (Call 09/01/29)		2,252		2,035,177
3.25%, 09/01/24 (Call 07/01/24)		3,012		2,941,971
3.60%, 02/01/25 (Call 11/01/24)		4,144		4,043,425
3.60%, 09/01/27 (Call 06/01/27)		3,385		3,259,586
4.70%, 02/01/45 (Call 08/01/44)		3,148		2,852,277
Mass General Brigham Inc.
Series 2015, 4.12%, 07/01/55		199		171,466
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)		1,264		1,040,348
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		1,835		1,373,406
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)		2,326		1,668,137
Mayo Clinic
3.77%, 11/15/43		245		211,739
Series 2016, 4.13%, 11/15/52		3,256		2,938,931
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)		2,426		1,681,873
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)		2,137		1,936,186
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		1,742		1,337,839
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		1,568		1,200,445

Security	Par (000)		Value
Health Care - Services (continued)
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52	$	1,730	$	1,528,161
5.00%, 07/01/42		690		691,483
Series 2015, 4.20%, 07/01/55		2,084		1,830,127
Series 2020, 2.96%, 01/01/50 (Call 07/01/49)		781		555,658
Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)(b)		1,321		1,287,143
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		1,991		1,321,566
MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		1,988		1,414,005
Montefiore Obligated Group
4.29%, 09/01/50		1,216		760,596
Series 18-C, 5.24%, 11/01/48 (Call 05/01/48)		1,802		1,332,651
Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52		690		545,217
Mount Sinai Hospitals Group Inc.
Series 2017, 3.98%, 07/01/48		1,408		1,155,940
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)		2,045		1,602,073
Series 2020, 3.39%, 07/01/50 (Call 07/01/49)		1,626		1,145,354
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)		1,413		895,729
Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)		851		802,604
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)		1,079		749,786
2.61%, 08/01/60 (Call 02/01/60)		1,728		1,070,600
4.02%, 08/01/45		3,024		2,637,049
4.06%, 08/01/56		553		481,210
Series 2019, 3.95%, 08/01/2119 (Call 02/01/19)		1,835		1,373,993
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		2,600		2,012,218
3.98%, 11/01/46 (Call 11/01/45)		2,810		2,253,451
4.26%, 11/01/47 (Call 11/01/46)		1,730		1,452,871
Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(b)		380		250,264
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		961		757,153
3.17%, 11/01/51 (Call 05/01/51)		2,904		2,121,227
3.32%, 11/01/61 (Call 05/01/61)		1,376		963,984
NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)		1,260		810,167
Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)		2,015		1,516,026
OhioHealth Corp.
2.30%, 11/15/31 (Call 05/15/31)		1,604		1,342,099
2.83%, 11/15/41 (Call 05/15/41)		1,425		1,067,425
Series 2020, 3.04%, 11/15/50 (Call 05/15/50)		1,531		1,126,984
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)		1,493		1,082,410
4.09%, 10/01/48 (Call 04/01/48)		1,577		1,322,283
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		1,597		1,481,665
Series 2020, 1.38%, 11/15/25 (Call 08/15/25)		1,787		1,627,117
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		1,943		1,375,178
Piedmont Healthcare Inc.
2.04%, 01/01/32 (Call 07/01/31)		917		738,818
2.86%, 01/01/52 (Call 07/01/51)		1,496		1,014,677
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		1,381		967,915

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)	$	1,205	$	1,195,854
Providence St Joseph Health Obligated Group 5.40%, 10/01/33 (Call 04/01/33)		1,000		1,003,210
Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		3,187		2,726,510
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		2,195		1,351,264
Series A, 3.93%, 10/01/48 (Call 04/01/48)		2,090		1,650,849
Series H, 2.75%, 10/01/26 (Call 07/01/26)		1,077		1,005,498
Series I, 3.74%, 10/01/47		1,508		1,162,427
Queen’s Health Systems (The), 4.81%, 07/01/52
(Call 01/01/52)		1,006		981,584
Quest Diagnostics Inc. 2.80%, 06/30/31 (Call 03/30/31)		2,411		2,108,757
2.95%, 06/30/30 (Call 03/30/30)		2,937		2,632,316
3.45%, 06/01/26 (Call 03/01/26)		3,477		3,364,623
3.50%, 03/30/25 (Call 12/30/24)		1,353		1,317,457
4.20%, 06/30/29 (Call 03/30/29)		2,603		2,572,415
4.70%, 03/30/45 (Call 09/30/44)		886		803,434
Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)		960		700,963
Rush Obligated Group, Series 2020, 3.92%, 11/15/29
(Call 08/15/29)		673		633,966
RWJ Barnabas Health Inc. 3.48%, 07/01/49 (Call 01/01/49)		1,079		839,904
3.95%, 07/01/46 (Call 07/01/45)		2,263		1,898,906
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		1,790		1,221,496
Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)		1,249		873,613
Sharp HealthCare, Series 20B, 2.68%, 08/01/50
(Call 08/01/49)		936		618,930
SSM Health Care Corp. 4.89%, 06/01/28		2,000		2,009,220
Series A, 3.82%, 06/01/27 (Call 03/01/27)		75		72,311
Stanford Health Care 3.03%, 08/15/51 (Call 02/15/51)		1,835		1,330,210
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		2,181		1,829,008
Series 2020, 3.31%, 08/15/30 (Call 05/15/30)		680		624,050
Summa Health, 3.51%, 11/15/51 (Call 05/15/51)		1,595		1,153,121
Sutter Health
Series 2018, 3.70%, 08/15/28 (Call 05/15/28)		2,054		1,953,909
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		2,161		1,791,080
Series 20A, 1.32%, 08/15/25 (Call 05/15/25)		1,109		1,020,369
Series 20A, 2.29%, 08/15/30 (Call 02/15/30)		1,489		1,258,488
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		857		657,850
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		2,014		1,465,125
Texas Health Resources 2.33%, 11/15/50 (Call 05/15/50)		2,192		1,319,979
4.33%, 11/15/55		729		644,494
Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)		1,960		1,918,076
Trinity Health Corp. 4.13%, 12/01/45		1,166		1,039,046
Series 2019, 3.43%, 12/01/48(b)		1,800		1,440,162
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		996		729,540
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)		490		492,327
UnitedHealth Group Inc. 3.70%, 05/15/27 (Call 04/15/27)		3,080		3,020,587
0.55%, 05/15/24 (Call 05/09/23)		710		679,349
1.15%, 05/15/26 (Call 04/15/26)		3,225		2,956,744
1.25%, 01/15/26		2,503		2,312,997

Security	Par (000)		Value
Health Care - Services (continued)
2.00%, 05/15/30	$	4,975	$	4,274,221
2.30%, 05/15/31 (Call 02/15/31)		4,790		4,147,900
2.38%, 08/15/24		4,706		4,566,232
2.75%, 05/15/40 (Call 11/15/39)		4,621		3,529,427
2.88%, 08/15/29		3,869		3,571,358
2.90%, 05/15/50 (Call 11/15/49)		4,613		3,305,906
2.95%, 10/15/27		3,214		3,056,964
3.05%, 05/15/41 (Call 11/15/40)		4,102		3,257,767
3.10%, 03/15/26		3,617		3,511,456
3.13%, 05/15/60 (Call 11/15/59)		2,029		1,443,938
3.25%, 05/15/51 (Call 11/15/50)		4,850		3,672,614
3.38%, 04/15/27		3,033		2,944,254
3.45%, 01/15/27		3,558		3,466,880
3.50%, 08/15/39 (Call 02/15/39)		4,344		3,728,846
3.70%, 12/15/25		2,184		2,142,089
3.70%, 08/15/49 (Call 02/15/49)		4,002		3,294,687
3.75%, 07/15/25		8,214		8,103,932
3.75%, 10/15/47 (Call 04/15/47)		3,781		3,159,971
3.85%, 06/15/28		4,431		4,357,002
3.88%, 12/15/28		2,887		2,831,685
3.88%, 08/15/59 (Call 02/15/59)		3,255		2,639,903
3.95%, 10/15/42 (Call 04/15/42)		2,590		2,279,304
4.00%, 05/15/29 (Call 03/15/29)		3,460		3,401,042
4.20%, 05/15/32 (Call 02/15/32)		5,375		5,270,510
4.20%, 01/15/47 (Call 07/15/46)		3,654		3,250,233
4.25%, 01/15/29 (Call 12/15/28)		5,345		5,337,731
4.25%, 03/15/43 (Call 09/15/42)		1,786		1,669,856
4.25%, 04/15/47 (Call 10/15/46)		2,794		2,525,273
4.25%, 06/15/48 (Call 12/15/47)		5,308		4,811,065
4.38%, 03/15/42 (Call 09/15/41)		2,049		1,910,795
4.45%, 12/15/48 (Call 06/15/48)		3,906		3,629,260
4.50%, 04/15/33 (Call 01/15/33)		5,190		5,199,965
4.63%, 07/15/35		5,016		5,063,953
4.63%, 11/15/41 (Call 05/15/41)		3,001		2,901,667
4.75%, 07/15/45		7,800		7,605,000
4.75%, 05/15/52 (Call 11/15/51)		6,825		6,625,505
4.95%, 05/15/62 (Call 11/15/61)		4,525		4,433,685
5.00%, 10/15/24		3,005		3,021,708
5.05%, 04/15/53 (Call 10/15/52)		5,355		5,434,308
5.15%, 10/15/25		1,315		1,340,642
5.20%, 04/15/63 (Call 10/15/62)		3,855		3,926,780
5.25%, 02/15/28 (Call 01/15/28)		2,415		2,522,274
5.30%, 02/15/30 (Call 12/15/29)		3,100		3,270,872
5.35%, 02/15/33 (Call 11/15/32)		4,600		4,904,612
5.70%, 10/15/40 (Call 04/15/40)		1,869		2,027,155
5.80%, 03/15/36		1,945		2,142,028
5.88%, 02/15/53 (Call 08/15/52)		6,470		7,303,207
5.95%, 02/15/41 (Call 08/15/40)		2,000		2,209,160
6.05%, 02/15/63 (Call 08/15/62)		2,620		3,017,009
6.50%, 06/15/37		2,768		3,212,596
6.63%, 11/15/37		3,298		3,877,986
6.88%, 02/15/38		4,516		5,486,353
Universal Health Services Inc. 1.65%, 09/01/26 (Call 08/01/26)		3,840		3,394,637
2.65%, 10/15/30 (Call 07/15/30)		3,148		2,619,577
2.65%, 01/15/32 (Call 10/15/31)		2,475		2,008,561
UPMC 5.04%, 05/15/33 (Call 02/15/33)		5		4,972
Series D-1, 3.60%, 04/03/25		405		395,393
WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)		652		470,222

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
West Virginia United Health System Obligated Group,
Series 2020, 3.13%, 06/01/50 (Call 12/01/49)	$	753	$	509,480
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		2,178		1,971,852
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(b)		990		646,777
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		2,521		1,600,003
				752,917,198
Holding Companies - Diversified — 0.1%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		2,280		1,983,874
2.88%, 06/15/27 (Call 05/15/27)(b)		1,270		1,109,967
2.88%, 06/15/28 (Call 04/15/28)		4,595		3,857,732
3.20%, 11/15/31 (Call 08/15/31)		2,405		1,855,001
3.25%, 07/15/25 (Call 06/15/25)		4,103		3,802,537
3.88%, 01/15/26 (Call 12/15/25)		1,861		1,734,471
4.20%, 06/10/24 (Call 05/10/24)		3,396		3,312,526
4.25%, 03/01/25 (Call 01/01/25)		2,542		2,429,211
Bain Capital Specialty Finance Inc.
2.55%, 10/13/26 (Call 09/13/26)		1,920		1,644,595
2.95%, 03/10/26 (Call 02/10/26)		2,065		1,837,375
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/23/26)		785		698,823
Blackstone Private Credit Fund
1.75%, 09/15/24(b)		1,475		1,376,308
2.35%, 11/22/24		689		643,078
2.63%, 12/15/26 (Call 11/15/26)		2,625		2,232,116
2.70%, 01/15/25 (Call 11/15/24)		1,885		1,753,992
3.25%, 03/15/27 (Call 02/15/27)		6,425		5,536,487
4.00%, 01/15/29 (Call 11/15/28)		2,345		1,977,327
4.70%, 03/24/25		3,329		3,208,324
7.05%, 09/29/25(f)		2,960		2,965,979
Blackstone Secured Lending Fund
2.13%, 02/15/27 (Call 01/15/27)		1,214		1,024,859
2.75%, 09/16/26 (Call 08/16/26)		1,570		1,374,017
2.85%, 09/30/28 (Call 07/30/28)		2,275		1,871,938
3.63%, 01/15/26 (Call 12/15/25)		1,062		976,477
FS KKR Capital Corp.
1.65%, 10/12/24		2,517		2,331,774
2.63%, 01/15/27 (Call 12/15/26)		2,845		2,429,488
3.13%, 10/12/28 (Call 08/12/28)		3,060		2,542,064
3.25%, 07/15/27 (Call 06/15/27)		2,090		1,805,426
3.40%, 01/15/26 (Call 12/15/25)		1,505		1,371,762
4.13%, 02/01/25 (Call 01/01/25)(b)		1,148		1,089,073
4.63%, 07/15/24 (Call 06/15/24)		1,659		1,612,913
Goldman Sachs BDC Inc.
2.88%, 01/15/26 (Call 12/15/25)		1,105		1,010,766
3.75%, 02/10/25 (Call 01/10/25)(b)		1,616		1,549,518
Golub Capital BDC Inc.
2.05%, 02/15/27 (Call 01/15/27)		3,158		2,618,140
2.50%, 08/24/26 (Call 07/24/26)		1,785		1,543,936
Main Street Capital Corp. 3.00%, 07/14/26 (Call 06/14/26)		2,370		2,082,709
5.20%, 05/01/24		1,909		1,876,471
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)		355		332,891
Oaktree Specialty Lending Corp.
2.70%, 01/15/27 (Call 12/15/26)		3,293		2,847,688
3.50%, 02/25/25 (Call 01/25/25)		931		889,850
Owl Rock Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		2,972		2,530,153

Security	Par (000)		Value		��
Holding Companies - Diversified (continued)
2.88%, 06/11/28 (Call 04/11/28)	$	3,370	$	2,763,939
3.40%, 07/15/26 (Call 06/15/26)		1,560		1,395,794
3.75%, 07/22/25 (Call 06/22/25)		2,391		2,210,886
4.00%, 03/30/25 (Call 02/28/25)		1,502		1,417,122
4.25%, 01/15/26 (Call 12/15/25)		2,255		2,101,773
Owl Rock Capital Corp. III, 3.13%, 04/13/27
(Call 03/13/27)		3,140		2,682,596
Owl Rock Core Income Corp. 3.13%, 09/23/26 (Call 08/23/26)		1,600		1,380,560
4.70%, 02/08/27 (Call 01/08/27)		1,335		1,217,346
5.50%, 03/21/25		360		349,988
7.75%, 09/16/27 (Call 08/16/27)(f)		330		331,386
Owl Rock Technology Finance Corp., 2.50%, 01/15/27
(Call 12/15/26)		1,175		990,560
Prospect Capital Corp. 3.36%, 11/15/26 (Call 10/15/26)		2,170		1,834,692
3.44%, 10/15/28 (Call 08/15/28)		2,050		1,593,608
3.71%, 01/22/26 (Call 12/22/25)		2,189		1,946,568
Sixth Street Specialty Lending Inc. 2.50%, 08/01/26 (Call 07/01/26)		530		468,525
3.88%, 11/01/24 (Call 10/01/24)		1,339		1,284,878
				103,641,857
Home Builders — 0.1%
DR Horton Inc. 1.30%, 10/15/26 (Call 09/15/26)		4,260		3,814,532
1.40%, 10/15/27 (Call 08/15/27)(b)		1,359		1,186,108
2.50%, 10/15/24 (Call 09/15/24)		3,029		2,918,017
2.60%, 10/15/25 (Call 09/15/25)		936		882,152
Lennar Corp. 4.75%, 05/30/25 (Call 02/28/25)		2,600		2,580,864
4.75%, 11/29/27 (Call 05/29/27)		4,283		4,242,097
5.00%, 06/15/27 (Call 12/15/26)		2,058		2,056,765
5.25%, 06/01/26 (Call 12/01/25)		2,241		2,254,401
5.88%, 11/15/24 (Call 05/15/24)		2,044		2,054,322
MDC Holdings Inc. 2.50%, 01/15/31 (Call 07/15/30)		2,087		1,640,069
3.85%, 01/15/30 (Call 07/15/29)		1,876		1,649,736
3.97%, 08/06/61 (Call 02/06/61)		1,250		758,888
6.00%, 01/15/43 (Call 10/15/42)		2,652		2,342,724
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		858		770,527
PulteGroup Inc. 5.00%, 01/15/27 (Call 10/15/26)		2,235		2,236,140
5.50%, 03/01/26 (Call 12/01/25)		1,425		1,439,008
6.00%, 02/15/35		1,423		1,471,169
6.38%, 05/15/33		1,786		1,895,392
7.88%, 06/15/32(b)		469		544,298
Toll Brothers Finance Corp. 3.80%, 11/01/29 (Call 08/01/29)(b)		2,410		2,186,569
4.35%, 02/15/28 (Call 11/15/27)		2,270		2,176,181
4.88%, 11/15/25 (Call 08/15/25)		2,712		2,689,219
4.88%, 03/15/27 (Call 12/15/26)		2,740		2,683,227
				46,472,405
Home Furnishings — 0.0%
Harman International Industries Inc., 4.15%, 05/15/25
(Call 02/15/25)		2,376		2,337,295
Leggett & Platt Inc. 3.50%, 11/15/27 (Call 08/15/27)		3,297		3,099,905
3.50%, 11/15/51 (Call 05/15/51)		2,335		1,748,331
3.80%, 11/15/24 (Call 08/15/24)		1,748		1,710,033

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Furnishings (continued)
4.40%, 03/15/29 (Call 12/15/28)	$	2,077	$	2,022,105
Whirlpool Corp. 2.40%, 05/15/31 (Call 02/15/31)		1,675		1,380,552
3.70%, 05/01/25		1,926		1,888,289
4.50%, 06/01/46 (Call 12/01/45)		2,128		1,754,451
4.60%, 05/15/50 (Call 11/15/49)(b)		2,110		1,769,340
4.70%, 05/14/32 (Call 02/14/32)		1,279		1,234,133
4.75%, 02/26/29 (Call 11/26/28)		3,381		3,376,808
5.50%, 03/01/33 (Call 12/01/32)		1,660		1,683,572
				24,004,814
Household Products & Wares — 0.1%
Avery Dennison Corp. 0.85%, 08/15/24 (Call 05/30/23)		377		356,872
2.25%, 02/15/32 (Call 11/15/31)		2,570		2,066,588
2.65%, 04/30/30 (Call 01/30/30)		1,512		1,295,104
4.88%, 12/06/28 (Call 09/06/28)		3,646		3,656,464
5.75%, 03/15/33 (Call 12/15/32)		2,600		2,730,312
Church & Dwight Co. Inc. 2.30%, 12/15/31 (Call 09/15/31)		1,594		1,343,758
3.15%, 08/01/27 (Call 05/01/27)		3,331		3,215,914
3.95%, 08/01/47 (Call 02/01/47)		1,894		1,588,914
5.00%, 06/15/52 (Call 12/15/51)		2,020		2,022,889
5.60%, 11/15/32 (Call 08/15/32)		2,850		3,062,325
Clorox Co. (The) 1.80%, 05/15/30 (Call 02/15/30)		2,144		1,782,736
3.10%, 10/01/27 (Call 07/01/27)		2,868		2,732,344
3.90%, 05/15/28 (Call 02/15/28)		2,443		2,390,207
4.40%, 05/01/29 (Call 03/01/29)		1,910		1,899,552
4.60%, 05/01/32 (Call 02/01/32)		2,849		2,854,670
Kimberly-Clark Corp. 1.05%, 09/15/27 (Call 07/15/27)		2,381		2,107,637
2.00%, 11/02/31 (Call 08/02/31)		1,908		1,619,720
2.75%, 02/15/26		1,634		1,577,594
2.88%, 02/07/50 (Call 08/07/49)		1,449		1,069,463
3.05%, 08/15/25		1,258		1,222,751
3.10%, 03/26/30 (Call 12/26/29)		1,898		1,770,929
3.20%, 04/25/29 (Call 01/25/29)		1,630		1,554,482
3.20%, 07/30/46 (Call 01/30/46)		2,425		1,875,544
3.90%, 05/04/47 (Call 11/04/46)		1,552		1,351,978
3.95%, 11/01/28 (Call 08/01/28)		2,407		2,402,523
4.50%, 02/16/33 (Call 11/16/32)		2,240		2,294,656
5.30%, 03/01/41		1,690		1,789,592
6.63%, 08/01/37		1,868		2,294,857
				55,930,375
Insurance — 0.7%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		660		788,581
Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),
(6-mo. LIBOR US + 3.540%)(a)		2,785		2,698,498
Aflac Inc. 1.13%, 03/15/26 (Call 02/15/26)		605		553,992
2.88%, 10/15/26 (Call 07/15/26)		1,927		1,822,113
3.60%, 04/01/30 (Call 01/01/30)		4,693		4,428,878
4.00%, 10/15/46 (Call 04/15/46)		1,381		1,133,663
4.75%, 01/15/49 (Call 07/15/48)		2,673		2,472,659
Alleghany Corp. 3.25%, 08/15/51 (Call 02/15/51)		1,150		834,946
3.63%, 05/15/30 (Call 02/15/30)		2,739		2,612,869
4.90%, 09/15/44 (Call 03/15/44)		1,725		1,658,553

Security	Par (000)		Value
Insurance (continued)
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)	$	2,340	$	2,269,777
Allstate Corp. (The) 0.75%, 12/15/25 (Call 11/15/25)		2,195		1,978,310
1.45%, 12/15/30 (Call 09/15/30)		1,434		1,135,886
3.28%, 12/15/26 (Call 09/15/26)		2,932		2,799,386
3.85%, 08/10/49 (Call 02/10/49)		2,658		2,114,333
4.20%, 12/15/46 (Call 06/15/46)		3,282		2,770,238
4.50%, 06/15/43		1,198		1,079,925
5.25%, 03/30/33 (Call 12/30/32)		1,465		1,492,366
5.35%, 06/01/33		1,464		1,498,009
5.55%, 05/09/35		2,341		2,456,388
5.95%, 04/01/36		316		347,186
6.50%, 05/15/67 (Call 05/15/37),
(3-mo. LIBOR US + 2.120%)(a)		1,926		1,888,597
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		1,822		1,796,747
American Financial Group Inc./OH 4.50%, 06/15/47 (Call 12/15/46)		585		489,698
5.25%, 04/02/30 (Call 01/02/30)		442		448,984
American International Group Inc. 2.50%, 06/30/25 (Call 05/30/25)		4,051		3,846,384
3.40%, 06/30/30 (Call 03/30/30)		1,480		1,339,237
3.88%, 01/15/35 (Call 07/15/34)		235		209,397
3.90%, 04/01/26 (Call 01/01/26)		3,889		3,801,147
4.20%, 04/01/28 (Call 01/01/28)		485		476,876
4.38%, 06/30/50 (Call 12/30/49)		3,739		3,202,753
4.50%, 07/16/44 (Call 01/16/44)		895		783,483
4.75%, 04/01/48 (Call 10/01/47)		3,773		3,419,885
4.80%, 07/10/45 (Call 01/10/45)		4,465		4,075,831
5.13%, 03/27/33 (Call 12/27/32)		2,710		2,723,550
6.25%, 05/01/36		415		445,063
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(a)		2,858		2,753,140
Aon Corp. 2.80%, 05/15/30 (Call 02/15/30)		2,376		2,098,151
3.75%, 05/02/29 (Call 02/02/29)		2,417		2,316,960
4.50%, 12/15/28 (Call 09/15/28)		1,191		1,176,601
6.25%, 09/30/40		1,399		1,508,598
8.21%, 01/01/27		60		61,141
Aon Corp./Aon Global Holdings PLC 2.05%, 08/23/31 (Call 05/23/31)		3,640		2,968,274
2.60%, 12/02/31 (Call 09/02/31)		1,370		1,158,445
2.85%, 05/28/27 (Call 04/28/27)		2,025		1,885,417
2.90%, 08/23/51 (Call 02/23/51)		2,420		1,604,339
3.90%, 02/28/52 (Call 08/28/51)		3,225		2,596,383
5.00%, 09/12/32 (Call 06/12/32)		1,475		1,493,614
5.35%, 02/28/33 (Call 11/28/32)		1,300		1,344,265
Aon Global Ltd. 3.50%, 06/14/24 (Call 03/01/24)		3,098		3,042,298
3.88%, 12/15/25 (Call 09/15/25)		1,251		1,224,179
4.60%, 06/14/44 (Call 03/14/44)		2,267		2,023,093
4.75%, 05/15/45 (Call 11/15/44)		2,159		1,986,885
Arch Capital Finance LLC 4.01%, 12/15/26 (Call 09/15/26)		2,907		2,838,627
5.03%, 12/15/46 (Call 06/15/46)		1,464		1,337,847
Arch Capital Group Ltd. 3.64%, 06/30/50 (Call 12/30/49)		4,097		3,111,344
7.35%, 05/01/34(b)		795		934,141
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		2,240		2,102,352

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Arthur J Gallagher & Co. 2.40%, 11/09/31 (Call 08/09/31)	$	2,620	$	2,148,767
3.05%, 03/09/52 (Call 09/09/51)		1,480		968,749
3.50%, 05/20/51 (Call 11/20/50)		1,517		1,102,859
5.50%, 03/02/33 (Call 12/02/32)		380		392,491
5.75%, 03/02/53 (Call 09/02/52)		768		785,357
Assurant Inc. 2.65%, 01/15/32 (Call 10/15/31)		1,435		1,110,403
3.70%, 02/22/30 (Call 11/22/29)		1,912		1,689,577
4.90%, 03/27/28 (Call 12/27/27)		1,745		1,704,778
Assured Guaranty U.S. Holdings Inc. 3.15%, 06/15/31 (Call 03/15/31)		2,361		2,059,170
3.60%, 09/15/51 (Call 03/15/51)		610		424,792
5.00%, 07/01/24(b)		1,995		1,981,873
Athene Holding Ltd. 3.45%, 05/15/52 (Call 11/15/51)		1,465		901,590
3.50%, 01/15/31 (Call 10/15/30)		1,780		1,476,296
3.95%, 05/25/51 (Call 11/25/50)		2,940		1,980,443
4.13%, 01/12/28 (Call 10/12/27)		4,140		3,771,830
6.15%, 04/03/30 (Call 01/03/30)		1,267		1,269,648
6.65%, 02/01/33 (Call 11/01/32)		2,205		2,245,506
AXA SA, 8.60%, 12/15/30		25		30,333
AXIS Specialty Finance LLC 3.90%, 07/15/29 (Call 04/15/29)		1,464		1,375,077
4.90%, 01/15/40 (Call 01/15/30), (5-year CMT + 3.186%)(a)		1,471		1,184,361
AXIS Specialty Finance PLC, 4.00%, 12/06/27
(Call 09/06/27)		2,119		2,039,792
Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 (Call 07/15/30)		3,520		2,924,733
1.85%, 03/12/30 (Call 12/12/29)		2,586		2,246,587
2.30%, 03/15/27 (Call 02/15/27)		3,850		3,671,244
2.50%, 01/15/51 (Call 07/15/50)		4,600		3,076,388
2.85%, 10/15/50 (Call 04/15/50)		5,404		3,862,347
2.88%, 03/15/32 (Call 12/15/31)		3,314		3,001,987
3.85%, 03/15/52 (Call 09/15/51)		4,385		3,728,259
4.20%, 08/15/48 (Call 02/15/48)		8,597		7,964,261
4.25%, 01/15/49 (Call 07/15/48)		6,054		5,709,588
4.30%, 05/15/43		3,067		2,880,649
4.40%, 05/15/42		3,838		3,715,069
5.75%, 01/15/40		3,638		4,091,659
Berkshire Hathaway Inc. 3.13%, 03/15/26 (Call 12/15/25)		10,961		10,692,784
4.50%, 02/11/43		4,800		4,652,688
Brighthouse Financial Inc. 3.70%, 06/22/27 (Call 03/22/27)		145		134,999
3.85%, 12/22/51 (Call 06/22/51)		1,290		807,346
4.70%, 06/22/47 (Call 12/22/46)		3,577		2,671,947
5.63%, 05/15/30 (Call 02/15/30)(b)		2,794		2,732,197
Brown & Brown Inc. 2.38%, 03/15/31 (Call 12/15/30)		3,918		3,213,544
4.20%, 09/15/24 (Call 06/15/24)		4,015		3,965,977
4.20%, 03/17/32 (Call 12/17/31)		1,290		1,188,129
4.50%, 03/15/29 (Call 12/15/28)		2,015		1,966,056
4.95%, 03/17/52 (Call 09/17/51)		2,700		2,328,831
Chubb Corp. (The) 6.00%, 05/11/37		3,529		3,920,825
Series 1, 6.50%, 05/15/38		105		122,040
Chubb INA Holdings Inc. 1.38%, 09/15/30 (Call 06/15/30)		1,290		1,047,506

Security	Par (000)		Value
Insurance (continued)
2.85%, 12/15/51 (Call 06/15/51)	$	1,220	$	860,881
3.05%, 12/15/61 (Call 06/15/61)		3,635		2,505,605
3.15%, 03/15/25		3,090		3,009,196
3.35%, 05/15/24		540		531,198
3.35%, 05/03/26 (Call 02/03/26)		1,822		1,783,337
4.15%, 03/13/43		2,460		2,182,709
4.35%, 11/03/45 (Call 05/03/45)		5,695		5,259,162
6.70%, 05/15/36		255		293,355
Cincinnati Financial Corp. 6.13%, 11/01/34		305		336,461
6.92%, 05/15/28		799		887,593
CNA Financial Corp. 2.05%, 08/15/30 (Call 05/15/30)		900		738,972
3.45%, 08/15/27 (Call 05/10/27)		2,262		2,141,277
3.90%, 05/01/29 (Call 02/01/29)		2,306		2,188,486
3.95%, 05/15/24 (Call 02/15/24)		3,018		2,972,006
4.50%, 03/01/26 (Call 12/01/25)		2,414		2,392,057
CNO Financial Group Inc. 5.25%, 05/30/25 (Call 02/28/25)		1,403		1,390,738
5.25%, 05/30/29 (Call 02/28/29)		2,385		2,269,685
Corebridge Financial Inc. 3.50%, 04/04/25 (Call 03/04/25)(f)		3,360		3,229,498
3.65%, 04/05/27 (Call 03/05/27)(f)		3,801		3,584,837
3.85%, 04/05/29 (Call 02/05/29)(f)		2,445		2,230,109
3.90%, 04/05/32 (Call 01/05/32)(f)		3,370		2,962,028
4.35%, 04/05/42 (Call 10/05/41)(f)		1,775		1,464,765
4.40%, 04/05/52 (Call 10/05/51)(f)		1,855		1,450,721
6.88%, 12/15/52 (Call 09/15/27), (5-year CMT + 3.846%)(a)(f)		410		374,412
Enstar Group Ltd. 3.10%, 09/01/31 (Call 03/01/31)		1,261		989,608
4.95%, 06/01/29 (Call 03/01/29)		2,266		2,154,014
Equitable Holdings Inc. 4.35%, 04/20/28 (Call 01/20/28)		5,188		5,006,991
5.00%, 04/20/48 (Call 10/20/47)		4,972		4,321,364
5.59%, 01/11/33 (Call 10/11/32)		5,385		5,355,813
7.00%, 04/01/28		174		189,749
Everest Reinsurance Holdings Inc. 3.13%, 10/15/52 (Call 04/15/52)		2,773		1,857,771
3.50%, 10/15/50 (Call 04/15/50)		3,519		2,532,589
4.87%, 06/01/44		1,681		1,554,454
F&G Annuities & Life Inc., 7.40%, 01/13/28
(Call 12/13/27)(f)		1,971		2,005,177
Fairfax Financial Holdings Ltd. 3.38%, 03/03/31 (Call 12/03/30)		1,807		1,537,287
4.63%, 04/29/30 (Call 01/29/30)		1,632		1,558,821
4.85%, 04/17/28 (Call 01/17/28)		2,764		2,713,695
5.63%, 08/16/32 (Call 05/16/32)(f)		785		778,280
Fidelity National Financial Inc. 2.45%, 03/15/31 (Call 12/15/30)		2,379		1,939,266
3.20%, 09/17/51 (Call 03/17/51)		1,660		1,018,360
3.40%, 06/15/30 (Call 03/15/30)		2,765		2,444,288
4.50%, 08/15/28 (Call 05/15/28)		2,382		2,326,595
First American Financial Corp. 2.40%, 08/15/31 (Call 05/15/31)		2,112		1,645,396
4.00%, 05/15/30 (Call 02/15/30)		1,125		1,023,469
4.60%, 11/15/24		2,693		2,648,000
Globe Life Inc. 2.15%, 08/15/30 (Call 05/15/30)		3,682		2,999,762
4.55%, 09/15/28 (Call 06/15/28)		2,945		2,889,663

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
4.80%, 06/15/32 (Call 03/15/32)	$	200	$	194,768
Hanover Insurance Group Inc. (The) 2.50%, 09/01/30 (Call 06/01/30)		2,155		1,732,620
4.50%, 04/15/26 (Call 01/15/26)		2,152		2,136,656
Hartford Financial Services Group Inc. (The) 2.80%, 08/19/29 (Call 05/19/29)		3,000		2,650,440
2.90%, 09/15/51 (Call 03/15/51)		1,825		1,204,463
3.60%, 08/19/49 (Call 02/19/49)		3,016		2,283,052
4.30%, 04/15/43		1,519		1,273,742
4.40%, 03/15/48 (Call 09/15/47)		1,898		1,619,525
5.95%, 10/15/36		1,205		1,279,132
6.10%, 10/01/41		1,844		1,918,037
Jackson Financial Inc. 3.13%, 11/23/31 (Call 08/23/31)		1,125		907,177
4.00%, 11/23/51 (Call 05/23/51)		815		545,683
5.17%, 06/08/27 (Call 05/08/27)(b)		1,135		1,119,609
5.67%, 06/08/32 (Call 03/08/32)(b)		650		644,000
Kemper Corp. 2.40%, 09/30/30 (Call 06/30/30)		1,615		1,305,614
3.80%, 02/23/32 (Call 11/23/31)		740		640,485
4.35%, 02/15/25 (Call 11/15/24)		765		745,898
Lincoln National Corp. 3.05%, 01/15/30 (Call 10/15/29)		2,036		1,658,485
3.35%, 03/09/25		1,478		1,406,553
3.40%, 01/15/31 (Call 10/15/30)(b)		2,314		1,862,886
3.40%, 03/01/32 (Call 12/01/31)		384		303,030
3.63%, 12/12/26 (Call 09/15/26)		1,763		1,608,773
3.80%, 03/01/28 (Call 12/01/27)		2,249		2,012,608
4.35%, 03/01/48 (Call 09/01/47)		1,838		1,299,742
4.38%, 06/15/50 (Call 12/15/49)(b)		1,287		913,152
6.30%, 10/09/37		1,160		1,159,536
7.00%, 06/15/40		1,963		1,981,570
Loews Corp. 3.20%, 05/15/30 (Call 02/15/30)		2,740		2,484,961
3.75%, 04/01/26 (Call 01/01/26)		4,362		4,292,426
4.13%, 05/15/43 (Call 11/15/42)		2,817		2,403,267
6.00%, 02/01/35		297		321,143
Manulife Financial Corp. 2.48%, 05/19/27 (Call 03/19/27)		2,525		2,351,861
3.70%, 03/16/32 (Call 12/16/31)		2,590		2,403,883
4.06%, 02/24/32 (Call 02/24/27), (5-year USD ICE Swap + 1.647%)(a)		2,946		2,785,767
4.15%, 03/04/26		4,521		4,448,980
5.38%, 03/04/46		1,148		1,158,711
Markel Corp. 3.35%, 09/17/29 (Call 06/17/29)		1,250		1,147,437
3.45%, 05/07/52 (Call 11/07/51)		2,395		1,712,090
3.50%, 11/01/27 (Call 08/01/27)		1,997		1,899,826
4.15%, 09/17/50 (Call 03/17/50)		2,101		1,681,073
4.30%, 11/01/47 (Call 05/01/47)		1,411		1,171,031
5.00%, 04/05/46		2,415		2,207,962
5.00%, 05/20/49 (Call 11/20/48)		1,670		1,537,786
Marsh & McLennan Companies Inc. 2.25%, 11/15/30 (Call 08/15/30)		3,150		2,689,942
2.38%, 12/15/31 (Call 09/15/31)		355		296,957
2.90%, 12/15/51 (Call 06/15/51)		755		516,858
3.50%, 06/03/24 (Call 03/03/24)		4,243		4,170,233
3.50%, 03/10/25 (Call 12/10/24)		4,251		4,161,176
3.75%, 03/14/26 (Call 12/14/25)		3,964		3,886,821
4.20%, 03/01/48 (Call 09/01/47)		2,895		2,496,445

Security	Par (000)		Value
Insurance (continued)
4.35%, 01/30/47 (Call 07/30/46)	$	2,982	$	2,622,192
4.38%, 03/15/29 (Call 12/15/28)		6,092		6,054,900
4.75%, 03/15/39 (Call 09/15/38)		2,063		1,966,493
4.90%, 03/15/49 (Call 09/15/48)		4,041		3,894,473
5.45%, 03/15/53 (Call 09/15/52)		680		706,336
5.75%, 11/01/32 (Call 08/01/32)		815		875,114
5.88%, 08/01/33		765		834,737
6.25%, 11/01/52 (Call 05/01/52)		710		815,272
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		2,140		2,071,606
MetLife Inc. 3.00%, 03/01/25		3,873		3,749,645
3.60%, 11/13/25 (Call 08/13/25)		2,773		2,708,583
4.05%, 03/01/45		3,782		3,193,369
4.13%, 08/13/42		3,328		2,875,958
4.55%, 03/23/30 (Call 12/23/29)		4,510		4,519,651
4.60%, 05/13/46 (Call 11/13/45)		2,109		1,901,158
4.72%, 12/15/44		2,691		2,474,724
4.88%, 11/13/43		3,205		3,014,751
5.00%, 07/15/52 (Call 01/15/52)		2,035		1,931,764
5.25%, 01/15/54 (Call 07/15/53)		4,030		3,982,970
5.70%, 06/15/35		5,218		5,555,239
5.88%, 02/06/41		3,277		3,450,189
6.38%, 06/15/34		1,171		1,320,923
6.40%, 12/15/66 (Call 12/15/31)		3,094		3,101,395
6.50%, 12/15/32(b)		1,645		1,854,869
10.75%, 08/01/69 (Call 08/01/34)		2,082		2,721,070
Munich Re America Corp., Series B, 7.45%, 12/15/26		235		255,360
Nationwide Financial Services Inc., 6.75%, 05/15/87		159		152,117
Old Republic International Corp. 3.85%, 06/11/51 (Call 12/11/50)		1,644		1,212,598
3.88%, 08/26/26 (Call 07/26/26)		3,411		3,278,346
4.88%, 10/01/24 (Call 09/01/24)		2,744		2,712,087
PartnerRe Finance B LLC 3.70%, 07/02/29 (Call 04/02/29)		2,306		2,181,153
4.50%, 10/01/50 (Call 04/01/30), (5-year CMT + 3.815%)(a)		177		149,891
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)(b)		1,313		1,106,872
Principal Financial Group Inc. 2.13%, 06/15/30 (Call 03/12/30)		3,109		2,593,061
3.10%, 11/15/26 (Call 08/15/26)		2,835		2,702,237
3.40%, 05/15/25 (Call 02/15/25)		2,929		2,829,707
3.70%, 05/15/29 (Call 02/15/29)		1,480		1,406,622
4.30%, 11/15/46 (Call 05/15/46)		1,459		1,211,889
4.35%, 05/15/43		1,808		1,503,008
4.63%, 09/15/42		516		455,086
5.38%, 03/15/33 (Call 12/15/32)		785		798,855
5.50%, 03/15/53 (Call 09/15/52)		1,225		1,187,882
6.05%, 10/15/36		1,880		1,988,946
Progressive Corp. (The) 2.45%, 01/15/27		2,831		2,640,559
2.50%, 03/15/27 (Call 02/15/27)		3,335		3,118,358
3.00%, 03/15/32 (Call 12/15/31)		1,245		1,121,135
3.20%, 03/26/30 (Call 12/26/29)		3,886		3,584,135
3.70%, 01/26/45		717		588,492
3.70%, 03/15/52 (Call 09/15/51)		1,285		1,030,609
3.95%, 03/26/50 (Call 09/26/49)		2,004		1,683,340
4.00%, 03/01/29 (Call 12/01/28)		2,852		2,794,989
4.13%, 04/15/47 (Call 10/15/46)		5,136		4,479,568
4.20%, 03/15/48 (Call 09/15/47)		1,575		1,380,204

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
4.35%, 04/25/44	$	768	$	686,853
6.25%, 12/01/32		820		922,869
6.63%, 03/01/29		321		357,793
Prudential Financial Inc. 1.50%, 03/10/26 (Call 02/10/26)		2,481		2,285,497
2.10%, 03/10/30 (Call 12/10/29)		3,645		3,148,150
3.00%, 03/10/40 (Call 09/10/39)		2,282		1,741,485
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(a)		415		357,726
3.70%, 03/13/51 (Call 09/13/50)		5,334		4,110,647
3.88%, 03/27/28 (Call 12/27/27)		2,742		2,676,411
3.91%, 12/07/47 (Call 06/07/47)		3,596		2,901,001
3.94%, 12/07/49 (Call 06/07/49)		3,991		3,225,766
4.35%, 02/25/50 (Call 08/25/49)		3,802		3,269,112
4.42%, 03/27/48 (Call 09/27/47)		1,748		1,508,279
4.50%, 09/15/47 (Call 09/15/27), (3-mo. LIBOR US + 2.380%)(a)		3,022		2,785,287
4.60%, 05/15/44		2,776		2,510,226
5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(a)		520		472,649
5.38%, 05/15/45 (Call 05/15/25), (3-mo. LIBOR US + 3.031%)(a)		3,802		3,630,378
5.70%, 12/14/36		2,544		2,733,833
5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)(a)		3,572		3,471,305
5.75%, 07/15/33		317		340,274
6.00%, 09/01/52 (Call 06/01/32), (5-year CMT + 3.234%)(a)		220		212,747
6.63%, 12/01/37		865		988,038
6.63%, 06/21/40		1,465		1,643,876
6.75%, 03/01/53 (Call 12/01/32), (5-year CMT + 2.848%)(a)		180		180,481
Prudential Funding Asia PLC 3.13%, 04/14/30		2,781		2,503,484
3.63%, 03/24/32		2,805		2,559,703
Reinsurance Group of America Inc. 3.15%, 06/15/30 (Call 03/15/30)		2,516		2,211,237
3.90%, 05/15/29 (Call 02/15/29)		2,848		2,676,436
3.95%, 09/15/26 (Call 06/15/26)		2,966		2,867,054
RenaissanceRe Finance Inc. 3.45%, 07/01/27 (Call 04/01/27)		1,363		1,298,435
3.70%, 04/01/25 (Call 01/01/25)		445		435,691
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)		2,335		2,168,071
Selective Insurance Group Inc., 5.38%, 03/01/49
(Call 09/01/48)		330		313,002
Stewart Information Services Corp., 3.60%, 11/15/31
(Call 08/15/31)		3,165		2,494,938
Transatlantic Holdings Inc., 8.00%, 11/30/39		1,748		2,242,492
Travelers Companies Inc. (The) 2.55%, 04/27/50 (Call 10/27/49)		2,201		1,455,191
3.05%, 06/08/51 (Call 12/08/50)		3,199		2,295,698
3.75%, 05/15/46 (Call 11/15/45)		1,845		1,509,856
4.00%, 05/30/47 (Call 11/30/46)		2,794		2,403,427
4.05%, 03/07/48 (Call 09/07/47)		1,955		1,689,589
4.10%, 03/04/49 (Call 09/04/48)		2,006		1,742,271
4.30%, 08/25/45 (Call 02/25/45)		1,487		1,344,159
4.60%, 08/01/43		1,000		943,160
5.35%, 11/01/40		2,522		2,654,027
6.25%, 06/15/37		3,388		3,844,228

Security	Par (000)		Value
Insurance (continued)
6.75%, 06/20/36	$	1,102	$	1,291,291
Travelers Property Casualty Corp., 6.38%, 03/15/33		1,313		1,515,530
Trinity Acquisition PLC, 4.40%, 03/15/26
(Call 12/15/25)		2,188		2,147,500
Unum Group 4.00%, 06/15/29 (Call 03/15/29)		2,031		1,949,273
4.13%, 06/15/51 (Call 12/15/50)		2,000		1,451,780
4.50%, 12/15/49 (Call 06/15/49)		745		556,589
5.75%, 08/15/42		2,380		2,237,724
W R Berkley Corp. 3.15%, 09/30/61 (Call 03/30/61)		1,465		942,054
3.55%, 03/30/52 (Call 09/30/51)		713		521,246
4.00%, 05/12/50 (Call 11/12/49)		2,569		2,062,727
4.75%, 08/01/44		1,246		1,151,292
Willis North America Inc. 2.95%, 09/15/29 (Call 06/15/29)		2,884		2,551,186
3.60%, 05/15/24 (Call 03/15/24)		2,240		2,196,342
3.88%, 09/15/49 (Call 03/15/49)		1,985		1,463,124
4.50%, 09/15/28 (Call 06/15/28)		2,658		2,588,307
4.65%, 06/15/27 (Call 05/15/27)		3,233		3,183,600
5.05%, 09/15/48 (Call 03/15/48)		2,222		1,922,230
XLIT Ltd., 5.25%, 12/15/43		1,145		1,158,992
				650,633,092
Internet — 0.5%
Alibaba Group Holding Ltd. 2.13%, 02/09/31 (Call 11/09/30)(b)		2,275		1,888,500
2.70%, 02/09/41 (Call 08/09/40)		865		583,858
3.15%, 02/09/51 (Call 08/09/50)		6,060		3,973,542
3.25%, 02/09/61 (Call 08/09/60)		3,633		2,284,975
3.40%, 12/06/27 (Call 09/06/27)		9,949		9,392,353
3.60%, 11/28/24 (Call 08/28/24)		9,959		9,737,811
4.00%, 12/06/37 (Call 06/06/37)		4,445		3,843,680
4.20%, 12/06/47 (Call 06/06/47)		6,965		5,570,537
4.40%, 12/06/57 (Call 06/06/57)		3,335		2,664,332
4.50%, 11/28/34 (Call 05/28/34)		2,867		2,713,243
Alphabet Inc. 0.45%, 08/15/25 (Call 07/15/25)		3,653		3,368,395
0.80%, 08/15/27 (Call 06/15/27)		4,630		4,085,281
1.10%, 08/15/30 (Call 05/15/30)		7,244		5,986,079
1.90%, 08/15/40 (Call 02/15/40)		5,148		3,616,007
2.00%, 08/15/26 (Call 05/15/26)		8,706		8,217,855
2.05%, 08/15/50 (Call 02/15/50)		9,423		5,994,065
2.25%, 08/15/60 (Call 02/15/60)		3,995		2,466,793
Amazon.com Inc. 0.45%, 05/12/24		9,890		9,466,312
0.80%, 06/03/25 (Call 05/03/25)		2,160		2,012,278
1.00%, 05/12/26 (Call 04/12/26)		10,900		9,950,392
1.20%, 06/03/27 (Call 04/03/27)		2,198		1,966,990
1.50%, 06/03/30 (Call 03/03/30)		8,085		6,754,856
1.65%, 05/12/28 (Call 03/12/28)		10,675		9,500,536
2.10%, 05/12/31 (Call 02/12/31)		10,270		8,814,022
2.50%, 06/03/50 (Call 12/03/49)		7,286		4,915,281
2.70%, 06/03/60 (Call 12/03/59)		7,335		4,776,185
2.80%, 08/22/24 (Call 06/22/24)		9,034		8,843,834
2.88%, 05/12/41 (Call 11/12/40)		8,149		6,395,091
3.00%, 04/13/25		810		791,978
3.10%, 05/12/51 (Call 11/12/50)		11,180		8,420,105
3.15%, 08/22/27 (Call 05/22/27)		14,548		14,016,707
3.25%, 05/12/61 (Call 11/12/60)		6,265		4,628,143
3.30%, 04/13/27 (Call 03/13/27)		6,190		6,013,214

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet (continued)
3.45%, 04/13/29 (Call 02/13/29)	$	3,605	$	3,481,349
3.60%, 04/13/32 (Call 01/13/32)		7,025		6,675,787
3.80%, 12/05/24 (Call 09/05/24)		6,695		6,637,758
3.88%, 08/22/37 (Call 02/22/37)		11,682		10,920,334
3.95%, 04/13/52 (Call 10/13/51)		8,675		7,648,834
4.05%, 08/22/47 (Call 02/22/47)		11,903		10,797,092
4.10%, 04/13/62 (Call 10/13/61)		4,423		3,852,168
4.25%, 08/22/57 (Call 02/22/57)		7,291		6,621,686
4.55%, 12/01/27 (Call 11/01/27)		1,655		1,684,873
4.60%, 12/01/25		4,885		4,933,117
4.65%, 12/01/29 (Call 10/01/29)		3,630		3,715,232
4.70%, 11/29/24		3,600		3,617,964
4.70%, 12/01/32 (Call 09/01/32)		5,325		5,476,922
4.80%, 12/05/34 (Call 06/05/34)		4,762		4,944,242
4.95%, 12/05/44 (Call 06/05/44)		5,203		5,389,788
5.20%, 12/03/25 (Call 09/03/25)		4,290		4,387,555
Baidu Inc. 1.63%, 02/23/27 (Call 01/23/27)(b)		1,524		1,357,884
1.72%, 04/09/26 (Call 03/09/26)		520		472,576
2.38%, 10/09/30 (Call 07/09/30)		69		57,964
2.38%, 08/23/31 (Call 05/23/31)(b)		760		627,106
3.08%, 04/07/25 (Call 03/07/25)(b)		545		524,862
3.43%, 04/07/30 (Call 01/07/30)		1,425		1,296,907
3.63%, 07/06/27		1,964		1,878,095
4.13%, 06/30/25		2,421		2,371,345
4.38%, 05/14/24 (Call 04/14/24)(b)		3,149		3,123,525
4.38%, 03/29/28 (Call 12/29/27)(b)		2,260		2,212,653
4.88%, 11/14/28 (Call 08/14/28)		1,965		1,965,452
Booking Holdings Inc. 3.55%, 03/15/28 (Call 12/15/27)		3,454		3,330,761
3.60%, 06/01/26 (Call 03/01/26)		4,191		4,096,409
3.65%, 03/15/25 (Call 12/15/24)		3,166		3,108,284
4.63%, 04/13/30 (Call 01/13/30)		6,329		6,360,772
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		3,790		3,455,798
1.90%, 03/11/25 (Call 02/11/25)		4,072		3,852,845
2.60%, 05/10/31 (Call 02/10/31)		3,145		2,675,703
2.70%, 03/11/30 (Call 12/11/29)		4,071		3,573,076
3.45%, 08/01/24 (Call 05/01/24)		4,318		4,232,849
3.60%, 06/05/27 (Call 03/05/27)		4,435		4,277,735
3.65%, 05/10/51 (Call 11/10/50)		2,340		1,745,242
4.00%, 07/15/42 (Call 01/15/42)		3,556		2,905,465
5.90%, 11/22/25 (Call 10/22/25)		170		174,762
5.95%, 11/22/27 (Call 10/22/27)		1,300		1,361,308
6.30%, 11/22/32 (Call 08/22/32)		1,660		1,797,149
Expedia Group Inc. 2.95%, 03/15/31 (Call 12/15/30)(b)		2,638		2,228,978
3.25%, 02/15/30 (Call 11/15/29)		4,519		3,969,399
3.80%, 02/15/28 (Call 11/15/27)		2,044		1,928,800
4.63%, 08/01/27 (Call 05/01/27)		1,181		1,159,943
5.00%, 02/15/26 (Call 11/15/25)		4,092		4,096,665
JD.com Inc. 3.38%, 01/14/30 (Call 10/14/29)		2,265		2,042,713
3.88%, 04/29/26		885		859,025
4.13%, 01/14/50 (Call 07/14/49)		1,975		1,538,584
Meta Platforms Inc. 3.50%, 08/15/27 (Call 07/15/27)		11,230		10,903,993
3.85%, 08/15/32 (Call 05/15/32)		10,590		10,003,314
4.45%, 08/15/52 (Call 02/15/52)		9,445		8,316,417
4.65%, 08/15/62 (Call 02/15/62)		5,250		4,631,287

Security	Par (000)		Value
Internet (continued)
Netflix Inc. 4.38%, 11/15/26	$	50	$	49,688
4.88%, 04/15/28		435		438,176
5.88%, 11/15/28		330		348,411
Tencent Music Entertainment Group 1.38%, 09/03/25 (Call 08/03/25)		1,214		1,108,673
2.00%, 09/03/30 (Call 06/03/30)		3,021		2,402,873
VeriSign Inc. 2.70%, 06/15/31 (Call 03/15/31)		3,510		2,983,535
4.75%, 07/15/27 (Call 07/15/23)		3,020		2,966,486
5.25%, 04/01/25 (Call 01/01/25)		2,105		2,111,820
Weibo Corp. 3.38%, 07/08/30 (Call 04/08/30)		3,109		2,512,010
3.50%, 07/05/24 (Call 06/05/24)		2,749		2,680,467
				406,555,715
Iron & Steel — 0.1%
ArcelorMittal SA 4.25%, 07/16/29(b)		2,440		2,326,125
4.55%, 03/11/26		3,040		2,992,272
6.55%, 11/29/27 (Call 10/29/27)		3,555		3,710,958
6.75%, 03/01/41		1,915		1,934,456
6.80%, 11/29/32 (Call 08/29/32)		2,355		2,463,471
7.00%, 10/15/39		2,225		2,351,936
Nucor Corp. 2.00%, 06/01/25 (Call 05/01/25)		3,792		3,573,126
2.70%, 06/01/30 (Call 03/01/30)		3,324		2,938,050
2.98%, 12/15/55 (Call 06/15/55)		5,707		3,793,957
3.13%, 04/01/32 (Call 01/01/32)		250		222,058
3.85%, 04/01/52 (Call 10/01/51)		485		396,022
3.95%, 05/23/25		2,565		2,532,578
3.95%, 05/01/28 (Call 02/01/28)		1,333		1,297,995
4.30%, 05/23/27 (Call 04/23/27)		3,350		3,332,145
4.40%, 05/01/48 (Call 11/01/47)		214		188,707
5.20%, 08/01/43 (Call 02/01/43)		405		409,491
6.40%, 12/01/37		363		419,686
Reliance Steel & Aluminum Co. 1.30%, 08/15/25 (Call 07/15/25)		2,973		2,730,522
2.15%, 08/15/30 (Call 05/15/30)		370		311,233
Steel Dynamics Inc. 1.65%, 10/15/27 (Call 08/15/27)		1,030		897,903
2.40%, 06/15/25 (Call 05/15/25)		1,797		1,701,543
2.80%, 12/15/24 (Call 11/15/24)		3,033		2,907,525
3.25%, 01/15/31 (Call 10/15/30)		2,251		2,003,660
3.25%, 10/15/50 (Call 04/15/50)		1,879		1,294,011
3.45%, 04/15/30 (Call 01/15/30)		1,419		1,291,035
5.00%, 12/15/26 (Call 12/15/23)		2,323		2,317,448
Vale Overseas Ltd. 3.75%, 07/08/30 (Call 04/08/30)		4,364		3,899,932
6.25%, 08/10/26		3,503		3,627,251
6.88%, 11/21/36		7,115		7,411,696
6.88%, 11/10/39		4,890		5,086,627
8.25%, 01/17/34		530		618,733
Vale SA, 5.63%, 09/11/42		1,046		1,016,911
				71,999,063
Leisure Time — 0.0%
Brunswick Corp. 0.85%, 08/18/24 (Call 05/30/23)		1,928		1,813,689
2.40%, 08/18/31 (Call 05/18/31)		1,409		1,074,813
4.40%, 09/15/32 (Call 06/15/32)		2,430		2,146,565

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Leisure Time (continued)
5.10%, 04/01/52 (Call 10/01/51)(b)	$	1,540	$	1,145,067
Harley-Davidson Inc.
3.50%, 07/28/25 (Call 04/28/25)		2,809		2,692,061
4.63%, 07/28/45 (Call 01/28/45)		1,469		1,144,219
				10,016,414
Lodging — 0.0%
Choice Hotels International Inc.
3.70%, 12/01/29 (Call 09/01/29)		2,296		2,079,258
3.70%, 01/15/31 (Call 10/15/30)		1,160		1,028,038
Hyatt Hotels Corp.
1.80%, 10/01/24 (Call 05/30/23)		2,055		1,954,141
4.38%, 09/15/28 (Call 06/15/28)		2,425		2,347,982
4.85%, 03/15/26 (Call 12/15/25)		3,358		3,352,963
5.38%, 04/23/25 (Call 03/23/25)		2,493		2,501,127
5.75%, 04/23/30 (Call 01/23/30)		2,092		2,150,053
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		1,996		1,950,292
3.75%, 10/01/25 (Call 07/01/25)		1,890		1,829,671
4.90%, 04/15/29 (Call 03/15/29)		550		546,442
5.00%, 10/15/27 (Call 09/15/27)		2,810		2,837,566
Series AA, 4.65%, 12/01/28 (Call 09/01/28)		1,904		1,886,064
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		3,086		3,126,303
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		4,892		4,745,289
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		2,334		2,047,315
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		431		367,432
Series II, 2.75%, 10/15/33 (Call 07/15/33)		2,665		2,155,878
Series R, 3.13%, 06/15/26 (Call 03/15/26)		4,108		3,909,460
Series X, 4.00%, 04/15/28 (Call 01/15/28)		1,724		1,666,625
				42,481,899
Machinery — 0.3%
ABB Finance USA Inc.
3.80%, 04/03/28 (Call 01/03/28)		710		705,122
4.38%, 05/08/42		260		240,446
Caterpillar Financial Services Corp.
0.45%, 05/17/24		51		48,721
0.60%, 09/13/24		1,544		1,464,947
0.80%, 11/13/25		939		858,039
0.90%, 03/02/26		745		679,663
1.10%, 09/14/27		1,241		1,094,860
1.15%, 09/14/26		2,955		2,672,561
1.45%, 05/15/25		1,125		1,059,559
1.70%, 01/08/27(b)		3,010		2,767,996
2.15%, 11/08/24		4,576		4,414,467
2.40%, 08/09/26		2,389		2,255,335
2.85%, 05/17/24		3,284		3,215,594
3.25%, 12/01/24		2,870		2,811,366
3.30%, 06/09/24		4,075		4,014,201
3.40%, 05/13/25		150		147,110
3.60%, 08/12/27		3,675		3,600,361
3.65%, 08/12/25		2,930		2,883,149
4.80%, 01/06/26		280		284,407
4.90%, 01/17/25		3,695		3,717,946
5.40%, 03/10/25		75		76,238
Caterpillar Inc.
1.90%, 03/12/31 (Call 12/12/30)		525		444,239
2.60%, 09/19/29 (Call 06/19/29)		3,078		2,819,079
2.60%, 04/09/30 (Call 01/09/30)		4,520		4,074,509
3.25%, 09/19/49 (Call 03/19/49)		4,319		3,476,147
3.25%, 04/09/50 (Call 10/09/49)		4,537		3,652,966

Security	Par (000)		Value
Machinery (continued)
3.40%, 05/15/24 (Call 02/15/24)	$	4,486	$	4,439,256
3.80%, 08/15/42		6,193		5,556,855
4.30%, 05/15/44 (Call 11/15/43)		2,077		1,997,679
4.75%, 05/15/64 (Call 11/15/63)		2,288		2,257,341
5.20%, 05/27/41		1,751		1,867,021
5.30%, 09/15/35		575		614,244
6.05%, 08/15/36		1,338		1,523,126
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		1,600		1,436,880
1.88%, 01/15/26 (Call 12/15/25)		1,750		1,622,040
3.95%, 05/23/25		1,985		1,939,405
4.55%, 04/10/28 (Call 03/10/28)		1,780		1,761,043
5.45%, 10/14/25		1,445		1,462,282
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		2,900		2,785,508
Deere & Co.
2.75%, 04/15/25 (Call 03/15/25)		3,030		2,937,706
2.88%, 09/07/49 (Call 03/07/49)		2,030		1,555,711
3.10%, 04/15/30 (Call 01/15/30)		2,686		2,500,639
3.75%, 04/15/50 (Call 10/15/49)(b)		3,496		3,131,612
3.90%, 06/09/42 (Call 12/09/41)		4,389		4,053,022
5.38%, 10/16/29		1,640		1,748,322
7.13%, 03/03/31(b)		775		917,670
Dover Corp.
2.95%, 11/04/29 (Call 08/04/29)		2,105		1,898,647
3.15%, 11/15/25 (Call 08/15/25)		2,466		2,370,837
5.38%, 10/15/35		142		149,212
5.38%, 03/01/41 (Call 12/01/40)(b)		1,925		1,954,010
Flowserve Corp.
2.80%, 01/15/32 (Call 10/15/31)		2,140		1,731,281
3.50%, 10/01/30 (Call 07/01/30)		2,188		1,932,048
IDEX Corp.
2.63%, 06/15/31 (Call 03/15/31)		1,775		1,509,992
3.00%, 05/01/30 (Call 02/01/30)		1,409		1,244,232
John Deere Capital Corp.
0.45%, 06/07/24		2,615		2,497,900
0.63%, 09/10/24		1,460		1,384,255
0.70%, 01/15/26		3,650		3,324,748
1.05%, 06/17/26		2,130		1,942,198
1.25%, 01/10/25		1,675		1,587,799
1.30%, 10/13/26		1,675		1,518,940
1.45%, 01/15/31		2,875		2,348,214
1.50%, 03/06/28		1,705		1,514,603
1.70%, 01/11/27		2,310		2,114,482
1.75%, 03/09/27		2,346		2,144,760
2.00%, 06/17/31		2,835		2,387,750
2.05%, 01/09/25		3,000		2,885,760
2.13%, 03/07/25		520		498,592
2.25%, 09/14/26		2,156		2,031,771
2.35%, 03/08/27		720		672,336
2.45%, 01/09/30		2,626		2,347,171
2.65%, 06/24/24		4,438		4,337,879
2.65%, 06/10/26		1,149		1,095,686
2.80%, 09/08/27		2,562		2,422,832
2.80%, 07/18/29		2,801		2,582,998
3.05%, 01/06/28		820		784,707
3.35%, 06/12/24		1,115		1,097,606
3.35%, 04/18/29		2,090		1,994,403
3.40%, 06/06/25		1,495		1,466,102
3.40%, 09/11/25		710		693,322
3.45%, 03/13/25		4,093		4,021,168

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
3.45%, 03/07/29	$	3,024	$	2,925,236
3.90%, 06/07/32		50		48,470
4.05%, 09/08/25(b)		2,315		2,300,184
4.15%, 09/15/27		3,005		3,004,459
4.35%, 09/15/32		2,710		2,723,740
4.55%, 10/11/24		1,370		1,372,356
4.75%, 01/20/28		1,130		1,156,239
4.80%, 01/09/26		1,375		1,396,134
4.85%, 10/11/29		1,860		1,933,005
5.05%, 03/03/26		75		76,630
5.15%, 03/03/25		75		75,910
nVent Finance Sarl
2.75%, 11/15/31 (Call 08/15/31)		1,503		1,236,067
4.55%, 04/15/28 (Call 01/15/28)		2,404		2,316,999
5.65%, 05/15/33 (Call 02/15/33)		1,000		1,009,620
Oshkosh Corp.
3.10%, 03/01/30 (Call 12/01/29)		951		846,333
4.60%, 05/15/28 (Call 02/15/28)		1,648		1,628,554
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 03/05/25)		5,169		4,892,510
2.29%, 04/05/27 (Call 02/05/27)		1,778		1,632,755
2.57%, 02/15/30 (Call 11/15/29)		6,636		5,834,570
3.11%, 02/15/40 (Call 08/15/39)		3,633		2,845,911
3.36%, 02/15/50 (Call 08/15/49)		2,441		1,816,495
Rockwell Automation Inc.
1.75%, 08/15/31 (Call 05/15/31)		1,775		1,463,132
2.80%, 08/15/61 (Call 02/15/61)		2,073		1,354,084
2.88%, 03/01/25 (Call 12/01/24)(b)		1,372		1,331,238
3.50%, 03/01/29 (Call 12/01/28)		2,038		1,969,238
4.20%, 03/01/49 (Call 09/01/48)		2,683		2,423,795
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25 (Call 05/15/25)		2,844		2,711,470
3.45%, 11/15/26 (Call 08/15/26)		4,453		4,240,681
4.95%, 09/15/28 (Call 06/15/28)		5,760		5,700,154
Xylem Inc./NY
1.95%, 01/30/28 (Call 11/30/27)		2,722		2,439,348
2.25%, 01/30/31 (Call 10/30/30)		3,173		2,684,231
3.25%, 11/01/26 (Call 08/01/26)		3,103		2,974,660
4.38%, 11/01/46 (Call 05/01/46)		1,165		1,021,973
				235,460,812
Manufacturing — 0.1%
3M Co.
2.00%, 02/14/25 (Call 01/14/25)		3,893		3,714,817
2.25%, 09/19/26 (Call 06/19/26)(b)		3,230		3,018,952
2.38%, 08/26/29 (Call 05/26/29)(b)		4,035		3,609,630
2.65%, 04/15/25 (Call 03/15/25)		2,990		2,879,848
2.88%, 10/15/27 (Call 07/15/27)(b)		3,688		3,465,872
3.00%, 08/07/25		1,858		1,801,907
3.05%, 04/15/30 (Call 01/15/30)(b)		1,550		1,428,666
3.13%, 09/19/46 (Call 03/19/46)(b)		2,187		1,578,489
3.25%, 08/26/49 (Call 02/26/49)(b)		3,056		2,320,207
3.38%, 03/01/29 (Call 12/01/28)(b)		3,333		3,193,114
3.63%, 09/14/28 (Call 06/14/28)(b)		2,670		2,580,315
3.63%, 10/15/47 (Call 04/15/47)		2,316		1,820,214
3.70%, 04/15/50 (Call 10/15/49)(b)		2,317		1,881,288
3.88%, 06/15/44		1,145		955,617
4.00%, 09/14/48 (Call 03/14/48)(b)		4,065		3,539,761
5.70%, 03/15/37(b)		1,742		1,923,307
Carlisle Companies Inc.
2.20%, 03/01/32 (Call 12/01/31)		1,095		866,780

Security	Par (000)		Value
Manufacturing (continued)
2.75%, 03/01/30 (Call 12/01/29)	$	3,779	$	3,256,667
3.50%, 12/01/24 (Call 10/01/24)		2,062		2,008,903
3.75%, 12/01/27 (Call 09/01/27)		1,545		1,479,507
Eaton Corp.
3.10%, 09/15/27 (Call 06/15/27)		3,017		2,878,671
3.92%, 09/15/47 (Call 02/15/47)		2,509		2,126,980
4.00%, 11/02/32		2,939		2,820,852
4.15%, 03/15/33 (Call 12/15/32)		2,910		2,798,110
4.15%, 11/02/42		2,649		2,353,822
4.70%, 08/23/52 (Call 02/23/52)		1,645		1,581,059
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		3,847		3,805,375
GE Capital International Funding Co. Unlimited Co.
3.37%, 11/15/25		405		389,954
4.42%, 11/15/35		2,170		2,113,927
General Electric Co.
4.35%, 05/01/50 (Call 11/01/49)(b)		725		637,449
4.50%, 03/11/44		245		222,534
5.88%, 01/14/38		890		974,141
6.75%, 03/15/32		350		402,112
6.88%, 01/10/39		485		567,392
Illinois Tool Works Inc.
2.65%, 11/15/26 (Call 08/15/26)		6,544		6,256,784
3.90%, 09/01/42 (Call 03/01/42)		1,822		1,645,047
4.88%, 09/15/41 (Call 03/15/41)		1,980		2,012,492
Parker-Hannifin Corp.
2.70%, 06/14/24 (Call 05/14/24)		2,507		2,439,486
3.25%, 03/01/27 (Call 12/01/26)		4,056		3,875,224
3.25%, 06/14/29 (Call 03/14/29)		2,778		2,591,096
3.30%, 11/21/24 (Call 08/21/24)		1,107		1,079,137
3.65%, 06/15/24		2,270		2,235,882
4.00%, 06/14/49 (Call 12/14/48)		2,876		2,417,134
4.10%, 03/01/47 (Call 09/01/46)		2,086		1,794,169
4.20%, 11/21/34 (Call 05/21/34)		1,950		1,842,711
4.25%, 09/15/27 (Call 08/15/27)		2,200		2,175,184
4.45%, 11/21/44 (Call 05/21/44)		2,147		1,974,682
4.50%, 09/15/29 (Call 07/15/29)		2,993		2,966,243
6.25%, 05/15/38		1,351		1,500,191
Pentair Finance Sarl
4.50%, 07/01/29 (Call 04/01/29)		2,133		2,060,094
5.90%, 07/15/32 (Call 04/15/32)		1,085		1,119,145
Teledyne Technologies Inc.
1.60%, 04/01/26 (Call 03/01/26)		960		878,774
2.25%, 04/01/28 (Call 02/01/28)		1,005		896,028
2.75%, 04/01/31 (Call 01/01/31)		2,010		1,707,998
Textron Inc.
2.45%, 03/15/31 (Call 12/15/30)		2,633		2,230,046
3.00%, 06/01/30 (Call 03/01/30)		1,420		1,267,549
3.38%, 03/01/28 (Call 12/01/27)		1,458		1,366,729
3.65%, 03/15/27 (Call 12/15/26)		1,930		1,847,917
3.88%, 03/01/25 (Call 12/01/24)		1,230		1,203,248
3.90%, 09/17/29 (Call 06/17/29)		1,524		1,443,152
4.00%, 03/15/26 (Call 12/15/25)		1,874		1,845,421
				125,667,802
Media — 0.7%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		4,766		3,994,671
2.30%, 02/01/32 (Call 11/01/31)		3,835		2,915,060
2.80%, 04/01/31 (Call 01/01/31)		6,659		5,369,019

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
3.50%, 06/01/41 (Call 12/01/40)	$	5,242	$	3,577,036
3.50%, 03/01/42 (Call 09/01/41)		4,800		3,246,192
3.70%, 04/01/51 (Call 10/01/50)		6,794		4,307,396
3.75%, 02/15/28 (Call 11/15/27)		4,551		4,231,110
3.85%, 04/01/61 (Call 10/01/60)		7,090		4,333,479
3.90%, 06/01/52 (Call 12/01/51)		8,785		5,722,285
3.95%, 06/30/62 (Call 12/30/61)		3,845		2,372,480
4.20%, 03/15/28 (Call 12/15/27)		5,368		5,086,395
4.40%, 04/01/33 (Call 01/01/33)		4,165		3,688,691
4.40%, 12/01/61 (Call 06/01/61)		3,483		2,333,227
4.80%, 03/01/50 (Call 09/01/49)		9,706		7,364,816
4.91%, 07/23/25 (Call 04/23/25)		16,797		16,630,038
5.05%, 03/30/29 (Call 12/30/28)		4,703		4,548,648
5.13%, 07/01/49 (Call 01/01/49)		4,700		3,669,995
5.25%, 04/01/53 (Call 10/01/52)		5,525		4,427,569
5.38%, 04/01/38 (Call 10/01/37)		3,262		2,823,913
5.38%, 05/01/47 (Call 11/01/46)		8,563		6,988,093
5.50%, 04/01/63 (Call 10/01/62)		2,830		2,255,425
5.75%, 04/01/48 (Call 10/01/47)		8,586		7,284,105
6.38%, 10/23/35 (Call 04/23/35)		7,450		7,361,270
6.48%, 10/23/45 (Call 04/23/45)		12,219		11,315,405
6.83%, 10/23/55 (Call 04/23/55)		2,188		2,082,626
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		6,585		5,324,565
1.95%, 01/15/31 (Call 10/15/30)		6,446		5,397,816
2.35%, 01/15/27 (Call 10/15/26)		3,011		2,811,612
2.45%, 08/15/52 (Call 02/15/52)		5,375		3,353,194
2.65%, 02/01/30 (Call 11/01/29)		5,298		4,743,034
2.65%, 08/15/62 (Call 02/15/62)		4,414		2,692,452
2.80%, 01/15/51 (Call 07/15/50)		5,899		3,990,438
2.89%, 11/01/51 (Call 05/01/51)		14,000		9,589,020
2.94%, 11/01/56 (Call 05/01/56)		20,621		13,682,652
2.99%, 11/01/63 (Call 05/01/63)		13,568		8,803,868
3.15%, 03/01/26 (Call 12/01/25)		9,674		9,400,226
3.15%, 02/15/28 (Call 11/15/27)		5,462		5,206,597
3.20%, 07/15/36 (Call 01/15/36)		3,470		2,946,550
3.25%, 11/01/39 (Call 05/01/39)		2,762		2,241,998
3.30%, 02/01/27 (Call 11/01/26)		5,931		5,727,152
3.30%, 04/01/27 (Call 02/01/27)		2,869		2,765,831
3.38%, 02/15/25 (Call 11/15/24)		3,852		3,781,740
3.38%, 08/15/25 (Call 05/15/25)		6,339		6,193,773
3.40%, 04/01/30 (Call 01/01/30)		6,040		5,665,339
3.40%, 07/15/46 (Call 01/15/46)		2,127		1,651,382
3.45%, 02/01/50 (Call 08/01/49)		6,665		5,140,648
3.55%, 05/01/28 (Call 02/01/28)		4,011		3,869,131
3.75%, 04/01/40 (Call 10/01/39)		6,824		5,891,364
3.90%, 03/01/38 (Call 09/01/37)		4,879		4,396,369
3.95%, 10/15/25 (Call 08/15/25)		5,517		5,451,789
3.97%, 11/01/47 (Call 05/01/47)		4,797		4,063,539
4.00%, 08/15/47 (Call 02/15/47)		4,337		3,667,584
4.00%, 03/01/48 (Call 09/01/47)		4,576		3,867,818
4.00%, 11/01/49 (Call 05/01/49)		6,223		5,241,757
4.05%, 11/01/52 (Call 05/01/52)		3,639		3,071,170
4.15%, 10/15/28 (Call 07/15/28)		7,499		7,439,683
4.20%, 08/15/34 (Call 02/15/34)		5,440		5,230,451
4.25%, 10/15/30 (Call 07/15/30)		5,014		4,965,765
4.25%, 01/15/33		7,651		7,489,717
4.40%, 08/15/35 (Call 02/25/35)		4,569		4,480,224
4.60%, 10/15/38 (Call 04/15/38)		4,305		4,158,372
4.60%, 08/15/45 (Call 02/15/45)		3,846		3,560,011

Security	Par (000)		Value
Media (continued)
4.65%, 02/15/33 (Call 11/15/32)(b)	$	5,295	$	5,363,994
4.65%, 07/15/42		3,127		2,968,211
4.70%, 10/15/48 (Call 04/15/48)		7,633		7,233,718
4.75%, 03/01/44		2,759		2,601,268
4.95%, 10/15/58 (Call 04/15/58)		3,644		3,576,914
5.25%, 11/07/25		810		826,483
5.35%, 11/15/27 (Call 10/15/27)		2,690		2,798,138
5.50%, 11/15/32 (Call 08/15/32)		3,660		3,916,383
5.65%, 06/15/35		3,891		4,203,836
6.45%, 03/15/37		75		86,020
6.50%, 11/15/35		3,287		3,790,897
6.55%, 07/01/39		1,205		1,385,111
6.95%, 08/15/37		1,290		1,538,596
7.05%, 03/15/33		2,062		2,445,614
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)		2,486		2,401,451
3.63%, 05/15/30 (Call 02/15/30)		3,492		3,106,134
3.90%, 11/15/24 (Call 08/15/24)		2,173		2,113,373
3.95%, 06/15/25 (Call 05/15/25)		1,948		1,891,625
3.95%, 03/20/28 (Call 12/20/27)		6,550		6,137,088
4.00%, 09/15/55 (Call 03/15/55)		7,813		5,131,110
4.13%, 05/15/29 (Call 02/15/29)		2,543		2,353,318
4.65%, 05/15/50 (Call 11/15/49)		3,618		2,720,555
4.88%, 04/01/43		636		510,174
4.90%, 03/11/26 (Call 12/11/25)		3,175		3,172,746
5.00%, 09/20/37 (Call 03/20/37)		3,875		3,368,150
5.20%, 09/20/47 (Call 03/20/47)		6,545		5,338,822
5.30%, 05/15/49 (Call 11/15/48)		4,502		3,678,449
6.35%, 06/01/40		886		863,620
FactSet Research Systems Inc.
2.90%, 03/01/27 (Call 02/01/27)		1,430		1,338,323
3.45%, 03/01/32 (Call 12/01/31)		1,600		1,409,264
Fox Corp.
3.05%, 04/07/25 (Call 03/07/25)		3,559		3,431,517
3.50%, 04/08/30 (Call 01/08/30)		2,608		2,369,368
4.71%, 01/25/29 (Call 10/25/28)		7,902		7,758,974
5.48%, 01/25/39 (Call 07/25/38)		4,436		4,199,827
5.58%, 01/25/49 (Call 07/25/48)		5,458		5,095,534
Grupo Televisa SAB
4.63%, 01/30/26 (Call 10/30/25)		1,219		1,203,433
5.00%, 05/13/45 (Call 11/13/44)		2,898		2,586,494
5.25%, 05/24/49 (Call 11/24/48)		2,305		2,160,200
6.13%, 01/31/46 (Call 06/30/45)		3,138		3,248,803
6.63%, 01/15/40		2,236		2,397,909
8.50%, 03/11/32		1,260		1,521,841
NBCUniversal Media LLC
4.45%, 01/15/43		2,113		1,937,431
5.95%, 04/01/41		2,791		3,044,311
6.40%, 04/30/40		272		307,428
Paramount Global
2.90%, 01/15/27 (Call 10/15/26)		2,067		1,899,242
3.38%, 02/15/28 (Call 12/15/27)(b)		2,599		2,379,047
3.70%, 06/01/28 (Call 03/01/28)		2,490		2,279,769
4.00%, 01/15/26 (Call 10/15/25)		3,332		3,227,575
4.20%, 06/01/29 (Call 03/01/29)		1,870		1,734,425
4.20%, 05/19/32 (Call 02/19/32)(b)		3,640		3,137,134
4.38%, 03/15/43		3,211		2,285,847
4.60%, 01/15/45 (Call 07/15/44)		2,772		2,025,722
4.75%, 05/15/25 (Call 04/15/25)		2,739		2,712,404
4.85%, 07/01/42 (Call 01/01/42)		2,432		1,860,504

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
4.90%, 08/15/44 (Call 02/15/44)	$	2,606	$	1,962,526
4.95%, 01/15/31 (Call 11/15/30)		4,580		4,254,408
4.95%, 05/19/50 (Call 11/19/49)		3,793		2,860,870
5.25%, 04/01/44 (Call 10/01/43)		1,920		1,521,485
5.50%, 05/15/33		2,477		2,341,582
5.85%, 09/01/43 (Call 03/01/43)		2,834		2,429,361
5.90%, 10/15/40 (Call 04/15/40)		1,733		1,533,636
6.88%, 04/30/36		3,436		3,518,636
7.88%, 07/30/30		3,016		3,317,208
TCI Communications Inc.
7.13%, 02/15/28		2,557		2,853,868
7.88%, 02/15/26		3,382		3,668,286
Thomson Reuters Corp.
3.35%, 05/15/26 (Call 02/15/26)		3,103		2,999,639
5.50%, 08/15/35		982		995,375
5.65%, 11/23/43 (Call 05/23/43)		1,321		1,272,982
5.85%, 04/15/40		2,304		2,305,958
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		2,543		2,870,767
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		4,761		3,620,312
5.50%, 09/01/41 (Call 03/01/41)		4,719		4,021,296
5.88%, 11/15/40 (Call 05/15/40)		4,524		4,022,469
6.55%, 05/01/37		6,122		5,959,645
6.75%, 06/15/39		5,491		5,336,648
7.30%, 07/01/38		5,691		5,896,559
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		4,113		3,830,889
2.95%, 06/15/27(b)		3,994		3,809,477
3.00%, 02/13/26		3,800		3,679,426
3.00%, 07/30/46		2,309		1,696,699
3.15%, 09/17/25		3,137		3,046,560
3.70%, 12/01/42		2,076		1,757,272
4.13%, 06/01/44		3,392		3,065,859
4.38%, 08/16/41		1,720		1,595,971
Series B, 7.00%, 03/01/32		2,203		2,575,902
Series E, 4.13%, 12/01/41		2,648		2,389,290
Walt Disney Co. (The)
1.75%, 08/30/24 (Call 07/30/24)		6,887		6,626,189
1.75%, 01/13/26		5,967		5,606,235
2.00%, 09/01/29 (Call 06/01/29)		8,227		7,177,399
2.20%, 01/13/28(b)		1,822		1,674,290
2.65%, 01/13/31		9,173		8,131,314
2.75%, 09/01/49 (Call 03/01/49)		7,482		5,189,366
3.35%, 03/24/25		4,488		4,412,018
3.38%, 11/15/26 (Call 08/15/26)		1,724		1,676,676
3.50%, 05/13/40 (Call 11/13/39)		6,647		5,652,675
3.60%, 01/13/51 (Call 07/13/50)		9,707		7,836,558
3.70%, 09/15/24 (Call 06/15/24)		3,423		3,378,604
3.70%, 10/15/25 (Call 07/15/25)		2,407		2,367,910
3.70%, 03/23/27		2,696		2,650,465
3.80%, 03/22/30		4,089		3,955,617
3.80%, 05/13/60 (Call 11/13/59)		4,422		3,583,147
4.63%, 03/23/40 (Call 09/23/39)		1,526		1,495,755
4.70%, 03/23/50 (Call 09/23/49)		5,455		5,319,007
4.75%, 09/15/44 (Call 03/15/44)		2,479		2,432,519
4.75%, 11/15/46 (Call 05/15/46)		1,798		1,738,576
4.95%, 10/15/45 (Call 04/15/45)		1,696		1,682,517
5.40%, 10/01/43		2,712		2,846,895
6.15%, 03/01/37		210		234,841
6.15%, 02/15/41		1,327		1,493,047

Security	Par (000)		Value
Media (continued)
6.20%, 12/15/34	$	3,980	$	4,542,016
6.40%, 12/15/35		4,264		4,930,293
6.55%, 03/15/33		955		1,097,620
6.65%, 11/15/37		3,607		4,287,461
7.75%, 12/01/45		855		1,132,926
				669,120,496
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp.
3.25%, 06/15/25 (Call 03/15/25)		4,349		4,249,886
3.90%, 01/15/43 (Call 07/15/42)		2,405		2,111,013
4.38%, 06/15/45 (Call 12/15/44)		1,278		1,179,837
Timken Co. (The)
3.88%, 09/01/24 (Call 06/01/24)		997		975,614
4.13%, 04/01/32 (Call 01/01/32)		1,710		1,582,691
4.50%, 12/15/28 (Call 09/15/28)		2,250		2,204,235
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		1,624		1,466,082
5.25%, 10/01/54 (Call 04/01/54)		1,494		1,349,052
				15,118,410
Mining — 0.2%
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)		655		589,166
3.75%, 10/01/30 (Call 07/01/30)		848		744,205
Barrick Gold Corp., 6.45%, 10/15/35		687		759,588
Barrick North America Finance LLC
5.70%, 05/30/41		3,143		3,300,339
5.75%, 05/01/43		3,117		3,288,684
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		3,288		3,533,383
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42		2,736		2,494,575
4.75%, 02/28/28 (Call 01/28/28)		2,730		2,773,871
4.88%, 02/27/26		2,715		2,745,707
4.90%, 02/28/33 (Call 11/28/32)		1,475		1,512,052
5.00%, 09/30/43		9,673		9,827,574
6.42%, 03/01/26		1,700		1,779,662
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/24)		2,832		2,673,550
4.25%, 03/01/30 (Call 03/01/25)		3,426		3,188,133
4.38%, 08/01/28 (Call 08/01/23)		4,161		3,951,785
4.55%, 11/14/24 (Call 08/14/24)		4,145		4,094,390
4.63%, 08/01/30 (Call 08/01/25)(b)		4,411		4,200,639
5.00%, 09/01/27 (Call 09/01/23)		3,485		3,471,896
5.25%, 09/01/29 (Call 09/01/24)		3,870		3,825,534
5.40%, 11/14/34 (Call 05/14/34)		3,481		3,426,279
5.45%, 03/15/43 (Call 09/15/42)		6,280		5,896,794
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		2,449		2,421,400
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)		4,823		4,066,609
2.60%, 07/15/32 (Call 04/15/32)		3,805		3,197,380
2.80%, 10/01/29 (Call 07/01/29)		3,057		2,724,979
4.88%, 03/15/42 (Call 09/15/41)		1,928		1,847,969
5.45%, 06/09/44 (Call 12/09/43)		2,817		2,861,649
5.88%, 04/01/35		2,690		2,846,908
6.25%, 10/01/39		2,316		2,519,507
Rio Tinto Alcan Inc.
5.75%, 06/01/35		1,538		1,642,415
6.13%, 12/15/33		2,768		3,056,924
7.25%, 03/15/31		2,813		3,282,405

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)	$	4,215	$	2,939,878
5.20%, 11/02/40		3,669		3,789,747
7.13%, 07/15/28		2,806		3,170,247
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		2,714		2,456,251
4.75%, 03/22/42 (Call 09/22/41)		1,700		1,664,929
5.00%, 03/09/33 (Call 12/09/32)		2,350		2,426,798
5.13%, 03/09/53 (Call 09/09/52)		2,645		2,718,187
Southern Copper Corp.
3.88%, 04/23/25		3,459		3,366,887
5.25%, 11/08/42		5,647		5,515,990
5.88%, 04/23/45		3,553		3,707,840
6.75%, 04/16/40		3,951		4,425,515
7.50%, 07/27/35		3,618		4,239,753
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		915		737,334
				139,705,307
Multi-National — 0.0%
African Development Bank, 4.38%, 03/14/28		1,035		1,066,919
Asian Development Bank
3.75%, 04/25/28		100		100,425
4.00%, 01/12/33		6,160		6,330,078
4.25%, 01/09/26		950		959,130
Asian Infrastructure Investment Bank (The)
3.75%, 09/14/27		115		114,627
4.00%, 01/18/28		200		201,632
European Investment Bank, 3.88%, 03/15/28(b)		660		667,187
Inter-American Development Bank
3.50%, 04/12/33		350		345,226
4.00%, 01/12/28		1,241		1,260,161
International Bank for Reconstruction & Development
3.50%, 07/12/28		535		531,640
3.88%, 02/14/30		1,860		1,885,929
				13,462,954
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		5,020		4,565,941
3.25%, 02/15/29 (Call 08/15/23)		3,189		2,756,476
3.28%, 12/01/28 (Call 10/01/28)		2,635		2,288,129
3.57%, 12/01/31 (Call 09/01/31)		3,790		3,166,772
4.13%, 05/01/25 (Call 05/01/23)		4,730		4,622,156
4.25%, 04/01/28 (Call 10/01/23)		3,087		2,876,405
5.50%, 12/01/24 (Call 06/01/24)		5,938		5,926,599
				26,202,478
Oil & Gas — 0.9%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		3,556		2,987,147
2.72%, 01/12/32 (Call 10/12/31)		7,310		6,395,227
2.77%, 11/10/50 (Call 05/10/50)		3,120		2,138,042
2.94%, 06/04/51 (Call 12/04/50)		9,590		6,733,043
3.00%, 02/24/50 (Call 08/24/49)		8,075		5,777,985
3.00%, 03/17/52 (Call 09/17/51)		3,810		2,699,385
3.02%, 01/16/27 (Call 10/16/26)		4,016		3,845,561
3.06%, 06/17/41 (Call 12/17/40)		5,760		4,485,485
3.12%, 05/04/26 (Call 02/04/26)		4,714		4,581,914
3.38%, 02/08/61 (Call 08/08/60)		6,975		5,164,639
3.41%, 02/11/26 (Call 12/11/25)		4,709		4,614,773
3.54%, 04/06/27 (Call 02/06/27)		2,384		2,327,809
3.59%, 04/14/27 (Call 01/14/27)		2,553		2,494,919

Security	Par (000)			Value
Oil & Gas (continued)
3.63%, 04/06/30 (Call 01/06/30)	$	4,317		$	4,133,268
3.80%, 09/21/25 (Call 07/21/25)		4,673			4,615,849
3.94%, 09/21/28 (Call 06/21/28)		4,078			4,030,614
4.23%, 11/06/28 (Call 08/06/28)		5,650			5,664,859
4.81%, 02/13/33 (Call 11/13/32)		2,455			2,497,349
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)		5,157			4,993,420
3.72%, 11/28/28 (Call 08/28/28)		4,842			4,746,322
Burlington Resources LLC
5.95%, 10/15/36		100			110,293
7.20%, 08/15/31		90			105,128
7.40%, 12/01/31		265	��		314,028
Canadian Natural Resources Ltd.
2.05%, 07/15/25 (Call 06/15/25)		3,291			3,097,127
2.95%, 07/15/30 (Call 04/15/30)		2,005			1,761,433
3.85%, 06/01/27 (Call 03/01/27)		4,589			4,411,222
3.90%, 02/01/25 (Call 11/01/24)		3,045			2,980,233
4.95%, 06/01/47 (Call 12/01/46)		2,983			2,712,054
5.85%, 02/01/35		1,645			1,657,634
6.25%, 03/15/38		3,503			3,738,402
6.45%, 06/30/33		1,555			1,638,364
6.50%, 02/15/37		1,964			2,077,382
6.75%, 02/01/39		1,715			1,850,382
7.20%, 01/15/32		1,315			1,453,049
Cenovus Energy Inc.
2.65%, 01/15/32 (Call 10/15/31)		1,936			1,610,926
3.75%, 02/15/52 (Call 08/15/51)		3,670			2,663,649
4.25%, 04/15/27 (Call 01/15/27)		540			527,526
5.25%, 06/15/37 (Call 12/15/36)		2,565			2,465,709
5.40%, 06/15/47 (Call 12/15/46)		1,786			1,661,748
6.75%, 11/15/39		2,440			2,649,645
6.80%, 09/15/37		1,772			1,905,166
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		9,808			9,273,464
2.00%, 05/11/27 (Call 03/11/27)		4,610			4,277,435
2.24%, 05/11/30 (Call 02/11/30)		5,499			4,902,029
2.95%, 05/16/26 (Call 02/16/26)		8,652			8,396,333
3.08%, 05/11/50 (Call 11/11/49)		3,886			3,008,658
3.33%, 11/17/25 (Call 08/17/25)		3,539			3,469,211
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)		4,106			3,780,928
1.02%, 08/12/27 (Call 06/12/27)		3,784			3,356,370
2.34%, 08/12/50 (Call 02/12/50)		3,593			2,346,049
3.25%, 10/15/29 (Call 07/15/29)		2,276			2,164,203
3.85%, 01/15/28 (Call 10/15/27)		3,145			3,141,824
3.90%, 11/15/24 (Call 08/15/24)		3,301			3,280,534
5.25%, 11/15/43 (Call 05/15/43)		370			386,498
6.00%, 03/01/41 (Call 09/01/40)		315			355,172
CNOOC Finance 2013 Ltd.
2.88%, 09/30/29 (Call 06/30/29)(b)		1,249			1,153,876
3.30%, 09/30/49 (Call 03/30/49)		1,315			950,969
4.25%, 05/09/43		3,599			3,155,459
CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45		500			431,825
CNOOC Finance 2015 USA LLC
3.50%, 05/05/25		4,520			4,410,571
4.38%, 05/02/28		5,052			5,079,331
CNOOC Petroleum North America ULC
5.88%, 03/10/35		1,913			2,040,941
6.40%, 05/15/37		3,637			4,057,401

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
7.50%, 07/30/39	$	1,006	$	1,234,714
7.88%, 03/15/32		1,846		2,255,517
Conoco Funding Co., 7.25%, 10/15/31		695		811,996
ConocoPhillips Co.
2.40%, 03/07/25 (Call 05/09/23)		1,290		1,239,187
3.35%, 11/15/24 (Call 08/15/24)		580		568,435
3.76%, 03/15/42 (Call 09/15/41)		11,470		9,851,927
3.80%, 03/15/52 (Call 09/15/51)		1,960		1,646,518
4.03%, 03/15/62 (Call 09/15/61)		10,107		8,535,361
4.30%, 11/15/44 (Call 05/15/44)		1,805		1,642,676
4.88%, 10/01/47 (Call 04/01/47)(b)		233		227,117
5.90%, 10/15/32		1,861		2,064,147
5.90%, 05/15/38		417		457,649
5.95%, 03/15/46 (Call 09/15/45)		345		384,185
6.50%, 02/01/39		564		662,130
6.95%, 04/15/29		1,050		1,185,418
Continental Resources Inc./OK
3.80%, 06/01/24 (Call 03/01/24)		4,310		4,228,067
4.38%, 01/15/28 (Call 10/15/27)		4,065		3,865,083
4.90%, 06/01/44 (Call 12/01/43)		3,200		2,488,160
Coterra Energy Inc.
3.90%, 05/15/27 (Call 02/15/27)		3,438		3,307,700
4.38%, 03/15/29 (Call 12/15/28)		2,600		2,494,986
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		3,675		3,521,348
4.75%, 05/15/42 (Call 11/15/41)		3,268		2,867,147
5.00%, 06/15/45 (Call 12/15/44)		3,512		3,150,440
5.25%, 09/15/24 (Call 06/15/24)		1,460		1,464,146
5.25%, 10/15/27 (Call 10/15/23)		1,590		1,590,652
5.60%, 07/15/41 (Call 01/15/41)		4,042		3,933,472
5.85%, 12/15/25 (Call 09/15/25)		4,025		4,096,403
5.88%, 06/15/28 (Call 06/15/23)		1,425		1,440,091
7.88%, 09/30/31		1,267		1,470,797
7.95%, 04/15/32		1,335		1,583,524
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)		3,202		2,799,957
3.25%, 12/01/26 (Call 10/01/26)		5,831		5,595,603
3.50%, 12/01/29 (Call 09/01/29)		2,773		2,567,354
4.25%, 03/15/52 (Call 09/15/51)		2,719		2,145,536
4.40%, 03/24/51 (Call 09/24/50)		2,710		2,215,479
6.25%, 03/15/33 (Call 12/15/32)		3,170		3,380,203
6.25%, 03/15/53 (Call 09/15/52)		2,645		2,766,220
Eni USA Inc., 7.30%, 11/15/27		700		769,517
EOG Resources Inc.
3.15%, 04/01/25 (Call 01/01/25)		1,294		1,258,001
3.90%, 04/01/35 (Call 10/01/34)		2,923		2,712,515
4.15%, 01/15/26 (Call 10/15/25)		5,742		5,701,634
4.38%, 04/15/30 (Call 01/15/30)		2,909		2,918,920
4.95%, 04/15/50 (Call 10/15/49)		3,026		3,047,938
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)		6,946		6,569,110
5.00%, 01/15/29 (Call 07/15/28)		2,225		2,130,304
5.68%, 10/01/25 (Call 10/04/23)		2,865		2,854,772
5.70%, 04/01/28 (Call 03/01/28)		2,180		2,194,889
6.13%, 02/01/25 (Call 01/01/25)		6,453		6,484,039
7.00%, 02/01/30 (Call 11/01/29)		3,070		3,242,288
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)		1,856		1,734,766
2.38%, 05/22/30 (Call 02/22/30)		4,102		3,645,283
2.88%, 04/06/25 (Call 03/06/25)		3,588		3,479,427

Security	Par (000)		Value
Oil & Gas (continued)
3.00%, 04/06/27 (Call 02/06/27)	$	2,076	$	1,980,691
3.13%, 04/06/30 (Call 01/06/30)(b)		5,346		5,010,592
3.25%, 11/10/24		83		81,627
3.25%, 11/18/49 (Call 05/18/49)		3,989		3,094,307
3.63%, 09/10/28 (Call 06/10/28)		4,271		4,184,640
3.63%, 04/06/40 (Call 10/06/39)		2,414		2,091,152
3.70%, 04/06/50 (Call 10/06/49)		3,705		3,121,055
3.95%, 05/15/43		3,507		3,147,427
4.25%, 11/23/41		2,320		2,167,762
4.80%, 11/08/43		2,655		2,619,582
5.10%, 08/17/40		3,077		3,177,464
7.25%, 09/23/27		900		998,982
Exxon Mobil Corp.
2.02%, 08/16/24 (Call 07/16/24)		7,167		6,942,243
2.28%, 08/16/26 (Call 06/16/26)		4,130		3,914,455
2.44%, 08/16/29 (Call 05/16/29)		6,231		5,704,231
2.61%, 10/15/30 (Call 07/15/30)		5,520		4,981,690
2.71%, 03/06/25 (Call 12/06/24)		3,835		3,723,785
2.99%, 03/19/25 (Call 02/19/25)		11,888		11,578,912
3.00%, 08/16/39 (Call 02/16/39)		5,865		4,739,565
3.04%, 03/01/26 (Call 12/01/25)		9,801		9,537,941
3.10%, 08/16/49 (Call 02/16/49)		6,591		4,962,825
3.29%, 03/19/27 (Call 01/19/27)		2,550		2,497,036
3.45%, 04/15/51 (Call 10/15/50)		6,043		4,837,240
3.48%, 03/19/30 (Call 12/19/29)		4,227		4,055,215
3.57%, 03/06/45 (Call 09/06/44)		3,227		2,698,998
4.11%, 03/01/46 (Call 09/01/45)		10,696		9,601,585
4.23%, 03/19/40 (Call 09/19/39)		5,141		4,842,514
4.33%, 03/19/50 (Call 09/19/49)		9,660		8,989,982
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)		925		770,923
Hess Corp.
3.50%, 07/15/24 (Call 04/15/24)		2,623		2,572,271
4.30%, 04/01/27 (Call 01/01/27)		5,807		5,699,048
5.60%, 02/15/41		4,713		4,588,011
5.80%, 04/01/47 (Call 10/01/46)(b)		1,949		1,926,450
6.00%, 01/15/40		2,993		3,045,288
7.13%, 03/15/33		2,342		2,629,223
7.30%, 08/15/31		2,459		2,764,457
7.88%, 10/01/29		1,022		1,157,752
HF Sinclair Corp.
4.50%, 10/01/30 (Call 07/01/30)		1,187		1,078,271
5.88%, 04/01/26 (Call 01/01/26)		4,251		4,308,984
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		4,748		4,636,659
5.20%, 06/01/45 (Call 12/01/44)		2,556		2,211,196
6.60%, 10/01/37		3,388		3,487,810
6.80%, 03/15/32		2,034		2,164,196
Marathon Petroleum Corp.
3.63%, 09/15/24 (Call 06/15/24)		4,104		4,021,222
3.80%, 04/01/28 (Call 01/01/28)		2,538		2,435,313
4.50%, 04/01/48 (Call 10/01/47)		2,447		1,988,971
4.70%, 05/01/25 (Call 04/01/25)		5,590		5,556,572
4.75%, 09/15/44 (Call 03/15/44)		3,651		3,163,591
5.00%, 09/15/54 (Call 03/15/54)		2,953		2,538,812
5.13%, 12/15/26 (Call 09/15/26)		3,599		3,646,255
6.50%, 03/01/41 (Call 09/01/40)		2,226		2,353,594
Ovintiv Exploration Inc., 5.38%, 01/01/26 (Call 10/01/25)		3,434		3,446,191

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Ovintiv Inc.
6.50%, 08/15/34	$	2,354	$	2,412,097
6.50%, 02/01/38		1,830		1,834,136
6.63%, 08/15/37		1,930		1,961,305
7.20%, 11/01/31		1,240		1,327,804
7.38%, 11/01/31		1,615		1,756,975
8.13%, 09/15/30		1,175		1,313,497
Phillips 66
1.30%, 02/15/26 (Call 01/15/26)		3,094		2,827,607
2.15%, 12/15/30 (Call 09/15/30)		3,315		2,771,638
3.15%, 12/15/29 (Call 09/15/29)(f)		2,031		1,831,617
3.30%, 03/15/52 (Call 09/15/51)		4,430		3,130,194
3.55%, 10/01/26 (Call 07/01/26)(f)		2,330		2,231,721
3.61%, 02/15/25 (Call 11/15/24)(f)		1,457		1,426,010
3.75%, 03/01/28 (Call 12/01/27)(b)(f)		2,571		2,453,608
3.85%, 04/09/25 (Call 03/09/25)		4,301		4,216,227
3.90%, 03/15/28 (Call 12/15/27)		2,291		2,219,063
4.65%, 11/15/34 (Call 05/15/34)		4,901		4,742,110
4.68%, 02/15/45 (Call 08/15/44)(f)		2,830		2,520,228
4.88%, 11/15/44 (Call 05/15/44)		4,328		4,073,514
4.90%, 10/01/46 (Call 04/01/46)(f)		2,447		2,221,166
4.95%, 12/01/27 (Call 11/01/27)		2,020		2,038,584
5.30%, 06/30/33 (Call 03/30/33)		2,240		2,270,733
5.88%, 05/01/42		4,814		5,100,433
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)		700		638,631
1.90%, 08/15/30 (Call 05/15/30)		7,005		5,813,800
2.15%, 01/15/31 (Call 10/15/30)		415		347,450
5.10%, 03/29/26		2,200		2,223,188
Shell International Finance BV
2.00%, 11/07/24 (Call 10/07/24)		6,410		6,182,894
2.38%, 11/07/29 (Call 08/07/29)		5,401		4,830,438
2.50%, 09/12/26		6,450		6,129,951
2.75%, 04/06/30 (Call 01/06/30)		2,193		2,005,893
2.88%, 05/10/26		7,242		6,992,948
2.88%, 11/26/41 (Call 05/26/41)		2,445		1,885,535
3.00%, 11/26/51 (Call 05/26/51)		4,285		3,098,698
3.13%, 11/07/49 (Call 05/07/49)		5,108		3,823,338
3.25%, 05/11/25		11,451		11,191,978
3.25%, 04/06/50 (Call 10/06/49)		7,183		5,504,692
3.63%, 08/21/42		2,628		2,217,060
3.75%, 09/12/46		5,111		4,301,418
3.88%, 11/13/28 (Call 08/23/28)		3,825		3,783,460
4.00%, 05/10/46		8,059		7,039,778
4.13%, 05/11/35		6,488		6,234,384
4.38%, 05/11/45		10,398		9,664,941
4.55%, 08/12/43		3,053		2,897,969
5.50%, 03/25/40		3,915		4,176,013
6.38%, 12/15/38		8,676		10,089,754
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)		1,028		782,873
4.00%, 11/15/47 (Call 05/15/47)		3,947		3,166,678
5.95%, 12/01/34		1,860		1,930,847
6.50%, 06/15/38		3,215		3,458,440
6.80%, 05/15/38		4,057		4,470,571
6.85%, 06/01/39		3,576		3,931,919
7.15%, 02/01/32		902		1,000,958
Tosco Corp., 8.13%, 02/15/30		1,540		1,837,605
TotalEnergies Capital International SA
2.43%, 01/10/25 (Call 10/10/24)		4,681		4,527,416

Security	Par (000)		Value
Oil & Gas (continued)
2.83%, 01/10/30 (Call 10/10/29)	$	4,714	$	4,310,670
2.99%, 06/29/41 (Call 12/29/40)		2,468		1,938,589
3.13%, 05/29/50 (Call 11/29/49)		8,056		6,012,596
3.39%, 06/29/60 (Call 12/29/59)		1,045		788,756
3.46%, 02/19/29 (Call 11/19/28)		4,999		4,785,793
3.46%, 07/12/49 (Call 01/12/49)		5,725		4,561,165
TotalEnergies Capital SA, 3.88%, 10/11/28		4,272		4,216,934
Valero Energy Corp.
2.15%, 09/15/27 (Call 07/15/27)		1,540		1,398,890
2.80%, 12/01/31 (Call 09/01/31)		1,945		1,643,875
3.40%, 09/15/26 (Call 06/15/26)		15		14,448
3.65%, 12/01/51 (Call 06/01/51)		4,315		3,077,933
4.00%, 06/01/52 (Call 12/01/51)(b)		1,460		1,120,010
4.35%, 06/01/28 (Call 03/01/28)		2,726		2,685,219
4.90%, 03/15/45(b)		3,021		2,742,101
6.63%, 06/15/37		5,000		5,484,000
7.50%, 04/15/32		2,613		3,004,427
				782,342,288
Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		3,874		3,784,278
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
2.06%, 12/15/26 (Call 11/15/26)		3,625		3,326,844
3.14%, 11/07/29 (Call 08/07/29)		1,845		1,673,784
3.34%, 12/15/27 (Call 09/15/27)		5,316		5,051,316
4.08%, 12/15/47 (Call 06/15/47)		5,623		4,618,057
4.49%, 05/01/30 (Call 02/01/30)		1,979		1,948,365
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)		1,443		1,292,856
3.80%, 11/15/25 (Call 08/15/25)		1,931		1,894,910
4.50%, 11/15/41 (Call 05/15/41)		2,190		1,891,832
4.75%, 08/01/43 (Call 02/01/43)		3,670		3,273,860
4.85%, 11/15/35 (Call 05/15/35)		4,792		4,686,336
5.00%, 11/15/45 (Call 05/15/45)(b)		5,776		5,300,577
6.70%, 09/15/38		3,061		3,458,716
7.45%, 09/15/39		3,966		4,668,894
NOV Inc.
3.60%, 12/01/29 (Call 09/01/29)		2,437		2,229,514
3.95%, 12/01/42 (Call 06/01/42)		4,711		3,505,644
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		3,745		3,473,600
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)		3,353		3,008,580
				59,087,963
Packaging & Containers — 0.1%
Amcor Finance USA Inc.
3.63%, 04/28/26 (Call 01/28/26)		2,074		1,998,569
4.50%, 05/15/28 (Call 02/15/28)		1,025		1,011,706
Amcor Flexibles North America Inc.
2.63%, 06/19/30 (Call 03/19/30)		2,380		2,006,506
2.69%, 05/25/31 (Call 02/25/31)		3,275		2,732,955
4.00%, 05/17/25 (Call 04/17/25)		1,860		1,815,118
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		1,025		898,822
Berry Global Inc.
1.57%, 01/15/26 (Call 12/15/25)		2,991		2,720,015
1.65%, 01/15/27 (Call 12/15/26)		2,745		2,411,510
5.50%, 04/15/28 (Call 03/15/28)(f)		370		369,593
Packaging Corp. of America
3.00%, 12/15/29 (Call 09/15/29)		1,144		1,034,805

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
3.05%, 10/01/51 (Call 04/01/51)	$	1,330	$	900,264
3.40%, 12/15/27 (Call 09/15/27)		1,394		1,336,177
3.65%, 09/15/24 (Call 06/15/24)		1,553		1,526,599
4.05%, 12/15/49 (Call 06/15/49)		2,302		1,873,667
Sonoco Products Co.
1.80%, 02/01/25 (Call 05/30/23)		2,937		2,763,306
2.25%, 02/01/27 (Call 01/01/27)		2,860		2,607,376
2.85%, 02/01/32 (Call 11/01/31)		2,908		2,471,335
3.13%, 05/01/30 (Call 02/01/30)		1,545		1,371,033
5.75%, 11/01/40 (Call 05/01/40)		65		66,635
WestRock MWV LLC
7.95%, 02/15/31		1,708		1,982,920
8.20%, 01/15/30		486		569,106
WRKCo Inc.
3.00%, 09/15/24 (Call 07/15/24)		3,453		3,351,171
3.00%, 06/15/33 (Call 03/15/33)		2,635		2,152,821
3.38%, 09/15/27 (Call 06/15/27)		1,421		1,334,120
3.75%, 03/15/25 (Call 01/15/25)		2,429		2,363,708
3.90%, 06/01/28 (Call 03/01/28)		3,011		2,879,329
4.00%, 03/15/28 (Call 12/15/27)		2,967		2,843,009
4.20%, 06/01/32 (Call 03/01/32)		2,076		1,927,068
4.65%, 03/15/26 (Call 01/15/26)		4,742		4,683,958
4.90%, 03/15/29 (Call 12/15/28)		3,189		3,155,771
				59,158,972
Pharmaceuticals — 1.3%
AbbVie Inc.
2.60%, 11/21/24 (Call 10/21/24)		13,240		12,783,088
2.95%, 11/21/26 (Call 09/21/26)		6,334		6,014,576
3.20%, 05/14/26 (Call 02/14/26)		8,343		8,042,485
3.20%, 11/21/29 (Call 08/21/29)		18,814		17,384,136
3.60%, 05/14/25 (Call 02/14/25)		13,389		13,088,953
3.80%, 03/15/25 (Call 12/15/24)		10,521		10,343,932
3.85%, 06/15/24 (Call 03/15/24)		5,110		5,049,140
4.05%, 11/21/39 (Call 05/21/39)		12,686		11,217,088
4.25%, 11/14/28 (Call 08/14/28)		4,831		4,793,608
4.25%, 11/21/49 (Call 05/21/49)		18,673		16,359,042
4.30%, 05/14/36 (Call 11/14/35)		6,245		5,915,264
4.40%, 11/06/42		9,342		8,511,403
4.45%, 05/14/46 (Call 11/14/45)		7,743		6,991,929
4.50%, 05/14/35 (Call 11/14/34)		6,261		6,099,967
4.55%, 03/15/35 (Call 09/15/34)		6,507		6,367,555
4.63%, 10/01/42 (Call 04/01/42)		1,903		1,739,437
4.70%, 05/14/45 (Call 11/14/44)		9,198		8,622,021
4.75%, 03/15/45 (Call 09/15/44)		3,719		3,510,848
4.85%, 06/15/44 (Call 12/15/43)		4,383		4,179,278
4.88%, 11/14/48 (Call 05/14/48)		6,740		6,477,814
AmerisourceBergen Corp.
2.70%, 03/15/31 (Call 12/15/30)		3,212		2,772,823
2.80%, 05/15/30 (Call 02/15/30)		1,457		1,284,739
3.25%, 03/01/25 (Call 12/01/24)		2,077		2,019,446
3.40%, 05/15/24 (Call 02/15/24)		2,686		2,635,960
3.45%, 12/15/27 (Call 09/15/27)		4,304		4,124,738
4.25%, 03/01/45 (Call 09/01/44)		2,110		1,785,651
4.30%, 12/15/47 (Call 06/15/47)		2,230		1,915,659
Astrazeneca Finance LLC
0.70%, 05/28/24 (Call 05/09/23)		969		927,139
1.20%, 05/28/26 (Call 04/28/26)		5,045		4,618,597
1.75%, 05/28/28 (Call 03/28/28)		5,409		4,823,368
2.25%, 05/28/31 (Call 02/28/31)		1,897		1,643,694
4.88%, 03/03/28 (Call 02/03/28)		4,400		4,540,448

Security	Par (000)		Value
Pharmaceuticals (continued)
4.88%, 03/03/33 (Call 12/03/32)	$	4,425	$	4,596,778
4.90%, 03/03/30 (Call 01/03/30)		4,515		4,661,331
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)		5,090		4,620,804
1.38%, 08/06/30 (Call 05/06/30)		6,426		5,280,887
2.13%, 08/06/50 (Call 02/06/50)		3,469		2,196,120
3.00%, 05/28/51 (Call 11/28/50)		2,955		2,240,895
3.13%, 06/12/27 (Call 03/12/27)		3,116		2,994,694
3.38%, 11/16/25		7,986		7,809,110
4.00%, 01/17/29 (Call 10/17/28)		2,820		2,799,132
4.00%, 09/18/42		3,439		3,134,717
4.38%, 11/16/45		2,389		2,293,225
4.38%, 08/17/48 (Call 02/17/48)		2,417		2,294,893
6.45%, 09/15/37		9,937		11,752,490
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		4,875		4,028,359
2.82%, 05/20/30 (Call 02/20/30)		2,892		2,569,860
3.36%, 06/06/24 (Call 04/06/24)		3,105		3,051,563
3.70%, 06/06/27 (Call 03/06/27)		5,618		5,443,730
3.73%, 12/15/24 (Call 09/15/24)		2,652		2,601,983
3.79%, 05/20/50 (Call 11/20/49)		2,042		1,656,001
4.30%, 08/22/32 (Call 05/22/32)		1,715		1,662,041
4.67%, 06/06/47 (Call 12/06/46)		3,112		2,902,749
4.69%, 02/13/28 (Call 01/13/28)		3,530		3,569,324
4.69%, 12/15/44 (Call 06/15/44)		4,587		4,285,726
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)		1,426		1,310,708
1.13%, 11/13/27 (Call 09/13/27)		2,016		1,777,668
1.45%, 11/13/30 (Call 08/13/30)		2,570		2,109,585
2.35%, 11/13/40 (Call 05/13/40)		789		568,830
2.55%, 11/13/50 (Call 05/13/50)		5,762		3,853,510
2.90%, 07/26/24 (Call 06/26/24)		5,867		5,745,318
2.95%, 03/15/32 (Call 12/15/31)		3,180		2,871,254
3.20%, 06/15/26 (Call 04/15/26)		5,397		5,259,323
3.25%, 08/01/42		3,363		2,679,941
3.40%, 07/26/29 (Call 04/26/29)		6,852		6,553,732
3.45%, 11/15/27 (Call 08/15/27)(b)		1,770		1,721,201
3.55%, 03/15/42 (Call 09/15/41)		2,160		1,841,616
3.63%, 05/15/24 (Call 02/15/24)		660		651,664
3.70%, 03/15/52 (Call 09/15/51)		6,740		5,586,314
3.90%, 02/20/28 (Call 11/20/27)		10,478		10,411,150
3.90%, 03/15/62 (Call 09/15/61)		4,152		3,436,652
4.13%, 06/15/39 (Call 12/15/38)		10,656		9,981,049
4.25%, 10/26/49 (Call 04/26/49)		12,907		11,716,458
4.35%, 11/15/47 (Call 05/15/47)		5,054		4,675,152
4.50%, 03/01/44 (Call 09/01/43)		25		23,806
4.55%, 02/20/48 (Call 08/20/47)		4,556		4,338,907
4.63%, 05/15/44 (Call 11/15/43)		815		788,871
5.00%, 08/15/45 (Call 02/15/45)		120		122,426
Cardinal Health Inc.
3.08%, 06/15/24 (Call 04/15/24)		3,578		3,495,778
3.41%, 06/15/27 (Call 03/15/27)		2,125		2,032,074
3.50%, 11/15/24 (Call 08/15/24)		2,179		2,128,186
3.75%, 09/15/25 (Call 06/15/25)		2,517		2,457,423
4.37%, 06/15/47 (Call 12/15/46)		2,234		1,864,340
4.50%, 11/15/44 (Call 05/15/44)		1,425		1,221,439
4.60%, 03/15/43		1,425		1,240,904
4.90%, 09/15/45 (Call 03/15/45)		1,827		1,641,797
Cigna Group (The)
1.25%, 03/15/26 (Call 02/15/26)		2,865		2,614,685

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
2.38%, 03/15/31 (Call 12/15/30)	$	2,621	$	2,221,481
2.40%, 03/15/30 (Call 12/15/29)		8,285		7,174,313
3.05%, 10/15/27 (Call 07/15/27)		3,084		2,907,873
3.20%, 03/15/40 (Call 09/15/39)		2,315		1,817,599
3.25%, 04/15/25 (Call 01/15/25)		4,459		4,329,867
3.40%, 03/01/27 (Call 12/01/26)		6,151		5,906,436
3.40%, 03/15/50 (Call 09/15/49)		5,552		4,089,381
3.40%, 03/15/51 (Call 09/15/50)		3,215		2,369,166
3.50%, 06/15/24 (Call 03/17/24)		3,313		3,258,236
3.88%, 10/15/47 (Call 04/15/47)		4,476		3,603,807
4.13%, 11/15/25 (Call 09/15/25)		8,590		8,483,226
4.38%, 10/15/28 (Call 07/15/28)		9,678		9,614,028
4.50%, 02/25/26 (Call 11/27/25)		6,090		6,073,861
4.80%, 08/15/38 (Call 02/15/38)		8,614		8,338,266
4.80%, 07/15/46 (Call 01/16/46)		3,804		3,511,320
4.90%, 12/15/48 (Call 06/15/48)		10,158		9,549,536
5.40%, 03/15/33 (Call 12/15/32)		2,820		2,931,616
5.69%, 03/15/26 (Call 03/15/24)		75		75,476
6.13%, 11/15/41		2,288		2,501,882
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		8,661		7,593,792
1.75%, 08/21/30 (Call 05/21/30)		5,245		4,279,028
1.88%, 02/28/31 (Call 11/28/30)		5,400		4,388,580
2.13%, 09/15/31 (Call 06/15/31)(b)		4,190		3,432,532
2.63%, 08/15/24 (Call 07/15/24)		3,855		3,743,513
2.70%, 08/21/40 (Call 02/21/40)		5,659		4,056,428
2.88%, 06/01/26 (Call 03/01/26)		6,180		5,896,214
3.00%, 08/15/26 (Call 06/15/26)		3,705		3,532,977
3.25%, 08/15/29 (Call 05/15/29)		6,978		6,423,737
3.38%, 08/12/24 (Call 05/12/24)		3,812		3,739,953
3.63%, 04/01/27 (Call 02/01/27)		3,538		3,424,041
3.75%, 04/01/30 (Call 01/01/30)		3,868		3,621,531
3.88%, 07/20/25 (Call 04/20/25)		10,983		10,799,913
4.10%, 03/25/25 (Call 01/25/25)		3,713		3,692,504
4.13%, 04/01/40 (Call 10/01/39)		3,731		3,191,609
4.25%, 04/01/50 (Call 10/01/49)		3,543		2,963,578
4.30%, 03/25/28 (Call 12/25/27)		11,450		11,309,508
4.78%, 03/25/38 (Call 09/25/37)		16,050		15,299,823
4.88%, 07/20/35 (Call 01/20/35)		3,274		3,201,219
5.00%, 02/20/26 (Call 01/20/26)		3,356		3,394,460
5.05%, 03/25/48 (Call 09/25/47)		27,819		25,947,894
5.13%, 02/21/30 (Call 12/21/29)		3,909		3,977,329
5.13%, 07/20/45 (Call 01/20/45)		11,459		10,823,255
5.25%, 02/21/33 (Call 11/21/32)		3,875		3,958,312
5.30%, 12/05/43 (Call 06/05/43)		3,063		2,989,457
5.63%, 02/21/53 (Call 08/21/52)		3,730		3,747,307
6.13%, 09/15/39		2,378		2,504,819
6.25%, 06/01/27		1,115		1,179,525
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)		4,812		3,259,889
2.50%, 09/15/60 (Call 03/15/60)		2,430		1,587,811
2.75%, 06/01/25 (Call 03/01/25)		3,489		3,385,935
3.10%, 05/15/27 (Call 02/15/27)		4,685		4,513,670
3.38%, 03/15/29 (Call 12/15/28)		5,635		5,411,910
3.70%, 03/01/45 (Call 09/01/44)		75		65,718
3.95%, 05/15/47 (Call 11/15/46)		1,458		1,316,661
3.95%, 03/15/49 (Call 09/15/48)		165		151,310
4.15%, 03/15/59 (Call 09/15/58)		1,205		1,100,864
4.70%, 02/27/33 (Call 11/27/32)		2,390		2,479,243
4.88%, 02/27/53 (Call 08/27/52)		2,215		2,311,397

Security	Par (000)		Value
Pharmaceuticals (continued)
4.95%, 02/27/63 (Call 08/27/62)	$	1,035	$	1,076,669
5.00%, 02/27/26 (Call 02/27/24)		125		125,831
5.50%, 03/15/27		130		137,378
5.55%, 03/15/37		1,670		1,858,844
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		4,682		4,628,251
3.88%, 05/15/28		7,293		7,199,139
4.20%, 03/18/43		3,809		3,476,703
5.38%, 04/15/34		2,216		2,395,673
6.38%, 05/15/38		7,248		8,606,710
GlaxoSmithKline Capital PLC
3.00%, 06/01/24 (Call 05/01/24)		5,282		5,188,826
3.38%, 06/01/29 (Call 03/01/29)		4,348		4,152,514
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)		2,367		2,186,067
0.95%, 09/01/27 (Call 07/01/27)		2,296		2,038,963
1.30%, 09/01/30 (Call 06/01/30)		2,938		2,466,745
2.10%, 09/01/40 (Call 03/01/40)		3,476		2,526,113
2.25%, 09/01/50 (Call 03/01/50)		3,151		2,126,137
2.45%, 03/01/26 (Call 12/01/25)		4,065		3,906,099
2.45%, 09/01/60 (Call 03/01/60)		3,983		2,645,947
2.63%, 01/15/25 (Call 11/15/24)		4,719		4,607,632
2.90%, 01/15/28 (Call 10/15/27)		7,096		6,834,867
2.95%, 03/03/27 (Call 12/03/26)		4,485		4,345,696
3.40%, 01/15/38 (Call 07/15/37)		3,975		3,604,053
3.50%, 01/15/48 (Call 07/15/47)		2,785		2,427,935
3.55%, 03/01/36 (Call 09/01/35)		4,156		3,881,122
3.63%, 03/03/37 (Call 09/03/36)		5,976		5,595,807
3.70%, 03/01/46 (Call 09/01/45)		6,629		5,920,890
3.75%, 03/03/47 (Call 09/03/46)		3,816		3,432,759
4.38%, 12/05/33 (Call 06/05/33)		3,523		3,637,815
4.50%, 09/01/40		2,207		2,206,846
4.50%, 12/05/43 (Call 06/05/43)		1,993		2,009,283
4.85%, 05/15/41		1,172		1,208,637
4.95%, 05/15/33		719		783,005
5.85%, 07/15/38		1,893		2,208,525
5.95%, 08/15/37		3,499		4,133,824
6.95%, 09/01/29(b)		903		1,103,285
McKesson Corp.
0.90%, 12/03/25 (Call 11/03/25)		2,565		2,329,277
1.30%, 08/15/26 (Call 07/15/26)		2,852		2,560,326
3.95%, 02/16/28 (Call 11/16/27)(b)		2,322		2,271,334
5.25%, 02/15/26 (Call 02/15/24)		1,240		1,239,690
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 08/15/25)		4,676		4,616,615
4.60%, 06/01/44 (Call 12/01/43)		2,813		2,599,381
5.90%, 11/01/39		785		838,199
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)		4,135		3,784,228
1.45%, 06/24/30 (Call 03/24/30)		1,424		1,184,825
1.70%, 06/10/27 (Call 05/10/27)		7,065		6,454,443
1.90%, 12/10/28 (Call 10/10/28)		4,735		4,224,283
2.15%, 12/10/31 (Call 09/10/31)		7,130		6,084,742
2.35%, 06/24/40 (Call 12/24/39)		3,661		2,697,901
2.45%, 06/24/50 (Call 12/24/49)		5,255		3,554,324
2.75%, 02/10/25 (Call 11/10/24)		10,496		10,215,862
2.75%, 12/10/51 (Call 06/10/51)		4,055		2,882,699
2.90%, 12/10/61 (Call 06/10/61)		4,931		3,358,307
3.40%, 03/07/29 (Call 12/07/28)		7,221		6,974,619
3.60%, 09/15/42 (Call 03/15/42)		2,430		2,084,333

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
3.70%, 02/10/45 (Call 08/10/44)	$	7,304	$	6,373,982
3.90%, 03/07/39 (Call 09/07/38)		4,465		4,081,367
4.00%, 03/07/49 (Call 09/07/48)		5,508		4,945,854
4.15%, 05/18/43		4,082		3,814,751
6.50%, 12/01/33		1,188		1,401,044
6.55%, 09/15/37		325		388,599
Merck Sharp & Dohme Corp.
5.75%, 11/15/36		780		861,089
5.95%, 12/01/28		940		1,023,528
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)		3,680		3,527,206
5.20%, 04/15/48 (Call 10/15/47)		2,825		2,174,544
5.40%, 11/29/43 (Call 05/29/43)		1,819		1,494,418
Novartis Capital Corp.
1.75%, 02/14/25 (Call 01/14/25)		3,725		3,557,338
2.00%, 02/14/27 (Call 12/14/26)		5,281		4,908,425
2.20%, 08/14/30 (Call 05/14/30)		1,923		1,700,605
2.75%, 08/14/50 (Call 02/14/50)		4,948		3,635,444
3.00%, 11/20/25 (Call 08/20/25)		5,876		5,704,421
3.10%, 05/17/27 (Call 02/17/27)		1,624		1,569,937
3.40%, 05/06/24		5,073		4,998,021
3.70%, 09/21/42		1,925		1,706,185
4.00%, 11/20/45 (Call 05/20/45)		4,331		4,001,844
4.40%, 05/06/44		6,483		6,364,361
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)		4,582		4,272,761
1.70%, 05/28/30 (Call 02/28/30)		4,091		3,464,382
1.75%, 08/18/31 (Call 05/18/31)		3,975		3,312,208
2.55%, 05/28/40 (Call 11/28/39)		4,355		3,291,727
2.63%, 04/01/30 (Call 01/01/30)		4,818		4,361,880
2.70%, 05/28/50 (Call 11/28/49)		3,210		2,313,640
2.75%, 06/03/26		4,082		3,939,661
3.00%, 12/15/26		7,198		6,973,782
3.40%, 05/15/24		3,571		3,520,220
3.45%, 03/15/29 (Call 12/15/28)		6,448		6,241,213
3.60%, 09/15/28 (Call 06/15/28)		2,808		2,756,866
3.90%, 03/15/39 (Call 09/15/38)		3,508		3,202,944
4.00%, 12/15/36		4,087		3,928,751
4.00%, 03/15/49 (Call 09/15/48)		5,232		4,756,411
4.10%, 09/15/38 (Call 03/15/38)		3,447		3,262,896
4.13%, 12/15/46		1,942		1,789,359
4.20%, 09/15/48 (Call 03/15/48)		2,570		2,402,822
4.30%, 06/15/43		2,488		2,348,697
4.40%, 05/15/44		3,934		3,799,457
5.60%, 09/15/40		2,264		2,461,715
7.20%, 03/15/39		8,773		11,061,174
Pharmacia LLC, 6.60%, 12/01/28		3,669		4,098,236
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)		5,431		5,342,040
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		9,828		9,370,113
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		9,888		8,401,636
3.03%, 07/09/40 (Call 01/09/40)		5,421		4,203,064
3.18%, 07/09/50 (Call 01/09/50)		7,700		5,516,357
3.38%, 07/09/60 (Call 01/09/60)		2,976		2,101,443
5.00%, 11/26/28 (Call 08/26/28)		6,656		6,771,348
Utah Acquisition Sub Inc.
3.95%, 06/15/26 (Call 03/15/26)		7,112		6,804,833
5.25%, 06/15/46 (Call 12/15/45)		3,677		2,845,152

Security	Par (000)		Value
Pharmaceuticals (continued)
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)	$	3,657	$	3,374,021
2.30%, 06/22/27 (Call 04/22/27)		4,038		3,559,214
2.70%, 06/22/30 (Call 03/22/30)		4,445		3,619,608
3.85%, 06/22/40 (Call 12/22/39)		5,476		3,794,539
4.00%, 06/22/50 (Call 12/22/49)		7,156		4,639,879
Wyeth LLC
5.95%, 04/01/37		6,356		7,167,089
6.00%, 02/15/36		1,764		1,987,763
6.50%, 02/01/34		3,524		4,109,971
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		4,165		3,532,378
3.00%, 09/12/27 (Call 06/15/27)		3,601		3,420,122
3.00%, 05/15/50 (Call 11/15/49)		520		369,554
3.90%, 08/20/28 (Call 05/20/28)		1,864		1,825,639
3.95%, 09/12/47 (Call 03/12/47)		3,154		2,644,724
4.45%, 08/20/48 (Call 02/20/48)		1,994		1,799,884
4.50%, 11/13/25 (Call 08/13/25)		4,316		4,294,291
4.70%, 02/01/43 (Call 08/01/42)		3,455		3,244,556
5.40%, 11/14/25 (Call 10/14/25)		705		718,860
5.60%, 11/16/32 (Call 08/16/32)		875		939,050
				1,116,037,486
Pipelines — 0.8%
Boardwalk Pipelines LP
3.40%, 02/15/31 (Call 11/15/30)		1,687		1,481,372
3.60%, 09/01/32 (Call 06/01/32)		955		835,635
4.45%, 07/15/27 (Call 04/15/27)		952		935,492
4.80%, 05/03/29 (Call 02/03/29)		2,351		2,321,942
4.95%, 12/15/24 (Call 09/15/24)		1,958		1,942,591
5.95%, 06/01/26 (Call 03/01/26)		2,154		2,199,019
Cheniere Corpus Christi Holdings LLC
2.74%, 12/31/39 (Call 07/04/39)		3,190		2,611,717
3.70%, 11/15/29 (Call 05/18/29)		5,273		4,932,206
5.13%, 06/30/27 (Call 01/01/27)		3,622		3,637,176
5.88%, 03/31/25 (Call 10/02/24)		6,653		6,705,293
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)		625		596,544
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)		1,990		1,658,904
4.00%, 03/01/31 (Call 03/01/26)		1,675		1,497,031
4.50%, 10/01/29 (Call 10/01/24)		1,525		1,435,467
Columbia Pipeline Group Inc.
4.50%, 06/01/25 (Call 03/01/25)		6,600		6,544,296
5.80%, 06/01/45 (Call 12/01/44)		2,587		2,655,866
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)		885		756,578
5.13%, 05/15/29 (Call 02/15/29)		470		466,456
5.38%, 07/15/25 (Call 04/15/25)		224		223,917
5.60%, 04/01/44 (Call 10/01/43)		335		321,995
5.63%, 07/15/27 (Call 04/15/27)		145		147,395
8.13%, 08/16/30		150		170,147
Eastern Gas Transmission & Storage Inc.
3.00%, 11/15/29 (Call 08/15/29)		2,630		2,390,539
4.60%, 12/15/44 (Call 06/15/44)		2,021		1,755,905
4.80%, 11/01/43 (Call 05/01/43)		1,788		1,609,826
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		2,210		2,155,656
5.88%, 10/15/25 (Call 07/15/25)		2,737		2,791,083
7.38%, 10/15/45 (Call 04/15/45)		2,834		3,355,428
Series B, 7.50%, 04/15/38		2,050		2,394,913

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)	$	2,550	$	2,309,204
2.50%, 01/15/25 (Call 12/15/24)		2,852		2,740,202
2.50%, 02/14/25		1,370		1,310,967
2.50%, 08/01/33 (Call 05/01/33)		4,570		3,694,251
3.13%, 11/15/29 (Call 08/15/29)		3,970		3,607,499
3.40%, 08/01/51 (Call 02/01/51)		2,485		1,753,988
3.50%, 06/10/24 (Call 03/10/24)		2,518		2,475,295
3.70%, 07/15/27 (Call 04/15/27)		3,162		3,036,816
4.00%, 11/15/49 (Call 05/15/49)		1,763		1,380,323
4.25%, 12/01/26 (Call 09/01/26)		3,866		3,806,966
4.50%, 06/10/44 (Call 12/10/43)		1,473		1,256,498
5.50%, 12/01/46 (Call 05/29/46)		996		970,841
5.70%, 03/08/33 (Call 12/08/32)		3,915		4,068,859
5.97%, 03/08/26 (Call 03/08/24)		344		345,400
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		4,315		4,118,107
3.75%, 05/15/30 (Call 02/15/30)		4,166		3,833,095
3.90%, 05/15/24 (Call 02/15/24)		2,231		2,191,154
3.90%, 07/15/26 (Call 04/15/26)		2,729		2,627,017
4.00%, 10/01/27 (Call 07/01/27)		2,720		2,611,717
4.05%, 03/15/25 (Call 12/15/24)		4,071		3,995,524
4.15%, 09/15/29 (Call 06/15/29)		2,722		2,594,719
4.20%, 04/15/27 (Call 01/15/27)		2,367		2,286,475
4.40%, 03/15/27 (Call 12/15/26)		2,867		2,792,343
4.75%, 01/15/26 (Call 10/15/25)		3,947		3,914,871
4.90%, 03/15/35 (Call 09/15/34)		1,270		1,195,476
4.95%, 05/15/28 (Call 02/15/28)		1,853		1,836,156
4.95%, 06/15/28 (Call 03/15/28)		4,124		4,104,741
4.95%, 01/15/43 (Call 07/15/42)		1,649		1,393,982
5.00%, 05/15/44 (Call 11/15/43)		1,895		1,633,793
5.00%, 05/15/50 (Call 11/15/49)		7,269		6,160,550
5.15%, 02/01/43 (Call 08/01/42)		2,266		1,977,493
5.15%, 03/15/45 (Call 09/15/44)		1,318		1,150,179
5.25%, 04/15/29 (Call 01/15/29)		4,452		4,465,757
5.30%, 04/01/44 (Call 10/01/43)		2,664		2,353,138
5.30%, 04/15/47 (Call 10/15/46)		3,745		3,281,594
5.35%, 05/15/45 (Call 11/15/44)		3,383		3,012,392
5.40%, 10/01/47 (Call 04/01/47)		5,673		5,047,268
5.50%, 06/01/27 (Call 03/01/27)		3,003		3,047,144
5.55%, 02/15/28 (Call 01/15/28)		2,565		2,619,301
5.75%, 02/15/33 (Call 11/15/32)		3,650		3,738,001
5.95%, 12/01/25 (Call 09/01/25)		2,093		2,128,748
5.95%, 10/01/43 (Call 04/01/43)		1,463		1,410,712
6.00%, 06/15/48 (Call 12/15/47)		4,275		4,086,900
6.05%, 06/01/41 (Call 12/01/40)		2,129		2,141,071
6.10%, 02/15/42		1,645		1,601,835
6.13%, 12/15/45 (Call 06/15/45)		3,623		3,539,381
6.25%, 04/15/49 (Call 10/15/48)		6,424		6,357,383
6.50%, 02/01/42 (Call 08/01/41)		907		939,407
6.63%, 10/15/36		1,690		1,789,220
7.50%, 07/01/38		2,510		2,833,790
Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)		1,821		1,796,963
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		3,896		3,483,180
3.13%, 07/31/29 (Call 04/30/29)		4,991		4,595,413
3.20%, 02/15/52 (Call 08/15/51)		4,175		2,941,747
3.30%, 02/15/53 (Call 08/15/52)		1,865		1,342,054
3.70%, 02/15/26 (Call 11/15/25)		4,192		4,117,927
3.70%, 01/31/51 (Call 07/31/50)		4,117		3,168,855

Security	Par (000)		Value
Pipelines (continued)
3.75%, 02/15/25 (Call 11/15/24)	$	6,393	$	6,313,151
3.95%, 02/15/27 (Call 11/15/26)		3,894		3,845,909
3.95%, 01/31/60 (Call 07/31/59)		3,192		2,487,749
4.15%, 10/16/28 (Call 07/16/28)		4,436		4,366,843
4.20%, 01/31/50 (Call 07/31/49)		4,620		3,864,445
4.25%, 02/15/48 (Call 08/15/47)		4,445		3,782,428
4.45%, 02/15/43 (Call 08/15/42)		3,131		2,789,533
4.80%, 02/01/49 (Call 08/01/48)		4,683		4,319,131
4.85%, 08/15/42 (Call 02/15/42)		3,169		2,951,923
4.85%, 03/15/44 (Call 09/15/43)		5,172		4,818,287
4.90%, 05/15/46 (Call 11/15/45)		2,587		2,405,263
4.95%, 10/15/54 (Call 04/15/54)		1,787		1,636,535
5.05%, 01/10/26		3,715		3,778,824
5.10%, 02/15/45 (Call 08/15/44)		4,399		4,233,642
5.35%, 01/31/33 (Call 10/31/32)		4,085		4,253,547
5.38%, 02/15/78 (Call 02/15/28), (3-mo. LIBOR US + 2.570%)(a)		2,725		2,233,328
5.70%, 02/15/42		1,097		1,119,094
5.95%, 02/01/41		3,064		3,249,801
6.13%, 10/15/39		2,002		2,169,527
6.45%, 09/01/40		1,970		2,158,647
7.55%, 04/15/38		1,709		2,021,012
Series D, 6.88%, 03/01/33		1,120		1,283,072
Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. LIBOR US + 3.033%)(a)		4,571		3,947,333
Series H, 6.65%, 10/15/34		1,530		1,695,439
Kinder Morgan Energy Partners LP
4.25%, 09/01/24 (Call 06/01/24)		2,569		2,538,506
4.30%, 05/01/24 (Call 02/01/24)		3,067		3,040,041
4.70%, 11/01/42 (Call 05/01/42)		1,792		1,542,984
5.00%, 08/15/42 (Call 02/15/42)		2,490		2,201,484
5.00%, 03/01/43 (Call 09/01/42)		2,465		2,172,355
5.40%, 09/01/44 (Call 03/01/44)		2,240		2,074,374
5.50%, 03/01/44 (Call 09/01/43)		2,965		2,774,884
5.63%, 09/01/41		1,672		1,592,647
5.80%, 03/15/35		1,281		1,315,715
6.38%, 03/01/41		2,421		2,500,869
6.50%, 02/01/37		1,176		1,242,726
6.50%, 09/01/39		2,182		2,314,687
6.55%, 09/15/40		1,663		1,722,951
6.95%, 01/15/38		4,488		5,069,645
7.30%, 08/15/33		1,120		1,257,178
7.40%, 03/15/31		886		985,790
7.50%, 11/15/40		1,559		1,776,403
7.75%, 03/15/32		851		971,527
Kinder Morgan Inc.
1.75%, 11/15/26 (Call 10/15/26)		3,015		2,724,655
2.00%, 02/15/31 (Call 11/15/30)		700		569,128
3.25%, 08/01/50 (Call 02/01/50)		2,162		1,419,829
3.60%, 02/15/51 (Call 08/15/50)		1,400		984,886
4.30%, 06/01/25 (Call 03/01/25)		7,045		6,958,417
4.30%, 03/01/28 (Call 12/01/27)		5,306		5,228,267
4.80%, 02/01/33 (Call 11/01/32)(b)		3,440		3,331,778
5.05%, 02/15/46 (Call 08/15/45)		3,073		2,703,226
5.20%, 06/01/33 (Call 03/01/33)		2,145		2,131,058
5.20%, 03/01/48 (Call 09/01/47)		2,938		2,626,454
5.30%, 12/01/34 (Call 06/01/34)		3,138		3,079,821
5.45%, 08/01/52 (Call 02/01/52)		2,975		2,746,103
5.55%, 06/01/45 (Call 12/01/44)		6,410		6,050,655
7.75%, 01/15/32		4,724		5,491,744

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
7.80%, 08/01/31	$	1,375	$	1,575,049
Magellan Midstream Partners LP
3.25%, 06/01/30 (Call 03/01/30)		1,337		1,213,729
3.95%, 03/01/50 (Call 09/01/49)		3,309		2,548,989
4.20%, 10/03/47 (Call 04/03/47)		2,268		1,810,182
4.25%, 09/15/46 (Call 03/15/46)		2,243		1,791,888
4.85%, 02/01/49 (Call 08/01/48)		2,018		1,764,277
5.00%, 03/01/26 (Call 12/01/25)		3,579		3,615,291
5.15%, 10/15/43 (Call 04/15/43)		2,211		1,999,938
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		6,608		6,079,294
2.65%, 08/15/30 (Call 05/15/30)		5,288		4,517,750
4.00%, 02/15/25 (Call 11/15/24)		2,190		2,146,901
4.00%, 03/15/28 (Call 12/15/27)		4,170		4,024,592
4.13%, 03/01/27 (Call 12/01/26)		4,377		4,271,558
4.25%, 12/01/27 (Call 09/01/27)		2,720		2,659,507
4.50%, 04/15/38 (Call 10/15/37)		7,125		6,395,614
4.70%, 04/15/48 (Call 10/15/47)		5,114		4,281,696
4.80%, 02/15/29 (Call 11/15/28)		3,145		3,125,407
4.88%, 12/01/24 (Call 09/01/24)		5,014		4,995,298
4.88%, 06/01/25 (Call 03/01/25)		4,452		4,437,576
4.90%, 04/15/58 (Call 10/15/57)		1,026		847,548
4.95%, 09/01/32 (Call 06/01/32)		3,595		3,531,189
4.95%, 03/14/52 (Call 09/14/51)		5,060		4,375,230
5.00%, 03/01/33 (Call 12/01/32)		2,350		2,308,029
5.20%, 03/01/47 (Call 09/01/46)		3,703		3,340,847
5.20%, 12/01/47 (Call 06/01/47)		1,981		1,767,329
5.50%, 02/15/49 (Call 08/15/48)		5,176		4,788,318
5.65%, 03/01/53 (Call 09/01/52)		990		947,123
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)		2,609		2,532,269
ONEOK Inc.
2.20%, 09/15/25 (Call 08/15/25)		1,420		1,326,720
2.75%, 09/01/24 (Call 08/01/24)		1,316		1,273,914
3.10%, 03/15/30 (Call 12/15/29)		1,788		1,584,383
3.40%, 09/01/29 (Call 06/01/29)		2,733		2,478,913
4.00%, 07/13/27 (Call 04/13/27)		2,276		2,192,061
4.35%, 03/15/29 (Call 12/15/28)		2,678		2,561,052
4.45%, 09/01/49 (Call 03/01/49)		2,558		2,003,835
4.50%, 03/15/50 (Call 09/15/49)		1,701		1,335,404
4.55%, 07/15/28 (Call 04/15/28)		3,226		3,164,416
4.90%, 03/15/25 (Call 12/15/24)		3,198		3,180,987
4.95%, 07/13/47 (Call 01/06/47)		2,595		2,201,157
5.20%, 07/15/48 (Call 01/15/48)		3,674		3,214,750
5.85%, 01/15/26 (Call 12/15/25)		1,931		1,970,663
6.00%, 06/15/35		860		866,304
6.10%, 11/15/32 (Call 08/15/32)		365		381,750
6.35%, 01/15/31 (Call 10/15/30)		1,845		1,953,929
7.15%, 01/15/51 (Call 07/15/50)		1,200		1,307,772
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		2,590		2,571,533
6.20%, 09/15/43 (Call 03/15/43)		1,237		1,240,130
6.65%, 10/01/36		2,438		2,578,673
6.85%, 10/15/37		2,005		2,146,312
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		2,758		2,489,674
3.60%, 11/01/24 (Call 08/01/24)		3,914		3,821,238
3.80%, 09/15/30 (Call 06/15/30)		2,169		1,961,579
4.30%, 01/31/43 (Call 07/31/42)		1,452		1,094,750
4.50%, 12/15/26 (Call 09/15/26)		4,225		4,148,950

Security	Par (000)		Value
Pipelines (continued)
4.65%, 10/15/25 (Call 07/15/25)	$	4,783	$	4,732,013
4.70%, 06/15/44 (Call 12/15/43)		2,625		2,084,880
4.90%, 02/15/45 (Call 08/15/44)		2,656		2,154,228
5.15%, 06/01/42 (Call 12/01/41)		1,949		1,646,457
6.65%, 01/15/37		2,817		2,921,821
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		4,363		4,227,485
4.50%, 05/15/30 (Call 11/15/29)		2,417		2,342,943
5.00%, 03/15/27 (Call 09/15/26)		8,618		8,622,137
5.63%, 03/01/25 (Call 12/01/24)		8,962		9,007,617
5.75%, 05/15/24 (Call 02/15/24)		7,225		7,229,624
5.88%, 06/30/26 (Call 12/31/25)		2,100		2,145,339
5.90%, 09/15/37 (Call 03/15/37)(f)		2,745		2,819,801
Spectra Energy Partners LP
3.38%, 10/15/26 (Call 07/15/26)		3,048		2,915,747
3.50%, 03/15/25 (Call 12/15/24)		2,594		2,516,569
4.50%, 03/15/45 (Call 09/15/44)		3,510		2,996,733
5.95%, 09/25/43 (Call 03/25/43)		1,586		1,607,696
Targa Resources Corp.
4.00%, 01/15/32 (Call 07/15/26)		3,650		3,207,072
4.20%, 02/01/33 (Call 12/01/32)		2,615		2,376,669
4.88%, 02/01/31 (Call 02/01/26)		3,665		3,464,231
4.95%, 04/15/52 (Call 10/15/51)		2,335		1,931,395
5.00%, 01/15/28 (Call 01/15/24)		2,330		2,281,443
5.20%, 07/01/27 (Call 06/01/27)		3,030		3,036,302
5.50%, 03/01/30 (Call 03/01/25)		3,625		3,543,872
6.13%, 03/15/33 (Call 12/15/32)		2,890		3,016,871
6.25%, 07/01/52 (Call 01/01/52)		2,760		2,727,984
6.50%, 07/15/27 (Call 07/15/23)		2,705		2,758,829
6.50%, 02/15/53 (Call 08/15/52)		2,945		3,005,961
6.88%, 01/15/29 (Call 01/15/24)		2,730		2,792,080
TC PipeLines LP
3.90%, 05/25/27 (Call 02/25/27)		4,370		4,254,763
4.38%, 03/13/25 (Call 12/13/24)		3,653		3,587,867
Tennessee Gas Pipeline Co. LLC
7.00%, 03/15/27		1,708		1,826,040
7.00%, 10/15/28		1,170		1,273,873
7.63%, 04/01/37		180		206,906
Texas Eastern Transmission LP, 7.00%, 07/15/32		1,047		1,198,878
TransCanada PipeLines Ltd.
1.00%, 10/12/24 (Call 09/12/24)		1,272		1,194,701
2.50%, 10/12/31 (Call 07/12/31)		4,074		3,374,372
4.10%, 04/15/30 (Call 01/15/30)		1,425		1,360,533
4.25%, 05/15/28 (Call 02/15/28)		6,214		6,077,106
4.63%, 03/01/34 (Call 12/01/33)		4,669		4,441,340
4.75%, 05/15/38 (Call 11/15/37)		2,235		2,115,651
4.88%, 01/15/26 (Call 10/15/25)		3,375		3,381,412
4.88%, 05/15/48 (Call 11/15/47)		3,690		3,377,863
5.00%, 10/16/43 (Call 04/16/43)		2,626		2,416,550
5.10%, 03/15/49 (Call 09/15/48)		3,891		3,660,808
5.60%, 03/31/34		1,291		1,309,694
5.85%, 03/15/36		2,203		2,265,918
6.10%, 06/01/40		2,996		3,133,157
6.20%, 03/09/26 (Call 03/09/24)		25		25,167
6.20%, 10/15/37		3,778		4,011,329
7.25%, 08/15/38		2,681		3,098,405
7.63%, 01/15/39		3,209		3,821,502
Transcontinental Gas Pipe Line Co. LLC
3.25%, 05/15/30 (Call 02/15/30)		2,434		2,220,976
3.95%, 05/15/50 (Call 11/15/49)		2,339		1,875,013

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.00%, 03/15/28 (Call 12/15/27)	$	1,814	$	1,748,642
4.45%, 08/01/42 (Call 02/01/42)		1,568		1,389,483
4.60%, 03/15/48 (Call 09/15/47)		2,735		2,409,945
5.40%, 08/15/41 (Call 02/15/41)		1,952		1,939,078
7.85%, 02/01/26 (Call 11/01/25)		4,557		4,881,823
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		2,311		2,286,319
Western Midstream Operating LP
3.35%, 02/01/25 (Call 01/01/25)		240		229,906
3.95%, 06/01/25 (Call 03/01/25)		505		486,704
4.30%, 02/01/30 (Call 11/01/29)		70		64,097
4.50%, 03/01/28 (Call 12/01/27)		420		401,499
4.65%, 07/01/26 (Call 04/01/26)		100		97,358
5.30%, 03/01/48 (Call 09/01/47)		190		160,784
5.45%, 04/01/44 (Call 10/01/43)		65		56,527
5.50%, 08/15/48 (Call 02/15/48)		230		195,709
5.50%, 02/01/50 (Call 08/01/49)		2,340		1,989,281
6.15%, 04/01/33 (Call 01/01/33)		820		834,235
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		1,660		1,410,253
3.50%, 11/15/30 (Call 08/15/30)		2,494		2,281,112
3.50%, 10/15/51 (Call 04/15/51)		1,475		1,049,861
3.75%, 06/15/27 (Call 03/15/27)		6,515		6,299,353
3.90%, 01/15/25 (Call 10/15/24)		4,880		4,793,429
4.00%, 09/15/25 (Call 06/15/25)		4,001		3,918,339
4.55%, 06/24/24 (Call 03/24/24)		2,277		2,258,033
4.65%, 08/15/32 (Call 05/15/32)		3,430		3,329,364
4.85%, 03/01/48 (Call 09/01/47)		3,346		2,968,404
4.90%, 01/15/45 (Call 07/15/44)		2,481		2,204,418
5.10%, 09/15/45 (Call 03/15/45)		2,633		2,411,591
5.30%, 08/15/52 (Call 02/15/52)		1,735		1,627,725
5.40%, 03/02/26		1,670		1,705,053
5.40%, 03/04/44 (Call 09/04/43)		2,286		2,156,772
5.75%, 06/24/44 (Call 12/24/43)		2,201		2,181,543
5.80%, 11/15/43 (Call 05/15/43)		1,760		1,751,446
6.30%, 04/15/40		4,924		5,202,009
8.75%, 03/15/32		555		671,561
Series A, 7.50%, 01/15/31		330		369,676
Williams Cos., Inc. (The), 5.65%, 03/15/33 (Call 12/15/32)		3,765		3,899,938
				752,437,481
Real Estate — 0.0%
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)		1,432		1,403,303
CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)		3,458		2,767,921
4.88%, 03/01/26 (Call 12/01/25)		2,464		2,465,552
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		1,927		1,425,614
				8,062,390
Real Estate Investment Trusts — 1.0%
Agree LP
2.00%, 06/15/28 (Call 04/15/28)		1,715		1,463,547
2.60%, 06/15/33 (Call 03/15/33)		1,261		1,000,301
2.90%, 10/01/30 (Call 07/01/30)		1,174		1,000,013
4.80%, 10/01/32 (Call 07/01/32)		235		225,255
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		3,160		2,389,276
2.00%, 05/18/32 (Call 02/18/32)		1,688		1,300,317

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.75%, 12/15/29 (Call 09/15/29)	$	1,191	$	1,033,645
2.95%, 03/15/34 (Call 12/15/33)		2,245		1,817,440
3.00%, 05/18/51 (Call 11/18/50)		3,170		1,973,325
3.38%, 08/15/31 (Call 05/15/31)		2,125		1,863,965
3.45%, 04/30/25 (Call 02/28/25)		1,920		1,853,222
3.55%, 03/15/52 (Call 09/15/51)		3,470		2,443,747
3.80%, 04/15/26 (Call 02/15/26)		1,761		1,699,946
3.95%, 01/15/27 (Call 10/15/26)		411		396,496
3.95%, 01/15/28 (Call 10/15/27)		1,472		1,398,017
4.00%, 02/01/50 (Call 08/01/49)		2,780		2,091,005
4.30%, 01/15/26 (Call 10/15/25)		845		826,976
4.50%, 07/30/29 (Call 04/30/29)		1,746		1,684,104
4.70%, 07/01/30 (Call 04/01/30)		1,447		1,404,907
4.75%, 04/15/35 (Call 01/15/35)(b)		850		809,166
4.85%, 04/15/49 (Call 10/15/48)		1,248		1,065,193
4.90%, 12/15/30 (Call 09/15/30)		3,205		3,147,086
5.15%, 04/15/53 (Call 10/15/52)		2,770		2,540,533
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)		650		515,320
American Homes 4 Rent LP
2.38%, 07/15/31 (Call 04/15/31)		410		329,710
3.38%, 07/15/51 (Call 01/15/51)		2,035		1,345,033
3.63%, 04/15/32 (Call 01/15/32)		155		135,580
4.25%, 02/15/28 (Call 11/15/27)		2,720		2,576,058
4.30%, 04/15/52 (Call 10/15/51)		330		256,106
4.90%, 02/15/29 (Call 11/15/28)		1,616		1,576,246
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		2,680		2,464,421
1.45%, 09/15/26 (Call 08/15/26)		2,332		2,083,875
1.50%, 01/31/28 (Call 11/30/27)		2,054		1,766,091
1.60%, 04/15/26 (Call 03/15/26)		2,766		2,515,843
1.88%, 10/15/30 (Call 07/15/30)		3,066		2,464,022
2.10%, 06/15/30 (Call 03/15/30)		1,832		1,507,773
2.30%, 09/15/31 (Call 06/15/31)		3,590		2,909,910
2.40%, 03/15/25 (Call 02/15/25)		1,522		1,448,213
2.70%, 04/15/31 (Call 01/15/31)		3,442		2,909,006
2.75%, 01/15/27 (Call 11/15/26)		3,058		2,837,855
2.90%, 01/15/30 (Call 10/15/29)		2,890		2,542,564
2.95%, 01/15/25 (Call 12/15/24)		3,035		2,926,347
2.95%, 01/15/51 (Call 07/15/50)		4,700		3,033,615
3.10%, 06/15/50 (Call 12/15/49)		4,650		3,092,436
3.13%, 01/15/27 (Call 10/15/26)		1,883		1,772,242
3.38%, 05/15/24 (Call 04/15/24)		2,492		2,438,945
3.38%, 10/15/26 (Call 07/15/26)		3,677		3,503,593
3.55%, 07/15/27 (Call 04/15/27)		2,386		2,262,381
3.60%, 01/15/28 (Call 10/15/27)		3,061		2,898,859
3.65%, 03/15/27 (Call 02/15/27)		2,060		1,970,534
3.70%, 10/15/49 (Call 04/15/49)		2,481		1,815,025
3.80%, 08/15/29 (Call 05/15/29)		5,706		5,348,291
3.95%, 03/15/29 (Call 12/15/28)		2,748		2,596,668
4.00%, 06/01/25 (Call 03/01/25)		3,136		3,076,510
4.05%, 03/15/32 (Call 12/15/31)(b)		2,310		2,141,601
4.40%, 02/15/26 (Call 11/15/25)		1,994		1,967,061
5.50%, 03/15/28 (Call 02/15/28)		2,020		2,083,347
5.65%, 03/15/33 (Call 12/15/32)		2,710		2,814,443
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)		1,805		1,566,451
2.05%, 01/15/32 (Call 10/15/31)		2,915		2,370,740
2.30%, 03/01/30 (Call 12/01/29)		2,488		2,134,455
2.45%, 01/15/31 (Call 10/15/30)		2,214		1,895,538

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.90%, 10/15/26 (Call 07/15/26)	$	1,552	$	1,463,474
2.95%, 05/11/26 (Call 02/11/26)		2,595		2,459,904
3.20%, 01/15/28 (Call 10/15/27)		1,873		1,754,271
3.30%, 06/01/29 (Call 03/01/29)		1,848		1,700,400
3.35%, 05/15/27 (Call 02/15/27)		977		929,459
3.45%, 06/01/25 (Call 03/03/25)		2,397		2,325,857
3.50%, 11/15/24 (Call 08/15/24)		1,030		1,007,165
3.50%, 11/15/25 (Call 08/15/25)		760		735,695
3.90%, 10/15/46 (Call 04/15/46)		1,015		809,310
4.15%, 07/01/47 (Call 01/01/47)		980		819,143
4.35%, 04/15/48 (Call 10/15/47)		1,305		1,125,889
5.00%, 02/15/33 (Call 11/15/32)(b)		1,515		1,551,042
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)		4,110		2,957,433
2.55%, 04/01/32 (Call 01/01/32)		4,260		3,207,311
2.75%, 10/01/26 (Call 07/01/26)		4,476		3,986,818
2.90%, 03/15/30 (Call 12/15/29)		3,387		2,748,110
3.20%, 01/15/25 (Call 10/15/24)		4,482		4,279,369
3.25%, 01/30/31 (Call 10/30/30)		3,402		2,783,176
3.40%, 06/21/29 (Call 03/21/29)		1,860		1,581,949
3.65%, 02/01/26 (Call 11/03/25)		4,153		3,870,264
4.50%, 12/01/28 (Call 09/01/28)		3,947		3,588,612
6.75%, 12/01/27 (Call 11/01/27)		690		702,655
Brandywine Operating Partnership LP
3.95%, 11/15/27 (Call 08/15/27)		2,062		1,591,782
4.10%, 10/01/24 (Call 07/01/24)		2,332		2,204,253
4.55%, 10/01/29 (Call 07/01/29)		1,818		1,311,414
7.55%, 03/15/28 (Call 02/15/28)(b)		1,315		1,178,529
Brixmor Operating Partnership LP
2.25%, 04/01/28 (Call 02/01/28)		598		510,764
2.50%, 08/16/31 (Call 05/16/31)		2,225		1,749,584
3.85%, 02/01/25 (Call 11/01/24)		2,084		2,007,997
3.90%, 03/15/27 (Call 12/15/26)		866		807,753
4.05%, 07/01/30 (Call 04/01/30)		3,487		3,146,076
4.13%, 06/15/26 (Call 03/15/26)		1,933		1,835,635
4.13%, 05/15/29 (Call 02/15/29)		1,954		1,789,415
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		2,917		2,143,353
Camden Property Trust
2.80%, 05/15/30 (Call 02/15/30)		2,980		2,597,785
3.15%, 07/01/29 (Call 04/01/29)		2,218		2,003,675
3.35%, 11/01/49 (Call 05/01/49)		2,130		1,563,420
4.10%, 10/15/28 (Call 07/15/28)		1,192		1,156,633
Corporate Office Properties LP
2.00%, 01/15/29 (Call 11/15/28)		1,509		1,165,069
2.25%, 03/15/26 (Call 02/15/26)		490		437,893
2.75%, 04/15/31 (Call 01/15/31)		1,805		1,372,378
2.90%, 12/01/33 (Call 09/01/33)		1,790		1,245,625
Crown Castle Inc.
2.90%, 04/01/41 (Call 10/01/40)		4,675		3,332,807
3.25%, 01/15/51 (Call 07/15/50)		3,385		2,324,581
4.75%, 05/15/47 (Call 11/15/46)		1,408		1,232,084
4.80%, 09/01/28 (Call 08/01/28)		1,710		1,712,206
5.00%, 01/11/28 (Call 12/11/27)		2,045		2,067,209
5.10%, 05/01/33 (Call 02/01/33)		1,925		1,930,005
Crown Castle International Corp.
1.05%, 07/15/26 (Call 06/15/26)		4,760		4,228,879
1.35%, 07/15/25 (Call 06/15/25)		2,335		2,161,486
2.10%, 04/01/31 (Call 01/01/31)		3,885		3,169,849
2.25%, 01/15/31 (Call 10/15/30)		3,007		2,495,750

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.50%, 07/15/31 (Call 04/15/31)	$	580	$	486,568
2.90%, 03/15/27 (Call 02/15/27)		1,930		1,799,957
3.10%, 11/15/29 (Call 08/15/29)		883		793,473
3.20%, 09/01/24 (Call 07/01/24)		3,876		3,773,402
3.30%, 07/01/30 (Call 04/01/30)		4,380		3,953,169
3.65%, 09/01/27 (Call 06/01/27)		3,600		3,440,484
3.70%, 06/15/26 (Call 03/15/26)		4,304		4,161,753
3.80%, 02/15/28 (Call 11/15/27)		4,296		4,113,807
4.00%, 03/01/27 (Call 12/01/26)		2,485		2,422,353
4.00%, 11/15/49 (Call 05/15/49)		1,433		1,118,270
4.15%, 07/01/50 (Call 01/01/50)		1,948		1,564,848
4.30%, 02/15/29 (Call 11/15/28)		3,075		2,990,376
4.45%, 02/15/26 (Call 11/15/25)		4,170		4,129,676
5.20%, 02/15/49 (Call 08/15/48)		1,568		1,470,078
CubeSmart LP
2.00%, 02/15/31 (Call 11/15/30)		1,545		1,230,206
2.25%, 12/15/28 (Call 10/15/28)		2,562		2,222,458
2.50%, 02/15/32 (Call 11/15/31)		2,575		2,086,007
3.00%, 02/15/30 (Call 11/15/29)		760		662,994
3.13%, 09/01/26 (Call 06/01/26)		2,527		2,371,918
4.00%, 11/15/25 (Call 08/15/25)		1,301		1,259,875
4.38%, 02/15/29 (Call 11/15/28)		1,616		1,555,255
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)		3,909		3,513,487
3.70%, 08/15/27 (Call 05/15/27)		5,760		5,370,163
4.45%, 07/15/28 (Call 04/15/28)		2,205		2,096,779
5.55%, 01/15/28 (Call 12/15/27)		2,845		2,851,401
EPR Properties
3.75%, 08/15/29 (Call 05/15/29)		1,500		1,197,030
4.50%, 04/01/25 (Call 01/01/25)		1,000		968,060
4.50%, 06/01/27 (Call 03/01/27)		1,500		1,338,135
4.75%, 12/15/26 (Call 09/15/26)		1,500		1,364,055
4.95%, 04/15/28 (Call 01/15/28)		1,000		890,480
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		2,349		2,131,647
1.25%, 07/15/25 (Call 06/15/25)		3,223		2,962,775
1.45%, 05/15/26 (Call 04/15/26)		3,027		2,734,925
1.55%, 03/15/28 (Call 01/15/28)		1,523		1,301,084
1.80%, 07/15/27 (Call 05/15/27)		2,753		2,418,125
2.00%, 05/15/28 (Call 03/15/28)		3,608		3,117,565
2.15%, 07/15/30 (Call 04/15/30)		1,535		1,261,570
2.50%, 05/15/31 (Call 02/15/31)		605		499,688
2.63%, 11/18/24 (Call 10/18/24)		4,842		4,657,132
2.90%, 11/18/26 (Call 09/18/26)		2,598		2,425,649
2.95%, 09/15/51 (Call 03/15/51)		2,400		1,546,296
3.00%, 07/15/50 (Call 01/15/50)		1,964		1,291,251
3.20%, 11/18/29 (Call 08/18/29)		3,647		3,271,250
3.40%, 02/15/52 (Call 08/15/51)		1,945		1,380,075
3.90%, 04/15/32 (Call 01/15/32)		1,875		1,706,137
ERP Operating LP
1.85%, 08/01/31 (Call 05/01/31)		795		640,659
2.50%, 02/15/30 (Call 11/15/29)		2,183		1,894,429
2.85%, 11/01/26 (Call 08/01/26)		686		640,731
3.00%, 07/01/29 (Call 04/01/29)		2,373		2,160,000
3.25%, 08/01/27 (Call 05/01/27)		1,169		1,100,719
3.38%, 06/01/25 (Call 03/01/25)		563		545,023
3.50%, 03/01/28 (Call 12/01/27)		2,768		2,617,947
4.00%, 08/01/47 (Call 02/01/47)		981		792,295
4.15%, 12/01/28 (Call 09/01/28)		1,630		1,585,908
4.50%, 07/01/44 (Call 01/01/44)		470		422,445

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.50%, 06/01/45 (Call 12/01/44)	$	1,515	$	1,315,868
Essex Portfolio LP
1.65%, 01/15/31 (Call 10/15/30)		1,440		1,121,818
1.70%, 03/01/28 (Call 01/01/28)		625		539,950
2.55%, 06/15/31 (Call 03/15/31)		1,120		927,226
2.65%, 03/15/32 (Call 12/15/31)		2,638		2,167,829
2.65%, 09/01/50 (Call 03/01/50)		620		364,901
3.00%, 01/15/30 (Call 10/15/29)		2,275		1,992,377
3.38%, 04/15/26 (Call 01/15/26)		1,874		1,795,086
3.50%, 04/01/25 (Call 01/01/25)		1,741		1,677,924
3.63%, 05/01/27 (Call 02/01/27)		1,800		1,712,196
3.88%, 05/01/24 (Call 02/01/24)		2,075		2,041,551
4.00%, 03/01/29 (Call 12/01/28)		1,521		1,444,980
4.50%, 03/15/48 (Call 09/15/47)		1,825		1,524,934
Extra Space Storage LP
2.35%, 03/15/32 (Call 12/15/31)		1,730		1,376,855
2.55%, 06/01/31 (Call 03/01/31)		1,485		1,225,036
3.90%, 04/01/29 (Call 02/01/29)		145		134,688
5.70%, 04/01/28 (Call 03/01/28)		780		797,987
Federal Realty Investment Trust
1.25%, 02/15/26 (Call 01/15/26)		1,229		1,108,300
3.20%, 06/15/29 (Call 03/15/29)		1,783		1,592,522
3.25%, 07/15/27 (Call 04/15/27)		1,969		1,827,429
3.50%, 06/01/30 (Call 03/01/30)		526		466,862
4.50%, 12/01/44 (Call 06/01/44)		1,291		1,039,320
Federal Realty OP LP, 5.38%, 05/01/28 (Call 04/01/28)		1,200		1,198,668
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		3,215		2,649,932
3.35%, 09/01/24 (Call 06/03/24)		2,998		2,900,895
4.00%, 01/15/30 (Call 10/17/29)		2,883		2,575,355
4.00%, 01/15/31 (Call 10/15/30)		2,822		2,485,081
5.25%, 06/01/25 (Call 03/01/25)		3,915		3,845,587
5.30%, 01/15/29 (Call 10/15/28)		3,035		2,924,010
5.38%, 04/15/26 (Call 01/15/26)		5,918		5,863,377
5.75%, 06/01/28 (Call 03/03/28)		2,324		2,296,716
Healthcare Realty Holdings LP
2.00%, 03/15/31 (Call 12/15/30)		2,013		1,573,401
3.50%, 08/01/26 (Call 05/01/26)		2,472		2,304,126
3.75%, 07/01/27 (Call 04/01/27)		2,793		2,624,778
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)		1,760		1,527,856
Healthpeak Properties Inc.
1.35%, 02/01/27 (Call 01/01/27)		1,325		1,167,299
2.13%, 12/01/28 (Call 10/01/28)		2,530		2,195,256
2.88%, 01/15/31 (Call 10/15/30)		1,778		1,542,486
3.00%, 01/15/30 (Call 10/15/29)		3,219		2,848,171
3.25%, 07/15/26 (Call 05/15/26)		1,722		1,631,268
3.40%, 02/01/25 (Call 11/01/24)		443		429,754
3.50%, 07/15/29 (Call 04/15/29)		2,091		1,935,053
4.00%, 06/01/25 (Call 03/01/25)		2,611		2,550,138
6.75%, 02/01/41 (Call 08/01/40)		958		1,035,799
Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)		1,050		1,060,637
Highwoods Realty LP
2.60%, 02/01/31 (Call 11/01/30)		796		579,074
3.05%, 02/15/30 (Call 11/15/29)		2,761		2,145,131
3.88%, 03/01/27 (Call 12/01/26)		2,150		1,947,040
4.13%, 03/15/28 (Call 12/15/27)		1,413		1,254,702
4.20%, 04/15/29 (Call 01/15/29)		2,590		2,207,043

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Host Hotels & Resorts LP
Series E, 4.00%, 06/15/25 (Call 03/15/25)	$	2,064	$	1,992,255
Series F, 4.50%, 02/01/26 (Call 11/01/25)		421		411,208
Series H, 3.38%, 12/15/29 (Call 09/16/29)		2,509		2,150,690
Series I, 3.50%, 09/15/30 (Call 06/15/30)		470		400,849
Series J, 2.90%, 12/15/31 (Call 09/15/31)		1,710		1,354,388
Hudson Pacific Properties LP
3.25%, 01/15/30 (Call 10/15/29)		2,219		1,388,872
3.95%, 11/01/27 (Call 08/01/27)		2,251		1,655,768
4.65%, 04/01/29 (Call 01/01/29)		2,506		1,741,119
5.95%, 02/15/28 (Call 01/15/28)(b)		130		101,495
Invitation Homes Operating Partnership LP
2.00%, 08/15/31 (Call 05/15/31)		1,463		1,127,797
2.30%, 11/15/28 (Call 09/15/28)		1,850		1,576,255
2.70%, 01/15/34 (Call 10/15/33)		1,775		1,370,300
4.15%, 04/15/32 (Call 01/15/32)		3,025		2,734,721
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		1,738		1,175,340
2.65%, 11/15/33 (Call 08/15/33)		2,000		1,326,020
3.05%, 02/15/30 (Call 11/15/29)		2,047		1,566,385
3.45%, 12/15/24 (Call 09/15/24)		2,942		2,824,408
4.25%, 08/15/29 (Call 05/15/29)		2,083		1,786,068
4.38%, 10/01/25 (Call 07/01/25)		1,236		1,147,230
4.75%, 12/15/28 (Call 09/15/28)		1,879		1,670,882
Kimco Realty Corp.
1.90%, 03/01/28 (Call 01/01/28)		653		562,977
2.25%, 12/01/31 (Call 09/01/31)		1,136		892,953
2.70%, 10/01/30 (Call 07/01/30)		935		784,269
2.80%, 10/01/26 (Call 07/01/26)		2,685		2,481,826
3.20%, 04/01/32 (Call 01/01/32)		41		34,743
3.30%, 02/01/25 (Call 12/01/24)		1,862		1,793,683
3.70%, 10/01/49 (Call 04/01/49)		817		592,864
3.80%, 04/01/27 (Call 01/01/27)		1,884		1,797,468
4.13%, 12/01/46 (Call 06/01/46)		891		677,516
4.25%, 04/01/45 (Call 10/01/44)		1,652		1,290,955
4.45%, 09/01/47 (Call 03/01/47)		2,635		2,130,292
4.60%, 02/01/33 (Call 11/01/32)		1,805		1,706,880
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		2,127		1,975,239
Kite Realty Group Trust
4.00%, 03/15/25 (Call 12/15/24)		840		799,327
4.75%, 09/15/30 (Call 06/15/30)		2,315		2,114,428
Life Storage LP
2.20%, 10/15/30 (Call 07/15/30)		1,501		1,233,312
2.40%, 10/15/31 (Call 07/15/31)		2,455		1,989,090
3.88%, 12/15/27 (Call 09/15/27)		891		846,245
4.00%, 06/15/29 (Call 03/15/29)		2,373		2,219,704
LifeStorage LP/CA, 3.50%, 07/01/26 (Call 04/01/26)		1,644		1,570,086
LXP Industrial Trust
2.38%, 10/01/31 (Call 07/01/31)		345		266,488
2.70%, 09/15/30 (Call 06/15/30)		696		564,484
Mid-America Apartments LP
1.10%, 09/15/26 (Call 08/15/26)		1,910		1,692,871
1.70%, 02/15/31 (Call 11/15/30)		2,371		1,904,387
2.75%, 03/15/30 (Call 12/15/29)		1,155		1,017,197
2.88%, 09/15/51 (Call 03/15/51)		1,190		776,880
3.60%, 06/01/27 (Call 03/01/27)		2,860		2,747,888
3.75%, 06/15/24 (Call 03/13/24)		1,162		1,143,675
3.95%, 03/15/29 (Call 12/15/28)		1,850		1,790,245
4.00%, 11/15/25 (Call 08/15/25)		3,152		3,084,106
4.20%, 06/15/28 (Call 03/15/28)		1,413		1,382,578

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)	$	2,408	$	1,815,921
National Retail Properties Inc.
2.50%, 04/15/30 (Call 01/15/30)		2,162		1,825,636
3.00%, 04/15/52 (Call 10/15/51)		505		313,519
3.10%, 04/15/50 (Call 10/15/49)		2,147		1,358,772
3.50%, 10/15/27 (Call 07/15/27)		920		861,525
3.50%, 04/15/51 (Call 01/15/50)		2,092		1,444,526
3.60%, 12/15/26 (Call 09/15/26)		2,107		2,003,883
3.90%, 06/15/24 (Call 03/15/24)		2,165		2,128,953
4.00%, 11/15/25 (Call 08/15/25)		2,320		2,247,384
4.30%, 10/15/28 (Call 07/15/28)		1,070		1,013,237
4.80%, 10/15/48 (Call 04/25/48)		585		498,543
Omega Healthcare Investors Inc.
3.25%, 04/15/33 (Call 01/15/33)		3,048		2,288,012
3.38%, 02/01/31 (Call 11/01/30)		2,269		1,805,784
3.63%, 10/01/29 (Call 07/01/29)		2,237		1,878,879
4.50%, 01/15/25 (Call 10/15/24)		2,735		2,653,770
4.50%, 04/01/27 (Call 01/01/27)		1,510		1,408,166
4.75%, 01/15/28 (Call 10/15/27)		2,032		1,882,343
5.25%, 01/15/26 (Call 10/15/25)		3,315		3,255,429
Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		2,490		1,895,662
Physicians Realty LP
2.63%, 11/01/31 (Call 08/01/31)		3,113		2,475,395
3.95%, 01/15/28 (Call 10/15/27)		2,463		2,310,959
4.30%, 03/15/27 (Call 12/15/26)		346		331,897
Piedmont Operating Partnership LP
2.75%, 04/01/32 (Call 01/01/32)		315		220,544
3.15%, 08/15/30 (Call 05/15/30)		1,573		1,191,406
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		3,073		2,429,975
1.63%, 03/15/31 (Call 12/15/30)		1,604		1,293,482
1.75%, 07/01/30 (Call 04/01/30)		1,342		1,100,131
1.75%, 02/01/31 (Call 11/01/30)		1,985		1,609,220
2.13%, 04/15/27 (Call 02/15/27)		1,791		1,648,401
2.13%, 10/15/50 (Call 04/15/50)		1,807		1,041,302
2.25%, 04/15/30 (Call 01/15/30)		2,782		2,398,807
2.25%, 01/15/32 (Call 10/15/31)		2,027		1,674,586
2.88%, 11/15/29 (Call 08/15/29)		1,700		1,531,666
3.00%, 04/15/50 (Call 10/15/49)		3,133		2,177,153
3.05%, 03/01/50 (Call 09/01/49)		1,676		1,179,586
3.25%, 06/30/26 (Call 03/30/26)		884		851,707
3.25%, 10/01/26 (Call 07/01/26)		1,330		1,288,970
3.38%, 12/15/27 (Call 09/15/27)		2,690		2,571,748
3.88%, 09/15/28 (Call 06/15/28)		1,952		1,894,904
4.00%, 09/15/28 (Call 06/15/28)		1,276		1,245,810
4.38%, 02/01/29 (Call 11/01/28)		1,621		1,601,661
4.38%, 09/15/48 (Call 03/15/48)		494		438,213
4.63%, 01/15/33 (Call 10/15/32)		2,735		2,725,373
4.75%, 06/15/33 (Call 03/15/33)		1,405		1,407,445
5.25%, 06/15/53 (Call 12/15/52)		1,345		1,347,650
Public Storage
0.88%, 02/15/26 (Call 01/15/26)		2,358		2,124,817
1.50%, 11/09/26 (Call 10/09/26)		2,794		2,512,477
1.85%, 05/01/28 (Call 03/01/28)		2,855		2,535,097
1.95%, 11/09/28 (Call 09/09/28)		2,355		2,069,833
2.25%, 11/09/31 (Call 08/09/31)		1,975		1,660,126
2.30%, 05/01/31 (Call 02/01/31)		2,570		2,185,451
3.09%, 09/15/27 (Call 06/15/27)		2,955		2,805,507

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.39%, 05/01/29 (Call 02/01/29)	$	2,316	$	2,177,457
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		2,937		2,441,058
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)		1,433		1,276,645
1.80%, 03/15/33 (Call 12/15/32)		1,698		1,267,693
2.20%, 06/15/28 (Call 04/15/28)		1,010		893,325
2.85%, 12/15/32 (Call 09/15/32)		666		556,237
3.00%, 01/15/27 (Call 10/15/26)		2,534		2,380,946
3.10%, 12/15/29 (Call 09/15/29)		1,334		1,217,368
3.25%, 06/15/29 (Call 03/15/29)		1,082		993,373
3.25%, 01/15/31 (Call 10/15/30)		3,449		3,064,988
3.40%, 01/15/28 (Call 11/15/27)		1,855		1,741,789
3.65%, 01/15/28 (Call 10/15/27)		2,514		2,403,283
3.88%, 07/15/24 (Call 04/15/24)		2,225		2,193,205
3.88%, 04/15/25 (Call 02/15/25)		3,062		2,995,738
3.95%, 08/15/27 (Call 05/15/27)		2,851		2,751,129
4.13%, 10/15/26 (Call 07/15/26)		2,346		2,295,678
4.63%, 11/01/25 (Call 09/01/25)		2,001		1,981,710
4.65%, 03/15/47 (Call 09/15/46)		2,733		2,507,282
4.70%, 12/15/28 (Call 11/15/28)		1,720		1,703,350
4.85%, 03/15/30 (Call 01/15/30)		725		724,935
4.88%, 06/01/26 (Call 03/01/26)		2,319		2,320,090
4.90%, 07/15/33 (Call 04/15/33)		2,580		2,533,405
5.05%, 01/13/26 (Call 01/13/24)		335		335,127
5.63%, 10/13/32 (Call 07/13/32)		2,310		2,395,840
Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)		1,510		1,330,008
3.60%, 02/01/27 (Call 11/01/26)		486		465,729
3.70%, 06/15/30 (Call 03/15/30)		713		650,705
4.13%, 03/15/28 (Call 12/15/27)		1,246		1,186,566
4.40%, 02/01/47 (Call 08/01/46)		1,713		1,403,615
4.65%, 03/15/49 (Call 09/15/48)		1,391		1,193,895
Rexford Industrial Realty LP
2.13%, 12/01/30 (Call 09/01/30)		2,078		1,682,162
2.15%, 09/01/31 (Call 06/01/31)		2,075		1,655,601
5.00%, 06/15/28 (Call 05/15/28)		1,030		1,023,861
Sabra Health Care LP
3.20%, 12/01/31 (Call 09/01/31)		3,842		2,884,074
3.90%, 10/15/29 (Call 07/15/29)		2,798		2,340,891
5.13%, 08/15/26 (Call 05/15/26)		3,541		3,361,188
Safehold Operating Partnership LP
2.80%, 06/15/31 (Call 03/15/31)		2,385		1,890,518
2.85%, 01/15/32 (Call 10/15/31)		735		579,930
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)		3,374		3,003,332
1.75%, 02/01/28 (Call 11/01/27)		1,215		1,057,269
2.00%, 09/13/24 (Call 06/13/24)		3,897		3,728,689
2.20%, 02/01/31 (Call 11/01/30)		1,534		1,253,002
2.25%, 01/15/32 (Call 10/15/31)		3,065		2,446,422
2.45%, 09/13/29 (Call 06/13/29)		5,298		4,621,710
2.65%, 07/15/30 (Call 04/15/30)		1,598		1,373,944
2.65%, 02/01/32 (Call 11/01/31)		2,265		1,880,607
3.25%, 11/30/26 (Call 08/30/26)		3,248		3,090,894
3.25%, 09/13/49 (Call 03/13/49)		4,643		3,179,109
3.30%, 01/15/26 (Call 10/15/25)		3,562		3,425,077
3.38%, 10/01/24 (Call 07/01/24)		5,583		5,453,921
3.38%, 06/15/27 (Call 03/15/27)		1,212		1,149,582
3.38%, 12/01/27 (Call 09/01/27)		4,178		3,938,350
3.50%, 09/01/25 (Call 06/01/25)		5,326		5,145,236
3.80%, 07/15/50 (Call 01/15/50)		2,575		1,936,117

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.25%, 10/01/44 (Call 04/01/44)	$	1,077	$	887,276
4.25%, 11/30/46 (Call 05/30/46)		2,212		1,811,186
4.75%, 03/15/42 (Call 09/15/41)		2,136		1,891,001
5.50%, 03/08/33 (Call 12/08/32)		3,115		3,172,939
5.85%, 03/08/53 (Call 09/08/52)		2,945		2,981,695
6.75%, 02/01/40 (Call 11/01/39)		2,188		2,453,908
SITE Centers Corp.
3.63%, 02/01/25 (Call 11/01/24)		2,752		2,597,145
4.25%, 02/01/26 (Call 11/01/25)		2,059		1,940,999
4.70%, 06/01/27 (Call 03/01/27)		2,154		2,002,401
Spirit Realty LP
2.10%, 03/15/28 (Call 01/15/28)		1,026		868,406
2.70%, 02/15/32 (Call 11/15/31)		655		516,697
3.20%, 01/15/27 (Call 11/15/26)		2,437		2,230,464
3.20%, 02/15/31 (Call 11/15/30)		725		606,948
3.40%, 01/15/30 (Call 10/15/29)		1,965		1,698,428
4.00%, 07/15/29 (Call 04/15/29)		2,712		2,456,475
4.45%, 09/15/26 (Call 06/15/26)		1,896		1,836,978
STORE Capital Corp.
2.70%, 12/01/31 (Call 09/01/31)		2,085		1,506,454
2.75%, 11/18/30 (Call 08/18/30)		894		656,098
4.50%, 03/15/28 (Call 12/15/27)		2,162		1,929,001
4.63%, 03/15/29 (Call 12/15/28)		1,771		1,572,843
Sun Communities Operating LP
2.30%, 11/01/28 (Call 09/01/28)		720		617,054
2.70%, 07/15/31 (Call 04/15/31)		2,937		2,374,711
4.20%, 04/15/32 (Call 01/15/32)		1,480		1,330,772
5.70%, 01/15/33 (Call 10/15/32)		2,780		2,780,973
Tanger Properties LP
2.75%, 09/01/31 (Call 06/01/31)		755		548,357
3.13%, 09/01/26 (Call 06/01/26)		1,048		946,082
3.88%, 07/15/27 (Call 04/15/27)(b)		2,090		1,884,762
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		1,735		1,299,029
2.10%, 08/01/32 (Call 05/01/32)		1,375		1,077,216
2.10%, 06/15/33 (Call 03/15/33)		585		443,951
2.95%, 09/01/26 (Call 06/01/26)		905		844,238
3.00%, 08/15/31 (Call 05/15/31)		2,258		1,951,860
3.10%, 11/01/34 (Call 08/01/34)		808		665,929
3.20%, 01/15/30 (Call 10/15/29)		2,478		2,233,620
3.50%, 07/01/27 (Call 04/01/27)		1,318		1,257,056
3.50%, 01/15/28 (Call 10/15/27)		1,050		978,338
4.40%, 01/26/29 (Call 10/26/28)		1,980		1,912,145
Ventas Realty LP
2.50%, 09/01/31 (Call 06/01/31)		2,310		1,871,100
2.65%, 01/15/25 (Call 12/15/24)		2,516		2,386,376
3.00%, 01/15/30 (Call 10/15/29)		2,070		1,799,430
3.25%, 10/15/26 (Call 07/15/26)		954		893,144
3.50%, 02/01/25 (Call 11/01/24)		2,998		2,891,901
3.75%, 05/01/24 (Call 02/01/24)		2,670		2,616,253
3.85%, 04/01/27 (Call 01/01/27)		1,225		1,164,216
4.00%, 03/01/28 (Call 12/01/27)		1,328		1,256,925
4.13%, 01/15/26 (Call 10/15/25)		3,634		3,530,358
4.38%, 02/01/45 (Call 08/01/44)		338		276,176
4.40%, 01/15/29 (Call 10/15/28)		719		686,372
4.75%, 11/15/30 (Call 08/15/30)		1,040		1,001,801
4.88%, 04/15/49 (Call 10/15/48)		2,037		1,767,546
5.70%, 09/30/43 (Call 03/30/43)		1,160		1,123,425
VICI Properties LP
4.38%, 05/15/25		2,925		2,854,683

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.75%, 02/15/28 (Call 01/15/28)	$	3,815	$	3,684,374
4.95%, 02/15/30 (Call 12/15/29)		4,735		4,529,785
5.13%, 05/15/32 (Call 02/15/32)		5,970		5,697,290
5.63%, 05/15/52 (Call 11/15/51)		4,063		3,692,414
Vornado Realty LP
2.15%, 06/01/26 (Call 05/01/26)		1,537		1,293,493
3.40%, 06/01/31 (Call 03/01/31)		1,110		785,791
3.50%, 01/15/25 (Call 11/15/24)		2,693		2,507,264
Welltower Inc.
2.75%, 01/15/32 (Call 10/15/31)		2,195		1,808,219
3.85%, 06/15/32 (Call 03/15/32)		1,740		1,564,625
4.00%, 06/01/25 (Call 03/01/25)		5,948		5,798,705
6.50%, 03/15/41 (Call 09/15/40)		2,247		2,371,304
Welltower OP LLC
2.05%, 01/15/29 (Call 11/15/28)		2,143		1,807,428
2.70%, 02/15/27 (Call 12/15/26)		1,839		1,685,683
2.75%, 01/15/31 (Call 10/15/30)		1,076		904,238
2.80%, 06/01/31 (Call 03/01/31)		4,535		3,807,631
3.10%, 01/15/30 (Call 10/15/29)		2,655		2,334,754
4.13%, 03/15/29 (Call 09/15/28)		2,361		2,213,437
4.25%, 04/01/26 (Call 01/01/26)		4,067		3,998,390
4.25%, 04/15/28 (Call 01/15/28)		3,053		2,935,246
4.95%, 09/01/48 (Call 03/01/48)		400		354,640
Weyerhaeuser Co.
3.38%, 03/09/33 (Call 12/09/32)		660		584,773
4.00%, 11/15/29 (Call 08/15/29)		2,659		2,516,185
4.00%, 04/15/30 (Call 01/15/30)		3,120		2,947,214
4.00%, 03/09/52 (Call 09/09/51)		465		381,044
6.95%, 10/01/27		1,514		1,636,028
7.38%, 03/15/32		2,833		3,283,844
WP Carey Inc.
2.25%, 04/01/33 (Call 01/01/33)		985		755,534
2.40%, 02/01/31 (Call 11/01/30)		1,888		1,544,724
2.45%, 02/01/32 (Call 11/01/31)		1,740		1,397,150
3.85%, 07/15/29 (Call 04/15/29)		2,091		1,943,501
4.00%, 02/01/25 (Call 12/01/24)		2,568		2,512,737
4.25%, 10/01/26 (Call 07/01/26)		955		931,603
				858,381,292
Retail — 0.7%
Advance Auto Parts Inc.
1.75%, 10/01/27 (Call 08/01/27)		1,620		1,407,245
3.50%, 03/15/32 (Call 12/15/31)		1,595		1,375,863
3.90%, 04/15/30 (Call 01/15/30)		2,395		2,188,719
5.90%, 03/09/26		1,125		1,153,429
5.95%, 03/09/28 (Call 02/09/28)		3,017		3,110,225
AutoNation Inc.
1.95%, 08/01/28 (Call 06/01/28)		1,002		833,624
2.40%, 08/01/31 (Call 05/01/31)		2,570		1,986,199
3.50%, 11/15/24 (Call 09/15/24)		2,649		2,577,848
3.80%, 11/15/27 (Call 08/15/27)		1,612		1,493,486
3.85%, 03/01/32 (Call 12/01/31)		1,620		1,369,208
4.50%, 10/01/25 (Call 07/01/25)		1,999		1,954,902
4.75%, 06/01/30 (Call 03/01/30)		2,358		2,223,853
AutoZone Inc.
1.65%, 01/15/31 (Call 10/15/30)		591		473,314
3.13%, 04/21/26 (Call 01/21/26)		3,188		3,056,718
3.25%, 04/15/25 (Call 01/15/25)		3,598		3,484,447
3.63%, 04/15/25 (Call 03/15/25)		890		867,812
3.75%, 06/01/27 (Call 03/01/27)		2,389		2,316,374
3.75%, 04/18/29 (Call 01/18/29)		3,000		2,845,410

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.00%, 04/15/30 (Call 01/15/30)	$	1,865	$	1,774,753
4.50%, 02/01/28 (Call 01/01/28)		2,535		2,527,142
4.75%, 08/01/32 (Call 05/01/32)		2,550		2,534,879
4.75%, 02/01/33 (Call 11/01/32)		3,225		3,207,682
Best Buy Co. Inc.
1.95%, 10/01/30 (Call 07/01/30)		3,574		2,936,291
4.45%, 10/01/28 (Call 07/01/28)		3,484		3,467,834
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		4,966		4,484,944
1.60%, 04/20/30 (Call 01/20/30)		6,519		5,535,544
1.75%, 04/20/32 (Call 01/20/32)		4,420		3,651,229
2.75%, 05/18/24 (Call 03/18/24)		4,883		4,773,035
3.00%, 05/18/27 (Call 02/18/27)		5,247		5,071,540
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 02/01/27)		4,009		3,909,096
4.55%, 02/15/48 (Call 08/15/47)		2,030		1,723,308
Dick’s Sporting Goods Inc.
3.15%, 01/15/32 (Call 10/15/31)		2,590		2,145,582
4.10%, 01/15/52 (Call 07/15/51)		3,190		2,234,244
Dollar General Corp.
3.50%, 04/03/30 (Call 01/03/30)		1,858		1,718,780
3.88%, 04/15/27 (Call 01/15/27)		3,991		3,894,258
4.13%, 05/01/28 (Call 02/01/28)		2,872		2,817,662
4.13%, 04/03/50 (Call 10/03/49)		3,155		2,581,737
4.15%, 11/01/25 (Call 08/01/25)		2,127		2,099,519
4.25%, 09/20/24		430		426,018
4.63%, 11/01/27 (Call 10/01/27)		2,515		2,525,965
5.00%, 11/01/32 (Call 08/01/32)		2,975		3,005,167
5.50%, 11/01/52 (Call 05/01/52)		210		212,959
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)		3,840		3,240,346
3.38%, 12/01/51 (Call 06/01/51)		2,645		1,871,919
4.00%, 05/15/25 (Call 03/15/25)		4,940		4,858,935
4.20%, 05/15/28 (Call 02/15/28)		5,743		5,630,552
Genuine Parts Co.
1.75%, 02/01/25 (Call 05/09/23)		995		941,131
1.88%, 11/01/30 (Call 08/01/30)		2,570		2,062,014
2.75%, 02/01/32 (Call 11/01/31)		740		624,042
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		4,482		3,872,627
1.38%, 03/15/31 (Call 12/15/30)		6,770		5,479,435
1.50%, 09/15/28 (Call 07/15/28)		1,270		1,115,428
1.88%, 09/15/31 (Call 06/15/31)		2,315		1,925,038
2.13%, 09/15/26 (Call 06/15/26)		3,970		3,731,482
2.38%, 03/15/51 (Call 09/15/50)		5,550		3,520,587
2.50%, 04/15/27 (Call 02/15/27)		4,094		3,880,866
2.70%, 04/15/25 (Call 03/15/25)		1,520		1,478,185
2.70%, 04/15/30 (Call 01/15/30)		6,736		6,142,087
2.75%, 09/15/51 (Call 03/15/51)		2,200		1,503,612
2.80%, 09/14/27 (Call 06/14/27)		3,649		3,464,470
2.88%, 04/15/27 (Call 03/15/27)		2,695		2,582,565
2.95%, 06/15/29 (Call 03/15/29)		3,056		2,853,937
3.00%, 04/01/26 (Call 01/01/26)		5,932		5,774,861
3.13%, 12/15/49 (Call 06/15/49)		5,674		4,204,264
3.25%, 04/15/32 (Call 01/15/32)		5,595		5,163,234
3.30%, 04/15/40 (Call 10/15/39)		2,782		2,317,323
3.35%, 09/15/25 (Call 06/15/25)		2,635		2,583,855
3.35%, 04/15/50 (Call 10/15/49)		4,696		3,654,380
3.50%, 09/15/56 (Call 03/15/56)		3,305		2,586,295
3.63%, 04/15/52 (Call 10/15/51)		6,300		5,130,909

Security	Par (000)		Value
Retail (continued)
3.90%, 12/06/28 (Call 09/06/28)	$	3,903	$	3,872,869
3.90%, 06/15/47 (Call 12/15/46)		4,410		3,792,291
4.00%, 09/15/25 (Call 08/15/25)		665		662,852
4.20%, 04/01/43 (Call 10/01/42)		4,224		3,875,478
4.25%, 04/01/46 (Call 10/01/45)		6,140		5,576,532
4.40%, 03/15/45 (Call 09/15/44)		3,057		2,840,442
4.50%, 09/15/32 (Call 06/15/32)(b)		1,370		1,387,783
4.50%, 12/06/48 (Call 06/06/48)		5,963		5,639,209
4.88%, 02/15/44 (Call 08/15/43)		4,070		4,055,633
4.95%, 09/15/52 (Call 03/15/52)		1,160		1,167,169
5.40%, 09/15/40 (Call 03/15/40)		2,404		2,533,936
5.88%, 12/16/36		10,128		11,422,055
5.95%, 04/01/41 (Call 10/01/40)		3,930		4,409,028
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		6,892		5,962,545
1.70%, 09/15/28 (Call 07/15/28)		3,433		2,999,790
1.70%, 10/15/30 (Call 07/15/30)		4,198		3,421,244
2.50%, 04/15/26 (Call 01/15/26)		3,357		3,189,889
2.63%, 04/01/31 (Call 01/01/31)		5,637		4,845,509
2.80%, 09/15/41 (Call 03/15/41)		3,466		2,450,462
3.00%, 10/15/50 (Call 04/15/50)		4,308		2,871,153
3.10%, 05/03/27 (Call 02/03/27)		4,466		4,257,214
3.13%, 09/15/24 (Call 06/15/24)		3,625		3,543,872
3.35%, 04/01/27 (Call 03/01/27)		2,463		2,373,963
3.38%, 09/15/25 (Call 06/15/25)		4,947		4,808,979
3.50%, 04/01/51 (Call 10/01/50)		4,632		3,354,494
3.65%, 04/05/29 (Call 01/05/29)		4,883		4,652,767
3.70%, 04/15/46 (Call 10/15/45)		7,261		5,642,233
3.75%, 04/01/32 (Call 01/01/32)		5,570		5,159,212
4.00%, 04/15/25 (Call 03/15/25)		4,322		4,267,240
4.05%, 05/03/47 (Call 11/03/46)		5,599		4,558,986
4.25%, 04/01/52 (Call 10/01/51)		3,990		3,289,156
4.38%, 09/15/45 (Call 03/15/45)		2,205		1,870,083
4.40%, 09/08/25		1,995		1,986,382
4.45%, 04/01/62 (Call 10/01/61)		2,500		2,047,400
4.50%, 04/15/30 (Call 01/15/30)		4,894		4,843,347
4.55%, 04/05/49 (Call 10/05/48)		1,413		1,217,455
4.65%, 04/15/42 (Call 10/15/41)		2,320		2,092,617
4.80%, 04/01/26 (Call 03/01/26)		2,385		2,402,935
5.00%, 04/15/33 (Call 01/15/33)(b)		3,520		3,555,059
5.00%, 04/15/40 (Call 10/15/39)		2,496		2,396,335
5.13%, 04/15/50 (Call 10/15/49)		515		490,939
5.15%, 07/01/33 (Call 04/01/33)		3,180		3,241,565
5.50%, 10/15/35		573		589,571
5.63%, 04/15/53 (Call 10/15/52)		3,710		3,731,481
5.75%, 07/01/53 (Call 01/01/53)		970		988,576
5.80%, 09/15/62 (Call 03/15/62)		3,285		3,305,104
5.85%, 04/01/63 (Call 10/01/62)		4,435		4,468,706
6.50%, 03/15/29		660		734,738
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)		1,845		1,727,584
2.13%, 03/01/30 (Call 12/01/29)		2,920		2,537,071
2.63%, 09/01/29 (Call 06/01/29)		4,743		4,318,359
3.25%, 06/10/24		1,603		1,580,558
3.30%, 07/01/25 (Call 06/15/25)		5,691		5,565,229
3.38%, 05/26/25 (Call 02/26/25)		2,745		2,686,888
3.50%, 03/01/27 (Call 12/01/26)		2,694		2,625,842
3.50%, 07/01/27 (Call 05/01/27)		4,798		4,665,479
3.60%, 07/01/30 (Call 04/01/30)		2,475		2,358,848
3.63%, 05/01/43		1,771		1,447,863

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
3.63%, 09/01/49 (Call 03/01/49)	$	5,847	$	4,637,957
3.70%, 01/30/26 (Call 10/30/25)		5,370		5,300,512
3.70%, 02/15/42		2,426		2,013,362
3.80%, 04/01/28 (Call 01/01/28)		4,521		4,452,733
4.20%, 04/01/50 (Call 10/01/49)		3,340		2,919,995
4.45%, 03/01/47 (Call 09/01/46)		4,295		3,918,758
4.45%, 09/01/48 (Call 03/01/48)		3,100		2,833,338
4.60%, 09/09/32 (Call 06/09/32)		35		35,505
4.60%, 05/26/45 (Call 11/26/44)		2,679		2,485,951
4.70%, 12/09/35 (Call 06/09/35)		4,246		4,246,849
4.88%, 07/15/40		1,532		1,487,771
4.88%, 12/09/45 (Call 06/09/45)		6,520		6,309,078
5.15%, 09/09/52 (Call 03/09/52)		305		308,730
5.70%, 02/01/39		1,589		1,684,435
6.30%, 10/15/37		3,083		3,523,592
6.30%, 03/01/38		2,353		2,681,996
O’Reilly Automotive Inc.
1.75%, 03/15/31 (Call 12/15/30)		1,265		1,023,145
3.55%, 03/15/26 (Call 12/15/25)		3,088		3,015,123
3.60%, 09/01/27 (Call 06/01/27)		1,931		1,872,452
3.90%, 06/01/29 (Call 03/01/29)		2,877		2,771,098
4.20%, 04/01/30 (Call 01/01/30)		1,876		1,811,953
4.35%, 06/01/28 (Call 03/01/28)		1,840		1,832,806
4.70%, 06/15/32 (Call 03/15/32)		3,700		3,677,726
Ross Stores Inc.
0.88%, 04/15/26 (Call 03/15/26)		3,905		3,500,989
1.88%, 04/15/31 (Call 01/15/31)		1,785		1,446,743
4.60%, 04/15/25 (Call 03/15/25)		2,969		2,954,689
Starbucks Corp.
2.00%, 03/12/27 (Call 01/12/27)		3,421		3,137,673
2.25%, 03/12/30 (Call 12/12/29)		3,400		2,939,776
2.45%, 06/15/26 (Call 03/15/26)		1,876		1,770,194
2.55%, 11/15/30 (Call 08/15/30)		4,771		4,177,488
3.00%, 02/14/32 (Call 11/14/31)(b)		3,795		3,386,051
3.35%, 03/12/50 (Call 09/12/49)		3,095		2,311,996
3.50%, 03/01/28 (Call 12/01/27)		2,561		2,474,515
3.50%, 11/15/50 (Call 05/15/50)		2,835		2,186,522
3.55%, 08/15/29 (Call 05/15/29)		3,470		3,326,481
3.75%, 12/01/47 (Call 06/01/47)		3,134		2,535,249
3.80%, 08/15/25 (Call 06/15/25)		3,971		3,914,810
4.00%, 11/15/28 (Call 08/15/28)		3,730		3,684,196
4.30%, 06/15/45 (Call 12/10/44)		2,066		1,852,024
4.45%, 08/15/49 (Call 02/15/49)		1,784		1,607,723
4.50%, 11/15/48 (Call 05/15/48)		4,675		4,248,266
4.75%, 02/15/26 (Call 01/15/26)		1,620		1,634,564
4.80%, 02/15/33 (Call 11/15/32)(b)		2,980		3,020,260
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)		2,750		2,559,095
2.25%, 04/15/25 (Call 03/15/25)		7,823		7,529,559
2.35%, 02/15/30 (Call 11/15/29)		3,516		3,119,008
2.50%, 04/15/26		4,916		4,736,566
2.65%, 09/15/30 (Call 06/15/30)		2,199		1,964,213
2.95%, 01/15/52 (Call 07/15/51)		4,285		3,123,979
3.38%, 04/15/29 (Call 01/15/29)		4,893		4,717,390
3.50%, 07/01/24		1,070		1,056,796
3.63%, 04/15/46		3,908		3,261,187
3.90%, 11/15/47 (Call 05/15/47)		3,542		3,058,304
4.00%, 07/01/42		2,276		2,094,557
4.40%, 01/15/33 (Call 10/15/32)		2,875		2,872,499
4.50%, 09/15/32 (Call 06/15/32)		4,185		4,218,898

Security	Par (000)		Value
Retail (continued)
4.80%, 01/15/53 (Call 07/15/52)	$	5,855	$	5,764,657
6.50%, 10/15/37		593		698,086
7.00%, 01/15/38		770		946,407
TJX Companies Inc. (The)
1.15%, 05/15/28 (Call 03/15/28)		671		585,890
1.60%, 05/15/31 (Call 02/15/31)		375		309,435
2.25%, 09/15/26 (Call 06/15/26)		6,910		6,512,468
3.88%, 04/15/30 (Call 01/15/30)		2,990		2,913,097
4.50%, 04/15/50 (Call 10/15/49)		2,460		2,349,202
Tractor Supply Co., 1.75%, 11/01/30 (Call 08/01/30)		2,405		1,925,635
Walgreens Boots Alliance Inc.
3.20%, 04/15/30 (Call 01/15/30)		2,000		1,764,120
3.45%, 06/01/26 (Call 03/01/26)		2,252		2,162,370
4.10%, 04/15/50 (Call 10/15/49)		1,850		1,398,841
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)		2,467		2,233,869
2.50%, 09/22/41 (Call 03/22/41)		5,206		3,986,807
2.65%, 12/15/24 (Call 10/15/24)		250		243,195
2.65%, 09/22/51 (Call 03/22/51)		5,730		4,147,431
2.85%, 07/08/24 (Call 06/08/24)		160		157,086
2.95%, 09/24/49 (Call 03/24/49)		223		169,545
3.05%, 07/08/26 (Call 05/08/26)		730		710,370
3.25%, 07/08/29 (Call 04/08/29)		2,158		2,067,860
3.55%, 06/26/25 (Call 04/26/25)		680		671,840
3.63%, 12/15/47 (Call 06/15/47)		475		406,838
3.70%, 06/26/28 (Call 03/26/28)		4,152		4,132,070
3.90%, 04/15/28 (Call 03/15/28)		2,670		2,666,502
3.95%, 06/28/38 (Call 12/28/37)		1,085		1,039,777
4.00%, 04/15/26 (Call 03/15/26)		2,220		2,222,531
4.00%, 04/15/30 (Call 02/15/30)		5,450		5,424,657
4.00%, 04/11/43 (Call 10/11/42)		60		55,435
4.05%, 06/29/48 (Call 12/29/47)		2,835		2,665,354
4.10%, 04/15/33 (Call 01/15/33)		3,430		3,420,842
4.15%, 09/09/32 (Call 06/09/32)		3,850		3,880,415
4.50%, 09/09/52 (Call 03/09/52)		1,415		1,407,104
4.50%, 04/15/53 (Call 10/15/52)		3,295		3,267,025
5.00%, 10/25/40		230		238,984
5.25%, 09/01/35		1,395		1,539,034
5.63%, 04/01/40		1,156		1,291,310
5.63%, 04/15/41		15		16,940
5.88%, 04/05/27		300		320,838
6.20%, 04/15/38		800		950,584
6.50%, 08/15/37		280		341,286
7.55%, 02/15/30		750		905,100
				631,710,184
Semiconductors — 0.7%
Advanced Micro Devices Inc.
3.92%, 06/01/32 (Call 03/01/32)		3,330		3,232,065
4.39%, 06/01/52 (Call 12/01/51)		2,180		2,031,346
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		2,315		2,039,584
2.10%, 10/01/31 (Call 07/01/31)		2,545		2,166,915
2.80%, 10/01/41 (Call 04/01/41)		2,050		1,570,566
2.95%, 04/01/25 (Call 03/01/25)		1,351		1,311,889
2.95%, 10/01/51 (Call 04/01/51)		3,060		2,225,966
3.45%, 06/15/27 (Call 03/15/27)(f)		1,947		1,878,563
3.50%, 12/05/26 (Call 09/05/26)		5,253		5,119,574
5.30%, 12/15/45 (Call 06/15/45)(b)		200		206,876
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)		4,640		3,924,744

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
2.75%, 06/01/50 (Call 12/01/49)	$	3,041	$	2,211,324
3.30%, 04/01/27 (Call 01/01/27)		5,445		5,274,463
3.90%, 10/01/25 (Call 07/01/25)		3,431		3,396,793
4.35%, 04/01/47 (Call 10/01/46)		3,772		3,567,784
5.10%, 10/01/35 (Call 04/01/35)		1,534		1,608,997
5.85%, 06/15/41		2,349		2,608,353
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.13%, 01/15/25 (Call 11/15/24)		857		829,310
3.50%, 01/15/28 (Call 10/15/27)		4,214		3,956,314
3.88%, 01/15/27 (Call 10/15/26)		12,172		11,814,752
Broadcom Inc. 1.95%, 02/15/28 (Call 12/15/27)(f)		135		118,433
2.45%, 02/15/31 (Call 11/15/30)(f)		10,645		8,733,371
2.60%, 02/15/33 (Call 11/15/32)(f)		4,845		3,816,939
3.14%, 11/15/35 (Call 08/15/35)(f)		3,930		3,043,195
3.15%, 11/15/25 (Call 10/15/25)		3,958		3,799,957
3.19%, 11/15/36 (Call 08/15/36)(f)		1,635		1,245,216
3.42%, 04/15/33 (Call 01/15/33)(f)		17,746		14,933,259
3.46%, 09/15/26 (Call 07/15/26)		1,217		1,166,616
3.47%, 04/15/34 (Call 01/15/34)(f)		12,130		10,023,019
3.50%, 02/15/41 (Call 08/15/40)(f)		9,550		7,196,689
3.63%, 10/15/24 (Call 09/15/24)		810		792,131
3.75%, 02/15/51 (Call 08/15/50)(f)		4,966		3,654,231
4.00%, 04/15/29 (Call 02/15/29)(f)		3,830		3,600,430
4.11%, 09/15/28 (Call 06/15/28)		250		240,468
4.15%, 11/15/30 (Call 08/15/30)		4,525		4,211,689
4.15%, 04/15/32 (Call 01/15/32)(f)		4,115		3,760,246
4.30%, 11/15/32 (Call 08/15/32)		8,104		7,440,363
4.75%, 04/15/29 (Call 01/15/29)		545		539,648
4.93%, 05/15/37 (Call 02/15/37)(f)		19,425		17,733,471
5.00%, 04/15/30 (Call 01/15/30)		290		287,088
Intel Corp. 1.60%, 08/12/28 (Call 06/12/28)		4,208		3,684,693
2.00%, 08/12/31 (Call 05/12/31)		5,045		4,167,220
2.45%, 11/15/29 (Call 08/15/29)		8,077		7,124,641
2.60%, 05/19/26 (Call 02/19/26)		4,771		4,548,433
2.80%, 08/12/41 (Call 02/12/41)		2,490		1,792,800
2.88%, 05/11/24 (Call 03/11/24)		5,514		5,403,389
3.05%, 08/12/51 (Call 02/12/51)		1,760		1,197,187
3.10%, 02/15/60 (Call 08/15/59)		5,270		3,407,951
3.15%, 05/11/27 (Call 02/11/27)		3,548		3,405,335
3.20%, 08/12/61 (Call 02/12/61)		1,405		927,553
3.25%, 11/15/49 (Call 05/15/49)		10,443		7,379,964
3.40%, 03/25/25 (Call 02/25/25)		5,872		5,772,293
3.70%, 07/29/25 (Call 04/29/25)		8,278		8,149,939
3.73%, 12/08/47 (Call 06/08/47)		5,880		4,632,734
3.75%, 03/25/27 (Call 01/25/27)		4,610		4,522,594
3.75%, 08/05/27 (Call 07/05/27)		4,170		4,081,930
3.90%, 03/25/30 (Call 12/25/29)		6,439		6,180,345
4.00%, 08/05/29 (Call 06/05/29)		3,010		2,936,255
4.00%, 12/15/32		3,326		3,160,764
4.10%, 05/19/46 (Call 11/19/45)		4,487		3,796,137
4.10%, 05/11/47 (Call 11/11/46)		5,108		4,278,256
4.15%, 08/05/32 (Call 05/05/32)		2,980		2,878,740
4.25%, 12/15/42		967		854,606
4.60%, 03/25/40 (Call 09/25/39)		6,769		6,392,711
4.75%, 03/25/50 (Call 09/25/49)		6,924		6,290,523
4.80%, 10/01/41		885		842,449
4.88%, 02/10/26		6,375		6,461,190
4.88%, 02/10/28 (Call 01/10/28)		5,181		5,270,061

Security	Par (000)		Value
Semiconductors (continued)
4.90%, 07/29/45 (Call 01/29/45)	$	1,806	$	1,787,958
4.90%, 08/05/52 (Call 02/05/52)		3,520		3,249,382
4.95%, 03/25/60 (Call 09/25/59)(b)		3,624		3,343,430
5.05%, 08/05/62 (Call 02/05/62)		3,065		2,823,141
5.13%, 02/10/30 (Call 12/10/29)		5,415		5,546,260
5.20%, 02/10/33 (Call 11/10/32)		7,755		7,915,994
5.63%, 02/10/43 (Call 08/10/42)		3,780		3,880,775
5.70%, 02/10/53 (Call 08/10/52)		5,695		5,822,112
5.90%, 02/10/63 (Call 08/10/62)		5,415		5,575,284
KLA Corp. 3.30%, 03/01/50 (Call 08/28/49)		2,968		2,259,954
4.10%, 03/15/29 (Call 12/15/28)		3,908		3,860,713
4.65%, 11/01/24 (Call 08/01/24)		1,906		1,905,962
4.65%, 07/15/32 (Call 04/15/32)(b)		2,125		2,158,617
4.95%, 07/15/52 (Call 01/15/52)		4,365		4,321,481
5.00%, 03/15/49 (Call 09/15/48)		1,559		1,529,660
5.25%, 07/15/62 (Call 01/15/62)		3,420		3,471,881
Lam Research Corp. 1.90%, 06/15/30 (Call 03/15/30)		3,565		3,019,555
2.88%, 06/15/50 (Call 12/15/49)		3,104		2,191,765
3.13%, 06/15/60 (Call 12/15/59)		2,991		2,065,226
3.75%, 03/15/26 (Call 01/15/26)		5,580		5,509,413
3.80%, 03/15/25 (Call 12/15/24)		2,817		2,773,224
4.00%, 03/15/29 (Call 12/15/28)		4,091		4,033,153
4.88%, 03/15/49 (Call 09/15/48)		2,970		2,923,163
Marvell Technology Inc. 1.65%, 04/15/26 (Call 03/15/26)		3,095		2,823,042
2.45%, 04/15/28 (Call 02/15/28)		3,142		2,759,053
2.95%, 04/15/31 (Call 01/15/31)		2,900		2,424,603
4.88%, 06/22/28 (Call 03/22/28)		215		211,766
Microchip Technology Inc. 0.98%, 09/01/24		587		552,332
4.25%, 09/01/25 (Call 09/01/23)		5,540		5,434,075
Micron Technology Inc. 2.70%, 04/15/32 (Call 01/15/32)		4,352		3,479,206
3.37%, 11/01/41 (Call 05/01/41)		1,345		945,266
3.48%, 11/01/51 (Call 05/01/51)		3,050		2,007,510
4.19%, 02/15/27 (Call 12/15/26)		3,559		3,433,225
4.66%, 02/15/30 (Call 11/15/29)		3,412		3,266,956
4.98%, 02/06/26 (Call 12/06/25)		2,901		2,888,845
5.33%, 02/06/29 (Call 11/06/28)		2,649		2,635,119
5.38%, 04/15/28 (Call 03/15/28)		2,585		2,575,410
5.88%, 02/09/33 (Call 11/09/32)		2,065		2,082,387
5.88%, 09/15/33 (Call 06/15/33)		2,690		2,693,228
6.75%, 11/01/29 (Call 09/01/29)		4,310		4,545,369
NVIDIA Corp. 0.58%, 06/14/24 (Call 06/14/23)		395		377,861
1.55%, 06/15/28 (Call 04/15/28)		6,815		6,057,376
2.00%, 06/15/31 (Call 03/15/31)		3,778		3,198,530
2.85%, 04/01/30 (Call 01/01/30)		4,727		4,334,281
3.20%, 09/16/26 (Call 06/16/26)		4,012		3,909,935
3.50%, 04/01/40 (Call 10/01/39)		3,738		3,213,372
3.50%, 04/01/50 (Call 10/01/49)		7,682		6,271,969
3.70%, 04/01/60 (Call 10/01/59)		2,535		2,038,343
NXP BV/NXP Funding LLC 5.35%, 03/01/26 (Call 01/01/26)		2,345		2,363,150
5.55%, 12/01/28 (Call 09/01/28)		1,642		1,676,170
NXP BV/NXP Funding LLC/NXP USA Inc. 2.50%, 05/11/31 (Call 02/11/31)		3,924		3,245,894
2.65%, 02/15/32 (Call 11/15/31)		3,966		3,268,143

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
2.70%, 05/01/25 (Call 04/01/25)	$	2,129	$	2,026,851
3.13%, 02/15/42 (Call 08/15/41)		1,875		1,333,575
3.15%, 05/01/27 (Call 03/01/27)		3,095		2,900,882
3.25%, 05/11/41 (Call 11/11/40)		4,085		2,971,102
3.25%, 11/30/51 (Call 05/30/51)		1,900		1,265,248
3.40%, 05/01/30 (Call 02/01/30)		3,808		3,421,793
3.88%, 06/18/26 (Call 04/18/26)		3,480		3,367,770
4.30%, 06/18/29 (Call 03/18/29)		5,231		5,022,178
4.40%, 06/01/27 (Call 05/01/27)		730		718,225
5.00%, 01/15/33 (Call 10/15/32)		3,720		3,638,830
Qorvo Inc. 1.75%, 12/15/24 (Call 05/09/23)(f)		2,505		2,348,613
4.38%, 10/15/29 (Call 10/15/24)		4,040		3,673,249
QUALCOMM Inc. 1.30%, 05/20/28 (Call 02/20/28)		3,860		3,375,879
1.65%, 05/20/32 (Call 02/20/32)		5,003		4,033,719
2.15%, 05/20/30 (Call 02/20/30)		5,245		4,584,340
2.90%, 05/20/24 (Call 03/20/24)		253		248,082
3.25%, 05/20/27 (Call 02/20/27)		9,182		8,899,745
3.25%, 05/20/50 (Call 11/20/49)(b)		3,829		2,948,139
3.45%, 05/20/25 (Call 02/20/25)		566		555,206
4.25%, 05/20/32 (Call 02/20/32)		1,136		1,135,012
4.30%, 05/20/47 (Call 11/20/46)		6,585		6,097,381
4.50%, 05/20/52 (Call 11/20/51)		4,320		3,998,938
4.65%, 05/20/35 (Call 11/20/34)		4,582		4,618,610
4.80%, 05/20/45 (Call 11/20/44)		2,761		2,732,562
5.40%, 05/20/33 (Call 02/20/33)		4,080		4,385,878
6.00%, 05/20/53 (Call 11/20/52)		3,860		4,392,487
Skyworks Solutions Inc. 1.80%, 06/01/26 (Call 05/01/26)		3,475		3,133,373
3.00%, 06/01/31 (Call 03/01/31)		2,305		1,922,393
Texas Instruments Inc. 1.13%, 09/15/26 (Call 08/15/26)		790		717,312
1.38%, 03/12/25 (Call 02/12/25)		3,773		3,574,125
1.75%, 05/04/30 (Call 02/04/30)		4,095		3,475,181
1.90%, 09/15/31 (Call 06/15/31)		2,645		2,227,064
2.25%, 09/04/29 (Call 06/04/29)		3,073		2,743,636
2.63%, 05/15/24 (Call 03/15/24)		1,223		1,196,192
2.70%, 09/15/51 (Call 03/15/51)		2,270		1,616,853
2.90%, 11/03/27 (Call 08/03/27)		2,926		2,788,829
3.65%, 08/16/32 (Call 05/16/32)		2,235		2,130,290
3.88%, 03/15/39 (Call 09/15/38)		3,053		2,801,097
4.10%, 08/16/52 (Call 02/16/52)		990		905,959
4.15%, 05/15/48 (Call 11/15/47)		5,566		5,145,544
4.60%, 02/15/28 (Call 01/15/28)		2,300		2,353,130
4.70%, 11/18/24		1,775		1,778,994
4.90%, 03/14/33 (Call 12/14/32)		1,490		1,553,221
5.00%, 03/14/53 (Call 09/14/52)		1,955		2,026,612
TSMC Arizona Corp. 1.75%, 10/25/26 (Call 09/25/26)		5,825		5,303,429
2.50%, 10/25/31 (Call 07/25/31)		4,770		4,080,735
3.13%, 10/25/41 (Call 04/25/41)		4,685		3,812,231
3.25%, 10/25/51 (Call 04/25/51)		4,255		3,335,197
3.88%, 04/22/27 (Call 03/22/27)		1,030		1,012,531
4.13%, 04/22/29 (Call 02/22/29)		535		527,558
4.25%, 04/22/32 (Call 01/22/32)		1,325		1,312,625
4.50%, 04/22/52 (Call 10/22/51)		1,400		1,369,970

Security	Par (000)		Value
Semiconductors (continued)
Xilinx Inc. 2.38%, 06/01/30 (Call 03/01/30)	$	3,386	$	2,966,678
2.95%, 06/01/24 (Call 04/01/24)		4,273 4,178,054
				598,216,956
Shipbuilding — 0.0%
Huntington Ingalls Industries Inc. 2.04%, 08/16/28 (Call 06/16/28)		2,689		2,296,836
3.48%, 12/01/27 (Call 09/01/27)		2,461		2,319,813
3.84%, 05/01/25 (Call 04/01/25)		2,480		2,420,381
4.20%, 05/01/30 (Call 02/01/30)		1,585		1,492,515
				8,529,545
Software — 0.7%
Activision Blizzard Inc. 1.35%, 09/15/30 (Call 06/15/30)		2,966		2,408,600
2.50%, 09/15/50 (Call 03/15/50)		4,268		2,782,395
3.40%, 09/15/26 (Call 06/15/26)		3,945		3,824,362
3.40%, 06/15/27 (Call 03/15/27)		2,395		2,302,242
4.50%, 06/15/47 (Call 12/15/46)		2,138		1,993,150
Adobe Inc. 1.90%, 02/01/25 (Call 01/01/25)		3,828		3,671,090
2.15%, 02/01/27 (Call 12/01/26)		3,676		3,421,180
2.30%, 02/01/30 (Call 11/01/29)		6,013		5,340,807
3.25%, 02/01/25 (Call 11/01/24)		3,043		2,985,396
Autodesk Inc. 2.40%, 12/15/31 (Call 09/15/31)		4,315		3,611,396
2.85%, 01/15/30 (Call 10/15/29)		2,662		2,374,291
3.50%, 06/15/27 (Call 03/15/27)		3,635		3,517,589
4.38%, 06/15/25 (Call 03/15/25)		2,842		2,825,516
Broadridge Financial Solutions Inc. 2.60%, 05/01/31 (Call 02/01/31)		4,616		3,867,239
2.90%, 12/01/29 (Call 09/01/29)		3,823		3,359,347
3.40%, 06/27/26 (Call 03/27/26)		3,919		3,782,149
Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)		1,890		1,868,643
Electronic Arts Inc. 1.85%, 02/15/31 (Call 11/15/30)		3,387		2,803,488
2.95%, 02/15/51 (Call 08/15/50)		2,675		1,830,797
4.80%, 03/01/26 (Call 12/01/25)		3,047		3,069,060
Fidelity National Information Services Inc. 1.15%, 03/01/26 (Call 02/01/26)		5,813		5,234,490
1.65%, 03/01/28 (Call 01/01/28)		4,464		3,857,030
2.25%, 03/01/31 (Call 12/01/30)		4,350		3,525,022
3.10%, 03/01/41 (Call 09/01/40)		2,860		2,011,409
4.50%, 07/15/25		1,485		1,470,105
4.50%, 08/15/46 (Call 02/15/46)		1,282		1,057,471
4.70%, 07/15/27 (Call 06/15/27)		2,580		2,565,939
5.10%, 07/15/32 (Call 04/15/32)(b)		1,975		1,946,501
5.63%, 07/15/52 (Call 01/15/52)		1,880		1,811,192
Fiserv Inc. 2.25%, 06/01/27 (Call 04/01/27)		1,735		1,580,949
2.65%, 06/01/30 (Call 03/01/30)		5,149		4,482,204
2.75%, 07/01/24 (Call 06/01/24)		6,662		6,473,732
3.20%, 07/01/26 (Call 05/01/26)		8,159		7,776,669
3.50%, 07/01/29 (Call 04/01/29)		8,625		8,035,567
3.85%, 06/01/25 (Call 03/01/25)		4,565		4,472,696
4.20%, 10/01/28 (Call 07/01/28)		2,752		2,685,787
4.40%, 07/01/49 (Call 01/01/49)		7,090		6,022,600
5.45%, 03/02/28 (Call 02/02/28)		2,640		2,708,138
5.60%, 03/02/33 (Call 12/02/32)		1,190		1,238,338

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
Intuit Inc. 0.95%, 07/15/25 (Call 06/15/25)	$	4,090	$	3,780,510
1.35%, 07/15/27 (Call 05/15/27)		4,324		3,860,078
1.65%, 07/15/30 (Call 04/15/30)		4,462		3,726,930
Microsoft Corp. 2.40%, 08/08/26 (Call 05/08/26)		12,752		12,160,562
2.53%, 06/01/50 (Call 12/01/49)		31,955		22,669,516
2.68%, 06/01/60 (Call 12/01/59)		14,193		9,833,336
2.70%, 02/12/25 (Call 11/12/24)		7,615		7,420,589
2.92%, 03/17/52 (Call 09/17/51)		30,471		23,281,672
3.04%, 03/17/62 (Call 09/17/61)		8,629		6,498,414
3.13%, 11/03/25 (Call 08/03/25)		6,786		6,635,826
3.30%, 02/06/27 (Call 11/06/26)		13,505		13,270,148
3.45%, 08/08/36 (Call 02/08/36)		4,931		4,584,301
3.50%, 02/12/35 (Call 08/12/34)		11,086		10,596,442
3.50%, 11/15/42		1,135		1,013,305
3.70%, 08/08/46 (Call 02/08/46)		1,865		1,690,865
3.75%, 02/12/45 (Call 08/12/44)		840		775,446
3.95%, 08/08/56 (Call 02/08/56)		445		412,168
4.00%, 02/12/55 (Call 08/12/54)		490		459,409
4.10%, 02/06/37 (Call 08/06/36)		2,280		2,271,290
4.20%, 11/03/35 (Call 05/03/35)		475		483,217
4.25%, 02/06/47 (Call 08/06/46)		580		569,421
4.45%, 11/03/45 (Call 05/03/45)		1,346		1,353,026
4.50%, 10/01/40		405		416,162
4.50%, 02/06/57 (Call 08/06/56)		340		350,302
5.30%, 02/08/41		590		660,670
Oracle Corp. 1.65%, 03/25/26 (Call 02/25/26)		7,555		6,939,796
2.30%, 03/25/28 (Call 01/25/28)		9,310		8,326,771
2.50%, 04/01/25 (Call 03/01/25)		8,724		8,327,320
2.65%, 07/15/26 (Call 04/15/26)		13,055		12,257,992
2.80%, 04/01/27 (Call 02/01/27)		8,012		7,461,576
2.88%, 03/25/31 (Call 12/25/30)		9,356		8,067,866
2.95%, 11/15/24 (Call 09/15/24)		4,317		4,179,849
2.95%, 05/15/25 (Call 02/15/25)		7,644		7,364,918
2.95%, 04/01/30 (Call 01/01/30)		12,430		11,012,358
3.25%, 11/15/27 (Call 08/15/27)		8,572		8,080,310
3.25%, 05/15/30 (Call 02/15/30)		1,414		1,274,834
3.40%, 07/08/24 (Call 04/08/24)		7,429		7,285,026
3.60%, 04/01/40 (Call 10/01/39)		10,920		8,477,305
3.60%, 04/01/50 (Call 10/01/49)		16,313		11,588,755
3.65%, 03/25/41 (Call 09/25/40)		6,603		5,118,051
3.80%, 11/15/37 (Call 05/15/37)		6,423		5,369,307
3.85%, 07/15/36 (Call 01/15/36)		4,562		3,901,514
3.85%, 04/01/60 (Call 10/01/59)		12,043		8,433,111
3.90%, 05/15/35 (Call 11/15/34)		4,805		4,218,982
3.95%, 03/25/51 (Call 09/25/50)		9,800		7,389,494
4.00%, 07/15/46 (Call 01/15/46)		10,729		8,242,125
4.00%, 11/15/47 (Call 05/15/47)		7,463		5,731,435
4.10%, 03/25/61 (Call 09/25/60)		5,650		4,182,751
4.13%, 05/15/45 (Call 11/15/44)		7,759		6,119,911
4.30%, 07/08/34 (Call 01/08/34)		6,094		5,624,153
4.38%, 05/15/55 (Call 11/15/54)		4,804		3,836,619
4.50%, 05/06/28 (Call 04/06/28)		1,790		1,771,277
4.50%, 07/08/44 (Call 01/08/44)		2,503		2,109,253
4.65%, 05/06/30 (Call 03/06/30)		1,715		1,681,695
4.90%, 02/06/33 (Call 11/06/32)		3,350		3,294,490
5.38%, 07/15/40		7,649		7,367,287
5.55%, 02/06/53 (Call 08/06/52)		4,775		4,581,469

Security	Par (000)		Value
Software (continued)
5.80%, 11/10/25	$	1,245	$	1,276,312
6.13%, 07/08/39		4,158		4,381,784
6.15%, 11/09/29 (Call 09/09/29)		4,065		4,307,437
6.25%, 11/09/32 (Call 08/09/32)		6,667		7,194,826
6.50%, 04/15/38		5,690		6,214,846
6.90%, 11/09/52 (Call 05/09/52)		7,970		8,916,756
Roper Technologies Inc. 1.00%, 09/15/25 (Call 08/15/25)		2,447		2,243,899
1.40%, 09/15/27 (Call 07/15/27)		2,766		2,422,048
1.75%, 02/15/31 (Call 11/15/30)		2,605		2,079,988
2.00%, 06/30/30 (Call 03/30/30)		3,359		2,779,976
2.35%, 09/15/24 (Call 08/15/24)		2,500		2,406,775
2.95%, 09/15/29 (Call 06/15/29)		3,513		3,173,328
3.80%, 12/15/26 (Call 09/15/26)		2,942		2,862,831
3.85%, 12/15/25 (Call 09/15/25)		1,886		1,848,582
4.20%, 09/15/28 (Call 06/15/28)		2,419		2,403,035
salesforce.com Inc. 0.63%, 07/15/24 (Call 05/30/23)		630		601,077
1.50%, 07/15/28 (Call 05/15/28)		1,955		1,726,285
1.95%, 07/15/31 (Call 04/15/31)		4,722		3,964,450
2.70%, 07/15/41 (Call 01/15/41)		2,205		1,650,465
2.90%, 07/15/51 (Call 01/15/51)		4,465		3,168,543
3.05%, 07/15/61 (Call 01/15/61)		3,115		2,134,180
3.70%, 04/11/28 (Call 01/11/28)		9,016		8,946,757
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		7,909		6,375,919
Take-Two Interactive Software Inc. 3.55%, 04/14/25		2,930		2,850,656
3.70%, 04/14/27 (Call 03/14/27)		2,680		2,590,515
4.00%, 04/14/32 (Call 01/14/32)(b)		2,343		2,201,951
4.95%, 03/28/28 (Call 02/28/28)		3,130		3,156,135
5.00%, 03/28/26		3,130		3,153,788
VMware Inc. 1.00%, 08/15/24 (Call 05/09/23)		1,000		946,790
1.40%, 08/15/26 (Call 07/15/26)		2,762		2,465,085
1.80%, 08/15/28 (Call 06/15/28)		1,604		1,365,004
2.20%, 08/15/31 (Call 05/15/31)		1,347		1,067,686
3.90%, 08/21/27 (Call 05/21/27)		3,544		3,410,675
4.50%, 05/15/25 (Call 04/15/25)		2,966		2,935,836
4.65%, 05/15/27 (Call 03/15/27)		5,026		4,992,527
4.70%, 05/15/30 (Call 02/15/30)		2,655		2,568,633
Workday Inc. 3.50%, 04/01/27 (Call 03/01/27)		2,870		2,755,831
3.70%, 04/01/29 (Call 02/01/29)		2,013		1,897,011
3.80%, 04/01/32 (Call 01/01/32)		3,060		2,793,321
				593,217,324
Telecommunications — 1.1%
America Movil SAB de CV 2.88%, 05/07/30 (Call 02/07/30)		5,355		4,794,010
3.63%, 04/22/29 (Call 01/22/29)		3,791		3,588,371
4.38%, 07/16/42		5,065		4,610,720
4.38%, 04/22/49 (Call 10/22/48)(b)		4,001		3,596,019
4.70%, 07/21/32 (Call 04/21/32)		1,835		1,819,733
6.13%, 11/15/37		2,915		3,224,369
6.13%, 03/30/40		4,796		5,220,254
6.38%, 03/01/35		3,866		4,308,348
AT&T Inc. 1.65%, 02/01/28 (Call 12/01/27)		11,626		10,191,119
1.70%, 03/25/26 (Call 05/09/23)		5,209		4,809,209
2.25%, 02/01/32 (Call 11/01/31)		8,961		7,327,589
2.30%, 06/01/27 (Call 04/01/27)		4,472		4,103,239

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
2.55%, 12/01/33 (Call 09/01/33)	$	22,738	$	18,293,403
2.75%, 06/01/31 (Call 03/01/31)		10,741		9,260,353
2.95%, 07/15/26 (Call 04/15/26)		2,093		1,987,304
3.10%, 02/01/43 (Call 08/01/42)		235		172,304
3.30%, 02/01/52 (Call 08/01/51)		665		473,547
3.50%, 06/01/41 (Call 12/01/40)		10,660		8,384,623
3.50%, 09/15/53 (Call 03/15/53)		29,591		21,189,227
3.50%, 02/01/61 (Call 08/01/60)		370		259,152
3.55%, 09/15/55 (Call 03/15/55)		29,268		20,739,597
3.65%, 06/01/51 (Call 12/01/50)		8,981		6,700,544
3.65%, 09/15/59 (Call 03/15/59)		25,312		17,899,381
3.80%, 02/15/27 (Call 11/15/26)		1,799		1,749,330
3.80%, 12/01/57 (Call 06/01/57)		23,671		17,369,780
3.85%, 06/01/60 (Call 12/01/59)		8,185		6,052,316
3.88%, 01/15/26 (Call 10/15/25)		1,739		1,709,854
4.10%, 02/15/28 (Call 11/15/27)		1,180		1,153,780
4.25%, 03/01/27 (Call 12/01/26)		2,099		2,087,476
4.30%, 02/15/30 (Call 11/15/29)		10,077		9,783,054
4.30%, 12/15/42 (Call 06/15/42)		2,423		2,089,086
4.35%, 03/01/29 (Call 12/01/28)		11,699		11,493,800
4.35%, 06/15/45 (Call 12/15/44)		1,895		1,616,321
4.50%, 05/15/35 (Call 11/15/34)		10,911		10,266,051
4.50%, 03/09/48 (Call 09/09/47)		3,790		3,247,575
4.55%, 03/09/49 (Call 09/09/48)		3,219		2,790,841
4.65%, 06/01/44 (Call 12/01/43)		1,944		1,723,395
4.75%, 05/15/46 (Call 11/15/45)		2,941		2,633,901
4.80%, 06/15/44 (Call 12/15/43)		480		435,523
4.85%, 03/01/39 (Call 09/01/38)		11,032		10,356,069
4.85%, 07/15/45 (Call 01/15/45)		594		534,737
4.90%, 08/15/37 (Call 02/14/37)		4,253		4,101,338
5.15%, 03/15/42		550		530,195
5.15%, 11/15/46 (Call 05/15/46)		1,451		1,393,352
5.15%, 02/15/50 (Call 08/14/49)		1,132		1,074,891
5.25%, 03/01/37 (Call 09/01/36)		1,825		1,822,591
5.35%, 09/01/40		613		606,416
5.45%, 03/01/47 (Call 09/01/46)		1,017		1,008,284
5.54%, 02/20/26 (Call 02/20/24)		325		325,286
5.55%, 08/15/41		172		173,133
5.65%, 02/15/47 (Call 08/15/46)		362		367,444
5.70%, 03/01/57 (Call 09/01/56)		686		693,416
6.00%, 08/15/40 (Call 05/15/40)		1,549		1,618,349
6.30%, 01/15/38		470		515,219
6.38%, 03/01/41		629		679,012
6.55%, 02/15/39		640		706,656
Bell Telephone Co. of Canada or Bell Canada (The) 3.65%, 08/15/52 (Call 02/15/52)		2,270		1,768,512
4.30%, 07/29/49 (Call 01/29/49)		2,835		2,440,368
4.46%, 04/01/48 (Call 10/01/47)		4,251		3,764,005
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		2,119		1,650,171
Series US-5, 2.15%, 02/15/32 (Call 11/15/31)		2,255		1,864,862
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)		1,025		727,443
British Telecommunications PLC 5.13%, 12/04/28 (Call 09/24/28)		3,593		3,639,314
9.63%, 12/15/30		7,641		9,629,647
Cisco Systems Inc. 2.50%, 09/20/26 (Call 06/20/26)		2,867		2,729,441
2.95%, 02/28/26		2,030		1,972,125
3.50%, 06/15/25		2,418		2,372,638
5.50%, 01/15/40		6,976		7,579,075
5.90%, 02/15/39		7,795		8,786,134

Security	Par (000)		Value
Telecommunications (continued)
Corning Inc. 3.90%, 11/15/49 (Call 05/15/49)	$	1,828	$	1,416,572
4.38%, 11/15/57 (Call 05/15/57)		2,962		2,492,612
4.70%, 03/15/37		1,097		1,062,817
4.75%, 03/15/42		1,280		1,217,421
5.35%, 11/15/48 (Call 05/15/48)		2,014		2,008,180
5.45%, 11/15/79 (Call 05/15/79)		4,053		3,801,268
5.75%, 08/15/40		1,822		1,917,017
5.85%, 11/15/68 (Call 05/15/68)		1,172		1,154,795
Deutsche Telekom International Finance BV 8.75%, 06/15/30		9,970		12,167,886
9.25%, 06/01/32		3,402		4,434,711
Juniper Networks Inc. 1.20%, 12/10/25 (Call 11/10/25)		420		380,965
2.00%, 12/10/30 (Call 09/10/30)		1,286		1,027,784
3.75%, 08/15/29 (Call 05/15/29)		2,711		2,548,367
5.95%, 03/15/41		1,314		1,329,650
Koninklijke KPN NV, 8.38%, 10/01/30		1,217		1,446,976
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		1,781		1,462,611
2.75%, 05/24/31 (Call 02/24/31)		3,990		3,315,730
4.00%, 09/01/24		395		388,992
4.60%, 02/23/28 (Call 11/23/27)		3,825		3,798,608
4.60%, 05/23/29 (Call 02/23/29)		3,041		2,983,738
5.50%, 09/01/44		993		955,256
5.60%, 06/01/32 (Call 03/01/32)		3,215		3,263,964
Nokia OYJ 4.38%, 06/12/27		548		520,178
6.63%, 05/15/39		235		230,730
Orange SA 5.38%, 01/13/42		3,493		3,606,977
5.50%, 02/06/44 (Call 08/06/43)		2,364		2,507,637
9.00%, 03/01/31		8,730		10,995,086
Rogers Communications Inc. 2.90%, 11/15/26 (Call 08/15/26)		3,892		3,635,751
2.95%, 03/15/25 (Call 05/29/23)(f)		3,810		3,649,675
3.20%, 03/15/27 (Call 02/15/27)(f)		2,760		2,588,466
3.63%, 12/15/25 (Call 09/15/25)		3,888		3,744,027
3.70%, 11/15/49 (Call 05/15/49)		4,153		3,001,747
3.80%, 03/15/32 (Call 12/15/31)(f)		3,295		2,964,907
4.30%, 02/15/48 (Call 08/15/47)		3,252		2,574,869
4.35%, 05/01/49 (Call 11/01/48)		4,388		3,521,809
4.50%, 03/15/42 (Call 09/15/41)(f)		3,455		2,929,598
4.50%, 03/15/43 (Call 09/15/42)		2,088		1,750,976
4.55%, 03/15/52 (Call 09/15/51)(f)		4,385		3,592,148
5.00%, 03/15/44 (Call 09/15/43)		4,213		3,828,142
5.45%, 10/01/43 (Call 04/01/43)		2,778		2,632,544
7.50%, 08/15/38		1,761		1,992,765
Sprint Capital Corp. 6.88%, 11/15/28		260		280,462
8.75%, 03/15/32		315		385,308
Sprint LLC 7.63%, 02/15/25 (Call 11/15/24)		105		108,201
7.63%, 03/01/26 (Call 11/01/25)		170		180,047
Telefonica Emisiones SA 4.10%, 03/08/27		5,179		5,009,440
4.67%, 03/06/38		3,764		3,262,146
4.90%, 03/06/48		4,331		3,593,474
5.21%, 03/08/47		8,944		7,733,340
5.52%, 03/01/49 (Call 09/01/48)		4,395		3,957,522

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
7.05%, 06/20/36	$	8,290	$	9,169,735
Telefonica Europe BV, 8.25%, 09/15/30		4,820		5,664,946
TELUS Corp. 2.80%, 02/16/27 (Call 11/16/26)		3,250		3,071,933
3.40%, 05/13/32 (Call 02/13/32)		3,675		3,254,360
3.70%, 09/15/27 (Call 06/15/27)		2,428		2,359,433
4.30%, 06/15/49 (Call 12/15/48)		1,767		1,477,848
4.60%, 11/16/48 (Call 05/16/48)		2,482		2,199,126
T-Mobile USA Inc. 1.50%, 02/15/26 (Call 01/15/26)		1,581		1,447,880
2.05%, 02/15/28 (Call 12/15/27)		7,835		6,958,342
2.25%, 02/15/26 (Call 02/15/24)		7,361		6,858,906
2.25%, 11/15/31 (Call 08/15/31)		4,689		3,838,697
2.40%, 03/15/29 (Call 01/15/29)		796		697,901
2.55%, 02/15/31 (Call 11/15/30)		9,639		8,199,512
2.63%, 04/15/26 (Call 04/15/24)		4,192		3,935,701
2.63%, 02/15/29 (Call 02/15/24)		7,720		6,824,634
2.70%, 03/15/32 (Call 01/15/29)		3,185		2,687,662
2.88%, 02/15/31 (Call 02/15/26)		6,700		5,805,148
3.00%, 02/15/41 (Call 08/15/40)		9,906		7,361,248
3.30%, 02/15/51 (Call 08/15/50)		10,194		7,272,909
3.38%, 04/15/29 (Call 04/15/24)		4,245		3,898,396
3.40%, 10/15/52 (Call 04/15/52)		9,475		6,849,857
3.50%, 04/15/25 (Call 03/15/25)		10,916		10,623,670
3.50%, 04/15/31 (Call 04/15/26)		5,085		4,594,806
3.60%, 11/15/60 (Call 05/15/60)		7,643		5,448,313
3.75%, 04/15/27 (Call 02/15/27)		12,897		12,427,033
3.88%, 04/15/30 (Call 01/15/30)		25,097		23,645,139
4.38%, 04/15/40 (Call 10/15/39)		7,785		6,975,671
4.50%, 04/15/50 (Call 10/15/49)		11,342		9,915,970
4.75%, 02/01/28 (Call 02/01/24)		6,245		6,214,400
4.95%, 03/15/28 (Call 02/15/28)		3,785		3,825,651
5.05%, 07/15/33 (Call 04/15/33)		8,865		8,923,864
5.20%, 01/15/33 (Call 10/15/32)		1,035		1,053,816
5.38%, 04/15/27 (Call 04/15/24)		4,960		5,014,758
5.65%, 01/15/53 (Call 07/15/52)		7,790		8,022,765
5.80%, 09/15/62 (Call 03/15/62)		985		1,015,417
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)		6,226		5,669,582
1.45%, 03/20/26 (Call 02/20/26)		5,555		5,117,210
1.50%, 09/18/30 (Call 06/18/30)		2,570		2,078,256
1.68%, 10/30/30 (Call 07/30/30)		2,898		2,339,555
1.75%, 01/20/31 (Call 10/20/30)		8,730		7,027,999
2.10%, 03/22/28 (Call 01/22/28)		11,095		9,918,264
2.36%, 03/15/32 (Call 12/15/31)		19,182		15,743,051
2.55%, 03/21/31 (Call 12/21/30)		12,833		10,929,224
2.63%, 08/15/26		9,149		8,659,346
2.65%, 11/20/40 (Call 05/20/40)		12,728		9,030,771
2.85%, 09/03/41 (Call 03/03/41)		3,992		2,886,216
2.88%, 11/20/50 (Call 05/20/50)		11,529		7,653,181
2.99%, 10/30/56 (Call 04/30/56)		14,999		9,651,707
3.00%, 03/22/27 (Call 01/22/27)		3,542		3,375,632
3.00%, 11/20/60 (Call 05/20/60)		8,651		5,489,665
3.15%, 03/22/30 (Call 12/22/29)		7,324		6,624,045
3.38%, 02/15/25		6,743		6,601,127
3.40%, 03/22/41 (Call 09/22/40)		9,830		7,758,328
3.50%, 11/01/24 (Call 08/01/24)		4,349		4,269,892
3.55%, 03/22/51 (Call 09/22/50)		17,273		13,098,461
3.70%, 03/22/61 (Call 09/22/60)		8,385		6,224,689
3.85%, 11/01/42 (Call 05/01/42)		4,671		3,861,749

Security	Par (000)		Value
Telecommunications (continued)
3.88%, 02/08/29 (Call 11/08/28)	$	4,547	$	4,389,765
3.88%, 03/01/52 (Call 09/01/51)		5,205		4,165,457
4.00%, 03/22/50 (Call 09/22/49)		4,492		3,701,004
4.02%, 12/03/29 (Call 09/03/29)		11,249		10,797,353
4.13%, 03/16/27		9,113		9,024,695
4.13%, 08/15/46		3,157		2,689,354
4.27%, 01/15/36		8,509		7,908,945
4.33%, 09/21/28		16,026		15,853,560
4.40%, 11/01/34 (Call 05/01/34)		5,869		5,569,916
4.50%, 08/10/33		9,991		9,638,418
4.52%, 09/15/48		990		886,951
4.67%, 03/15/55		310		279,074
4.75%, 11/01/41		1,473		1,409,484
4.81%, 03/15/39		5,851		5,601,279
4.86%, 08/21/46		8,934		8,445,400
5.01%, 04/15/49		2,015		1,947,578
5.01%, 08/21/54		60		57,157
5.25%, 03/16/37		4,902		4,994,403
5.50%, 03/16/47		3,051		3,123,583
5.85%, 09/15/35		737		782,650
6.55%, 09/15/43		2,713		3,081,073
7.75%, 12/01/30		1,059		1,245,532
Vodafone Group PLC 4.13%, 05/30/25		6,989		6,906,320
4.25%, 09/17/50		6,044		4,937,041
4.38%, 05/30/28		1,200		1,205,496
4.38%, 02/19/43		6,407		5,435,891
4.88%, 06/19/49		2,798		2,509,218
5.00%, 05/30/38		283		276,120
5.13%, 06/19/59		1,491		1,354,350
5.25%, 05/30/48		85		81,058
5.63%, 02/10/53 (Call 08/10/52)		3,385		3,344,414
5.75%, 02/10/63 (Call 08/10/62)		2,555		2,531,417
6.15%, 02/27/37		6,020		6,476,196
6.25%, 11/30/32		1,983		2,162,323
7.88%, 02/15/30		2,820		3,296,806
				961,591,191
Toys, Games & Hobbies — 0.0%
Hasbro Inc. 3.00%, 11/19/24 (Call 10/19/24)		2,943		2,846,499
3.50%, 09/15/27 (Call 06/15/27)		2,254		2,141,300
3.55%, 11/19/26 (Call 09/19/26)		3,154		2,984,346
3.90%, 11/19/29 (Call 08/19/29)		2,684		2,464,314
5.10%, 05/15/44 (Call 11/15/43)(b)		1,396		1,226,861
6.35%, 03/15/40		1,994		2,021,039
				13,684,359
Transportation — 0.6%
BNSF Funding Trust I, 6.61%, 12/15/55 (Call 01/15/26), (3-mo. LIBOR US + 2.350%)(a)		1,247		1,198,130
Burlington Northern Santa Fe LLC 2.88%, 06/15/52 (Call 12/15/51)		2,009		1,408,510
3.00%, 04/01/25 (Call 01/01/25)		3,955		3,854,820
3.05%, 02/15/51 (Call 08/15/50)		2,367		1,720,927
3.25%, 06/15/27 (Call 03/15/27)(b)		5,038		4,880,361
3.30%, 09/15/51 (Call 03/15/51)		4,035		3,081,207
3.40%, 09/01/24 (Call 06/01/24)		2,968		2,923,866
3.55%, 02/15/50 (Call 08/15/49)		3,091		2,494,530
3.65%, 09/01/25 (Call 06/01/25)		2,244		2,201,813
3.90%, 08/01/46 (Call 02/01/46)		3,276		2,787,614

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.05%, 06/15/48 (Call 12/15/47)	$	2,883	$	2,529,804
4.13%, 06/15/47 (Call 12/15/46)		2,890		2,557,852
4.15%, 04/01/45 (Call 10/01/44)		3,738		3,335,866
4.15%, 12/15/48 (Call 06/15/48)		2,145		1,901,349
4.38%, 09/01/42 (Call 03/01/42)		1,502		1,397,551
4.40%, 03/15/42 (Call 09/15/41)		2,847		2,643,525
4.45%, 03/15/43 (Call 09/15/42)		3,380		3,151,174
4.45%, 01/15/53 (Call 07/15/52)		975		916,451
4.55%, 09/01/44 (Call 03/01/44)		3,043		2,880,534
4.70%, 09/01/45 (Call 03/01/45)		2,479		2,379,518
4.90%, 04/01/44 (Call 10/01/43)		2,589		2,560,003
4.95%, 09/15/41 (Call 03/15/41)		1,443		1,442,351
5.05%, 03/01/41 (Call 09/01/40)		1,590		1,602,656
5.15%, 09/01/43 (Call 03/01/43)		2,940		3,001,622
5.40%, 06/01/41 (Call 12/01/40)		1,712		1,788,304
5.75%, 05/01/40 (Call 11/01/39)		2,721		2,941,646
6.15%, 05/01/37		1,297		1,476,271
6.20%, 08/15/36		785		889,327
7.00%, 12/15/25		1,764		1,868,411
Canadian National Railway Co. 2.45%, 05/01/50 (Call 11/01/49)		2,012		1,318,584
2.75%, 03/01/26 (Call 12/01/25)		4,763		4,572,718
2.95%, 11/21/24 (Call 08/21/24)		2,973		2,892,907
3.20%, 08/02/46 (Call 02/02/46)		2,534		1,945,555
3.65%, 02/03/48 (Call 08/03/47)		2,339		1,955,685
3.85%, 08/05/32 (Call 05/05/32)		2,830		2,716,970
4.40%, 08/05/52 (Call 02/05/52)		2,075		1,964,983
4.45%, 01/20/49 (Call 07/20/48)		2,470		2,334,323
6.20%, 06/01/36		968		1,104,914
6.25%, 08/01/34		1,385		1,594,177
6.38%, 11/15/37		1,257		1,458,623
6.90%, 07/15/28		1,735		1,942,523
Canadian Pacific Railway Co. 1.35%, 12/02/24 (Call 05/29/23)		5,106		4,821,851
1.75%, 12/02/26 (Call 11/02/26)		1,455		1,328,662
2.05%, 03/05/30 (Call 12/05/29)		2,786		2,385,735
2.45%, 12/02/31 (Call 09/02/31)		2,875		2,566,915
2.88%, 11/15/29 (Call 08/15/29)		2,004		1,829,452
2.90%, 02/01/25 (Call 11/01/24)		5,868		5,670,307
3.00%, 12/02/41 (Call 06/02/41)		2,180		1,811,013
3.10%, 12/02/51 (Call 06/02/51)		3,387		2,430,952
3.50%, 05/01/50 (Call 11/01/49)		1,271		986,207
4.00%, 06/01/28 (Call 03/01/28)		3,565		3,516,801
4.20%, 11/15/69 (Call 05/15/69)		1,435		1,150,569
4.30%, 05/15/43 (Call 11/15/42)		1,826		1,615,645
4.70%, 05/01/48 (Call 11/01/47)		1,990		1,848,352
4.80%, 09/15/35 (Call 03/15/35)		2,633		2,652,326
4.80%, 08/01/45 (Call 02/01/45)		2,382		2,324,570
4.95%, 08/15/45 (Call 02/15/45)		2,122		2,062,902
5.95%, 05/15/37		1,198		1,299,411
6.13%, 09/15/2115 (Call 03/15/15)		2,554		2,728,438
7.13%, 10/15/31		3,792		4,348,097
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)		3,898		3,789,285
CSX Corp. 2.40%, 02/15/30 (Call 11/15/29)		2,253		1,981,626
2.50%, 05/15/51 (Call 11/15/50)(b)		776		507,830
2.60%, 11/01/26 (Call 08/01/26)		3,933		3,717,865
3.25%, 06/01/27 (Call 03/01/27)		5,031		4,821,459
3.35%, 11/01/25 (Call 08/01/25)		5,524		5,362,644

Security	Par (000)		Value
Transportation (continued)
3.35%, 09/15/49 (Call 03/15/49)	$	3,049	$	2,302,391
3.40%, 08/01/24 (Call 05/01/24)		4,034		3,951,142
3.80%, 03/01/28 (Call 12/01/27)		2,911		2,852,664
3.80%, 11/01/46 (Call 05/01/46)		1,504		1,239,326
3.80%, 04/15/50 (Call 10/15/49)		1,951		1,583,080
3.95%, 05/01/50 (Call 11/01/49)		2,681		2,235,579
4.10%, 11/15/32 (Call 08/15/32)		2,575		2,495,793
4.10%, 03/15/44 (Call 09/15/43)		3,453		3,038,882
4.25%, 03/15/29 (Call 12/15/28)		4,450		4,420,407
4.25%, 11/01/66 (Call 05/01/66)		2,133		1,778,005
4.30%, 03/01/48 (Call 09/01/47)		2,190		1,943,340
4.40%, 03/01/43 (Call 09/01/42)		1,655		1,494,018
4.50%, 03/15/49 (Call 09/15/48)		2,076		1,899,582
4.50%, 11/15/52 (Call 05/15/52)		2,680		2,462,170
4.50%, 08/01/54 (Call 02/01/54)		1,325		1,186,776
4.65%, 03/01/68 (Call 09/01/67)		2,040		1,822,556
4.75%, 05/30/42 (Call 11/30/41)		2,805		2,666,798
4.75%, 11/15/48 (Call 05/15/48)		1,846		1,738,932
5.50%, 04/15/41 (Call 10/15/40)		774		799,496
6.00%, 10/01/36		1,487		1,622,555
6.15%, 05/01/37		1,430		1,578,934
6.22%, 04/30/40		2,988		3,319,519
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)		3,635		3,087,242
3.10%, 08/05/29 (Call 05/05/29)		4,284		3,947,363
3.25%, 04/01/26 (Call 01/01/26)		5,273		5,139,751
3.25%, 05/15/41 (Call 11/15/40)		2,050		1,562,674
3.40%, 02/15/28 (Call 11/15/27)		3,312		3,153,686
3.88%, 08/01/42		1,165		951,409
3.90%, 02/01/35		2,435		2,190,209
4.05%, 02/15/48 (Call 08/15/47)		2,070		1,681,958
4.10%, 04/15/43		1,985		1,648,443
4.10%, 02/01/45		1,355		1,118,702
4.20%, 10/17/28 (Call 07/17/28)		704		695,052
4.25%, 05/15/30 (Call 02/15/30)		170		165,827
4.40%, 01/15/47 (Call 07/15/46)		3,885		3,309,126
4.55%, 04/01/46 (Call 10/01/45)		4,360		3,805,757
4.75%, 11/15/45 (Call 05/15/45)		5,142		4,649,551
4.90%, 01/15/34		2,384		2,376,300
4.95%, 10/17/48 (Call 04/17/48)		1,636		1,521,954
5.10%, 01/15/44		3,137		2,967,947
5.25%, 05/15/50 (Call 11/15/49)(b)		4,341		4,238,639
FedEx Corp. Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35		2,581		2,155,247
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		4,269		4,179,052
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		2,912		2,771,321
Norfolk Southern Corp. 2.30%, 05/15/31 (Call 02/15/31)		2,315		1,961,662
2.55%, 11/01/29 (Call 08/01/29)		2,676		2,380,008
2.90%, 06/15/26 (Call 03/15/26)		3,373		3,217,808
2.90%, 08/25/51 (Call 02/25/51)		2,378		1,589,003
3.00%, 03/15/32 (Call 12/15/31)		3,045		2,692,084
3.05%, 05/15/50 (Call 11/15/49)		3,067		2,132,669
3.15%, 06/01/27 (Call 03/01/27)		1,649		1,566,187
3.16%, 05/15/55 (Call 11/15/54)		3,185		2,185,515
3.40%, 11/01/49 (Call 05/01/49)		1,974		1,456,930
3.65%, 08/01/25 (Call 06/01/25)		2,185		2,127,753
3.70%, 03/15/53 (Call 09/15/52)		1,656		1,287,921
3.80%, 08/01/28 (Call 05/01/28)		2,376		2,311,420

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
3.94%, 11/01/47 (Call 05/01/47)	$	2,819	$	2,323,363
3.95%, 10/01/42 (Call 04/01/42)		1,372		1,178,671
4.05%, 08/15/52 (Call 02/15/52)		2,739		2,291,667
4.10%, 05/15/49 (Call 11/15/48)		1,510		1,265,516
4.10%, 05/15/2121 (Call 11/15/20)		2,265		1,590,574
4.15%, 02/28/48 (Call 08/28/47)		2,715		2,299,659
4.45%, 03/01/33 (Call 12/01/32)		2,055		2,027,031
4.45%, 06/15/45 (Call 12/15/44)		2,032		1,807,078
4.55%, 06/01/53 (Call 12/01/52)		2,895		2,624,665
4.65%, 01/15/46 (Call 07/15/45)		2,209		2,021,566
4.84%, 10/01/41		2,397		2,258,837
5.10%, 08/01/2118 (Call 02/01/18)		415		360,639
7.80%, 05/15/27		85		95,042
Ryder System Inc. 1.75%, 09/01/26 (Call 08/01/26)		2,330		2,097,909
2.50%, 09/01/24 (Call 08/01/24)		2,489		2,402,009
2.85%, 03/01/27 (Call 02/01/27)		1,646		1,524,443
2.90%, 12/01/26 (Call 10/01/26)		2,640		2,462,460
3.35%, 09/01/25 (Call 08/01/25)		1,735		1,666,467
4.30%, 06/15/27 (Call 05/15/27)		1,760		1,721,192
4.63%, 06/01/25 (Call 05/01/25)		2,420		2,396,671
5.65%, 03/01/28 (Call 02/01/28)		3,190		3,268,251
Union Pacific Corp. 2.15%, 02/05/27 (Call 12/05/26)		2,328		2,165,063
2.38%, 05/20/31 (Call 02/20/31)		3,280		2,843,793
2.40%, 02/05/30 (Call 11/05/29)		3,470		3,078,445
2.75%, 03/01/26 (Call 12/01/25)		4,427		4,248,282
2.80%, 02/14/32 (Call 11/14/31)		4,787		4,227,831
2.89%, 04/06/36 (Call 01/06/36)		2,625		2,179,537
2.95%, 03/10/52 (Call 09/10/51)		2,055		1,456,050
2.97%, 09/16/62 (Call 03/16/62)		2,540		1,681,607
3.00%, 04/15/27 (Call 01/15/27)		3,126		2,995,146
3.20%, 05/20/41 (Call 11/20/40)		3,753		3,022,591
3.25%, 01/15/25 (Call 10/15/24)		3,734		3,653,682
3.25%, 08/15/25 (Call 05/15/25)		2,125		2,069,240
3.25%, 02/05/50 (Call 08/05/49)		5,791		4,418,707
3.35%, 08/15/46 (Call 02/15/46)		1,646		1,261,922
3.38%, 02/01/35 (Call 08/01/34)		1,966		1,733,540
3.38%, 02/14/42 (Call 08/14/41)		2,455		2,030,481
3.50%, 02/14/53 (Call 08/14/52)		3,780		3,001,660
3.55%, 08/15/39 (Call 02/15/39)		2,375		2,039,317
3.55%, 05/20/61 (Call 11/20/60)		1,984		1,510,399
3.60%, 09/15/37 (Call 03/15/37)		2,746		2,427,437
3.70%, 03/01/29 (Call 12/01/28)		3,563		3,475,920
3.75%, 07/15/25 (Call 05/15/25)		3,365		3,313,852
3.75%, 02/05/70 (Call 08/05/69)		2,500		1,915,925
3.80%, 10/01/51 (Call 04/01/51)		2,948		2,469,186
3.80%, 04/06/71 (Call 10/06/70)		1,760		1,368,611
3.84%, 03/20/60 (Call 09/20/59)		4,531		3,682,933
3.85%, 02/14/72 (Call 08/14/71)		1,565		1,238,510
3.88%, 02/01/55 (Call 08/01/54)		1,398		1,158,145
3.95%, 09/10/28 (Call 06/10/28)		4,709		4,664,312
3.95%, 08/15/59 (Call 02/15/59)		2,280		1,877,648
4.00%, 04/15/47 (Call 10/15/46)		2,494		2,155,215
4.05%, 11/15/45 (Call 05/15/45)		2,046		1,766,721
4.05%, 03/01/46 (Call 09/01/45)		2,570		2,205,985
4.10%, 09/15/67 (Call 03/15/67)		1,571		1,314,299
4.30%, 03/01/49 (Call 09/01/48)		3,114		2,797,618
4.50%, 01/20/33 (Call 10/20/32)		5,600		5,637,856
4.50%, 09/10/48 (Call 03/10/48)		1,898		1,735,341

Security	Par (000)		Value
Transportation (continued)
4.75%, 02/21/26 (Call 01/21/26)	$	6,065	$	6,132,200
4.95%, 09/09/52 (Call 03/09/52)		110		111,868
4.96%, 05/15/53 (Call 11/15/52)		4,080		4,122,269
5.15%, 01/20/63 (Call 07/20/62)		698		711,597
6.63%, 02/01/29		1,815		2,033,853
United Parcel Service Inc. 2.20%, 09/01/24 (Call 08/01/24)		2,553		2,471,993
2.40%, 11/15/26 (Call 08/15/26)		2,382		2,259,160
2.50%, 09/01/29 (Call 06/01/29)		2,460		2,240,396
2.80%, 11/15/24 (Call 09/15/24)		3,532		3,441,334
3.05%, 11/15/27 (Call 08/15/27)		5,776		5,553,393
3.40%, 03/15/29 (Call 12/15/28)		3,534		3,404,762
3.40%, 11/15/46 (Call 05/15/46)		1,181		943,454
3.40%, 09/01/49 (Call 03/01/49)(b)		2,986		2,405,999
3.63%, 10/01/42		1,240		1,057,931
3.75%, 11/15/47 (Call 05/15/47)		3,542		3,058,907
3.90%, 04/01/25 (Call 03/01/25)		3,888		3,859,268
4.25%, 03/15/49 (Call 09/15/48)		3,598		3,279,937
4.45%, 04/01/30 (Call 01/01/30)		1,637		1,658,396
4.88%, 03/03/33 (Call 12/03/32)		2,465		2,549,525
4.88%, 11/15/40 (Call 05/15/40)		2,393		2,402,644
5.05%, 03/03/53 (Call 09/03/52)		2,660		2,743,178
5.20%, 04/01/40 (Call 10/01/39)		1,589		1,660,155
5.30%, 04/01/50 (Call 10/01/49)		4,657		4,999,196
6.20%, 01/15/38		5,742		6,587,682
Walmart Inc. 1.05%, 09/17/26 (Call 08/17/26)		6,450		5,845,635
1.50%, 09/22/28 (Call 07/22/28)		4,933		4,362,252
1.80%, 09/22/31 (Call 06/22/31)		7,817		6,628,972
3.95%, 09/09/27 (Call 08/09/27)		3,030		3,041,272
				515,908,729
Trucking & Leasing — 0.0%
GATX Corp. 1.90%, 06/01/31 (Call 03/01/31)		1,971		1,551,354
3.10%, 06/01/51 (Call 12/01/50)		1,775		1,145,336
3.25%, 03/30/25 (Call 12/30/24)		1,175		1,130,127
3.25%, 09/15/26 (Call 06/15/26)		2,421		2,284,020
3.50%, 03/15/28 (Call 12/15/27)		2,178		2,022,164
3.50%, 06/01/32 (Call 03/01/32)		1,183		1,047,274
3.85%, 03/30/27 (Call 12/30/26)		2,898		2,780,747
4.00%, 06/30/30 (Call 03/30/30)		2,054		1,911,473
4.55%, 11/07/28 (Call 08/07/28)		2,793		2,729,096
4.70%, 04/01/29 (Call 01/01/29)		1,572		1,544,962
4.90%, 03/15/33 (Call 12/15/32)		1,520		1,488,734
5.20%, 03/15/44 (Call 09/15/43)		1,742		1,575,517
				21,210,804
Venture Capital — 0.0%
Hercules Capital Inc. 2.63%, 09/16/26 (Call 08/16/26)		1,334		1,132,259
3.38%, 01/20/27 (Call 12/20/26)		1,430		1,235,563
				2,367,822
Water — 0.1%
American Water Capital Corp. 2.30%, 06/01/31 (Call 03/01/31)		2,460		2,097,494
2.80%, 05/01/30 (Call 02/01/30)		2,499		2,239,729
2.95%, 09/01/27 (Call 06/01/27)		1,945		1,842,109
3.25%, 06/01/51 (Call 12/01/50)		2,785		2,057,530
3.40%, 03/01/25 (Call 12/01/24)		5,340		5,214,510
3.45%, 06/01/29 (Call 03/01/29)		3,163		2,988,529

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Water (continued)
3.45%, 05/01/50 (Call 11/01/49)	$	2,669	$	2,063,858
3.75%, 09/01/28 (Call 06/01/28)		2,217		2,150,047
3.75%, 09/01/47 (Call 03/01/47)		3,427		2,803,697
4.00%, 12/01/46 (Call 06/01/46)		1,490		1,236,134
4.15%, 06/01/49 (Call 12/01/48)		2,651		2,283,174
4.20%, 09/01/48 (Call 03/01/48)		1,337		1,157,615
4.30%, 12/01/42 (Call 06/01/42)		1,109		996,093
4.30%, 09/01/45 (Call 03/01/45)		1,801		1,595,740
4.45%, 06/01/32 (Call 03/01/32)		2,795		2,771,159
6.59%, 10/15/37		880		1,012,827
Essential Utilities Inc. 2.40%, 05/01/31 (Call 02/01/31)		2,964		2,472,065
2.70%, 04/15/30 (Call 01/15/30)		2,401		2,085,581
3.35%, 04/15/50 (Call 10/15/49)		2,629		1,887,569
3.57%, 05/01/29 (Call 02/01/29)		2,595		2,445,087
4.28%, 05/01/49 (Call 11/01/48)		2,427		2,036,665
5.30%, 05/01/52 (Call 11/01/51)		1,985		1,934,938
United Utilities PLC, 6.88%, 08/15/28		791		871,682
				48,243,832
Total Corporate Bonds & Notes — 25.3% (Cost: $25,184,919,108)				22,581,018,078
Foreign Government and Agency Obligations(g)
Canada — 0.2%
Canada Government International Bond 0.75%, 05/19/26		225		205,560
1.63%, 01/22/25		12,870		12,322,253
2.88%, 04/28/25		4,060		3,963,534
Export Development Canada 3.00%, 05/25/27		75		72,916
3.88%, 02/14/28		280		282,425
Hydro-Quebec
Series HH, 8.50%, 12/01/29		1,000		1,235,840
Series HK, 9.38%, 04/15/30		1,405		1,845,116
Series IO, 8.05%, 07/07/24		2,320		2,402,685
Province of Alberta Canada 1.00%, 05/20/25		4,565		4,274,894
1.30%, 07/22/30		5,297		4,431,947
1.88%, 11/13/24		4,269		4,104,259
3.30%, 03/15/28		9,051		8,823,910
Province of British Columbia Canada 0.90%, 07/20/26		925		842,129
1.30%, 01/29/31(b)		3,875		3,244,111
2.25%, 06/02/26		7,330		6,974,275
6.50%, 01/15/26(b)		188		199,081
7.25%, 09/01/36		328		436,312
Series 10, 1.75%, 09/27/24		36		34,662
Province of Manitoba Canada 1.50%, 10/25/28		250		221,558
2.13%, 06/22/26		55		52,014
3.05%, 05/14/24		2,035		1,999,143
Province of New Brunswick Canada, 3.63%, 02/24/28		1,946		1,915,545
Province of Ontario Canada 0.63%, 01/21/26(b)		3,852		3,517,184
1.05%, 04/14/26		665		610,995
1.05%, 05/21/27		615		550,567
1.13%, 10/07/30		9,532		7,862,756
1.60%, 02/25/31		7,385		6,255,907

Security	Par (000)		Value
Canada (continued)
1.80%, 10/14/31	$	250	$	212,675
2.00%, 10/02/29(b)		5,630		5,042,397
2.13%, 01/21/32		460		400,977
2.30%, 06/15/26		8,465		8,052,247
2.50%, 04/27/26		12,654		12,128,859
3.10%, 05/19/27		75		72,834
3.20%, 05/16/24		5,870		5,775,023
Province of Quebec Canada 0.60%, 07/23/25		1,031		955,459
1.35%, 05/28/30		4,595		3,897,939
1.90%, 04/21/31		2,350		2,042,503
2.50%, 04/20/26(b)		8,276		7,946,946
2.75%, 04/12/27(b)		5,512		5,291,796
3.63%, 04/13/28		480		475,498
Series PD, 7.50%, 09/15/29		5,122		6,134,312
Series QO, 2.88%, 10/16/24		8,013		7,828,941
Series QX, 1.50%, 02/11/25		7,610		7,243,274
				152,183,258
Chile — 0.1%
Chile Government International Bond 2.45%, 01/31/31 (Call 10/31/30)(b)		9,437		8,294,462
2.55%, 01/27/32 (Call 10/27/31)(b)		7,996		6,973,711
2.55%, 07/27/33 (Call 04/27/33)		6,258		5,247,396
2.75%, 01/31/27 (Call 12/31/26)		859		811,841
3.10%, 05/07/41 (Call 11/07/40)		9,026		6,969,065
3.10%, 01/22/61 (Call 07/22/60)		5,620		3,765,962
3.13%, 03/27/25(b)		1,475		1,443,125
3.13%, 01/21/26		6,885		6,691,532
3.24%, 02/06/28 (Call 11/06/27)		9,980		9,563,834
3.25%, 09/21/71 (Call 03/21/71)		2,988		1,990,606
3.50%, 01/31/34 (Call 10/31/33)		4,648		4,209,740
3.50%, 01/25/50 (Call 07/25/49)		10,170		7,838,527
3.63%, 10/30/42		1,283		1,047,505
3.86%, 06/21/47		3,443		2,864,438
4.00%, 01/31/52 (Call 07/31/51)		3,158		2,621,393
4.34%, 03/07/42 (Call 09/07/41)(b)		3,441		3,124,566
				73,457,703
Finland — 0.0%
Finland Government International Bond, 6.95%, 02/15/26.		462		494,382
Hong Kong — 0.0%
Hong Kong Government International Bond, 1.75%, 11/24/31(d)		2,300		1,957,553
Hungary — 0.0%
Hungary Government International Bond, 7.63%, 03/29/41.		3,655		4,160,633
Indonesia — 0.1%
Indonesia Government International Bond 1.85%, 03/12/31		495		408,791
2.15%, 07/28/31 (Call 04/28/31)		3,625		3,047,247
2.85%, 02/14/30		5,121		4,668,047
3.05%, 03/12/51		1,100		817,927
3.20%, 09/23/61 (Call 03/23/61)		725		500,467
3.35%, 03/12/71		3,350		2,300,981
3.40%, 09/18/29		2,795		2,641,722
3.50%, 01/11/28		2,407		2,323,549
3.50%, 02/14/50		3,641		2,825,416

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Indonesia (continued)
3.55%, 03/31/32 (Call 12/31/31)(b)	$	1,275		$	1,188,262
3.70%, 10/30/49(b)		4,246			3,416,332
3.85%, 10/15/30		10,150			9,767,548
4.10%, 04/24/28		4,565			4,517,661
4.15%, 09/20/27 (Call 06/20/27)		4,425			4,393,051
4.20%, 10/15/50		6,405			5,574,656
4.30%, 03/31/52 (Call 09/30/51)		2,350			2,063,488
4.35%, 01/11/48		6,785			6,108,875
4.45%, 04/15/70		4,970			4,286,526
4.55%, 01/11/28 (Call 12/11/27)		960			968,525
4.65%, 09/20/32 (Call 06/20/32)		5,845			5,862,301
4.75%, 02/11/29		4,033			4,103,013
4.85%, 01/11/33 (Call 10/11/32)		880			893,130
5.35%, 02/11/49		4,095			4,181,773
5.45%, 09/20/52 (Call 03/20/52)		1,925			1,971,585
5.65%, 01/11/53 (Call 07/11/52)		250			264,030
					79,094,903
Israel — 0.1%
Israel Government AID Bond, 5.50%, 12/04/23		25,000			25,041,750
Israel Government International Bond 2.75%, 07/03/30		10,060			9,090,719
2.88%, 03/16/26		3,135			2,999,286
3.25%, 01/17/28		3,975			3,756,693
3.88%, 07/03/50		6,225			5,201,796
4.13%, 01/17/48		2,530			2,211,473
4.50%, 01/17/33		3,220			3,231,077
4.50%, 01/30/43		5,403			5,073,525
4.50%, 04/03/2120		2,828			2,357,364
State of Israel 2.50%, 01/15/30		2,905			2,592,277
3.38%, 01/15/50		6,053			4,622,434
					66,178,394
Italy — 0.0%
Republic of Italy Government International Bond 0.88%, 05/06/24		1,775			1,695,551
1.25%, 02/17/26		10,220			9,188,904
2.38%, 10/17/24		7,354			7,051,603
2.88%, 10/17/29		7,480			6,571,255
3.88%, 05/06/51		9,005	��		6,500,800
4.00%, 10/17/49		7,420			5,662,128
5.38%, 06/15/33		7,437			7,496,422
					44,166,663
Japan — 0.1%
Japan Bank for International Cooperation 0.63%, 07/15/25		2,783			2,568,514
1.25%, 01/21/31		7,150			5,832,255
1.75%, 10/17/24		6,410			6,150,523
1.88%, 07/21/26		6,220			5,785,720
1.88%, 04/15/31		12,108			10,331,151
2.00%, 10/17/29		4,397			3,878,110
2.13%, 02/10/25(b)		1,970			1,890,254
2.13%, 02/16/29(b)		5,620			5,054,459
2.25%, 11/04/26		7,805			7,320,778
2.38%, 04/20/26		5,730			5,442,469
2.50%, 05/23/24		4,240			4,136,714
2.50%, 05/28/25		3,876			3,725,417
2.75%, 01/21/26(b)		5,330			5,130,978
2.75%, 11/16/27		6,420			6,075,760
2.88%, 04/14/25		320			310,330

Security	Par (000)		Value
Japan (continued)
2.88%, 06/01/27	$	6,368	$	6,074,881
2.88%, 07/21/27		4,912		4,682,511
3.00%, 05/29/24		5,075		4,976,900
3.25%, 07/20/28		2,080		1,999,442
3.50%, 10/31/28(b)		3,800		3,688,926
4.38%, 10/05/27		400		405,708
Japan International Cooperation Agency 1.00%, 07/22/30(b)		3,396		2,749,469
2.13%, 10/20/26		2,354		2,199,107
2.75%, 04/27/27(b)		2,260		2,141,124
3.25%, 05/25/27		3,650		3,522,432
3.38%, 06/12/28(b)		3,180		3,070,672
				109,144,604
Mexico — 0.2%
Mexico Government International Bond 2.66%, 05/24/31 (Call 02/24/31)		6,435		5,444,782
3.25%, 04/16/30 (Call 01/16/30)(b)		11,860		10,734,605
3.50%, 02/12/34 (Call 11/12/33)		9,393		8,069,902
3.75%, 01/11/28		7,880		7,616,650
3.77%, 05/24/61 (Call 11/24/60)		8,701		6,022,919
3.90%, 04/27/25 (Call 03/27/25)		1,130		1,117,197
4.13%, 01/21/26		8,661		8,543,037
4.15%, 03/28/27		8,405		8,321,707
4.28%, 08/14/41 (Call 02/14/41)		9,452		7,918,035
4.35%, 01/15/47		2,412		1,950,102
4.40%, 02/12/52 (Call 08/12/51)		3,177		2,536,231
4.50%, 04/22/29		11,280		11,155,130
4.50%, 01/31/50 (Call 07/31/49)		7,741		6,394,685
4.60%, 01/23/46		8,039		6,763,693
4.60%, 02/10/48		7,086		5,902,638
4.75%, 04/27/32 (Call 01/27/32)		8,217		7,997,853
4.75%, 03/08/44		12,803		11,122,734
4.88%, 05/19/33 (Call 02/19/33)		4,418		4,286,565
5.00%, 04/27/51 (Call 10/27/50)		7,315		6,403,697
5.40%, 02/09/28 (Call 01/09/28)		2,005		2,071,065
5.55%, 01/21/45		10,685		10,291,578
5.75%, 10/12/2110		9,449		8,406,303
6.05%, 01/11/40		10,053		10,369,871
6.34%, 05/04/53 (Call 11/04/52)		12,176		12,535,557
6.35%, 02/09/35 (Call 11/09/34)		6,555		7,027,353
6.75%, 09/27/34		10,182		11,322,384
7.50%, 04/08/33		4,492		5,206,587
8.30%, 08/15/31		4,803		5,682,910
11.50%, 05/15/26(b)		713		850,802
				202,066,572
Panama — 0.1%
Panama Government International Bond 2.25%, 09/29/32 (Call 06/29/32)		10,160		7,864,449
3.16%, 01/23/30 (Call 10/23/29)		5,663		5,016,795
3.30%, 01/19/33 (Call 10/19/32)(b)		3,000		2,542,110
3.75%, 03/16/25 (Call 12/16/24)		6,021		5,904,975
3.87%, 07/23/60 (Call 01/23/60)		9,713		6,503,242
3.88%, 03/17/28 (Call 12/17/27)		5,282		5,097,764
4.00%, 09/22/24 (Call 06/24/24)		1,120		1,105,362
4.30%, 04/29/53		5,294		3,966,318
4.50%, 05/15/47 (Call 11/15/46)		3,391		2,717,276
4.50%, 04/16/50 (Call 10/16/49)		7,889		6,163,597
4.50%, 04/01/56 (Call 10/01/55)		8,385		6,365,473
4.50%, 01/19/63 (Call 07/19/62)		5,845		4,310,220

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Panama (continued)
6.40%, 02/14/35 (Call 11/14/34)	$	5,390	$	5,709,196
6.70%, 01/26/36		5,951		6,414,523
6.85%, 03/28/54 (Call 09/28/53)		4,140		4,330,440
7.13%, 01/29/26		4,487		4,764,925
8.88%, 09/30/27		4,494		5,248,902
9.38%, 04/01/29		3,247		3,978,159
				88,003,726
Peru — 0.1%
Peruvian Government International Bond 1.86%, 12/01/32 (Call 09/01/32)		4,345		3,361,596
2.39%, 01/23/26 (Call 12/23/25)		4,841		4,573,099
2.78%, 01/23/31 (Call 10/23/30)		12,919		11,198,189
2.78%, 12/01/60 (Call 06/01/60)		6,263		3,832,643
2.84%, 06/20/30		3,147		2,792,333
3.00%, 01/15/34 (Call 10/15/33)		7,285		6,100,241
3.23%, 07/28/2121 (Call 01/28/21)		3,258		1,990,149
3.30%, 03/11/41 (Call 09/11/40)		4,476		3,445,222
3.55%, 03/10/51 (Call 09/10/50)(b)		5,183		3,913,010
3.60%, 01/15/72 (Call 07/15/71)		3,340		2,299,423
4.13%, 08/25/27(b)		4,193		4,126,918
5.63%, 11/18/50		7,395		7,647,687
6.55%, 03/14/37		4,011		4,467,893
7.35%, 07/21/25		6,742		7,110,787
8.75%, 11/21/33		7,700		9,840,677
				76,699,867
Philippines — 0.1%
Bangko Sentral ng Pilipinas Bond, 8.60%, 06/15/27		200		230,768
Philippine Government International Bond 1.65%, 06/10/31		1,341		1,092,888
1.95%, 01/06/32		1,025		843,637
2.46%, 05/05/30		5,865		5,142,432
2.65%, 12/10/45		3,275		2,273,833
2.95%, 05/05/45		5,457		4,007,457
3.00%, 02/01/28		8,906		8,431,577
3.20%, 07/06/46		5,895		4,454,793
3.23%, 03/29/27		575		553,116
3.56%, 09/29/32		668		625,101
3.70%, 03/01/41		8,159		6,919,240
3.70%, 02/02/42		7,934		6,658,768
3.75%, 01/14/29		6,736		6,523,344
3.95%, 01/20/40		7,815		6,860,163
4.20%, 03/29/47		4,900		4,305,091
4.63%, 07/17/28		680		690,798
5.00%, 07/17/33		2,320		2,405,886
5.00%, 01/13/37		5,405		5,487,210
5.17%, 10/13/27		2,000		2,078,220
5.50%, 03/30/26		4,741		4,896,694
5.50%, 01/17/48		4,580		4,803,183
5.61%, 04/13/33(b)		175		189,151
5.95%, 10/13/47		455		503,212
6.38%, 01/15/32		4,382		4,959,986
6.38%, 10/23/34		7,561		8,580,676
7.50%, 09/25/24		770		787,452
7.75%, 01/14/31		6,048		7,254,395
9.50%, 10/21/24(b)		1,114		1,192,704
9.50%, 02/02/30		2,734		3,495,993
10.63%, 03/16/25		5,811		6,481,125
				112,728,893

Security	Par (000)		Value
Poland — 0.0%
Republic of Poland Government International Bond 3.25%, 04/06/26	$	3,955	$	3,861,187
4.88%, 10/04/33 (Call 07/04/33)		815		830,436
5.50%, 11/16/27 (Call 08/16/27)		445		467,188
5.50%, 04/04/53 (Call 10/04/52)		4,081		4,237,874
5.75%, 11/16/32 (Call 08/16/32)		3,875		4,205,731
				13,602,416
South Korea — 0.1%
Export-Import Bank of Korea 0.63%, 06/29/24		3,000		2,860,920
0.75%, 09/21/25		705		643,658
1.13%, 12/29/26		1,385		1,225,905
1.25%, 01/18/25		3,435		3,243,705
1.25%, 09/21/30		2,775		2,245,336
1.38%, 02/09/31		1,470		1,189,127
1.63%, 01/18/27		1,730		1,573,383
2.13%, 01/18/32		1,285		1,081,854
2.38%, 04/21/27		1,640		1,526,299
2.50%, 06/29/41(b)		4,118		3,100,113
2.63%, 05/26/26		3,997		3,776,925
2.88%, 01/21/25		5,615		5,450,761
3.25%, 11/10/25		4,450		4,303,995
3.25%, 08/12/26		3,885		3,721,675
5.13%, 01/11/33		400		424,172
Korea Development Bank (The) 0.40%, 06/19/24		1,925		1,833,447
0.80%, 04/27/26		1,700		1,518,423
1.38%, 04/25/27(b)		1,635		1,464,420
4.38%, 02/15/33		675		674,541
Korea International Bond 1.00%, 09/16/30		1,350		1,110,726
1.75%, 10/15/31(b)		2,785		2,380,702
2.00%, 06/19/24		1,310		1,274,434
2.50%, 06/19/29		3,725		3,454,826
2.75%, 01/19/27		3,065		2,945,802
3.50%, 09/20/28		1,745		1,711,199
3.88%, 09/20/48		1,173		1,078,679
4.13%, 06/10/44		2,296		2,222,413
5.63%, 11/03/25		100		102,449
				58,139,889
Supranational — 0.8%
African Development Bank 0.88%, 03/23/26		4,580		4,205,310
0.88%, 07/22/26		5,958		5,421,959
3.38%, 07/07/25		210		207,304
4.38%, 11/03/27		3,950		4,059,060
Asian Development Bank 0.38%, 06/11/24		3,860		3,685,991
0.38%, 09/03/25		3,770		3,471,906
0.50%, 02/04/26		5,595		5,108,011
0.63%, 10/08/24		13,645		12,933,140
0.63%, 04/29/25		14,060		13,117,136
0.75%, 10/08/30(b)		999		814,704
1.00%, 04/14/26		4,350		4,009,526
1.25%, 06/09/28		370		328,963
1.50%, 10/18/24		14,079		13,507,111
1.50%, 01/20/27		2,765		2,552,537
1.50%, 03/04/31		1,654		1,421,894
1.75%, 08/14/26		2,160		2,028,953

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational (continued)
1.75%, 09/19/29	$	8,725	$	7,787,761
1.88%, 03/15/29		1,050		953,012
1.88%, 01/24/30		9,746		8,726,276
2.00%, 01/22/25		6,157		5,929,006
2.00%, 04/24/26		5,960		5,653,477
2.13%, 03/19/25(b)		540		520,333
2.38%, 08/10/27		1,340		1,272,370
2.50%, 11/02/27		6,092		5,800,315
2.63%, 01/12/27		5,844		5,620,818
2.75%, 01/19/28		7,765		7,467,989
2.88%, 05/06/25		1,475		1,438,479
3.13%, 08/20/27(b)		1,905		1,862,042
3.13%, 09/26/28(b)		794		774,349
3.13%, 04/27/32(b)		825		793,073
3.88%, 09/28/32		2,480		2,526,302
4.13%, 09/27/24		1,660		1,653,343
5.82%, 06/16/28		5,725		6,261,375
6.22%, 08/15/27		850		916,946
6.38%, 10/01/28		615		690,282
Asian Infrastructure Investment Bank (The) 0.50%, 10/30/24		8,745		8,245,573
0.50%, 05/28/25		11,260		10,431,377
0.50%, 01/27/26		1,740		1,580,581
2.25%, 05/16/24		7,020		6,849,835
3.38%, 06/29/25		720		707,026
Council of Europe Development Bank 0.38%, 06/10/24		120		114,560
0.88%, 09/22/26		25		22,672
3.00%, 06/16/25		515		502,846
European Bank for Reconstruction & Development 0.50%, 05/19/25		4,050		3,760,992
0.50%, 11/25/25		1,100		1,009,338
0.50%, 01/28/26		393		358,907
1.50%, 02/13/25		2,320		2,212,491
1.63%, 09/27/24		2,080		2,001,189
European Investment Bank 0.38%, 12/15/25		3,120		2,853,209
0.38%, 03/26/26		3,155		2,861,175
0.63%, 07/25/25		10,942		10,177,482
0.63%, 10/21/27		957		839,021
0.75%, 10/26/26		7,375		6,662,354
0.75%, 09/23/30		840		689,674
0.88%, 05/17/30		6,375		5,324,719
1.25%, 02/14/31		13,139		11,170,384
1.38%, 03/15/27		17,420		15,976,405
1.63%, 03/14/25(b)		18,883		18,029,677
1.63%, 10/09/29		4,145		3,689,050
1.63%, 05/13/31		145		126,411
1.75%, 03/15/29(b)		7,165		6,471,786
1.88%, 02/10/25		11,763		11,298,832
2.13%, 04/13/26		6,710		6,398,790
2.25%, 06/24/24		375		365,363
2.38%, 05/24/27		5,516		5,251,397
2.50%, 10/15/24(b)		6,300		6,139,287
2.75%, 08/15/25		925		901,764
3.25%, 11/15/27		150		147,699
4.88%, 02/15/36		7,321		8,151,714
Inter-American Development Bank 0.50%, 09/23/24		2,250		2,131,470
0.63%, 07/15/25		1,990		1,851,078

Security	Par (000)		Value
Supranational (continued)
0.63%, 09/16/27	$	1,445	$	1,269,591
0.88%, 04/03/25		8,135		7,642,670
0.88%, 04/20/26		13,670		12,543,592
1.13%, 07/20/28		9,595		8,448,877
1.13%, 01/13/31		5,605		4,678,494
1.50%, 01/13/27		235		217,020
1.75%, 03/14/25		15,074		14,415,115
2.00%, 06/02/26		7,518		7,111,427
2.00%, 07/23/26		4,823		4,558,555
2.13%, 01/15/25		12,216		11,794,059
2.25%, 06/18/29		8,919		8,242,583
2.38%, 07/07/27		4,574		4,343,653
3.13%, 09/18/28(b)		9,295		9,050,727
3.20%, 08/07/42		4,345		3,808,784
3.25%, 07/01/24		25		24,633
3.50%, 09/14/29		995		986,582
3.88%, 10/28/41		5,700		5,530,653
4.38%, 01/24/44(b)		3,235		3,348,290
7.00%, 06/15/25		10		10,556
International Bank for Reconstruction & Development 0.38%, 07/28/25		14,770		13,645,264
0.50%, 10/28/25		21,726		19,989,658
0.63%, 04/22/25		28,040		26,178,424
0.65%, 02/10/26 (Call 05/10/23)		29		26,168
0.75%, 03/11/25		13,022		12,229,221
0.75%, 11/24/27		6,070		5,334,013
0.75%, 08/26/30		5,568		4,545,381
0.88%, 07/15/26(b)		8,755		7,997,080
0.88%, 05/14/30		11,165		9,271,081
1.13%, 09/13/28		16,985		14,915,717
1.25%, 02/10/31(b)		13,370		11,278,665
1.38%, 04/20/28		18,680		16,779,870
1.50%, 08/28/24		2,990		2,877,546
1.63%, 01/15/25		12,324		11,801,216
1.63%, 11/03/31(b)		22,464		19,258,163
1.75%, 10/23/29		12,377		11,030,135
1.88%, 10/27/26		5,770		5,414,395
2.13%, 03/03/25		6,809		6,564,421
2.50%, 11/25/24		16,774		16,318,921
2.50%, 07/29/25		17,194		16,665,800
2.50%, 11/22/27		16,830		16,017,279
2.50%, 03/29/32		1,185		1,087,036
3.13%, 11/20/25		2,931		2,875,135
3.13%, 06/15/27		1,895		1,856,077
3.63%, 09/21/29		4,490		4,486,004
4.75%, 02/15/35(b)		722		783,298
International Finance Corp. 0.38%, 07/16/25		2,007		1,857,800
0.75%, 10/08/26		1,130		1,021,012
0.75%, 08/27/30		2,750		2,249,060
1.38%, 10/16/24		1,455		1,394,065
2.13%, 04/07/26		1,128		1,074,961
Nordic Investment Bank 0.38%, 09/11/25		80		73,628
2.25%, 05/21/24		1,475		1,439,659
2.63%, 04/04/25		2,382		2,314,875
3.38%, 09/08/27		200		197,432
				687,701,502

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Sweden — 0.0%
Svensk Exportkredit AB 0.38%, 07/30/24	$	4,575	$	4,339,342
0.50%, 08/26/25		5,395		4,963,022
0.63%, 05/14/25		7,410		6,879,370
2.25%, 03/22/27		413		388,563
				16,570,297
Uruguay — 0.1%
Uruguay Government International Bond 4.13%, 11/20/45(b)		1,988		1,850,780
4.38%, 10/27/27		9,985		10,089,044
4.38%, 01/23/31 (Call 10/23/30)		9,286		9,364,255
4.50%, 08/14/24(b)		3,434		3,448,568
4.98%, 04/20/55		7,886		7,914,469
5.10%, 06/18/50		11,437		11,713,432
5.75%, 10/28/34 (Call 07/28/34)		2,625		2,914,170
7.63%, 03/21/36		4,906		6,220,322
				53,515,040
Total Foreign Government and Agency Obligations — 2.1% (Cost: $2,026,712,031)				1,839,866,295
Municipal Debt Obligations
Alabama — 0.0%
Alabama Federal Aid Highway Finance Authority, 2.65%, 09/01/37 (Call 09/01/31)		1,150		935,033
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41		1,875		1,884,156
California — 0.2%
Bay Area Toll Authority RB 2.57%, 04/01/31		2,930		2,662,646
3.13%, 04/01/55 (Call 04/01/31)		470		346,823
Bay Area Toll Authority RB BAB
Series F-2, 6.26%, 04/01/49		4,735		5,814,088
Series S-1, 7.04%, 04/01/50		4,300		5,670,664
Series S-3, 6.91%, 10/01/50		1,300		1,710,840
California Earthquake Authority, 5.60%, 07/01/27		1,100		1,121,061
California Health Facilities Financing Authority 4.19%, 06/01/37 (Call 06/01/31)		325		307,387
4.35%, 06/01/41 (Call 06/01/31)		445		419,577
California State University RB
Class B, 2.72%, 11/01/52		910		631,493
2.94%, 11/01/52 (Call 11/01/31)		1,000		720,489
Class B, 2.98%, 11/01/51 (Call 05/01/51)		3,315		2,439,382
Series E, 2.90%, 11/01/51 (Call 11/01/30)		1,895		1,414,250
City of Los Angeles Department of Airports Customer Facility Charge Revenue RB, 4.24%, 05/15/48 (Call 05/15/32) (AGM)		330		299,383
City of San Francisco CA Public Utilities Commission Water Revenue RB, 3.30%, 11/01/39 (Call 11/01/29)		1,670		1,418,536
City of San Francisco CA Public Utilities Commission Water Revenue RB BAB, Series B, 6.00%, 11/01/40		2,500		2,769,995
East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40		4,480		5,104,705
Foothill-Eastern Transportation Corridor Agency RB 3.92%, 01/15/53 (Call 01/15/30)		1,025		845,712
Series A, 4.09%, 01/15/49 (Call 01/15/30)		2,040		1,717,641

Security	Par (000)		Value
California (continued)
Golden State Tobacco Securitization Corp. RB
Class B, 2.75%, 06/01/34 (Call 06/01/31)	$	1,270	$	1,036,940
Class B, 3.00%, 06/01/46		765		715,690
3.12%, 06/01/38 (Call 06/01/31) (SAP)		1,000		802,470
Class B, 3.29%, 06/01/42 (Call 06/01/31)		2,790		2,199,184
3.49%, 06/01/36 (Call 12/01/31)		230		187,932
3.71%, 06/01/41 (Call 12/01/31)		830		639,051
3.85%, 06/01/50 (Call 12/01/31)		1,320		1,207,261
4.21%, 06/01/50 (Call 12/01/31)		1,535		1,197,182
Los Angeles Community College District/CA GO 1.81%, 08/01/30		5,000		4,261,340
2.11%, 08/01/32 (Call 08/01/30)(b)		3,000		2,510,220
Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49		1,100		1,386,187
Los Angeles County Metropolitan Transportation
Authority RB BAB, Series A, 5.74%, 06/01/39		1,815		1,991,015
Los Angeles County Public Works Financing Authority RB BAB, 7.62%, 08/01/40		1,150		1,490,645
Los Angeles Department of Water & Power, RB
Series A, 5.72%, 07/01/39		2,100		2,345,941
Series A, 6.60%, 07/01/50		385		482,815
Series D, 6.57%, 07/01/45		2,970		3,621,107
Los Angeles Unified School District/CA GO BAB 5.75%, 07/01/34		4,760		5,230,426
5.76%, 07/01/29		2,170		2,280,553
Series RY, 6.76%, 07/01/34		3,025		3,518,417
Regents of the University of California Medical Center Pooled Revenue RB
Class A, 3.71%, 05/15/20 (Call 11/15/19)		2,600		1,793,041
4.13%, 05/15/32 (Call 02/15/32)		550		534,938
4.56%, 05/15/53		895		853,629
Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)(b)		1,835		1,342,526
Regents of the University of California Medical Center Pooled Revenue RB BAB
Series H, Class H, 6.55%, 05/15/48		2,575		3,112,287
Series F, 6.58%, 05/15/49		3,015		3,615,781
San Diego County Regional Transportation Commission RB, 3.25%, 04/01/48 (Call 04/01/30)		1,025		814,671
San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48		1,905		2,167,027
San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49		2,350		2,745,338
San Joaquin Hills Transportation Corridor Agency RB, 3.49%, 01/15/50 (Call 01/15/32)		1,600		1,273,432
Santa Clara Valley Transportation Authority RB BAB, 5.88%, 04/01/32		2,465		2,602,939
State of California, 5.20%, 03/01/43 (Call 03/01/33)		790		798,631
State of California GO 2.50%, 10/01/29		6,000		5,404,884
3.38%, 04/01/25		3,000		2,938,644
3.50%, 04/01/28		860		839,294
4.50%, 04/01/33 (Call 04/01/28)		2,750		2,775,567
4.60%, 04/01/38 (Call 04/01/28)		2,170		2,151,598
Series A, 3.05%, 04/01/29		1,110		1,041,745
State of California GO BAB 7.30%, 10/01/39		5,220		6,512,738
7.35%, 11/01/39		2,130		2,681,798
7.50%, 04/01/34		8,325		10,440,957
7.55%, 04/01/39		12,470		16,412,765

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
7.60%, 11/01/40	$	6,825	$	9,067,784
7.63%, 03/01/40		3,350		4,388,155
University of California RB
Series AD, 4.86%, 05/15/12		3,285		3,028,747
Series AQ, 4.77%, 05/15/15		835		761,605
Series AX, 3.06%, 07/01/25 (Call 04/01/25)		2,925		2,849,058
Series BD, 3.35%, 07/01/29		4,730		4,508,399
Series BG, 0.88%, 05/15/25 (Call 04/15/25)		950		886,852
Series BG, 1.32%, 05/15/27 (Call 03/15/27)		775		695,242
Series BG, 1.61%, 05/15/30 (Call 02/15/30)		2,990		2,509,067
Series BG, 3.07%, 05/15/51 (Call 05/15/31)		3,110		2,266,114
University of California RB BAB, 5.95%, 05/15/45		2,255		2,543,913
				178,878,214
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue RB
BAB, Series B, 5.84%, 11/01/50		700		809,204
Connecticut — 0.0%
State of Connecticut GO, Series A, 5.85%, 03/15/32		3,805		4,171,574
District of Columbia — 0.0%
District of Columbia RB BAB, Series E, 5.59%, 12/01/34		700		749,652
District of Columbia Water & Sewer Authority RB 3.21%, 10/01/48 (Call 10/01/29)		1,000		774,919
4.81%, 10/01/14		1,690		1,595,226
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB BAB, 7.46%, 10/01/46		1,300		1,688,313
				4,808,110
Florida — 0.0%
County of Broward FL Airport System Revenue RB, 3.48%, 10/01/43 (Call 10/01/29)		250		210,363
County of Miami-Dade FL Aviation Revenue RB,
Series C, 4.28%, 10/01/41 (Call 10/01/28)		985		918,499
County of Miami-Dade FL Transit System RB, Series B, 2.60%, 07/01/42 (Call 07/01/30)		1,300		983,116
County of Miami-Dade FL Water & Sewer System
Revenue RB, 3.49%, 10/01/42 (Call 10/01/29)		1,265		1,053,780
State Board of Administration Finance Corp. RB 1.26%, 07/01/25		4,385		4,096,349
1.71%, 07/01/27		3,000		2,688,321
2.15%, 07/01/30		4,902		4,190,141
				14,140,569
Georgia — 0.0%
City of Atlanta GA Water & Wastewater Revenue RB, 2.26%, 11/01/35 (Call 11/01/30)		1,330		1,078,262
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A, 6.64%, 04/01/57		3,789		4,308,786
Project M, Series 2010-A, 6.66%, 04/01/57		3,316		3,797,049
Project P, Series 2010-A, 7.06%, 04/01/57		313		324,966
				9,509,063
Idaho — 0.0%
Idaho Energy Resources Authority RB, 2.86%, 09/01/46		580		436,517
Illinois — 0.1%
Chicago O’Hare International Airport RB
Series C, 4.47%, 01/01/49(b)		1,050		989,439
Series C, 4.57%, 01/01/54(b)		2,450		2,286,668

Security	Par (000)		Value
Illinois (continued)
Chicago O’Hare International Airport RB BAB, Series B, 6.40%, 01/01/40	$	500	$	585,543
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB
Series A, 6.90%, 12/01/40		3,430		3,971,995
Series B, 6.90%, 12/01/40		3,750		4,378,043
Illinois State Toll Highway Authority RB BAB, Series A, 6.18%, 01/01/34		1,820		2,050,030
Sales Tax Securitization Corp. RB 3.24%, 01/01/42		5,125		4,103,854
3.82%, 01/01/48		135		110,936
State of Illinois GO 4.95%, 06/01/23		14		13,625
5.10%, 06/01/33		27,923		27,970,385
State of Illinois GO BAB, Series 5, 7.35%, 07/01/35		3,621		3,967,058
				50,427,576
Indiana — 0.0%
Indiana Finance Authority RB, 3.05%, 01/01/51		645		498,843
Kansas — 0.0%
Kansas Development Finance Authority RB, 2.77%, 05/01/51		605		433,705
State of Kansas Department of Transportation RB BAB, 4.60%, 09/01/35		500		506,418
				940,123
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities & Community Development Auth 5.05%, 12/01/34		1,705		1,741,885
5.08%, 06/01/31		1,660		1,684,931
5.20%, 12/01/39		3,975		4,149,690
Louisiana Local Government Environmental Facilities & Community Development Authority RB 3.62%, 02/01/29		1,571		1,537,066
4.15%, 02/01/33(b)		2,280		2,253,263
4.28%, 02/01/36		1,560		1,530,380
4.48%, 08/01/39		1,710		1,660,970
State of Louisiana Gasoline & Fuels Tax Revenue RB, 2.95%, 05/01/41		1,185		933,204
				15,491,389
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40)		2,500		1,954,307
Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43		1,500		1,648,301
				3,602,608
Massachusetts — 0.0%
Commonwealth of Massachusetts GO, 4.91%, 05/01/29		1,950		2,011,117
Commonwealth of Massachusetts GOL 2.51%, 07/01/41 (Call 07/01/30)		540		416,796
2.90%, 09/01/49		2,675		1,937,508
Series D, 2.66%, 09/01/39		1,964		1,625,554
Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39		3,700		4,034,069
Commonwealth of Massachusetts RB, 3.77%, 07/15/29		2,900		2,826,842
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40		1,435		1,567,956

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Massachusetts School Building Authority RB 3.40%, 10/15/40 (Call 10/15/29)	$	1,755	$	1,488,463
Series B, 1.75%, 08/15/30		2,050		1,749,185
Massachusetts School Building Authority RB BAB, Series B, 5.72%, 08/15/39		1,060		1,171,200
Massachusetts Water Resources Authority RB, 2.82%, 08/01/41 (Call 08/01/31)		925		765,055
				19,593,745
Michigan — 0.0%
Great Lakes Water Authority Sewage Disposal System Revenue RB, 3.06%, 07/01/39		1,685		1,371,196
Great Lakes Water Authority Water Supply System Revenue RB, 3.47%, 07/01/41 (Call 07/01/30)		575		485,756
Michigan Finance Authority RB 3.08%, 12/01/34		2,110		1,836,673
3.38%, 12/01/40		845		711,979
Michigan State Building Authority RB, 2.71%, 10/15/40 (Call 10/15/30)		1,250		970,609
Michigan State University RB, 4.17%, 08/15/22 (Call 02/15/22)		2,675		2,188,083
Michigan Strategic Fund RB, 3.23%, 09/01/47 (Call 09/01/31)		460		364,019
University of Michigan RB 3.50%, 04/01/52 (Call 10/01/51)(b)		614		517,127
3.50%, 04/01/52 (Call 10/01/51)		475		400,139
4.45%, 04/01/22 (Call 10/01/21)		1,580		1,432,279
Series B, 2.44%, 04/01/40 (Call 10/01/39)		2,862		2,157,052
				12,434,912
Minnesota — 0.0%
University of Minnesota RB, 4.05%, 04/01/52 (Call 10/01/51)		924		855,005
Mississippi — 0.0%
State of Mississippi GO BAB, Series F, 5.25%, 11/01/34		1,000		1,044,876
Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.65%, 08/15/57 (Call 08/15/27)		4,730		3,869,954
Nebraska — 0.0%
University of Nebraska Facilities Corp. RB (The), Series A, Class A, 3.04%, 10/01/49(b)		1,000		795,734
Nevada — 0.0%
County of Clark Department of Aviation RB BAB, Series C, 6.82%, 07/01/45		850		1,061,142
New Jersey — 0.1%
New Jersey Economic Development Authority RB, Series A, 7.43%, 02/15/29 (NPFGC)		5,560		6,100,126
New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40		6,979		9,006,365
New Jersey Transportation Trust Fund Authority RB 4.08%, 06/15/39		1,200		1,073,110
4.13%, 06/15/42		345		305,066
New Jersey Transportation Trust Fund Authority RB BAB
Series B, 6.56%, 12/15/40		2,650		3,086,375
Series C, 5.75%, 12/15/28		2,900		2,983,613

Security	Par (000)		Value
New Jersey (continued)
New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41	$	4,230	$	5,298,189
Rutgers The State University of New Jersey RB 3.27%, 05/01/43		1,000		821,306
Series P, 3.92%, 05/01/19 (Call 11/01/18)(b)		1,475		1,110,434
Rutgers The State University of New Jersey RB BAB, Class H, 5.67%, 05/01/40		900		970,499
				30,755,083
New York — 0.1%
City of New York NY, 5.26%, 10/01/52		500		540,846
City of New York NY GO BAB
Series C-1, 5.52%, 10/01/37(b)		3,000		3,243,678
Series F1, 6.27%, 12/01/37		1,255		1,436,856
Metropolitan Transportation Authority RB, Series C2, 5.18%, 11/15/49		3,880		3,669,293
Metropolitan Transportation Authority RB BAB 7.34%, 11/15/39		3,265		4,191,519
Series 2010-A, 6.67%, 11/15/39		50		54,239
Series A, 5.87%, 11/15/39		100		100,901
Series B, 6.65%, 11/15/39		220		234,878
Series E, 6.81%, 11/15/40		1,630		1,767,955
New York City Municipal Water Finance Authority RB 5.44%, 06/15/43		1,385		1,513,547
5.72%, 06/15/42(b)		3,145		3,553,300
5.88%, 06/15/44		3,200		3,683,821
6.01%, 06/15/42		1,860		2,168,230
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB 5.51%, 08/01/37		2,235		2,371,250
5.57%, 11/01/38		2,100		2,240,122
Series C-2, 5.77%, 08/01/36		1,910		2,046,374
New York State Dormitory Authority RB 3.19%, 02/15/43		450		372,363
Series B, 3.14%, 07/01/43		275		229,315
Series F, 3.11%, 02/15/39		2,350		1,957,155
New York State Dormitory Authority RB BAB
Series D, 5.60%, 03/15/40		2,325		2,518,491
Series F, 5.63%, 03/15/39		2,165		2,317,104
New York State Thruway Authority RB
Class M, 2.90%, 01/01/35		2,000		1,718,992
Series M, 3.50%, 01/01/42 (Call 01/01/30)		1,005		848,915
New York State Urban Development Corp. RB,
Series B, 3.90%, 03/15/33 (Call 09/15/28)		290		274,382
New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39		1,260		1,340,208
Port Authority of New York & New Jersey RB 3.14%, 02/15/51 (Call 08/15/31)		1,145		876,135
3.29%, 08/01/69		1,300		951,534
4.03%, 09/01/48(b)		1,440		1,302,588
Series 164, 5.65%, 11/01/40		2,255		2,473,525
Series 165, 5.65%, 11/01/40		1,795		1,998,402
Series 168, 4.93%, 10/01/51		2,500		2,566,467
Series 174, 4.46%, 10/01/62		6,585		6,254,775
Series 181, 4.96%, 08/01/46		2,000		2,054,764
Series 182, 5.31%, 08/01/46 (Call 08/01/24)		1,000		1,002,593
Series 192, 4.81%, 10/15/65		4,235		4,270,549
Series 225, 3.18%, 07/15/60 (Call 07/15/31)		675		494,004
Series AAA, 1.09%, 07/01/23		2,255		2,239,294
				70,878,364

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Carolina — 0.0%
Charlotte-Mecklenburg Hospital Authority (The) RB, 3.20%, 01/15/51 (Call 01/15/50)	$	1,100	$	806,701
Ohio — 0.0%
American Municipal Power Inc. RB BAB 5.94%, 02/15/47		1,300		1,440,478
Series B, 8.08%, 02/15/50		4,075		5,685,012
JobsOhio Beverage System RB 2.83%, 01/01/38(b)		1,950		1,615,150
4.43%, 01/01/33		310		310,805
Series B, 4.53%, 01/01/35		2,400		2,409,043
Ohio State University (The) RB
Series A, 3.80%, 12/01/46		3,750		3,245,198
Series A, 4.05%, 12/01/56		500		436,339
Series A, 4.80%, 06/01/11		350		319,903
Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40(b)		1,905		1,957,965
Ohio Turnpike & Infrastructure Commission RB, Series A, Class A, 3.22%, 02/15/48 (Call 02/15/30)(b)		1,775		1,339,862
Ohio Water Development Authority Water Pollution Control Loan Fund RB, Series B-2, 4.88%, 12/01/34		1,115		1,129,196
				19,888,951
Oklahoma — 0.0%
Oklahoma Development Finance Authority RB 3.88%, 05/01/37		250		244,657
4.38%, 11/01/45		715		686,826
4.62%, 06/01/44		1,655		1,635,144
4.71%, 05/01/52		520		513,189
5.09%, 02/01/52		680		706,178
				3,785,994
Oregon — 0.0%
Oregon School Boards Association RB
Series B, 5.55%, 06/30/28 (NPFGC)		50		51,913
Series B, 5.68%, 06/30/28 (NPFGC)		1,000		1,048,376
Oregon State University RB, 3.42%, 03/01/60 (Call 03/01/30) (BAM)		1,100		834,504
State of Oregon Department of Transportation RB BAB,
Series 2010-A, 5.83%, 11/15/34		2,085		2,322,917
State of Oregon GO, 5.89%, 06/01/27		8,020		8,349,438
				12,607,148
Pennsylvania — 0.0%
City of Philadelphia PA Water & Wastewater Revenue RB, 2.93%, 07/01/45 (Call 07/01/31)		1,030		752,694
Commonwealth Financing Authority RB
Class A, 2.99%, 06/01/42(b)		1,130		868,416
Series A, 4.14%, 06/01/38		50		46,322
Pennsylvania State University (The) RB 2.79%, 09/01/43		1,750		1,369,169
2.84%, 09/01/50		975		705,357
Pennsylvania Turnpike Commission RB BAB, Series B, 5.51%, 12/01/45		1,000		1,093,616
University of Pittsburgh-of the Commonwealth System of Higher Education RB, 3.56%, 09/15/19 (Call 03/15/19)		2,000		1,387,498
				6,223,072
South Carolina — 0.0%
South Carolina Public Service Authority, Series C, 6.45%, 01/01/50		1,000		1,149,478

Security	Par (000)		Value
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26)	$	1,000	$	973,700
Texas — 0.1%
City of San Antonio Texas Electric & Gas Systems Revenue RB BAB 2.91%, 02/01/48 (Call 02/01/31)		480		372,617
5.81%, 02/01/41		1,875		2,091,697
Series C, 5.99%, 02/01/39		1,000		1,127,314
Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31)		1,895		1,341,774
Dallas Area Rapid Transit RB BAB 5.02%, 12/01/48(b)		3,250		3,335,972
Series B, 6.00%, 12/01/44		400		462,157
Dallas Convention Center Hotel Development Corp. RB BAB, 7.09%, 01/01/42		700		808,728
Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44		1,250		1,374,248
Dallas Fort Worth International Airport RB 2.84%, 11/01/46 (Call 11/01/31)		220		162,430
Class A, 2.99%, 11/01/38		1,200		1,008,193
4.51%, 11/01/51 (Call 11/01/32)(b)		1,330		1,267,082
Series A, Class A, 3.14%, 11/01/45		1,405		1,102,689
Series C, Class C, 2.92%, 11/01/50		2,670		1,968,588
Series C, Class C, 3.09%, 11/01/40 (Call 11/01/30)		340		275,017
Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 05/30/23) (PSF)		400		401,565
Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)		4,805		3,612,197
North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49		4,120		5,290,879
Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27)		2,000		1,727,946
Permanent University Fund - University of Texas System RB, Series A, 3.38%, 07/01/47 (Call 01/01/47)(b)		1,625		1,333,992
State of Texas GO BAB 5.52%, 04/01/39		2,300		2,539,538
Series A, 4.63%, 04/01/33		1,255		1,280,047
Series A, 4.68%, 04/01/40		2,250		2,287,296
Texas Natural Gas Securitization Finance Corp. 5.10%, 04/01/35		3,440		3,594,043
5.17%, 04/01/41		2,440		2,641,126
Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49		3,350		2,835,678
Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30)		2,505		1,783,628
Texas Transportation Commission State Highway Fund RB 4.00%, 10/01/33		2,725		2,624,802
First Class, 5.18%, 04/01/30		5,115		5,311,902
University of Texas System (The) RB, Series B, 2.44%, 08/15/49 (Call 02/15/49)		765		514,134
University of Texas System (The) RB BAB, Series C, 4.79%, 08/15/46		2,400		2,482,699
				56,959,978

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia — 0.0%
University of Virginia RB 2.26%, 09/01/50 (Call 03/01/50)(b)	$	2,790	$	1,835,092
2.58%, 11/01/51 (Call 05/01/51)		1,000		703,302
Series A, 3.23%, 09/01/19 (Call 03/01/19)		790		510,062
Series C, 4.18%, 09/01/17 (Call 03/01/17)		840		700,308
				3,748,764
Washington — 0.0%
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB BAB, 5.49%, 11/01/39		1,200		1,301,747
State of Washington GO BAB, Series F, 5.14%, 08/01/40		2,165		2,280,370
				3,582,117
Wisconsin — 0.0%
State of Wisconsin RB
Series A, 5.70%, 05/01/26		220		225,242
Series C, 3.15%, 05/01/27		2,580		2,480,755
				2,705,997
Total Municipal Debt Obligations — 0.6% (Cost: $600,202,743)				540,253,694
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 27.1%
Federal Home Loan Mortgage Corp. 2.50%, 10/01/27		93		88,991
2.50%, 02/01/28		1,205		1,154,349
2.50%, 01/01/30		9,731		9,248,453
2.50%, 03/01/31		92		87,009
2.50%, 08/01/31		3,261		3,086,576
2.50%, 10/01/31		6,731		6,371,056
2.50%, 11/01/31		40		37,605
2.50%, 12/01/31		10,119		9,577,186
2.50%, 02/01/32		12,576		11,903,400
2.50%, 08/01/32		146		137,261
2.50%, 01/01/33		11,108		10,416,422
2.50%, 02/01/33		28		25,866
2.50%, 04/01/33		1,291		1,205,262
3.00%, 11/01/26		205		198,001
3.00%, 01/01/27		95		92,572
3.00%, 02/01/27		233		226,093
3.00%, 04/01/27		149		145,004
3.00%, 05/01/27		1,342		1,300,235
3.00%, 06/01/27		1,263		1,222,940
3.00%, 07/01/27		52		50,244
3.00%, 08/01/27		162		156,924
3.00%, 09/01/27		730		706,048
3.00%, 11/01/27		292		282,811
3.00%, 12/01/27		154		148,911
3.00%, 01/01/28		45		43,537
3.00%, 11/01/28		152		147,023
3.00%, 01/01/29		183		176,947
3.00%, 03/01/29		554		537,794
3.00%, 05/01/29		23,175		22,470,893
3.00%, 05/01/30		3,728		3,588,261
3.00%, 06/01/30		2,128		2,063,114
3.00%, 07/01/30		4,404		4,239,971
3.00%, 12/01/30		10,606		10,209,510
3.00%, 02/01/31		3,202		3,082,363

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 05/01/31	$	6,714	$	6,462,016
3.00%, 06/01/31		4,936		4,751,195
3.00%, 08/01/31		40		38,979
3.00%, 12/01/31		29		27,451
3.00%, 02/01/32		98		94,291
3.00%, 07/01/32		7,555		7,269,333
3.00%, 09/01/32		10		9,308
3.00%, 02/01/33		18		17,261
3.00%, 05/01/33		1,726		1,651,237
3.00%, 06/01/42		466		431,309
3.00%, 10/01/42		189		174,605
3.00%, 01/01/43		491		454,055
3.00%, 02/01/43		12,785		11,821,010
3.00%, 12/01/44		35		31,954
3.00%, 04/01/45		286		262,229
3.00%, 08/01/45		187		171,609
3.00%, 12/01/45		14		13,107
3.00%, 01/01/46		1,035		949,716
3.00%, 02/01/46		123		112,810
3.00%, 07/01/46		2,324		2,131,329
3.00%, 08/01/46		42,860		39,302,574
3.00%, 09/01/46		17,103		15,756,363
3.00%, 10/01/46		33,655		30,873,810
3.00%, 11/01/46		24,847		22,784,663
3.00%, 12/01/46		57,309		52,552,076
3.00%, 01/01/47		13,403		12,289,966
3.00%, 02/01/47		28,732		26,347,796
3.00%, 03/01/47		144		131,646
3.00%, 04/01/47		372		340,841
3.00%, 05/01/47		22,880		20,993,357
3.00%, 06/01/47		22,682		20,799,692
3.00%, 08/01/47		3,002		2,752,376
3.00%, 09/01/47		656		601,859
3.00%, 10/01/47		7,442		6,824,231
3.00%, 11/01/47		14		12,444
3.00%, 01/01/48		14		13,297
3.00%, 11/01/48		1,123		1,018,105
3.00%, 03/01/49		185		167,743
3.00%, 05/01/49		225		206,094
3.00%, 06/01/49		175		158,378
3.50%, 11/01/25		588		575,771
3.50%, 03/01/26		628		614,997
3.50%, 06/01/26		149		145,450
3.50%, 03/01/32		679		660,856
3.50%, 05/01/32		1,977		1,933,908
3.50%, 09/01/32		1,642		1,597,201
3.50%, 06/01/33		119		115,301
3.50%, 07/01/33		6,022		5,880,139
3.50%, 11/01/33		17		16,573
3.50%, 06/01/34		5,190		5,054,935
3.50%, 03/01/38		3,557		3,431,382
3.50%, 06/01/38		954		911,479
3.50%, 09/01/38		619		591,147
3.50%, 02/01/42		54		51,488
3.50%, 05/01/42		6		5,514
3.50%, 09/01/42		8		8,087
3.50%, 10/01/42		7,288		6,938,639
3.50%, 11/01/42		558		531,376
3.50%, 01/01/43		11		10,438
3.50%, 04/01/43		3,947		3,756,762

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 06/01/43	$	792	$	756,765
3.50%, 07/01/43		1,317		1,253,209
3.50%, 08/01/43		4,718		4,490,573
3.50%, 10/01/43		1,034		987,776
3.50%, 01/01/44		12,300		11,718,448
3.50%, 02/01/44		6,669		6,370,577
3.50%, 09/01/44		5,158		4,912,936
3.50%, 10/01/44		7,278		6,894,120
3.50%, 11/01/44		86		81,833
3.50%, 12/01/45		9,337		8,840,600
3.50%, 01/01/46		248		235,171
3.50%, 03/01/46		26,236		24,920,177
3.50%, 05/01/46		3,432		3,255,601
3.50%, 06/01/46		100		93,905
3.50%, 07/01/46		4,577		4,334,877
3.50%, 08/01/46		3,123		2,950,541
3.50%, 09/01/46		5,140		4,873,571
3.50%, 10/01/46		1,247		1,176,458
3.50%, 11/01/46		642		606,255
3.50%, 12/01/46		3,785		3,579,499
3.50%, 01/01/47		2,018		1,903,401
3.50%, 02/01/47		5,103		4,819,982
3.50%, 03/01/47		3,346		3,157,232
3.50%, 04/01/47		7,558		7,127,997
3.50%, 05/01/47		1,548		1,468,757
3.50%, 07/01/47		6,631		6,251,736
3.50%, 08/01/47		18,549		17,626,727
3.50%, 09/01/47		24,001		22,682,994
3.50%, 12/01/47		4,178		3,938,897
3.50%, 01/01/48		19,225		18,317,381
3.50%, 02/01/48		20,297		19,047,009
3.50%, 03/01/48		8,405		7,924,297
3.50%, 04/01/48		1,920		1,831,200
3.50%, 05/01/48		9,487		8,940,389
3.50%, 04/01/49		1,320		1,252,111
3.50%, 05/01/49		4,024		3,793,270
3.50%, 06/01/49		1,743		1,653,592
3.58%, 05/01/42, (12-mo. LIBOR US + 1.804%)(a)		323		324,834
3.97%, 08/01/41, (12-mo. LIBOR US + 1.732%)(a)		166		166,439
4.00%, 05/01/25		61		59,903
4.00%, 10/01/25		361		355,209
4.00%, 02/01/26		248		243,479
4.00%, 05/01/26		448		440,710
4.00%, 12/01/32		1,219		1,202,495
4.00%, 05/01/33		2,061		2,032,137
4.00%, 12/01/38, (12-mo. LIBOR US + 1.760%)(a)		500		498,282
4.00%, 09/01/41		2,846		2,788,000
4.00%, 02/01/42		2,286		2,238,037
4.00%, 03/01/42		491		479,943
4.00%, 06/01/42		3,315		3,243,682
4.00%, 08/01/42		1,437		1,405,458
4.00%, 07/01/44		3,902		3,817,590
4.00%, 01/01/45		1,022		998,600
4.00%, 02/01/45		1,369		1,346,563
4.00%, 06/01/45		2,050		2,000,848
4.00%, 08/01/45		3,609		3,522,359
4.00%, 09/01/45		5,968		5,824,246
4.00%, 01/01/46		1,654		1,614,305
4.00%, 02/01/46		149		144,766
4.00%, 03/01/46		329		320,451

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 05/01/46	$	3,499	$	3,406,037
4.00%, 06/01/46		95		91,029
4.00%, 07/01/46		2,877		2,810,510
4.00%, 08/01/46		89		86,904
4.00%, 10/01/46		2,781		2,714,011
4.00%, 11/01/46		8,223		8,004,509
4.00%, 02/01/47		3,387		3,298,397
4.00%, 08/01/47		244		236,959
4.00%, 10/01/47		746		724,386
4.00%, 11/01/47		1,418		1,377,694
4.00%, 01/01/48		5,582		5,423,176
4.00%, 02/01/48		8,145		7,936,244
4.00%, 04/01/48		168		163,001
4.00%, 06/01/48		15,003		14,672,882
4.00%, 07/01/48		13,977		13,555,127
4.00%, 08/01/48		1,808		1,752,970
4.00%, 09/01/48		3,589		3,480,819
4.00%, 10/01/48		1,887		1,835,298
4.00%, 12/01/48		9,476		9,248,774
4.00%, 01/01/49		1,532		1,486,311
4.03%, 11/01/40, (12-mo. LIBOR US + 1.775%)(a)		13		12,389
4.13%, 09/01/41, (12-mo. LIBOR US + 1.880%)(a)		215		213,974
4.15%, 11/01/40, (12-mo. LIBOR US + 1.900%)(a)		185		183,391
4.15%, 01/01/42, (12-mo. LIBOR US + 1.900%)(a)		55		54,802
4.16%, 11/01/40, (12-mo. LIBOR US + 1.910%)(a)		334		333,805
4.18%, 11/01/41, (12-mo. LIBOR US + 1.892%)(a)		235		235,205
4.50%, 07/01/24		46		45,976
4.50%, 08/01/24		12		11,645
4.50%, 09/01/24		39		38,397
4.50%, 10/01/24		34		33,961
4.50%, 08/01/30		1,123		1,123,970
4.50%, 03/01/39		990		995,989
4.50%, 05/01/39		1,141		1,148,574
4.50%, 10/01/39		706		708,017
4.50%, 01/01/40		204		204,939
4.50%, 02/01/41		1,450		1,453,556
4.50%, 04/01/41		46		46,158
4.50%, 05/01/41		3,737		3,780,611
4.50%, 05/01/42		3,680		3,689,017
4.50%, 01/01/45		2,642		2,656,681
4.50%, 11/01/45		171		170,613
4.50%, 12/01/45		138		138,761
4.50%, 01/01/46		4,058		4,060,393
4.50%, 03/01/46		195		195,894
4.50%, 04/01/46		578		577,137
4.50%, 05/01/46		422		421,767
4.50%, 07/01/46		108		107,724
4.50%, 08/01/46		304		303,264
4.50%, 09/01/46		2,529		2,546,955
4.50%, 05/01/47		2,199		2,191,415
4.50%, 06/01/47		1,179		1,175,878
4.50%, 11/01/47		146		145,266
4.50%, 05/01/48		7,126		7,078,063
4.50%, 06/01/48		5,628		5,594,385
4.50%, 07/01/48		4,138		4,112,558
4.50%, 09/01/48		190		188,276
4.50%, 10/01/48		7,506		7,513,107
4.50%, 11/01/48		34		34,034
4.50%, 12/01/48		6,990		6,943,864
4.50%, 01/01/49		1,502		1,491,929

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 05/01/49	$	14	$	13,884
5.00%, 08/01/25		330		327,152
5.00%, 04/01/33		2,821		2,867,162
5.00%, 06/01/33		338		343,879
5.00%, 12/01/33		664		674,955
5.00%, 07/01/35		1,237		1,260,636
5.00%, 01/01/36		580		592,146
5.00%, 01/01/37		69		70,504
5.00%, 02/01/37		69		70,701
5.00%, 02/01/38		364		371,590
5.00%, 03/01/38		2,469		2,529,705
5.00%, 12/01/38		309		316,880
5.00%, 03/01/40		84		86,579
5.00%, 08/01/40		348		357,285
5.00%, 09/01/40		1,562		1,601,718
5.00%, 08/01/41		422		432,398
5.00%, 09/01/47		550		555,403
5.00%, 03/01/48		265		267,935
5.00%, 04/01/48		4,563		4,606,650
5.00%, 05/01/48		1,441		1,454,530
5.00%, 07/01/48		937		946,232
5.00%, 10/01/48		646		652,301
5.00%, 11/01/48		1,006		1,017,116
5.00%, 04/01/49		458		461,759
5.00%, 06/01/49		873		880,717
5.50%, 02/01/34		1,147		1,184,917
5.50%, 05/01/35		969		1,005,819
5.50%, 06/01/35		519		538,831
5.50%, 05/01/36		642		669,743
5.50%, 07/01/36		1,143		1,192,992
5.50%, 03/01/38		1,073		1,122,017
5.50%, 04/01/38		224		234,035
5.50%, 01/01/39		556		575,653
5.50%, 11/01/39		563		588,111
6.00%, 10/01/36		630		663,010
6.00%, 02/01/37		506		537,403
6.00%, 11/01/37		1,770		1,881,086
6.00%, 09/01/38		27		28,514
Federal National Mortgage Association 3.00%, 02/01/47		9,510		8,780,739
3.00%, 03/01/47		7,427		6,623,968
3.50%, 11/01/51		5,980		5,677,562
4.00%, 08/01/41, (12-mo. LIBOR US + 1.750%)(a)		205		206,825
4.00%, 02/01/47		10,050		9,821,416
4.00%, 01/01/57		6,644		6,483,777
4.00%, 02/01/57		7,521		7,339,579
4.07%, 10/01/41, (12-mo. LIBOR US + 1.815%)(a)		338		340,483
4.17%, 04/01/44, (12-mo. LIBOR US + 1.590%)(a)		243		239,523
4.24%, 02/01/42, (12-mo. LIBOR US + 1.805%)(a)		100		99,165
Series 2015-M10, Class A2, 3.09%, 04/25/27(a)		3,120		3,005,086
Series 2016-M6, Class A2, 2.49%, 05/25/26		8,760		8,329,312
Series 2017, Class A2, 3.06%, 09/25/27(a)		1,764		1,688,440
Series 2017-M4, Class A2, 2.64%, 12/25/26(a)		21,213		20,088,807
Series 2017-M7, Class A2, 2.96%, 02/25/27(a)		14,760		14,146,230
Series 2017-M8, Class A2, 3.06%, 05/25/27(a)		8,803		8,455,849
Series 2018-M10, Class A2, 3.47%, 07/25/28(a)		3,000		2,906,949
Series 2018-M12, Class A2, 3.76%, 08/25/30(a)		12,300		11,932,958
Series 2018-M13, Class A2, 3.87%, 09/25/30(a)		7,914		7,743,374
Series 2018-M2, Class A2, 3.00%, 01/25/28(a)		8,873		8,452,178
Series 2019-M2, Class A2, 3.75%, 11/25/28(a)		5,198		5,080,128

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series 2019-M22, Class A2, 2.52%, 08/25/29	$	22,386	$	20,421,391
Series 2021-M13, Class A2, 1.66%, 04/25/31(a)		17,050		14,039,496
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)		20,500		16,957,810
Series 2022-M1, Class A2, 1.72%, 10/25/31(a)		29,670		24,305,555
Freddie Mac Multifamily Structured Pass Through Certificates
Series K036, Class A2, 3.53%, 10/25/23 (Call 11/25/23)(a)		8,347		8,269,077
Series K046, Class A2, 3.21%, 03/25/25 (Call 04/25/25)		5,000		4,870,140
Series K048, Class A2, 3.28%, 06/25/25 (Call 08/25/25)(a)		14,000		13,655,136
Series K052, Class A2, 3.15%, 11/25/25 (Call 01/25/26)		19,250		18,685,021
Series K053, Class A2, 3.00%, 12/25/25 (Call 01/25/26)		15,000		14,496,593
Series K059, Class A2, 3.12%, 09/25/26 (Call 10/25/26)(a)		14,300		13,806,522
Series K063, Class A2, 3.43%, 01/25/27 (Call 02/25/27)(a)		20,000		19,469,137
Series K066, Class A2, 3.12%, 06/25/27 (Call 07/25/27)		18,250		17,529,886
Series K067, Class A1, 2.90%, 03/25/27 (Call 09/25/27)		9,051		8,794,557
Series K069, Class A2, 3.19%, 09/25/27 (Call 10/25/27)(a)		3,150		3,029,702
Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27)		10,000		9,710,604
Series K074, Class A2, 3.60%, 01/25/28 (Call 07/25/28)		10,000		9,771,243
Series K076, Class A2, 3.90%, 04/25/28 (Call 05/25/28)		8,000		7,920,368
Series K081, Class A2, 3.90%, 08/25/28 (Call 12/25/28)(a)		19,091		18,896,369
Series K085, Class A2, 4.06%, 10/25/28 (Call 11/25/28)(a)		20,000		19,852,887
Series K089, Class A2, 3.56%, 01/25/29 (Call 04/25/29)		10,000		9,713,561
Series K100, Class A2, 2.67%, 09/25/29 (Call 10/25/29)		10,000		9,172,030
Series K101, Class A2, 2.52%, 10/25/29 (Call 01/25/30)		31,000		28,152,014
Series K105, Class A2, 1.87%, 01/25/30 (Call 06/25/30)		4,775		4,139,526
Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)		2,000		1,690,001
Series K110, Class A2, 1.48%, 04/25/30 (Call 05/25/30)		13,200		11,100,983
Series K111, Class A2, 1.35%, 05/25/30 (Call 07/25/30)		5,000		4,151,298
Series K117, Class A2, 1.41%, 08/25/30 (Call 10/25/30)		15,000		12,400,200
Series K126, Class A2, 2.07%, 01/25/31 (Call 05/25/31)		17,440		15,023,824
Series K135, CLASS A2, 2.15%, 10/25/31 (Call 11/25/31)(a)		4,670		3,994,592
Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)		20,000		19,190,858
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		10,960		10,092,248

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series K-1512, Class A3, 3.06%, 04/25/34 (Call 10/25/34)	$	16,190	$	14,406,167
Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		15,500		13,372,741
Series K729, Class A1, 2.95%, 02/25/24 (Call 11/25/24)		1,093		1,092,677
Series K733, Class A2, 3.75%, 08/25/25 (Call 01/25/26)		14,963		14,698,541
Series K734, Class A2, 3.21%, 02/25/26 (Call 07/25/26)		5,700		5,527,803
Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)		25,490		22,757,190
Government National Mortgage Association 1.50%, 10/20/51		4,551		3,664,574
2.00%, 07/20/50		5,572		4,792,672
2.00%, 08/20/50		73,971		63,602,864
2.00%, 09/20/50		2,124		1,825,918
2.00%, 10/20/50		8,101		6,961,718
2.00%, 11/20/50		44,328		38,082,357
2.00%, 12/20/50		80,303		68,967,700
2.00%, 02/20/51		180,766		155,346,737
2.00%, 06/20/51		7,325		6,279,188
2.00%, 08/20/51		132,226		113,284,977
2.00%, 10/20/51		92,762		79,427,832
2.00%, 11/20/51		67,320		57,626,393
2.00%, 12/20/51		240,451		205,769,060
2.00%, 01/20/52		84,366		72,266,400
2.00%, 03/20/52		89,131		76,233,284
2.00%, 04/20/52		45,336		38,776,084
2.00%, 06/20/52		7,651		6,543,811
2.00%, 05/18/53		167,468		143,397,746
2.50%, 02/15/28		70		68,258
2.50%, 10/20/31		77		72,801
2.50%, 05/20/45		3,189		2,866,752
2.50%, 11/20/46		449		404,197
2.50%, 12/20/46		13,837		12,444,221
2.50%, 01/20/47		6,374		5,732,886
2.50%, 06/20/50		16,436		14,549,175
2.50%, 08/20/50		17,826		15,779,112
2.50%, 09/20/50		38,503		34,082,722
2.50%, 01/20/51		84,904		75,440,805
2.50%, 02/20/51		67,855		60,217,681
2.50%, 05/20/51		291,801		258,686,965
2.50%, 06/20/51		9,033		8,004,900
2.50%, 07/20/51		242,314		214,665,824
2.50%, 08/20/51		120,784		106,964,737
2.50%, 09/20/51		4,873		4,313,837
2.50%, 10/20/51		4,398		3,892,019
2.50%, 11/20/51		36,009		31,855,830
2.50%, 12/20/51		102,186		90,400,591
2.50%, 03/20/52		112,940		99,889,918
2.50%, 04/20/52		41,701		36,875,969
2.50%, 05/20/52		28,574		25,270,160
2.50%, 07/20/52		9,476		8,400,449
2.50%, 08/20/52		18,953		16,801,821
2.50%, 05/18/53(h)		67,347		59,501,253
3.00%, 08/20/42		4,958		4,634,231
3.00%, 09/15/42		9		8,768
3.00%, 10/15/42		32		30,025
3.00%, 03/15/43		173		159,657

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 06/15/43	$	29	$	27,139
3.00%, 07/15/43		68		62,817
3.00%, 09/20/43		5,688		5,306,148
3.00%, 11/15/43		514		477,278
3.00%, 01/15/44		4,742		4,404,541
3.00%, 08/20/44		14,995		13,987,692
3.00%, 10/15/44		113		103,099
3.00%, 03/20/45		4,780		4,443,866
3.00%, 05/20/45		19,697		18,312,913
3.00%, 06/20/45		6,449		5,995,839
3.00%, 07/20/45		12,956		12,045,401
3.00%, 10/20/45		4,397		4,087,699
3.00%, 11/20/45		2,796		2,599,002
3.00%, 12/20/45		5,125		4,764,805
3.00%, 02/20/46		15,360		14,280,263
3.00%, 04/20/46		7,041		6,535,217
3.00%, 05/20/46		11,637		10,818,401
3.00%, 06/20/46		13,863		12,883,988
3.00%, 07/20/46		19,436		18,038,885
3.00%, 08/20/46		34,005		31,560,715
3.00%, 09/20/46		25,593		23,753,979
3.00%, 11/20/46		6,908		6,411,930
3.00%, 12/15/46		7,989		7,371,247
3.00%, 12/20/46		39,764		36,906,210
3.00%, 01/20/47		2,096		1,945,167
3.00%, 02/15/47		11,909		10,980,018
3.00%, 02/20/47		12,680		11,768,704
3.00%, 03/20/47		11,692		10,852,015
3.00%, 04/20/47		256		237,533
3.00%, 06/20/47		5,640		5,226,276
3.00%, 09/20/47		334		309,211
3.00%, 10/20/47		6,835		6,333,778
3.00%, 11/20/47		124		115,310
3.00%, 02/20/48		5,323		4,902,703
3.00%, 03/20/48		19		18,066
3.00%, 07/20/49		8,031		7,416,459
3.00%, 09/20/49		28,571		26,377,206
3.00%, 10/15/49		10,328		9,494,161
3.00%, 10/20/49		15,104		13,927,298
3.00%, 11/20/49		168		155,082
3.00%, 12/20/49		89,472		82,450,975
3.00%, 01/20/50		47,504		43,763,580
3.00%, 02/20/50		59,933		55,248,570
3.00%, 07/20/50		1,885		1,736,735
3.00%, 08/20/50		27,943		25,712,795
3.00%, 09/20/50		1,126		1,036,236
3.00%, 06/20/51		720		660,284
3.00%, 08/20/51		78,368		71,872,783
3.00%, 09/20/51		26,043		23,877,726
3.00%, 10/20/51		30,045		27,537,823
3.00%, 11/20/51		50,933		46,668,944
3.00%, 12/20/51		45,734		41,892,283
3.00%, 01/20/52(h)		90,857		82,907,013
3.00%, 02/20/52		23,405		21,389,622
3.00%, 05/20/52		9,681		8,837,766
3.00%, 07/20/52		28,801		26,294,195
3.00%, 08/20/52		14,350		13,103,921
3.00%, 09/20/52		19,583		17,903,434
3.50%, 11/20/40		62		59,411
3.50%, 12/20/40		45		43,045

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 05/20/41	$	92	$	88,302
3.50%, 09/15/41		160		153,002
3.50%, 10/15/41		215		206,369
3.50%, 12/15/41		1,664		1,594,038
3.50%, 04/15/42		106		101,157
3.50%, 08/20/42		8,769		8,423,660
3.50%, 09/15/42		356		338,506
3.50%, 09/20/42		10,548		10,132,811
3.50%, 10/15/42		319		302,133
3.50%, 10/20/42		28,122		27,041,943
3.50%, 11/15/42		449		429,987
3.50%, 11/20/42		24,567		23,600,367
3.50%, 12/15/42		638		608,694
3.50%, 12/20/42		8,700		8,357,852
3.50%, 02/15/43		346		332,034
3.50%, 02/20/43		167		159,523
3.50%, 03/15/43		438		418,401
3.50%, 03/20/43		749		716,212
3.50%, 04/15/43		24		22,662
3.50%, 04/20/43		186		178,990
3.50%, 05/15/43		704		675,590
3.50%, 06/15/43		10,190		9,767,545
3.50%, 08/20/43		136		130,285
3.50%, 09/20/43		67		64,185
3.50%, 10/20/43		183		175,325
3.50%, 01/15/44		150		141,941
3.50%, 01/20/44		5,623		5,399,225
3.50%, 02/20/44		1,834		1,761,356
3.50%, 03/20/44		172		165,325
3.50%, 07/20/44		31		29,785
3.50%, 08/15/44		27		25,244
3.50%, 08/20/44		5,997		5,750,957
3.50%, 09/15/44		69		66,537
3.50%, 09/20/44		10,766		10,326,942
3.50%, 10/15/44		147		140,524
3.50%, 10/20/44		1,640		1,561,441
3.50%, 11/20/44		14		13,181
3.50%, 12/20/44		1,008		966,693
3.50%, 01/15/45		61		58,360
3.50%, 01/20/45		150		143,099
3.50%, 03/15/45		119		114,021
3.50%, 04/20/45		10,290		9,838,734
3.50%, 05/20/45		3,915		3,742,652
3.50%, 06/15/45		42		40,279
3.50%, 06/20/45		5,842		5,585,495
3.50%, 07/20/45		234		222,526
3.50%, 08/20/45		482		460,853
3.50%, 09/20/45		15,041		14,279,191
3.50%, 10/20/45		1,472		1,407,567
3.50%, 11/20/45		10,683		10,214,108
3.50%, 12/20/45		5,961		5,699,764
3.50%, 03/20/46		21,986		21,021,785
3.50%, 04/20/46		9,657		9,200,653
3.50%, 06/20/46		42,645		40,628,739
3.50%, 07/20/46		311		294,565
3.50%, 08/15/46		47		45,044
3.50%, 11/20/46		435		414,717
3.50%, 12/20/46		12,397		11,810,498
3.50%, 01/15/47		51		48,211
3.50%, 01/20/47		2,911		2,773,017

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 02/20/47	$	50,048	$	47,681,648
3.50%, 03/20/47		18,490		17,602,615
3.50%, 04/20/47		16,469		15,644,161
3.50%, 06/20/47		3,680		3,507,180
3.50%, 07/20/47		463		440,671
3.50%, 08/20/47		24,536		23,310,720
3.50%, 09/15/47		57		54,310
3.50%, 09/20/47		7,643		7,275,834
3.50%, 10/20/47		14,241		13,603,401
3.50%, 11/15/47		21		19,949
3.50%, 11/20/47		20,991		19,983,482
3.50%, 12/15/47		5		5,125
3.50%, 12/20/47		9,963		9,491,959
3.50%, 01/20/48		10,161		9,673,030
3.50%, 02/20/48		3,431		3,265,781
3.50%, 04/20/48		33,821		32,072,808
3.50%, 05/15/48		349		330,253
3.50%, 05/20/48		23,199		22,085,887
3.50%, 08/20/48		4,467		4,250,126
3.50%, 09/20/48		2,077		1,977,553
3.50%, 11/20/48		3,585		3,410,749
3.50%, 01/20/49		2,191		2,085,598
3.50%, 06/20/49		725		689,035
3.50%, 09/20/49		5,791		5,498,729
3.50%, 10/20/49		7,430		7,055,141
3.50%, 01/20/50		29,292		27,806,726
3.50%, 03/20/50		8,291		7,870,810
3.50%, 08/20/50		6,781		6,402,834
3.50%, 10/20/51		2,671		2,516,819
3.50%, 01/20/52		10,556		9,945,949
3.50%, 02/20/52		19,566		18,436,060
3.50%, 03/20/52(h)		150,726		141,482,583
3.50%, 09/20/52		9,850		9,241,321
4.00%, 06/15/39		6		6,308
4.00%, 09/20/40		2,301		2,276,673
4.00%, 01/15/41		1		1,414
4.00%, 01/20/41		744		736,529
4.00%, 02/15/41		1,774		1,745,417
4.00%, 05/20/41		15		14,392
4.00%, 07/15/41		843		828,224
4.00%, 09/15/41		19		18,209
4.00%, 09/20/41		993		978,868
4.00%, 10/15/41		331		325,648
4.00%, 11/15/41		203		199,673
4.00%, 12/15/41		753		740,904
4.00%, 12/20/41		3,308		3,260,663
4.00%, 01/15/42		67		64,268
4.00%, 01/20/42		1,438		1,417,795
4.00%, 02/15/42		342		336,727
4.00%, 03/15/42		1,801		1,770,997
4.00%, 04/15/42		510		501,576
4.00%, 09/20/42		700		674,332
4.00%, 08/15/43		14		13,625
4.00%, 10/20/43		3,567		3,506,633
4.00%, 03/15/44		126		121,285
4.00%, 04/15/44		30		29,109
4.00%, 06/15/44		171		163,854
4.00%, 08/15/44		9		9,111
4.00%, 08/20/44		254		248,937
4.00%, 09/15/44		2		2,028

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 10/15/44	$	10	$	9,865
4.00%, 10/20/44		4,774		4,687,655
4.00%, 12/20/44		314		308,027
4.00%, 01/20/45		7,499		7,363,271
4.00%, 08/20/45		4,177		4,091,095
4.00%, 09/20/45		4,868		4,767,623
4.00%, 10/20/45		579		566,907
4.00%, 01/20/46		2,210		2,164,274
4.00%, 03/20/46		10,934		10,708,743
4.00%, 07/20/46		2,339		2,282,791
4.00%, 08/20/46		33		31,578
4.00%, 09/20/46		534		521,524
4.00%, 11/20/46		2,787		2,720,058
4.00%, 12/15/46		4,359		4,246,642
4.00%, 04/20/47		17,623		17,190,745
4.00%, 06/20/47		7,197		7,020,714
4.00%, 07/20/47		31,427		30,656,049
4.00%, 08/20/47		1,500		1,463,135
4.00%, 11/20/47		19,085		18,616,261
4.00%, 12/20/47		47		45,559
4.00%, 01/20/48		152		147,941
4.00%, 03/15/48		41		39,987
4.00%, 03/20/48		22,017		21,476,941
4.00%, 04/20/48		11,731		11,407,280
4.00%, 05/15/48		1,900		1,849,723
4.00%, 05/20/48		12,599		12,259,137
4.00%, 08/20/48		19,519		18,991,661
4.00%, 09/20/48		7,058		6,867,659
4.00%, 10/20/48		596		580,170
4.00%, 11/20/48		16,469		16,023,326
4.00%, 02/20/49		7,373		7,173,244
4.00%, 03/20/49		300		291,474
4.00%, 05/20/49		709		688,864
4.00%, 06/15/49		742		721,924
4.00%, 06/20/49		1,813		1,758,355
4.00%, 09/15/49		1,927		1,876,915
4.00%, 02/20/50		115		112,190
4.00%, 07/20/50		170		165,528
4.00%, 07/20/52		9,389		9,022,129
4.00%, 09/20/52		59,205		56,888,791
4.00%, 12/20/52		17,468		16,784,544
4.00%, 05/18/53(h)		157,956		151,866,055
4.50%, 04/15/39		297		298,189
4.50%, 08/15/39		1,530		1,535,517
4.50%, 11/20/39		775		781,372
4.50%, 01/20/40		211		213,127
4.50%, 06/15/40		1,440		1,445,511
4.50%, 07/15/40		668		669,485
4.50%, 08/15/40		1,055		1,058,712
4.50%, 08/20/40		1,294		1,305,421
4.50%, 09/15/40		1,266		1,271,017
4.50%, 10/20/40		3,175		3,202,318
4.50%, 06/20/41		2,772		2,796,660
4.50%, 07/20/41		14,309		14,435,169
4.50%, 09/20/41		1,903		1,919,492
4.50%, 12/20/41		389		392,607
4.50%, 11/20/45		3,229		3,238,163
4.50%, 02/15/46		4		4,028
4.50%, 08/20/46		4,055		4,072,344
4.50%, 09/20/46		664		670,052

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 10/20/46	$	2,918	$	2,930,811
4.50%, 11/20/46		1,126		1,130,476
4.50%, 12/20/46		469		470,786
4.50%, 02/20/47		477		477,592
4.50%, 04/20/47		574		570,515
4.50%, 05/20/47		537		533,800
4.50%, 06/20/47		1,244		1,236,908
4.50%, 07/20/47		2,811		2,795,953
4.50%, 10/20/47		880		875,584
4.50%, 04/20/48		2,143		2,129,395
4.50%, 05/20/48		5,403		5,367,896
4.50%, 06/20/48		5,894		5,856,590
4.50%, 07/20/48		7,720		7,670,593
4.50%, 08/20/48		12,417		12,349,209
4.50%, 09/20/48		618		614,338
4.50%, 10/20/48		640		635,448
4.50%, 11/20/48		176		175,358
4.50%, 12/20/48		6,319		6,279,029
4.50%, 01/20/49		144		142,913
4.50%, 02/20/49		1,442		1,431,446
4.50%, 03/20/49		2,672		2,654,801
4.50%, 05/20/49		555		551,794
4.50%, 06/20/49		8,448		8,394,594
4.50%, 07/20/49		6,284		6,244,098
4.50%, 08/20/49		2,533		2,516,453
4.50%, 07/20/52		4,931		4,835,613
4.50%, 08/20/52		109,668		107,538,252
4.50%, 05/18/53		5,500		5,471,426
4.50%, 05/18/53(h)		120,011		117,742,042
5.00%, 12/15/36		437		448,313
5.00%, 01/15/39		1,294		1,328,985
5.00%, 07/15/39		2,356		2,422,250
5.00%, 05/15/40		832		855,550
5.00%, 07/20/40		4,361		4,468,327
5.00%, 08/20/40		1,609		1,649,173
5.00%, 05/15/47		1,049		1,076,365
5.00%, 06/15/47		159		162,756
5.00%, 11/15/47		359		366,545
5.00%, 12/15/47		261		267,031
5.00%, 01/15/48		342		349,981
5.00%, 02/15/48		489		500,780
5.00%, 03/20/48		1,200		1,213,840
5.00%, 04/20/48		4,062		4,109,982
5.00%, 05/20/48		4,390		4,434,621
5.00%, 10/20/48		88		88,975
5.00%, 11/20/48		1,589		1,603,375
5.00%, 12/20/48		2,916		2,942,110
5.00%, 01/20/49		4,823		4,866,750
5.00%, 04/20/49		11,361		11,462,885
5.00%, 05/20/49		1,347		1,359,048
5.00%, 06/20/49		10,883		10,980,287
5.00%, 07/20/52		5,191		5,166,064
5.00%, 09/20/52		6,523		6,490,777
5.00%, 12/20/52		44,499		44,280,725
5.00%, 01/20/53		47,126		46,895,422
5.00%, 05/18/53(h)		58,105		57,843,981
5.50%, 03/15/36		656		682,593
5.50%, 06/20/38		703		732,972
5.50%, 03/20/39		1,092		1,141,258
5.50%, 12/15/39		254		265,755

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
5.50%, 01/15/40	$	2,433	$	2,559,890
5.50%, 04/20/48		245		251,715
5.50%, 12/20/52		20,111		20,238,636
5.50%, 01/20/53		27,252		27,424,960
5.50%, 03/20/53		44,268		44,548,667
5.50%, 04/20/53		113,197		113,915,709
5.50%, 05/18/53		94,299		94,932,572
6.00%, 03/15/37		2,070		2,191,246
6.00%, 09/20/38		786		814,925
6.00%, 11/15/39		347		370,394
6.50%, 10/20/38		1,173		1,242,001
Uniform Mortgage-Backed Securities
1.50%, 03/01/36		18,708		16,470,151
1.50%, 04/01/36		330		290,265
1.50%, 07/01/36		3,383		2,978,191
1.50%, 10/01/36		13,443		11,834,347
1.50%, 02/01/37		162,052		142,663,600
1.50%, 03/01/37		166,710		146,406,555
1.50%, 04/01/37		25,712		22,581,256
1.50%, 08/01/37		13,318		11,724,213
1.50%, 05/16/38		96,063		84,490,575
1.50%, 11/01/50		91,918		72,531,095
1.50%, 01/01/51		25,600		20,200,301
1.50%, 04/01/51		9,317		7,362,631
1.50%, 05/01/51		104,210		82,342,110
1.50%, 07/01/51		142,239		112,378,355
1.50%, 11/01/51		91,776		72,453,255
1.50%, 04/01/52		9,532		7,528,186
1.50%, 05/11/53(h)		67,975		53,574,124
2.00%, 10/01/35		32,742		29,657,807
2.00%, 11/01/35		15,632		14,189,043
2.00%, 12/01/35		72,182		65,382,911
2.00%, 02/01/36		370,186		335,409,367
2.00%, 03/01/36		73,444		66,462,324
2.00%, 04/01/36		560		506,001
2.00%, 05/01/36		58,275		52,683,983
2.00%, 06/01/36		33,817		30,572,064
2.00%, 08/01/36		27,244		24,630,017
2.00%, 09/01/36		22,408		20,258,479
2.00%, 10/01/36		7,217		6,526,065
2.00%, 11/01/36		48,348		43,709,223
2.00%, 12/01/36		91,629		82,837,186
2.00%, 01/01/37		134,614		121,699,105
2.00%, 02/01/37		67,392		60,927,268
2.00%, 03/01/37		7,644		6,910,151
2.00%, 04/01/37		147,976		133,493,229
2.00%, 05/01/37		66,572		60,046,200
2.00%, 06/01/37		97,105		87,601,499
2.00%, 05/16/38		100,939		91,097,504
2.00%, 07/01/50		61,097		51,000,724
2.00%, 09/01/50		53,257		44,531,151
2.00%, 10/01/50		164,490		137,399,812
2.00%, 11/01/50		2,608		2,175,531
2.00%, 12/01/50		192,915		162,115,387
2.00%, 01/01/51		105,138		88,577,622
2.00%, 02/01/51		463,629		386,538,647
2.00%, 03/01/51		489,030		408,000,573
2.00%, 04/01/51		505,574		421,970,061
2.00%, 05/01/51		113,964		95,331,648
2.00%, 06/01/51		266,928		223,105,535

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.00%, 07/01/51	$	197,162	$	164,512,511
2.00%, 08/01/51		84,299		70,298,968
2.00%, 09/01/51		37,395		31,139,325
2.00%, 10/01/51		710,896		592,514,950
2.00%, 11/01/51		397,354		331,279,368
2.00%, 12/01/51		414,540		345,326,171
2.00%, 01/01/52		238,118		198,355,120
2.00%, 02/01/52		370,716		308,328,398
2.00%, 03/01/52		144,043		119,715,307
2.00%, 04/01/52		1,123		934,881
2.00%, 06/01/52		14,963		12,453,119
2.00%, 05/11/53(h)		245,281		204,047,844
2.50%, 05/01/27		1,005		966,562
2.50%, 10/01/27		1,075		1,031,007
2.50%, 01/01/28		128		122,767
2.50%, 03/01/28		195		185,962
2.50%, 06/01/28		34		32,012
2.50%, 09/01/28		93		88,624
2.50%, 12/01/28		40		38,034
2.50%, 09/01/29		70		66,020
2.50%, 12/01/29		1,726		1,652,962
2.50%, 02/01/30		1,154		1,093,253
2.50%, 03/01/30		3,795		3,595,188
2.50%, 04/01/30		224		212,113
2.50%, 06/01/30		599		567,852
2.50%, 07/01/30		1,222		1,157,892
2.50%, 08/01/30		3,275		3,102,542
2.50%, 09/01/30		1,229		1,163,643
2.50%, 12/01/30		2,428		2,300,136
2.50%, 01/01/31		1,560		1,477,681
2.50%, 04/01/31		912		862,285
2.50%, 05/01/31		24		22,721
2.50%, 09/01/31		4,698		4,442,690
2.50%, 10/01/31		43,595		41,301,963
2.50%, 12/01/31		8,071		7,631,788
2.50%, 01/01/32		15,709		14,854,105
2.50%, 02/01/32		18,529		17,520,495
2.50%, 03/01/32		7,190		6,798,768
2.50%, 04/01/32		43,851		41,465,718
2.50%, 05/01/32		28,253		26,715,173
2.50%, 06/01/32		790		747,464
2.50%, 07/01/32		12,425		11,748,485
2.50%, 09/01/32		4,687		4,432,121
2.50%, 10/01/32		905		848,200
2.50%, 11/01/32		710		665,201
2.50%, 12/01/32		8,390		7,859,926
2.50%, 01/01/33		25,162		23,861,620
2.50%, 03/01/33		119		111,034
2.50%, 07/01/33		115		107,441
2.50%, 08/01/34		625		592,256
2.50%, 10/01/34		258		240,946
2.50%, 11/01/34		24,186		22,559,252
2.50%, 07/01/35		13,255		12,348,384
2.50%, 09/01/35		25,534		23,786,352
2.50%, 10/01/35		81,550		75,971,226
2.50%, 03/01/36		23,930		22,242,232
2.50%, 04/01/36		1,510		1,403,478
2.50%, 05/01/36		20,317		18,883,798
2.50%, 07/01/36		34,848		32,390,276
2.50%, 08/01/36		10,013		9,307,375

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 10/01/36	$	1,405	$	1,305,895
2.50%, 03/01/37		3,383		3,142,855
2.50%, 04/01/37		28,201		26,194,154
2.50%, 05/01/37		69,426		64,428,588
2.50%, 06/01/37		16,853		15,640,183
2.50%, 05/16/38		98,077		91,138,670
2.50%, 05/01/43		220		196,055
2.50%, 02/01/47		759		670,175
2.50%, 04/01/47		9,633		8,501,114
2.50%, 12/01/47		187		165,460
2.50%, 07/01/50		45,824		40,240,687
2.50%, 08/01/50		49,598		43,270,221
2.50%, 09/01/50		149,169		130,397,043
2.50%, 10/01/50		190,533		165,785,165
2.50%, 11/01/50		220,259		191,810,078
2.50%, 12/01/50		64,640		56,161,688
2.50%, 01/01/51		142,569		123,803,574
2.50%, 02/01/51		19,888		17,259,194
2.50%, 03/01/51		65,074		56,498,899
2.50%, 04/01/51		38,760		33,666,146
2.50%, 05/01/51		21,160		18,372,302
2.50%, 07/01/51		253,018		219,487,899
2.50%, 08/01/51		290,314		252,423,457
2.50%, 09/01/51		154,450		133,858,508
2.50%, 10/01/51		70,605		61,181,339
2.50%, 11/01/51		102,250		88,732,363
2.50%, 12/01/51		402,965		349,508,237
2.50%, 01/01/52		454,481		393,158,418
2.50%, 02/01/52		110,663		95,969,233
2.50%, 03/01/52		258,314		223,873,948
2.50%, 04/01/52		204,883		177,395,382
2.50%, 05/01/52		118,323		102,327,498
2.50%, 07/01/52		60,064		51,967,054
2.50%, 08/01/52		11,554		9,991,172
2.50%, 05/11/53(h)		524,976		454,545,569
3.00%, 11/01/25		80		78,337
3.00%, 10/01/26		57		55,574
3.00%, 01/01/27		1,483		1,437,479
3.00%, 02/01/27		16		15,949
3.00%, 10/01/27		1,944		1,878,024
3.00%, 11/01/27		1,288		1,245,012
3.00%, 12/01/27		87		84,486
3.00%, 03/01/29		137		133,039
3.00%, 07/01/29		211		204,437
3.00%, 09/01/29		105		102,134
3.00%, 10/01/29		29		27,719
3.00%, 01/01/30		80		77,793
3.00%, 03/01/30		40,856		39,579,957
3.00%, 04/01/30		3,486		3,352,845
3.00%, 06/01/30		714		689,764
3.00%, 07/01/30		2,703		2,599,197
3.00%, 08/01/30		10,044		9,658,737
3.00%, 09/01/30		13,590		13,069,442
3.00%, 10/01/30		6,046		5,815,250
3.00%, 11/01/30		1,409		1,355,481
3.00%, 12/01/30		4,001		3,847,202
3.00%, 01/01/31		14,037		13,498,758
3.00%, 02/01/31		10,006		9,622,596
3.00%, 03/01/31		6,559		6,306,588
3.00%, 04/01/31		993		944,864

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 05/01/31	$	340	$	326,987
3.00%, 06/01/31		5,848		5,623,646
3.00%, 07/01/31		1,435		1,380,195
3.00%, 09/01/31		5,403		5,195,359
3.00%, 10/01/31		1,257		1,208,351
3.00%, 12/01/31		10,593		10,260,034
3.00%, 01/01/32		9,656		9,284,783
3.00%, 02/01/32		18,114		17,417,916
3.00%, 03/01/32		2,540		2,441,710
3.00%, 04/01/32		186		178,881
3.00%, 05/01/32		3,465		3,330,631
3.00%, 06/01/32		5,805		5,582,129
3.00%, 08/01/32		3,632		3,491,863
3.00%, 09/01/32		1,006		967,227
3.00%, 11/01/32		5,890		5,662,161
3.00%, 12/01/32		11,529		11,082,433
3.00%, 02/01/33		6,462		6,212,866
3.00%, 05/01/33		498		475,904
3.00%, 09/01/33		437		418,766
3.00%, 10/01/33		5,362		5,142,543
3.00%, 07/01/34		4,200		4,012,001
3.00%, 08/01/34		389		371,352
3.00%, 09/01/34		6,218		5,940,190
3.00%, 11/01/34		4,076		3,894,041
3.00%, 12/01/34		14,080		13,450,956
3.00%, 03/01/35		3,970		3,792,296
3.00%, 04/01/35		23,572		22,502,104
3.00%, 06/01/35		654		624,714
3.00%, 07/01/35		3,258		3,112,779
3.00%, 10/01/35		9,388		8,960,924
3.00%, 12/01/35		6,522		6,235,134
3.00%, 03/25/37(h)		77,245		73,422,435
3.00%, 07/01/37		15,584		14,824,894
3.00%, 08/01/42		228		211,053
3.00%, 09/01/42		84		77,555
3.00%, 10/01/42		3,563		3,291,056
3.00%, 11/01/42		2,719		2,511,619
3.00%, 12/01/42		14,262		13,175,032
3.00%, 01/01/43		7,660		7,075,696
3.00%, 02/01/43		242		223,607
3.00%, 03/01/43		10,155		9,376,254
3.00%, 04/01/43		11,136		10,282,036
3.00%, 05/01/43		4,719		4,357,577
3.00%, 06/01/43		2,354		2,174,104
3.00%, 07/01/43		1,640		1,515,226
3.00%, 08/01/43		2,704		2,496,091
3.00%, 09/01/43		6,546		6,043,824
3.00%, 01/01/44		9,149		8,448,045
3.00%, 10/01/44		28,942		26,723,978
3.00%, 12/01/44		11		9,986
3.00%, 01/01/45		2,933		2,708,021
3.00%, 02/01/45		263		241,852
3.00%, 03/01/45		12,519		11,559,456
3.00%, 04/01/45		106		97,233
3.00%, 05/01/45		12,089		11,143,991
3.00%, 06/01/45		58		53,408
3.00%, 08/01/45		134		122,835
3.00%, 09/01/45		926		848,759
3.00%, 11/01/45		2,000		1,833,934
3.00%, 12/01/45		367		336,175

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 01/01/46	$	565	$	517,261
3.00%, 04/01/46		3,176		2,912,020
3.00%, 06/01/46		61		56,331
3.00%, 07/01/46		75,376		69,112,540
3.00%, 08/01/46		13,480		12,354,909
3.00%, 10/01/46		4,165		3,817,109
3.00%, 11/01/46		51,580		47,266,794
3.00%, 12/01/46		113,941		104,399,640
3.00%, 01/01/47		42,528		38,994,537
3.00%, 02/01/47		69,521		63,687,538
3.00%, 03/01/47		37,792		34,620,834
3.00%, 05/01/47		1,445		1,324,076
3.00%, 07/01/47		17,369		15,912,506
3.00%, 08/01/47		5,355		4,905,551
3.00%, 12/01/47		28,057		25,712,022
3.00%, 03/01/48		4,246		3,890,232
3.00%, 04/01/48		169		153,108
3.00%, 09/01/48		427		391,618
3.00%, 11/01/48		48,564		44,495,086
3.00%, 02/01/49		22,529		20,656,424
3.00%, 09/01/49		10,466		9,540,847
3.00%, 11/01/49		16,419		14,894,869
3.00%, 12/01/49		31,382		28,447,486
3.00%, 02/01/50		8,231		7,452,495
3.00%, 03/01/50		20,487		18,549,440
3.00%, 04/01/50		32,877		29,761,367
3.00%, 05/01/50		9,438		8,541,866
3.00%, 06/01/50		27,010		24,443,865
3.00%, 07/01/50		24,655		22,300,507
3.00%, 08/01/50		62,598		56,991,083
3.00%, 09/01/50		202		182,377
3.00%, 10/01/50		119,344		107,942,014
3.00%, 11/01/50		1,737		1,569,871
3.00%, 12/01/50		601		542,916
3.00%, 01/01/51		20,451		18,488,826
3.00%, 05/01/51		56,695		51,812,896
3.00%, 06/01/51		49,653		44,752,930
3.00%, 07/01/51		3,886		3,499,763
3.00%, 08/01/51		64,919		58,675,083
3.00%, 11/01/51		19,962		17,966,691
3.00%, 01/01/52		45,650		41,063,028
3.00%, 02/01/52		19,622		17,655,134
3.00%, 02/25/52(h)		378,477		339,949,488
3.00%, 03/01/52		46,894		42,148,017
3.00%, 04/01/52		191,713		172,717,546
3.00%, 05/01/52		60,108		54,024,372
3.50%, 10/01/25		144		140,826
3.50%, 01/01/27		195		189,847
3.50%, 11/01/28		108		105,513
3.50%, 01/01/29		221		216,186
3.50%, 11/01/29		103		99,388
3.50%, 12/01/29		860		840,455
3.50%, 07/01/30		5,478		5,352,429
3.50%, 10/01/30		1,479		1,444,958
3.50%, 11/01/30		317		310,077
3.50%, 03/01/31		2,201		2,149,088
3.50%, 06/01/31		6,876		6,721,489
3.50%, 01/01/32		8,150		7,964,912
3.50%, 02/01/32		1,026		998,993
3.50%, 05/01/32		4,100		4,006,787

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 06/01/32	$	3,776	$	3,689,551
3.50%, 07/01/32		1,350		1,319,523
3.50%, 08/01/32		966		934,868
3.50%, 09/01/32		2,292		2,240,135
3.50%, 10/01/32		907		878,444
3.50%, 11/01/32		1,064		1,033,280
3.50%, 12/01/32		125		121,684
3.50%, 02/01/33		534		521,293
3.50%, 03/01/33		4,739		4,631,328
3.50%, 04/01/33		5,940		5,751,151
3.50%, 05/01/33		4,232		4,128,680
3.50%, 06/01/33		4,948		4,827,168
3.50%, 10/01/33		669		653,029
3.50%, 01/01/34		1,720		1,680,861
3.50%, 02/01/34		24,047		23,460,518
3.50%, 03/01/34		547		532,493
3.50%, 04/01/34		1,460		1,421,071
3.50%, 05/01/34		2,060		2,004,576
3.50%, 07/01/34		7,047		6,866,769
3.50%, 08/01/34		5,813		5,656,481
3.50%, 01/01/35		4,056		3,946,407
3.50%, 05/01/35		340		332,453
3.50%, 05/16/38(h)		61,040		59,101,987
3.50%, 08/01/38		958		914,275
3.50%, 09/01/38		1,689		1,612,272
3.50%, 11/01/40		250		239,175
3.50%, 02/01/41		279		265,651
3.50%, 02/01/42		7,949		7,559,171
3.50%, 03/01/42		57		53,840
3.50%, 04/01/42		25		23,884
3.50%, 05/01/42		2,730		2,599,974
3.50%, 08/01/42		459		437,375
3.50%, 11/01/42		9,694		9,220,384
3.50%, 12/01/42		3,566		3,385,570
3.50%, 01/01/43		86		82,355
3.50%, 02/01/43		553		531,258
3.50%, 04/01/43		99		94,614
3.50%, 05/01/43		129		123,082
3.50%, 06/01/43		3,558		3,383,170
3.50%, 08/01/43		101		96,203
3.50%, 10/01/43		3,846		3,657,952
3.50%, 09/01/44		225		214,211
3.50%, 10/01/44		4,572		4,347,488
3.50%, 01/01/45		114		108,582
3.50%, 02/01/45		5,644		5,367,917
3.50%, 03/01/45		21,935		20,848,120
3.50%, 05/01/45		23,919		22,736,503
3.50%, 06/01/45		94		89,296
3.50%, 07/01/45		9,803		9,316,779
3.50%, 08/01/45		3,897		3,704,331
3.50%, 10/01/45		1,981		1,884,681
3.50%, 11/01/45		277		262,210
3.50%, 12/01/45		37,083		35,133,106
3.50%, 01/01/46		16,498		15,732,961
3.50%, 02/01/46		16,652		15,750,505
3.50%, 03/01/46		20,721		19,605,181
3.50%, 04/01/46		2,975		2,804,442
3.50%, 05/01/46		17,399		16,505,499
3.50%, 06/01/46		3,269		3,079,276
3.50%, 07/01/46		27,386		25,997,001

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 08/01/46	$	8,717	$	8,224,445
3.50%, 09/01/46		7,144		6,732,677
3.50%, 10/01/46		9,726		9,200,384
3.50%, 11/01/46		13,919		13,178,213
3.50%, 12/01/46		60,949		57,878,017
3.50%, 01/01/47		31,824		30,217,307
3.50%, 02/01/47		13,410		12,676,647
3.50%, 04/01/47		12,490		11,843,930
3.50%, 05/01/47		14,465		13,718,528
3.50%, 06/01/47		9,770		9,249,905
3.50%, 07/01/47		63,734		60,179,268
3.50%, 08/01/47		15,417		14,569,766
3.50%, 09/01/47		16,521		15,558,531
3.50%, 10/01/47		12,652		12,004,798
3.50%, 11/01/47		17,858		16,935,395
3.50%, 12/01/47		17,226		16,227,136
3.50%, 01/01/48		18,229		17,252,345
3.50%, 02/01/48		79,239		74,811,638
3.50%, 03/01/48		2,536		2,391,042
3.50%, 04/01/48		11,747		11,115,843
3.50%, 05/01/48		2,365		2,261,034
3.50%, 06/01/48		3,402		3,202,692
3.50%, 07/01/48		2,664		2,510,735
3.50%, 11/01/48		39,962		37,625,786
3.50%, 02/01/49		125		117,450
3.50%, 03/01/49		1,557		1,466,397
3.50%, 04/01/49		2,495		2,361,409
3.50%, 05/01/49		1,879		1,763,489
3.50%, 06/01/49		86,242		81,363,655
3.50%, 07/01/49		14,008		13,145,111
3.50%, 09/01/49		19,039		17,865,162
3.50%, 04/01/50		48,225		45,624,977
3.50%, 07/01/50		15,001		14,048,834
3.50%, 02/01/51		30,455		28,567,981
3.50%, 05/01/51		772		729,821
3.50%, 07/01/51		4,419		4,120,850
3.50%, 03/25/52(h)		304,586		283,003,225
3.50%, 05/01/52		48,143		44,725,540
3.50%, 06/01/52		61,289		56,961,878
3.50%, 07/01/52		27,840		25,987,237
4.00%, 10/01/25		620		609,750
4.00%, 11/01/25		34		33,314
4.00%, 03/01/26		261		256,166
4.00%, 06/01/26		360		353,266
4.00%, 09/01/26		127		125,149
4.00%, 12/01/30		1,093		1,079,430
4.00%, 01/01/31		409		404,318
4.00%, 02/01/31		291		287,159
4.00%, 10/01/31		1,246		1,230,307
4.00%, 02/01/32		1,611		1,590,744
4.00%, 07/01/32		3,976		3,906,177
4.00%, 05/01/33		4,979		4,905,140
4.00%, 06/01/33		837		824,558
4.00%, 07/01/33		1,491		1,469,140
4.00%, 12/01/33		8,707		8,562,173
4.00%, 05/16/38		40,915		40,155,899
4.00%, 06/01/38		2,924		2,887,764
4.00%, 12/01/40		22		21,370
4.00%, 12/01/41		1,131		1,106,498
4.00%, 03/01/42		2,569		2,513,052

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 06/01/42	$	1,844	$	1,803,318
4.00%, 07/01/42		66		65,302
4.00%, 09/01/43		115		113,279
4.00%, 10/01/43		86		84,426
4.00%, 04/01/44		42		40,801
4.00%, 05/01/44		2,721		2,673,765
4.00%, 06/01/44		4,482		4,390,362
4.00%, 10/01/44		1,248		1,219,712
4.00%, 12/01/44		9,555		9,360,007
4.00%, 01/01/45		12,265		11,985,228
4.00%, 02/01/45		38,886		38,101,758
4.00%, 03/01/45		6,070		5,940,074
4.00%, 05/01/45		11,045		10,846,169
4.00%, 06/01/45		6,214		6,073,549
4.00%, 07/01/45		422		411,682
4.00%, 08/01/45		352		343,712
4.00%, 09/01/45		817		800,895
4.00%, 11/01/45		142		138,265
4.00%, 12/01/45		903		884,182
4.00%, 01/01/46		794		773,993
4.00%, 02/01/46		1,303		1,267,726
4.00%, 03/01/46		1,691		1,645,493
4.00%, 04/01/46		2,578		2,506,553
4.00%, 05/01/46		7,447		7,285,234
4.00%, 06/01/46		19,829		19,482,543
4.00%, 07/01/46		22,989		22,439,701
4.00%, 08/01/46		4,015		3,910,790
4.00%, 09/01/46		188		182,902
4.00%, 10/01/46		4,160		4,058,102
4.00%, 11/01/46		1,483		1,460,068
4.00%, 02/01/47		3,025		2,948,855
4.00%, 03/01/47		2,228		2,139,799
4.00%, 04/01/47		6,699		6,527,861
4.00%, 05/01/47		5,991		5,848,244
4.00%, 06/01/47		11,815		11,536,624
4.00%, 07/01/47		18,648		18,151,981
4.00%, 08/01/47		15,777		15,349,744
4.00%, 09/01/47		16,691		16,241,832
4.00%, 10/01/47		14,317		14,023,571
4.00%, 11/01/47		6,785		6,584,968
4.00%, 12/01/47		10,689		10,380,021
4.00%, 01/01/48		2,122		2,060,678
4.00%, 02/01/48		22,422		21,761,758
4.00%, 04/01/48		23,984		23,240,392
4.00%, 05/01/48		1,944		1,883,193
4.00%, 07/01/48		3,183		3,083,787
4.00%, 09/01/48		11,908		11,536,825
4.00%, 10/01/48		8,498		8,253,828
4.00%, 11/01/48		25,170		24,385,661
4.00%, 01/01/49		3,383		3,298,563
4.00%, 02/01/49		3,479		3,370,083
4.00%, 03/01/49		40,391		39,134,631
4.00%, 04/01/49		12,100		11,808,744
4.00%, 05/01/49		9,224		9,000,839
4.00%, 06/01/49		34,646		33,729,595
4.00%, 07/01/49		61,634		59,818,380
4.00%, 08/01/49		975		953,142
4.00%, 10/01/49		1,756		1,707,366
4.00%, 11/01/49		2,822		2,745,950
4.00%, 12/01/49		3,949		3,816,739

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 02/01/50	$	628	$	606,987
4.00%, 03/01/51		8,587		8,299,435
4.00%, 05/01/51		21,920		21,237,495
4.00%, 04/01/52		17,278		16,518,641
4.00%, 05/01/52		37,650		35,977,785
4.00%, 06/01/52		49,426		47,237,488
4.00%, 06/25/52(h)		120,790		115,458,253
4.00%, 07/01/52		85,310		81,510,004
4.00%, 08/01/52		211,817		202,417,558
4.00%, 09/01/52		22,154		21,174,463
4.00%, 10/01/52		28,574		27,507,902
4.50%, 10/01/24		88		87,220
4.50%, 02/01/25		43		42,793
4.50%, 04/01/25		65		64,557
4.50%, 06/01/25		321		316,766
4.50%, 08/01/31		1,104		1,104,708
4.50%, 08/01/34		277		275,054
4.50%, 05/16/38		4,200		4,171,289
4.50%, 09/01/40		2,751		2,755,185
4.50%, 12/01/40		1,606		1,607,896
4.50%, 01/01/41		3,296		3,300,879
4.50%, 05/01/41		2,142		2,150,518
4.50%, 06/01/41		12,740		12,755,459
4.50%, 08/01/41		4,424		4,430,009
4.50%, 09/01/41		1,464		1,471,667
4.50%, 01/01/42		1,492		1,494,506
4.50%, 09/01/42		1,386		1,387,743
4.50%, 08/01/43		2,294		2,296,793
4.50%, 12/01/43		76		77,524
4.50%, 03/01/44		14		13,949
4.50%, 04/01/44		4,023		4,021,868
4.50%, 06/01/44		787		787,355
4.50%, 12/01/44		273		272,792
4.50%, 02/01/45		1,584		1,594,188
4.50%, 08/01/45		2,152		2,165,263
4.50%, 10/01/45		400		405,479
4.50%, 11/01/45		189		188,493
4.50%, 12/01/45		622		624,938
4.50%, 01/01/46		74		73,742
4.50%, 02/01/46		8,108		8,118,989
4.50%, 03/01/46		1,399		1,401,059
4.50%, 04/01/46		265		267,111
4.50%, 05/01/46		156		155,974
4.50%, 06/01/46		5		4,558
4.50%, 07/01/46		27		27,270
4.50%, 08/01/46		1,965		1,963,151
4.50%, 09/01/46		768		777,930
4.50%, 10/01/46		1,001		1,003,270
4.50%, 01/01/47		410		407,931
4.50%, 02/01/47		150		149,122
4.50%, 03/01/47		1,846		1,849,699
4.50%, 04/01/47		5,433		5,447,519
4.50%, 06/01/47		3,007		3,007,995
4.50%, 07/01/47		23		22,722
4.50%, 08/01/47		253		251,623
4.50%, 10/01/47		6,943		6,965,881
4.50%, 01/01/48		10,353		10,307,708
4.50%, 02/01/48		1,036		1,038,693
4.50%, 03/01/48		5,811		5,794,615
4.50%, 04/01/48		2,728		2,722,399

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.50%, 05/01/48	$	5,641		$	5,608,519
4.50%, 06/01/48		3,677			3,679,158
4.50%, 07/01/48		2,123			2,106,857
4.50%, 08/01/48		10,231			10,223,175
4.50%, 09/01/48		303			297,919
4.50%, 10/01/48		13,351			13,267,367
4.50%, 11/01/48		4,993			4,955,448
4.50%, 12/01/48		18,714			18,640,188
4.50%, 01/01/49		5,935			5,889,348
4.50%, 02/01/49		7,400			7,346,062
4.50%, 03/01/49		818			820,198
4.50%, 04/01/49		13,225			13,215,821
4.50%, 05/01/49		11,332			11,223,696
4.50%, 07/01/49		806			797,003
4.50%, 08/01/49		176			173,789
4.50%, 09/01/50		39,960			39,654,696
4.50%, 05/01/52		10,968			10,902,623
4.50%, 05/12/52(h)		234,870			229,594,599
4.50%, 06/01/52		48,799			47,671,671
4.50%, 07/01/52		2,527			2,471,212
4.50%, 08/01/52		5,986			5,853,479
4.50%, 09/01/52		16,567			16,183,174
4.50%, 10/01/52		106,035			104,277,906
4.50%, 11/01/52		1,994			1,949,517
4.50%, 12/01/52		112,259			110,262,643
5.00%, 07/01/23		8			8,350
5.00%, 12/01/23		0	(i)		112
5.00%, 09/01/33		93			94,412
5.00%, 11/01/33		2,692			2,733,228
5.00%, 06/01/35		132			134,251
5.00%, 10/01/35		46			46,912
5.00%, 12/01/36		38			39,224
5.00%, 05/16/38		975			978,756
5.00%, 05/01/39		28			29,007
5.00%, 06/01/39		546			554,585
5.00%, 12/01/39		82			84,222
5.00%, 01/01/40		2			1,958
5.00%, 03/01/40		1,456			1,491,214
5.00%, 04/01/40		228			234,001
5.00%, 05/01/40		14			14,558
5.00%, 06/01/40		125			127,797
5.00%, 07/01/40		797			816,863
5.00%, 08/01/40		1,206			1,234,608
5.00%, 09/01/40		10			9,855
5.00%, 10/01/40		34			35,254
5.00%, 04/01/41		587			600,776
5.00%, 05/01/41		2,351			2,408,940
5.00%, 06/01/41		595			609,563
5.00%, 08/01/41		1,063			1,089,599
5.00%, 10/01/41		2,825			2,894,906
5.00%, 01/01/42		14,640			14,997,963
5.00%, 05/01/42		5,351			5,482,048
5.00%, 09/01/47		475			478,696
5.00%, 02/01/48		1,775			1,790,235
5.00%, 03/01/48		1,542			1,554,782
5.00%, 04/01/48		2,349			2,369,055
5.00%, 05/01/48		2,069			2,086,856
5.00%, 07/01/48		2,573			2,594,870
5.00%, 09/01/48		1,756			1,770,133
5.00%, 01/01/49		132			132,691

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
5.00%, 04/01/49	$	6,832	$	6,884,856
5.00%, 05/01/49		31		31,262
5.00%, 06/01/49		271		273,111
5.00%, 09/01/49		66		66,391
5.00%, 10/01/49		180		181,576
5.00%, 08/01/52		15,784		15,764,293
5.00%, 09/01/52		26,178		26,281,395
5.00%, 10/01/52		32,745		32,803,948
5.00%, 11/01/52		33,335		33,377,914
5.00%, 12/01/52		26,019		26,121,706
5.00%, 01/01/53		48,194		48,145,654
5.00%, 05/11/53(h)		230,759		229,434,061
5.50%, 05/01/33		1,000		1,032,454
5.50%, 11/01/33		2,041		2,107,055
5.50%, 09/01/34		3,023		3,127,483
5.50%, 09/01/36		225		232,112
5.50%, 03/01/38		184		191,765
5.50%, 06/01/38		4,965		5,176,550
5.50%, 11/01/38		401		418,324
5.50%, 07/01/40		1,264		1,318,093
5.50%, 09/01/41		31,946		32,993,029
5.50%, 01/01/47		2,511		2,604,423
5.50%, 12/01/48		241		249,560
5.50%, 09/01/52		14,058		14,459,062
5.50%, 11/01/52		15,494		15,787,159
5.50%, 12/01/52		65,736		67,103,660
5.50%, 01/01/53		85,864		87,921,592
5.50%, 02/01/53		32,182		32,647,196
5.50%, 05/11/53(h)		145,505		146,698,596
6.00%, 03/01/34		1,680		1,767,197
6.00%, 05/01/34		144		151,512
6.00%, 08/01/34		280		294,451
6.00%, 11/01/34		90		95,021
6.00%, 09/01/36		392		416,395
6.00%, 08/01/37		890		944,797
6.00%, 03/01/38		304		322,425
6.00%, 05/01/38		153		162,461
6.00%, 09/01/38		124		131,847
6.00%, 06/01/39		2,411		2,540,361
6.00%, 10/01/39		158		167,556
6.00%, 07/01/41		1,330		1,411,567
6.00%, 02/01/49		6,429		6,821,369
6.50%, 08/01/36		21		22,637
6.50%, 09/01/36		178		191,131
6.50%, 10/01/36		24		25,597
6.50%, 12/01/36		34		36,463
6.50%, 07/01/37		43		45,948
6.50%, 08/01/37		1,936		2,076,099
6.50%, 10/01/37		77		82,203
6.50%, 11/01/37		18		19,741
6.50%, 12/01/37		589		631,554
6.50%, 06/01/38		16		16,798
6.50%, 10/01/39		519		556,970
6.50%, 05/01/40		17		18,743
7.00%, 04/01/37		689		753,019
				24,124,561,745
U.S. Government Agency Obligations — 1.0%
Federal Home Loan Banks
0.50%, 04/14/25		7,000		6,527,290
1.50%, 08/15/24		1,000		961,060

Security	Par (000)		Value
U.S. Government Agency Obligations (continued)
2.13%, 12/14/29	$	70	$	62,796
2.50%, 12/08/23		1,000		984,260
2.75%, 12/13/24		250		242,960
2.88%, 09/13/24		1,000		976,850
3.13%, 06/13/25		980		958,636
3.25%, 11/16/28		25,470		25,013,068
5.50%, 07/15/36		7,900		9,136,350
Federal Home Loan Mortgage Corp.
2.75%, 06/19/23		6,935		6,914,472
4.00%, 11/01/52		4,564		4,361,121
4.00%, 02/01/53		33,134		32,086,672
5.00%, 04/01/53		44,170		43,936,901
5.50%, 03/01/53		21,129		21,295,661
5.50%, 04/01/53		38,713		39,093,951
6.25%, 07/15/32		73,453		87,685,988
6.75%, 03/15/31		21,820		26,286,336
Federal National Mortgage Association
0.25%, 07/10/23		121,600		120,498,304
0.38%, 08/25/25		24,991		22,960,231
0.63%, 04/22/25		5,000		4,662,950
0.88%, 08/05/30		17,530		14,401,947
1.63%, 01/07/25		13,020		12,448,682
1.75%, 07/02/24		1,550		1,500,478
1.88%, 09/24/26		1,285		1,207,592
2.00%, 09/01/50		15,882		13,251,696
2.00%, 12/01/50		49,781		41,688,752
2.50%, 02/05/24		200		196,310
2.63%, 09/06/24		39,730		38,736,750
2.88%, 09/12/23		5,000		4,960,800
3.50%, 06/01/52		9,150		8,568,928
4.50%, 09/01/52		29,854		29,524,957
4.50%, 04/01/53		17,984		17,583,010
5.00%, 09/01/52		1,001		1,000,246
5.00%, 02/01/53		7,580		7,544,075
5.00%, 03/01/53		29,701		29,764,634
5.00%, 04/01/53		47,488		47,252,669
5.50%, 02/01/53		4,971		5,080,549
5.50%, 03/01/53		65,264		66,817,695
5.63%, 07/15/37		795		931,096
6.25%, 05/15/29		580		659,240
6.63%, 11/15/30		8,180		9,735,754
7.13%, 01/15/30		10,000		12,030,100
7.25%, 05/15/30		17,396		21,197,026
Tennessee Valley Authority
1.50%, 09/15/31		1,000		822,720
3.50%, 12/15/42		525		444,612
4.63%, 09/15/60		1,000		988,560
4.88%, 01/15/48		8,035		8,218,118
5.25%, 09/15/39		458		489,556
5.50%, 06/15/38		10,000		11,075,500
5.88%, 04/01/36		95		108,907
6.15%, 01/15/38		3,553		4,221,035
7.13%, 05/01/30		3,556		4,239,392
Series B, 4.70%, 07/15/33		1,500		1,572,900
Series E, 6.75%, 11/01/25		7,000		7,449,890
				880,360,033
U.S. Government Obligations — 41.6%
U.S. Treasury Note/Bond
0.25%, 03/15/24		88,400		84,946,875
0.25%, 05/15/24		141,870		135,336,221

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
0.25%, 06/15/24	$	139,076	$	132,339,506
0.25%, 05/31/25		106,410		98,445,877
0.25%, 06/30/25		4,100		3,789,297
0.25%, 07/31/25		184,800		170,218,125
0.25%, 08/31/25		340,050		312,474,070
0.25%, 09/30/25		116,300		106,777,938
0.25%, 10/31/25		194,300		177,708,603
0.38%, 04/15/24		15,910		15,251,848
0.38%, 07/15/24		38,455		36,560,791
0.38%, 08/15/24		87,250		82,720,498
0.38%, 09/15/24		5,000		4,729,688
0.38%, 04/30/25		44,000		40,913,125
0.38%, 11/30/25		467,800		428,475,562
0.38%, 12/31/25		210,900		192,989,978
0.38%, 01/31/26		798,200		727,546,832
0.38%, 07/31/27		119,700		104,718,797
0.38%, 09/30/27		5,000		4,353,125
0.50%, 02/28/26		204,700		186,884,703
0.50%, 04/30/27		93,800		83,086,281
0.50%, 05/31/27		108,400		95,764,625
0.50%, 06/30/27		136,900		120,696,602
0.50%, 08/31/27		155,022		136,044,356
0.50%, 10/31/27		202,200		176,656,454
0.63%, 10/15/24		12,820		12,136,934
0.63%, 07/31/26		60,000		54,407,813
0.63%, 03/31/27		75,600		67,467,094
0.63%, 11/30/27		197,000		172,836,719
0.63%, 12/31/27		187,400		164,092,125
0.63%, 05/15/30		270,400		223,037,750
0.63%, 08/15/30		396,000		324,967,500
0.75%, 11/15/24		113,750		107,689,258
0.75%, 03/31/26		20,500		18,845,586
0.75%, 04/30/26		10,000		9,160,156
0.75%, 05/31/26		42,800		39,118,531
0.75%, 08/31/26		227,900		207,068,516
0.75%, 01/31/28		496,300		436,239,948
0.88%, 06/30/26		170,000		155,842,188
0.88%, 09/30/26		190,610		173,708,255
0.88%, 11/15/30		163,800		136,747,406
1.00%, 12/15/24		165,200		156,733,500
1.00%, 07/31/28		200,000		175,953,126
1.13%, 01/15/25		157,460		149,420,929
1.13%, 02/28/25		83,700		79,269,785
1.13%, 10/31/26		171,100		156,917,415
1.13%, 02/28/27		40,300		36,773,750
1.13%, 02/29/28		122,340		109,341,375
1.13%, 08/31/28		273,600		241,900,876
1.13%, 02/15/31		257,200		218,459,250
1.13%, 05/15/40		156,500		104,855,000
1.13%, 08/15/40		58,000		38,542,813
1.25%, 08/31/24		127,850		122,451,334
1.25%, 11/30/26		164,900		151,720,884
1.25%, 12/31/26		191,230		175,647,744
1.25%, 03/31/28		186,000		166,978,595
1.25%, 04/30/28		129,100		115,695,790
1.25%, 05/31/28		209,110		187,169,788
1.25%, 06/30/28		232,175		207,379,437
1.25%, 09/30/28		317,000		281,535,625
1.25%, 08/15/31		318,900		269,719,641
1.25%, 05/15/50		205,900		120,033,266

Security	Par (000)		Value
U.S. Government Obligations (continued)
1.38%, 08/31/26	$	22,500	$	20,877,539
1.38%, 10/31/28		185,000		165,170,313
1.38%, 12/31/28		185,430		165,278,975
1.38%, 11/15/31		400,250		340,337,578
1.38%, 11/15/40		284,800		197,001,500
1.38%, 08/15/50		16,000		9,625,000
1.50%, 09/30/24		103,300		99,168,000
1.50%, 10/31/24		105,100		100,719,465
1.50%, 11/30/24		290,100		277,702,759
1.50%, 02/15/25		152,720		145,656,700
1.50%, 08/15/26		382,000		356,304,533
1.50%, 01/31/27		325,280		301,163,539
1.50%, 11/30/28		284,200		255,136,111
1.50%, 02/15/30		35,485		31,315,513
1.63%, 02/15/26		207,890		196,066,256
1.63%, 05/15/26		250,000		234,980,470
1.63%, 09/30/26		34,500		32,257,500
1.63%, 10/31/26		76,300		71,274,930
1.63%, 11/30/26		21,200		19,773,969
1.63%, 08/15/29		54,000		48,443,907
1.63%, 05/15/31		340,910		298,882,189
1.63%, 11/15/50		229,500		147,489,609
1.75%, 06/30/24		151,540		146,567,594
1.75%, 07/31/24		69,380		66,984,222
1.75%, 12/31/24		140,400		134,778,516
1.75%, 03/15/25		101,700		97,345,969
1.75%, 12/31/26		61,870		57,906,453
1.75%, 01/31/29		170,700		155,030,274
1.75%, 08/15/41		271,420		197,373,231
1.88%, 08/31/24		91,100		87,975,555
1.88%, 06/30/26		5,000		4,728,906
1.88%, 07/31/26		24,900		23,516,883
1.88%, 02/28/27		178,100		167,052,234
1.88%, 02/28/29		159,200		145,506,313
1.88%, 02/15/32		422,760		373,680,206
1.88%, 02/15/41		130,200		97,812,750
1.88%, 02/15/51		575,700		393,904,734
1.88%, 11/15/51		233,450		159,001,336
2.00%, 04/30/24		110,200		107,147,977
2.00%, 05/31/24		184,050		178,629,153
2.00%, 06/30/24		124,294		120,555,470
2.00%, 02/15/25		180,068		173,308,417
2.00%, 08/15/25		326,715		312,957,237
2.00%, 11/15/26		181,000		171,115,704
2.00%, 11/15/41		98,760		74,826,131
2.00%, 02/15/50		102,000		72,372,188
2.00%, 08/15/51		466,600		328,369,750
2.13%, 03/31/24		10,900		10,632,609
2.13%, 07/31/24		215,509		209,026,894
2.13%, 09/30/24		100,000		96,855,469
2.13%, 11/30/24		76,050		73,513,020
2.13%, 05/15/25		245,800		236,505,687
2.13%, 05/31/26		75,300		71,817,375
2.25%, 03/31/24		7,750		7,570,781
2.25%, 04/30/24		67,895		66,176,408
2.25%, 10/31/24		20,000		19,380,469
2.25%, 11/15/24		214,966		208,197,931
2.25%, 12/31/24		75,300		72,858,633
2.25%, 11/15/25		159,829		153,635,626
2.25%, 03/31/26		68,500		65,722,539

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
2.25%, 02/15/27	$	151,206	$	143,976,368
2.25%, 08/15/27		146,750		139,125,880
2.25%, 11/15/27		153,750		145,401,856
2.25%, 05/15/41		276,900		220,741,219
2.25%, 08/15/46		118,960		89,944,913
2.25%, 08/15/49		106,500		80,141,250
2.25%, 02/15/52		252,900		188,687,109
2.38%, 08/15/24		259,717		252,625,508
2.38%, 04/30/26		61,600		59,251,500
2.38%, 05/15/27		190,870		182,161,556
2.38%, 03/31/29		244,200		229,242,750
2.38%, 05/15/29		191,600		179,729,782
2.38%, 02/15/42		141,000		113,769,375
2.38%, 11/15/49		229,400		177,390,719
2.38%, 05/15/51		133,000		102,243,750
2.50%, 04/30/24		75,500		73,783,555
2.50%, 05/15/24		51,100		49,896,355
2.50%, 05/31/24		183,940		179,492,388
2.50%, 01/31/25		35,340		34,322,595
2.50%, 02/28/26		92,350		89,197,114
2.50%, 03/31/27		109,200		104,789,344
2.50%, 02/15/45		50,824		40,730,671
2.50%, 02/15/46		152,800		121,738,625
2.50%, 05/15/46		123,517		98,331,112
2.63%, 03/31/25		5,000		4,865,039
2.63%, 04/15/25		97,100		94,422,165
2.63%, 12/31/25		86,500		83,898,243
2.63%, 01/31/26		86,000		83,379,688
2.63%, 05/31/27		132,700		127,827,422
2.63%, 02/15/29		211,491		201,527,792
2.63%, 07/31/29		145,500		138,293,203
2.75%, 02/28/25		90,500		88,269,316
2.75%, 05/15/25		150,000		146,191,407
2.75%, 06/30/25		141,900		138,230,555
2.75%, 08/31/25		173,108		168,672,108
2.75%, 04/30/27		169,300		163,903,563
2.75%, 07/31/27		119,500		115,616,250
2.75%, 02/15/28		222,702		215,029,221
2.75%, 05/31/29		285,900		273,905,603
2.75%, 08/15/32		429,850		406,812,727
2.75%, 08/15/42		106,523		91,060,521
2.75%, 11/15/42		128,580		109,574,269
2.75%, 08/15/47		219,000		182,317,500
2.75%, 11/15/47		158,550		132,042,422
2.88%, 04/30/25		48,000		46,888,125
2.88%, 05/31/25		146,800		143,416,719
2.88%, 06/15/25		277,400		271,006,798
2.88%, 07/31/25		183,900		179,647,313
2.88%, 11/30/25		110,400		107,760,750
2.88%, 05/15/28		252,994		245,305,355
2.88%, 08/15/28		219,930		213,125,916
2.88%, 04/30/29		176,320		170,148,800
2.88%, 05/15/32		489,500		468,543,281
2.88%, 05/15/43		90,184		78,206,438
2.88%, 08/15/45		153,125		130,874,023
2.88%, 11/15/46		54,000		46,102,500
2.88%, 05/15/49		42,000		35,982,188
2.88%, 05/15/52		205,000		175,403,125
3.00%, 06/30/24		229,620		225,278,747
3.00%, 07/31/24		294,400		288,707,499

Security	Par (000)		Value
U.S. Government Obligations (continued)
3.00%, 07/15/25	$	181,030	$	177,296,256
3.00%, 09/30/25		163,100		159,697,837
3.00%, 10/31/25		127,600		124,928,375
3.00%, 05/15/42		43,150		38,491,148
3.00%, 11/15/44		99,727		87,448,113
3.00%, 05/15/45		121,400		106,111,188
3.00%, 11/15/45		65,100		56,850,609
3.00%, 02/15/47		116,190		101,285,002
3.00%, 05/15/47		152,118		132,556,576
3.00%, 02/15/48		153,550		133,996,367
3.00%, 08/15/48		109,290		95,526,291
3.00%, 02/15/49		31,400		27,519,156
3.00%, 08/15/52		203,680		178,888,325
3.13%, 08/15/25		159,300		156,437,578
3.13%, 08/31/27		9,200		9,039,000
3.13%, 11/15/28		197,515		193,456,685
3.13%, 08/31/29		208,900		204,330,313
3.13%, 11/15/41		53,900		49,276,391
3.13%, 02/15/42		71,800		65,495,063
3.13%, 02/15/43		58,700		53,031,781
3.13%, 08/15/44		60,519		54,240,154
3.13%, 05/15/48		96,860		86,538,356
3.25%, 08/31/24		104,180		102,483,006
3.25%, 06/30/29		175,480		172,820,381
3.25%, 05/15/42		155,200		143,729,750
3.38%, 08/15/42		40,000		37,675,000
3.38%, 05/15/44		84,200		78,674,375
3.38%, 11/15/48		45,550		42,653,305
3.50%, 09/15/25		136,970		135,718,009
3.50%, 01/31/28		172,900		172,724,399
3.50%, 04/30/28		80,000		80,021,875
3.50%, 01/31/30		161,000		161,100,625
3.50%, 04/30/30		80,000		80,151,443
3.50%, 02/15/33		355,800		357,912,562
3.50%, 02/15/39		24,000		23,838,750
3.63%, 03/31/28(b)		21,500		21,615,899
3.63%, 03/31/30		150,000		151,406,250
3.63%, 08/15/43		89,600		87,360,000
3.63%, 02/15/44		83,950		81,562,672
3.63%, 02/15/53		220,700		218,837,844
3.75%, 04/15/26		92,500		92,543,359
3.75%, 08/15/41		52,000		52,113,750
3.75%, 11/15/43		36,600		36,325,500
3.88%, 03/31/25		80,000		79,678,125
3.88%, 01/15/26		253,700		254,076,587
3.88%, 11/30/27		80,000		81,168,750
3.88%, 12/31/27		3,000		3,043,125
3.88%, 09/30/29		233,630		238,485,123
3.88%, 11/30/29		254,900		260,436,109
3.88%, 12/31/29		168,800		172,624,375
3.88%, 08/15/40		80,516		82,855,996
3.88%, 02/15/43		99,700		100,759,313
4.00%, 12/15/25		154,000		154,673,750
4.00%, 02/15/26		236,900		238,251,071
4.00%, 02/29/28		190,000		194,185,938
4.00%, 10/31/29		168,150		172,931,766
4.00%, 02/28/30		205,600		211,960,750
4.00%, 11/15/42		130,000		133,900,000
4.00%, 11/15/52		150,000		159,234,375
4.13%, 01/31/25		197,100		196,792,031

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF (Percentages shown are based on Net Assets)

Security	Par/ Shares (000)		Value
U.S. Government Obligations (continued)
4.13%, 09/30/27	$	267,000	$	273,049,219
4.13%, 10/31/27		30,000		30,700,781
4.13%, 11/15/32		407,700		430,378,312
4.25%, 09/30/24		192,600		192,065,835
4.25%, 12/31/24		214,200		214,107,960
4.25%, 10/15/25		170,620		172,032,947
4.25%, 05/15/39		17,340		18,797,644
4.25%, 11/15/40		28,889		31,136,925
4.38%, 10/31/24		196,900		196,815,394
4.38%, 02/15/38		32,000		35,235,000
4.38%, 11/15/39		50,933		55,875,093
4.38%, 05/15/40		32,403		35,516,726
4.38%, 05/15/41		15,949		17,421,790
4.50%, 11/30/24		96,800		97,030,656
4.50%, 11/15/25		191,900		194,808,484
4.50%, 02/15/36		27,685		30,907,707
4.50%, 05/15/38		27,000		30,083,906
4.50%, 08/15/39		50,207		56,012,184
4.63%, 02/28/25		136,600		137,736,554
4.63%, 03/15/26		192,980		197,608,506
4.63%, 02/15/40		45,950		51,930,680
4.75%, 02/15/37		21,977		25,163,665
4.75%, 02/15/41		91,158		104,318,936
5.00%, 05/15/37		53,658		62,838,548
5.25%, 11/15/28		29,377		31,857,980
5.25%, 02/15/29		60,090		65,253,984
5.50%, 08/15/28(b)		77,000		84,062,344
6.00%, 02/15/26		9,468		9,997,616
6.13%, 08/15/29		14,600		16,704,453
6.25%, 05/15/30		5,000		5,854,688
6.50%, 11/15/26		26,950		29,417,609
6.63%, 02/15/27(b)		28,800		31,788,000
6.75%, 08/15/26		14,400		15,703,875
6.88%, 08/15/25		6,265		6,659,989
				37,120,854,855
Total U.S. Government & Agency Obligations — 69.7% (Cost: $67,550,581,400)				62,125,776,633
Total Long-Term Investments — 99.1% (Cost: $96,723,600,132)				88,343,975,729
Short-Term Securities
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(j)(k)		3,568,670		3,569,740,719

Security	Shares/ Par (000)			Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(j)(k)(l)		309,860		$	309,859,546
Total Short-Term Securities — 4.3% (Cost: $3,878,193,513)					3,879,600,265
Total Investments Before TBA Sales Commitments — 103.4% (Cost: $100,601,793,645)					92,223,575,994
TBA Sales Commitments(h)
Mortgage-Backed Securities — (0.1)%
Uniform Mortgage-Backed Securities
2.50%, 05/11/53		(33,850	)		(29,308,679	)
4.00%, 06/25/52		(19,225	)		(18,376,396	)
5.00%, 05/11/53		(22,291	)		(22,163,001	)
5.50%, 05/11/53		(23,000	)		(23,188,672	)
Total TBA Sales Commitments — (0.1)% (Proceeds: $(93,256,683))					(93,036,748	)
Total Investments, Net of TBA Sales Commitments — 103.3% (Cost: $100,508,536,962)					92,130,539,246
Liabilities in Excess of Other Assets — (3.3)%					(2,965,039,828	)
Net Assets — 100.0%				$	89,165,499,418

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

^(b)  All or a portion of this security is on loan.

^(c)  Zero-coupon bond.

^(d)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

^(f)  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.

^(g)  U.S. dollar denominated security issued by foreign domiciled entity.

^(h)  Represents or includes a TBA transaction.

⁽ⁱ⁾  Rounds to less than 1,000.

^(j)  Affiliate of the Fund.

^(k)  Annualized 7-day yield as of period end.

^(l)  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:

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

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

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

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® Core U.S. Aggregate Bond ETF

Fair Value Hierarchy as of Period End (continued)

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
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	404,562,261		$	—	$	404,562,261
Collaterized Mortgage Obligations		—		852,498,768			—		852,498,768
Corporate Bonds & Notes		—		22,581,018,078			—		22,581,018,078
Foreign Government and Agency Obligations		—		1,839,866,295			—		1,839,866,295
Municipal Debt Obligations		—		540,253,694			—		540,253,694
U.S. Government & Agency Obligations		—		62,125,776,633			—		62,125,776,633
Short-Term Securities
Money Market Funds		3,879,600,265		—			—		3,879,600,265
Liabilities
Investments
TBA Sales Commitments		—		(93,036,748	)		—		(93,036,748	)
	$	3,879,600,265	$	88,250,938,981		$	—	$	92,130,539,246

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.9%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 08/15/23)(a)(b)	$	20,439	$	18,446,410
7.50%, 06/01/29 (Call 06/01/24)(a)(b)		17,175		12,709,500
7.75%, 04/15/28 (Call 04/15/24)(a)(b)		15,975		12,084,608
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(b)		9,023		7,754,321
3.75%, 02/15/28 (Call 02/15/24)(b)		10,113		9,355,171
4.00%, 02/15/30 (Call 02/15/25)(b)		9,623		8,631,663
4.88%, 01/15/29 (Call 01/15/24)(b)		6,603		6,274,282
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 01/15/24)(a)(b)		8,578		7,337,258
4.63%, 03/15/30 (Call 03/15/25)(a)(b)		7,935		6,747,868
5.00%, 08/15/27 (Call 08/15/23)(a)(b)		10,884		10,075,387
6.25%, 06/15/25 (Call 06/15/23)(a)(b)		6,297		6,315,576
Stagwell Global LLC, 5.63%, 08/15/29
(Call 08/15/24)(a)(b)		18,455		15,946,043
Terrier Media Buyer Inc., 8.88%, 12/15/27
(Call 12/15/23)(a)(b)		17,353		13,453,781
				135,131,868
Aerospace & Defense — 2.7%
Bombardier Inc.
6.00%, 02/15/28 (Call 02/15/24)(a)(b)		12,398		11,745,832
7.13%, 06/15/26 (Call 06/15/23)(a)		19,693		19,597,400
7.50%, 03/15/25 (Call 05/29/23)(a)(b)		1,763		1,763,000
7.50%, 02/01/29 (Call 02/01/26)(a)(b)		12,530		12,310,725
7.88%, 04/15/27 (Call 04/15/24)(a)(b)		31,666		31,593,168
Howmet Aerospace Inc.
3.00%, 01/15/29 (Call 11/15/28)(b)		11,385		10,243,768
5.13%, 10/01/24 (Call 07/01/24)		10,826		10,833,903
6.88%, 05/01/25 (Call 04/01/25)(b)		8,222		8,463,916
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)(a)		16,845		15,941,372
5.75%, 10/15/27 (Call 07/15/27)(a)(b)		16,896		16,778,362
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)		11,419		9,648,104
7.50%, 04/15/25 (Call 04/15/24)(a)(b)		20,631		20,501,747
9.38%, 11/30/29 (Call 11/30/25)(a)		15,554		16,720,550
TransDigm Inc.
4.63%, 01/15/29 (Call 01/15/24)(b)		19,816		17,933,480
4.88%, 05/01/29 (Call 05/01/24)(b)		12,563		11,400,922
5.50%, 11/15/27 (Call 11/15/23)(b)		43,483		41,743,680
6.25%, 03/15/26 (Call 03/15/24)(a)		65,161		65,480,289
6.38%, 06/15/26 (Call 06/15/23)		15,946		15,916,021
6.75%, 08/15/28 (Call 02/15/25)(a)(b)		34,495		35,012,425
7.50%, 03/15/27 (Call 03/15/24)(b)		9,007		9,052,035
TransDigm UK Holdings PLC, 6.88%, 05/15/26
(Call 05/15/23)		8,741		8,798,909
Triumph Group Inc.
7.75%, 08/15/25 (Call 08/15/23)(b)		8,427		7,830,091
9.00%, 03/15/28 (Call 03/15/25)(a)(b)		19,816		20,025,851
				419,335,550
Agriculture — 0.3%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 04/15/24)(a)		8,445		8,277,223
6.00%, 06/15/30 (Call 06/15/25)(a)(b)		16,860		16,691,400

Security	Par (000)		Value
Agriculture (continued)
Vector Group Ltd.
5.75%, 02/01/29 (Call 02/01/24)(a)	$	14,269	$	12,770,755
10.50%, 11/01/26 (Call 11/01/23)(a)(b)		9,401		9,464,249
				47,203,627
Airlines — 2.2%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)		20,039		18,561,124
American Airlines Group Inc., 3.75%, 03/01/25(a)(b)		8,030		7,549,204
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)(a)(b)		12,452		12,109,570
11.75%, 07/15/25(a)		41,784		45,949,865
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)		57,298		56,294,955
5.75%, 04/20/29(a)		48,866		46,483,372
Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)(b)		15,008		14,513,486
3.75%, 10/28/29 (Call 07/28/29)(b)		10,003		8,988,967
4.38%, 04/19/28 (Call 01/19/28)(b)		8,733		8,230,852
7.38%, 01/15/26 (Call 12/15/25)(b)		13,852		14,600,493
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b)		19,345		18,024,863
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a)		18,286		18,468,959
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)(b)		33,839		32,313,562
4.63%, 04/15/29 (Call 10/15/25)(a)		33,126		29,979,030
			332,068,302
Apparel — 0.2%
Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		15,088		14,239,300
9.00%, 02/15/31 (Call 02/15/26)(a)(b)		9,657		9,872,521
				24,111,821
Auto Manufacturers — 4.3%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)		15,996		13,710,572
4.75%, 10/01/27 (Call 10/01/23)(a)(b)		7,256		6,942,636
5.88%, 06/01/29 (Call 06/01/24)(a)(b)		8,162		8,002,229
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)		19,854		19,506,555
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		34,966		27,142,357
4.35%, 12/08/26 (Call 09/08/26)(b)		19,283		18,626,776
6.10%, 08/19/32 (Call 05/19/32)(b)		25,349		24,209,965
9.63%, 04/22/30 (Call 01/22/30)(b)		6,213		7,209,915
Ford Motor Credit Co. LLC
2.30%, 02/10/25 (Call 01/10/25)		15,803		14,738,668
2.70%, 08/10/26 (Call 07/10/26)		20,522		18,213,275
2.90%, 02/16/28 (Call 12/16/27)(b)		10,348		8,938,085
2.90%, 02/10/29 (Call 12/10/28)		10,716		8,877,242
3.38%, 11/13/25 (Call 10/13/25)		29,979		27,845,994
3.63%, 06/17/31 (Call 03/17/31)		14,592		12,025,425
3.66%, 09/08/24		8,200		7,912,720
3.81%, 01/09/24 (Call 11/09/23)(b)		635		624,531
3.82%, 11/02/27 (Call 08/02/27)		10,440		9,377,861
4.00%, 11/13/30 (Call 08/13/30)(b)		22,307		19,128,253
4.06%, 11/01/24 (Call 10/01/24)		18,253		17,758,161
4.13%, 08/04/25		20,370		19,348,190
4.13%, 08/17/27 (Call 06/17/27)		16,761		15,381,737
4.27%, 01/09/27 (Call 11/09/26)		12,880		11,943,874

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.39%, 01/08/26	$	16,435	$	15,574,217
4.54%, 08/01/26 (Call 06/01/26)		9,211		8,686,081
4.69%, 06/09/25 (Call 04/09/25)		7,040		6,804,394
4.95%, 05/28/27 (Call 04/28/27)(b)		19,482		18,484,490
5.11%, 05/03/29 (Call 02/03/29)(b)		20,618		19,338,653
5.13%, 06/16/25 (Call 05/16/25)		23,542		22,941,022
5.58%, 03/18/24 (Call 02/18/24)		8,445		8,389,731
6.80%, 05/12/28 (Call 04/12/28)		21,338		21,350,803
6.95%, 03/06/26 (Call 02/06/26)(b)		18,441		18,608,632
7.35%, 11/04/27 (Call 10/04/27)(b)		20,884		21,534,075
7.35%, 03/06/30 (Call 01/06/30)		16,677		17,094,592
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)(a)(b)		7,878		6,620,150
5.50%, 07/15/29 (Call 07/15/24)(a)		8,901		7,365,578
5.88%, 01/15/28 (Call 01/15/24)(a)		10,655		9,175,553
7.75%, 10/15/25 (Call 10/15/23)(a)		12,763		12,699,345
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/26
(Call 08/16/26)(a)		15,850		13,526,661
Nissan Motor Acceptance Corp.
2.00%, 03/09/26 (Call 02/09/26)(a)		12,619		11,113,444
2.75%, 03/09/28 (Call 01/09/28)(a)		9,823		8,179,722
Nissan Motor Co. Ltd.
3.52%, 09/17/25 (Call 08/17/25)(a)		18,566		17,370,719
4.35%, 09/17/27 (Call 07/17/27)(a)(b)		40,769		37,346,500
4.81%, 09/17/30 (Call 06/17/30)(a)(b)		40,909		35,965,286
				655,634,669
Auto Parts & Equipment — 1.6%
Adient Global Holdings, 8.25%, 04/15/31
(Call 04/15/26)(b)		7,978		8,196,149
Adient Global Holdings Ltd.
4.88%, 08/15/26 (Call 08/15/23)(a)(b)		12,919		12,418,389
7.00%, 04/15/28 (Call 04/15/25)(b)		8,537		8,760,266
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(b)		10,106		8,388,991
6.50%, 04/01/27 (Call 04/01/24)(b)		7,810		7,237,527
6.88%, 07/01/28 (Call 07/01/23)(b)		6,946		6,259,388
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/23)(a)(b)		5,828		5,841,492
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (Call 05/15/23)(a)(b)		14,616		14,532,744
6.75%, 05/15/28 (Call 05/15/25)		2,000		2,004,375
8.50%, 05/15/27 (Call 05/15/23)(a)(b)		32,599		32,797,528
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25
(Call 05/29/23)(a)		6,080		6,020,530
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		6,693		5,445,231
5.38%, 11/15/27 (Call 11/15/23)(b)		7,805		7,338,690
5.63%, 06/15/28 (Call 06/15/23)(b)		6,390		5,913,926
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)		12,806		12,124,080
5.00%, 05/31/26 (Call 05/31/23)(b)		14,506		14,099,687
5.00%, 07/15/29 (Call 04/15/29)(b)		13,696		12,166,499
5.25%, 04/30/31 (Call 01/30/31)(b)		9,095		7,917,044
5.25%, 07/15/31 (Call 04/15/31)(b)		9,921		8,556,863
5.63%, 04/30/33 (Call 01/30/33)(b)		7,547		6,522,281
9.50%, 05/31/25 (Call 05/31/23)		13,522		13,889,368
ZF North America Capital Inc.
4.75%, 04/29/25(a)		18,499		18,105,704
6.88%, 04/14/28 (Call 03/14/28)(a)		6,366		6,545,521

Security	Par (000)		Value
Auto Parts & Equipment (continued)
7.13%, 04/14/30 (Call 02/14/30)(a)(b)	$	10,720	$	11,068,400
				242,150,673
Banks — 0.9%
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(a)(b)		10,755		8,711,550
7.63%, 05/01/26 (Call 05/01/23)(a)		10,808		9,240,840
8.13%, 11/15/24 (Call 05/30/23)(a)		7,251		7,005,581
8.25%, 04/15/25 (Call 05/30/23)(a)(b)		9,140		8,500,200
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31),
(1-year CMT + 2.600%)(a)(c)		12,408		9,424,463
5.02%, 06/26/24(a)		26,708		26,051,125
5.71%, 01/15/26(a)(b)		24,845		23,933,251
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30),
(5-year CMT + 4.750%)(a)(b)(c)		21,456		18,274,605
5.86%, 06/19/32 (Call 06/19/27),
(5-year USD ICE Swap + 3.703%)(a)(b)(c)		16,005		14,734,344
7.30%, 04/02/34 (Call 04/02/29),
(5-year USD ICE Swap + 4.914%)(a)(b)(c)		19,359		18,489,322
				144,365,281
Building Materials — 1.1%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)(b)		21,387		18,707,209
5.00%, 03/01/30 (Call 03/01/25)(a)		8,992		8,415,089
6.38%, 06/15/32 (Call 06/15/27)(a)(b)		11,157		11,114,046
Camelot Return Merger Sub Inc., 8.75%, 08/01/28
(Call 07/22/24)(a)(b)		11,403		10,804,343
Cornerstone Building Brands Inc., 6.13%, 01/15/29
(Call 09/15/23)(a)(b)		512		389,120
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/24)(b)		16,578		15,219,885
Jeld-Wen Inc.
4.63%, 12/15/25 (Call 05/30/23)(a)		6,244		6,028,868
4.88%, 12/15/27 (Call 12/15/23)(a)(b)		6,314		5,519,423
SRM Escrow Issuer LLC, 6.00%, 11/01/28
(Call 11/01/23)(a)(b)		17,795		16,641,662
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(a)(b)		17,693		14,019,031
4.38%, 07/15/30 (Call 07/15/25)(a)(b)		26,553		22,901,962
4.75%, 01/15/28 (Call 01/15/24)(a)(b)		16,390		15,298,601
5.00%, 02/15/27 (Call 02/15/24)(a)		13,659		13,078,492
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(b)		11,587		11,009,967
				169,147,698
Chemicals — 1.8%
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)(a)(b)		12,777		10,477,140
7.50%, 09/30/29 (Call 09/30/24)(a)(b)		6,983		5,146,471
Avient Corp.
5.75%, 05/15/25 (Call 05/15/23)(a)(b)		10,645		10,639,677
7.13%, 08/01/30 (Call 08/01/25)(a)(b)		12,039		12,327,686
Axalta Coating Systems LLC, 3.38%, 02/15/29
(Call 02/15/24)(a)(b)		10,719		9,302,350
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27
(Call 06/15/23)(a)(b)		8,306		8,016,038
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		10,389		8,537,265
5.38%, 05/15/27 (Call 02/15/27)(b)		8,484		7,891,048

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
5.75%, 11/15/28 (Call 11/15/23)(a)(b)	$	12,934	$	11,430,422
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(b)		11,776		11,246,080
5.25%, 12/15/29 (Call 09/15/29)		12,161		11,416,139
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(b)		9,452		7,675,792
4.88%, 06/01/24 (Call 03/03/24)(a)		17,243		17,005,995
5.00%, 05/01/25 (Call 01/31/25)(a)		7,570		7,320,871
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		17,313		15,704,333
Olin Corp.
5.00%, 02/01/30 (Call 02/01/24)(b)		8,614		8,032,555
5.13%, 09/15/27 (Call 03/15/24)		8,471		8,190,974
5.63%, 08/01/29 (Call 08/01/24)(b)		10,602		10,336,950
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)(a)(b)		13,387		11,395,684
6.25%, 10/01/29 (Call 10/01/24)(a)(b)		6,435		5,131,913
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)(b)		18,070		16,262,218
6.63%, 05/01/29 (Call 05/01/24)(a)(b)		11,429		9,486,070
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b)		16,789		13,934,870
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)(b)		9,198		7,645,883
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		5,137		5,038,220
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 06/15/23)(a)(b)		12,195		11,580,524
5.63%, 08/15/29 (Call 08/15/24)(a)(b)		18,598		16,005,625
				277,178,793
Commercial Services — 4.4%
ADT Security Corp. (The), 4.13%, 08/01/29
(Call 08/01/28)(a)(b)		16,611		14,566,186
Albion Financing 1 SARL/Aggreko Holdings Inc.,
6.13%, 10/15/26 (Call 10/15/23)(a)		9,019		8,214,325
Albion Financing 2Sarl, 8.75%, 04/15/27
(Call 10/15/23)(a)(b)		7,118		6,145,800
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		15,879		12,392,969
6.63%, 07/15/26 (Call 07/15/23)(a)		32,564		31,342,850
9.75%, 07/15/27 (Call 07/15/23)(a)(b)		17,344		16,129,920
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/28 (Call 06/01/24)(a)		20,076		17,441,025
4.63%, 06/01/28 (Call 06/01/24)(a)(b)		12,688		11,022,700
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)		12,574		11,222,295
6.75%, 02/15/27 (Call 02/15/24)(a)(b)		9,779		9,789,736
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)		8,420		7,556,950
5.38%, 03/01/29 (Call 03/01/24)(a)(b)		9,757		8,859,193
5.75%, 07/15/27 (Call 07/15/23)(a)(b)		6,691		6,375,570
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)(b)		15,991		14,425,109
3.50%, 06/01/31 (Call 03/01/31)(b)		16,047		13,078,305
Brink’s Co. (The)
4.63%, 10/15/27 (Call 10/15/23)(a)(b)		9,597		9,087,159
5.50%, 07/15/25 (Call 06/18/23)(a)(b)		7,212		7,161,742
Garda World Security Corp.
4.63%, 02/15/27 (Call 02/15/24)(a)(b)		9,380		8,605,751
6.00%, 06/01/29 (Call 06/01/24)(a)		7,902		6,499,395
7.75%, 02/15/28 (Call 02/15/25)(a)(b)		6,532		6,564,660

Security	Par (000)		Value
Commercial Services (continued)
9.50%, 11/01/27 (Call 11/01/23)(a)(b)	$	9,974	$	9,564,846
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)		9,744		8,644,877
3.75%, 10/01/30 (Call 10/01/25)(a)		12,979		11,307,954
4.50%, 07/01/28 (Call 07/01/23)(a)		14,289		13,475,956
Grand Canyon University
4.13%, 10/01/24		8,324		7,929,066
5.13%, 10/01/28 (Call 08/01/28)(b)		6,512		5,907,361
Herc Holdings Inc., 5.50%, 07/15/27
(Call 07/15/23)(a)(b)		20,270		19,321,388
Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(a)(b)		8,500		7,672,100
5.00%, 12/01/29 (Call 12/01/24)(a)(b)		16,414		13,448,606
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)(b)		17,758		13,584,870
5.75%, 11/01/28 (Call 11/01/23)(a)(b)		21,490		13,538,700
Neptune Bidco U.S. Inc., 9.29%, 04/15/29
(Call 10/15/25)(a)		42,731		40,220,554
Picasso Finance Sub Inc., 6.13%, 06/15/25
(Call 06/15/23)(a)(b)		8,679		8,665,077
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)(b)		17,104		15,305,742
5.25%, 04/15/24(a)(b)		8,537		8,489,200
5.75%, 04/15/26(a)(b)		21,681		21,502,132
6.25%, 01/15/28 (Call 01/15/24)(a)(b)		21,804		20,383,334
Sabre GLBL Inc.
7.38%, 09/01/25 (Call 05/30/23)(a)(b)		14,291		12,701,126
9.25%, 04/15/25 (Call 03/16/25)(a)		13,147		12,128,108
11.25%, 12/15/27 (Call 06/15/25)(a)(b)		9,258		8,112,323
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)(b)		14,138		12,040,055
4.00%, 05/15/31 (Call 05/15/26)(b)		12,866		11,354,502
4.63%, 12/15/27 (Call 12/15/23)(b)		9,180		8,880,824
5.13%, 06/01/29 (Call 06/01/24)(b)		12,265		11,838,353
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/23)(a)(b)		12,765		11,959,209
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)(b)		12,225		10,489,295
3.88%, 11/15/27 (Call 05/09/23)(b)		12,176		11,430,220
3.88%, 02/15/31 (Call 08/15/25)(b)		17,885		15,714,655
4.00%, 07/15/30 (Call 07/15/25)(b)		12,383		11,059,567
4.88%, 01/15/28 (Call 01/15/24)		27,378		26,365,408
5.25%, 01/15/30 (Call 01/15/25)(b)		12,723		12,306,958
5.50%, 05/15/27 (Call 05/15/23)(b)		7,422		7,368,356
Verscend Escrow Corp., 9.75%, 08/15/26
(Call 08/15/23)(a)(b)		17,255		17,370,241
Williams Scotsman International Inc., 4.63%, 08/15/28
(Call 08/15/23)(a)		7,795		7,227,134
				673,789,737
Computers — 1.4%
Condor Merger Sub Inc., 7.38%, 02/15/30
(Call 02/15/25)(a)(b)		33,006		27,436,237
Diebold Nixdorf Inc.
8.50%, 10/15/26 (Call 05/22/23)(a)		381		69,642
9.38%, 07/15/25 (Call 05/15/23)(a)(b)		7,929		3,637,904
NCR Corp.
5.00%, 10/01/28 (Call 08/20/23)(a)(b)		10,943		9,564,410
5.13%, 04/15/29 (Call 04/15/24)(a)(b)		20,255		17,520,069
5.25%, 10/01/30 (Call 10/01/25)(a)(b)		7,493		6,298,413
5.75%, 09/01/27 (Call 09/01/23)(a)(b)		8,505		8,324,816

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
6.13%, 09/01/29 (Call 09/01/24)(a)(b)	$	8,255	$	8,095,150
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/24)(a)(b)		9,227		8,742,852
8.25%, 02/01/28 (Call 02/01/24)(a)(b)		8,726		8,224,255
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)(b)		8,123		7,036,549
4.75%, 01/01/25(b)		8,339		8,088,830
4.88%, 03/01/24 (Call 01/01/24)		3,414		3,366,569
4.88%, 06/01/27 (Call 03/01/27)(b)		8,359		8,004,787
9.63%, 12/01/32 (Call 12/01/27)(a)(b)		12,759		13,954,697
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)(b)		21,518		22,736,107
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		8,910		7,062,233
3.10%, 02/01/32 (Call 11/01/31)(b)		8,795		6,391,452
4.75%, 02/15/26 (Call 11/15/25)		38,242		36,371,148
				210,926,120
Cosmetics & Personal Care — 0.3%
Coty Inc.
5.00%, 04/15/26 (Call 04/15/24)(a)(b)		14,706		14,368,497
6.50%, 04/15/26 (Call 04/15/24)(a)(b)		7,472		7,439,310
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29
(Call 01/15/25)(a)		8,750		8,256,588
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)(b)		8,153		7,266,361
5.50%, 06/01/28 (Call 06/01/23)(a)		13,017		12,502,346
				49,833,102
Distribution & Wholesale — 0.4%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)		6,386		5,499,517
4.00%, 01/15/28 (Call 01/15/24)(a)		11,536		10,636,192
H&E Equipment Services Inc., 3.88%, 12/15/28
(Call 12/15/23)(a)(b)		20,964		18,133,860
Ritchie Bros Holdings Inc.
6.75%, 03/15/28 (Call 03/15/25)(a)(b)		6,470		6,696,450
7.75%, 03/15/31 (Call 03/15/26)(a)(b)		12,239		13,009,547
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 11/15/23)(a)		9,458		475,264
9.00%, 11/15/26 (Call 11/15/23)(a)(b)		13,501		1,309,597
				55,760,427
Diversified Financial Services — 3.5%
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24),
(5-year CMT + 4.535%)(b)(c)		11,464		10,724,696
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/24)(a)(b)		8,321		7,732,955
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27
(Call 09/30/24)(a)(b)		8,491		8,724,503
Ally Financial Inc.
5.75%, 11/20/25 (Call 10/20/25)(b)		17,230		16,734,637
6.70%, 02/14/33 (Call 11/16/32)(b)		8,395		7,559,698
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)		16,233		9,775,431
3.63%, 10/01/31 (Call 10/01/26)(a)		16,117		8,997,296
Curo Group Holdings Corp., 7.50%, 08/01/28
(Call 08/01/24)(a)(b)		11,467		4,528,211
Jefferies Finance LLC/JFIN Co-Issuer Corp.,
5.00%, 08/15/28 (Call 08/15/24)(a)(b)		16,071		13,538,260
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)(b)		7,868		4,354,938
6.50%, 11/01/25 (Call 11/01/23)(a)(b)		8,069		5,708,818

Security	Par (000)		Value
Diversified Financial Services (continued)
LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)(b)	$	6,838	$	6,122,706
4.38%, 05/15/31 (Call 05/15/26)(a)(b)		2,878		2,551,146
4.63%, 11/15/27 (Call 11/15/23)(a)(b)		3,181		3,001,005
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)(b)		6,690		5,473,038
6.50%, 05/01/28 (Call 05/01/24)(a)		16,209		14,628,623
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)(b)		10,454		8,601,682
5.50%, 08/15/28 (Call 08/15/23)(a)(b)		14,431		12,879,668
5.75%, 11/15/31 (Call 11/15/26)(a)(b)		9,944		8,307,953
6.00%, 01/15/27 (Call 01/15/24)(a)(b)		9,702		9,174,076
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		8,118		6,970,597
5.00%, 03/15/27 (Call 09/15/26)(b)		11,563		10,405,345
5.50%, 03/15/29 (Call 06/15/28)(b)		12,367		10,664,373
5.88%, 10/25/24		8,695		8,545,863
6.13%, 03/25/24(b)		5,193		5,148,081
6.75%, 06/25/25		8,393		8,274,374
6.75%, 06/15/26(b)		8,062		7,881,865
NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)(b)		9,291		8,458,294
6.88%, 08/15/28 (Call 08/15/23)(a)(b)		34,176		29,831,376
OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)		12,622		10,748,264
3.88%, 09/15/28 (Call 09/15/24)		10,026		8,096,574
4.00%, 09/15/30 (Call 09/15/25)(b)		13,899		10,546,631
5.38%, 11/15/29 (Call 05/15/29)(b)		12,177		10,243,901
6.13%, 03/15/24 (Call 09/15/23)(b)		10,068		9,915,797
6.63%, 01/15/28 (Call 07/15/27)(b)		12,948		12,035,415
6.88%, 03/15/25(b)		20,578		20,189,969
7.13%, 03/15/26		26,226		25,597,003
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)(b)		10,739		8,832,662
5.38%, 10/15/25 (Call 10/15/23)(a)		11,096		10,474,402
5.75%, 09/15/31 (Call 09/15/26)(a)(b)		8,248		6,887,905
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)		7,502		7,509,783
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)(b)		18,852		16,761,081
3.63%, 03/01/29 (Call 03/09/24)(a)(b)		12,311		10,391,715
3.88%, 03/01/31 (Call 03/01/26)(a)(b)		20,759		16,814,790
4.00%, 10/15/33 (Call 10/15/27)(a)(b)		14,106		11,037,945
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)(b)		8,110		7,096,250
4.20%, 10/29/25 (Call 09/29/25)		8,112		7,493,460
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)		12,540		11,525,012
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 11/15/23)(a)		13,128		12,504,420
5.50%, 04/15/29 (Call 03/30/24)(a)		11,293		9,753,708
5.75%, 06/15/27 (Call 06/15/24)(a)		8,663		7,946,624
VistaJet Malta Finance PLC/XO Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)(b)		16,266		14,070,090
7.88%, 05/01/27 (Call 04/26/24)(a)(b)		7,852		7,453,511
				539,226,420
Electric — 2.5%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(b)		14,485		12,311,626
4.50%, 02/15/28 (Call 02/15/24)(a)(b)		20,373		18,998,246
4.63%, 02/01/29 (Call 02/01/24)(a)(b)		10,479		9,081,616

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.00%, 02/01/31 (Call 02/01/26)(a)	$	13,858	$	11,675,365
5.13%, 03/15/28 (Call 03/15/24)(a)(b)		23,610		21,833,853
5.25%, 06/01/26 (Call 06/01/23)(a)(b)		6,642		6,466,139
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		15,120		12,941,687
4.75%, 03/15/28 (Call 03/15/24)(a)(b)		13,893		13,243,502
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)(b)		6,082		5,841,781
4.35%, 04/15/29 (Call 01/15/29)(b)		6,859		6,265,697
Edison International, 8.13%, 06/15/53 (Call 03/15/28),
(5-year CMT + 3.864%)(c)		8,238		8,474,842
Emera Inc., Series 16-A, 6.75%, 06/15/76
(Call 06/15/26), (3-mo. LIBOR US + 5.440%)(b)(c)		19,661		18,806,024
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		9,724		8,385,763
Series B, 2.25%, 09/01/30 (Call 06/01/30)(b)		7,116		5,918,650
Series B, 4.15%, 07/15/27 (Call 04/15/27)		25,091		24,400,997
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)(b)		8,262		7,746,241
4.25%, 07/15/24 (Call 04/15/24)(a)(b)		7,817		7,695,211
4.25%, 09/15/24 (Call 07/15/24)(a)		243		234,330
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		9,355		8,815,691
NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)(b)		8,055		6,826,612
3.63%, 02/15/31 (Call 02/15/26)(a)(b)		16,660		13,506,400
3.88%, 02/15/32 (Call 02/15/27)(a)		17,506		14,136,095
5.25%, 06/15/29 (Call 06/15/24)(a)(b)		12,589		11,639,655
5.75%, 01/15/28 (Call 01/15/24)(b)		13,707		13,376,992
PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)		16,772		15,811,489
5.25%, 07/01/30 (Call 06/15/25)(b)		16,611		15,345,895
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)		21,041		18,832,446
5.00%, 07/31/27 (Call 07/31/23)(a)(b)		21,350		20,334,351
5.50%, 09/01/26 (Call 09/01/23)(a)(b)		17,307		17,049,558
5.63%, 02/15/27 (Call 02/15/24)(a)		22,026		21,475,350
				377,472,104
Electrical Components & Equipment — 0.4%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)		13,367		11,682,200
4.75%, 06/15/28 (Call 07/01/23)(a)		10,282		9,277,577
WESCO Distribution Inc.
7.13%, 06/15/25 (Call 06/15/23)(a)(b)		20,829		21,177,886
7.25%, 06/15/28 (Call 06/15/23)(a)(b)		22,597		23,242,235
				65,379,898
Electronics — 0.6%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)		33,278		28,817,084
Sensata Technologies BV
4.00%, 04/15/29 (Call 03/18/24)(a)(b)		16,194		14,619,538
5.00%, 10/01/25(a)		12,108		11,933,060
5.63%, 11/01/24(a)		6,105		6,117,195
5.88%, 09/01/30 (Call 09/01/25)(a)(b)		8,216		8,087,836
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		12,349		10,728,194
4.38%, 02/15/30 (Call 11/15/29)(a)(b)		7,511		6,847,644
				87,150,551

Security	Par (000)		Value
Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)(b)	$	11,417	$	10,595,106
5.00%, 01/31/28 (Call 07/31/27)(a)(b)		11,500		11,011,250
				21,606,356
Engineering & Construction — 0.1%
Brand Industrial Services Inc., 8.50%, 07/15/25
(Call 07/15/23)(a)(b)		11,332		10,595,420
Entertainment — 3.3%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29
(Call 02/15/25)(a)(b)		15,507		11,242,575
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(b)		19,552		17,156,880
6.25%, 07/01/25 (Call 07/01/23)(a)(b)		54,747		54,903,839
7.00%, 02/15/30 (Call 02/15/26)(a)(b)		33,347		33,679,430
8.13%, 07/01/27 (Call 07/01/23)(a)(b)		29,560		30,151,200
Caesars Resort Collection LLC/CRC Finco Inc.,
5.75%, 07/01/25 (Call 07/01/23)(a)(b)		13,647		13,798,823
CDI Escrow Issuer Inc., 5.75%, 04/01/30
(Call 04/01/25)(a)(b)		20,552		19,806,784
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)		8,500		7,903,215
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/15/24)(b)		7,962		7,626,004
5.50%, 05/01/25 (Call 05/01/23)(a)(b)		14,551		14,506,569
Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/24)(a)(b)		11,988		11,375,413
5.50%, 04/01/27 (Call 04/01/24)(a)(b)		10,044		9,802,090
6.75%, 05/01/31		4,183		4,210,399
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)		12,525		11,201,493
5.88%, 03/15/26 (Call 03/15/24)(a)(b)		6,987		6,663,851
International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/24)(a)(b)		12,468		12,013,424
5.25%, 01/15/29 (Call 01/15/24)(a)(b)		12,502		12,006,590
6.25%, 01/15/27 (Call 07/15/26)(a)		12,234		12,402,218
6.50%, 02/15/25 (Call 08/15/24)(a)(b)		7,197		7,286,171
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)(b)		8,006		7,193,471
4.75%, 10/15/27 (Call 10/15/23)(a)(b)		15,701		14,562,677
4.88%, 11/01/24 (Call 05/30/23)(a)(b)		8,645		8,617,444
6.50%, 05/15/27 (Call 05/15/23)(a)		19,455		19,811,221
Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 05/15/23)(a)(b)		1,643		1,625,913
8.00%, 02/01/26 (Call 02/01/24)(a)(b)		19,744		17,670,880
Odeon Finco PLC, 12.75%, 11/01/27
(Call 11/01/24)(a)(b)		6,443		6,136,958
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(b)		12,401		8,974,511
5.88%, 09/01/31 (Call 09/01/26)(a)(b)		12,559		8,825,837
Resorts World Las Vegas LLC/RWLV Capital Inc.,
4.63%, 04/16/29 (Call 01/16/29)(a)(b)		15,796		12,752,457
Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(a)(b)		11,920		11,921,973
7.25%, 11/15/29 (Call 11/15/24)(a)(b)		8,823		8,854,983
8.63%, 07/01/25 (Call 07/01/23)(a)		9,324		9,545,363
Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 05/30/23)(a)(b)		10,461		10,463,249
5.50%, 04/15/27 (Call 04/15/24)(a)(b)		8,011		7,660,519

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Entertainment (continued)
7.25%, 05/15/31 (Call 05/03/26)	$	13,255	$	12,956,762
Six Flags Theme Parks Inc., 7.00%, 07/01/25
(Call 07/01/23)(a)		103		104,169
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)(b)		13,071		10,742,183
3.75%, 12/01/29 (Call 12/01/24)(a)(b)		9,094		8,002,720
3.88%, 07/15/30 (Call 07/15/25)(a)(b)		8,753		7,709,205
Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)(b)		12,374		11,419,754
7.13%, 02/15/31 (Call 11/15/30)(a)(b)		10,178		10,435,503
				513,724,720
Environmental Control — 0.9%
Clean Harbors Inc.
4.88%, 07/15/27 (Call 07/15/23)(a)(b)		8,967		8,690,753
6.38%, 02/01/31 (Call 02/01/26)(a)(b)		8,584		8,766,410
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(a)(b)		12,163		10,844,328
5.00%, 09/01/30 (Call 09/01/25)(b)		6,618		5,848,658
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)(b)		11,698		10,640,660
3.75%, 08/01/25 (Call 08/01/23)(a)(b)		12,381		11,948,779
4.00%, 08/01/28 (Call 08/01/23)(a)(b)		12,293		11,204,256
4.25%, 06/01/25 (Call 06/01/23)(a)		8,532		8,304,867
4.38%, 08/15/29 (Call 08/15/24)(a)(b)		8,894		8,071,962
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		11,794		10,968,420
5.13%, 12/15/26 (Call 12/15/23)(a)(b)		7,881		7,771,510
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)(b)		11,200		9,865,363
5.88%, 06/30/29 (Call 06/30/24)(a)(b)		16,840		13,255,887
Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)(a)(b)		8,154		7,363,118
5.38%, 07/15/24 (Call 06/07/23)(a)		10,182		10,154,363
				143,699,334
Food — 2.4%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 09/15/23)(a)(b)		12,575		11,886,016
3.50%, 03/15/29 (Call 09/15/23)(a)(b)		22,054		19,540,914
4.63%, 01/15/27 (Call 01/15/24)(a)		23,252		22,467,245
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		16,600		15,552,747
5.88%, 02/15/28 (Call 08/15/23)(a)		12,727		12,567,912
6.50%, 02/15/28 (Call 02/15/25)(a)(b)		12,653		12,852,529
7.50%, 03/15/26 (Call 03/15/24)(a)(b)		8,611		8,891,288
B&G Foods Inc.
5.25%, 04/01/25 (Call 05/30/23)(b)		15,720		14,855,400
5.25%, 09/15/27 (Call 03/01/24)(b)		9,111		7,986,019
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)		16,008		14,652,122
4.38%, 01/31/32 (Call 01/31/27)(a)(b)		11,776		10,757,914
4.88%, 05/15/28 (Call 11/15/27)(a)(b)		8,806		8,654,464
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)(b)		16,668		15,167,880
5.50%, 10/15/27 (Call 10/15/23)(a)(b)		18,006		17,653,007
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		15,467		12,431,601
4.25%, 04/15/31 (Call 04/15/26)		16,898		14,688,046
5.88%, 09/30/27 (Call 09/30/23)(a)		14,407		14,371,343
6.25%, 07/01/33 (Call 04/01/33)		8,135		8,044,213

Security	Par (000)		Value
Food (continued)
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)(b)	$	22,242	$	19,461,750
4.63%, 04/15/30 (Call 04/15/25)(a)(b)		24,131		21,808,391
5.50%, 12/15/29 (Call 12/15/24)(a)(b)		20,519		19,518,699
5.63%, 01/15/28 (Call 12/01/23)(a)(b)		15,661		15,302,510
5.75%, 03/01/27 (Call 03/01/24)(a)(b)		7,910		7,854,250
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)(b)		9,252		8,459,798
4.75%, 02/15/29 (Call 02/15/24)(a)(b)		15,029		13,993,341
6.25%, 04/15/25 (Call 04/15/24)(a)		15,453		15,537,567
				364,956,966
Food Service — 0.4%
Aramark Services Inc.
5.00%, 04/01/25 (Call 05/30/23)(a)(b)		9,697		9,611,426
5.00%, 02/01/28 (Call 02/01/24)(a)(b)		19,343		18,400,029
6.38%, 05/01/25 (Call 05/01/23)(a)		24,689		24,778,169
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)(b)		7,185		6,385,669
10.50%, 05/15/29 (Call 05/15/24)(a)(b)		11,188		7,549,103
				66,724,396
Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29
(Call 02/01/24)(b)		14,674		12,220,507
Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		11,448		11,132,659
5.63%, 05/20/24 (Call 03/20/24)		10,406		10,351,697
5.75%, 05/20/27 (Call 02/20/27)		8,564		8,098,291
5.88%, 08/20/26 (Call 05/20/26)		11,425		11,048,448
				40,631,095
Health Care - Products — 1.1%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)(b)		12,847		11,456,312
4.63%, 07/15/28 (Call 07/15/23)(a)(b)		25,490		23,984,497
Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)		15,047		13,555,949
4.63%, 02/01/28 (Call 02/01/24)(a)		6,112		5,943,920
Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)		71,819		62,841,625
5.25%, 10/01/29 (Call 10/01/24)(a)(b)		41,874		36,215,776
Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)(a)(b)		8,304		7,802,491
4.63%, 11/15/27 (Call 11/15/23)(b)		8,164		7,881,219
				169,681,789
Health Care - Services — 4.5%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)(a)(b)		9,222		7,862,908
3.50%, 04/01/30 (Call 04/01/25)(a)(b)		10,748		9,227,158
5.00%, 07/15/27 (Call 07/15/23)(a)(b)		8,154		7,827,840
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)(b)		7,973		6,999,696
4.00%, 03/15/31 (Call 03/15/26)(a)(b)		8,489		7,391,443
4.25%, 05/01/28 (Call 05/01/23)(a)		8,527		7,797,113
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)(b)		17,253		13,893,841
5.25%, 05/15/30 (Call 05/15/25)(a)(b)		25,261		21,041,150
5.63%, 03/15/27 (Call 12/15/23)(a)(b)		31,138		28,763,727
6.00%, 01/15/29 (Call 01/15/24)(a)(b)		14,136		12,528,030

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
6.13%, 04/01/30 (Call 04/01/25)(a)(b)	$	22,008	$	15,641,039
6.88%, 04/01/28 (Call 04/01/24)(a)(b)		12,029		8,800,550
6.88%, 04/15/29 (Call 04/15/24)(a)(b)		27,253		20,167,220
8.00%, 03/15/26 (Call 03/15/24)(a)(b)		34,566		34,229,351
8.00%, 12/15/27 (Call 12/15/23)(a)(b)		11,840		11,738,497
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)		24,492		19,763,295
4.63%, 06/01/30 (Call 06/01/25)(a)		43,753		38,093,838
Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/24)(b)		12,779		12,070,835
4.63%, 04/01/31 (Call 03/30/26)		6,775		6,077,175
4.75%, 02/01/30 (Call 02/01/25)(b)		12,473		11,488,343
IQVIA Inc.
5.00%, 10/15/26 (Call 10/15/23)(a)		18,027		17,711,528
5.00%, 05/15/27 (Call 05/15/23)(a)(b)		17,587		17,154,887
Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 05/30/23)(a)(b)		9,973		8,456,273
6.75%, 04/15/25 (Call 04/15/24)(a)(b)		10,719		10,317,038
Lifepoint Health Inc., 5.38%, 01/15/29
(Call 01/15/24)(a)(b)		8,560		5,371,400
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29
(Call 10/01/24)(a)		8,327		6,705,733
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/23)(a)(b)		8,298		7,934,963
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)(b)		10,762		9,470,560
3.88%, 05/15/32 (Call 02/15/32)(a)(b)		12,876		11,047,608
4.38%, 06/15/28 (Call 06/15/23)(a)(b)		13,184		12,360,000
Radiology Partners Inc., 9.25%, 02/01/28
(Call 02/01/24)(a)(b)		11,873		5,276,658
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)(a)(b)		23,303		19,423,050
RP Escrow Issuer LLC, 5.25%, 12/15/25
(Call 12/15/23)(a)(b)		12,847		9,022,252
Select Medical Corp., 6.25%, 08/15/26
(Call 08/15/23)(a)(b)		20,428		19,968,370
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(b)		22,896		21,007,080
4.38%, 01/15/30 (Call 12/01/24)		23,621		21,799,348
4.63%, 07/15/24 (Call 05/30/23)		10,798		10,703,518
4.63%, 09/01/24 (Call 09/01/23)		7,852		7,802,925
4.63%, 06/15/28 (Call 06/15/23)(b)		9,221		8,736,898
4.88%, 01/01/26 (Call 03/01/24)(b)		33,746		33,245,084
5.13%, 11/01/27 (Call 11/01/23)		24,711		24,018,227
6.13%, 10/01/28 (Call 10/01/23)(b)		41,621		40,372,370
6.13%, 06/15/30 (Call 06/15/25)(a)(b)		33,208		32,709,880
6.25%, 02/01/27 (Call 02/01/24)		24,498		24,387,759
				686,406,458
Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%,
04/15/29 (Call 04/15/24)(a)(b)		16,649		14,983,363
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)		12,379		10,879,191
4.75%, 09/15/24 (Call 06/15/24)		17,872		17,648,600
5.25%, 05/15/27 (Call 11/15/26)(b)		24,347		22,956,360
6.25%, 05/15/26 (Call 05/15/23)		20,905		20,591,843
6.38%, 12/15/25 (Call 05/30/23)(b)		12,402		12,306,992
				99,366,349

Security	Par (000)		Value
Home Builders — 0.6%
Ashton Woods USA LLC/Ashton Woods Finance Co.,
4.63%, 04/01/30 (Call 04/01/25)(a)	$	6,878	$	5,697,735
Brookfield Residential Properties Inc./Brookfield
Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		7,553		5,936,041
6.25%, 09/15/27 (Call 09/15/23)(a)		9,608		8,803,330
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		7,767		6,821,853
6.75%, 06/01/27 (Call 06/01/23)(b)		8,530		8,585,360
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)(b)		10,652		9,321,024
5.25%, 12/15/27 (Call 12/15/23)(a)(b)		7,959		7,401,953
Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)		7,335		6,620,021
6.00%, 06/01/25 (Call 03/01/25)(b)		5,813		5,879,497
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)(b)		8,011		7,555,946
5.75%, 01/15/28 (Call 10/15/27)(a)(b)		7,560		7,447,054
5.88%, 06/15/27 (Call 03/15/27)(a)(b)		8,405		8,376,973
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24		6,782		6,776,122
				95,222,909
Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)		13,085		10,840,922
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		13,616		11,931,020
				22,771,942
Household Products & Wares — 0.3%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)(b)		7,903		6,785,713
4.13%, 04/30/31 (Call 04/30/26)(a)(b)		6,586		5,540,473
Kronos Acquisition Holdings Inc./KIK Custom
Products Inc.
5.00%, 12/31/26 (Call 06/30/23)(a)(b)		7,734		7,190,687
7.00%, 12/31/27 (Call 12/31/23)(a)(b)		9,026		7,948,318
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)(b)		8,499		6,969,180
5.75%, 07/15/25 (Call 07/15/23)(b)		6,804		6,752,970
				41,187,341
Housewares — 0.5%
Newell Brands Inc.
4.70%, 04/01/26 (Call 01/01/26)		33,342		31,841,610
4.88%, 06/01/25 (Call 05/01/25)(b)		8,768		8,528,217
6.38%, 09/15/27 (Call 06/15/27)(b)		8,552		8,430,134
6.63%, 09/15/29 (Call 06/15/29)(b)		8,374		8,277,281
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(b)		8,054		6,570,554
4.38%, 02/01/32 (Call 08/01/26)(b)		6,825		5,530,388
4.50%, 10/15/29 (Call 10/15/24)(b)		6,893		5,988,044
				75,166,228
Insurance — 1.2%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)(b)		11,671		9,797,194
6.00%, 08/01/29 (Call 08/01/24)(a)		8,584		7,177,834
7.00%, 11/15/25 (Call 05/30/23)(a)(b)		15,275		14,587,625
10.13%, 08/01/26 (Call 08/01/23)(a)(b)		6,567		6,686,584
Alliant Holdings Intermediate LLC/Alliant Holdings
Co-Issuer
4.25%, 10/15/27 (Call 10/15/23)(a)(b)		11,452		10,578,212

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
5.88%, 11/01/29 (Call 11/01/24)(a)(b)	$	7,374	$	6,402,251
6.75%, 10/15/27 (Call 10/15/23)(a)(b)		22,118		20,652,682
6.75%, 04/15/28 (Call 04/15/25)(a)(b)		20,307		20,282,632
AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)(a)(b)		8,839		7,674,830
7.00%, 08/15/25 (Call 05/30/23)(a)(b)		8,562		8,489,286
Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(c)		7,138		5,208,733
Global Atlantic Fin Co., 4.70%, 10/15/51
(Call 07/15/26), (5-year CMT + 3.796%)(a)(b)(c)		12,438		10,007,324
GTCR AP Finance Inc., 8.00%, 05/15/27
(Call 05/15/23)(a)(b)		7,642		7,472,348
Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(a)(b)		8,827		7,876,206
7.00%, 05/01/26 (Call 05/01/23)(a)(b)		29,015		28,882,306
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 12/15/26), (5-year CMT + 3.315%)(a)(b)(c)		7,237		5,834,487
4.30%, 02/01/61 (Call 02/03/26)(a)		12,607		7,724,939
				185,335,473
Internet — 1.6%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)(b)		15,928		13,715,999
6.13%, 12/01/28 (Call 12/01/23)(a)(b)		8,445		7,326,038
Gen Digital Inc., 5.00%, 04/15/25 (Call 05/09/23)(a)		19,577		19,359,749
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)(b)		13,365		11,588,791
5.25%, 12/01/27 (Call 06/01/23)(a)(b)		10,079		9,694,789
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(b)		8,681		7,063,062
4.13%, 08/01/30 (Call 05/01/25)(a)(b)		8,394		7,217,648
4.63%, 06/01/28 (Call 06/01/23)(a)(b)		8,543		7,880,917
5.00%, 12/15/27 (Call 12/15/23)(a)(b)		7,074		6,658,403
NortonLifeLock Inc.
6.75%, 09/30/27 (Call 09/30/24)(a)(b)		14,984		15,102,973
7.13%, 09/30/30 (Call 09/30/25)(a)(b)		9,856		9,905,280
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26
(Call 10/01/23)(a)(b)		8,821		3,726,873
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5-year CMT + 4.578%)(a)(b)(c)(d)		12,217		7,800,715
6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(b)(c)(d)		14,603		8,402,008
10.25%, 11/30/24 (Call 11/28/23)(a)(b)		14,752		14,456,960
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)		25,151		23,168,955
6.25%, 01/15/28 (Call 12/17/23)(a)(b)		8,607		8,685,324
7.50%, 05/15/25 (Call 05/15/23)(a)		16,203		16,446,045
7.50%, 09/15/27 (Call 09/15/23)(a)(b)		20,499		21,206,215
8.00%, 11/01/26 (Call 11/01/23)(a)		24,648		25,251,708
				244,658,452
Iron & Steel — 0.4%
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 06/01/23)(b)		9,601		9,405,882
6.75%, 03/15/26 (Call 03/15/24)(a)(b)		13,565		13,795,605
6.75%, 04/15/30 (Call 04/15/26)		11,250		10,945,800
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)(b)		10,638		10,810,867
8.13%, 05/01/27 (Call 05/01/23)(a)(b)		11,516		11,631,160

Security	Par (000)		Value
Iron & Steel (continued)
8.50%, 05/01/30 (Call 05/01/25)(a)(b)	$	10,333	$	10,443,752
				67,033,066
Leisure Time — 1.1%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28
(Call 05/01/25)(a)		33,777		36,310,275
Life Time Inc.
5.75%, 01/15/26 (Call 01/15/24)(a)		16,323		15,976,136
8.00%, 04/15/26 (Call 02/01/24)(a)(b)		8,036		7,995,820
NCL Corp. Ltd.
3.63%, 12/15/24 (Call 12/15/23)(a)(b)		9,634		9,062,784
5.88%, 03/15/26 (Call 12/15/25)(a)(b)		23,999		20,699,138
5.88%, 02/15/27 (Call 02/15/24)(a)(b)		16,637		15,661,240
7.75%, 02/15/29 (Call 11/15/28)(a)(b)		9,584		8,191,625
8.38%, 02/01/28 (Call 02/01/25)(a)(b)		10,100		10,204,471
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)		8,358		6,758,836
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 09/15/23)(a)(b)		13,051		11,145,424
7.00%, 02/15/29 (Call 02/15/24)(a)(b)		8,325		7,082,202
13.00%, 05/15/25 (Call 05/15/23)(a)		10,762		11,344,381
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/24)(a)(b)		10,744		9,575,086
				170,007,418
Lodging — 3.5%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/23)(b)		16,302		15,725,154
4.75%, 06/15/31 (Call 06/15/26)(a)(b)		15,064		13,827,396
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)(b)		24,596		20,996,838
3.75%, 05/01/29 (Call 05/01/24)(a)		13,303		11,989,329
4.00%, 05/01/31 (Call 05/01/26)(a)(b)		18,135		16,026,806
4.88%, 01/15/30 (Call 01/15/25)(b)		16,499		15,667,879
5.38%, 05/01/25 (Call 05/01/23)(a)(b)		5,358		5,351,303
5.75%, 05/01/28 (Call 05/01/23)(a)(b)		6,803		6,784,503
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)		8,382		7,334,250
5.00%, 06/01/29 (Call 06/01/24)(a)(b)		13,888		12,568,640
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/24)(b)		8,782		8,667,737
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)(b)		8,735		8,264,998
3.20%, 08/08/24 (Call 07/08/24)		28,619		27,760,430
3.50%, 08/18/26 (Call 06/18/26)		16,577		15,543,175
3.90%, 08/08/29 (Call 05/08/29)(b)		12,639		11,518,869
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 06/06/23)(a)(b)		14,192		13,437,766
5.25%, 04/26/26 (Call 04/26/24)(a)(b)		7,403		6,847,775
5.38%, 12/04/29 (Call 12/04/24)(a)		18,666		15,542,465
5.63%, 07/17/27 (Call 07/17/23)(a)(b)		9,848		8,884,866
5.75%, 07/21/28 (Call 07/21/23)(a)(b)		13,853		12,109,625
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 02/01/24)(a)(b)		11,604		10,536,118
5.25%, 06/18/25 (Call 05/09/23)(a)		8,212		7,859,220
5.38%, 05/15/24 (Call 05/15/23)(a)(b)		10,983		10,805,865
5.88%, 05/15/26 (Call 05/15/23)(a)(b)		10,779		10,299,573
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)(b)		6,481		6,201,507
4.75%, 10/15/28 (Call 07/15/28)(b)		12,199		11,487,920
5.50%, 04/15/27 (Call 01/15/27)		11,043		10,797,742
5.75%, 06/15/25 (Call 03/15/25)(b)		12,029		12,009,152

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lodging (continued)
6.75%, 05/01/25 (Call 05/01/23)(b)	$	11,837	$	11,964,120
Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/24)(a)(b)		11,544		10,608,936
4.63%, 12/01/31 (Call 06/01/31)(a)		8,322		7,161,081
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)(b)		17,459		13,635,479
6.00%, 07/15/25 (Call 07/15/23)(a)		7,845		7,286,947
6.50%, 01/15/28 (Call 07/15/23)(a)(b)		8,281		7,148,071
Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)(b)		10,554		9,208,998
6.00%, 04/01/27 (Call 01/01/27)(b)		6,437		6,347,783
6.63%, 07/31/26 (Call 04/30/26)(a)(b)		10,942		10,919,897
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)(a)(b)		15,556		14,930,493
5.50%, 03/01/25 (Call 12/01/24)(a)(b)		30,587		30,158,057
Wynn Macau Ltd.
4.88%, 10/01/24 (Call 05/09/23)(a)(b)		10,925		10,572,049
5.13%, 12/15/29 (Call 12/15/24)(a)(b)		15,706		12,985,374
5.50%, 01/15/26 (Call 06/15/23)(a)		16,384		15,208,174
5.50%, 10/01/27 (Call 10/01/23)(a)(b)		12,241		10,909,791
5.63%, 08/26/28 (Call 08/26/23)(a)		22,344		19,495,140
				533,387,291
Machinery — 0.5%
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)(a)(b)		24,009		24,827,558
9.50%, 01/01/31 (Call 01/01/26)(a)(b)		8,322		8,810,918
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 05/30/23)(a)(b)		10,441		9,366,336
TK Elevator Holdco GmbH, 7.63%, 07/15/28
(Call 07/15/23)(a)(b)		6,533		5,839,522
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27
(Call 07/15/23)(a)		25,924		24,185,980
				73,030,314
Manufacturing — 0.2%
FXI Holdings Inc.
7.88%, 11/01/24 (Call 05/30/23)(a)(b)		7,879		7,226,619
12.25%, 11/15/26 (Call 11/15/23)(a)(b)		12,380		11,097,412
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/23)(b)		7,118		7,126,897
				25,450,928
Media — 9.9%
Altice Financing SA
5.00%, 01/15/28 (Call 01/15/24)(a)(b)		19,960		16,158,452
5.75%, 08/15/29 (Call 08/15/24)(a)		33,410		26,651,825
AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)		16,575		11,486,475
4.75%, 08/01/25 (Call 08/01/23)(b)		13,333		12,366,358
5.00%, 04/01/24 (Call 05/30/23)(b)		4,132		4,070,392
Audacy Capital Corp.
6.50%, 05/01/27 (Call 05/01/23)(a)		4,301		326,809
6.75%, 03/31/29 (Call 03/31/24)(a)		5,498		422,246
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)(b)		49,621		40,794,511
4.25%, 01/15/34 (Call 01/15/28)(a)(b)		32,875		25,231,563
4.50%, 08/15/30 (Call 02/15/25)(a)(b)		44,729		37,688,248
4.50%, 05/01/32 (Call 05/01/26)(b)		48,518		38,814,400
4.50%, 06/01/33 (Call 06/01/27)(a)		28,024		22,275,577
4.75%, 03/01/30 (Call 09/01/24)(a)		49,045		42,178,700
4.75%, 02/01/32 (Call 02/01/27)(a)(b)		18,956		15,662,395
5.00%, 02/01/28 (Call 08/01/23)(a)		39,132		36,246,015

Security	Par (000)		Value
Media (continued)
5.13%, 05/01/27 (Call 05/01/23)(a)	$	50,381	$	47,610,045
5.38%, 06/01/29 (Call 06/01/24)(a)(b)		23,305		21,353,206
5.50%, 05/01/26 (Call 05/01/23)(a)		10,147		9,964,868
6.38%, 09/01/29 (Call 09/01/25)(a)(b)		24,442		23,289,491
7.38%, 03/01/31 (Call 03/01/26)(a)(b)		17,249		16,904,020
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)(b)		16,643		11,438,401
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		17,172		12,317,132
4.50%, 11/15/31 (Call 11/15/26)(a)		24,932		17,507,562
4.63%, 12/01/30 (Call 12/01/25)(a)(b)		38,671		18,855,206
5.00%, 11/15/31 (Call 11/15/26)(a)		7,634		3,647,786
5.25%, 06/01/24(b)		10,905		10,632,375
5.38%, 02/01/28 (Call 02/01/24)(a)(b)		16,562		13,580,840
5.50%, 04/15/27 (Call 04/15/24)(a)(b)		21,150		18,083,250
5.75%, 01/15/30 (Call 01/15/25)(a)		36,671		18,702,210
6.50%, 02/01/29 (Call 02/01/24)(a)(b)		29,145		24,336,075
7.50%, 04/01/28 (Call 04/01/24)(a)(b)		17,540		10,962,500
11.25%, 05/15/28 (Call 05/15/25)(a)		7,821		7,791,671
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)		61,611		54,063,653
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)		45,916		35,068,345
5.75%, 12/01/28 (Call 12/01/27)(a)		41,233		29,378,513
5.88%, 11/15/24		33,223		27,521,491
7.38%, 07/01/28 (Call 07/01/23)(b)		16,438		8,229,274
7.75%, 07/01/26		33,432		19,306,980
5.13%, 06/01/29(b)		23,686		10,760,870
DISH Network Corp., 11.75%, 11/15/27
(Call 05/15/25)(a)		57,938		54,823,832
Gray Escrow II Inc., 5.38%, 11/15/31
(Call 11/15/26)(a)(b)		21,471		13,795,118
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)		13,310		8,555,834
5.88%, 07/15/26 (Call 07/15/23)(a)		12,537		10,656,450
7.00%, 05/15/27 (Call 05/15/23)(a)(b)		12,619		10,206,121
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/24)(a)(b)		8,353		6,494,458
5.25%, 08/15/27 (Call 08/15/23)(a)(b)		13,118		10,343,543
6.38%, 05/01/26 (Call 05/01/23)(b)		13,123		11,221,175
8.38%, 05/01/27 (Call 05/01/23)(b)		17,981		11,773,933
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)		13,703		11,750,323
6.75%, 10/15/27 (Call 10/15/23)(a)		19,111		18,228,311
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)		15,172		13,489,691
8.00%, 08/01/29 (Call 08/01/24)(a)(b)		11,483		9,916,480
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)(b)		17,029		15,118,857
5.13%, 02/15/32 (Call 02/15/27)(a)(b)		9,164		8,476,700
Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(b)		16,785		14,725,588
5.63%, 07/15/27 (Call 07/15/23)(a)		29,601		27,800,667
Paramount Global
6.25%, 02/28/57 (Call 02/28/27), (3-mo. LIBOR US + 3.899%)(b)(c)		10,411		8,042,498
6.38%, 03/30/62 (Call 03/30/27), (5-year CMT + 3.999%)(b)(c)		16,693		14,379,517
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)(b)		15,080		11,727,932
6.50%, 09/15/28 (Call 09/15/23)(a)		16,633		7,740,582

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)(b)	$	8,571	$	6,680,023
5.38%, 01/15/31 (Call 01/15/26)(a)(b)		483		337,158
Scripps Escrow Inc., 5.88%, 07/15/27
(Call 07/15/23)(a)(b)		7,076		5,091,182
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		12,512		9,873,845
5.50%, 03/01/30 (Call 12/01/24)(a)(b)		8,157		6,301,283
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)(b)		16,489		14,757,655
3.88%, 09/01/31 (Call 09/01/26)(a)(b)		24,867		18,774,585
4.00%, 07/15/28 (Call 07/15/24)(a)(b)		33,722		28,536,716
4.13%, 07/01/30 (Call 07/01/25)(a)(b)		24,805		19,899,315
5.00%, 08/01/27 (Call 08/01/23)(a)		25,224		23,206,080
5.50%, 07/01/29 (Call 07/01/24)(a)(b)		20,488		18,270,379
TEGNA Inc.
4.63%, 03/15/28 (Call 03/15/24)(b)		12,769		11,352,279
4.75%, 03/15/26 (Call 03/15/24)(a)		8,338		7,980,978
5.00%, 09/15/29 (Call 09/15/24)(b)		13,681		12,004,051
Telenet Finance Luxembourg Notes Sarl, 5.50%,
03/01/28 (Call 12/01/23)(a)		12,400		11,592,450
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(b)		17,351		14,914,269
5.13%, 02/15/25 (Call 05/09/23)(a)		24,847		24,437,521
6.63%, 06/01/27 (Call 06/01/23)(a)		24,910		24,018,222
7.38%, 06/30/30 (Call 06/30/25)(a)(b)		15,291		14,670,185
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)		20,701		17,802,860
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/23)(a)(b)		7,514		6,760,096
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)(a)(b)		8,098		6,998,697
5.13%, 04/15/27 (Call 04/15/24)(a)(b)		9,631		9,306,154
5.38%, 06/15/24 (Call 03/15/24)(a)(b)		6,711		6,692,497
Virgin Media Finance PLC, 5.00%, 07/15/30
(Call 07/15/25)(a)(b)		15,077		12,679,606
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)(a)(b)		15,166		12,987,556
5.50%, 05/15/29 (Call 05/15/24)(a)(b)		23,656		21,724,970
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)		8,204		7,343,576
VZ Secured Financing BV, 5.00%, 01/15/32
(Call 01/15/27)(a)		24,396		20,309,670
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)(a)		7,596		6,171,750
6.00%, 01/15/27 (Call 01/15/24)(a)(b)		9,849		9,347,803
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)		16,149		13,893,469
				1,525,664,220
Mining — 1.0%
Arconic Corp.
6.00%, 05/15/25 (Call 05/15/23)(a)		10,068		10,048,222
6.13%, 02/15/28 (Call 02/15/24)(a)(b)		14,890		14,703,875
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a)(b)		8,253		7,140,614
FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)		24,851		21,577,668
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		9,775		9,301,890
5.13%, 05/15/24 (Call 02/15/24)(a)(b)		6,930		6,895,110
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)(b)		11,501		11,117,557
6.13%, 04/15/32 (Call 01/15/32)(a)(b)		13,202		12,772,935

Security	Par (000)		Value
Mining (continued)
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)	$	9,420	$	7,465,350
4.63%, 03/01/28 (Call 03/01/24)(a)(b)		8,345		7,336,646
Novelis Corp.
3.25%, 11/15/26 (Call 11/15/23)(a)		12,411		11,332,081
3.88%, 08/15/31 (Call 08/15/26)(a)(b)		12,818		10,716,916
4.75%, 01/30/30 (Call 01/30/25)(a)(b)		26,999		24,376,722
				154,785,586
Office & Business Equipment — 0.1%
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(b)		12,808		12,217,295
5.50%, 08/15/28 (Call 07/15/28)(a)(b)		12,302		10,773,394
				22,990,689
Oil & Gas — 6.0%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(a)(b)		10,464		9,819,592
7.63%, 02/01/29 (Call 02/01/24)(a)(b)		6,526		6,680,110
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)(b)		9,755		8,913,631
Ascent Resources Utica Holdings LLC/ARU
Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)(b)		6,458		5,761,523
7.00%, 11/01/26 (Call 11/01/23)(a)(b)		9,697		9,400,854
Baytex Energy Corp.
8.50%, 04/30/30 (Call 04/30/26)(b)		12,645		12,708,225
8.75%, 04/01/27 (Call 04/01/24)(a)		5,845		6,016,175
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)(a)(b)		10,656		10,126,397
8.00%, 08/01/28 (Call 08/01/24)(a)(b)		11,581		11,431,105
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 04/15/24)(a)(b)		8,791		9,024,397
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 02/05/24)(a)(b)		8,670		8,579,687
5.88%, 02/01/29 (Call 02/05/24)(a)(b)		8,291		7,931,467
6.75%, 04/15/29 (Call 04/15/24)(a)(b)		15,658		15,501,420
Citgo Holding Inc., 9.25%, 08/01/24 (Call 08/01/23)(a)		21,211		21,303,798
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 06/15/23)(a)(b)		11,328		11,063,208
7.00%, 06/15/25 (Call 06/15/23)(a)		18,618		18,524,910
CNX Resources Corp.
6.00%, 01/15/29 (Call 01/15/24)(a)(b)		8,531		7,891,175
7.25%, 03/14/27 (Call 03/14/24)(a)		670		660,821
7.38%, 01/15/31 (Call 01/15/26)(a)(b)		8,673		8,369,445
Colgate Energy Partners III LLC, 5.88%, 07/01/29
(Call 07/01/24)(a)(b)		11,731		11,056,468
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)(b)		15,965		13,723,257
6.75%, 03/01/29 (Call 03/01/24)(a)(b)		19,157		17,333,095
Crescent Energy Finance LLC, 9.25%, 02/15/28
(Call 02/15/25)(a)		6,966		6,959,469
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)(b)		6,861		6,505,747
5.63%, 10/15/25 (Call 10/15/23)(a)(b)		20,257		20,003,787
CVR Energy Inc.
5.25%, 02/15/25 (Call 02/15/24)(a)(b)		10,266		9,934,100
5.75%, 02/15/28 (Call 02/15/24)(a)(b)		7,147		6,386,559
Endeavor Energy Resources LP/EER Finance Inc.,
5.75%, 01/30/28 (Call 01/30/24)(a)(b)		16,388		16,327,546

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Energean Israel Finance Ltd.
4.50%, 03/30/24 (Call 12/30/23)(a)(e)	$	4,301	$	4,185,303
4.88%, 03/30/26 (Call 12/30/25)(a)(e)		7,403		6,836,054
5.38%, 03/30/28 (Call 09/30/27)(a)(e)		7,345		6,561,944
5.88%, 03/30/31 (Call 09/30/30)(a)(e)		7,166		6,251,439
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 02/01/24)(a)		9,801		9,154,950
6.00%, 04/15/30 (Call 04/15/25)(a)		8,282		7,740,134
6.00%, 02/01/31 (Call 02/01/26)(a)(b)		9,902		9,181,630
6.25%, 11/01/28 (Call 11/01/23)(a)		9,752		9,356,435
6.25%, 04/15/32 (Call 04/15/27)(a)(b)		8,636		8,055,495
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a)		11,994		11,470,042
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/24)(b)		7,602		7,659,015
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)(e)		6,975		6,795,394
6.50%, 06/30/27 (Call 12/30/26)(a)(e)		7,061		6,716,120
6.75%, 06/30/30 (Call 12/30/29)(a)(e)		6,591		6,116,448
Matador Resources Co.
5.88%, 09/15/26 (Call 09/15/23)		5,390		5,282,200
6.88%, 04/15/28 (Call 04/15/25)(a)(b)		4,670		4,697,320
MEG Energy Corp.
5.88%, 02/01/29 (Call 02/01/24)(a)(b)		9,677		9,289,920
7.13%, 02/01/27 (Call 02/01/24)(a)(b)		7,729		7,922,225
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 01/15/24)(a)(b)		11,621		10,891,420
10.50%, 05/15/27 (Call 05/15/23)(a)		8,121		7,901,808
Murphy Oil Corp.
5.88%, 12/01/27 (Call 12/01/23)(b)		8,968		8,853,658
6.38%, 07/15/28 (Call 07/15/24)(b)		7,720		7,690,741
Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(b)		8,455		8,236,148
7.38%, 05/15/27 (Call 05/15/24)(a)(b)		11,950		11,591,500
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/23)(a)(b)		9,457		8,927,408
Occidental Petroleum Corp.
2.90%, 08/15/24 (Call 06/15/24)(b)		6,767		6,563,347
5.50%, 12/01/25 (Call 09/01/25)(b)		7,271		7,303,755
5.55%, 03/15/26 (Call 12/15/25)(b)		14,770		14,900,995
5.88%, 09/01/25 (Call 06/01/25)(b)		9,254		9,391,440
6.13%, 01/01/31 (Call 07/01/30)(b)		18,519		19,331,058
6.38%, 09/01/28 (Call 03/01/28)(b)		9,291		9,707,376
6.63%, 09/01/30 (Call 03/01/30)(b)		24,459		26,109,982
7.50%, 05/01/31(b)		14,346		16,006,263
7.88%, 09/15/31		8,154		9,303,714
8.50%, 07/15/27 (Call 01/15/27)		8,669		9,545,696
8.88%, 07/15/30 (Call 01/15/30)(b)		17,063		20,049,025
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(a)		13,820		12,109,775
4.63%, 05/01/30 (Call 05/01/25)(a)(b)		13,433		11,745,021
5.88%, 07/15/27 (Call 07/15/23)(a)		8,322		8,109,659
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 02/15/24)		13,268		12,242,771
7.25%, 06/15/25 (Call 06/15/23)(b)		11,297		11,254,636
Puma International Financing SA
5.00%, 01/24/26 (Call 05/09/23)(a)		11,420		10,293,533
5.13%, 10/06/24 (Call 05/09/23)(a)		8,298		7,963,032
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(a)(b)		8,379		7,708,680

Security	Par (000)		Value
Oil & Gas (continued)
4.88%, 05/15/25 (Call 02/15/25)(b)	$	12,710	$	12,551,125
8.25%, 01/15/29 (Call 01/15/24)(b)		10,427		10,882,660
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(b)		7,032		6,678,423
6.63%, 01/15/27 (Call 01/15/24)(b)		6,140		5,972,247
6.75%, 09/15/26 (Call 09/15/23)(b)		7,531		7,418,035
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(b)		18,938		16,724,527
5.38%, 02/01/29 (Call 02/01/24)(b)		11,472		10,836,370
5.38%, 03/15/30 (Call 03/15/25)(b)		19,714		18,389,454
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)(b)		12,885		11,617,696
4.50%, 04/30/30 (Call 04/30/25)(b)		13,479		12,062,511
5.88%, 03/15/28 (Call 03/15/24)		6,435		6,320,417
6.00%, 04/15/27 (Call 04/15/24)(b)		10,158		10,104,569
Transocean Inc.
7.50%, 01/15/26 (Call 01/15/24)(a)		9,006		8,285,520
8.00%, 02/01/27 (Call 02/01/24)(a)		10,018		8,905,000
8.75%, 02/15/30 (Call 02/15/26)(a)		19,089		19,136,722
11.50%, 01/30/27 (Call 07/30/23)(a)		10,902		11,168,772
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 02/01/24)(a)(b)		5,783		5,659,193
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a)		8,731		8,883,793
				916,539,511
Oil & Gas Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/24)(a)(b)		13,260		12,728,804
6.88%, 04/01/27 (Call 04/01/24)(a)(b)		8,140		8,022,370
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/24)(b)		11,706		11,586,599
6.88%, 09/01/27 (Call 09/01/23)		12,957		12,611,696
Weatherford International Ltd.
6.50%, 09/15/28 (Call 09/15/24)(a)(b)		7,799		7,799,000
8.63%, 04/30/30 (Call 10/30/24)(a)(b)		24,410		24,898,200
11.00%, 12/01/24 (Call 12/01/23)(a)(b)		201		207,214
				77,853,883
Packaging & Containers — 2.9%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(a)(b)		9,518		8,340,147
4.00%, 09/01/29 (Call 05/15/24)(a)(b)		17,204		14,017,819
6.00%, 06/15/27 (Call 06/15/24)(a)		9,621		9,591,536
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 08/15/23)(a)		19,772		18,621,467
5.25%, 04/30/25 (Call 04/30/23)(a)		11,992		11,801,627
5.25%, 08/15/27 (Call 08/15/23)(a)(b)		13,131		11,210,591
5.25%, 08/15/27 (Call 08/15/23)(a)		16,790		14,334,462
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(b)		20,531		17,231,176
3.13%, 09/15/31 (Call 06/15/31)(b)		13,513		11,262,734
4.88%, 03/15/26 (Call 12/15/25)(b)		12,921		12,791,790
5.25%, 07/01/25		17,073		17,055,500
6.88%, 03/15/28 (Call 11/15/24)(b)		12,288		12,780,184
Berry Global Inc., 5.63%, 07/15/27 (Call 07/15/23)(a)(b)		8,704		8,605,113
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(a)(b)		7,898		7,731,787

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
8.75%, 04/15/30 (Call 04/15/25)(a)(b)	$	18,051	$	16,650,919
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(b)		7,787		7,572,857
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)		6,158		5,937,282
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/24)(b)		13,951		13,699,533
Graphic Packaging International LLC
3.50%, 03/15/28(a)(b)		6,779		6,184,595
3.75%, 02/01/30 (Call 08/01/29)(a)(b)		6,706		5,989,263
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)(b)		7,844		7,244,180
6.75%, 07/15/26 (Call 07/15/23)(a)		11,556		11,442,472
8.25%, 11/01/29 (Call 11/01/24)(a)(b)		7,486		6,498,746
10.50%, 07/15/27 (Call 07/15/23)(a)(b)		11,392		10,822,400
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (Call 08/15/24)(a)		45,228		45,858,478
9.25%, 04/15/27 (Call 10/15/24)(a)(b)		22,113		21,020,839
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b)		6,937		6,363,796
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)(b)		10,126		10,163,972
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)		16,925		15,253,656
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(b)		8,134		7,162,882
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)(b)		7,281		6,826,575
5.00%, 04/15/29 (Call 04/15/25)(a)(b)		7,276		6,982,223
5.13%, 12/01/24 (Call 09/01/24)(a)		5,634		5,634,048
5.50%, 09/15/25 (Call 06/15/25)(a)(b)		6,535		6,549,755
6.13%, 02/01/28 (Call 02/01/24)(a)(b)		12,657		12,863,942
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/23)(b)		9,316		8,710,460
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 08/15/23)(a)		17,903		17,393,883
8.50%, 08/15/27 (Call 08/15/23)(a)(b)		11,706		11,284,818
				449,487,507
Pharmaceuticals — 3.0%
AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)(b)		8,619		7,023,278
5.13%, 03/01/30 (Call 03/01/25)(a)(b)		10,235		8,469,463
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 07/31/23)(a)(b)		10,442		5,546,477
9.25%, 04/01/26 (Call 04/01/24)(a)		11,692		9,401,976
Bausch Health Companies Inc.
5.00%, 01/30/28 (Call 01/30/24)(a)(b)		5,861		2,742,948
5.00%, 02/15/29 (Call 02/15/24)(a)(b)		7,190		3,355,933
6.13%, 02/01/27 (Call 02/01/24)(a)(b)		14,637		10,605,193
6.25%, 02/15/29 (Call 02/15/24)(a)(b)		14,484		6,838,621
9.00%, 12/15/25 (Call 12/15/23)(a)(b)		14,493		12,181,780
14.00%, 10/15/30 (Call 10/15/25)(a)		3		1,936
Bausch Health Cos. Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)(b)		25,964		17,132,670
5.25%, 01/30/30 (Call 01/30/25)(a)(b)		14,004		6,668,238
5.25%, 02/15/31 (Call 02/15/26)(a)(b)		7,844		3,761,198
5.50%, 11/01/25 (Call 05/29/23)(a)		28,564		24,850,680
5.75%, 08/15/27 (Call 08/15/23)(a)		8,416		5,836,128

Security	Par (000)		Value
Pharmaceuticals (continued)
11.00%, 09/30/28(a)(b)	$	28,297	$	23,002,631
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 05/29/23)(a)(b)		10,007		9,595,462
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b)		9,710		7,417,631
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)		24,050		22,097,001
Mallinckrodt International Finance SA/Mallinckrodt CB LLC
10.00%, 04/15/25 (Call 04/15/24)(a)(b)		8,190		6,797,700
11.50%, 12/15/28 (Call 06/15/27)(a)(b)		10,651		8,408,432
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)(b)		34,857		32,068,440
5.13%, 04/30/31 (Call 04/30/26)(a)(b)		32,558		28,935,922
Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(a)(b)		8,098		6,509,094
6.63%, 04/01/30 (Call 04/01/25)(a)(b)		9,311		8,100,570
Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)		11,779		11,406,734
4.38%, 03/15/26 (Call 12/15/25)		11,322		10,925,730
4.40%, 06/15/30 (Call 03/15/30)(b)		12,440		11,242,650
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)(b)		9,834		8,315,729
5.13%, 01/15/28 (Call 01/15/24)(a)(b)		6,653		6,464,775
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26(b)		52,988		48,023,687
4.75%, 05/09/27 (Call 02/09/27)(b)		15,946		14,961,295
5.13%, 05/09/29 (Call 02/09/29)(b)		16,025		14,863,187
6.00%, 04/15/24 (Call 01/15/24)(b)		6,488		6,473,808
6.75%, 03/01/28 (Call 12/01/27)(b)		20,088		20,118,132
7.13%, 01/31/25 (Call 10/31/24)(b)		6,848		6,984,960
7.88%, 09/15/29 (Call 06/15/29)(b)		9,656		10,108,080
8.13%, 09/15/31 (Call 06/15/31)(b)		8,045		8,441,216
				455,679,385
Pipelines — 4.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)		12,704		11,877,684
5.75%, 03/01/27 (Call 03/01/24)(a)(b)		10,935		10,552,275
5.75%, 01/15/28 (Call 01/15/24)(a)(b)		11,145		10,796,719
7.88%, 05/15/26 (Call 05/15/23)(a)(b)		9,093		9,336,319
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)		9,584		8,721,440
4.13%, 03/01/25 (Call 02/01/25)(a)		8,533		8,188,617
4.13%, 12/01/27 (Call 09/01/27)		6,720		6,028,173
4.50%, 03/01/28 (Call 12/01/27)(a)(b)		8,382		7,617,142
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b)		22,769		21,258,657
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.
5.63%, 05/01/27 (Call 05/01/23)(a)(b)		10,032		9,623,613
5.75%, 04/01/25 (Call 05/30/23)		8,084		7,970,487
6.00%, 02/01/29 (Call 02/01/24)(a)(b)		11,558		10,893,415
7.38%, 02/01/31 (Call 02/01/26)(a)(b)		9,672		9,672,000
8.00%, 04/01/29 (Call 04/01/24)(a)(b)		7,845		7,982,287
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)		18,436		16,349,045
4.38%, 06/15/31 (Call 06/15/26)(a)(b)		16,176		14,072,594
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)(b)		8,274		7,997,988

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.63%, 01/15/28 (Call 07/15/27)(a)(b)	$	8,564	$	8,435,540
6.50%, 09/01/30 (Call 03/01/30)(a)(b)		16,743		16,953,480
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)(b)		7,011		6,789,593
4.85%, 07/15/26 (Call 04/15/26)(b)		8,065		7,856,486
EQM Midstream Partners LP
4.00%, 08/01/24 (Call 05/01/24)		457		442,113
4.13%, 12/01/26 (Call 09/01/26)		8,415		7,647,131
4.50%, 01/15/29 (Call 07/15/28)(a)(b)		12,878		10,968,032
4.75%, 01/15/31 (Call 07/15/30)(a)(b)		17,806		14,606,306
5.50%, 07/15/28 (Call 04/15/28)(b)		14,563		13,270,534
6.00%, 07/01/25 (Call 04/01/25)(a)		6,214		6,098,720
6.50%, 07/01/27 (Call 01/01/27)(a)(b)		14,818		14,449,032
7.50%, 06/01/27 (Call 06/01/24)(a)(b)		8,388		8,343,773
7.50%, 06/01/30 (Call 12/01/29)(a)(b)		7,940		7,711,725
Genesis Energy LP/Genesis Energy Finance Corp.
6.50%, 10/01/25 (Call 10/01/23)		8,625		8,430,937
7.75%, 02/01/28 (Call 02/01/24)		11,575		11,401,375
8.00%, 01/15/27 (Call 01/15/24)		17,281		17,255,251
8.88%, 04/15/30 (Call 04/15/26)		7,886		7,903,908
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		12,878		11,444,234
5.13%, 06/15/28 (Call 06/15/23)(a)(b)		9,141		8,675,570
5.50%, 10/15/30 (Call 10/15/25)(a)		6,379		5,967,611
5.63%, 02/15/26 (Call 02/15/24)(a)		13,590		13,403,987
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)		20,255		16,805,573
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(b)		16,365		15,681,303
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 03/31/24)(a)(b)		25,020		23,018,400
6.75%, 09/15/25 (Call 09/15/23)(a)		21,095		20,133,912
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/24)(a)		34,088		32,850,179
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)(b)		9,049		8,687,441
5.75%, 10/01/25 (Call 07/01/25)(b)		9,824		9,678,267
6.00%, 06/01/26 (Call 03/01/26)		8,772		8,611,385
6.38%, 10/01/30 (Call 04/01/30)(b)		10,171		9,765,380
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)		6,924		6,567,068
4.95%, 07/15/29 (Call 04/15/29)(a)(b)		8,491		7,841,014
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a)(b)		13,039		12,537,544
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 01/15/24)(a)(b)		12,520		11,676,987
6.00%, 03/01/27 (Call 03/01/24)(a)(b)		7,411		7,141,517
6.00%, 12/31/30 (Call 12/31/25)(a)(b)		12,132		10,823,564
6.00%, 09/01/31 (Call 09/01/26)(a)(b)		7,958		7,065,141
7.50%, 10/01/25 (Call 10/01/23)(a)		10,507		10,626,149
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)(b)		20,758		17,538,175
6.25%, 01/15/30 (Call 10/15/29)(a)(b)		16,966		17,216,975
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		20,439		18,440,769
4.13%, 08/15/31 (Call 02/15/31)(a)		20,576		18,209,760
Western Midstream Operating LP
3.35%, 02/01/25 (Call 01/01/25)		818		782,960
4.30%, 02/01/30 (Call 11/01/29)(b)		1,494		1,365,798
				680,059,054

Security	Par (000)		Value
Real Estate — 0.5%
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)	$	11,057	$	9,357,907
4.38%, 02/01/31 (Call 02/01/26)(a)(b)		11,483		9,372,999
5.38%, 08/01/28 (Call 08/01/23)(a)		12,853		11,631,965
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 03/01/24)(b)		9,910		7,890,838
4.75%, 02/01/30 (Call 09/01/24)		10,068		7,762,126
5.00%, 03/01/31 (Call 03/01/26)		10,029		7,599,174
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)(a)(b)		17,049		12,147,412
5.75%, 01/15/29 (Call 01/15/24)(a)(b)		15,016		11,161,714
				76,924,135
Real Estate Investment Trusts — 3.5%
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 10/01/23)(a)(b)		12,171		10,070,742
5.75%, 05/15/26 (Call 05/15/23)(a)(b)		15,548		14,142,266
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(b)		8,637		5,441,310
4.75%, 02/15/28 (Call 08/15/27)(b)		7,825		4,822,156
9.75%, 06/15/25 (Call 06/15/23)		8,133		7,777,181
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)(b)		17,149		15,176,865
6.00%, 04/15/25 (Call 04/15/24)(a)(b)		6,409		6,236,059
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)(b)		18,103		15,790,845
4.88%, 09/15/27 (Call 09/15/23)(a)(b)		16,506		15,796,759
4.88%, 09/15/29 (Call 09/15/24)(a)(b)		16,335		14,926,106
5.00%, 07/15/28 (Call 07/15/23)(a)(b)		8,090		7,614,713
5.25%, 03/15/28 (Call 12/27/23)(a)(b)		13,326		12,818,779
5.25%, 07/15/30 (Call 07/15/25)(a)		21,552		19,892,496
5.63%, 07/15/32 (Call 07/15/26)(a)(b)		9,607		8,763,986
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)		12,275		10,801,318
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 02/01/24)(a)		10,507		8,957,218
4.75%, 06/15/29 (Call 06/15/24)(a)		10,479		8,301,202
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)(b)		21,138		14,393,921
4.63%, 08/01/29 (Call 08/01/24)(b)		14,642		11,127,309
5.00%, 10/15/27 (Call 09/07/23)(b)		22,650		19,049,782
5.25%, 08/01/26 (Call 08/01/23)(b)		8,425		7,517,206
Office Properties Income Trust
3.45%, 10/15/31 (Call 07/15/31)(b)		6,725		3,462,703
4.50%, 02/01/25 (Call 11/01/24)(b)		10,946		9,302,275
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)		12,886		11,189,826
5.88%, 10/01/28 (Call 10/01/23)(a)(b)		12,193		11,277,172
7.50%, 06/01/25 (Call 06/01/23)(a)		10,874		10,928,370
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 02/15/24)(a)(b)		9,635		8,671,380
4.75%, 10/15/27 (Call 10/15/23)(b)		11,581		10,965,759
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 07/01/23)(a)		8,236		7,655,056
4.00%, 09/15/29 (Call 09/15/24)(a)(b)		8,262		6,929,408
SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)(b)		25,053		21,469,086
3.88%, 02/15/27 (Call 02/15/24)(b)		24,624		22,931,100

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	$	7,217	$	5,631,485
4.35%, 10/01/24 (Call 09/01/24)		13,527		12,950,412
4.38%, 02/15/30 (Call 08/15/29)(b)		6,882		5,124,200
4.75%, 10/01/26 (Call 08/01/26)		7,372		6,340,952
4.95%, 02/15/27 (Call 08/15/26)		7,002		5,934,195
4.95%, 10/01/29 (Call 07/01/29)		6,533		4,945,481
5.50%, 12/15/27 (Call 09/15/27)(b)		7,836		6,891,351
7.50%, 09/15/25 (Call 06/15/25)(b)		13,241		13,009,282
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)(b)		6,289		5,437,037
3.75%, 12/31/24 (Call 09/30/24)(a)(b)		6,617		6,190,204
4.38%, 01/15/27 (Call 07/15/26)(a)(b)		8,255		7,100,621
4.75%, 03/15/25 (Call 09/15/24)(b)		7,954		7,510,326
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)(b)		11,396		6,722,614
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(b)		9,204		7,317,180
6.50%, 02/15/29 (Call 02/15/24)(a)(b)		18,331		11,162,398
10.50%, 02/15/28 (Call 09/15/25)(a)(b)		43,198		41,092,097
XHR LP
4.88%, 06/01/29 (Call 06/01/24)(a)(b)		8,470		7,345,952
6.38%, 08/15/25 (Call 08/15/23)(a)		8,628		8,495,779
				533,401,920
Retail — 4.6%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 02/15/24)(a)(b)		12,545		11,246,467
3.88%, 01/15/28 (Call 09/15/23)(a)(b)		26,129		24,486,792
4.00%, 10/15/30 (Call 10/15/25)(a)		46,234		40,373,392
4.38%, 01/15/28 (Call 11/15/23)(a)(b)		12,176		11,442,396
5.75%, 04/15/25 (Call 04/15/24)(a)		7,837		7,872,103
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/01/24)(b)		7,005		6,430,882
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		13,301		11,840,262
4.75%, 03/01/30 (Call 03/01/25)(b)		7,376		6,533,026
5.00%, 02/15/32 (Call 11/15/26)(a)(b)		9,709		8,361,876
Bath & Body Works Inc.
5.25%, 02/01/28(b)		8,308		7,939,696
6.63%, 10/01/30 (Call 10/01/25)(a)(b)		16,803		16,130,880
7.50%, 06/15/29 (Call 06/15/24)(b)		7,665		7,815,301
Carvana Co.
4.88%, 09/01/29 (Call 09/01/24)(a)		14,389		5,850,927
5.50%, 04/15/27 (Call 04/15/24)(a)(b)		10,215		4,392,450
5.63%, 10/01/25 (Call 10/01/23)(a)(b)		8,618		5,443,301
5.88%, 10/01/28 (Call 10/01/23)(a)		9,360		3,925,058
10.25%, 05/01/30 (Call 05/01/27)(a)(b)		60,040		32,916,930
eG Global Finance PLC
6.75%, 02/07/25 (Call 05/15/23)(a)		13,177		12,485,208
8.50%, 10/30/25 (Call 10/30/23)(a)(b)		10,988		10,468,597
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/24)(a)(b)		10,868		10,107,240
5.88%, 04/01/29 (Call 04/01/24)(a)		13,578		11,473,410
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(a)(b)		16,528		14,442,869
6.75%, 01/15/30 (Call 01/15/25)(a)(b)		20,618		16,700,580
FirstCash Inc.
4.63%, 09/01/28 (Call 09/01/23)(a)(b)		8,072		7,368,223
5.63%, 01/01/30 (Call 01/01/25)(a)(b)		9,485		8,825,497

Security	Par (000)		Value
Retail (continued)
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)(b)	$	12,016	$	8,508,890
3.88%, 10/01/31 (Call 10/01/26)(a)(b)		12,527		8,741,466
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 06/01/23)(a)(b)		9,035		8,896,325
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)(b)		8,690		5,909,287
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(b)		13,468		10,740,730
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a)(b)		15,691		13,312,558
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)(b)		13,425		11,615,773
4.38%, 01/15/31 (Call 10/15/25)(a)(b)		9,129		7,850,940
4.63%, 12/15/27 (Call 12/15/23)(a)(b)		6,887		6,437,516
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(a)(b)		8,592		7,870,530
5.88%, 03/15/30 (Call 03/15/25)(a)(b)		6,897		6,144,472
6.13%, 03/15/32 (Call 03/15/27)(a)(b)		6,701		5,893,841
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 11/01/23)(a)(b)		13,961		11,486,692
7.88%, 05/01/29 (Call 04/01/24)(a)(b)		21,876		14,669,225
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		8,104		6,962,349
4.75%, 09/15/29 (Call 09/15/24)		8,418		7,836,653
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/24)(a)		18,071		16,860,243
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)(b)		7,269		5,395,415
4.38%, 04/01/30 (Call 01/01/30)(b)		8,528		6,681,773
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 09/01/23)(b)		9,525		9,097,847
3.75%, 06/15/29 (Call 06/15/24)(b)		8,402		7,305,875
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 02/15/24)(a)		20,028		18,931,667
7.75%, 02/15/29 (Call 02/15/24)(a)(b)		19,198		18,903,541
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)(b)		7,408		3,647,551
4.45%, 02/15/25 (Call 11/15/24)(b)		10,805		7,928,169
4.75%, 02/15/27 (Call 11/15/26)(b)		9,320		4,712,425
4.85%, 04/01/24(b)		2,710		2,338,595
Rite Aid Corp.
7.50%, 07/01/25 (Call 07/01/23)(a)(b)		383		263,313
8.00%, 11/15/26 (Call 01/15/24)(a)(b)		9,786		5,287,669
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		10,943		9,178,441
4.88%, 11/15/31 (Call 11/15/26)(a)(b)		8,247		6,659,453
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)		10,236		9,044,456
6.00%, 12/01/29 (Call 12/01/24)(a)(b)		13,675		11,141,280
6.13%, 07/01/29 (Call 07/01/24)(a)(b)		7,053		5,851,639
Staples Inc.
7.50%, 04/15/26 (Call 04/15/24)(a)		33,453		28,257,749
10.75%, 04/15/27 (Call 04/15/24)(a)(b)		16,137		10,948,451
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)(b)		10,854		9,476,041
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(b)		17,341		15,342,276
4.63%, 01/31/32 (Call 10/01/26)(b)		18,838		17,589,983
4.75%, 01/15/30 (Call 10/15/29)(a)		13,458		13,020,615

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
5.38%, 04/01/32 (Call 04/01/27)(b)	$	16,597	$	16,202,821
				707,817,898
Semiconductors — 0.3%
Entegris Escrow Corp.
4.75%, 04/15/29 (Call 01/15/29)(a)(b)		26,854		24,974,220
5.95%, 06/15/30 (Call 06/15/25)(a)(b)		15,179		14,420,050
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)(a)(b)		6,842		5,858,805
4.38%, 04/15/28 (Call 04/15/24)(a)(b)		6,050		5,530,582
				50,783,657
Software — 2.2%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)		17,588		15,951,217
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)(b)		14,875		13,373,071
4.88%, 07/01/29 (Call 06/30/24)(a)(b)		15,400		13,879,250
Cloud Software Group Inc., 9.00%, 09/30/29 (Call 09/30/25)(b)		27,330		23,461,687
Fair Isaac Corp.
4.00%, 06/15/28 (Call 12/15/23)(a)		15,762		14,715,376
5.25%, 05/15/26 (Call 02/15/26)(a)		7,083		7,073,198
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b)		38,327		31,558,482
MSCI Inc.
3.25%, 08/15/33 (Call 08/15/27)(a)		267		216,756
3.63%, 09/01/30 (Call 03/01/25)(a)		769		663,982
4.00%, 11/15/29 (Call 11/15/24)(a)(b)		452		407,916
Open Text Corp.
3.88%, 02/15/28 (Call 02/15/24)(a)		14,851		13,178,777
3.88%, 12/01/29 (Call 12/01/24)(a)		13,869		11,649,960
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)(b)		15,050		12,852,519
4.13%, 12/01/31 (Call 12/01/26)(a)(b)		10,897		9,036,610
Picard Midco Inc., 6.50%, 03/31/29 (Call 09/30/25)(a)(b)		65,777		59,199,300
PTC Inc.
3.63%, 02/15/25 (Call 02/15/24)(a)(b)		8,083		7,798,242
4.00%, 02/15/28 (Call 02/15/24)(a)		8,464		7,882,185
Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)(b)		7,551		3,133,665
5.38%, 12/01/28 (Call 12/01/23)(a)(b)		6,473		1,521,155
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)(b)		16,762		14,163,890
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/24)(a)		33,080		32,089,668
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(b)		9,144		7,806,416
3.88%, 03/15/31 (Call 03/15/26)(b)		8,839		7,375,527
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 09/01/23)(a)(b)		29,190		22,038,450
				331,027,299
Telecommunications — 5.4%
Altice France Holding SA
6.00%, 02/15/28 (Call 02/15/24)(a)(b)		18,299		11,254,800
10.50%, 05/15/27 (Call 05/15/23)(a)		26,070		19,270,292
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a)		32,429		24,321,750
Altice France SA/France
5.13%, 01/15/29 (Call 09/15/23)(a)		7,790		5,799,006
5.13%, 07/15/29 (Call 04/15/24)(a)		41,640		30,818,180
5.50%, 01/15/28 (Call 09/15/23)(a)		17,993		14,170,387
8.13%, 02/01/27 (Call 08/01/23)(a)(b)		29,002		25,910,677

Security	Par (000)		Value
Telecommunications (continued)
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)(a)(c)	$	8,479	$	7,476,528
4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)(a)(c)		7,957		6,425,278
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/15/23)(a)		20,453		17,946,655
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)(b)		20,811		16,805,715
6.00%, 03/01/26 (Call 03/01/24)(a)		25,038		23,921,280
7.13%, 07/01/28 (Call 07/01/23)(a)(b)		11,510		8,258,425
8.25%, 03/01/27 (Call 03/01/24)(a)(b)		16,888		13,088,200
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/15/24)(a)(b)		12,273		8,437,688
6.00%, 06/15/25 (Call 06/15/23)(a)(b)		21,803		20,494,820
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/23)(a)(b)		34,689		33,066,942
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)		6,120		4,482,900
6.50%, 10/01/28 (Call 10/01/23)(a)(b)		12,167		9,470,706
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)(b)		26,185		22,977,337
5.88%, 10/15/27 (Call 10/15/23)(a)(b)		18,947		17,433,135
5.88%, 11/01/29 (Call 11/01/24)(b)		12,068		9,201,634
6.00%, 01/15/30 (Call 10/15/24)(a)(b)		16,521		12,638,565
6.75%, 05/01/29 (Call 05/01/24)(a)(b)		16,825		13,548,331
8.63%, 03/15/31 (Call 03/15/26)(a)(b)		12,608		12,261,280
8.75%, 05/15/30 (Call 05/15/25)(a)		19,647		19,425,971
Hughes Satellite Systems Corp.
5.25%, 08/01/26(b)		12,525		11,978,785
6.63%, 08/01/26(b)		12,205		11,533,725
Iliad Holding SASU
6.50%, 10/15/26 (Call 10/15/23)(a)		20,031		19,279,838
7.00%, 10/15/28 (Call 10/15/24)(a)		15,127		14,348,748
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b)		49,396		45,732,397
Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)(a)		11,827		9,225,060
3.63%, 01/15/29 (Call 01/15/24)(a)(b)		13,084		7,358,311
3.75%, 07/15/29 (Call 01/15/24)(a)		13,823		7,775,438
3.88%, 11/15/29 (Call 08/15/29)(a)(b)		12,159		8,876,070
4.25%, 07/01/28 (Call 07/01/23)(a)		19,358		11,276,035
4.63%, 09/15/27 (Call 09/15/23)(a)(b)		15,817		9,770,952
10.50%, 05/15/30 (Call 05/15/26)(a)(b)		13,510		12,935,825
Lumen Technologies Inc.
4.00%, 02/15/27 (Call 02/15/24)(a)(b)		20,321		13,513,465
4.50%, 01/15/29 (Call 01/15/24)(a)(b)		6,459		2,745,075
5.38%, 06/15/29 (Call 06/15/24)(a)		200		88,649
Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(c)		2,632		2,379,933
Sprint LLC
7.13%, 06/15/24(b)		19,513		19,830,086
7.63%, 02/15/25 (Call 11/15/24)(b)		7,534		7,767,177
7.63%, 03/01/26 (Call 11/01/25)(b)		16,815		17,794,978
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)		20,494		20,071,557
Telesat Canada/Telesat LLC
4.88%, 06/01/27 (Call 12/01/23)(a)(b)		6,594		3,559,009
5.63%, 12/06/26 (Call 12/06/23)(a)(b)		8,462		4,730,434
6.50%, 10/15/27 (Call 10/15/23)(a)(b)		199		71,500

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
ViaSat Inc.
5.63%, 09/15/25 (Call 05/09/23)(a)(b)	$	11,390	$	10,879,038
5.63%, 04/15/27 (Call 04/15/24)(a)		10,017		9,290,768
6.50%, 07/15/28 (Call 06/17/23)(a)(b)		6,290		4,973,440
Vmed O2 UK Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(a)		22,505		18,647,774
4.75%, 07/15/31 (Call 07/15/26)(a)		23,126		19,667,756
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(b)(c)		7,522		6,651,923
4.13%, 06/04/81 (Call 04/04/31), (5-year CMT + 2.767%)(b)(c)		16,033		12,901,539
7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c)		30,800		31,342,098
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b)		22,778		18,822,220
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 05/30/23)(a)(b)		24,174		18,370,729
6.13%, 03/01/28 (Call 03/01/24)(a)(b)		17,657		11,300,480
				834,397,294
Toys, Games & Hobbies — 0.2%
Mattel Inc.
3.38%, 04/01/26 (Call 04/01/24)(a)(b)		9,926		9,380,070
3.75%, 04/01/29 (Call 04/01/24)(a)(b)		9,916		8,949,190
5.88%, 12/15/27 (Call 12/15/23)(a)(b)		7,538		7,576,632
				25,905,892
Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. LIBOR US + 4.300%)(a)(b)(c)		8,239		7,794,725
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)(b)		16,604		15,234,170
6.50%, 10/01/25 (Call 10/01/23)(a)		10,789		10,657,412
9.75%, 08/01/27 (Call 08/01/23)(a)(b)		7,101		7,412,409
				41,098,716
Total Long-Term Investments — 98.1% (Cost: $16,599,914,131)				15,053,148,039

Security	Shares (000)		Value
Short-Term Securities
Money Market Funds — 19.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(f)(g)(h)		2,892,010	$	2,892,878,079
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(f)(g)		37,900		37,900,000
Total Short-Term Securities — 19.1% (Cost: $2,929,559,235)				2,930,778,079
Total Investments — 117.2% (Cost: $19,529,473,366)				17,983,926,118
Liabilities in Excess of Other Assets — (17.2)%				(2,641,114,416	)
Net Assets — 100.0%			$	15,342,811,702

^(a)  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.

^(b)  All or a portion of this security is on loan.

^(c)  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.

^(d)  Perpetual security with no stated maturity date.

^(e)  This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)  Affiliate of the Fund.

^(g)  Annualized 7-day yield as of period end.

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

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:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023   iShares^® iBoxx $ High Yield Corporate Bond ETF

Fair Value Hierarchy as of Period End (continued)

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
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	15,053,148,039	$	—	$	15,053,148,039
Short-Term Securities
Money Market Funds		2,930,778,079		—		—		2,930,778,079
	$	2,930,778,079	$	15,053,148,039	$	—	$	17,983,926,118

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) April 30, 2023 IShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Advertising — 0.0%
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)(a)	$	2,787	$	2,380,172
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		2,153		2,094,585
				4,474,757
Aerospace & Defense — 2.3%
Boeing Co. (The)
2.70%, 02/01/27 (Call 12/01/26)(a)		9,784		9,075,282
2.95%, 02/01/30 (Call 11/01/29)(a)		8,813		7,822,336
3.20%, 03/01/29 (Call 12/01/28)(a)		10,849		9,932,019
3.25%, 02/01/28 (Call 12/01/27)		13,434		12,529,788
3.25%, 02/01/35 (Call 11/01/34)(a)		8,128		6,638,080
3.60%, 05/01/34 (Call 02/01/34)(a)		7,715		6,637,431
3.63%, 02/01/31 (Call 11/01/30)		14,743		13,496,481
3.75%, 02/01/50 (Call 08/01/49)(a)		15,385		11,563,880
3.90%, 05/01/49 (Call 11/01/48)(a)		10,086		7,663,422
3.95%, 08/01/59 (Call 02/01/59)(a)		7,591		5,590,359
5.04%, 05/01/27 (Call 03/01/27)(a)		18,552		18,636,085
5.15%, 05/01/30 (Call 02/01/30)		47,279		47,574,508
5.71%, 05/01/40 (Call 11/01/39)		32,091		32,148,404
5.81%, 05/01/50 (Call 11/01/49)		59,157		59,022,660
5.93%, 05/01/60 (Call 11/01/59)		36,523		36,184,903
General Dynamics Corp.
3.50%, 04/01/27 (Call 02/01/27)		7,000		6,799,627
3.63%, 04/01/30 (Call 01/01/30)(a)		13,108		12,606,652
3.75%, 05/15/28 (Call 02/15/28)		13,049		12,800,594
4.25%, 04/01/40 (Call 10/01/39)		5,327		4,969,263
4.25%, 04/01/50 (Call 10/01/49)		6,019		5,625,026
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28)(a)		20,364		20,192,248
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)(a)		4,803		3,495,911
3.80%, 03/01/45 (Call 09/01/44)		10,020		8,700,135
3.90%, 06/15/32 (Call 03/15/32)(a)		8,561		8,297,981
4.07%, 12/15/42		15,553		14,292,546
4.09%, 09/15/52 (Call 03/15/52)		15,427		13,894,929
4.15%, 06/15/53 (Call 12/15/52)(a)		11,424		10,326,344
4.70%, 05/15/46 (Call 11/15/45)(a)		12,429		12,293,023
5.10%, 11/15/27 (Call 10/15/27)(a)		7,193		7,483,736
5.25%, 01/15/33 (Call 10/15/32)(a)		10,799		11,525,660
5.70%, 11/15/54 (Call 05/15/54)(a)		12,273		13,937,399
5.90%, 11/15/63 (Call 05/15/63)(a)		6,172		7,202,425
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)(a)		5,839		5,615,194
3.25%, 01/15/28 (Call 10/15/27)		22,916		21,818,278
4.03%, 10/15/47 (Call 04/15/47)(a)		23,725		20,454,812
4.40%, 05/01/30 (Call 02/01/30)(a)		9,667		9,653,972
4.70%, 03/15/33 (Call 12/15/32)(a)		10,551		10,618,228
4.75%, 06/01/43		7,439		7,084,686
4.95%, 03/15/53 (Call 09/15/52)(a)		11,162		11,044,574
5.25%, 05/01/50 (Call 11/01/49)(a)		10,253		10,581,339
Raytheon Technologies Corp.
1.90%, 09/01/31 (Call 06/01/31)		17,555		14,377,208
2.25%, 07/01/30 (Call 04/01/30)(a)		8,153		7,040,255
2.38%, 03/15/32 (Call 12/15/31)(a)		12,764		10,744,504
2.82%, 09/01/51 (Call 03/01/51)(a)		14,231		9,820,294
3.03%, 03/15/52 (Call 09/15/51)		11,894		8,545,626
3.13%, 05/04/27 (Call 02/04/27)(a)		11,086		10,583,397

Security	Par (000)		Value
Aerospace & Defense (continued)
3.13%, 07/01/50 (Call 01/01/50)(a)	$	10,754	$	7,931,860
3.50%, 03/15/27 (Call 12/15/26)		11,228		10,889,310
3.75%, 11/01/46 (Call 05/01/46)(a)		12,523		10,366,583
4.13%, 11/16/28 (Call 08/16/28)		31,388		30,958,775
4.15%, 05/15/45 (Call 11/16/44)		10,104		8,862,158
4.35%, 04/15/47 (Call 10/15/46)(a)		11,247		10,223,532
4.45%, 11/16/38 (Call 05/16/38)(a)		8,660		8,219,926
4.50%, 06/01/42		39,218		37,063,771
4.63%, 11/16/48 (Call 05/16/48)(a)		18,505		17,580,784
5.15%, 02/27/33 (Call 11/27/32)		12,470		12,977,761
5.38%, 02/27/53 (Call 08/27/52)		12,433		13,077,427
				785,093,391
Agriculture — 1.6%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		15,831		12,581,203
3.40%, 05/06/30 (Call 02/06/30)		6,396		5,716,384
3.40%, 02/04/41 (Call 08/04/40)(a)		14,743		10,386,787
3.70%, 02/04/51 (Call 08/04/50)		12,746		8,535,481
3.88%, 09/16/46 (Call 03/16/46)(a)		15,634		11,225,420
4.00%, 02/04/61 (Call 08/04/60)(a)		9,629		6,781,949
4.25%, 08/09/42(a)		11,387		9,007,316
4.80%, 02/14/29 (Call 11/14/28)(a)		17,083		16,966,943
5.38%, 01/31/44(a)		17,748		16,225,752
5.80%, 02/14/39 (Call 08/14/38)		20,525		20,268,825
5.95%, 02/14/49 (Call 08/14/48)(a)		25,628		24,135,771
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)(a)		3,223		3,061,061
2.70%, 09/15/51 (Call 03/15/51)(a)		1,463		1,021,617
2.90%, 03/01/32 (Call 12/01/31)(a)		9,213		8,215,177
3.25%, 03/27/30 (Call 12/27/29)		9,955		9,343,819
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		19,945		17,325,298
2.73%, 03/25/31 (Call 12/25/30)(a)		14,660		11,886,287
3.22%, 09/06/26 (Call 07/06/26)		10,045		9,502,640
3.56%, 08/15/27 (Call 05/15/27)		39,658		37,150,702
3.73%, 09/25/40 (Call 03/25/40)(a)		6,575		4,723,702
3.98%, 09/25/50 (Call 03/25/50)(a)		9,836		6,759,953
4.39%, 08/15/37 (Call 02/15/37)		24,134		19,687,844
4.54%, 08/15/47 (Call 02/15/47)		26,268		19,639,063
4.70%, 04/02/27 (Call 02/02/27)(a)		10,778		10,654,958
4.74%, 03/16/32 (Call 12/16/31)(a)		10,245		9,561,577
4.76%, 09/06/49 (Call 03/06/49)		8,950		6,834,923
4.91%, 04/02/30 (Call 01/02/30)		9,817		9,481,382
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28)(a)		12,201		11,724,401
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a)		10,961		9,403,738
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		1,188		1,071,949
1.75%, 11/01/30 (Call 08/01/30)(a)		9,374		7,571,557
2.10%, 05/01/30 (Call 02/01/30)(a)		11,518		9,650,306
3.38%, 08/15/29 (Call 05/15/29)(a)		15,403		14,311,431
3.88%, 08/21/42(a)		11,706		9,387,641
4.13%, 03/04/43		7,080		5,837,143
4.25%, 11/10/44		8,728		7,298,506
4.38%, 11/15/41		10,308		8,897,456
4.88%, 02/15/28 (Call 01/15/28)(a)		7,511		7,574,154
4.88%, 11/15/43(a)		5,362		4,905,021
5.13%, 11/17/27 (Call 10/17/27)		12,777		13,088,103
5.13%, 02/15/30 (Call 12/15/29)(a)		21,413		21,659,063

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
5.38%, 02/15/33 (Call 11/15/32)	$	17,724	$	18,067,224
5.63%, 11/17/29 (Call 09/17/29)		12,534		13,102,280
5.75%, 11/17/32 (Call 08/17/32)(a)		14,778		15,518,461
6.38%, 05/16/38		16,357		18,084,211
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		6,165		5,887,153
5.85%, 08/15/45 (Call 02/12/45)(a)		24,708		22,361,239
				552,082,871
Airlines — 0.1%
Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)(a)		21,705		21,885,141
Apparel — 0.2%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)(a)		9,024		8,521,030
2.75%, 03/27/27 (Call 01/27/27)		8,045		7,681,491
2.85%, 03/27/30 (Call 12/27/29)(a)		14,971		13,852,108
3.25%, 03/27/40 (Call 09/27/39)		9,038		7,630,421
3.38%, 03/27/50 (Call 09/27/49)(a)		14,826		12,239,640
3.88%, 11/01/45 (Call 05/01/45)(a)		8,564		7,717,849
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a)		12,369		10,522,241
				68,164,780
Auto Manufacturers — 1.3%
American Honda Finance Corp.
1.30%, 09/09/26		2,758		2,498,837
2.00%, 03/24/28(a)		7,196		6,468,600
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)(a)		6,110		5,046,399
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)(a)		10,391		9,978,523
5.00%, 10/01/28 (Call 07/01/28)(a)		11,227		11,112,379
5.00%, 04/01/35(a)		6,819		6,231,309
5.15%, 04/01/38 (Call 10/01/37)		8,346		7,479,178
5.20%, 04/01/45		13,247		11,208,621
5.40%, 10/15/29 (Call 08/15/29)(a)		11,919		11,786,160
5.40%, 04/01/48 (Call 10/01/47)(a)		6,990		5,998,072
5.60%, 10/15/32 (Call 07/15/32)(a)		16,029		15,702,913
5.95%, 04/01/49 (Call 10/01/48)(a)		10,006		9,280,515
6.25%, 10/02/43(a)		15,170		14,665,105
6.60%, 04/01/36 (Call 10/01/35)		10,745		11,027,957
6.75%, 04/01/46 (Call 10/01/45)(a)		6,791		6,866,276
6.80%, 10/01/27 (Call 08/01/27)		12,036		12,725,252
General Motors Financial Co. Inc.
1.50%, 06/10/26 (Call 05/10/26)		13,179		11,786,550
2.35%, 02/26/27 (Call 01/26/27)		11,418		10,265,539
2.35%, 01/08/31 (Call 10/08/30)		5,337		4,218,638
2.40%, 04/10/28 (Call 02/10/28)(a)		14,109		12,299,545
2.40%, 10/15/28 (Call 08/15/28)(a)		13,079		11,233,747
2.70%, 08/20/27 (Call 06/20/27)		11,355		10,181,818
2.70%, 06/10/31 (Call 03/10/31)(a)		13,351		10,689,354
3.10%, 01/12/32 (Call 10/12/31)(a)		15,170		12,389,662
3.60%, 06/21/30 (Call 03/21/30)(a)		13,676		11,988,376
4.00%, 10/06/26 (Call 07/06/26)(a)		9,365		8,975,069
4.30%, 04/06/29 (Call 02/06/29)		12,567		11,719,631
4.35%, 01/17/27 (Call 10/17/26)		11,023		10,674,093
5.00%, 04/09/27 (Call 03/09/27)		14,239		14,067,406
5.85%, 04/06/30 (Call 02/06/30)(a)		2,906		2,905,046
6.00%, 01/09/28 (Call 12/09/27)		10,911		11,139,896
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)(a)		13,001		12,215,448
2.97%, 03/10/32 (Call 12/10/31)(a)		11,629		10,518,910

Security	Par (000)		Value
Auto Manufacturers (continued)
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31(a)	$	19,249	$	24,512,620
Toyota Motor Credit Corp.
1.13%, 06/18/26(a)		7,057		6,402,862
1.90%, 01/13/27(a)		7,437		6,840,069
1.90%, 04/06/28(a)		9,962		8,910,174
2.15%, 02/13/30(a)		10,330		9,085,198
3.05%, 03/22/27(a)		15,796		15,080,978
3.20%, 01/11/27(a)		7,738		7,459,569
3.38%, 04/01/30(a)		9,141		8,621,595
4.45%, 06/29/29(a)		7,596		7,714,252
4.55%, 09/20/27		12,759		12,896,289
4.63%, 01/12/28(a)		11,387		11,588,880
				444,457,310
Auto Parts & Equipment — 0.1%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)		13,661		8,658,616
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)(a)		9,351		8,177,558
4.15%, 05/01/52 (Call 11/01/51)(a)		8,863		6,864,488
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)(a)		4,876		4,522,141
Magna International Inc., 2.45%, 06/15/30 (Call 03/15/30)(a)		6,074		5,228,592
				33,451,395
Banks — 24.0%
Banco Bilbao Vizcaya Argentaria SA, 6.13%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(a)(b)		2,627		2,690,260
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)(a)(b)		21,165		18,614,355
2.75%, 12/03/30		14,925		11,811,173
2.96%, 03/25/31(a)		5,139		4,315,267
3.31%, 06/27/29(a)		6,647		6,067,843
3.49%, 05/28/30(a)		7,051		6,286,445
3.80%, 02/23/28(a)		13,229		12,345,713
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(b)		20,999		19,965,874
4.25%, 04/11/27		13,043		12,537,140
4.38%, 04/12/28		14,255		13,642,066
5.29%, 08/18/27		20,167		20,083,295
Bank of America Corp.
1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)(b)		49,909		44,766,961
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(b)		24,280		19,499,338
1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(b)		22,197		17,718,065
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(b)		25,994		22,463,271
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(b)		31,995		25,809,976
2.50%, 02/13/31 (Call 02/13/30), (3-mo. LIBOR US + 0.990%)(b)		29,695		25,074,604
2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)(b)		19,597		17,892,445
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(b)		27,831		22,850,484
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(b)		26,731		22,688,570

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(b)	$	45,451	$	32,259,829
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(b)		38,468		32,199,366
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(b)		8,157		5,422,448
2.88%, 10/22/30 (Call 10/22/29), (3-mo. LIBOR US + 1.190%)(b)		17,972		15,664,722
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(b)		33,318		28,107,571
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(a)(b)		17,677		12,068,724
3.19%, 07/23/30 (Call 07/23/29), (3-mo. LIBOR US + 1.180%)(b)		21,413		19,087,844
3.25%, 10/21/27 (Call 10/21/26)(a)		22,388		21,134,901
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(b)		29,769		23,019,796
3.42%, 12/20/28 (Call 12/20/27), (3-mo. LIBOR US + 1.040%)(b)		52,750		48,982,632
3.50%, 04/19/26		17,790		17,274,896
3.56%, 04/23/27 (Call 04/23/26), (3-mo. LIBOR US + 1.060%)(b)		24,793		23,651,984
3.59%, 07/21/28 (Call 07/21/27), (3-mo. LIBOR US + 1.370%)(b)		17,276		16,268,954
3.71%, 04/24/28 (Call 04/24/27), (3-mo. LIBOR US + 1.512%)(b)		17,001		16,132,133
3.82%, 01/20/28 (Call 01/20/27), (3-mo. LIBOR US + 1.575%)(b)		21,512		20,597,028
3.95%, 01/23/49 (Call 01/23/48), (3-mo. LIBOR US + 1.19%)(b)		11,133		9,105,504
3.97%, 03/05/29 (Call 03/05/28), (3-mo. LIBOR US + 1.070%)(b)		22,029		20,912,597
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.210%)(a)(b)		25,950		24,325,182
4.08%, 04/23/40 (Call 04/23/39), (3-mo. LIBOR US + 1.32%)(b)		13,852		11,996,860
4.08%, 03/20/51 (Call 03/20/50), (3-mo. LIBOR US + 3.15%)(b)		45,543		38,080,497
4.24%, 04/24/38 (Call 04/24/37), (3-mo. LIBOR US + 1.814%)(b)		14,773		13,264,257
4.25%, 10/22/26		18,860		18,332,378
4.27%, 07/23/29 (Call 07/23/28), (3-mo. LIBOR US + 1.310%)(b)		25,911		24,841,878
4.33%, 03/15/50 (Call 03/15/49), (3-mo. LIBOR US + 1.520%)(b)		24,076		20,697,598
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)(b)		19,740		19,164,881
4.44%, 01/20/48 (Call 01/20/47), (3-mo. LIBOR US + 1.990%)(b)		18,132		16,139,534
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(b)		34,025		32,474,964
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(b)		25,659		25,575,962
5.00%, 01/21/44		18,027		17,577,313
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(a)(b)		42,283		41,665,516
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(b)		29,137		29,293,489
5.29%, 04/25/34 (Call 04/25/33)		38,633		38,837,620
5.88%, 02/07/42		13,812		14,817,603

Security	Par (000)		Value
Banks (continued)
6.11%, 01/29/37	$	16,435	$	17,602,293
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(b)		17,080		17,747,929
7.75%, 05/14/38		15,611		18,908,983
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a)		17,713		17,109,968
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(b)		17,677		14,731,252
Series N, 3.48%, 03/13/52 (Call 03/11/51), (1-day SOFR + 1.650%)(b)		8,197		6,172,601
Bank of America NA, 6.00%, 10/15/36(a)		11,763		12,761,770
Bank of Montreal
1.25%, 09/15/26		6,546		5,828,573
2.65%, 03/08/27(a)		10,470		9,740,440
5.20%, 02/01/28 (Call 01/01/28)		15,651		15,913,089
Series H, 4.70%, 09/14/27 (Call 08/14/27)(a)		12,155		12,130,271
Bank of New York Mellon Corp. (The)
2.05%, 01/26/27 (Call 12/26/26)(a)		7,376		6,721,120
2.45%, 08/17/26 (Call 05/17/26)		2,369		2,216,111
2.80%, 05/04/26 (Call 02/04/26)		578		551,515
3.25%, 05/16/27 (Call 02/16/27)		6,351		6,059,453
3.30%, 08/23/29 (Call 05/23/29)		2,325		2,155,164
3.40%, 01/29/28 (Call 10/29/27)(a)		6,316		6,023,341
3.85%, 04/28/28		6,094		5,932,268
4.97%, 04/26/34 (Call 04/26/33)		10,920		11,001,527
Bank of Nova Scotia (The)
1.30%, 09/15/26(a)		3,202		2,854,045
1.35%, 06/24/26		3,501		3,147,823
1.95%, 02/02/27(a)		6,142		5,595,142
2.45%, 02/02/32(a)		8,171		6,839,702
2.70%, 08/03/26(a)		7,786		7,292,441
4.85%, 02/01/30		17,831		17,755,591
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(b)		22,199		19,873,939
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(b)		7,624		6,191,034
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(b)		14,227		11,410,358
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(b)		16,766		13,429,755
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(b)		12,481		8,947,599
4.34%, 01/10/28 (Call 01/10/27)(a)		18,348		17,679,415
4.84%, 05/09/28 (Call 05/07/27)		19,891		18,913,399
4.95%, 01/10/47(a)		13,596		12,339,190
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(b)		16,393		15,858,049
5.20%, 05/12/26		13,292		12,979,362
5.25%, 08/17/45(a)		14,878		14,093,473
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(a)(b)		19,949		19,902,144
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(b)		11,356		11,186,935
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(a)(b)		17,308		18,440,644
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(a)(b)		23,440		25,797,091
Canadian Imperial Bank of Commerce
1.25%, 06/22/26 (Call 05/22/26)		528		474,082
3.45%, 04/07/27		8,365		7,991,662

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.60%, 04/07/32 (Call 03/07/32)(a)	$	6,759	$	6,237,790
5.00%, 04/28/28		7,060		7,086,832
Citigroup Inc.
1.46%, 06/09/27 (Call 06/09/26), (1-day SOFR + 0.770%)(b)		32,630		29,309,584
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(b)		15,030		12,304,003
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(b)		30,989		25,746,089
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(b)		37,196		31,538,399
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(a)(b)		25,613		21,953,671
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(b)		13,257		9,564,979
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(a)(b)		23,955		21,039,097
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(b)		32,887		28,022,934
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(b)		26,818		25,063,953
3.20%, 10/21/26 (Call 07/21/26)		35,085		33,292,241
3.40%, 05/01/26		8,624		8,306,170
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(b)		23,945		22,484,542
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(b)		28,407		26,843,197
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(b)		32,453		29,206,025
3.88%, 01/24/39 (Call 01/22/38), (3-mo. SOFR + 1.430%)(b)		4,435		3,814,889
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(b)		28,689		27,609,223
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(b)		27,380		25,692,456
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(b)		23,469		22,411,174
4.13%, 07/25/28(a)		22,508		21,484,246
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(b)		10,564		9,269,514
4.30%, 11/20/26		13,194		12,887,868
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(b)		43,577		41,693,567
4.45%, 09/29/27		35,376		34,555,210
4.65%, 07/30/45		10,737		9,856,924
4.65%, 07/23/48 (Call 06/23/48)(a)		25,502		23,617,548
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(a)(b)		18,671		18,521,027
4.75%, 05/18/46		19,863		17,431,179
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(b)		26,990		26,410,193
5.30%, 05/06/44		9,287		8,819,964
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(a)(b)		14,057		13,906,516
5.88%, 01/30/42		9,861		10,522,845
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(a)(b)		28,933		31,314,102
6.63%, 06/15/32(a)		10,045		10,859,049
6.68%, 09/13/43		10,556		11,782,178
8.13%, 07/15/39		21,331		27,672,853

Security	Par (000)		Value
Banks (continued)
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(a)(b)	$	6,015	$	5,613,004
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)(a)		2,403		2,044,748
Cooperatieve Rabobank UA
3.75%, 07/21/26		7,711		7,259,590
5.25%, 05/24/41		22,084		23,563,535
5.25%, 08/04/45(a)		7,592		7,208,014
5.75%, 12/01/43(a)		10,124		10,279,428
Credit Suisse AG/New York NY
1.25%, 08/07/26(a)		18,630		15,782,671
5.00%, 07/09/27(a)		12,555		12,098,626
7.50%, 02/15/28(a)		12,249		13,027,248
Credit Suisse Group AG
4.55%, 04/17/26		18,910		17,625,444
4.88%, 05/15/45(a)		17,211		14,686,146
Deutsche Bank AG/New York NY
1.69%, 03/19/26		1,778		1,600,432
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(b)		17,833		15,480,444
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)(b)		13,140		11,431,374
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(b)		8,758		7,024,718
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(b)		14,332		12,019,582
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(a)(b)		14,794		15,026,241
Discover Bank
3.45%, 07/27/26 (Call 04/27/26)		4,094		3,796,373
4.65%, 09/13/28 (Call 06/13/28)(a)		8,774		8,381,588
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		1,875		1,667,571
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(b)		12,231		11,650,113
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(b)		6,386		6,556,135
8.25%, 03/01/38		12,556		14,496,603
Goldman Sachs Capital I, 6.35%, 02/15/34(a)		6,092		6,257,180
Goldman Sachs Group Inc. (The)
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(b)		30,735		27,247,051
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(b)		46,907		42,077,995
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(b)		28,088		22,482,854
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(b)		43,038		35,153,370
2.60%, 02/07/30 (Call 11/07/29)		20,537		17,737,470
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(b)		40,705		34,015,597
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(b)		33,141		30,362,001
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(b)		31,322		26,019,420
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(a)(b)		15,723		11,258,743
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(a)(b)		38,147		32,841,244

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.21%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.513%)(b)	$	23,352	$	17,597,432
3.44%, 02/24/43 (Call 02/24/42),
(1-day SOFR + 1.632%)(b)		21,475		16,631,943
3.50%, 11/16/26 (Call 11/16/25)		31,168		29,734,107
3.62%, 03/15/28 (Call 03/15/27),
(1-day SOFR + 1.846%)(b)		35,178		33,497,413
3.69%, 06/05/28 (Call 06/05/27),
(3-mo. SOFR + 1.510%)(b)		27,502		26,161,830
3.80%, 03/15/30 (Call 12/15/29)(a)		29,253		27,388,466
3.81%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.158%)(b)		26,854		25,250,851
3.85%, 01/26/27 (Call 01/26/26)		34,325		33,259,748
4.02%, 10/31/38 (Call 10/31/37),
(3-mo. SOFR + 1.373%)(b)		24,866		21,600,935
4.22%, 05/01/29 (Call 05/01/28),
(3-mo. SOFR + 1.301%)(a)(b)		37,822		36,343,201
4.41%, 04/23/39 (Call 04/23/38),
(3-mo. SOFR + 1.430%)(b)		16,064		14,439,053
4.48%, 08/23/28 (Call 08/23/27),
(1-day SOFR + 1.725%)(b)		27,575		27,053,744
4.75%, 10/21/45 (Call 04/21/45)(a)		18,198		16,676,030
4.80%, 07/08/44 (Call 01/08/44)		17,225		16,072,474
5.15%, 05/22/45		20,024		18,920,037
5.95%, 01/15/27(a)		10,358		10,700,597
6.13%, 02/15/33(a)		11,587		12,526,833
6.25%, 02/01/41		27,419		30,261,136
6.75%, 10/01/37		59,893		65,637,194
HSBC Holdings PLC
1.59%, 05/24/27 (Call 05/24/26),
(1-day SOFR + 1.290%)(b)		23,232		20,686,182
2.01%, 09/22/28 (Call 09/22/27),
(1-day SOFR + 1.732%)(b)		24,754		21,550,860
2.21%, 08/17/29 (Call 08/17/28),
(1-day SOFR + 1.285%)(b)		22,352		19,043,283
2.25%, 11/22/27 (Call 11/22/26),
(1-day SOFR + 1.100%)(b)		28,021		25,073,191
2.36%, 08/18/31 (Call 08/18/30),
(1-day SOFR + 1.947%)(a)(b)		17,363		14,071,803
2.80%, 05/24/32 (Call 05/24/31),
(1-day SOFR + 1.187%)(a)(b)		31,524		25,820,205
2.85%, 06/04/31 (Call 06/04/30),
(1-day SOFR + 2.387%)(a)(b)		16,553		13,934,067
2.87%, 11/22/32 (Call 11/22/31),
(1-day SOFR + 1.410%)(a)(b)		19,457		15,910,191
3.90%, 05/25/26		20,685		20,037,280
3.97%, 05/22/30 (Call 05/22/29),
(3-mo. LIBOR US + 1.610%)(a)(b)		31,874		29,323,956
4.04%, 03/13/28 (Call 03/13/27),
(3-mo. LIBOR US + 1.546%)(a)(b)		28,148		26,816,904
4.38%, 11/23/26(a)		16,434		15,889,361
4.58%, 06/19/29 (Call 06/19/28),
(3-mo. LIBOR US + 1.535%)(b)		31,911		30,626,860
4.76%, 06/09/28 (Call 06/09/27),
(1-day SOFR + 2.110%)(b)		24,962		24,363,893
4.95%, 03/31/30(a)		27,735		27,357,835
5.21%, 08/11/28 (Call 08/11/27),
(1-day SOFR + 2.610%)(b)		25,206		25,100,563
5.25%, 03/14/44(a)		13,099		11,950,480

Security	Par (000)		Value
Banks (continued)
5.40%, 08/11/33 (Call 08/11/32),
(1-day SOFR + 2.870%)(a)(b)	$	25,437	$	25,118,816
6.10%, 01/14/42(a)		9,803		10,494,237
6.16%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 1.970%)(a)(b)		20,720		21,312,712
6.25%, 03/09/34 (Call 03/09/33),
(1-day SOFR + 2.390%)(b)		27,240		28,383,086
6.33%, 03/09/44 (Call 03/09/43)		32,299		33,942,134
6.50%, 05/02/36(a)		10,886		11,665,158
6.50%, 09/15/37(a)		8,647		9,056,061
6.50%, 09/15/37		7,987		8,071,657
6.80%, 06/01/38(a)		5,660		6,029,071
7.39%, 11/03/28 (Call 11/03/27),
(1-day SOFR + 3.350%)(b)		25,072		26,986,992
Huntington Bancshares Inc., 4.44%, 08/04/28
(Call 08/04/27), (1-day SOFR + 1.970%)(b)		3,991		3,794,433
Huntington Bancshares Inc./OH, 2.55%, 02/04/30
(Call 01/04/30)		7,362		6,009,228
Huntington National Bank (The)
4.55%, 05/17/28 (Call 05/17/27),
(1-day SOFR + 1.650%)(b)		3,471		3,311,393
5.65%, 01/10/30 (Call 11/10/29)(a)		7,254		7,233,580
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26),
(1-day SOFR + 1.005%)(b)		11,646		10,500,362
2.73%, 04/01/32 (Call 04/01/31),
(1-day SOFR + 1.316%)(b)		4,340		3,625,866
3.95%, 03/29/27		18,228		17,482,426
4.02%, 03/28/28 (Call 03/28/27),
(1-day SOFR + 1.830%)(b)		11,085		10,589,512
4.05%, 04/09/29(a)		5,736		5,485,044
4.25%, 03/28/33 (Call 03/28/32),
(1-day SOFR + 2.070%)(b)		7,744		7,183,433
4.55%, 10/02/28		7,495		7,312,523
JPMorgan Chase & Co.
1.47%, 09/22/27 (Call 09/22/26),
(1-day SOFR + 0.765%)(b)		27,753		24,715,126
1.58%, 04/22/27 (Call 04/22/26),
(1-day SOFR + 0.885%)(b)		37,923		34,354,525
1.76%, 11/19/31 (Call 11/19/30),
(3-mo. SOFR + 1.105%)(a)(b)		12,177		9,743,570
1.95%, 02/04/32 (Call 02/04/31),
(1-day SOFR + 1.065%)(b)		30,396		24,499,331
2.07%, 06/01/29 (Call 06/01/28),
(1-day SOFR + 1.015%)(b)		19,250		16,757,679
2.18%, 06/01/28 (Call 06/01/27),
(1-day SOFR + 1.890%)(b)		13,813		12,422,838
2.52%, 04/22/31 (Call 04/22/30),
(1-day SOFR + 2.040%)(b)		27,559		23,618,170
2.53%, 11/19/41 (Call 11/19/40),
(1-day SOFR + 1.510%)(a)(b)		15,136		10,604,404
2.55%, 11/08/32 (Call 11/08/31),
(1-day SOFR + 1.180%)(b)		30,597		25,448,131
2.58%, 04/22/32 (Call 04/22/31),
(3-mo. SOFR + 1.250%)(b)		35,979		30,222,209
2.74%, 10/15/30 (Call 10/15/29),
(1-day SOFR + 1.510%)(a)(b)		38,821		34,056,471
2.95%, 10/01/26 (Call 07/01/26)(a)		27,967		26,540,638
2.95%, 02/24/28 (Call 02/24/27),
(1-day SOFR + 1.170%)(a)(b)		16,762		15,597,599

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.96%, 01/25/33 (Call 01/25/32),
(1-day SOFR + 1.260%)(b)	$	35,751	$	30,597,086
3.11%, 04/22/41 (Call 04/22/40),
(1-day SOFR + 2.460%)(b)		15,480		11,827,431
3.11%, 04/22/51 (Call 04/22/50),
(1-day SOFR + 2.440%)(b)		23,390		16,776,870
3.16%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 2.460%)(b)		20,497		15,760,443
3.20%, 06/15/26 (Call 03/15/26)(a)		12,191		11,785,157
3.30%, 04/01/26 (Call 01/01/26)(a)		10,389		10,063,097
3.33%, 04/22/52 (Call 04/22/51),
(1-day SOFR + 1.580%)(b)		35,974		26,841,802
3.51%, 01/23/29 (Call 01/23/28),
(3-mo. LIBOR US + 0.945%)(b)		22,398		21,067,328
3.54%, 05/01/28 (Call 05/01/27),
(3-mo. LIBOR US + 1.380%)(a)(b)		24,160		22,953,674
3.63%, 12/01/27 (Call 12/01/26)		10,933		10,420,853
3.70%, 05/06/30 (Call 05/06/29),
(3-mo. LIBOR US + 1.160%)(b)		25,335		23,648,586
3.78%, 02/01/28 (Call 02/01/27),
(3-mo. LIBOR US + 1.337%)(a)(b)		28,104		26,999,695
3.88%, 07/24/38 (Call 07/24/37),
(3-mo. LIBOR US + 1.360%)(b)		20,627		18,180,450
3.90%, 01/23/49 (Call 01/23/48),
(3-mo. LIBOR US + 1.220%)(b)		16,884		13,839,200
3.96%, 11/15/48 (Call 11/15/47),
(3-mo. LIBOR US + 1.380%)(b)		41,044		34,593,053
4.01%, 04/23/29 (Call 04/23/28),
(3-mo. LIBOR US + 1.120%)(b)		22,839		21,860,077
4.03%, 07/24/48 (Call 07/24/47),
(3-mo. LIBOR US + 1.460%)(b)		14,507		12,323,882
4.13%, 12/15/26(a)		19,870		19,562,800
4.20%, 07/23/29 (Call 07/23/28),
(3-mo. LIBOR US + 1.260%)(b)		24,368		23,545,894
4.25%, 10/01/27		15,516		15,252,090
4.26%, 02/22/48 (Call 02/22/47),
(3-mo. LIBOR US + 1.580%)(a)(b)		19,249		16,951,903
4.32%, 04/26/28 (Call 04/26/27),
(1-day SOFR + 1.560%)(b)		29,494		28,938,655
4.45%, 12/05/29 (Call 12/05/28),
(3-mo. LIBOR US + 1.330%)(b)		25,310		24,659,136
4.49%, 03/24/31 (Call 03/24/30),
(3-mo. SOFR + 3.790%)(a)(b)		30,380		29,565,868
4.57%, 06/14/30 (Call 06/14/29),
(1-day SOFR + 1.750%)(b)		20,464		19,989,268
4.59%, 04/26/33 (Call 04/26/32),
(1-day SOFR + 1.800%)(b)		20,752		20,175,978
4.85%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.990%)(b)		34,834		34,959,462
4.85%, 02/01/44		10,502		10,126,901
4.91%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.080%)(a)(b)		45,865		45,580,963
4.95%, 06/01/45		16,534		15,676,677
5.40%, 01/06/42(a)		13,050		13,453,693
5.50%, 10/15/40(a)		12,757		13,253,689
5.60%, 07/15/41(a)		17,961		18,717,018
5.63%, 08/16/43		12,721		13,215,596
6.40%, 05/15/38(a)		24,234		27,279,906
KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)(a)		10,315		9,580,221

Security	Par (000)		Value
Banks (continued)
KeyBank NA/Cleveland OH
4.90%, 08/08/32	$	7,767	$	6,911,371
5.85%, 11/15/27 (Call 10/16/27)(a)		8,623		8,618,226
KeyCorp
2.25%, 04/06/27(a)		7,337		6,411,825
2.55%, 10/01/29(a)		8,326		6,785,484
4.10%, 04/30/28		7,587		7,016,307
4.79%, 06/01/33 (Call 06/01/32),
(1-day SOFR + 2.060%)(a)(b)		8,900		8,092,097
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26),
(1-year CMT + 0.850%)(a)(b)		15,599		13,948,830
3.57%, 11/07/28 (Call 11/07/27),
(3-mo. LIBOR US + 1.205%)(b)		22,444		20,830,638
3.75%, 01/11/27(a)		18,531		17,642,850
3.75%, 03/18/28 (Call 03/18/27),
(1-year CMT + 1.800%)(b)		12,213		11,503,498
4.34%, 01/09/48		15,376		12,020,626
4.38%, 03/22/28(a)		21,544		20,837,256
4.55%, 08/16/28(a)		10,270		9,971,492
4.98%, 08/11/33 (Call 08/11/32),
(1-year CMT + 2.300%)(b)		7,736		7,503,478
5.30%, 12/01/45(a)		5,050		4,546,342
5.87%, 03/06/29 (Call 03/06/28),
(1-year CMT + 1.700%)(a)(b)		13,205		13,498,136
M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(b)		10,063		9,431,460
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/28/27)		12,228		11,611,321
Mitsubishi UFJ Financial Group Inc.
1.54%, 07/20/27 (Call 07/20/26),
(1-year CMT + 0.750%)(b)		24,134		21,477,071
1.64%, 10/13/27 (Call 10/13/26),
(1-year CMT + 0.670%)(b)		13,920		12,381,651
2.05%, 07/17/30		10,463		8,599,880
2.31%, 07/20/32 (Call 07/20/31),
(1-year CMT + 0.950%)(b)		23,103		18,551,388
2.34%, 01/19/28 (Call 01/19/27),
(1-year CMT + 0.830%)(b)		16,007		14,504,120
2.49%, 10/13/32 (Call 10/13/31),
(1-year CMT + 0.970%)(b)		11,655		9,501,639
2.56%, 02/25/30(a)		14,982		12,845,230
2.76%, 09/13/26		7,348		6,833,168
2.85%, 01/19/33 (Call 01/19/32),
(1-year CMT + 1.100%)(b)		12,347		10,310,696
3.20%, 07/18/29(a)		19,278		17,352,199
3.29%, 07/25/27(a)		13,514		12,752,963
3.68%, 02/22/27(a)		10,745		10,577,507
3.74%, 03/07/29		17,830		16,806,802
3.75%, 07/18/39(a)		12,410		10,729,105
3.96%, 03/02/28(a)		12,216		11,772,515
4.05%, 09/11/28(a)		8,926		8,732,191
4.08%, 04/19/28 (Call 04/19/27),
(1-year CMT + 1.300%)(b)		9,329		8,997,791
5.02%, 07/20/28 (Call 07/20/27),
(1-year CMT + 1.950%)(b)		15,094		15,063,424
5.13%, 07/20/33 (Call 07/20/32),
(1-year CMT + 2.125%)(b)		17,475		17,495,947
5.35%, 09/13/28 (Call 09/13/27),
(1-year CMT + 1.900%)(b)		14,377		14,543,536

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.41%, 04/19/34 (Call 04/19/33)	$	4,181	$	4,221,724
5.42%, 02/22/29 (Call 02/22/28),
(1-year CMT + 1.380%)(a)(b)		12,841		13,039,717
5.44%, 02/22/34 (Call 02/22/33),
(1-year CMT + 1.630%)(a)(b)		11,880		12,042,722
5.47%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.125%)(a)(b)		8,568		8,718,669
5.48%, 02/22/31 (Call 02/22/30),
(1-year CMT + 1.530%)(a)(b)		3,625		3,679,101
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26),
(1-year CMT + 0.670%)(b)		13,548		11,962,994
1.55%, 07/09/27 (Call 07/09/26),
(1-year CMT + 0.750%)(b)		11,708		10,397,042
1.98%, 09/08/31 (Call 09/08/30),
(1-day SOFR + 1.532%)(a)(b)		6,834		5,449,699
2.20%, 07/10/31 (Call 07/10/30),
(1-day SOFR + 1.772%)(a)(b)		12,283		10,014,781
2.56%, 09/13/31(a)		11,021		8,807,500
2.84%, 09/13/26(a)		6,596		6,140,832
3.15%, 07/16/30 (Call 07/16/29),
(3-mo. LIBOR US + 1.130%)(b)		3,978		3,528,817
3.17%, 09/11/27(a)		10,722		9,993,081
4.02%, 03/05/28(a)		12,418		11,871,930
4.25%, 09/11/29 (Call 09/11/28),
(3-mo. LIBOR US + 1.270%)(a)(b)		6,807		6,542,736
5.41%, 09/13/28 (Call 09/13/27),
(1-year CMT + 2.050%)(b)		6,556		6,623,822
5.67%, 05/27/29 (Call 05/27/28),
(1-year CMT + 1.500%)(a)(b)		12,599		12,826,297
5.67%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.400%)(b)		8,881		9,120,459
5.74%, 05/27/31 (Call 05/27/30),
(1-year CMT + 1.650%)(b)		3,720		3,808,080
5.75%, 05/27/34 (Call 05/27/33),
(1-year CMT + 1.800%)(a)(b)		10,113		10,392,492
Morgan Stanley
1.51%, 07/20/27 (Call 07/20/26),
(1-day SOFR + 0.858%)(b)		31,780		28,238,748
1.59%, 05/04/27 (Call 04/04/27),
(1-day SOFR + 0.879%)(b)		36,934		33,223,463
1.79%, 02/13/32 (Call 02/13/31),
(1-day SOFR + 1.034%)(b)		29,898		23,624,909
1.93%, 04/28/32 (Call 04/28/31),
(1-day SOFR + 1.020%)(b)		25,534		20,328,360
2.24%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.178%)(b)		37,595		30,377,749
2.48%, 01/21/28 (Call 01/21/27),
(1-day SOFR + 1.000%)(b)		24,388		22,281,567
2.51%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.200%)(a)(b)		25,722		21,188,166
2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)(b)		35,780		30,895,039
2.80%, 01/25/52 (Call 07/25/51),
(1-day SOFR + 1.430%)(a)(b)		21,579		14,453,001
2.94%, 01/21/33 (Call 01/21/32),
(1-day SOFR + 1.290%)(b)		26,920		22,866,946
3.13%, 07/27/26(a)		26,580		25,273,479
3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)(a)(b)		21,486		16,671,234

Security	Par (000)		Value
Banks (continued)
3.59%, 07/22/28 (Call 07/22/27),
(3-mo. LIBOR US + 1.340%)(b)	$	31,400	$	29,702,682
3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)(b)		29,036		26,565,260
3.63%, 01/20/27(a)		33,236		31,975,910
3.77%, 01/24/29 (Call 01/24/28),
(3-mo. LIBOR US + 1.140%)(b)		32,632		30,942,684
3.95%, 04/23/27		20,769		19,986,798
3.97%, 07/22/38 (Call 07/22/37),
(3-mo. LIBOR US + 1.455%)(b)		21,391		18,877,985
4.21%, 04/20/28 (Call 04/20/27),
(1-day SOFR + 1.610%)(b)		24,892		24,153,397
4.30%, 01/27/45(a)		26,387		23,703,302
4.35%, 09/08/26		19,673		19,214,595
4.38%, 01/22/47		23,444		21,139,532
4.43%, 01/23/30 (Call 01/23/29),
(3-mo. LIBOR US + 1.628%)(a)(b)		32,285		31,174,076
4.46%, 04/22/39 (Call 04/22/38),
(3-mo. LIBOR US + 0.408%)(b)		12,096		11,148,104
4.89%, 07/20/33 (Call 07/20/32),
(1-day SOFR + 2.076%)(b)		22,809		22,440,103
5.12%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.730%)(b)		25,941		26,106,073
5.16%, 04/20/29 (Call 04/20/28),
(1-day SOFR + 1.590%)(b)		13,177		13,284,253
5.25%, 04/21/34 (Call 04/21/33)		17,062		17,265,932
5.60%, 03/24/51 (Call 03/24/50),
(1-day SOFR + 4.480%)(a)(b)		20,593		21,637,831
6.30%, 10/18/28 (Call 10/18/27),
(1-day SOFR + 2.240%)(b)		24,964		26,235,030
6.34%, 10/18/33 (Call 10/18/32),
(1-day SOFR + 2.560%)(a)(b)		30,820		33,517,357
6.38%, 07/24/42(a)		20,706		23,572,644
7.25%, 04/01/32		11,213		13,072,349
National Australia Bank Ltd., 3.91%, 06/09/27(a)		8,764		8,577,604
National Australia Bank Ltd./New York, 2.50%,
07/12/26(a)		5,010		4,713,569
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26),
(1-year CMT + 0.900%)(b)		12,892		11,470,899
3.07%, 05/22/28 (Call 05/22/27),
(1-year CMT + 2.550%)(b)		8,131		7,435,073
4.45%, 05/08/30 (Call 05/08/29),
(3-mo. LIBOR US + 1.871%)(b)		15,605		14,826,610
4.80%, 04/05/26		4,026		4,006,558
4.89%, 05/18/29 (Call 05/18/28),
(3-mo. LIBOR US + 1.754%)(b)		20,663		20,138,526
5.08%, 01/27/30 (Call 01/27/29),
(3-mo. LIBOR US + 1.905%)(b)		20,454		20,230,691
5.52%, 09/30/28 (Call 09/30/27),
(1-year CMT + 2.270%)(b)		8,604		8,655,957
6.02%, 03/02/34 (Call 03/02/33),
(1-year CMT + 2.100%)(a)(b)		10,224		10,621,952
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)(a)		8,114		6,861,700
4.00%, 05/10/27 (Call 04/10/27)(a)		5,707		5,613,479
6.13%, 11/02/32 (Call 08/02/32)(a)		10,934		11,675,763
PNC Bank NA
2.70%, 10/22/29(a)		7,122		6,160,665
3.10%, 10/25/27 (Call 09/25/27)(a)		9,009		8,440,583

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.05%, 07/26/28	$	15,591	$	14,844,280
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31),
(1-day SOFR + 0.979%)(a)(b)		6,826		5,610,970
2.55%, 01/22/30 (Call 10/24/29)(a)		24,124		20,652,959
2.60%, 07/23/26 (Call 05/24/26)(a)		5,642		5,277,471
3.15%, 05/19/27 (Call 04/19/27)(a)		6,551		6,158,029
3.45%, 04/23/29 (Call 01/23/29)(a)		19,203		17,728,029
5.07%, 01/24/34 (Call 01/24/33),
(1-day SOFR + 1.933%)(a)(b)		16,771		16,463,780
5.35%, 12/02/28 (Call 12/02/27),
(1-day SOFR + 1.630%)(a)(b)		10,868		10,934,431
6.04%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.140%)(a)(b)		16,476		17,373,141
Royal Bank of Canada
1.15%, 07/14/26		3,673		3,307,691
1.20%, 04/27/26		9,934		8,984,765
1.40%, 11/02/26		12,045		10,767,478
2.30%, 11/03/31		15,400		12,752,889
3.63%, 05/04/27		13,761		13,249,321
3.88%, 05/04/32		8,529		7,969,176
4.24%, 08/03/27		17,044		16,672,270
4.90%, 01/12/28(a)		10,305		10,361,840
5.00%, 02/01/33(a)		17,720		17,746,436
5.00%, 05/02/33		8,450		8,458,258
6.00%, 11/01/27		14,742		15,500,617
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27),
(1-day SOFR + 1.249%)(b)		12,113		10,627,710
3.24%, 10/05/26 (Call 08/05/26)(a)		7,861		7,222,696
4.40%, 07/13/27 (Call 04/14/27)		6,835		6,512,183
6.50%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 2.356%)(b)		12,613		12,674,106
Santander UK Group Holdings PLC
2.47%, 01/11/28 (Call 01/11/27),
(1-day SOFR + 1.220%)(b)		11,025		9,776,976
3.82%, 11/03/28 (Call 11/03/27),
(3-mo. LIBOR US + 1.400%)(a)(b)		9,038		8,329,575
6.53%, 01/10/29 (Call 01/10/28),
(1-day SOFR + 2.600%)(a)(b)		10,083		10,367,916
State Street Corp.
2.20%, 03/03/31(a)		2,044		1,682,087
2.40%, 01/24/30(a)		2,950		2,569,886
2.65%, 05/19/26(a)		881		834,527
Sumitomo Mitsui Financial Group Inc.
1.40%, 09/17/26		15,266		13,565,058
1.90%, 09/17/28		28,848		24,668,718
2.13%, 07/08/30(a)		19,008		15,714,178
2.14%, 09/23/30(a)		5,088		4,123,527
2.22%, 09/17/31(a)		6,678		5,406,407
2.63%, 07/14/26(a)		14,086		13,166,976
2.75%, 01/15/30		17,672		15,386,871
2.93%, 09/17/41(a)		1,585		1,139,520
3.01%, 10/19/26(a)		17,399		16,305,957
3.04%, 07/16/29(a)		32,703		29,255,796
3.35%, 10/18/27(a)		6,918		6,475,956
3.36%, 07/12/27(a)		19,883		18,913,557
3.45%, 01/11/27		11,299		10,738,853
3.54%, 01/17/28		7,326		6,892,103
3.94%, 07/19/28		11,646		11,110,511

Security	Par (000)		Value
Banks (continued)
5.52%, 01/13/28	$	22,506	$	23,017,973
5.71%, 01/13/30(a)		18,118		18,730,022
5.77%, 01/13/33(a)		20,535		21,568,574
Toronto-Dominion Bank (The)
1.20%, 06/03/26		7,704		6,904,205
1.25%, 09/10/26		5,567		4,957,929
1.95%, 01/12/27		8,544		7,728,862
2.00%, 09/10/31		13,939		11,291,213
2.80%, 03/10/27		13,975		13,002,490
3.20%, 03/10/32		19,528		17,319,770
4.11%, 06/08/27		17,846		17,378,297
4.46%, 06/08/32		25,430		24,505,714
4.69%, 09/15/27		17,374		17,259,797
5.16%, 01/10/28		13,904		14,070,057
Truist Bank
2.25%, 03/11/30 (Call 12/11/29)(a)		12,961		10,645,685
3.30%, 05/15/26 (Call 04/15/26)(a)		3,914		3,632,433
3.80%, 10/30/26 (Call 09/30/26)(a)		9,627		9,000,108
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)(a)		5,295		4,510,060
1.89%, 06/07/29 (Call 06/07/28),
(1-day SOFR + 0.862%)(b)		9,116		7,708,367
1.95%, 06/05/30 (Call 03/05/30)(a)		6,474		5,206,738
4.12%, 06/06/28 (Call 06/06/27),
(1-day SOFR + 1.368%)(a)(b)		9,081		8,691,854
4.87%, 01/26/29 (Call 01/26/28),
(1-day SOFR + 1.435%)(a)(b)		20,708		20,277,599
5.12%, 01/26/34 (Call 01/26/33),
(1-day SOFR + 1.852%)(a)(b)		16,564		16,065,556
6.12%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.300%)(a)(b)		8,398		8,739,873
U. S. Bancorp
4.65%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.230%)(b)		18,694		18,180,115
4.84%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.600%)(a)(b)		22,092		21,124,894
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)(a)		13,719		10,762,808
2.22%, 01/27/28 (Call 01/27/27),
(1-day SOFR + 0.730%)(b)		14,086		12,701,463
2.68%, 01/27/33 (Call 01/27/32),
(1-day SOFR + 1.020%)(a)(b)		9,870		8,049,953
3.00%, 07/30/29 (Call 04/30/29)(a)		6,644		5,851,278
3.90%, 04/26/28 (Call 03/26/28)(a)		9,360		8,969,451
4.55%, 07/22/28 (Call 07/22/27),
(1-day SOFR + 1.660%)(a)(b)		17,020		16,549,128
5.85%, 10/21/33 (Call 10/21/32),
(1-day SOFR + 2.090%)(a)(b)		16,621		17,106,568
Series V, 2.38%, 07/22/26 (Call 06/22/26)		13,495		12,533,570
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)		15,443		14,544,520
Wachovia Corp., 5.50%, 08/01/35(a)		8,835		8,879,786
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27),
(1-day SOFR + 2.100%)(b)		35,865		32,362,693
2.57%, 02/11/31 (Call 02/11/30),
(1-day SOFR + 1.262%)(b)		30,122		25,724,155
2.88%, 10/30/30 (Call 10/30/29),
(3-mo. SOFR + 1.432%)(b)		36,573		32,037,206
3.00%, 04/22/26		27,145		25,856,381
3.00%, 10/23/26		37,531		35,333,826

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.07%, 04/30/41 (Call 04/30/40),
(1-day SOFR + 2.530%)(b)	$	37,822	$	28,387,079
3.20%, 06/17/27 (Call 06/17/26),
(3-mo. LIBOR US + 1.170%)(b)		26,978		25,466,593
3.35%, 03/02/33 (Call 03/02/32),
(1-day SOFR + 1.500%)(a)(b)		40,225		35,114,989
3.53%, 03/24/28 (Call 03/24/27),
(1-day SOFR + 1.510%)(b)		41,150		38,953,331
3.58%, 05/22/28 (Call 05/22/27),
(3-mo. LIBOR US + 1.310%)(b)		32,610		30,868,293
3.90%, 05/01/45(a)		20,864		17,091,409
4.10%, 06/03/26		19,538		19,043,009
4.15%, 01/24/29 (Call 10/24/28)(a)		25,680		24,723,726
4.30%, 07/22/27		27,283		26,678,384
4.40%, 06/14/46(a)		20,687		17,314,496
4.48%, 04/04/31 (Call 04/04/30),
(1-day SOFR + 4.032%)(b)		26,142		25,208,174
4.61%, 04/25/53 (Call 04/25/52),
(1-day SOFR + 2.130%)(b)		33,937		30,434,769
4.65%, 11/04/44		20,647		18,108,202
4.75%, 12/07/46		19,518		17,135,475
4.81%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.980%)(b)		32,309		32,071,400
4.90%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.100%)(b)		44,094		43,150,719
4.90%, 11/17/45		21,212		19,082,578
5.01%, 04/04/51 (Call 04/04/50),
(1-day SOFR + 4.502%)(b)		58,135		55,088,296
5.38%, 11/02/43(a)		20,424		19,646,479
5.39%, 04/24/34 (Call 04/24/33)		19,470		19,790,794
5.61%, 01/15/44		24,039		23,632,760
Wells Fargo Bank NA
5.85%, 02/01/37(a)		11,094		11,561,466
6.60%, 01/15/38(a)		14,071		15,761,973
Westpac Banking Corp.
1.15%, 06/03/26		7,086		6,387,197
1.95%, 11/20/28		10,936		9,597,844
2.15%, 06/03/31		4,894		4,177,250
2.65%, 01/16/30(a)		6,801		6,134,289
2.70%, 08/19/26(a)		7,321		6,912,956
2.85%, 05/13/26		8,526		8,112,355
2.96%, 11/16/40		11,688		8,002,352
3.13%, 11/18/41		9,336		6,520,785
3.35%, 03/08/27(a)		9,783		9,400,127
3.40%, 01/25/28(a)		14,982		14,305,504
4.04%, 08/26/27		13,861		13,694,617
4.42%, 07/24/39		9,268		7,920,884
5.46%, 11/18/27(a)		18,254		18,980,495
				8,334,085,731
Beverages — 2.8%
Anheuser-Busch Companies LLC/Anheuser-Busch
InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		54,970		55,312,529
4.90%, 02/01/46 (Call 08/01/45)(a)		99,668		98,560,609
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44		9,901		9,462,599
4.90%, 02/01/46 (Call 08/01/45)		15,870		15,590,259
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)(a)		15,806		15,075,632
4.00%, 04/13/28 (Call 01/13/28)(a)		27,574		27,310,892

Security	Par (000)		Value
Beverages (continued)
4.35%, 06/01/40 (Call 12/01/39)(a)	$	10,617	$	10,089,747
4.38%, 04/15/38 (Call 10/15/37)		14,759		14,248,975
4.44%, 10/06/48 (Call 04/06/48)		19,342		18,150,498
4.50%, 06/01/50 (Call 12/01/49)		16,808		15,891,868
4.60%, 04/15/48 (Call 10/15/47)		24,166		23,189,616
4.75%, 01/23/29 (Call 10/23/28)		44,864		45,910,278
4.75%, 04/15/58 (Call 10/15/57)		8,885		8,509,739
4.90%, 01/23/31 (Call 10/23/30)(a)		6,298		6,594,388
4.95%, 01/15/42		16,189		16,204,473
5.45%, 01/23/39 (Call 07/23/38)		19,922		21,171,123
5.55%, 01/23/49 (Call 07/23/48)		42,658		46,126,513
5.80%, 01/23/59 (Call 07/23/58)(a)		20,632		23,108,028
8.20%, 01/15/39		14,037		18,768,286
Coca-Cola Co. (The)
1.00%, 03/15/28(a)		12,304		10,759,395
1.38%, 03/15/31		15,410		12,641,160
1.45%, 06/01/27(a)		11,497		10,455,771
1.50%, 03/05/28(a)		7,920		7,099,559
1.65%, 06/01/30(a)		15,868		13,488,573
2.00%, 03/05/31		9,928		8,537,643
2.13%, 09/06/29		12,679		11,375,780
2.25%, 01/05/32(a)		22,349		19,496,315
2.50%, 06/01/40(a)		10,720		8,232,539
2.50%, 03/15/51(a)		14,705		10,375,626
2.60%, 06/01/50		14,737		10,607,087
2.75%, 06/01/60(a)		9,850		7,105,875
2.88%, 05/05/41		6,459		5,211,281
3.00%, 03/05/51(a)		16,911		13,361,702
3.38%, 03/25/27(a)		9,582		9,411,965
3.45%, 03/25/30(a)		11,859		11,408,103
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)(a)		9,356		7,761,371
3.15%, 08/01/29 (Call 05/01/29)		7,382		6,770,051
4.90%, 05/01/33 (Call 02/01/33)		7,820		7,869,039
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)(a)		8,191		7,052,770
2.13%, 04/29/32 (Call 01/29/32)(a)		8,258		6,911,185
2.38%, 10/24/29 (Call 07/24/29)		9,521		8,426,246
5.30%, 10/24/27 (Call 09/24/27)(a)		5,768		6,020,448
5.50%, 01/24/33 (Call 10/24/32)		7,838		8,537,632
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)(a)		4,088		3,729,143
3.80%, 05/01/50 (Call 11/01/49)(a)		6,211		4,951,299
3.95%, 04/15/29 (Call 02/15/29)(a)		11,343		10,950,622
4.05%, 04/15/32 (Call 01/15/32)(a)		9,483		9,008,042
4.50%, 04/15/52 (Call 10/15/51)		11,643		10,394,881
4.60%, 05/25/28 (Call 02/25/28)(a)		10,152		10,152,836
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)(a)		10,348		9,817,880
4.20%, 07/15/46 (Call 01/15/46)		16,335		13,676,688
5.00%, 05/01/42		12,611		12,000,698
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		10,869		8,979,391
1.63%, 05/01/30 (Call 02/01/30)		13,464		11,463,686
1.95%, 10/21/31 (Call 07/21/31)		16,507		14,019,616
2.38%, 10/06/26 (Call 07/06/26)(a)		7,359		6,979,529
2.63%, 07/29/29 (Call 04/29/29)(a)		11,303		10,401,385
2.63%, 10/21/41 (Call 04/21/41)		6,392		4,958,158
2.75%, 03/19/30 (Call 12/19/29)		17,964		16,467,301
2.75%, 10/21/51 (Call 04/21/51)		10,869		8,021,957

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
2.88%, 10/15/49 (Call 04/15/49)	$	9,754	$	7,488,537
3.00%, 10/15/27 (Call 07/15/27)(a)		19,002		18,275,890
3.45%, 10/06/46 (Call 04/06/46)(a)		9,120		7,779,510
3.60%, 02/18/28 (Call 01/18/28)(a)		11,223		11,064,798
3.63%, 03/19/50 (Call 09/19/49)		8,073		7,027,597
3.90%, 07/18/32 (Call 04/18/32)(a)		15,553		15,272,918
4.45%, 02/15/33 (Call 11/15/32)(a)		1,179		1,208,992
4.45%, 04/14/46 (Call 10/14/45)		9,020		8,979,493
				961,264,015
Biotechnology — 2.1%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		12,678		11,057,729
2.00%, 01/15/32 (Call 10/15/31)(a)		13,504		10,958,002
2.20%, 02/21/27 (Call 12/21/26)		18,189		16,827,706
2.30%, 02/25/31 (Call 11/25/30)(a)		13,482		11,373,235
2.45%, 02/21/30 (Call 11/21/29)		13,026		11,393,050
2.60%, 08/19/26 (Call 05/19/26)(a)		10,445		9,830,392
2.77%, 09/01/53 (Call 03/01/53)		10,410		6,661,355
2.80%, 08/15/41 (Call 02/15/41)(a)		12,382		9,024,779
3.00%, 02/22/29 (Call 12/22/28)		6,673		6,197,335
3.00%, 01/15/52 (Call 07/15/51)		14,226		9,693,259
3.15%, 02/21/40 (Call 08/21/39)		19,800		15,344,087
3.20%, 11/02/27 (Call 08/02/27)(a)		7,395		7,041,887
3.35%, 02/22/32 (Call 11/22/31)		11,357		10,263,710
3.38%, 02/21/50 (Call 08/21/49)		23,752		17,584,401
4.05%, 08/18/29 (Call 06/18/29)(a)		11,386		11,051,417
4.20%, 03/01/33 (Call 12/01/32)(a)		8,498		8,151,320
4.20%, 02/22/52 (Call 08/22/51)		9,993		8,454,585
4.40%, 05/01/45 (Call 11/01/44)(a)		24,081		21,220,938
4.40%, 02/22/62 (Call 08/22/61)		13,237		11,160,111
4.56%, 06/15/48 (Call 12/15/47)		15,660		14,098,496
4.66%, 06/15/51 (Call 12/15/50)		36,239		32,940,537
4.88%, 03/01/53 (Call 09/01/52)		9,543		8,976,238
5.15%, 03/02/28 (Call 02/02/28)		40,887		41,913,423
5.25%, 03/02/30 (Call 01/02/30)		31,840		32,715,517
5.25%, 03/02/33 (Call 12/02/32)		44,577		45,863,916
5.60%, 03/02/43 (Call 09/02/42)		34,430		35,439,601
5.65%, 03/02/53 (Call 09/02/52)		43,870		45,502,995
5.75%, 03/02/63 (Call 09/02/62)		29,871		30,938,939
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)(a)		15,087		12,793,417
3.15%, 05/01/50 (Call 11/01/49)		19,849		13,832,826
5.20%, 09/15/45 (Call 03/15/45)(a)		7,468		7,520,891
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		12,832		11,260,878
1.65%, 10/01/30 (Call 07/01/30)(a)		6,813		5,637,685
2.60%, 10/01/40 (Call 04/01/40)(a)		12,307		9,083,760
2.80%, 10/01/50 (Call 04/01/50)(a)		18,108		12,443,064
2.95%, 03/01/27 (Call 12/01/26)(a)		17,345		16,596,435
4.00%, 09/01/36 (Call 03/01/36)(a)		5,300		4,955,035
4.15%, 03/01/47 (Call 09/01/46)		19,465		17,192,208
4.50%, 02/01/45 (Call 08/01/44)		19,002		17,672,706
4.60%, 09/01/35 (Call 03/01/35)		6,942		6,889,357
4.75%, 03/01/46 (Call 09/01/45)		23,577		22,505,515
4.80%, 04/01/44 (Call 10/01/43)(a)		19,781		19,108,834
5.65%, 12/01/41 (Call 06/01/41)(a)		11,568		12,391,570
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		12,418		10,129,544
2.80%, 09/15/50 (Call 03/15/50)		4,717		3,122,615

Security	Par (000)		Value
Biotechnology (continued)
Royalty Pharma PLC
1.75%, 09/02/27 (Call 07/02/27)	$	7,211	$	6,323,519
2.20%, 09/02/30 (Call 06/02/30)(a)		9,868		8,081,142
3.30%, 09/02/40 (Call 03/02/40)		9,665		7,026,764
3.55%, 09/02/50 (Call 03/02/50)(a)		9,026		6,215,422
				732,462,147
Building Materials — 0.2%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)(a)		6,545		6,056,316
2.70%, 02/15/31 (Call 11/15/30)(a)		8,466		7,258,311
2.72%, 02/15/30 (Call 11/15/29)		21,335		18,627,533
3.38%, 04/05/40 (Call 10/05/39)		14,264		11,118,494
3.58%, 04/05/50 (Call 10/05/49)		20,363		15,212,975
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)(a)		10,565		8,776,495
3.20%, 07/15/51 (Call 01/15/51)(a)		4,974		3,531,989
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a)		7,749		7,422,089
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)		722		662,260
				78,666,462
Chemicals — 1.0%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)(a)		10,391		9,078,304
2.70%, 05/15/40 (Call 11/15/39)		6,788		5,260,712
2.80%, 05/15/50 (Call 11/15/49)(a)		9,367		6,780,996
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)(a)		19,166		19,411,769
6.33%, 07/15/29 (Call 05/15/29)(a)		9,651		9,776,573
6.38%, 07/15/32 (Call 04/15/32)(a)		10,805		10,953,063
CF Industries Inc.
4.95%, 06/01/43		6,707		5,817,268
5.15%, 03/15/34(a)		9,301		9,038,059
5.38%, 03/15/44(a)		6,679		6,138,796
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)		9,640		8,114,309
3.60%, 11/15/50 (Call 05/15/50)(a)		7,081		5,388,568
4.38%, 11/15/42 (Call 05/15/42)		15,913		13,973,609
5.25%, 11/15/41 (Call 05/15/41)		9,897		9,660,570
5.55%, 11/30/48 (Call 05/30/48)(a)		7,823		7,754,739
6.90%, 05/15/53 (Call 11/15/52)(a)		9,463		10,953,211
7.38%, 11/01/29(a)		11,015		12,622,477
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)(a)		26,585		26,873,766
5.32%, 11/15/38 (Call 05/15/38)		16,819		16,959,232
5.42%, 11/15/48 (Call 05/15/48)		21,678		21,831,953
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)(a)		7,868		6,783,963
Ecolab Inc.
2.70%, 11/01/26 (Call 08/01/26)(a)		4,424		4,219,691
2.70%, 12/15/51 (Call 06/15/51)(a)		5,460		3,671,054
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)(a)		4,931		4,218,643
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		10,879		9,644,644
5.25%, 07/15/43		8,004		7,355,381
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)(a)		8,747		6,473,604
3.63%, 04/01/51 (Call 04/01/50)(a)		10,235		7,272,773
4.20%, 10/15/49 (Call 04/15/49)(a)		11,642		9,037,421

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
4.20%, 05/01/50 (Call 11/01/49)(a)	$	8,742	$	6,780,757
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)		12,463		10,224,740
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)		10,159		9,894,760
4.90%, 03/27/28 (Call 02/27/28)		6,562		6,584,750
5.00%, 04/01/49 (Call 10/01/48)(a)		5,363		5,008,064
5.80%, 03/27/53 (Call 09/27/52)(a)		7,287		7,562,699
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)		11,534		10,435,263
3.45%, 06/01/27 (Call 03/01/27)(a)		13,394		12,845,027
4.50%, 06/01/47 (Call 12/01/46)		12,065		10,707,733
Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)(a)		5,088		4,895,268
				360,004,209
Commercial Services — 0.7%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)(a)		9,669		7,972,355
1.70%, 05/15/28 (Call 03/15/28)		11,603		10,394,403
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)		12,259		9,908,765
5.10%, 12/15/27 (Call 11/15/27)(a)		8,220		8,329,062
Global Payments Inc.
2.15%, 01/15/27 (Call 12/15/26)		5,109		4,584,779
2.90%, 05/15/30 (Call 02/15/30)(a)		11,900		10,183,945
2.90%, 11/15/31 (Call 08/15/31)(a)		9,220		7,646,189
3.20%, 08/15/29 (Call 05/15/29)(a)		14,071		12,466,717
4.15%, 08/15/49 (Call 02/15/49)		5,390		4,067,059
4.80%, 04/01/26 (Call 01/01/26)(a)		1,750		1,730,333
5.40%, 08/15/32 (Call 05/15/32)(a)		11,822		11,688,313
5.95%, 08/15/52 (Call 02/15/52)(a)		5,865		5,683,951
Massachusetts Institute of Technology, 5.60%, 07/01/2111		8,361		9,484,480
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)(a)		10,100		8,696,352
2.65%, 10/01/26 (Call 08/01/26)		5,450		5,159,289
2.85%, 10/01/29 (Call 07/01/29)(a)		16,224		14,734,460
3.25%, 06/01/50 (Call 12/01/49)(a)		9,890		7,158,120
4.40%, 06/01/32 (Call 03/01/32)(a)		10,748		10,562,590
5.05%, 06/01/52 (Call 12/01/51)(a)		9,639		9,271,431
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)(a)		16,271		14,084,954
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		7,586		6,821,066
4.00%, 03/18/29 (Call 12/18/28)(a)		10,307		10,099,285
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)(a)		10,098		9,476,378
2.70%, 03/01/29 (Call 01/01/29)		17,865		16,342,954
2.90%, 03/01/32 (Call 12/01/31)(a)		19,477		17,304,719
3.70%, 03/01/52 (Call 09/01/51)(a)		11,429		9,542,680
4.25%, 05/01/29 (Call 02/01/29)(a)		10,707		10,594,504
				253,989,133
Computers — 3.1%
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		18,237		15,058,818
1.40%, 08/05/28 (Call 06/05/28)		23,074		20,296,047
1.65%, 05/11/30 (Call 02/11/30)		20,214		17,271,743
1.65%, 02/08/31 (Call 11/08/30)		27,215		22,960,844
1.70%, 08/05/31 (Call 05/05/31)(a)		14,487		12,131,553
2.05%, 09/11/26 (Call 07/11/26)		21,092		19,780,529

Security	Par (000)		Value
Computers (continued)
2.20%, 09/11/29 (Call 06/11/29)(a)	$	17,344	$	15,589,493
2.38%, 02/08/41 (Call 08/08/40)(a)		17,216		12,903,587
2.40%, 08/20/50 (Call 02/20/50)		13,136		8,939,675
2.45%, 08/04/26 (Call 05/04/26)(a)		22,488		21,478,439
2.55%, 08/20/60 (Call 02/20/60)(a)		19,697		13,046,645
2.65%, 05/11/50 (Call 11/11/49)		27,059		19,236,324
2.65%, 02/08/51 (Call 08/08/50)		31,266		21,976,787
2.70%, 08/05/51 (Call 02/05/51)		19,630		13,920,020
2.80%, 02/08/61 (Call 02/08/60)		18,723		12,734,638
2.85%, 08/05/61 (Call 02/05/61)		15,431		10,626,378
2.90%, 09/12/27 (Call 06/12/27)(a)		22,339		21,458,316
2.95%, 09/11/49 (Call 03/11/49)		18,272		13,840,028
3.00%, 06/20/27 (Call 03/20/27)(a)		11,698		11,306,097
3.00%, 11/13/27 (Call 08/13/27)(a)		15,514		14,956,028
3.20%, 05/11/27 (Call 02/11/27)(a)		22,723		22,162,776
3.25%, 08/08/29 (Call 06/08/29)		14,092		13,510,885
3.35%, 02/09/27 (Call 11/09/26)(a)		24,388		23,886,371
3.35%, 08/08/32 (Call 05/08/32)(a)		15,759		14,924,641
3.45%, 02/09/45(a)		20,540		17,534,643
3.75%, 09/12/47 (Call 03/12/47)(a)		12,595		11,045,989
3.75%, 11/13/47 (Call 05/13/47)		13,833		12,142,248
3.85%, 05/04/43(a)		32,578		29,843,311
3.85%, 08/04/46 (Call 02/04/46)		20,552		18,296,983
3.95%, 08/08/52 (Call 02/08/52)(a)		18,716		16,648,582
4.10%, 08/08/62 (Call 02/08/62)		12,417		11,043,655
4.25%, 02/09/47 (Call 08/09/46)(a)		10,849		10,394,674
4.38%, 05/13/45		21,054		20,415,441
4.45%, 05/06/44		10,878		10,852,594
4.50%, 02/23/36 (Call 08/23/35)(a)		7,876		8,160,668
4.65%, 02/23/46 (Call 08/23/45)		39,921		40,156,861
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)(a)(c)		10,622		7,532,782
3.45%, 12/15/51 (Call 06/15/51)(a)(c)		12,670		8,346,109
4.90%, 10/01/26 (Call 08/01/26)		16,393		16,388,328
5.25%, 02/01/28 (Call 01/01/28)(a)		11,353		11,465,237
5.30%, 10/01/29 (Call 07/01/29)(a)		19,817		20,041,863
5.75%, 02/01/33 (Call 11/01/32)(a)		10,520		10,647,608
6.02%, 06/15/26 (Call 03/15/26)		43,266		44,567,281
6.20%, 07/15/30 (Call 04/15/30)(a)		8,779		9,269,969
8.10%, 07/15/36 (Call 01/15/36)(a)		9,867		11,615,349
8.35%, 07/15/46 (Call 01/15/46)		7,781		9,655,642
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)(a)		3,248		3,504,807
6.35%, 10/15/45 (Call 04/15/45)(a)		14,849		15,251,078
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)(a)		4,076		3,684,610
2.65%, 06/17/31 (Call 03/17/31)		11,154		9,097,787
3.00%, 06/17/27 (Call 04/17/27)(a)		12,709		11,855,075
3.40%, 06/17/30 (Call 03/17/30)(a)		6,961		6,149,872
4.00%, 04/15/29 (Call 02/15/29)(a)		11,392		10,821,731
4.20%, 04/15/32 (Call 01/15/32)(a)		12,000		10,767,054
4.75%, 01/15/28 (Call 12/15/27)		11,118		11,040,293
5.50%, 01/15/33 (Call 10/15/32)(a)		12,693		12,599,110
6.00%, 09/15/41(a)		12,968		13,158,890
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)(a)		12,413		11,227,231
1.95%, 05/15/30 (Call 02/15/30)(a)		16,610		13,992,800
2.95%, 05/15/50 (Call 11/15/49)(a)		6,415		4,362,894
3.30%, 05/15/26(a)		22,883		22,160,696
3.50%, 05/15/29		35,863		33,658,039

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
4.00%, 06/20/42(a)	$	14,481	$	12,229,678
4.15%, 07/27/27 (Call 06/27/27)(a)		8,251		8,183,188
4.15%, 05/15/39		20,934		18,570,357
4.25%, 05/15/49(a)		30,999		26,800,381
4.40%, 07/27/32 (Call 04/27/32)(a)		7,706		7,547,117
4.50%, 02/06/28 (Call 01/06/28)		12,750		12,763,793
4.75%, 02/06/33 (Call 11/06/32)(a)		9,003		8,992,436
4.90%, 07/27/52 (Call 01/27/52)(a)		8,112		7,582,726
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)(a)		10,673		8,665,908
4.38%, 05/15/30 (Call 02/15/30)		6,136		5,777,506
5.75%, 03/15/33 (Call 12/15/32)(a)		500		510,914
				1,061,018,450
Cosmetics & Personal Care — 0.8%
GSK Consumer Healthcare Capital U.S. LLC
3.38%, 03/24/27 (Call 02/24/27)(a)		21,431		20,462,638
3.38%, 03/24/29 (Call 01/24/29)(a)		11,038		10,259,526
3.63%, 03/24/32 (Call 12/24/31)		21,607		19,835,274
4.00%, 03/24/52 (Call 09/24/51)(a)		8,075		6,805,341
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)		17,728		18,353,148
5.00%, 03/22/30 (Call 01/22/30)(a)		11,590		12,022,608
5.05%, 03/22/28 (Call 02/22/28)(c)		11,404		11,809,961
5.05%, 03/22/53 (Call 09/22/52)		15,575		16,197,363
5.10%, 03/22/43 (Call 09/22/42)		9,082		9,417,089
5.20%, 03/22/63 (Call 09/22/62)(c)		8,505		8,849,331
Procter & Gamble Co. (The)
1.00%, 04/23/26(a)		1,384		1,270,314
1.20%, 10/29/30		19,589		16,101,329
1.90%, 02/01/27(a)		8,389		7,839,531
1.95%, 04/23/31(a)		10,408		9,050,326
2.30%, 02/01/32(a)		9,511		8,437,135
2.45%, 11/03/26(a)		10,299		9,797,384
2.85%, 08/11/27(a)		10,834		10,407,118
3.00%, 03/25/30(a)		16,381		15,435,046
4.05%, 01/26/33(a)		3,634		3,662,330
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)(a)		7,219		5,959,089
2.13%, 09/06/29 (Call 06/06/29)		7,845		6,959,181
2.90%, 05/05/27 (Call 02/05/27)		6,282		6,014,564
3.50%, 03/22/28 (Call 12/22/27)(a)		12,775		12,517,308
5.90%, 11/15/32(a)		12,687		14,295,559
				261,758,493
Diversified Financial Services — 2.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
2.45%, 10/29/26 (Call 09/29/26)(a)		41,683		37,397,942
3.00%, 10/29/28 (Call 08/29/28)		40,547		35,323,800
3.30%, 01/30/32 (Call 10/30/31)		37,216		30,522,081
3.40%, 10/29/33 (Call 07/29/33)(a)		20,142		16,187,628
3.65%, 07/21/27 (Call 04/21/27)		12,253		11,396,494
3.85%, 10/29/41 (Call 04/29/41)(a)		17,771		13,366,930
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)(a)		12,222		10,876,000
2.20%, 01/15/27 (Call 12/15/26)(a)		8,593		7,690,267
2.88%, 01/15/32 (Call 10/15/31)(a)		5,857		4,800,890
3.13%, 12/01/30 (Call 09/01/30)		5,678		4,840,012
3.75%, 06/01/26 (Call 04/01/26)(a)		7,763		7,394,330

Security	Par (000)		Value
Diversified Financial Services (continued)
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)(a)	$	5,584	$	4,538,061
4.75%, 06/09/27 (Call 05/09/27)(a)		3,015		2,855,446
7.10%, 11/15/27 (Call 10/15/27)(a)		6,415		6,609,793
8.00%, 11/01/31(a)		25,466		26,803,729
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)(a)		12,012		10,884,520
2.55%, 03/04/27 (Call 02/01/27)		16,534		15,306,875
3.13%, 05/20/26 (Call 04/20/26)(a)		1,078		1,034,420
3.30%, 05/03/27 (Call 04/02/27)(a)		17,815		16,931,679
4.05%, 05/03/29 (Call 03/03/29)(a)		6,079		5,954,270
4.05%, 12/03/42(a)		12,277		11,135,969
5.04%, 05/01/34 (Call 05/01/33)		20,000		20,053,000
5.85%, 11/05/27 (Call 10/05/27)		14,648		15,324,282
Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33)		5,638		5,683,698
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)(a)		6,685		4,538,210
3.90%, 01/25/28 (Call 10/25/27)(a)		10,371		9,813,790
4.35%, 04/15/30 (Call 01/15/30)(a)		7,266		6,890,362
4.70%, 09/20/47 (Call 03/20/47)		9,470		8,209,554
4.85%, 03/29/29 (Call 12/29/28)		15,230		14,997,170
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)(a)		7,616		7,097,746
3.75%, 07/28/26 (Call 06/28/26)		7,900		7,409,709
3.75%, 03/09/27 (Call 02/09/27)(a)		15,464		14,491,554
3.80%, 01/31/28 (Call 12/31/27)(a)		13,806		12,908,167
Charles Schwab Corp. (The)
1.15%, 05/13/26 (Call 04/13/26)(a)		3,623		3,207,775
1.65%, 03/11/31 (Call 12/11/30)(a)		9,012		7,019,894
1.95%, 12/01/31 (Call 09/01/31)(a)		8,363		6,553,754
2.00%, 03/20/28 (Call 01/20/28)(a)		17,526		15,267,389
2.30%, 05/13/31 (Call 02/13/31)(a)		9,483		7,755,664
2.45%, 03/03/27 (Call 02/03/27)		20,969		19,015,471
2.90%, 03/03/32 (Call 12/03/31)(a)		11,732		9,925,961
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		5,183		4,543,528
5.30%, 09/15/43 (Call 03/15/43)		7,364		7,792,165
Discover Financial Services
4.10%, 02/09/27 (Call 11/09/26)(a)		10,075		9,589,482
6.70%, 11/29/32 (Call 08/29/32)		4,324		4,574,331
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		16,586		13,192,954
2.10%, 06/15/30 (Call 03/15/30)(a)		14,675		12,449,756
2.65%, 09/15/40 (Call 03/15/40)		14,541		10,649,791
3.00%, 06/15/50 (Call 12/15/49)(a)		13,554		9,719,287
3.00%, 09/15/60 (Call 03/15/60)(a)		15,236		10,209,267
4.00%, 09/15/27 (Call 08/15/27)(a)		17,218		17,047,745
4.25%, 09/21/48 (Call 03/21/48)		14,157		12,515,739
4.35%, 06/15/29 (Call 04/15/29)(a)		16,286		16,135,700
4.60%, 03/15/33 (Call 12/15/32)(a)		17,345		17,327,563
4.95%, 06/15/52 (Call 12/15/51)(a)		14,453		14,409,715
5.20%, 06/15/62 (Call 01/15/62)(a)		10,067		10,235,319
Jefferies Financial Group Inc.
4.15%, 01/23/30		11,227		10,416,682
4.85%, 01/15/27(a)		4,047		3,992,057
Jefferies Group LLC/Jefferies Group Capital Finance Inc., 2.63%, 10/15/31 (Call 07/15/31)(a)		12,244		9,849,914
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)		6,187		5,249,819

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
2.95%, 11/21/26 (Call 08/21/26)(a)	$	4,076	$	3,920,271
2.95%, 06/01/29 (Call 03/01/29)(a)		14,673		13,784,949
3.30%, 03/26/27 (Call 01/26/27)(a)		7,816		7,581,167
3.35%, 03/26/30 (Call 12/26/29)(a)		18,908		17,929,900
3.65%, 06/01/49 (Call 12/01/48)		4,660		4,005,289
3.85%, 03/26/50 (Call 09/26/49)(a)		14,799		13,109,010
4.85%, 03/09/33 (Call 12/09/32)		7,822		8,162,843
4.88%, 03/09/28 (Call 02/09/28)(a)		6,745		6,997,280
Nomura Holdings Inc.
1.65%, 07/14/26		11,387		10,097,582
2.17%, 07/14/28		14,186		11,946,530
2.33%, 01/22/27		14,212		12,635,588
2.61%, 07/14/31(a)		12,506		9,957,560
2.68%, 07/16/30(a)		12,575		10,317,466
3.00%, 01/22/32		9,065		7,388,142
3.10%, 01/16/30		15,308		13,091,189
6.18%, 01/18/33		4,900		5,053,687
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)(a)		7,676		5,742,915
4.95%, 07/15/46		7,702		7,103,539
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)(a)		6,148		4,542,166
3.95%, 12/01/27 (Call 09/01/27)(a)		8,755		7,732,938
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)(a)		10,536		8,458,481
1.90%, 04/15/27 (Call 02/15/27)(a)		13,651		12,679,865
2.00%, 08/15/50 (Call 02/15/50)(a)		18,537		11,736,657
2.05%, 04/15/30 (Call 01/15/30)		17,801		15,602,665
2.70%, 04/15/40 (Call 10/15/39)(a)		12,050		9,602,047
2.75%, 09/15/27 (Call 06/15/27)(a)		7,393		7,061,256
3.65%, 09/15/47 (Call 03/15/47)		7,629		6,701,024
4.15%, 12/14/35 (Call 06/14/35)		15,905		15,687,117
4.30%, 12/14/45 (Call 06/14/45)(a)		34,527		33,441,578
				979,985,801
Electric — 3.2%
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)(a)		17,445		14,310,495
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a)		5,920		5,396,253
American Electric Power Co. Inc., 5.63%, 03/01/33 (Call 12/01/32)		5,832		6,108,007
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)		10,286		9,700,098
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		16,723		11,580,659
3.70%, 07/15/30 (Call 04/15/30)		9,029		8,654,521
3.80%, 07/15/48 (Call 01/15/48)		7,500		6,209,386
4.25%, 10/15/50 (Call 04/15/50)		10,506		9,208,734
4.45%, 01/15/49 (Call 07/15/48)		10,885		9,853,223
4.50%, 02/01/45 (Call 08/01/44)		8,099		7,399,156
4.60%, 05/01/53 (Call 11/01/52)(a)		10,018		9,369,827
5.15%, 11/15/43 (Call 05/15/43)		8,502		8,549,769
6.13%, 04/01/36		17,704		19,801,708
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		7,722		6,635,821
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a)		3,156		2,760,720
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)(a)		8,366		7,153,968
3.60%, 06/15/61 (Call 12/15/60)		12,840		9,862,897
4.45%, 03/15/44 (Call 09/15/43)		3,590		3,248,209
4.63%, 12/01/54 (Call 06/01/54)		3,465		3,143,782
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		10,361		8,644,566

Security	Par (000)		Value
Electric (continued)
Constellation Energy Generation LLC
5.60%, 03/01/28 (Call 02/01/28)(a)	$	5,425	$	5,612,998
5.60%, 06/15/42 (Call 12/15/41)(a)		8,517		8,404,289
6.25%, 10/01/39(a)		10,703		11,349,794
Dominion Energy Inc.
5.38%, 11/15/32 (Call 08/15/32)(a)		6,160		6,321,157
Series C, 2.25%, 08/15/31 (Call 05/15/31)		15,956		13,262,249
Series C, 3.38%, 04/01/30 (Call 01/01/30)		12,479		11,375,309
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		7,739		5,755,504
4.95%, 01/15/33 (Call 10/15/32)		6,606		6,804,013
5.30%, 02/15/40		9,944		10,336,967
5.35%, 01/15/53 (Call 07/15/52)(a)		9,858		10,369,745
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		11,076		9,526,736
2.55%, 06/15/31 (Call 03/15/31)		13,745		11,592,617
2.65%, 09/01/26 (Call 06/01/26)		12,284		11,543,862
3.15%, 08/15/27 (Call 05/15/27)		5,771		5,467,093
3.30%, 06/15/41 (Call 12/15/40)		7,702		5,889,203
3.50%, 06/15/51 (Call 12/15/50)(a)		9,082		6,751,409
3.75%, 09/01/46 (Call 03/01/46)(a)		17,180		13,485,896
4.30%, 03/15/28 (Call 02/15/28)(a)		9,837		9,699,057
4.50%, 08/15/32 (Call 05/15/32)(a)		11,660		11,314,080
5.00%, 08/15/52 (Call 02/15/52)(a)		12,938		12,138,552
Duke Energy Florida LLC, 6.40%, 06/15/38		11,216		12,825,886
Emera U.S. Finance LP
3.55%, 06/15/26 (Call 03/15/26)		2,483		2,377,740
4.75%, 06/15/46 (Call 12/15/45)		8,388		6,971,339
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26)		3,716		3,515,407
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		5,678		4,955,560
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)(a)		6,774		6,101,697
Eversource Energy, 5.45%, 03/01/28 (Call 02/01/28)		4,939		5,125,793
Exelon Corp.
3.40%, 04/15/26 (Call 01/15/26)		1,649		1,593,594
4.05%, 04/15/30 (Call 01/15/30)		9,916		9,528,287
4.45%, 04/15/46 (Call 10/15/45)		8,095		7,073,716
4.70%, 04/15/50 (Call 10/15/49)		7,976		7,281,819
5.15%, 03/15/28 (Call 02/15/28)(a)		9,089		9,290,384
5.30%, 03/15/33 (Call 12/15/32)		10,198		10,498,775
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		16,946		14,553,409
2.88%, 12/04/51 (Call 06/04/51)		14,375		10,312,750
3.15%, 10/01/49 (Call 04/01/49)		7,141		5,394,800
3.95%, 03/01/48 (Call 09/01/47)		9,670		8,410,110
5.05%, 04/01/28 (Call 03/01/28)(a)		6,738		6,977,381
5.10%, 04/01/33 (Call 01/01/33)(a)		9,933		10,362,654
5.30%, 04/01/53 (Call 10/01/52)(a)		9,474		10,099,805
Georgia Power Co.
4.30%, 03/15/42(a)		13,763		12,202,543
5.13%, 05/15/52 (Call 11/15/51)(a)		7,072		7,002,945
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a)		5,741		4,143,872
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)(a)		10,053		9,707,115
4.25%, 07/15/49 (Call 01/15/49)		10,347		9,336,777
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		6,154		5,593,435
1.90%, 06/15/28 (Call 04/15/28)		22,922		20,209,291
2.25%, 06/01/30 (Call 03/01/30)		21,720		18,446,173
2.44%, 01/15/32 (Call 10/15/31)(a)		12,131		10,071,514

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
2.75%, 11/01/29 (Call 08/01/29)	$	4,484	$	4,001,840
3.55%, 05/01/27 (Call 02/01/27)(a)		15,031		14,524,058
4.63%, 07/15/27 (Call 06/15/27)		12,144		12,160,699
4.90%, 02/28/28 (Call 01/28/28)(a)		17,388		17,600,097
5.00%, 07/15/32 (Call 04/15/32)(a)		12,164		12,280,982
5.05%, 02/28/33 (Call 11/28/32)(a)		11,542		11,655,728
5.25%, 02/28/53 (Call 08/28/52)		12,950		12,842,527
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)		8,601		7,522,021
2.50%, 02/01/31 (Call 11/01/30)		24,760		20,085,181
3.00%, 06/15/28 (Call 04/15/28)		5,657		5,031,926
3.25%, 06/01/31 (Call 03/01/31)(a)		7,831		6,619,444
3.30%, 12/01/27 (Call 09/01/27)(a)		11,478		10,362,749
3.30%, 08/01/40 (Call 02/01/40)(a)		10,135		7,113,549
3.50%, 08/01/50 (Call 02/01/50)(a)		22,956		15,063,257
3.75%, 07/01/28(a)		6,802		6,290,490
3.95%, 12/01/47 (Call 06/01/47)		7,612		5,379,796
4.50%, 07/01/40 (Call 01/01/40)		20,135		16,370,395
4.55%, 07/01/30 (Call 01/01/30)		35,012		32,575,655
4.95%, 07/01/50 (Call 01/01/50)(a)		32,849		26,766,883
6.15%, 01/15/33 (Call 10/15/32)		5,354		5,440,711
6.70%, 04/01/53 (Call 10/01/52)		4,106		4,191,360
6.75%, 01/15/53 (Call 07/15/52)		7,722		7,914,555
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)(a)		10,520		7,331,529
5.35%, 12/01/53 (Call 06/01/53)(a)		11,930		12,433,241
PPL Electric Utilities Corp., 5.25%, 05/15/53 (Call 11/15/52)(a)		4,081		4,252,917
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		5,992		4,944,377
5.25%, 04/01/53 (Call 10/01/52)		13,150		13,559,883
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)(a)		4,903		4,095,926
San Diego Gas & Electric Co.
5.35%, 04/01/53 (Call 10/01/52)(a)		4,537		4,705,961
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)(a)		5,822		4,796,893
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a)		12,813		9,030,095
Sempra Energy
3.25%, 06/15/27 (Call 03/15/27)(a)		7,480		7,051,391
3.40%, 02/01/28 (Call 10/01/27)		11,204		10,570,068
3.80%, 02/01/38 (Call 08/01/37)(a)		11,433		10,042,637
4.00%, 02/01/48 (Call 08/01/47)		7,982		6,512,652
6.00%, 10/15/39		8,288		8,751,507
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		13,589		10,570,231
4.00%, 04/01/47 (Call 10/01/46)(a)		19,999		16,562,424
4.65%, 10/01/43 (Call 04/01/43)		10,526		9,619,783
5.30%, 03/01/28 (Call 02/01/28)(a)		1,105		1,134,822
5.85%, 11/01/27 (Call 10/01/27)		3,430		3,609,715
5.95%, 11/01/32 (Call 08/01/32)(a)		4,712		5,125,203
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		6,907		4,725,385
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a)		11,604		9,863,781
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		12,893		12,346,149
4.40%, 07/01/46 (Call 01/01/46)(a)		17,042		14,926,819
Series A, 3.70%, 04/30/30 (Call 01/30/30)(a)		8,711		8,168,943
Series B, 4.00%, 01/15/51 (Call 01/15/26), (5-year CMT + 3.733%)(b)		12,522		11,702,360
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		3,802		2,356,496

Security	Par (000)		Value
Electric (continued)
2.95%, 11/15/51 (Call 05/15/51)(a)	$	3,945	$	2,717,467
5.00%, 04/01/33 (Call 01/01/33)		8,019		8,119,269
5.45%, 04/01/53 (Call 10/01/52)		11,971		12,272,441
Series A, 3.50%, 03/15/27 (Call 12/15/26)		4,083		3,952,843
				1,112,204,011
Electrical Components & Equipment — 0.1%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)(a)		6,167		5,520,039
2.00%, 12/21/28 (Call 10/21/28)(a)		12,900		11,448,252
2.20%, 12/21/31 (Call 09/21/31)(a)		11,228		9,497,718
2.80%, 12/21/51 (Call 06/21/51)		6,330		4,285,447
				30,751,456
Electronics — 0.2%
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)(a)		8,278		6,915,894
2.80%, 02/15/30 (Call 11/15/29)		8,562		7,665,263
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)(a)		10,885		9,797,118
1.75%, 09/01/31 (Call 06/01/31)		18,132		14,990,910
1.95%, 06/01/30 (Call 03/01/30)		8,195		7,014,421
2.50%, 11/01/26 (Call 08/01/26)(a)		13,323		12,673,594
2.70%, 08/15/29 (Call 05/15/29)(a)		8,790		8,111,836
2.80%, 06/01/50 (Call 12/01/49)(a)		4,101		3,097,116
5.00%, 02/15/33 (Call 11/15/32)(a)		12,695		13,381,819
				83,647,971
Entertainment — 0.6%
Magallanes Inc.
3.76%, 03/15/27 (Call 02/15/27)(a)(c)		38,392		36,246,010
4.05%, 03/15/29 (Call 01/15/29)(c)		10,168		9,428,252
4.28%, 03/15/32 (Call 12/15/31)(a)(c)		50,269		44,693,730
5.05%, 03/15/42 (Call 09/15/41)(c)		47,877		39,619,979
5.14%, 03/15/52 (Call 09/15/51)(c)		69,170		55,383,437
5.39%, 03/15/62 (Call 09/15/61)(c)		27,801		22,352,738
				207,724,146
Environmental Control — 0.2%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)(a)		9,693		7,852,936
3.95%, 05/15/28 (Call 02/15/28)		9,590		9,407,731
5.00%, 04/01/34 (Call 01/01/34)		6,244		6,388,122
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		6,048		4,190,119
4.20%, 01/15/33 (Call 10/15/32)		8,399		8,071,676
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)(a)		9,689		7,851,839
3.15%, 11/15/27 (Call 08/15/27)(a)		5,136		4,914,414
4.15%, 04/15/32 (Call 01/15/32)(a)		11,155		10,948,042
4.63%, 02/15/30 (Call 12/15/29)(a)		8,778		8,902,469
				68,527,348
Food — 1.1%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)		10,360		10,195,954
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		12,597		10,856,402
4.85%, 11/01/28 (Call 08/01/28)(a)		13,091		13,077,770
5.30%, 11/01/38 (Call 05/01/38)		8,230		8,122,585
5.40%, 11/01/48 (Call 05/01/48)(a)		9,400		9,140,956
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)(a)		6,661		6,038,434
3.20%, 02/10/27 (Call 11/10/26)(a)		7,191		6,941,512
4.20%, 04/17/28 (Call 01/17/28)(a)		15,462		15,351,768

SCHEDULE   OF   INVESTMENTS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
4.95%, 03/29/33 (Call 12/29/32)(a)	$	10,904	$	11,103,223
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)		6,992		6,241,777
1.80%, 06/11/30 (Call 03/11/30)		6,717		5,662,628
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)(a)(c)		4,232		3,740,876
3.63%, 01/15/32 (Call 01/15/27)(a)(c)		8,796		7,263,781
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		15,612		14,941,551
3.88%, 05/15/27 (Call 02/15/27)		10,999		10,722,057
4.38%, 06/01/46 (Call 12/01/45)		33,348		29,102,686
4.88%, 10/01/49 (Call 04/01/49)(a)		16,137		14,980,001
5.00%, 06/04/42		16,507		15,825,406
5.20%, 07/15/45 (Call 01/15/45)(a)		21,847		21,238,174
5.50%, 06/01/50 (Call 12/01/49)		7,195		7,256,740
6.88%, 01/26/39		11,643		13,289,015
Kroger Co. (The)
2.65%, 10/15/26 (Call 07/15/26)(a)		5,577		5,286,594
3.95%, 01/15/50 (Call 07/15/49)(a)		5,225		4,283,175
4.45%, 02/01/47 (Call 08/01/46)		7,141		6,337,835
McCormick & Co. Inc./MD, 3.40%, 08/15/27
(Call 05/15/27)(a)		5,629		5,369,676
Mondelez International Inc.
2.63%, 03/17/27 (Call 01/17/27)(a)		5,889		5,522,009
2.63%, 09/04/50 (Call 03/04/50)(a)		8,054		5,366,137
2.75%, 04/13/30 (Call 01/13/30)		10,551		9,382,272
3.00%, 03/17/32 (Call 12/17/31)		7,525		6,647,756
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		8,403		5,874,800
3.25%, 07/15/27 (Call 04/15/27)(a)		5,886		5,604,145
3.30%, 07/15/26 (Call 04/15/26)		6,380		6,162,739
5.95%, 04/01/30 (Call 01/01/30)		10,923		11,671,594
6.60%, 04/01/50 (Call 10/01/49)(a)		12,436		14,303,498
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		12,634		12,119,201
4.35%, 03/01/29 (Call 12/01/28)		10,750		10,509,367
4.55%, 06/02/47 (Call 12/02/46)		7,108		6,223,603
5.10%, 09/28/48 (Call 03/28/48)		15,205		14,389,506
				376,147,203
Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)		7,558		6,619,556
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)(a)		12,365		9,921,270
2.95%, 09/01/29 (Call 06/01/29)(a)		13,109		11,814,235
3.49%, 05/15/27 (Call 02/15/27)(a)		8,619		8,266,082
3.60%, 05/01/30 (Call 02/01/30)(a)		12,698		11,792,325
3.95%, 03/30/48 (Call 09/30/47)		8,814		7,264,685
4.38%, 05/15/47 (Call 11/15/46)(a)		8,692		7,665,908
4.80%, 02/15/44 (Call 08/15/43)		8,571		8,009,042
5.25%, 03/30/28 (Call 02/29/28)(a)		4,745		4,845,905
				76,199,008
Hand & Machine Tools — 0.1%
Regal Rexnord Corp.
6.05%, 04/15/28 (Call 03/15/28)(c)		12,138		12,240,323
6.30%, 02/15/30 (Call 12/15/29)(c)		10,977		11,163,609
6.40%, 04/15/33 (Call 01/15/33)(a)(c)		12,538		12,758,732

Security	Par (000)		Value
Hand & Machine Tools (continued)
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)(a)	$	12,185	$	10,166,014
2.75%, 11/15/50 (Call 05/15/50)		2,844		1,722,874
				48,051,552
Health Care - Products — 0.9%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)(a)		14,277		14,236,663
4.75%, 11/30/36 (Call 05/30/36)		14,395		14,933,960
4.90%, 11/30/46 (Call 05/30/46)		31,925		32,798,666
Baxter International Inc.
1.92%, 02/01/27 (Call 01/01/27)		13,923		12,524,760
2.27%, 12/01/28 (Call 10/01/28)(a)		13,134		11,477,896
2.54%, 02/01/32 (Call 11/01/31)(a)		17,484		14,398,564
2.60%, 08/15/26 (Call 05/15/26)		4,982		4,649,401
3.13%, 12/01/51 (Call 06/01/51)(a)		6,819		4,540,219
Boston Scientific Corp., 2.65%, 06/01/30
(Call 03/01/30)		12,798		11,320,322
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)(a)		9,573		6,500,219
2.80%, 12/10/51 (Call 06/10/51)(a)		10,291		7,200,947
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)(a)		7,567		6,832,028
3.25%, 11/15/39 (Call 05/15/39)		8,460		7,053,445
3.40%, 11/15/49 (Call 05/15/49)(a)		7,685		6,078,974
GE Healthcare Holding LLC
5.65%, 11/15/27 (Call 10/15/27)(c)		17,170		17,708,810
5.86%, 03/15/30 (Call 01/15/30)(a)(c)		16,015		16,861,947
5.91%, 11/22/32 (Call 08/22/32)(a)(c)		18,074		19,338,322
6.38%, 11/22/52 (Call 05/22/52)(a)(c)		8,157		9,176,666
Medtronic Global Holdings SCA
4.25%, 03/30/28 (Call 02/29/28)		6,647		6,659,674
4.50%, 03/30/33 (Call 12/30/32)		11,882		11,985,170
Medtronic Inc.
4.38%, 03/15/35(a)		17,016		16,919,626
4.63%, 03/15/45(a)		15,934		16,061,940
PerkinElmer Inc., 3.30%, 09/15/29 (Call 06/15/29)(a)		7,696		6,970,385
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)		9,837		8,309,935
4.63%, 03/15/46 (Call 09/15/45)(a)		5,173		4,824,876
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)(a)		14,074		11,769,881
2.60%, 10/01/29 (Call 07/01/29)(a)		9,393		8,544,852
2.80%, 10/15/41 (Call 04/15/41)		10,410		7,988,944
4.10%, 08/15/47 (Call 02/15/47)(a)		4,030		3,671,893
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31
(Call 08/24/31)(a)		6,138		5,193,768
				326,532,753
Health Care - Services — 3.2%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)(a)		7,859		6,218,282
6.63%, 06/15/36		11,093		12,354,669
Ascension Health
3.95%, 11/15/46(a)		8,731		7,638,074
Series B, 2.53%, 11/15/29 (Call 08/15/29)(a)		8,016		7,124,933
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		24,579		21,381,186
2.50%, 03/01/31 (Call 12/01/30)		25,303		20,662,602
2.63%, 08/01/31 (Call 05/01/31)		16,186		13,233,835
3.00%, 10/15/30 (Call 07/15/30)		23,150		19,750,631

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
3.38%, 02/15/30 (Call 02/15/25)(a)	$	20,880	$	18,428,897
4.25%, 12/15/27 (Call 12/15/23)(a)		23,612		22,577,086
4.63%, 12/15/29 (Call 12/15/24)(a)		36,785		34,672,831
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)		6,324		5,717,283
4.19%, 10/01/49 (Call 04/01/49)		2,680		2,234,888
Elevance Health Inc.
2.25%, 05/15/30 (Call 02/15/30)		11,617		9,987,044
2.55%, 03/15/31 (Call 12/15/30)		9,855		8,509,398
2.88%, 09/15/29 (Call 06/15/29)(a)		6,647		6,062,148
3.13%, 05/15/50 (Call 11/15/49)		11,881		8,577,641
3.60%, 03/15/51 (Call 09/15/50)		9,270		7,252,748
3.65%, 12/01/27 (Call 09/01/27)		20,335		19,726,587
3.70%, 09/15/49 (Call 03/15/49)		9,431		7,508,154
4.10%, 03/01/28 (Call 12/01/27)		12,940		12,740,580
4.38%, 12/01/47 (Call 06/01/47)		14,767		13,165,161
4.55%, 03/01/48 (Call 09/01/47)		10,416		9,437,424
4.63%, 05/15/42		10,819		10,087,170
4.65%, 01/15/43		11,912		11,208,152
4.65%, 08/15/44 (Call 02/15/44)		9,686		8,972,912
4.75%, 02/15/33 (Call 11/15/32)		9,420		9,465,269
5.13%, 02/15/53 (Call 08/15/52)		12,776		12,681,023
6.10%, 10/15/52 (Call 04/15/52)		8,926		9,960,316
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		10,320		8,413,434
3.13%, 03/15/27 (Call 02/15/27)(c)		11,836		11,117,502
3.50%, 09/01/30 (Call 03/01/30)		25,820		23,206,500
3.50%, 07/15/51 (Call 01/15/51)(a)		17,524		12,204,316
3.63%, 03/15/32 (Call 12/15/31)(a)(c)		21,777		19,293,562
4.13%, 06/15/29 (Call 03/15/29)		21,630		20,516,174
4.50%, 02/15/27 (Call 08/15/26)		14,063		13,818,654
4.63%, 03/15/52 (Call 09/15/51)(a)(c)		22,618		18,770,486
5.13%, 06/15/39 (Call 12/15/38)(a)		9,133		8,520,743
5.25%, 06/15/26 (Call 12/15/25)		10,489		10,527,945
5.25%, 06/15/49 (Call 12/15/48)		21,257		19,313,764
5.38%, 09/01/26 (Call 03/01/26)(a)		8,028		8,083,233
5.50%, 06/15/47 (Call 12/15/46)		15,260		14,366,078
5.63%, 09/01/28 (Call 03/01/28)(a)		13,421		13,676,938
5.88%, 02/01/29 (Call 08/01/28)		10,821		11,134,578
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		7,557		6,708,455
2.15%, 02/03/32 (Call 11/03/31)		9,032		7,317,155
3.70%, 03/23/29 (Call 02/23/29)		5,355		5,070,283
4.95%, 10/01/44 (Call 04/01/44)		3,016		2,820,607
5.50%, 03/15/53 (Call 09/15/52)		11,159		11,382,236
5.88%, 03/01/33 (Call 12/01/32)(a)		11,363		12,216,460
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		11,470		10,414,051
Series 2019, 3.27%, 11/01/49 (Call 05/12/49)(a)		5,796		4,491,090
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)(a)		13,864		10,397,339
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)		6,866		4,893,902
Laboratory Corp. of America Holdings, 4.70%, 02/01/45
(Call 08/01/44)		6,849		6,129,022
Quest Diagnostics Inc., 2.95%, 06/30/30
(Call 03/30/30)(a)		7,497		6,725,712
UnitedHealth Group Inc.
1.15%, 05/15/26 (Call 04/15/26)(a)		6,083		5,576,062
2.00%, 05/15/30		11,929		10,245,919
2.30%, 05/15/31 (Call 02/15/31)(a)		14,034		12,131,199
2.75%, 05/15/40 (Call 11/15/39)(a)		9,763		7,474,851

Security	Par (000)		Value
Health Care - Services (continued)
2.88%, 08/15/29(a)	$	8,596	$	7,936,915
2.90%, 05/15/50 (Call 11/15/49)		11,716		8,376,560
2.95%, 10/15/27		10,045		9,558,941
3.05%, 05/15/41 (Call 11/15/40)(a)		14,655		11,637,829
3.13%, 05/15/60 (Call 11/15/59)(a)		9,520		6,775,686
3.25%, 05/15/51 (Call 11/15/50)(a)		20,902		15,876,599
3.45%, 01/15/27		9,492		9,263,088
3.50%, 08/15/39 (Call 02/15/39)		12,858		11,003,062
3.70%, 08/15/49 (Call 02/15/49)		12,336		10,118,967
3.75%, 10/15/47 (Call 04/15/47)		8,989		7,494,261
3.85%, 06/15/28(a)		10,686		10,520,783
3.88%, 12/15/28		8,163		8,021,970
3.88%, 08/15/59 (Call 02/15/59)		10,311		8,415,788
4.00%, 05/15/29 (Call 03/15/29)(a)		8,145		8,016,919
4.20%, 05/15/32 (Call 02/15/32)(a)		14,082		13,810,346
4.20%, 01/15/47 (Call 07/15/46)		7,792		6,962,989
4.25%, 01/15/29 (Call 12/15/28)(a)		15,340		15,323,233
4.25%, 03/15/43 (Call 09/15/42)(a)		6,939		6,479,367
4.25%, 06/15/48 (Call 12/15/47)		14,295		12,982,077
4.45%, 12/15/48 (Call 06/15/48)		11,725		10,903,971
4.50%, 04/15/33 (Call 01/15/33)		15,340		15,357,386
4.63%, 07/15/35(a)		3,639		3,671,163
4.75%, 07/15/45		18,921		18,475,344
4.75%, 05/15/52 (Call 11/15/51)(a)		19,830		19,318,626
4.95%, 05/15/62 (Call 11/15/61)(a)		10,054		9,883,304
5.05%, 04/15/53 (Call 10/15/52)		15,340		15,578,631
5.20%, 04/15/63 (Call 10/15/62)		10,230		10,442,913
5.25%, 02/15/28 (Call 01/15/28)(a)		10,975		11,466,782
5.30%, 02/15/30 (Call 12/15/29)		12,456		13,150,662
5.35%, 02/15/33 (Call 11/15/32)(a)		19,435		20,715,852
5.80%, 03/15/36(a)		11,319		12,496,895
5.88%, 02/15/53 (Call 08/15/52)(a)		20,781		23,494,558
6.05%, 02/15/63 (Call 08/15/62)		14,230		16,401,423
6.88%, 02/15/38(a)		12,021		14,613,847
Universal Health Services Inc., 2.65%, 10/15/30
(Call 07/15/30)		7,883		6,553,968
				1,105,395,879
Holding Companies - Diversified — 0.2%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)(a)		8,585		7,478,844
2.88%, 06/15/28 (Call 04/15/28)		13,882		11,652,201
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)		14,081		12,011,845
3.25%, 03/15/27 (Call 02/15/27)		13,334		11,485,274
FS KKR Capital Corp., 3.13%, 10/12/28
(Call 08/12/28)(a)		10,008		8,306,508
Owl Rock Capital Corp.
2.88%, 06/11/28 (Call 04/11/28)		9,453		7,757,188
3.40%, 07/15/26 (Call 06/15/26)		8,344		7,460,831
				66,152,691
Home Builders — 0.0%
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		8,454		8,365,749
Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		7,206		6,726,067
Insurance — 1.6%
Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)(a)		945		962,846
American International Group Inc.
4.38%, 06/30/50 (Call 12/30/49)(a)		10,641		9,133,424

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
4.75%, 04/01/48 (Call 10/01/47)	$	12,095	$	11,028,104
4.80%, 07/10/45 (Call 01/10/45)		8,987		8,189,427
5.13%, 03/27/33 (Call 12/27/32)(a)		8,365		8,401,235
Aon Corp. 2.80%, 05/15/30 (Call 02/15/30)		6,337		5,596,957
3.75%, 05/02/29 (Call 02/02/29)		5,175		4,943,365
Aon Corp./Aon Global Holdings PLC 3.90%, 02/28/52 (Call 08/28/51)		12,763		10,284,160
5.35%, 02/28/33 (Call 11/28/32)		7,790		8,053,350
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		5,568		4,224,698
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a)		10,318		9,400,625
Berkshire Hathaway Finance Corp. 1.45%, 10/15/30 (Call 07/15/30)(a)		4,940		4,110,393
2.30%, 03/15/27 (Call 02/15/27)(a)		6,643		6,337,814
2.50%, 01/15/51 (Call 07/15/50)(a)		9,303		6,264,229
2.85%, 10/15/50 (Call 04/15/50)(a)		19,777		14,182,678
2.88%, 03/15/32 (Call 12/15/31)(a)		9,164		8,298,110
3.85%, 03/15/52 (Call 09/15/51)(a)		30,876		26,383,042
4.20%, 08/15/48 (Call 02/15/48)(a)		26,380		24,565,605
4.25%, 01/15/49 (Call 07/15/48)(a)		22,254		20,912,157
5.75%, 01/15/40		10,598		11,909,235
Berkshire Hathaway Inc., 4.50%, 02/11/43		12,511		12,170,262
Brighthouse Financial Inc. 3.70%, 06/22/27 (Call 03/22/27)(a)		4,162		3,864,759
4.70%, 06/22/47 (Call 12/22/46)		5,957		4,462,910
Chubb Corp. (The), 6.00%, 05/11/37(a)		10,722		11,865,312
Chubb INA Holdings Inc. 1.38%, 09/15/30 (Call 06/15/30)(a)		5,095		4,141,619
3.05%, 12/15/61 (Call 06/15/61)(a)		9,702		6,714,343
3.35%, 05/03/26 (Call 02/03/26)		5,616		5,495,722
4.35%, 11/03/45 (Call 05/03/45)(a)		10,124		9,366,094
Corebridge Financial Inc. 3.65%, 04/05/27 (Call 03/05/27)(c)		12,918		12,207,874
3.85%, 04/05/29 (Call 02/05/29)(c)		11,822		10,821,804
3.90%, 04/05/32 (Call 01/05/32)(a)(c)		15,191		13,376,882
4.40%, 04/05/52 (Call 10/05/51)(a)(c)		10,476		8,216,855
Equitable Holdings Inc. 4.35%, 04/20/28 (Call 01/20/28)(a)		13,835		13,324,162
5.00%, 04/20/48 (Call 10/20/47)(a)		13,621		11,818,364
Everest Reinsurance Holdings Inc. 3.13%, 10/15/52 (Call 04/15/52)		8,824		5,907,925
3.50%, 10/15/50 (Call 04/15/50)		9,548		6,908,375
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)(c)		4,977		4,918,826
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)		2,895		2,192,661
Manulife Financial Corp. 3.70%, 03/16/32 (Call 12/16/31)(a)		7,265		6,749,885
5.38%, 03/04/46(a)		2,944		2,956,615
Marsh & McLennan Companies Inc. 2.25%, 11/15/30 (Call 08/15/30)(a)		2,527		2,157,554
4.38%, 03/15/29 (Call 12/15/28)		14,802		14,734,796
4.90%, 03/15/49 (Call 09/15/48)		11,854		11,435,517
MetLife Inc. 4.05%, 03/01/45		10,152		8,566,453
4.13%, 08/13/42(a)		10,706		9,272,183
4.55%, 03/23/30 (Call 12/23/29)(a)		8,958		8,974,963
4.60%, 05/13/46 (Call 11/13/45)		5,014		4,511,466
4.88%, 11/13/43		10,753		10,151,911

Security	Par (000)		Value
Insurance (continued)
5.00%, 07/15/52 (Call 01/15/52)	$	11,294	$	10,780,241
5.25%, 01/15/54 (Call 07/15/53)		9,034		8,954,729
5.70%, 06/15/35(a)		11,938		12,718,306
5.88%, 02/06/41(a)		8,621		9,113,416
6.38%, 06/15/34(a)		9,696		10,939,418
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		4,227		3,702,137
Prudential Financial Inc. 3.70%, 03/13/51 (Call 09/13/50)(a)		16,358		12,679,390
3.91%, 12/07/47 (Call 06/07/47)		9,711		7,894,859
3.94%, 12/07/49 (Call 06/07/49)		8,575		6,963,577
4.35%, 02/25/50 (Call 08/25/49)		11,278		9,732,652
4.60%, 05/15/44(a)		9,356		8,416,459
5.70%, 12/14/36(a)		9,154		9,846,768
Travelers Companies Inc. (The) 3.05%, 06/08/51 (Call 12/08/50)(a)		2,543		1,831,097
5.35%, 11/01/40(a)		7,367		7,764,853
6.25%, 06/15/37		11,407		12,967,675
Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)(a)		7,162		7,056,470
				571,829,593
Internet — 2.3%
Alphabet Inc. 0.80%, 08/15/27 (Call 06/15/27)(a)		8,111		7,156,877
1.10%, 08/15/30 (Call 05/15/30)(a)		22,266		18,457,427
1.90%, 08/15/40 (Call 02/15/40)(a)		9,551		6,706,076
2.00%, 08/15/26 (Call 05/15/26)(a)		15,178		14,325,827
2.05%, 08/15/50 (Call 02/15/50)(a)		22,951		14,664,631
2.25%, 08/15/60 (Call 02/15/60)(a)		20,876		12,930,221
Amazon.com Inc. 1.00%, 05/12/26 (Call 04/12/26)		22,224		20,286,645
1.20%, 06/03/27 (Call 04/03/27)		17,121		15,339,043
1.50%, 06/03/30 (Call 03/03/30)		25,906		21,651,377
1.65%, 05/12/28 (Call 03/12/28)		23,600		20,996,372
2.10%, 05/12/31 (Call 02/12/31)		31,536		27,039,175
2.50%, 06/03/50 (Call 12/03/49)(a)		27,325		18,464,656
2.70%, 06/03/60 (Call 12/03/59)		21,439		13,993,821
2.88%, 05/12/41 (Call 11/12/40)		23,182		18,146,431
3.10%, 05/12/51 (Call 11/12/50)		35,861		27,161,957
3.15%, 08/22/27 (Call 05/22/27)		41,078		39,557,966
3.25%, 05/12/61 (Call 11/12/60)		18,340		13,485,860
3.30%, 04/13/27 (Call 03/13/27)		26,629		25,904,004
3.45%, 04/13/29 (Call 02/13/29)		16,455		15,898,857
3.60%, 04/13/32 (Call 01/13/32)(a)		30,197		28,690,556
3.88%, 08/22/37 (Call 02/22/37)(a)		27,797		26,017,191
3.95%, 04/13/52 (Call 10/13/51)(a)		27,752		24,507,064
4.05%, 08/22/47 (Call 02/22/47)		35,227		31,985,563
4.10%, 04/13/62 (Call 10/13/61)(a)		14,740		12,809,742
4.25%, 08/22/57 (Call 02/22/57)		25,204		22,971,594
4.55%, 12/01/27 (Call 11/01/27)		7,756		7,884,304
4.65%, 12/01/29 (Call 10/01/29)		16,739		17,135,152
4.70%, 12/01/32 (Call 09/01/32)		24,245		24,919,877
4.80%, 12/05/34 (Call 06/05/34)(a)		8,930		9,277,579
4.95%, 12/05/44 (Call 06/05/44)(a)		17,623		18,232,477
Booking Holdings Inc. 3.60%, 06/01/26 (Call 03/01/26)(a)		2,834		2,767,169
4.63%, 04/13/30 (Call 01/13/30)(a)		14,445		14,518,612
eBay Inc. 1.40%, 05/10/26 (Call 04/10/26)		1,214		1,106,488
2.60%, 05/10/31 (Call 02/10/31)(a)		10,390		8,860,005

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet (continued)
2.70%, 03/11/30 (Call 12/11/29)(a)	$	11,359	$	9,993,736
3.60%, 06/05/27 (Call 03/05/27)(a)		5,985		5,780,292
3.65%, 05/10/51 (Call 11/10/50)		3,638		2,699,940
4.00%, 07/15/42 (Call 01/15/42)		11,581		9,496,501
Expedia Group Inc. 3.25%, 02/15/30 (Call 11/15/29)(a)		13,941		12,250,919
3.80%, 02/15/28 (Call 11/15/27)(a)		9,654		9,128,033
4.63%, 08/01/27 (Call 05/01/27)		5,369		5,281,607
Meta Platforms Inc. 3.50%, 08/15/27 (Call 07/15/27)(a)		25,247		24,499,772
3.85%, 08/15/32 (Call 05/15/32)		32,435		30,621,238
4.45%, 08/15/52 (Call 02/15/52)		31,576		27,885,776
4.65%, 08/15/62 (Call 02/15/62)(a)		12,322		10,898,740
Netflix Inc. 4.38%, 11/15/26(a)		4,875		4,840,583
4.88%, 04/15/28(a)		20,658		20,787,939
5.88%, 11/15/28(a)		17,892		18,857,025
6.38%, 05/15/29(a)		5,635		6,088,448
				802,961,145
Iron & Steel — 0.1%
ArcelorMittal SA 6.55%, 11/29/27 (Call 10/29/27)		10,598		11,053,104
6.80%, 11/29/32 (Call 08/29/32)		11,043		11,574,413
				22,627,517
Lodging — 0.2%
Marriott International Inc./MD 4.90%, 04/15/29 (Call 03/15/29)		6,931		6,892,560
5.00%, 10/15/27 (Call 09/15/27)		8,528		8,606,027
Series FF, 4.63%, 06/15/30 (Call 03/15/30)(a)		14,884		14,446,718
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		13,561		11,891,553
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		7,380		6,292,288
Series R, 3.13%, 06/15/26 (Call 03/15/26)		3,225		3,070,165
Sands China Ltd., 5.90%, 08/08/28 (Call 05/08/28)(a)		17,810		17,320,225
				68,519,536
Machinery — 0.4%
Caterpillar Financial Services Corp., 1.10%, 09/14/27(a)		10,214		9,004,905
Caterpillar Inc. 2.60%, 04/09/30 (Call 01/09/30)(a)		8,352		7,535,478
3.25%, 09/19/49 (Call 03/19/49)		10,006		8,011,983
3.25%, 04/09/50 (Call 10/09/49)(a)		9,919		8,010,667
3.80%, 08/15/42(a)		20,299		18,237,371
5.20%, 05/27/41		9,694		10,354,126
Deere & Co. 3.75%, 04/15/50 (Call 10/15/49)(a)		2,899		2,615,286
3.90%, 06/09/42 (Call 12/09/41)(a)		15,865		14,645,576
John Deere Capital Corp. 4.15%, 09/15/27(a)		13,833		13,829,087
4.75%, 01/20/28(a)		7,473		7,647,755
Otis Worldwide Corp. 2.57%, 02/15/30 (Call 11/15/29)		16,816		14,790,434
3.11%, 02/15/40 (Call 08/15/39)(a)		4,582		3,604,226
Westinghouse Air Brake Technologies Corp. 3.45%, 11/15/26 (Call 08/15/26)(a)		6,092		5,815,212
4.95%, 09/15/28 (Call 06/15/28)(a)		13,780		13,675,676
				137,777,782
Manufacturing — 0.5%
3M Co. 2.38%, 08/26/29 (Call 05/26/29)(a)		10,892		9,765,002

Security	Par (000)		Value
Manufacturing (continued)
2.88%, 10/15/27 (Call 07/15/27)(a)	$	7,357	$	6,913,313
3.25%, 08/26/49 (Call 02/26/49)(a)		8,037		6,109,392
3.38%, 03/01/29 (Call 12/01/28)(a)		9,371		8,970,206
4.00%, 09/14/48 (Call 03/14/48)(a)		10,542		9,135,514
Eaton Corp. 4.15%, 03/15/33 (Call 12/15/32)(a)		14,927		14,359,974
4.15%, 11/02/42		4,225		3,757,884
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35(a)		7,743		7,545,118
General Electric Co. 5.88%, 01/14/38(a)		13,195		14,436,054
6.75%, 03/15/32(a)		7,636		8,766,258
Illinois Tool Works Inc. 2.65%, 11/15/26 (Call 08/15/26)(a)		9,242		8,836,452
3.90%, 09/01/42 (Call 03/01/42)		9,454		8,442,931
Parker-Hannifin Corp. 3.25%, 06/14/29 (Call 03/14/29)(a)		12,135		11,336,329
4.00%, 06/14/49 (Call 12/14/48)		6,826		5,767,376
4.25%, 09/15/27 (Call 08/15/27)(a)		11,610		11,477,871
4.50%, 09/15/29 (Call 07/15/29)(a)		11,885		11,802,421
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)(a)		12,270		10,430,652
				157,852,747
Media — 4.0%
Charter Communications Operating LLC/Charter Communications Operating Capital 2.25%, 01/15/29 (Call 11/15/28)		13,606		11,417,903
2.30%, 02/01/32 (Call 11/01/31)		7,581		5,767,337
2.80%, 04/01/31 (Call 01/01/31)		14,410		11,622,025
3.50%, 06/01/41 (Call 12/01/40)(a)		16,358		11,165,101
3.50%, 03/01/42 (Call 09/01/41)		16,074		10,867,196
3.70%, 04/01/51 (Call 10/01/50)(a)		21,655		13,707,598
3.75%, 02/15/28 (Call 11/15/27)		12,052		11,198,909
3.85%, 04/01/61 (Call 10/01/60)(a)		19,289		11,759,938
3.90%, 06/01/52 (Call 12/01/51)(a)		25,727		16,758,300
3.95%, 06/30/62 (Call 12/30/61)		15,081		9,324,380
4.20%, 03/15/28 (Call 12/15/27)		8,669		8,224,110
4.40%, 04/01/33 (Call 01/01/33)(a)		8,729		7,735,687
4.40%, 12/01/61 (Call 06/01/61)		15,479		10,370,340
4.80%, 03/01/50 (Call 09/01/49)		30,174		22,909,579
5.05%, 03/30/29 (Call 12/30/28)		12,804		12,420,530
5.13%, 07/01/49 (Call 01/01/49)		13,111		10,284,099
5.25%, 04/01/53 (Call 10/01/52)(a)		15,491		12,385,862
5.38%, 04/01/38 (Call 10/01/37)		7,367		6,377,296
5.38%, 05/01/47 (Call 11/01/46)		26,879		21,846,219
5.50%, 04/01/63 (Call 10/01/62)(a)		10,307		8,205,839
5.75%, 04/01/48 (Call 10/01/47)		26,210		22,265,018
6.38%, 10/23/35 (Call 04/23/35)		17,346		17,162,013
6.48%, 10/23/45 (Call 04/23/45)		37,689		34,779,978
Comcast Corp. 1.50%, 02/15/31 (Call 11/15/30)(a)		20,247		16,357,444
1.95%, 01/15/31 (Call 10/15/30)(a)		17,259		14,460,044
2.35%, 01/15/27 (Call 10/15/26)		14,218		13,285,130
2.45%, 08/15/52 (Call 02/15/52)(a)		17,701		11,135,896
2.65%, 02/01/30 (Call 11/01/29)		18,820		16,859,123
2.65%, 08/15/62 (Call 02/15/62)(a)		11,464		7,006,541
2.80%, 01/15/51 (Call 07/15/50)(a)		19,420		13,143,693
2.89%, 11/01/51 (Call 05/01/51)		51,110		34,833,131
2.94%, 11/01/56 (Call 05/01/56)(a)		59,702		39,756,308
2.99%, 11/01/63 (Call 05/01/63)(a)		42,106		27,160,143

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
3.15%, 02/15/28 (Call 11/15/27)	$	13,498	$	12,844,973
3.20%, 07/15/36 (Call 01/15/36)(a)		9,438		8,035,019
3.25%, 11/01/39 (Call 05/01/39)		14,886		12,077,621
3.30%, 02/01/27 (Call 11/01/26)		13,577		13,114,631
3.30%, 04/01/27 (Call 02/01/27)		7,991		7,702,832
3.40%, 04/01/30 (Call 01/01/30)		16,783		15,729,175
3.40%, 07/15/46 (Call 01/15/46)		16,329		12,678,768
3.45%, 02/01/50 (Call 08/01/49)(a)		20,564		15,910,338
3.55%, 05/01/28 (Call 02/01/28)		13,165		12,692,860
3.75%, 04/01/40 (Call 10/01/39)		16,735		14,429,021
3.90%, 03/01/38 (Call 09/01/37)		13,034		11,787,042
3.97%, 11/01/47 (Call 05/01/47)(a)		22,040		18,745,633
4.00%, 08/15/47 (Call 02/15/47)(a)		9,400		7,993,649
4.00%, 03/01/48 (Call 09/01/47)		9,772		8,310,669
4.00%, 11/01/49 (Call 05/01/49)(a)		21,324		18,013,468
4.05%, 11/01/52 (Call 05/01/52)(a)		11,748		9,943,433
4.15%, 10/15/28 (Call 07/15/28)		38,702		38,391,889
4.20%, 08/15/34 (Call 02/15/34)		9,425		9,072,173
4.25%, 10/15/30 (Call 07/15/30)		17,870		17,695,197
4.25%, 01/15/33(a)		19,561		19,156,036
4.40%, 08/15/35 (Call 02/25/35)		6,624		6,473,193
4.60%, 10/15/38 (Call 04/15/38)		11,202		10,825,037
4.60%, 08/15/45 (Call 02/15/45)		8,167		7,555,980
4.65%, 02/15/33 (Call 11/15/32)(a)		11,266		11,413,918
4.70%, 10/15/48 (Call 04/15/48)(a)		20,434		19,354,425
4.95%, 10/15/58 (Call 04/15/58)(a)		9,401		9,253,919
5.35%, 11/15/27 (Call 10/15/27)(a)		8,031		8,356,186
5.50%, 11/15/32 (Call 08/15/32)(a)		10,248		10,989,523
5.65%, 06/15/35(a)		9,592		10,358,608
7.05%, 03/15/33		9,786		11,622,159
Discovery Communications LLC 3.63%, 05/15/30 (Call 02/15/30)		5,816		5,178,820
3.95%, 03/20/28 (Call 12/20/27)(a)		14,076		13,201,039
4.00%, 09/15/55 (Call 03/15/55)(a)		13,416		8,824,141
4.13%, 05/15/29 (Call 02/15/29)(a)		3,486		3,222,335
4.65%, 05/15/50 (Call 11/15/49)(a)		7,576		5,739,311
5.20%, 09/20/47 (Call 03/20/47)		8,748		7,149,995
5.30%, 05/15/49 (Call 11/15/48)		4,622		3,783,331
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)		21,351		20,977,221
5.48%, 01/25/39 (Call 07/25/38)(a)		11,778		11,160,710
5.58%, 01/25/49 (Call 07/25/48)		16,438		15,291,016
Paramount Global 4.20%, 05/19/32 (Call 02/19/32)(a)		10,690		9,210,114
4.38%, 03/15/43(a)		15,526		11,036,252
4.95%, 01/15/31 (Call 11/15/30)(a)		12,678		11,788,847
4.95%, 05/19/50 (Call 11/19/49)(a)		10,859		8,223,323
5.85%, 09/01/43 (Call 03/01/43)		11,258		9,608,004
6.88%, 04/30/36		12,681		13,026,150
7.88%, 07/30/30(a)		9,927		10,908,165
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		12,576		14,189,669
Time Warner Cable LLC 4.50%, 09/15/42 (Call 03/15/42)(a)		15,130		11,470,113
5.50%, 09/01/41 (Call 03/01/41)(a)		14,515		12,401,985
5.88%, 11/15/40 (Call 05/15/40)		12,826		11,413,215
6.55%, 05/01/37(a)		16,966		16,500,558
6.75%, 06/15/39(a)		14,694		14,267,940
7.30%, 07/01/38(a)		15,994		16,547,045
TWDC Enterprises 18 Corp. 1.85%, 07/30/26(a)		5,670		5,281,142

Security	Par (000)		Value
Media (continued)
2.95%, 06/15/27(a)	$	9,326	$	8,898,682
4.13%, 06/01/44(a)		14,390		13,017,370
Walt Disney Co. (The) 2.00%, 09/01/29 (Call 06/01/29)(a)		21,331		18,647,818
2.20%, 01/13/28(a)		8,399		7,709,029
2.65%, 01/13/31(a)		26,902		23,842,366
2.75%, 09/01/49 (Call 03/01/49)(a)		25,141		17,413,436
3.50%, 05/13/40 (Call 11/13/39)		22,001		18,665,780
3.60%, 01/13/51 (Call 07/13/50)(a)		31,382		25,387,498
3.80%, 03/22/30(a)		12,926		12,507,665
3.80%, 05/13/60 (Call 11/13/59)(a)		9,288		7,550,741
4.63%, 03/23/40 (Call 09/23/39)(a)		10,026		9,802,534
4.70%, 03/23/50 (Call 09/23/49)(a)		19,200		18,702,607
6.20%, 12/15/34		5,687		6,504,328
6.40%, 12/15/35		10,033		11,608,971
6.65%, 11/15/37(a)		13,460		15,986,437
				1,379,725,788
Mining — 0.6%
Barrick North America Finance LLC 5.70%, 05/30/41		10,761		11,306,280
5.75%, 05/01/43		3,909		4,139,789
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39		10,875		11,684,571
BHP Billiton Finance USA Ltd. 4.13%, 02/24/42		12,613		11,511,190
4.75%, 02/28/28 (Call 01/28/28)		8,983		9,130,301
4.90%, 02/28/33 (Call 11/28/32)(a)		6,824		6,995,001
5.00%, 09/30/43		22,237		22,574,762
Freeport-McMoRan Inc. 4.63%, 08/01/30 (Call 08/01/25)(a)		9,490		9,041,808
5.40%, 11/14/34 (Call 05/14/34)(a)		9,392		9,266,195
5.45%, 03/15/43 (Call 09/15/42)(a)		17,832		16,778,507
Newmont Corp. 2.25%, 10/01/30 (Call 07/01/30)		12,141		10,228,561
2.60%, 07/15/32 (Call 04/15/32)		11,314		9,512,979
4.88%, 03/15/42 (Call 09/15/41)(a)		11,222		10,777,417
6.25%, 10/01/39		9,544		10,397,469
Rio Tinto Alcan Inc., 6.13%, 12/15/33		9,802		10,854,609
Rio Tinto Finance USA Ltd. 2.75%, 11/02/51 (Call 05/02/51)(a)		14,398		10,069,930
5.20%, 11/02/40(a)		10,718		11,081,685
7.13%, 07/15/28(a)		9,286		10,487,729
Rio Tinto Finance USA PLC 4.13%, 08/21/42 (Call 02/21/42)(a)		8,575		7,781,031
5.13%, 03/09/53 (Call 09/09/52)(a)		11,321		11,667,977
				215,287,791
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/26 (Call 11/01/26)		6,007		5,462,656
3.57%, 12/01/31 (Call 09/01/31)		9,906		8,311,485
				13,774,141
Oil & Gas — 3.9%
BP Capital Markets America Inc. 1.75%, 08/10/30 (Call 05/10/30)(a)		13,579		11,402,832
2.72%, 01/12/32 (Call 10/12/31)(a)		24,189		21,155,324
2.77%, 11/10/50 (Call 05/10/50)(a)		16,734		11,478,296
2.94%, 06/04/51 (Call 12/04/50)(a)		24,570		17,302,359
3.00%, 02/24/50 (Call 08/24/49)		21,787		15,593,056
3.00%, 03/17/52 (Call 09/17/51)(a)		14,285		10,135,287
3.02%, 01/16/27 (Call 10/16/26)		10,293		9,863,593

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.06%, 06/17/41 (Call 12/17/40)	$	13,929	$	10,863,389
3.12%, 05/04/26 (Call 02/04/26)(a)		1,690		1,640,636
3.38%, 02/08/61 (Call 08/08/60)(a)		19,219		14,235,544
3.63%, 04/06/30 (Call 01/06/30)		15,196		14,557,677
3.94%, 09/21/28 (Call 06/21/28)(a)		12,701		12,560,301
4.23%, 11/06/28 (Call 08/06/28)(a)		23,125		23,185,019
4.81%, 02/13/33 (Call 11/13/32)(a)		15,985		16,260,936
BP Capital Markets PLC 3.28%, 09/19/27 (Call 06/19/27)(a)		17,753		17,207,340
3.72%, 11/28/28 (Call 08/28/28)(a)		9,543		9,343,270
Canadian Natural Resources Ltd. 3.85%, 06/01/27 (Call 03/01/27)		11,213		10,762,546
4.95%, 06/01/47 (Call 12/01/46)		3,353		3,048,009
6.25%, 03/15/38(a)		16,696		17,851,677
Cenovus Energy Inc. 3.75%, 02/15/52 (Call 08/15/51)(a)		10,118		7,356,595
5.40%, 06/15/47 (Call 12/15/46)		5,349		4,970,883
6.75%, 11/15/39(a)		18,110		19,614,941
Chevron Corp. 2.00%, 05/11/27 (Call 03/11/27)(a)		10,620		9,853,093
2.24%, 05/11/30 (Call 02/11/30)(a)		9,674		8,624,797
2.95%, 05/16/26 (Call 02/16/26)(a)		15,713		15,237,060
3.08%, 05/11/50 (Call 11/11/49)		6,873		5,315,742
Chevron USA Inc. 1.02%, 08/12/27 (Call 06/12/27)(a)		8,455		7,508,359
2.34%, 08/12/50 (Call 02/12/50)(a)		4,986		3,282,316
ConocoPhillips Co. 3.76%, 03/15/42 (Call 09/15/41)		9,376		8,047,422
3.80%, 03/15/52 (Call 09/15/51)(a)		12,518		10,498,773
4.03%, 03/15/62 (Call 09/15/61)(a)		16,914		14,352,195
4.30%, 11/15/44 (Call 05/15/44)(a)		6,923		6,305,299
6.50%, 02/01/39		15,975		18,774,135
6.95%, 04/15/29		14,820		16,736,771
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		8,035		7,641,190
Devon Energy Corp. 4.75%, 05/15/42 (Call 11/15/41)(a)		13,120		11,528,262
5.00%, 06/15/45 (Call 12/15/44)(a)		3,140		2,814,141
5.60%, 07/15/41 (Call 01/15/41)		16,823		16,379,704
Diamondback Energy Inc. 3.13%, 03/24/31 (Call 12/24/30)(a)		10,064		8,802,189
3.25%, 12/01/26 (Call 10/01/26)(a)		5,930		5,686,725
3.50%, 12/01/29 (Call 09/01/29)		12,649		11,714,876
4.25%, 03/15/52 (Call 09/15/51)(a)		4,682		3,707,505
6.25%, 03/15/33 (Call 12/15/32)(a)		12,686		13,528,130
EOG Resources Inc. 4.38%, 04/15/30 (Call 01/15/30)(a)		5,576		5,592,078
4.95%, 04/15/50 (Call 10/15/49)(a)		2,910		2,925,986
EQT Corp. 3.90%, 10/01/27 (Call 07/01/27)		14,618		13,848,481
7.00%, 02/01/30 (Call 11/01/29)(a)		7,154		7,551,737
Equinor ASA 2.38%, 05/22/30 (Call 02/22/30)		3,410		3,030,637
3.13%, 04/06/30 (Call 01/06/30)(a)		13,459		12,605,414
3.25%, 11/18/49 (Call 05/18/49)		6,330		4,911,171
3.63%, 09/10/28 (Call 06/10/28)(a)		8,036		7,873,877
3.70%, 04/06/50 (Call 10/06/49)		8,908		7,514,532
3.95%, 05/15/43(a)		6,133		5,477,039
4.80%, 11/08/43		5,400		5,348,470
5.10%, 08/17/40(a)		6,263		6,485,038

Security	Par (000)		Value
Oil & Gas (continued)
Exxon Mobil Corp. 2.28%, 08/16/26 (Call 06/16/26)	$	9,957	$	9,416,537
2.44%, 08/16/29 (Call 05/16/29)(a)		13,284		12,153,085
2.61%, 10/15/30 (Call 07/15/30)		19,711		17,790,132
3.00%, 08/16/39 (Call 02/16/39)(a)		9,611		7,783,986
3.10%, 08/16/49 (Call 02/16/49)		18,262		13,789,318
3.29%, 03/19/27 (Call 01/19/27)(a)		10,621		10,401,609
3.45%, 04/15/51 (Call 10/15/50)(a)		26,714		21,429,533
3.48%, 03/19/30 (Call 12/19/29)(a)		19,651		18,857,899
3.57%, 03/06/45 (Call 09/06/44)(a)		12,145		10,171,461
4.11%, 03/01/46 (Call 09/01/45)		28,317		25,376,486
4.23%, 03/19/40 (Call 09/19/39)		20,056		18,898,061
4.33%, 03/19/50 (Call 09/19/49)		30,139		28,088,514
Hess Corp. 4.30%, 04/01/27 (Call 01/01/27)(a)		8,382		8,227,298
5.60%, 02/15/41(a)		13,687		13,320,050
6.00%, 01/15/40(a)		8,974		9,120,771
Marathon Oil Corp. 4.40%, 07/15/27 (Call 04/15/27)(a)		10,672		10,410,299
6.60%, 10/01/37(a)		13,877		14,262,881
Marathon Petroleum Corp. 4.75%, 09/15/44 (Call 03/15/44)(a)		2,430		2,097,191
6.50%, 03/01/41 (Call 09/01/40)		17,795		18,819,841
Phillips 66 2.15%, 12/15/30 (Call 09/15/30)(a)		6,861		5,727,642
3.30%, 03/15/52 (Call 09/15/51)		7,872		5,562,697
3.90%, 03/15/28 (Call 12/15/27)(a)		10,349		10,019,523
4.65%, 11/15/34 (Call 05/15/34)		10,381		10,029,156
4.88%, 11/15/44 (Call 05/15/44)		16,247		15,308,682
4.95%, 12/01/27 (Call 11/01/27)		5,005		5,051,700
5.88%, 05/01/42		16,388		17,365,885
Pioneer Natural Resources Co. 1.90%, 08/15/30 (Call 05/15/30)(a)		11,262		9,347,508
2.15%, 01/15/31 (Call 10/15/30)(a)		7,889		6,614,314
Shell International Finance BV 2.38%, 11/07/29 (Call 08/07/29)		19,403		17,347,551
2.50%, 09/12/26		10,149		9,591,643
2.75%, 04/06/30 (Call 01/06/30)(a)		18,284		16,707,329
2.88%, 05/10/26		9,306		8,983,007
3.00%, 11/26/51 (Call 05/26/51)		10,265		7,441,733
3.13%, 11/07/49 (Call 05/07/49)		12,709		9,541,316
3.25%, 04/06/50 (Call 10/06/49)		21,084		16,169,258
3.75%, 09/12/46		13,170		11,071,827
3.88%, 11/13/28 (Call 08/23/28)(a)		17,881		17,676,325
4.00%, 05/10/46		24,994		21,831,147
4.13%, 05/11/35		17,585		16,896,844
4.38%, 05/11/45(a)		32,903		30,578,433
4.55%, 08/12/43		14,314		13,617,771
5.50%, 03/25/40		10,949		11,701,336
6.38%, 12/15/38		30,699		35,739,235
Suncor Energy Inc. 3.75%, 03/04/51 (Call 09/04/50)		3,680		2,799,689
4.00%, 11/15/47 (Call 05/15/47)		3,060		2,463,851
6.50%, 06/15/38		15,574		16,750,477
6.80%, 05/15/38		12,253		13,472,604
6.85%, 06/01/39(a)		9,816		10,751,631
TotalEnergies Capital International SA 2.83%, 01/10/30 (Call 10/10/29)(a)		15,923		14,562,595
2.99%, 06/29/41 (Call 12/29/40)(a)		11,487		9,013,069
3.13%, 05/29/50 (Call 11/29/49)(a)		31,457		23,499,949

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.39%, 06/29/60 (Call 12/29/59)	$	6,549	$	4,922,862
3.46%, 02/19/29 (Call 11/19/28)		16,381		15,682,121
3.46%, 07/12/49 (Call 01/12/49)(a)		5,795		4,610,284
TotalEnergies Capital SA, 3.88%, 10/11/28(a)		16,363		16,161,797
Valero Energy Corp. 3.65%, 12/01/51 (Call 06/01/51)(a)		7,483		5,339,509
6.63%, 06/15/37		18,645		20,386,685
7.50%, 04/15/32(a)		9,399		10,808,657
				1,341,455,248
Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC, 5.13%, 09/15/40(a)		15,051		14,714,485
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)(a)		13,323		12,684,780
4.08%, 12/15/47 (Call 06/15/47)		9,498		7,803,710
Halliburton Co. 2.92%, 03/01/30 (Call 12/01/29)(a)		11,200		10,023,077
4.75%, 08/01/43 (Call 02/01/43)		5,981		5,341,294
4.85%, 11/15/35 (Call 05/15/35)		14,085		13,770,423
5.00%, 11/15/45 (Call 05/15/45)(a)		20,031		18,365,498
6.70%, 09/15/38		11,666		13,009,402
7.45%, 09/15/39		10,835		12,748,510
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a)		11,013		9,879,267
				118,340,446
Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		7,621		6,357,341
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)(a)		10,292		10,184,529
				16,541,870
Pharmaceuticals — 7.1%
AbbVie Inc. 2.95%, 11/21/26 (Call 09/21/26)(a)		41,375		39,268,673
3.20%, 05/14/26 (Call 02/14/26)(a)		13,121		12,632,210
3.20%, 11/21/29 (Call 08/21/29)		59,731		55,193,087
4.05%, 11/21/39 (Call 05/21/39)		44,540		39,411,909
4.25%, 11/14/28 (Call 08/14/28)(a)		21,345		21,177,536
4.25%, 11/21/49 (Call 05/21/49)(a)		62,355		54,796,570
4.30%, 05/14/36 (Call 11/14/35)		11,332		10,722,972
4.40%, 11/06/42		28,421		25,909,300
4.45%, 05/14/46 (Call 11/14/45)(a)		20,233		18,280,611
4.50%, 05/14/35 (Call 11/14/34)(a)		28,311		27,645,779
4.55%, 03/15/35 (Call 09/15/34)(a)		17,278		16,901,645
4.70%, 05/14/45 (Call 11/14/44)		28,851		27,084,093
4.75%, 03/15/45 (Call 09/15/44)		9,648		9,120,225
4.85%, 06/15/44 (Call 12/15/43)		11,516		10,984,021
4.88%, 11/14/48 (Call 05/14/48)		19,835		19,039,154
AmerisourceBergen Corp. 2.70%, 03/15/31 (Call 12/15/30)		7,511		6,481,168
3.45%, 12/15/27 (Call 09/15/27)		3,929		3,769,916
Astrazeneca Finance LLC 1.20%, 05/28/26 (Call 04/28/26)		7,175		6,566,824
1.75%, 05/28/28 (Call 03/28/28)		15,329		13,678,522
2.25%, 05/28/31 (Call 02/28/31)		9,266		8,028,494
4.88%, 03/03/28 (Call 02/03/28)		12,654		13,065,903
AstraZeneca PLC 0.70%, 04/08/26 (Call 03/08/26)(a)		1,896		1,719,749
1.38%, 08/06/30 (Call 05/06/30)(a)		18,992		15,615,766
3.00%, 05/28/51 (Call 11/28/50)		6,749		5,117,048

Security	Par (000)		Value
Pharmaceuticals (continued)
3.13%, 06/12/27 (Call 03/12/27)(a)	$	8,617	$	8,287,517
4.00%, 01/17/29 (Call 10/17/28)(a)		11,758		11,682,943
4.00%, 09/18/42(a)		10,831		9,883,515
4.38%, 11/16/45		8,239		7,912,708
4.38%, 08/17/48 (Call 02/17/48)		6,940		6,605,756
6.45%, 09/15/37		29,409		34,757,624
Becton Dickinson and Co. 1.96%, 02/11/31 (Call 11/11/30)(a)		14,252		11,764,799
2.82%, 05/20/30 (Call 02/20/30)(a)		9,970		8,870,319
3.70%, 06/06/27 (Call 03/06/27)		21,764		21,130,417
4.67%, 06/06/47 (Call 12/06/46)(a)		14,484		13,526,993
4.69%, 02/13/28 (Call 01/13/28)(a)		10,930		11,058,484
4.69%, 12/15/44 (Call 06/15/44)		7,497		6,999,243
Bristol-Myers Squibb Co. 1.13%, 11/13/27 (Call 09/13/27)(a)		12,034		10,611,048
1.45%, 11/13/30 (Call 08/13/30)		15,830		12,968,792
2.35%, 11/13/40 (Call 05/13/40)(a)		10,938		7,874,116
2.55%, 11/13/50 (Call 05/13/50)(a)		18,616		12,469,203
2.95%, 03/15/32 (Call 12/15/31)(a)		18,289		16,508,902
3.20%, 06/15/26 (Call 04/15/26)		16,397		15,975,991
3.40%, 07/26/29 (Call 04/26/29)		25,974		24,850,417
3.55%, 03/15/42 (Call 09/15/41)(a)		14,098		11,971,492
3.70%, 03/15/52 (Call 09/15/51)(a)		22,083		18,355,741
3.90%, 02/20/28 (Call 11/20/27)		16,632		16,521,846
3.90%, 03/15/62 (Call 09/15/61)		11,144		9,164,960
4.13%, 06/15/39 (Call 12/15/38)		22,625		21,202,369
4.25%, 10/26/49 (Call 04/26/49)		41,136		37,394,570
4.35%, 11/15/47 (Call 05/15/47)		9,897		9,160,324
4.55%, 02/20/48 (Call 08/20/47)(a)		13,534		12,859,456
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a)		8,612		8,239,188
Cigna Group (The) 2.38%, 03/15/31 (Call 12/15/30)(a)		14,465		12,256,753
2.40%, 03/15/30 (Call 12/15/29)(a)		16,172		14,033,253
3.20%, 03/15/40 (Call 09/15/39)		9,813		7,659,786
3.40%, 03/01/27 (Call 12/01/26)(a)		9,720		9,342,192
3.40%, 03/15/50 (Call 09/15/49)		14,573		10,756,825
3.40%, 03/15/51 (Call 09/15/50)		16,066		11,798,787
3.88%, 10/15/47 (Call 04/15/47)		11,972		9,619,762
4.38%, 10/15/28 (Call 07/15/28)		41,499		41,281,753
4.80%, 08/15/38 (Call 02/15/38)(a)		25,324		24,546,287
4.80%, 07/15/46 (Call 01/16/46)(a)		10,863		10,016,975
4.90%, 12/15/48 (Call 06/15/48)(a)		33,459		31,442,162
5.40%, 03/15/33 (Call 12/15/32)(a)		9,237		9,608,072
CVS Health Corp. 1.30%, 08/21/27 (Call 06/21/27)		25,889		22,711,395
1.75%, 08/21/30 (Call 05/21/30)		13,974		11,386,968
1.88%, 02/28/31 (Call 11/28/30)(a)		13,392		10,887,641
2.13%, 09/15/31 (Call 06/15/31)(a)		11,506		9,502,954
2.70%, 08/21/40 (Call 02/21/40)(a)		14,182		10,158,205
2.88%, 06/01/26 (Call 03/01/26)(a)		14,505		13,832,976
3.00%, 08/15/26 (Call 06/15/26)(a)		7,559		7,208,600
3.25%, 08/15/29 (Call 05/15/29)		20,427		18,813,484
3.63%, 04/01/27 (Call 02/01/27)(a)		10,020		9,701,534
3.75%, 04/01/30 (Call 01/01/30)		16,722		15,660,237
4.13%, 04/01/40 (Call 10/01/39)(a)		10,479		8,979,672
4.25%, 04/01/50 (Call 10/01/49)		8,655		7,240,879
4.30%, 03/25/28 (Call 12/25/27)(a)		53,942		53,255,993
4.78%, 03/25/38 (Call 09/25/37)(a)		52,944		50,485,482
5.05%, 03/25/48 (Call 09/25/47)		83,945		78,258,725
5.13%, 02/21/30 (Call 12/21/29)		17,606		17,860,627

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
5.13%, 07/20/45 (Call 01/20/45)	$	36,674	$	34,607,167
5.25%, 02/21/33 (Call 11/21/32)(a)		18,617		19,006,676
5.30%, 12/05/43 (Call 06/05/43)(a)		8,834		8,644,364
5.63%, 02/21/53 (Call 08/21/52)(a)		13,264		13,347,287
Eli Lilly & Co. 2.25%, 05/15/50 (Call 11/15/49)(a)		10,532		7,100,431
2.50%, 09/15/60 (Call 03/15/60)		9,704		6,294,231
3.38%, 03/15/29 (Call 12/15/28)		10,378		9,972,460
3.95%, 03/15/49 (Call 09/15/48)(a)		11,113		10,198,386
4.70%, 02/27/33 (Call 11/27/32)		7,068		7,343,221
4.88%, 02/27/53 (Call 08/27/52)		12,707		13,286,723
4.95%, 02/27/63 (Call 08/27/62)(a)		10,117		10,559,704
GlaxoSmithKline Capital Inc. 3.88%, 05/15/28(a)		19,596		19,356,016
6.38%, 05/15/38		29,371		34,727,659
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)		10,912		10,426,767
Johnson & Johnson 0.95%, 09/01/27 (Call 07/01/27)(a)		21,880		19,453,407
1.30%, 09/01/30 (Call 06/01/30)(a)		18,916		15,846,750
2.10%, 09/01/40 (Call 03/01/40)(a)		9,242		6,681,434
2.25%, 09/01/50 (Call 03/01/50)(a)		11,154		7,534,762
2.45%, 09/01/60 (Call 03/01/60)(a)		12,080		8,057,547
2.90%, 01/15/28 (Call 10/15/27)(a)		18,400		17,737,133
2.95%, 03/03/27 (Call 12/03/26)		10,980		10,642,141
3.40%, 01/15/38 (Call 07/15/37)		10,046		9,085,843
3.50%, 01/15/48 (Call 07/15/47)(a)		7,015		6,100,268
3.55%, 03/01/36 (Call 09/01/35)		9,453		8,830,401
3.63%, 03/03/37 (Call 09/03/36)		14,507		13,502,815
3.70%, 03/01/46 (Call 09/01/45)		21,542		19,136,435
3.75%, 03/03/47 (Call 09/03/46)(a)		9,522		8,584,981
4.38%, 12/05/33 (Call 06/05/33)(a)		8,649		8,910,062
5.95%, 08/15/37		11,231		13,125,274
Merck & Co. Inc. 1.45%, 06/24/30 (Call 03/24/30)		13,377		11,126,991
1.70%, 06/10/27 (Call 05/10/27)(a)		16,739		15,294,078
1.90%, 12/10/28 (Call 10/10/28)(a)		12,738		11,366,793
2.15%, 12/10/31 (Call 09/10/31)(a)		22,151		18,888,760
2.35%, 06/24/40 (Call 12/24/39)(a)		12,588		9,288,348
2.45%, 06/24/50 (Call 12/24/49)(a)		14,974		10,160,635
2.75%, 12/10/51 (Call 06/10/51)(a)		22,352		15,885,426
2.90%, 12/10/61 (Call 06/10/61)(a)		15,915		10,897,346
3.40%, 03/07/29 (Call 12/07/28)(a)		20,867		20,174,950
3.70%, 02/10/45 (Call 08/10/44)(a)		22,819		19,924,104
3.90%, 03/07/39 (Call 09/07/38)		9,696		8,861,721
4.00%, 03/07/49 (Call 09/07/48)		17,062		15,328,801
4.15%, 05/18/43		12,775		11,948,054
Mylan Inc. 4.55%, 04/15/28 (Call 01/15/28)(a)		8,136		7,789,832
5.20%, 04/15/48 (Call 10/15/47)		8,398		6,479,081
Novartis Capital Corp. 2.00%, 02/14/27 (Call 12/14/26)		14,204		13,207,748
2.20%, 08/14/30 (Call 05/14/30)(a)		15,788		13,963,122
2.75%, 08/14/50 (Call 02/14/50)(a)		14,644		10,811,721
3.10%, 05/17/27 (Call 02/17/27)(a)		7,858		7,600,204
4.00%, 11/20/45 (Call 05/20/45)		10,082		9,284,963
4.40%, 05/06/44		18,293		17,916,029
Pfizer Inc. 1.70%, 05/28/30 (Call 02/28/30)		11,559		9,792,347
1.75%, 08/18/31 (Call 05/18/31)(a)		12,098		10,065,699

Security	Par (000)		Value
Pharmaceuticals (continued)
2.55%, 05/28/40 (Call 11/28/39)(a)	$	10,500	$	7,934,497
2.63%, 04/01/30 (Call 01/01/30)(a)		15,908		14,399,627
2.70%, 05/28/50 (Call 11/28/49)(a)		13,106		9,425,095
2.75%, 06/03/26(a)		9,296		8,967,697
3.00%, 12/15/26		15,825		15,313,221
3.45%, 03/15/29 (Call 12/15/28)		20,687		19,984,980
3.60%, 09/15/28 (Call 06/15/28)(a)		12,646		12,410,796
3.90%, 03/15/39 (Call 09/15/38)		9,556		8,713,457
4.00%, 12/15/36		4,346		4,167,397
4.00%, 03/15/49 (Call 09/15/48)(a)		10,765		9,781,819
4.13%, 12/15/46(a)		14,457		13,320,430
4.20%, 09/15/48 (Call 03/15/48)		11,325		10,541,406
4.30%, 06/15/43		9,519		8,999,763
4.40%, 05/15/44(a)		10,895		10,438,557
7.20%, 03/15/39		24,348		30,717,654
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		27,150		25,871,330
Takeda Pharmaceutical Co. Ltd. 2.05%, 03/31/30 (Call 12/31/29)		27,087		23,042,480
3.03%, 07/09/40 (Call 01/09/40)(a)		12,841		9,876,529
3.18%, 07/09/50 (Call 01/09/50)		19,845		14,305,133
3.38%, 07/09/60 (Call 01/09/60)		11,848		8,341,385
5.00%, 11/26/28 (Call 08/26/28)		18,769		19,110,065
Utah Acquisition Sub Inc. 3.95%, 06/15/26 (Call 03/15/26)		19,347		18,519,976
5.25%, 06/15/46 (Call 12/15/45)		10,089		7,813,364
Viatris Inc. 2.30%, 06/22/27 (Call 04/22/27)		7,590		6,688,634
2.70%, 06/22/30 (Call 03/22/30)(a)		15,195		12,352,281
3.85%, 06/22/40 (Call 12/22/39)(a)		16,083		11,138,803
4.00%, 06/22/50 (Call 12/22/49)(a)		22,027		14,308,208
Wyeth LLC 5.95%, 04/01/37		22,132		24,936,213
6.50%, 02/01/34		9,518		11,041,401
Zoetis Inc. 2.00%, 05/15/30 (Call 02/15/30)(a)		9,189		7,790,195
3.00%, 09/12/27 (Call 06/15/27)(a)		3,676		3,496,413
4.70%, 02/01/43 (Call 08/01/42)		8,653		8,123,538
5.60%, 11/16/32 (Call 08/16/32)(a)		7,872		8,399,024
				2,483,556,353
Pipelines — 3.4%
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/29 (Call 05/18/29)(a)		14,707		13,773,594
5.13%, 06/30/27 (Call 01/01/27)		14,145		14,211,968
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)(a)		13,936		13,291,835
Cheniere Energy Partners LP 3.25%, 01/31/32 (Call 01/31/27)(a)		13,023		10,866,145
4.00%, 03/01/31 (Call 03/01/26)(a)		11,450		10,250,871
4.50%, 10/01/29 (Call 10/01/24)(a)		10,291		9,687,946
Enbridge Inc. 2.50%, 08/01/33 (Call 05/01/33)(a)		12,943		10,455,729
3.13%, 11/15/29 (Call 08/15/29)(a)		17,109		15,561,039
3.40%, 08/01/51 (Call 02/01/51)		7,024		4,958,764
4.25%, 12/01/26 (Call 09/01/26)		5,624		5,536,153
5.50%, 12/01/46 (Call 05/29/46)(a)		4,241		4,133,491
5.70%, 03/08/33 (Call 12/08/32)		18,165		18,879,626
Energy Transfer LP 3.75%, 05/15/30 (Call 02/15/30)(a)		16,010		14,690,678
4.00%, 10/01/27 (Call 07/01/27)		8,467		8,136,115

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.95%, 05/15/28 (Call 02/15/28)	$	7,099	$	7,036,852
4.95%, 06/15/28 (Call 03/15/28)		11,243		11,184,610
5.00%, 05/15/50 (Call 11/15/49)		22,083		18,746,164
5.15%, 03/15/45 (Call 09/15/44)		12,160		10,603,936
5.25%, 04/15/29 (Call 01/15/29)(a)		15,679		15,740,222
5.30%, 04/15/47 (Call 10/15/46)		10,046		8,829,917
5.35%, 05/15/45 (Call 11/15/44)		8,044		7,136,223
5.40%, 10/01/47 (Call 04/01/47)		17,904		15,932,265
5.50%, 06/01/27 (Call 03/01/27)		8,168		8,284,829
5.55%, 02/15/28 (Call 01/15/28)		10,760		10,991,694
5.75%, 02/15/33 (Call 11/15/32)(a)		16,169		16,557,890
6.00%, 06/15/48 (Call 12/15/47)(a)		11,033		10,538,613
6.13%, 12/15/45 (Call 06/15/45)		10,376		10,152,503
6.25%, 04/15/49 (Call 10/15/48)(a)		19,684		19,491,760
6.50%, 02/01/42 (Call 08/01/41)(a)		11,466		11,856,363
Enterprise Products Operating LLC 2.80%, 01/31/30 (Call 10/31/29)(a)		14,008		12,531,981
3.13%, 07/31/29 (Call 04/30/29)		14,217		13,091,335
3.20%, 02/15/52 (Call 08/15/51)(a)		11,749		8,313,443
3.30%, 02/15/53 (Call 08/15/52)(a)		11,811		8,513,506
3.70%, 01/31/51 (Call 07/31/50)(a)		11,277		8,690,941
3.95%, 01/31/60 (Call 07/31/59)		8,470		6,622,120
4.15%, 10/16/28 (Call 07/16/28)		12,601		12,411,802
4.20%, 01/31/50 (Call 07/31/49)		13,721		11,517,660
4.25%, 02/15/48 (Call 08/15/47)(a)		14,477		12,343,626
4.45%, 02/15/43 (Call 08/15/42)		12,555		11,188,568
4.80%, 02/01/49 (Call 08/01/48)		14,315		13,191,798
4.85%, 08/15/42 (Call 02/15/42)		9,109		8,485,355
4.85%, 03/15/44 (Call 09/15/43)(a)		15,387		14,324,877
4.90%, 05/15/46 (Call 11/15/45)		11,204		10,402,845
5.10%, 02/15/45 (Call 08/15/44)(a)		13,558		13,036,885
5.35%, 01/31/33 (Call 10/31/32)		9,783		10,182,548
5.95%, 02/01/41		9,088		9,647,629
Kinder Morgan Energy Partners LP 5.50%, 03/01/44 (Call 09/01/43)		7,317		6,866,118
6.95%, 01/15/38(a)		16,008		18,091,587
Kinder Morgan Inc. 2.00%, 02/15/31 (Call 11/15/30)(a)		7,599		6,180,628
3.60%, 02/15/51 (Call 08/15/50)		13,141		9,237,642
4.30%, 03/01/28 (Call 12/01/27)(a)		11,513		11,339,185
4.80%, 02/01/33 (Call 11/01/32)(a)		4,360		4,217,693
5.05%, 02/15/46 (Call 08/15/45)		8,204		7,218,721
5.20%, 06/01/33 (Call 03/01/33)		8,022		7,967,835
5.20%, 03/01/48 (Call 09/01/47)		10,775		9,653,289
5.30%, 12/01/34 (Call 06/01/34)		6,401		6,276,457
5.45%, 08/01/52 (Call 02/01/52)(a)		10,244		9,469,285
5.55%, 06/01/45 (Call 12/01/44)		20,572		19,443,260
7.75%, 01/15/32		12,605		14,666,622
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		4,103		3,164,350
MPLX LP 2.65%, 08/15/30 (Call 05/15/30)		14,350		12,253,614
4.00%, 03/15/28 (Call 12/15/27)(a)		14,406		13,927,293
4.13%, 03/01/27 (Call 12/01/26)		13,752		13,423,672
4.50%, 04/15/38 (Call 10/15/37)		20,583		18,409,283
4.70%, 04/15/48 (Call 10/15/47)		15,961		13,366,504
4.80%, 02/15/29 (Call 11/15/28)		8,037		8,025,551
4.95%, 09/01/32 (Call 06/01/32)		10,913		10,709,518
4.95%, 03/14/52 (Call 09/14/51)		17,648		15,312,432
5.00%, 03/01/33 (Call 12/01/32)(a)		8,735		8,582,989

Security	Par (000)		Value
Pipelines (continued)
5.20%, 03/01/47 (Call 09/01/46)	$	7,194	$	6,478,051
5.50%, 02/15/49 (Call 08/15/48)		18,119		16,787,634
ONEOK Inc. 3.10%, 03/15/30 (Call 12/15/29)(a)		7,500		6,660,055
3.40%, 09/01/29 (Call 06/01/29)		8,001		7,253,087
4.55%, 07/15/28 (Call 04/15/28)		8,235		8,077,842
5.20%, 07/15/48 (Call 01/15/48)(a)		4,705		4,114,803
6.10%, 11/15/32 (Call 08/15/32)(a)		3,783		3,952,264
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/29 (Call 09/15/29)		10,946		9,885,210
3.80%, 09/15/30 (Call 06/15/30)		3,481		3,139,547
4.50%, 12/15/26 (Call 09/15/26)(a)		4,924		4,832,808
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (Call 09/15/27)		15,799		15,307,420
4.50%, 05/15/30 (Call 11/15/29)(a)		17,965		17,400,288
5.00%, 03/15/27 (Call 09/15/26)(a)		15,673		15,676,849
5.88%, 06/30/26 (Call 12/31/25)		12,402		12,557,661
Targa Resources Corp. 4.00%, 01/15/32 (Call 07/15/26)(a)		15,585		13,701,841
4.20%, 02/01/33 (Call 12/01/32)(a)		9,757		8,851,959
4.88%, 02/01/31 (Call 02/01/26)(a)		13,458		12,701,829
4.95%, 04/15/52 (Call 10/15/51)		7,293		6,049,030
5.20%, 07/01/27 (Call 06/01/27)(a)		5,241		5,244,576
5.50%, 03/01/30 (Call 03/01/25)		5,752		5,625,771
6.13%, 03/15/33 (Call 12/15/32)(a)		6,209		6,469,957
6.50%, 07/15/27 (Call 07/15/23)(a)		9,299		9,482,051
6.50%, 02/15/53 (Call 08/15/52)		8,203		8,405,620
TransCanada PipeLines Ltd. 2.50%, 10/12/31 (Call 07/12/31)(a)		13,170		10,889,633
4.10%, 04/15/30 (Call 01/15/30)(a)		10,960		10,477,031
4.25%, 05/15/28 (Call 02/15/28)(a)		13,472		13,175,041
4.63%, 03/01/34 (Call 12/01/33)		11,130		10,572,817
4.88%, 05/15/48 (Call 11/15/47)		5,912		5,395,178
5.10%, 03/15/49 (Call 09/15/48)(a)		7,279		6,871,925
6.10%, 06/01/40(a)		10,013		10,455,695
6.20%, 10/15/37		15,657		16,587,643
7.63%, 01/15/39		17,544		20,867,662
Western Midstream Operating LP 4.30%, 02/01/30 (Call 11/01/29)(a)		5,505		5,032,609
5.50%, 02/01/50 (Call 08/01/49)(a)		10,962		9,276,642
6.15%, 04/01/33 (Call 01/01/33)(a)		1,070		1,088,950
Williams Companies Inc. (The) 2.60%, 03/15/31 (Call 12/15/30)		15,287		12,983,011
3.50%, 11/15/30 (Call 08/15/30)(a)		10,922		9,983,328
3.75%, 06/15/27 (Call 03/15/27)(a)		12,773		12,349,025
4.65%, 08/15/32 (Call 05/15/32)		12,195		11,815,590
4.85%, 03/01/48 (Call 09/01/47)		7,554		6,714,336
5.10%, 09/15/45 (Call 03/15/45)		9,049		8,280,209
5.30%, 08/15/52 (Call 02/15/52)(a)		7,190		6,782,905
6.30%, 04/15/40		14,593		15,430,113
Williams Cos., Inc. (The), 5.65%, 03/15/33 (Call 12/15/32)(a)		12,779		13,215,451
				1,196,719,189
Real Estate Investment Trusts — 1.7%
Alexandria Real Estate Equities Inc. 1.88%, 02/01/33 (Call 11/01/32)(a)		8,279		6,261,038
2.00%, 05/18/32 (Call 02/18/32)(a)		15,199		11,734,912
2.95%, 03/15/34 (Call 12/15/33)(a)		14,757		11,958,975
3.00%, 05/18/51 (Call 11/18/50)(a)		6,050		3,798,603
3.38%, 08/15/31 (Call 05/15/31)(a)		5,409		4,742,954

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.55%, 03/15/52 (Call 09/15/51)	$	13,196	$	9,337,082
American Tower Corp. 1.88%, 10/15/30 (Call 07/15/30)(a)		4,017		3,230,837
2.10%, 06/15/30 (Call 03/15/30)		2,538		2,085,078
2.75%, 01/15/27 (Call 11/15/26)(a)		6,292		5,821,983
2.90%, 01/15/30 (Call 10/15/29)(a)		4,133		3,628,263
2.95%, 01/15/51 (Call 07/15/50)(a)		8,959		5,780,791
3.10%, 06/15/50 (Call 12/15/49)		10,263		6,852,925
3.38%, 10/15/26 (Call 07/15/26)		8,805		8,375,789
3.55%, 07/15/27 (Call 04/15/27)		7,700		7,301,818
3.80%, 08/15/29 (Call 05/15/29)(a)		14,710		13,811,669
5.65%, 03/15/33 (Call 12/15/32)(a)		9,395		9,745,415
Boston Properties LP 2.45%, 10/01/33 (Call 07/01/33)(a)		9,532		6,856,730
2.55%, 04/01/32 (Call 01/01/32)		9,495		7,148,260
2.75%, 10/01/26 (Call 07/01/26)		13,801		12,289,556
3.25%, 01/30/31 (Call 10/30/30)		13,882		11,361,115
3.40%, 06/21/29 (Call 03/21/29)		14,615		12,395,446
4.50%, 12/01/28 (Call 09/01/28)		11,774		10,728,442
6.75%, 12/01/27 (Call 11/01/27)(a)		3,674		3,746,480
Brixmor Operating Partnership LP 4.05%, 07/01/30 (Call 04/01/30)(a)		5,748		5,186,916
4.13%, 05/15/29 (Call 02/15/29)		6,517		5,998,024
Crown Castle Inc. 2.90%, 04/01/41 (Call 10/01/40)		7,868		5,621,073
3.25%, 01/15/51 (Call 07/15/50)(a)		7,803		5,388,637
5.00%, 01/11/28 (Call 12/11/27)(a)		8,206		8,295,406
5.10%, 05/01/33 (Call 02/01/33)		5,640		5,663,690
Crown Castle International Corp. 1.05%, 07/15/26 (Call 06/15/26)(a)		10,065		8,944,945
2.10%, 04/01/31 (Call 01/01/31)(a)		11,030		8,997,199
2.25%, 01/15/31 (Call 10/15/30)(a)		11,241		9,325,401
2.50%, 07/15/31 (Call 04/15/31)(a)		8,483		7,111,368
2.90%, 03/15/27 (Call 02/15/27)		10,039		9,369,620
3.30%, 07/01/30 (Call 04/01/30)(a)		7,330		6,619,702
3.65%, 09/01/27 (Call 06/01/27)(a)		7,785		7,443,900
3.70%, 06/15/26 (Call 03/15/26)		2,480		2,397,294
3.80%, 02/15/28 (Call 11/15/27)(a)		9,884		9,467,661
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)(a)		8,374		7,524,690
3.70%, 08/15/27 (Call 05/15/27)(a)		8,992		8,405,343
5.55%, 01/15/28 (Call 12/15/27)(a)		8,448		8,467,305
Equinix Inc. 2.15%, 07/15/30 (Call 04/15/30)(a)		7,843		6,446,272
2.50%, 05/15/31 (Call 02/15/31)		13,126		10,844,889
3.20%, 11/18/29 (Call 08/18/29)(a)		14,113		12,670,766
3.90%, 04/15/32 (Call 01/15/32)		14,876		13,532,437
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)		8,738		7,879,803
GLP Capital LP/GLP Financing II Inc. 3.25%, 01/15/32 (Call 10/15/31)		8,120		6,699,382
5.30%, 01/15/29 (Call 10/15/28)		6,990		6,739,959
5.38%, 04/15/26 (Call 01/15/26)		1,581		1,562,766
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)		8,699		6,794,782
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)(a)		6,731		5,958,206
Prologis LP 1.25%, 10/15/30 (Call 07/15/30)		14,545		11,515,242
2.25%, 04/15/30 (Call 01/15/30)		8,456		7,281,983
4.75%, 06/15/33 (Call 03/15/33)(a)		5,921		5,933,457

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Realty Income Corp. 3.25%, 01/15/31 (Call 10/15/30)	$	11,467	$	10,177,515
5.63%, 10/13/32 (Call 07/13/32)(a)		8,540		8,852,159
Simon Property Group LP 1.75%, 02/01/28 (Call 11/01/27)(a)		9,635		8,389,827
2.45%, 09/13/29 (Call 06/13/29)(a)		13,109		11,419,335
2.65%, 07/15/30 (Call 04/15/30)(a)		9,275		7,969,982
3.25%, 11/30/26 (Call 08/30/26)(a)		4,604		4,384,123
3.25%, 09/13/49 (Call 03/13/49)(a)		14,977		10,272,687
3.38%, 06/15/27 (Call 03/15/27)		7,573		7,185,596
3.38%, 12/01/27 (Call 09/01/27)(a)		9,200		8,660,585
3.80%, 07/15/50 (Call 01/15/50)(a)		7,315		5,487,632
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		6,347		6,054,844
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		12,618		12,184,422
4.95%, 02/15/30 (Call 12/15/29)(a)		10,894		10,409,193
5.13%, 05/15/32 (Call 02/15/32)(a)		15,090		14,406,568
5.63%, 05/15/52 (Call 11/15/51)(a)		5,965		5,425,519
Welltower OP LLC 2.80%, 06/01/31 (Call 03/01/31)(a)		9,599		8,050,393
3.10%, 01/15/30 (Call 10/15/29)(a)		7,054		6,204,236
4.25%, 04/15/28 (Call 01/15/28)		7,859		7,557,301
Weyerhaeuser Co. 4.00%, 11/15/29 (Call 08/15/29)		8,931		8,457,144
4.00%, 04/15/30 (Call 01/15/30)(a)		9,497		8,965,325
				583,596,665
Retail — 3.2%
AutoZone Inc. 4.00%, 04/15/30 (Call 01/15/30)		6,919		6,599,651
4.75%, 08/01/32 (Call 05/01/32)		5,428		5,392,296
Costco Wholesale Corp. 1.38%, 06/20/27 (Call 04/20/27)		11,848		10,698,646
1.60%, 04/20/30 (Call 01/20/30)(a)		19,011		16,154,953
1.75%, 04/20/32 (Call 01/20/32)(a)		7,947		6,562,755
3.00%, 05/18/27 (Call 02/18/27)(a)		9,809		9,476,503
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)		8,372		7,734,541
Dollar Tree Inc. 2.65%, 12/01/31 (Call 09/01/31)		4,327		3,650,879
4.20%, 05/15/28 (Call 02/15/28)		11,580		11,346,172
Home Depot Inc. (The) 1.38%, 03/15/31 (Call 12/15/30)		14,919		12,077,075
1.50%, 09/15/28 (Call 07/15/28)(a)		12,145		10,668,384
1.88%, 09/15/31 (Call 06/15/31)		11,609		9,656,489
2.13%, 09/15/26 (Call 06/15/26)(a)		10,166		9,553,094
2.38%, 03/15/51 (Call 09/15/50)(a)		14,942		9,494,710
2.50%, 04/15/27 (Call 02/15/27)(a)		6,810		6,449,705
2.70%, 04/15/30 (Call 01/15/30)		17,521		15,951,267
2.75%, 09/15/51 (Call 03/15/51)		10,787		7,397,857
2.80%, 09/14/27 (Call 06/14/27)(a)		10,744		10,206,406
2.88%, 04/15/27 (Call 03/15/27)(a)		8,240		7,899,750
2.95%, 06/15/29 (Call 03/15/29)(a)		20,063		18,748,420
3.00%, 04/01/26 (Call 01/01/26)(a)		3,125		3,037,745
3.13%, 12/15/49 (Call 06/15/49)		13,864		10,362,180
3.25%, 04/15/32 (Call 01/15/32)(a)		14,385		13,260,517
3.30%, 04/15/40 (Call 10/15/39)(a)		14,126		11,792,385
3.35%, 04/15/50 (Call 10/15/49)		15,782		12,300,311
3.50%, 09/15/56 (Call 03/15/56)		3,157		2,468,342
3.63%, 04/15/52 (Call 10/15/51)(a)		16,615		13,559,274
3.90%, 12/06/28 (Call 09/06/28)(a)		12,683		12,589,658
3.90%, 06/15/47 (Call 12/15/46)		12,704		11,021,583

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.20%, 04/01/43 (Call 10/01/42)	$	10,896	$	9,995,950
4.25%, 04/01/46 (Call 10/01/45)(a)		18,742		17,075,829
4.40%, 03/15/45 (Call 09/15/44)(a)		12,220		11,392,480
4.50%, 09/15/32 (Call 06/15/32)(a)		13,871		14,058,163
4.50%, 12/06/48 (Call 06/06/48)		16,913		16,023,496
4.88%, 02/15/44 (Call 08/15/43)		11,093		11,069,324
4.95%, 09/15/52 (Call 03/15/52)(a)		10,539		10,614,285
5.88%, 12/16/36		30,768		34,682,351
5.95%, 04/01/41 (Call 10/01/40)		11,676		13,080,188
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)(a)		13,198		11,412,755
1.70%, 09/15/28 (Call 07/15/28)(a)		10,753		9,400,220
1.70%, 10/15/30 (Call 07/15/30)(a)		18,080		14,762,971
2.50%, 04/15/26 (Call 01/15/26)		1,218		1,156,287
2.63%, 04/01/31 (Call 01/01/31)(a)		21,731		18,708,798
2.80%, 09/15/41 (Call 03/15/41)(a)		12,268		8,695,001
3.00%, 10/15/50 (Call 04/15/50)(a)		20,289		13,560,768
3.10%, 05/03/27 (Call 02/03/27)(a)		16,329		15,586,800
3.35%, 04/01/27 (Call 03/01/27)(a)		8,439		8,142,647
3.65%, 04/05/29 (Call 01/05/29)(a)		16,830		16,042,477
3.70%, 04/15/46 (Call 10/15/45)		10,715		8,314,796
3.75%, 04/01/32 (Call 01/01/32)(a)		18,166		16,835,900
4.05%, 05/03/47 (Call 11/03/46)		16,633		13,527,862
4.25%, 04/01/52 (Call 10/01/51)(a)		15,606		12,916,832
4.45%, 04/01/62 (Call 10/01/61)		11,969		9,812,914
4.50%, 04/15/30 (Call 01/15/30)(a)		11,458		11,340,042
5.00%, 04/15/33 (Call 01/15/33)(a)		10,173		10,268,777
5.15%, 07/01/33 (Call 04/01/33)		8,178		8,341,612
5.63%, 04/15/53 (Call 10/15/52)(a)		16,064		16,181,092
5.80%, 09/15/62 (Call 03/15/62)		9,055		9,140,809
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)(a)		10,349		8,999,405
2.63%, 09/01/29 (Call 06/01/29)(a)		8,303		7,568,294
3.50%, 03/01/27 (Call 12/01/26)(a)		6,926		6,747,671
3.50%, 07/01/27 (Call 05/01/27)(a)		7,231		7,036,267
3.60%, 07/01/30 (Call 04/01/30)		9,645		9,187,568
3.63%, 09/01/49 (Call 03/01/49)		19,245		15,329,917
3.80%, 04/01/28 (Call 01/01/28)(a)		9,378		9,225,302
4.20%, 04/01/50 (Call 10/01/49)		6,388		5,589,122
4.45%, 03/01/47 (Call 09/01/46)		12,918		11,827,235
4.45%, 09/01/48 (Call 03/01/48)(a)		9,617		8,701,316
4.60%, 09/09/32 (Call 06/09/32)(a)		7,031		7,136,797
4.70%, 12/09/35 (Call 06/09/35)		2,423		2,424,389
4.88%, 12/09/45 (Call 06/09/45)		19,342		18,728,064
5.15%, 09/09/52 (Call 03/09/52)(a)		8,299		8,435,105
6.30%, 10/15/37		10,905		12,453,253
6.30%, 03/01/38(a)		10,729		12,239,139
O’Reilly Automotive Inc.
3.60%, 09/01/27 (Call 06/01/27)		3,183		3,087,804
4.70%, 06/15/32 (Call 03/15/32)(a)		7,097		7,054,657
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)		11,416		9,878,789
2.55%, 11/15/30 (Call 08/15/30)		12,842		11,237,086
3.00%, 02/14/32 (Call 11/14/31)(a)		10,468		9,351,503
3.50%, 11/15/50 (Call 05/15/50)		11,886		9,195,410
3.55%, 08/15/29 (Call 05/15/29)(a)		10,896		10,451,233
4.00%, 11/15/28 (Call 08/15/28)(a)		8,506		8,403,434
4.45%, 08/15/49 (Call 02/15/49)(a)		9,991		9,027,496
4.50%, 11/15/48 (Call 05/15/48)		9,743		8,867,079

Security	Par (000)		Value
Retail (continued)
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)(a)	$	8,045	$	7,482,179
2.35%, 02/15/30 (Call 11/15/29)		8,945		7,942,622
2.50%, 04/15/26(a)		2,216		2,133,965
2.95%, 01/15/52 (Call 07/15/51)(a)		5,640		4,126,274
3.38%, 04/15/29 (Call 01/15/29)(a)		6,715		6,478,572
4.00%, 07/01/42(a)		13,644		12,567,258
4.50%, 09/15/32 (Call 06/15/32)(a)		8,918		8,989,385
4.80%, 01/15/53 (Call 07/15/52)		12,683		12,518,935
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)		4,786		4,513,491
Walgreens Boots Alliance Inc.
3.45%, 06/01/26 (Call 03/01/26)(a)		3,474		3,342,188
4.10%, 04/15/50 (Call 10/15/49)		5,187		3,911,374
4.80%, 11/18/44 (Call 05/18/44)(a)		2,300		1,983,459
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		12,085		9,252,843
2.65%, 09/22/51 (Call 03/22/51)(a)		17,560		12,721,244
3.05%, 07/08/26 (Call 05/08/26)		3,697		3,596,730
3.70%, 06/26/28 (Call 03/26/28)(a)		17,567		17,483,857
3.90%, 04/15/28 (Call 03/15/28)		8,259		8,240,891
4.05%, 06/29/48 (Call 12/29/47)		21,173		19,890,342
4.10%, 04/15/33 (Call 01/15/33)		12,553		12,517,505
4.15%, 09/09/32 (Call 06/09/32)(a)		7,613		7,693,714
4.50%, 09/09/52 (Call 03/09/52)		12,387		12,302,903
4.50%, 04/15/53 (Call 10/15/52)		11,154		11,054,569
5.25%, 09/01/35(a)		17,320		19,064,271
6.20%, 04/15/38(a)		8,859		10,552,370
6.50%, 08/15/37(a)		5,122		6,244,545
				1,123,041,795
Semiconductors — 3.5%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		7,664		6,750,621
2.10%, 10/01/31 (Call 07/01/31)(a)		9,150		7,780,524
2.80%, 10/01/41 (Call 04/01/41)		6,929		5,310,355
2.95%, 10/01/51 (Call 04/01/51)		9,553		6,976,102
3.50%, 12/05/26 (Call 09/05/26)		3,947		3,846,854
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)(a)		8,493		7,153,002
2.75%, 06/01/50 (Call 12/01/49)(a)		6,253		4,540,445
3.30%, 04/01/27 (Call 01/01/27)(a)		8,440		8,181,788
4.35%, 04/01/47 (Call 10/01/46)		7,080		6,697,526
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)		11,552		10,857,519
3.88%, 01/15/27 (Call 10/15/26)		28,194		27,412,710
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(a)(c)		11,821		10,374,311
2.45%, 02/15/31 (Call 11/15/30)(c)		30,141		24,684,976
2.60%, 02/15/33 (Call 11/15/32)(c)		20,142		15,875,457
3.14%, 11/15/35 (Call 08/15/35)(c)		37,021		28,659,433
3.19%, 11/15/36 (Call 08/15/36)(c)		30,365		23,138,677
3.42%, 04/15/33 (Call 01/15/33)(c)		24,612		20,713,036
3.46%, 09/15/26 (Call 07/15/26)(a)		2,583		2,478,647
3.47%, 04/15/34 (Call 01/15/34)(c)		34,238		28,293,455
3.50%, 02/15/41 (Call 08/15/40)(c)		28,091		21,107,148
3.75%, 02/15/51 (Call 08/15/50)(a)(c)		16,698		12,323,660
4.00%, 04/15/29 (Call 02/15/29)(c)		12,410		11,694,256
4.11%, 09/15/28 (Call 06/15/28)(a)		14,156		13,627,971
4.15%, 11/15/30 (Call 08/15/30)		22,241		20,685,182
4.15%, 04/15/32 (Call 01/15/32)(c)		14,703		13,421,370

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
4.30%, 11/15/32 (Call 08/15/32)	$	22,698	$	20,840,387
4.75%, 04/15/29 (Call 01/15/29)		11,763		11,637,973
4.93%, 05/15/37 (Call 02/15/37)(c)		25,946		23,681,176
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		11,092		9,718,169
2.00%, 08/12/31 (Call 05/12/31)		12,710		10,471,306
2.45%, 11/15/29 (Call 08/15/29)		23,511		20,734,464
2.60%, 05/19/26 (Call 02/19/26)(a)		5,168		4,919,246
2.80%, 08/12/41 (Call 02/12/41)(a)		9,680		6,938,453
3.05%, 08/12/51 (Call 02/12/51)		14,397		9,776,322
3.10%, 02/15/60 (Call 08/15/59)(a)		11,616		7,521,233
3.15%, 05/11/27 (Call 02/11/27)(a)		10,398		9,989,004
3.20%, 08/12/61 (Call 02/12/61)		8,872		5,870,383
3.25%, 11/15/49 (Call 05/15/49)		20,352		14,474,517
3.73%, 12/08/47 (Call 06/08/47)		21,141		16,662,877
3.75%, 03/25/27 (Call 01/25/27)		10,485		10,288,889
3.75%, 08/05/27 (Call 07/05/27)		12,821		12,549,273
3.90%, 03/25/30 (Call 12/25/29)		18,960		18,173,541
4.00%, 08/05/29 (Call 06/05/29)		8,230		8,055,336
4.00%, 12/15/32(a)		7,096		6,755,684
4.10%, 05/19/46 (Call 11/19/45)		14,619		12,426,825
4.10%, 05/11/47 (Call 11/11/46)		11,090		9,305,414
4.15%, 08/05/32 (Call 05/05/32)(a)		13,021		12,564,930
4.60%, 03/25/40 (Call 09/25/39)		8,025		7,486,120
4.75%, 03/25/50 (Call 09/25/49)(a)		24,426		22,190,743
4.80%, 10/01/41(a)		9,639		9,136,850
4.88%, 02/10/28 (Call 01/10/28)		17,881		18,183,273
4.90%, 07/29/45 (Call 01/29/45)(a)		8,067		7,817,026
4.90%, 08/05/52 (Call 02/05/52)(a)		17,551		16,252,019
4.95%, 03/25/60 (Call 09/25/59)(a)		8,011		7,422,605
5.05%, 08/05/62 (Call 02/05/62)		9,699		8,931,197
5.13%, 02/10/30 (Call 12/10/29)		12,234		12,528,217
5.20%, 02/10/33 (Call 11/10/32)		23,646		24,084,780
5.63%, 02/10/43 (Call 08/10/42)(a)		9,205		9,456,809
5.70%, 02/10/53 (Call 08/10/52)(a)		20,970		21,449,404
5.90%, 02/10/63 (Call 08/10/62)(a)		13,233		13,647,124
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		6,063		4,632,236
4.10%, 03/15/29 (Call 12/15/28)(a)		8,503		8,404,135
4.65%, 07/15/32 (Call 04/15/32)(a)		11,111		11,267,698
4.95%, 07/15/52 (Call 01/15/52)(a)		10,591		10,505,261
5.25%, 07/15/62 (Call 01/15/62)(a)		7,786		7,913,773
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		4,887		4,135,364
2.88%, 06/15/50 (Call 12/15/49)(a)		3,957		2,801,214
4.00%, 03/15/29 (Call 12/15/28)(a)		11,934		11,796,743
4.88%, 03/15/49 (Call 09/15/48)(a)		9,903		9,786,189
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)(a)		7,293		6,405,370
2.95%, 04/15/31 (Call 01/15/31)		8,123		6,792,717
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		14,243		11,359,275
4.19%, 02/15/27 (Call 12/15/26)		6,568		6,334,070
4.66%, 02/15/30 (Call 11/15/29)(a)		8,425		8,066,550
5.88%, 02/09/33 (Call 11/09/32)		6,046		6,097,764
5.88%, 09/15/33 (Call 06/15/33)		8,832		8,816,394
6.75%, 11/01/29 (Call 09/01/29)		15,331		16,135,004
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		11,958		10,632,812
2.00%, 06/15/31 (Call 03/15/31)(a)		10,067		8,533,001

Security	Par (000)		Value
Semiconductors (continued)
2.85%, 04/01/30 (Call 01/01/30)(a)	$	17,548	$	16,089,645
3.20%, 09/16/26 (Call 06/16/26)		4,519		4,405,001
3.50%, 04/01/40 (Call 10/01/39)		10,027		8,629,921
3.50%, 04/01/50 (Call 10/01/49)(a)		20,724		16,961,378
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)(a)		13,059		10,799,837
2.65%, 02/15/32 (Call 11/15/31)(a)		12,464		10,252,545
3.25%, 05/11/41 (Call 11/11/40)(a)		6,995		5,103,801
3.40%, 05/01/30 (Call 02/01/30)(a)		12,191		10,955,901
3.88%, 06/18/26 (Call 04/18/26)		1,026		993,215
4.30%, 06/18/29 (Call 03/18/29)		13,531		12,977,088
5.00%, 01/15/33 (Call 10/15/32)(a)		11,629		11,364,246
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		8,759		7,981,019
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		9,881		8,633,499
1.65%, 05/20/32 (Call 02/20/32)(a)		16,698		13,449,337
2.15%, 05/20/30 (Call 02/20/30)(a)		13,155		11,508,128
3.25%, 05/20/27 (Call 02/20/27)(a)		15,383		14,901,927
3.25%, 05/20/50 (Call 11/20/49)(a)		7,132		5,506,221
4.30%, 05/20/47 (Call 11/20/46)(a)		13,868		12,849,362
4.50%, 05/20/52 (Call 11/20/51)(a)		10,442		9,691,496
4.65%, 05/20/35 (Call 11/20/34)(a)		6,292		6,345,924
4.80%, 05/20/45 (Call 11/20/44)		15,577		15,433,324
6.00%, 05/20/53 (Call 11/20/52)(a)		12,272		13,976,807
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		5,550		4,717,852
2.25%, 09/04/29 (Call 06/04/29)		9,593		8,568,085
3.88%, 03/15/39 (Call 09/15/38)		8,423		7,730,776
4.15%, 05/15/48 (Call 11/15/47)(a)		14,806		13,690,217
4.90%, 03/14/33 (Call 12/14/32)		8,598		8,963,351
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		7,639		6,699,833
				1,224,121,900
Software — 3.7%
Activision Blizzard Inc.
2.50%, 09/15/50 (Call 03/15/50)		12,116		7,936,627
3.40%, 09/15/26 (Call 06/15/26)		2,874		2,790,426
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		3,380		3,149,316
2.30%, 02/01/30 (Call 11/01/29)(a)		14,212		12,623,401
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)(a)		12,198		10,220,433
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		10,054		8,434,564
2.90%, 12/01/29 (Call 09/01/29)		8,344		7,323,120
Fidelity National Information Services Inc.
1.65%, 03/01/28 (Call 01/01/28)(a)		7,659		6,625,861
2.25%, 03/01/31 (Call 12/01/30)(a)		13,462		10,894,082
3.10%, 03/01/41 (Call 09/01/40)		6,254		4,390,180
5.10%, 07/15/32 (Call 04/15/32)(a)		9,692		9,556,759
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		7,531		6,880,317
2.65%, 06/01/30 (Call 03/01/30)		13,597		11,848,880
3.20%, 07/01/26 (Call 05/01/26)		15,342		14,633,134
3.50%, 07/01/29 (Call 04/01/29)(a)		32,271		30,080,083
4.20%, 10/01/28 (Call 07/01/28)		11,743		11,427,597
4.40%, 07/01/49 (Call 01/01/49)		18,210		15,555,224
5.45%, 03/02/28 (Call 02/02/28)(a)		12,675		12,993,677
5.60%, 03/02/33 (Call 12/02/32)		11,257		11,736,151
Microsoft Corp.
2.40%, 08/08/26 (Call 05/08/26)(a)		35,966		34,277,842
2.53%, 06/01/50 (Call 12/01/49)		69,606		49,436,283

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
2.68%, 06/01/60 (Call 12/01/59)(a)	$	41,072	$	28,514,006
2.92%, 03/17/52 (Call 09/17/51)		65,977		50,497,971
3.04%, 03/17/62 (Call 09/17/61)		19,682		14,812,307
3.30%, 02/06/27 (Call 11/06/26)(a)		36,568		35,912,310
3.45%, 08/08/36 (Call 02/08/36)		19,558		18,205,486
3.50%, 02/12/35 (Call 08/12/34)(a)		16,297		15,568,953
3.70%, 08/08/46 (Call 02/08/46)(a)		20,929		18,985,485
4.10%, 02/06/37 (Call 08/06/36)		9,292		9,247,605
4.25%, 02/06/47 (Call 08/06/46)		13,736		13,469,574
4.45%, 11/03/45 (Call 05/03/45)(a)		11,330		11,403,346
4.50%, 02/06/57 (Call 08/06/56)(a)		7,742		7,973,435
Oracle Corp. 2.30%, 03/25/28 (Call 01/25/28)		24,026		21,523,872
2.65%, 07/15/26 (Call 04/15/26)(a)		26,679		25,054,689
2.80%, 04/01/27 (Call 02/01/27)		28,213		26,275,021
2.88%, 03/25/31 (Call 12/25/30)		34,919		30,084,265
2.95%, 04/01/30 (Call 01/01/30)(a)		35,301		31,217,832
3.25%, 11/15/27 (Call 08/15/27)(a)		30,971		29,210,763
3.60%, 04/01/40 (Call 10/01/39)		33,245		25,823,503
3.60%, 04/01/50 (Call 10/01/49)		47,799		34,068,871
3.65%, 03/25/41 (Call 09/25/40)		25,490		19,749,953
3.80%, 11/15/37 (Call 05/15/37)		19,129		16,024,312
3.85%, 07/15/36 (Call 01/15/36)		13,393		11,459,173
3.85%, 04/01/60 (Call 10/01/59)		37,001		26,056,171
3.90%, 05/15/35 (Call 11/15/34)		11,467		10,065,887
3.95%, 03/25/51 (Call 09/25/50)		33,901		25,626,735
4.00%, 07/15/46 (Call 01/15/46)(a)		32,529		24,920,590
4.00%, 11/15/47 (Call 05/15/47)		23,018		17,713,513
4.10%, 03/25/61 (Call 09/25/60)(a)		16,947		12,539,994
4.13%, 05/15/45 (Call 11/15/44)(a)		21,629		17,046,048
4.30%, 07/08/34 (Call 01/08/34)		17,795		16,399,634
4.38%, 05/15/55 (Call 11/15/54)		12,605		10,071,213
4.50%, 05/06/28 (Call 04/06/28)(a)		5,765		5,710,571
4.50%, 07/08/44 (Call 01/08/44)		10,709		9,016,760
4.65%, 05/06/30 (Call 03/06/30)		9,586		9,389,901
4.90%, 02/06/33 (Call 11/06/32)		12,767		12,567,205
5.38%, 07/15/40		23,278		22,318,916
5.55%, 02/06/53 (Call 08/06/52)		15,674		15,080,874
6.13%, 07/08/39		13,793		14,526,690
6.15%, 11/09/29 (Call 09/09/29)		14,749		15,682,137
6.25%, 11/09/32 (Call 08/09/32)		25,215		27,214,086
6.50%, 04/15/38(a)		13,905		15,142,609
6.90%, 11/09/52 (Call 05/09/52)		26,648		29,928,260
Roper Technologies Inc. 1.75%, 02/15/31 (Call 11/15/30)		11,830		9,441,608
4.20%, 09/15/28 (Call 06/15/28)(a)		8,868		8,821,186
salesforce.com Inc. 1.50%, 07/15/28 (Call 05/15/28)(a)		9,823		8,676,319
1.95%, 07/15/31 (Call 04/15/31)(a)		10,552		8,863,356
2.70%, 07/15/41 (Call 01/15/41)		10,888		8,155,796
2.90%, 07/15/51 (Call 01/15/51)(a)		18,553		13,190,586
3.05%, 07/15/61 (Call 01/15/61)(a)		14,384		9,908,043
3.70%, 04/11/28 (Call 01/11/28)(a)		18,756		18,619,269
VMware Inc. 1.40%, 08/15/26 (Call 07/15/26)		9,145		8,167,009
1.80%, 08/15/28 (Call 06/15/28)		8,206		6,993,350
2.20%, 08/15/31 (Call 05/15/31)(a)		17,286		13,689,627
3.90%, 08/21/27 (Call 05/21/27)		11,970		11,539,286
4.70%, 05/15/30 (Call 02/15/30)(a)		9,407		9,089,463

Security	Par (000)		Value
Software (continued)
Workday Inc. 3.50%, 04/01/27 (Call 03/01/27)	$	7,223	$	6,934,031
3.70%, 04/01/29 (Call 02/01/29)		8,390		7,910,113
3.80%, 04/01/32 (Call 01/01/32)(a)		13,127		11,989,767
				1,276,903,292
Telecommunications — 6.6%
AT&T Inc. 1.65%, 02/01/28 (Call 12/01/27)(a)		25,741		22,583,086
2.25%, 02/01/32 (Call 11/01/31)(a)		24,235		19,767,292
2.30%, 06/01/27 (Call 04/01/27)		28,275		25,927,494
2.55%, 12/01/33 (Call 09/01/33)		39,292		31,618,347
2.75%, 06/01/31 (Call 03/01/31)(a)		29,005		25,027,034
3.30%, 02/01/52 (Call 08/01/51)(a)		10,224		7,239,544
3.50%, 06/01/41 (Call 12/01/40)(a)		26,342		20,760,101
3.50%, 09/15/53 (Call 03/15/53)		78,370		56,268,445
3.55%, 09/15/55 (Call 03/15/55)		79,522		56,520,874
3.65%, 06/01/51 (Call 12/01/50)		31,491		23,522,983
3.65%, 09/15/59 (Call 03/15/59)		67,556		47,820,102
3.80%, 02/15/27 (Call 11/15/26)(a)		9,201		8,939,357
3.80%, 12/01/57 (Call 06/01/57)		61,948		45,544,120
3.85%, 06/01/60 (Call 12/01/59)(a)		15,564		11,485,197
4.10%, 02/15/28 (Call 11/15/27)		18,404		17,992,650
4.25%, 03/01/27 (Call 12/01/26)(a)		16,917		16,819,827
4.30%, 02/15/30 (Call 11/15/29)(a)		34,444		33,449,082
4.30%, 12/15/42 (Call 06/15/42)(a)		13,116		11,338,252
4.35%, 03/01/29 (Call 12/01/28)		31,766		31,222,071
4.35%, 06/15/45 (Call 12/15/44)		12,292		10,540,433
4.50%, 05/15/35 (Call 11/15/34)		25,154		23,669,356
4.50%, 03/09/48 (Call 09/09/47)		17,038		14,629,640
4.55%, 03/09/49 (Call 09/09/48)		8,728		7,530,989
4.75%, 05/15/46 (Call 11/15/45)		18,448		16,526,988
4.85%, 03/01/39 (Call 09/01/38)		9,387		8,827,014
5.25%, 03/01/37 (Call 09/01/36)(a)		10,772		10,762,312
5.65%, 02/15/47 (Call 08/15/46)(a)		8,485		8,610,415
Bell Telephone Co. of Canada or Bell Canada (The) 3.65%, 08/15/52 (Call 02/15/52)		5,931		4,638,637
4.46%, 04/01/48 (Call 10/01/47)(a)		11,517		10,226,909
British Telecommunications PLC, 9.63%, 12/15/30		31,929		40,263,047
Cisco Systems Inc. 2.50%, 09/20/26 (Call 06/20/26)(a)		7,619		7,249,731
5.50%, 01/15/40		23,087		25,132,815
5.90%, 02/15/39(a)		22,822		25,776,258
Corning Inc. 4.38%, 11/15/57 (Call 05/15/57)		7,216		6,113,906
5.45%, 11/15/79 (Call 05/15/79)		10,194		9,558,696
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		43,136		52,645,870
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		10,006		8,192,386
2.75%, 05/24/31 (Call 02/24/31)		7,918		6,589,156
4.60%, 05/23/29 (Call 02/23/29)(a)		8,780		8,629,736
Orange SA 5.38%, 01/13/42(a)		13,132		13,563,180
5.50%, 02/06/44 (Call 08/06/43)(a)		3,565		3,774,308
9.00%, 03/01/31		33,575		42,322,808
Rogers Communications Inc. 3.20%, 03/15/27 (Call 02/15/27)(a)(c)		10,659		9,998,022
3.70%, 11/15/49 (Call 05/15/49)(a)		11,454		8,313,125
3.80%, 03/15/32 (Call 12/15/31)(a)(c)		17,097		15,380,196
4.30%, 02/15/48 (Call 08/15/47)		8,811		6,997,185

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
4.35%, 05/01/49 (Call 11/01/48)(a)	$	12,834	$	10,338,483
4.50%, 03/15/42 (Call 09/15/41)(c)		6,879		5,846,754
4.55%, 03/15/52 (Call 09/15/51)(a)(c)		20,392		16,734,964
5.00%, 03/15/44 (Call 09/15/43)(a)		11,314		10,252,876
Sprint Capital Corp. 6.88%, 11/15/28(a)		43		46,386
8.75%, 03/15/32(a)		1,044		1,276,714
Telefonica Emisiones SA 4.10%, 03/08/27		10,332		10,008,029
4.67%, 03/06/38(a)		7,347		6,419,986
4.90%, 03/06/48(a)		12,072		9,999,747
5.21%, 03/08/47(a)		26,419		22,992,649
5.52%, 03/01/49 (Call 09/01/48)		13,453		12,145,725
7.05%, 06/20/36		25,419		28,252,176
Telefonica Europe BV, 8.25%, 09/15/30(a)		14,749		17,349,656
TELUS Corp. 3.40%, 05/13/32 (Call 02/13/32)		13,591		12,026,976
4.60%, 11/16/48 (Call 05/16/48)		7,016		6,229,045
T-Mobile USA Inc. 2.05%, 02/15/28 (Call 12/15/27)		19,279		17,124,211
2.25%, 11/15/31 (Call 08/15/31)		16,281		13,325,800
2.55%, 02/15/31 (Call 11/15/30)		31,817		27,054,021
2.63%, 04/15/26 (Call 04/15/24)(a)		2,437		2,287,408
2.63%, 02/15/29 (Call 02/15/24)		10,159		8,979,337
2.70%, 03/15/32 (Call 01/15/29)		11,967		10,102,204
2.88%, 02/15/31 (Call 02/15/26)		15,090		13,096,629
3.00%, 02/15/41 (Call 08/15/40)		25,274		18,722,565
3.30%, 02/15/51 (Call 08/15/50)		32,028		22,876,002
3.38%, 04/15/29 (Call 04/15/24)		21,936		20,117,190
3.40%, 10/15/52 (Call 04/15/52)		32,259		23,362,958
3.50%, 04/15/31 (Call 04/15/26)		29,911		27,063,338
3.60%, 11/15/60 (Call 05/15/60)		13,254		9,410,651
3.75%, 04/15/27 (Call 02/15/27)		38,807		37,392,504
3.88%, 04/15/30 (Call 01/15/30)		74,475		70,152,761
4.38%, 04/15/40 (Call 10/15/39)(a)		22,428		20,137,951
4.50%, 04/15/50 (Call 10/15/49)(a)		33,910		29,722,841
4.75%, 02/01/28 (Call 02/01/24)(a)		20,389		20,286,729
4.95%, 03/15/28 (Call 02/15/28)(a)		10,514		10,617,775
5.05%, 07/15/33 (Call 04/15/33)(a)		11,894		11,976,485
5.20%, 01/15/33 (Call 10/15/32)		11,903		12,110,619
5.65%, 01/15/53 (Call 07/15/52)		18,648		19,226,903
5.80%, 09/15/62 (Call 03/15/62)		5,458		5,672,734
Verizon Communications Inc. 1.50%, 09/18/30 (Call 06/18/30)(a)		12,884		10,437,599
1.68%, 10/30/30 (Call 07/30/30)(a)		13,235		10,670,095
1.75%, 01/20/31 (Call 10/20/30)(a)		24,706		19,878,865
2.10%, 03/22/28 (Call 01/22/28)(a)		31,104		27,830,920
2.36%, 03/15/32 (Call 12/15/31)		48,467		39,724,537
2.55%, 03/21/31 (Call 12/21/30)(a)		45,660		38,778,604
2.63%, 08/15/26		17,664		16,692,840
2.65%, 11/20/40 (Call 05/20/40)(a)		30,805		21,860,944
2.85%, 09/03/41 (Call 03/03/41)		10,505		7,630,285
2.88%, 11/20/50 (Call 05/20/50)(a)		28,000		18,566,948
2.99%, 10/30/56 (Call 04/30/56)(a)		38,454		24,768,268
3.00%, 03/22/27 (Call 01/22/27)(a)		9,455		9,024,568
3.00%, 11/20/60 (Call 05/20/60)(a)		18,392		11,698,090
3.15%, 03/22/30 (Call 12/22/29)(a)		18,252		16,713,491
3.40%, 03/22/41 (Call 09/22/40)		39,427		31,011,003
3.55%, 03/22/51 (Call 09/22/50)(a)		46,715		35,494,632
3.70%, 03/22/61 (Call 09/22/60)(a)		35,897		26,606,113

Security	Par (000)		Value
Telecommunications (continued)
3.88%, 02/08/29 (Call 11/08/28)	$	12,746	$	12,286,440
3.88%, 03/01/52 (Call 09/01/51)(a)		11,572		9,285,339
4.00%, 03/22/50 (Call 09/22/49)		13,935		11,517,488
4.02%, 12/03/29 (Call 09/03/29)(a)		42,122		40,476,765
4.13%, 03/16/27(a)		35,650		35,324,341
4.13%, 08/15/46(a)		8,714		7,414,371
4.27%, 01/15/36		20,431		18,954,186
4.33%, 09/21/28		44,813		44,419,511
4.40%, 11/01/34 (Call 05/01/34)		18,194		17,228,763
4.50%, 08/10/33(a)		20,767		20,044,855
4.52%, 09/15/48(a)		12,137		10,913,626
4.81%, 03/15/39		13,024		12,482,273
4.86%, 08/21/46		24,556		23,186,055
5.01%, 08/21/54(a)		8,068		7,689,697
5.25%, 03/16/37		10,463		10,635,037
6.55%, 09/15/43		9,455		10,678,509
Vodafone Group PLC 4.25%, 09/17/50(a)		17,331		14,117,635
4.38%, 05/30/28(a)		4,690		4,710,772
4.38%, 02/19/43(a)		19,454		16,420,919
4.88%, 06/19/49		18,013		16,098,665
5.25%, 05/30/48(a)		9,280		8,853,256
6.15%, 02/27/37(a)		21,895		23,522,287
				2,284,697,350
Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		10,193		9,359,687
Transportation — 1.9%
Burlington Northern Santa Fe LLC 3.30%, 09/15/51 (Call 03/15/51)(a)		10,833		8,270,340
3.55%, 02/15/50 (Call 08/15/49)		8,300		6,734,461
3.90%, 08/01/46 (Call 02/01/46)		7,586		6,472,395
4.05%, 06/15/48 (Call 12/15/47)		8,690		7,665,145
4.13%, 06/15/47 (Call 12/15/46)		7,781		6,906,632
4.15%, 04/01/45 (Call 10/01/44)(a)		8,629		7,708,674
4.15%, 12/15/48 (Call 06/15/48)		8,970		7,980,267
4.45%, 03/15/43 (Call 09/15/42)		9,620		8,999,137
4.45%, 01/15/53 (Call 07/15/52)		9,780		9,208,418
4.55%, 09/01/44 (Call 03/01/44)		8,467		8,003,232
4.90%, 04/01/44 (Call 10/01/43)		11,549		11,373,657
5.75%, 05/01/40 (Call 11/01/39)		8,994		9,688,354
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)		7,571		7,269,471
Canadian Pacific Railway Co. 1.75%, 12/02/26 (Call 11/02/26)(a)		8,973		8,195,258
2.45%, 12/02/31 (Call 09/02/31)(a)		12,612		11,243,004
3.00%, 12/02/41 (Call 06/02/41)(a)		13,604		11,299,032
3.10%, 12/02/51 (Call 06/02/51)(a)		22,413		16,078,367
6.13%, 09/15/2115 (Call 03/15/2115)		8,272		8,902,380
CSX Corp. 3.25%, 06/01/27 (Call 03/01/27)		7,900		7,572,882
3.80%, 03/01/28 (Call 12/01/27)(a)		10,424		10,211,560
3.80%, 11/01/46 (Call 05/01/46)(a)		5,279		4,358,648
4.10%, 11/15/32 (Call 08/15/32)(a)		10,333		10,024,598
4.10%, 03/15/44 (Call 09/15/43)(a)		7,545		6,646,243
4.25%, 03/15/29 (Call 12/15/28)		11,638		11,515,091
4.30%, 03/01/48 (Call 09/01/47)(a)		8,497		7,558,838
4.50%, 11/15/52 (Call 05/15/52)(a)		9,196		8,475,563
FedEx Corp. 2.40%, 05/15/31 (Call 02/15/31)(a)		13,397		11,391,260

SCHEDULE   OF   INVESTMENTS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
3.10%, 08/05/29 (Call 05/05/29)(a)	$	14,331	$	13,223,688
3.25%, 05/15/41 (Call 11/15/40)(a)		9,785		7,473,694
4.05%, 02/15/48 (Call 08/15/47)(a)		11,394		9,269,772
4.25%, 05/15/30 (Call 02/15/30)(a)		10,256		10,008,205
4.40%, 01/15/47 (Call 07/15/46)		8,040		6,867,314
4.55%, 04/01/46 (Call 10/01/45)		14,450		12,606,587
4.75%, 11/15/45 (Call 05/15/45)		13,312		12,052,689
4.95%, 10/17/48 (Call 04/17/48)		9,734		9,065,129
5.10%, 01/15/44(a)		4,196		3,979,515
5.25%, 05/15/50 (Call 11/15/49)(a)		12,859		12,569,364
Norfolk Southern Corp. 3.05%, 05/15/50 (Call 11/15/49)(a)		718		503,721
3.16%, 05/15/55 (Call 11/15/54)		9,309		6,406,683
4.55%, 06/01/53 (Call 12/01/52)(a)		8,960		8,127,936
Union Pacific Corp. 2.38%, 05/20/31 (Call 02/20/31)		13,171		11,423,719
2.40%, 02/05/30 (Call 11/05/29)(a)		9,593		8,509,194
2.80%, 02/14/32 (Call 11/14/31)(a)		15,320		13,553,901
2.95%, 03/10/52 (Call 09/10/51)(a)		9,861		7,029,225
2.97%, 09/16/62 (Call 03/16/62)(a)		14,633		9,711,100
3.20%, 05/20/41 (Call 11/20/40)(a)		11,933		9,644,988
3.25%, 02/05/50 (Call 08/05/49)		19,608		14,994,655
3.50%, 02/14/53 (Call 08/14/52)		11,559		9,186,129
3.70%, 03/01/29 (Call 12/01/28)		9,740		9,496,452
3.75%, 02/05/70 (Call 08/05/69)		3,446		2,662,134
3.80%, 10/01/51 (Call 04/01/51)(a)		11,353		9,528,271
3.80%, 04/06/71 (Call 10/06/70)(a)		10,837		8,471,014
3.84%, 03/20/60 (Call 09/20/59)		20,460		16,700,002
3.95%, 09/10/28 (Call 06/10/28)(a)		9,260		9,176,288
4.50%, 01/20/33 (Call 10/20/32)(a)		9,460		9,516,895
United Parcel Service Inc. 3.05%, 11/15/27 (Call 08/15/27)(a)		12,023		11,550,835
3.40%, 03/15/29 (Call 12/15/28)(a)		9,894		9,541,961
3.75%, 11/15/47 (Call 05/15/47)(a)		9,498		8,219,533
4.25%, 03/15/49 (Call 09/15/48)		5,283		4,852,299
4.45%, 04/01/30 (Call 01/01/30)(a)		8,577		8,696,527
4.88%, 03/03/33 (Call 12/03/32)(a)		8,582		8,870,311
5.05%, 03/03/53 (Call 09/03/52)		10,879		11,234,400
5.30%, 04/01/50 (Call 10/01/49)(a)		9,739		10,485,866
6.20%, 01/15/38		19,837		22,791,430
Walmart Inc. 1.05%, 09/17/26 (Call 08/17/26)		11,145		10,101,285

Security	Par/ Shares (000)		Value
Transportation (continued)
1.50%, 09/22/28 (Call 07/22/28)(a)	$	12,023	$	10,632,742
1.80%, 09/22/31 (Call 06/22/31)(a)		28,414		24,091,966
3.95%, 09/09/27 (Call 08/09/27)(a)		8,470		8,504,016
				651,084,342
Water — 0.1%
American Water Capital Corp. 3.75%, 09/01/47 (Call 03/01/47)		9,258		7,601,066
4.45%, 06/01/32 (Call 03/01/32)(a)		10,617		10,541,910
6.59%, 10/15/37		9,255		10,606,327
				28,749,303
Total Long-Term Investments — 98.3% (Cost: $38,935,770,761)				34,157,793,400
Short-Term Securities
Money Market Funds — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(d)(e)(f)		2,644,952		2,645,745,960
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e)		325,194		325,194,000
Total Short-Term Securities — 8.5% (Cost: $2,969,798,760)				2,970,939,960
Total Investments — 106.8% (Cost: $41,905,569,521)				37,128,733,360
Liabilities in Excess of Other Assets — (6.8)%				(2,379,588,024	)
Net Assets — 100.0%			$34,749,145,336

^(a)  All or a portion of this security is on loan.

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

^(c)  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.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  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:

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) April 30, 2023 iShares^® iBoxx $ Investment Grade 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
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	34,157,793,400	$	—	$	34,157,793,400
Short-Term Securities
Money Market Funds		2,970,939,960		—		—		2,970,939,960
	$	2,970,939,960	$	34,157,793,400	$	—	$	37,128,733,360

SCHEDULE   OF   INVESTMENTS

Statements of Assets and Liabilities  (unaudited)(continued)

April 30, 2023

	iShares 10+ Year Investment Grade Corporate Bond ETF			iShares Core U.S. Aggregate Bond ETF			iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,687,989,682		$	88,343,975,729		$	15,053,148,039		$	34,157,793,400
Investments, at value — affiliated(c)		138,661,177			3,879,600,265			2,930,778,079			2,970,939,960
Cash		10,581			5,375,230			—			—
Cash pledged as collateral for TBA commitments		—			12,120,000			—			—
Foreign currency, at value(d)		—			—			23,282			—
Receivables:
Investments sold		2,584,503			604,495,907			24,105,725			64,612
Securities lending income — affiliated		48,890			283,710			1,752,932			737,722
TBA sales commitments		—			93,256,683			—			—
Capital shares sold		120,052			13,588,675			60,811,651			2,806,380
Dividends — affiliated		36,517			13,384,183			186,147			1,580,393
Interest — unaffiliated		21,577,349			582,601,484			245,869,946			359,941,630
Total assets		1,851,028,751			93,548,681,866			18,316,675,801			37,493,864,097
LIABILITIES
Bank overdraft		—			—			2,133,732			11,098,979
Cash received as collateral for TBA commitments		—			182,000			—			—
Collateral on securities loaned, at value		127,865,678			309,759,546			2,891,618,244			2,644,640,218
TBA sales commitments, at value(e)		—			93,036,748			—			—
Payables:
Investments purchased		3,829,468			3,978,290,450			73,085,357			73,605,986
Capital shares redeemed		170,417			—			1,270,220			11,219,223
Investment advisory fees		54,985			1,913,704			5,756,546			4,154,355
Total liabilities		131,920,548			4,383,182,448			2,973,864,099			2,744,718,761
NET ASSETS	$	1,719,108,203		$	89,165,499,418		$	15,342,811,702		$	34,749,145,336
NET ASSETS CONSIST OF
Paid-in capital	$	2,142,934,084		$	98,480,879,453		$	18,742,479,954		$	40,546,931,586
Accumulated earnings		(423,825,881	)		(9,315,380,035	)		(3,399,668,252	)		(5,797,786,250	)
NET ASSETS	$	1,719,108,203		$	89,165,499,418		$	15,342,811,702		$	34,749,145,336
NET ASSET VALUE
Shares outstanding		32,800,000			892,600,000			204,100,000			316,500,000
Net asset value	$	52.41		$	99.89		$	75.17		$	109.79
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	2,064,139,026		$	96,723,600,132		$	16,599,914,131		$	38,935,770,761
(b) Securities loaned, at value	$	124,835,698		$	302,728,799		$	2,790,867,170		$	2,579,395,873
(c)  Investments, at cost — affiliated	$	138,600,287		$	3,878,193,513		$	2,929,559,235		$	2,969,798,760
(d) Foreign currency, at cost	$	—		$	—		$	21,913		$	—
(e) Proceeds from TBA sales commitments	$	—		$	93,256,683		$	—		$	—

2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation

AGM	Assured Guaranty Municipal Corp.
BAB	Build America Bond
BAM	Build America Mutual Assurance Co.
CMT	Constant Maturity Treasury
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

GLOSSARY   OF   TERMS   USED  IN   THIS   REPORT

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.

© 2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1010-0423

        

APRIL 30, 2023

2023 Semi-Annual Report

(Unaudited)

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,

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

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. In addition, the Fed added liquidity to markets amid the failure of prominent regional banks.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth was modest in the last year, we believe that stickiness in services inflation and continued wage growth will keep inflation above central bank targets for some time. Although the Fed has decelerated the pace of interest rate hikes and indicated a pause could be its next step, we believe that the Fed still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the rapid increase in interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar could provide a supportive backdrop. We also see selective, long-term opportunities in credit, where we believe that valuations are appealing, and higher yields offer attractive income. However, we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most significant opportunities in short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of April 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		8.63	%		2.66	%
U.S. small cap equities (Russell 2000® Index)		(3.45	)		(3.65	)
International equities (MSCI Europe, Australasia, Far East Index)		24.19			8.42
Emerging market equities (MSCI Emerging Markets Index)		16.36			(6.51	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.09			2.83
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		7.14			(1.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		6.91			(0.43	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.65			2.87
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.21			1.21
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		21
Consolidated Statements of Operations		22
Consolidated Statements of Changes in Net Assets		23
Consolidated Financial Highlights		25
Notes to Consolidated Financial Statements		29
Statement Regarding Liquidity Risk Management Program		37
General Information		38
Glossary of Terms Used in this Report		39

Fund Summary as of April 30, 2023 iShares^® 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							Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since    Inception	1 Year			5 Years			Since    Inception
Fund NAV		(5.63	)%		(16.73	)%		4.62	%	5.10%		(16.73	)%		25.35	%	28.71%
Fund Market		(5.43	)		(16.26	)		4.62		5.10		(16.26	)		25.33		28.72
Index		(5.34	)		(16.17	)		5.20		5.70		(16.17	)		28.87		32.52

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					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       943.70	$       1.30			$       1,000.00	$       1,023.50	$       1.35		0.27	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Commercial Paper		53.4	%
U.S. Treasury Obligations		26.8
Money Market Funds		16.0
Cash		9.7
Futures		(1.3	)
Other assets, less liabilities		(4.6	)

COMMODITIES EXPOSURE

Sector Exposure(a)	Percent of Exposure
Agriculture Futures		29.3	%
Energy Futures		28.4
Precious Metals Futures		21.1
Industrial Metals Futures		15.6
Livestock Futures		5.6

^(a)  Represents the sector allocation of the Bloomberg Roll Select Commodity Total Return Index.

4 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023  iShares^® 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					Cumulative Total Returns
	6-Month Total Returns			1 Year			Since    Inception		1 Year			Since Inception
Fund NAV		1.82	%		(9.30	)%		20.92%		(9.30	)%		65.86	%
Fund Market		2.04			(9.08	)		20.89		(9.08	)		65.74
Index		2.15			(8.55	)		21.70		(8.55	)		68.72

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					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,018.20	$       1.85			$       1,000.00	$       1,023.00	$       1.86		0.37	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
U.S. Treasury Obligations		40.9	%
Commercial Paper		26.6
Money Market Funds		39.0
Cash		0.0	(a)
Total Return Commodity Swaps		0.3
Other assets, less liabilities		(6.8	)

^(a)  Rounds to less than 0.1%.

FIVE LARGEST HOLDINGS

Security	Percent of Net Assets
U.S. Treasury Bill, 4.21%, 05/02/23		23.4	%
U.S. Treasury Bill, 4.32%, 05/25/23		9.7
U.S. Treasury Bill, 4.18%, 05/30/23		7.8
Bell Telephone Co. of Canada or Bell Canada (The), 5.05%, 05/02/23		1.9
Sony Capital Corp., 5.08%, 05/02/23		1.9

FUND  SUMMARY 5

Fund Summary as of April 30, 2023  iShares^® 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						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		21.21	%		3.80	%		7.81	%		3.80	%		44.56	%
Fund Market		21.37			4.24			7.79			4.24			44.43
Index		21.53			4.18			8.08			4.18			46.33

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					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,212.10	$       0.99			$       1,000.00	$       1,023.90	$       0.90		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. 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 Net Assets
U.S. Treasury Obligations		33.5	%
Commercial Paper		23.6
Grantor Trust		19.1
Money Market Funds		18.3
Cash		3.3
Futures		0.3
Other assets, less liabilities		1.9

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of Net Assets
Gold Futures		75.7	%

6 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of April 30, 2023  iShares^® 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									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(8.45	)%		(16.79	)%		4.12	%		0.18	%		(16.79	)%		22.38	%		1.51	%
Fund Market		(8.24	)		(16.52	)		4.09			0.16			(16.52	)		22.21			1.37
Index		(8.27	)		(16.23	)		4.60			(2.20	)		(16.23	)		25.24			(17.28	)

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					Hypothetical 5% Return
	Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (11/01/22)	Ending Account Value (04/30/23)	��	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       915.50	$       2.23			$       1,000.00	$       1,022.50		$       2.36		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Commercial Paper		55.2	%
U.S. Treasury Obligations		21.8
Certificates of Deposit		5.4
Money Market Funds		9.4
Cash		14.3
Futures		(5.8	)
Other assets, less liabilities		(0.3	)

COMMODITY-LINKED FUTURES

Sector Exposure(a)	Percent of Net Assets
Energy Futures		57.1	%
Agriculture Futures		18.4
Industrial Metals Futures		11.3
Livestock Futures		7.8
Gold Futures		4.8
Precious Metals Futures		0.5

^(a)  Exposures are calculated as the current notional value of the futures contracts as a percentage of net assets.

FUND  SUMMARY 7

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

8 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) April 30, 2023 iShares^® Bloomberg Roll Select Commodity Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Amcor Flexibles North America Inc., 5.05%, 05/05/23	$	5,500	$	5,494,599
American Electric Power Co. Inc., 5.03%, 05/03/23		2,500		2,498,255
American Honda Finance Corp. 5.09%, 05/22/23		1,000		996,615
5.27%, 06/06/23		4,000		3,977,298
BASF SE, 5.09%, 06/30/23		5,000		4,955,830
Bell Telephone Co. of Canada or Bell Canada (The), 5.05%, 05/02/23		9,000		8,994,953
BP Capital Markets PLC, 4.97%, 05/03/23		8,000		7,994,477
Columbia Funding Co. LLC, 5.00%, 05/25/23		3,000		2,988,799
Enbridge U.S. Inc. 5.24%, 05/08/23		5,000		4,992,731
5.33%, 05/19/23		3,000		2,990,693
Evergy Missouri West Inc., 5.08%, 05/09/23		5,000		4,992,257
Fairway Finance Co. LLC, 5.09%, 06/08/23		4,000		3,976,949
Fiserv Inc. 5.05%, 05/03/23		2,700		2,698,107
5.21%, 05/23/23		5,000		4,983,928
Gotham Funding Corp., 4.81%, 05/02/23		3,000		2,998,397
Honeywell International Inc. 4.97%, 06/23/23		2,362		2,344,613
4.98%, 06/27/23		2,415		2,395,881
Hyundai Capital America, 5.35%, 06/20/23		4,000		3,968,765
John Deere Capital Corp., 4.99%, 07/13/23		4,000		3,958,310
Kreditanstalt fuer Wiederaufbau, 4.96%, 05/30/23		5,000		4,978,062
Lime Funding LLC, 5.12%, 06/14/23		5,000		4,966,826
L’Oreal USA Inc., 4.94%, 06/13/23		4,000		3,974,899
Mackinac Funding Co. LLC 4.83%, 05/04/23		2,000		1,998,390
5.08%, 05/31/23		3,000		2,986,093
Marriott International Inc., 5.23%, 05/12/23		3,450		3,443,002
Mohawk Industries Inc., 5.03%, 05/04/23		5,000		4,997,883
Mondelez International Inc., 5.27%, 06/13/23		3,250		3,228,252
National Grid North America Inc., 5.25%, 05/26/23		1,750		1,742,880
Nutrien Financial U.S. LLC, 5.08%, 05/09/23		4,000		3,993,806
PACCAR Financial Corp., 4.89%, 05/10/23		1,750		1,747,152
Province of Quebec Canada, 4.85%, 05/11/23		4,681		4,672,822
RWE AG 5.45%, 05/02/23		3,000		2,999,546
5.61%, 05/17/23		4,000		3,988,186
Sherwin-Williams Co. (The) 4.95%, 05/02/23		2,602		2,600,570
5.06%, 05/15/23		1,423		1,419,611
5.10%, 05/30/23		2,000		1,990,971
Siemens Capital Co. LLC, 4.97%, 06/29/23		5,000		4,959,437
Sony Capital Corp., 5.08%, 05/02/23		4,000		3,997,745

Security	Par/ Shares (000)		Value
Telstra Group Ltd., 4.93%, 05/08/23	$	8,000	$	7,989,060
TELUS Corp. 5.03%, 05/03/23		1,531		1,529,931
5.22%, 05/23/23		3,000		2,989,162
TotalEnergies Capital Canada Ltd., 4.96%, 05/12/23		4,000		3,992,305
TransCanada PipeLines Ltd. 5.17%, 05/18/23		5,250		5,234,965
5.22%, 05/23/23		2,750		2,740,066
United Overseas Bank Ltd., 5.18%, 07/25/23		4,000		3,949,146
VW Credit Inc. 5.10%, 05/11/23		7,000		6,987,139
5.24%, 05/25/23		3,000		2,988,253
Total Commercial Paper — 53.4% (Cost: $181,351,981)				181,287,617
U.S. Treasury Obligations(a)
U.S. Treasury Bill 4.17%, 05/04/23		5,000		4,998,288
4.18%, 05/09/23		5,000		4,995,422
4.18%, 05/30/23		20,000		19,933,743
4.21%, 05/02/23		16,000		15,998,153
4.23%, 05/23/23		5,000		4,987,282
4.24%, 05/11/23		15,000		14,982,604
4.28%, 05/16/23		5,000		4,991,214
4.32%, 05/25/23		10,000		9,971,692
4.42%, 05/18/23		10,000		9,979,470
Total U.S. Treasury Obligations — 26.8% (Cost: $90,831,160)				90,837,868
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(c)		54,420		54,420,000
Total Money Market Funds — 16.0% (Cost: $54,420,000)				54,420,000
Total Investments — 96.2% (Cost: $326,603,141)				326,545,485
Other Assets Less Liabilities — 3.8%				13,044,057
Net Assets — 100.0%			$	339,589,542

^(a)  Rates are discount rates or a range of discount rates as of period end.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	34,050,000	$	20,370,000	(a)	$	—	$	—	$	—	$	54,420,000		54,420	$	646,793	$	37

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 9

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Affiliates (continued)

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Bloomberg Roll Select Index		12,373		06/21/23	$	338,773	$	(4,447,679	)

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,447,679	$	—	$	—	$	—	$	—	$	—	$	4,447,679

^(a)  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 April 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	(25,377,024	)	$	—	$	—	$	—	$	—	$	—	$	(25,377,024	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	527,867		$	—	$	—	$	—	$	—	$	—	$	527,867

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	334,201,094

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
Assets
Investments
Long-Term Investments
Commercial Paper	$	—	$	181,287,617	$	—	$	181,287,617
U.S. Treasury Obligations		—		90,837,868		—		90,837,868

10 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Bloomberg Roll Select Commodity Strategy ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	54,420,000		$	—	$	—	$	54,420,000
	$	54,420,000		$	272,125,485	$	—	$	326,545,485
Derivative Financial Instruments(a)
Liabilities
Commodity Contracts	$	(4,447,679	)	$	—	$	—	$	(4,447,679	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 11

Consolidated Schedule of Investments (unaudited)  April 30, 2023 iShares^® Commodity Curve Carry Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
American Honda Finance Corp., 5.27%, 06/06/23	$	300	$	298,297
Bell Telephone Co. of Canada or Bell Canada (The), 5.05%, 05/02/23		500		499,720
CDP Financial Inc., 5.18%, 07/05/23		500		495,156
Enbridge U.S. Inc. 5.24%, 05/08/23		350		349,491
5.32%, 05/18/23		250		249,263
Fiserv Inc., 5.21%, 05/23/23		300		299,036
Honeywell International Inc., 4.97%, 06/23/23		300		297,792
Lime Funding LLC, 5.12%, 06/14/23		500		496,682
L’Oreal USA Inc., 4.94%, 06/13/23		400		397,490
Mohawk Industries Inc., 5.03%, 05/04/23		300		299,873
RWE AG, 5.61%, 05/17/23		300		299,114
Sherwin-Williams Co. (The) 5.06%, 05/15/23		289		288,312
5.10%, 05/30/23		500		497,743
Siemens Capital Co. LLC, 4.97%, 06/29/23		300		297,566
Sony Capital Corp., 5.08%, 05/02/23		500		499,718
Telstra Group Ltd., 4.93%, 05/08/23		250		249,658
VW Credit Inc. 5.10%, 05/11/23		500		499,081
5.24%, 05/25/23		500		498,042
Total Commercial Paper — 26.6% (Cost: $6,814,325)				6,812,034

Security	Par/ Shares (000)		Value
U.S. Treasury Obligations(a)
U.S. Treasury Bill 4.18%, 05/30/23	$	2,000	$	1,993,374
4.21%, 05/02/23		6,000		5,999,308
4.32%, 05/25/23		2,500		2,492,923
Total U.S. Treasury Obligations — 40.9% (Cost: $10,485,146)				10,485,605
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(c)		9,980		9,980,000
Total Money Market Funds — 39.0% (Cost: $9,980,000)				9,980,000
Total Investments — 106.5% (Cost: $27,279,471)				27,277,639
Liabilities in Excess of Other Assets — (6.5)%				(1,658,987	)
Net Assets — 100.0%			$	25,618,652

^(a)  Rates are discount rates or a range of discount rates as of period end.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	8,760,000	$	1,220,000	(a)	$	—	$	—	$	—	$	9,980,000		9,980	$	196,648	$	7

^(a)  Represents net amount purchased (sold).

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Counterparty

Effective Date

Termination Date

Notional Amount (000)

Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Rate(a)

Frequency

Reference(b)

Frequency

5.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Citibank N.A.

N/A

08/31/23

USD  13,334

$ (353,249)

$ (396,317)

$43,069

5.07%

At Termination

ICE BofA Commodity Enhanced Carry Total Return Index

At Termination

Merrill Lynch International

N/A

08/31/23

USD  12,048

(318,007

)

(356,925

)

38,918

$(671,256)

$(753,242)

$81,987

^(a)  Represents 3-month Treasury Bill. Rate shown is the rate in effect as of period-end.

^(b)  Please refer to the Reference Entity below for more details.

12 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Commodity Curve Carry Strategy ETF

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 April 30, 2023.

Futures contracts	Maturity date		Weight %
Brent Crude Oil		10/31/2023		24.9	%
Copper		12/19/2023		14.0
Corn		12/14/2023		10.5
Gas Oil		12/12/2023		10.5
Soybeans		11/14/2023		10.1
RBOB Gasoline		11/30/2023		9.3
Sugar		2/29/2024		6.9
WTI Crude Oil		11/20/2023		6.6
Coffee		11/18/2023		3.9
Zinc		12/19/2023		2.2
Lean Hogs		10/13/2023		1.0

Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
Total Return Swaps	$	—	$	(753,242)	$	81,987	$	—

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	81,987	$	—	$	—	$	—	$	—	$	—	$	81,987
Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	753,242	$	—	$	—	$	—	$	—	$	—	$	753,242

For the period ended April 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Swaps	$	(601,955	)	$	—	$	—	$	—	$	—	$	—	$	(601,955	)
Net Change in Unrealized Appreciation (Depreciation) on
Swaps	$	742,184		$	—	$	—	$	—	$	—	$	—	$	742,184

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Total return swaps
Average notional value	$	26,339,208

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

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 13

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Commodity Curve Carry Strategy ETF

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:
Swaps - OTC(a)	$	81,987	$	753,242
Total derivative assets and liabilities in the Statement of Assets and Liabilities		81,987		753,242
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		81,987		753,242

^(a)  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 Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Citibank N.A.	$	43,069	$	(43,069	)	$	—	$	—	$	—
Merrill Lynch International		38,918		(38,918	)		—		—		—
	$	81,987	$	(81,987	)	$	—	$	—	$	—

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged	(c)		Net Amount of Derivative Liabilities	(d)
Citibank N.A	$	396,317	$	(43,069	)	$	—	$	(240,000	)	$	113,248
Merrill Lynch International		356,925		(38,918	)		—		(318,007	)		—
	$	753,242	$	(81,987	)	$	—	$	(558,007	)	$	113,248

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

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(d)  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
Assets
Investments
Long-Term Investments
Commercial Paper	$	—	$	6,812,034	$	—	$	6,812,034
U.S. Treasury Obligations		—		10,485,605		—		10,485,605
Short-Term Securities
Money Market Funds		9,980,000		—		—		9,980,000
	$	9,980,000	$	17,297,639	$	—	$	27,277,639
Derivative Financial Instruments(a)
Assets
Commodity Contracts	$	—	$	81,987	$	—	$	81,987

^(a)  Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

14 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) April 30, 2023 iShares^® Gold Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Paper
Amazon.com Inc., 4.78%, 06/12/23	$	500	$	497,031
American Electric Power Co. Inc., 5.03%, 05/03/23		750		749,476
Bell Telephone Co. of Canada or Bell Canada (The), 5.05%, 05/02/23		1,500		1,499,159
CDP Financial Inc., 5.18%, 07/05/23		750		742,734
Enbridge U.S. Inc., 5.32%, 05/18/23		400		398,820
Fiserv Inc., 5.21%, 05/23/23		400		398,714
Honeywell International Inc., 4.97%, 06/23/23		400		397,056
L’Oreal USA Inc., 4.94%, 06/13/23		400		397,490
Mohawk Industries Inc., 5.03%, 05/04/23		400		399,831
RWE AG, 5.61%, 05/17/23		300		299,114
Sherwin-Williams Co. (The), 5.10%, 05/30/23		500		497,743
Siemens Capital Co. LLC, 4.97%, 06/29/23		400		396,755
Skandinaviska Enskilda Banken AB, 5.04%, 07/17/23, (1-day SOFR + 0.230%)(a)		500		499,995
Sony Capital Corp., 5.08%, 05/02/23		500		499,718
Telstra Group Ltd., 4.93%, 05/08/23		500		499,316
VW Credit Inc. 5.10%, 05/11/23		500		499,081
5.24%, 05/25/23		500		498,042
Total Commercial Paper — 23.6% (Cost: $9,172,978)				9,170,075
Grantor Trust
iShares Gold Trust(b)(c)		197		7,422,158
Total Grantor Trust — 19.1% (Cost: $6,609,855)				7,422,158

Security	Par/ Shares (000)		Value
U.S. Treasury Obligations(d)
U.S. Treasury Bill 4.18%, 05/09/23	$	5,000	$	4,995,422
4.18%, 05/30/23		3,000		2,990,061
4.21%, 05/02/23		1,000		999,885
4.32%, 05/25/23		4,000		3,988,677
Total U.S. Treasury Obligations — 33.5% (Cost: $12,973,109)				12,974,045
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(b)(e)		7,100		7,100,000
Total Money Market Funds — 18.3% (Cost: $7,100,000)				7,100,000
Total Investments — 94.5% (Cost: $35,855,942)				36,666,278
Other Assets Less Liabilities — 5.5%				2,128,803
Net Assets — 100.0%			$	38,795,081

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

^(b)  Affiliate of the Fund.

^(c)  Non-income producing security.

^(d)  Rates are discount rates or a range of discount rates as of period end.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	350,000	$	6,750,000	(a)	$	—		$	—	$	—	$	7,100,000		7,100	$	75,170	$	2
iShares Gold Trust		6,213,349		6,273,873			(6,880,127	)		666,529		1,148,534		7,422,158		197		—		—
									$	666,529	$	1,148,534	$	14,522,158			$	75,170	$	2

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Gold 100 OZ		147		06/28/23	$	29,387	$	98,459

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 15

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® Gold 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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	98,459	$	—	$	—	$	—	$	—	$	—	$	98,459

^(a)  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 April 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	3,320,933	$	—	$	—	$	—	$	—	$	—	$	3,320,933
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	1,741,673	$	—	$	—	$	—	$	—	$	—	$	1,741,673

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	30,158,520

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
Assets
Investments
Long-Term Investments
Commercial Paper	$	—	$	9,170,075	$	—	$	9,170,075
Grantor Trust		7,422,158		—		—		7,422,158
U.S. Treasury Obligations		—		12,974,045		—		12,974,045
Short-Term Securities
Money Market Funds		7,100,000		—		—		7,100,000
	$	14,522,158	$	22,144,120	$	—	$	36,666,278
Derivative Financial Instruments(a)
Assets
Commodity Contracts	$	98,459	$	—	$	—	$	98,459

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

16 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) April 30, 2023 iShares^® GSCI Commodity Dynamic Roll Strategy ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit
Bank of Montreal, 5.34%, 10/13/23	$	10,000	$	9,995,349
Barclays Bank PLC, 5.03%, 06/08/23, (1-day SOFR + 0.650%)(a)		11,250		11,255,755
MUFG Bank Ltd., 5.26%, 07/28/23		5,000		5,000,500
Royal Bank of Canada, 5.35%, 07/14/23		10,000		9,969,551
Svenska Handelsbanken/New York NY, 5.36%, 04/29/24		4,000		3,999,093
TotalEnergies Capital Canada Ltd., 4.96%, 05/12/23		5,000		4,990,381
Total Certificates of Deposit — 5.4% (Cost: $45,242,590)				45,210,629
Commercial Paper
Amazon.com Inc., 4.78%, 06/12/23		3,000		2,982,188
Amcor Flexibles North America Inc., 5.05%, 05/05/23		11,000		10,989,198
American Electric Power Co. Inc., 5.03%, 05/03/23		5,000		4,996,509
American Honda Finance Corp. 5.09%, 05/22/23		10,000		9,966,153
5.27%, 06/06/23		10,000		9,943,244
Australia & New Zealand Banking Group Ltd. 5.05%, 07/10/23		7,350		7,275,479
5.32%, 12/01/23		10,000		9,689,268
Banco Santander SA, 5.11%, 06/26/23		10,000		9,916,957
Barton Capital SA, 5.39%, 09/01/23		10,000		9,814,780
BASF SE, 5.09%, 06/30/23		2,000		1,982,332
Bell Telephone Co. of Canada or Bell Canada (The), 5.05%, 05/02/23		13,000		12,992,710
BP Capital Markets PLC, 4.97%, 05/03/23		10,000		9,993,096
CDP Financial Inc., 5.18%, 07/05/23		11,000		10,893,431
Citigroup Global Markets Inc., 5.45%, 09/21/23, (1-day SOFR + 0.650%)(a)(b)		10,000		10,011,496
Columbia Funding Co. LLC, 5.00%, 05/25/23		5,000		4,981,333
DNB Bank ASA, 5.30%, 05/31/23, (1-day SOFR + 0.490%)(a)(b)		11,600		11,602,872
Enbridge U.S. Inc. 5.24%, 05/08/23		5,000		4,992,731
5.32%, 05/18/23		4,000		3,988,204
5.33%, 05/19/23		5,000		4,984,489
Evergy Missouri West Inc., 5.08%, 05/09/23		10,000		9,984,514
Fairway Finance Co. LLC, 5.09%, 06/08/23		8,000		7,953,898
FMS Wertmanagement, 5.06%, 07/11/23		5,000		4,948,560
Gotham Funding Corp., 4.81%, 05/02/23		3,000		2,998,397
GTA Funding LLC, 5.15%, 06/26/23		8,000		7,933,055
Honeywell International Inc., 4.98%, 06/26/23		5,450		5,405,885
Hyundai Capital America, 5.35%, 06/20/23		10,000		9,921,913
ING U.S. Funding LLC, 5.27%, 08/22/23		5,893		5,794,544
John Deere Capital Corp., 4.99%, 07/13/23		10,000		9,895,774
Kreditanstalt fuer Wiederaufbau 4.96%, 05/30/23		5,000		4,978,062
5.08%, 07/18/23		10,000		9,886,893
Lime Funding LLC, 5.12%, 06/14/23		10,000		9,933,652
LMA-Americas LLC, 5.26%, 07/05/23		10,000		9,901,702
L’Oreal USA Inc., 4.94%, 06/13/23		8,000		7,949,799
LVMH Moet Hennessy Louis Vuitton SE, 5.01%, 07/24/23		3,000		2,964,120
Mackinac Funding Co. LLC, 4.83%, 05/04/23		3,500		3,497,183
Macquarie Bank Ltd., 4.95%, 05/12/23		10,000		9,980,785
Marriott International Inc., 5.23%, 05/12/23		4,450		4,440,973
Mercedes-Benz Finance North America LLC, 5.01%, 05/26/23		8,500		8,466,997
Mondelez International Inc., 5.27%, 06/13/23		2,000		1,986,617

Security	Par (000)		Value
National Australia Bank Ltd., 5.48%, 05/03/23, (1-day SOFR + 0.490%)(a)(b)	$	12,125	$	12,125,950
National Bank of Canada, 5.06%, 07/11/23, (1-day SOFR + 0.250%)(a)(b)		10,000		9,999,970
National Grid North America Inc., 5.25%, 05/26/23		3,250		3,236,777
Natixis SA, 5.39%, 09/01/23		5,000		4,907,443
Nutrien Financial U.S. LLC, 5.08%, 05/09/23		11,000		10,982,966
PACCAR Financial Corp., 4.89%, 05/10/23		3,500		3,494,304
Penske Truck Leasing Co. LP, 5.12%, 05/05/23		4,000		3,996,026
PSP Capital Inc., 4.94%, 05/23/23		15,000		14,948,667
Pure Grove Funding, 5.30%, 08/25/23		6,650		6,535,474
RWE AG, 5.61%, 05/17/23		11,050		11,017,364
Sherwin-Williams Co. (The) 4.95%, 05/02/23		1,626		1,625,106
5.06%, 05/15/23		8,950		8,928,682
5.10%, 05/30/23		4,000		3,981,941
Societe Generale SA, 6.05%, 03/06/24		10,000		9,500,510
Sony Capital Corp., 5.08%, 05/02/23		11,000		10,993,798
Starbird Funding Corp., 5.29%, 09/01/23		5,000		4,909,140
Svenska Handelsbanken, 5.37%, 09/01/23, (1-day SOFR + 0.560%)(a)		10,000		10,010,666
Telstra Group Ltd., 4.93%, 05/08/23		12,000		11,983,590
TELUS Corp. 5.03%, 05/03/23		1,531		1,529,931
5.22%, 05/23/23		5,000		4,981,938
5.29%, 06/01/23		5,000		4,975,166
TransCanada PipeLines Ltd. 5.17%, 05/18/23		7,000		6,979,953
5.22%, 05/23/23		1,750		1,743,678
VW Credit Inc. 5.10%, 05/11/23		3,000		2,994,488
5.24%, 05/25/23		8,000		7,968,674
Total Commercial Paper — 55.2% (Cost: $465,384,615)				465,171,995
U.S. Treasury Obligations(c)
U.S. Treasury Bill 4.18%, 05/09/23		10,000		9,990,844
4.18%, 05/30/23		30,000		29,900,615
4.21%, 05/02/23		17,500		17,497,980
4.23%, 05/23/23		20,000		19,949,128
4.24%, 05/11/23		15,000		14,982,604
4.28%, 05/16/23		10,000		9,982,427
4.32%, 05/25/23		20,000		19,943,383
4.42%, 05/18/23		50,000		49,897,351
5.04%, 07/06/23		11,500		11,396,165
Total U.S. Treasury Obligations — 21.8% (Cost: $183,534,949)				183,540,497

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 17

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® GSCI Commodity Dynamic Roll Strategy  ETF (Percentages shown are based on Net Assets)

Security	Shares (000)		Value
Money Market Funds
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e)		79,450	$	79,450,095
Total Money Market Funds — 9.4% (Cost: $79,450,095)				79,450,095
Total Investments — 91.8% (Cost: $773,612,249)				773,373,216
Other Assets Less Liabilities — 8.2%				69,245,997
Net Assets — 100.0%			$	842,619,213

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

^(b)  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.

^(c)  Rates are discount rates or a range of discount rates as of period end.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended April 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 10/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23 (000)		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	207,400,095	$	—	$	(127,950,000	)(a)	$	—	$	—	$	79,450,095		79,450	$	2,821,026	$	131

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
NY Harbor ULSD (Heat Oil)		351		05/31/23	$	35,043	$	(3,771,410	)
Gas Oil		624		06/12/23		43,337		(4,617,991	)
LME Lead		88		06/19/23		4,726		54,297
Gold 100 OZ		203		06/28/23		40,582		2,593,404
Live Cattle		540		06/30/23		35,742		2,337,817
Sugar		683		06/30/23		20,157		2,257,874
Cocoa		103		07/14/23		3,025		50,003
Wheat		752		07/14/23		23,829		(7,751,358	)
Wheat KCBT		327		07/14/23		12,692		(1,645,654	)
Soybean		488		08/14/23		33,233		(1,346,865	)
Brent Crude Oil		2,088		08/31/23		164,910		(9,643,927	)
Cattle Feeder		124		08/31/23		14,305		1,408,585
Corn		1,717		09/14/23		45,393		(7,989,539	)
Coffee		110		09/19/23		7,557		379,410
WTI Crude Oil		2,358		09/20/23		177,204		(10,024,532	)
RBOB Gasoline		384		09/29/23		35,978		(1,394,831	)
Lean Hogs		472		10/13/23		15,930		(1,328,779	)
Cotton		212		12/06/23		8,597		(429,356	)
LME Copper		186		12/18/23		40,004		(2,248,495	)
LME Zinc		103		12/18/23		6,840		(1,334,333	)
Silver		34		12/27/23		4,381		(61,604	)
Natural Gas		770		03/26/24		24,678		(2,997,644	)
LME Nickel		68		12/16/24		10,367		188,988

18 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® GSCI Commodity Dynamic Roll Strategy ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
LME PRI Aluminum		530		12/16/24	$	33,546	$	(1,551,641	)
							$	(48,867,581	)

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 Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	9,270,378	$	—	$	—	$	—	$	—	$	—	$	9,270,378
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	58,137,959	$	—	$	—	$	—	$	—	$	—	$	58,137,959

^(a)  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 April 30, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts			Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	(116,009,116	)	$	—	$	—	$	—	$	—	$	—	$	(116,009,116	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	(58,568,835	)	$	—	$	—	$	—	$	—	$	—	$	(58,568,835	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	975,304,537

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
Assets
Investments
Long-Term Investments
Certificates of Deposit	$	—	$	45,210,629	$	—	$	45,210,629
Commercial Paper		—		465,171,995		—		465,171,995
U.S. Treasury Obligations		—		183,540,497		—		183,540,497

CONSOLIDATED  SCHEDULE   OF   INVESTMENTS 19

Consolidated Schedule of Investments (unaudited) (continued) April 30, 2023 iShares^® GSCI Commodity Dynamic Roll Strategy  ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	79,450,095		$	—	$	—	$	79,450,095
	$	79,450,095		$	693,923,121	$	—	$	773,373,216
Derivative Financial Instruments(a)
Assets
Commodity Contracts	$	9,270,378		$	—	$	—	$	9,270,378
Liabilities
Commodity Contracts		(58,137,959	)		—		—		(58,137,959	)
	$	(48,867,581	)	$	—	$	—		(48,867,581	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to Consolidated Financial Statements

20 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Statements of Assets and Liabilities (unaudited)

April 30, 2023

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodity Curve Carry Strategy ETF		iShares Gold Strategy ETF		iShares GSCI Commodity Dynamic Roll Strategy ETF
ASSETS
Investments, at value — unaffiliated(a)	$	272,125,485		$	17,297,639	$	22,144,120	$	693,923,121
Investments, at value — affiliated(b)		54,420,000			9,980,000		14,522,158		79,450,095
Cash		11,011,596			—		46,911		179,453
Cash pledged:
Collateral — OTC derivatives		—			680,000		—		—
Futures contracts		21,995,000			—		1,245,000		120,016,000
Receivables:
Capital shares sold		—			—		2,413,339		—
Dividends — affiliated		93,929			33,824		19,977		1,080,984
Variation margin on futures contracts		2,694,633			—		1,297		—
Unrealized appreciation on OTC swaps		—			81,987		—		—
Total assets		362,340,643			28,073,450		40,392,802		894,649,653
LIABILITIES
Bank overdraft		—			499,177		—		—
Payables:
Investments purchased		22,681,289			1,194,266		1,592,356		—
Capital shares redeemed		—			—		—		1
Investment advisory fees		69,812			8,113		5,365		341,464
Variation margin on futures contracts		—			—		—		51,688,975
Swap premiums received		—			753,242		—		—
Total liabilities		22,751,101			2,454,798		1,597,721		52,030,440
NET ASSETS	$	339,589,542		$	25,618,652	$	38,795,081	$	842,619,213
NET ASSETS CONSIST OF
Paid-in capital	$	364,484,677		$	25,569,037	$	33,527,465	$	1,037,443,791
Accumulated earnings (loss)		(24,895,135	)		49,615		5,267,616		(194,824,578	)
NET ASSETS	$	339,589,542		$	25,618,652	$	38,795,081	$	842,619,213
NET ASSETVALUE
Shares outstanding		6,650,000			1,300,000		650,000		31,600,000
Net asset value	$	51.07		$	19.71	$	59.68	$	26.67
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Investments, at cost — unaffiliated	$	272,183,141		$	17,299,471	$	22,146,087	$	694,162,154
(b) Investments, at cost — affiliated	$	54,420,000		$	9,980,000	$	13,709,855	$	79,450,095

See notes to Consolidated Financial Statements

CONSOLIDATED   FINANCIAL  STATEMENTS 21

Consolidated Statements of Operations (unaudited)

Six Months Ended April 30, 2023

	iShares Bloomberg Roll Select Commodity Strategy ETF			iShares Commodity Curve Carry Strategy ETF			iShares Gold Strategy ETF			iShares GSCI Commodity Dynamic Roll Strategy ETF
INVESTMENT INCOME
Dividends — affiliated	$	646,793		$	196,648		$	75,170		$	2,821,026
Interest — unaffiliated		6,619,196			450,509			570,394			29,502,914
Other income — affiliated		—			—			—			400,115
Foreign taxes withheld		—			—			—			7,729
Total investment income		7,265,989			647,157			645,564			32,731,784
EXPENSES
Investment advisory		454,497			58,803			47,314			3,426,246
Total expenses		454,497			58,803			47,314			3,426,246
Less:
Investment advisory fees waived		(13,995	)		(4,146	)		(12,721	)		(37,635	)
Total expenses after fees waived		440,502			54,657			34,593			3,388,611
Net investment income		6,825,487			592,500			610,971			29,343,173
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(498	)		(631	)		(315	)		172,602
Investments — affiliated		—			—			175,282			—
Capital gain distributions from underlying funds — affiliated		37			7			2			131
Futures contracts		(25,377,024	)		—			3,320,933			(116,009,116	)
In-kind redemptions — affiliated(a)		—			—			491,247			—
Swaps		—			(601,955	)		—			—
		(25,377,485	)		(602,579	)		3,987,149			(115,836,383	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(20,894	)		2,915			1,647			882,860
Investments — affiliated		—			—			1,148,534			—
Futures contracts		527,867			—			1,741,673			(58,568,835	)
Swaps		—			742,184			—			—
		506,973			745,099			2,891,854			(57,685,975	)
Net realized and unrealized gain (loss)		(24,870,512	)		142,520			6,879,003			(173,522,358	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(18,045,025	)	$	735,020		$	7,489,974		$	(144,179,185	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to Consolidated Financial Statements

22 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Statements of Changes in Net Assets 

	iShares Bloomberg Roll Select Commodity Strategy ETF								iShares Commodity Curve Carry Strategy ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22				Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	6,825,487			$	2,802,355			$	592,500			$	215,782
Net realized gain (loss)			(25,377,485	)			25,994,873				(602,579	)			9,106,199
Net change in unrealized appreciation (depreciation)			506,973				(15,664,480	)			745,099				(4,514,622	)
Net increase (decrease) in net assets resulting from operations			(18,045,025	)			13,132,748				735,020				4,807,359
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(12,597,356	)			(30,653,592	)			(9,342,441	)			(8,253,258	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			55,341,575				123,567,454				(2,037,631	)			—
NET ASSETS
Total increase (decrease) in net assets			24,699,194				106,046,610				(10,645,052	)			(3,445,899	)
Beginning of period			314,890,348				208,843,738				36,263,704				39,709,603
End of period		$	339,589,542			$	314,890,348			$	25,618,652			$	36,263,704

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements

CONSOLIDATED   FINANCIAL  STATEMENTS 23

Consolidated Statements of Changes in Net Assets (continued)

	iShares Gold Strategy ETF							iShares GSCI Commodity Dynamic Roll Strategy ETF
	Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22			Six Months Ended 04/30/23 (unaudited)				Year Ended 10/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	610,971		$	247,905			$	29,343,173			$	15,953,017
Net realized gain (loss)			3,987,149			(2,405,989	)			(115,836,383	)			684,859,983
Net change in unrealized appreciation (depreciation)			2,891,854			(1,934,782	)			(57,685,975	)			(74,968,003	)
Net increase (decrease) in net assets resulting from operations			7,489,974			(4,092,866	)			(144,179,185	)			625,844,997
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(338,128	)		—				(514,790,044	)			(426,344,721	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(3,130,140	)		8,870,593				(857,559,992	)			(665,137,244	)
NET ASSETS
Total increase (decrease) in net assets			4,021,706			4,777,727				(1,516,529,221	)			(465,636,968	)
Beginning of period			34,773,375			29,995,648				2,359,148,434				2,824,785,402
End of period		$	38,795,081		$	34,773,375			$	842,619,213			$	2,359,148,434

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to Consolidated Financial Statements

24 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Bloomberg Roll Select Commodity Strategy ETF
		Six Months Ended																				Period From
		04/30/23				Year Ended				Year Ended				Year Ended				Year Ended						04/03/18	(a)
		(unaudited)				10/31/22				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period			$	56.23			$	59.67			$	41.91			$	45.01			$	47.77			$	50.00
Net investment income (loss)(b)				1.12				0.53				(0.09	)			0.23				1.05				0.58
Net realized and unrealized gain (loss)(c)				(4.11	)			3.99				17.92				(2.33	)			(3.05	)			(2.81	)
Net increase (decrease) from investment operations				(2.99	)			4.52				17.83				(2.10	)			(2.00	)			(2.23	)
Distributions from net investment income(d)				(2.17	)			(7.96	)			(0.07	)			(1.00	)			(0.76	)			—
Net asset value, end of period			$	51.07			$	56.23			$	59.67			$	41.91			$	45.01			$	47.77
Total Return(e)
Based on net asset value				(5.63	)%(f)			9.78	%			42.59	%			(4.81	)%			(4.19	)%			(4.46	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.28	%(h)			0.28	%			0.28	%			0.28	%			0.28	%			0.28	%(h)
Total expenses after fees waived				0.27	%(h)			0.27	%			0.27	%			0.27	%			0.19	%			0.10	%(h)
Net investment income (loss)				4.20	%(h)			0.91	%			(0.16	)%			0.55	%			2.30	%			2.01	%(h)
Supplemental Data
Net assets, end of period (000)			$	339,590			$	314,890			$	208,844			$	41,912			$	27,004			$	40,607
Portfolio turnover rate(i)				0	%			0	%			0	%			0	%			0	%			0	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 25

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Commodity Curve Carry Strategy ETF
		Six Months Ended												Period From
		04/30/23				Year Ended				Year Ended						09/01/20	(a)
		(unaudited)				10/31/22				10/31/21				to 10/31/20
Net asset value, beginning of period			$	25.90			$	28.36			$	19.45			$	20.16
Net investment income (loss)(b)				0.43				0.15				(0.07	)			(0.01	)
Net realized and unrealized gain (loss)(c)				0.05				3.29				8.98				(0.70	)
Net increase (decrease) from investment operations				0.48				3.44				8.91				(0.71	)
Distributions from net investment income(d)				(6.67	)			(5.90	)			—				—
Net asset value, end of period			$	19.71			$	25.90			$	28.36			$	19.45
Total Return(e)
Based on net asset value				1.82	%(f)			15.79	%			45.81	%			(3.52	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.40	%(h)			0.40	%			0.40	%			0.40	%(h)
Total expenses after fees waived				0.37	%(h)			0.38	%			0.39	%			0.00	%(h)
Net investment income (loss)				4.03	%(h)			0.57	%			(0.28	)%			(0.28	)%(h)
Supplemental Data
Net assets, end of period (000)			$	25,619			$	36,264			$	39,710			$	29,178
Portfolio turnover rate(i)				0	%			0	%			0	%			0	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

26 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Gold Strategy ETF
		Six Months Ended																				Period From
		04/30/23				Year Ended				Year Ended				Year Ended				Year Ended						06/06/18	(a)
		(unaudited)				10/31/22				10/31/21				10/31/20				10/31/19				to 10/31/18
Net asset value, beginning of period			$	49.68			$	54.54			$	62.75			$	57.41			$	46.76			$	50.00
Net investment income (loss)(b)				0.90				0.38				(0.07	)			0.13				0.82				0.27
Net realized and unrealized gain (loss)(c)				9.58				(5.24	)			(3.67	)			10.47				10.20				(3.51	)
Net increase (decrease) from investment operations				10.48				(4.86	)			(3.74	)			10.60				11.02				(3.24	)
Distributions from net investment income(d)				(0.48	)			—				(4.47	)			(5.26	)			(0.37	)			—
Net asset value, end of period			$	59.68			$	49.68			$	54.54			$	62.75			$	57.41			$	46.76
Total Return(e)
Based on net asset value				21.21	%(f)			(8.92	)%			(6.21	)%			20.64	%			23.74	%			(6.48	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.25	%(h)			0.25	%			0.25	%			0.25	%			0.25	%			0.25	%(h)
Total expenses after fees waived				0.18	%(h)			0.17	%			0.13	%			0.13	%			0.18	%			0.19	%(h)
Net investment income (loss)				3.23	%(h)			0.69	%			(0.12	)%			0.22	%			1.58	%			1.45	%(h)
Supplemental Data
Net assets, end of period (000)			$	38,795			$	34,773			$	29,996			$	21,964			$	8,612			$	4,676
Portfolio turnover rate(i)				50	%			52	%			121	%			77	%			47	%			13	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 27

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares GSCI Commodity Dynamic Roll Strategy ETF
		Six Months Ended
		04/30/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		(unaudited)				10/31/22				10/31/21				10/31/20				10/31/19				10/31/18
Net asset value, beginning of period			$	37.93			$	37.41			$	24.27			$	31.80			$	37.18			$	35.97
Net investment income (loss)(a)				0.62				0.21				(0.13	)			0.26				0.76				0.63
Net realized and unrealized gain (loss)(b)				(3.48	)			5.80				13.37				(6.93	)			(3.04	)			2.62
Net increase (decrease) from investment operations				(2.86	)			6.01				13.24				(6.67	)			(2.28	)			3.25
Distributions from net investment income(c)				(8.40	)			(5.49	)			(0.10	)			(0.86	)			(3.10	)			(2.04	)
Net asset value, end of period			$	26.67			$	37.93			$	37.41			$	24.27			$	31.80			$	37.18
Total Return(d)
Based on net asset value				(8.45	)%(e)(f)			19.92	%			54.75	%			(21.66	)%			(5.87	)%			9.29	%(g)
Ratios to Average Net Assets(h)
Total expenses				0.48	%(i)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Total expenses after fees waived				0.47	%(i)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income (loss)				4.08	%(f)(i)(j)			0.54	%			(0.38	)%			0.95	%			2.32	%			1.66	%
Supplemental Data
Net assets, end of period (000)			$	842,619			$	2,359,148			$	2,824,785			$	196,558			$	518,373			$	728,739
Portfolio turnover rate(k)				0	%			0	%			0	%			5	%			32	%			167	%

^(a)  Based on average shares outstanding.

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

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Includes payment received from an affiliate, which impacted the Fund’s total return and net investment income (loss) ratio. Excluding the payment from an affiliate, the Fund’s total return and net investment income (loss) ratio would have been -8.49% and 4.05%, respectively.

^(g)  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%.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Other Income - affiliated was not annualized in the calculation of the net investment income (loss) ratio. If this income was annualized, the Fund’s net investment income (loss) ratio would have been 4.11%.

^(k)  Portfolio turnover rate excludes in-kind transactions.

See notes to Consolidated Financial Statements

28 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited)

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     Classification
Bloomberg Roll Select Commodity Strategy(a)		Diversified
Commodity Curve Carry Strategy		Non-diversified
Gold Strategy		Non-diversified
GSCI Commodity Dynamic Roll Strategy		Diversified

^(a)  The Fund’s classification changed from non-diversified to diversified during the reporting period.

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.

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 Consolidated 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 April 30, 2023, if any, are disclosed in the Consolidated 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 Consolidated Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian and utilized its ability to temporarily borrow from that custodian for operational purposes. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable.

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.

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 29

Notes to Consolidated Financial Statements (unaudited) (continued)

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 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:

• 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.

• 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.

• 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.

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

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• 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:

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

30 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

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

4. 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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 31

Notes to Consolidated Financial Statements (unaudited) (continued)

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 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%.

32 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended April 30, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
Bloomberg Roll Select Commodity Strategy	$	13,995
Commodity Curve Carry Strategy		4,146
Gold Strategy		12,721
GSCI Commodity Dynamic Roll Strategy		37,635

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.

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.

Other Transactions: During the six months ended April 30, 2023, iShares GSCI Commodity Dynamic Roll Strategy ETF received a reimbursement of $400,115 from an affiliate, which is included in Other income - affiliated in the statement of operations, related to an operating event.

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 six months ended April 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Gold Strategy	$	4,396,370	$	4,102,109

For the six months ended April 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Gold Strategy	$	1,877,503	$	2,778,017

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 April 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ consolidated financial statements.

As of October 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss   Carryforwards
Bloomberg Roll Select Commodity Strategy	$	6,218
Commodity Curve Carry Strategy		992
Gold Strategy		76,878
GSCI Commodity Dynamic Roll Strategy		47,283,976

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 33

Notes to Consolidated Financial Statements (unaudited) (continued)

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 April 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Bloomberg Roll Select Commodity Strategy	$	326,603,141	$	6,708	$	(4,512,043	)	$	(4,505,335	)
Commodity Curve Carry Strategy		27,279,471		82,446		(2,291	)		80,155
Gold Strategy		35,855,942		911,698		(2,903	)		908,795
GSCI Commodity Dynamic Roll Strategy		773,612,249		9,318,847		(58,425,444	)		(49,106,597	)

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 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.

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Notes to Consolidated Financial Statements (unaudited) (continued)

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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 04/30/23						Year Ended 10/31/22
iShares ETF	Shares			Amount			Shares			Amount
Bloomberg Roll Select Commodity Strategy
Shares sold		2,950,000		$	158,330,174			4,400,000		$	256,785,591
Shares redeemed		(1,900,000	)		(102,988,599	)		(2,300,000	)		(133,218,137	)
		1,050,000		$	55,341,575			2,100,000		$	123,567,454
Commodity Curve Carry Strategy
Shares redeemed		(100,000	)	$	(2,037,631	)		—		$	—
Gold Strategy
Shares sold		150,000		$	8,498,320			200,000		$	11,484,407
Shares redeemed		(200,000	)		(11,628,460	)		(50,000	)		(2,613,814	)
		(50,000	)	$	(3,130,140	)		150,000		$	8,870,593
GSCI Commodity Dynamic Roll Strategy
Shares sold		3,600,000		$	98,810,808			32,700,000		$	1,230,993,779
Shares redeemed		(34,200,000	)		(956,370,800	)		(46,000,000	)		(1,896,131,023	)
		(30,600,000	)	$	(857,559,992	)		(13,300,000	)	$	(665,137,244	)

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

NOTES  TO  CONSOLIDATED   FINANCIAL  STATEMENTS 35

Notes to Consolidated Financial Statements (unaudited) (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 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.

36 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares U.S. ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Bloomberg Roll Select Commodity Strategy ETF, iShares Commodity Curve Carry Strategy ETF, iShares Gold Strategy ETF and iShares GSCI Commodity Dynamic Roll Strategy ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT  REGARDING  LIQUIDITY  RISK  MANAGEMENT  PROGRAM 37

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.

38 2 0 2 3   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
SOFR	Secured Overnight Financing Rate
Currency Abbreviations
USD	United States Dollar

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 39

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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-1011-0423

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

(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.

(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.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

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

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

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.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: June 21, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: June 21, 2023