N-CSR

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 811-09729

iShares 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: February 29, 2024

Date of reporting period: February 29, 2024

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 29, 2024

         2024 Annual Report

iShares Trust

· iShares 0-3 Month Treasury Bond ETF | SGOV | NYSE Arca

· iShares 1-3 Year Treasury Bond ETF | SHY | NASDAQ

· iShares 3-7 Year Treasury Bond ETF | IEI | NASDAQ

· iShares 7-10 Year Treasury Bond ETF | IEF | NASDAQ

· iShares 10-20 Year Treasury Bond ETF | TLH | NYSE Arca

· iShares 20+ Year Treasury Bond ETF | TLT | NASDAQ

· iShares 25+ Year Treasury STRIPS Bond ETF | GOVZ | Cboe BZX

· iShares Short Treasury Bond ETF | SHV | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Inc.

Rob Kapito

President, BlackRock Inc.

Total Returns as of February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		21
Disclosure of Expenses		21
Schedules of Investments		22
Financial Statements
Statements of Assets and Liabilities		37
Statements of Operations		39
Statements of Changes in Net Assets		41
Financial Highlights		45
Notes to Financial Statements		53
Report of Independent Registered Public Accounting Firm		62
Important Tax Information		63
Statement Regarding Liquidity Risk Management Program		64
Supplemental Information		65
Trustee and Officer Information		67
General Information		69
Glossary of Terms Used in this Report		70

Market Overview

iShares Trust

U.S. Treasury Bond Market Overview

The ICE U.S. Treasury Core Bond Index returned +2.29% for the 12 months ended February 29, 2024 (the “reporting period”), trailing the 3.33% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. taxable bond performance.

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, the ICE U.S. Treasury Core Bond Index finished in positive territory on the strength of its earlier advance.

These trends were reflected in the U.S. Treasury market, where the yield on the two-year note entered the annual period at 4.81%, reached a high of 5.19% in mid-October, and subsequently finished February 2024 at 4.64%. The 10-year issue followed a similar path, climbing from 3.92% at the start of the period to a high of 4.98% before sliding to 4.25% on February 29, 2024. One result of these moves was that the yield curve’s inversion—i.e., the extent to which short-term rates exceeded those of longer-term issues—gradually moderated from the unusually high level reached in early 2023. Short-term Treasuries were the strongest performers on a total return basis, followed by intermediate-term issues. However, longer-dated government bonds (those with maturities of 10 years and above) posted negative total returns.

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

Fund Summary as of February 29, 2024  iShares^® 0-3 Month Treasury Bond ETF

Investment Objective

The iShares 0-3 Month Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities less than or equal to three months, as represented by the ICE 0-3 Month US Treasury Securities 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.32	%		2.01	%		5.32	%		7.79	%
Fund Market		5.33			2.02			5.33			7.83
Index		4.16			1.57			4.16			6.06

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was May 26, 2020. The first day of secondary market trading was May 28, 2020.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE 0-3 Month US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)			Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00		$   1,026.90		$    0.35				$   1,000.00		$   1,024.50		$   0.35		0.07	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 (continued) iShares^® 0-3 Month Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
0-1 Year	100.0	%

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Bill, 5.52%, 03/05/24	11.9	%
U.S. Treasury Bill, 5.40%, 04/30/24	11.7
U.S. Treasury Bill, 5.41%, 04/02/24	11.6
U.S. Treasury Bill, 5.41%, 03/19/24	11.5
U.S. Treasury Bill, 5.40%, 04/16/24	10.7

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 1-3 Year Treasury Bond ETF

Investment Objective

The iShares 1-3 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years, as represented by the ICE U.S. Treasury 1-3 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.11	%		1.06	%		0.88	%		4.11	%		5.44	%		9.18	%
Fund Market		4.13			1.07			0.89			4.13			5.45			9.21
Index		4.25			1.19			1.01			4.25			6.08			10.55

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE U.S. Treasury 1-3 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data prior to April 01, 2016 is for the Bloomberg U.S. 1-3 Year Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$ 1,023.70		$    0.75			$   1,000.00		$   1,024.10		$    0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 (continued) iShares^® 1-3 Year Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
0-1 Year	2.7	%
1-2 Years	52.8
2-3 Years	44.5

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Note/Bond, 4.50%, 11/15/25	5.3	%
U.S. Treasury Note/Bond, 4.00%, 02/15/26	4.9
U.S. Treasury Note/Bond, 4.00%, 12/15/25	3.6
U.S. Treasury Note/Bond, 0.25%, 08/31/25	3.3
U.S. Treasury Note/Bond, 3.88%, 01/15/26	3.2

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 3-7 Year Treasury Bond ETF

Investment Objective

The iShares 3-7 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between three and seven years, as represented by the ICE U.S. Treasury 3-7 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.44	%		0.51	%		1.00	%		3.44	%		2.59	%		10.48	%
Fund Market		3.49			0.53			1.01			3.49			2.67			10.54
Index		3.54			0.64			1.12			3.54			3.22			11.74

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE U.S. Treasury 3-7 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data prior to April 01, 2016 is for the Bloomgerg U.S. 3-7 Year Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$   1,020.30		$   0.75			$1,000.00		$   1,024.10		$   0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of February 29, 2024 (continued) iShares^® 3-7 Year Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
3-4 Years	27.9	%
4-5 Years	37.8
5-6 Years	13.8
6-7 Years	20.5

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Note/Bond, 2.63%, 02/15/29	4.0	%
U.S. Treasury Note/Bond, 4.38%, 11/30/30	3.7
U.S. Treasury Note/Bond, 1.38%, 10/31/28	3.6
U.S. Treasury Note/Bond, 2.38%, 05/15/27	3.5
U.S. Treasury Note/Bond, 1.25%, 09/30/28	3.4

^(a)  Excludes money market funds.

10 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 7-10 Year Treasury Bond ETF

Investment Objective

The iShares 7-10 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between seven and ten years, as represented by the ICE U.S. Treasury 7-10 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.32	%		(0.26	)%		1.03	%		1.32	%		(1.27	)%		10.78	%
Fund Market		1.36			(0.23	)		1.03			1.36			(1.16	)		10.83
Index		1.41			(0.13	)		1.13			1.41			(0.65	)		11.88

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE U.S. Treasury 7-10 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data prior to April 01, 2016 is for the Bloomberg U.S. 7-10 Year Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$ 1,009.70		$    0.75			$    1,000.00		$    1,024.10		$    0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 11

Fund Summary as of February 29, 2024 (continued) iShares^® 7-10 Year Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
6-7 Years	3.2	%
7-8 Years	40.1
8-9 Years	25.6
9-10 Years	31.1

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Note/Bond, 1.38%, 11/15/31	13.5	%
U.S. Treasury Note/Bond, 1.88%, 02/15/32	13.0
U.S. Treasury Note/Bond, 1.25%, 08/15/31	12.5
U.S. Treasury Note/Bond, 4.50%, 11/15/33	10.7
U.S. Treasury Note/Bond, 3.50%, 02/15/33	9.3

^(a)  Excludes money market funds.

12 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 10-20 Year Treasury Bond ETF

Investment Objective

The iShares 10-20 Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between ten and twenty years, as represented by the ICE U.S. Treasury 10-20 Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.05	)%		(2.29	)%		0.37	%		(1.05	)%		(10.93	)%		3.74	%
Fund Market		(0.95	)		(2.27	)		0.37			(0.95	)		(10.85	)		3.79
Index		(1.01	)		(2.28	)		0.42			(1.01	)		(10.87	)		4.33

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE U.S. Treasury 10-20 Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data prior to July 01, 2016 is for the Bloomberg U.S. 10-20 Year Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$    1,005.00		$    0.75			$  1,000.00		$    1,024.10		$    0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 13

Fund Summary as of February 29, 2024 (continued) iShares^® 10-20 Year Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
5-6 Years	0.7	%
6-7 Years	0.1
7-8 Years	2.1
8-9 Years	0.6
14-15 Years	1.0
15-16 Years	4.8
16-17 Years	23.4
17-18 Years	26.6
18-19 Years	21.3
19-20 Years	19.4

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Note/Bond, 2.25%, 05/15/41	8.6	%
U.S. Treasury Note/Bond, 1.75%, 08/15/41	8.3
U.S. Treasury Note/Bond, 1.88%, 02/15/41	7.1
U.S. Treasury Note/Bond, 2.75%, 08/15/42	6.2
U.S. Treasury Note/Bond, 2.00%, 11/15/41	5.9

^(a)  Excludes money market funds.

14 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 20+ Year Treasury Bond ETF

Investment Objective

The iShares 20+ Year Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years, as represented by the ICE U.S. Treasury 20+ Year Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.06	)%		(2.60	)%		0.99	%		(4.06	)%		(12.32	)%		10.38	%
Fund Market		(4.13	)		(2.59	)		1.00			(4.13	)		(12.30	)		10.41
Index		(3.94	)		(2.51	)		1.08			(3.94	)		(11.96	)		11.30

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE U.S. Treasury 20+ Year Bond Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data prior to April 01, 2016 is for the Bloomberg U.S. 20+ Year Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$    992.70		$    0.74			$    1,000.00		$    1,024.10		$    0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 15

Fund Summary as of February 29, 2024 (continued) iShares^® 20+ Year Treasury Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
15-20 Years	2.5	%
20-25 Years	36.9
25-30 Years	60.6

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Note/Bond, 1.88%, 02/15/51	8.2	%
U.S. Treasury Note/Bond, 2.00%, 08/15/51	7.3
U.S. Treasury Note/Bond, 1.63%, 11/15/50	6.4
U.S. Treasury Note/Bond, 1.88%, 11/15/51	5.6
U.S. Treasury Note/Bond, 4.13%, 08/15/53	5.0

^(a)  Excludes money market funds.

16 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® 25+ Year Treasury STRIPS Bond ETF

Investment Objective

The iShares 25+Year Treasury STRIPS Bond ETF(the “Fund”) seeks to track the investment results of an index composed of the principal payments of U.S. Treasury bonds (specifically principal “STRIPS”, also known as “Separate Trading of Registered Interest and Principal Securities”) with remaining maturities of at least 25 years, as represented by the ICE BofA Long US Treasury Principal STRIPS 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
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(10.27	)%		(18.50	)%		(10.27	)%		(50.51	)%
Fund Market		(9.96	)		(18.45	)		(9.96	)		(50.40	)
Index		(10.26	)		(18.69	)		(10.26	)		(50.91	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was September 22, 2020. The first day of secondary market trading was September 24, 2020.

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE BofA Long US Treasury Principal STRIPS Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023.

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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$    964.00		$    0.49			$    1,000.00		$    1,024.40		$    0.50		0.10	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 17

Fund Summary as of February 29, 2024 (continued) iShares^® 25+ Year Treasury STRIPS Bond ETF

Portfolio Information

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
20-25 Years	5.4	%
25-30 Years	94.6

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury STRIPS, 0.00%, 02/15/51	13.7	%
U.S. Treasury STRIPS, 0.00%, 11/15/50	12.9
U.S. Treasury STRIPS, 0.00%, 02/15/52	9.0
U.S. Treasury STRIPS, 0.00%, 08/15/51	6.5
U.S. Treasury STRIPS, 0.00%, 08/15/50	6.4

^(a)  Excludes money market funds.

18 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® Short Treasury Bond ETF

Investment Objective

The iShares Short Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities of one year or less, as represented by the ICE Short US Treasury Securities 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.19	%		1.87	%		1.25	%		5.19	%		9.69	%		13.25	%
Fund Market		5.23			1.87			1.25			5.23			9.71			13.27
Index		4.58			1.82			1.29			4.58			9.43			13.72

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

On December 1, 2023, the Fund began to compare its performance to the standard pricing time of the ICE Short US Treasury Securities Index (the “Index”). Index data prior to March 1, 2021 is for the Index’s standard pricing time of 3 pm. Index data from March 1, 2021 through November 30, 2023 is for a custom 4pm pricing variant of the Index. Index returns beginning on December 1, 2023 reflect the Index’s new standard pricing time of 4 pm. The change of the Index’s standard pricing time from 3 pm to 4 pm resulted in the discontinuation of the custom 4pm pricing variant used from March 1, 2021 through November 30, 2023. Index data from July 1, 2016 to April 30, 2020 is for the ICE U.S. Treasury Short Bond Index. Index data prior to July 1, 2016 is for the Bloomberg U.S. Short Treasury 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00		$    1,026.60		$    0.76			$    1,000.00		$    1,024.10		$    0.75		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 19

Fund Summary as of February 29, 2024 (continued) iShares^® Short Treasury Bond ETF

Portfolio Information

PORTFOLIO COMPOSITION
Investment Type	Percent of Total Investments	(a)
U. S. Government Obligations	100.0	%

FIVE LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
U.S. Treasury Bill, 5.42%, 05/30/24	6.4	%
U.S. Treasury Bill, 5.48%, 04/04/24	5.1
U.S. Treasury Bill, 5.41%, 03/26/24	4.9
U.S. Treasury Bill, 5.42%, 10/31/24	4.3
U.S. Treasury Bill, 5.29%, 08/15/24	4.3

^(a)  Excludes money market funds.

20 2 0 2 4  I S H A R E S  A N N U A L   R E P O R T  T O  S H A R E H O L D E R S

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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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 21

Schedule of Investments February 29, 2024 iShares^® 0-3 Month Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 112.6%
U.S. Treasury Bill
4.96%, 04/18/24(a)	$	209,315	$	207,844,411
5.36%, 05/28/24(a)		702,920		693,906,928
5.37%, 05/02/24(a)		424,771		420,915,564
5.39%, 05/09/24(a)		514,679		509,497,577
5.40%, 04/09/24(a)		1,122,570		1,116,130,658
5.40%, 04/16/24(a)		2,235,842		2,220,738,020
5.40%, 04/23/24(a)		351,624		348,887,626
5.40%, 04/30/24(a)		2,470,000		2,448,368,975
5.41%, 03/19/24(a)		2,396,363		2,390,006,448
5.41%, 03/26/24(a)		351,623		350,331,772
5.41%, 04/02/24(a)		2,436,047		2,424,570,515
5.41%, 04/25/24(a)		362,091		359,166,991
5.42%, 05/30/24(a)		210,744		207,986,151
5.46%, 05/23/24(a)		50,493		49,883,128
5.47%, 03/12/24(a)		1,530,523		1,528,053,821
5.48%, 04/04/24(a)		881,906		877,502,679
5.48%, 05/16/24(a)		152,822		151,132,417
5.50%, 03/14/24(a)		740,220		738,810,384
5.52%, 03/05/24(a)		2,486,785		2,485,328,414
5.53%, 03/07/24(a)		1,323,402		1,322,240,993
				20,851,303,472
Total Long-Term Investments — 112.6% (Cost: $20,853,229,951)				20,851,303,472

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)		27,220,000	$	27,220,000
Total Short-Term Securities — 0.1% (Cost: $27,220,000)				27,220,000
Total Investments — 112.7% (Cost: $20,880,449,951)				20,878,523,472
Liabilities in Excess of Other Assets — (12.7)%				(2,357,465,720	)
Net Assets — 100.0%			$ 18,521,057,752

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Treasury, SL Agency Shares	$	417,620,000	$	—	$	(390,400,000	)(a)	$	—	$	—	$	27,220,000		27,220,000	$	21,661,028	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—		$	20,851,303,472		$	—		$	20,851,303,472

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® 0-3 Month Treasury Bond ETF

Fair Value Hierarchy as of Period End (continued)

 

	Level 1			Level 2			Level 3			Total
Short-Term Securities
Money Market Funds	$	27,220,000		$	—		$	—		$	27,220,000
	$	27,220,000		$	20,851,303,472		$	—		$	20,878,523,472

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 23

Schedule of Investments February 29, 2024 iShares^® 1-3 Year Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 99.0%
U.S. Treasury Note/Bond
0.25%, 05/31/25	$	70,450	$	66,500,947
0.25%, 06/30/25		95,349		89,724,710
0.25%, 07/31/25		123,375		115,693,167
0.25%, 08/31/25		886,679		828,802,598
0.25%, 09/30/25		158,374		147,547,465
0.25%, 10/31/25		256,069		237,764,438
0.50%, 03/31/25		136,568		130,155,516
0.63%, 10/15/24		929		903,017
0.63%, 07/31/26		342,663		312,412,738
0.75%, 11/15/24(a)		2,822		2,736,736
0.75%, 03/31/26		288,273		266,540,197
0.75%, 04/30/26		382,608		352,731,603
0.75%, 05/31/26		675,057		620,577,886
0.75%, 08/31/26		429,201		391,511,605
0.88%, 06/30/26		244,761		225,208,436
0.88%, 09/30/26		403,617		368,615,838
1.00%, 12/15/24(a)		34,417		33,319,571
1.13%, 01/15/25(a)		48,463		46,834,753
1.13%, 02/28/25		126,413		121,623,133
1.13%, 10/31/26		403,710		370,009,678
1.13%, 02/28/27		40,000		36,343,750
1.25%, 11/30/26		416,418		382,161,299
1.25%, 12/31/26		396,727		363,485,434
1.38%, 08/31/26		166,233		154,064,596
1.50%, 11/30/24		146		142,357
1.50%, 02/15/25		153,756		148,584,657
1.50%, 08/15/26		388,136		361,193,904
1.50%, 01/31/27		300,865		276,960,245
1.63%, 05/15/26		288,718		270,988,910
1.63%, 09/30/26		126,757		118,091,504
1.63%, 10/31/26		192,027		178,405,085
1.63%, 11/30/26		153,578		142,443,595
1.75%, 03/15/25		8,176		7,905,296
1.75%, 12/31/26		160,351		148,982,550
1.88%, 06/30/26		171,231		161,338,302
1.88%, 07/31/26		156,650		147,263,238
1.88%, 02/28/27		300,000		278,718,750
2.00%, 02/15/25		60,419		58,672,805
2.00%, 08/15/25		151,747		145,783,336
2.00%, 11/15/26		362,560		340,055,601
2.13%, 05/15/25		479,460		463,895,891
2.13%, 05/31/26		175,526		166,461,729
2.25%, 10/31/24		969		950,263
2.25%, 11/15/24		9,687		9,490,807
2.25%, 11/15/25		535,771		514,130,493
2.25%, 03/31/26		93,559		89,231,610
2.25%, 02/15/27		300,000		282,070,314
2.50%, 01/31/25		28,546		27,885,052
2.50%, 02/28/26		95,597		91,765,172
2.63%, 03/31/25		617		601,476
2.63%, 04/15/25		459,246		447,478,211
2.75%, 02/28/25		64,719		63,282,852
2.75%, 05/15/25		711,637		693,624,176
2.75%, 06/30/25		65,009		63,264,520
2.75%, 08/31/25		24,072		23,356,228
2.88%, 04/30/25		157,758		154,079,230
2.88%, 05/31/25		24,087		23,498,451
2.88%, 06/15/25		652,806		636,332,650

Security	Par (000)		Value
U.S. Government Obligations (continued)
2.88%, 07/31/25	$	52,448	$	51,050,850
3.00%, 07/15/25		132,424		129,180,549
3.00%, 09/30/25		271,337		264,044,915
3.00%, 10/31/25		185,316		180,161,510
3.13%, 08/15/25		270,281		263,893,696
3.50%, 09/15/25		218,433		214,226,851
3.63%, 05/15/26		433,622		425,051,094
3.75%, 04/15/26		459,704		451,892,327
3.88%, 03/31/25		228,032		225,341,736
3.88%, 04/30/25		215,874		213,251,468
3.88%, 01/15/26		833,361		821,446,735
4.00%, 12/15/25		921,304		910,040,115
4.00%, 02/15/26(a)		1,264,896		1,249,825,854
4.00%, 01/15/27		601,731		594,679,168
4.13%, 01/31/25		38,595		38,260,408
4.13%, 06/15/26		289,448		286,756,541
4.13%, 02/15/27		400,000		396,718,752
4.25%, 05/31/25		133,948		132,849,209
4.25%, 10/15/25		669,498		664,110,630
4.25%, 12/31/25		201,364		199,791,141
4.38%, 10/31/24		944		938,988
4.38%, 08/15/26		303,949		302,940,194
4.38%, 12/15/26		348,011		347,304,302
4.50%, 11/15/25		1,338,173		1,333,050,712
4.50%, 07/15/26		242,112		241,941,966
4.63%, 02/28/25(a)		133,642		133,083,219
4.63%, 06/30/25		207,841		207,183,179
4.63%, 02/28/26		600,000		599,953,128
4.63%, 03/15/26		391,440		391,455,590
4.63%, 09/15/26		312,513		313,379,435
4.63%, 10/15/26		324,423		325,487,513
4.63%, 11/15/26		339,345		340,617,343
4.88%, 11/30/25		214,165		214,683,481
5.00%, 08/31/25		291,393		292,144,647
5.00%, 09/30/25		303,634		304,607,078
6.75%, 08/15/26		26,086		27,397,643
				25,290,940,338
Total Long-Term Investments — 99.0% (Cost: $25,532,161,741)				25,290,940,338
	Shares
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(b)(c)(d)		468,836,072		468,836,072
Total Short-Term Securities — 1.8% (Cost: $468,836,072)				468,836,072
Total Investments — 100.8% (Cost: $26,000,997,813)				25,759,776,410
Liabilities in Excess of Other Assets — (0.8)%				(202,476,208	)
Net Assets — 100.0%			$	25,557,300,202

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

^(b)  Affiliate of the Fund.

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

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® 1-3 Year Treasury Bond ETF

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	224,923,015	$	243,913,057	(a)	$	—	$	—	$	—	$	468,836,072		468,836,072	$	2,942,774	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	25,290,940,338	$	—	$	25,290,940,338
Short-Term Securities
Money Market Funds		468,836,072		—		—		468,836,072
	$	468,836,072	$	25,290,940,338	$	—	$	25,759,776,410

See notes to financial statements.

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

Schedule of Investments February 29, 2024 iShares^® 3-7 Year Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 99.0%
U.S. Treasury Note/Bond
0.50%, 04/30/27	$	48,617	$	43,073,788
0.50%, 05/31/27		3,657		3,229,412
0.50%, 08/31/27		79,501		69,612,888
0.50%, 10/31/27		297,770		259,222,570
0.63%, 03/31/27		38,928		34,740,199
0.63%, 12/31/27		208,229		181,126,694
0.63%, 05/15/30		103,208		82,852,320
0.63%, 08/15/30		196,940		156,782,703
0.75%, 01/31/28		160,777		140,202,917
1.00%, 07/31/28		469,977		408,145,651
1.13%, 02/29/28		149,427		132,003,402
1.13%, 08/31/28		280,265		244,203,124
1.13%, 02/15/31		300,000		244,628,907
1.25%, 03/31/28		290,080		257,026,744
1.25%, 04/30/28		167,643		148,186,890
1.25%, 05/31/28		150,003		132,324,912
1.25%, 06/30/28		62,098		54,655,767
1.25%, 09/30/28		510,018		446,006,933
1.38%, 10/31/28		539,818		474,006,420
1.50%, 11/30/28		48,260		42,545,915
1.75%, 01/31/29		7,509		6,675,562
1.75%, 11/15/29		100,159		87,854,486
1.88%, 02/28/27		514		477,538
2.25%, 02/15/27		554		521,266
2.25%, 08/15/27		455,992		425,212,166
2.25%, 11/15/27		119,035		110,548,735
2.38%, 05/15/27		490,243		460,808,895
2.38%, 03/31/29		67,577		61,756,769
2.38%, 05/15/29		419,975		383,079,359
2.50%, 03/31/27		152,667		144,353,333
2.63%, 05/31/27		170,147		161,054,675
2.63%, 02/15/29		574,352		532,195,089
2.63%, 07/31/29		64,161		59,090,961
2.75%, 04/30/27		242,117		230,379,906
2.75%, 07/31/27		226,555		214,908,467
2.75%, 02/15/28		349,213		329,242,382
2.88%, 05/15/28		263,369		248,853,030
2.88%, 08/15/28		433,664		408,694,536
2.88%, 04/30/29		25,060		23,447,554
3.13%, 08/31/27		116,677		111,959,689
3.13%, 11/15/28		402,208		382,380,781
3.13%, 08/31/29		146,722		138,468,510
3.25%, 06/30/27		121,081		116,867,006
3.25%, 06/30/29		58,770		55,904,582
3.50%, 04/30/28		106,908		103,596,746
3.50%, 01/31/30		213,077		204,429,070
3.50%, 04/30/30		81,418		77,996,283
3.63%, 03/31/30		173,701		167,621,465
3.75%, 12/31/28		228,797		223,595,344
3.75%, 05/31/30		361,228		350,716,090

Security	Par (000)		Value
U.S. Government Obligations (continued)
3.75%, 06/30/30	$	156,910	$	152,295,125
3.75%, 12/31/30		78,240		75,819,450
3.88%, 09/30/29		162,108		158,853,372
3.88%, 11/30/29		127,277		124,667,023
3.88%, 12/31/29		220,816		216,235,597
4.00%, 02/29/28		220,727		218,010,825
4.00%, 01/31/29(a)		133,456		131,912,915
4.00%, 10/31/29		32,607		32,141,898
4.00%, 02/28/30		286,943		282,627,253
4.00%, 07/31/30		160,138		157,611,019
4.00%, 01/31/31		121,040		119,072,707
4.13%, 09/30/27		165,291		163,954,368
4.13%, 10/31/27		139,800		138,653,501
4.13%, 08/31/30		304,463		301,715,895
4.25%, 02/28/29		90,000		90,014,063
4.25%, 02/28/31		140,000		139,825,000
4.38%, 08/31/28		248,882		249,679,600
4.38%, 11/30/28		96,635		97,042,478
4.38%, 11/30/30		481,190		483,746,825
4.63%, 09/30/30		48,617		49,563,058
4.88%, 10/31/28		273,455		280,141,623
4.88%, 10/31/30		146,214		151,148,722
5.50%, 08/15/28		13,302		13,949,123
U.S. Treasury STRIPS, 0.00%, 02/15/29(b)(c)		35,339		28,568,571
				13,234,518,442
Total Long-Term Investments — 99.0% (Cost: $ 13,858,070,368)				13,234,518,442
	Shares
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)(f)		188,906,078		188,906,078
Total Short-Term Securities — 1.4% (Cost: $188,906,078)				188,906,078
Total Investments — 100.4% (Cost: $14,046,976,446)				13,423,424,520
Liabilities in Excess of Other Assets — (0.4)%				(48,541,494	)
Net Assets — 100.0%			$ 13,374,883,026

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

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

^(c)  Zero-coupon bond.

^(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.

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® 3-7 Year Treasury Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	63,280,000	$	125,626,078	(a)	$	—	$	—	$	—	$	188,906,078		188,906,078	$	1,423,377	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—	$	13,234,518,442	$	—	$	13,234,518,442
Short-Term Securities
Money Market Funds		188,906,078		—		—		188,906,078
	$	188,906,078	$	13,234,518,442	$	—	$	13,423,424,520

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 February 29, 2024 iShares^® 7-10 Year Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 99.2%
U.S. Treasury Note/Bond
0.63%, 08/15/30	$	1,127,408	$	897,522,303
1.25%, 08/15/31		4,272,377		3,458,288,812
1.38%, 11/15/31		4,590,828		3,726,281,929
1.63%, 05/15/31		383,914		321,692,855
1.88%, 02/15/32		4,271,971		3,587,287,932
2.75%, 08/15/32		868,884		775,716,111
2.88%, 05/15/32		2,426,319		2,192,975,250
3.38%, 05/15/33		2,366,467		2,207,655,240
3.50%, 02/15/33		2,725,689		2,571,197,509
3.88%, 08/15/33		2,603,351		2,525,657,438
4.00%, 02/15/34		920,000		902,031,250
4.13%, 11/15/32		1,547,814		1,531,428,637
4.50%, 11/15/33		2,888,819		2,943,436,142
				27,641,171,408
Total Long-Term Investments — 99.2% (Cost: $29,368,319,855)				27,641,171,408

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(a)(b)		204,610,000	$	204,610,000
Total Short-Term Securities — 0.7% (Cost: $204,610,000)				204,610,000
Total Investments — 99.9% (Cost: $29,572,929,855)				27,845,781,408
Other Assets Less Liabilities — 0.1%				19,173,682
Net Assets — 100.0%			$	27,864,955,090

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	294,890,000	$	—	$	(90,280,000	)(a)	$	—	$	—	$	204,610,000		204,610,000	$	6,965,284	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
U.S. Government Obligations	$	—		$	27,641,171,408		$	—		$	27,641,171,408
Short-Term Securities
Money Market Funds		204,610,000			—			—			204,610,000
	$	204,610,000		$	27,641,171,408		$	—		$	27,845,781,408

See notes to financial statements.

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® 10-20 Year Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 98.4%
U.S. Treasury Note/Bond
0.63%, 08/15/30	$	5,372	$	4,276,934
1.13%, 05/15/40		190,984		117,850,556
1.13%, 08/15/40		614,796		375,649,959
1.38%, 11/15/31		190,501		154,625,387
1.38%, 11/15/40		653,360		414,934,323
1.75%, 08/15/41		944,580		629,067,740
1.88%, 02/15/32		2,506		2,104,439
1.88%, 02/15/41		788,916		543,643,384
2.00%, 11/15/41		651,357		450,963,017
2.25%, 05/15/41		893,653		652,506,104
2.38%, 02/15/42		298,310		219,210,945
2.75%, 08/15/32		24,307		21,700,198
2.75%, 08/15/42		607,952		472,991,171
2.75%, 11/15/42		69,887		54,154,390
2.88%, 04/30/29		136		127,531
2.88%, 05/15/32		24,103		21,785,060
2.88%, 05/15/43		139,210		109,568,215
3.00%, 05/15/42		1,691		1,371,025
3.13%, 08/31/29		54,500		51,434,375
3.13%, 11/15/41		1,691		1,408,157
3.13%, 02/15/42		81,044		67,216,033
3.13%, 02/15/43		66,879		54,887,968
3.25%, 05/15/42		96,580		81,217,996
3.38%, 08/15/42		458,232		391,895,247
3.50%, 02/15/39		1,691		1,538,910
3.63%, 08/15/43		136,229		120,094,113
3.63%, 02/15/44		150,000		131,871,093
3.75%, 08/15/41		1,691		1,543,270
3.75%, 11/15/43		128,352		115,075,590
3.88%, 08/15/40		264,434		247,328,426
3.88%, 02/15/43		161,817		148,144,544
3.88%, 05/15/43		296,976		271,570,355
4.00%, 11/15/42		452,232		422,147,412
4.25%, 05/15/39		50,473		49,928,640
4.25%, 11/15/40		1,691		1,653,674
4.38%, 02/15/38		1,691		1,711,221
4.38%, 11/15/39		207,617		207,584,260
4.38%, 05/15/40		1,691		1,685,388
4.38%, 05/15/41		1,691		1,673,693

Security	Par (000)		Value
U.S. Government Obligations (continued)
4.38%, 08/15/43	$	295,592	$	289,402,455
4.50%, 02/15/36		1,691		1,750,335
4.50%, 05/15/38		71,642		73,265,139
4.50%, 08/15/39		1,691		1,717,960
4.50%, 02/15/44		125,000		124,960,938
4.63%, 02/15/40		102,551		105,354,513
4.75%, 02/15/37		1,691		1,786,607
4.75%, 02/15/41		1,691		1,754,299
4.75%, 11/15/43		315,952		325,134,149
5.00%, 05/15/37		1,691		1,825,985
U.S. Treasury STRIPS
0.00%, 11/15/40(a)(b)(c)		5,376		2,548,533
0.00%, 02/15/41(a)(c)		158,485		74,112,927
0.00%, 05/15/41(a)(c)		3,365		1,553,700
				7,623,308,283
Total Long-Term Investments — 98.4% (Cost: $8,148,718,740)				7,623,308,283
	Shares
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)(f)		147,527,500		147,527,500
Total Short-Term Securities — 1.9% (Cost: $147,527,500)				147,527,500
Total Investments — 100.3% (Cost: $8,296,246,240)				7,770,835,783
Liabilities in Excess of Other Assets — (0.3)%				(20,559,181	)
Net Assets — 100.0%			$	7,750,276,602

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

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

^(c)  Zero-coupon bond.

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	140,170,000	$	7,357,500	(a)	$	—	$	—	$	—	$	147,527,500		147,527,500	$	5,732,376	(b)	$	—

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

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

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

Schedule of Investments  (continued) February 29, 2024 iShares^® 10-20 Year Treasury 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
U.S. Government Obligations	$	—	$	7,623,308,283	$	—	$	7,623,308,283
Short-Term Securities
Money Market Funds		147,527,500		—		—		147,527,500
	$	147,527,500	$	7,623,308,283	$	—	$	7,770,835,783

See notes to financial statements.

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® 20+ Year Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 98.7%
U.S. Treasury Note/Bond
1.25%, 05/15/50	$	745,961	$	378,866,595
1.38%, 08/15/50		2,387,831		1,253,425,000
1.63%, 11/15/50		5,562,118		3,123,694,483
1.88%, 02/15/51		6,723,284		4,024,778,573
1.88%, 11/15/51		4,594,575		2,737,361,577
2.00%, 02/15/50		3,189,753		1,985,995,112
2.00%, 08/15/51		5,853,004		3,604,399,107
2.25%, 08/15/49		1,590,646		1,053,367,963
2.25%, 02/15/52		831,839		544,139,548
2.38%, 11/15/49		300,118		204,256,159
2.50%, 02/15/45		186,347		135,072,313
2.50%, 02/15/46		2,650,101		1,902,068,813
2.50%, 05/15/46		2,852,662		2,041,770,834
2.75%, 11/15/42		29,420		22,796,742
2.75%, 08/15/47		292,951		217,733,320
2.75%, 11/15/47		1,150,233		853,463,754
2.88%, 05/15/43		350,826		276,125,043
2.88%, 08/15/45		1,418,881		1,095,697,285
2.88%, 11/15/46		1,058,772		810,043,521
2.88%, 05/15/49		205,137		155,110,892
2.88%, 05/15/52		377,183		284,006,786
3.00%, 11/15/44		192,564		152,727,402
3.00%, 02/15/47		952,831		744,362,001
3.00%, 02/15/48		3,065,688		2,382,255,280
3.00%, 08/15/48		1,954,434		1,516,594,817
3.00%, 02/15/49		1,668,093		1,292,511,203
3.00%, 08/15/52		856,007		661,766,822
3.13%, 02/15/43		65		53,017
3.13%, 08/15/44		2,626,250		2,130,647,894
3.13%, 05/15/48		1,684,545		1,338,489,602
3.38%, 05/15/44		154,632		130,730,146
3.38%, 11/15/48		1,627,208		1,351,917,372

Security	Par (000)		Value
U.S. Government Obligations (continued)
3.63%, 08/15/43	$	499,874	$	440,669,820
3.63%, 02/15/44		151,999		133,628,319
3.63%, 02/15/53		1,432,298		1,252,253,935
3.63%, 05/15/53		2,209,847		1,933,443,229
3.75%, 11/15/43		407,519		365,365,895
4.00%, 11/15/42		311		289,938
4.00%, 11/15/52		1,841,450		1,724,201,323
4.13%, 08/15/53		2,549,972		2,441,200,140
4.25%, 02/15/54		721,732		708,199,721
4.75%, 11/15/53		1,593,670		1,695,515,580
				49,100,996,876
Total Long-Term Investments — 98.7% (Cost: $ 56,689,713,792)				49,100,996,876
	Shares
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(a)(b)		810,710,000		810,710,000
Total Short-Term Securities — 1.6% (Cost: $ 810,710,000)				810,710,000
Total Investments — 100.3% (Cost: $ 57,500,423,792)				49,911,706,876
Liabilities in Excess of Other Assets — (0.3)%				(148,514,386	)
Net Assets — 100.0%			$	49,763,192,490

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	456,920,000	$	353,790,000	(a)	$	—	$	—	$	—	$	810,710,000	810,710,000	$	15,182,071	(b)	$	—

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

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

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

Schedule of Investments  (continued) February 29, 2024 iShares^® 20+ Year Treasury 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
U.S. Government Obligations	$	—	$	49,100,996,876	$	—	$	49,100,996,876
Short-Term Securities
Money Market Funds		810,710,000		—		—		810,710,000
	$	810,710,000	$	49,100,996,876	$	—	$	49,911,706,876

See notes to financial statements.

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® 25+ Year Treasury STRIPS Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 99.6%
U.S. Treasury STRIPS
0.00%, 11/15/47(a)(b)	$	6	$	2,111
0.00%, 08/15/48(a)(b)		200		67,132
0.00%, 11/15/48(a)(b)		87		29,157
0.00%, 02/15/49(a)(b)		39,337		12,992,842
0.00%, 05/15/49(a)(b)		6,899		2,265,709
0.00%, 08/15/49(a)(b)		42,823		13,946,779
0.00%, 11/15/49(a)(b)		9,299		3,006,516
0.00%, 02/15/50(a)(b)		29,596		9,481,284
0.00%, 05/15/50(a)(b)		10,789		3,431,250
0.00%, 08/15/50(a)(b)		48,668		15,301,033
0.00%, 11/15/50(a)(b)		99,196		30,948,420
0.00%, 02/15/51(a)(b)		106,572		32,954,583
0.00%, 05/15/51(a)(b)		20,478		6,281,821
0.00%, 08/15/51(a)(b)		51,299		15,629,940
0.00%, 11/15/51(a)(b)		41,178		12,459,397
0.00%, 02/15/52(a)(b)		71,707		21,581,537
0.00%, 05/15/52(a)(b)		20,465		6,119,840
0.00%, 08/15/52(a)(b)		33,744		10,030,748
0.00%, 11/15/52(a)(b)		17,978		5,378,275
0.00%, 02/15/53(a)(b)		32,316		9,519,676
0.00%, 05/15/53(a)(b)		27,525		8,052,189
0.00%, 08/15/53(a)(b)		34,172		9,967,488
0.00%, 11/15/53(a)(b)		38,306		11,279,560
				240,727,287
Total Long-Term Investments — 99.6% (Cost: $281,202,043)				240,727,287

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)		20,000	$	20,000
Total Short-Term Securities — 0.0% (Cost: $20,000)				20,000
Total Investments — 99.6% (Cost: $281,222,043)				240,747,287
Other Assets Less Liabilities — 0.4%				920,774
Net Assets — 100.0%			$	241,668,061

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

^(b)  Zero-coupon bond.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	20,000	$	—	$	0	(a)	$	—	$	—	$	20,000	20,000	$	7,342	(b)	$	—

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

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

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

Schedule of Investments  (continued) February 29, 2024 iShares^® 25+ Year Treasury STRIPS 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
U.S. Government Obligations	$	—	$	240,727,287	$	—	$	240,727,287
Short-Term Securities
Money Market Funds		20,000		—		—		20,000
	$	20,000	$	240,727,287	$	—	$	240,747,287

See notes to financial statements.

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® Short Treasury Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations
U.S. Government Obligations — 101.5%
U.S. Treasury Bill
4.82%, 01/23/25(a)(b)	$	534,194	$	510,927,205
4.83%, 12/26/24(a)		481,622		462,155,963
4.94%, 03/21/24(a)		577,295		575,598,194
4.95%, 02/20/25(a)		350,817		334,325,626
4.96%, 04/18/24(a)		574,334		570,298,742
5.19%, 07/18/24(a)		458,844		449,736,254
5.21%, 11/29/24(a)		169,907		163,592,443
5.24%, 07/25/24(a)		346,248		339,036,897
5.27%, 07/05/24(a)		483,576		474,850,982
5.29%, 08/15/24(a)		800,786		781,771,002
5.32%, 08/22/24(a)		300,699		293,262,256
5.33%, 06/04/24(a)		482,960		476,268,353
5.34%, 08/29/24(a)		199,549		194,421,809
5.36%, 05/21/24(a)		88,758		87,713,440
5.36%, 06/11/24(a)		179,835		177,163,520
5.37%, 05/02/24(a)		499,724		495,187,723
5.38%, 06/13/24(a)		603,598		594,496,038
5.39%, 07/11/24(a)(b)		404,248		396,618,408
5.40%, 04/09/24(a)		368,812		366,696,402
5.40%, 04/23/24(a)		591,241		586,641,233
5.40%, 04/30/24(a)		585,580		580,429,570
5.41%, 03/26/24(a)		903,040		899,722,384
5.41%, 04/02/24(a)		562,526		559,876,276
5.41%, 04/25/24(a)		428,522		425,061,159
5.41%, 09/05/24(a)(b)		527,382		513,529,138
5.42%, 05/30/24(a)(b)		1,175,147		1,159,770,732
5.42%, 06/06/24(a)		128,664		126,857,314
5.42%, 10/31/24(a)		816,935		789,581,816
5.45%, 04/11/24(a)		457,757		455,004,157
5.45%, 10/03/24(a)(b)		622,569		604,209,052
5.46%, 05/23/24(a)		266,601		263,380,154

Security	Par (000)		Value
U.S. Government Obligations (continued)
5.47%, 03/12/24(a)	$	605,505	$	604,528,702
5.48%, 04/04/24(a)		929,767		925,124,611
5.48%, 05/16/24(a)		714,931		707,026,999
5.50%, 03/14/24(a)		585,145		584,030,896
5.52%, 03/05/24(a)(b)		409,075		408,835,442
5.53%, 03/07/24(a)		307,638		307,368,512
				18,245,099,404
Total Long-Term Investments — 101.5% (Cost: $18,247,952,254)				18,245,099,404
	Shares
Short-Term Securities
Money Market Funds — 8.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(c)(d)(e)		1,530,557,500		1,530,557,500
Total Short-Term Securities — 8.5% (Cost: $1,530,557,500)				1,530,557,500
Total Investments — 110.0% (Cost: $19,778,509,754)				19,775,656,904
Liabilities in Excess of Other Assets — (10.0)%				(1,793,143,105	)
Net Assets — 100.0%			$	17,982,513,799

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

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer		Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24	Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Treasury, SL Agency Shares	$	4,407,803,970	$	—	$	(2,877,246,470	)(a)	$	—	$	—	$	1,530,557,500	1,530,557,500	$	40,941,349	(b)	$	—

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

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

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments  (continued) February 29, 2024 iShares^® Short Treasury 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
U.S. Government Obligations	$	—	$	18,245,099,404	$	—	$	18,245,099,404
Short-Term Securities
Money Market Funds		1,530,557,500		—		—		1,530,557,500
	$	1,530,557,500	$	18,245,099,404	$	—	$	19,775,656,904

See notes to financial statements.

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities 

February 29, 2024

	iShares 0-3 Month Treasury Bond ETF		iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	20,851,303,472	$	25,290,940,338		$	13,234,518,442		$	27,641,171,408
Investments, at value — affiliated(c)		27,220,000		468,836,072			188,906,078			204,610,000
Cash		100,027,091		5,127			4,168			57,618
Receivables:
Investments sold		—		1,604,342,240			487,662,745			1,685,689,979
Securities lending income — affiliated		98,646		9,334			23,305			7,925
Capital shares sold		671,536		—			209,162			239,799
Dividends — affiliated		868,678		267,513			110,197			484,619
Interest — unaffiliated		18,685		166,709,078			71,016,026			137,829,137
Total assets		20,980,208,108		27,531,109,702			13,982,450,123			29,670,090,485
LIABILITIES
Collateral on securities loaned, at value		—		375,216,072			130,886,077			—
Payables:
Investments purchased		2,450,365,370		1,594,926,721			474,775,457			1,801,758,597
Capital shares redeemed		7,795,464		632,554			336,576			55,412
Investment advisory fees		989,522		3,034,153			1,568,987			3,321,386
Total liabilities		2,459,150,356		1,973,809,500			607,567,097			1,805,135,395
Commitments and contingent liabilities
NET ASSETS	$	18,521,057,752	$	25,557,300,202		$	13,374,883,026		$	27,864,955,090
NET ASSETS CONSIST OF
Paid-in capital	$	18,447,681,016	$	26,712,246,671		$	14,751,567,211		$	32,780,984,003
Accumulated earnings (loss)		73,376,736		(1,154,946,469	)		(1,376,684,185	)		(4,916,028,913	)
NET ASSETS	$	18,521,057,752	$	25,557,300,202		$	13,374,883,026		$	27,864,955,090
NET ASSET VALUE
Shares outstanding		184,000,000		312,800,000			115,800,000			296,000,000
Net asset value	$	100.66	$	81.70		$	115.50		$	94.14
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	20,853,229,951	$	25,532,161,741		$	13,858,070,368		$	29,368,319,855
(b) Securities loaned, at value	$	—	$	363,543,668		$	127,775,514		$	—
(c) Investments, at cost — affiliated	$	27,220,000	$	468,836,072		$	188,906,078		$	204,610,000

See notes to financial statements.

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

Statements of Assets and Liabilities (continued)

February 29, 2024

	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF			iShares Short Treasury Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	7,623,308,283		$	49,100,996,876		$	240,727,287		$	18,245,099,404
Investments, at value — affiliated(c)		147,527,500			810,710,000			20,000			1,530,557,500
Cash		3,332			28,315			838			137,530,807
Receivables:
Investments sold		265,564,626			192,177,583			2,547,040			—
Securities lending income — affiliated		299			630			—			343,179
Capital shares sold		498,251			5,948,873			9,851,792			—
Dividends — affiliated		504,655			2,513,253			618			477,154
Interest — unaffiliated		41,093,701			254,995,265			—			20,157
Total assets		8,078,500,647			50,367,370,795			253,147,575			19,914,028,201
LIABILITIES
Collateral on securities loaned, at value		477,500			—			—			1,530,557,500
Payables:
Investments purchased		326,628,980			595,252,178			11,463,057			397,533,664
Capital shares redeemed		198,798			3,040,578			—			1,302,557
Investment advisory fees		918,767			5,885,549			16,457			2,120,681
Total liabilities		328,224,045			604,178,305			11,479,514			1,931,514,402
Commitments and contingent liabilities
NET ASSETS	$	7,750,276,602		$	49,763,192,490		$	241,668,061		$	17,982,513,799
NET ASSETS CONSIST OF
Paid-in capital	$	9,198,924,272		$	63,025,628,539		$	349,549,386		$	17,960,386,340
Accumulated earnings (loss)		(1,448,647,670	)		(13,262,436,049	)		(107,881,325	)		22,127,459
NET ASSETS	$	7,750,276,602		$	49,763,192,490		$	241,668,061		$	17,982,513,799
NET ASSET VALUE
Shares outstanding		74,600,000			529,000,000			21,400,000			162,770,000
Net asset value	$	103.89		$	94.07		$	11.29		$	110.48
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	8,148,718,740		$	56,689,713,792		$	281,202,043		$	18,247,952,254
(b) Securities loaned, at value	$	474,022		$	—		$	—		$	1,498,320,719
(c) Investments, at cost — affiliated	$	147,527,500		$	810,710,000		$	20,000		$	1,530,557,500

See notes to financial statements.

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations 

Year Ended February 29, 2024

	iShares 0-3 Month Treasury Bond ETF			iShares 1-3 Year Treasury Bond ETF			iShares 3-7 Year Treasury Bond ETF			iShares 7-10 Year Treasury Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	16,315,147		$	2,714,754		$	1,374,508		$	6,340,496
Interest — unaffiliated		715,147,440			888,304,789			352,115,557			890,283,459
Securities lending income — affiliated — net		5,345,881			228,020			48,869			624,788
Total investment income		736,808,468			891,247,563			353,538,934			897,248,743
EXPENSES
Investment advisory		16,680,345			39,939,244			19,426,281			41,879,923
Commitment costs		43,178			—			—			—
Interest expense		37,481			—			13,567			—
Total expenses		16,761,004			39,939,244			19,439,848			41,879,923
Less:
Investment advisory fees waived		(7,986,263	)		—			—			—
Total expenses after fees waived		8,774,741			39,939,244			19,439,848			41,879,923
Net investment income		728,033,727			851,308,319			334,099,086			855,368,820
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(115,024	)		(448,977,344	)		(453,404,494	)		(1,439,490,554	)
In-kind redemptions — unaffiliated(a)		340,148			(19,991,024	)		(64,316	)		56,290,263
		225,124			(468,968,368	)		(453,468,810	)		(1,383,200,291	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,973,749	)		667,550,333			523,381,542			731,353,030
		(1,973,749	)		667,550,333			523,381,542			731,353,030
Net realized and unrealized gain (loss)		(1,748,625	)		198,581,965			69,912,732			(651,847,261	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	726,285,102		$	1,049,890,284		$	404,011,818		$	203,521,559

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 39

Statements of Operations (continued)

Year Ended February 29, 2024

	iShares 10-20 Year Treasury Bond ETF			iShares 20+ Year Treasury Bond ETF			iShares 25+ Year Treasury STRIPS Bond ETF			iShares Short Treasury Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	5,024,766		$	15,168,123		$	7,146		$	25,413,790
Interest — unaffiliated		307,916,368			1,551,905,808			5,946,345			997,878,087
Securities lending income — affiliated — net		707,610			13,948			196			15,527,559
Other income — unaffiliated		—			—			—			592
Total investment income		313,648,744			1,567,087,879			5,953,687			1,038,820,028
EXPENSES
Investment advisory		11,542,762			61,413,885			220,198			30,895,583
Commitment costs		—			—			—			43,178
Interest expense		—			—			415			—
Total expenses		11,542,762			61,413,885			220,613			30,938,761
Less:
Investment advisory fees waived		—			—			(99,639	)		(464,339	)
Total expenses after fees waived		11,542,762			61,413,885			120,974			30,474,422
Net investment income		302,105,982			1,505,673,994			5,832,713			1,008,345,606
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(288,061,218	)		(3,545,420,140	)		(18,782,735	)		(789,024	)
In-kind redemptions — unaffiliated(a)		153,703,269			944,843,120			(42,375,309	)		2,729,379
		(134,357,949	)		(2,600,577,020	)		(61,158,044	)		1,940,355
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(165,080,386	)		(269,922,256	)		41,485,165			31,585,558
		(165,080,386	)		(269,922,256	)		41,485,165			31,585,558
Net realized and unrealized gain (loss)		(299,438,335	)		(2,870,499,276	)		(19,672,879	)		33,525,913
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,667,647		$	(1,364,825,282	)	$	(13,840,166	)	$	1,041,871,519

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

See notes to financial statements.

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares 0-3 Month Treasury Bond ETF						iShares 1-3 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	728,033,727		$	118,037,519		$	851,308,319		$	437,290,500
Net realized gain (loss)		225,124			(236,704	)		(468,968,368	)		(497,446,789	)
Net change in unrealized appreciation (depreciation)		(1,973,749	)		95,321			667,550,333			(586,673,780	)
Net increase (decrease) in net assets resulting from operations		726,285,102			117,896,136			1,049,890,284			(646,830,069	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(675,659,011	)		(95,037,163	)		(829,122,279	)		(391,444,335	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		10,347,503,962			6,234,641,147			(1,003,021,375	)		5,944,603,725
NET ASSETS
Total increase (decrease) in net assets		10,398,130,053			6,257,500,120			(782,253,370	)		4,906,329,321
Beginning of year		8,122,927,699			1,865,427,579			26,339,553,572			21,433,224,251
End of year	$	18,521,057,752		$	8,122,927,699		$	25,557,300,202		$	26,339,553,572

^(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 41

Statements of Changes in Net Assets (continued)

	iShares 3-7 Year Treasury Bond ETF						iShares 7-10 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income.	$	334,099,086		$	180,461,033		$	855,368,820		$	448,809,727
Net realized loss		(453,468,810	)		(319,962,030	)		(1,383,200,291	)		(1,433,884,442	)
Net change in unrealized appreciation (depreciation)		523,381,542			(773,825,977	)		731,353,030			(1,776,733,523	)
Net increase (decrease) in net assets resulting from operations		404,011,818			(913,326,974	)		203,521,559			(2,761,808,238	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(322,555,021	)		(166,283,959	)		(829,462,599	)		(417,943,007	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,285,662,391			2,611,815,276			5,509,125,703			8,747,771,716
NET ASSETS
Total increase in net assets		1,367,119,188			1,532,204,343			4,883,184,663			5,568,020,471
Beginning of year		12,007,763,838			10,475,559,495			22,981,770,427			17,413,749,956
End of year	$	13,374,883,026		$	12,007,763,838		$	27,864,955,090		$	22,981,770,427

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

See notes to financial statements.

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares 10-20 Year Treasury Bond ETF						iShares 20+ Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	302,105,982		$	141,259,383		$	1,505,673,994		$	645,713,129
Net realized loss		(134,357,949	)		(571,737,679	)		(2,600,577,020	)		(1,526,727,937	)
Net change in unrealized appreciation (depreciation)		(165,080,386	)		(274,395,077	)		(269,922,256	)		(5,399,255,836	)
Net increase (decrease) in net assets resulting from operations		2,667,647			(704,873,373	)		(1,364,825,282	)		(6,280,270,644	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(299,913,515	)		(121,088,041	)		(1,423,935,830	)		(593,637,547	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(230,401,103	)		6,778,454,594			22,187,012,620			21,125,482,673
NET ASSETS
Total increase (decrease) in net assets		(527,646,971	)		5,952,493,180			19,398,251,508			14,251,574,482
Beginning of year		8,277,923,573			2,325,430,393			30,364,940,982			16,113,366,500
End of year	$	7,750,276,602		$	8,277,923,573		$	49,763,192,490		$	30,364,940,982

^(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 43

Statements of Changes in Net Assets (continued)

	iShares  25+ Year Treasury STRIPS Bond ETF						iShares Short Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,832,713		$	9,469,012		$	1,008,345,606		$	419,539,273
Net realized gain (loss)		(61,158,044	)		(49,445,003	)		1,940,355			(52,499,364	)
Net change in unrealized appreciation (depreciation)		41,485,165			(89,974,592	)		31,585,558			(21,146,082	)
Net increase (decrease) in net assets resulting from operations		(13,840,166	)		(129,950,583	)		1,041,871,519			345,893,827
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,043,087	)		(9,305,657	)		(995,877,471	)		(356,029,920	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(20,427,364	)		97,038,764			(5,806,139,037	)		7,973,509,976
NET ASSETS
Total increase (decrease) in net assets		(40,310,617	)		(42,217,476	)		(5,760,144,989	)		7,963,373,883
Beginning of year		281,978,678			324,196,154			23,742,658,788			15,779,284,905
End of year	$	241,668,061		$	281,978,678		$	17,982,513,799		$	23,742,658,788

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

See notes to financial statements.

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

		iShares 0-3 Month Treasury Bond ETF
											Period From
			Year Ended			Year Ended			Year Ended				05/26/20	(a)
		02/29/24			02/28/23			02/28/22			to 02/28/21
Net asset value, beginning of period		$	100.41		$	100.02		$	100.01			$	100.01
Net investment income(b)			5.26			2.81			0.04				0.05
Net realized and unrealized loss(c)			(0.06	)		(0.57	)		0.00				0.00	(d)
Net increase from investment operations			5.20			2.24			0.04				0.05
Distributions from net investment income(e)			(4.95	)		(1.85	)		(0.03	)			(0.05	)
Net asset value, end of period		$	100.66		$	100.41		$	100.02			$	100.01
Total Return(f)
Based on net asset value			5.32	%		2.25	%		0.04	%			0.05	%(g)
Ratios to Average Net Assets(h)
Total expenses			0.12	%		0.12	%		0.12	%			0.12	%(i)
Total expenses after fees waived			0.06	%		0.04	%		0.03	%			0.03	%(i)
Net investment income			5.24	%		2.81	%		0.04	%			0.07	%(i)
Supplemental Data
Net assets, end of period (000)		$	18,521,058		$	8,122,928		$	1,865,428			$	735,108
Portfolio turnover rate(j)			584	%		0	%		0	%			326	%

^(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)  Rounds to less than $0.01.

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

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 1-3 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	80.97		$	84.55		$	86.30		$	85.70		$	83.73
Net investment income(a)		2.60			1.38			0.20			0.62			1.73
Net realized and unrealized gain (loss)(b)		0.67			(3.77	)		(1.73	)		0.69			2.02
Net increase (decrease) from investment operations		3.27			(2.39	)		(1.53	)		1.31			3.75
Distributions(c)
From net investment income		(2.54	)		(1.19	)		(0.19	)		(0.71	)		(1.78	)
From net realized gain		—			—			(0.03	)		—			—
Total distributions		(2.54	)		(1.19	)		(0.22	)		(0.71	)		(1.78	)
Net asset value, end of year	$	81.70		$	80.97		$	84.55		$	86.30		$	85.70
Total Return(d)
Based on net asset value		4.11	%		(2.84	)%		(1.77	)%		1.52	%		4.53	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		3.20	%		1.69	%		0.24	%		0.71	%		2.05	%
Supplemental Data
Net assets, end of year (000)	$	25,557,300		$	26,339,554		$	21,433,224		$	19,572,396		$	17,465,741
Portfolio turnover rate(f)		55	%		73	%		148	%		79	%		56	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 3-7 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	114.47		$	126.06		$	131.00		$	130.24		$	121.54
Net investment income(a)		2.98			1.84			0.94			1.29			2.44
Net realized and unrealized gain (loss)(b)		0.92			(11.75	)		(4.94	)		0.85			8.76
Net increase (decrease) from investment operations		3.90			(9.91	)		(4.00	)		2.14			11.20
Distributions from net investment income(c)		(2.87	)		(1.68	)		(0.94	)		(1.38	)		(2.50	)
Net asset value, end of year	$	115.50		$	114.47		$	126.06		$	131.00		$	130.24
Total Return(d)
Based on net asset value		3.44	%		(7.90	)%		(3.07	)%		1.63	%		9.31	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		2.58	%		1.57	%		0.72	%		0.97	%		1.95	%
Supplemental Data
Net assets, end of year (000)	$	13,374,883		$	12,007,764		$	10,475,559		$	11,227,126		$	9,923,985
Portfolio turnover rate(f)		45	%		36	%		62	%		49	%		38	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 7-10 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	95.72		$	111.99		$	115.71		$	117.31		$	104.16
Net investment income(a)		2.92			2.15			1.08			1.15			2.19
Net realized and unrealized gain (loss)(b)		(1.67	)		(16.44	)		(3.81	)		(1.53	)		13.19
Net increase (decrease) from investment operations		1.25			(14.29	)		(2.73	)		(0.38	)		15.38
Distributions from net investment income(c)		(2.83	)		(1.98	)		(0.99	)		(1.22	)		(2.23	)
Net asset value, end of year	$	94.14		$	95.72		$	111.99		$	115.71		$	117.31
Total Return(d)
Based on net asset value		1.32	%		(12.83	)%		(2.38	)%		(0.37	)%		14.94	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		3.06	%		2.15	%		0.94	%		0.95	%		1.98	%
Supplemental Data
Net assets, end of year (000)	$	27,864,955		$	22,981,770		$	17,413,750		$	14,209,563		$	21,480,308
Portfolio turnover rate(f)		48	%		53	%		114	%		76	%		57	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 10-20 Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	109.21		$	141.79		$	146.54		$	158.70		$	132.80
Net investment income(a)		4.17			3.70			2.41			2.04			3.18
Net realized and unrealized gain (loss)(b)		(5.32	)		(33.13	)		(4.91	)		(10.08	)		26.01
Net increase (decrease) from investment operations		(1.15	)		(29.43	)		(2.50	)		(8.04	)		29.19
Distributions(c)
From net investment income		(4.17	)		(3.15	)		(2.25	)		(2.80	)		(3.29	)
From net realized gain		—			—			—			(1.32	)		—
Total distributions		(4.17	)		(3.15	)		(2.25	)		(4.12	)		(3.29	)
Net asset value, end of year	$	103.89		$	109.21		$	141.79		$	146.54		$	158.70
Total Return(d)
Based on net asset value		(1.05	)%		(20.90	)%		(1.74	)%		(5.38	)%		22.28	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		3.93	%		3.23	%		1.65	%		1.25	%		2.21	%
Supplemental Data
Net assets, end of year (000)	$	7,750,277		$	8,277,924		$	2,325,430		$	1,186,936		$	1,095,034
Portfolio turnover rate(f)		26	%		56	%		114	%		214	%		63	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 20+ Year Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	101.52		$	139.87		$	143.12		$	155.13		$	119.95
Net investment income(a)		3.54			2.98			2.25			2.24			3.09
Net realized and unrealized gain (loss)(b)		(7.61	)		(38.60	)		(3.26	)		(11.95	)		35.13
Net increase (decrease) from investment operations		(4.07	)		(35.62	)		(1.01	)		(9.71	)		38.22
Distributions from net investment income(c)		(3.38	)		(2.73	)		(2.24	)		(2.30	)		(3.04	)
Net asset value, end of year	$	94.07		$	101.52		$	139.87		$	143.12		$	155.13
Total Return(d)
Based on net asset value		(4.06	)%		(25.64	)%		(0.72	)%		(6.43	)%		32.29	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		3.68	%		2.72	%		1.56	%		1.39	%		2.27	%
Supplemental Data
Net assets, end of year (000)	$	49,763,192		$	30,364,941		$	16,113,367		$	14,783,961		$	21,237,057
Portfolio turnover rate(f)		23	%		22	%		43	%		65	%		25	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares 25+ Year Treasury STRIPS Bond ETF
														Period From
		Year Ended				Year Ended				Year Ended							09/22/20	(a)
			02/29/24				02/28/23				02/28/22			to 02/28/21
Net asset value, beginning of period			$	13.08			$	20.52			$	20.61				$	25.06
Net investment income(b)				0.47				0.47				0.45					0.17
Net realized and unrealized loss(c)				(1.79	)			(7.44	)			(0.14	)				(4.50	)
Net increase (decrease) from investment operations				(1.32	)			(6.97	)			0.31					(4.33	)
Distributions from net investment income(d)				(0.47	)			(0.47	)			(0.40	)				(0.12	)
Net asset value, end of period			$	11.29			$	13.08			$	20.52				$	20.61
Total Return(e)
Based on net asset value				(10.27	)%			(34.23	)%			1.44	%				(17.33	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.15	%			0.15	%			0.15	%				0.15	%(h)
Total expenses after fees waived				0.08	%			0.04	%			0.04	%				0.07	%(h)
Net investment income				3.97	%			3.17	%			2.10	%				1.71	%(h)
Supplemental Data
Net assets, end of period (000)			$	241,668			$	281,979			$	324,196				$	28,853
Portfolio turnover rate(i)				22	%			50	%			40	%				36	%

^(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, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Short Treasury Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	110.22		$	110.29		$	110.52		$	110.68		$	110.52
Net investment income (loss)(a)		5.40			2.32			(0.07	)		0.40			2.28
Net realized and unrealized gain (loss)(b)		0.18			(0.50	)		(0.16	)		0.10			0.25
Net increase (decrease) from investment operations		5.58			1.82			(0.23	)		0.50			2.53
Distributions(c)
From net investment income		(5.32	)		(1.89	)		—			(0.50	)		(2.37	)
From net realized gain		—			—			—			(0.16	)		—
Total distributions		(5.32	)		(1.89	)		—			(0.66	)		(2.37	)
Net asset value, end of year	$	110.48		$	110.22		$	110.29		$	110.52		$	110.68
Total Return(d)
Based on net asset value		5.19	%		1.66	%		(0.19	)%		0.45	%		2.31	%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Total expenses after fees waived		0.15	%		0.14	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		4.90	%		2.10	%		(0.06	)%		0.36	%		2.06	%
Supplemental Data
Net assets, end of year (000)	$	17,982,514		$	23,742,659		$	15,779,285		$	16,193,171		$	20,276,511
Portfolio turnover rate(f)		62	%		107	%		86	%		115	%		42	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

52 2 0 2 4  I S H A R E S  A N N U A L R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

iShares 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
0-3 Month Treasury Bond		Diversified
1-3 Year Treasury Bond		Diversified
3-7 Year Treasury Bond		Diversified
7-10 Year Treasury Bond		Diversified
10-20 Year Treasury Bond		Diversified
20+ Year Treasury Bond		Diversified
25+ Year Treasury STRIPS Bond		Diversified
Short Treasury 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. 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.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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:

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 53

Notes to Financial Statements (continued)

• 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.

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

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

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

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

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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:

	Securities Loaned			Cash Collateral			Non-Cash Collateral
iShares ETF and Counterparty		at Value			Received	(a)		Received, at Fair Value	(a)		Net Amount
1-3 Year Treasury Bond
Goldman Sachs & Co. LLC	$	124,103,594		$	(124,103,594	)	$	—		$	—
J.P. Morgan Securities LLC		239,440,074			(239,440,074	)		—			—
	$	363,543,668		$	(363,543,668	)	$	—		$	—
3-7 Year Treasury Bond
Barclays Capital, Inc.	$	48,700,514		$	(48,700,514	)	$	—		$	—
Citigroup Global Markets, Inc.		49,421,875			(49,421,875	)		—			—
Goldman Sachs & Co. LLC		29,653,125			(29,653,125	)		—			—
	$	127,775,514		$	(127,775,514	)	$	—		$	—
10-20 Year Treasury Bond
BofA Securities, Inc.	$	474,022		$	(474,022	)	$	—		$	—
Short Treasury Bond
J.P. Morgan Securities LLC	$	1,488,326,575		$	(1,488,326,575	)	$	—		$	—
State Street Bank & Trust Co.		9,994,144			(9,994,144	)		—			—
	$	1,498,320,719		$	(1,498,320,719	)	$	—		$	—

^(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. 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).

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 55

Notes to Financial Statements (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
0-3 Month Treasury Bond		0.12	%
1-3 Year Treasury Bond		0.15
3-7 Year Treasury Bond		0.15
7-10 Year Treasury Bond		0.15
10-20 Year Treasury Bond		0.15
20+ Year Treasury Bond		0.15
25+ Year Treasury STRIPS Bond		0.15
Short Treasury Bond		0.15

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 any fund other expenses are a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

Effective June 30, 2023, for the iShares 0-3 Month Treasury Bond ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after fee waiver will not exceed 0.07% through June 30, 2024. Prior to June 30, 2023, for the iShares 0-3 Month Treasury Bond ETF, BFA had contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.05% through June 30, 2023.

For the iShares 25+ Year Treasury STRIPS Bond ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund’s total annual fund operating expenses after the fee waiver will not exceed 0.10% through February 28, 2029.

For the iShares Short Treasury Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended February 29, 2024, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
0-3 Month Treasury Bond	$	7,986,263
25+ Year Treasury STRIPS Bond		73,814
Short Treasury Bond		464,339

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA had elected to implement a voluntary fee waiver in order to limit the iShares 25+ Year Treasury STRIPS Bond ETF’s total annual operating expenses after fee waivers to 0.04% and intended to keep such voluntary fee waiver for the Fund in place through February 29, 2024. The voluntary waiver was discontinued effective June 30, 2023.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
25+ Year Treasury STRIPS Bond	$	25,825

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 08, 2024 (date of conversion for iShares Short Treasury Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

Prior to January 26, 2024 (date of conversion for iShares 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF and iShares 25+ Year Treasury STRIPS Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

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

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
0-3 Month Treasury Bond	$	1,524,187
1-3 Year Treasury Bond		69,292
3-7 Year Treasury Bond		15,954
7-10 Year Treasury Bond		175,236
10-20 Year Treasury Bond		149,256
20+ Year Treasury Bond		5,811
25+ Year Treasury STRIPS Bond		84
Short Treasury Bond		4,495,987

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

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

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

6. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

	U.S. Government Securities
iShares ETF	Purchases		Sales
0-3 Month Treasury Bond	$	1,983,526,660	$	2,102,059,500
1-3 Year Treasury Bond		14,578,308,738		14,692,976,896
3-7 Year Treasury Bond		5,771,167,666		5,840,843,475
7-10 Year Treasury Bond		13,389,317,130		13,668,635,215
10-20 Year Treasury Bond		1,983,588,200		2,054,831,655
20+ Year Treasury Bond		9,502,629,019		9,482,110,715
25+ Year Treasury STRIPS Bond		35,937,973		42,722,058
Short Treasury Bond		1,346,293,518		5,454,308,021

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 57

Notes to Financial Statements (continued)

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
0-3 Month Treasury Bond	$	13,052,685,177	$	3,701,839,134
1-3 Year Treasury Bond		12,308,114,782		13,308,210,649
3-7 Year Treasury Bond		7,601,613,360		6,332,132,415
7-10 Year Treasury Bond		25,227,302,692		19,756,823,322
10-20 Year Treasury Bond		3,813,438,794		4,041,121,144
20+ Year Treasury Bond		60,078,416,834		38,252,726,367
25+ Year Treasury STRIPS Bond		202,669,571		222,629,807
Short Treasury Bond		6,275,004,722		11,657,330,839

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 February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
0-3 Month Treasury Bond	$	338,730		$	(338,730	)
1-3 Year Treasury Bond		(20,134,596	)		20,134,596
3-7 Year Treasury Bond		(64,316	)		64,316
7-10 Year Treasury Bond		56,290,263			(56,290,263	)
10-20 Year Treasury Bond		153,626,238			(153,626,238	)
20+ Year Treasury Bond		878,402,282			(878,402,282	)
25+ Year Treasury STRIPS Bond		(42,375,309	)		42,375,309
Short Treasury Bond		2,649,696			(2,649,696	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/29/24		Year Ended 02/28/23
0-3 Month Treasury Bond
Ordinary income	$	675,659,011	$	95,037,163
1-3 Year Treasury Bond
Ordinary income	$	829,122,279	$	391,444,335
3-7 Year Treasury Bond
Ordinary income	$	322,555,021	$	166,283,959
7-10 Year Treasury Bond
Ordinary income	$	829,462,599	$	417,943,007
10-20 Year Treasury Bond
Ordinary income	$	299,913,515	$	121,088,041
20+ Year Treasury Bond
Ordinary income	$	1,423,935,830	$	593,637,547
25+ Year Treasury STRIPS Bond
Ordinary income	$	6,043,087	$	9,305,657
Short Treasury Bond
Ordinary income	$	995,877,471	$	356,029,920

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
0-3 Month Treasury Bond	$	75,524,359	$	(221,144	)	$	(1,926,479	)	$	73,376,736
1-3 Year Treasury Bond		75,577,769		(987,179,677	)		(243,344,561	)		(1,154,946,469	)
3-7 Year Treasury Bond		32,136,495		(783,635,164	)		(625,185,516	)		(1,376,684,185	)
7-10 Year Treasury Bond		73,965,651		(3,175,828,313	)		(1,814,166,251	)		(4,916,028,913	)
10-20 Year Treasury Bond		25,062,712		(938,207,745	)		(535,502,637	)		(1,448,647,670	)
20+ Year Treasury Bond		157,360,699		(5,817,636,963	)		(7,602,159,785	)		(13,262,436,049	)
25+ Year Treasury STRIPS Bond		717,203		(68,022,849	)		(40,575,679	)		(107,881,325	)
Short Treasury Bond		73,240,781		(48,260,472	)		(2,852,850	)		22,127,459

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

As of February 29, 2024, 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)
0-3 Month Treasury Bond	$	20,880,449,951	$	14,510	$	(1,940,989	)	$	(1,926,479	)
1-3 Year Treasury Bond		26,003,120,971		13,880,770		(257,225,331	)		(243,344,561	)
3-7 Year Treasury Bond		14,048,610,036		8,945,536		(634,131,052	)		(625,185,516	)
7-10 Year Treasury Bond		29,659,947,659		505,586		(1,814,671,837	)		(1,814,166,251	)
10-20 Year Treasury Bond		8,306,338,420		6,772,962		(542,275,599	)		(535,502,637	)
20+ Year Treasury Bond		57,513,866,661		2,215,659		(7,604,375,444	)		(7,602,159,785	)
25+ Year Treasury STRIPS Bond		281,322,966		191,041		(40,766,720	)		(40,575,679	)
Short Treasury Bond		19,778,509,754		2,209,485		(5,062,335	)		(2,852,850	)

8. LINE OF CREDIT

The iShares 0-3 Month Treasury Bond ETF and iShares Short Treasury Bond ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended February 29, 2024, the Funds did not borrow under the Syndicated Credit Agreement.

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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 59

Notes to Financial Statements (continued)

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.

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
0-3 Month Treasury Bond
Shares sold		144,100,000		$	14,464,440,829			97,000,000		$	9,715,585,177
Shares redeemed		(41,000,000	)		(4,116,936,867	)		(34,750,000	)		(3,480,944,030	)
		103,100,000		$	10,347,503,962			62,250,000		$	6,234,641,147
1-3 Year Treasury Bond
Shares sold		152,500,000		$	12,423,738,873			215,500,000		$	17,733,515,400
Shares redeemed		(165,000,000	)		(13,426,760,248	)		(143,700,000	)		(11,788,911,675	)
		(12,500,000	)	$	(1,003,021,375	)		71,800,000		$	5,944,603,725
3-7 Year Treasury Bond
Shares sold		66,500,000		$	7,677,570,565			63,700,000		$	7,529,354,572
Shares redeemed		(55,600,000	)		(6,391,908,174	)		(41,900,000	)		(4,917,539,296	)
		10,900,000		$	1,285,662,391			21,800,000		$	2,611,815,276
7-10 Year Treasury Bond
Shares sold		265,100,000		$	25,475,616,835			215,800,000		$	21,876,128,835
Shares redeemed		(209,200,000	)		(19,966,491,132	)		(131,200,000	)		(13,128,357,119	)
		55,900,000		$	5,509,125,703			84,600,000		$	8,747,771,716

60 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
10-20 Year Treasury Bond
Shares sold		37,600,000		$	3,896,931,646			63,100,000		$	7,230,173,343
Shares redeemed		(38,800,000	)		(4,127,332,749	)		(3,700,000	)		(451,718,749	)
		(1,200,000	)	$	(230,401,103	)		59,400,000		$	6,778,454,594
20+ Year Treasury Bond
Shares sold		639,700,000		$	61,064,609,023			312,100,000		$	34,830,582,052
Shares redeemed		(409,800,000	)		(38,877,596,403	)		(128,200,000	)		(13,705,099,379	)
		229,900,000		$	22,187,012,620			183,900,000		$	21,125,482,673
25+ Year Treasury STRIPS Bond
Shares sold		18,000,000		$	202,814,117			9,800,000		$	150,354,787
Shares redeemed		(18,150,000	)		(223,241,481	)		(4,050,000	)		(53,316,023	)
		(150,000	)	$	(20,427,364	)		5,750,000		$	97,038,764
Short Treasury Bond
Shares sold		60,750,000		$	6,693,451,949			216,740,000		$	23,854,026,201
Shares redeemed		(113,400,000	)		(12,499,590,986	)		(144,390,000	)		(15,880,516,225	)
		(52,650,000	)	$	(5,806,139,037	)		72,350,000		$	7,973,509,976

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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 61

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the eight funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares 0-3 Month Treasury Bond ETF

iShares 1-3 Year Treasury Bond ETF

iShares 3-7 Year Treasury Bond ETF

iShares 7-10 Year Treasury Bond ETF

iShares 10-20 Year Treasury Bond ETF

iShares 20+ Year Treasury Bond ETF

iShares 25+ Year Treasury STRIPS Bond ETF

iShares Short Treasury Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 29, 2024:

iShares ETF	Federal Obligation Interest
0-3 Month Treasury Bond	$	722,687,846
1-3 Year Treasury Bond		851,080,299
3-7 Year Treasury Bond		334,047,612
7-10 Year Treasury Bond		854,745,291
10-20 Year Treasury Bond		301,398,372
20+ Year Treasury Bond		1,505,660,046
25+ Year Treasury STRIPS Bond		5,832,517
Short Treasury Bond		992,818,048

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
0-3 Month Treasury Bond	$	722,687,846
1-3 Year Treasury Bond		851,080,299
3-7 Year Treasury Bond		334,047,612
7-10 Year Treasury Bond		854,745,291
10-20 Year Treasury Bond		301,398,372
20+ Year Treasury Bond		1,505,660,046
25+ Year Treasury STRIPS Bond		5,832,517
Short Treasury Bond		992,818,048

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 29, 2024:

iShares ETF	Interest-Related Dividends
0-3 Month Treasury Bond	$	722,687,846
1-3 Year Treasury Bond		851,080,299
3-7 Year Treasury Bond		334,047,612
7-10 Year Treasury Bond		854,745,291
10-20 Year Treasury Bond		301,398,372
20+ Year Treasury Bond		1,505,660,046
25+ Year Treasury STRIPS Bond		5,832,517
Short Treasury Bond		992,818,048

I M P O R T A N T  T A X  I N F O R M A T I O N 63

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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares 0-3 Month Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS Bond ETF and iShares Short Treasury 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
1-3 Year Treasury Bond	$	2.542602	$	—	$	—	$	2.542602		100	%		—	%		—	%		100	%
3-7 Year Treasury Bond		2.869150		—		—		2.869150		100			—			—			100
7-10 Year Treasury Bond		2.831655		—		—		2.831655		100			—			—			100
10-20 Year Treasury Bond		4.174723		—		—		4.174723		100			—			—			100
25+ Year Treasury STRIPS Bond		0.468465		—		—		0.468465		100			—			—			100
Short Treasury Bond		5.315941		—		—		5.315941		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares 7-10 Year Treasury Bond ETF and iShares 20+ Year Treasury Bond ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

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

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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

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

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

S U P P L E M E N T A L  I N F O R M A T I O N 65

Supplemental Information (unaudited)(continued)

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares 7-10 Year Treasury Bond ETF and iShares 20+ Year Treasury Bond ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 67

Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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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 69

Glossary of Terms Used in this Report

Portfolio Abbreviation
STRIPS	Separate Trading of Registered Interest & Principal of Securities

 

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-201-0224

   

FEBRUARY 29, 2024

2024 Annual Report

iShares Trust

· iShares Core 5-10 Year USD Bond ETF | IMTB | NYSE Arca

· iShares Core 10+ Year USD Bond ETF | ILTB | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Inc.

Rob Kapito

President, BlackRock Inc.

Total Returns as of February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		86
Statements of Operations		87
Statements of Changes in Net Assets		88
Financial Highlights		89
Notes to Financial Statements		91
Report of Independent Registered Public Accounting Firm		99
Important Tax Information		100
Statement Regarding Liquidity Risk Management Program		101
Supplemental Information		102
Trustee and Officer Information		103
General Information		105
Glossary of Terms Used in this Report		106

Market Overview

iShares Trust

U.S. Bond Market Overview

U.S. investment-grade bonds produced a gain of 3.33% during the 12 months ended February 29, 2024 (the “reporting period”), as measured by the Bloomberg U.S. Aggregate Bond Index. Income made a sizable contribution to performance, and strength in credit-oriented market segments provided an additional boost to returns.

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, the Bloomberg U.S. Aggregate Bond Index finished in positive territory on the strength of its earlier advance.

These trends were reflected in the U.S. Treasury market, where the yield on the two-year note entered the annual period at 4.81%, reached a high of 5.19% in mid-October, and subsequently finished February 2024 at 4.64%. The 10-year issue followed a similar path, climbing from 3.92% at the start of the period to a high of 4.98% before sliding to 4.25% on February 29, 2024. One result of these moves was that the yield curve’s inversion—i.e., the extent to which short-term rates exceeded those of longer-term issues—gradually moderated from the unusually high level reached in early 2023. Short-term Treasuries were the strongest performers on a total return basis, followed by intermediate-term issues. However, longer-dated government bonds (those with maturities of 10 years and above) posted a loss.

Investment-grade corporate bonds were the best performing segment of the index during the 12-month period. The asset class was helped by a larger contribution from yield, together with a decline in yield spreads relative to U.S. Treasuries. Securitized assets—a category that encompasses mortgage-backed securities (MBS), asset backed securities (ABS) and commercial mortgage-backed securities (CMBS)—underperformed the index. While ABS and CMBS both held up well, agency MBS failed to keep pace with the broader fixed-income market due to the combination of the Fed’s ongoing balance sheet reduction and lower buying demand from banks.

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Fund Summary as of February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF

Investment Objective

The iShares Core 5-10 Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high yield with remaining effective maturities between five and ten years, as represented by the Bloomberg U.S. Universal 5-10 Year 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		3.69	%		0.43	%		0.76	%		3.69	%		2.17	%		5.72	%
Fund Market		3.61			0.38			0.76			3.61			1.89			5.70
Index		3.68			0.54			0.83			3.68			2.73			6.21

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was November 1, 2016. The first day of secondary market trading was November 3, 2016.

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,025.40	$  0.25		$  1,000.00	$  1,024.60	$  0.25		0.05	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 (continued) iShares^® Core 5-10 Year USD Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of   Total Investments(a)
Aaa		73.0%
Aa		1.2
A		8.4
Baa		9.9
Ba		2.7
B		2.3
Caa		0.7
Ca		0.1
Not Rated		1.7

PORTFOLIO COMPOSITION

Investment Type	Percent of   Total Investments(a)
U.S. Government & Agency Obligations		72.3%
Corporate Bonds & Notes		22.9
Foreign Government Obligations		4.3
Collaterized Mortgage Obligations		0.9
Municipal Debt Obligations		0.1
TBA Sales Commitments		(0.5)

* 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.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024 iShares^® Core 10+ Year USD Bond ETF

Investment Objective

The iShares Core 10+ Year USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment-grade or high-yield with remaining maturities greater than ten years, as represented by the Bloomberg U.S. Universal 10+ Year 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.42	%		0.27	%		2.43	%		2.42	%		1.38	%		27.13	%
Fund Market		2.62			0.26			2.44			2.62			1.31			27.23
Index		2.51			0.30			2.51			2.51			1.53			28.19

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance beginning on October 23, 2012 through June 2, 2014 reflects the performance of the Bloomberg U.S. Long Government/Credit Bond Index. Index performance beginning on June 3, 2014 reflects the performance of the Bloomberg U.S. Universal 10+ Year 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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,026.00	$  0.30		$  1,000.00	$  1,024.60	$  0.30		0.06	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 (continued) iShares^® Core 10+ Year USD Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of   Total Investments(a)
Aaa		44.2%
Aa		6.2
A		21.9
Baa		22.5
Ba		2.1
B		1.0
Caa		0.3
Ca		0.7
Not Rated		1.1

PORTFOLIO COMPOSITION

Investment Type	Percent of   Total Investments(a)
Corporate Bonds & Notes		48.4%
U.S. Government & Agency Obligations		42.0
Foreign Government Obligations		7.4
Municipal Debt Obligations		2.2

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

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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 9

Schedule of Investments February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 0.8%
Benchmark Mortgage Trust
Series 2018-B4, Class A5, 4.12%, 07/15/51 (Call 07/15/28)(a)	$	200	$	190,588
Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 02/15/29)		50		46,525
Citigroup Commercial Mortgage Trust, Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 11/10/29)		340		298,351
Morgan Stanley Capital I Trust
Series 2019-H6, Class A4, 3.42%, 06/15/52 (Call 06/15/29)		110		100,493
Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 10/15/31)		500		416,711
UBS Commercial Mortgage Trust, Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)		125		117,473
Wells Fargo Commercial Mortgage Trust 4.01%, 03/15/51 (Call 03/15/28)(a)		250		237,736
Series 2020-C56, Class A5, 2.45%, 06/15/53 (Call 04/15/30)		30		25,618
				1,433,495
Total Collaterized Mortgage Obligations — 0.8% (Cost: $1,574,167)				1,433,495
Corporate Bonds & Notes
Advertising — 0.0%
Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)(b)(c)		13		10,815
Interpublic Group of Companies Inc. (The)
2.40%, 03/01/31 (Call 12/01/30)		10		8,329
5.38%, 06/15/33 (Call 03/15/33)		4		3,958
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)		5		4,322
4.00%, 02/15/30 (Call 02/15/25)		13		11,676
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		10		8,552
2.60%, 08/01/31 (Call 05/01/31)		20		16,788
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, 03/15/30 (Call 03/15/25)(b)		10		8,914
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(b)		13		11,604
				84,958
Aerospace & Defense — 0.3%
Boeing Co. (The)
3.63%, 02/01/31 (Call 11/01/30)		45		40,285
5.15%, 05/01/30 (Call 02/01/30)		55		54,072
Bombardier Inc., 8.75%, 11/15/30 (Call 11/15/26)(b)		10		10,479
General Dynamics Corp., 3.63%, 04/01/30 (Call 01/01/30)		30		27,993
L3Harris Technologies Inc.
2.90%, 12/15/29 (Call 09/15/29)		15		13,294
5.40%, 07/31/33 (Call 04/30/33)		50		50,031
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)		10		8,361
3.90%, 06/15/32 (Call 03/15/32)		5		4,635
Northrop Grumman Corp., 4.70%, 03/15/33 (Call 12/15/32)		35		33,759

Security	Par (000)		Value
Aerospace & Defense (continued)
RTX Corp.
2.38%, 03/15/32 (Call 12/15/31)	$	15	$	12,157
5.15%, 02/27/33 (Call 11/27/32)		30		29,693
6.00%, 03/15/31 (Call 01/15/31)		25		26,042
6.10%, 03/15/34 (Call 12/15/33)		20		21,147
Spirit AeroSystems Inc.
9.38%, 11/30/29 (Call 11/30/25)(b)		15		16,223
9.75%, 11/15/30 (Call 11/15/26)(b)		15		16,071
TransDigm Inc.
4.88%, 05/01/29 (Call 05/01/24)(c)		10		9,175
6.63%, 03/01/32 (Call 03/01/27)(b)		30		30,185
6.88%, 12/15/30 (Call 08/18/26)(b)		20		20,264
7.13%, 12/01/31 (Call 12/01/26)(b)		15		15,398
				439,264
Agriculture — 0.3%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)		25		20,012
3.40%, 05/06/30 (Call 02/06/30)		40		36,000
Archer-Daniels-Midland Co., 3.25%, 03/27/30 (Call 12/27/29)		25		22,618
BAT Capital Corp.
3.46%, 09/06/29 (Call 06/06/29)		20		18,096
4.74%, 03/16/32 (Call 12/16/31)		25		23,513
4.91%, 04/02/30 (Call 01/02/30)		20		19,428
6.34%, 08/02/30 (Call 06/02/30)		35		36,123
7.75%, 10/19/32 (Call 07/19/32)		20		22,301
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)		5		4,254
Cargill Inc.
1.70%, 02/02/31 (Call 11/02/30)(b)		25		20,086
2.13%, 11/10/31 (Call 08/10/31)(b)		5		4,062
3.25%, 05/23/29 (Call 02/23/29)(b)		15		13,979
4.00%, 06/22/32 (Call 03/22/32)(b)		25		23,006
5.13%, 10/11/32 (Call 07/11/32)(b)		5		4,973
Darling Ingredients Inc., 6.00%, 06/15/30 (Call 06/15/25)(b)		10		9,853
Philip Morris International Inc.
2.10%, 05/01/30 (Call 02/01/30)		5		4,213
3.38%, 08/15/29 (Call 05/15/29)		30		27,542
5.13%, 02/15/30 (Call 12/15/29)		30		29,854
5.25%, 02/13/34 (Call 11/13/33)		50		48,852
5.38%, 02/15/33 (Call 11/15/32)		30		29,880
5.63%, 11/17/29 (Call 09/17/29)		15		15,360
5.75%, 11/17/32 (Call 08/17/32)		60		61,155
Vector Group Ltd., 5.75%, 02/01/29 (Call 04/01/24)(b)		12		11,021
				506,181
Airlines — 0.1%
American Airlines Inc., 8.50%, 05/15/29 (Call 11/15/25)(b)		15		15,766
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(b)		39		38,139
American Airlines Pass Through Trust, Series 2017-2, Class AA, 3.35%, 04/15/31		21		19,213
Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29)(c)		5		4,565
United Airlines Inc., 4.63%, 04/15/29 (Call 10/15/28)(b)		30		27,667

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Airlines (continued)
VistaJet Malta Finance PLC/Vista Management Holding Inc., 6.38%, 02/01/30
(Call 02/01/25)(b)(c)	$	13	$	9,491
				114,841
Apparel — 0.1%
Crocs Inc.
4.13%, 08/15/31 (Call 08/15/26)(b)		8		6,846
4.25%, 03/15/29 (Call 04/01/24)(b)		3		2,706
Hanesbrands Inc., 9.00%, 02/15/31
(Call 02/15/26)(b)(c)		10		10,025
Kontoor Brands Inc., 4.13%, 11/15/29
(Call 11/15/24)(b)		5		4,501
Levi Strauss & Co., 3.50%, 03/01/31
(Call 03/01/26)(b)		5		4,334
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		15		12,160
7.85%, 11/27/33 (Call 08/27/33)		25		27,049
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)		25		20,622
Wolverine World Wide Inc., 4.00%, 08/15/29
(Call 08/15/24)(b)		10		8,015
				96,258
Auto Manufacturers — 0.4%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(b)		17		14,707
5.88%, 06/01/29 (Call 06/01/24)(b)		4		3,945
BMW U.S. Capital LLC
2.55%, 04/01/31 (Call 01/01/31)(b)		20		17,090
3.70%, 04/01/32 (Call 01/01/32)(b)		10		9,075
4.15%, 04/09/30 (Call 01/09/30)(b)		25		24,007
5.15%, 08/11/33 (Call 05/11/33)(b)(c)		10		9,993
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		43		35,298
6.10%, 08/19/32 (Call 05/19/32)		25		24,931
7.45%, 07/16/31		25		26,928
9.63%, 04/22/30 (Call 01/22/30)		3		3,507
Ford Motor Credit Co. LLC
3.63%, 06/17/31 (Call 03/17/31)		33		28,126
4.00%, 11/13/30 (Call 08/13/30)		10		8,840
5.11%, 05/03/29 (Call 02/03/29)		10		9,638
7.20%, 06/10/30 (Call 04/10/30)		25		26,370
7.35%, 03/06/30 (Call 01/06/30)		20		21,178
General Motors Co.
5.40%, 10/15/29 (Call 08/15/29)		15		14,951
5.60%, 10/15/32 (Call 07/15/32)		25		24,928
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)		10		8,149
2.70%, 06/10/31 (Call 03/10/31)		9		7,405
3.10%, 01/12/32 (Call 10/12/31)		35		29,232
3.60%, 06/21/30 (Call 03/21/30)		20		17,936
6.40%, 01/09/33 (Call 10/09/32)		34		35,307
Honda Motor Co. Ltd., 2.97%, 03/10/32
(Call 12/10/31)		25		21,951
Hyundai Capital America, 6.38%, 04/08/30
(Call 01/08/30)(b)		40		42,063
Jaguar Land Rover Automotive PLC, 5.50%,
07/15/29 (Call 07/15/24)(b)		3		2,883
JB Poindexter & Co. Inc., 8.75%, 12/15/31
(Call 12/15/26)(b)		10		10,250
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		20		24,268

Security	Par (000)		Value
Auto Manufacturers (continued)
Nissan Motor Co. Ltd., 4.81%, 09/17/30
(Call 06/17/30)(b)	$	10	$	9,210
Toyota Motor Corp., 2.76%, 07/02/29(c)		14		12,894
Toyota Motor Credit Corp.
1.65%, 01/10/31		20		16,228
3.38%, 04/01/30		45		41,361
4.45%, 06/29/29		30		29,457
4.55%, 05/17/30		20		19,582
4.70%, 01/12/33		10		9,861
				641,549
Auto Parts & Equipment — 0.1%
Adient Global Holdings Ltd., 8.25%, 04/15/31
(Call 04/15/26)(b)		5		5,266
American Axle & Manufacturing Inc., 5.00%,
10/01/29 (Call 10/01/24)(c)		7		6,067
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32
(Call 12/01/31)		5		4,311
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)		5		4,316
4.50%, 02/15/32 (Call 02/15/27)		5		4,195
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29
(Call 10/15/24)(b)		8		7,188
Goodyear Tire & Rubber Co. (The)
5.00%, 07/15/29 (Call 04/15/29)(c)		9		8,286
5.25%, 04/30/31 (Call 01/30/31)		5		4,521
5.25%, 07/15/31 (Call 04/15/31)(c)		9		8,120
5.63%, 04/30/33 (Call 01/30/33)		5		4,471
Lear Corp., 2.60%, 01/15/32 (Call 10/15/31)		25		20,352
Magna International Inc., 2.45%, 06/15/30
(Call 03/15/30)		5		4,301
ZF North America Capital Inc., 7.13%, 04/14/30
(Call 02/14/30)(b)		10		10,397
				91,791
Banks — 4.3%
Banco Santander SA, 2.75%, 12/03/30		100		81,437
Bank of America Corp.
1.90%, 07/23/31 (Call 07/23/30),
(1-day SOFR + 1.530%)(a)		55		44,620
1.92%, 10/24/31 (Call 10/24/30),
(1-day SOFR + 1.370%)(a)		25		20,174
2.30%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.220%)(a)		60		48,539
2.48%, 09/21/36 (Call 09/21/31),
(5-year CMT + 1.200%)(a)		50		39,491
2.50%, 02/13/31 (Call 02/13/30),
(3-mo. SOFR + 1.252%)(a)		80		68,202
2.57%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.210%)(a)		55		45,130
2.59%, 04/29/31 (Call 04/29/30),
(1-day SOFR + 2.150%)(a)		40		34,097
2.69%, 04/22/32 (Call 04/22/31),
(1-day SOFR + 1.320%)(a)		50		41,849
2.88%, 10/22/30 (Call 10/22/29),
(3-mo. SOFR + 1.452%)(a)		10		8,812
2.97%, 02/04/33 (Call 02/04/32),
(1-day SOFR + 1.330%)(a)		70		58,787
3.19%, 07/23/30 (Call 07/23/29),
(3-mo. SOFR + 1.442%)(a)		40		35,989
4.57%, 04/27/33 (Call 04/27/32),
(1-day SOFR + 1.830%)(a)		65		61,174

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 (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.02%, 07/22/33 (Call 07/22/32),
(1-day SOFR + 2.160%)(a)	$	80	$	77,935
5.29%, 04/25/34 (Call 04/25/33),
(1-day SOFR + 1.910%)(a)		50		49,279
5.47%, 01/23/35 (Call 01/23/34),
(1-day SOFR + 1.650%)(a)		50		49,867
5.87%, 09/15/34 (Call 09/15/33),
(1-day SOFR + 1.840%)(a)		50		51,275
Series N, 2.65%, 03/11/32 (Call 03/11/31),
(1-day SOFR + 1.220%)(a)		45		37,642
Bank of Montreal, 3.09%, 01/10/37 (Call 01/10/32),
(5-year CMT + 1.400%)(a)		25		20,247
Bank of New York Mellon Corp. (The)
1.80%, 07/28/31 (Call 04/28/31)		15		12,096
3.30%, 08/23/29 (Call 05/23/29)		45		41,285
3.85%, 04/26/29 (Call 02/26/29)		10		9,573
4.60%, 07/26/30 (Call 07/26/29),
(1-day SOFR + 1.755%)(a)		5		4,883
4.71%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.511%)(a)		25		23,915
4.97%, 04/26/34 (Call 04/26/33),
(1-day SOFR + 1.606%)(a)		20		19,488
6.47%, 10/25/34 (Call 10/25/33),
(1-day SOFR + 1.845%)(a)		50		54,092
Bank of Nova Scotia (The)
2.15%, 08/01/31		5		4,086
2.45%, 02/02/32		15		12,305
4.85%, 02/01/30		30		29,592
BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)		5		4,566
Barclays PLC, 6.22%, 05/09/34 (Call 05/09/33),
(1-day SOFR + 2.980%)(a)		200		202,461
BNP Paribas SA
2.59%, 08/12/35 (Call 08/12/30),
(5-year CMT + 2.050%)(a)(b)		5		3,997
2.87%, 04/19/32 (Call 04/19/31),
(1-day SOFR + 1.387%)(a)(b)		200		167,296
Canadian Imperial Bank of Commerce, 3.60%,
04/07/32 (Call 03/07/32)		36		32,138
Citigroup Inc.
2.52%, 11/03/32 (Call 11/03/31),
(1-day SOFR + 1.177%)(a)		55		44,637
2.56%, 05/01/32 (Call 05/01/31),
(1-day SOFR + 1.167%)(a)		35		28,811
2.57%, 06/03/31 (Call 06/03/30),
(1-day SOFR + 2.107%)(a)		40		33,834
2.67%, 01/29/31 (Call 01/29/30),
(1-day SOFR + 1.146%)(a)		65		55,732
2.98%, 11/05/30 (Call 11/05/29),
(1-day SOFR + 1.422%)(a)		30		26,465
3.06%, 01/25/33 (Call 01/25/32),
(1-day SOFR + 1.351%)(a)		60		50,411
3.79%, 03/17/33 (Call 03/17/32),
(1-day SOFR + 1.939%)(a)		45		39,872
3.98%, 03/20/30 (Call 03/20/29),
(3-mo. SOFR + 1.600%)(a)		50		46,881
4.41%, 03/31/31 (Call 03/31/30),
(1-day SOFR + 3.914%)(a)		55		51,967
5.83%, 02/13/35 (Call 02/13/34),
(1-day SOFR + 2.056%)(a)		25		24,455
6.17%, 05/25/34 (Call 05/25/33),
(1-day SOFR + 2.661%)(a)		45		45,309

Security	Par (000)		Value
Banks (continued)
6.27%, 11/17/33 (Call 11/17/32),
(1-day SOFR + 2.338%)(a)	$	25	$	26,239
6.63%, 06/15/32		25		26,625
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)		25		20,723
3.25%, 04/30/30 (Call 01/30/30)		25		21,628
Commonwealth Bank of Australia, 1.88%, 09/15/31(b)		10		8,038
Deutsche Bank AG/New York
3.55%, 09/18/31 (Call 09/18/30),
(1-day SOFR + 3.043%)(a)		150		129,938
3.73%, 01/14/32 (Call 10/14/30),
(1-day SOFR + 2.757%)(a)		10		8,204
3.74%, 01/07/33 (Call 10/07/31),
(1-day SOFR + 2.257%)(a)		10		8,050
5.88%, 07/08/31 (Call 04/08/30),
(1-day SOFR + 5.438%)(a)		5		4,759
Dresdner Funding Trust I, 8.15%, 06/30/31
(Call 06/30/29)(b)		15		16,497
Fifth Third Bancorp., 4.77%, 07/28/30
(Call 07/28/29), (1-day SOFR + 2.127%)(a)		10		9,535
Freedom Mortgage Corp., 12.25%, 10/01/30
(Call 10/01/26)(b)		5		5,497
Goldman Sachs Group Inc. (The)
1.99%, 01/27/32 (Call 01/27/31),
(1-day SOFR + 1.090%)(a)		20		16,035
2.38%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.248%)(a)		40		32,549
2.60%, 02/07/30 (Call 11/07/29)		40		34,703
2.62%, 04/22/32 (Call 04/22/31),
(1-day SOFR + 1.281%)(a)		50		41,557
2.65%, 10/21/32 (Call 10/21/31),
(1-day SOFR + 1.264%)(a)		55		45,357
3.10%, 02/24/33 (Call 02/24/32),
(1-day SOFR + 1.410%)(a)		80		67,798
3.80%, 03/15/30 (Call 12/15/29)		40		37,192
6.13%, 02/15/33		10		10,724
6.56%, 10/24/34 (Call 10/24/33),
(1-day SOFR + 1.950%)(a)		100		108,035
HSBC Holdings PLC
4.76%, 03/29/33 (Call 03/29/32),
(1-day SOFR + 2.530%)(a)		200		183,486
6.25%, 03/09/34 (Call 03/09/33),
(1-day SOFR + 2.390%)(a)		200		207,544
Huntington Bancshares Inc./OH
2.49%, 08/15/36 (Call 08/15/31),
(5-year CMT + 1.170%)(a)		20		15,095
2.55%, 02/04/30 (Call 11/04/29)		30		25,250
ING Groep NV, 2.73%, 04/01/32 (Call 04/01/31),
(1-day SOFR + 1.316%)(a)		200		168,239
Intesa Sanpaolo SpA, 4.20%, 06/01/32
(Call 06/01/31), (1-year CMT + 2.600%)(a)(b)		10		8,198
JPMorgan Chase & Co.
1.76%, 11/19/31 (Call 11/19/30),
(3-mo. SOFR + 1.105%)(a)		35		28,182
2.52%, 04/22/31 (Call 04/22/30),
(1-day SOFR + 2.040%)(a)		50		42,713
2.55%, 11/08/32 (Call 11/08/31),
(1-day SOFR + 1.180%)(a)		60		49,421
2.58%, 04/22/32 (Call 04/22/31),
(3-mo. SOFR + 1.250%)(a)		15		12,541

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.74%, 10/15/30 (Call 10/15/29),
(3-mo. SOFR + 1.510%)(a)	$	40	$	35,091
2.96%, 05/13/31 (Call 05/13/30),
(3-mo. SOFR + 2.515%)(a)		70		60,771
2.96%, 01/25/33 (Call 01/25/32),
(1-day SOFR + 1.260%)(a)		45		37,997
3.70%, 05/06/30 (Call 05/06/29),
(3-mo. SOFR + 1.422%)(a)		40		37,233
4.49%, 03/24/31 (Call 03/24/30),
(3-mo. SOFR + 3.790%)(a)		35		33,606
4.57%, 06/14/30 (Call 06/14/29),
(1-day SOFR + 1.750%)(a)		15		14,529
4.59%, 04/26/33 (Call 04/26/32),
(1-day SOFR + 1.800%)(a)		55		52,225
4.91%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.080%)(a)		55		53,360
5.34%, 01/23/35 (Call 01/23/34),
(1-day SOFR + 1.620%)(a)		50		49,747
5.35%, 06/01/34 (Call 06/01/33),
(1-day SOFR + 1.845%)(a)		85		84,559
5.72%, 09/14/33 (Call 09/14/32),
(1-day SOFR + 2.580%)(a)		50		50,616
6.25%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 1.810%)(a)		65		68,997
KeyCorp
2.55%, 10/01/29		55		46,019
4.79%, 06/01/33 (Call 06/01/32),
(1-day SOFR + 2.060%)(a)		5		4,516
KKR Group Finance Co. XII LLC, 4.85%, 05/17/32
(Call 02/17/32)(b)		15		14,313
Kreditanstalt fuer Wiederaufbau
1.75%, 09/14/29		25		21,819
4.13%, 07/15/33		110		107,520
Landwirtschaftliche Rentenbank, 0.88%, 09/03/30		65		52,029
M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33),
(1-day SOFR + 1.850%)(a)		15		13,787
Macquarie Group Ltd.
2.69%, 06/23/32 (Call 06/23/31),
(1-day SOFR + 1.440%)(a)(b)		25		20,559
2.87%, 01/14/33 (Call 01/14/32),
(3-mo. SOFR + 1.532%)(a)(b)		8		6,569
4.44%, 06/21/33 (Call 06/21/32),
(1-day SOFR + 2.405%)(a)(b)		33		30,324
5.49%, 11/09/33 (Call 11/09/32),
(1-day SOFR + 2.865%)(a)(b)		25		24,812
5.89%, 06/15/34 (Call 06/15/33),
(1-day SOFR + 2.380%)(a)(b)		60		60,577
Mitsubishi UFJ Financial Group Inc., 5.48%,
02/22/31 (Call 02/22/30),
(1-year CMT + 1.530%)(a)		200		201,923
Mizuho Financial Group Inc.
2.56%, 09/13/31		45		36,465
5.67%, 09/13/33 (Call 09/13/32),
(1-year CMT + 2.400%)(a)		70		71,040
Morgan Stanley
1.79%, 02/13/32 (Call 02/13/31),
(1-day SOFR + 1.034%)(a)		20		15,836
1.93%, 04/28/32 (Call 04/28/31),
(1-day SOFR + 1.020%)(a)		50		39,690
2.24%, 07/21/32 (Call 07/21/31),
(1-day SOFR + 1.178%)(a)		50		40,311

Security	Par (000)		Value
Banks (continued)
2.48%, 09/16/36 (Call 09/16/31),
(1-day SOFR + 1.360%)(a)	$	40	$	31,434
2.51%, 10/20/32 (Call 10/20/31),
(1-day SOFR + 1.200%)(a)		65		53,236
2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)(a)		20		17,313
2.94%, 01/21/33 (Call 01/21/32),
(1-day SOFR + 1.290%)(a)		60		50,333
3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)(a)		30		27,242
4.89%, 07/20/33 (Call 07/20/32),
(1-day SOFR + 2.076%)(a)		25		23,991
5.25%, 04/21/34 (Call 04/21/33),
(1-day SOFR + 1.870%)(a)		40		39,262
5.42%, 07/21/34 (Call 07/21/33),
(1-day SOFR + 1.880%)(a)		50		49,757
5.94%, 02/07/39 (Call 02/07/34),
(5-year CMT + 1.800%)(a)		25		24,625
5.95%, 01/19/38 (Call 01/19/33),
(5-year CMT + 2.430%)(a)		90		89,733
6.34%, 10/18/33 (Call 10/18/32),
(1-day SOFR + 2.560%)(a)		20		21,198
7.25%, 04/01/32		30		34,187
National Australia Bank Ltd., 2.33%, 08/21/30(b)		20		16,348
NatWest Group PLC, 6.02%, 03/02/34
(Call 03/02/33), (1-year CMT + 2.100%)(a)		100		101,957
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		40		33,713
3.15%, 05/03/29 (Call 02/03/29)		10		9,255
6.13%, 11/02/32 (Call 08/02/32)		15		15,755
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31),
(1-day SOFR + 0.979%)(a)		15		12,209
3.45%, 04/23/29 (Call 01/23/29)		40		36,935
4.63%, 06/06/33 (Call 06/06/32),
(1-day SOFR + 1.850%)(a)		7		6,485
5.68%, 01/22/35 (Call 01/22/34),
(1-day SOFR + 1.902%)(a)		50		50,117
5.94%, 08/18/34 (Call 08/18/33),
(1-day SOFR + 1.946%)(a)		25		25,455
6.04%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.140%)(a)		35		35,930
6.88%, 10/20/34 (Call 10/20/33),
(1-day SOFR + 2.284%)(a)		25		27,099
Royal Bank of Canada
2.30%, 11/03/31		20		16,380
5.00%, 02/01/33		25		24,573
5.00%, 05/02/33(c)		20		19,693
Societe Generale SA, 3.00%, 01/22/30(b)		20		17,268
Standard Chartered PLC, 4.64%, 04/01/31
(Call 04/01/30), (1-year CMT + 3.850%)(a)(b)		100		94,662
State Street Corp.
2.20%, 03/03/31		20		16,534
2.40%, 01/24/30		10		8,740
2.62%, 02/07/33 (Call 02/07/32),
(1-day SOFR + 1.002%)(a)		25		20,751
3.03%, 11/01/34 (Call 11/01/29),
(1-day SOFR + 1.490%)(a)		20		17,642
4.16%, 08/04/33 (Call 08/04/32),
(1-day SOFR + 1.726%)(a)		20		18,469

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 (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.42%, 05/13/33 (Call 05/13/32),
(1-day SOFR + 1.605%)(a)	$	5	$	4,715
5.16%, 05/18/34 (Call 05/18/33),
(1-day SOFR + 1.890%)(a)		15		14,806
Sumitomo Mitsui Financial Group Inc., 5.85%,
07/13/30		200		205,934
Toronto-Dominion Bank (The)
2.00%, 09/10/31		30		24,413
2.45%, 01/12/32		20		16,533
3.20%, 03/10/32		20		17,447
4.46%, 06/08/32		30		28,595
Truist Financial Corp.
1.95%, 06/05/30 (Call 03/05/30)		15		12,252
3.88%, 03/19/29 (Call 02/16/29)		15		13,814
4.92%, 07/28/33 (Call 07/28/32),
(1-day SOFR + 2.240%)(a)		25		22,973
5.12%, 01/26/34 (Call 01/26/33),
(1-day SOFR + 1.852%)(a)		25		23,707
5.87%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.361%)(a)		25		24,997
6.12%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.300%)(a)		25		25,415
U.S. Bancorp.
2.49%, 11/03/36 (Call 11/03/31),
(5-year CMT + 0.950%)(a)		25		19,324
2.68%, 01/27/33 (Call 01/27/32),
(1-day SOFR + 1.020%)(a)		25		20,405
3.00%, 07/30/29 (Call 04/30/29)		25		22,139
4.84%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 1.600%)(a)		20		18,824
4.97%, 07/22/33 (Call 07/22/32),
(1-day SOFR + 2.110%)(a)		25		23,394
5.68%, 01/23/35 (Call 01/23/34),
(1-day SOFR + 1.860%)(a)		50		49,888
5.85%, 10/21/33 (Call 10/21/32),
(1-day SOFR + 2.090%)(a)		30		30,293
UBS Group AG, 4.99%, 08/05/33 (Call 08/05/32),
(1-year CMT + 2.400%)(a)(b)		200		190,557
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30),
(5-year CMT + 4.750%)(a)(b)		20		18,478
7.30%, 04/02/34 (Call 04/02/29),
(5-year USD ICE Swap + 4.914%)(a)(b)		15		15,306
Webster Financial Corp., 4.10%, 03/25/29
(Call 12/25/28)		25		22,713
Wells Fargo & Co.
2.57%, 02/11/31 (Call 02/11/30),
(3-mo. SOFR + 1.262%)(a)		40		34,120
2.88%, 10/30/30 (Call 10/30/29),
(3-mo. SOFR + 1.432%)(a)		40		35,050
3.35%, 03/02/33 (Call 03/02/32),
(1-day SOFR + 1.500%)(a)		70		60,061
4.48%, 04/04/31 (Call 04/04/30),
(3-mo. SOFR + 4.032%)(a)		15		14,276
4.90%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.100%)(a)		75		71,752
5.39%, 04/24/34 (Call 04/24/33),
(1-day SOFR + 2.020%)(a)		65		63,944
5.50%, 01/23/35 (Call 01/23/34),
(1-day SOFR + 1.780%)(a)		50		49,686

Security	Par (000)		Value
Banks (continued)
5.56%, 07/25/34 (Call 07/25/33),
(1-day SOFR + 1.990%)(a)	$	75	$	74,714
6.49%, 10/23/34 (Call 10/23/33),
(1-day SOFR + 2.060%)(a)		25		26,589
Westpac Banking Corp.
2.15%, 06/03/31		25		20,712
2.65%, 01/16/30		10		8,863
2.67%, 11/15/35 (Call 11/15/30),
(5-year CMT + 1.750%)(a)		25		20,370
3.02%, 11/18/36 (Call 11/18/31),
(5-year CMT + 1.530%)(a)		30		24,422
4.11%, 07/24/34 (Call 07/24/29),
(5-year CMT + 2.000%)(a)		26		23,750
5.41%, 08/10/33 (Call 08/10/32),
(1-year CMT + 2.680%)(a)		10		9,788
Wintrust Financial Corp., 4.85%, 06/06/29		15		13,530
				7,258,715
Beverages — 0.3%
Anheuser-Busch InBev Worldwide Inc., 3.50%,
06/01/30 (Call 03/01/30)		35		32,344
Central American Bottling Corp./CBC Bottling
Holdco SL/Beliv Holdco SL, 5.25%, 04/27/29
(Call 04/27/26)(d)		60		56,300
Coca-Cola Co. (The)
1.38%, 03/15/31		5		4,003
2.13%, 09/06/29		25		21,996
2.25%, 01/05/32		45		37,890
3.45%, 03/25/30		20		18,656
Constellation Brands Inc.
2.88%, 05/01/30 (Call 02/01/30)		10		8,780
3.15%, 08/01/29 (Call 05/01/29)		30		27,217
4.90%, 05/01/33 (Call 02/01/33)		25		24,269
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)		15		13,527
3.95%, 04/15/29 (Call 02/15/29)		60		57,119
4.05%, 04/15/32 (Call 01/15/32)		10		9,275
PepsiCo Inc.
1.63%, 05/01/30 (Call 02/01/30)		15		12,469
1.95%, 10/21/31 (Call 07/21/31)		30		24,557
2.75%, 03/19/30 (Call 12/19/29)		25		22,302
4.45%, 02/15/33 (Call 11/15/32)		10		9,888
7.00%, 03/01/29		15		16,533
Pepsico Singapore Financing I Pte Ltd., 4.70%,
02/16/34 (Call 11/16/33)		50		49,169
Primo Water Holdings Inc., 4.38%, 04/30/29
(Call 04/30/24)(b)		6		5,447
Triton Water Holdings Inc., 6.25%, 04/01/29
(Call 04/01/24)(b)(c)		11		9,643
				461,384
Biotechnology — 0.2%
Amgen Inc.
2.00%, 01/15/32 (Call 10/15/31)		50		40,087
2.45%, 02/21/30 (Call 11/21/29)		25		21,733
3.35%, 02/22/32 (Call 11/22/31)		25		22,108
5.25%, 03/02/30 (Call 01/02/30)		50		50,374
5.25%, 03/02/33 (Call 12/02/32)		55		54,836
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		35		29,288
Bio-Rad Laboratories Inc., 3.70%, 03/15/32
(Call 12/15/31)		30		26,721

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
CSL Finance PLC, 4.25%, 04/27/32
(Call 01/27/32)(b)	$	20	$	18,884
Gilead Sciences Inc., 1.65%, 10/01/30
(Call 07/01/30)		30		24,473
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30
(Call 06/15/30)		40		32,292
Royalty Pharma PLC
2.15%, 09/02/31 (Call 06/02/31)(c)		25		19,964
2.20%, 09/02/30 (Call 06/02/30)		10		8,231
				348,991
Building Materials — 0.2%
ACProducts Holdings Inc., 6.38%, 05/15/29
(Call 05/15/24)(b)(c)		5		3,826
Boise Cascade Co., 4.88%, 07/01/30
(Call 07/01/25)(b)		8		7,414
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(b)		15		13,209
5.00%, 03/01/30 (Call 03/01/25)(b)		10		9,438
6.38%, 06/15/32 (Call 06/15/27)(b)		10		10,011
6.38%, 03/01/34 (Call 03/01/29)(b)		20		19,953
Carrier Global Corp.
2.70%, 02/15/31 (Call 11/15/30)		5		4,262
2.72%, 02/15/30 (Call 11/15/29)		20		17,503
Eagle Materials Inc., 2.50%, 07/01/31
(Call 04/01/31)		10		8,300
EMRLD Borrower LP/Emerald Co-Issuer Inc.,
6.63%, 12/15/30 (Call 06/15/26)(b)		30		30,097
Fortune Brands Innovations Inc.
3.25%, 09/15/29 (Call 06/15/29)		25		22,586
5.88%, 06/01/33 (Call 03/01/33)		11		11,173
Johnson Controls International PLC/Tyco Fire &
Security Finance SCA, 2.00%, 09/16/31
(Call 06/16/31)		40		32,129
Knife River Corp., 7.75%, 05/01/31
(Call 05/01/26)(b)		5		5,180
Louisiana-Pacific Corp., 3.63%, 03/15/29
(Call 04/01/24)(b)		3		2,700
Martin Marietta Materials Inc., 2.40%, 07/15/31
(Call 04/15/31)		10		8,308
Masco Corp.
2.00%, 10/01/30 (Call 07/01/30)		25		20,341
2.00%, 02/15/31 (Call 11/15/30)		25		20,301
Masonite International Corp., 3.50%, 02/15/30
(Call 08/15/29)(b)		5		4,417
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%,
02/01/30 (Call 02/01/25)(b)(c)		5		4,581
Mohawk Industries Inc., 3.63%, 05/15/30
(Call 02/15/30)(c)		10		9,099
Oscar AcquisitionCo. LLC/Oscar Finance Inc.,
9.50%, 04/15/30 (Call 04/15/25)(b)(c)		7		6,825
Owens Corning, 3.95%, 08/15/29 (Call 05/15/29)		25		23,583
PGT Innovations Inc., 4.38%, 10/01/29
(Call 10/01/24)(b)		7		7,054
Smyrna Ready Mix Concrete LLC, 8.88%, 11/15/31
(Call 11/15/26)(b)		15		15,869
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(b)		13		10,766
4.38%, 07/15/30 (Call 07/15/25)(b)		22		19,625
Summit Materials LLC/Summit Materials Finance
Corp., 7.25%, 01/15/31 (Call 01/15/27)(b)		10		10,365

Security	Par (000)		Value
Building Materials (continued)
Trane Technologies Financing Ltd., 3.80%, 03/21/29
(Call 12/21/28)	$	30	$	28,359
				387,274
Chemicals — 0.5%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)		30		25,508
4.80%, 03/03/33 (Call 12/03/32)		10		9,865
Ashland Inc., 3.38%, 09/01/31 (Call 06/01/31)(b)(c)		10		8,385
ASP Unifrax Holdings Inc, 7.50%, 09/30/29
(Call 09/30/24)(b)		3		1,642
Avient Corp., 7.13%, 08/01/30 (Call 08/01/25)(b)		10		10,226
Axalta Coating Systems Dutch Holding B BV,
7.25%, 02/15/31 (Call 11/15/26)(b)		10		10,404
Braskem Netherlands Finance BV, 7.25%, 02/13/33
(Call 11/13/32)(d)		200		181,818
Cabot Corp., 4.00%, 07/01/29 (Call 04/01/29)		5		4,665
Celanese U.S. Holdings LLC
6.38%, 07/15/32 (Call 04/15/32)		30		30,802
6.55%, 11/15/30 (Call 09/15/30)		25		25,944
Chemours Co. (The), 4.63%, 11/15/29
(Call 11/15/24)(b)		10		8,224
CNAC HK Finbridge Co. Ltd., 3.00%, 09/22/30(d)		200		173,544
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(c)		20		16,691
6.30%, 03/15/33 (Call 12/15/32)(c)		40		42,837
Eastman Chemical Co., 5.75%, 03/08/33
(Call 12/08/32)		10		10,083
Ecolab Inc., 2.13%, 02/01/32 (Call 11/01/31)		25		20,478
Huntsman International LLC
2.95%, 06/15/31 (Call 03/15/31)		10		8,241
4.50%, 05/01/29 (Call 02/01/29)		20		19,001
International Flavors & Fragrances Inc., 2.30%,
11/01/30 (Call 08/01/30)(b)		25		20,486
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29
(Call 10/15/24)(b)		5		4,348
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)		10		9,510
Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%,
01/27/30 (Call 01/27/25)(b)		5		4,573
Nutrien Ltd., 4.20%, 04/01/29 (Call 01/01/29)		10		9,606
Olin Corp.
5.00%, 02/01/30 (Call 04/01/24)		7		6,566
5.63%, 08/01/29 (Call 08/01/24)		10		9,797
Olympus Water U.S. Holding Corp., 6.25%,
10/01/29 (Call 10/01/24)(b)		7		6,254
PPG Industries Inc., 2.80%, 08/15/29
(Call 05/15/29)		20		17,927
Rain Carbon Inc., 12.25%, 09/01/29
(Call 03/01/26)(b)		5		5,002
RPM International Inc., 2.95%, 01/15/32
(Call 10/15/31)		20		16,876
SCIH Salt Holdings Inc., 6.63%, 05/01/29
(Call 05/01/24)(b)(c)		10		9,057
Sherwin-Williams Co. (The)
2.20%, 03/15/32 (Call 12/15/31)		20		16,183
2.95%, 08/15/29 (Call 05/15/29)		20		17,986
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29
(Call 10/30/24)(b)(c)		10		8,524
SNF Group SACA, 3.38%, 03/15/30
(Call 03/15/25)(b)		5		4,312
Trinseo Materials Operating SCA/Trinseo Materials
Finance Inc., 5.13%, 04/01/29 (Call 04/02/24)(b)		5		1,908

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 (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Tronox Inc., 4.63%, 03/15/29 (Call 04/01/24)(b)(c)	$	13	$	11,512
Vibrantz Technologies Inc., 9.00%, 02/15/30
(Call 02/15/25)(b)		11		10,124
WR Grace Holdings LLC
5.63%, 08/15/29 (Call 08/15/24)(b)		14		12,283
7.38%, 03/01/31 (Call 03/01/26)(b)(c)		5		5,072
				816,264
Coal — 0.0%
SunCoke Energy Inc., 4.88%, 06/30/29
(Call 06/30/24)(b)		5		4,490
Teck Resources Ltd., 3.90%, 07/15/30
(Call 04/15/30)		10		9,119
				13,609
Commercial Services — 0.5%
ADT Security Corp. (The)
4.13%, 08/01/29 (Call 08/01/28)(b)		12		10,882
4.88%, 07/15/32(b)		10		9,063
Allied Universal Holdco LLC, 7.88%, 02/15/31
(Call 02/15/27)(b)		15		14,909
Allied Universal Holdco LLC/Allied Universal
Finance Corp., 6.00%, 06/01/29
(Call 06/01/24)(b)		12		9,940
AMN Healthcare Inc., 4.00%, 04/15/29
(Call 04/15/24)(b)		5		4,390
APi Group DE Inc., 4.13%, 07/15/29
(Call 07/15/24)(b)(c)		5		4,502
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)(b)		11		10,454
Avis Budget Car Rental LLC/Avis Budget
Finance Inc.
5.38%, 03/01/29 (Call 04/01/24)(b)		7		6,374
8.00%, 02/15/31 (Call 11/15/26)(b)		5		4,831
Block Financial LLC, 3.88%, 08/15/30
(Call 05/15/30)		25		22,539
Block Inc., 3.50%, 06/01/31 (Call 03/01/31)		13		11,095
Carriage Services Inc., 4.25%, 05/15/29
(Call 05/15/24)(b)		8		6,957
CoStar Group Inc., 2.80%, 07/15/30
(Call 04/15/30)(b)		5		4,227
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(b)		5		4,365
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		25		20,414
ERAC USA Finance LLC, 4.90%, 05/01/33
(Call 02/01/33)(b)		25		24,362
Garda World Security Corp., 6.00%, 06/01/29
(Call 06/01/24)(b)		5		4,375
Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(b)		5		4,483
3.75%, 10/01/30 (Call 10/01/25)(b)		16		14,166
Global Payments Inc.
2.90%, 05/15/30 (Call 02/15/30)		20		17,228
2.90%, 11/15/31 (Call 08/15/31)		10		8,344
3.20%, 08/15/29 (Call 05/15/29)		25		22,282
5.40%, 08/15/32 (Call 05/15/32)		10		9,866
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31
(Call 01/15/27)(b)		30		31,285
GXO Logistics Inc., 2.65%, 07/15/31
(Call 04/15/31)		25		20,306
Hertz Corp. (The), 5.00%, 12/01/29
(Call 12/01/24)(b)(c)		13		9,968
Mavis Tire Express Services Topco Corp.,
6.50%, 05/15/29 (Call 05/15/24)(b)		10		9,382

Security	Par (000)		Value
Commercial Services (continued)
Mobius Merger Sub Inc., 9.00%, 06/01/30
(Call 06/01/26)(b)	$	10	$	9,794
Moody’s Corp., 4.25%, 08/08/32 (Call 05/08/32)		15		14,169
Neptune Bidco U.S. Inc., 9.29%, 04/15/29
(Call 10/15/25)(b)		35		32,929
NESCO Holdings II Inc., 5.50%, 04/15/29
(Call 04/15/24)(b)		12		11,193
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)		20		17,013
2.85%, 10/01/29 (Call 07/01/29)		20		17,835
4.40%, 06/01/32 (Call 03/01/32)(c)		20		19,184
Paysafe Finance PLC/Paysafe Holdings U.S. Corp.,
4.00%, 06/15/29 (Call 06/15/24)(b)(c)		8		7,147
PECF USS Intermediate Holding III Corp.,
8.00%, 11/15/29 (Call 11/15/24)(b)		7		3,061
PROG Holdings Inc., 6.00%, 11/15/29
(Call 11/15/24)(b)		5		4,597
Quanta Services Inc., 2.90%, 10/01/30
(Call 07/01/30)		30		26,010
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		35		31,247
4.00%, 03/18/29 (Call 12/18/28)		5		4,775
S&P Global Inc.
2.50%, 12/01/29 (Call 09/01/29)		35		30,840
2.90%, 03/01/32 (Call 12/01/31)		40		34,446
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)		10		8,587
4.00%, 05/15/31 (Call 05/15/26)		10		8,787
5.13%, 06/01/29 (Call 06/01/24)		15		14,551
Signal Parent Inc., 6.13%, 04/01/29
(Call 04/01/24)(b)		3		2,348
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29
(Call 06/01/24)(b)		5		4,371
StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)(b)		5		3,639
TriNet Group Inc.
3.50%, 03/01/29 (Call 04/01/24)(b)(c)		5		4,451
7.13%, 08/15/31 (Call 08/15/26)(b)		5		5,108
Triton Container International Ltd., 3.15%, 06/15/31
(Call 03/15/31)(b)		15		11,814
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)		11		9,523
3.88%, 02/15/31 (Call 08/15/25)		18		15,941
4.00%, 07/15/30 (Call 07/15/25)		10		9,039
5.25%, 01/15/30 (Call 01/15/25)		5		4,841
6.00%, 12/15/29 (Call 12/15/25)(b)		45		45,106
Upbound Group Inc., 6.38%, 02/15/29
(Call 04/01/24)(b)		5		4,786
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(b)		10		8,481
4.25%, 02/15/30 (Call 02/15/25)(b)		5		4,970
Verisk Analytics Inc., 4.13%, 03/15/29
(Call 12/15/28)		10		9,596
VT Topco Inc., 8.50%, 08/15/30 (Call 08/15/26)(b)		5		5,213
Wand NewCo 3 Inc., 7.63%, 01/30/32
(Call 01/30/27)(b)		15		15,430
Williams Scotsman Inc., 7.38%, 10/01/31
(Call 10/01/26)(b)		5		5,180
WW International Inc., 4.50%, 04/15/29
(Call 04/15/24)(b)(c)		5		2,309
Yale University, Series 2020, 1.48%, 04/15/30
(Call 01/15/30)		5		4,174

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
ZipRecruiter Inc., 5.00%, 01/15/30
(Call 01/15/25)(b)(c)	$	5	$	4,404
				797,878
Computers — 0.4%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		5		4,243
Apple Inc.
1.65%, 05/11/30 (Call 02/11/30)		40		33,445
1.70%, 08/05/31 (Call 05/05/31)		35		28,502
2.20%, 09/11/29 (Call 06/11/29)		20		17,663
3.25%, 08/08/29 (Call 06/08/29)		5		4,675
3.35%, 08/08/32 (Call 05/08/32)		20		18,157
4.15%, 05/10/30 (Call 03/10/30)		20		19,636
4.30%, 05/10/33 (Call 02/10/33)(c)		20		19,744
Booz Allen Hamilton Inc., 4.00%, 07/01/29
(Call 07/01/24)(b)		40		36,952
CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)		5		4,000
Conduent Business Services LLC/Conduent
State & Local Solutions Inc., 6.00%, 11/01/29
(Call 11/01/24)(b)		9		8,258
Dell International LLC/EMC Corp.
5.75%, 02/01/33 (Call 11/01/32)(c)		25		25,673
6.20%, 07/15/30 (Call 04/15/30)		30		31,389
Fortinet Inc., 2.20%, 03/15/31 (Call 12/15/30)		5		4,135
HP Inc.
2.65%, 06/17/31 (Call 03/17/31)		15		12,517
5.50%, 01/15/33 (Call 10/15/32)(c)		40		40,016
International Business Machines Corp.,
1.95%, 05/15/30 (Call 02/15/30)		115		96,214
Kyndryl Holdings Inc., 3.15%, 10/15/31
(Call 07/15/31)		20		16,493
Leidos Inc., 2.30%, 02/15/31 (Call 11/15/30)		15		12,289
Lenovo Group Ltd., 3.42%, 11/02/30
(Call 08/02/30)(d)		200		174,101
McAfee Corp., 7.38%, 02/15/30 (Call 02/15/25)(b)		25		22,080
NCR Atleos Corp., 9.50%, 04/01/29
(Call 10/01/26)(b)		20		21,244
NCR Voyix Corp.
5.13%, 04/15/29 (Call 04/15/24)(b)		15		13,877
5.25%, 10/01/30 (Call 10/01/25)(b)		8		7,233
NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)		25		21,434
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)		5		4,564
4.13%, 01/15/31 (Call 10/15/30)		5		4,390
8.25%, 12/15/29 (Call 07/15/26)(b)		10		10,698
8.50%, 07/15/31 (Call 07/15/26)(b)		5		5,399
9.63%, 12/01/32 (Call 12/01/27)		13		14,466
Western Digital Corp., 3.10%, 02/01/32
(Call 11/01/31)		15		11,693
				745,180
Cosmetics & Personal Care — 0.2%
Colgate-Palmolive Co.
3.25%, 08/15/32 (Call 05/15/32)		10		8,962
4.60%, 03/01/33 (Call 12/01/32)		4		3,970
Coty Inc./HFC Prestige Products Inc./HFC Prestige
International U.S. LLC, 6.63%, 07/15/30
(Call 07/16/26)(b)		10		10,173
Edgewell Personal Care Co., 4.13%, 04/01/29
(Call 04/01/24)(b)		10		9,113

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
Estee Lauder Companies Inc. (The)
2.38%, 12/01/29 (Call 09/01/29)	$	5	$	4,369
5.00%, 02/14/34 (Call 11/14/33)		50		49,125
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)		30		29,661
5.00%, 03/22/30 (Call 01/22/30)		15		15,031
Procter & Gamble Co. (The)
1.20%, 10/29/30		5		4,021
1.95%, 04/23/31		5		4,206
2.30%, 02/01/32		40		34,114
3.00%, 03/25/30		15		13,725
Unilever Capital Corp., 1.75%, 08/12/31
(Call 05/12/31)		100		80,421
				266,891
Distribution & Wholesale — 0.0%
American Builders & Contractors Supply Co. Inc.,
3.88%, 11/15/29 (Call 11/15/24)(b)		5		4,461
LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)		25		25,698
Resideo Funding Inc., 4.00%, 09/01/29
(Call 09/01/24)(b)		7		6,190
Ritchie Bros Holdings Inc., 7.75%, 03/15/31
(Call 03/15/26)(b)		10		10,506
Verde Purchaser LLC, 10.50%, 11/30/30
(Call 11/30/26)(b)(c)		10		10,454
Windsor Holdings III LLC, 8.50%, 06/15/30
(Call 06/15/26)(b)		10		10,360
				67,669
Diversified Financial Services — 0.9%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 3.30%, 01/30/32 (Call 10/30/31)		150		126,941
Affiliated Managers Group Inc., 3.30%, 06/15/30
(Call 03/15/30)		5		4,400
Air Lease Corp., 3.13%, 12/01/30 (Call 09/01/30)		55		47,355
Ally Financial Inc.
6.70%, 02/14/33 (Call 11/16/32)		7		6,900
8.00%, 11/01/31		55		60,185
American Express Co.
4.05%, 05/03/29 (Call 03/03/29)		25		24,162
4.42%, 08/03/33 (Call 08/03/32),
(1-day SOFR + 1.760%)(a)		25		23,684
4.99%, 05/26/33 (Call 02/26/32),
(1-day SOFR + 2.255%)(a)		25		24,317
5.04%, 05/01/34 (Call 05/01/33),
(1-day SOFR + 1.835%)(a)		40		39,233
Ameriprise Financial Inc., 5.15%, 05/15/33
(Call 02/15/33)		10		10,013
Ares Finance Co. II LLC, 3.25%, 06/15/30
(Call 03/15/30)(b)		10		8,734
Aretec Group Inc.
7.50%, 04/01/29 (Call 04/01/24)(b)		5		4,635
10.00%, 08/15/30 (Call 10/15/26)(b)		10		10,890
Armor Holdco Inc., 8.50%, 11/15/29
(Call 11/15/24)(b)		3		2,820
Aviation Capital Group LLC, 6.38%, 07/15/30
(Call 05/15/30)(b)		6		6,123
Blackstone Holdings Finance Co. LLC
2.00%, 01/30/32 (Call 10/30/31)(b)		10		7,758
2.50%, 01/10/30 (Call 10/10/29)(b)		45		38,627
2.55%, 03/30/32 (Call 12/30/31)(b)		5		4,069

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Blue Owl Finance LLC, 4.38%, 02/15/32
(Call 11/15/31)(b)	$	20	$	17,500
Bread Financial Holdings Inc., 9.75%, 03/15/29
(Call 03/15/26)(b)		10		10,232
Brookfield Finance Inc.
4.35%, 04/15/30 (Call 01/15/30)		30		28,416
4.85%, 03/29/29 (Call 12/29/28)		25		24,642
Burford Capital Global Finance LLC,
6.88%, 04/15/30 (Call 04/15/25)(b)		5		4,825
Capital One Financial Corp.
2.36%, 07/29/32 (Call 07/29/31),
(1-day SOFR + 1.337%)(a)		45		33,909
2.62%, 11/02/32 (Call 11/02/31),
(1-day SOFR + 1.265%)(a)		5		3,992
3.27%, 03/01/30 (Call 03/01/29),
(1-day SOFR + 1.790%)(a)		25		22,275
5.82%, 02/01/34 (Call 02/01/33),
(1-day SOFR + 2.600%)(a)		30		29,647
6.38%, 06/08/34 (Call 06/08/33),
(1-day SOFR + 2.860%)(a)		30		30,901
Charles Schwab Corp. (The)
1.95%, 12/01/31 (Call 09/01/31)		40		31,750
2.90%, 03/03/32 (Call 12/03/31)		55		46,553
3.25%, 05/22/29 (Call 02/22/29)		25		23,046
4.63%, 03/22/30 (Call 12/22/29)(c)		15		14,807
CI Financial Corp., 3.20%, 12/17/30 (Call 09/17/30)		25		19,905
Cobra AcquisitionCo LLC, 6.38%, 11/01/29
(Call 11/01/24)(b)(c)		5		4,142
Coinbase Global Inc., 3.63%, 10/01/31
(Call 10/01/26)(b)		10		7,820
Credit Suisse USA Inc., 7.13%, 07/15/32		30		33,478
Discover Financial Services, 6.70%, 11/29/32
(Call 08/29/32)		30		31,393
Hightower Holding LLC, 6.75%, 04/15/29
(Call 04/15/24)(b)		3		2,819
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		20		15,435
2.10%, 06/15/30 (Call 03/15/30)		25		20,974
4.60%, 03/15/33 (Call 12/15/32)		40		38,236
Jane Street Group/JSG Finance Inc.,
4.50%, 11/15/29 (Call 11/15/24)(b)(c)		10		9,203
Jefferies Financial Group Inc.
2.63%, 10/15/31 (Call 07/15/31)		35		28,626
2.75%, 10/15/32 (Call 07/15/32)		10		8,065
4.15%, 01/23/30		30		27,909
Lazard Group LLC, 4.38%, 03/11/29 (Call 12/11/28)		30		28,597
LPL Holdings Inc.
4.00%, 03/15/29 (Call 04/01/24)(b)		15		13,756
4.38%, 05/15/31 (Call 05/15/26)(b)		3		2,707
Macquarie Airfinance Holdings Ltd.,
8.13%, 03/30/29 (Call 09/30/25)(b)		5		5,205
Mastercard Inc.
2.95%, 06/01/29 (Call 03/01/29)		10		9,181
3.35%, 03/26/30 (Call 12/26/29)		15		13,850
4.85%, 03/09/33 (Call 12/09/32)		20		19,974
Midcap Financial Issuer Trust, 5.63%, 01/15/30
(Call 01/15/25)(b)		8		6,785
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(b)		10		8,951
5.75%, 11/15/31 (Call 11/15/26)(b)		9		8,248

Security	Par (000)		Value
Diversified Financial Services (continued)
Nationstar Mortgage Holdings, Inc.,
7.13%, 02/01/32 (Call 02/01/27)(b)	$	10	$	9,842
Navient Corp.
5.50%, 03/15/29 (Call 06/15/28)		10		9,064
5.63%, 08/01/33		15		12,230
9.38%, 07/25/30 (Call 10/25/29)		5		5,226
11.50%, 03/15/31 (Call 03/15/27)		5		5,470
NFP Corp.
7.50%, 10/01/30 (Call 10/01/25)(b)		5		5,262
8.50%, 10/01/31 (Call 10/01/26)(b)		5		5,522
Nomura Holdings Inc., 5.61%, 07/06/29		100		100,441
OneMain Finance Corp.
4.00%, 09/15/30 (Call 09/15/25)		11		9,271
5.38%, 11/15/29 (Call 05/15/29)		10		9,281
7.88%, 03/15/30 (Call 12/15/26)		10		10,172
ORIX Corp., 5.20%, 09/13/32		25		25,264
PennyMac Financial Services Inc.
5.75%, 09/15/31 (Call 09/15/26)(b)		7		6,437
7.88%, 12/15/29 (Call 12/15/26)(b)		10		10,229
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)(b)		5		4,185
Raymond James Financial Inc., 4.65%, 04/01/30
(Call 01/01/30)		25		24,703
Rocket Mortgage LLC/Rocket Mortgage
Co-Issuer Inc.
3.63%, 03/01/29 (Call 04/01/24)(b)		10		8,880
3.88%, 03/01/31 (Call 03/01/26)(b)		20		17,165
4.00%, 10/15/33 (Call 10/15/27)(b)		10		8,307
Stifel Financial Corp., 4.00%, 05/15/30
(Call 02/15/30)		25		22,590
StoneX Group Inc., 7.88%, 03/01/31
(Call 03/01/27)(b)		10		10,122
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)		20		15,685
7.25%, 02/02/33 (Call 11/02/32)		10		9,748
United Wholesale Mortgage LLC, 5.50%, 04/15/29
(Call 04/15/24)(b)		12		11,222
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)		5		3,951
2.05%, 04/15/30 (Call 01/15/30)		35		30,020
Western Union Co. (The), 2.75%, 03/15/31
(Call 12/15/30)		15		12,362
				1,541,251
Electric — 1.4%
AEP Texas Inc., 4.70%, 05/15/32 (Call 02/15/32)		10		9,528
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)		10		8,167
Alabama Power Co., 3.94%, 09/01/32
(Call 03/01/32)		5		4,606
Alliant Energy Finance LLC, 3.60%, 03/01/32
(Call 12/01/31)(b)		25		21,483
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)		25		22,522
American Electric Power Co. Inc.
5.63%, 03/01/33 (Call 12/01/32)		8		8,057
5.95%, 11/01/32 (Call 08/01/32)		20		20,687
American Transmission Systems Inc.,
2.65%, 01/15/32 (Call 10/15/31)(b)		28		22,986
Appalachian Power Co., 4.50%, 08/01/32
(Call 05/01/32)		25		23,374
Arizona Public Service Co., 2.20%, 12/15/31
(Call 09/15/31)		30		24,111
Berkshire Hathaway Energy Co., 3.70%, 07/15/30
(Call 04/15/30)		35		32,375

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Black Hills Corp., 3.05%, 10/15/29 (Call 07/15/29)	$	20	$	17,735
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(b)		12		10,293
5.00%, 02/01/31 (Call 02/01/26)(b)		16		14,348
CenterPoint Energy Houston Electric LLC,
4.95%, 04/01/33 (Call 01/01/33)		10		9,848
CenterPoint Energy Inc.
2.65%, 06/01/31 (Call 03/01/31)		25		20,987
2.95%, 03/01/30 (Call 12/01/29)		20		17,662
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(b)		15		12,652
3.75%, 01/15/32 (Call 01/15/27)(b)		5		4,182
Cleveland Electric Illuminating Co. (The),
4.55%, 11/15/30 (Call 08/15/30)(b)		10		9,322
Commonwealth Edison Co., 2.20%, 03/01/30
(Call 12/01/29)		10		8,504
Connecticut Light & Power Co. (The), Series A,
2.05%, 07/01/31 (Call 04/01/31)		15		12,189
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)		11		9,264
5.20%, 03/01/33 (Call 12/01/32)		10		10,088
Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		25		22,855
Consumers Energy Co.
3.60%, 08/15/32 (Call 02/15/32)		15		13,527
4.63%, 05/15/33 (Call 11/15/32)		30		29,004
Dominion Energy Inc., Series C, 3.38%, 04/01/30
(Call 01/01/30)		35		31,516
Dominion Energy South Carolina Inc.
5.30%, 05/15/33		10		10,053
6.63%, 02/01/32		5		5,557
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29)		3		2,719
DTE Electric Co.
2.25%, 03/01/30 (Call 12/01/29)		5		4,291
5.20%, 04/01/33 (Call 01/01/33)		25		25,159
Series A, 3.00%, 03/01/32 (Call 12/01/31)		10		8,627
DTE Energy Co., Series C, 3.40%, 06/15/29
(Call 03/15/29)		17		15,557
Duke Energy Carolinas LLC, 2.45%, 08/15/29
(Call 05/15/29)		20		17,639
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)		20		17,107
2.55%, 06/15/31 (Call 03/15/31)		40		33,328
4.50%, 08/15/32 (Call 05/15/32)		20		18,763
Duke Energy Florida LLC
2.40%, 12/15/31 (Call 09/15/31)		5		4,134
2.50%, 12/01/29 (Call 09/01/29)		30		26,363
Duke Energy Ohio Inc., 5.25%, 04/01/33
(Call 01/01/33)		10		10,004
Duke Energy Progress LLC
3.40%, 04/01/32 (Call 01/01/32)		35		30,937
3.45%, 03/15/29 (Call 12/15/28)		11		10,292
5.25%, 03/15/33 (Call 12/15/32)		15		14,975
Duquesne Light Holdings Inc.
2.53%, 10/01/30 (Call 07/01/30)(b)		10		8,257
2.78%, 01/07/32 (Call 10/07/31)(b)		10		8,094
Edison International
6.95%, 11/15/29 (Call 09/15/29)		10		10,658
7.88%, 06/15/54 (Call 03/15/29),
(5-year CMT + 3.658%)(a)		10		10,207
Enel Finance International NV, 4.88%, 06/14/29(b)		15		14,727

Security	Par (000)		Value
Electric (continued)
EnfraGen Energia Sur SA/EnfraGen
Spain SA/Prime Energia SpA, 5.38%, 12/30/30
(Call 12/30/25)(b)	$	5	$	4,024
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)		5		4,043
4.00%, 03/15/33 (Call 12/15/32)		50		45,428
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		15		13,294
Evergy Metro Inc., Series 2020, 2.25%, 06/01/30
(Call 03/01/30)		15		12,675
Eversource Energy
5.13%, 05/15/33 (Call 02/15/33)		10		9,660
5.50%, 01/01/34 (Call 10/01/33)		25		24,742
Series O, 4.25%, 04/01/29 (Call 01/01/29)		10		9,526
Exelon Corp.
3.35%, 03/15/32 (Call 12/15/31)		20		17,438
4.05%, 04/15/30 (Call 01/15/30)		35		32,828
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)		10		8,554
Series B, 2.25%, 09/01/30 (Call 06/01/30)		10		8,236
Series C, 7.38%, 11/15/31		5		5,819
Florida Power & Light Co., 5.10%, 04/01/33
(Call 01/01/33)		10		9,963
Georgia Power Co.
4.70%, 05/15/32 (Call 02/15/32)		33		31,897
Series B, 2.65%, 09/15/29 (Call 06/15/29)		20		17,693
Indianapolis Power & Light Co., 5.65%, 12/01/32
(Call 09/01/32)(b)		5		5,083
Interstate Power & Light Co., 2.30%, 06/01/30
(Call 03/01/30)		10		8,426
IPALCO Enterprises Inc., 4.25%, 05/01/30
(Call 02/01/30)		10		9,205
ITC Holdings Corp., 2.95%, 05/14/30
(Call 02/14/30)(b)		10		8,725
Jersey Central Power & Light Co., 2.75%, 03/01/32
(Call 12/01/31)(b)		10		8,256
Leeward Renewable Energy Operations LLC,
4.25%, 07/01/29 (Call 07/01/24)(b)		8		6,891
Liberty Utilities Finance GP 1, 2.05%, 09/15/30
(Call 06/15/30)(b)		25		19,871
Louisville Gas & Electric Co., 5.45%, 04/15/33
(Call 01/15/33)		35		35,325
Massachusetts Electric Co., 1.73%, 11/24/30
(Call 08/24/30)(b)		5		3,917
MidAmerican Energy Co., 3.65%, 04/15/29
(Call 01/15/29)		25		23,585
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		5		5,053
National Rural Utilities Cooperative Finance Corp.
1.35%, 03/15/31 (Call 12/15/30)		10		7,763
2.40%, 03/15/30 (Call 12/15/29)		10		8,608
2.75%, 04/15/32 (Call 01/15/32)		10		8,408
Series C, 8.00%, 03/01/32		10		11,580
Nevada Power Co., Series DD, 2.40%, 05/01/30
(Call 02/01/30)		10		8,505
New York State Electric & Gas Corp.,
2.15%, 10/01/31 (Call 07/01/31)(b)		25		19,815
NextEra Energy Capital Holdings Inc.
2.25%, 06/01/30 (Call 03/01/30)		25		21,038
2.44%, 01/15/32 (Call 10/15/31)		20		16,241
2.75%, 11/01/29 (Call 08/01/29)		70		61,696
5.00%, 07/15/32 (Call 04/15/32)		60		58,477
5.25%, 03/15/34 (Call 12/15/33)		25		24,538

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
NRG Energy Inc.
3.63%, 02/15/31 (Call 02/15/26)(b)	$	22	$	18,506
3.88%, 02/15/32 (Call 02/15/27)(b)		5		4,199
4.45%, 06/15/29 (Call 03/15/29)(b)		15		13,952
5.25%, 06/15/29 (Call 06/15/24)(b)		10		9,481
NSTAR Electric Co.
1.95%, 08/15/31 (Call 05/15/31)		10		7,997
3.25%, 05/15/29 (Call 02/15/29)		10		9,295
Ohio Power Co.
5.00%, 06/01/33 (Call 03/01/33)		25		24,520
Series Q, 1.63%, 01/15/31 (Call 10/15/30)		5		3,987
Oklahoma Gas & Electric Co., 3.25%, 04/01/30
(Call 10/01/29)		5		4,487
Oncor Electric Delivery Co. LLC
2.75%, 05/15/30 (Call 02/15/30)		35		30,744
4.55%, 09/15/32 (Call 06/15/32)		20		19,186
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		25		20,502
4.40%, 03/01/32 (Call 12/01/31)		5		4,551
4.55%, 07/01/30 (Call 01/01/30)		42		39,502
5.90%, 06/15/32 (Call 03/15/32)		10		10,050
6.15%, 01/15/33 (Call 10/15/32)		25		25,580
6.40%, 06/15/33 (Call 03/15/33)		30		31,196
PacifiCorp., 7.70%, 11/15/31		10		11,454
PECO Energy Co., 4.90%, 06/15/33 (Call 03/15/33)		13		12,870
PG&E Corp., 5.25%, 07/01/30 (Call 07/01/25)		18		16,942
Pike Corp., 8.63%, 01/31/31 (Call 01/31/27)(b)		5		5,285
Progress Energy Inc., 7.75%, 03/01/31		25		28,238
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		25		20,136
Series 35, 1.90%, 01/15/31 (Call 07/15/30)		5		4,070
Public Service Co. of New Hampshire, Series V,
2.20%, 06/15/31 (Call 03/15/31)		10		8,236
Public Service Electric & Gas Co.
1.90%, 08/15/31 (Call 05/15/31)		20		16,110
3.20%, 05/15/29 (Call 02/15/29)		6		5,533
4.65%, 03/15/33 (Call 12/15/32)		10		9,671
Public Service Enterprise Group Inc.
1.60%, 08/15/30 (Call 05/15/30)		5		4,016
2.45%, 11/15/31 (Call 08/15/31)		30		24,398
Sempra
3.70%, 04/01/29 (Call 02/01/29)		10		9,316
5.50%, 08/01/33 (Call 05/01/33)		30		29,825
Southern California Edison Co.
2.25%, 06/01/30 (Call 03/01/30)		15		12,660
2.75%, 02/01/32 (Call 11/01/31)		10		8,397
2.85%, 08/01/29 (Call 05/01/29)		10		8,955
5.95%, 11/01/32 (Call 08/01/32)		35		36,475
Series A, 4.20%, 03/01/29 (Call 12/01/28)		15		14,431
Series G, 2.50%, 06/01/31 (Call 03/01/31)		10		8,393
Southern Co. (The)
5.20%, 06/15/33 (Call 12/15/32)		25		24,612
5.70%, 10/15/32 (Call 04/15/32)		15		15,363
Series A, 3.70%, 04/30/30 (Call 01/30/30)		40		36,875
Talen Energy Supply LLC, 8.63%, 06/01/30
(Call 06/01/26)(b)		15		15,833
TransAlta Corp., 7.75%, 11/15/29 (Call 11/15/25)		5		5,204
Tucson Electric Power Co., 1.50%, 08/01/30
(Call 05/01/30)		5		4,017
Union Electric Co., 2.15%, 03/15/32 (Call 12/15/31)		10		8,035

Security	Par (000)		Value
Electric (continued)
Virginia Electric & Power Co.
2.30%, 11/15/31 (Call 08/15/31)	$	45	$	37,065
2.40%, 03/30/32 (Call 12/30/31)		30		24,667
5.00%, 04/01/33 (Call 01/01/33)		20		19,587
Vistra Operations Co. LLC
4.30%, 07/15/29 (Call 04/15/29)(b)		15		13,983
4.38%, 05/01/29 (Call 05/01/24)(b)		19		17,354
6.95%, 10/15/33 (Call 07/15/33)(b)		25		26,071
7.75%, 10/15/31 (Call 10/15/26)(b)		20		20,695
WEC Energy Group Inc., 1.80%, 10/15/30
(Call 07/15/30)		45		36,460
Wisconsin Electric Power Co., 5.63%, 05/15/33		10		10,461
Xcel Energy Inc., 4.60%, 06/01/32 (Call 12/01/31)		25		23,292
				2,308,866
Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.20%, 12/21/31
(Call 09/21/31)		30		24,856
Energizer Holdings Inc., 4.38%, 03/31/29
(Call 04/01/24)(b)		12		10,612
EnerSys, 6.63%, 01/15/32 (Call 01/15/27)(b)		5		5,018
				40,486
Electronics — 0.2%
Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32
(Call 04/01/32)		20		19,981
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)		10		8,204
2.80%, 02/15/30 (Call 11/15/29)		10		8,906
4.35%, 06/01/29 (Call 03/01/29)		5		4,860
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(b)		8		7,029
Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)		5		4,801
Coherent Corp., 5.00%, 12/15/29 (Call 12/14/24)(b)		12		11,192
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)		25		24,318
Honeywell International Inc.
1.75%, 09/01/31 (Call 06/01/31)		40		32,141
1.95%, 06/01/30 (Call 03/01/30)		30		25,351
2.70%, 08/15/29 (Call 05/15/29)		5		4,498
5.00%, 02/15/33 (Call 11/15/32)		20		20,039
Imola Merger Corp., 4.75%, 05/15/29
(Call 05/15/24)(b)		30		27,805
Jabil Inc.
3.00%, 01/15/31 (Call 10/15/30)		15		12,798
3.60%, 01/15/30 (Call 10/15/29)		5		4,504
Keysight Technologies Inc., 3.00%, 10/30/29
(Call 07/30/29)		25		22,233
Sensata Technologies BV, 4.00%, 04/15/29
(Call 04/15/24)(b)		17		15,435
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)		11		9,405
4.38%, 02/15/30 (Call 11/15/29)(b)		10		9,113
TD SYNNEX Corp., 2.65%, 08/09/31
(Call 05/09/31)		15		11,926
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		10		10,435
TTM Technologies Inc., 4.00%, 03/01/29
(Call 04/01/24)(b)		10		8,977
Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)		27		22,226
				326,177
Energy - Alternate Sources — 0.0%
TerraForm Power Operating LLC, 4.75%, 01/15/30
(Call 01/15/25)(b)		12		10,879

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Engineering & Construction — 0.0%
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(b)	$	8	$	7,386
Artera Services LLC, 8.50%, 02/15/31 (Call 02/15/27)(b)		15		15,322
Brand Industrial Services Inc., 10.38%, 08/01/30 (Call 08/01/26)		20		21,309
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(b)		10		9,249
Global Infrastructure Solutions Inc.
5.63%, 06/01/29 (Call 06/01/24)(b)		3		2,715
7.50%, 04/15/32 (Call 04/15/27)(b)(c)		7		6,721
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)(b)		3		2,623
TopBuild Corp.
3.63%, 03/15/29 (Call 04/01/24)(b)		5		4,489
4.13%, 02/15/32 (Call 10/15/26)(b)(c)		10		8,816
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)(b)		3		2,837
				81,467
Entertainment — 0.2%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(b)(c)		12		8,295
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(b)		10		9,201
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(b)(c)		15		13,695
6.50%, 02/15/32 (Call 02/15/27)(b)		20		20,152
7.00%, 02/15/30 (Call 02/15/26)(b)		30		30,742
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(c)		5		4,719
Churchill Downs Inc.
5.75%, 04/01/30 (Call 04/01/25)(b)		12		11,532
6.75%, 05/01/31 (Call 05/01/26)(b)		10		10,006
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(b)(c)		8		7,930
Light & Wonder International Inc.
7.25%, 11/15/29 (Call 11/15/24)(b)		5		5,117
7.50%, 09/01/31 (Call 09/01/26)(b)		10		10,423
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(b)		8		6,049
Merlin Entertainments Group U.S. Holdings Inc., 7.38%, 02/15/31 (Call 02/15/27)(b)		5		5,002
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (Call 05/01/24)(b)		6		5,503
Ontario Gaming GTA LP, 8.00%, 08/01/30 (Call 08/01/25)(b)(c)		5		5,114
Penn Entertainment Inc., 4.13%, 07/01/29 (Call 07/01/24)(b)(c)		8		6,723
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(b)(c)		10		7,199
5.88%, 09/01/31 (Call 09/01/26)(b)(c)		11		7,789
Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc., 6.63%, 03/01/30 (Call 03/01/25)(b)(c)		11		10,392
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(b)		10		9,326
Six Flags Entertainment Corp., 7.25%, 05/15/31 (Call 05/15/26)(b)(c)		10		10,063
Warnermedia Holdings Inc.
4.05%, 03/15/29 (Call 01/15/29)		20		18,484
4.28%, 03/15/32 (Call 12/15/31)		60		52,952

Security	Par (000)		Value
Entertainment (continued)
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(b)(c)	$	11	$	9,242
3.75%, 12/01/29 (Call 12/01/24)(b)		4		3,547
3.88%, 07/15/30 (Call 07/15/25)(b)		7		6,176
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(b)		10		9,441
7.13%, 02/15/31 (Call 11/15/30)(b)		10		10,325
				315,139
Environmental Control — 0.1%
Clean Harbors Inc., 6.38%, 02/01/31 (Call 02/01/26)(b)		10		9,945
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(b)		11		9,642
5.00%, 09/01/30 (Call 09/01/25)		3		2,603
GFL Environmental Inc.
4.38%, 08/15/29 (Call 08/15/24)(b)		15		13,677
4.75%, 06/15/29 (Call 06/15/24)(b)(c)		5		4,675
6.75%, 01/15/31 (Call 01/15/27)(b)		15		15,347
Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)(b)(c)		13		11,616
Republic Services Inc., 1.75%, 02/15/32 (Call 11/15/31)		25		19,600
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		15		12,141
3.20%, 06/01/32 (Call 03/01/32)		15		13,058
3.50%, 05/01/29 (Call 02/01/29)		9		8,431
Waste Management Inc.
2.00%, 06/01/29 (Call 04/01/29)		40		34,623
4.15%, 04/15/32 (Call 01/15/32)		25		23,550
				178,908
Food — 0.4%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.50%, 03/15/29 (Call 04/01/24)(b)		20		17,810
4.88%, 02/15/30 (Call 02/15/25)(b)		15		14,078
Chobani LLC/Chobani Finance Corp. Inc., 7.63%, 07/01/29 (Call 01/01/26)(b)(c)		10		10,052
Conagra Brands Inc., 8.25%, 09/15/30		10		11,483
Fiesta Purchaser Inc., 7.88%, 03/01/31 (Call 03/01/27)(b)(c)		10		10,313
General Mills Inc., 2.88%, 04/15/30 (Call 01/15/30)		30		26,488
Hershey Co. (The)
2.45%, 11/15/29 (Call 08/15/29)		5		4,432
4.50%, 05/04/33 (Call 02/04/33)(c)		5		4,892
Ingles Markets Inc., 4.00%, 06/15/31 (Call 06/15/26)(b)		8		6,987
J M Smucker Co. (The), 6.20%, 11/15/33 (Call 08/15/33)(c)		25		26,447
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)		10		8,004
3.75%, 12/01/31 (Call 12/01/26)		10		8,498
5.75%, 04/01/33 (Call 01/01/33)		50		48,477
JM Smucker Co. (The), 2.13%, 03/15/32 (Call 12/15/31)		15		11,970
Kellanova
2.10%, 06/01/30 (Call 03/01/30)		5		4,208
5.25%, 03/01/33 (Call 12/01/32)		15		14,889

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
Kraft Heinz Foods Co.
4.25%, 03/01/31 (Call 12/01/30)	$	20	$	18,993
6.75%, 03/15/32		5		5,500
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)		5		3,985
2.20%, 05/01/30 (Call 02/01/30)		15		12,612
7.50%, 04/01/31		10		11,281
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(b)		17		15,379
4.38%, 01/31/32 (Call 01/31/27)(b)		7		6,245
Mars Inc.
1.63%, 07/16/32 (Call 04/16/32)(b)		10		7,683
3.20%, 04/01/30 (Call 01/01/30)(b)		5		4,521
4.75%, 04/20/33 (Call 01/20/33)(b)		20		19,455
McCormick & Co. Inc./MD
1.85%, 02/15/31 (Call 11/15/30)		5		4,019
2.50%, 04/15/30 (Call 01/15/30)		15		12,837
Mondelez International Inc., 3.00%, 03/17/32 (Call 12/17/31)		30		25,860
Performance Food Group Inc., 4.25%, 08/01/29 (Call 08/01/24)(b)		16		14,526
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		30		25,071
4.25%, 04/15/31 (Call 04/15/26)		15		13,402
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(b)		15		13,346
4.63%, 04/15/30 (Call 04/15/25)(b)		22		19,984
5.50%, 12/15/29 (Call 12/15/24)(b)		14		13,369
Safeway Inc., 7.25%, 02/01/31		3		3,168
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 04/01/24)(b)		11		9,653
Smithfield Foods Inc.
2.63%, 09/13/31 (Call 06/13/31)(b)		15		11,551
3.00%, 10/15/30 (Call 07/15/30)(b)		20		16,439
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		30		25,826
5.95%, 04/01/30 (Call 01/01/30)		10		10,395
Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)		30		28,867
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(b)		5		4,584
7.25%, 01/15/32 (Call 09/15/26)(b)		10		10,328
				597,907
Food Service — 0.0%
TKC Holdings Inc., 10.50%, 05/15/29 (Call 05/15/24)(b)(c)		10		9,121
Forest Products & Paper — 0.0%
Georgia-Pacific LLC, 2.30%, 04/30/30 (Call 01/30/30)(b)		15		12,792
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)(b)(c)		5		4,205
Suzano Austria GmbH
3.13%, 01/15/32 (Call 10/15/31)		45		36,951
3.75%, 01/15/31 (Call 10/15/30)		30		26,212
				80,160
Gas — 0.1%
Atmos Energy Corp., 1.50%, 01/15/31 (Call 10/15/30)		40		31,815
Boston Gas Co. 3.00%, 08/01/29 (Call 05/01/29)(b)		25		21,932

Security	Par (000)		Value
Gas (continued)
3.76%, 03/16/32 (Call 12/16/31)(b)	$	35	$	30,548
CenterPoint Energy Resources Corp., 5.40%, 03/01/33 (Call 12/01/32)		17		17,111
East Ohio Gas Co. (The), 2.00%, 06/15/30 (Call 03/15/30)(b)		15		12,274
KeySpan Gas East Corp., 5.99%, 03/06/33 (Call 12/06/32)(b)		5		4,976
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)		30		23,798
3.60%, 05/01/30 (Call 02/01/30)		10		9,154
Piedmont Natural Gas Co. Inc., 5.40%, 06/15/33 (Call 03/15/33)		5		5,015
Sempra Global, 3.25%, 01/15/32 (Call 10/15/31)(b)		20		16,209
Southern Co. Gas Capital Corp., 5.15%, 09/15/32 (Call 03/15/32)		5		4,955
Southwest Gas Corp.
2.20%, 06/15/30 (Call 03/15/30)		5		4,172
4.05%, 03/15/32 (Call 12/15/31)		30		27,445
				209,404
Hand & Machine Tools — 0.1%
Regal Rexnord Corp.
6.30%, 02/15/30 (Call 12/15/29)(b)		15		15,262
6.40%, 04/15/33 (Call 01/15/33)(b)		25		25,657
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		30		25,185
3.00%, 05/15/32 (Call 02/15/32)(c)		25		21,111
				87,215
Health Care - Products — 0.3%
Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)		30		25,030
Avantor Funding Inc., 3.88%, 11/01/29 (Call 11/01/24)(b)		8		7,172
Baxter International Inc.
1.73%, 04/01/31 (Call 01/01/31)		30		23,675
3.95%, 04/01/30 (Call 01/01/30)		15		13,885
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)		15		13,121
Dentsply Sirona Inc., 3.25%, 06/01/30 (Call 03/01/30)		25		21,789
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		15		13,321
Embecta Corp.
5.00%, 02/15/30 (Call 02/15/27)(b)(c)		5		3,983
6.75%, 02/15/30 (Call 02/15/27)(b)		2		1,721
GE HealthCare Technologies Inc., 5.91%, 11/22/32 (Call 08/22/32)		100		103,819
HCA Inc., 3.63%, 03/15/32 (Call 12/15/31)		65		56,790
Medline Borrower LP
3.88%, 04/01/29 (Call 10/01/24)(b)		57		51,095
5.25%, 10/01/29 (Call 10/01/24)(b)(c)		38		35,139
Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)		35		33,699
Neogen Food Safety Corp., 8.63%, 07/20/30 (Call 07/20/27)(b)		5		5,319
Revvity Inc., 3.30%, 09/15/29 (Call 06/15/29)		30		27,007
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		20		16,403
Solventum Corp.
5.45%, 03/13/31 (Call 01/13/31)(b)		25		24,806
5.60%, 03/23/34 (Call 12/23/33)(b)		25		24,906

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)	$	10	$	8,371
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)		30		24,449
2.60%, 10/01/29 (Call 07/01/29)		15		13,376
5.09%, 08/10/33 (Call 05/10/33)		30		30,137
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		16		13,384
				592,397
Health Care - Services — 0.6%
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 04/01/24)(b)		4		3,781
Adventist Health System/West
2.95%, 03/01/29 (Call 12/01/28)		5		4,438
5.43%, 03/01/32 (Call 12/01/31)		10		10,003
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)(b)		3		2,717
Banner Health, 2.34%, 01/01/30 (Call 10/01/29)		20		17,259
Bon Secours Mercy Health Inc., 3.46%, 06/01/30 (Call 12/01/29)		20		18,206
Catalent Pharma Solutions Inc., 3.50%, 04/01/30 (Call 04/01/25)(b)(c)		10		9,653
Centene Corp.
2.50%, 03/01/31 (Call 12/01/30)		41		33,590
2.63%, 08/01/31 (Call 05/01/31)		78		63,834
3.00%, 10/15/30 (Call 07/15/30)		12		10,249
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 04/01/24)(b)		4		3,621
4.00%, 03/15/31 (Call 03/15/26)(b)		5		4,409
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(b)		13		9,896
5.25%, 05/15/30 (Call 05/15/25)(b)		21		16,764
6.13%, 04/01/30 (Call 04/01/25)(b)		15		9,203
6.88%, 04/15/29 (Call 04/15/24)(b)(c)		18		11,581
10.88%, 01/15/32 (Call 02/15/27)(b)		15		15,295
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)		21		17,228
4.63%, 06/01/30 (Call 06/01/25)(b)		35		30,781
Elevance Health Inc.
2.25%, 05/15/30 (Call 02/15/30)		35		29,732
2.55%, 03/15/31 (Call 12/15/30)		10		8,476
2.88%, 09/15/29 (Call 06/15/29)		35		31,385
5.50%, 10/15/32 (Call 07/15/32)		55		56,020
Encompass Health Corp.
4.63%, 04/01/31 (Call 04/01/26)		10		9,033
4.75%, 02/01/30 (Call 02/01/25)		10		9,277
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(b)(c)		5		5,113
Fresenius Medical Care U.S. Finance III Inc., 3.00%, 12/01/31 (Call 09/01/31)(b)		5		3,971
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		25		20,329
3.38%, 03/15/29 (Call 01/15/29)		25		22,798
4.13%, 06/15/29 (Call 03/15/29)		45		42,319
Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/30 (Call 03/01/30)(b)		15		12,553
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(b)		5		4,600
Humana Inc.
2.15%, 02/03/32 (Call 11/03/31)		35		27,695
3.13%, 08/15/29 (Call 05/15/29)		30		27,101
IQVIA Inc., 6.50%, 05/15/30 (Call 05/15/26)(b)		10		10,144

Security	Par (000)		Value
Health Care - Services (continued)
Kedrion SpA, 6.50%, 09/01/29 (Call 09/01/25)(b)	$	15	$	13,500
Laboratory Corp. of America Holdings
2.70%, 06/01/31 (Call 03/01/31)		5		4,270
2.95%, 12/01/29 (Call 09/01/29)		15		13,350
LifePoint Health Inc.
9.88%, 08/15/30 (Call 08/15/26)		10		10,378
11.00%, 10/15/30 (Call 10/15/26)(b)		15		15,876
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(b)		9		6,635
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(b)		10		8,777
3.88%, 05/15/32 (Call 02/15/32)(b)		13		11,187
OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)		5		4,132
Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(b)		3		2,697
Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)		5		4,030
Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		5		4,354
Quest Diagnostics Inc.
2.80%, 06/30/31 (Call 03/30/31)		25		21,337
4.20%, 06/30/29 (Call 03/30/29)		5		4,806
Roche Holdings Inc., 2.08%, 12/13/31 (Call 09/13/31)(b)		10		8,175
Star Parent Inc., 9.00%, 10/01/30 (Call 10/01/26)(b)		15		15,820
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)		20		18,387
4.38%, 01/15/30 (Call 12/01/24)		20		18,310
6.13%, 06/15/30 (Call 06/15/25)		25		24,779
6.75%, 05/15/31 (Call 05/15/26)(b)		20		20,194
6.88%, 11/15/31		3		3,093
UnitedHealth Group Inc.
2.00%, 05/15/30		25		21,011
4.20%, 05/15/32 (Call 02/15/32)		25		23,588
4.50%, 04/15/33 (Call 01/15/33)		40		38,414
5.30%, 02/15/30 (Call 12/15/29)		35		35,661
5.35%, 02/15/33 (Call 11/15/32)		25		25,486
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)		20		16,694
UPMC, 5.04%, 05/15/33 (Call 02/15/33)		5		4,936
				1,012,931
Holding Companies - Diversified — 0.1%
Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31)		25		20,386
Compass Group Diversified Holdings LLC
5.00%, 01/15/32 (Call 01/15/27)(b)		3		2,635
5.25%, 04/15/29 (Call 04/15/24)(b)(c)		12		11,280
MDGH GMTN RSC Ltd., 3.38%, 03/28/32 (Call 12/28/31)(d)		200		179,107
Stena International SA, 7.25%, 01/15/31 (Call 01/15/27)(b)		10		9,947
				223,355
Home Builders — 0.1%
Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (Call 08/01/24)(b)		10		9,157
4.63%, 04/01/30 (Call 04/01/25)(b)		3		2,702
Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24)(c)		5		5,004

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
Brookfield Residential Properties Inc./Brookfield
Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(b)	$	7	$	6,221
5.00%, 06/15/29 (Call 06/15/24)(b)		3		2,698
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)(b)		5		4,414
KB Home
4.00%, 06/15/31 (Call 12/15/30)(c)		5		4,358
4.80%, 11/15/29 (Call 05/15/29)		7		6,602
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(b)		3		2,589
M/I Homes Inc., 3.95%, 02/15/30 (Call 08/15/29)		5		4,458
Mattamy Group Corp., 4.63%, 03/01/30 (Call 03/01/25)(b)		8		7,181
MDC Holdings Inc., 3.85%, 01/15/30 (Call 07/15/29)		15		13,836
Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)(b)(c)		5		4,553
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		15		13,220
PulteGroup Inc., 6.38%, 05/15/33		25		26,434
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)		2		1,879
Taylor Morrison Communities Inc., 5.13%, 08/01/30 (Call 02/01/30)(b)		5		4,722
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)(b)		6		5,312
				125,340
Home Furnishings — 0.0%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(b)		12		9,993
4.00%, 04/15/29 (Call 04/15/24)(b)		8		7,176
Whirlpool Corp.
2.40%, 05/15/31 (Call 02/15/31)		5		4,101
4.70%, 05/14/32 (Call 02/14/32)		10		9,453
				30,723
Household Products & Wares — 0.1%
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/18/24)(b)(c)		10		8,865
Avery Dennison Corp.
2.25%, 02/15/32 (Call 11/15/31)		25		20,297
2.65%, 04/30/30 (Call 02/01/30)		5		4,349
5.75%, 03/15/33 (Call 12/15/32)		5		5,175
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)(c)		5		4,444
4.13%, 04/30/31 (Call 04/30/26)(b)		5		4,386
Church & Dwight Co. Inc., 5.60%, 11/15/32 (Call 08/15/32)		15		15,554
Clorox Co. (The), 4.60%, 05/01/32 (Call 02/01/32)(c)		35		33,959
Kimberly-Clark Corp.
3.10%, 03/26/30 (Call 12/26/29)		30		27,290
3.20%, 04/25/29 (Call 01/25/29)		5		4,639
Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(b)(c)		9		8,549
5.00%, 10/01/29 (Call 10/01/24)(b)		2		1,945
5.50%, 07/15/30 (Call 07/15/25)(b)		7		6,860
				146,312
Housewares — 0.0%
Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29)(c)		10		9,572
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)		8		6,781

Security	Par (000)		Value
Housewares (continued)
4.38%, 02/01/32 (Call 08/01/26)	$	4	$	3,349
4.50%, 10/15/29 (Call 10/15/24)		3		2,663
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (Call 10/01/24)(b)(c)		8		5,636
				28,001
Insurance — 1.0%
Acrisure LLC/Acrisure Finance Inc., 6.00%, 08/01/29 (Call 08/01/24)(b)		7		6,306
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
5.88%, 11/01/29 (Call 11/01/24)(b)(c)		8		7,325
7.00%, 01/15/31 (Call 01/15/27)(b)		20		19,924
Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)		50		49,805
American International Group Inc.
3.40%, 06/30/30 (Call 03/30/30)		25		22,565
5.13%, 03/27/33 (Call 12/27/32)		20		19,718
American National Group LLC, 6.14%, 06/13/32 (Call 03/13/32)(b)		25		23,496
Americo Life Inc., 3.45%, 04/15/31 (Call 01/15/31)(b)		25		19,431
AmFam Holdings Inc., 2.81%, 03/11/31 (Call 12/11/30)(b)		25		18,852
AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)(b)		10		9,223
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)		30		26,097
Aon Corp./Aon Global Holdings PLC, 2.05%, 08/23/31 (Call 05/23/31)		25		20,040
Aon North America Inc.
5.30%, 03/01/31 (Call 01/01/31)		25		24,969
5.45%, 03/01/34 (Call 12/01/33)		25		25,014
Ardonagh Finco Ltd., 7.75%, 02/15/31 (Call 02/15/27)(b)		25		24,715
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (Call 02/15/27)(b)		25		24,470
Ascot Group Ltd., 4.25%, 12/15/30 (Call 12/15/25)(b)		5		4,068
Assurant Inc.
2.65%, 01/15/32 (Call 10/15/31)(c)		25		20,346
3.70%, 02/22/30 (Call 11/22/29)		5		4,462
Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)		20		17,496
Athene Holding Ltd.
3.50%, 01/15/31 (Call 10/15/30)		35		30,432
6.65%, 02/01/33 (Call 11/01/32)		5		5,232
AXA SA, 8.60%, 12/15/30		15		17,749
AXIS Specialty Finance LLC, 4.90%, 01/15/40 (Call 01/15/30), (5-year CMT + 3.186%)(a)		15		13,238
Berkshire Hathaway Finance Corp., 2.88%, 03/15/32 (Call 12/15/31)		35		30,578
Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)(c)		25		24,866
BroadStreet Partners Inc., 5.88%, 04/15/29 (Call 04/15/24)(b)		8		7,426
Brown & Brown Inc.
2.38%, 03/15/31 (Call 12/15/30)		5		4,086
4.20%, 03/17/32 (Call 12/17/31)		15		13,624
Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)		25		20,210
CNA Financial Corp., 2.05%, 08/15/30 (Call 05/15/30)		15		12,393

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)	$	10	$	9,708
Constellation Insurance Inc., 6.80%, 01/24/30 (Call 10/24/29)(b)		10		9,789
Corebridge Financial Inc.
3.85%, 04/05/29 (Call 02/05/29)		15		13,913
3.90%, 04/05/32 (Call 01/05/32)		40		35,166
5.75%, 01/15/34 (Call 10/15/33)		50		49,892
Doctors Co. An Interinsurance Exchange (The), 4.50%, 01/18/32 (Call 10/18/31)(b)		10		7,813
Empower Finance 2020 LP, 1.78%, 03/17/31 (Call 12/17/30)(b)		10		7,924
Enstar Group Ltd., 4.95%, 06/01/29 (Call 03/01/29)		15		14,596
Equitable Holdings Inc., 5.59%, 01/11/33 (Call 10/11/32)		25		25,174
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)		25		24,627
Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)		5		4,411
First American Financial Corp.
2.40%, 08/15/31 (Call 05/15/31)		15		11,753
4.00%, 05/15/30 (Call 02/15/30)		15		13,366
Global Atlantic Fin Co.
3.13%, 06/15/31 (Call 03/15/31)(b)		25		20,202
7.95%, 06/15/33 (Call 03/15/33)(b)		9		9,850
Globe Life Inc., 4.80%, 06/15/32 (Call 03/15/32)		15		14,436
Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)		5		4,466
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC
7.25%, 02/15/31 (Call 02/15/27)(b)		10		10,010
8.13%, 02/15/32 (Call 02/15/27)(b)		10		10,060
Hub International Ltd., 5.63%, 12/01/29 (Call 12/01/24)(b)		5		4,649
HUB International Ltd.
7.25%, 06/15/30 (Call 06/15/26)(b)		45		45,953
7.38%, 01/31/32 (Call 01/31/27)(b)		25		25,104
Jackson Financial Inc., 3.13%, 11/23/31 (Call 08/23/31)		5		4,140
Jackson National Life Global Funding, 3.05%, 06/21/29(b)		40		34,100
Jones Deslauriers Insurance Management Inc.
8.50%, 03/15/30 (Call 03/15/26)(b)		10		10,439
10.50%, 12/15/30 (Call 12/15/25)(b)		5		5,219
Kemper Corp.
2.40%, 09/30/30 (Call 06/30/30)		5		3,939
3.80%, 02/23/32 (Call 11/23/31)		5		4,196
Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)		20		17,507
3.40%, 01/15/31 (Call 10/15/30)		20		17,508
3.40%, 03/01/32 (Call 12/01/31)		15		12,732
Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)		25		22,780
Marsh & McLennan Companies Inc.
4.38%, 03/15/29 (Call 12/15/28)		46		44,986
5.75%, 11/01/32 (Call 08/01/32)		15		15,665
MetLife Inc.
4.55%, 03/23/30 (Call 12/23/29)		90		88,077
5.38%, 07/15/33 (Call 04/15/33)		29		29,158
6.50%, 12/15/32		4		4,368

Security	Par (000)		Value
Insurance (continued)
Nationwide Mutual Insurance Co., 7.88%, 04/01/33(b)	$	5	$	5,530
New York Life Global Funding
4.55%, 01/28/33(b)		30		28,528
5.00%, 01/09/34(b)		50		49,105
New York Life Insurance Co., 5.88%, 05/15/33(b)		10		10,340
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)(c)		5		4,690
Principal Financial Group Inc., 2.13%, 06/15/30 (Call 03/15/30)		30		24,955
Principal Life Global Funding II
1.50%, 08/27/30(b)		10		7,898
2.50%, 09/16/29(b)		5		4,337
Progressive Corp. (The), 3.00%, 03/15/32 (Call 12/15/31)		25		21,628
Protective Life Corp., 3.40%, 01/15/30 (Call 10/15/29)(b)		35		30,738
Prudential Financial Inc.
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(a)		35		30,519
5.75%, 07/15/33		50		52,462
6.00%, 09/01/52 (Call 06/01/32), (5-year CMT + 3.234%)(a)		35		34,888
Prudential Funding Asia PLC, 3.13%, 04/14/30		35		31,205
Reinsurance Group of America Inc., 3.90%, 05/15/29 (Call 02/15/29)		25		23,586
RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 (Call 03/05/33)		20		20,151
Ryan Specialty LLC, 4.38%, 02/01/30 (Call 02/01/25)(b)		8		7,443
Sammons Financial Group Inc.
3.35%, 04/16/31 (Call 01/16/31)(b)		20		16,136
4.75%, 04/08/32 (Call 01/08/32)(b)		15		13,010
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		10		7,770
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)		10		9,386
USI Inc./NY, 7.50%, 01/15/32 (Call 01/15/27)(b)(c)		10		9,975
Willis North America Inc., 2.95%, 09/15/29 (Call 06/15/29)		20		17,772
Wilton RE Ltd., 6.00%, (Call 10/22/30), (5-year CMT + 5.266%)(a)(b)(c)(e)		5		4,426
				1,722,310
Internet — 0.5%
Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)		20		16,544
Amazon.com Inc.
2.10%, 05/12/31 (Call 02/12/31)		60		50,350
3.60%, 04/13/32 (Call 01/13/32)		50		46,092
4.65%, 12/01/29 (Call 10/01/29)		25		25,013
4.70%, 12/01/32 (Call 09/01/32)		50		49,764
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)		40		39,308
eBay Inc., 2.70%, 03/11/30 (Call 12/11/29)		38		33,201
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)		17		14,553
3.25%, 02/15/30 (Call 11/15/29)		20		17,822
Gen Digital Inc., 7.13%, 09/30/30 (Call 09/30/25)(b)(c)		5		5,108
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 04/01/24)(b)		10		8,907

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet (continued)
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(b)(c)	$	10	$	8,464
4.13%, 08/01/30 (Call 05/01/25)(b)(c)		5		4,411
5.63%, 02/15/29 (Call 03/11/24)(b)		3		2,881
Meta Platforms Inc.
3.85%, 08/15/32 (Call 05/15/32)		15		13,894
4.80%, 05/15/30 (Call 03/15/30)		30		29,993
4.95%, 05/15/33 (Call 02/15/33)		25		25,018
Netflix Inc.
4.88%, 06/15/30 (Call 03/15/30)(b)		17		16,840
5.38%, 11/15/29(b)		27		27,367
6.38%, 05/15/29		21		22,318
Prosus NV, 3.06%, 07/13/31 (Call 04/13/31)(d)		200		160,736
Rakuten Group Inc., 6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(b)(e)		13		9,368
Tencent Holdings Ltd., 3.98%, 04/11/29 (Call 01/11/29)(d)		200		189,549
Uber Technologies Inc., 4.50%, 08/15/29 (Call 08/15/24)(b)		20		18,833
Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)(b)		5		4,485
				840,819
Iron & Steel — 0.1%
ArcelorMittal SA, 6.80%, 11/29/32 (Call 08/29/32)		25		26,449
ATI Inc.
4.88%, 10/01/29 (Call 10/01/24)(c)		5		4,646
5.13%, 10/01/31 (Call 10/01/26)		5		4,575
7.25%, 08/15/30 (Call 08/15/26)		5		5,142
Carpenter Technology Corp., 7.63%, 03/15/30 (Call 03/15/25)		2		2,066
Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 04/01/24)(b)		3		2,776
4.88%, 03/01/31 (Call 03/01/26)(b)(c)		5		4,503
6.75%, 04/15/30 (Call 04/15/26)(b)		10		9,927
Commercial Metals Co.
3.88%, 02/15/31 (Call 02/15/26)		5		4,374
4.13%, 01/15/30 (Call 01/15/25)		3		2,739
4.38%, 03/15/32 (Call 03/15/27)		3		2,671
Mineral Resources Ltd., 8.50%, 05/01/30 (Call 05/01/25)(b)		10		10,336
Nucor Corp., 3.13%, 04/01/32 (Call 01/01/32)		5		4,365
Samarco Mineracao SA, 9.50%, 06/30/31 (Call 03/14/24), (9.00% PIK)(b)(f)		50		45,901
Steel Dynamics Inc., 3.45%, 04/15/30 (Call 01/15/30)		15		13,632
TMS International Corp./DE, 6.25%, 04/15/29 (Call 04/15/24)(b)		3		2,629
U.S. Steel Corp., 6.88%, 03/01/29 (Call 04/01/24)(c)		5		5,058
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		20		17,996
6.13%, 06/12/33 (Call 03/12/33)		5		5,048
				174,833
Leisure Time — 0.1%
Amer Sports Co., 6.75%, 02/16/31 (Call 02/16/27)(b)		5		4,978
Brunswick Corp., 4.40%, 09/15/32 (Call 06/15/32)		20		17,838
Carnival Corp.
6.00%, 05/01/29 (Call 11/01/24)(b)(c)		25		24,396
7.00%, 08/15/29 (Call 08/15/26)(b)(c)		10		10,379
10.50%, 06/01/30 (Call 06/01/25)(b)(c)		12		13,087

Security	Par (000)		Value
Leisure Time (continued)
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)(b)	$	7	$	6,080
Royal Caribbean Cruises Ltd.
6.25%, 03/15/32 (Call 03/15/27)(b)		15		15,040
7.25%, 01/15/30 (Call 12/15/25)(b)		10		10,396
Viking Cruises Ltd., 9.13%, 07/15/31 (Call 07/15/26)(b)		10		10,840
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 04/01/24)(b)		10		9,902
				122,936
Lodging — 0.2%
Boyd Gaming Corp., 4.75%, 06/15/31 (Call 06/15/26)(b)		12		10,907
Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)		5		4,296
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(b)		21		17,940
3.75%, 05/01/29 (Call 05/01/24)(b)		11		10,017
4.00%, 05/01/31 (Call 05/01/26)(b)		18		15,999
4.88%, 01/15/30 (Call 01/15/25)		10		9,510
Hilton Grand Vacations Borrower Escrow LLC/Hilton
Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(b)		5		4,412
5.00%, 06/01/29 (Call 06/01/24)(b)		11		10,196
6.63%, 01/15/32 (Call 01/15/27)(b)		15		15,001
Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29)		10		9,049
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		42		40,642
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		30		26,167
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		5		4,268
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(b)(c)		10		9,070
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Call 12/04/24)(b)		15		13,541
Sands China Ltd.
3.10%, 03/08/29 (Call 01/08/29)		10		8,614
3.25%, 08/08/31 (Call 05/08/31)		10		8,295
4.63%, 06/18/30 (Call 03/18/30)		15		13,644
Station Casinos LLC, 4.63%, 12/01/31 (Call 06/01/31)(b)		5		4,444
Travel & Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(b)		7		6,420
4.63%, 03/01/30 (Call 12/01/29)(b)		3		2,708
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)(b)		13		11,683
				256,823
Machinery — 0.1%
BWX Technologies Inc., 4.13%, 04/15/29 (Call 04/15/24)(b)		8		7,417
Caterpillar Inc., 2.60%, 04/09/30 (Call 01/09/30)		30		26,654
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)(b)		20		20,635
9.50%, 01/01/31 (Call 01/01/26)(b)		7		7,519
Deere & Co., 3.10%, 04/15/30 (Call 01/15/30)		30		27,296
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)		10		8,428
John Deere Capital Corp.
2.00%, 06/17/31		30		24,798
2.45%, 01/09/30		25		21,968
4.35%, 09/15/32		25		24,180

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)	$	5	$	4,548
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(b)		5		3,035
Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)		40		34,837
Rockwell Automation Inc.
1.75%, 08/15/31 (Call 05/15/31)		5		4,016
3.50%, 03/01/29 (Call 12/01/28)		5		4,764
SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(b)(c)		7		6,861
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(b)		10		9,366
Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)		5		4,189
				240,511
Manufacturing — 0.1%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)		20		17,349
3.38%, 03/01/29 (Call 12/01/28)		30		27,628
Amsted Industries Inc., 4.63%, 05/15/30 (Call 05/15/25)(b)		8		7,304
Carlisle Companies Inc., 2.20%, 03/01/32 (Call 12/01/31)		5		3,955
Eaton Corp., 4.15%, 03/15/33 (Call 12/15/32)		55		51,809
Hillenbrand Inc., 3.75%, 03/01/31 (Call 03/01/26)		3		2,558
Parker-Hannifin Corp., 3.25%, 06/14/29 (Call 03/14/29)		20		18,403
Pentair Finance Sarl, 4.50%, 07/01/29 (Call 04/01/29)		10		9,644
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		25		21,213
Textron Inc.
2.45%, 03/15/31 (Call 12/15/30)		5		4,174
3.00%, 06/01/30 (Call 03/01/30)		25		21,939
				185,976
Media — 0.7%
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)(b)		30		25,791
AMC Networks Inc., 4.25%, 02/15/29 (Call 03/11/24)		5		3,236
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(b)(c)		7		5,285
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(b)		37		29,749
4.25%, 01/15/34 (Call 01/15/28)(b)		25		18,697
4.50%, 08/15/30 (Call 02/15/25)(b)		40		33,180
4.50%, 05/01/32 (Call 05/01/26)		40		31,607
4.50%, 06/01/33 (Call 06/01/27)(b)		25		19,239
4.75%, 03/01/30 (Call 09/01/24)(b)		42		35,734
4.75%, 02/01/32 (Call 02/01/27)(b)		15		12,109
5.38%, 06/01/29 (Call 06/01/24)(b)		21		18,953
6.38%, 09/01/29 (Call 09/01/25)(b)		22		20,673
7.38%, 03/01/31 (Call 03/01/26)(b)(c)		15		14,527
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.30%, 02/01/32 (Call 11/01/31)		30		22,789
5.05%, 03/30/29 (Call 12/30/28)		20		19,133
6.65%, 02/01/34 (Call 11/01/33)(c)		20		20,037
Comcast Corp.
1.95%, 01/15/31 (Call 10/15/30)		5		4,106
3.40%, 04/01/30 (Call 01/01/30)		25		22,879

Security	Par (000)		Value
Media (continued)
4.25%, 10/15/30 (Call 07/15/30)	$	20	$	19,114
4.25%, 01/15/33		45		42,150
4.65%, 02/15/33 (Call 11/15/32)(c)		40		38,836
4.80%, 05/15/33 (Call 02/15/33)		35		34,199
5.50%, 11/15/32 (Call 08/15/32)		25		25,625
Cox Communications Inc., 1.80%, 10/01/30 (Call 07/01/30)(b)		20		15,915
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(b)		10		7,055
4.13%, 12/01/30 (Call 12/01/25)(b)		10		7,449
4.50%, 11/15/31 (Call 11/15/26)(b)		20		14,831
4.63%, 12/01/30 (Call 12/01/25)(b)		35		19,492
5.00%, 11/15/31 (Call 11/15/26)(b)		8		4,405
5.75%, 01/15/30 (Call 01/15/25)(b)		30		17,635
11.75%, 01/31/29 (Call 01/31/26)(b)		25		26,170
Directv Financing LLC, 8.88%, 02/01/30 (Call 02/01/26)(b)		10		10,070
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)		12		10,546
4.13%, 05/15/29 (Call 02/15/29)		16		14,786
DISH DBS Corp., 5.13%, 06/01/29		20		8,420
Fox Corp., 6.50%, 10/13/33 (Call 07/13/33)		50		52,510
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(b)		11		7,088
5.38%, 11/15/31 (Call 11/15/26)(b)		14		9,065
Grupo Televisa SAB, 8.50%, 03/11/32		15		17,254
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)(b)		10		8,402
Liberty Interactive LLC
8.25%, 02/01/30		7		4,573
8.50%, 07/15/29(c)		2		1,337
McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)(b)(c)		7		6,391
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(b)		15		13,609
5.13%, 02/15/32 (Call 02/15/27)(b)		7		6,518
Paramount Global
4.20%, 06/01/29 (Call 03/01/29)		5		4,403
4.20%, 05/19/32 (Call 02/19/32)(c)		15		12,225
4.95%, 01/15/31 (Call 10/15/30)		40		35,026
Scripps Escrow II Inc., 5.38%, 01/15/31 (Call 01/15/26)(b)		5		2,850
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(b)		10		7,203
5.50%, 03/01/30 (Call 12/01/24)(b)(c)		5		3,615
Sirius XM Radio Inc.
3.88%, 09/01/31 (Call 09/01/26)(b)(c)		21		17,387
4.13%, 07/01/30 (Call 07/01/25)(b)		21		18,128
5.50%, 07/01/29 (Call 07/01/24)(b)		15		14,189
Sunrise FinCo I BV, 4.88%, 07/15/31 (Call 07/15/26)(b)		15		13,291
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24)		13		11,444
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		27		29,943
TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32		10		11,313
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(b)		16		14,013
7.38%, 06/30/30 (Call 06/30/25)(b)		12		11,590
Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)(b)(c)		5		4,514

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
Virgin Media Finance PLC, 5.00%, 07/15/30
(Call 07/15/25)(b)	$	15	$	12,941
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)(b)		10		8,737
5.50%, 05/15/29 (Call 05/15/24)(b)		20		18,747
VZ Secured Financing BV, 5.00%, 01/15/32
(Call 01/15/27)(b)		20		17,116
Walt Disney Co. (The)
2.65%, 01/13/31		45		39,092
3.80%, 03/22/30		25		23,589
6.55%, 03/15/33		5		5,576
Warner Media LLC, 7.63%, 04/15/31		5		5,337
Ziggo Bond Co. BV, 5.13%, 02/28/30
(Call 02/15/25)(b)		9		7,698
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(b)		10		8,912
				1,160,048
Metal Fabricate & Hardware — 0.0%
Advanced Drainage Systems Inc., 6.38%, 06/15/30
(Call 07/15/25)(b)		5		5,019
Roller Bearing Co of America Inc., 4.38%, 10/15/29
(Call 10/15/24)(b)		10		9,107
				14,126
Mining — 0.4%
Arsenal AIC Parent LLC, 8.00%, 10/01/30
(Call 10/01/26)(b)		10		10,474
BHP Billiton Finance USA Ltd.
4.90%, 02/28/33 (Call 11/28/32)		10		9,864
5.25%, 09/08/30 (Call 07/08/30)		25		25,213
5.25%, 09/08/33 (Call 06/08/33)		55		55,211
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(b)		5		4,450
Corp. Nacional del Cobre de Chile, 3.75%, 01/15/31 (Call 10/15/30)(d)		200		176,363
FMG Resources August 2006 Pty. Ltd., 4.38%, 04/01/31 (Call 01/01/31)(b)		21		18,792
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(b)		10		9,784
6.13%, 04/15/32 (Call 01/15/32)(b)		11		10,868
Freeport-McMoRan Inc.
4.25%, 03/01/30 (Call 03/01/25)		20		18,690
4.63%, 08/01/30 (Call 08/01/25)		30		28,602
5.25%, 09/01/29 (Call 09/01/24)		25		24,872
Glencore Funding LLC, 2.50%, 09/01/30
(Call 06/01/30)(b)		55		46,476
Hudbay Minerals Inc., 6.13%, 04/01/29
(Call 04/01/24)(d)		10		9,812
Kaiser Aluminum Corp., 4.50%, 06/01/31
(Call 06/01/26)(b)		5		4,279
Newcastle Coal Infrastructure Group Pty. Ltd.,
4.70%, 05/12/31 (Call 02/12/31)(b)		10		8,921
Newmont Corp.
2.60%, 07/15/32 (Call 04/15/32)		30		24,676
2.80%, 10/01/29 (Call 07/01/29)		35		31,077
Novelis Corp.
3.88%, 08/15/31 (Call 08/15/26)(b)		10		8,467
4.75%, 01/30/30 (Call 01/30/25)(b)		22		20,141
Rio Tinto Alcan Inc., 7.25%, 03/15/31		10		11,179
Rio Tinto Finance USA PLC, 5.00%, 03/09/33
(Call 12/09/32)		10		9,987
South32 Treasury Ltd., 4.35%, 04/14/32
(Call 01/14/32)(b)		25		22,358

Security	Par (000)		Value
Mining (continued)
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)	$	9	$	7,423
				597,979
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31
(Call 09/01/31)		15		13,008
Pitney Bowes Inc., 7.25%, 03/15/29
(Call 03/15/24)(b)		3		2,597
				15,605
Oil & Gas — 1.2%
Antero Resources Corp., 5.38%, 03/01/30
(Call 03/01/25)(b)		10		9,538
Apache Corp., 4.25%, 01/15/30 (Call 10/15/29)		10		9,189
Ascent Resources Utica Holdings LLC/ARU Finance
Corp., 5.88%, 06/30/29 (Call 09/01/24)(b)		8		7,468
Baytex Energy Corp., 8.50%, 04/30/30
(Call 04/30/26)(b)		10		10,395
BP Capital Markets America Inc.
2.72%, 01/12/32 (Call 10/12/31)		35		29,688
3.63%, 04/06/30 (Call 01/06/30)		60		55,913
4.81%, 02/13/33 (Call 11/13/32)		15		14,635
Callon Petroleum Co., 7.50%, 06/15/30
(Call 06/15/25)(b)(c)		10		10,540
Canadian Natural Resources Ltd., 7.20%, 01/15/32		5		5,445
Chesapeake Energy Corp., 6.75%, 04/15/29
(Call 04/15/24)(b)		12		12,051
Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)		45		38,935
Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)		10		9,301
Civitas Resources Inc.
8.63%, 11/01/30 (Call 11/01/26)(b)		10		10,709
8.75%, 07/01/31 (Call 07/01/26)(b)		20		21,289
CNOOC Petroleum North America ULC, 7.88%, 03/15/32		50		59,318
CNX Resources Corp., 7.38%, 01/15/31
(Call 01/15/26)(b)		9		9,080
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(b)(c)		14		12,242
6.75%, 03/01/29 (Call 03/18/24)(b)		15		13,836
ConocoPhillips Co., 6.95%, 04/15/29		20		21,923
Continental Resources Inc./OK
2.88%, 04/01/32 (Call 01/01/32)(b)		10		8,031
5.75%, 01/15/31 (Call 07/15/30)(b)		30		29,412
Coterra Energy Inc., 4.38%, 03/15/29
(Call 12/15/28)		20		19,263
CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)(b)		5		4,923
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		50		47,698
7.95%, 04/15/32		5		5,699
Diamond Foreign Asset Co./Diamond Finance LLC,
8.50%, 10/01/30 (Call 10/01/26)(b)		5		5,124
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)		25		21,913
3.50%, 12/01/29 (Call 09/01/29)		35		32,128
Ecopetrol SA
4.63%, 11/02/31 (Call 08/02/31)		40		32,990
6.88%, 04/29/30 (Call 01/29/30)		55		53,491
8.88%, 01/13/33 (Call 10/13/32)		40		42,051
EQT Corp., 3.63%, 05/15/31 (Call 05/15/30)(b)		5		4,374
Equinor ASA, 2.38%, 05/22/30 (Call 02/22/30)		45		39,111

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
Exxon Mobil Corp.
2.44%, 08/16/29 (Call 05/16/29)	$	15	$	13,398
3.48%, 03/19/30 (Call 12/19/29)		60		55,978
Helmerich & Payne Inc., 2.90%, 09/29/31
(Call 06/29/31)		10		8,295
Hess Corp.
7.30%, 08/15/31		30		33,702
7.88%, 10/01/29		20		22,426
HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)		15		14,029
Hilcorp Energy I LP/Hilcorp Finance Co.
6.00%, 04/15/30 (Call 04/15/25)(b)		5		4,861
6.00%, 02/01/31 (Call 02/01/26)(b)		10		9,662
6.25%, 04/15/32 (Call 05/15/27)(b)		5		4,861
8.38%, 11/01/33 (Call 11/01/28)(b)		10		10,741
Marathon Oil Corp., 6.80%, 03/15/32		5		5,329
Murphy Oil Corp., 7.05%, 05/01/29		5		5,181
Nabors Industries Inc., 9.13%, 01/31/30
(Call 05/31/26)(b)(c)		10		10,247
Noble Finance II LLC, 8.00%, 04/15/30
(Call 04/15/26)(b)		5		5,137
Northern Oil and Gas Inc., 8.75%, 06/15/31
(Call 06/15/26)(b)		10		10,464
Occidental Petroleum Corp.
6.13%, 01/01/31 (Call 07/01/30)		19		19,463
6.63%, 09/01/30 (Call 03/01/30)		26		27,360
7.50%, 05/01/31		16		17,675
7.88%, 09/15/31		21		23,644
8.88%, 07/15/30 (Call 01/15/30)		8		9,248
Ovintiv Inc.
6.25%, 07/15/33 (Call 04/15/33)		25		25,705
8.13%, 09/15/30		15		16,831
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(b)		6		5,483
4.63%, 05/01/30 (Call 05/01/25)(b)		16		14,613
Patterson-UTI Energy Inc., 5.15%, 11/15/29
(Call 08/15/29)		3		2,884
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (Call 09/15/26)(b)		10		10,219
Permian Resources Operating LLC
5.88%, 07/01/29 (Call 07/01/24)(b)		5		4,888
7.00%, 01/15/32 (Call 01/15/27)(b)		15		15,413
9.88%, 07/15/31 (Call 07/15/26)(b)		10		11,082
Petrobras Global Finance BV, 5.60%, 01/03/31
(Call 10/03/30)(c)		60		58,537
Petroleos Mexicanos
5.95%, 01/28/31 (Call 10/28/30)		60		46,680
6.70%, 02/16/32 (Call 11/16/31)		100		80,588
6.84%, 01/23/30 (Call 10/23/29)		80		68,424
8.75%, 06/02/29 (Call 04/02/29)		10		9,560
10.00%, 02/07/33 (Call 11/07/32)		30		29,133
Petronas Capital Ltd., 2.48%, 01/28/32
(Call 10/28/31)(d)		200		165,745
Phillips 66, 2.15%, 12/15/30 (Call 09/15/30)		15		12,464
Phillips 66 Co., 3.15%, 12/15/29 (Call 09/15/29)		5		4,508
Pioneer Natural Resources Co., 1.90%, 08/15/30
(Call 05/15/30)		45		37,511
Range Resources Corp., 4.75%, 02/15/30
(Call 02/15/25)(b)		5		4,647
Rockcliff Energy II LLC, 5.50%, 10/15/29
(Call 10/15/24)(b)		10		9,215

Security	Par (000)		Value
Oil & Gas (continued)
Santos Finance Ltd., 6.88%, 09/19/33
(Call 06/19/33)(b)	$	25	$	26,158
Saudi Arabian Oil Co., 2.25%, 11/24/30
(Call 08/24/30)(d)		200		167,428
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)		18		16,345
5.38%, 03/15/30 (Call 03/15/25)		14		13,401
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)		13		12,009
4.50%, 04/30/30 (Call 04/30/25)		11		10,026
Talos Production Inc., 9.38%, 02/01/31
(Call 02/01/27)(b)		10		10,322
Tosco Corp., 8.13%, 02/15/30		25		28,880
TotalEnergies Capital International SA, 2.83%, 01/10/30 (Call 10/10/29)		40		35,931
Transocean Inc.
7.50%, 04/15/31		5		4,272
8.75%, 02/15/30 (Call 02/15/26)(b)		14		13,904
Valaris Ltd., 8.38%, 04/30/30 (Call 04/30/26)(b)		15		15,407
Valero Energy Corp., 2.80%, 12/01/31
(Call 09/01/31)		30		25,320
Vermilion Energy Inc., 6.88%, 05/01/30
(Call 05/01/25)(b)		8		7,708
Viper Energy Inc., 7.38%, 11/01/31
(Call 11/01/26)(b)		5		5,167
Vital Energy Inc.
7.75%, 07/31/29 (Call 07/31/24)(b)		3		2,984
9.75%, 10/15/30 (Call 10/15/26)		5		5,350
Woodside Finance Ltd., 4.50%, 03/04/29
(Call 12/04/28)(b)		20		19,032
YPF SA, 9.00%, 06/30/29 (Call 12/30/28)(d)(g)		25		24,124
				2,097,302
Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor Inc.
3.14%, 11/07/29 (Call 08/07/29)		5		4,560
4.49%, 05/01/30 (Call 02/01/30)		10		9,720
Halliburton Co., 2.92%, 03/01/30 (Call 12/01/29)		25		22,204
Helix Energy Solutions Group Inc., 9.75%, 03/01/29
(Call 03/01/26)(b)		5		5,286
Schlumberger Holdings Corp., 4.30%, 05/01/29
(Call 02/01/29)(b)		20		19,339
Schlumberger Investment SA
2.65%, 06/26/30 (Call 03/26/30)		25		21,970
4.85%, 05/15/33 (Call 02/15/33)(c)		15		14,844
Weatherford International Ltd., 8.63%, 04/30/30
(Call 10/30/24)(b)		20		20,743
				118,666
Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		20		16,842
Ardagh Metal Packaging Finance USA LLC/Ardagh
Metal Packaging Finance PLC, 4.00%, 09/01/29
(Call 05/15/24)(b)		15		12,185
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)		17		14,390
3.13%, 09/15/31 (Call 06/15/31)		12		10,104
6.00%, 06/15/29 (Call 05/15/26)		15		15,081
CCL Industries Inc., 3.05%, 06/01/30
(Call 03/01/30)(b)		10		8,634

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 (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(b)	$	5	$	4,968
8.75%, 04/15/30 (Call 04/15/25)(b)		15		14,273
Crown Americas LLC, 5.25%, 04/01/30
(Call 01/01/30)		9		8,669
Graphic Packaging International LLC
3.50%, 03/01/29 (Call 09/01/28)(b)(c)		5		4,501
3.75%, 02/01/30 (Call 08/01/29)(b)		9		8,011
LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)(b)(c)		6		5,066
OI European Group BV, 4.75%, 02/15/30
(Call 11/15/24)(b)		3		2,764
Owens-Brockway Glass Container Inc., 7.25%, 05/15/31 (Call 05/15/26)(b)		10		10,118
Packaging Corp. of America, 3.00%, 12/15/29
(Call 09/15/29)		20		17,929
Sealed Air Corp.
5.00%, 04/15/29 (Call 04/15/25)(b)(c)		8		7,614
6.88%, 07/15/33(b)		10		10,336
Sonoco Products Co., 3.13%, 05/01/30
(Call 02/01/30)		25		22,185
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(b)		3		2,734
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)		20		19,801
				216,205
Pharmaceuticals — 0.7%
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(b)		6		5,370
AbbVie Inc., 3.20%, 11/21/29 (Call 08/21/29)		80		73,193
AdaptHealth LLC
4.63%, 08/01/29 (Call 04/01/24)(b)		7		5,828
5.13%, 03/01/30 (Call 03/01/25)(b)		9		7,528
Astrazeneca Finance LLC
2.25%, 05/28/31 (Call 02/28/31)		10		8,387
4.88%, 03/03/33 (Call 12/03/32)		15		14,934
4.90%, 03/03/30 (Call 01/03/30)		20		20,035
4.90%, 02/26/31 (Call 12/26/30)		25		24,942
5.00%, 02/26/34 (Call 11/26/33)		25		25,093
AstraZeneca PLC, 1.38%, 08/06/30 (Call 05/06/30)		20		16,202
Bausch Health Companies Inc.
5.00%, 02/15/29 (Call 03/11/24)(b)		5		2,205
5.25%, 01/30/30 (Call 01/30/25)(b)(c)		10		4,340
5.25%, 02/15/31 (Call 02/15/26)(b)(c)		5		2,166
6.25%, 02/15/29 (Call 03/11/24)(b)		10		4,594
7.25%, 05/30/29 (Call 05/30/24)(b)		5		2,222
14.00%, 10/15/30 (Call 10/15/25)(b)		5		2,899
Becton Dickinson and Co., 1.96%, 02/11/31
(Call 11/11/30)		40		32,520
BellRing Brands Inc., 7.00%, 03/15/30
(Call 03/15/27)(b)(c)		11		11,237
Bristol-Myers Squibb Co.
1.45%, 11/13/30 (Call 08/13/30)		65		52,133
2.95%, 03/15/32 (Call 12/15/31)		15		12,960
3.40%, 07/26/29 (Call 04/26/29)		32		29,826
5.20%, 02/22/34 (Call 11/22/33)		50		50,381
5.75%, 02/01/31 (Call 12/01/30)		25		26,043
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		40		34,102
Cigna Group (The)
2.40%, 03/15/30 (Call 12/15/29)		44		37,721
5.40%, 03/15/33 (Call 12/15/32)		35		35,210
CVS Health Corp.
1.88%, 02/28/31 (Call 11/28/30)		15		12,055
2.13%, 09/15/31 (Call 06/15/31)		41		33,085
3.25%, 08/15/29 (Call 05/15/29)		40		36,393

Security	Par (000)		Value
Pharmaceuticals (continued)
3.75%, 04/01/30 (Call 01/01/30)	$	15	$	13,841
5.25%, 01/30/31 (Call 11/30/30)		35		34,942
5.25%, 02/21/33 (Call 11/21/32)		15		14,852
5.30%, 06/01/33 (Call 03/01/33)(c)		40		39,718
Eli Lilly & Co.
3.38%, 03/15/29 (Call 12/15/28)		20		18,844
4.70%, 02/27/33 (Call 11/27/32)		25		24,790
4.70%, 02/09/34 (Call 11/09/33)		25		24,685
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29
(Call 03/01/29)		15		14,075
HLF Financing Sarl LLC/Herbalife International Inc.,
4.88%, 06/01/29 (Call 06/01/24)(b)(c)		8		5,715
Johnson & Johnson, 1.30%, 09/01/30
(Call 06/01/30)		45		36,848
McKesson Corp., 5.10%, 07/15/33 (Call 04/15/33)		25		24,903
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)		15		12,260
2.15%, 12/10/31 (Call 09/10/31)		35		29,026
3.40%, 03/07/29 (Call 12/07/28)		50		46,961
4.30%, 05/17/30 (Call 03/17/30)		25		24,328
Option Care Health Inc., 4.38%, 10/31/29
(Call 10/31/24)(b)		5		4,565
Organon & Co./Organon Foreign Debt Co.-Issuer
BV, 5.13%, 04/30/31 (Call 04/30/26)(b)		25		21,401
Owens & Minor Inc.
4.50%, 03/31/29 (Call 04/01/24)(b)(c)		6		5,362
6.63%, 04/01/30 (Call 04/01/25)(b)		10		9,671
Perrigo Finance Unlimited Co., 4.65%, 06/15/30
(Call 03/15/30)		10		8,980
Pfizer Inc.
2.63%, 04/01/30 (Call 01/01/30)		40		35,365
3.45%, 03/15/29 (Call 12/15/28)		40		37,600
Pfizer Investment Enterprises Pte Ltd.
4.65%, 05/19/30 (Call 03/19/30)		40		39,352
4.75%, 05/19/33 (Call 02/19/33)		65		63,340
Prestige Brands Inc., 3.75%, 04/01/31
(Call 04/01/26)(b)		7		6,049
Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)		20		16,824
Zoetis Inc., 5.60%, 11/16/32 (Call 08/16/32)		10		10,334
				1,248,235
Pipelines — 0.8%
Antero Midstream Partners LP/Antero Midstream
Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(b)		10		9,517
6.63%, 02/01/32 (Call 02/01/27)(b)		10		9,965
Boardwalk Pipelines LP
3.60%, 09/01/32 (Call 06/01/32)		25		21,712
4.80%, 05/03/29 (Call 02/03/29)		10		9,717
Cameron LNG LLC, 2.90%, 07/15/31
(Call 04/15/31)(b)		25		21,462
Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)		25		23,082
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)		35		29,253
4.00%, 03/01/31 (Call 03/01/26)		21		18,756
4.50%, 10/01/29 (Call 10/01/24)		21		19,685
5.95%, 06/30/33 (Call 12/30/32)		22		22,088
CNX Midstream Partners LP, 4.75%, 04/15/30
(Call 04/15/25)(b)		3		2,629
Colonial Enterprises Inc., 3.25%, 05/15/30
(Call 02/15/30)(b)		10		8,911

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33 (Call 08/15/33)(b)	$	35	$	35,951
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31 (Call 06/15/26)(b)		20		18,642
7.50%, 12/15/33 (Call 12/15/28)(b)		10		10,199
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)		3		2,557
5.13%, 05/15/29 (Call 02/15/29)		15		14,814
8.13%, 08/16/30		2		2,280
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(b)		13		11,880
4.38%, 06/15/31 (Call 06/15/26)(b)		17		15,323
El Paso Natural Gas Co. LLC, 3.50%, 02/15/32
(Call 11/15/31)(b)		45		37,913
Enbridge Inc.
3.13%, 11/15/29 (Call 08/15/29)		25		22,585
5.70%, 03/08/33 (Call 12/08/32)		50		50,610
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)		30		27,372
5.25%, 04/15/29 (Call 01/15/29)		25		24,902
5.75%, 02/15/33 (Call 11/15/32)		40		40,246
6.55%, 12/01/33 (Call 09/01/33)		25		26,501
7.38%, 02/01/31 (Call 02/01/26)(b)		10		10,458
8.00%, 04/01/29 (Call 04/01/24)(b)		5		5,184
8.00%, 05/15/54 (Call 02/15/29),
(5-year CMT + 4.020%)(a)		10		10,390
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)		7		6,788
6.50%, 09/01/30 (Call 03/01/30)(b)		15		15,379
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		10		8,878
3.13%, 07/31/29 (Call 04/30/29)		25		22,872
EQM Midstream Partners LP
4.75%, 01/15/31 (Call 07/15/30)(b)		15		13,959
7.50%, 06/01/30 (Call 12/01/29)(b)		5		5,325
Flex Intermediate Holdco LLC, 3.36%, 06/30/31
(Call 12/30/30)(b)		5		4,062
Florida Gas Transmission Co. LLC, 2.55%, 07/01/30 (Call 04/01/30)(b)		10		8,460
Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, 04/15/30 (Call 04/15/26)		10		10,373
Global Partners LP/GLP Finance Corp., 8.25%, 01/15/32 (Call 01/15/27)(b)		5		5,129
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(b)		10		9,103
5.50%, 10/15/30 (Call 10/15/25)(b)		5		4,806
ITT Holdings LLC, 6.50%, 08/01/29
(Call 08/01/24)(b)		16		14,280
Kinder Morgan Energy Partners LP, 7.75%, 03/15/32		10		11,253
Kinder Morgan Inc.
4.80%, 02/01/33 (Call 11/01/32)		20		18,871
5.20%, 06/01/33 (Call 03/01/33)		10		9,727
5.40%, 02/01/34 (Call 11/01/33)		25		24,568
7.80%, 08/01/31		10		11,183
Kinetik Holdings LP, 5.88%, 06/15/30
(Call 06/15/25)(b)		15		14,623
Midwest Connector Capital Co. LLC, 4.63%, 04/01/29 (Call 01/01/29)(b)		5		4,810
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		5		4,255

Security	Par (000)		Value
Pipelines (continued)
4.95%, 09/01/32 (Call 06/01/32)	$	15	$	14,358
5.00%, 03/01/33 (Call 12/01/32)		30		28,700
NGL Energy Operating LLC/NGL Energy Finance
Corp., 8.38%, 02/15/32 (Call 02/15/27)(b)		15		15,244
NuStar Logistics LP, 6.38%, 10/01/30
(Call 04/01/30)		10		10,033
ONEOK Inc.
3.40%, 09/01/29 (Call 06/01/29)		20		18,266
5.80%, 11/01/30 (Call 09/01/30)		35		35,828
6.10%, 11/15/32 (Call 08/15/32)		30		31,073
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		5		4,533
3.80%, 09/15/30 (Call 06/15/30)		25		22,776
Rockies Express Pipeline LLC
4.80%, 05/15/30 (Call 02/15/30)(b)		5		4,632
4.95%, 07/15/29 (Call 04/15/29)(b)		11		10,289
Sabine Pass Liquefaction LLC, 4.50%, 05/15/30
(Call 11/15/29)		20		19,147
Tallgrass Energy Partners LP/Tallgrass Energy
Finance Corp.
6.00%, 12/31/30 (Call 12/31/25)(b)		10		9,308
6.00%, 09/01/31 (Call 09/01/26)(b)		10		9,198
Targa Resources Corp., 6.13%, 03/15/33
(Call 12/15/32)		25		25,760
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		15		13,387
4.88%, 02/01/31 (Call 02/01/26)		35		33,213
5.50%, 03/01/30 (Call 03/01/25)		15		14,828
Tennessee Gas Pipeline Co. LLC, 2.90%, 03/01/30
(Call 12/01/29)(b)		5		4,348
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		15		12,292
4.10%, 04/15/30 (Call 01/15/30)		25		23,416
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)		35		31,491
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(b)		10		8,391
6.25%, 01/15/30 (Call 10/15/29)(b)		20		19,996
3.88%, 08/15/29 (Call 02/15/29)(b)		19		17,052
4.13%, 08/15/31 (Call 02/15/31)(b)		15		13,168
Venture Global LNG Inc.
8.38%, 06/01/31 (Call 06/01/26)(b)		30		30,349
9.88%, 02/01/32 (Call 02/01/27)(b)		30		31,581
Western Midstream Operating LP, 4.05%, 02/01/30
(Call 11/01/29)		20		18,503
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		10		8,424
4.65%, 08/15/32 (Call 05/15/32)		40		38,037
Series A, 7.50%, 01/15/31		10		11,109
				1,382,018
Private Equity — 0.0%
Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29
(Call 06/19/29)(b)		5		4,606
KKR Group Finance Co. VI LLC, 3.75%, 07/01/29
(Call 04/01/29)(b)		15		13,891
				18,497

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate — 0.1%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/30
(Call 04/15/25)(b)	$	17	$	15,767
Cushman & Wakefield U.S. Borrower LLC, 8.88%, 09/01/31 (Call 09/01/26)(b)		5		5,224
Greystar Real Estate Partners LLC, 7.75%, 09/01/30 (Call 09/01/26)(b)		5		5,213
Howard Hughes Corp. (The), 4.38%, 02/01/31
(Call 02/01/26)(b)		10		8,545
Hunt Companies Inc., 5.25%, 04/15/29
(Call 04/15/24)(b)(c)		10		9,153
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 04/01/24)		6		4,867
4.75%, 02/01/30 (Call 09/01/24)		10		7,914
5.00%, 03/01/31 (Call 03/01/26)		12		9,329
Realty Income Corp., 3.40%, 01/15/30
(Call 10/15/29)		30		27,191
				93,203
Real Estate Investment Trusts — 1.0%
Agree LP
2.60%, 06/15/33 (Call 03/15/33)		5		3,873
4.80%, 10/01/32 (Call 07/01/32)		15		14,019
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		10		7,479
3.38%, 08/15/31 (Call 05/15/31)		35		30,734
4.70%, 07/01/30 (Call 04/01/30)		15		14,418
American Assets Trust LP, 3.38%, 02/01/31
(Call 11/01/30)		15		12,133
American Homes 4 Rent LP, 3.63%, 04/15/32
(Call 01/15/32)		30		26,139
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		5		4,016
2.30%, 09/15/31 (Call 06/15/31)		20		16,142
2.70%, 04/15/31 (Call 01/15/31)		15		12,582
2.90%, 01/15/30 (Call 10/15/29)		5		4,386
3.80%, 08/15/29 (Call 05/15/29)		20		18,512
5.55%, 07/15/33 (Call 04/15/33)		10		9,997
5.65%, 03/15/33 (Call 12/15/32)		10		10,056
5.90%, 11/15/33 (Call 08/15/33)		25		25,637
Apollo Commercial Real Estate Finance Inc.,
4.63%, 06/15/29 (Call 06/15/24)(b)		6		4,968
AvalonBay Communities Inc., 2.45%, 01/15/31
(Call 10/17/30)		25		21,319
Boston Properties LP
2.55%, 04/01/32 (Call 01/01/32)		25		19,426
2.90%, 03/15/30 (Call 12/15/29)		20		16,905
3.25%, 01/30/31 (Call 10/30/30)		25		21,048
Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)(c)		5		4,184
Brixmor Operating Partnership LP
2.50%, 08/16/31 (Call 05/16/31)		15		12,181
4.05%, 07/01/30 (Call 04/01/30)		25		22,957
Broadstone Net Lease LLC, 2.60%, 09/15/31
(Call 06/15/31)		10		7,758
Camden Property Trust, 3.15%, 07/01/29
(Call 04/01/29)		5		4,549
Crown Castle Inc.
2.25%, 01/15/31 (Call 10/15/30)		25		20,434
2.50%, 07/15/31 (Call 04/15/31)		25		20,473
3.10%, 11/15/29 (Call 08/15/29)		15		13,273
3.30%, 07/01/30 (Call 04/01/30)		15		13,247

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Digital Realty Trust LP, 3.60%, 07/01/29
(Call 04/01/29)	$	25	$	23,049
Diversified Healthcare Trust, 4.38%, 03/01/31
(Call 09/01/30)		5		3,795
EPR Properties
3.60%, 11/15/31 (Call 08/15/31)		25		20,441
3.75%, 08/15/29 (Call 05/15/29)		5		4,367
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		25		20,729
3.20%, 11/18/29 (Call 08/18/29)		20		17,975
3.90%, 04/15/32 (Call 01/15/32)		25		22,687
ERP Operating LP, 3.00%, 07/01/29 (Call 04/01/29)		55		49,834
Essex Portfolio LP
2.65%, 03/15/32 (Call 12/15/31)		10		8,152
3.00%, 01/15/30 (Call 10/15/29)		5		4,387
4.00%, 03/01/29 (Call 12/01/28)		25		23,676
Extra Space Storage LP
2.35%, 03/15/32 (Call 12/15/31)		10		7,928
2.40%, 10/15/31 (Call 07/15/31)		30		24,233
GLP Capital LP/GLP Financing II Inc.
4.00%, 01/15/30 (Call 10/15/29)		14		12,598
6.75%, 12/01/33 (Call 09/01/33)		25		25,963
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 09/15/30(b)		8		6,598
Healthcare Realty Holdings LP, 3.10%, 02/15/30
(Call 11/15/29)		15		12,925
Healthpeak OP LLC
3.00%, 01/15/30 (Call 10/15/29)		15		13,161
5.25%, 12/15/32 (Call 09/15/32)		10		9,777
Highwoods Realty LP
2.60%, 02/01/31 (Call 11/01/30)		10		7,865
3.05%, 02/15/30 (Call 11/15/29)		15		12,557
Host Hotels & Resorts LP
Series H, 3.38%, 12/15/29 (Call 09/15/29)		25		22,118
Series I, 3.50%, 09/15/30 (Call 06/15/30)		10		8,816
Hudson Pacific Properties LP, 4.65%, 04/01/29
(Call 01/01/29)		10		8,332
Invitation Homes Operating Partnership LP
2.00%, 08/15/31 (Call 05/15/31)		25		19,528
4.15%, 04/15/32 (Call 01/15/32)		15		13,556
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(b)		13		11,508
4.88%, 09/15/29 (Call 09/15/24)(b)		7		6,510
5.25%, 07/15/30 (Call 07/15/25)(b)		19		17,782
5.63%, 07/15/32 (Call 07/15/26)(b)		15		13,932
Iron Mountain Information Management
Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(b)		10		8,935
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		5		3,705
3.05%, 02/15/30 (Call 11/15/29)		30		25,128
4.25%, 08/15/29 (Call 05/15/29)		5		4,562
Kimco Realty OP LLC, 3.20%, 04/01/32
(Call 01/01/32)		25		21,235
Ladder Capital Finance Holdings LLLP/Ladder
Capital Finance Corp., 4.75%, 06/15/29
(Call 06/15/24)(b)		10		8,965
Mid-America Apartments LP, 3.95%, 03/15/29
(Call 12/15/28)		40		38,167
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)		17		11,390
4.63%, 08/01/29 (Call 08/01/24)(c)		16		11,922

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD 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)	$	15	$	12,024
Office Properties Income Trust, 3.45%, 10/15/31
(Call 07/15/31)		5		2,076
Omega Healthcare Investors Inc., 3.38%, 02/01/31
(Call 11/01/30)		15		12,627
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29 (Call 05/15/24)(b)		11		10,135
Phillips Edison Grocery Center Operating
Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		10		8,042
Physicians Realty LP, 2.63%, 11/01/31
(Call 08/01/31)		5		4,071
Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)		20		15,345
Prologis LP
2.25%, 04/15/30 (Call 01/15/30)		15		12,863
2.25%, 01/15/32 (Call 10/15/31)		20		16,337
4.75%, 06/15/33 (Call 03/15/33)		20		19,372
Public Storage Operating Co., 2.30%, 05/01/31
(Call 02/01/31)		20		16,781
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		15		12,226
Realty Income Corp.
3.25%, 01/15/31 (Call 10/15/30)		10		8,845
4.85%, 03/15/30 (Call 01/15/30)		15		14,703
5.63%, 10/13/32 (Call 07/13/32)		35		35,351
Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)		5		4,424
3.70%, 06/15/30 (Call 03/15/30)		15		13,667
Rexford Industrial Realty LP, 2.13%, 12/01/30
(Call 09/01/30)		10		8,097
RLJ Lodging Trust LP, 4.00%, 09/15/29
(Call 09/15/24)(b)		10		8,730
Sabra Health Care LP, 3.20%, 12/01/31
(Call 09/01/31)		15		12,183
Safehold GL Holdings LLC, 2.80%, 06/15/31
(Call 03/15/31)		15		12,192
Scentre Group Trust 1/Scentre Group Trust 2,
4.38%, 05/28/30 (Call 02/28/30)(b)		40		37,599
Service Properties Trust
4.38%, 02/15/30 (Call 08/15/29)		8		6,120
4.95%, 10/01/29 (Call 07/01/29)		4		3,292
8.63%, 11/15/31 (Call 11/15/26)(b)		15		15,864
Simon Property Group LP
2.25%, 01/15/32 (Call 10/15/31)		20		16,083
2.45%, 09/13/29 (Call 06/13/29)		45		39,204
2.65%, 02/01/32 (Call 12/01/31)		15		12,460
Store Capital LLC
2.70%, 12/01/31 (Call 09/01/31)		15		11,671
2.75%, 11/18/30 (Call 08/18/30)		5		3,958
4.63%, 03/15/29 (Call 12/15/28)		5		4,665
Sun Communities Operating LP
2.70%, 07/15/31 (Call 04/15/31)		20		16,312
4.20%, 04/15/32 (Call 01/15/32)		15		13,312
5.70%, 01/15/33 (Call 10/15/32)		5		4,922
UDR Inc.
3.00%, 08/15/31 (Call 05/15/31)		25		21,448
3.20%, 01/15/30 (Call 10/15/29)		5		4,473
Uniti Group LP/Uniti Fiber Holdings Inc./CSL
Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(b)		8		5,843

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Uniti Group LP/Uniti Group Finance Inc./CSL
Capital LLC, 6.50%, 02/15/29 (Call 03/11/24)(b)	$	15	$	11,601
Ventas Realty LP
2.50%, 09/01/31 (Call 06/01/31)		5		4,069
3.00%, 01/15/30 (Call 10/15/29)		25		21,821
VICI Properties LP
4.95%, 02/15/30 (Call 12/15/29)		10		9,544
5.13%, 05/15/32 (Call 02/15/32)		25		23,479
VICI Properties LP/VICI Note Co. Inc.
4.13%, 08/15/30 (Call 02/15/25)(b)		25		22,452
4.63%, 12/01/29 (Call 12/01/24)(b)		30		27,930
Vornado Realty LP, 3.40%, 06/01/31 (Call 03/01/31)		5		3,880
WEA Finance LLC, 3.50%, 06/15/29
(Call 03/15/29)(b)		25		21,623
Welltower OP LLC
3.10%, 01/15/30 (Call 10/15/29)		45		40,128
3.85%, 06/15/32 (Call 03/15/32)		20		17,930
4.13%, 03/15/29 (Call 12/15/28)		10		9,507
Weyerhaeuser Co., 4.00%, 04/15/30
(Call 01/15/30)		35		32,709
WP Carey Inc., 3.85%, 07/15/29 (Call 04/15/29)		5		4,626
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(b)		5		4,619
				1,734,868
Retail — 0.8%
1011778 BC ULC/New Red Finance Inc., 4.00%, 10/15/30 (Call 10/15/25)(b)		41		36,022
7-Eleven Inc., 1.80%, 02/10/31 (Call 11/10/30)(b)		15		11,945
Advance Auto Parts Inc., 3.90%, 04/15/30
(Call 01/15/30)		10		8,930
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(b)		5		4,333
Asbury Automotive Group Inc.
4.63%, 11/15/29 (Call 11/15/24)(b)		11		10,025
4.75%, 03/01/30 (Call 03/01/25)		8		7,282
5.00%, 02/15/32 (Call 11/15/26)(b)		8		7,119
AutoNation Inc.
2.40%, 08/01/31 (Call 05/01/31)		25		19,795
3.85%, 03/01/32 (Call 12/01/31)		5		4,364
AutoZone Inc.
4.00%, 04/15/30 (Call 01/15/30)		25		23,499
4.75%, 02/01/33 (Call 11/01/32)		35		33,526
Bath & Body Works Inc.
6.63%, 10/01/30 (Call 10/01/25)(b)(c)		15		15,094
6.95%, 03/01/33		5		4,868
7.50%, 06/15/29 (Call 06/15/24)		5		5,149
Beacon Roofing Supply Inc.
4.13%, 05/15/29 (Call 05/15/24)(b)		5		4,501
6.50%, 08/01/30 (Call 08/01/26)(b)		10		10,056
Bloomin’ Brands Inc./OSI Restaurant Partners LLC,
5.13%, 04/15/29 (Call 04/15/24)(b)		8		7,387
BlueLinx Holdings Inc., 6.00%, 11/15/29
(Call 11/15/24)(b)(c)		7		6,676
Brinker International Inc., 8.25%, 07/15/30
(Call 06/27/26)(b)		5		5,242
Carrols Restaurant Group Inc., 5.88%, 07/01/29
(Call 07/01/24)(b)		3		3,063
Carvana Co.
12.00%, 12/01/28 (Call 08/15/24),
(12.00% PIK)(b)(f)		7		7,097
13.00%, 06/01/30 (Call 08/15/25),
(13.00% PIK)(b)(f)		16		14,854

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

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
14.00%, 06/01/31 (Call 08/15/28),
(14.00% PIK)(b)(c)(f)	$	24	$	22,786
Costco Wholesale Corp., 1.60%, 04/20/30
(Call 01/20/30)		50		41,637
Dick’s Sporting Goods Inc., 3.15%, 01/15/32
(Call 10/15/31)		20		16,756
Dollar General Corp.
5.00%, 11/01/32 (Call 08/01/32)		5		4,855
5.45%, 07/05/33 (Call 04/05/33)(c)		35		34,732
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)(b)		13		12,348
Fertitta Entertainment LLC/Fertitta Entertainment
Finance Co. Inc., 6.75%, 01/15/30
(Call 01/15/25)(b)		19		16,776
FirstCash Inc.
5.63%, 01/01/30 (Call 01/01/25)(b)		5		4,737
6.88%, 03/01/32 (Call 03/01/27)(b)		30		29,728
Foot Locker Inc., 4.00%, 10/01/29
(Call 10/01/24)(b)(c)		5		4,237
Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 04/01/24)(b)		8		7,041
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(b)		10		8,452
3.88%, 10/01/31 (Call 10/01/26)(b)		12		9,659
Genuine Parts Co.
1.88%, 11/01/30 (Call 08/01/30)		5		4,013
2.75%, 02/01/32 (Call 11/01/31)		25		20,546
Global Auto Holdings Ltd./AAG FH U.K. Ltd., 8.75%, 01/15/32 (Call 01/15/27)(b)		5		4,736
GYP Holdings III Corp., 4.63%, 05/01/29
(Call 05/01/24)(b)		8		7,424
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		35		27,689
2.70%, 04/15/30 (Call 01/15/30)		5		4,423
2.95%, 06/15/29 (Call 03/15/29)		60		54,767
4.50%, 09/15/32 (Call 06/15/32)(c)		45		43,979
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)		5		3,954
LCM Investments Holdings II LLC
4.88%, 05/01/29 (Call 05/01/24)(b)		13		11,683
8.25%, 08/01/31 (Call 08/01/26)(b)		10		10,238
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(b)		15		13,385
4.38%, 01/15/31 (Call 10/15/25)(b)		7		6,207
Lowe’s Companies Inc.
2.63%, 04/01/31 (Call 01/01/31)		40		34,109
3.65%, 04/05/29 (Call 01/05/29)		40		37,714
3.75%, 04/01/32 (Call 01/01/32)		30		27,225
4.50%, 04/15/30 (Call 01/15/30)		20		19,430
5.00%, 04/15/33 (Call 01/15/33)(c)		15		14,782
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(b)		3		2,890
5.88%, 03/15/30 (Call 03/15/25)(b)(c)		10		9,375
6.13%, 03/15/32 (Call 03/15/27)(b)		5		4,653
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		15		12,835
4.60%, 09/09/32 (Call 06/09/32)		50		48,815
Michaels Companies Inc. (The), 7.88%, 05/01/29
(Call 05/01/24)(b)		20		12,923
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(b)		5		4,287
4.75%, 09/15/29 (Call 09/15/24)		5		4,707

Security	Par (000)		Value
Retail (continued)
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)	$	4	$	3,372
4.38%, 04/01/30 (Call 01/01/30)		8		7,067
O’Reilly Automotive Inc.
4.20%, 04/01/30 (Call 01/01/30)		10		9,492
4.70%, 06/15/32 (Call 03/15/32)		30		29,011
Papa John’s International Inc., 3.88%, 09/15/29
(Call 09/15/24)(b)(c)		8		7,090
Park River Holdings Inc.
5.63%, 02/01/29 (Call 04/01/24)(b)		8		6,732
6.75%, 08/01/29 (Call 08/01/24)(b)		3		2,578
Patrick Industries Inc., 4.75%, 05/01/29
(Call 05/01/24)(b)		5		4,579
Penske Automotive Group Inc., 3.75%, 06/15/29
(Call 06/15/24)		5		4,425
Raising Cane’s Restaurants LLC, 9.38%, 05/01/29
(Call 11/01/25)(b)		5		5,322
Sally Holdings LLC/Sally Capital Inc., 6.75%, 03/01/32 (Call 03/01/27)(c)		25		24,905
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(b)(c)		10		8,837
4.88%, 11/15/31 (Call 11/15/26)(b)		7		6,017
SRS Distribution Inc.
6.00%, 12/01/29 (Call 12/01/24)(b)		11		10,239
6.13%, 07/01/29 (Call 07/01/24)(b)(c)		5		4,663
Starbucks Corp.
2.55%, 11/15/30 (Call 08/15/30)		35		30,045
3.55%, 08/15/29 (Call 05/15/29)		25		23,436
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31
(Call 06/01/26)(b)		10		9,008
Superior Plus LP/Superior General Partner Inc.,
4.50%, 03/15/29 (Call 03/15/24)(b)		10		9,055
Target Corp.
2.65%, 09/15/30 (Call 06/15/30)		5		4,385
3.38%, 04/15/29 (Call 01/15/29)		15		14,058
4.40%, 01/15/33 (Call 10/15/32)		30		28,951
4.50%, 09/15/32 (Call 06/15/32)		25		24,194
TJX Companies Inc. (The), 3.88%, 04/15/30
(Call 01/15/30)		25		23,703
Tractor Supply Co., 5.25%, 05/15/33
(Call 02/15/33)		25		24,845
Victoria’s Secret & Co., 4.63%, 07/15/29
(Call 07/15/24)(b)(c)		7		5,905
Walgreens Boots Alliance Inc., 3.20%, 04/15/30
(Call 01/15/30)(c)		5		4,320
Walmart Inc.
3.25%, 07/08/29 (Call 04/08/29)(c)		35		32,927
4.10%, 04/15/33 (Call 01/15/33)		15		14,286
4.15%, 09/09/32 (Call 06/09/32)		10		9,649
7.55%, 02/15/30		15		17,353
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)		13		11,412
4.63%, 01/31/32 (Call 10/01/26)		13		11,930
4.75%, 01/15/30 (Call 10/15/29)(b)		11		10,439
5.38%, 04/01/32 (Call 04/01/27)		17		16,330
				1,371,920
Semiconductors — 0.5%
Advanced Micro Devices Inc., 3.92%, 06/01/32
(Call 03/01/32)		10		9,354

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
Analog Devices Inc., 2.10%, 10/01/31
(Call 07/01/31)	$	15	$	12,376
Broadcom Inc.
2.45%, 02/15/31 (Call 11/15/30)(b)		72		59,930
3.42%, 04/15/33 (Call 01/15/33)(b)		75		64,046
4.30%, 11/15/32 (Call 08/15/32)		50		46,301
5.00%, 04/15/30 (Call 01/15/30)		30		29,895
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)(b)(c)		8		7,091
4.75%, 04/15/29 (Call 01/15/29)(b)		35		33,048
5.95%, 06/15/30 (Call 06/15/25)(b)		11		10,787
Intel Corp.
2.00%, 08/12/31 (Call 05/12/31)		30		24,346
3.90%, 03/25/30 (Call 12/25/29)		60		56,415
4.15%, 08/05/32 (Call 05/05/32)		10		9,397
5.13%, 02/10/30 (Call 12/10/29)		20		20,158
5.20%, 02/10/33 (Call 11/10/32)		40		40,017
KLA Corp.
4.10%, 03/15/29 (Call 12/15/28)		5		4,849
4.65%, 07/15/32 (Call 04/15/32)		20		19,496
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		15		12,588
4.00%, 03/15/29 (Call 12/15/28)		15		14,454
Marvell Technology Inc., 2.95%, 04/15/31
(Call 01/15/31)		35		29,973
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		45		36,916
5.88%, 02/09/33 (Call 11/09/32)		5		5,103
5.88%, 09/15/33 (Call 06/15/33)		50		50,961
NVIDIA Corp.
2.00%, 06/15/31 (Call 03/15/31)		25		20,885
2.85%, 04/01/30 (Call 01/01/30)		10		9,005
NXP BV/NXP Funding LLC/NXP USA Inc.
2.65%, 02/15/32 (Call 11/15/31)		40		32,838
3.40%, 05/01/30 (Call 02/01/30)		15		13,428
4.30%, 06/18/29 (Call 03/18/29)		15		14,320
5.00%, 01/15/33 (Call 10/15/32)		17		16,428
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		35		32,548
QUALCOMM Inc., 2.15%, 05/20/30 (Call 02/20/30)		45		38,490
Skyworks Solutions Inc., 3.00%, 06/01/31
(Call 03/01/31)		5		4,187
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(b)(c)		8		7,166
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)		40		33,473
2.25%, 09/04/29 (Call 06/04/29)		55		48,539
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		20		17,308
				886,116
Shipbuilding — 0.0%
Huntington Ingalls Industries Inc., 4.20%, 05/01/30
(Call 02/01/30)		10		9,401
Software — 0.5%
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)		10		8,723
AthenaHealth Group Inc., 6.50%, 02/15/30
(Call 02/15/25)(b)		32		28,677
Autodesk Inc.
2.40%, 12/15/31 (Call 09/15/31)		15		12,443
2.85%, 01/15/30 (Call 10/15/29)		5		4,432
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		5		4,189
2.90%, 12/01/29 (Call 09/01/29)		25		22,008

Security	Par (000)		Value
Software (continued)
Capstone Borrower Inc., 8.00%, 06/15/30
(Call 06/15/26)(b)	$	5	$	5,164
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(b)		6		6,040
Central Parent LLC/CDK Global II LLC/CDK
Financing Co. Inc., 8.00%, 06/15/29
(Call 06/15/25)(b)		15		15,452
Clarivate Science Holdings Corp., 4.88%, 07/01/29
(Call 06/30/24)(b)		12		10,879
Cloud Software Group Inc.
6.50%, 03/31/29 (Call 09/30/25)(b)		55		51,223
9.00%, 09/30/29 (Call 09/30/25)(b)		55		51,347
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29
(Call 12/15/24)(b)(c)		5		4,617
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(b)		7		6,294
Fidelity National Information Services Inc.
2.25%, 03/01/31 (Call 12/01/30)		15		12,535
5.10%, 07/15/32 (Call 04/15/32)(c)		10		9,994
Fiserv Inc.
2.65%, 06/01/30 (Call 03/01/30)		10		8,599
3.50%, 07/01/29 (Call 04/01/29)		25		22,988
5.60%, 03/02/33 (Call 12/02/32)		40		40,328
Intuit Inc., 5.20%, 09/15/33 (Call 06/15/33)		30		30,300
Microsoft Corp., 1.35%, 09/15/30 (Call 06/15/30)(b)		10		8,184
MSCI Inc.
3.63%, 09/01/30 (Call 03/01/25)(b)		16		14,106
3.63%, 11/01/31 (Call 11/01/26)(b)		5		4,332
3.88%, 02/15/31 (Call 06/01/25)(b)		37		32,909
4.00%, 11/15/29 (Call 11/15/24)(b)		7		6,429
Open Text Corp., 3.88%, 12/01/29 (Call 12/01/24)(b)		10		8,838
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(b)		14		12,368
4.13%, 12/01/31 (Call 12/01/26)(b)		10		8,563
Oracle Corp.
2.88%, 03/25/31 (Call 12/25/30)		75		64,700
2.95%, 04/01/30 (Call 01/01/30)		40		35,278
4.90%, 02/06/33 (Call 11/06/32)		35		33,795
6.15%, 11/09/29 (Call 09/09/29)		20		20,912
6.25%, 11/09/32 (Call 08/09/32)		35		36,957
Playtika Holding Corp., 4.25%, 03/15/29
(Call 04/01/24)(b)(c)		10		8,537
RingCentral Inc., 8.50%, 08/15/30 (Call 08/15/26)(b)		5		5,167
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(b)		16		14,011
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)		10		7,989
2.95%, 09/15/29 (Call 06/15/29)		5		4,476
RRD Parent Inc., 10.00%, 10/15/31,
(10.00% PIK)(b)(f)		6		11,169
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		25		20,054
Take-Two Interactive Software Inc., 4.00%, 04/14/32
(Call 01/14/32)		30		27,504
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)		8		7,129
3.88%, 03/15/31 (Call 03/15/26)		9		7,837
UKG Inc., 6.88%, 02/01/31 (Call 02/01/27)(b)		11		11,115
VMware LLC
2.20%, 08/15/31 (Call 05/15/31)		25		20,158
4.70%, 05/15/30 (Call 02/15/30)		10		9,616
Workday Inc., 3.80%, 04/01/32 (Call 01/01/32)		15		13,559
				811,924

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications — 1.0%
Altice France SA/France
5.13%, 07/15/29 (Call 04/15/24)(b)	$	30	$	22,658
5.50%, 10/15/29 (Call 10/15/24)(b)		25		18,936
AT&T Inc.
2.55%, 12/01/33 (Call 09/01/33)		50		39,427
2.75%, 06/01/31 (Call 03/01/31)		55		46,834
4.30%, 02/15/30 (Call 11/15/29)		50		47,719
4.35%, 03/01/29 (Call 12/01/28)		60		57,957
5.40%, 02/15/34 (Call 11/15/33)		50		50,067
Bell Telephone Co. of Canada or Bell Canada,
5.10%, 05/11/33 (Call 02/11/33)		15		14,841
British Telecommunications PLC
3.25%, 11/08/29 (Call 08/08/29)(b)		5		4,497
4.88%, 11/23/81 (Call 08/23/31),
(5-year CMT + 3.493%)(a)(b)		5		4,404
9.63%, 12/15/30		55		67,262
Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(b)(c)		5		4,476
CommScope Inc., 4.75%, 09/01/29
(Call 09/01/24)(b)		19		13,013
Deutsche Telekom International Finance BV
8.75%, 06/15/30		15		17,689
9.25%, 06/01/32		20		25,239
Empresa Nacional de Telecomunicaciones SA,
3.05%, 09/14/32 (Call 06/14/32)(d)		150		118,461
Frontier Communications Holdings LLC
5.88%, 11/01/29 (Call 11/01/24)		10		8,553
6.00%, 01/15/30 (Call 10/15/24)(b)		17		14,535
6.75%, 05/01/29 (Call 05/01/24)(b)		12		10,784
8.63%, 03/15/31 (Call 03/15/26)(b)		10		10,129
8.75%, 05/15/30 (Call 05/15/25)(b)		14		14,277
Intelsat Jackson Holdings SA, 6.50%, 03/15/30
(Call 03/15/25)(b)		42		39,120
Juniper Networks Inc., 2.00%, 12/10/30
(Call 09/10/30)		5		4,026
Koninklijke KPN NV, 8.38%, 10/01/30		5		5,828
Level 3 Financing Inc.
3.63%, 01/15/29		16		9,360
3.75%, 07/15/29		12		7,020
3.88%, 11/15/29		20		20,600
10.50%, 05/15/30		18		18,523
11.00%, 11/15/29 (Call 03/22/27)(h)		12		11,742
Lumen Technologies Inc., 4.50%, 01/15/29
(Call 03/11/24)(b)		7		2,199
Motorola Solutions Inc., 2.75%, 05/24/31
(Call 02/24/31)		42		35,038
Orange SA, 9.00%, 03/01/31		20		24,169
Rogers Communications Inc., 3.80%, 03/15/32
(Call 12/15/31)		30		26,652
Singapore Telecommunications Ltd., 7.38%, 12/01/31(b)		50		57,404
Sprint Capital Corp., 8.75%, 03/15/32		39		47,128
Telecom Italia Capital SA, 6.38%, 11/15/33		15		14,380
Telefonica Europe BV, 8.25%, 09/15/30		30		34,051
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		10		8,676
T-Mobile USA Inc.
2.25%, 11/15/31 (Call 08/15/31)		25		20,284
2.40%, 03/15/29 (Call 01/15/29)		25		21,992
2.55%, 02/15/31 (Call 11/15/30)		40		33,706
2.70%, 03/15/32 (Call 12/15/31)		5		4,155
2.88%, 02/15/31 (Call 02/15/26)		12		10,323
3.38%, 04/15/29 (Call 04/15/24)		27		24,799

Security	Par (000)		Value
Telecommunications (continued)
3.50%, 04/15/31 (Call 04/15/26)	$	105	$	93,960
3.88%, 04/15/30 (Call 01/15/30)		20		18,571
5.05%, 07/15/33 (Call 04/15/33)		25		24,455
5.20%, 01/15/33 (Call 10/15/32)		15		14,904
Verizon Communications Inc.
1.68%, 10/30/30 (Call 07/30/30)		10		8,047
1.75%, 01/20/31 (Call 10/20/30)		70		56,135
2.36%, 03/15/32 (Call 12/15/31)		75		60,746
2.55%, 03/21/31 (Call 12/21/30)		70		58,973
3.15%, 03/22/30 (Call 12/22/29)		10		8,952
4.02%, 12/03/29 (Call 09/03/29)		45		42,713
5.05%, 05/09/33 (Call 02/09/33)		20		19,800
7.75%, 12/01/30		5		5,704
Viasat Inc., 7.50%, 05/30/31 (Call 05/30/26)(b)		10		7,026
Viavi Solutions Inc., 3.75%, 10/01/29
(Call 10/01/24)(b)		5		4,339
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(b)		20		17,022
4.75%, 07/15/31 (Call 07/15/26)(b)		20		17,291
Vodafone Group PLC
4.13%, 06/04/81 (Call 03/04/31),
(5-year CMT + 2.767%)(a)		12		10,269
6.25%, 11/30/32		25		26,540
7.00%, 04/04/79 (Call 01/04/29),
(5-year USD Swap + 4.873%)(a)		30		30,747
				1,619,127
Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)		25		22,939
Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)(b)		10		9,130
				32,069
Transportation — 0.2%
AP Moller - Maersk A/S, 4.50%, 06/20/29
(Call 03/20/29)(b)		10		9,778
Canadian Pacific Railway Co.
2.45%, 12/02/31 (Call 09/02/31)		25		22,205
2.88%, 11/15/29 (Call 08/15/29)		10		8,894
7.13%, 10/15/31		20		22,344
Carriage Purchaser Inc., 7.88%, 10/15/29
(Call 10/15/24)(b)		3		2,625
CSX Corp., 4.10%, 11/15/32 (Call 08/15/32)		45		41,988
FedEx Corp.
3.10%, 08/05/29 (Call 05/05/29)		35		31,750
4.25%, 05/15/30 (Call 02/15/30)		10		9,543
First Student Bidco Inc./First Transit Parent Inc.,
4.00%, 07/31/29 (Call 07/31/24)(b)		13		11,310
GN Bondco LLC, 9.50%, 10/15/31
(Call 10/15/26)(b)(c)		10		9,899
Norfolk Southern Corp.
2.30%, 05/15/31 (Call 02/15/31)		10		8,346
2.55%, 11/01/29 (Call 08/01/29)		10		8,788
3.00%, 03/15/32 (Call 12/15/31)		20		17,191
4.45%, 03/01/33 (Call 12/01/32)(c)		25		23,787
Rand Parent LLC, 8.50%, 02/15/30
(Call 02/15/26)(b)		10		9,710
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(b)		15		12,798
Union Pacific Corp.
2.40%, 02/05/30 (Call 11/05/29)		50		43,505
2.80%, 02/14/32 (Call 12/15/31)		25		21,457
United Parcel Service Inc.
4.45%, 04/01/30 (Call 01/01/30)		25		24,571

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
4.88%, 03/03/33 (Call 12/03/32)	$	10	$	9,925
Walmart Inc., 1.80%, 09/22/31 (Call 06/22/31)		40		32,783
XPO Inc.
7.13%, 06/01/31 (Call 06/01/26)(b)		10		10,221
7.13%, 02/01/32 (Call 02/01/27)(b)		10		10,159
				403,577
Trucking & Leasing — 0.0%
Fortress Transportation and Infrastructure
Investors LLC, 7.88%, 12/01/30
(Call 12/01/26)(b)		10		10,487
GATX Corp.
4.00%, 06/30/30 (Call 03/30/30)		35		32,466
4.90%, 03/15/33 (Call 12/15/32)		5		4,775
Penske Truck Leasing Co. LP/PTL Finance Corp.,
6.20%, 06/15/30 (Call 04/15/30)(b)		25		25,866
				73,594
Water — 0.0%
American Water Capital Corp.
2.30%, 06/01/31 (Call 03/01/31)		15		12,415
2.80%, 05/01/30 (Call 02/01/30)		15		13,129
3.45%, 06/01/29 (Call 03/01/29)		5		4,648
4.45%, 06/01/32 (Call 03/01/32)		15		14,342
Essential Utilities Inc.
2.40%, 05/01/31 (Call 02/01/31)		5		4,104
3.57%, 05/01/29 (Call 02/01/29)		30		27,811
				76,449
Total Corporate Bonds & Notes — 22.7% (Cost: $39,821,762)				38,609,873
Foreign Government Obligations(i)
Argentina — 0.2%
Argentina Bonar Bonds
0.75%, 07/09/30(g)		195		84,337
1.00%, 07/09/29		35		15,055
Argentine Republic Government International Bond
0.75%, 07/09/30 (Call 04/03/24)(c)(g)		216		99,822
1.00%, 07/09/29 (Call 04/01/24)(c)		80		37,018
				236,232
Bahrain — 0.1%
CBB International Sukuk Programme Co., 3.88%, 05/18/29(d)		200		182,125
Bermuda — 0.0%
Bermuda Government International Bond, 4.75%, 02/15/29 (Call 11/15/28)(d)		5		4,846
Brazil — 0.1%
Brazilian Government International Bond, 3.75%, 09/12/31		200		173,808
Canada — 0.2%
Province of Alberta Canada, 4.50%, 01/24/34		100		98,383
Province of British Columbia Canada, 4.20%, 07/06/33		90		86,971
Province of Ontario Canada
1.13%, 10/07/30		10		8,063
2.00%, 10/02/29		45		39,393
2.13%, 01/21/32(c)		50		42,010

Security	Par (000)		Value
Canada (continued)
Province of Quebec Canada
1.35%, 05/28/30	$	55	$	45,512
Series PD, 7.50%, 09/15/29		20		22,828
				343,160
Colombia — 0.1%
Colombia Government International Bond, 3.00%, 01/30/30 (Call 10/30/29)		200		164,096
Dominican Republic — 0.1%
Dominican Republic International Bond, 7.05%, 02/03/31 (Call 12/03/30)(d)		150		154,711
Ecuador — 0.0%
Ecuador Government International Bond
0.00%, 07/31/30(d)(j)		15		6,076
6.00%, 07/31/30(d)(g)		55		33,556
				39,632
Egypt — 0.1%
Egypt Government International Bond, 5.88%, 02/16/31(d)		200		161,180
France — 0.0%
Caisse d’Amortissement de la Dette Sociale, 2.13%, 01/26/32(b)		30		25,209
Hong Kong — 0.2%
Airport Authority, 1.63%, 02/04/31 (Call 11/04/30)(b)		200		163,594
Hong Kong Government International Bond, 1.38%, 02/02/31(b)		200		164,096
				327,690
Hungary — 0.1%
Hungary Government International Bond, 2.13%, 09/22/31(d)		200		156,342
India — 0.1%
Export-Import Bank of India, 2.25%, 01/13/31(d)		200		164,810
Indonesia — 0.2%
Indonesia Government International Bond, 2.15%, 07/28/31 (Call 04/28/31)		200		163,627
Perusahaan Penerbit SBSN Indonesia III, 4.70%, 06/06/32(d)		200		195,773
				359,400
Israel — 0.1%
Israel Government International Bond, 2.75%, 07/03/30		200		171,229
Italy — 0.0%
Republic of Italy Government International Bond,
2.88%, 10/17/29		25		22,025
Japan — 0.1%
Japan Bank for International Cooperation, 1.88%, 04/15/31		200		165,991
Lebanon — 0.0%
Lebanon Government International Bond
6.65%, 02/26/30(d)(k)(l)		46		2,778
6.85%, 05/25/29(k)(l)		2		121
7.00%, 03/23/32(d)(k)(l)		16		967
				3,866

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mexico — 0.2%
Mexico Government International Bond
4.75%, 04/27/32 (Call 01/27/32)	$	200	$	188,252
8.30%, 08/15/31(c)		100		118,153
				306,405
Nigeria — 0.1%
Nigeria Government International Bond, 7.14%, 02/23/30(d)		200		176,694
Oman — 0.1%
Oman Government International Bond, 6.00%, 08/01/29(d)		200		202,662
Panama — 0.1%
Panama Government International Bond, 2.25%, 09/29/32 (Call 06/29/32)		200		140,113
Peru — 0.1%
Peruvian Government International Bond
1.86%, 12/01/32 (Call 09/01/32)		10		7,569
2.78%, 01/23/31 (Call 10/23/30)		100		85,063
				92,632
Philippines — 0.1%
Philippine Government International Bond
6.38%, 01/15/32		100		108,075
9.50%, 02/02/30		50		61,359
				169,434
Poland — 0.1%
Republic of Poland Government International Bond
4.88%, 10/04/33 (Call 07/04/33)		50		48,955
5.75%, 11/16/32 (Call 08/16/32)		21		21,895
				70,850
Qatar — 0.1%
Qatar Government International Bond, 9.75%, 06/15/30(b)		150		191,804
Romania — 0.0%
Romanian Government International Bond
3.00%, 02/14/31(d)		20		16,611
3.63%, 03/27/32(d)		42		35,490
				52,101
Saudi Arabia — 0.3%
Saudi Government International Bond
3.25%, 10/22/30(d)		200		179,505
4.38%, 04/16/29(d)		200		194,005
5.00%, 01/16/34(b)		200		196,448
				569,958
South Africa — 0.1%
Republic of South Africa Government International Bond, 5.88%, 06/22/30		100		92,640
South Korea — 0.1%
Export-Import Bank of Korea, 1.25%, 09/21/30		200		159,916
Supranational — 0.7%
Asian Development Bank
1.75%, 09/19/29		23		20,027
1.88%, 03/15/29		25		22,186
1.88%, 01/24/30		30		26,057
3.13%, 04/27/32		30		27,373
4.00%, 01/12/33		45		43,651
4.13%, 01/12/34		100		97,767

Security	Par (000)		Value
Supranational (continued)
European Investment Bank
0.75%, 09/23/30	$	30	$	23,916
3.63%, 07/15/30		100		95,920
3.75%, 02/14/33		142		135,675
Inter-American Development Bank
1.13%, 01/13/31(c)		50		40,400
2.25%, 06/18/29		55		49,469
3.50%, 09/14/29		30		28,680
3.50%, 04/12/33		20		18,613
4.50%, 09/13/33		95		95,547
International Bank for Reconstruction & Development
0.75%, 08/26/30		45		35,777
0.88%, 05/14/30		5		4,044
1.25%, 02/10/31(c)		85		69,112
1.63%, 11/03/31		105		86,329
1.75%, 10/23/29		65		56,464
2.50%, 03/29/32		95		82,961
3.63%, 09/21/29		65		62,597
4.00%, 01/10/31		100		97,578
International Finance Corp., 0.75%, 08/27/30		45		35,851
				1,255,994
Turkey — 0.3%
Turkiye Government International Bond
9.38%, 01/19/33		200		221,593
11.88%, 01/15/30		200		247,336
				468,929
Ukraine — 0.0%
Ukraine Government International Bond, 7.75%, 09/01/29(d)(k)(l)		100		28,244
United Arab Emirates — 0.2%
Abu Dhabi Government International Bond, 3.13%, 04/16/30(d)		200		182,896
Sharjah Sukuk Program Ltd., 3.23%, 10/23/29(d)		200		178,642
				361,538
Uruguay — 0.0%
Uruguay Government International Bond, 4.38%, 01/23/31 (Call 10/23/30)		50		48,685
Total Foreign Government Obligations — 4.3% (Cost: $7,407,246)				7,244,951
Municipal Debt Obligations
California — 0.0%
State of California GO
2.50%, 10/01/29		50		44,710
5.75%, 10/01/31		50		52,984
6.00%, 03/01/33		15		16,134
University of California RB, Series BG, 1.32%, 05/15/27 (Call 03/15/27)		10		8,992
				122,820
Illinois — 0.1%
State of Illinois GO, 5.10%, 06/01/33		125		123,135
Total Municipal Debt Obligations — 0.1% (Cost: $251,353)				245,955

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 51.1%
Federal Home Loan Mortgage Corp.
2.50%, 01/01/33	$	7		$	6,637
3.00%, 03/01/46		106			93,590
3.00%, 07/01/46		8			6,881
3.00%, 08/01/46		48			42,121
3.00%, 09/01/46		34			29,848
3.00%, 10/01/46		18			15,925
3.00%, 12/01/46		166			146,164
3.00%, 01/01/47		28			24,175
3.00%, 02/01/47		90			79,166
3.00%, 06/01/47		79			69,087
3.00%, 08/01/47		11			9,365
3.00%, 09/01/47		22			19,069
3.00%, 10/01/47		19			16,353
3.50%, 06/01/34		6			5,888
3.50%, 03/01/38		45			42,787
3.50%, 10/01/42		37			34,476
3.50%, 10/01/44		16			14,890
3.50%, 03/01/46		88			80,359
3.50%, 12/01/46		11			9,760
3.50%, 01/01/47		17			15,341
3.50%, 04/01/47		26			23,856
3.50%, 07/01/47		24			22,571
3.50%, 08/01/47		4			3,733
3.50%, 09/01/47		60			54,598
3.50%, 12/01/47		3			2,971
3.50%, 02/01/48		58			52,847
3.50%, 03/01/48		26			23,510
3.50%, 05/01/48		16			14,528
3.50%, 04/01/49		44			40,325
3.50%, 05/01/49		10			8,893
3.50%, 06/01/49		14			12,513
4.00%, 09/01/45		10			9,726
4.00%, 02/01/46		90			84,505
4.00%, 10/01/46		5			4,669
4.00%, 10/01/47		2			2,097
4.00%, 01/01/48		18			16,810
4.00%, 02/01/48		8			7,692
4.00%, 06/01/48		21			19,472
4.00%, 12/01/48		12			11,292
4.00%, 01/01/49		0	(m)		69
4.00%, 01/01/49		3			2,805
4.50%, 10/01/48		21			20,000
4.50%, 01/01/49		9			9,063
5.00%, 12/01/41		164			164,166
Federal National Mortgage Association
3.00%, 02/01/47		26			22,776
3.50%, 11/01/51		262			234,984
4.00%, 02/01/47		25			23,240
4.00%, 02/01/57		20			18,757
Series 2018-M12, Class A2, 3.63%, 08/25/30(a)		280			261,783
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)		250			203,172
Freddie Mac Multifamily Structured Pass Through Certificates
2.45%, 04/25/32 (Call 05/25/32)		400			337,838
Series K056, Class A2, 2.53%, 05/25/26 (Call 06/25/26)		35			33,359
Series K066, Class A2, 3.12%, 06/25/27 (Call 07/25/27)		100			95,190

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Series K078, Class A2, 3.85%, 06/25/28 (Call 10/25/28)	$	175	$	169,020
Series K090, Class A2, 3.42%, 02/25/29 (Call 10/25/29)		100		94,348
Series K-1512, Class A2, 2.99%, 05/25/31 (Call 10/25/34)		70		62,677
Government National Mortgage Association
2.00%, 08/20/50		153		124,828
2.00%, 12/20/50		425		346,654
2.00%, 01/20/51		621		506,561
2.00%, 02/20/51		914		744,553
2.00%, 10/20/51		462		375,630
2.00%, 12/20/51		1,110		902,880
2.00%, 04/20/52		504		410,384
2.00%, 03/20/54(n)		1,675		1,363,096
2.50%, 12/20/46		35		30,479
2.50%, 01/20/47		17		14,460
2.50%, 08/20/50		136		113,741
2.50%, 09/20/50		198		165,252
2.50%, 01/20/51		194		163,844
2.50%, 02/20/51		92		77,708
2.50%, 05/20/51		299		253,438
2.50%, 07/20/51		873		739,039
2.50%, 08/20/51		572		483,908
2.50%, 11/20/51		932		788,387
2.50%, 12/20/51		297		251,209
2.50%, 02/20/52		649		548,566
2.50%, 03/20/54(n)		1,150		973,217
3.00%, 03/20/45		31		27,660
3.00%, 05/20/45		68		60,624
3.00%, 07/20/45		58		51,871
3.00%, 10/20/45		6		5,648
3.00%, 11/20/45		200		178,294
3.00%, 12/20/45		18		16,330
3.00%, 01/20/46		10		8,546
3.00%, 02/20/46		22		19,735
3.00%, 03/20/46		54		47,788
3.00%, 05/20/46		26		23,455
3.00%, 06/20/46		19		16,881
3.00%, 07/20/46		16		14,192
3.00%, 08/20/46		86		76,212
3.00%, 09/20/46		51		45,457
3.00%, 11/20/46		216		192,532
3.00%, 12/20/46		78		69,834
3.00%, 02/20/47		17		15,159
3.00%, 06/20/47		25		22,107
3.00%, 11/20/47		102		90,484
3.00%, 02/20/48		17		15,162
3.00%, 04/20/49		326		289,799
3.00%, 09/20/49		14		12,139
3.00%, 01/20/50		99		87,350
3.00%, 02/20/50		106		93,875
3.00%, 07/20/50		45		39,841
3.00%, 08/20/50		61		53,743
3.00%, 10/20/51		9		8,218
3.00%, 11/20/51		182		160,042
3.00%, 02/20/52		26		22,508
3.00%, 03/20/52		508		440,582
3.00%, 09/20/52		316		277,283
3.00%, 03/20/54(n)		850		745,130
3.50%, 09/20/42		197		181,995

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 10/20/42	$	8	$	7,536
3.50%, 12/20/42		81		75,043
3.50%, 04/20/43		59		54,377
3.50%, 06/20/45		11		10,063
3.50%, 11/20/45		38		34,596
3.50%, 12/20/45		4		3,369
3.50%, 03/20/46		42		38,724
3.50%, 04/20/46		20		17,996
3.50%, 06/20/46		69		63,220
3.50%, 12/20/46		18		16,270
3.50%, 01/20/47		5		4,314
3.50%, 02/20/47		12		10,832
3.50%, 03/20/47		5		4,855
3.50%, 09/20/47		16		15,059
3.50%, 11/20/47		26		24,085
3.50%, 02/20/48		15		13,999
3.50%, 04/20/48		50		46,047
3.50%, 05/20/48		38		34,479
3.50%, 08/20/48		33		30,357
3.50%, 09/20/48		3		3,152
3.50%, 01/20/49		14		12,946
3.50%, 03/20/49		180		164,676
3.50%, 09/20/49		37		33,621
3.50%, 12/20/49		21		18,957
3.50%, 03/20/50		665		606,519
3.50%, 05/20/50		46		41,712
3.50%, 02/20/52		660		597,264
3.50%, 03/20/54(n)		494		446,776
4.00%, 04/20/47		71		66,821
4.00%, 06/20/47		48		44,925
4.00%, 07/20/47		126		118,498
4.00%, 11/20/47		26		24,265
4.00%, 03/20/48		33		30,818
4.00%, 04/20/48		15		14,555
4.00%, 05/15/48		7		6,234
4.00%, 05/20/48		39		36,977
4.00%, 08/20/48		42		39,753
4.00%, 09/20/48		17		16,014
4.00%, 11/20/48		93		87,471
4.00%, 01/20/50		226		213,210
4.00%, 02/20/50		59		55,858
4.00%, 12/20/52		95		88,600
4.00%, 03/20/54(n)		925		860,805
4.50%, 07/20/41		44		43,202
4.50%, 10/20/46		39		37,674
4.50%, 06/20/47		4		4,112
4.50%, 04/20/48		10		9,937
4.50%, 06/20/48		5		4,679
4.50%, 08/20/48		39		37,691
4.50%, 10/20/48		75		72,598
4.50%, 12/20/48		13		13,259
4.50%, 03/20/49		141		136,666
4.50%, 06/20/49		69		66,418
4.50%, 07/20/49		18		17,548
4.50%, 08/20/49		4		4,117
4.50%, 07/20/52		650		621,720
4.50%, 08/20/52		164		156,408
4.50%, 03/20/54(n)		175		167,105
5.00%, 04/20/48		12		11,465
5.00%, 05/20/48		21		21,188
5.00%, 11/20/48		4		3,767

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
5.00%, 12/20/48	$	24	$	23,346
5.00%, 01/20/49		32		31,988
5.00%, 05/20/49		3		2,905
5.00%, 06/20/49		97		96,405
5.00%, 07/20/52		27		26,772
5.00%, 12/20/52		749		731,941
5.00%, 01/20/53		189		184,990
5.00%, 04/20/53		202		197,280
5.00%, 03/20/54(n)		125		122,088
5.50%, 12/20/52		128		127,368
5.50%, 01/20/53		400		397,073
5.50%, 03/20/53		255		253,047
5.50%, 04/20/53		106		105,229
5.50%, 06/20/53		26		25,997
5.50%, 07/20/53		9		9,392
5.50%, 03/20/54(n)		303		300,976
6.00%, 09/20/53		165		165,820
6.00%, 10/20/53		245		245,945
6.00%, 01/20/54		73		73,246
6.00%, 03/20/54(n)		550		552,682
6.50%, 11/20/53		106		107,738
6.50%, 03/20/54(n)		700		709,494
Uniform Mortgage-Backed Securities
1.50%, 03/01/36		5		3,929
1.50%, 02/01/37		103		89,193
1.50%, 03/01/37		71		60,481
1.50%, 04/01/37		8		7,099
1.50%, 03/18/39(n)		300		258,660
1.50%, 11/01/50		178		133,324
1.50%, 01/01/51		405		303,461
1.50%, 07/01/51		132		98,290
1.50%, 11/01/51		172		128,355
2.00%, 12/01/35		31		27,391
2.00%, 02/01/36		173		153,772
2.00%, 03/01/36		18		16,062
2.00%, 08/01/36		19		16,987
2.00%, 09/01/36		93		81,894
2.00%, 11/01/36		21		18,146
2.00%, 01/01/37		21		18,361
2.00%, 02/01/37		180		158,960
2.00%, 04/01/37		59		52,197
2.00%, 03/18/39(n)		736		649,459
2.00%, 05/01/50		217		174,884
2.00%, 07/01/50		224		177,721
2.00%, 09/01/50		827		655,208
2.00%, 10/01/50		286		227,040
2.00%, 12/01/50		1,412		1,125,165
2.00%, 01/01/51		235		187,336
2.00%, 02/01/51		968		766,033
2.00%, 03/01/51		699		554,690
2.00%, 04/01/51		1,096		867,611
2.00%, 05/01/51		82		65,228
2.00%, 06/01/51		231		183,868
2.00%, 07/01/51		308		243,880
2.00%, 08/01/51		208		164,168
2.00%, 10/01/51		2,470		1,958,025
2.00%, 11/01/51		216		171,327
2.00%, 12/01/51		490		385,767
2.00%, 01/01/52		880		694,861
2.00%, 02/01/52		1,304		1,025,869
2.00%, 03/01/52		1,402		1,102,132

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.00%, 04/01/52	$	2,872	$	2,258,165
2.00%, 05/01/52		3,394		2,668,177
2.50%, 04/01/32		23		21,501
2.50%, 07/01/35		26		23,952
2.50%, 10/01/35		56		50,962
2.50%, 05/01/36		32		28,648
2.50%, 07/01/36		84		76,595
2.50%, 03/18/39(n)		300		271,962
2.50%, 04/01/47		31		26,555
2.50%, 06/01/50		49		40,698
2.50%, 07/01/50		65		54,795
2.50%, 08/01/50		98		81,857
2.50%, 09/01/50		558		464,423
2.50%, 10/01/50		409		340,305
2.50%, 11/01/50		1,164		966,120
2.50%, 12/01/50		45		37,005
2.50%, 01/01/51		68		55,564
2.50%, 02/01/51		496		409,799
2.50%, 04/01/51		44		35,976
2.50%, 07/01/51		85		70,243
2.50%, 08/01/51		42		34,419
2.50%, 09/01/51		707		582,651
2.50%, 11/01/51		112		93,335
2.50%, 12/01/51		2,874		2,365,914
2.50%, 01/01/52		2,668		2,194,604
2.50%, 03/01/52		64		53,004
2.50%, 04/01/52		1,832		1,510,719
2.50%, 05/01/52		1,417		1,164,807
2.50%, 07/01/52		843		693,114
2.50%, 08/01/52		1,129		928,358
3.00%, 03/01/30		37		35,236
3.00%, 01/01/31		23		21,527
3.00%, 02/01/31		6		6,073
3.00%, 02/01/32		7		6,465
3.00%, 06/01/32		6		5,995
3.00%, 11/01/32		8		7,317
3.00%, 12/01/32		6		5,661
3.00%, 01/01/33		6		5,666
3.00%, 02/01/33		7		6,786
3.00%, 09/01/34		49		46,112
3.00%, 12/01/34		43		40,115
3.00%, 04/01/35		246		229,505
3.00%, 03/18/39(n)		25		23,162
3.00%, 11/01/42		4		3,832
3.00%, 09/01/43		6		5,216
3.00%, 01/01/44		9		7,577
3.00%, 10/01/44		98		87,233
3.00%, 03/01/45		51		45,511
3.00%, 05/01/45		24		21,477
3.00%, 07/01/46		264		231,913
3.00%, 08/01/46		21		18,734
3.00%, 11/01/46		185		161,492
3.00%, 12/01/46		129		112,996
3.00%, 01/01/47		56		49,805
3.00%, 02/01/47		176		154,699
3.00%, 03/01/47		98		85,279
3.00%, 07/01/47		49		42,702
3.00%, 08/01/47		7		6,159
3.00%, 12/01/47		38		33,282
3.00%, 03/01/48		15		13,389
3.00%, 11/01/48		57		50,054

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 02/01/49	$	831	$	729,763
3.00%, 09/01/49		99		85,926
3.00%, 11/01/49		7		6,367
3.00%, 12/01/49		806		699,027
3.00%, 02/01/50		963		834,712
3.00%, 06/01/50		94		81,721
3.00%, 07/01/50		80		69,625
3.00%, 08/01/50		28		24,583
3.00%, 05/01/51		320		279,188
3.00%, 06/01/51		1,095		942,257
3.00%, 07/01/51		268		232,154
3.00%, 08/01/51		119		102,444
3.00%, 11/01/51		100		85,740
3.00%, 03/01/52		792		682,489
3.00%, 04/01/52		649		558,680
3.00%, 05/01/52		453		389,047
3.50%, 03/01/33		8		7,828
3.50%, 04/01/33		11		10,525
3.50%, 05/01/33		7		7,086
3.50%, 02/01/34		20		19,111
3.50%, 07/01/34		7		7,093
3.50%, 08/01/34		7		6,856
3.50%, 03/18/39(n)		50		47,301
3.50%, 02/01/45		10		9,207
3.50%, 01/01/46		16		14,344
3.50%, 03/01/46		45		41,700
3.50%, 07/01/46		7		6,682
3.50%, 08/01/46		231		210,108
3.50%, 10/01/46		52		47,610
3.50%, 12/01/46		52		47,374
3.50%, 01/01/47		62		57,503
3.50%, 02/01/47		19		18,059
3.50%, 05/01/47		15		13,309
3.50%, 08/01/47		11		10,089
3.50%, 11/01/47		10		8,734
3.50%, 01/01/48		340		308,300
3.50%, 02/01/48		133		120,934
3.50%, 03/01/48		5		4,084
3.50%, 04/01/48		36		33,141
3.50%, 05/01/48		12		10,844
3.50%, 06/01/48		28		25,198
3.50%, 11/01/48		10		9,216
3.50%, 01/01/49		50		44,902
3.50%, 04/01/49		9		8,261
3.50%, 06/01/49		85		77,057
3.50%, 07/01/49		37		32,997
3.50%, 05/01/50		159		142,743
3.50%, 06/01/50		977		878,723
3.50%, 07/01/50		128		115,542
3.50%, 02/01/51		414		372,393
3.50%, 04/01/52		113		102,074
3.50%, 06/01/52		470		422,606
3.50%, 07/01/52		956		852,107
3.50%, 03/13/54(n)		750		667,171
4.00%, 07/01/32		3		3,238
4.00%, 05/01/33		5		4,630
4.00%, 06/01/33		5		4,412
4.00%, 07/01/33		3		2,873
4.00%, 12/01/33		7		6,435
4.00%, 08/01/37		4		4,122
4.00%, 09/01/37		7		6,879

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 11/01/37	$	8	$	8,046
4.00%, 02/01/38		4		3,688
4.00%, 06/01/38		5		4,644
4.00%, 11/01/38		2		1,833
4.00%, 03/18/39(n)		94		90,529
4.00%, 01/01/45		39		36,691
4.00%, 03/01/45		6		5,931
4.00%, 06/01/45		16		15,410
4.00%, 06/01/46		71		67,507
4.00%, 07/01/46		152		143,063
4.00%, 10/01/46		8		7,457
4.00%, 02/01/47		5		4,487
4.00%, 08/01/47		3		2,828
4.00%, 09/01/47		34		31,560
4.00%, 10/01/47		50		46,691
4.00%, 01/01/48		41		38,458
4.00%, 09/01/48		186		174,014
4.00%, 10/01/48		18		16,497
4.00%, 11/01/48		22		20,847
4.00%, 12/01/48		11		10,685
4.00%, 01/01/49		467		436,515
4.00%, 02/01/49		5		5,115
4.00%, 03/01/49		24		22,744
4.00%, 04/01/49		41		38,199
4.00%, 05/01/49		24		22,118
4.00%, 06/01/49		53		49,073
4.00%, 07/01/49		122		113,746
4.00%, 12/01/49		18		16,838
4.00%, 02/01/50		4		3,852
4.00%, 04/01/50		187		173,730
4.00%, 05/01/50		20		18,430
4.00%, 03/01/51		192		179,539
4.00%, 04/01/52		70		64,521
4.00%, 05/01/52		92		84,732
4.00%, 07/01/52		937		863,769
4.00%, 08/01/52		119		109,035
4.00%, 10/01/52		470		436,096
4.00%, 02/01/53		557		518,452
4.00%, 03/13/54(n)		621		571,305
4.50%, 01/01/44		103		99,670
4.50%, 02/01/46		15		14,449
4.50%, 04/01/47		6		6,196
4.50%, 10/01/47		15		13,936
4.50%, 03/01/48		11		10,777
4.50%, 06/01/48		9		8,692
4.50%, 07/01/48		2		1,788
4.50%, 08/01/48		24		23,321
4.50%, 10/01/48		32		30,847
4.50%, 11/01/48		40		37,765
4.50%, 12/01/48		50		47,827
4.50%, 01/01/49		18		16,885
4.50%, 02/01/49		53		50,505
4.50%, 04/01/49		70		67,383
4.50%, 05/01/49		25		23,934
4.50%, 09/01/50		194		186,508
4.50%, 06/01/52		198		187,194
4.50%, 08/01/52		116		110,153
4.50%, 09/01/52		596		564,765
4.50%, 10/01/52		276		262,082
4.50%, 11/01/52		168		159,327
4.50%, 12/01/52		801		762,693

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 08/01/53	$	150	$	142,467
4.50%, 03/13/54(n)		474		448,654
5.00%, 03/01/48		4		3,988
5.00%, 04/01/48		13		13,129
5.00%, 05/01/48		9		8,762
5.00%, 07/01/48		11		10,726
5.00%, 01/01/49		8		8,355
5.00%, 04/01/49		14		13,827
5.00%, 08/01/52		46		45,114
5.00%, 09/01/52		136		133,555
5.00%, 10/01/52		94		92,083
5.00%, 11/01/52		162		157,780
5.00%, 12/01/52		138		134,601
5.00%, 01/01/53		86		83,602
5.00%, 03/01/53		71		69,263
5.00%, 06/01/53		193		188,984
5.00%, 03/01/54(n)		1,975		1,915,134
5.50%, 01/01/47		12		12,081
5.50%, 09/01/52		68		68,668
5.50%, 11/01/52		94		94,439
5.50%, 12/01/52		272		272,567
5.50%, 01/01/53		281		281,602
5.50%, 02/01/53		363		361,725
5.50%, 03/01/53		242		241,103
5.50%, 04/01/53		754		752,122
5.50%, 05/01/53		548		542,262
5.50%, 06/01/53		47		47,156
5.50%, 03/13/54(n)		550		544,045
6.00%, 02/01/49		26		27,166
6.00%, 01/01/53		65		66,065
6.00%, 06/01/53		37		37,704
6.00%, 07/01/53		205		205,705
6.00%, 08/01/53		753		765,346
6.00%, 09/01/53		302		305,350
6.00%, 11/01/53		268		270,227
6.00%, 12/01/53		86		87,256
6.00%, 02/01/54		53		53,178
6.00%, 03/13/54(n)		525		527,190
6.00%, 04/11/54(n)		275		276,104
6.50%, 10/01/53		46		46,744
6.50%, 11/01/53		482		491,546
6.50%, 12/01/53		152		154,865
6.50%, 01/01/54		148		151,273
6.50%, 02/01/54		145		149,542
6.50%, 03/13/54(n)		950		966,611
				87,029,164
U.S. Government Agency Obligations — 0.1%
Federal Home Loan Mortgage Corp., 6.25%, 07/15/32(c)		50		56,672
Federal National Mortgage Association, 0.88%, 08/05/30		50		40,304
				96,976
U.S. Government Obligations — 20.4%
U.S. Treasury Note/Bond
0.63%, 05/15/30		200		160,578
0.63%, 08/15/30		500		398,086
0.88%, 11/15/30		700		563,500
1.13%, 02/15/31		750		611,602
1.25%, 08/15/31		1,980		1,603,181
1.38%, 11/15/31		1,300		1,055,437

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
1.50%, 02/15/30	$	200	$	171,125
1.63%, 08/15/29		475		415,588
1.63%, 05/15/31		870		729,305
1.75%, 11/15/29		50		43,848
1.88%, 02/28/29		320		285,775
1.88%, 02/15/32		1,170		982,617
2.38%, 03/31/29		870		795,098
2.38%, 05/15/29		700		638,641
2.63%, 02/15/29		310		287,234
2.63%, 07/31/29		700		644,875
2.75%, 05/31/29		500		464,492
2.75%, 08/15/32		1,490		1,330,291
2.88%, 04/30/29		700		655,047
2.88%, 05/15/32		1,820		1,645,394
3.13%, 08/31/29		700		660,680
3.25%, 06/30/29		700		665,930
3.38%, 05/15/33		1,300		1,213,062
3.50%, 01/31/30		900		863,648
3.50%, 04/30/30		1,000		958,125
3.50%, 02/15/33		1,700		1,603,844
3.63%, 03/31/30		400		386,094
3.75%, 05/31/30		500		485,508
3.75%, 06/30/30		500		485,391
3.75%, 12/31/30		600		581,531
3.88%, 09/30/29		770		754,720
3.88%, 11/30/29		400		391,906
3.88%, 12/31/29		900		881,508
3.88%, 08/15/33		1,495		1,450,384
4.00%, 10/31/29		830		818,328
4.00%, 02/28/30		590		581,288
4.00%, 07/31/30		450		443,039
4.00%, 01/31/31		200		196,781
4.00%, 02/15/34		600		588,281
4.13%, 08/31/30		500		495,547
4.13%, 11/15/32		2,050		2,028,539
4.38%, 11/30/30		1,440		1,448,100
4.50%, 11/15/33		1,830		1,864,884
4.63%, 09/30/30		100		101,969
4.88%, 10/31/30		100		103,406
5.25%, 02/15/29		50		51,973
5.38%, 02/15/31		300		320,766
6.13%, 08/15/29(c)		500		543,164
6.25%, 05/15/30		300		331,359
				34,781,469
Total U.S. Government & Agency Obligations — 71.6% (Cost: $130,703,048)				121,907,609
Total Long-Term Investments — 99.5%
(Cost: $179,757,576)				169,441,883
	Shares
Short-Term Securities
Money Market Funds — 10.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(o)(p)		14,514,928		14,522,185

Security	Shares			Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(o)(p)(q)		2,507,818		$	2,507,818
Total Short-Term Securities — 10.0% (Cost: $17,024,985)					17,030,003
Total Investments Before TBA Sales Commitments — 109.5% (Cost: $196,782,561)					186,471,886
	Par (000)
TBA Sales Commitments(n)
Mortgage-Backed Securities — (0.5)%
Government National Mortgage Association, 2.00%, 03/20/54	$	(625	)		(508,618	)
Uniform Mortgage-Backed Securities
6.00%, 03/13/54		(275	)		(276,147	)
6.50%, 03/13/54		(100	)		(101,748	)
Total TBA Sales Commitments — (0.5)% (Proceeds: $(883,174))					(886,513	)
Total Investments, Net of TBA Sales Commitments — 109.0% (Cost: $195,899,387)					185,585,373
Liabilities in Excess of Other Assets — (9.0)%					(15,251,806	)
Net Assets — 100.0%				$	170,333,567

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

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

^(e)  Perpetual security with no stated maturity date.

^(f)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(g)  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.

^(h)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(j)  Zero-coupon bond.

^(k)  Issuer filed for bankruptcy and/or is in default.

^(l)  Non-income producing security.

^(m)  Rounds to less than 1,000.

⁽ⁿ⁾  Represents or includes a TBA transaction.

^(o)  Affiliate of the Fund.

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

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

S C H E D U L E  O F  I N V E S T M E N T S 43

Schedule of Investments (continued) February 29, 2024 iShares^® Core 5-10 Year USD Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,331,527	$	—		$	(13,808,091	)(a)	$	10,679	$	(11,930	)	$	14,522,185		14,514,928	$	1,110,271		$	8
BlackRock Cash Funds: Treasury, SL Agency Shares		1,361,336		1,146,482	(a)		—			—		—			2,507,818		2,507,818		29,716	(b)		—
									$	10,679	$	(11,930	)	$	17,030,003			$	1,139,987		$	8

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Collaterized Mortgage Obligations	$	—	$	1,433,495		$	—	$	1,433,495
Corporate Bonds & Notes		—		38,598,131			11,742		38,609,873
Foreign Government Obligations		—		7,244,951			—		7,244,951
Municipal Debt Obligations		—		245,955			—		245,955
U.S. Government & Agency Obligations		—		121,907,609			—		121,907,609
Short-Term Securities
Money Market Funds		17,030,003		—			—		17,030,003
Liabilities
Investments
TBA Sales Commitments		—		(886,513	)		—		(886,513	)
	$	17,030,003	$	168,543,628		$	11,742	$	185,585,373

See notes to financial statements.

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® Core 10+ Year USD 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)	$	50	$	36,749
5.40%, 10/01/48 (Call 04/01/48)		64		59,142
				95,891
Aerospace & Defense — 1.2%
BAE Systems Holdings Inc., 4.75%, 10/07/44(a)		95		84,851
BAE Systems PLC
3.00%, 09/15/50 (Call 03/15/50)(a)		50		33,412
5.80%, 10/11/41(a)		75		75,110
Boeing Co. (The)
3.38%, 06/15/46 (Call 12/15/45)		87		59,563
3.50%, 03/01/39 (Call 09/01/38)		10		7,576
3.55%, 03/01/38 (Call 09/01/37)		70		54,096
3.63%, 03/01/48 (Call 09/01/47)		70		48,633
3.65%, 03/01/47 (Call 09/01/46)		75		52,873
3.75%, 02/01/50 (Call 08/01/49)		140		99,169
3.83%, 03/01/59 (Call 09/01/58)		5		3,458
3.85%, 11/01/48 (Call 05/01/48)		85		61,636
3.90%, 05/01/49 (Call 11/01/48)		130		95,338
3.95%, 08/01/59 (Call 02/01/59)		80		56,523
5.71%, 05/01/40 (Call 11/01/39)		310		301,806
5.81%, 05/01/50 (Call 11/01/49)		595		571,831
5.88%, 02/15/40		50		49,270
5.93%, 05/01/60 (Call 11/01/59)		400		382,263
6.63%, 02/15/38		50		52,782
6.88%, 03/15/39		85		92,365
Bombardier Inc., 7.45%, 05/01/34(a)		60		65,773
General Dynamics Corp.
2.85%, 06/01/41 (Call 12/01/40)		15		10,862
3.60%, 11/15/42 (Call 05/15/42)		41		33,004
4.25%, 04/01/40 (Call 10/01/39)		160		142,644
4.25%, 04/01/50 (Call 10/01/49)		80		68,861
Howmet Aerospace Inc., 5.95%, 02/01/37(b)		90		91,900
L3Harris Technologies Inc.
4.85%, 04/27/35 (Call 10/27/34)		65		61,586
5.05%, 04/27/45 (Call 10/27/44)		90		84,130
5.60%, 07/31/53 (Call 01/31/53)		15		15,080
6.15%, 12/15/40		75		78,739
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)		95		62,719
3.60%, 03/01/35 (Call 09/01/34)		30		26,196
3.80%, 03/01/45 (Call 09/01/44)		200		161,995
4.07%, 12/15/42		140		119,993
4.09%, 09/15/52 (Call 03/15/52) .		122		101,339
4.15%, 06/15/53 (Call 12/15/52)		150		124,263
4.30%, 06/15/62 (Call 12/15/61)		40		33,305
4.50%, 05/15/36 (Call 11/15/35)		141		133,373
4.70%, 05/15/46 (Call 11/15/45)		137		126,298
4.80%, 08/15/34 (Call 05/15/34)		50		48,936
5.20%, 02/15/55 (Call 08/15/54)		5		4,915
5.70%, 11/15/54 (Call 05/15/54)		135		142,326
5.72%, 06/01/40		90		94,485
5.90%, 11/15/63 (Call 05/15/63)		100		108,464
Series B, 6.15%, 09/01/36		130		140,612
Northrop Grumman Corp.
3.85%, 04/15/45 (Call 10/15/44)		35		27,781
4.03%, 10/15/47 (Call 04/15/47)		253		203,709
4.75%, 06/01/43		128		116,243
4.95%, 03/15/53 (Call 09/15/52)		125		115,699

Security	Par (000)		Value
Aerospace & Defense (continued)
5.05%, 11/15/40	$	50	$	47,976
5.15%, 05/01/40 (Call 11/01/39)		60		58,237
5.20%, 06/01/54 (Call 12/01/53)		130		124,975
5.25%, 05/01/50 (Call 11/01/49)		100		96,518
RTX Corp.
2.82%, 09/01/51 (Call 03/01/51)		90		56,106
3.03%, 03/15/52 (Call 09/15/51)		135		87,803
3.13%, 07/01/50 (Call 01/01/50)		200		134,429
3.75%, 11/01/46 (Call 05/01/46)		90		68,331
4.05%, 05/04/47 (Call 11/04/46)		70		56,076
4.15%, 05/15/45 (Call 11/16/44)		119		97,223
4.35%, 04/15/47 (Call 10/15/46)		135		112,792
4.45%, 11/16/38 (Call 05/16/38)		150		133,209
4.50%, 06/01/42		355		310,496
4.63%, 11/16/48 (Call 05/16/48)		170		147,617
4.70%, 12/15/41		55		49,143
4.80%, 12/15/43 (Call 06/15/43)		100		89,806
4.88%, 10/15/40		46		42,559
5.38%, 02/27/53 (Call 08/27/52)		145		139,948
5.40%, 05/01/35		15		15,131
5.70%, 04/15/40		10		10,028
6.05%, 06/01/36		90		94,239
6.13%, 07/15/38		40		42,248
6.40%, 03/15/54 (Call 09/15/53)		150		166,044
				6,908,719
Agriculture — 0.6%
Altria Group Inc.
3.40%, 02/04/41 (Call 08/04/40)		165		118,575
3.70%, 02/04/51 (Call 08/04/50)		135		91,934
3.88%, 09/16/46 (Call 03/16/46)		178		130,118
4.00%, 02/04/61 (Call 08/04/60)		115		82,136
4.25%, 08/09/42		88		70,372
4.45%, 05/06/50 (Call 11/06/49)		65		50,879
4.50%, 05/02/43		115		95,224
5.38%, 01/31/44		180		174,960
5.80%, 02/14/39 (Call 08/14/38)		221		220,131
5.95%, 02/14/49 (Call 08/14/48)		275		273,720
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)		120		76,016
3.75%, 09/15/47 (Call 03/15/47)		50		37,959
4.02%, 04/16/43		30		24,622
4.50%, 03/15/49 (Call 09/15/48)		70		61,105
4.54%, 03/26/42		12		10,770
5.38%, 09/15/35		15		15,089
BAT Capital Corp.
3.73%, 09/25/40 (Call 03/25/40)		95		68,502
3.98%, 09/25/50 (Call 03/25/50)		115		78,501
4.39%, 08/15/37 (Call 02/15/37)		245		200,962
4.54%, 08/15/47 (Call 02/15/47)		290		216,148
4.76%, 09/06/49 (Call 03/06/49)		95		73,272
5.28%, 04/02/50 (Call 10/02/49)		65		53,767
5.65%, 03/16/52 (Call 09/16/51)		50		43,891
7.08%, 08/02/43 (Call 02/02/43)		90		93,697
7.08%, 08/02/53 (Call 02/02/53)		115		119,210
Cargill Inc.
3.13%, 05/25/51 (Call 11/25/50)(a)		90		61,896
3.88%, 05/23/49 (Call 11/23/48)(a)		40		31,372
4.38%, 04/22/52 (Call 10/22/51)(a)		45		38,766
4.76%, 11/23/45(a)		55		50,303
Philip Morris International Inc.
3.88%, 08/21/42		89		70,142

S C H E D U L E  O F  I N V E S T M E N T S 45

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.13%, 03/04/43	$	95	$	77,468
4.25%, 11/10/44		136		112,128
4.38%, 11/15/41		92		78,191
4.50%, 03/20/42		105		90,643
4.88%, 11/15/43		110		98,855
6.38%, 05/16/38		95		102,524
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		100		95,517
5.85%, 08/15/45 (Call 02/15/45)		260		235,613
6.15%, 09/15/43		25		24,149
7.25%, 06/15/37		76		80,846
				3,729,973
Airlines — 0.0%
American Airlines Pass Through Trust, Series A, Class A, 2.88%, 01/11/36		37		30,967
British Airways Pass Through Trust, Class A, 2.90%, 09/15/36(a)		115		99,203
United Airlines Pass Through Trust, 5.80%, 07/15/37		75		75,634
				205,804
Apparel — 0.1%
NIKE Inc.
3.25%, 03/27/40 (Call 09/27/39)		110		87,681
3.38%, 11/01/46 (Call 05/01/46)		70		52,901
3.38%, 03/27/50 (Call 09/27/49)(b)		165		125,101
3.63%, 05/01/43 (Call 11/01/42)		65		52,979
3.88%, 11/01/45 (Call 05/01/45)		115		95,052
				413,714
Auto Manufacturers — 0.3%
Cummins Inc.
2.60%, 09/01/50 (Call 03/01/50)(b)		40		25,086
4.88%, 10/01/43 (Call 04/01/43)		86		81,152
5.45%, 02/20/54 (Call 08/20/53)		35		35,183
Ford Motor Co.
4.75%, 01/15/43		230		186,442
5.29%, 12/08/46 (Call 06/08/46)(b)		135		116,768
7.40%, 11/01/46		45		48,207
General Motors Co.
5.00%, 04/01/35		123		114,997
5.15%, 04/01/38 (Call 10/01/37)		170		157,374
5.20%, 04/01/45		130		114,747
5.40%, 04/01/48 (Call 10/01/47)		112		100,456
5.95%, 04/01/49 (Call 10/01/48)(b)		100		96,098
6.25%, 10/02/43		138		138,505
6.60%, 04/01/36 (Call 10/01/35)		128		134,190
6.75%, 04/01/46 (Call 10/01/45)		65		68,702
				1,417,907
Auto Parts & Equipment — 0.1%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		130		81,393
4.40%, 10/01/46 (Call 04/01/46)		25		19,635
5.40%, 03/15/49 (Call 09/15/48)(b)		65		58,936
Aptiv PLC/Aptiv Corp., 4.15%, 05/01/52
(Call 11/01/51)		115		87,780
BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)		36		29,302
Lear Corp.
3.55%, 01/15/52 (Call 07/15/51)		15		10,168
5.25%, 05/15/49 (Call 11/15/48)		70		62,860
				350,074

Security	Par (000)		Value
Banks — 3.6%
Bank of America Corp.
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(c)	$	584	$	407,358
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(c)		100		64,112
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(c)		275		182,762
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(c)		230		174,326
3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)(c)		115		92,360
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(c)		213		182,236
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(c)		660		533,000
4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(c)		151		134,132
4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(c)		311		261,921
4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(c)		290		249,479
5.00%, 01/21/44		287		274,484
5.88%, 02/07/42		220		233,990
6.11%, 01/29/37		230		241,055
7.75%, 05/14/38		175		209,988
Series L, 4.75%, 04/21/45		55		49,975
Series N, 3.48%, 03/13/52 (Call 03/13/51), (1-day SOFR + 1.650%)(c)		185		135,664
Barclays PLC
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(c)		200		144,435
4.95%, 01/10/47		215		195,645
5.25%, 08/17/45		145		138,275
BNP Paribas SA, 2.82%, 01/26/41(a)		100		67,449
Citigroup Inc.
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(c)		175		123,854
3.88%, 01/24/39 (Call 01/24/38), (3-mo. SOFR + 1.430%)(c)		140		117,783
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(c)		130		109,871
4.65%, 07/30/45		117		104,441
4.65%, 07/23/48 (Call 06/23/48)		220		196,080
4.75%, 05/18/46		245		214,292
5.30%, 05/06/44		120		114,648
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(c)		152		148,708
5.88%, 01/30/42		135		141,877
6.13%, 08/25/36		135		139,547
6.68%, 09/13/43		110		120,626
8.13%, 07/15/39		216		273,495
Commonwealth Bank of Australia
3.31%, 03/11/41(a)		200		142,466
3.74%, 09/12/39(a)		200		156,698
3.90%, 07/12/47(a)		115		94,421
Cooperatieve Rabobank UA
5.25%, 05/24/41		170		171,760
5.25%, 08/04/45		250		242,412
Fifth Third Bancorp., 8.25%, 03/01/38		127		150,145

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Goldman Sachs Group Inc. (The)
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(c)	$	210	$	148,842
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(c)		265		197,150
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(c)		260		197,845
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.635%)(c)		200		171,283
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(c)		161		142,587
4.75%, 10/21/45 (Call 04/21/45)		200		182,526
4.80%, 07/08/44 (Call 01/08/44)		196		178,494
5.15%, 05/22/45		265		253,246
6.25%, 02/01/41		281		303,282
6.45%, 05/01/36		110		117,503
6.75%, 10/01/37		538		585,076
HSBC Holdings PLC
5.25%, 03/14/44		250		237,868
6.10%, 01/14/42		100		109,270
6.33%, 03/09/44 (Call 03/09/43), (1-day SOFR + 2.650%)(c)		345		362,419
6.50%, 05/02/36		200		210,177
6.50%, 09/15/37		260		269,426
6.80%, 06/01/38		120		125,982
Intesa Sanpaolo SpA
4.95%, 06/01/42 (Call 06/01/41), (1-year CMT + 2.750%)(a)(c)		85		61,255
7.78%, 06/20/54 (Call 06/20/53), (1-year CMT + 3.900%)(a)(c)		95		96,094
7.80%, 11/28/53(a)		225		242,873
JPMorgan Chase & Co.
2.53%, 11/19/41 (Call 11/19/40), (3-mo. SOFR + 1.510%)(c)		202		138,959
3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(c)		245		184,246
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(c)		301		206,401
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.460%)(c)		175		131,043
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(c)		430		304,928
3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(c)		267		228,146
3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(c)		210		167,939
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(c)		300		240,972
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(c)		195		158,164
4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(c)		150		126,483
4.85%, 02/01/44		85		79,754
4.95%, 06/01/45		240		223,840
5.40%, 01/06/42		140		141,693
5.50%, 10/15/40		176		179,934
5.60%, 07/15/41		235		242,252
5.63%, 08/16/43		105		107,696
6.40%, 05/15/38		268		299,142
Kreditanstalt fuer Wiederaufbau, 0.00% 06/29/37(d)		300		164,151

Security	Par (000)		Value
Banks (continued)
Lloyds Banking Group PLC
3.37%, 12/14/46 (Call 09/14/41), (5-year CMT + 1.500%)(c)	$	30	$	20,382
4.34%, 01/09/48		210		164,948
5.30%, 12/01/45		205		191,072
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		55		46,899
4.15%, 03/07/39		126		113,477
4.29%, 07/26/38		90		83,062
Morgan Stanley
2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(c)		260		167,139
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(c)		250		187,834
3.97%, 07/22/38 (Call 07/22/37)(c)		250		213,115
4.30%, 01/27/45		246		213,219
4.38%, 01/22/47		295		254,372
4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(c)		147		132,708
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.840%)(c)		261		270,047
6.38%, 07/24/42		182		202,179
Regions Financial Corp., 7.38%, 12/10/37		25		28,109
Societe Generale SA
3.63%, 03/01/41(a)		220		147,808
4.03%, 01/21/43 (Call 01/21/42), (1-year CMT + 1.900%)(a)(c)		75		52,451
7.13%, 01/19/55 (Call 01/19/54), (1-year CMT + 2.950%)(a)(c)		55		53,481
7.37%, 01/10/53(a)		70		71,469
Standard Chartered PLC, 5.70%, 03/26/44(a)		200		193,702
Sumitomo Mitsui Financial Group Inc.
2.93%, 09/17/41		75		55,777
3.05%, 01/14/42		100		75,383
6.18%, 07/13/43		115		125,943
UBS Group AG
3.18%, 02/11/43 (Call 02/11/42), (1-year CMT + 1.100%)(a)(c)		260		187,024
4.88%, 05/15/45		235		216,681
Wachovia Corp., 5.50%, 08/01/35		175		172,128
Wells Fargo & Co.
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(c)		335		247,588
3.90%, 05/01/45		200		160,137
4.40%, 06/14/46		200		164,103
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(c)		365		318,473
4.65%, 11/04/44		260		223,776
4.75%, 12/07/46		205		177,178
4.90%, 11/17/45		253		224,503
5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(c)		640		592,004
5.38%, 02/07/35		110		111,019
5.38%, 11/02/43		186		177,484
5.61%, 01/15/44		305		296,566
5.95%, 12/01/86 (Call 12/15/36)		40		40,740
Wells Fargo Bank NA, 6.60%, 01/15/38		250		269,431
Westpac Banking Corp.
2.96%, 11/16/40		115		78,525
3.13%, 11/18/41		105		72,591

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.42%, 07/24/39	$	115	$	99,549
				21,148,787
Beverages — 1.2%
Anheuser-Busch Companies LLC/Anheuser-Busch
InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		608		581,882
4.90%, 02/01/46 (Call 08/01/45)		1,000		933,430
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44		115		103,769
4.70%, 02/01/36 (Call 08/01/35)		120		114,406
4.90%, 02/01/46 (Call 08/01/45)		220		203,289
Anheuser-Busch InBev Worldwide Inc.
3.75%, 07/15/42		25		20,433
4.35%, 06/01/40 (Call 12/01/39)		50		44,714
4.38%, 04/15/38 (Call 10/15/37)		225		205,793
4.44%, 10/06/48 (Call 04/06/48)		256		224,075
4.50%, 06/01/50 (Call 12/01/49)		50		45,014
4.60%, 04/15/48 (Call 10/15/47)		122		109,140
4.75%, 04/15/58 (Call 10/15/57)		95		85,465
4.95%, 01/15/42		160		152,612
5.45%, 01/23/39 (Call 07/23/38)		240		244,238
5.55%, 01/23/49 (Call 07/23/48)		455		465,977
5.80%, 01/23/59 (Call 07/23/58)		205		216,493
5.88%, 06/15/35		10		10,645
8.00%, 11/15/39		5		6,265
8.20%, 01/15/39		135		173,610
Brown-Forman Corp.
4.00%, 04/15/38 (Call 10/15/37)		65		57,045
4.50%, 07/15/45 (Call 01/15/45)		47		41,708
Coca-Cola Co. (The)
2.50%, 06/01/40		111		79,287
2.50%, 03/15/51		150		93,689
2.60%, 06/01/50		155		99,741
2.75%, 06/01/60		130		82,387
2.88%, 05/05/41		90		67,536
3.00%, 03/05/51		200		139,913
4.20%, 03/25/50		70		61,826
Constellation Brands Inc.
3.75%, 05/01/50 (Call 11/01/49)		85		63,590
4.10%, 02/15/48 (Call 08/15/47)		55		44,027
4.50%, 05/09/47 (Call 11/09/46)		50		42,119
5.25%, 11/15/48 (Call 05/15/48)		45		42,381
Diageo Capital PLC
3.88%, 04/29/43 (Call 10/29/42)		60		50,749
5.88%, 09/30/36		60		63,983
Diageo Investment Corp.
4.25%, 05/11/42		47		41,692
7.45%, 04/15/35		50		59,126
Fomento Economico Mexicano SAB de CV, 4.38%, 05/10/43		15		13,148
Heineken NV
4.00%, 10/01/42(a)		15		12,515
4.35%, 03/29/47 (Call 09/29/46)(a)		90		78,064
Keurig Dr Pepper Inc.
3.35%, 03/15/51 (Call 09/15/50)		50		34,761
3.80%, 05/01/50 (Call 11/01/49)		105		79,855
4.42%, 12/15/46 (Call 06/15/46)		70		59,077
4.50%, 11/15/45 (Call 05/15/45)		55		47,418
4.50%, 04/15/52 (Call 10/15/51)		125		106,081

Security	Par (000)		Value
Beverages (continued)
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)	$	199	$	162,126
5.00%, 05/01/42		105		97,570
PepsiCo Inc.
2.63%, 10/21/41 (Call 04/21/41)		90		64,493
2.75%, 10/21/51 (Call 04/21/51)		110		72,280
2.88%, 10/15/49 (Call 04/15/49)		155		106,635
3.38%, 07/29/49 (Call 01/29/49)		77		57,921
3.45%, 10/06/46 (Call 04/06/46)		100		77,418
3.50%, 03/19/40 (Call 09/19/39)		30		24,631
3.60%, 08/13/42		15		12,040
3.63%, 03/19/50 (Call 09/19/49)		129		101,618
3.88%, 03/19/60 (Call 09/19/59)		70		55,896
4.00%, 03/05/42		95		84,065
4.00%, 05/02/47 (Call 11/02/46)		90		75,908
4.20%, 07/18/52 (Call 01/18/52)		25		21,650
4.25%, 10/22/44 (Call 04/22/44)		5		4,335
4.45%, 04/14/46 (Call 10/14/45)		150		135,670
4.65%, 02/15/53 (Call 08/15/52)		30		27,881
4.88%, 11/01/40		20		19,797
				6,704,902
Biotechnology — 0.9%
Amgen Inc.
2.77%, 09/01/53 (Call 03/01/53)		122		74,326
2.80%, 08/15/41 (Call 02/15/41)		140		99,687
3.00%, 01/15/52 (Call 07/15/51)(b)		175		116,973
3.15%, 02/21/40 (Call 08/21/39)		220		165,019
3.38%, 02/21/50 (Call 08/21/49)		260		185,461
4.20%, 02/22/52 (Call 08/22/51)		120		97,198
4.40%, 05/01/45 (Call 11/01/44)		240		204,851
4.40%, 02/22/62 (Call 08/22/61)		135		108,470
4.56%, 06/15/48 (Call 12/15/47)		155		134,212
4.66%, 06/15/51 (Call 12/15/50)		300		260,206
4.88%, 03/01/53 (Call 09/01/52)		135		121,130
4.95%, 10/01/41		86		80,135
5.15%, 11/15/41 (Call 05/15/41)		101		96,156
5.60%, 03/02/43 (Call 09/02/42)		205		205,667
5.65%, 06/15/42 (Call 12/15/41)		55		55,422
5.65%, 03/02/53 (Call 09/02/52)		455		455,231
5.75%, 03/02/63 (Call 09/02/62)		290		290,118
6.38%, 06/01/37		62		66,556
6.40%, 02/01/39		65		70,303
Biogen Inc.
3.15%, 05/01/50 (Call 11/01/49)		140		92,445
3.25%, 02/15/51 (Call 08/15/50)		104		70,934
5.20%, 09/15/45 (Call 03/15/45)		125		117,637
CSL Finance PLC
4.63%, 04/27/42 (Call 10/27/41)(a)		25		22,815
4.75%, 04/27/52 (Call 10/27/51)(a)		125		112,823
4.95%, 04/27/62 (Call 10/27/61)(a)(b)		50		45,248
Gilead Sciences Inc.
2.60%, 10/01/40 (Call 04/01/40)		35		24,395
2.80%, 10/01/50 (Call 04/01/50)		205		131,962
4.00%, 09/01/36 (Call 03/01/36)		115		101,745
4.15%, 03/01/47 (Call 09/01/46)		205		169,155
4.50%, 02/01/45 (Call 08/01/44)		230		202,239
4.60%, 09/01/35 (Call 03/01/35)		140		132,550
4.75%, 03/01/46 (Call 09/01/45)		263		238,511
4.80%, 04/01/44 (Call 10/01/43)		195		179,056
5.55%, 10/15/53 (Call 04/15/53)		140		142,794
5.65%, 12/01/41 (Call 06/01/41)		70		71,232

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Biotechnology (continued)
Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50
(Call 03/15/50)	$	75	$	46,727
Royalty Pharma PLC
3.30%, 09/02/40 (Call 03/02/40)		100		73,256
3.35%, 09/02/51 (Call 03/02/51)		85		55,199
3.55%, 09/02/50 (Call 03/02/50)		90		61,261
				4,979,105
Building Materials — 0.2%
Carrier Global Corp.
3.38%, 04/05/40 (Call 10/05/39)		160		123,431
3.58%, 04/05/50 (Call 10/05/49)		305		224,754
6.20%, 03/15/54 (Call 09/15/53)		60		65,413
CRH America Finance Inc., 4.50%, 04/04/48
(Call 10/04/47)(a)		25		22,002
CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(a)		125		118,371
Fortune Brands Innovations Inc., 4.50%, 03/25/52
(Call 09/25/51)		60		48,744
Johnson Controls International PLC
4.50%, 02/15/47 (Call 08/15/46)		75		64,417
4.63%, 07/02/44 (Call 01/02/44)		30		26,201
4.95%, 07/02/64 (Call 01/02/64)(e)		33		29,324
5.13%, 09/14/45 (Call 03/14/45)		30		27,916
6.00%, 01/15/36		50		52,528
Lafarge SA, 7.13%, 07/15/36		25		27,700
Martin Marietta Materials Inc.
3.20%, 07/15/51 (Call 01/15/51)		80		55,373
4.25%, 12/15/47 (Call 06/15/47)		80		66,483
Masco Corp.
3.13%, 02/15/51 (Call 08/15/50)		30		19,980
4.50%, 05/15/47 (Call 11/15/46)		37		30,898
Owens Corning
4.30%, 07/15/47 (Call 01/15/47)		92		75,388
4.40%, 01/30/48 (Call 07/30/47)		30		24,672
7.00%, 12/01/36		20		22,215
Trane Technologies Financing Ltd.
4.50%, 03/21/49 (Call 09/21/48)		10		8,852
4.65%, 11/01/44 (Call 05/01/44)		15		13,461
Trane Technologies Global Holding Co. Ltd.
4.30%, 02/21/48 (Call 08/21/47)		25		21,504
5.75%, 06/15/43		105		108,515
Vulcan Materials Co.
4.50%, 06/15/47 (Call 12/15/46)		50		43,243
4.70%, 03/01/48 (Call 09/01/47)		80		71,642
				1,393,027
Chemicals — 0.9%
Air Products and Chemicals Inc.
2.70%, 05/15/40 (Call 11/15/39)		85		61,189
2.80%, 05/15/50 (Call 11/15/49)		110		73,069
Albemarle Corp.
5.45%, 12/01/44 (Call 06/01/44)		40		36,394
5.65%, 06/01/52 (Call 12/01/51)		60		53,789
Ashland Inc., 6.88%, 05/15/43 (Call 02/15/43)		30		30,175
Braskem America Finance Co., 7.13%, 07/22/41
(Call 01/22/41)(f)		200		175,832
CF Industries Inc.
4.95%, 06/01/43		102		90,232
5.15%, 03/15/34		65		62,980
5.38%, 03/15/44		70		65,184
Dow Chemical Co. (The)
3.60%, 11/15/50 (Call 05/15/50)		70		50,922

Security	Par (000)		Value
Chemicals (continued)
4.38%, 11/15/42 (Call 05/15/42)	$	77	$	64,999
4.63%, 10/01/44 (Call 04/01/44)		105		91,039
4.80%, 05/15/49 (Call 11/15/48)		120		104,181
5.25%, 11/15/41 (Call 05/15/41)		95		88,969
5.55%, 11/30/48 (Call 05/30/48)		95		92,369
5.60%, 02/15/54 (Call 08/15/53)		50		49,018
6.90%, 05/15/53 (Call 11/15/52)		135		154,303
9.40%, 05/15/39		53		70,684
DuPont de Nemours Inc.
5.32%, 11/15/38 (Call 05/15/38)		256		253,242
5.42%, 11/15/48 (Call 05/15/48)		230		225,795
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)		109		92,126
4.80%, 09/01/42 (Call 03/01/42)		50		43,837
Ecolab Inc.
2.13%, 08/15/50 (Call 02/15/50)		5		2,888
2.70%, 12/15/51 (Call 06/15/51)		160		101,061
2.75%, 08/18/55 (Call 02/18/55)		92		57,184
3.95%, 12/01/47 (Call 06/01/47)		50		41,525
FMC Corp.
4.50%, 10/01/49 (Call 04/01/49)		55		40,879
6.38%, 05/18/53 (Call 11/18/52)(b)		60		58,565
GC Treasury Center Co. Ltd., 4.30%, 03/18/51
(Call 09/18/50)(f)		200		151,715
ICL Group Ltd., 6.38%, 05/31/38 (Call 11/30/37)(a)		90		85,425
International Flavors & Fragrances Inc.
3.27%, 11/15/40 (Call 05/15/40)(a)		100		69,904
3.47%, 12/01/50 (Call 06/01/50)(a)		55		36,117
4.38%, 06/01/47 (Call 12/01/46)		145		108,355
5.00%, 09/26/48 (Call 03/26/48)		85		71,274
Linde Inc./CT, 3.55%, 11/07/42 (Call 05/07/42)		85		67,881
Lubrizol Corp. (The), 6.50%, 10/01/34		40		45,203
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)		123		107,875
5.25%, 07/15/43		55		50,448
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)		80		59,253
3.63%, 04/01/51 (Call 10/01/50)		100		69,463
3.80%, 10/01/60 (Call 04/01/60)		55		37,205
4.20%, 10/15/49 (Call 04/15/49)		125		96,478
4.20%, 05/01/50 (Call 11/01/49)		125		96,578
LyondellBasell Industries NV, 4.63%, 02/26/55
(Call 08/26/54)		86		70,625
Methanex Corp., 5.65%, 12/01/44 (Call 06/01/44)(b)		35		29,934
Mosaic Co. (The)
4.88%, 11/15/41 (Call 05/15/41)		45		39,278
5.63%, 11/15/43 (Call 05/15/43)		75		71,867
Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)		30		23,360
4.13%, 03/15/35 (Call 09/15/34)		60		54,034
4.90%, 06/01/43 (Call 12/01/42)		65		58,729
5.00%, 04/01/49 (Call 10/01/48)		25		22,560
5.25%, 01/15/45 (Call 07/15/44)		70		65,133
5.63%, 12/01/40		41		40,102
5.80%, 03/27/53 (Call 09/27/52)		100		100,101
5.88%, 12/01/36		60		61,402
6.13%, 01/15/41 (Call 07/15/40)		25		25,654
OCP SA, 6.88%, 04/25/44(f)		200		187,903
Orbia Advance Corp. SAB de CV, 5.88%, 09/17/44(f)		200		178,822

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
RPM International Inc.
4.25%, 01/15/48 (Call 07/15/47)(b)	$	40	$	32,154
5.25%, 06/01/45 (Call 12/01/44)		45		41,293
Sherwin-Williams Co. (The)
2.90%, 03/15/52 (Call 09/15/51)		80		51,608
3.30%, 05/15/50 (Call 11/15/49)		30		20,994
3.80%, 08/15/49 (Call 02/15/49)		80		61,716
4.00%, 12/15/42 (Call 06/15/42)		35		28,566
4.50%, 06/01/47 (Call 12/01/46)		125		107,899
4.55%, 08/01/45 (Call 02/01/45)		50		43,042
Sociedad Quimica y Minera de Chile SA,
3.50%, 09/10/51 (Call 03/10/51)(f)		200		132,025
Westlake Corp.
3.13%, 08/15/51 (Call 02/15/51)		100		62,985
4.38%, 11/15/47 (Call 05/15/47)		65		53,401
5.00%, 08/15/46 (Call 02/15/46)		111		98,754
				5,249,545
Coal — 0.1%
Teck Resources Ltd.
5.20%, 03/01/42 (Call 09/01/41)		45		40,572
5.40%, 02/01/43 (Call 08/01/42)		45		41,701
6.00%, 08/15/40 (Call 02/15/40)		75		74,271
6.13%, 10/01/35		80		81,762
6.25%, 07/15/41 (Call 01/15/41)		16		16,177
				254,483
Commercial Services — 0.8%
American University (The), Series 2019,
3.67%, 04/01/49		30		24,197
California Endowment (The), Series 2021,
2.50%, 04/01/51 (Call 10/01/50)		70		43,331
California Institute of Technology
3.65%, 09/01/2119 (Call 03/01/2119)		15		10,440
4.32%, 08/01/45		75		68,156
4.70%, 11/01/2111		70		62,318
Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)		30		28,785
DP World Ltd./United Arab Emirates
5.63%, 09/25/48(f)		200		187,117
6.85%, 07/02/37(a)		200		216,204
Duke University
Series 2020, 2.68%, 10/01/44		90		65,729
Series 2020, 2.76%, 10/01/50		50		34,430
Series 2020, 2.83%, 10/01/55		55		37,351
Emory University, Series 2020, 2.97%, 09/01/50
(Call 03/01/50)		45		31,336
ERAC USA Finance LLC
4.20%, 11/01/46 (Call 05/01/46)(a)		65		54,379
4.50%, 02/15/45 (Call 08/15/44)(a)		50		43,783
5.20%, 10/30/34 (Call 07/30/34)(a)		25		24,796
5.40%, 05/01/53 (Call 11/01/52)(a)		95		95,026
5.63%, 03/15/42(a)		25		25,342
6.70%, 06/01/34(a)		20		22,042
7.00%, 10/15/37(a)		185		210,062
Ford Foundation (The)
Series 2020, 2.42%, 06/01/50 (Call 12/01/49)		50		31,339
Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		60		35,672
George Washington University (The)
4.87%, 09/15/45		100		95,881
Series 2014, 4.30%, 09/15/44		75		65,581
Series 2018, 4.13%, 09/15/48 (Call 03/15/48)		25		21,350

Security	Par (000)		Value
Commercial Services (continued)
Georgetown University (The)
Series 20A, 2.94%, 04/01/50 (Call 10/01/49)	$	35	$	23,826
Series A, 5.22%, (Call 04/01/2118)		5		4,627
Series B, 4.32%, 04/01/49 (Call 10/01/48)		91		80,118
Global Payments Inc.
4.15%, 08/15/49 (Call 02/15/49)		85		64,822
5.95%, 08/15/52 (Call 02/15/52)		80		78,629
Howard University, 5.21%, 10/01/52 (Call 10/01/32)		15		13,703
ITR Concession Co. LLC, 5.18%, 07/15/35
(Call 01/15/35)(a)		15		12,886
Johns Hopkins University
Series 2013, 4.08%, 07/01/53		55		48,256
Series A, 2.81%, 01/01/60 (Call 07/01/59)		55		35,484
Leland Stanford Junior University (The)
2.41%, 06/01/50 (Call 12/01/49)		30		19,286
3.65%, 05/01/48 (Call 11/01/47)		105		86,793
Massachusetts Institute of Technology
3.07%, 04/01/52 (Call 10/01/51)		95		69,254
3.89%, 07/01/2116		25		18,840
3.96%, 07/01/38		35		31,684
4.68%,		30		27,360
5.60%,		30		32,254
Series F, 2.99%, 07/01/50 (Call 01/01/50)		130		93,934
Series G, 2.29%, 07/01/51 (Call 01/01/51)(b)		60		37,093
Moody’s Corp.
2.75%, 08/19/41 (Call 02/19/41)		30		21,068
3.10%, 11/29/61 (Call 05/29/61)		45		28,787
3.25%, 05/20/50 (Call 11/20/49)		45		31,897
3.75%, 02/25/52 (Call 08/25/51)		75		58,041
4.88%, 12/17/48 (Call 06/17/48)		35		32,290
5.25%, 07/15/44		51		49,890
Northeastern University, Series 2020, 2.89%, 10/01/50		30		20,734
Northwestern University
4.64%, 12/01/44		100		95,059
Series 2017, 3.66%, 12/01/57 (Call 06/01/57)		50		39,416
Series 2020, 2.64%, 12/01/50 (Call 06/01/50)(b)		50		33,020
PayPal Holdings Inc.
3.25%, 06/01/50 (Call 12/01/49)		114		79,305
5.05%, 06/01/52 (Call 12/01/51)		120		112,599
5.25%, 06/01/62 (Call 12/01/61)		50		46,544
President and Fellows of Harvard College
2.52%, 10/15/50 (Call 04/15/50)		70		45,798
3.15%, 07/15/46 (Call 01/15/46)		50		37,393
3.30%, 07/15/56 (Call 01/15/56)		45		33,330
4.88%, 10/15/40		65		64,120
Quanta Services Inc., 3.05%, 10/01/41
(Call 04/01/41)		90		63,238
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		90		57,338
S&P Global Inc.
2.30%, 08/15/60 (Call 02/15/60)		95		51,329
3.25%, 12/01/49 (Call 06/01/49)		76		54,144
3.70%, 03/01/52 (Call 09/01/51)		95		73,455
3.90%, 03/01/62 (Call 09/01/61)		40		31,130
Thomas Jefferson University, 3.85%, 11/01/57
(Call 05/01/57)		45		33,325
Trustees of Boston College, 3.13%, 07/01/52		5		3,627
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		85		72,596

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services (continued)
Trustees of Princeton University (The)
5.70%, 03/01/39	$	105	$	114,327
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)		105		69,877
Trustees of the University of Pennsylvania (The)
3.61%, 02/15/2119 (Call 08/15/2118)		15		10,366
4.67%, 09/01/2112		15		13,462
Series 2020, 2.40%, 10/01/50 (Call 04/01/50)		15		9,341
University of Chicago (The)
3.00%, 10/01/52 (Call 04/01/52)		20		14,043
4.00%, 10/01/53 (Call 04/01/53)		140		116,241
Series 20B, 2.76%, 04/01/45 (Call 10/01/44)		10		7,699
Series C, 2.55%, 04/01/50 (Call 10/01/49)		20		13,359
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		90		71,842
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		71		55,585
University of Southern California
2.81%, 10/01/50 (Call 04/01/50)		50		34,133
3.03%, 10/01/39		160		126,442
5.25%, 10/01/2111		50		49,366
Series 2017, 3.84%, 10/01/47 (Call 04/01/47)		105		87,557
Series 21A, 2.95%, 10/01/51 (Call 04/01/51)		20		13,934
Verisk Analytics Inc.
3.63%, 05/15/50 (Call 11/15/49)		45		32,952
5.50%, 06/15/45 (Call 12/15/44)		30		28,618
Washington University (The)
3.52%, 04/15/54 (Call 10/15/53)		35		27,138
4.35%, 04/15/2122 (Call 10/15/2121)		5		4,165
William Marsh Rice University, 3.57%, 05/15/45		135		110,076
Yale University, Series 2020, 2.40%, 04/15/50
(Call 10/15/49)		108		69,279
				4,662,771
Computers — 1.0%
Apple Inc.
2.38%, 02/08/41 (Call 08/08/40)		190		133,634
2.40%, 08/20/50 (Call 02/20/50)		115		71,571
2.55%, 08/20/60 (Call 02/20/60)		255		157,531
2.65%, 05/11/50 (Call 11/11/49)		248		161,176
2.65%, 02/08/51 (Call 08/08/50)		375		241,677
2.70%, 08/05/51 (Call 02/05/51)		140		90,920
2.80%, 02/08/61 (Call 08/08/60)		245		155,767
2.85%, 08/05/61 (Call 02/05/61)		125		79,365
2.95%, 09/11/49 (Call 03/11/49)		220		153,429
3.45%, 02/09/45		180		142,973
3.75%, 09/12/47 (Call 03/12/47)		115		93,408
3.75%, 11/13/47 (Call 05/13/47)		115		93,532
3.85%, 05/04/43		355		303,681
3.85%, 08/04/46 (Call 02/04/46)		210		175,343
3.95%, 08/08/52 (Call 02/08/52)		220		182,577
4.10%, 08/08/62 (Call 02/08/62)		150		125,656
4.25%, 02/09/47 (Call 08/09/46)		80		71,783
4.38%, 05/13/45		231		210,776
4.45%, 05/06/44		80		74,771
4.50%, 02/23/36 (Call 08/23/35)		160		157,252
4.65%, 02/23/46 (Call 08/23/45)		400		378,011
4.85%, 05/10/53 (Call 11/10/52)(b)		130		127,010
Crane NXT Co.
4.20%, 03/15/48 (Call 09/15/47)		40		29,379
6.55%, 11/15/36		22		22,388
Dell Inc., 6.50%, 04/15/38		35		36,602
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)		95		69,216

Security	Par (000)		Value
Computers (continued)
3.45%, 12/15/51 (Call 06/15/51)	$	89	$	60,930
8.10%, 07/15/36 (Call 01/15/36)		119		142,602
8.35%, 07/15/46 (Call 01/15/46)		55		69,665
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)		88		91,878
6.35%, 10/15/45 (Call 04/15/45)		135		139,546
HP Inc., 6.00%, 09/15/41		122		124,754
IBM International Capital Pte Ltd.
5.25%, 02/05/44 (Call 08/05/43)		100		95,820
5.30%, 02/05/54 (Call 08/05/53)		200		191,943
International Business Machines Corp.
2.85%, 05/15/40 (Call 11/15/39)		100		72,722
2.95%, 05/15/50 (Call 11/15/49)		15		9,881
3.43%, 02/09/52 (Call 08/09/51)		110		78,347
4.00%, 06/20/42		200		166,282
4.15%, 05/15/39		150		130,770
4.25%, 05/15/49		130		108,886
4.70%, 02/19/46		180		163,013
4.90%, 07/27/52 (Call 01/27/52)		165		152,510
5.60%, 11/30/39		145		149,085
7.13%, 12/01/96(b)		30		37,672
Kyndryl Holdings Inc., 4.10%, 10/15/41
(Call 04/15/41)		45		33,661
Seagate HDD Cayman, 5.75%, 12/01/34
(Call 06/01/34)		60		57,514
				5,616,909
Cosmetics & Personal Care — 0.2%
Colgate-Palmolive Co.
3.70%, 08/01/47 (Call 02/01/47)		45		37,122
4.00%, 08/15/45		60		52,525
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)		111		75,676
4.15%, 03/15/47 (Call 09/15/46)		30		24,756
4.38%, 06/15/45 (Call 12/15/44)		90		77,351
5.15%, 05/15/53 (Call 11/15/52)		20		19,158
6.00%, 05/15/37(b)		65		69,269
Haleon U.S. Capital LLC, 4.00%, 03/24/52
(Call 09/24/51)		120		95,860
Kenvue Inc.
5.05%, 03/22/53 (Call 09/22/52)		185		178,041
5.10%, 03/22/43 (Call 09/22/42)		130		126,648
5.20%, 03/22/63 (Call 09/22/62)		75		72,529
Procter & Gamble Co. (The)
3.50%, 10/25/47		50		40,192
3.55%, 03/25/40		50		42,802
3.60%, 03/25/50		75		61,523
5.55%, 03/05/37		95		101,913
Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51
(Call 02/12/51)		55		35,483
				1,110,848
Distribution & Wholesale — 0.0%
WW Grainger Inc.
3.75%, 05/15/46 (Call 11/15/45)		40		32,101
4.20%, 05/15/47 (Call 11/15/46)		45		38,651
4.60%, 06/15/45 (Call 12/15/44)		125		113,799
				184,551
Diversified Financial Services — 0.7%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 3.85%, 10/29/41 (Call 04/29/41)		165		127,552
American Express Co., 4.05%, 12/03/42		82		70,536

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Ares Finance Co. IV LLC, 3.65%, 02/01/52
(Call 08/01/51)(a)	$	5	$	3,487
Blackstone Holdings Finance Co. LLC
2.80%, 09/30/50 (Call 03/30/50)(a)		35		21,354
2.85%, 08/05/51 (Call 02/05/51)(a)(b)		105		64,869
3.20%, 01/30/52 (Call 07/30/51)(a)		50		33,675
3.50%, 09/10/49 (Call 03/10/49)(a)(b)		65		46,056
4.00%, 10/02/47 (Call 04/02/47)(a)(b)		60		45,514
4.45%, 07/15/45(a)		70		58,107
5.00%, 06/15/44(a)		50		44,991
Blue Owl Finance LLC, 4.13%, 10/07/51
(Call 04/07/51)(a)		15		9,952
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		40		28,406
3.63%, 02/15/52 (Call 08/15/51)		60		42,769
4.70%, 09/20/47 (Call 03/20/47)		133		112,854
5.97%, 03/04/54 (Call 09/04/53)		25		25,233
Brookfield Finance LLC/Brookfield Finance Inc.,
3.45%, 04/15/50 (Call 10/15/49)		100		69,408
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)		145		85,671
CME Group Inc.
4.15%, 06/15/48 (Call 12/15/47)		10		8,584
5.30%, 09/15/43 (Call 03/15/43)		177		179,155
Franklin Resources Inc., 2.95%, 08/12/51
(Call 02/12/51)		25		15,361
Intercontinental Exchange Inc.
2.65%, 09/15/40 (Call 03/15/40)		145		102,708
3.00%, 06/15/50 (Call 12/15/49)		167		112,000
3.00%, 09/15/60 (Call 03/15/60)		110		68,145
4.25%, 09/21/48 (Call 03/21/48)		175		148,112
4.95%, 06/15/52 (Call 12/15/51)		175		163,337
5.20%, 06/15/62 (Call 12/15/61)		120		115,322
Invesco Finance PLC, 5.38%, 11/30/43		50		48,261
Jefferies Financial Group Inc., 6.25%, 01/15/36		119		122,272
KKR Group Finance Co. II LLC, 5.50%, 02/01/43
(Call 08/01/42)(a)(b)		75		71,266
Legg Mason Inc., 5.63%, 01/15/44		125		125,238
Mastercard Inc.
2.95%, 03/15/51 (Call 09/15/50)		95		65,803
3.65%, 06/01/49 (Call 12/01/48)		135		107,338
3.80%, 11/21/46 (Call 05/21/46)		65		53,670
3.85%, 03/26/50 (Call 09/26/49)		185		152,741
3.95%, 02/26/48 (Call 08/26/47)		50		42,257
Nasdaq Inc.
2.50%, 12/21/40 (Call 06/21/40)		130		86,023
3.25%, 04/28/50 (Call 10/28/49)		155		105,395
3.95%, 03/07/52 (Call 09/07/51)		80		60,778
5.95%, 08/15/53 (Call 02/15/53)		75		77,124
6.10%, 06/28/63 (Call 12/28/62)		20		20,756
Neuberger Berman Group LLC/Neuberger Berman
Finance Corp., 4.88%, 04/15/45 (Call 10/15/44)(a)		70		56,060
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		60		44,440
4.95%, 07/15/46		105		96,455
Visa Inc.
2.00%, 08/15/50 (Call 02/15/50)		165		95,922
2.70%, 04/15/40 (Call 10/15/39)		157		116,179
3.65%, 09/15/47 (Call 03/15/47)		85		67,645
4.15%, 12/14/35 (Call 06/14/35)		215		201,534
4.30%, 12/14/45 (Call 06/14/45)		412		367,219

Security	Par (000)		Value
Diversified Financial Services (continued)
Voya Financial Inc.
4.80%, 06/15/46	$	15	$	12,743
5.70%, 07/15/43		75		72,670
Western Union Co. (The), 6.20%, 11/17/36		46		46,333
				4,119,280
Electric — 5.8%
Abu Dhabi National Energy Co. PJSC
4.00%, 10/03/49(f)		200		159,737
6.50%, 10/27/36(a)		100		112,045
Adani Transmission Step-One Ltd., 4.25%, 05/21/36(f)		157		133,823
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		10		6,889
3.80%, 10/01/47 (Call 04/01/47)		45		33,356
5.25%, 05/15/52 (Call 11/15/51)		60		56,212
Series G, 4.15%, 05/01/49 (Call 11/01/48)		15		11,763
Series H, 3.45%, 01/15/50 (Call 07/15/49)		30		20,923
AEP Transmission Co. LLC
3.15%, 09/15/49 (Call 03/15/49)		5		3,414
3.75%, 12/01/47 (Call 06/01/47)		47		36,018
3.80%, 06/15/49 (Call 12/15/48)		65		49,554
4.00%, 12/01/46 (Call 06/01/46)		15		12,152
4.25%, 09/15/48 (Call 03/15/48)		20		16,487
4.50%, 06/15/52 (Call 12/01/51)		35		30,387
5.40%, 03/15/53 (Call 09/15/52)		120		118,407
Series M, 3.65%, 04/01/50 (Call 10/01/49)		145		108,916
Series N, 2.75%, 08/15/51 (Call 02/15/51)		25		15,531
Alabama Power Co.
3.00%, 03/15/52 (Call 09/15/51)		105		69,767
3.13%, 07/15/51 (Call 01/15/51)		55		37,338
3.45%, 10/01/49 (Call 04/01/49)		90		65,617
3.75%, 03/01/45 (Call 09/01/44)		100		78,240
4.15%, 08/15/44 (Call 02/15/44)		75		62,396
4.30%, 01/02/46 (Call 07/02/45)		30		25,309
6.00%, 03/01/39		75		78,867
Series A, 4.30%, 07/15/48 (Call 01/15/48)		62		51,776
Series B, 3.70%, 12/01/47 (Call 06/01/47)		110		83,630
Alfa Desarrollo SpA, 4.55%, 09/27/51
(Call 03/27/51)(f)		199		147,481
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		40		26,016
3.25%, 03/15/50 (Call 09/15/49)		25		17,529
3.70%, 12/01/47 (Call 06/01/47)		55		42,229
4.15%, 03/15/46 (Call 09/15/45)		50		41,405
4.50%, 03/15/49 (Call 09/15/48)		25		21,739
5.90%, 12/01/52 (Call 06/01/52)		55		58,299
American Electric Power Co. Inc., 3.25%, 03/01/50
(Call 09/01/49)		55		37,501
American Transmission Systems Inc.,
5.00%, 09/01/44 (Call 03/01/44)(a)		5		4,464
Appalachian Power Co.
4.40%, 05/15/44 (Call 11/15/43)		45		36,878
4.45%, 06/01/45 (Call 12/01/44)		25		20,600
7.00%, 04/01/38		51		56,975
Series Y, 4.50%, 03/01/49 (Call 09/01/48)		75		60,620
Series Z, 3.70%, 05/01/50 (Call 11/01/49)		15		10,726
Arizona Public Service Co.
3.35%, 05/15/50 (Call 11/15/49)		75		51,225
3.50%, 12/01/49 (Call 06/01/49)		40		27,582
3.75%, 05/15/46 (Call 11/15/45)		50		37,048
4.20%, 08/15/48 (Call 02/15/48)		40		31,590
4.25%, 03/01/49 (Call 09/01/48)		30		23,895

52 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.35%, 11/15/45 (Call 05/15/45)	$	30	$	24,646
4.50%, 04/01/42 (Call 10/01/41)		66		56,061
5.05%, 09/01/41 (Call 03/01/41)		30		27,424
Avista Corp.
4.00%, 04/01/52 (Call 10/01/51)		30		22,902
4.35%, 06/01/48 (Call 12/01/47)		50		41,183
Baltimore Gas & Electric Co.
2.90%, 06/15/50 (Call 12/15/49)		25		16,133
3.20%, 09/15/49 (Call 03/15/49)		25		17,135
3.50%, 08/15/46 (Call 02/15/46)		25		18,417
3.75%, 08/15/47 (Call 02/15/47)		65		49,454
4.25%, 09/15/48 (Call 03/15/48)		10		8,341
4.55%, 06/01/52 (Call 12/01/51)		85		73,518
5.40%, 06/01/53 (Call 12/01/52)		65		63,660
6.35%, 10/01/36		60		64,091
Basin Electric Power Cooperative, 4.75%, 04/26/47
(Call 10/26/46)(a)(b)		15		12,897
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		175		111,418
3.80%, 07/15/48 (Call 01/15/48)		155		117,385
4.25%, 10/15/50 (Call 04/15/50)		125		100,759
4.45%, 01/15/49 (Call 07/15/48)		118		99,051
4.50%, 02/01/45 (Call 08/01/44)		153		134,726
4.60%, 05/01/53 (Call 11/01/52)		125		107,054
5.15%, 11/15/43 (Call 05/15/43)		35		33,579
5.95%, 05/15/37		105		108,712
6.13%, 04/01/36		211		222,496
Black Hills Corp.
3.88%, 10/15/49 (Call 04/15/49)		30		21,648
4.20%, 09/15/46 (Call 03/15/46)		30		23,333
CenterPoint Energy Houston Electric LLC
3.55%, 08/01/42 (Call 02/01/42)		65		50,635
3.60%, 03/01/52 (Call 09/01/51)		10		7,512
3.95%, 03/01/48 (Call 09/01/47)		30		24,221
4.50%, 04/01/44 (Call 10/01/43)		105		92,710
5.30%, 04/01/53 (Call 10/01/52)		70		69,569
Series AC, 4.25%, 02/01/49 (Call 08/01/48)		70		59,017
Series AD, 2.90%, 07/01/50 (Call 01/01/50)		15		9,860
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		50		35,939
CenterPoint Energy Inc., 3.70%, 09/01/49
(Call 03/01/49)		40		29,135
Cleco Corporate Holdings LLC, 4.97%, 05/01/46
(Call 11/01/45)		10		8,255
Cleveland Electric Illuminating Co. (The),
5.95%, 12/15/36		43		42,894
CMS Energy Corp., 4.88%, 03/01/44 (Call 09/01/43)		40		36,694
Comision Federal de Electricidad, 4.68%, 02/09/51
(Call 08/09/50)(f)		200		140,905
Commonwealth Edison Co.
3.00%, 03/01/50 (Call 09/01/49)		80		52,710
3.65%, 06/15/46 (Call 12/15/45)		90		68,585
3.70%, 03/01/45 (Call 09/01/44)		30		23,373
4.00%, 03/01/48 (Call 09/01/47)		115		91,891
4.00%, 03/01/49 (Call 09/01/48)		40		31,740
4.35%, 11/15/45 (Call 05/15/45)		60		51,031
4.70%, 01/15/44 (Call 07/15/43)		45		40,371
5.30%, 02/01/53 (Call 08/01/52)		15		14,541
5.90%, 03/15/36		80		83,666
6.45%, 01/15/38		30		32,557
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		95		72,529
Series 127, 3.20%, 11/15/49 (Call 05/15/49)		140		95,925

Security	Par (000)		Value
Electric (continued)
Series 131, 2.75%, 09/01/51 (Call 03/01/51)	$	65	$	39,926
Series 133, 3.85%, 03/15/52 (Call 09/15/51)		60		46,149
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		65		52,729
4.30%, 04/15/44 (Call 10/15/43)		50		42,583
5.25%, 01/15/53 (Call 07/15/52)		55		53,273
Series A, 4.15%, 06/01/45 (Call 12/01/44)		15		12,655
Consolidated Edison Co. of New York Inc.
3.20%, 12/01/51 (Call 06/01/51)		30		20,311
3.60%, 06/15/61 (Call 12/15/60)		50		35,835
3.70%, 11/15/59 (Call 05/15/59)		75		53,382
3.85%, 06/15/46 (Call 12/15/45)		95		74,576
3.95%, 03/01/43 (Call 09/01/42)		140		114,614
4.45%, 03/15/44 (Call 09/15/43)		125		108,284
4.50%, 12/01/45 (Call 06/01/45)		125		108,120
4.50%, 05/15/58 (Call 11/15/57)		95		79,736
4.63%, 12/01/54 (Call 06/01/54)		60		51,527
5.70%, 06/15/40		20		20,116
5.90%, 11/15/53 (Call 05/15/53)		125		131,177
6.15%, 11/15/52 (Call 05/15/52)		115		124,610
Series 06-A, 5.85%, 03/15/36		85		87,412
Series 08-B, 6.75%, 04/01/38		35		39,008
Series 12-A, 4.20%, 03/15/42		5		4,167
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		105		81,289
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		50		40,032
Series A, 4.13%, 05/15/49 (Call 11/15/48)		120		96,422
Series C, 4.00%, 11/15/57 (Call 05/15/57)		60		46,422
Series C, 4.30%, 12/01/56 (Call 06/01/56)		65		53,119
Series E, 4.65%, 12/01/48 (Call 06/01/48)		95		82,899
Consorcio Transmantaro SA, 5.20%, 04/11/38
(Call 01/11/38)(f)		200		186,951
Constellation Energy Generation LLC
5.60%, 06/15/42 (Call 12/15/41)		95		92,584
5.75%, 10/01/41 (Call 04/01/41)		45		44,094
6.25%, 10/01/39		83		85,625
6.50%, 10/01/53 (Call 04/01/53)		110		120,806
Consumers Energy Co.
2.50%, 05/01/60 (Call 11/01/59)		40		22,195
3.10%, 08/15/50 (Call 02/15/50)		121		83,290
3.25%, 08/15/46 (Call 02/15/46)		10		7,321
3.50%, 08/01/51 (Call 02/01/51)		85		63,256
3.75%, 02/15/50 (Call 08/15/49)		45		35,180
4.05%, 05/15/48 (Call 11/15/47)		100		83,161
4.20%, 09/01/52 (Call 03/01/52)		60		49,775
4.35%, 04/15/49 (Call 10/15/48)		60		51,828
Dayton Power & Light Co. (The), 3.95%, 06/15/49
(Call 12/15/48)		35		25,814
Dominion Energy Inc.
4.70%, 12/01/44 (Call 06/01/44)		25		21,505
4.85%, 08/15/52 (Call 02/15/52)		45		39,334
7.00%, 06/15/38		35		38,089
Series A, 4.60%, 03/15/49 (Call 09/15/48)		40		33,721
Series B, 3.30%, 04/15/41 (Call 10/15/40)		15		11,016
Series B, 5.95%, 06/15/35		120		122,147
Series C, 4.05%, 09/15/42 (Call 03/15/42)		50		39,578
Series C, 4.90%, 08/01/41 (Call 02/01/41)		75		67,153
Dominion Energy South Carolina Inc.
4.60%, 06/15/43 (Call 12/15/42)		65		57,385
5.10%, 06/01/65 (Call 12/01/64)		35		32,225
5.45%, 02/01/41 (Call 08/01/40)		35		34,515
6.05%, 01/15/38		66		69,749

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
6.25%, 10/15/53 (Call 04/15/53)	$	60	$	66,225
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		70		46,342
3.70%, 03/15/45 (Call 09/15/44)		55		43,367
3.70%, 06/01/46 (Call 12/01/45)		5		3,856
3.75%, 08/15/47 (Call 02/15/47)		90		69,423
3.95%, 03/01/49 (Call 09/01/48)		85		68,497
4.30%, 07/01/44 (Call 01/01/44)		30		25,753
5.40%, 04/01/53 (Call 10/01/52)		75		74,376
Series A, 4.00%, 04/01/43 (Call 10/01/42)		25		20,754
Series A, 4.05%, 05/15/48 (Call 11/15/47)		55		44,630
Series B, 3.25%, 04/01/51 (Call 10/01/50)		70		48,491
Series B, 3.65%, 03/01/52 (Call 09/01/51)		10		7,469
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)		95		65,687
3.45%, 04/15/51 (Call 10/15/50)		75		53,290
3.55%, 03/15/52 (Call 09/15/51)		35		25,048
3.70%, 12/01/47 (Call 06/01/47)		60		44,702
3.75%, 06/01/45 (Call 12/01/44)		75		57,846
3.88%, 03/15/46 (Call 09/15/45)		80		62,569
3.95%, 03/15/48 (Call 09/15/47)		83		65,394
4.00%, 09/30/42 (Call 03/30/42)		120		97,817
4.25%, 12/15/41 (Call 06/15/41)		65		54,909
5.30%, 02/15/40		65		63,671
5.35%, 01/15/53 (Call 07/15/52)		90		87,670
5.40%, 01/15/54 (Call 07/15/53)		143		139,716
6.00%, 01/15/38		55		57,735
6.05%, 04/15/38		40		41,956
6.10%, 06/01/37		15		15,711
Duke Energy Corp.
3.30%, 06/15/41 (Call 12/15/40)		75		55,153
3.50%, 06/15/51 (Call 12/15/50)		70		48,279
3.75%, 09/01/46 (Call 03/01/46)		100		74,366
3.95%, 08/15/47 (Call 02/15/47)		115		87,287
4.20%, 06/15/49 (Call 12/15/48)		40		31,535
4.80%, 12/15/45 (Call 06/15/45)		65		56,922
5.00%, 08/15/52 (Call 02/15/52)		135		120,375
6.10%, 09/15/53 (Call 03/15/53)		85		88,429
Duke Energy Florida LLC
3.00%, 12/15/51 (Call 06/15/51)		60		38,759
3.40%, 10/01/46 (Call 04/01/46)		50		35,957
3.85%, 11/15/42 (Call 05/15/42)		50		39,750
4.20%, 07/15/48 (Call 01/15/48)		30		24,618
5.65%, 04/01/40		30		30,191
5.95%, 11/15/52 (Call 05/15/52)		45		47,240
6.20%, 11/15/53 (Call 05/15/53)		50		54,154
6.35%, 09/15/37		115		122,999
6.40%, 06/15/38		95		102,382
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		50		31,037
3.75%, 05/15/46 (Call 11/15/45)		40		30,612
5.40%, 04/01/53 (Call 10/01/52)		90		86,673
6.12%, 10/15/35		35		36,378
6.35%, 08/15/38		40		42,834
6.45%, 04/01/39		30		32,621
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		125		86,534
Duke Energy Ohio Inc.
4.30%, 02/01/49 (Call 08/01/48)		35		28,606
5.65%, 04/01/53 (Call 10/01/52)		35		35,337
Duke Energy Progress LLC
2.50%, 08/15/50 (Call 02/15/50)		60		35,505

Security	Par (000)		Value
Electric (continued)
2.90%, 08/15/51 (Call 02/15/51)	$	50	$	32,124
3.60%, 09/15/47 (Call 03/15/47)		90		66,670
3.70%, 10/15/46 (Call 04/15/46)		75		56,683
4.00%, 04/01/52 (Call 10/01/51)		25		19,704
4.10%, 05/15/42 (Call 11/15/41)		65		53,880
4.10%, 03/15/43 (Call 09/15/42)		50		41,015
4.15%, 12/01/44 (Call 06/01/44)		65		53,278
4.20%, 08/15/45 (Call 02/15/45)		89		73,166
4.38%, 03/30/44 (Call 09/30/43)		55		46,974
5.35%, 03/15/53 (Call 09/15/52)		50		48,262
6.30%, 04/01/38		50		53,696
E.ON International Finance BV, 6.65%, 04/30/38(a)		55		58,859
El Paso Electric Co., 6.00%, 05/15/35		26		26,074
Electricite de France SA
4.75%, 10/13/35 (Call 04/13/35)(a)		100		92,006
4.88%, 01/22/44(a)		90		78,541
4.95%, 10/13/45 (Call 04/13/45)(a)		145		127,150
5.00%, 09/21/48 (Call 03/21/48)(a)		90		78,856
5.25%, 10/13/55 (Call 04/13/55)(a)		25		21,270
5.60%, 01/27/40(a)		130		125,895
6.00%, 01/22/2114(a)		90		84,731
6.90%, 05/23/53 (Call 11/23/52)(a)		105		114,549
6.95%, 01/26/39(a)		330		362,563
Emera U.S. Finance LP, 4.75%, 06/15/46
(Call 12/15/45)		100		81,321
Empresa de Transmision Electrica SA,
5.13%, 05/02/49(f)		200		143,302
Enel Finance America LLC, 2.88%, 07/12/41
(Call 01/12/41)(a)		200		133,361
Enel Finance International NV
4.75%, 05/25/47(a)		85		71,331
5.50%, 06/15/52 (Call 12/15/51)(a)		195		178,536
6.00%, 10/07/39(a)		30		29,939
6.80%, 09/15/37(a)		125		134,017
7.75%, 10/14/52 (Call 04/14/52)(a)		75		89,594
Entergy Arkansas LLC
2.65%, 06/15/51 (Call 12/15/50)		55		32,966
3.35%, 06/15/52 (Call 12/15/51)		45		30,899
4.20%, 04/01/49 (Call 10/01/48)		70		57,112
Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)		95		68,508
Entergy Louisiana LLC
2.90%, 03/15/51 (Call 09/15/50)		75		47,053
3.10%, 06/15/41 (Call 12/15/40)		50		36,748
4.20%, 09/01/48 (Call 03/01/48)		150		121,685
4.20%, 04/01/50 (Call 10/01/49)		80		64,884
4.95%, 01/15/45 (Call 01/15/25)		110		100,464
Entergy Mississippi LLC, 3.85%, 06/01/49
(Call 12/01/48)		24		18,304
Entergy Texas Inc.
3.55%, 09/30/49 (Call 03/30/49)		80		57,680
4.50%, 03/30/39 (Call 09/30/38)		35		31,055
5.00%, 09/15/52 (Call 03/15/52)		45		40,979
5.80%, 09/01/53 (Call 03/01/53)		25		25,722
Evergy Kansas Central Inc.
3.25%, 09/01/49 (Call 03/01/49)		25		17,105
3.45%, 04/15/50 (Call 10/15/49)		10		7,030
4.10%, 04/01/43 (Call 10/01/42)		70		57,075
4.13%, 03/01/42 (Call 09/01/41)		61		50,644
4.25%, 12/01/45 (Call 06/01/45)		55		45,045
5.70%, 03/15/53 (Call 09/15/52)		50		49,899

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)	$	60	$	48,174
5.30%, 10/01/41 (Call 04/01/41)		50		47,812
Series 2019, 4.13%, 04/01/49 (Call 10/01/48)		40		31,642
Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)		90		61,289
Exelon Corp.
4.10%, 03/15/52 (Call 09/15/51)		85		65,930
4.45%, 04/15/46 (Call 10/15/45)		120		100,444
4.70%, 04/15/50 (Call 10/15/49)		160		138,178
4.95%, 06/15/35 (Call 12/15/34)		60		56,056
5.10%, 06/15/45 (Call 12/15/44)		90		81,886
5.60%, 03/15/53 (Call 09/15/52)		150		146,263
5.63%, 06/15/35		30		29,787
FirstEnergy Corp.
Series C, 3.40%, 03/01/50 (Call 09/01/49)		95		63,499
Series C, 5.10%, 07/15/47 (Call 01/15/47)		85		73,190
FirstEnergy Transmission LLC
4.55%, 04/01/49 (Call 10/01/48)(a)		45		37,259
5.45%, 07/15/44 (Call 01/15/44)(a)		60		56,404
Florida Power & Light Co.
2.88%, 12/04/51 (Call 06/04/51)		110		71,433
3.15%, 10/01/49 (Call 04/01/49)		30		20,685
3.70%, 12/01/47 (Call 06/01/47)		50		38,866
3.80%, 12/15/42 (Call 06/15/42)		80		65,108
3.95%, 03/01/48 (Call 09/01/47)		115		93,079
3.99%, 03/01/49 (Call 09/01/48)		30		24,271
4.05%, 06/01/42 (Call 12/01/41)		60		50,838
4.05%, 10/01/44 (Call 04/01/44)		85		71,556
4.13%, 02/01/42 (Call 08/01/41)		105		90,023
4.13%, 06/01/48 (Call 12/01/47)		55		45,679
5.25%, 02/01/41 (Call 08/01/40)		60		59,187
5.30%, 04/01/53 (Call 10/01/52)		125		123,424
5.65%, 02/01/37		105		108,397
5.69%, 03/01/40		85		87,090
5.95%, 02/01/38		30		31,903
5.96%, 04/01/39		35		37,529
Georgia Power Co.
4.30%, 03/15/42		155		132,299
4.30%, 03/15/43		65		54,590
5.13%, 05/15/52 (Call 11/15/51)		70		66,439
Series 10-C, 4.75%, 09/01/40		80		72,627
Series A, 3.25%, 03/15/51 (Call 09/15/50)		130		89,108
Series B, 3.70%, 01/30/50 (Call 07/30/49)		95		71,927
Great River Energy
6.25%, 07/01/38(a)		88		91,337
7.23%, 07/01/38(a)		56		60,344
Iberdrola International BV, 6.75%, 07/15/36		45		50,386
Idaho Power Co.
5.50%, 03/15/53 (Call 09/15/52)		55		54,089
5.80%, 04/01/54 (Call 10/01/53)		40		40,725
Series K, 4.20%, 03/01/48 (Call 09/01/47)		5		4,026
Indiana Michigan Power Co.
4.25%, 08/15/48 (Call 02/15/48)		10		8,094
5.63%, 04/01/53 (Call 10/01/52)		125		125,120
Series K, 4.55%, 03/15/46 (Call 09/15/45)		71		60,555
Indianapolis Power & Light Co., 4.05%, 05/01/46
(Call 11/01/45)(a)		41		32,289
Infraestructura Energetica Nova SAPI de CV,
4.75%, 01/15/51 (Call 07/15/50)(f)		200		150,812
Interchile SA, 4.50%, 06/30/56 (Call 12/30/55)(f)		200		158,147

Security	Par (000)		Value
Electric (continued)
Interstate Power & Light Co.
3.10%, 11/30/51 (Call 05/30/51)	$	40	$	25,642
3.50%, 09/30/49 (Call 03/30/49)		30		21,264
6.25%, 07/15/39		20		20,858
John Sevier Combined Cycle Generation LLC, 4.63%, 01/15/42		8		7,481
Kentucky Utilities Co.
3.30%, 06/01/50 (Call 12/01/49)		60		41,472
4.38%, 10/01/45 (Call 04/01/45)		100		83,941
5.13%, 11/01/40 (Call 05/01/40)		100		94,934
Louisville Gas & Electric Co., 4.25%, 04/01/49
(Call 10/01/48)		75		61,126
Massachusetts Electric Co.
4.00%, 08/15/46 (Call 02/15/46)(a)		5		3,821
5.87%, 02/26/54 (Call 08/26/53)(a)		50		50,179
5.90%, 11/15/39(a)		80		79,419
MidAmerican Energy Co.
2.70%, 08/01/52 (Call 02/01/52)		115		70,441
3.15%, 04/15/50 (Call 10/15/49)		70		47,846
3.65%, 08/01/48 (Call 02/01/48)		70		53,246
3.95%, 08/01/47 (Call 02/01/47)		145		116,024
4.25%, 05/01/46 (Call 11/01/45)		5		4,192
4.25%, 07/15/49 (Call 01/15/49)		95		79,815
4.40%, 10/15/44 (Call 04/15/44)		15		12,842
4.80%, 09/15/43 (Call 03/15/43)		25		22,860
5.75%, 11/01/35		55		56,996
5.80%, 10/15/36		25		25,833
5.85%, 09/15/54 (Call 03/15/54)		30		31,652
Mississippi Power Co.
Series 12-A, 4.25%, 03/15/42		80		66,686
Series B, 3.10%, 07/30/51 (Call 01/30/51)(b)		50		32,487
Monongahela Power Co., 5.40%, 12/15/43
(Call 06/15/43)(a)		45		42,489
National Grid USA, 5.80%, 04/01/35		70		69,021
National Rural Utilities Cooperative Finance Corp.
4.30%, 03/15/49 (Call 09/15/48)		15		12,460
4.40%, 11/01/48 (Call 05/01/48)		20		16,856
Nevada Power Co.
6.00%, 03/15/54 (Call 09/15/53)		50		52,232
Series EE, 3.13%, 08/01/50 (Call 02/01/50)		20		13,117
Series R, 6.75%, 07/01/37		40		44,271
New England Power Co.
2.81%, 10/06/50 (Call 04/06/50)(a)		65		39,934
3.80%, 12/05/47 (Call 06/05/47)(a)		69		52,304
NextEra Energy Capital Holdings Inc.
3.00%, 01/15/52 (Call 07/15/51)		45		28,526
5.11%, 09/29/57 (Call 04/01/24)(a)		30		29,488
5.25%, 02/28/53 (Call 08/28/52)		165		153,207
5.55%, 03/15/54 (Call 09/15/53)		145		140,608
Niagara Mohawk Power Corp.
3.03%, 06/27/50 (Call 12/27/49)(a)		70		43,707
4.12%, 11/28/42(a)		25		19,926
4.28%, 10/01/34 (Call 04/01/34)(a)		35		31,210
5.66%, 01/17/54 (Call 07/17/53)(a)		85		82,432
5.78%, 09/16/52 (Call 03/16/52)(a)(b)		75		74,507
Northern States Power Co./MN
2.60%, 06/01/51 (Call 12/01/50)		100		61,765
2.90%, 03/01/50 (Call 09/01/49)		45		29,453
3.20%, 04/01/52 (Call 10/01/51)		80		55,114
3.40%, 08/15/42 (Call 02/15/42)		66		50,115
3.60%, 05/15/46 (Call 11/15/45)		80		60,591

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
3.60%, 09/15/47 (Call 03/15/47)	$	65	$	49,170
4.00%, 08/15/45 (Call 02/15/45)		25		20,215
4.13%, 05/15/44 (Call 11/15/43)		105		86,639
4.50%, 06/01/52 (Call 12/01/51)		39		34,011
5.10%, 05/15/53 (Call 11/15/52)		35		33,405
5.35%, 11/01/39		40		39,472
5.40%, 03/15/54 (Call 09/15/53)		90		89,060
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		5		4,026
NSTAR Electric Co.
3.10%, 06/01/51 (Call 12/01/50)		45		30,380
4.40%, 03/01/44 (Call 09/01/43)		70		60,304
4.55%, 06/01/52 (Call 12/01/51)		75		64,832
4.95%, 09/15/52 (Call 03/15/52)		15		13,877
5.50%, 03/15/40		10		9,966
Oglethorpe Power Corp.
3.75%, 08/01/50 (Call 02/01/50)		5		3,584
4.50%, 04/01/47 (Call 10/01/46)		45		36,503
5.05%, 10/01/48 (Call 04/01/48)		45		39,659
5.38%, 11/01/40		120		112,415
5.95%, 11/01/39		47		46,401
6.20%, 12/01/53 (Call 06/01/53)(a)		50		51,441
Ohio Edison Co., 6.88%, 07/15/36		55		60,749
Ohio Power Co.
4.00%, 06/01/49 (Call 12/01/48)		135		105,355
4.15%, 04/01/48 (Call 10/01/47)		65		52,043
Oklahoma Gas & Electric Co.
3.85%, 08/15/47 (Call 02/15/47)		15		11,392
4.15%, 04/01/47 (Call 10/01/46)		40		31,871
5.60%, 04/01/53 (Call 10/01/52)		35		35,194
Oncor Electric Delivery Co. LLC
2.70%, 11/15/51 (Call 05/15/51)		75		46,576
3.10%, 09/15/49 (Call 03/15/49)		120		82,268
3.70%, 05/15/50 (Call 11/15/49)		45		34,309
3.75%, 04/01/45 (Call 10/01/44)		90		71,377
3.80%, 09/30/47 (Call 03/30/47)		75		57,859
3.80%, 06/01/49 (Call 12/01/48)		65		50,991
4.10%, 11/15/48 (Call 05/15/48)		75		61,460
4.55%, 12/01/41 (Call 06/01/41)		50		45,337
4.60%, 06/01/52 (Call 12/01/51)		45		39,572
4.95%, 09/15/52 (Call 03/15/52)		60		55,873
5.30%, 06/01/42 (Call 12/01/41)		45		45,441
7.50%, 09/01/38		35		41,766
Pacific Gas and Electric Co.
3.30%, 08/01/40 (Call 02/01/40)		155		111,743
3.50%, 08/01/50 (Call 02/01/50)		195		131,183
3.75%, 08/15/42 (Call 02/15/42)		45		33,069
3.95%, 12/01/47 (Call 06/01/47)		110		79,879
4.00%, 12/01/46 (Call 06/01/46)		20		14,562
4.20%, 06/01/41 (Call 12/01/40)		100		78,569
4.25%, 03/15/46 (Call 09/15/45)		15		11,476
4.30%, 03/15/45 (Call 09/15/44)		55		42,911
4.45%, 04/15/42 (Call 10/15/41)		40		32,181
4.50%, 07/01/40 (Call 01/01/40)		170		142,821
4.60%, 06/15/43 (Call 12/15/42)		25		20,492
4.75%, 02/15/44 (Call 08/15/43)		75		62,525
4.95%, 07/01/50 (Call 01/01/50)		360		305,742
5.25%, 03/01/52 (Call 09/01/51)		75		66,401
6.70%, 04/01/53 (Call 10/01/52)		130		139,409
6.75%, 01/15/53 (Call 07/15/52)		190		203,643
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)		55		33,523

Security	Par (000)		Value
Electric (continued)
3.30%, 03/15/51 (Call 09/15/50)	$	90	$	59,020
4.10%, 02/01/42 (Call 08/01/41)		60		47,555
4.13%, 01/15/49 (Call 07/15/48)		80		62,387
4.15%, 02/15/50 (Call 08/15/49)		120		93,142
5.35%, 12/01/53 (Call 06/01/53)		90		82,657
5.50%, 05/15/54 (Call 11/15/53)		115		107,329
5.75%, 04/01/37		90		89,464
6.00%, 01/15/39		95		97,546
6.10%, 08/01/36		35		36,246
6.25%, 10/15/37		100		104,529
6.35%, 07/15/38(b)		25		26,261
PacifiCorp., 5.80%, 01/15/55 (Call 07/15/54)		120		115,991
PECO Energy Co.
2.85%, 09/15/51 (Call 03/15/51)		20		12,740
3.00%, 09/15/49 (Call 03/15/49)		65		43,680
3.70%, 09/15/47 (Call 03/15/47)		85		66,052
3.90%, 03/01/48 (Call 09/01/47)		50		40,223
4.15%, 10/01/44 (Call 04/01/44)		50		41,771
4.38%, 08/15/52 (Call 02/15/52)		10		8,526
4.60%, 05/15/52 (Call 11/15/51)		40		35,616
5.95%, 10/01/36		45		47,603
Perusahaan Perseroan Persero PT Perusahaan
Listrik Negara
4.88%, 07/17/49(f)		200		165,021
5.25%, 10/24/42(f)		200		180,873
6.15%, 05/21/48(f)		200		195,632
PG&E Wildfire Recovery Funding LLC, Series A-5,
5.10%, 06/01/54		425		416,838
Potomac Electric Power Co.
4.15%, 03/15/43 (Call 09/15/42)		60		50,423
5.50%, 03/15/54 (Call 09/15/53)		25		24,885
6.50%, 11/15/37		45		49,669
PPL Electric Utilities Corp.
3.00%, 10/01/49 (Call 04/01/49)		25		17,054
3.95%, 06/01/47 (Call 12/01/46)		25		20,179
4.13%, 06/15/44 (Call 12/15/43)		40		33,539
4.15%, 06/15/48 (Call 12/15/47)		25		20,950
4.75%, 07/15/43 (Call 01/15/43)		50		46,005
5.25%, 05/15/53 (Call 11/15/52)		110		106,784
6.25%, 05/15/39		10		10,860
Progress Energy Inc., 6.00%, 12/01/39		75		75,606
Public Service Co. of Colorado
3.60%, 09/15/42 (Call 03/15/42)		35		26,865
4.05%, 09/15/49 (Call 03/15/49)		45		35,099
4.10%, 06/15/48 (Call 12/15/47)		30		23,934
4.30%, 03/15/44 (Call 09/15/43)		60		49,932
4.50%, 06/01/52 (Call 12/01/51)		45		37,683
5.25%, 04/01/53 (Call 10/01/52)		140		132,543
6.50%, 08/01/38		30		32,648
Series 17, 6.25%, 09/01/37		56		59,399
Series 34, 3.20%, 03/01/50 (Call 09/01/49)		30		20,320
Series 36, 2.70%, 01/15/51 (Call 07/15/50)		40		24,186
Public Service Co. of New Hampshire
3.60%, 07/01/49 (Call 01/01/49)		55		41,587
5.15%, 01/15/53 (Call 07/15/52)		35		33,572
Public Service Co. of Oklahoma, Series K, 3.15%, 08/15/51 (Call 02/15/51)		10		6,689
Public Service Electric & Gas Co.
2.05%, 08/01/50 (Call 02/01/50)		95		53,067
2.70%, 05/01/50 (Call 11/01/49)		25		16,102
3.00%, 03/01/51 (Call 09/01/50)		25		16,720

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
3.20%, 08/01/49 (Call 02/01/49)	$	45	$	31,749
3.60%, 12/01/47 (Call 06/01/47)		75		57,165
3.80%, 03/01/46 (Call 09/01/45)		75		59,194
3.85%, 05/01/49 (Call 11/01/48)		40		31,869
3.95%, 05/01/42 (Call 11/01/41)		75		62,922
5.13%, 03/15/53 (Call 09/15/52)(b)		125		121,040
5.45%, 08/01/53 (Call 02/01/53)		40		40,185
5.45%, 03/01/54 (Call 09/01/53)		50		50,150
5.50%, 03/01/40		5		4,999
5.80%, 05/01/37		30		30,876
Puget Sound Energy Inc.
2.89%, 09/15/51 (Call 03/15/51)		50		31,788
3.25%, 09/15/49 (Call 03/15/49)		65		44,289
4.22%, 06/15/48 (Call 12/15/47)		53		43,013
4.30%, 05/20/45 (Call 11/20/44)		30		24,887
5.45%, 06/01/53 (Call 12/01/52)		25		24,725
5.64%, 04/15/41 (Call 10/15/40)		36		35,835
5.76%, 10/01/39		35		35,130
5.80%, 03/15/40		20		20,188
6.27%, 03/15/37		50		52,581
San Diego Gas & Electric Co.
3.70%, 03/15/52 (Call 09/15/51)		25		18,523
4.15%, 05/15/48 (Call 11/15/47)		70		57,614
4.50%, 08/15/40		65		57,683
5.35%, 04/01/53 (Call 10/01/52)		125		120,918
6.00%, 06/01/39		30		31,047
Series RRR, 3.75%, 06/01/47 (Call 12/01/46)		15		11,534
Series UUU, 3.32%, 04/15/50 (Call 10/15/49)		45		31,236
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		70		46,426
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(f)		200		187,350
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(f)		200		194,899
Sempra
3.80%, 02/01/38 (Call 08/01/37)		120		98,432
4.00%, 02/01/48 (Call 08/01/47)		86		66,770
6.00%, 10/15/39		100		100,935
Sierra Pacific Power Co., 5.90%, 03/15/54
(Call 09/15/53)(a)		90		91,960
Southern California Edison Co.
3.45%, 02/01/52 (Call 08/01/51)		55		38,306
3.65%, 02/01/50 (Call 08/01/49)		135		98,754
4.00%, 04/01/47 (Call 10/01/46)		220		171,117
4.05%, 03/15/42 (Call 09/15/41)		121		99,428
4.50%, 09/01/40 (Call 03/01/40)		70		61,167
4.65%, 10/01/43 (Call 04/01/43)		120		105,028
5.50%, 03/15/40		60		59,271
5.70%, 03/01/53 (Call 09/01/52)		60		59,499
5.75%, 04/15/54 (Call 10/15/53)		50		49,696
5.88%, 12/01/53 (Call 06/01/53)		100		101,615
6.05%, 03/15/39		75		77,248
Series 04-G, 5.75%, 04/01/35		5		5,057
Series 05-E, 5.35%, 07/15/35		60		59,678
Series 06-E, 5.55%, 01/15/37		30		29,854
Series 08-A, 5.95%, 02/01/38		96		98,370
Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)		130		102,767
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)		25		15,997
Series B, 4.88%, 03/01/49 (Call 09/01/48)		55		48,815
Series C, 3.60%, 02/01/45 (Call 08/01/44)		95		70,324
Series C, 4.13%, 03/01/48 (Call 09/01/47)		125		99,728
Series E, 5.45%, 06/01/52 (Call 12/01/51)		15		14,389

Security	Par (000)		Value
Electric (continued)
Series H, 3.65%, 06/01/51 (Call 12/01/50)	$	30	$	21,922
Southern Co. (The)
4.25%, 07/01/36 (Call 01/01/36)		75		66,231
4.40%, 07/01/46 (Call 01/01/46)		110		92,769
5.70%, 03/15/34 (Call 09/15/33)		35		35,685
Southern Power Co.
5.15%, 09/15/41		60		55,348
5.25%, 07/15/43		20		18,534
Series F, 4.95%, 12/15/46 (Call 06/15/46)		70		61,462
Southwestern Electric Power Co.
3.25%, 11/01/51 (Call 05/01/51)		55		35,980
6.20%, 03/15/40		30		31,033
Series J, 3.90%, 04/01/45 (Call 10/01/44)		135		103,653
Series L, 3.85%, 02/01/48 (Call 08/01/47)		35		25,677
Southwestern Public Service Co.
3.40%, 08/15/46 (Call 02/15/46)		80		55,636
3.70%, 08/15/47 (Call 02/15/47)		35		25,027
3.75%, 06/15/49 (Call 12/15/48)		40		29,039
4.50%, 08/15/41 (Call 02/15/41)		5		4,242
Series 6, 4.40%, 11/15/48 (Call 05/15/48)		15		12,223
Series 8, 3.15%, 05/01/50 (Call 11/01/49)		120		77,320
State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(f)		200		192,898
Tampa Electric Co.
3.45%, 03/15/51 (Call 09/15/50)		34		23,574
3.63%, 06/15/50 (Call 12/15/49)		20		14,522
4.10%, 06/15/42 (Call 12/15/41)		35		28,720
4.30%, 06/15/48 (Call 12/15/47)		43		35,340
4.35%, 05/15/44 (Call 11/15/43)		29		24,018
4.45%, 06/15/49 (Call 12/15/48)		40		33,652
5.00%, 07/15/52 (Call 01/15/52)		30		27,343
Tierra Mojada Luxembourg II Sarl, 5.75%, 12/01/40(f)		181		161,472
Toledo Edison Co. (The), 6.15%, 05/15/37		26		27,371
TransAlta Corp., 6.50%, 03/15/40		35		34,609
Tri-State Generation & Transmission Association Inc., 6.00%, 06/15/40(a)		30		27,976
Tucson Electric Power Co.
3.25%, 05/01/51 (Call 11/01/50)		30		20,098
4.00%, 06/15/50 (Call 12/15/49)		10		7,651
4.85%, 12/01/48 (Call 06/01/48)		30		26,598
5.50%, 04/15/53 (Call 10/15/52)		40		39,157
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)		75		45,310
3.25%, 10/01/49 (Call 04/01/49)		45		30,737
3.65%, 04/15/45 (Call 10/15/44)		75		56,817
3.90%, 09/15/42 (Call 03/15/42)		50		40,532
3.90%, 04/01/52 (Call 10/01/51)		15		11,675
4.00%, 04/01/48 (Call 10/01/47)		60		47,200
5.25%, 01/15/54 (Call 07/15/53)		50		47,357
5.30%, 08/01/37		35		34,861
5.45%, 03/15/53 (Call 09/15/52)		65		63,624
8.45%, 03/15/39		26		33,073
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		150		86,991
2.95%, 11/15/51 (Call 05/15/51)		75		48,181
3.30%, 12/01/49 (Call 06/01/49)		105		73,716
4.00%, 01/15/43 (Call 07/15/42)		80		65,541
4.45%, 02/15/44 (Call 08/15/43)		115		98,805
4.60%, 12/01/48 (Call 06/01/48)		25		21,634
5.35%, 01/15/54 (Call 07/15/53)		50		48,057
5.45%, 04/01/53 (Call 10/01/52)		100		97,837

S C H E D U L E  O F  I N V E S T M E N T S 57

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.70%, 08/15/53 (Call 02/15/53)	$	50	$	50,515
6.35%, 11/30/37		5		5,334
8.88%, 11/15/38		40		53,166
Series A, 6.00%, 05/15/37		50		51,827
Series B, 3.80%, 09/15/47 (Call 03/15/47)		84		64,068
Series B, 4.20%, 05/15/45 (Call 11/15/44)		70		57,811
Series B, 6.00%, 01/15/36		55		57,273
Series C, 4.00%, 11/15/46 (Call 05/15/46)		35		27,750
Series C, 4.63%, 05/15/52 (Call 11/15/51)		95		81,754
Series D, 4.65%, 08/15/43 (Call 02/15/43)		110		97,326
Wisconsin Electric Power Co.
4.30%, 10/15/48 (Call 04/15/48)		20		16,779
5.70%, 12/01/36		35		35,943
Wisconsin Power and Light Co., 6.38%, 08/15/37		65		69,594
Wisconsin Public Service Corp.
2.85%, 12/01/51 (Call 06/01/51)		40		25,258
3.30%, 09/01/49 (Call 03/01/49)		35		24,502
3.67%, 12/01/42		20		15,592
4.75%, 11/01/44 (Call 05/01/44)		35		31,887
Xcel Energy Inc.
3.50%, 12/01/49 (Call 06/01/49)		75		52,324
6.50%, 07/01/36		35		37,664
				33,660,179
Electrical Components & Equipment — 0.0%
Emerson Electric Co.
2.75%, 10/15/50 (Call 04/15/50)		85		54,251
2.80%, 12/21/51 (Call 06/21/51)		65		41,823
5.25%, 11/15/39		40		40,391
				136,465
Electronics — 0.1%
Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)		50		41,254
Honeywell International Inc.
2.80%, 06/01/50 (Call 12/01/49)		110		75,841
3.81%, 11/21/47 (Call 05/21/47)		75		60,435
5.00%, 03/01/35 (Call 12/01/34)		75		74,822
5.25%, 03/01/54 (Call 09/01/53)		75		74,776
5.35%, 03/01/64 (Call 09/01/63)		75		74,852
5.38%, 03/01/41		40		41,085
5.70%, 03/15/36		95		100,309
5.70%, 03/15/37		106		111,118
Tyco Electronics Group SA, 7.13%, 10/01/37		60		68,874
				723,366
Energy - Alternate Sources — 0.0%
Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(f)		190		150,341
Topaz Solar Farms LLC, 5.75%, 09/30/39(a)		84		83,883
				234,224
Engineering & Construction — 0.1%
Aeropuerto Internacional de Tocumen SA, 4.00%, 08/11/41 (Call 08/11/40)(f)		200		142,108
Bioceanico Sovereign Certificate Ltd., 0.00% 06/05/34(d)(f)		130		94,433
Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(a)		65		50,564
LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(a)		5		3,335
Mexico City Airport Trust, 5.50%, 07/31/47 (Call 01/31/47)(f)		200		166,135
				456,575

Security	Par (000)		Value
Entertainment — 0.2%
Warnermedia Holdings Inc.
5.05%, 03/15/42 (Call 09/15/41)	$	345	$	289,561
5.14%, 03/15/52 (Call 09/15/51)		480		389,758
5.39%, 03/15/62 (Call 09/15/61)		235		189,154
				868,473
Environmental Control — 0.1%
Republic Services Inc.
3.05%, 03/01/50 (Call 09/01/49)		75		51,930
5.00%, 04/01/34 (Call 01/01/34)		120		118,154
5.70%, 05/15/41 (Call 11/15/40)		50		51,870
6.20%, 03/01/40		25		27,237
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		90		59,550
3.05%, 04/01/50 (Call 10/01/49)		85		57,394
Waste Management Inc.
2.50%, 11/15/50 (Call 05/15/50)		45		27,799
2.95%, 06/01/41 (Call 12/01/40)		85		62,779
4.10%, 03/01/45 (Call 09/01/44)		60		51,498
4.15%, 07/15/49 (Call 01/15/49)		75		63,375
				571,586
Food — 0.9%
Campbell Soup Co.
3.13%, 04/24/50 (Call 10/24/49)		40		26,082
4.80%, 03/15/48 (Call 09/15/47)		80		70,166
Conagra Brands Inc.
5.30%, 11/01/38 (Call 05/01/38)		143		135,031
5.40%, 11/01/48 (Call 05/01/48)		85		78,445
General Mills Inc.
3.00%, 02/01/51 (Call 08/01/50)		105		67,679
4.70%, 04/17/48 (Call 10/17/47)(b)		5		4,509
5.40%, 06/15/40		65		63,891
Grupo Bimbo SAB de CV
4.00%, 09/06/49(f)		200		156,371
4.70%, 11/10/47 (Call 05/10/47)(f)		200		172,848
Hershey Co. (The)
2.65%, 06/01/50 (Call 12/01/49)		60		38,719
3.13%, 11/15/49 (Call 05/15/49)		56		40,116
3.38%, 08/15/46 (Call 02/15/46)		5		3,761
Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)		65		43,619
Indofood CBP Sukses Makmur Tbk PT, 4.75%, 06/09/51 (Call 12/09/50)(f)		200		159,687
Ingredion Inc., 3.90%, 06/01/50 (Call 12/01/49)		45		32,961
J M Smucker Co. (The)
6.50%, 11/15/43 (Call 05/15/43)		85		90,804
6.50%, 11/15/53 (Call 05/15/53)		125		136,095
JBS USA LUX SA/JBS USA Food Co./JBS
Luxembourg SARL
6.75%, 03/15/34 (Call 12/15/33)(a)		65		66,931
7.25%, 11/15/53 (Call 05/15/53)(a)		135		141,516
JBS USA LUX SA/JBS USA Food Co./JBS USA
Finance Inc.
4.38%, 02/02/52 (Call 08/02/51)		110		78,842
6.50%, 12/01/52 (Call 06/01/52)		210		202,338
JM Smucker Co. (The)
3.55%, 03/15/50 (Call 09/15/49)		10		7,004
4.25%, 03/15/35		114		102,085
4.38%, 03/15/45		36		30,083
Kellanova, 4.50%, 04/01/46		95		81,651
Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40		47		46,619

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
Kraft Heinz Foods Co.
4.38%, 06/01/46 (Call 12/01/45)	$	325	$	269,594
4.63%, 10/01/39 (Call 04/01/39)		71		64,122
4.88%, 10/01/49 (Call 04/01/49)		150		133,856
5.00%, 07/15/35 (Call 01/15/35)		105		102,495
5.00%, 06/04/42		100		92,250
5.20%, 07/15/45 (Call 01/15/45)		195		182,025
5.50%, 06/01/50 (Call 12/01/49)		85		82,727
6.50%, 02/09/40		65		70,114
6.88%, 01/26/39		85		95,194
7.13%, 08/01/39(a)		75		85,279
Kroger Co. (The)
3.88%, 10/15/46 (Call 04/15/46)		30		22,766
3.95%, 01/15/50 (Call 07/15/49)		95		74,414
4.45%, 02/01/47 (Call 08/01/46)		100		84,343
4.65%, 01/15/48 (Call 07/15/47)		110		95,831
5.00%, 04/15/42 (Call 10/15/41)		15		13,913
5.15%, 08/01/43 (Call 02/01/43)		30		27,876
5.40%, 07/15/40 (Call 01/15/40)		15		14,507
5.40%, 01/15/49 (Call 07/15/48)		60		58,513
6.90%, 04/15/38		76		84,841
Mars Inc.
2.45%, 07/16/50 (Call 01/16/50)(a)		20		12,034
3.60%, 04/01/34 (Call 01/01/34)(a)		55		48,613
3.88%, 04/01/39 (Call 10/01/38)(a)		110		94,164
3.95%, 04/01/44 (Call 10/01/43)(a)		50		40,936
3.95%, 04/01/49 (Call 10/01/48)(a)		130		105,208
4.13%, 04/01/54 (Call 10/01/53)(a)		53		43,121
4.20%, 04/01/59 (Call 10/01/58)(a)		65		53,182
McCormick & Co. Inc./MD, 4.20%, 08/15/47 (Call 02/15/47)(b)		41		33,926
Mondelez International Inc., 2.63%, 09/04/50 (Call 03/04/50)		130		81,208
Nestle Holdings Inc.
2.63%, 09/14/51 (Call 03/14/51)(a)		20		12,796
3.90%, 09/24/38 (Call 03/24/38)(a)		305		267,690
4.00%, 09/24/48 (Call 03/24/48)(a)		20		16,808
4.70%, 01/15/53 (Call 07/15/52)(a)		150		141,023
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)		140		94,734
3.30%, 02/15/50 (Call 08/15/49)		55		38,953
4.45%, 03/15/48 (Call 09/15/47)		65		54,972
4.50%, 04/01/46 (Call 10/01/45)		45		38,507
4.85%, 10/01/45 (Call 04/01/45)		43		38,919
5.38%, 09/21/35		5		5,043
6.60%, 04/01/40 (Call 10/01/39)		15		16,448
6.60%, 04/01/50 (Call 10/01/49)		159		179,540
Tesco PLC, 6.15%, 11/15/37(a)		25		25,075
Tyson Foods Inc.
4.55%, 06/02/47 (Call 12/02/46)		80		64,775
4.88%, 08/15/34 (Call 02/15/34)		30		28,497
5.10%, 09/28/48 (Call 03/28/48)		145		127,867
5.15%, 08/15/44 (Call 02/15/44)		80		72,045
				5,468,597
Forest Products & Paper — 0.1%
Celulosa Arauco y Constitucion SA
5.50%, 11/02/47 (Call 05/02/47)		40		33,778
5.50%, 04/30/49 (Call 10/30/48)(f)		200		168,543
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)		102		86,386
4.40%, 08/15/47 (Call 02/15/47)		99		82,277

Security	Par (000)		Value
Forest Products & Paper (continued)
4.80%, 06/15/44 (Call 12/15/43)	$	118	$	105,066
5.00%, 09/15/35 (Call 03/15/35)		30		29,082
6.00%, 11/15/41 (Call 05/15/41)		75		77,251
Suzano Austria GmbH, 7.00%, 03/16/47 (Call 09/16/46)(f)		200		207,153
				789,536
Gas — 0.4%
APA Infrastructure Ltd., 5.00%, 03/23/35 (Call 12/23/34)(a)		5		4,636
Atmos Energy Corp.
2.85%, 02/15/52 (Call 08/15/51)		95		60,882
3.38%, 09/15/49 (Call 03/15/49)		35		25,308
4.13%, 10/15/44 (Call 04/15/44)		40		33,986
4.13%, 03/15/49 (Call 09/15/48)		90		74,099
4.15%, 01/15/43 (Call 07/15/42)		50		42,594
4.30%, 10/01/48 (Call 04/01/48)		90		77,310
5.50%, 06/15/41 (Call 12/15/40)		40		40,367
5.75%, 10/15/52 (Call 04/15/52)		70		73,277
6.20%, 11/15/53 (Call 05/15/53)		50		55,177
Boston Gas Co.
4.49%, 02/15/42(a)		30		24,663
6.12%, 07/20/53 (Call 01/20/53)(a)(b)		55		55,434
Brooklyn Union Gas Co. (The)
4.27%, 03/15/48 (Call 09/15/47)(a)		88		66,584
4.49%, 03/04/49 (Call 09/04/48)(a)		45		34,662
4.50%, 03/10/46 (Call 09/10/45)(a)		50		38,900
CenterPoint Energy Resources Corp.
4.10%, 09/01/47 (Call 03/01/47)		61		48,825
5.85%, 01/15/41 (Call 07/15/40)		45		45,914
East Ohio Gas Co. (The), 3.00%, 06/15/50 (Call 12/15/49)(a)		45		28,038
KeySpan Gas East Corp.
3.59%, 01/18/52 (Call 07/18/51)(a)		70		46,808
5.82%, 04/01/41(a)		60		56,759
NiSource Inc.
3.95%, 03/30/48 (Call 09/30/47)		90		69,153
4.38%, 05/15/47 (Call 11/15/46)		125		103,252
4.80%, 02/15/44 (Call 08/15/43)		115		102,004
5.00%, 06/15/52 (Call 12/15/51)		70		63,271
5.25%, 02/15/43 (Call 08/15/42)		10		9,423
5.65%, 02/01/45 (Call 08/01/44)		70		67,997
ONE Gas Inc.
4.50%, 11/01/48 (Call 05/01/48)		10		8,588
4.66%, 02/01/44 (Call 08/01/43)		105		93,508
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)		60		39,872
3.64%, 11/01/46 (Call 05/01/46)		50		35,230
4.65%, 08/01/43 (Call 02/01/43)		10		8,691
5.05%, 05/15/52 (Call 11/15/51)		75		67,582
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		70		55,187
5.13%, 11/15/40		20		19,112
5.75%, 06/01/53 (Call 12/01/52)		75		75,715
6.35%, 11/15/52 (Call 05/15/52)		65		71,203
Series UU, 4.13%, 06/01/48 (Call 12/01/47)		75		60,670
Series VV, 4.30%, 01/15/49 (Call 07/15/48)		30		24,590
Series WW, 3.95%, 02/15/50 (Call 08/15/49)		45		34,676
Southern Co. Gas Capital Corp.
3.95%, 10/01/46 (Call 04/01/46)		65		49,381
4.40%, 06/01/43 (Call 12/01/42)		39		32,386
4.40%, 05/30/47 (Call 11/30/46)		135		109,554

S C H E D U L E  O F  I N V E S T M E N T S 59

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
5.88%, 03/15/41 (Call 09/15/40)	$	51	$	50,992
Southwest Gas Corp.
3.18%, 08/15/51 (Call 02/15/51)		30		19,249
3.80%, 09/29/46 (Call 03/29/46)(b)		20		14,623
4.15%, 06/01/49 (Call 12/01/48)		40		30,580
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		42		30,953
Series K, 3.80%, 09/15/46 (Call 03/15/46)		95		70,086
				2,351,751
Hand & Machine Tools — 0.0%
Snap-on Inc.
3.10%, 05/01/50 (Call 11/01/49)		65		45,625
4.10%, 03/01/48 (Call 09/01/47)		55		45,902
Stanley Black & Decker Inc.
2.75%, 11/15/50 (Call 05/15/50)		76		44,287
4.85%, 11/15/48 (Call 05/15/48)		50		43,265
5.20%, 09/01/40		55		51,612
				230,691
Health Care - Products — 0.5%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		209		204,633
4.75%, 04/15/43 (Call 10/15/42)		100		95,732
4.90%, 11/30/46 (Call 05/30/46)		380		366,306
5.30%, 05/27/40		55		56,143
6.00%, 04/01/39		15		16,644
6.15%, 11/30/37		108		119,680
Alcon Finance Corp.
3.80%, 09/23/49 (Call 03/23/49)(a)		50		38,741
5.75%, 12/06/52 (Call 06/06/52)(a)		10		10,212
Baxter International Inc.
3.13%, 12/01/51 (Call 06/01/51)(b)		55		35,769
3.50%, 08/15/46 (Call 02/15/46)		60		42,456
Boston Scientific Corp.
4.55%, 03/01/39 (Call 09/01/38)		5		4,643
4.70%, 03/01/49 (Call 09/01/48)		89		81,485
6.50%, 11/15/35		27		29,799
7.38%, 01/15/40		50		58,727
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)		125		78,700
2.80%, 12/10/51 (Call 06/10/51)		115		74,520
4.38%, 09/15/45 (Call 03/15/45)		30		26,581
DH Europe Finance II Sarl
3.25%, 11/15/39 (Call 05/15/39)		85		67,530
3.40%, 11/15/49 (Call 05/15/49)		122		90,892
GE HealthCare Technologies Inc., 6.38%, 11/22/52 (Call 05/22/52)		120		132,987
HCA Inc., 4.38%, 03/15/42 (Call 09/15/41)		25		20,720
Koninklijke Philips NV
5.00%, 03/15/42		45		40,629
6.88%, 03/11/38		35		37,599
Medtronic Inc.
4.38%, 03/15/35		300		282,850
4.63%, 03/15/45		189		174,988
Revvity Inc., 3.63%, 03/15/51 (Call 09/15/50)		50		34,792
Solventum Corp.
5.90%, 04/30/54 (Call 10/30/53)(a)		125		122,397
6.00%, 05/15/64 (Call 11/15/63)(a)		125		121,430
STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51 (Call 09/15/50)		30		22,164

Security	Par (000)		Value
Health Care - Products (continued)
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)	$	15	$	10,199
4.10%, 04/01/43 (Call 10/01/42)		65		54,942
4.38%, 05/15/44 (Call 11/15/43)		70		61,616
4.63%, 03/15/46 (Call 09/15/45)		110		99,651
Thermo Fisher Scientific Inc.
2.80%, 10/15/41 (Call 04/15/41)		135		97,007
4.10%, 08/15/47 (Call 02/15/47)		101		84,550
5.30%, 02/01/44 (Call 08/01/43)		60		60,013
5.40%, 08/10/43 (Call 04/10/43)		20		20,193
Zimmer Biomet Holdings Inc.
4.45%, 08/15/45 (Call 02/15/45)		50		44,307
5.75%, 11/30/39		25		24,857
				3,047,084
Health Care - Services — 2.0%
AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)		30		19,674
Adventist Health System/West, 3.63%, 03/01/49 (Call 09/01/48)		55		40,489
Advocate Health & Hospitals Corp.
3.39%, 10/15/49 (Call 04/15/49)		62		46,387
4.27%, 08/15/48 (Call 02/15/48)		31		26,859
Series 2020, 3.01%, 06/15/50 (Call 12/15/49)		45		31,168
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		110		81,753
4.13%, 11/15/42 (Call 05/15/42)		60		47,935
4.50%, 05/15/42 (Call 11/15/41)		60		50,981
4.75%, 03/15/44 (Call 09/15/43)		40		34,528
6.63%, 06/15/36		76		82,756
6.75%, 12/15/37		45		49,169
AHS Hospital Corp.
5.02%, 07/01/45		35		33,368
Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		55		36,051
Allina Health System
2.90%, 11/15/51 (Call 05/15/51)		5		3,283
Series 2019, 3.89%, 04/15/49 (Call 10/15/48)		45		36,386
Ascension Health
3.95%, 11/15/46		95		79,619
4.85%, 11/15/53		112		106,941
Series B, 3.11%, 11/15/39 (Call 05/15/39)		20		15,581
Banner Health
2.91%, 01/01/42 (Call 07/01/41)		40		29,143
2.91%, 01/01/51 (Call 07/01/50)		30		19,868
Series 2020, 3.18%, 01/01/50 (Call 07/01/49)		35		24,978
Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)		5		2,953
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)		65		48,180
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)		50		40,723
Baylor Scott & White Holdings
3.97%, 11/15/46 (Call 05/15/46)		15		12,089
4.19%, 11/15/45 (Call 05/15/45)		70		61,340
Series 2021, 2.84%, 11/15/50 (Call 11/15/49)		100		66,288
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		40		28,314
Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)		10		6,947
Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)		60		37,083

60 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Children’s Hospital Corp. (The)
Series 2017, 4.12%, 01/01/47 (Call 07/01/46)	$	30	$	25,520
Series 2020, 2.59%, 02/01/50 (Call 08/01/49)		55		34,631
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		40		35,317
Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)		10		6,503
City of Hope
Series 2013, 5.62%, 11/15/43		25		24,552
Series 2018, 4.38%, 08/15/48 (Call 02/15/48)		55		45,259
Cleveland Clinic Foundation (The), 4.86%, 01/01/2114		47		42,617
CommonSpirit Health
3.82%, 10/01/49 (Call 04/01/49)		107		82,313
3.91%, 10/01/50 (Call 04/01/50)		45		34,739
4.19%, 10/01/49 (Call 04/01/49)		126		102,059
4.35%, 11/01/42		95		81,027
6.46%, 11/01/52 (Call 05/01/52)		15		16,792
Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)		10		6,741
Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)		40		30,126
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)		55		39,646
Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)		40		30,353
Dignity Health, 4.50%, 11/01/42		35		29,978
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		75		61,971
Elevance Health Inc.
3.13%, 05/15/50 (Call 11/15/49)		100		68,254
3.60%, 03/15/51 (Call 09/15/50)		95		70,721
3.70%, 09/15/49 (Call 03/15/49)		85		64,380
4.38%, 12/01/47 (Call 06/01/47)		118		100,201
4.55%, 03/01/48 (Call 09/01/47)		85		74,023
4.55%, 05/15/52 (Call 11/15/51)		105		91,065
4.63%, 05/15/42		95		85,478
4.65%, 01/15/43		135		121,828
4.65%, 08/15/44 (Call 02/15/44)		95		84,435
5.10%, 01/15/44		86		80,853
5.13%, 02/15/53 (Call 08/15/52)		120		113,588
5.85%, 01/15/36		50		52,197
5.95%, 12/15/34		10		10,505
6.10%, 10/15/52 (Call 04/15/52)		90		96,544
6.38%, 06/15/37		80		86,277
Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)		5		4,708
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		65		56,364
4.50%, 07/01/57 (Call 01/01/57)		40		34,270
Series 2020, 2.68%, 09/01/41 (Call 03/01/41)		15		10,589
Series 2020, 2.88%, 09/01/50 (Call 03/01/50)		63		41,832
Hartford HealthCare Corp., 3.45%, 07/01/54		20		13,970
HCA Inc.
3.50%, 07/15/51 (Call 01/15/51)		135		91,126
4.63%, 03/15/52 (Call 09/15/51)		260		212,774
5.13%, 06/15/39 (Call 12/15/38)		140		130,157
5.25%, 06/15/49 (Call 12/15/48)		250		223,956
5.50%, 06/15/47 (Call 12/15/46)		225		209,704
5.90%, 06/01/53 (Call 12/01/52)		30		29,469
6.00%, 04/01/54 (Call 10/01/53)		100		99,251

Security	Par (000)		Value
Health Care - Services (continued)
6.10%, 04/01/64 (Call 10/01/63)	$	100	$	98,828
Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)		100		67,702
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)(b)		20		16,317
Humana Inc.
3.95%, 08/15/49 (Call 02/15/49)		65		50,804
4.63%, 12/01/42 (Call 06/01/42)		61		52,949
4.80%, 03/15/47 (Call 09/15/46)		55		47,917
4.95%, 10/01/44 (Call 04/01/44)		70		63,114
5.50%, 03/15/53 (Call 09/15/52)		90		87,188
IHC Health Services Inc., 4.13%, 05/15/48 (Call 11/15/47)		50		42,624
Indiana University Health Inc. Obligated Group 3.97%, 11/01/48 (Call 05/01/48)		60		49,925
Series 2021, 2.85%, 11/01/51 (Call 05/01/51)		35		23,101
Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)(b)		5		4,255
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		60		45,470
Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)		40		31,089
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46		30		24,636
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		119		102,435
4.88%, 04/01/42		95		90,188
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)		120		87,969
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		210		153,672
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)		130		89,091
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		88		78,527
Mass General Brigham Inc.
Series 2015, 4.12%, 07/01/55		40		32,878
Series 2017, 3.77%, 07/01/48 (Call 01/01/48)		40		31,788
Series 2020, 3.19%, 07/01/49 (Call 01/01/49)		35		25,234
Series 2020, 3.34%, 07/01/60 (Call 01/01/60)		50		34,393
Mayo Clinic
3.77%, 11/15/43		50		42,016
Series 2013, 4.00%, 11/15/47		35		29,544
Series 2016, 4.13%, 11/15/52(b)		30		25,938
Series 2021, 3.20%, 11/15/61 (Call 05/15/61)		110		75,279
McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)		50		43,237
MedStar Health Inc., Series 20A, 3.63%, 08/15/49		40		30,301
Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)		40		29,756
Memorial Sloan-Kettering Cancer Center
4.13%, 07/01/52		70		59,502
5.00%, 07/01/42		65		63,119
Series 2015, 4.20%, 07/01/55		5		4,233
Series 2020, 2.96%, 01/01/50 (Call 07/01/49)		75		51,006
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		15		9,626
Montefiore Obligated Group
4.29%, 09/01/50		55		33,753
Series 18-C, 5.25%, 11/01/48 (Call 05/01/48)		40		30,006
Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52		15		11,827
Mount Sinai Hospital
Series 2017, 3.98%, 07/01/48		55		43,808

S C H E D U L E  O F  I N V E S T M E N T S 61

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)	$	40	$	29,797
MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(b)		25		14,648
MyMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		45		32,581
Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)		5		4,554
New York and Presbyterian Hospital (The)
2.26%, 08/01/40 (Call 02/01/40)		20		13,495
2.61%, 08/01/60 (Call 02/01/60)(b)		10		5,689
4.02%, 08/01/45		150		126,970
4.06%, 08/01/56		5		4,036
Series 2019, 3.95%, (Call 02/01/2119)		30		21,770
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		55		40,744
3.98%, 11/01/46 (Call 11/01/45)		60		47,460
4.26%, 11/01/47 (Call 11/01/46)		60		48,513
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		105		78,881
3.17%, 11/01/51 (Call 05/01/51)		85		57,940
NYU Langone Hospitals
4.37%, 07/01/47 (Call 01/01/47)(b)		55		48,637
4.78%, 07/01/44		35		32,815
OhioHealth Corp., Series 2020, 3.04%, 11/15/50 (Call 05/15/50)		50		35,678
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)		25		18,296
4.09%, 10/01/48 (Call 04/01/48)		50		41,526
PeaceHealth Obligated Group
Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		55		48,486
Series 2020, 3.22%, 11/15/50 (Call 05/15/50)		30		19,986
Piedmont Healthcare Inc., 2.86%, 01/01/52 (Call 07/01/51)		70		45,716
Providence St Joseph Health Obligated Group
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		135		80,863
Series A, 3.93%, 10/01/48 (Call 04/01/48)		79		61,059
Series I, 3.74%, 10/01/47		30		22,925
Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)(b)		40		35,329
Rady Children’s Hospital-San Diego, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)		40		27,864
Roche Holdings Inc.
2.61%, 12/13/51 (Call 06/13/51)(a)		200		126,124
4.00%, 11/28/44 (Call 05/28/44)(a)		45		38,619
7.00%, 03/01/39(a)		155		186,073
RWJ Barnabas Health Inc.
3.48%, 07/01/49 (Call 01/01/49)		35		26,064
3.95%, 07/01/46 (Call 07/01/45)		40		32,460
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		45		29,003
Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)		5		3,377
Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)		25		15,772
Stanford Health Care
3.03%, 08/15/51 (Call 02/15/51)		5		3,456
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		88		71,319
Sutter Health
5.55%, 08/15/53 (Call 02/15/53)		50		52,126
Series 2018, 4.09%, 08/15/48 (Call 02/15/48)		36		30,113
Series 20A, 3.16%, 08/15/40 (Call 02/15/40)		20		15,312
Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		60		43,873

Security	Par (000)		Value
Health Care - Services (continued)
Texas Health Resources
2.33%, 11/15/50 (Call 05/15/50)	$	10	$	5,956
4.33%, 11/15/55		40		35,172
Toledo Hospital (The)
4.98%, 11/15/45 (Call 05/15/45)		20		14,025
5.75%, 11/15/38 (Call 11/15/28)		90		90,215
6.02%, 11/15/48		65		52,465
Trinity Health Corp.
4.13%, 12/01/45		55		46,908
Series 2019, 3.43%, 12/01/48		50		37,978
Series 2021, 2.63%, 12/01/40 (Call 06/01/40)		15		10,542
UnitedHealth Group Inc.
2.75%, 05/15/40 (Call 11/15/39)		65		46,814
2.90%, 05/15/50 (Call 11/15/49)		125		82,961
3.05%, 05/15/41 (Call 11/15/40)		170		126,322
3.13%, 05/15/60 (Call 11/15/59)		5		3,271
3.25%, 05/15/51 (Call 11/15/50)		185		130,266
3.50%, 08/15/39 (Call 02/15/39)		60		48,490
3.70%, 08/15/49 (Call 02/15/49)		145		111,583
3.75%, 10/15/47 (Call 04/15/47)		92		71,323
3.88%, 08/15/59 (Call 02/15/59)		80		60,884
3.95%, 10/15/42 (Call 04/15/42)		130		109,272
4.20%, 01/15/47 (Call 07/15/46)		105		88,766
4.25%, 03/15/43 (Call 09/15/42)		58		50,561
4.25%, 04/15/47 (Call 10/15/46)		120		102,218
4.25%, 06/15/48 (Call 12/15/47)		125		105,212
4.38%, 03/15/42 (Call 09/15/41)		95		84,686
4.45%, 12/15/48 (Call 06/15/48)		105		91,830
4.63%, 07/15/35		165		159,217
4.63%, 11/15/41 (Call 05/15/41)		85		77,589
4.75%, 07/15/45		202		186,762
4.75%, 05/15/52 (Call 11/15/51)		230		209,572
4.95%, 05/15/62 (Call 11/15/61)		120		110,292
5.05%, 04/15/53 (Call 10/15/52)		255		242,625
5.20%, 04/15/63 (Call 10/15/62)		245		233,556
5.80%, 03/15/36		75		79,291
5.88%, 02/15/53 (Call 08/15/52)		220		235,113
5.95%, 02/15/41 (Call 08/15/40)		45		47,435
6.05%, 02/15/63 (Call 08/15/62)		210		227,896
6.50%, 06/15/37		95		105,771
6.63%, 11/15/37		120		135,195
6.88%, 02/15/38		65		75,493
UPMC, 5.38%, 05/15/43 (Call 11/15/42)		20		20,144
West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)		30		18,989
Willis-Knighton Medical Center
Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		49		43,099
Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(b)		55		35,911
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		50		29,836
				11,905,997
Holding Companies - Diversified — 0.3%
Gaci First Investment Co.
4.88%, 02/14/35 (Call 11/14/34)(f)		200		189,449
5.13%, 02/14/53 (Call 08/14/52)(f)		200		172,000
JAB Holdings BV, 3.75%, 05/28/51 (Call 11/28/50)(a)		35		22,745
MDGH GMTN RSC Ltd.
3.40%, 06/07/51 (Call 12/07/50)(f)		200		141,861
3.70%, 11/07/49 (Call 05/07/49)(f)		400		302,293
3.95%, 05/21/50 (Call 11/21/49)(f)		200		157,175
PTT Treasury Center Co. Ltd., 4.50%, 10/25/42(f)		200		174,970

62 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Holding Companies - Diversified (continued)
Temasek Financial I Ltd.
2.50%, 10/06/70 (Call 04/06/70)(a)	$	250	$	156,048
5.38%, 11/23/39(a)		250		271,824
				1,588,365
Home Builders — 0.0%
MDC Holdings Inc.
3.97%, 08/06/61 (Call 02/06/61)		30		22,825
6.00%, 01/15/43 (Call 10/15/42)		55		54,808
PulteGroup Inc., 6.00%, 02/15/35		40		41,077
				118,710
Home Furnishings — 0.0%
Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)		35		24,131
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)		61		49,043
4.60%, 05/15/50 (Call 11/15/49)		55		44,284
				117,458
Household Products & Wares — 0.1%
Church & Dwight Co. Inc.
3.95%, 08/01/47 (Call 02/01/47)		85		67,924
5.00%, 06/15/52 (Call 12/15/51)		25		23,580
Kimberly-Clark Corp.
3.20%, 07/30/46 (Call 01/30/46)		55		40,159
3.90%, 05/04/47 (Call 11/04/46)		60		48,605
5.30%, 03/01/41		30		30,004
6.63%, 08/01/37		100		115,205
SC Johnson & Son Inc.
4.75%, 10/15/46 (Call 04/16/46)(a)		40		35,633
4.80%, 09/01/40(a)		50		44,608
				405,718
Housewares — 0.0%
Newell Brands Inc.
6.38%, 04/01/36 (Call 10/01/35)		48		42,117
6.50%, 04/01/46 (Call 10/01/45)		75		59,932
				102,049
Insurance — 2.3%
Aflac Inc.
4.00%, 10/15/46 (Call 04/15/46)		15		11,941
4.75%, 01/15/49 (Call 07/15/48)		125		113,108
AIA Group Ltd.
3.20%, 09/16/40 (Call 03/16/40)(a)		205		153,170
4.50%, 03/16/46 (Call 09/16/45)(a)		105		94,021
Alleghany Corp.
3.25%, 08/15/51 (Call 02/15/51)		70		48,830
4.90%, 09/15/44 (Call 03/15/44)		15		14,047
Allstate Corp. (The)
3.85%, 08/10/49 (Call 02/10/49)		55		42,699
4.20%, 12/15/46 (Call 06/15/46)		85		69,505
4.50%, 06/15/43		60		52,288
5.55%, 05/09/35		50		50,650
5.95%, 04/01/36		75		78,337
6.50%, 05/15/67 (Call 05/15/37), (3-mo. LIBOR US + 2.120%)(c)		55		55,369
American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)		50		40,891
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		5		4,399
4.38%, 06/30/50 (Call 12/30/49)		110		94,370
4.50%, 07/16/44 (Call 01/16/44)		115		101,546
4.75%, 04/01/48 (Call 10/01/47)		130		118,739
4.80%, 07/10/45 (Call 01/10/45)		115		105,319

Security	Par (000)		Value
Insurance (continued)
AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(a)	$	82	$	48,859
Aon Corp., 6.25%, 09/30/40		40		42,375
Aon Corp./Aon Global Holdings PLC
2.90%, 08/23/51 (Call 02/23/51)		75		46,666
3.90%, 02/28/52 (Call 08/28/51)		100		75,678
Aon Global Ltd.
4.60%, 06/14/44 (Call 03/14/44)		50		43,162
4.75%, 05/15/45 (Call 11/15/44)		64		56,416
Aon North America Inc., 5.75%, 03/01/54 (Call 09/01/53)		140		140,654
Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)		50		45,968
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		120		88,400
Arch Capital Group U.S. Inc., 5.14%, 11/01/43		70		65,141
Arthur J Gallagher & Co.
3.05%, 03/09/52 (Call 09/09/51)		130		82,449
3.50%, 05/20/51 (Call 11/20/50)		55		38,183
5.75%, 03/02/53 (Call 09/02/52)		107		105,345
5.75%, 07/15/54 (Call 01/15/54)		35		34,698
6.75%, 02/15/54 (Call 08/15/53)		10		11,198
Assured Guaranty Municipal Holdings Inc., 6.40%, 12/15/66 (Call 12/15/36),
(1-mo. LIBOR US + 2.215%)(a)(c)		20		18,261
Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)		60		42,195
Athene Holding Ltd.
3.45%, 05/15/52 (Call 11/15/51)		45		29,289
3.95%, 05/25/51 (Call 11/25/50)		80		58,354
Berkshire Hathaway Finance Corp.
2.50%, 01/15/51 (Call 07/15/50)		95		58,765
2.85%, 10/15/50 (Call 04/15/50)		205		135,247
3.85%, 03/15/52 (Call 09/15/51)		320		253,663
4.20%, 08/15/48 (Call 02/15/48)		233		202,661
4.25%, 01/15/49 (Call 07/15/48)		151		132,833
4.30%, 05/15/43		70		62,600
4.40%, 05/15/42		125		115,510
5.75%, 01/15/40		58		62,363
Berkshire Hathaway Inc., 4.50%, 02/11/43		100		94,256
Brighthouse Financial Inc.
3.85%, 12/22/51 (Call 06/22/51)		55		35,625
4.70%, 06/22/47 (Call 12/22/46)		114		88,339
Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)		90		77,544
Chubb Corp. (The)
6.00%, 05/11/37		36		38,636
Series 1, 6.50%, 05/15/38		70		78,651
Chubb INA Holdings Inc.
2.85%, 12/15/51 (Call 06/15/51)		65		43,992
3.05%, 12/15/61 (Call 06/15/61)		130		86,305
4.15%, 03/13/43		55		48,079
4.35%, 11/03/45 (Call 05/03/45)		180		158,920
6.70%, 05/15/36		30		34,115
Cincinnati Financial Corp., 6.13%, 11/01/34		35		36,563
Corebridge Financial Inc.
4.35%, 04/05/42 (Call 10/05/41)		65		53,765
4.40%, 04/05/52 (Call 10/05/51)		150		120,574
Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)		40		26,751
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)		100		90,685

S C H E D U L E  O F  I N V E S T M E N T S 63

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)	$	165	$	103,398
3.50%, 10/15/50 (Call 04/15/50)		125		87,779
4.87%, 06/01/44		15		13,503
Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo. LIBOR US + 3.454%)(a)(c)		70		57,609
Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo. LIBOR US + 3.231%)(a)(c)		85		62,681
Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)		65		40,796
Genworth Holdings Inc., 6.50%, 06/15/34		32		29,983
Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(a)		85		74,777
Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(a)		65		52,414
Guardian Life Insurance Co. of America (The)
3.70%, 01/22/70 (Call 07/22/69)(a)		35		22,903
4.85%, 01/24/77(a)		70		57,462
4.88%, 06/19/64(a)(b)		55		47,287
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		15		9,613
3.60%, 08/19/49 (Call 02/19/49)		15		11,288
4.30%, 04/15/43		40		34,156
4.40%, 03/15/48 (Call 09/15/47)		80		69,088
5.95%, 10/15/36		45		46,528
6.10%, 10/01/41		115		119,820
High Street Funding Trust II, 4.68%, 02/15/48 (Call 11/15/47)(a)		100		81,524
Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(a)		85		61,275
Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)		65		46,418
Liberty Mutual Group Inc.
3.95%, 10/15/50 (Call 04/15/50)(a)		220		165,102
3.95%, 05/15/60 (Call 11/15/59)(a)		70		50,135
4.30%, 02/01/61 (Call 02/01/26)(a)		90		57,306
5.50%, 06/15/52 (Call 12/15/51)(a)		65		62,182
7.80%, 03/07/87(a)		50		51,322
Lincoln National Corp.
4.35%, 03/01/48 (Call 09/01/47)		55		42,595
4.38%, 06/15/50 (Call 12/15/49)		30		23,158
7.00%, 06/15/40		65		70,875
Loews Corp.
4.13%, 05/15/43 (Call 11/15/42)		75		63,517
6.00%, 02/01/35		10		10,608
Manulife Financial Corp., 5.38%, 03/04/46		90		88,088
Markel Group Inc.
3.45%, 05/07/52 (Call 11/07/51)		65		44,601
4.15%, 09/17/50 (Call 03/17/50)		36		28,421
4.30%, 11/01/47 (Call 05/01/47)		40		31,821
5.00%, 04/05/46		85		75,750
5.00%, 05/20/49 (Call 11/20/48)		60		54,370
Marsh & McLennan Companies Inc.
4.20%, 03/01/48 (Call 09/01/47)		85		70,761
4.35%, 01/30/47 (Call 07/30/46)		55		46,658
4.75%, 03/15/39 (Call 09/15/38)		85		80,024
4.90%, 03/15/49 (Call 09/15/48)		130		120,211
5.45%, 03/15/53 (Call 09/15/52)		70		69,774
5.45%, 03/15/54 (Call 09/15/53)		40		39,749
5.70%, 09/15/53 (Call 03/15/53)		120		124,284
6.25%, 11/01/52 (Call 05/01/52)		35		38,679

Security	Par (000)		Value
Insurance (continued)
Massachusetts Mutual Life Insurance Co.
3.20%, 12/01/61(a)	$	5	$	3,127
3.38%, 04/15/50(a)		35		24,180
3.73%, 10/15/70(a)		76		51,336
4.90%, 04/01/77(a)		115		95,853
5.67%, 12/01/52 (Call 06/01/52)(a)		100		99,869
MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)		5		5,360
MetLife Inc.
4.05%, 03/01/45		140		115,599
4.13%, 08/13/42		76		64,265
4.60%, 05/13/46 (Call 11/13/45)		95		84,889
4.72%, 12/15/44		85		75,643
4.88%, 11/13/43		106		97,394
5.00%, 07/15/52 (Call 01/15/52)		145		135,280
5.25%, 01/15/54 (Call 07/15/53)		125		120,862
5.70%, 06/15/35		160		165,615
5.88%, 02/06/41		50		52,188
6.38%, 06/15/34		145		156,198
6.40%, 12/15/66 (Call 12/15/31)		145		147,394
10.75%, 08/01/69 (Call 08/01/34)		31		42,196
Nationwide Financial Services Inc.
3.90%, 11/30/49 (Call 05/30/49)(a)		130		100,910
5.30%, 11/18/44(a)(b)		40		35,938
6.75%, 05/15/87		20		19,892
Nationwide Mutual Insurance Co.
4.35%, 04/30/50 (Call 10/30/49)(a)		140		110,475
9.38%, 08/15/39(a)		95		122,450
New York Life Insurance Co.
3.75%, 05/15/50 (Call 11/15/49)(a)		140		106,661
4.45%, 05/15/69 (Call 11/15/68)(a)		60		48,124
6.75%, 11/15/39(a)		130		147,758
Northwestern Mutual Life Insurance Co. (The)
3.45%, 03/30/51 (Call 09/30/50)(a)		120		84,659
3.63%, 09/30/59 (Call 03/30/59)(a)		130		91,149
3.85%, 09/30/47 (Call 03/30/47)(a)		125		97,324
6.06%, 03/30/40(a)		125		130,115
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)		100		72,392
Pacific Life Insurance Co., 4.30%, 10/24/67 (Call 10/24/47), (3-mo. LIBOR US + 2.796%)(a)(c)		135		104,258
Pacific LifeCorp.
3.35%, 09/15/50 (Call 03/15/50)(a)		45		31,123
5.40%, 09/15/52 (Call 03/15/52)(a)		100		95,798
Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(a)		55		35,926
Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(a)		110		102,168
Principal Financial Group Inc.
4.30%, 11/15/46 (Call 05/15/46)		55		45,548
4.35%, 05/15/43		31		26,941
4.63%, 09/15/42		25		22,408
5.50%, 03/15/53 (Call 09/15/52)		10		9,777
6.05%, 10/15/36		35		36,821
Progressive Corp. (The)
3.70%, 03/15/52 (Call 09/15/51)		110		85,526
3.95%, 03/26/50 (Call 09/26/49)		50		40,705
4.13%, 04/15/47 (Call 10/15/46)		77		64,666
4.20%, 03/15/48 (Call 09/15/47)		50		42,981
4.35%, 04/25/44		45		39,829
Provident Financing Trust I, 7.41%, 03/15/38(b)		30		32,959

64 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Prudential Financial Inc.
3.00%, 03/10/40 (Call 09/10/39)	$	80	$	59,633
3.70%, 03/13/51 (Call 09/13/50)		165		125,271
3.91%, 12/07/47 (Call 06/07/47)		115		90,778
3.94%, 12/07/49 (Call 06/07/49)		145		113,644
4.35%, 02/25/50 (Call 08/25/49)		105		88,782
4.42%, 03/27/48 (Call 09/27/47)		55		46,949
4.60%, 05/15/44		63		56,084
5.70%, 12/14/36		100		103,183
6.63%, 12/01/37		40		44,484
6.63%, 06/21/40		55		60,685
Securian Financial Group Inc., 4.80%, 04/15/48(a)		35		28,524
Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)		50		47,333
Teachers Insurance & Annuity Association of America
3.30%, 05/15/50 (Call 11/15/49)(a)		185		129,247
4.27%, 05/15/47 (Call 11/15/46)(a)		240		197,488
4.90%, 09/15/44(a)		150		136,250
6.85%, 12/16/39(a)		100		112,810
Transatlantic Holdings Inc., 8.00%, 11/30/39		45		57,497
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)		50		31,124
3.05%, 06/08/51 (Call 12/08/50)		50		34,187
3.75%, 05/15/46 (Call 11/15/45)		35		27,749
4.00%, 05/30/47 (Call 11/30/46)		95		78,340
4.05%, 03/07/48 (Call 09/07/47)		80		67,063
4.10%, 03/04/49 (Call 09/04/48)		70		58,833
4.30%, 08/25/45 (Call 02/25/45)		65		56,648
4.60%, 08/01/43		30		27,867
5.35%, 11/01/40		60		60,658
5.45%, 05/25/53 (Call 11/25/52)		90		91,807
6.25%, 06/15/37		100		109,889
6.75%, 06/20/36		111		126,558
Unum Group
4.13%, 06/15/51 (Call 12/15/50)		5		3,670
4.50%, 12/15/49 (Call 06/15/49)		70		55,482
5.75%, 08/15/42		60		58,252
W R Berkley Corp.
3.15%, 09/30/61 (Call 03/30/61)		30		17,986
3.55%, 03/30/52 (Call 09/30/51)		15		10,356
4.00%, 05/12/50 (Call 11/12/49)		70		53,889
4.75%, 08/01/44		60		52,045
Western & Southern Life Insurance Co. (The)
3.75%, 04/28/61 (Call 10/28/60)(a)		75		50,434
5.15%, 01/15/49 (Call 07/15/48)(a)		30		27,141
Willis North America Inc.
3.88%, 09/15/49 (Call 03/15/49)		80		59,309
5.05%, 09/15/48 (Call 03/15/48)		40		35,812
5.90%, 03/05/54 (Call 09/05/53)		75		74,904
XL Group Ltd., 5.25%, 12/15/43		50		46,705
				13,437,134
Internet — 0.9%
Alibaba Group Holding Ltd.
2.70%, 02/09/41 (Call 08/09/40)		200		137,807
3.15%, 02/09/51 (Call 08/09/50)		240		158,396
3.25%, 02/09/61 (Call 08/09/60)		10		6,310
4.00%, 12/06/37 (Call 06/06/37)		55		47,424
4.20%, 12/06/47 (Call 06/06/47)		210		170,806
4.40%, 12/06/57 (Call 06/06/57)		20		16,346
4.50%, 11/28/34 (Call 05/28/34)		60		56,189

Security	Par (000)		Value
Internet (continued)
Alphabet Inc.
1.90%, 08/15/40 (Call 02/15/40)	$	205	$	135,564
2.05%, 08/15/50 (Call 02/15/50)		360		212,642
2.25%, 08/15/60 (Call 02/15/60)		85		48,798
Amazon.com Inc.
2.50%, 06/03/50 (Call 12/03/49)		269		168,742
2.70%, 06/03/60 (Call 12/03/59)		228		140,140
2.88%, 05/12/41 (Call 11/12/40)		170		127,646
3.10%, 05/12/51 (Call 11/12/50)		330		231,926
3.25%, 05/12/61 (Call 11/12/60)		195		134,383
3.88%, 08/22/37 (Call 02/22/37)		318		284,262
3.95%, 04/13/52 (Call 10/13/51)		315		260,316
4.05%, 08/22/47 (Call 02/22/47)		362		309,595
4.10%, 04/13/62 (Call 10/13/61)		155		128,110
4.25%, 08/22/57 (Call 02/22/57)		280		240,221
4.80%, 12/05/34 (Call 06/05/34)		35		34,990
4.95%, 12/05/44 (Call 06/05/44)		200		197,310
eBay Inc.
3.65%, 05/10/51 (Call 11/10/50)		70		50,622
4.00%, 07/15/42 (Call 01/15/42)		106		84,093
Meta Platforms Inc.
4.45%, 08/15/52 (Call 02/15/52)		330		288,417
4.65%, 08/15/62 (Call 02/15/62)		150		132,302
5.60%, 05/15/53 (Call 11/15/52)		290		300,373
5.75%, 05/15/63 (Call 11/15/62)		165		172,746
Prosus NV
3.83%, 02/08/51 (Call 08/08/50)(f)		200		122,497
4.03%, 08/03/50 (Call 02/03/50)(f)		200		127,054
Tencent Holdings Ltd.
3.24%, 06/03/50 (Call 12/03/49)(f)		200		134,802
3.29%, 06/03/60 (Call 12/03/59)(f)		200		127,873
3.84%, 04/22/51 (Call 10/22/50)(f)		200		150,238
4.53%, 04/11/49 (Call 10/11/48)(f)		200		170,553
				5,109,493
Iron & Steel — 0.2%
ArcelorMittal SA
6.75%, 03/01/41		75		76,953
7.00%, 10/15/39		46		49,045
Cleveland-Cliffs Inc., 6.25%, 10/01/40		30		26,189
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)		99		63,650
3.85%, 04/01/52 (Call 09/01/51)		55		43,240
6.40%, 12/01/37		100		109,366
Steel Dynamics Inc., 3.25%, 10/15/50 (Call 04/15/50)		70		45,845
U.S. Steel Corp., 6.65%, 06/01/37		30		30,986
Vale Overseas Ltd.
6.88%, 11/21/36		187		200,117
6.88%, 11/10/39(b)		149		159,325
Vale SA, 5.63%, 09/11/42		50		48,872
				853,588
Leisure Time — 0.0%
Brunswick Corp., 5.10%, 04/01/52 (Call 10/01/51)		40		31,617
Harley-Davidson Inc., 4.63%, 07/28/45 (Call 01/28/45)		30		23,664
				55,281
Machinery — 0.2%
ABB Finance USA Inc., 4.38%, 05/08/42		30		26,926
Caterpillar Inc.
3.25%, 09/19/49 (Call 03/19/49)		200		147,201
3.25%, 04/09/50 (Call 10/09/49)		115		85,012

S C H E D U L E  O F  I N V E S T M E N T S 65

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
3.80%, 08/15/42	$	170	$	141,853
4.30%, 05/15/44 (Call 11/15/43)		70		63,224
4.75%, 05/15/64 (Call 11/15/63)		40		36,170
5.20%, 05/27/41		96		96,994
6.05%, 08/15/36		85		93,114
Deere & Co.
2.88%, 09/07/49 (Call 03/07/49)		100		69,587
3.75%, 04/15/50 (Call 10/15/49)		115		94,143
3.90%, 06/09/42 (Call 12/09/41)		109		93,014
Dover Corp.
5.38%, 10/15/35		40		40,678
5.38%, 03/01/41 (Call 12/01/40)		20		19,671
Otis Worldwide Corp.
3.11%, 02/15/40 (Call 08/15/39)		100		76,034
3.36%, 02/15/50 (Call 08/15/49)		80		57,861
Rockwell Automation Inc.
2.80%, 08/15/61 (Call 02/15/61)		15		8,963
4.20%, 03/01/49 (Call 09/01/48)		80		68,165
Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)		20		16,920
				1,235,530
Manufacturing — 0.3%
3M Co.
3.13%, 09/19/46 (Call 03/19/46)(b)		70		48,338
3.25%, 08/26/49 (Call 02/26/49)(b)		80		55,100
3.63%, 10/15/47 (Call 04/15/47)		93		67,313
3.70%, 04/15/50 (Call 10/15/49)		50		36,965
3.88%, 06/15/44		85		66,714
4.00%, 09/14/48 (Call 03/14/48)(b)		100		80,648
5.70%, 03/15/37		67		69,893
Eaton Corp.
3.92%, 09/15/47 (Call 03/15/47)		15		12,272
4.15%, 11/02/42		100		86,811
4.70%, 08/23/52 (Call 02/23/52)		110		101,490
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		200		187,174
General Electric Co.
4.50%, 03/11/44		55		49,758
5.88%, 01/14/38		30		31,845
6.88%, 01/10/39		130		153,641
Illinois Tool Works Inc.
3.90%, 09/01/42 (Call 03/01/42)		80		68,115
4.88%, 09/15/41 (Call 03/15/41)		51		49,277
Parker-Hannifin Corp.
4.00%, 06/14/49 (Call 12/14/48)		105		85,673
4.10%, 03/01/47 (Call 09/01/46)		70		57,481
4.20%, 11/21/34 (Call 05/21/34)		40		36,831
4.45%, 11/21/44 (Call 05/21/44)		75		65,791
6.25%, 05/15/38		25		26,882
Siemens Financieringsmaatschappij NV
2.88%, 03/11/41(a)		250		187,068
3.30%, 09/15/46(a)		15		11,342
4.20%, 03/16/47(a)		250		219,650
4.40%, 05/27/45(a)		50		45,109
				1,901,181
Media — 2.1%
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.50%, 06/01/41 (Call 12/01/40)		165		109,170
3.50%, 03/01/42 (Call 09/01/41)		150		97,959
3.70%, 04/01/51 (Call 10/01/50)		250		151,398

Security	Par (000)		Value
Media (continued)
3.85%, 04/01/61 (Call 10/01/60)	$	235	$	136,180
3.90%, 06/01/52 (Call 12/01/51)		225		141,192
3.95%, 06/30/62 (Call 12/30/61)		165		97,006
4.40%, 12/01/61 (Call 06/01/61)		170		109,097
4.80%, 03/01/50 (Call 09/01/49)		325		234,812
5.13%, 07/01/49 (Call 01/01/49)		130		98,447
5.25%, 04/01/53 (Call 10/01/52)(b)		155		120,266
5.38%, 04/01/38 (Call 10/01/37)		145		124,425
5.38%, 05/01/47 (Call 11/01/46)		175		137,693
5.50%, 04/01/63 (Call 10/01/62)		135		103,712
5.75%, 04/01/48 (Call 10/01/47)		263		218,560
6.38%, 10/23/35 (Call 04/23/35)		290		280,185
6.48%, 10/23/45 (Call 04/23/45)		321		293,164
6.83%, 10/23/55 (Call 04/23/55)		90		85,125
Comcast Corp.
2.45%, 08/15/52 (Call 02/15/52)		100		57,378
2.65%, 08/15/62 (Call 02/15/62)		140		78,053
2.80%, 01/15/51 (Call 07/15/50)		232		144,930
2.89%, 11/01/51 (Call 05/01/51)		587		371,852
2.94%, 11/01/56 (Call 05/01/56)		639		393,458
2.99%, 11/01/63 (Call 05/01/63)		364		217,811
3.20%, 07/15/36 (Call 01/15/36)		60		48,446
3.25%, 11/01/39 (Call 05/01/39)		216		165,879
3.40%, 07/15/46 (Call 01/15/46)		200		146,713
3.45%, 02/01/50 (Call 08/01/49)		270		193,896
3.75%, 04/01/40 (Call 10/01/39)		80		65,381
3.90%, 03/01/38 (Call 09/01/37)		160		137,297
3.97%, 11/01/47 (Call 05/01/47)		189		149,911
4.00%, 08/15/47 (Call 02/15/47)		145		115,997
4.00%, 03/01/48 (Call 09/01/47)		165		130,817
4.00%, 11/01/49 (Call 05/01/49)		176		139,194
4.05%, 11/01/52 (Call 05/01/52)		100		78,873
4.20%, 08/15/34 (Call 02/15/34)		140		128,617
4.40%, 08/15/35 (Call 02/15/35)		114		105,613
4.60%, 10/15/38 (Call 04/15/38)		124		114,095
4.60%, 08/15/45 (Call 02/15/45)		105		92,821
4.65%, 07/15/42		115		103,587
4.70%, 10/15/48 (Call 04/15/48)		210		189,577
4.75%, 03/01/44		75		68,027
4.95%, 10/15/58 (Call 04/15/58)		130		120,048
5.35%, 05/15/53 (Call 11/15/52)		160		156,046
5.50%, 05/15/64 (Call 11/15/63)		170		166,961
5.65%, 06/15/35		120		123,273
6.50%, 11/15/35		85		92,706
6.55%, 07/01/39		10		10,991
6.95%, 08/15/37		25		28,499
Cox Communications Inc.
2.95%, 10/01/50 (Call 04/01/50)(a)		55		33,644
3.60%, 06/15/51 (Call 12/15/50)(a)(b)		115		80,035
4.50%, 06/30/43 (Call 12/30/42)(a)		96		78,576
4.60%, 08/15/47 (Call 02/15/47)(a)		5		4,021
4.70%, 12/15/42(a)		55		46,315
4.80%, 02/01/35 (Call 08/01/34)(a)		70		64,318
5.80%, 12/15/53 (Call 06/15/53)(a)		55		53,609
8.38%, 03/01/39(a)		50		59,882
Discovery Communications LLC
4.00%, 09/15/55 (Call 03/15/55)		196		129,743
4.65%, 05/15/50 (Call 11/15/49)		225		170,825
4.88%, 04/01/43		40		32,023
5.00%, 09/20/37 (Call 03/20/37)		85		72,734
5.20%, 09/20/47 (Call 03/20/47)		245		199,284

66 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
5.30%, 05/15/49 (Call 11/15/48)	$	191	$	155,776
6.35%, 06/01/40		190		182,649
Fox Corp.
5.48%, 01/25/39 (Call 07/25/38)		130		121,487
5.58%, 01/25/49 (Call 07/25/48)		145		132,595
Grupo Televisa SAB
5.00%, 05/13/45 (Call 11/13/44)		45		37,669
5.25%, 05/24/49 (Call 11/24/48)		25		21,867
6.63%, 01/15/40		154		158,224
Historic TW Inc., 8.30%, 01/15/36(e)		15		16,647
NBCUniversal Media LLC
4.45%, 01/15/43		20		17,479
5.95%, 04/01/41		100		104,039
Paramount Global
4.38%, 03/15/43		170		113,876
4.60%, 01/15/45 (Call 07/15/44)		60		41,085
4.85%, 07/01/42 (Call 01/01/42)		74		53,265
4.90%, 08/15/44 (Call 02/15/44)		75		52,646
4.95%, 05/19/50 (Call 11/19/49)		120		85,959
5.25%, 04/01/44 (Call 10/01/43)(b)		25		18,429
5.85%, 09/01/43 (Call 03/01/43)		130		105,167
5.90%, 10/15/40 (Call 04/15/40)		30		24,311
6.88%, 04/30/36		129		118,353
Sky Group Finance Ltd., 6.50%, 10/15/35(a)		40		43,609
Thomson Reuters Corp.
5.50%, 08/15/35		45		45,680
5.65%, 11/23/43 (Call 05/23/43)		30		29,136
5.85%, 04/15/40		40		40,605
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		94		68,714
5.50%, 09/01/41 (Call 03/01/41)		155		127,715
5.88%, 11/15/40 (Call 05/15/40)		120		103,169
6.55%, 05/01/37		140		131,428
6.75%, 06/15/39		180		169,547
7.30%, 07/01/38		190		189,316
TWDC Enterprises 18 Corp.
3.00%, 07/30/46		60		41,880
3.70%, 12/01/42		70		56,812
4.13%, 06/01/44		101		86,082
4.38%, 08/16/41		50		44,192
Series E, 4.13%, 12/01/41		60		51,632
Walt Disney Co. (The)
2.75%, 09/01/49 (Call 03/01/49)		205		132,228
3.50%, 05/13/40 (Call 11/13/39)		225		180,623
3.60%, 01/13/51 (Call 07/13/50)		320		242,888
3.80%, 05/13/60 (Call 11/13/59)		5		3,791
4.63%, 03/23/40 (Call 09/23/39)		85		79,474
4.70%, 03/23/50 (Call 09/23/49)(b)		150		137,228
4.75%, 09/15/44 (Call 03/15/44)		130		119,465
4.75%, 11/15/46 (Call 05/15/46)		70		63,458
4.95%, 10/15/45 (Call 04/15/45)		90		84,246
5.40%, 10/01/43		125		125,649
6.15%, 03/01/37		26		28,084
6.15%, 02/15/41		75		80,957
6.20%, 12/15/34		70		76,400
6.40%, 12/15/35		71		78,045
6.65%, 11/15/37		200		226,174
7.75%, 12/01/45		65		83,177
				12,233,074

Security	Par (000)		Value
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp.
3.90%, 01/15/43 (Call 07/15/42)	$	50	$	42,150
4.38%, 06/15/45 (Call 12/15/44)		20		17,551
Valmont Industries Inc.
5.00%, 10/01/44 (Call 04/01/44)		60		52,266
5.25%, 10/01/54 (Call 04/01/54)		20		17,214
				129,181
Mining — 0.8%
Anglo American Capital PLC, 4.75%, 03/16/52
(Call 09/16/51)(f)		200		168,001
AngloGold Ashanti Holdings PLC, 6.50%, 04/15/40		30		29,410
Barrick Gold Corp., 6.45%, 10/15/35		30		32,462
Barrick North America Finance LLC
5.70%, 05/30/41		119		120,398
5.75%, 05/01/43		104		106,272
Barrick PD Australia Finance Pty. Ltd., 5.95%, 10/15/39		140		143,095
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		135		116,284
5.00%, 09/30/43		300		286,830
5.50%, 09/08/53 (Call 03/08/53)		80		81,553
Corp. Nacional del Cobre de Chile
3.70%, 01/30/50 (Call 07/30/49)(f)		400		269,892
4.25%, 07/17/42(a)		200		154,289
4.38%, 02/05/49 (Call 08/05/48)(f)		200		152,581
4.50%, 08/01/47 (Call 02/01/47)(f)		200		154,249
5.63%, 09/21/35(a)		100		96,105
6.30%, 09/08/53(f)		200		194,103
Freeport-McMoRan Inc.
5.40%, 11/14/34 (Call 05/14/34)		50		48,553
5.45%, 03/15/43 (Call 09/15/42)		185		172,341
Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(f)		200		147,453
Glencore Finance Canada Ltd.
5.55%, 10/25/42(a)		45		42,720
6.00%, 11/15/41(a)		40		39,745
6.90%, 11/15/37(a)		99		107,318
Glencore Funding LLC
3.38%, 09/23/51 (Call 03/23/51)(a)		10		6,863
3.88%, 04/27/51 (Call 10/27/50)(a)(b)		60		44,793
Indonesia Asahan Aluminium PT/Mineral Industri
Indonesia Persero PT, 5.80%, 05/15/50
(Call 11/15/49)(f)		200		186,233
Industrias Penoles SAB de CV, 4.75%, 08/06/50
(Call 02/06/50)(f)		200		154,994
Newmont Corp.
4.88%, 03/15/42 (Call 09/15/41)		100		91,870
5.45%, 06/09/44 (Call 12/09/43)		85		83,009
5.88%, 04/01/35		90		92,580
6.25%, 10/01/39		90		95,174
Newmont Corp./Newcrest Finance Pty Ltd.
4.20%, 05/13/50 (Call 11/13/49)		40		32,692
5.75%, 11/15/41 (Call 08/15/41)		30		30,410
Rio Tinto Alcan Inc., 5.75%, 06/01/35		35		36,211
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		121		76,725
5.20%, 11/02/40		150		147,539
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		55		47,040
4.75%, 03/22/42 (Call 09/22/41)		55		51,554
5.13%, 03/09/53 (Call 09/09/52)		145		139,336

S C H E D U L E  O F  I N V E S T M E N T S 67

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
Southern Copper Corp.
5.25%, 11/08/42	$	105	$	98,753
5.88%, 04/23/45		143		142,244
6.75%, 04/16/40		130		143,331
7.50%, 07/27/35		165		189,858
				4,554,863
Office & Business Equipment — 0.0%
Xerox Corp.
4.80%, 03/01/35		30		22,724
6.75%, 12/15/39		40		34,209
				56,933
Oil & Gas — 3.2%
Apache Corp.
4.75%, 04/15/43 (Call 10/15/42)		60		46,142
5.10%, 09/01/40 (Call 03/01/40)		140		117,166
5.25%, 02/01/42 (Call 08/01/41)		45		37,362
5.35%, 07/01/49 (Call 01/01/49)		40		32,365
6.00%, 01/15/37		55		53,460
BP Capital Markets America Inc.
2.77%, 11/10/50 (Call 05/10/50)		160		101,622
2.94%, 06/04/51 (Call 12/04/50)		250		164,317
3.00%, 02/24/50 (Call 08/24/49)		225		150,540
3.00%, 03/17/52 (Call 09/17/51)		140		92,910
3.06%, 06/17/41 (Call 12/17/40)		155		115,090
3.38%, 02/08/61 (Call 08/08/60)		260		174,990
Burlington Resources LLC, 5.95%, 10/15/36		10		10,520
Canadian Natural Resources Ltd.
4.95%, 06/01/47 (Call 12/01/46)		75		65,355
5.85%, 02/01/35		10		9,978
6.25%, 03/15/38		110		112,794
6.50%, 02/15/37		65		67,685
6.75%, 02/01/39		45		47,927
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)(b)		100		71,388
5.25%, 06/15/37 (Call 12/15/36)		27		25,113
5.40%, 06/15/47 (Call 12/15/46)		72		66,108
6.75%, 11/15/39		38		41,184
Chevron Corp., 3.08%, 05/11/50 (Call 11/11/49)		135		95,236
Chevron USA Inc.
2.34%, 08/12/50 (Call 02/12/50)		100		59,967
5.25%, 11/15/43 (Call 05/15/43)		43		43,350
6.00%, 03/01/41 (Call 09/01/40)		15		16,330
CNOOC Finance 2014 ULC, 4.88%, 04/30/44		200		192,713
CNOOC Petroleum North America ULC
5.88%, 03/10/35		100		105,861
6.40%, 05/15/37		200		222,459
7.50%, 07/30/39		100		122,551
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)		70		56,706
3.80%, 03/15/52 (Call 09/15/51)		125		95,816
4.03%, 03/15/62 (Call 09/15/61)		191		147,960
4.30%, 11/15/44 (Call 05/15/44)		172		147,803
5.30%, 05/15/53 (Call 11/15/52)		175		171,248
5.55%, 03/15/54 (Call 09/15/53)		135		136,504
5.70%, 09/15/63 (Call 03/15/63)		80		81,727
5.95%, 03/15/46 (Call 09/15/45)		20		20,769
6.50%, 02/01/39		135		151,978
Continental Resources Inc./OK, 4.90%, 06/01/44
(Call 12/01/43)		75		60,799

Security	Par (000)		Value
Oil & Gas (continued)
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)	$	89	$	75,333
5.00%, 06/15/45 (Call 12/15/44)		70		60,376
5.60%, 07/15/41 (Call 01/15/41)		130		122,497
Diamondback Energy Inc.
4.25%, 03/15/52 (Call 09/15/51)		90		71,411
4.40%, 03/24/51 (Call 09/24/50)		60		48,431
6.25%, 03/15/53 (Call 09/15/52)		60		63,476
Ecopetrol SA
5.88%, 05/28/45		220		163,032
5.88%, 11/02/51 (Call 05/02/51)		100		70,909
7.38%, 09/18/43		90		82,099
8.38%, 01/19/36 (Call 10/19/35)		220		220,630
Eni SpA, 5.70%, 10/01/40(a)		35		33,429
EOG Resources Inc.
3.90%, 04/01/35 (Call 10/01/34)		60		53,781
4.95%, 04/15/50 (Call 10/15/49)		90		83,902
Equinor ASA
3.25%, 11/18/49 (Call 05/18/49)		80		57,404
3.63%, 04/06/40 (Call 10/06/39)		95		78,368
3.70%, 04/06/50 (Call 10/06/49)(b)		135		105,158
3.95%, 05/15/43		102		85,194
4.25%, 11/23/41		100		88,571
4.80%, 11/08/43		110		103,523
5.10%, 08/17/40		30		29,521
Exxon Mobil Corp.
3.00%, 08/16/39 (Call 02/16/39)		75		57,695
3.10%, 08/16/49 (Call 02/16/49)		160		111,829
3.45%, 04/15/51 (Call 10/15/50)		300		222,403
3.57%, 03/06/45 (Call 09/06/44)		131		102,072
4.11%, 03/01/46 (Call 09/01/45)		300		254,267
4.23%, 03/19/40 (Call 09/19/39)		235		210,740
4.33%, 03/19/50 (Call 09/19/49)		270		235,284
Hess Corp.
5.60%, 02/15/41		155		156,179
5.80%, 04/01/47 (Call 10/01/46)		60		60,852
6.00%, 01/15/40		50		52,200
KazMunayGas National Co. JSC
5.75%, 04/19/47		200		170,874
6.38%, 10/24/48(f)		200		183,153
Marathon Oil Corp.
5.20%, 06/01/45 (Call 12/01/44)(b)		40		34,730
6.60%, 10/01/37		91		94,937
Marathon Petroleum Corp.
4.50%, 04/01/48 (Call 10/01/47)		70		57,587
4.75%, 09/15/44 (Call 03/15/44)		115		100,353
5.00%, 09/15/54 (Call 03/15/54)		55		47,264
6.50%, 03/01/41 (Call 09/01/40)		83		88,095
Motiva Enterprises LLC, 6.85%, 01/15/40(a)		80		85,730
Murphy Oil Corp., 5.88%, 12/01/42 (Call 06/01/42)		40		35,187
Occidental Petroleum Corp.
4.20%, 03/15/48 (Call 09/15/47)		35		26,939
4.40%, 04/15/46 (Call 10/15/45)		50		40,118
6.20%, 03/15/40		79		80,188
6.45%, 09/15/36		195		205,587
6.60%, 03/15/46 (Call 09/15/45)(b)		130		138,111
7.95%, 06/15/39		10		11,653
Ovintiv Inc.
6.50%, 08/15/34		55		57,613
6.50%, 02/01/38		45		46,074
6.63%, 08/15/37		70		72,238

68 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
7.10%, 07/15/53 (Call 01/15/53)	$	35	$	38,148
Pertamina Persero PT
4.18%, 01/21/50 (Call 07/21/49)(f)		200		154,841
5.63%, 05/20/43(f)		200		191,581
6.00%, 05/03/42(f)		200		200,005
6.45%, 05/30/44(f)		200		209,236
Petrobras Global Finance BV
5.50%, 06/10/51 (Call 12/10/50)		50		41,282
6.75%, 01/27/41		115		113,955
6.85%,		200		187,732
6.88%, 01/20/40		40		40,489
6.90%, 03/19/49(b)		50		49,038
7.25%, 03/17/44		110		113,557
Petroleos del Peru SA, 5.63%, 06/19/47(f)		200		136,551
Petroleos Mexicanos
6.35%, 02/12/48(b)		240		146,865
6.38%, 01/23/45(b)		270		167,137
6.50%, 06/02/41		155		102,296
6.63%, 06/15/35		275		203,556
6.75%, 09/21/47(b)		630		399,849
6.95%, 01/28/60 (Call 07/28/59)		430		272,956
7.69%, 01/23/50 (Call 07/23/49)		880		605,789
Petronas Capital Ltd.
3.40%, 04/28/61 (Call 10/28/60)(f)		200		136,396
4.50%, 03/18/45(f)		200		176,541
4.55%, 04/21/50 (Call 10/21/49)(f)		300		263,218
Phillips 66
3.30%, 03/15/52 (Call 09/15/51)		150		102,587
4.65%, 11/15/34 (Call 05/15/34)		15		14,078
4.88%, 11/15/44 (Call 05/15/44)		235		214,503
5.88%, 05/01/42		130		133,994
Phillips 66 Co.
4.68%, 02/15/45 (Call 08/15/44)		95		82,894
4.90%, 10/01/46 (Call 04/01/46)		45		40,241
5.65%, 06/15/54 (Call 12/15/53)		50		49,571
QatarEnergy
3.13%, 07/12/41 (Call 01/12/41)(f)		400		293,668
3.30%, 07/12/51 (Call 01/12/51)(f)		400		276,948
Reliance Industries Ltd., 3.63%, 01/12/52(f)		250		181,441
Saudi Arabian Oil Co.
3.25%, 11/24/50 (Call 05/24/50)(f)		200		133,265
3.50%, 11/24/70 (Call 05/24/70)(f)		200		127,600
4.25%, 04/16/39(f)		400		345,329
4.38%, 04/16/49(f)		400		326,410
Shell International Finance BV
2.88%, 11/26/41 (Call 05/26/41)		110		80,294
3.00%, 11/26/51 (Call 05/26/51)		155		103,880
3.13%, 11/07/49 (Call 05/07/49)		171		118,900
3.25%, 04/06/50 (Call 10/06/49)		210		149,260
3.63%, 08/21/42		50		40,303
3.75%, 09/12/46		130		102,424
4.00%, 05/10/46		255		209,359
4.13%, 05/11/35		172		158,973
4.38%, 05/11/45		305		266,456
4.55%, 08/12/43		120		108,950
5.50%, 03/25/40		110		113,174
6.38%, 12/15/38		296		329,016
Sinopec Group Overseas Development 2015 Ltd.,
4.10%, 04/28/45(f)		200		173,145
Sinopec Group Overseas Development 2017 Ltd.,
4.25%, 04/12/47(f)		300		261,690

Security	Par (000)		Value
Oil & Gas (continued)
Sinopec Group Overseas Development 2018 Ltd.,
3.10%, 01/08/51 (Call 07/08/50)(f)	$	200	$	140,574
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)		75		54,416
4.00%, 11/15/47 (Call 05/15/47)		129		98,259
5.95%, 12/01/34		10		10,386
6.50%, 06/15/38		150		157,026
6.80%, 05/15/38		115		122,635
6.85%, 06/01/39		40		42,931
Thaioil Treasury Center Co. Ltd., 3.50%, 10/17/49(f)		200		135,352
TotalEnergies Capital International SA
2.99%, 06/29/41 (Call 12/29/40)		112		83,141
3.13%, 05/29/50 (Call 11/29/49)		291		202,390
3.39%, 06/29/60 (Call 12/29/59)		20		13,823
3.46%, 07/12/49 (Call 01/12/49)		135		100,820
Transocean Inc.
6.80%, 03/15/38(b)		70		54,885
9.35%, 12/15/41		20		17,384
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)		85		59,825
4.00%, 06/01/52 (Call 12/01/51)		40		30,076
4.90%, 03/15/45		70		63,249
6.63%, 06/15/37		140		149,932
YPF SA, 7.00%, 12/15/47 (Call 06/15/47)(f)		90		65,291
				18,362,556
Oil & Gas Services — 0.2%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		105		101,833
Baker Hughes Holdings LLC/Baker Hughes
Co-Obligor Inc., 4.08%, 12/15/47 (Call 06/15/47)		158		127,208
Halliburton Co.
4.50%, 11/15/41 (Call 05/15/41)		60		52,942
4.75%, 08/01/43 (Call 02/01/43)		148		133,491
4.85%, 11/15/35 (Call 05/15/35)		126		121,227
5.00%, 11/15/45 (Call 05/15/45)		175		162,797
6.70%, 09/15/38		73		81,740
7.45%, 09/15/39		90		108,092
NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)		104		77,502
				966,832
Packaging & Containers — 0.0%
Packaging Corp. of America
3.05%, 10/01/51 (Call 04/01/51)		70		46,645
4.05%, 12/15/49 (Call 06/15/49)		60		47,379
Sonoco Products Co., 5.75%, 11/01/40
(Call 05/01/40)		20		20,119
Stora Enso OYJ, 7.25%, 04/15/36(a)		30		31,694
				145,837
Pharmaceuticals — 3.4%
AbbVie Inc.
4.05%, 11/21/39 (Call 05/21/39)		360		315,977
4.25%, 11/21/49 (Call 05/21/49)		615		529,486
4.30%, 05/14/36 (Call 11/14/35)		145		134,984
4.40%, 11/06/42		280		250,472
4.45%, 05/14/46 (Call 11/14/45)		236		208,569
4.50%, 05/14/35 (Call 11/14/34)		320		305,440
4.55%, 03/15/35 (Call 09/15/34)		254		243,507
4.63%, 10/01/42 (Call 04/01/42)		50		45,750
4.70%, 05/14/45 (Call 11/14/44)		300		276,631
4.75%, 03/15/45 (Call 09/15/44)		95		88,003
4.85%, 06/15/44 (Call 12/15/43)		130		122,817
4.88%, 11/14/48 (Call 05/14/48)		200		188,960

S C H E D U L E  O F  I N V E S T M E N T S 69

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
5.35%, 03/15/44 (Call 09/15/43)	$	70	$	70,583
5.40%, 03/15/54 (Call 09/15/53)		300		304,611
5.50%, 03/15/64 (Call 09/15/63)		60		60,659
AstraZeneca PLC
2.13%, 08/06/50 (Call 02/06/50)		10		5,896
3.00%, 05/28/51 (Call 11/28/50)		90		62,235
4.00%, 09/18/42		91		77,783
4.38%, 11/16/45		133		117,570
4.38%, 08/17/48 (Call 02/17/48)		109		96,781
6.45%, 09/15/37		335		377,246
Bayer U.S. Finance II LLC
3.95%, 04/15/45 (Call 10/15/44)(a)		148		102,121
4.20%, 07/15/34 (Call 01/15/34)(a)		5		4,169
4.40%, 07/15/44 (Call 01/15/44)(a)		180		135,275
4.63%, 06/25/38 (Call 12/25/37)(a)		115		94,349
4.70%, 07/15/64 (Call 01/15/64)(a)		101		72,485
4.88%, 06/25/48 (Call 12/25/47)(a)		75		59,205
5.50%, 07/30/35(a)		45		41,267
Bayer U.S. Finance LLC, 6.88%, 11/21/53
(Call 05/21/53)(a)		40		40,059
Becton Dickinson and Co.
3.79%, 05/20/50 (Call 11/20/49)		10		7,726
4.67%, 06/06/47 (Call 12/06/46)		238		210,783
4.69%, 12/15/44 (Call 06/15/44)		58		52,043
Bristol-Myers Squibb Co.
2.35%, 11/13/40 (Call 05/13/40)		90		60,378
2.55%, 11/13/50 (Call 05/13/50)		165		100,015
3.25%, 08/01/42		125		94,427
3.55%, 03/15/42 (Call 09/15/41)		10		7,884
3.70%, 03/15/52 (Call 09/15/51)		205		154,961
3.90%, 03/15/62 (Call 09/15/61)		155		115,579
4.13%, 06/15/39 (Call 12/15/38)		215		187,370
4.25%, 10/26/49 (Call 04/26/49)		455		380,879
4.35%, 11/15/47 (Call 05/15/47)		175		148,639
4.55%, 02/20/48 (Call 08/20/47)		95		83,566
4.63%, 05/15/44 (Call 11/15/43)		130		117,670
5.00%, 08/15/45 (Call 02/15/45)		45		42,832
5.50%, 02/22/44 (Call 08/22/43)		30		30,349
5.55%, 02/22/54 (Call 08/22/53)		205		207,467
5.65%, 02/22/64 (Call 08/22/63)		150		151,428
6.25%, 11/15/53 (Call 05/15/53)		170		188,628
6.40%, 11/15/63 (Call 05/15/63)		100		111,538
Cardinal Health Inc.
4.37%, 06/15/47 (Call 12/15/46)		46		37,739
4.50%, 11/15/44 (Call 05/15/44)		50		42,167
4.60%, 03/15/43		40		34,387
4.90%, 09/15/45 (Call 03/15/45)		50		44,217
Cencora Inc.
4.25%, 03/01/45 (Call 09/01/44)		35		30,420
4.30%, 12/15/47 (Call 06/15/47)		60		50,993
Cigna Group (The)
3.20%, 03/15/40 (Call 09/15/39)		115		85,886
3.40%, 03/15/50 (Call 09/15/49)		180		125,264
3.40%, 03/15/51 (Call 09/15/50)		195		135,603
3.88%, 10/15/47 (Call 04/15/47)		135		103,734
4.80%, 08/15/38 (Call 02/15/38)		164		152,097
4.80%, 07/15/46 (Call 01/16/46)		100		89,378
4.90%, 12/15/48 (Call 06/15/48)		310		278,498
5.60%, 02/15/54 (Call 08/15/53)		95		93,539
6.13%, 11/15/41		81		85,647

Security	Par (000)		Value
Pharmaceuticals (continued)
CVS Health Corp.
2.70%, 08/21/40 (Call 02/21/40)	$	160	$	108,924
4.13%, 04/01/40 (Call 10/01/39)		125		102,619
4.25%, 04/01/50 (Call 10/01/49)		75		59,905
4.78%, 03/25/38 (Call 09/25/37)		492		447,605
4.88%, 07/20/35 (Call 01/20/35)		130		123,994
5.05%, 03/25/48 (Call 09/25/47)		886		791,595
5.13%, 07/20/45 (Call 01/20/45)		366		333,218
5.30%, 12/05/43 (Call 06/05/43)		117		108,705
5.63%, 02/21/53 (Call 08/21/52)		100		96,005
5.88%, 06/01/53 (Call 12/01/52)		150		149,469
6.00%, 06/01/63 (Call 12/01/62)(b)		65		65,096
6.13%, 09/15/39		30		30,812
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)		120		72,731
2.50%, 09/15/60 (Call 03/15/60)		95		55,270
3.70%, 03/01/45 (Call 09/01/44)		25		20,654
3.95%, 03/15/49 (Call 09/15/48)		45		37,733
4.15%, 03/15/59 (Call 09/15/58)		65		54,655
4.88%, 02/27/53 (Call 08/27/52)		230		222,945
4.95%, 02/27/63 (Call 08/27/62)		110		105,870
5.00%, 02/09/54 (Call 08/09/53)		85		83,779
5.10%, 02/09/64 (Call 08/09/63)		130		127,807
5.55%, 03/15/37		95		100,174
GlaxoSmithKline Capital Inc.
4.20%, 03/18/43		38		33,388
6.38%, 05/15/38		327		366,634
Johnson & Johnson
2.10%, 09/01/40 (Call 03/01/40)		115		78,136
2.45%, 09/01/60 (Call 03/01/60)		125		73,609
3.40%, 01/15/38 (Call 07/15/37)		236		200,218
3.50%, 01/15/48 (Call 07/15/47)		83		65,332
3.55%, 03/01/36 (Call 09/01/35)		135		119,326
3.63%, 03/03/37 (Call 09/03/36)		187		165,244
3.70%, 03/01/46 (Call 09/01/45)		190		155,670
3.75%, 03/03/47 (Call 09/03/46)		135		110,992
4.50%, 09/01/40		60		57,008
4.50%, 12/05/43 (Call 06/05/43)		115		108,206
5.85%, 07/15/38		165		181,307
5.95%, 08/15/37		50		55,120
Mead Johnson Nutrition Co.
4.60%, 06/01/44 (Call 12/01/43)		45		40,716
5.90%, 11/01/39		20		20,863
Merck & Co. Inc.
2.35%, 06/24/40 (Call 12/24/39)		125		86,545
2.45%, 06/24/50 (Call 12/24/49)		185		113,548
2.75%, 12/10/51 (Call 06/10/51)		245		158,842
2.90%, 12/10/61 (Call 06/10/61)		135		83,617
3.60%, 09/15/42 (Call 03/15/42)		106		85,796
3.70%, 02/10/45 (Call 08/10/44)		250		202,126
3.90%, 03/07/39 (Call 09/07/38)		15		13,111
4.00%, 03/07/49 (Call 09/07/48)		110		91,606
4.15%, 05/18/43		165		144,022
4.90%, 05/17/44 (Call 11/17/43)		100		96,000
5.00%, 05/17/53 (Call 11/17/52)		185		179,321
5.15%, 05/17/63 (Call 11/17/62)		55		53,774
6.55%, 09/15/37		105		117,826
Merck Sharp & Dohme Corp., 5.75%, 11/15/36		100		106,868
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)		70		57,321
5.40%, 11/29/43 (Call 05/29/43)		65		56,114

70 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Novartis Capital Corp.
2.75%, 08/14/50 (Call 02/14/50)	$	110	$	73,295
3.70%, 09/21/42		70		58,020
4.00%, 11/20/45 (Call 05/20/45)		140		119,031
4.40%, 05/06/44		242		220,247
Perrigo Finance Unlimited Co., 4.90%, 12/15/44
(Call 06/15/44)		35		27,373
Pfizer Inc.
2.55%, 05/28/40 (Call 11/28/39)		145		101,613
2.70%, 05/28/50 (Call 11/28/49)		105		69,126
3.90%, 03/15/39 (Call 09/15/38)		45		38,366
4.00%, 12/15/36		120		107,790
4.00%, 03/15/49 (Call 09/15/48)		140		115,603
4.10%, 09/15/38 (Call 03/15/38)		155		137,731
4.13%, 12/15/46		162		135,853
4.20%, 09/15/48 (Call 03/15/48)		185		157,232
4.30%, 06/15/43		100		87,476
4.40%, 05/15/44		155		139,242
5.60%, 09/15/40		50		51,292
7.20%, 03/15/39		220		261,423
Pfizer Investment Enterprises Pte Ltd.
5.11%, 05/19/43 (Call 11/19/42)		290		278,904
5.30%, 05/19/53 (Call 11/19/52)		590		577,853
5.34%, 05/19/63 (Call 11/19/62)		430		414,280
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40 (Call 01/09/40)		215		160,069
3.18%, 07/09/50 (Call 01/09/50)		215		147,327
3.38%, 07/09/60 (Call 01/09/60)		55		36,719
Teva Pharmaceutical Finance Co. LLC, 6.15%, 02/01/36		65		62,034
Teva Pharmaceutical Finance Netherlands III BV,
4.10%, 10/01/46		250		168,784
Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)		125		102,678
Viatris Inc.
3.85%, 06/22/40 (Call 12/22/39)		175		128,459
4.00%, 06/22/50 (Call 12/22/49)		225		153,312
Wyeth LLC
5.95%, 04/01/37		150		160,044
6.00%, 02/15/36		90		96,246
Zoetis Inc.
3.00%, 05/15/50 (Call 11/15/49)		40		27,380
3.95%, 09/12/47 (Call 03/12/47)		75		60,410
4.45%, 08/20/48 (Call 02/20/48)		30		26,243
4.70%, 02/01/43 (Call 08/01/42)		130		118,753
				19,674,600
Pipelines — 2.3%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47(f)		200		177,566
Buckeye Partners LP
5.60%, 10/15/44 (Call 04/15/44)		35		27,192
5.85%, 11/15/43 (Call 05/15/43)		45		37,093
Cameron LNG LLC
3.30%, 01/15/35 (Call 09/15/34)(a)		100		82,456
3.40%, 01/15/38 (Call 07/15/37)(a)		155		126,945
3.70%, 01/15/39 (Call 07/15/38)(a)		95		77,946
Cheniere Corpus Christi Holdings LLC, 2.74%, 12/31/39 (Call 07/04/39)		85		66,699
Colonial Pipeline Co.
4.20%, 04/15/43 (Call 10/15/42)(a)		5		4,183
4.25%, 04/15/48 (Call 10/15/47)(a)		10		8,224

Security	Par (000)		Value
Pipelines (continued)
Columbia Pipeline Group Inc., 5.80%, 06/01/45
(Call 12/01/44)	$	50	$	48,271
Columbia Pipelines Operating Co. LLC
6.50%, 08/15/43 (Call 02/15/43)(a)		70		74,276
6.54%, 11/15/53 (Call 05/15/53)(a)		145		154,206
6.71%, 08/15/63 (Call 02/15/63)(a)		50		53,971
DCP Midstream Operating LP
5.60%, 04/01/44 (Call 10/01/43)		30		28,643
6.45%, 11/03/36(a)		35		36,140
6.75%, 09/15/37(a)		65		69,561
Eastern Gas Transmission & Storage Inc.
4.60%, 12/15/44 (Call 06/15/44)		20		16,981
4.80%, 11/01/43 (Call 05/01/43)		40		35,238
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(f)		200		154,102
Enbridge Energy Partners LP
5.50%, 09/15/40 (Call 03/15/40)		31		30,041
7.38%, 10/15/45 (Call 04/15/45)		85		98,119
Series B, 7.50%, 04/15/38		40		46,232
Enbridge Inc.
3.40%, 08/01/51 (Call 02/01/51)		55		38,353
4.00%, 11/15/49 (Call 05/15/49)		95		73,456
4.50%, 06/10/44 (Call 12/10/43)		95		79,165
5.50%, 12/01/46 (Call 06/01/46)		58		56,000
6.70%, 11/15/53 (Call 05/15/53)		150		167,307
Energy Transfer LP
4.90%, 03/15/35 (Call 09/15/34)		65		60,623
4.95%, 01/15/43 (Call 07/15/42)		35		30,158
5.00%, 05/15/44 (Call 11/15/43)		25		21,641
5.00%, 05/15/50 (Call 11/15/49)		260		224,185
5.15%, 02/01/43 (Call 08/01/42)		80		70,414
5.15%, 03/15/45 (Call 09/15/44)		60		53,539
5.30%, 04/01/44 (Call 10/01/43)		61		55,238
5.30%, 04/15/47 (Call 10/15/46)		130		116,126
5.35%, 05/15/45 (Call 11/15/44)		95		85,947
5.40%, 10/01/47 (Call 04/01/47)		209		189,012
5.95%, 10/01/43 (Call 04/01/43)		80		77,976
5.95%, 05/15/54 (Call 11/15/53)		170		166,243
6.00%, 06/15/48 (Call 12/15/47)		135		132,155
6.05%, 06/01/41 (Call 12/01/40)		40		39,655
6.10%, 02/15/42		40		39,652
6.13%, 12/15/45 (Call 06/15/45)		155		154,056
6.25%, 04/15/49 (Call 10/15/48)		220		221,973
6.50%, 02/01/42 (Call 08/01/41)		120		125,426
6.63%, 10/15/36		55		57,796
7.50%, 07/01/38		45		51,116
EnLink Midstream Partners LP
5.05%, 04/01/45 (Call 10/01/44)		54		45,816
5.45%, 06/01/47 (Call 12/01/46)		55		48,384
5.60%, 04/01/44 (Call 10/01/43)(b)		40		36,223
Enterprise Products Operating LLC
3.20%, 02/15/52 (Call 08/15/51)		100		68,266
3.30%, 02/15/53 (Call 08/15/52)		165		115,116
3.70%, 01/31/51 (Call 07/31/50)		100		75,433
3.95%, 01/31/60 (Call 07/31/59)		25		18,909
4.20%, 01/31/50 (Call 07/31/49)		190		156,864
4.25%, 02/15/48 (Call 08/15/47)		175		146,300
4.45%, 02/15/43 (Call 08/15/42)		134		116,602
4.80%, 02/01/49 (Call 08/01/48)		175		158,479
4.85%, 08/15/42 (Call 02/15/42)		68		62,201
4.85%, 03/15/44 (Call 09/15/43)		100		91,536
4.90%, 05/15/46 (Call 11/15/45)		140		127,807

S C H E D U L E  O F  I N V E S T M E N T S 71

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.95%, 10/15/54 (Call 04/15/54)	$	45	$	41,034
5.10%, 02/15/45 (Call 08/15/44)		174		162,902
5.70%, 02/15/42		105		105,919
5.95%, 02/01/41		92		95,928
6.13%, 10/15/39		75		78,609
6.45%, 09/01/40		70		76,463
7.55%, 04/15/38		46		54,723
EQM Midstream Partners LP, 6.50%, 07/15/48
(Call 01/15/48)		65		65,975
Flex Intermediate Holdco LLC, 4.32%, 12/30/39
(Call 06/30/39)(a)		40		28,741
FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(a)		63		54,434
Galaxy Pipeline Assets Bidco Ltd.
2.16%, 03/31/34(f)		170		145,724
2.63%, 03/31/36(f)		200		162,389
2.94%, 09/30/40(f)		187		148,949
3.25%, 09/30/40(f)		200		151,345
Greensaif Pipelines Bidco Sarl
6.13%, 02/23/38(f)		200		202,653
6.51%, 02/23/42(f)		200		204,497
Kinder Morgan Energy Partners LP
4.70%, 11/01/42 (Call 05/01/42)		85		71,389
5.00%, 08/15/42 (Call 02/15/42)		85		73,959
5.00%, 03/01/43 (Call 09/01/42)		80		69,687
5.40%, 09/01/44 (Call 03/01/44)		85		77,527
5.50%, 03/01/44 (Call 09/01/43)		120		110,947
5.63%, 09/01/41		10		9,409
6.38%, 03/01/41		95		96,538
6.50%, 02/01/37		5		5,150
6.50%, 09/01/39		80		82,374
6.55%, 09/15/40		50		51,884
6.95%, 01/15/38		53		57,153
7.50%, 11/15/40		45		50,167
Kinder Morgan Inc.
3.25%, 08/01/50 (Call 02/01/50)		95		61,439
3.60%, 02/15/51 (Call 08/15/50)		125		85,809
5.05%, 02/15/46 (Call 08/15/45)		130		113,054
5.20%, 03/01/48 (Call 09/01/47)		100		88,835
5.30%, 12/01/34 (Call 06/01/34)		70		68,220
5.45%, 08/01/52 (Call 02/01/52)		120		110,526
5.55%, 06/01/45 (Call 12/01/44)		180		168,878
Magellan Midstream Partners LP, 3.95%, 03/01/50
(Call 09/01/49)		115		83,730
MPLX LP
4.50%, 04/15/38 (Call 10/15/37)		195		169,917
4.70%, 04/15/48 (Call 10/15/47)		180		150,693
4.90%, 04/15/58 (Call 10/15/57)		65		53,817
4.95%, 03/14/52 (Call 09/14/51)		160		137,792
5.20%, 03/01/47 (Call 09/01/46)		105		94,294
5.20%, 12/01/47 (Call 06/01/47)		75		66,793
5.50%, 02/15/49 (Call 08/15/48)		147		137,642
5.65%, 03/01/53 (Call 09/01/52)		60		57,127
NGPL PipeCo LLC, 7.77%, 12/15/37(a)		63		69,444
Northern Natural Gas Co.
3.40%, 10/16/51 (Call 04/16/51)(a)		70		48,146
4.30%, 01/15/49 (Call 07/15/48)(a)		85		69,372
5.63%, 02/01/54 (Call 08/01/53)(a)		65		65,293
ONEOK Inc.
4.20%, 10/03/47 (Call 04/03/47)		85		65,038
4.25%, 09/15/46		55		42,854
4.45%, 09/01/49 (Call 03/01/49)		85		67,788

Security	Par (000)		Value
Pipelines (continued)
4.50%, 03/15/50 (Call 09/15/49)	$	60	$	48,001
4.85%, 02/01/49		45		38,399
4.95%, 07/13/47 (Call 01/06/47)		95		81,779
5.15%, 10/15/43		20		18,064
5.20%, 07/15/48 (Call 01/15/48)		110		99,309
6.63%, 09/01/53 (Call 03/01/53)		180		193,721
7.15%, 01/15/51 (Call 07/15/50)		45		49,906
ONEOK Partners LP
6.13%, 02/01/41 (Call 08/01/40)		60		60,969
6.20%, 09/15/43 (Call 03/15/43)		25		25,516
6.65%, 10/01/36		55		58,171
6.85%, 10/15/37		70		75,055
Plains All American Pipeline LP/PAA Finance Corp.
4.70%, 06/15/44 (Call 12/15/43)		95		78,572
4.90%, 02/15/45 (Call 08/15/44)		70		58,941
5.15%, 06/01/42 (Call 12/01/41)		75		66,180
6.65%, 01/15/37		15		15,829
Rockies Express Pipeline LLC
6.88%, 04/15/40(a)		60		59,107
7.50%, 07/15/38(a)		28		28,486
Sabal Trail Transmission LLC
4.68%, 05/01/38 (Call 11/01/37)(a)		65		58,649
4.83%, 05/01/48 (Call 11/01/47)(a)		30		25,549
Sabine Pass Liquefaction LLC, 5.90%, 09/15/37
(Call 03/15/37)		60		62,102
Southern Natural Gas Co. LLC, 4.80%, 03/15/47
(Call 09/15/46)(a)		45		36,628
Spectra Energy Partners LP
4.50%, 03/15/45 (Call 09/15/44)		55		46,079
5.95%, 09/25/43 (Call 03/25/43)		55		54,667
Targa Resources Corp.
4.95%, 04/15/52 (Call 10/15/51)		125		106,963
6.25%, 07/01/52 (Call 01/01/52)		95		96,165
6.50%, 02/15/53 (Call 08/15/52)		65		68,422
Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37		55		61,895
Texas Eastern Transmission LP, 4.15%, 01/15/48
(Call 07/15/47)(a)		34		27,197
TransCanada PipeLines Ltd.
4.75%, 05/15/38 (Call 11/15/37)		70		63,261
4.88%, 05/15/48 (Call 11/15/47)		115		100,316
5.00%, 10/16/43 (Call 04/16/43)		85		75,909
5.10%, 03/15/49 (Call 09/15/48)		111		101,672
5.85%, 03/15/36		35		34,975
6.10%, 06/01/40		70		71,506
6.20%, 10/15/37		150		154,324
7.25%, 08/15/38		75		84,548
7.63%, 01/15/39		144		167,778
Transcontinental Gas Pipe Line Co. LLC
3.95%, 05/15/50 (Call 11/15/49)		70		54,453
4.45%, 08/01/42 (Call 02/01/42)		10		8,678
4.60%, 03/15/48 (Call 09/15/47)		85		74,324
5.40%, 08/15/41 (Call 02/15/41)		25		24,382
Western Midstream Operating LP
5.25%, 02/01/50 (Call 08/01/49)		120		106,308
5.30%, 03/01/48 (Call 09/01/47)		66		56,926
5.45%, 04/01/44 (Call 10/01/43)		50		44,915
5.50%, 08/15/48 (Call 02/15/48)		45		39,508
Williams Companies Inc. (The)
3.50%, 10/15/51 (Call 04/15/51)		85		59,216
4.85%, 03/01/48 (Call 09/01/47)		110		96,539
4.90%, 01/15/45 (Call 07/15/44)		55		48,443

72 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.10%, 09/15/45 (Call 03/15/45)	$	110	$	100,439
5.30%, 08/15/52 (Call 02/15/52)		95		88,878
5.40%, 03/04/44 (Call 09/04/43)		60		56,206
5.75%, 06/24/44 (Call 12/24/43)		85		83,185
5.80%, 11/15/43 (Call 05/15/43)		20		19,578
6.30%, 04/15/40		120		124,265
				13,363,056
Private Equity — 0.1%
Apollo Management Holdings LP, 5.00%, 03/15/48
(Call 09/15/47)(a)		35		31,936
Carlyle Finance LLC, 5.65%, 09/15/48
(Call 03/15/48)(a)		40		37,456
Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(a)		100		95,169
KKR Group Finance Co. III LLC, 5.13%, 06/01/44
(Call 12/01/43)(a)		70		63,734
KKR Group Finance Co. VII LLC, 3.63%, 02/25/50
(Call 08/25/49)(a)(b)		100		70,675
KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50
(Call 02/25/50)(a)(b)		50		34,268
KKR Group Finance Co. X LLC, 3.25%, 12/15/51
(Call 06/15/51)(a)		95		63,615
				396,853
Real Estate — 0.1%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		25		25,254
China Overseas Finance Cayman V Ltd.,
5.35%, 11/15/42(f)		200		172,337
Kilroy Realty LP, 6.25%, 01/15/36 (Call 10/15/35)		25		24,065
Prologis LP, 5.25%, 03/15/54 (Call 09/15/53)		100		95,775
Sinochem Overseas Capital Co. Ltd.,
6.30%, 11/12/40(a)		100		107,134
				424,565
Real Estate Investment Trusts — 0.6%
Alexandria Real Estate Equities Inc.
3.00%, 05/18/51 (Call 11/18/50)		105		65,884
3.55%, 03/15/52 (Call 09/15/51)		120		83,264
4.00%, 02/01/50 (Call 08/01/49)		100		75,335
4.75%, 04/15/35 (Call 01/15/35)		70		65,128
4.85%, 04/15/49 (Call 10/15/48)		15		13,108
5.15%, 04/15/53 (Call 10/15/52)		55		49,830
5.25%, 05/15/36 (Call 02/15/36)		40		38,411
5.63%, 05/15/54 (Call 11/15/53)		50		48,118
American Homes 4 Rent LP
3.38%, 07/15/51 (Call 01/15/51)		65		42,949
4.30%, 04/15/52 (Call 10/15/51)		35		27,318
American Tower Corp.
2.95%, 01/15/51 (Call 07/15/50)		142		89,954
3.10%, 06/15/50 (Call 12/15/49)		75		49,005
3.70%, 10/15/49 (Call 04/15/49)		115		83,991
AvalonBay Communities Inc.
3.90%, 10/15/46 (Call 04/15/46)		25		19,526
4.15%, 07/01/47 (Call 01/01/47)		70		56,784
4.35%, 04/15/48 (Call 10/18/47)		35		29,534
Camden Property Trust, 3.35%, 11/01/49
(Call 05/01/49)		25		17,824
Crown Castle Inc.
2.90%, 04/01/41 (Call 10/01/40)		125		86,769
3.25%, 01/15/51 (Call 07/15/50)		136		91,785
4.00%, 11/15/49 (Call 05/15/49)		75		57,694
4.15%, 07/01/50 (Call 01/01/50)		60		47,445
4.75%, 05/15/47 (Call 11/15/46)		31		26,199

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
5.20%, 02/15/49 (Call 08/15/48)	$	65	$	58,793
Equinix Inc.
2.95%, 09/15/51 (Call 03/15/51)		90		57,197
3.00%, 07/15/50 (Call 01/15/50)		90		58,361
ERP Operating LP
4.00%, 08/01/47 (Call 02/01/47)		20		15,388
4.50%, 07/01/44 (Call 01/01/44)		75		64,488
4.50%, 06/01/45 (Call 12/01/44)		60		50,061
Essex Portfolio LP
2.65%, 09/01/50 (Call 03/01/50)		50		29,013
4.50%, 03/15/48 (Call 09/15/47)		55		46,002
Federal Realty OP LP, 4.50%, 12/01/44
(Call 06/01/44)		60		48,828
Goodman U.S. Finance Four LLC, 4.50%, 10/15/37
(Call 04/15/37)(a)		15		12,583
Healthpeak OP LLC, 6.75%, 02/01/41 (Call 08/01/40)		30		32,859
Kimco Realty OP LLC
3.70%, 10/01/49 (Call 04/01/49)		10		7,189
4.13%, 12/01/46 (Call 06/01/46)		55		41,868
4.25%, 04/01/45 (Call 10/01/44)		25		19,563
4.45%, 09/01/47 (Call 03/01/47)		80		63,698
Mid-America Apartments LP, 2.88%, 09/15/51
(Call 03/15/51)		25		15,875
NNN REIT Inc.
3.00%, 04/15/52 (Call 10/15/51)(b)		25		15,931
3.10%, 04/15/50 (Call 10/15/49)		70		45,320
3.50%, 04/15/51 (Call 10/15/50)		70		49,894
4.80%, 10/15/48 (Call 04/15/48)		35		30,042
Prologis LP
2.13%, 10/15/50 (Call 04/15/50)		70		38,221
3.00%, 04/15/50 (Call 10/15/49)		70		47,337
3.05%, 03/01/50 (Call 09/01/49)		25		16,965
4.38%, 09/15/48 (Call 03/15/48)		25		21,243
5.25%, 06/15/53 (Call 12/15/52)		130		125,973
Public Storage Operating Co., 5.35%, 08/01/53
(Call 02/01/53)		50		49,713
Realty Income Corp., 4.65%, 03/15/47 (Call 09/15/46)		65		56,692
Regency Centers LP
4.40%, 02/01/47 (Call 08/01/46)		80		64,008
4.65%, 03/15/49 (Call 09/15/48)		30		25,395
Simon Property Group LP
3.25%, 09/13/49 (Call 03/13/49)		120		83,442
3.80%, 07/15/50 (Call 01/15/50)		85		64,236
4.25%, 10/01/44 (Call 04/01/44)		45		36,775
4.25%, 11/30/46 (Call 05/30/46)		35		28,403
4.75%, 03/15/42 (Call 09/15/41)		30		26,767
5.85%, 03/08/53 (Call 09/03/52)		134		136,075
6.65%, 01/15/54 (Call 07/15/53)		55		61,838
6.75%, 02/01/40 (Call 11/01/39)		71		78,123
Trust Fibra Uno, 6.39%, 01/15/50 (Call 07/15/49)(f)		200		168,181
UDR Inc., 3.10%, 11/01/34 (Call 08/01/34)		55		44,240
Ventas Realty LP
4.38%, 02/01/45 (Call 08/01/44)		25		19,794
4.88%, 04/15/49 (Call 10/15/48)		55		46,534
5.70%, 09/30/43 (Call 03/30/43)		60		56,678
VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51)		85		76,629
WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(a)		110		75,243
Welltower OP LLC
4.95%, 09/01/48 (Call 03/01/48)		60		53,951
6.50%, 03/15/41 (Call 09/15/40)		50		54,028

S C H E D U L E  O F  I N V E S T M E N T S 73

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Weyerhaeuser Co., 4.00%, 03/09/52 (Call 09/09/51)	$	40	$	31,355
				3,516,647
Retail — 1.5%
7-Eleven Inc.
2.50%, 02/10/41 (Call 08/10/40)(a)		75		50,095
2.80%, 02/10/51 (Call 08/02/50)(a)		145		89,678
Alimentation Couche-Tard Inc.
3.44%, 05/13/41 (Call 11/13/40)(a)		75		56,761
3.63%, 05/13/51 (Call 11/13/50)(a)(b)		25		18,266
4.50%, 07/26/47 (Call 01/26/47)(a)		90		75,612
5.62%, 02/12/54 (Call 08/12/53)(a)		50		49,969
Bath & Body Works Inc.
6.75%, 07/01/36		70		68,941
6.88%, 11/01/35		110		110,013
7.60%, 07/15/37		25		24,382
CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)		200		147,595
CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)		120		91,525
Darden Restaurants Inc., 4.55%, 02/15/48
(Call 08/15/47)		45		36,527
Dick’s Sporting Goods Inc., 4.10%, 01/15/52
(Call 07/15/51)		90		63,226
Dollar General Corp.
4.13%, 04/03/50 (Call 10/03/49)		55		42,020
5.50%, 11/01/52 (Call 05/01/52)		40		37,694
Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)		20		13,216
Home Depot Inc. (The)
2.38%, 03/15/51 (Call 09/15/50)		125		73,428
2.75%, 09/15/51 (Call 03/15/51)		125		79,602
3.13%, 12/15/49 (Call 06/15/49)		155		107,858
3.30%, 04/15/40 (Call 10/15/39)		105		82,288
3.35%, 04/15/50 (Call 10/15/49)		180		130,457
3.50%, 09/15/56 (Call 03/15/56)		85		62,252
3.63%, 04/15/52 (Call 10/15/51)		180		136,057
3.90%, 06/15/47 (Call 12/15/46)		127		102,298
4.20%, 04/01/43 (Call 10/01/42)		100		86,135
4.25%, 04/01/46 (Call 10/01/45)		165		140,851
4.40%, 03/15/45 (Call 09/15/44)		123		107,948
4.50%, 12/06/48 (Call 06/06/48)		180		158,828
4.88%, 02/15/44 (Call 08/15/43)		134		125,707
4.95%, 09/15/52 (Call 03/15/52)		125		118,282
5.40%, 09/15/40 (Call 03/15/40)		91		91,532
5.88%, 12/16/36		324		345,135
5.95%, 04/01/41 (Call 10/01/40)		122		130,163
Kohl’s Corp., 5.55%, 07/17/45 (Call 01/17/45)(b)		50		33,056
Lowe’s Companies Inc.
2.80%, 09/15/41 (Call 03/15/41)		175		122,150
3.00%, 10/15/50 (Call 04/15/50)		165		106,448
3.50%, 04/01/51 (Call 10/01/50)		10		7,053
3.70%, 04/15/46 (Call 10/15/45)		238		179,153
4.05%, 05/03/47 (Call 11/03/46)		95		75,260
4.25%, 04/01/52 (Call 10/01/51)		210		168,864
4.38%, 09/15/45 (Call 03/15/45)		53		44,923
4.45%, 04/01/62 (Call 10/01/61)		95		75,948
4.65%, 04/15/42 (Call 10/15/41)		100		89,438
5.13%, 04/15/50 (Call 10/15/49)		90		83,013
5.50%, 10/15/35		20		20,570
5.63%, 04/15/53 (Call 10/15/52)		150		149,044
5.75%, 07/01/53 (Call 01/01/53)		95		95,939
5.80%, 09/15/62 (Call 03/15/62)		105		104,818

Security	Par (000)		Value
Retail (continued)
5.85%, 04/01/63 (Call 10/01/62)	$	80	$	80,715
Macy’s Retail Holdings LLC
4.30%, 02/15/43 (Call 08/15/42)(b)		30		22,490
4.50%, 12/15/34 (Call 06/15/34)		42		34,604
5.13%, 01/15/42 (Call 07/15/41)		30		23,491
6.38%, 03/15/37		25		21,937
6.70%, 07/15/34(a)		20		17,095
Marks & Spencer PLC, 7.13%, 12/01/37(a)		35		35,382
McDonald’s Corp.
3.63%, 05/01/43		65		51,190
3.63%, 09/01/49 (Call 03/01/49)		160		119,445
3.70%, 02/15/42		50		40,189
4.20%, 04/01/50 (Call 10/01/49)		100		82,387
4.45%, 03/01/47 (Call 09/01/46)		120		103,103
4.45%, 09/01/48 (Call 03/01/48)		80		69,118
4.60%, 05/26/45 (Call 11/26/44)		75		66,734
4.70%, 12/09/35 (Call 06/09/35)		54		51,865
4.88%, 07/15/40		35		33,379
4.88%, 12/09/45 (Call 06/09/45)		212		194,817
5.15%, 09/09/52 (Call 03/09/52)		90		85,471
5.45%, 08/14/53 (Call 02/14/53)		95		94,333
5.70%, 02/01/39		60		61,767
6.30%, 10/15/37		75		81,677
6.30%, 03/01/38		95		103,366
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		110		78,566
QVC Inc.
5.45%, 08/15/34 (Call 02/15/34)		45		32,100
5.95%, 03/15/43		40		27,533
Starbucks Corp.
3.35%, 03/12/50 (Call 09/12/49)		80		56,463
3.50%, 11/15/50 (Call 05/15/50)		125		91,269
3.75%, 12/01/47 (Call 06/01/47)		75		57,855
4.30%, 06/15/45 (Call 12/15/44)		40		34,141
4.45%, 08/15/49 (Call 02/15/49)		130		111,225
4.50%, 11/15/48 (Call 05/15/48)		115		99,387
Target Corp.
2.95%, 01/15/52 (Call 07/15/51)		85		56,426
3.63%, 04/15/46		89		69,420
3.90%, 11/15/47 (Call 05/15/47)		70		57,073
4.00%, 07/01/42		130		111,868
4.80%, 01/15/53 (Call 07/15/52)		130		119,970
7.00%, 01/15/38		105		122,622
TJX Companies Inc. (The), 4.50%, 04/15/50
(Call 10/15/49)		45		40,997
Walgreen Co., 4.40%, 09/15/42		30		24,437
Walgreens Boots Alliance Inc.
4.10%, 04/15/50 (Call 10/15/49)(b)		91		66,216
4.50%, 11/18/34 (Call 05/18/34)(b)		35		31,014
4.65%, 06/01/46 (Call 12/01/45)(b)		35		29,123
4.80%, 11/18/44 (Call 05/18/44)(b)		98		81,603
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		115		81,101
2.65%, 09/22/51 (Call 03/22/51)		195		127,153
2.95%, 09/24/49 (Call 03/24/49)		90		62,812
3.95%, 06/28/38 (Call 12/28/37)		165		148,934
4.00%, 04/11/43 (Call 10/11/42)		95		82,200
4.05%, 06/29/48 (Call 12/29/47)		259		222,774
4.30%, 04/22/44 (Call 10/22/43)		50		45,605
4.50%, 09/09/52 (Call 03/09/52)		155		141,121
4.50%, 04/15/53 (Call 10/15/52)		195		177,367
5.25%, 09/01/35		105		108,683

74 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
5.63%, 04/01/40	$	75	$	79,679
5.63%, 04/15/41		5		5,312
6.20%, 04/15/38		75		84,120
6.50%, 08/15/37		5		5,736
Yum! Brands Inc.
5.35%, 11/01/43 (Call 05/01/43)		30		28,727
6.88%, 11/15/37		40		43,396
				8,728,601
Semiconductors — 1.1%
Advanced Micro Devices Inc., 4.39%, 06/01/52
(Call 12/01/51)		40		35,294
Analog Devices Inc.
2.80%, 10/01/41 (Call 04/01/41)		80		56,773
2.95%, 10/01/51 (Call 04/01/51)		120		79,935
Applied Materials Inc.
2.75%, 06/01/50 (Call 12/01/49)		55		36,988
4.35%, 04/01/47 (Call 10/01/46)		97		86,006
5.10%, 10/01/35 (Call 04/01/35)		72		72,878
5.85%, 06/15/41		95		102,176
Broadcom Inc.
3.14%, 11/15/35 (Call 08/15/35)(a)		425		336,847
3.19%, 11/15/36 (Call 08/15/36)(a)		345		269,625
3.47%, 04/15/34 (Call 01/15/34)(a)		85		71,769
3.50%, 02/15/41 (Call 08/15/40)(a)		335		255,955
3.75%, 02/15/51 (Call 08/15/50)(a)		240		179,443
4.93%, 05/15/37 (Call 02/15/37)(a)		315		293,505
Intel Corp.
2.80%, 08/12/41 (Call 02/12/41)		100		70,854
3.05%, 08/12/51 (Call 02/12/51)		120		79,301
3.10%, 02/15/60 (Call 08/15/59)		120		75,849
3.20%, 08/12/61 (Call 02/12/61)		95		61,118
3.25%, 11/15/49 (Call 05/15/49)		190		131,273
3.73%, 12/08/47 (Call 06/08/47)		305		231,174
4.10%, 05/19/46 (Call 11/19/45)		141		116,437
4.10%, 05/11/47 (Call 11/11/46)		75		61,679
4.25%, 12/15/42		100		85,254
4.60%, 03/25/40 (Call 09/25/39)		85		78,853
4.75%, 03/25/50 (Call 09/25/49)		145		128,772
4.80%, 10/01/41		145		135,366
4.90%, 07/29/45 (Call 01/29/45)		80		75,671
4.90%, 08/05/52 (Call 02/05/52)		175		160,344
4.95%, 03/25/60 (Call 09/25/59)		60		54,732
5.05%, 08/05/62 (Call 02/05/62)		105		96,906
5.60%, 02/21/54 (Call 08/21/53)		30		29,995
5.63%, 02/10/43 (Call 08/10/42)		185		188,026
5.70%, 02/10/53 (Call 08/10/52)		255		257,692
5.90%, 02/10/63 (Call 08/10/62)		140		145,841
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		175		125,615
4.95%, 07/15/52 (Call 01/15/52)		45		42,657
5.00%, 03/15/49 (Call 09/15/48)		125		120,142
5.25%, 07/15/62 (Call 01/15/62)		25		24,290
Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)(b)		95		64,229
3.13%, 06/15/60 (Call 12/15/59)		20		13,112
4.88%, 03/15/49 (Call 09/15/48)		85		79,978
Micron Technology Inc.
3.37%, 11/01/41 (Call 05/01/41)		35		25,458
3.48%, 11/01/51 (Call 05/01/51)		60		41,679
NVIDIA Corp.
3.50%, 04/01/40 (Call 10/01/39)		216		180,900

Security	Par (000)		Value
Semiconductors (continued)
3.50%, 04/01/50 (Call 10/01/49)	$	165	$	129,271
3.70%, 04/01/60 (Call 10/01/59)		45		35,393
NXP BV/NXP Funding LLC/NXP USA Inc.
3.13%, 02/15/42 (Call 08/15/41)		30		21,322
3.25%, 05/11/41 (Call 11/11/40)		125		91,860
3.25%, 11/30/51 (Call 05/30/51)		40		26,904
QUALCOMM Inc.
3.25%, 05/20/50 (Call 11/20/49)		105		76,469
4.30%, 05/20/47 (Call 11/20/46)		157		136,083
4.50%, 05/20/52 (Call 11/20/51)		115		101,292
4.65%, 05/20/35 (Call 11/20/34)		127		124,170
4.80%, 05/20/45 (Call 11/20/44)		165		154,857
6.00%, 05/20/53 (Call 11/20/52)		135		147,997
Texas Instruments Inc.
2.70%, 09/15/51 (Call 03/15/51)		60		38,506
3.88%, 03/15/39 (Call 09/15/38)		140		123,066
4.10%, 08/16/52 (Call 02/16/52)		15		12,551
4.15%, 05/15/48 (Call 11/15/47)		175		148,609
5.00%, 03/14/53 (Call 09/14/52)		120		115,921
5.05%, 05/18/63 (Call 11/18/62)		115		109,996
5.15%, 02/08/54 (Call 08/08/53)		25		24,771
TSMC Arizona Corp., 3.25%, 10/25/51 (Call 04/25/51)		200		151,609
				6,631,038
Software — 1.3%
Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)		95		63,132
Fidelity National Information Services Inc.
3.10%, 03/01/41 (Call 09/01/40)		90		64,799
4.50%, 08/15/46 (Call 02/15/46)		20		16,392
5.63%, 07/15/52 (Call 01/15/52)		60		59,344
Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)		200		167,268
Intuit Inc., 5.50%, 09/15/53 (Call 03/15/53)		120		123,747
Microsoft Corp.
2.50%, 09/15/50 (Call 03/15/50)(a)		170		107,865
2.53%, 06/01/50 (Call 12/01/49)		719		463,319
2.68%, 06/01/60 (Call 12/01/59)		394		248,814
2.92%, 03/17/52 (Call 09/17/51)		625		431,397
3.04%, 03/17/62 (Call 09/17/61)		232		157,760
3.45%, 08/08/36 (Call 02/08/36)		267		235,199
3.50%, 02/12/35 (Call 08/12/34)		235		213,199
3.50%, 11/15/42		60		50,283
3.70%, 08/08/46 (Call 02/08/46)		205		170,529
3.75%, 02/12/45 (Call 08/12/44)		10		8,543
4.00%, 02/12/55 (Call 08/12/54)		45		39,036
4.10%, 02/06/37 (Call 08/06/36)		170		160,161
4.20%, 11/03/35 (Call 05/03/35)		150		144,959
4.25%, 02/06/47 (Call 08/06/46)		75		69,083
4.45%, 11/03/45 (Call 05/03/45)		130		123,949
4.50%, 10/01/40		70		68,339
4.50%, 06/15/47 (Call 12/15/46)(a)		70		65,197
4.50%, 02/06/57 (Call 08/06/56)		105		99,173
5.20%, 06/01/39		20		21,124
5.30%, 02/08/41(b)		50		53,481
Oracle Corp.
3.60%, 04/01/40 (Call 10/01/39)		320		247,066
3.60%, 04/01/50 (Call 10/01/49)		461		324,456
3.65%, 03/25/41 (Call 09/25/40)		265		203,801
3.80%, 11/15/37 (Call 05/15/37)		208		171,079
3.85%, 07/15/36 (Call 01/15/36)		145		121,891
3.85%, 04/01/60 (Call 10/01/59)		415		288,292
3.90%, 05/15/35 (Call 11/15/34)		125		107,296
3.95%, 03/25/51 (Call 09/25/50)		340		253,413

S C H E D U L E  O F  I N V E S T M E N T S 75

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
4.00%, 07/15/46 (Call 01/15/46)	$	299	$	229,991
4.00%, 11/15/47 (Call 05/15/47)		261		199,549
4.10%, 03/25/61 (Call 09/25/60)		180		131,747
4.13%, 05/15/45 (Call 11/15/44)		185		146,158
4.30%, 07/08/34 (Call 01/08/34)		195		176,804
4.38%, 05/15/55 (Call 11/15/54)		100		78,358
4.50%, 07/08/44 (Call 01/08/44)		126		105,753
5.38%, 07/15/40		254		242,934
5.55%, 02/06/53 (Call 08/06/52)		230		220,145
6.13%, 07/08/39		214		220,222
6.50%, 04/15/38		151		161,274
6.90%, 11/09/52 (Call 05/09/52)		290		327,202
Salesforce Inc.
2.70%, 07/15/41 (Call 01/15/41)		130		92,731
2.90%, 07/15/51 (Call 01/15/51)		205		136,355
3.05%, 07/15/61 (Call 01/15/61)		130		83,598
				7,696,207
Telecommunications — 2.7%
America Movil SAB de CV
4.38%, 04/22/49 (Call 10/22/48)		50		42,992
6.13%, 11/15/37		135		141,752
6.13%, 03/30/40		164		171,629
6.38%, 03/01/35		191		206,949
AT&T Inc.
3.10%, 02/01/43 (Call 08/01/42)(b)		115		82,660
3.30%, 02/01/52 (Call 08/01/51)		55		37,299
3.50%, 06/01/41 (Call 12/01/40)		305		234,115
3.50%, 09/15/53 (Call 03/15/53)		785		540,052
3.50%, 02/01/61 (Call 08/01/60)		30		20,023
3.55%, 09/15/55 (Call 03/15/55)		820		558,668
3.65%, 06/01/51 (Call 12/01/50)		355		253,896
3.65%, 09/15/59 (Call 03/15/59)		721		488,584
3.80%, 12/01/57 (Call 06/01/57)		670		472,762
3.85%, 06/01/60 (Call 12/01/59)		165		116,511
4.30%, 12/15/42 (Call 06/15/42)		130		109,759
4.35%, 06/15/45 (Call 12/15/44)		50		41,833
4.50%, 05/15/35 (Call 11/15/34)		305		280,646
4.50%, 03/09/48 (Call 09/09/47)		160		133,683
4.55%, 03/09/49 (Call 09/09/48)		170		142,620
4.65%, 06/01/44 (Call 12/01/43)		105		90,294
4.75%, 05/15/46 (Call 11/15/45)		265		231,991
4.80%, 06/15/44 (Call 12/15/43)		60		53,033
4.85%, 03/01/39 (Call 09/01/38)		165		151,899
4.90%, 08/15/37 (Call 02/14/37)		120		112,197
5.15%, 03/15/42		115		109,521
5.15%, 11/15/46 (Call 05/15/46)		15		13,886
5.15%, 02/15/50 (Call 08/14/49)		100		91,447
5.25%, 03/01/37 (Call 09/01/36)		60		58,248
5.55%, 08/15/41		20		19,920
5.65%, 02/15/47 (Call 08/15/46)		100		100,174
5.70%, 03/01/57 (Call 09/01/56)		40		39,193
6.00%, 08/15/40 (Call 05/15/40)		55		56,382
6.38%, 03/01/41		110		115,739
Axiata SPV5 Labuan Ltd., 3.06%, 08/19/50 (Call 02/19/50)(f)		200		134,809
Bell Telephone Co. of Canada or Bell Canada
3.65%, 08/15/52 (Call 02/15/52)		80		58,812
4.30%, 07/29/49 (Call 01/29/49)		70		57,605
4.46%, 04/01/48 (Call 10/01/47)		95		80,746
5.55%, 02/15/54 (Call 08/15/53)		50		49,194
Series US-4, 3.65%, 03/17/51 (Call 09/17/50)		30		22,086

Security	Par (000)		Value
Telecommunications (continued)
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)	$	90	$	60,445
Cisco Systems Inc.
5.30%, 02/26/54 (Call 08/26/53)		150		151,790
5.35%, 02/26/64 (Call 08/26/63)		90		90,661
5.50%, 01/15/40		275		283,903
5.90%, 02/15/39		100		107,314
Corning Inc.
3.90%, 11/15/49 (Call 05/15/49)		60		46,429
4.38%, 11/15/57 (Call 05/15/57)		85		69,921
4.70%, 03/15/37		40		36,741
4.75%, 03/15/42		60		53,753
5.35%, 11/15/48 (Call 05/15/48)		80		76,824
5.45%, 11/15/79 (Call 05/19/79)		65		60,032
5.75%, 08/15/40		56		55,973
5.85%, 11/15/68 (Call 05/15/68)		51		50,175
Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)		150		112,199
Deutsche Telekom International Finance BV, 4.75%, 06/21/38 (Call 12/21/37)(a)		20		18,797
Embarq Corp., 8.00%, 06/01/36(b)		167		94,517
Juniper Networks Inc., 5.95%, 03/15/41		26		25,721
Lumen Technologies Inc.
Series P, 7.60%, 09/15/39		38		12,614
Series U, 7.65%, 03/15/42		30		9,907
Motorola Solutions Inc., 5.50%, 09/01/44		36		34,213
Nokia OYJ, 6.63%, 05/15/39		55		53,072
Orange SA
5.38%, 01/13/42		55		54,094
5.50%, 02/06/44 (Call 08/06/43)		35		34,922
Rogers Communications Inc.
3.70%, 11/15/49 (Call 05/15/49)		91		65,380
4.30%, 02/15/48 (Call 08/15/47)		80		63,914
4.35%, 05/01/49 (Call 11/01/48)		143		114,852
4.50%, 03/15/42 (Call 09/15/41)		100		85,867
4.50%, 03/15/43 (Call 09/15/42)		60		50,742
4.55%, 03/15/52 (Call 09/15/51)		220		181,564
5.00%, 03/15/44 (Call 09/15/43)		115		103,721
5.45%, 10/01/43 (Call 04/01/43)		25		23,909
7.50%, 08/15/38		85		97,745
SES Global Americas Holdings Inc., 5.30%, 03/25/44(a)		74		56,850
Telecom Italia Capital SA
6.00%, 09/30/34		115		106,719
7.20%, 07/18/36		115		114,390
7.72%, 06/04/38		113		115,523
Telefonica Emisiones SA
4.90%, 03/06/48		170		145,681
5.21%, 03/08/47		240		215,657
5.52%, 03/01/49 (Call 09/01/48)		165		153,922
7.05%, 06/20/36		190		209,345
TELUS Corp.
4.30%, 06/15/49 (Call 12/15/48)		50		40,628
4.60%, 11/16/48 (Call 05/16/48)		40		34,182
T-Mobile USA Inc.
3.00%, 02/15/41 (Call 08/15/40)		185		133,509
3.30%, 02/15/51 (Call 08/15/50)		350		240,748
3.40%, 10/15/52 (Call 04/15/52)		325		225,707
3.60%, 11/15/60 (Call 05/15/60)		190		130,937
4.38%, 04/15/40 (Call 10/15/39)		265		232,293
4.50%, 04/15/50 (Call 10/15/49)		360		304,313
5.50%, 01/15/55 (Call 07/15/54)		25		24,401

76 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.65%, 01/15/53 (Call 07/15/52)	$	225	$	223,350
5.75%, 01/15/54 (Call 07/15/53)		130		131,466
5.80%, 09/15/62 (Call 03/15/62)		85		86,053
6.00%, 06/15/54 (Call 12/15/53)		90		94,446
Verizon Communications Inc.
2.65%, 11/20/40 (Call 05/20/40)		300		206,821
2.85%, 09/03/41 (Call 03/03/41)		60		42,262
2.88%, 11/20/50 (Call 05/20/50)		270		172,030
2.99%, 10/30/56 (Call 04/30/56)		433		269,173
3.00%, 11/20/60 (Call 05/20/60)		220		133,554
3.40%, 03/22/41 (Call 09/22/40)		445		340,763
3.55%, 03/22/51 (Call 09/22/50)		530		384,854
3.70%, 03/22/61 (Call 09/22/60)		410		291,633
3.85%, 11/01/42 (Call 05/01/42)		100		80,428
3.88%, 03/01/52 (Call 09/01/51)		160		123,268
4.00%, 03/22/50 (Call 09/22/49)		145		114,355
4.13%, 08/15/46		150		122,763
4.27%, 01/15/36		45		40,849
4.40%, 11/01/34 (Call 05/01/34)		230		213,780
4.52%, 09/15/48		50		43,749
4.67%, 03/15/55		105		92,604
4.75%, 11/01/41		122		112,272
4.81%, 03/15/39		160		149,224
4.86%, 08/21/46		280		257,046
5.01%, 08/21/54		80		74,154
5.25%, 03/16/37		25		24,923
5.50%, 03/16/47		100		100,654
5.50%, 02/23/54 (Call 08/23/53)		30		29,642
5.85%, 09/15/35		85		88,763
6.55%, 09/15/43		100		111,397
Vodafone Group PLC
4.25%, 09/17/50		180		141,794
4.38%, 02/19/43		138		116,166
4.88%, 06/19/49		250		216,398
5.00%, 05/30/38		50		48,163
5.13%, 06/19/59		55		48,405
5.13%, 06/04/81 (Call 12/04/50), (5-year CMT + 3.073%)(c)		113		83,985
5.25%, 05/30/48		10		9,275
5.63%, 02/10/53 (Call 08/10/52)		130		125,367
5.75%, 02/10/63 (Call 08/10/62)		45		43,938
6.15%, 02/27/37		170		177,430
				15,757,322
Toys, Games & Hobbies — 0.0%
Hasbro Inc.
5.10%, 05/15/44 (Call 11/15/43)		35		29,396
6.35%, 03/15/40		50		50,675
Mattel Inc., 5.45%, 11/01/41 (Call 05/01/41)		35		31,758
				111,829
Transportation — 1.6%
Burlington Northern Santa Fe LLC
3.05%, 02/15/51 (Call 08/15/50)		30		20,321
3.30%, 09/15/51 (Call 03/15/51)		60		42,763
3.55%, 02/15/50 (Call 08/15/49)		85		64,021
3.90%, 08/01/46 (Call 02/01/46)		88		70,824
4.05%, 06/15/48 (Call 12/15/47)		115		94,850
4.13%, 06/15/47 (Call 12/15/46)		115		96,172
4.15%, 04/01/45 (Call 10/01/44)		125		105,207
4.15%, 12/15/48 (Call 06/15/48)		116		96,624
4.38%, 09/01/42 (Call 03/01/42)		90		79,619

Security	Par (000)		Value
Transportation (continued)
4.45%, 03/15/43 (Call 09/15/42)	$	124	$	110,135
4.45%, 01/15/53 (Call 07/15/52)		130		113,947
4.55%, 09/01/44 (Call 03/01/44)		100		89,352
4.70%, 09/01/45 (Call 03/01/45)		20		18,276
4.90%, 04/01/44 (Call 10/01/43)		144		135,872
4.95%, 09/15/41 (Call 03/15/41)		55		52,417
5.05%, 03/01/41 (Call 09/01/40)		70		67,870
5.15%, 09/01/43 (Call 03/01/43)		110		107,102
5.20%, 04/15/54 (Call 10/15/53)		150		146,578
5.40%, 06/01/41 (Call 12/01/40)		65		65,415
5.75%, 05/01/40 (Call 11/01/39)		90		94,071
6.15%, 05/01/37		105		114,549
6.20%, 08/15/36		65		71,042
Canadian National Railway Co.
2.45%, 05/01/50 (Call 11/01/49)		85		53,001
3.20%, 08/02/46 (Call 02/02/46)		40		29,652
3.65%, 02/03/48 (Call 08/03/47)		90		71,286
4.40%, 08/05/52 (Call 02/05/52)		80		70,454
4.45%, 01/20/49 (Call 07/20/48)		75		66,986
6.13%, 11/01/53 (Call 05/01/53)		30		34,094
6.20%, 06/01/36		35		38,138
6.25%, 08/01/34		10		10,920
6.38%, 11/15/37		73		79,928
Canadian Pacific Railway Co.
3.00%, 12/02/41 (Call 06/02/41)		55		46,352
3.10%, 12/02/51 (Call 06/02/51)		200		136,043
3.50%, 05/01/50 (Call 11/01/49)		80		58,420
4.20%, 11/15/69 (Call 05/15/69)		34		26,600
4.30%, 05/15/43 (Call 11/15/42)		45		38,490
4.70%, 05/01/48 (Call 11/01/47)		70		61,555
4.80%, 09/15/35 (Call 03/15/35)		80		76,535
4.80%, 08/01/45 (Call 02/01/45)		40		36,198
4.95%, 08/15/45 (Call 02/15/45)		70		64,166
5.95%, 05/15/37		66		68,214
6.13%, 09/15/2115 (Call 03/15/2115)		78		81,982
Central Japan Railway Co., 4.25%, 11/24/45 (Call 05/24/45)(a)		35		29,507
CSX Corp.
2.50%, 05/15/51 (Call 11/15/50)		10		6,083
3.35%, 09/15/49 (Call 03/15/49)		115		82,361
3.80%, 11/01/46 (Call 05/01/46)		87		68,502
3.80%, 04/15/50 (Call 10/15/49)		55		42,712
3.95%, 05/01/50 (Call 11/01/49)		41		32,764
4.10%, 03/15/44 (Call 09/15/43)		143		120,226
4.25%, 11/01/66 (Call 05/01/66)		35		27,883
4.30%, 03/01/48 (Call 09/01/47)		95		81,034
4.40%, 03/01/43 (Call 09/01/42)		86		76,235
4.50%, 03/15/49 (Call 09/15/48)		25		21,822
4.50%, 11/15/52 (Call 05/15/52)		100		87,483
4.50%, 08/01/54 (Call 02/01/54)		85		73,951
4.65%, 03/01/68 (Call 09/01/67)		30		25,783
4.75%, 05/30/42 (Call 11/30/41)		125		115,111
4.75%, 11/15/48 (Call 05/15/48)		5		4,551
5.50%, 04/15/41 (Call 10/15/40)		100		100,905
6.00%, 10/01/36		40		42,565
6.15%, 05/01/37		50		54,167
6.22%, 04/30/40		75		81,261
Empresa de Transporte de Pasajeros Metro SA,
5.00%, 01/25/47 (Call 07/25/46)(f)		200		171,479
FedEx Corp.
3.25%, 05/15/41 (Call 11/15/40)		15		11,056

S C H E D U L E  O F  I N V E S T M E N T S 77

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
3.90%, 02/01/35	$	40	$	35,209
4.05%, 02/15/48 (Call 08/15/47)		130		102,198
4.10%, 04/15/43		75		61,118
4.10%, 02/01/45		140		112,188
4.40%, 01/15/47 (Call 07/15/46)		87		72,163
4.55%, 04/01/46 (Call 10/01/45)		126		107,314
4.75%, 11/15/45 (Call 05/15/45)		188		164,543
4.95%, 10/17/48 (Call 04/17/48)		85		76,528
5.10%, 01/15/44		73		67,497
5.25%, 05/15/50 (Call 11/15/49)(b)		180		169,852
Indian Railway Finance Corp. Ltd., 3.95%, 02/13/50(f)		200		156,743
Lima Metro Line 2 Finance Ltd., 5.88%, 07/05/34(f)		87		85,941
MV24 Capital BV, 6.75%, 06/01/34(f)		161		151,213
Norfolk Southern Corp.
2.90%, 08/25/51 (Call 02/25/51)		50		32,150
3.05%, 05/15/50 (Call 11/15/49)		80		53,513
3.16%, 05/15/55 (Call 11/15/54)		113		74,024
3.40%, 11/01/49 (Call 05/01/49)		95		68,965
3.70%, 03/15/53 (Call 09/15/52)		75		55,770
3.94%, 11/01/47 (Call 05/01/47)		99		78,199
3.95%, 10/01/42 (Call 04/01/42)		76		62,325
4.05%, 08/15/52 (Call 02/15/52)		85		67,734
4.10%, 05/15/49 (Call 11/15/48)		65		52,784
4.10%, 05/15/2121 (Call 11/15/2120)		35		25,258
4.15%, 02/28/48 (Call 08/28/47)		60		49,589
4.45%, 06/15/45 (Call 12/15/44)		25		21,526
4.55%, 06/01/53 (Call 12/01/52)		110		95,200
4.65%, 01/15/46 (Call 07/15/45)		50		44,291
4.84%, 10/01/41		65		60,566
5.10%, 12/31/49 (Call 02/01/2118)		10		8,688
5.35%, 08/01/54 (Call 02/01/54)		100		98,112
5.95%, 03/15/64 (Call 09/15/63)		75		79,002
Polar Tankers Inc., 5.95%, 05/10/37(a)		19		18,916
TTX Co.
4.20%, 07/01/46 (Call 01/01/46)(a)		15		12,303
5.65%, 12/01/52 (Call 06/01/52)(a)		10		10,212
Union Pacific Corp.
2.95%, 03/10/52 (Call 09/10/51)		65		43,456
2.97%, 09/16/62 (Call 03/16/62)		50		30,928
3.20%, 05/20/41 (Call 11/20/40)		140		107,698
3.25%, 02/05/50 (Call 08/05/49)		250		180,328
3.38%, 02/01/35 (Call 08/01/34)		40		34,140
3.38%, 02/14/42 (Call 08/14/41)		40		31,229
3.50%, 02/14/53 (Call 08/14/52)		130		96,680
3.55%, 08/15/39 (Call 02/15/39)		135		110,739
3.55%, 05/20/61 (Call 11/20/60)		100		71,300
3.60%, 09/15/37 (Call 03/15/37)		151		129,050
3.75%, 02/05/70 (Call 08/05/69)		65		47,506
3.80%, 10/01/51 (Call 04/01/51)		159		125,377
3.80%, 04/06/71 (Call 10/06/70)		55		40,259
3.84%, 03/20/60 (Call 09/20/59)		242		183,490
3.85%, 02/14/72 (Call 08/14/71)		25		18,521
3.88%, 02/01/55 (Call 08/01/54)		75		58,209
3.95%, 08/15/59 (Call 02/15/59)		60		46,538
4.00%, 04/15/47 (Call 10/15/46)		105		85,350
4.05%, 11/15/45 (Call 05/15/45)		80		65,551
4.05%, 03/01/46 (Call 09/01/45)		50		41,165
4.10%, 09/15/67 (Call 03/15/67)		65		51,065
4.30%, 03/01/49 (Call 09/01/48)		85		72,045
4.50%, 09/10/48 (Call 03/10/48)		70		61,377
4.95%, 09/09/52 (Call 03/09/52)		15		14,357

Security	Par (000)		Value
Transportation (continued)
5.15%, 01/20/63 (Call 07/20/62)	$	55	$	52,638
United Parcel Service Inc.
3.40%, 11/15/46 (Call 05/15/46)		70		53,472
3.63%, 10/01/42		70		56,636
3.75%, 11/15/47 (Call 05/15/47)		137		108,364
4.25%, 03/15/49 (Call 09/15/48)		105		90,243
4.88%, 11/15/40 (Call 05/15/40)		65		62,296
5.05%, 03/03/53 (Call 09/03/52)(b)		110		106,617
5.20%, 04/01/40 (Call 10/01/39)		80		79,501
5.30%, 04/01/50 (Call 10/01/49)		95		95,259
6.20%, 01/15/38		220		240,585
XPO CNW Inc., 6.70%, 05/01/34		35		36,303
				9,523,388
Trucking & Leasing — 0.0%
GATX Corp.
3.10%, 06/01/51 (Call 12/01/50)		90		57,841
5.20%, 03/15/44 (Call 09/15/43)		60		54,762
6.90%, 05/01/34 (Call 02/01/34)		25		27,189
				139,792
Water — 0.1%
American Water Capital Corp.
3.25%, 06/01/51 (Call 12/01/50)		50		35,188
3.45%, 05/01/50 (Call 11/01/49)		80		58,510
3.75%, 09/01/47 (Call 03/01/47)		95		73,731
4.00%, 12/01/46 (Call 06/01/46)		35		28,317
4.15%, 06/01/49 (Call 12/01/48)		75		61,992
4.20%, 09/01/48 (Call 03/01/48)		80		67,183
4.30%, 12/01/42 (Call 06/01/42)		50		43,658
4.30%, 09/01/45 (Call 03/01/45)		70		59,721
5.45%, 03/01/54 (Call 09/01/53)		60		59,076
6.59%, 10/15/37		50		56,143
Essential Utilities Inc.
3.35%, 04/15/50 (Call 10/15/49)		55		38,024
4.28%, 05/01/49 (Call 11/01/48)		85		68,477
5.30%, 05/01/52 (Call 11/01/51)		60		55,720
				705,740
Total Corporate Bonds & Notes — 47.5% (Cost: $312,895,398)				277,034,235
Foreign Government Obligations(g)
Angola — 0.1%
Angolan Government International Bond
9.13%, 11/26/49(f)		200		160,890
9.38%, 05/08/48(f)		200		163,570
				324,460
Argentina — 0.5%
Argentina Bonar Bonds
3.50%, 07/09/41(e)		59		20,208
3.63%, 07/09/35(e)		1,385		495,780
4.25%, 01/09/38(e)		310		116,802
Argentine Republic Government International Bond
3.50%, 07/09/41 (Call 04/03/24)(e)		1,390		499,473
3.63%, 07/09/35 (Call 04/03/24)(e)		2,880		1,065,601
3.63%, 07/09/46 (Call 04/03/24)(b)(e)		100		38,750
4.25%, 01/09/38 (Call 04/03/24)(b)(e)		1,570		654,326

78 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Argentina (continued)
Provincia de Buenos Aires/Government Bonds
5.50%, 09/01/37(e)(f)	$	110	$	34,466
6.38%, 09/01/37(e)(f)		660		259,974
				3,185,380
Bahrain — 0.1%
Bahrain Government International Bond
6.00%, 09/19/44(f)		200		161,625
7.50%, 02/12/36(a)		200		203,104
7.75%, 04/18/35(f)		200		207,240
				571,969
Bermuda — 0.0%
Bermuda Government International Bond, 3.38%, 08/20/50 (Call 02/20/50)(f)		10		6,673
Brazil — 0.3%
Brazilian Government International Bond
4.75%, 01/14/50 (Call 07/14/49)		600		444,158
5.00%, 01/27/45(b)		400		318,048
5.63%, 01/07/41		300		269,294
5.63%, 02/21/47		400		340,414
7.13%, 01/20/37(b)		185		197,191
7.13%, 05/13/54		200		200,214
				1,769,319
Canada — 0.0%
OMERS Finance Trust, 4.00%, 04/19/52 (Call 10/19/51)(a)		35		27,653
Chile — 0.2%
Chile Government International Bond
3.10%, 05/07/41 (Call 11/07/40)		200		146,683
3.10%, 01/22/61 (Call 07/22/60)		200		125,172
3.25%, 09/21/71 (Call 03/21/71)		200		125,452
3.50%, 01/25/50 (Call 07/25/49)		200		144,927
3.50%, 04/15/53 (Call 10/15/52)		200		144,418
4.00%, 01/31/52 (Call 07/31/51)(b)		200		156,973
4.34%, 03/07/42 (Call 09/07/41)		200		173,167
4.95%, 01/05/36 (Call 10/05/35)		200		193,299
5.33%, 01/05/54 (Call 07/05/53)		200		191,232
				1,401,323
China — 0.1%
China Government International Bond, 2.75%, 12/03/39(f)		200		158,375
Export-Import Bank of China (The), 4.00%, 11/28/47(f)		200		172,007
				330,382
Colombia — 0.3%
Colombia Government International Bond
3.88%, 02/15/61 (Call 08/15/60)		200		114,636
4.13%, 02/22/42 (Call 08/22/41)		200		133,133
4.13%, 05/15/51 (Call 11/15/50)		200		122,345
5.00%, 06/15/45 (Call 12/15/44)(b)		400		287,294
5.20%, 05/15/49 (Call 11/15/48)		200		144,984
5.63%, 02/26/44 (Call 08/26/43)		200		156,620
6.13%, 01/18/41		200		170,308
7.38%, 09/18/37		150		147,181
8.00%, 11/14/35 (Call 08/14/35)		200		208,025
8.75%, 11/14/53 (Call 05/14/53)		200		214,500
				1,699,026
Costa Rica — 0.1%
Costa Rica Government International Bond
7.00%, 04/04/44(f)		200		205,255

Security	Par (000)		Value
Costa Rica (continued)
7.16%, 03/12/45(f)	$	200	$	207,467
7.30%, 11/13/54 (Call 05/13/53)(f)		200		210,518
				623,240
Dominican Republic — 0.2%
Dominican Republic International Bond
5.30%, 01/21/41(f)		150		126,310
5.88%, 01/30/60(f)		300		253,756
6.40%, 06/05/49(f)		150		140,322
6.50%, 02/15/48(f)		150		142,231
6.85%, 01/27/45(f)		150		147,547
7.45%, 04/30/44(f)		200		209,915
				1,020,081
Ecuador — 0.1%
Ecuador Government International Bond
2.50%, 07/31/40(e)(f)		350		152,977
3.50%, 07/31/35(e)(f)		750		357,576
				510,553
Egypt — 0.2%
Egypt Government International Bond
7.50%, 02/16/61(f)		200		141,632
7.90%, 02/21/48(f)		200		149,723
8.50%, 01/31/47(f)		400		310,100
8.70%, 03/01/49(f)		200		157,638
8.88%, 05/29/50(f)		200		160,154
				919,247
El Salvador — 0.1%
El Salvador Government International Bond
7.12%, 01/20/50 (Call 07/20/49)(f)		200		136,550
7.65%, 06/15/35(f)		215		161,523
				298,073
Ghana — 0.0%
Ghana Government International Bond
8.75%, 03/11/61(f)(h)(i)		400		169,978
8.88%, 05/07/42(f)(h)(i)		200		84,752
				254,730
Guatemala — 0.0%
Guatemala Government Bond, 6.13%, 06/01/50 (Call 12/01/49)(f)		200		182,276
Hong Kong — 0.1%
Airport Authority, 3.25%, 01/12/52 (Call 07/12/51)(a)		200		146,467
Hong Kong Government International Bond, 5.25%, 01/11/53(a)		200		211,719
				358,186
Hungary — 0.1%
Hungary Government International Bond
3.13%, 09/21/51(f)		200		124,699
5.50%, 03/26/36(a)		200		192,605
6.75%, 09/25/52(f)		200		212,450
7.63%, 03/29/41		250		286,398
				816,152
Indonesia — 0.6%
Indonesia Government International Bond
3.05%, 03/12/51		200		139,436
3.20%, 09/23/61 (Call 03/23/61)		200		130,111
3.70%, 10/30/49		200		153,486
4.20%, 10/15/50		200		166,194
4.35%, 01/11/48		200		172,507
4.45%, 04/15/70		200		166,047

S C H E D U L E  O F  I N V E S T M E N T S 79

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indonesia (continued)
4.63%, 04/15/43(f)	$	200	$	183,682
4.75%, 07/18/47(f)		200		185,124
5.13%, 01/15/45(f)		200		194,837
5.25%, 01/17/42(f)		200		197,825
5.45%, 09/20/52 (Call 03/20/52)		200		198,885
5.95%, 01/08/46(f)		200		213,304
6.63%, 02/17/37(f)		350		389,922
6.75%, 01/15/44(f)		200		231,386
7.75%, 01/17/38(f)		200		245,176
8.50%, 10/12/35(f)		100		127,141
Perusahaan Penerbit SBSN Indonesia III, 3.80%, 06/23/50(f)		200		153,524
				3,248,587
Israel — 0.2%
Israel Government AID Bond, 5.50%, 09/18/33		40		42,932
Israel Government International Bond
3.88%, 07/03/50		200		147,116
4.13%, 01/17/48		200		156,032
4.50%, 01/30/43		200		172,319
State of Israel
3.38%, 01/15/50		200		134,138
3.80%, 05/13/60(f)		600		410,304
				1,062,841
Italy — 0.1%
Republic of Italy Government International Bond
3.88%, 05/06/51		200		138,417
4.00%, 10/17/49		340		242,592
				381,009
Ivory Coast — 0.0%
Ivory Coast Government International Bond, 8.25%, 01/30/37(a)		200		195,304
Jamaica — 0.1%
Jamaica Government International Bond
7.88%, 07/28/45		200		231,687
8.00%, 03/15/39		100		117,913
				349,600
Jordan — 0.0%
Jordan Government International Bond, 7.38%, 10/10/47(f)		200		173,027
Kazakhstan — 0.0%
Kazakhstan Government International Bond, 6.50%, 07/21/45(f)		200		221,297
Lebanon — 0.0%
Lebanon Government International Bond
7.05%, 11/02/35(f)(h)(i)		100		6,044
7.25%, 03/23/37(f)(h)(i)		50		3,021
				9,065
Malaysia — 0.0%
Malaysia Sovereign Sukuk Bhd, 4.24%, 04/22/45(f)		200		183,640
Mexico — 0.7%
Mexico Government International Bond
3.75%, 04/19/71 (Call 10/19/70)		400		252,063
3.77%, 05/24/61 (Call 11/24/60)		200		128,553
4.28%, 08/14/41 (Call 02/14/41)		300		238,297
4.35%, 01/15/47		200		154,161
4.40%, 02/12/52 (Call 08/12/51)		200		150,933
4.50%, 01/31/50 (Call 07/31/49)		200		155,595

Security	Par (000)		Value
Mexico (continued)
4.60%, 01/23/46	$	200	$	159,567
4.60%, 02/10/48		200		158,081
4.75%, 03/08/44		350		288,980
5.00%, 04/27/51 (Call 10/27/50)		200		166,445
5.55%, 01/21/45(b)		300		276,254
5.75%, 12/31/99		250		216,147
6.00%, 05/07/36 (Call 02/07/36)		400		398,829
6.05%, 01/11/40		350		342,690
6.34%, 05/04/53 (Call 11/04/52)		400		390,792
6.35%, 02/09/35 (Call 11/09/34)		200		204,919
6.40%, 05/07/54 (Call 11/07/53)		400		394,661
6.75%, 09/27/34		160		168,726
				4,245,693
Morocco — 0.0%
Morocco Government International Bond, 4.00%, 12/15/50(f)		200		135,014
Nigeria — 0.1%
Nigeria Government International Bond
7.63%, 11/28/47(f)		200		154,636
7.70%, 02/23/38(f)		200		161,356
8.25%, 09/28/51(f)		200		162,074
				478,066
Oman — 0.1%
Oman Government International Bond
6.50%, 03/08/47(f)		200		197,156
6.75%, 01/17/48(f)		200		201,062
7.00%, 01/25/51(f)		200		207,744
				605,962
Panama — 0.3%
Panama Government International Bond
3.87%, 07/23/60 (Call 01/23/60)		400		223,539
4.30%, 04/29/53		200		125,572
4.50%, 04/16/50 (Call 10/16/49)		200		130,172
4.50%, 04/01/56 (Call 10/01/55)		200		126,092
4.50%, 01/19/63 (Call 07/19/62)		200		124,051
6.40%, 02/14/35 (Call 11/14/34)		200		184,681
6.70%, 01/26/36		315		297,855
6.85%, 03/28/54 (Call 09/28/53)		200		176,132
8.00%, 03/01/38 (Call 12/01/37)		200		204,812
				1,592,906
Paraguay — 0.0%
Paraguay Government International Bond, 6.10%, 08/11/44(f)		200		189,898
Peru — 0.2%
Peruvian Government International Bond
2.78%, 12/01/60 (Call 06/01/60)(b)		210		120,423
3.23%, 12/31/99 (Call 01/28/2121)		130		74,311
3.30%, 03/11/41 (Call 09/11/40)		100		74,190
3.55%, 03/10/51 (Call 09/10/50)		200		143,529
3.60%, 01/15/72 (Call 07/15/71)		125		82,083
5.63%, 11/18/50		275		272,167
6.55%, 03/14/37		115		124,037
				890,740
Philippines — 0.3%
Philippine Government International Bond
2.65%, 12/10/45		200		130,470
2.95%, 05/05/45		200		138,333
3.20%, 07/06/46		200		142,391

80 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Philippines (continued)
3.70%, 03/01/41	$	200	$	163,271
3.70%, 02/02/42		200		162,500
3.95%, 01/20/40		300		256,451
4.20%, 03/29/47		200		166,830
5.00%, 01/13/37		200		196,853
5.50%, 01/17/48		200		203,382
6.38%, 10/23/34		100		109,799
				1,670,280
Poland — 0.1%
Republic of Poland Government International Bond, 5.50%, 04/04/53 (Call 10/04/52)		300		299,634
Qatar — 0.4%
Qatar Government International Bond
4.40%, 04/16/50(f)		600		525,061
4.63%, 06/02/46(f)		200		182,630
4.82%, 03/14/49(f)		600		555,765
5.10%, 04/23/48(f)		700		674,686
5.75%, 01/20/42(a)		200		212,629
				2,150,771
Romania — 0.1%
Romanian Government International Bond
4.00%, 02/14/51(f)		200		138,356
5.13%, 06/15/48(f)		140		116,432
6.00%, 05/25/34(f)		80		77,874
6.13%, 01/22/44(f)		140		133,196
7.63%, 01/17/53(f)		150		163,689
				629,547
Saudi Arabia — 0.5%
Saudi Government International Bond
3.25%, 11/17/51(f)		200		132,430
3.45%, 02/02/61(f)		400		261,377
3.75%, 01/21/55(f)		400		282,807
4.50%, 10/26/46(f)		600		502,731
4.50%, 04/22/60(f)		200		161,766
4.63%, 10/04/47(f)		400		338,482
5.00%, 04/17/49(f)		600		533,042
5.00%, 01/18/53(f)		600		529,252
5.25%, 01/16/50(f)		400		369,347
				3,111,234
Senegal — 0.0%
Senegal Government International Bond, 6.75%, 03/13/48(f)		200		144,724
South Africa — 0.1%
Republic of South Africa Government International Bond
5.00%, 10/12/46		200		135,826
5.65%, 09/27/47		200		145,338
5.75%, 09/30/49		200		145,496
6.25%, 03/08/41		175		144,066
7.30%, 04/20/52		200		173,699
				744,425
South Korea — 0.1%
Export-Import Bank of Korea, 2.50%, 06/29/41		200		142,328
Korea International Bond, 3.88%, 09/20/48		200		170,180
				312,508
Supranational — 0.0%
Inter-American Development Bank 3.20%, 08/07/42		100		80,643

Security	Par (000)		Value
Supranational (continued)
3.88%, 10/28/41	$	135	$	120,191
4.38%, 01/24/44		50		47,496
				248,330
Turkey — 0.3%
Turkiye Government International Bond
4.88%, 04/16/43		400		277,233
5.75%, 05/11/47(b)		400		299,613
6.00%, 01/14/41		300		243,747
6.63%, 02/17/45		400		339,054
6.75%, 05/30/40(b)		200		176,908
6.88%, 03/17/36		280		260,565
7.25%, 03/05/38(b)		50		47,617
7.63%, 05/15/34		200		199,274
				1,844,011
Ukraine — 0.0%
Ukraine Government International Bond
7.25%, 03/15/35(f)(h)(i)		400		104,495
7.38%, 09/25/34(f)(h)(i)		200		52,048
				156,543
United Arab Emirates — 0.3%
Abu Dhabi Government International Bond
2.70%, 09/02/70(f)		200		116,280
3.00%, 09/15/51(f)		200		133,938
3.13%, 09/30/49(f)		400		277,674
3.88%, 04/16/50(f)		400		317,693
4.13%, 10/11/47(f)		400		333,478
Emirate of Dubai Government International Bond, 5.25%, 01/30/43(f)		200		189,393
Finance Department Government of Sharjah, 4.00%, 07/28/50(f)		200		126,907
UAE International Government Bond
2.88%, 10/19/41(f)		200		145,137
3.25%, 10/19/61(f)		200		135,846
				1,776,346
Uruguay — 0.2%
Uruguay Government International Bond
4.13%, 11/20/45		55		47,897
4.98%, 04/20/55		300		279,350
5.10%, 06/18/50		440		422,486
5.75%, 10/28/34 (Call 07/28/34)		200		210,275
7.63%, 03/21/36		140		168,157
				1,128,165
Total Foreign Government Obligations — 7.3% (Cost: $47,147,231)				42,477,890
Municipal Debt Obligations
Arizona — 0.0%
Salt River Project Agricultural Improvement & Power District RB BAB, 4.84%, 01/01/41		150		143,687
California — 0.8%
Bay Area Toll Authority RB BAB
Series F-2, 6.26%, 04/01/49		300		340,998
Series S-1, 7.04%, 04/01/50		50		61,478
Series S-3, 6.91%, 10/01/50		170		206,670
California State University RB, Class B, 2.72%, 11/01/52		200		133,758

S C H E D U L E  O F  I N V E S T M E N T S 81

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
City of San Francisco California Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50	$	100	$	118,549
East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40		50		53,112
Foothill-Eastern Transportation Corridor Agency RB, Series A, 4.09%, 01/15/49 (Call 01/15/30)		100		83,624
Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49		200		241,405
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB BAB, Series A, 5.74%, 06/01/39		100		103,688
Los Angeles County Public Works Financing Authority RB BAB, 7.62%, 08/01/40		50		60,548
Los Angeles Department of Water & Power RB BAB, Series A, 5.72%, 07/01/39		200		207,385
Los Angeles Unified School District/CA GO BAB, 5.75%, 07/01/34(b)		260		268,796
Regents of the University of California Medical Center Pooled Revenue RB
Class A, 3.71%, 05/15/2120 (Call 11/15/2119)		225		154,028
Series N, Class A, 3.26%, 05/15/60 (Call 11/15/59)		65		44,230
Regents of the University of California Medical Center Pooled Revenue RB BAB, Series F, 6.58%, 05/15/49		150		170,841
San Diego County Regional Transportation Commission RB BAB, 5.91%, 04/01/48		125		134,027
San Diego County Water Authority RB BAB, Series B, 6.14%, 05/01/49		50		55,045
State of California GO
4.60%, 04/01/38 (Call 04/01/28)		100		95,174
5.20%, 03/01/43 (Call 03/01/33)		205		199,426
State of California GO BAB
7.30%, 10/01/39		400		467,607
7.50%, 04/01/34		250		294,216
7.55%, 04/01/39		250		303,764
7.60%, 11/01/40		245		303,098
University of California RB
Series AQ, 4.77%, 12/31/99		150		134,736
Series BG, 3.07%, 05/15/51 (Call 05/15/31)		200		133,765
University of California RB BAB, 5.77%, 05/15/43		50		52,432
				4,422,400
Colorado — 0.0%
Regional Transportation District Sales Tax Revenue RB BAB, Series B, 5.84%, 11/01/50		20		21,842
District of Columbia — 0.0%
District of Columbia Income Tax Revenue RB BAB, Series E, 5.59%, 12/01/34		50		51,648
District of Columbia Water & Sewer Authority RB, 4.81%, 10/01/2114(b)		50		45,677
				97,325
Florida — 0.0%
County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28)		50		45,016
Georgia — 0.0%
Municipal Electric Authority of Georgia RB BAB
Project J, Series 2010-A, 6.64%, 04/01/57		91		102,138
Project M, Series 2010-A, 6.66%, 04/01/57		47		52,229
				154,367

Security	Par (000)		Value
Illinois — 0.1%
Chicago O’Hare International Airport RB, Series C, 4.57%, 01/01/54(b)	$	250	$	231,061
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB, Series B, 6.90%, 12/01/40		238		264,382
Metropolitan Water Reclamation District of Greater Chicago GOL BAB, 5.72%, 12/01/38		55		57,827
State of Illinois GO BAB, 6.63%, 02/01/35 BAB		169		176,806
				730,076
Louisiana — 0.1%
Louisiana Local Government Environmental Facilities & Community Development Auth, 5.20%, 12/01/39		210		213,504
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority, Class D, 3.05%, 07/01/40 (Call 01/01/40)		50		37,291
Maryland State Transportation Authority RB BAB, 5.89%, 07/01/43		50		51,894
				89,185
Massachusetts — 0.1%
Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39		200		207,393
Commonwealth of Massachusetts Transportation Fund Revenue RB BAB, Series A, 5.73%, 06/01/40		25		25,951
Massachusetts School Building Authority RB BAB, Series B, 5.72%, 08/15/39		50		52,351
				285,695
Michigan — 0.1%
Michigan State University RB, 4.17%, 08/15/2122 (Call 02/15/2122)		100		77,957
University of Michigan RB
3.50%, 04/01/52 (Call 10/01/51)(b)		200		151,212
Series B, 2.44%, 04/01/40 (Call 10/01/39)		200		144,247
				373,416
Missouri — 0.0%
Health & Educational Facilities Authority of the State of Missouri RB, Series A, 3.23%, 05/15/50 (Call 11/15/49)		100		72,358
New Jersey — 0.1%
New Jersey State Turnpike Authority RB BAB, Series F, 7.41%, 01/01/40		150		182,858
New Jersey Transportation Trust Fund Authority RB BAB, Series B, 6.56%, 12/15/40		200		218,248
New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41		200		233,771
				634,877
New York — 0.4%
City of New York GO BAB, Series C-1, 5.52%, 10/01/37		300		305,932
Metropolitan Transportation Authority RB BAB
7.34%, 11/15/39		150		180,707
Series E, 6.81%, 11/15/40		200		221,258
New York City Municipal Water Finance Authority RB BAB
5.44%, 06/15/43		250		254,307
6.01%, 06/15/42		200		215,121
New York City Transitional Finance Authority Future Tax Secured Revenue RB BAB
5.51%, 08/01/37		50		51,032
5.57%, 11/01/38		50		51,311

82 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series C-2, 5.77%, 08/01/36	$	95	$	98,106
New York State Dormitory Authority RB BAB, Series F, 5.63%, 03/15/39		100		103,656
New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39		55		55,636
Port Authority of New York & New Jersey RB
3.29%, 08/01/69(b)		300		201,112
5.07%, 07/15/53		30		30,093
Series 168, 4.93%, 10/01/51		80		77,782
Series 174, 4.46%, 10/01/62(b)		350		312,008
Series 181, 4.96%, 08/01/46		50		47,813
Series 225, 3.18%, 07/15/60 (Call 07/15/31)		70		47,312
				2,253,186
Ohio — 0.1%
American Municipal Power Inc. RB BAB
6.45%, 02/15/44		200		217,681
Series B, 8.08%, 02/15/50		50		66,766
Ohio State University (The) RB, Series A, 4.80%, 06/01/2111(b)		75		67,479
Ohio State University (The) RB BAB, Series C, 4.91%, 06/01/40		100		96,952
				448,878
Oklahoma — 0.1%
Oklahoma Development Finance Authority RB
4.62%, 06/01/44		85		80,855
4.71%, 05/01/52		175		164,206
				245,061
Oregon — 0.0%
State of Oregon Department of Transportation RB BAB, Series 2010-A, 5.83%, 11/15/34		100		105,100
Pennsylvania — 0.0%
Commonwealth Financing Authority RB, Series A, 4.14%, 06/01/38		150		138,882
Pennsylvania State University (The) RB, 2.79%, 09/01/43		75		56,040
				194,922
Tennessee — 0.0%
Metropolitan Government of Nashville & Davidson County Convention Center Authority RB BAB, Series B, 6.73%, 07/01/43		40		44,833
Texas — 0.3%
Board of Regents of the University of Texas System RB BAB, Series C, 4.79%, 08/15/46		150		144,290
City of San Antonio Texas Electric & Gas Systems Revenue RB BAB, 5.81%, 02/01/41		50		52,387
Dallas Area Rapid Transit RB, 2.61%, 12/01/48 (Call 12/01/31)		100		67,607
Dallas Area Rapid Transit RB BAB, Series B, 6.00%, 12/01/44		100		109,294
Dallas County Hospital District GOL BAB, Series C, 5.62%, 08/15/44		30		31,025
Dallas Fort Worth International Airport RB
4.51%, 11/01/51 (Call 11/01/32)		200		181,402
Series C, Class C, 2.92%, 11/01/50		100		70,220
Dallas Independent School District GO BAB, Series C, 6.45%, 02/15/35 (Call 04/01/24) (PSF)		40		40,212
Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)		150		108,703

Security	Par (000)		Value
Texas (continued)
North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49	$	70	$	82,335
Permanent University Fund - Texas A&M University System RB, Series B, 3.66%, 07/01/47 (Call 07/01/27)		100		83,418
State of Texas GO BAB
5.52%, 04/01/39(b)		250		261,444
Series A, 4.68%, 04/01/40		100		97,093
Texas Natural Gas Securitization Finance Corp.
5.10%, 04/01/35		205		206,888
5.17%, 04/01/41		200		202,851
Texas Private Activity Bond Surface Transportation Corp. RB, Series B, 3.92%, 12/31/49		100		81,226
Texas Transportation Commission GO, 2.47%, 10/01/44 (Call 10/01/30)		50		34,468
				1,854,863
Virginia — 0.0%
University of Virginia RB
2.26%, 09/01/50 (Call 03/01/50)		270		163,762
Series C, 4.18%, 09/01/2117 (Call 03/01/2117)		45		35,932
				199,694
Washington — 0.0%
State of Washington GO BAB, Series F, 5.14%, 08/01/40		50		50,434
Total Municipal Debt Obligations — 2.2% (Cost: $14,191,446)				12,680,719
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 0.1%
Federal National Mortgage Association, Series 2019-M4, Class A2, 3.61%, 02/25/31		275		254,607
Freddie Mac Multifamily Structured Pass Through Certificates, Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)		500		406,233
				660,840
U.S. Government Agency Obligations — 0.2%
Federal Home Loan Banks, 5.50%, 07/15/36		290		316,889
Tennessee Valley Authority
3.50%, 12/15/42		50		40,628
4.65%, 06/15/35		75		74,708
5.25%, 09/15/39		65		67,331
5.38%, 04/01/56		500		532,417
5.88%, 04/01/36		200		222,592
Series B, 4.70%, 07/15/33		40		40,346
				1,294,911
U.S. Government Obligations — 41.0%
U.S. Treasury Note/Bond
1.13%, 05/15/40		8,030		4,954,761
1.13%, 08/15/40		8,130		4,966,922
1.25%, 05/15/50		3,600		1,828,688
1.38%, 11/15/40		6,800		4,316,937
1.38%, 08/15/50		3,890		2,042,250
1.63%, 11/15/50		4,670		2,623,227
1.75%, 08/15/41		5,650		3,763,430
1.88%, 02/15/41		7,810		5,381,578
1.88%, 02/15/51		6,100		3,653,328
1.88%, 11/15/51		4,240		2,528,100
2.00%, 11/15/41		5,300		3,668,594
2.00%, 02/15/50		3,050		1,899,578

S C H E D U L E  O F  I N V E S T M E N T S 83

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
2.00%, 08/15/51	$	5,400	$	3,327,750
2.25%, 05/15/41		3,350		2,446,023
2.25%, 08/15/46		1,922		1,305,458
2.25%, 08/15/49		3,700		2,451,250
2.25%, 02/15/52		6,150		4,025,367
2.38%, 02/15/42		4,790		3,521,398
2.38%, 11/15/49		3,960		2,694,038
2.38%, 05/15/51		6,400		4,321,000
2.50%, 02/15/45		2,130		1,543,917
2.50%, 02/15/46		895		642,302
2.50%, 05/15/46		1,750		1,252,617
2.75%, 08/15/42		1,450		1,127,828
2.75%, 11/15/42		4,355		3,375,125
2.75%, 08/15/47		7,400		5,501,437
2.75%, 11/15/47		7,800		5,787,844
2.88%, 05/15/43		3,150		2,479,148
2.88%, 08/15/45		500		386,094
2.88%, 11/15/46		850		650,383
2.88%, 05/15/49		2,600		1,965,844
2.88%, 05/15/52		6,500		4,897,344
3.00%, 05/15/42		1,000		810,313
3.00%, 11/15/44		300		237,984
3.00%, 05/15/45		300		237,281
3.00%, 11/15/45		500		393,984
3.00%, 02/15/47		1,300		1,015,828
3.00%, 05/15/47		6,300		4,915,969
3.00%, 02/15/48		7,100		5,518,031
3.00%, 08/15/48		4,840		3,755,538
3.00%, 02/15/49		5,255		4,072,625
3.00%, 08/15/52		7,650		5,917,992
3.13%, 11/15/41		600		499,406
3.13%, 02/15/42		3,100		2,570,578
3.13%, 02/15/43		5,000		4,103,906
3.13%, 08/15/44		1,050		851,977
3.13%, 05/15/48		8,435		6,703,189
3.25%, 05/15/42		3,690		3,104,213
3.38%, 08/15/42		4,840		4,138,956
3.38%, 05/15/44		1,450		1,225,930
3.38%, 11/15/48		6,010		4,992,056
3.50%, 02/15/39		1,060		963,772
3.63%, 08/15/43		1,450		1,278,266
3.63%, 02/15/44		2,600		2,285,563
3.63%, 02/15/53		7,700		6,735,094
3.63%, 05/15/53		7,100		6,215,828
3.75%, 11/15/43		2,300		2,062,453
3.88%, 08/15/40		650		607,648
3.88%, 02/15/43		6,575		6,022,289
3.88%, 05/15/43		6,730		6,154,795
4.00%, 11/15/42		6,900		6,442,875
4.00%, 11/15/52		11,670		10,931,508
4.13%, 08/15/53		7,450		7,138,031
4.25%, 05/15/39		1,300		1,285,578
4.25%, 02/15/54		3,200		3,141,000
4.38%, 02/15/38		800		809,000

Security	Par (000)		Value
U.S. Government Obligations (continued)
4.38%, 11/15/39	$	1,630	$	1,629,236
4.38%, 05/15/40		1,095		1,090,552
4.38%, 05/15/41		1,200		1,186,688
4.38%, 08/15/43		4,400		4,309,250
4.50%, 05/15/38		1,660		1,696,831
4.50%, 08/15/39		2,300		2,335,938
4.50%, 02/15/44		500		500,000
4.63%, 02/15/40		1,000		1,026,875
4.75%, 11/15/43		4,200		4,323,375
4.75%, 11/15/53		7,265		7,734,955
5.00%, 05/15/37		550		593,313
				238,896,029
Total U.S. Government & Agency Obligations — 41.3%
(Cost: $289,136,806)				240,851,780
Total Long-Term Investments — 98.3% (Cost: $663,370,881)				573,044,624
	Shares
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(j)(k)(l)		10,803,999		10,803,999
Total Short-Term Securities — 1.8% (Cost: $10,803,999)				10,803,999
Total Investments — 100.1% (Cost: $674,174,880)				583,848,623
Liabilities in Excess of Other Assets — (0.1)%				(623,442	)
Net Assets — 100.0%			$	583,225,181

^(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)  Zero-coupon bond.

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

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

^(h)  Issuer filed for bankruptcy and/or is in default.

⁽ⁱ⁾  Non-income producing security.

^(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.

84 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Core 10+ Year USD Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Treasury, SL Agency Shares	$	6,400,248	$	4,403,751	(a)	$	—	$	—	$	—	$	10,803,999		10,803,999	$	166,446	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—		$	277,034,235		$	—		$	277,034,235
Foreign Government Obligations		—			42,477,890			—			42,477,890
Municipal Debt Obligations		—			12,680,719			—			12,680,719
U.S. Government & Agency Obligations		—			240,851,780			—			240,851,780
Short-Term Securities
Money Market Funds		10,803,999			—			—			10,803,999
	$	10,803,999		$	573,044,624		$	—		$	583,848,623

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 85

Statements of Assets and Liabilities

February 29, 2024

	iShares Core 5-10 Year USD Bond ETF			iShares Core 10+ Year USD Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	169,441,883		$	573,044,624
Investments, at value — affiliated(c)		17,030,003			10,803,999
Cash		124			9,005
Foreign currency, at value(d)		24			205
Receivables:
Investments sold		1,112,559			1,924,197
Securities lending income — affiliated		1,394			6,123
TBA sales commitments		883,174			—
Capital shares sold		—			370,420
Dividends — affiliated		63,677			14,254
Interest — unaffiliated		1,016,323			6,540,092
Total assets		189,549,161			592,712,919
LIABILITIES
Collateral on securities loaned, at value		2,407,818			6,873,999
TBA sales commitments, at value(e)		886,513			—
Payables:
Investments purchased		15,914,189			2,586,084
Investment advisory fees		7,074			27,655
Total liabilities		19,215,594			9,487,738
Commitments and contingent liabilities
NET ASSETS	$	170,333,567		$	583,225,181
NET ASSETS CONSIST OF
Paid-in capital	$	186,228,254		$	684,044,434
Accumulated loss		(15,894,687	)		(100,819,253	)
NET ASSETS	$	170,333,567		$	583,225,181
NET ASSETVALUE
Shares outstanding		4,000,000			11,550,000
Net asset value	$	42.58		$	50.50
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	179,757,576		$	663,370,881
(b) Securities loaned, at value	$	2,345,162		$	6,642,639
(c)  Investments, at cost — affiliated	$	17,024,985		$	10,803,999
(d) Foreign currency, at cost	$	24		$	201
(e) Proceeds from TBA sales commitments	$	883,174		$	—

See notes to financial statements.

86 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended February 29, 2024

	iShares Core 5-10 Year USD Bond ETF			iShares Core 10+ Year USD Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	1,115,420		$	95,937
Interest — unaffiliated		6,358,834			24,607,287
Securities lending income — affiliated — net		24,567			70,509
Other income — unaffiliated		139			833
Total investment income		7,498,960			24,774,566
EXPENSES
Investment advisory		103,892			314,989
Interest expense		429			—
Total expenses		104,321			314,989
Less:
Investment advisory fees waived		(18,782	)		—
Total expenses after fees waived		85,539			314,989
Net investment income		7,413,421			24,459,577
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,230,004	)		(7,627,531	)
Investments — affiliated		10,679			—
Capital gain distributions from underlying funds — affiliated		8			—
In-kind redemptions — unaffiliated(a)		(458,042	)		(4,993,761	)
		(3,677,359	)		(12,621,292	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,380,979			(11,146,391	)
Investments — affiliated		(11,930	)		—
		1,369,049			(11,146,391	)
Net realized and unrealized loss		(2,308,310	)		(23,767,683	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,105,111		$	691,894

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 87

Statements of Changes in Net Assets

	iShares Core 5-10 Year USD Bond ETF						iShares Core 10+ Year USD Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,413,421		$	3,733,206		$	24,459,577		$	11,323,453
Net realized loss		(3,677,359	)		(5,214,370	)		(12,621,292	)		(11,012,168	)
Net change in unrealized appreciation (depreciation)		1,369,049			(8,949,985	)		(11,146,391	)		(64,254,677	)
Net increase (decrease) in net assets resulting from operations		5,105,111			(10,431,149	)		691,894			(63,943,392	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,338,415	)		(3,367,572	)		(23,425,037	)		(10,987,132	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,723,073			69,377,536			267,929,414			106,430,125
NET ASSETS
Total increase in net assets		7,489,769			55,578,815			245,196,271			31,499,601
Beginning of year		162,843,798			107,264,983			338,028,910			306,529,309
End of year	$	170,333,567		$	162,843,798		$	583,225,181		$	338,028,910

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

See notes to financial statements.

88 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core 5-10 Year USD Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	42.85		$	48.76		$	51.55		$	51.67		$	48.49
Net investment income(a)		1.82			1.39			0.91			1.09			1.49
Net realized and unrealized gain (loss)(b)		(0.28	)		(6.00	)		(2.46	)		0.15			3.15
Net increase (decrease) from investment operations		1.54			(4.61	)		(1.55	)		1.24			4.64
Distributions(c)
From net investment income		(1.81	)		(1.30	)		(0.86	)		(1.36	)		(1.46	)
From net realized gain		—			—			(0.38	)		—			—
Total distributions		(1.81	)		(1.30	)		(1.24	)		(1.36	)		(1.46	)
Net asset value, end of year	$	42.58		$	42.85		$	48.76		$	51.55		$	51.67
Total Return(d)
Based on net asset value		3.69	%		(9.51	)%		(3.07	)%		2.39	%		9.72	%
Ratios to Average Net Assets(e)
Total expenses		0.06	%		0.06	%		0.06	%		0.06	%		0.06	%
Total expenses after fees waived		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
Net investment income		4.28	%		3.14	%		1.79	%		2.09	%		2.97	%
Supplemental Data
Net assets, end of year (000)	$	170,334		$	162,844		$	107,265		$	123,730		$	118,852
Portfolio turnover rate(f)(g)		300	%		335	%		279	%		384	%		377	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

^(g)  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 89

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Core 10+ Year USD Bond ETF
		Year Ended			Year Ended					Year Ended					Year Ended					Year Ended
		02/29/24					02/28/23					02/28/22					02/28/21					02/29/20
Net asset value, beginning of year		$	51.61				$	66.64				$	71.04				$	73.73				$	59.94
Net investment income(a)			2.35					2.21					2.17					2.24					2.37
Net realized and unrealized gain (loss)(b)			(1.15	)				(15.04	)				(4.38	)				(2.40	)				13.77
Net increase (decrease) from investment operations			1.20					(12.83	)				(2.21	)				(0.16	)				16.14
Distributions(c)
From net investment income			(2.31	)				(2.20	)				(2.19	)				(2.23	)				(2.35	)
From net realized gain			—					—					—					(0.30	)				—
Total distributions			(2.31	)				(2.20	)				(2.19	)				(2.53	)				(2.35	)
Net asset value, end of year		$	50.50				$	51.61				$	66.64				$	71.04				$	73.73
Total Return(d)
Based on net asset value			2.42	%				(19.44	)%				(3.23	)%				(0.36	)%				27.44	%
Ratios to Average Net Assets(e)
Total expenses			0.06	%				0.06	%				0.06	%				0.06	%				0.06	%
Net investment income			4.66	%				4.04	%				3.05	%				3.00	%				3.54	%
Supplemental Data
Net assets, end of year (000)		$	583,225				$	338,029				$	306,529				$	440,428				$	357,608
Portfolio turnover rate(f)			9	%				10	%				15	%				17	%				9	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification  Classification
Core 5-10 Year USD Bond		Diversified
Core 10+ Year USD 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, and payment-in-kind interest are 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.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

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 91

Notes to Financial Statements (continued)

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.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are

92 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

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

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 93

Notes to Financial Statements (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core 5-10 Year USD Bond
Barclays Bank PLC	$	179,877	$	(179,877	)	$	—		$	—
BNP Paribas SA		242,520		(242,520	)		—			—
Citigroup Global Markets, Inc.		597,021		(597,021	)		—			—
Goldman Sachs & Co. LLC		254,348		(254,348	)		—			—
J.P. Morgan Securities LLC		677,485		(677,485	)		—			—
Jefferies LLC		95,010		(95,010	)		—			—
Mizuho Securities USA LLC		36,894		(36,894	)		—			—
Morgan Stanley		65,718		(65,718	)		—			—
Pershing LLC		24,161		(24,161	)		—			—
RBC Capital Markets LLC		89,349		(89,349	)		—			—
Scotia Capital (USA), Inc.		3,472		(3,472	)		—			—
State Street Bank & Trust Co.		15,728		(15,728	)		—			—
TD Securities (USA) LLC.		63,579		(63,579	)		—			—
	$	2,345,162	$	(2,345,162	)	$	—		$	—
Core 10+ Year USD Bond
Barclays Bank PLC	$	1,188,184	$	(1,188,184	)	$	—		$	—
BNP Paribas SA		553,122		(553,122	)		—			—
BofA Securities, Inc.		259,939		(259,939	)		—			—
Citigroup Global Markets, Inc.		329,173		(329,173	)		—			—
Deutsche Bank Securities, Inc.		37,056		(37,056	)		—			—
Goldman Sachs & Co. LLC		693,725		(693,725	)		—			—
J.P. Morgan Securities LLC		2,357,569		(2,357,569	)		—			—
Jefferies LLC		22,073		(22,073	)		—			—
Morgan Stanley		163,766		(163,766	)		—			—
Nomura Securities International, Inc.		94,781		(94,781	)		—			—
Scotia Capital (USA), Inc.		119,103		(119,103	)		—			—
UBS AG		157,434		(157,434	)		—			—
UBS Securities LLC		184,059		(184,059	)		—			—
Wells Fargo Bank N.A.		256,215		(256,215	)		—			—
Wells Fargo Securities LLC		226,440		(226,440	)		—			—
	$	6,642,639	$	(6,642,639	)	$	—		$	—

^(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. 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:

iShares ETF	Investment Advisory Fees
Core 5-10 Year USD Bond		0.06	%
Core 10+ Year USD Bond		0.06

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Notes to Financial Statements (continued)

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 Core 5-10 Year USD Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other registered investment companies advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
Core 5-10 Year USD Bond	$	18,782

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 26, 2024 (date of conversion for respective funds), ETF Services were performed by State Street Bank and Trust Company.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core 5-10 Year USD Bond	$	5,772
Core 10+ Year USD Bond		16,457

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

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

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

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 95

Notes to Financial Statements (continued)

6. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
Core 5-10 Year USD Bond	$	504,431,958	$	499,547,570	$	13,465,483	$	13,754,572
Core 10+ Year USD Bond		27,431,756		14,803,522		22,472,654		29,897,642

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
Core 5-10 Year USD Bond	$	19,792,294	$	15,575,549
Core 10+ Year USD Bond		360,199,764		100,933,131

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 February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
Core 5-10 Year USD Bond	$	(465,631	)	$	465,631
Core 10+ Year USD Bond		(5,024,494	)		5,024,494

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/29/24		Year Ended 02/28/23
Core 5-10 Year USD Bond
Ordinary income	$	7,338,415	$	3,367,572
Core 10+ Year USD Bond
Ordinary income	$	23,425,037	$	10,987,132

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Core 5-10 Year USD Bond	$	618,475	$	(6,188,677	)	$	(10,324,485	)	$	(15,894,687	)
Core 10+ Year USD Bond		2,276,884		(12,719,513	)		(90,376,624	)		(100,819,253	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments and TBA transactions.

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Notes to Financial Statements (continued)

As of February 29, 2024, 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)
Core 5-10 Year USD Bond	$	196,793,033	$	761,957	$	(11,086,443	)	$	(10,324,486	)
Core 10+ Year USD Bond		674,225,251		1,542,805		(91,919,433	)		(90,376,628	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

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

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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 97

Notes to Financial Statements (continued)

deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
Core 5-10 Year USD Bond
Shares sold		1,000,000		$	42,856,630			2,700,000		$	118,398,576
Shares redeemed		(800,000	)		(33,133,557	)		(1,100,000	)		(49,021,040	)
		200,000		$	9,723,073			1,600,000		$	69,377,536
Core 10+ Year USD Bond
Shares sold		7,050,000		$	370,944,944			2,800,000		$	156,142,351
Shares redeemed		(2,050,000	)		(103,015,530	)		(850,000	)		(49,712,226	)
		5,000,000		$	267,929,414			1,950,000		$	106,430,125

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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

10. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Core 5-10 Year USD Bond ETF

iShares Core 10+ Year USD Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 99

Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 29, 2024:

iShares ETF	Federal Obligation  Interest
Core 5-10 Year USD Bond	$	1,252,091
Core 10+ Year USD Bond		7,623,339

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
Core 5-10 Year USD Bond	$	7,380,864
Core 10+ Year USD Bond		24,396,447

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 29, 2024:

iShares ETF	Interest-Related Dividends
Core 5-10 Year USD Bond	$	6,611,702
Core 10+ Year USD Bond		19,259,047

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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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core 5-10 Year USD Bond ETF and iShares Core 10+ Year USD 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 101

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Core 10+ Year USD Bond	$	2.312995	$	—	$	—	$	2.312995		100	%		—	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 103

Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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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 105

Glossary of Terms Used in this Report

Portfolio Abbreviation
BAB	Build America Bond
CMT	Constant Maturity Treasury
GO	General Obligation
GOL	General Obligation Limited
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
PJSC	Public Joint Stock Company
PSF	Permanent School Fund
RB	Revenue Bond
REIT	Real Estate Investment Trust
SCA	Svenska Celluosa Aktiebolaget
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-203-0224

  FEBRUARY 29, 2024

    2024 Annual Report  

iShares Trust

· iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca

· iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 29, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.93%	30.45%
U.S. small cap equities (Russell 2000® Index)	8.97	10.05
International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41
Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		58
Statements of Operations		59
Statements of Changes in Net Assets		60
Financial Highlights		61
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		71
Important Tax Information		72
Statement Regarding Liquidity Risk Management Program		73
Supplemental Information		74
Trustee and Officer Information		76
General Information		78
Glossary of Terms Used in this Report		79

Market Overview

iShares Trust

U.S. Corporate Bond Market Overview

Investment-grade and high yield corporate bonds delivered positive returns during the 12-month period that ended February 29, 2024. The Markit iBoxx USD Liquid Investment Grade and High Yield Indexes, broad measures of U.S. dollar-denominated investment-grade and high yield corporate bond performance, returned 6.27% and

10.40%, respectively. Both categories strongly outperformed the broader domestic investment-grade market, as gauged by the 3.33% return of the Bloomberg U.S. Aggregate Bond Index.

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, broad-based indexes such as the Bloomberg U.S. Aggregate Bond Index finished in positive territory on the strength of their earlier advance.

Corporate bonds were the top-performing segment of the investment-grade market in the 12-month period. According to the Federal Reserve Bank of St. Louis Economic Database, the ICE BofA US Corporate Index Option-Adjusted Spread fell from 130 basis points (1.30 percentage points) to 100 basis points over the course of the period. The decline in yield spreads, which indicates outperformance relative to U.S Treasuries, reflected the backdrop of better-than-expected corporate earnings and investors’ hearty appetite for risk in the latter part of the period. Lower-quality investment-grade corporate bonds outpaced their higher-quality counterparts, which was in part a function of investors’ willingness to take on greater risk in search of higher yields. In this environment, high yield corporate bonds produced strong gains that exceeded those of the investment-grade market. A meaningful contribution from income, together with positive price performance fueled by mounting hopes for a “soft landing” in the economy, provided a firm underpinning for the asset class.

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Fund Summary as of February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF

Investment Objective

The iShares iBoxx $ High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the Markit iBoxx^® USD Liquid High Yield 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.96	%		3.01	%		3.22	%		9.96	%		15.96	%		37.24	%
Fund Market		10.11			3.03			3.19			10.11			16.09			36.88
Index		10.40			3.48			3.73			10.40			18.68			44.24

GROWTH OF$10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,057.90	$  2.51			$  1,000.00	$  1,022.40	$  2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 (continued) iShares^® iBoxx $ High Yield Corporate Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of   Total Investments(a)
Baa	1.4%
Ba	40.4
B	44.6
Caa	11.8
Ca	0.8
Not Rated	1.0

MATURITY ALLOCATION

Maturity	Percent of   Total Investments(a)
0-1 Year	0.1%
1-5 Years	54.8
5-10 Years	43.2
10-15 Years	0.4
More than 20 Years	1.5

* 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.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024  iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Investment Objective

The iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds, as represented by the Markit iBoxx^® USD Liquid Investment Grade 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.09	%		1.69	%		2.46	%		6.09	%		8.77	%		27.49	%
Fund Market		5.99			1.67			2.43			5.99			8.65			27.08
Index		6.27			1.82			2.63			6.27			9.42			29.60

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$  1,000.00	$  1,037.10	$  0.71			$  1,000.00	$  1,024.20	$  0.70		0.14	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 (continued) iShares^® iBoxx $ Investment Grade Corporate Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

Moody’s Credit Rating*	Percent of   Total Investments(a)
Aaa		2.6%
Aa		4.7
A		48.3
Baa		41.4
Ba		2.5
Not Rated		0.5

MATURITY ALLOCATION

Maturity	Percent of   Total Investments(a)
1-5 Years	19.5%
5-10 Years	36.2
10-15 Years	8.6
15-20 Years	8.1
More than 20 Years	27.6

* 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.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

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

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

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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 9

Schedule of Investments  February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par  (000)		Value
Corporate Bonds & Notes
Advertising — 1.0%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 04/01/24)(a)(b)	$	21,060	$	19,691,100
7.50%, 06/01/29 (Call 06/01/24)(a)(b)		18,143		15,036,011
7.75%, 04/15/28 (Call 04/15/24)(a)(b)		16,896		14,593,920
9.00%, 09/15/28 (Call 09/15/25)(a)(b)		12,455		12,990,565
CMG Media Corp., 8.88%, 12/15/27 (Call 03/11/24)(a)(b)		16,437		10,355,310
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)(b)		9,260		7,987,329
3.75%, 02/15/28 (Call 03/18/24)(b)		9,012		8,386,106
4.00%, 02/15/30 (Call 02/15/25)(b)		9,519		8,563,406
4.88%, 01/15/29 (Call 04/01/24)(b)		6,224		5,929,413
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 04/01/24)(a)(b)		8,012		7,198,381
4.63%, 03/15/30 (Call 03/15/25)(a)(b)		8,055		7,173,515
5.00%, 08/15/27 (Call 03/11/24)(a)(b)		10,832		10,435,955
7.38%, 02/15/31 (Call 11/15/26)(a)(b)		7,355		7,649,200
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b)		17,936		15,950,485
				151,940,696
Aerospace & Defense — 2.5%
Bombardier Inc.
6.00%, 02/15/28 (Call 04/01/24)(a)(b)		12,583		12,209,637
7.13%, 06/15/26 (Call 04/01/24)(a)(b)		16,032		16,164,825
7.50%, 02/01/29 (Call 02/01/26)(a)(b)		12,371		12,547,163
7.88%, 04/15/27 (Call 04/01/24)(a)(b)		33,333		33,348,673
8.75%, 11/15/30 (Call 11/15/26)(a)(b)		12,579		13,176,503
Rolls-Royce PLC
3.63%, 10/14/25 (Call 07/14/25)(a)		15,651		15,167,697
5.75%, 10/15/27 (Call 07/15/27)(a)		17,465		17,377,675
Spirit AeroSystems Inc.
4.60%, 06/15/28 (Call 03/15/28)(b)		11,899		10,474,095
9.38%, 11/30/29 (Call 11/30/25)(a)(b)		14,944		16,158,200
9.75%, 11/15/30 (Call 11/15/26)(a)(b)		20,867		22,351,748
TransDigm Inc.
4.63%, 01/15/29 (Call 04/01/24)(b)		22,911		20,992,204
4.88%, 05/01/29 (Call 05/01/24)(b)		15,745		14,465,719
5.50%, 11/15/27 (Call 04/01/24)		49,129		47,470,896
6.38%, 03/01/29 (Call 03/01/26)(a)(b)		8,065		8,095,244
6.63%, 03/01/32 (Call 03/01/27)(a)(b)		11,200		11,270,560
6.75%, 08/15/28 (Call 02/15/25)(a)		40,068		40,562,039
6.88%, 12/15/30 (Call 08/18/26)(a)(b)		26,826		27,165,617
7.13%, 12/01/31 (Call 12/01/26)(a)(b)		18,789		19,276,843
7.50%, 03/15/27 (Call 04/01/24)		10,409		10,401,375
Triumph Group Inc.
7.75%, 08/15/25 (Call 03/06/24)(b)		9,221		9,218,254
9.00%, 03/15/28 (Call 03/15/25)(a)(b)		21,619		22,596,827
				400,491,794
Agriculture — 0.3%
Darling Ingredients Inc.
5.25%, 04/15/27 (Call 03/11/24)(a)		7,026		6,890,609
6.00%, 06/15/30 (Call 06/15/25)(a)(b)		16,831		16,589,054
Vector Group Ltd.
5.75%, 02/01/29 (Call 04/01/24)(a)		14,564		13,299,845
10.50%, 11/01/26 (Call 04/01/24)(a)(b)		10,466		10,531,413
				47,310,921
Airlines — 1.9%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)		20,062		18,990,689

Security	Par  (000)		Value
Airlines (continued)
American Airlines Group Inc., 3.75%, 03/01/25(a)(b)	$	9,499	$	9,261,525
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)(a)(b)		13,158		13,267,211
8.50%, 05/15/29 (Call 11/15/25)(a)(b)		16,271		17,102,669
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)		38,276		37,930,831
5.75%, 04/20/29(a)		49,517		48,394,128
Delta Air Lines Inc.
3.75%, 10/28/29 (Call 07/28/29)(b)		9,687		8,790,662
4.38%, 04/19/28 (Call 01/19/28)(b)		8,041		7,728,923
7.38%, 01/15/26 (Call 12/15/25)(b)		12,945		13,349,531
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 03/11/24)(a)(b)		20,852		19,679,001
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 03/11/24)(a)(b)		18,217		13,161,295
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)		32,416		31,203,100
4.63%, 04/15/29 (Call 10/15/28)(a)		35,055		32,338,238
VistaJet Malta Finance PLC/Vista Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)(b)		16,498		12,043,540
7.88%, 05/01/27 (Call 05/01/24)(a)(b)		9,484		8,085,584
9.50%, 06/01/28 (Call 06/01/25)(a)(b)		7,874		6,695,164
				298,022,091
Alternate Investments — 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 01/15/29 (Call 10/15/28)(a)		12,011		12,556,322
Apparel — 0.2%
Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)(a)(b)		14,864		14,354,462
9.00%, 02/15/31 (Call 02/15/26)(a)(b)		10,185		10,210,463
				24,564,925
Auto Manufacturers — 0.6%
Allison Transmission Inc.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)		16,518		14,205,480
4.75%, 10/01/27 (Call 03/11/24)(a)(b)		5,992		5,731,468
5.88%, 06/01/29 (Call 06/01/24)(a)(b)		8,933		8,799,005
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)(b)		21,782		22,078,017
Ford Motor Credit Co. LLC, 2.30%, 02/10/25 (Call 01/10/25)		451		436,331
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)(a)		7,852		7,354,576
5.50%, 07/15/29 (Call 07/15/24)(a)		6,718		6,453,479
5.88%, 01/15/28 (Call 04/02/24)(a)(b)		8,714		8,580,676
7.75%, 10/15/25 (Call 04/02/24)(a)		13,827		13,949,784
				87,588,816
Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd.
4.88%, 08/15/26 (Call 04/02/24)(a)(b)		13,088		12,662,640
7.00%, 04/15/28 (Call 04/15/25)(a)(b)		8,921		9,093,215
8.25%, 04/15/31 (Call 04/15/26)(a)(b)		8,501		8,949,971
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(b)		9,613		8,321,253
6.50%, 04/01/27 (Call 04/01/24)(b)		7,874		7,771,008
6.88%, 07/01/28 (Call 03/11/24)(b)		6,806		6,554,927

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par  (000)		Value
Auto Parts & Equipment (continued)
Clarios Global LP, 6.75%, 05/15/25 (Call 04/01/24)(a)	$	8,712	$	8,709,648
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (Call 04/01/24)(a)(b)		12,755		12,717,810
6.75%, 05/15/28 (Call 05/15/25)(a)		12,514		12,672,302
8.50%, 05/15/27 (Call 04/01/24)(a)(b)		36,076		36,198,777
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)(b)		6,566		5,646,629
5.38%, 11/15/27 (Call 03/11/24)(b)		6,030		5,813,523
5.63%, 06/15/28 (Call 03/11/24)(b)		6,671		6,448,906
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(b)		11,110		10,651,712
5.00%, 05/31/26 (Call 04/01/24)(b)		14,281		13,916,433
5.00%, 07/15/29 (Call 04/15/29)(b)		13,747		12,660,492
5.25%, 04/30/31 (Call 01/30/31)(b)		9,039		8,174,959
5.25%, 07/15/31 (Call 04/15/31)(b)		10,136		9,143,689
5.63%, 04/30/33 (Call 01/30/33)(b)		7,104		6,349,200
9.50%, 05/31/25 (Call 03/18/24)		12,191		12,324,205
IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(a)(c)		420		413,956
Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)(a)(b)		31,704		28,890,270
ZF North America Capital Inc.
4.75%, 04/29/25(a)(b)		21,294		20,974,590
6.88%, 04/14/28 (Call 03/14/28)(a)		10,388		10,595,760
7.13%, 04/14/30 (Call 02/14/30)(a)(b)		9,881		10,283,381
				285,939,256
Banks — 0.9%
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/25)(a)(b)		8,743		8,326,308
7.63%, 05/01/26 (Call 03/18/24)(a)		9,348		9,262,279
12.00%, 10/01/28 (Call 10/01/25)(a)(b)		13,046		14,115,772
12.25%, 10/01/30 (Call 10/01/26)(a)(b)		9,120		10,026,926
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(d)		12,710		10,422,835
5.71%, 01/15/26(a)(b)		25,584		25,343,994
UniCredit SpA
5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(b)(d)		25,776		23,810,436
5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(b)(d)		16,100		15,589,944
7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(d)		20,924		21,303,620
				138,202,114
Building Materials — 1.5%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)(b)		21,312		18,728,985
5.00%, 03/01/30 (Call 03/01/25)(a)(b)		8,901		8,408,356
6.38%, 06/15/32 (Call 06/15/27)(a)(b)		11,841		11,826,199
6.38%, 03/01/34 (Call 03/01/29)(a)(b)		10,140		10,116,678
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)(b)		11,975		12,289,344
EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.63%, 12/15/30 (Call 06/15/26)(a)		48,866		49,037,031
Smyrna Ready Mix Concrete LLC
6.00%, 11/01/28 (Call 04/01/24)(a)(b)		20,809		20,209,709
8.88%, 11/15/31 (Call 11/15/26)(a)(b)		18,031		19,103,980
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(a)(b)		18,591		15,398,925

Security	Par  (000)		Value
Building Materials (continued)
4.38%, 07/15/30 (Call 07/15/25)(a)(b)	$	26,678	$	23,743,420
4.75%, 01/15/28 (Call 04/01/24)(a)(b)		16,539		15,595,285
5.00%, 02/15/27 (Call 04/01/24)(a)		14,207		13,675,800
Summit Materials LLC/Summit Materials Finance Corp.
5.25%, 01/15/29 (Call 03/11/24)(a)(b)		11,547		11,155,124
7.25%, 01/15/31 (Call 01/15/27)(a)(b)		13,568		14,042,880
				243,331,716
Chemicals — 2.0%
ASP Unifrax Holdings Inc
5.25%, 09/30/28 (Call 09/30/24)(a)(b)		13,292		8,422,420
7.50%, 09/30/29 (Call 09/30/24)(a)(b)		6,743		3,674,935
Avient Corp.
5.75%, 05/15/25 (Call 04/01/24)(a)		11,083		10,994,890
7.13%, 08/01/30 (Call 08/01/25)(a)(b)		12,375		12,634,380
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (Call 11/15/26)(a)(b)		7,998		8,317,520
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 04/01/24)(a)(b)		11,652		10,326,585
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 04/01/24)(a)(b)		8,033		7,752,032
Chemours Co. (The)
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		10,237		8,419,933
5.38%, 05/15/27 (Call 02/15/27)(b)		8,047		7,403,240
5.75%, 11/15/28 (Call 03/11/24)(a)(b)		13,024		11,428,560
INEOS Finance PLC
6.75%, 05/15/28 (Call 02/15/25)(a)		4,296		4,199,340
7.50%, 04/15/29 (Call 04/15/26)(a)		3,369		3,344,069
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)		10,733		10,317,096
5.25%, 12/15/29 (Call 09/15/29)(b)		12,157		11,564,346
NOVA Chemicals Corp.
4.25%, 05/15/29 (Call 05/15/24)(a)(b)		10,617		8,798,839
5.00%, 05/01/25 (Call 01/31/25)(a)(b)		9,051		8,848,516
5.25%, 06/01/27 (Call 03/03/27)(a)(b)		16,598		15,381,803
8.50%, 11/15/28 (Call 11/15/25)(a)(b)		6,458		6,821,147
9.00%, 02/15/30 (Call 08/15/26)(a)(b)		9,590		9,625,962
Olin Corp.
5.00%, 02/01/30 (Call 04/01/24)(b)		8,606		8,048,762
5.13%, 09/15/27 (Call 04/01/24)		8,167		7,921,990
5.63%, 08/01/29 (Call 08/01/24)(b)		10,622		10,389,644
Olympus Water U.S. Holding Corp.
4.25%, 10/01/28 (Call 10/01/24)(a)(b)		13,585		12,183,198
6.25%, 10/01/29 (Call 10/01/24)(a)(b)		7,274		6,500,483
9.75%, 11/15/28 (Call 06/01/25)(a)(b)		28,176		29,931,680
SCIH Salt Holdings Inc.
4.88%, 05/01/28 (Call 05/01/24)(a)(b)		18,197		16,627,509
6.63%, 05/01/29 (Call 05/01/24)(a)(b)		11,609		10,542,737
Tronox Inc., 4.63%, 03/15/29 (Call 04/01/24)(a)(b)		18,760		16,608,346
WR Grace Holdings LLC
4.88%, 06/15/27 (Call 04/01/24)(a)		12,451		11,829,664
5.63%, 08/15/29 (Call 08/15/24)(a)(b)		18,930		16,597,209
				315,456,835
Commercial Services — 4.5%
ADT Security Corp. (The), 4.13%, 08/01/29
(Call 08/01/28)(a)(b)		15,946		14,467,508
Albion Financing 1 Sarl/Aggreko Holdings Inc.,
6.13%, 10/15/26 (Call 04/01/24)(a)(b)		9,799		9,649,565

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 (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par  (000)		Value
Commercial Services (continued)
Albion Financing 2 Sarl, 8.75%, 04/15/27 (Call 04/01/24)(a)(b)	$	7,427	$	7,438,037
Allied Universal Holdco LLC, 7.88%, 02/15/31 (Call 02/15/27)(a)		11,739		11,656,827
Allied Universal Holdco LLC/Allied Universal Finance Corp.
6.00%, 06/01/29 (Call 06/01/24)(a)(b)		15,625		12,949,219
6.63%, 07/15/26 (Call 04/01/24)(a)		15,270		15,215,639
9.75%, 07/15/27 (Call 04/01/24)(a)(b)		18,236		18,122,025
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl
4.63%, 06/01/28 (Call 06/01/24)(a)		20,534		18,281,677
4.63%, 06/01/28 (Call 06/01/24)(a)(b)		13,034		11,549,199
APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)		12,837		12,180,853
6.75%, 02/15/27 (Call 04/01/24)(a)(b)		11,527		11,542,792
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)		8,364		7,569,755
5.38%, 03/01/29 (Call 04/01/24)(a)(b)		9,510		8,657,524
5.75%, 07/15/27 (Call 03/11/24)(a)(b)		6,809		6,485,572
8.00%, 02/15/31 (Call 11/15/26)(a)(b)		8,627		8,325,055
Block Inc.
2.75%, 06/01/26 (Call 05/01/26)(b)		17,058		15,940,665
3.50%, 06/01/31 (Call 03/01/31)(b)		17,028		14,558,940
Brink’s Co. (The)
4.63%, 10/15/27 (Call 04/01/24)(a)		10,456		9,866,377
5.50%, 07/15/25 (Call 04/01/24)(a)		4,049		4,033,816
Garda World Security Corp.
4.63%, 02/15/27 (Call 04/01/24)(a)(b)		9,166		8,745,546
6.00%, 06/01/29 (Call 06/01/24)(a)		9,158		8,013,250
7.75%, 02/15/28 (Call 02/15/25)(a)(b)		7,013		7,124,647
9.50%, 11/01/27 (Call 04/01/24)(a)(b)		11,608		11,651,530
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31 (Call 01/15/27)(a)		38,046		39,657,819
Herc Holdings Inc., 5.50%, 07/15/27 (Call 04/01/24)(a)		19,687		19,278,237
Hertz Corp. (The)
4.63%, 12/01/26 (Call 04/01/24)(a)(b)		10,137		8,944,421
5.00%, 12/01/29 (Call 12/01/24)(a)(b)		16,240		12,362,700
MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)(b)		16,676		14,549,810
5.75%, 11/01/28 (Call 04/01/24)(a)(b)		16,571		13,215,372
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a)		43,527		40,958,907
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)(b)		16,980		15,558,349
5.75%, 04/15/26(a)		22,711		22,543,166
6.25%, 01/15/28 (Call 04/01/24)(a)(b)		23,495		23,142,575
Sabre GLBL Inc.
8.63%, 06/01/27 (Call 03/01/25)(a)(b)		14,903		13,114,640
11.25%, 12/15/27 (Call 06/15/25)(a)(b)		9,545		8,972,300
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)(b)		13,923		11,958,465
4.00%, 05/15/31 (Call 05/15/26)(b)		13,898		12,188,859
4.63%, 12/15/27 (Call 04/01/24)(b)		8,698		8,355,802
5.13%, 06/01/29 (Call 06/01/24)(b)		12,683		12,376,071
Sotheby’s, 7.38%, 10/15/27 (Call 03/11/24)(a)(b)		13,262		12,743,854
United Rentals North America Inc. 3.75%, 01/15/32 (Call 07/15/26)(b)		11,842		10,254,728

Security	Par  (000)		Value
Commercial Services (continued)
3.88%, 11/15/27 (Call 03/11/24)	$	12,864	$	12,092,160
3.88%, 02/15/31 (Call 08/15/25)(b)		18,331		16,254,857
4.00%, 07/15/30 (Call 07/15/25)(b)		12,438		11,267,722
4.88%, 01/15/28 (Call 03/11/24)(b)		28,237		27,276,196
5.25%, 01/15/30 (Call 01/15/25)(b)		12,536		12,128,580
5.50%, 05/15/27 (Call 04/01/24)(b)		7,744		7,679,880
Valvoline Inc.
3.63%, 06/15/31 (Call 06/15/26)(a)(b)		8,611		7,299,975
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		8,241		8,189,494
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 04/01/24)(a)		20,034		20,091,548
Wand NewCo 3 Inc., 7.63%, 01/30/32 (Call 01/30/27)(a)(b)		21,003		21,580,582
Williams Scotsman Inc.
4.63%, 08/15/28 (Call 04/01/24)(a)(b)		8,133		7,637,050
6.13%, 06/15/25 (Call 03/18/24)(a)		6,519		6,503,224
7.38%, 10/01/31 (Call 10/01/26)(a)(b)		8,483		8,802,809
				721,006,170
Computers — 1.4%
McAfee Corp., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)		33,782		29,884,402
NCR Atleos Corp., 9.50%, 04/01/29 (Call 10/01/26)(a)(b)		23,237		24,650,274
NCR Voyix Corp.
5.00%, 10/01/28 (Call 04/01/24)(a)(b)		10,921		10,147,594
5.13%, 04/15/29 (Call 04/15/24)(a)(b)		19,788		18,332,048
5.25%, 10/01/30 (Call 10/01/25)(a)(b)		7,616		6,881,310
Presidio Holdings Inc.
4.88%, 02/01/27 (Call 04/01/24)(a)(b)		8,393		8,062,531
8.25%, 02/01/28 (Call 04/01/24)(a)(b)		8,761		8,629,585
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)(b)		8,158		7,442,619
4.88%, 06/01/27 (Call 03/01/27)(b)		8,258		8,006,048
8.25%, 12/15/29 (Call 07/15/26)(a)(b)		9,244		9,888,641
8.50%, 07/15/31 (Call 07/15/26)(a)(b)		8,963		9,674,025
9.63%, 12/01/32 (Call 12/01/27)(b)		13,105		14,821,907
Vericast Corp., 11.00%, 09/15/26 (Call 04/01/24)(a)		23,885		25,091,162
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		3		2,526
4.75%, 02/15/26 (Call 11/15/25)		38,089		37,177,062
				218,691,734
Cosmetics & Personal Care — 0.3%
Coty Inc., 5.00%, 04/15/26 (Call 04/01/24)(a)(b)		9,885		9,699,297
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC
4.75%, 01/15/29 (Call 01/15/25)(a)		8,880		8,360,698
6.63%, 07/15/30 (Call 07/16/26)(a)(b)		12,758		12,960,852
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)(b)		8,280		7,498,368
5.50%, 06/01/28 (Call 04/01/24)(a)(b)		12,297		11,970,392
				50,489,607
Distribution & Wholesale — 0.4%
American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)		6,890		6,148,636
4.00%, 01/15/28 (Call 04/01/24)(a)(b)		11,507		10,741,554
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 04/01/24)(a)(b)		21,636		19,532,981

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par  (000)		Value
Distribution & Wholesale (continued)
Ritchie Bros Holdings Inc.
6.75%, 03/15/28 (Call 03/15/25)(a)	$	9,075	$	9,291,325
7.75%, 03/15/31 (Call 03/15/26)(a)(b)		12,885		13,556,363
Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 04/01/24)(a)(e)(f)		9,458		2,251,004
9.00%, 11/15/26 (Call 04/01/24)(a)(b)(e)(f)		13,501		3,206,488
				64,728,351
Diversified Financial Services — 4.5%
AG Issuer LLC, 6.25%, 03/01/28 (Call 04/01/24)(a)		8,235		8,003,047
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)(b)		9,071		9,339,853
Ally Financial Inc.
5.75%, 11/20/25 (Call 10/21/25)(b)		16,680		16,587,798
6.70%, 02/14/33 (Call 11/16/32)(b)		8,921		8,772,118
Aretec Group Inc.
7.50%, 04/01/29 (Call 04/01/24)(a)(b)		7,385		6,831,125
10.00%, 08/15/30 (Call 10/15/26)(a)(b)		12,021		13,087,864
Bread Financial Holdings Inc.
7.00%, 01/15/26 (Call 04/01/24)(a)(b)		2,260		2,276,342
9.75%, 03/15/29 (Call 03/15/26)(a)		14,983		15,332,104
Burford Capital Global Finance LLC
6.25%, 04/15/28 (Call 04/15/24)(a)(b)		6,057		5,833,739
9.25%, 07/01/31 (Call 07/01/26)(a)		7,107		7,462,350
Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)		16,968		14,295,540
3.63%, 10/01/31 (Call 10/01/26)(a)(b)		12,425		9,722,562
Credit Acceptance Corp.
6.63%, 03/15/26 (Call 03/11/24)(b)		5,788		5,772,662
9.25%, 12/15/28 (Call 12/15/25)(a)(b)		11,096		11,738,791
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)		7,417		2,002,590
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29 (Call 02/01/26)(a)(b)		7,440		7,551,600
GGAM Finance Ltd.
8.00%, 02/15/27 (Call 08/15/26)(a)		11,821		12,151,066
8.00%, 06/15/28 (Call 12/15/27)(a)(b)		10,634		10,992,897
7.75%, 05/15/26 (Call 11/15/25)(a)(b)		6,809		6,919,646
goeasy Ltd., 7.63%, 07/01/29 (Call 07/01/26)(a)		5,405		5,404,565
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)		16,682		15,025,878
LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)(b)		8,615		7,031,994
6.50%, 11/01/25 (Call 04/01/24)(a)		8,733		8,132,606
Macquarie Airfinance Holdings Ltd.
8.13%, 03/30/29 (Call 09/30/25)(a)		7,761		8,096,178
8.38%, 05/01/28 (Call 05/01/25)(a)		8,178		8,549,947
Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)(b)		7,483		6,376,451
6.50%, 05/01/28 (Call 05/01/24)(a)(b)		16,252		14,890,895
Nationstar Mortgage Holdings Inc.
5.00%, 02/01/26 (Call 04/01/24)(a)(b)		8,814		8,560,597
5.13%, 12/15/30 (Call 12/15/25)(a)(b)		11,402		10,173,891
5.50%, 08/15/28 (Call 04/01/24)(a)(b)		14,329		13,549,144
5.75%, 11/15/31 (Call 11/15/26)(a)(b)		10,531		9,648,680
6.00%, 01/15/27 (Call 04/01/24)(a)		10,502		10,331,342
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/32 (Call 02/01/27)(a)		10,850		10,673,687
Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)		8,193		7,478,816
5.00%, 03/15/27 (Call 09/15/26)(b)		12,015		11,403,436

Security	Par  (000)		Value
Diversified Financial Services (continued)
5.50%, 03/15/29 (Call 06/15/28)(b)	$	12,993	$	11,777,613
6.75%, 06/25/25(b)		8,105		8,151,361
6.75%, 06/15/26(b)		8,674		8,704,858
9.38%, 07/25/30 (Call 10/25/29)		7,952		8,309,840
11.50%, 03/15/31 (Call 03/15/27)(b)		8,435		9,226,372
NFP Corp.
4.88%, 08/15/28 (Call 04/01/24)(a)(b)		10,537		10,510,657
6.88%, 08/15/28 (Call 04/01/24)(a)		32,939		33,519,550
OneMain Finance Corp.
3.50%, 01/15/27 (Call 04/01/24)		12,371		11,394,186
3.88%, 09/15/28 (Call 09/15/24)(b)		10,380		9,069,006
4.00%, 09/15/30 (Call 09/15/25)(b)		14,407		12,146,902
5.38%, 11/15/29 (Call 05/15/29)(b)		12,663		11,760,761
6.63%, 01/15/28 (Call 07/15/27)(b)		12,924		12,865,260
6.88%, 03/15/25		20,019		20,219,190
7.13%, 03/15/26(b)		28,632		29,097,270
7.88%, 03/15/30 (Call 12/15/26)(b)		11,345		11,537,525
9.00%, 01/15/29 (Call 07/15/25)(b)		15,207		15,969,023
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 04/01/24)(a)(b)		10,636		9,587,490
5.38%, 10/15/25 (Call 04/01/24)(a)		11,607		11,428,409
5.75%, 09/15/31 (Call 09/15/26)(a)(b)		8,585		7,899,059
7.88%, 12/15/29 (Call 12/15/26)(a)(b)		12,561		12,847,495
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)(b)		7,149		6,988,148
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 04/01/24)(a)(b)		19,390		17,846,292
3.63%, 03/01/29 (Call 04/01/24)(a)(b)		13,171		11,684,578
3.88%, 03/01/31 (Call 03/01/26)(a)(b)		20,723		17,718,165
4.00%, 10/15/33 (Call 10/15/27)(a)(b)		14,315		11,864,057
SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)(b)		8,628		7,937,199
4.20%, 10/29/25 (Call 09/29/25)(b)		8,655		8,366,183
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)(b)		12,684		12,329,102
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 04/01/24)(a)		13,260		13,021,701
5.50%, 04/15/29 (Call 04/15/24)(a)(b)		11,897		11,105,612
5.75%, 06/15/27 (Call 06/15/24)(a)(b)		8,642		8,382,740
				723,267,405
Electric — 3.0%
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(b)		14,666		12,574,665
4.50%, 02/15/28 (Call 04/01/24)(a)		21,449		20,194,639
4.63%, 02/01/29 (Call 04/01/24)(a)(b)		11,790		10,831,057
5.00%, 02/01/31 (Call 02/01/26)(a)(b)		13,957		12,509,834
5.13%, 03/15/28 (Call 04/01/24)(a)(b)		23,180		22,002,379
5.25%, 06/01/26 (Call 04/01/24)(a)(b)		5,621		5,542,022
Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		15,805		13,342,107
4.75%, 03/15/28 (Call 03/11/24)(a)		13,912		13,004,659
DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)(b)		8,801		8,579,508
4.35%, 04/15/29 (Call 01/15/29)(b)		6,938		6,263,696
Edison International
7.88%, 06/15/54 (Call 03/15/29), (5-year CMT + 3.658%)(b)(d)		7,650		7,816,177
8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)(d)		7,987		8,208,639

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 (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Electricite de France SA, 9.13%, (Call 03/15/33),
(5-year CMT + 5.411%)(a)(d)(g)	$	25,128	$	27,891,577
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3-mo. LIBOR US + 5.440%)(b)(d)		21,180		20,832,419
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)(b)		9,776		8,368,970
Series B, 2.25%, 09/01/30 (Call 06/01/30)(b)		7,805		6,422,488
Series B, 4.15%, 07/15/27 (Call 04/15/27)(b)		23,738		22,551,100
NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)(b)		8,351		7,806,765
4.25%, 09/15/24 (Call 07/15/24)(a)		218		215,222
4.50%, 09/15/27 (Call 06/15/27)(a)(b)		9,260		8,647,957
7.25%, 01/15/29 (Call 10/15/28)(a)(b)		12,136		12,329,414
NRG Energy Inc.
3.38%, 02/15/29 (Call 03/11/24)(a)(b)		8,058		7,030,605
3.63%, 02/15/31 (Call 02/15/26)(a)(b)		17,642		14,797,227
3.88%, 02/15/32 (Call 02/15/27)(a)(b)		8,465		7,096,907
5.25%, 06/15/29 (Call 06/15/24)(a)(b)		12,643		11,993,322
5.75%, 01/15/28 (Call 03/18/24)(b)		12,694		12,503,590
PG&E Corp.
5.00%, 07/01/28 (Call 03/11/24)(b)		17,333		16,542,658
5.25%, 07/01/30 (Call 07/01/25)(b)		16,656		15,656,140
Pike Corp.
5.50%, 09/01/28 (Call 04/01/24)(a)		13,010		12,370,071
8.63%, 01/31/31 (Call 01/31/27)(a)(b)		6,455		6,810,532
Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a)		19,419		20,487,045
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)(b)		20,212		18,424,681
5.00%, 07/31/27 (Call 03/11/24)(a)(b)		21,810		20,899,917
5.50%, 09/01/26 (Call 03/11/24)(a)(b)		17,350		17,058,664
5.63%, 02/15/27 (Call 03/11/24)(a)(b)		22,638		22,072,050
7.75%, 10/15/31 (Call 10/15/26)(a)(b)		24,526		25,367,242
				485,045,945
Electrical Components & Equipment — 0.5%
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 04/01/24)(a)(b)		13,320		11,796,192
4.75%, 06/15/28 (Call 04/01/24)(a)		9,231		8,475,212
WESCO Distribution Inc.
6.38%, 03/15/29 (Call 03/15/26)(a)		3,735		3,739,790
6.63%, 03/15/32 (Call 03/15/27)(a)		4,265		4,270,617
7.13%, 06/15/25 (Call 04/01/24)(a)		26,548		26,700,385
7.25%, 06/15/28 (Call 04/01/24)(a)(b)		22,501		22,987,078
				77,969,274
Electronics — 0.5%
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)(b)		33,026		30,582,076
Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		15,934		14,469,028
5.00%, 10/01/25(a)		9,587		9,496,902
5.88%, 09/01/30 (Call 09/01/25)(a)(b)		8,554		8,347,625
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		11,993		10,254,015
4.38%, 02/15/30 (Call 11/15/29)(a)		7,692		7,006,835
				80,156,481

Security	Par (000)		Value
Energy - Alternate Sources — 0.1%
TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)	$	12,081	$	10,947,709
5.00%, 01/31/28 (Call 07/31/27)(a)		12,846		12,139,470
				23,087,179
Engineering & Construction — 0.2%
Brand Industrial Services Inc.,
10.38%, 08/01/30 (Call 08/01/26)(b)		22,071		23,471,599
Entertainment — 2.9%
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(b)		16,310		11,264,774
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(b)		20,515		18,722,847
6.50%, 02/15/32 (Call 02/15/27)(a)		7,646		7,696,693
7.00%, 02/15/30 (Call 02/15/26)(a)		35,010		35,913,188
8.13%, 07/01/27 (Call 03/11/24)(a)(b)		29,104		29,867,980
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)		7,340		6,935,026
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op
5.38%, 04/15/27 (Call 04/01/24)(b)		9,341		9,236,918
5.50%, 05/01/25 (Call 04/01/24)(a)		15,130		15,087,296
Churchill Downs Inc.
4.75%, 01/15/28 (Call 04/01/24)(a)(b)		11,214		10,593,345
5.50%, 04/01/27 (Call 04/01/24)(a)(b)		9,801		9,624,582
5.75%, 04/01/30 (Call 04/01/25)(a)(b)		20,162		19,371,650
6.75%, 05/01/31 (Call 05/01/26)(a)(b)		10,414		10,424,124
Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)		13,396		12,508,515
5.88%, 03/15/26 (Call 04/01/24)(a)(b)		6,672		6,588,600
International Game Technology PLC
4.13%, 04/15/26 (Call 04/02/24)(a)(b)		13,027		12,590,190
5.25%, 01/15/29 (Call 04/02/24)(a)(b)		11,466		11,102,592
6.25%, 01/15/27 (Call 07/15/26)(a)(b)		13,459		13,530,221
6.50%, 02/15/25 (Call 08/15/24)(a)		3,776		3,780,720
Light & Wonder International Inc.
7.00%, 05/15/28 (Call 03/18/24)(a)		11,936		12,012,320
7.25%, 11/15/29 (Call 11/15/24)(a)(b)		8,250		8,444,464
7.50%, 09/01/31 (Call 09/01/26)(a)(b)		8,895		9,268,590
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 04/01/24)(a)		8,248		7,585,273
4.75%, 10/15/27 (Call 04/01/24)(a)(b)		15,679		14,975,019
6.50%, 05/15/27 (Call 04/01/24)(a)		18,821		18,967,292
Merlin Entertainments Group U.S. Holdings Inc., 7.38%, 02/15/31 (Call 02/15/27)(a)		1,680		1,680,538
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a)		170		167,996
Mohegan Tribal Gaming Authority
7.88%, 10/15/24 (Call 03/18/24)(a)		1,643		1,623,284
8.00%, 02/01/26 (Call 04/01/24)(a)		20,042		18,889,585
Motion Bondco DAC, 6.63%, 11/15/27 (Call 04/02/24)(a)		115		110,555
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(b)		7,016		7,144,447
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
5.63%, 09/01/29 (Call 09/01/24)(a)(b)		12,318		8,870,684
5.88%, 09/01/31 (Call 09/01/26)(a)(b)		12,246		8,674,577

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Entertainment (continued)
Resorts World Las Vegas LLC/RWLV Capital Inc.
4.63%, 04/16/29 (Call 01/16/29)(a)(b)	$	17,265	$	15,745,680
8.45%, 07/27/30 (Call 05/27/30)(a)(b)		6,779		7,219,635
Six Flags Entertainment Corp.
5.50%, 04/15/27 (Call 04/01/24)(a)(b)		7,782		7,657,099
7.25%, 05/15/31 (Call 05/15/26)(a)(b)		13,969		14,033,537
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 04/01/24)(a)(b)		28		28,105
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)(b)		14,022		11,795,131
3.75%, 12/01/29 (Call 12/01/24)(a)(b)		8,356		7,425,612
3.88%, 07/15/30 (Call 07/15/25)(a)(b)		9,322		8,220,839
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)(b)		12,465		11,732,681
7.13%, 02/15/31 (Call 11/15/30)(a)(b)		12,548		12,955,810
				460,068,014
Environmental Control — 0.9%
Clean Harbors Inc.
4.88%, 07/15/27 (Call 04/01/24)(a)		8,399		8,103,393
6.38%, 02/01/31 (Call 02/01/26)(a)(b)		8,571		8,488,804
Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(a)		12,057		10,519,732
5.00%, 09/01/30 (Call 09/01/25)(b)		6,709		5,820,058
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)(b)		12,409		11,242,766
3.75%, 08/01/25 (Call 04/01/24)(a)		11,720		11,375,725
4.00%, 08/01/28 (Call 03/11/24)(a)(b)		12,890		11,826,575
4.25%, 06/01/25 (Call 04/01/24)(a)(b)		8,031		7,891,341
4.38%, 08/15/29 (Call 08/15/24)(a)(b)		9,269		8,467,000
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		12,191		11,400,862
5.13%, 12/15/26 (Call 04/01/24)(a)		9,421		9,217,440
6.75%, 01/15/31 (Call 01/15/27)(a)(b)		16,460		16,843,136
Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)(b)		11,018		10,037,618
5.88%, 06/30/29 (Call 06/30/24)(a)(b)		17,317		15,428,119
				146,662,569
Food — 2.3%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 04/01/24)(a)		11,882		11,294,831
3.50%, 03/15/29 (Call 04/01/24)(a)(b)		22,594		20,144,359
4.63%, 01/15/27 (Call 04/01/24)(a)		22,029		21,230,449
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		16,531		15,477,149
5.88%, 02/15/28 (Call 04/01/24)(a)		12,179		12,001,897
6.50%, 02/15/28 (Call 02/15/25)(a)(b)		12,521		12,593,393
7.50%, 03/15/26 (Call 04/01/24)(a)(b)		10,729		10,913,948
B&G Foods Inc.
5.25%, 04/01/25 (Call 04/01/24)(b)		600		597,422
5.25%, 09/15/27 (Call 04/01/24)(b)		8,574		7,973,820
8.00%, 09/15/28 (Call 09/15/25)(a)(b)		9,222		9,612,367
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)(b)		15,910		14,401,721
4.38%, 01/31/32 (Call 01/31/27)(a)(b)		11,567		10,312,675
4.88%, 05/15/28 (Call 11/15/27)(a)(b)		8,726		8,453,312
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)(b)		16,592		15,057,240
5.50%, 10/15/27 (Call 04/01/24)(a)(b)		17,098		16,744,242

Security	Par (000)		Value
Food (continued)
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)	$	15,200	$	12,700,208
4.25%, 04/15/31 (Call 04/15/26)		16,276		14,547,326
6.25%, 07/01/33 (Call 04/01/33)		16,430		16,576,994
6.88%, 05/15/34 (Call 02/15/34)(b)		8,515		8,970,382
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)(b)		18,669		16,628,245
4.63%, 04/15/30 (Call 04/15/25)(a)(b)		23,915		21,726,235
5.50%, 12/15/29 (Call 12/15/24)(a)(b)		22,650		21,684,732
5.63%, 01/15/28 (Call 03/18/24)(a)(b)		15,409		15,150,283
5.75%, 03/01/27 (Call 03/01/24)(a)(b)		9,633		9,712,472
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)(b)		8,566		7,853,951
4.75%, 02/15/29 (Call 04/01/24)(a)(b)		16,336		15,329,408
6.88%, 09/15/28 (Call 09/15/25)(a)(b)		7,502		7,648,104
7.25%, 01/15/32 (Call 09/15/26)(a)(b)		8,330		8,624,511
				363,961,676
Food Service — 0.3%
Aramark Services Inc.
5.00%, 04/01/25 (Call 04/01/24)(a)(b)		10,421		10,350,658
5.00%, 02/01/28 (Call 04/01/24)(a)(b)		18,990		18,212,284
TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)(b)		6,876		6,398,118
10.50%, 05/15/29 (Call 05/15/24)(a)(b)		11,701		10,680,283
				45,641,343
Forest Products & Paper — 0.1%
Mercer International Inc., 5.13%, 02/01/29
(Call 03/11/24)(b)		14,821		12,803,862
Gas — 0.3%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)		11,905		11,681,980
5.75%, 05/20/27 (Call 02/20/27)(b)		8,504		8,023,524
5.88%, 08/20/26 (Call 05/20/26)		11,015		10,679,841
9.38%, 06/01/28 (Call 06/01/25)(a)(b)		9,301		9,434,121
				39,819,466
Health Care - Products — 1.3%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)(b)		13,823		12,383,104
4.63%, 07/15/28 (Call 04/01/24)(a)(b)		25,997		24,538,568
Bausch & Lomb Corp., 8.38%, 10/01/28 (Call 10/01/25)(a)(b)		22,941		23,958,596
Hologic Inc.
3.25%, 02/15/29 (Call 04/01/24)(a)(b)		15,909		14,185,896
4.63%, 02/01/28 (Call 04/01/24)(a)(b)		6,626		6,348,383
Medline Borrower LP
3.88%, 04/01/29 (Call 10/01/24)(a)(b)		76,094		68,294,365
5.25%, 10/01/29 (Call 10/01/24)(a)(b)		40,230		37,212,750
Teleflex Inc.
4.25%, 06/01/28 (Call 04/01/24)(a)		8,686		8,141,743
4.63%, 11/15/27 (Call 03/18/24)(b)		8,619		8,198,824
				203,262,229
Health Care - Services — 4.8%
Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 04/01/24)(a)(b)		10,473		10,119,536
3.50%, 04/01/30 (Call 04/01/25)(a)(b)		12,289		11,851,204
5.00%, 07/15/27 (Call 04/01/24)(a)		6,343		6,257,248
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 04/01/24)(a)(b)		8,376		7,581,327
4.00%, 03/15/31 (Call 03/15/26)(a)(b)		8,122		7,163,685

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 (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
4.25%, 05/01/28 (Call 03/18/24)(a)(b)	$	8,120	$	7,615,748
CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)(b)		16,961		12,932,763
5.25%, 05/15/30 (Call 05/15/25)(a)(b)		24,808		19,784,380
5.63%, 03/15/27 (Call 03/18/24)(a)		31,683		28,989,945
6.00%, 01/15/29 (Call 03/18/24)(a)(b)		15,122		12,993,957
6.13%, 04/01/30 (Call 04/01/25)(a)(b)		21,004		13,136,952
6.88%, 04/01/28 (Call 03/18/24)(a)(b)		12,247		7,778,595
6.88%, 04/15/29 (Call 04/15/24)(a)(b)		22,881		14,689,442
8.00%, 03/15/26 (Call 04/01/24)(a)(b)		18,895		18,706,050
8.00%, 12/15/27 (Call 03/18/24)(a)(b)		11,294		10,841,697
10.88%, 01/15/32 (Call 02/15/27)(a)(b)		16,463		16,819,012
DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)		24,099		19,761,180
4.63%, 06/01/30 (Call 06/01/25)(a)(b)		45,502		40,075,886
Encompass Health Corp.
4.50%, 02/01/28 (Call 04/01/24)		14,695		13,904,115
4.63%, 04/01/31 (Call 04/01/26)		7,295		6,565,500
4.75%, 02/01/30 (Call 02/01/25)(b)		14,097		13,082,450
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28 (Call 05/15/25)(a)(b)		12,699		13,333,950
IQVIA Inc.
5.00%, 10/15/26 (Call 04/01/24)(a)(b)		17,189		16,749,477
5.00%, 05/15/27 (Call 04/01/24)(a)		17,220		16,762,408
6.50%, 05/15/30 (Call 05/15/26)(a)(b)		7,885		8,003,275
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 04/01/24)(a)(b)		10,509		9,786,015
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 04/01/24)(a)(b)		8,469		6,802,724
LifePoint Health Inc.
9.88%, 08/15/30 (Call 08/15/26)(b)		12,712		13,208,827
11.00%, 10/15/30 (Call 10/15/26)(a)(b)		18,751		19,860,825
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b)		8,396		6,192,050
ModivCare Inc., 5.88%, 11/15/25 (Call 04/01/24)(a)(b)		8,787		8,564,689
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)(b)		11,296		9,914,217
3.88%, 05/15/32 (Call 02/15/32)(a)(b)		12,490		10,732,538
4.38%, 06/15/28 (Call 04/01/24)(a)(b)		13,251		12,339,861
Radiology Partners Inc.
8.50%, 01/31/29(a)(b)		9,315		8,942,925
9.78%, 02/15/30(a)(b)		8,159		7,261,214
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 04/01/24)(a)(b)		22,877		22,819,808
Select Medical Corp., 6.25%, 08/15/26 (Call 04/01/24)(a)(b)		21,709		21,654,728
Star Parent Inc., 9.00%, 10/01/30 (Call 10/01/26)(a)(b)		16,781		17,716,541
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)		23,160		21,295,215
4.38%, 01/15/30 (Call 12/01/24)(b)		23,384		21,426,759
4.63%, 06/15/28 (Call 03/18/24)(b)		9,984		9,508,120
4.88%, 01/01/26 (Call 03/05/24)		39,877		39,849,206
5.13%, 11/01/27 (Call 03/18/24)		26,119		25,596,620
6.13%, 10/01/28 (Call 04/01/24)(b)		42,026		41,553,207
6.13%, 06/15/30 (Call 06/15/25)(b)		31,822		31,487,869
6.25%, 02/01/27 (Call 03/18/24)(b)		23,181		23,128,991
6.75%, 05/15/31 (Call 05/15/26)(a)(b)		22,645		22,911,948
				768,054,679

Security	Par (000)		Value
Holding Companies - Diversified — 0.6%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b)	$	17,673	$	16,593,165
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)		12,535		10,545,069
5.25%, 05/15/27 (Call 11/15/26)		23,440		21,528,468
6.25%, 05/15/26 (Call 04/01/24)(b)		21,161		20,606,582
6.38%, 12/15/25 (Call 04/01/24)		11,984		11,879,140
Stena International SA
7.25%, 01/15/31 (Call 01/15/27)(a)		12,191		12,109,503
7.63%, 02/15/31 (Call 02/15/27)(a)		5,219		5,245,095
				98,507,022
Home Builders — 0.5%
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b)		6,766		6,088,541
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		7,884		6,991,295
6.25%, 09/15/27 (Call 04/01/24)(a)(b)		10,287		9,998,604
Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		9,119		8,015,601
6.75%, 06/01/27 (Call 04/01/24)		9,741		9,755,611
Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)(b)		10,007		8,984,527
5.25%, 12/15/27 (Call 04/01/24)(a)		8,401		8,106,614
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)(b)		8,482		8,014,536
5.75%, 01/15/28 (Call 10/15/27)(a)		7,144		7,039,555
5.88%, 06/15/27 (Call 03/15/27)(a)(b)		8,650		8,622,969
				81,617,853
Home Furnishings — 0.1%
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)(b)		13,299		11,096,907
4.00%, 04/15/29 (Call 04/15/24)(a)(b)		13,757		12,322,335
				23,419,242
Household Products & Wares — 0.2%
Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)(b)		8,399		7,458,552
4.13%, 04/30/31 (Call 04/30/26)(a)(b)		6,769		5,893,227
Kronos Acquisition Holdings Inc./KIK Custom Products Inc.
5.00%, 12/31/26 (Call 04/01/24)(a)(b)		7,294		7,031,423
7.00%, 12/31/27 (Call 04/01/24)(a)(b)		9,216		8,913,429
Spectrum Brands Inc., 3.88%, 03/15/31 (Call 03/15/26)(a)(b)		9,567		9,100,609
				38,397,240
Housewares — 0.5%
Newell Brands Inc.
4.88%, 06/01/25 (Call 05/01/25)		10,030		9,817,765
5.20%, 04/01/26 (Call 01/01/26)		35,908		34,893,599
6.38%, 09/15/27 (Call 06/15/27)(b)		7,814		7,603,683
6.63%, 09/15/29 (Call 06/15/29)(b)		7,780		7,452,807
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(b)		7,916		6,690,603
4.38%, 02/01/32 (Call 08/01/26)		6,875		5,760,843
4.50%, 10/15/29 (Call 10/15/24)(b)		6,459		5,742,862
				77,962,162

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance — 2.2%
Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 04/01/24)(a)(b)	$	11,706	$	10,367,336
6.00%, 08/01/29 (Call 08/01/24)(a)(b)		7,779		7,004,186
8.25%, 02/01/29 (Call 02/01/26)(a)		15,730		15,553,037
10.13%, 08/01/26 (Call 04/01/24)(a)(b)		9,066		9,428,640
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
4.25%, 10/15/27 (Call 04/01/24)(a)		12,443		11,548,250
5.88%, 11/01/29 (Call 11/01/24)(a)(b)		7,937		7,238,544
6.75%, 10/15/27 (Call 04/01/24)(a)		23,229		22,572,456
6.75%, 04/15/28 (Call 04/15/25)(a)(b)		20,352		20,216,252
7.00%, 01/15/31 (Call 01/15/27)(a)		23,844		23,724,780
AmWINS Group Inc.
4.88%, 06/30/29 (Call 06/30/24)(a)		7,517		6,934,433
6.38%, 02/15/29 (Call 02/15/26)(a)(b)		5,045		5,048,027
Ardonagh Finco Ltd., 7.75%, 02/15/31 (Call 02/15/27)(a)		10,230		10,099,567
Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (Call 02/15/27)(a)(b)		15,890		15,510,229
AssuredPartners Inc.
5.63%, 01/15/29 (Call 04/01/24)(a)		10,816		9,952,226
7.50%, 02/15/32 (Call 02/15/27)(a)(b)		3,730		3,665,583
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5-year CMT + 3.796%)(a)(b)(d)		12,216		10,795,890
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 04/01/24)(a)(b)		9,761		9,773,201
Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC
7.25%, 02/15/31 (Call 02/15/27)(a)		13,040		13,059,560
8.13%, 02/15/32 (Call 02/15/27)(a)		8,105		8,163,761
Hub International Ltd., 5.63%, 12/01/29 (Call 12/01/24)(a)(b)		8,501		7,896,118
HUB International Ltd.
7.25%, 06/15/30 (Call 06/15/26)(a)(b)		53,531		54,670,675
7.38%, 01/31/32 (Call 01/31/27)(a)(b)		31,970		32,072,090
Jones Deslauriers Insurance Management Inc., 8.50%, 03/15/30 (Call 03/15/26)(a)(b)		12,968		13,503,319
Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26), (5-year CMT + 3.315%)(a)(b)(d)		8,406		7,346,844
4.30%, 02/01/61 (Call 02/01/26)(a)(b)		12,958		8,244,527
USI Inc./NY, 7.50%, 01/15/32 (Call 01/15/27)(a)		630		626,850
				345,016,381
Internet — 1.6%
Arches Buyer Inc.
4.25%, 06/01/28 (Call 04/01/24)(a)(b)		15,988		13,671,818
6.13%, 12/01/28 (Call 04/01/24)(a)(b)		9,303		7,922,447
EquipmentShare.com Inc., 9.00%, 05/15/28
(Call 05/15/25)(a)(b)		19,330		19,848,396
Gen Digital Inc.
5.00%, 04/15/25 (Call 03/11/24)(a)		16,538		16,399,645
6.75%, 09/30/27 (Call 09/30/24)(a)(b)		15,076		15,151,380
7.13%, 09/30/30 (Call 09/30/25)(a)(b)		9,807		10,019,223
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 04/01/24)(a)(b)		12,906		11,506,774
5.25%, 12/01/27 (Call 04/01/24)(a)		10,014		9,721,975
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(b)		8,599		7,272,911

Security	Par (000)		Value
Internet (continued)
4.13%, 08/01/30 (Call 05/01/25)(a)(b)	$	8,672	$	7,655,208
4.63%, 06/01/28 (Call 04/01/24)(a)(b)		8,908		8,379,310
5.00%, 12/15/27 (Call 04/01/24)(a)(b)		7,491		7,125,814
Newfold Digital Holdings Group Inc.
6.00%, 02/15/29 (Call 04/01/24)(a)(b)		11,254		8,890,660
11.75%, 10/15/28 (Call 10/15/25)(a)(b)		10,384		11,263,858
Rakuten Group Inc.
5.13%, (Call 04/22/26), (5-year CMT + 4.578%)(a)(b)(d)(g)		12,399		10,600,285
6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(b)(d)(g)		16,723		12,108,756
11.25%, 02/15/27(a)		6,810		7,278,188
Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)		24,085		22,626,990
6.25%, 01/15/28 (Call 03/11/24)(a)(b)		8,925		8,954,482
7.50%, 09/15/27 (Call 03/21/24)(a)		17,611		18,001,829
8.00%, 11/01/26 (Call 04/01/24)(a)(b)		28,263		28,765,211
				263,165,160
Iron & Steel — 0.6%
ATI Inc., 7.25%, 08/15/30 (Call 08/15/26)(b)		6,980		7,149,352
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 04/01/24)(b)		8,110		8,027,400
6.75%, 03/15/26 (Call 04/01/24)(a)		15,824		15,942,680
6.75%, 04/15/30 (Call 04/15/26)(a)(b)		12,762		12,666,285
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)(b)		10,150		10,299,814
8.13%, 05/01/27 (Call 04/01/24)(a)		13,293		13,411,042
8.50%, 05/01/30 (Call 05/01/25)(a)(b)		10,409		10,712,903
9.25%, 10/01/28 (Call 10/01/25)(a)		17,534		18,408,282
				96,617,758
Leisure Time — 1.2%
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a)		38,178		41,650,289
Life Time Inc.
5.75%, 01/15/26 (Call 04/01/24)(a)(b)		13,798		13,698,654
8.00%, 04/15/26 (Call 04/01/24)(a)(b)		9,905		9,990,315
NCL Corp. Ltd.
5.88%, 03/15/26 (Call 12/15/25)(a)(b)		23,577		23,075,989
5.88%, 02/15/27 (Call 03/11/24)(a)(b)		16,983		16,784,639
7.75%, 02/15/29 (Call 11/15/28)(a)(b)		10,349		10,607,725
8.13%, 01/15/29 (Call 01/15/26)(a)(b)		13,177		13,877,107
8.38%, 02/01/28 (Call 02/01/25)(a)(b)		10,441		10,977,406
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)		8,570		8,355,750
Viking Cruises Ltd.
5.88%, 09/15/27 (Call 04/01/24)(a)(b)		13,513		13,224,328
7.00%, 02/15/29 (Call 04/02/24)(a)(b)		7,967		7,970,784
9.13%, 07/15/31 (Call 07/15/26)(a)		12,674		13,749,933
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 04/01/24)(a)(b)		11,029		10,597,215
				194,560,134
Lodging — 2.9%
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 03/11/24)(b)		15,787		15,184,682
4.75%, 06/15/31 (Call 06/15/26)(a)(b)		14,799		13,457,234
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)(b)		24,838		21,236,490
3.75%, 05/01/29 (Call 05/01/24)(a)(b)		13,935		12,689,282
4.00%, 05/01/31 (Call 05/01/26)(a)(b)		17,195		15,280,982
4.88%, 01/15/30 (Call 01/15/25)(b)		16,261		15,421,119

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Lodging (continued)
5.38%, 05/01/25 (Call 03/11/24)(a)	$	8,609	$	8,587,219
5.75%, 05/01/28 (Call 04/01/24)(a)(b)		9,387		9,360,870
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)(b)		8,325		7,341,490
5.00%, 06/01/29 (Call 06/01/24)(a)(b)		13,613		12,607,680
6.63%, 01/15/32 (Call 01/15/27)(a)(b)		15,237		15,237,000
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 03/18/24)(b)		9,489		9,262,403
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)(b)		1,334		1,275,304
3.50%, 08/18/26 (Call 06/18/26)(b)		2,443		2,298,594
3.90%, 08/08/29 (Call 05/08/29)(b)		5,981		5,416,932
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 04/02/24)(a)(b)		16,743		16,256,616
5.25%, 04/26/26 (Call 04/02/24)(a)(b)		9,211		8,865,587
5.38%, 12/04/29 (Call 12/04/24)(a)(b)		19,452		17,552,318
5.63%, 07/17/27 (Call 04/02/24)(a)(b)		10,522		10,003,403
5.75%, 07/21/28 (Call 04/02/24)(a)(b)		13,675		12,861,860
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 03/11/24)(a)(b)		11,901		11,230,855
5.25%, 06/18/25 (Call 03/11/24)(a)(b)		7,480		7,337,368
5.88%, 05/15/26 (Call 03/11/24)(a)(b)		12,779		12,550,214
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)(b)		7,148		6,924,625
4.75%, 10/15/28 (Call 07/15/28)(b)		12,494		11,742,656
5.50%, 04/15/27 (Call 01/15/27)(b)		11,331		11,121,931
5.75%, 06/15/25 (Call 03/15/25)(b)		9,526		9,499,327
6.75%, 05/01/25 (Call 04/01/24)		14,682		14,715,034
Station Casinos LLC
4.50%, 02/15/28 (Call 04/01/24)(a)(b)		11,011		10,295,947
4.63%, 12/01/31 (Call 06/01/31)(a)(b)		8,795		7,802,044
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 04/01/24)(a)(b)		18,289		16,008,213
6.00%, 07/15/25 (Call 04/01/24)(a)(b)		6,711		6,606,098
6.50%, 01/15/28 (Call 04/01/24)(a)(b)		8,331		7,872,795
Travel & Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)(b)		11,129		10,192,161
6.00%, 04/01/27 (Call 01/01/27)		7,235		7,204,587
6.63%, 07/31/26 (Call 04/30/26)(a)		10,572		10,684,063
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)(a)(b)		15,450		15,075,245
Wynn Macau Ltd.
5.13%, 12/15/29 (Call 12/15/24)(a)(b)		16,165		14,565,619
5.50%, 01/15/26 (Call 04/02/24)(a)(b)		16,489		15,994,990
5.50%, 10/01/27 (Call 04/02/24)(a)(b)		11,805		11,214,750
5.63%, 08/26/28 (Call 03/11/24)(a)(b)		22,639		21,265,492
				470,101,079
Machinery — 0.5%
Chart Industries Inc.
7.50%, 01/01/30 (Call 01/01/26)(a)		24,646		25,446,009
9.50%, 01/01/31 (Call 01/01/26)(a)(b)		8,497		9,129,007
Husky Injection Molding Systems Ltd./Titan Co-Borrower LLC, 9.00%, 02/15/29 (Call 02/15/26)(a)(b)		9,372		9,575,351
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 03/11/24)(a)		11,272		11,252,838
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 04/01/24)(a)(b)		6,793		6,646,745

Security	Par (000)		Value
Machinery (continued)
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 04/01/24)(a)(b)	$	26,393	$	25,339,800
				87,389,750
Manufacturing — 0.2%
FXI Holdings Inc.
12.25%, 11/15/26 (Call 03/18/24)(a)(b)		8,721		8,546,580
12.25%, 11/15/26 (Call 04/01/24)(a)		13,466		13,196,680
Hillenbrand Inc., 5.75%, 06/15/25 (Call 03/11/24)(b)		6,735		6,693,638
				28,436,898
Media — 9.8%
Altice Financing SA
5.00%, 01/15/28 (Call 04/01/24)(a)(b)		19,288		17,057,053
5.75%, 08/15/29 (Call 08/15/24)(a)(b)		34,450		29,646,378
AMC Networks Inc.
4.25%, 02/15/29 (Call 03/11/24)(b)		16,963		10,983,543
4.75%, 08/01/25 (Call 04/01/24)(b)		13,140		12,532,275
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)(b)		48,326		38,914,048
4.25%, 01/15/34 (Call 01/15/28)(a)(b)		32,211		24,125,717
4.50%, 08/15/30 (Call 02/15/25)(a)		44,189		36,694,988
4.50%, 05/01/32 (Call 05/01/26)(b)		46,620		36,829,800
4.50%, 06/01/33 (Call 06/01/27)(a)(b)		28,159		21,717,927
4.75%, 03/01/30 (Call 09/01/24)(a)(b)		49,716		42,258,600
4.75%, 02/01/32 (Call 02/01/27)(a)(b)		19,177		15,485,428
5.00%, 02/01/28 (Call 03/18/24)(a)(b)		40,118		37,061,686
5.13%, 05/01/27 (Call 04/01/24)(a)(b)		52,050		49,187,250
5.38%, 06/01/29 (Call 06/01/24)(a)(b)		24,506		22,164,890
5.50%, 05/01/26 (Call 04/01/24)(a)(b)		12,672		12,450,493
6.38%, 09/01/29 (Call 09/01/25)(a)(b)		24,126		22,675,304
7.38%, 03/01/31 (Call 03/01/26)(a)(b)		18,084		17,506,216
CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)		16,963		11,980,119
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		17,682		13,173,090
4.50%, 11/15/31 (Call 11/15/26)(a)		25,183		18,657,455
4.63%, 12/01/30 (Call 12/01/25)(a)(b)		38,293		21,109,016
5.00%, 11/15/31 (Call 11/15/26)(a)(b)		7,901		4,315,131
5.38%, 02/01/28 (Call 04/01/24)(a)		16,827		14,665,993
5.50%, 04/15/27 (Call 04/01/24)(a)		21,657		19,434,450
5.75%, 01/15/30 (Call 01/15/25)(a)(b)		36,858		21,613,763
6.50%, 02/01/29 (Call 03/11/24)(a)(b)		27,951		24,387,248
7.50%, 04/01/28 (Call 03/11/24)(a)(b)		16,849		11,954,366
11.25%, 05/15/28 (Call 05/15/25)(a)(b)		15,820		16,331,325
11.75%, 01/31/29 (Call 01/31/26)(a)		32,938		34,455,414
Directv Financing LLC, 8.88%, 02/01/30 (Call 02/01/26)(a)(b)		12,363		12,454,054
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 04/01/24)(a)		61,442		58,042,211
DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)		45,021		35,960,524
5.75%, 12/01/28 (Call 12/01/27)(a)		41,046		28,424,355
7.38%, 07/01/28 (Call 03/11/24)		16,060		7,829,250
7.75%, 07/01/26		33,419		21,293,474
5.13%, 06/01/29		24,789		10,758,426
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a)		67,753		38,882,115
Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)		12,868		8,235,520
5.38%, 11/15/31 (Call 11/15/26)(a)(b)		20,904		13,483,080

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
5.88%, 07/15/26 (Call 04/01/24)(a)	$	11,662	$	11,064,323
7.00%, 05/15/27 (Call 03/11/24)(a)(b)		12,742		11,471,440
iHeartCommunications Inc.
4.75%, 01/15/28 (Call 04/01/24)(a)(b)		8,028		5,790,195
5.25%, 08/15/27 (Call 03/18/24)(a)(b)		12,166		9,018,048
6.38%, 05/01/26 (Call 03/18/24)		12,851		10,971,415
8.38%, 05/01/27 (Call 03/18/24)(b)		15,604		9,245,374
LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)(b)		13,481		11,335,391
6.75%, 10/15/27 (Call 04/02/24)(a)		19,935		18,838,575
McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)(b)		15,084		14,055,056
8.00%, 08/01/29 (Call 08/01/24)(a)(b)		12,598		11,495,675
News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)(b)		15,665		14,239,994
5.13%, 02/15/32 (Call 02/15/27)(a)(b)		10,170		9,452,100
Nexstar Media Inc.
4.75%, 11/01/28 (Call 03/11/24)(a)(b)		16,819		14,908,642
5.63%, 07/15/27 (Call 03/11/24)(a)		28,070		26,596,325
Paramount Global
6.25%, 02/28/57 (Call 02/28/27), (3-mo. LIBOR US + 3.899%)(b)(d)		10,847		8,922,051
6.38%, 03/30/62 (Call 03/30/27), (5-year CMT + 3.999%)(b)(d)		16,884		14,646,870
Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 04/01/24)(a)(b)		15,336		12,073,266
6.50%, 09/15/28 (Call 04/01/24)(a)(b)		16,742		8,057,088
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 04/01/24)(a)(b)		8,256		6,513,984
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 04/01/24)(a)(b)		8,100		6,686,550
Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)(b)		12,658		9,218,189
5.50%, 03/01/30 (Call 12/01/24)(a)(b)		8,449		6,083,280
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 04/01/24)(a)(b)		16,451		15,339,406
3.88%, 09/01/31 (Call 09/01/26)(a)(b)		25,186		20,842,727
4.00%, 07/15/28 (Call 07/15/24)(a)(b)		32,725		29,493,406
4.13%, 07/01/30 (Call 07/01/25)(a)(b)		25,449		22,001,253
5.00%, 08/01/27 (Call 04/01/24)(a)(b)		23,932		22,867,794
5.50%, 07/01/29 (Call 07/01/24)(a)(b)		20,628		19,513,630
Sunrise FinCo I BV, 4.88%, 07/15/31 (Call 07/15/26)(a)(b)		21,256		18,811,560
Sunrise HoldCo IV BV, 5.50%, 01/15/28 (Call 03/11/24)(a)(b)		8,510		8,230,081
TEGNA Inc.
4.63%, 03/15/28 (Call 04/01/24)(b)		16,779		15,164,021
4.75%, 03/15/26 (Call 04/01/24)(a)(b)		9,189		8,878,871
5.00%, 09/15/29 (Call 09/15/24)(b)		18,024		15,846,701
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 03/11/24)(a)		16,600		15,609,073
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)(b)		17,378		15,184,028
6.63%, 06/01/27 (Call 03/11/24)(a)(b)		25,623		24,822,281
7.38%, 06/30/30 (Call 06/30/25)(a)(b)		14,815		14,322,072
8.00%, 08/15/28 (Call 08/15/25)(a)(b)		24,044		24,172,395
Videotron Ltd.
3.63%, 06/15/29 (Call 06/15/24)(a)(b)		10,210		9,221,332
5.13%, 04/15/27 (Call 04/01/24)(a)(b)		8,784		8,592,838
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)		16,389		14,154,032

Security	Par (000)		Value
Media (continued)
Virgin Media Secured Finance PLC
4.50%, 08/15/30 (Call 08/15/25)(a)(b)	$	15,296	$	13,345,760
5.50%, 05/15/29 (Call 05/15/24)(a)(b)		23,112		21,662,878
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 04/01/24)(a)(b)		9,485		8,743,070
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)		25,721		21,994,027
Ziggo Bond Co. BV
5.13%, 02/28/30 (Call 02/15/25)(a)(b)		7,744		6,622,591
6.00%, 01/15/27 (Call 04/02/24)(a)(b)		10,318		10,062,034
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)		16,634		14,780,460
				1,565,694,127
Mining — 0.8%
Arsenal AIC Parent LLC, 11.50%, 10/01/31 (Call 10/01/26)(a)		759		834,900
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a)(b)		8,484		7,541,767
FMG Resources August 2006 Pty. Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)(b)		25,763		23,058,284
4.50%, 09/15/27 (Call 06/15/27)(a)		9,534		9,113,558
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)(b)		11,332		11,027,453
6.13%, 04/15/32 (Call 01/15/32)(a)(b)		13,716		13,559,089
Kaiser Aluminum Corp.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)		9,510		8,115,430
4.63%, 03/01/28 (Call 04/01/24)(a)(b)		8,758		8,079,255
Novelis Corp.
3.25%, 11/15/26 (Call 04/01/24)(a)		12,715		11,823,794
3.88%, 08/15/31 (Call 08/15/26)(a)		11,942		10,090,990
4.75%, 01/30/30 (Call 01/30/25)(a)(b)		27,218		24,899,367
				128,143,887
Miscellaneous – Manufacturing — 0.0%
Hillenbrand Inc., 6.25%, 02/15/29 (Call 02/15/26)		3,559		3,559,712
Office & Business Equipment — 0.1%
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(b)		11,835		11,642,681
5.50%, 08/15/28 (Call 07/15/28)(a)(b)		12,799		11,578,488
				23,221,169
Oil & Gas — 6.3%
Antero Resources Corp.
5.38%, 03/01/30 (Call 03/01/25)(a)(b)		9,750		9,302,841
7.63%, 02/01/29 (Call 04/01/24)(a)(b)		6,307		6,496,210
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)(b)		6,896		6,375,076
7.00%, 11/01/26 (Call 04/01/24)(a)(b)		10,097		10,087,913
8.25%, 12/31/28 (Call 04/01/24)(a)(b)		8,577		8,706,284
Baytex Energy Corp.
8.50%, 04/30/30 (Call 04/30/26)(a)		13,722		14,258,873
8.75%, 04/01/27 (Call 04/01/24)(a)(b)		8,141		8,449,381
Callon Petroleum Co.
7.50%, 06/15/30 (Call 06/15/25)(a)(b)		9,565		10,079,119
8.00%, 08/01/28 (Call 08/01/24)(a)(b)		10,376		10,837,720
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 04/01/24)(a)(b)		7,345		7,388,202
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 04/01/24)(a)		6,971		6,899,973

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
5.88%, 02/01/29 (Call 04/01/24)(a)(b)	$	7,461	$	7,355,147
6.75%, 04/15/29 (Call 04/15/24)(a)(b)		15,967		16,026,876
CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 04/01/24)(a)		10,129		10,179,645
7.00%, 06/15/25 (Call 04/01/24)(a)(b)		17,419		17,398,881
8.38%, 01/15/29 (Call 10/15/25)(a)		19,135		20,093,267
Civitas Resources Inc.
5.00%, 10/15/26 (Call 04/01/24)(a)(b)		6,907		6,692,054
8.38%, 07/01/28 (Call 07/01/25)(a)(b)		22,284		23,335,972
8.63%, 11/01/30 (Call 11/01/26)(a)(b)		16,522		17,678,540
8.75%, 07/01/31 (Call 07/01/26)(a)(b)		23,849		25,358,165
CNX Resources Corp.
6.00%, 01/15/29 (Call 04/01/24)(a)(b)		8,754		8,427,293
7.25%, 03/01/32 (Call 03/01/27)(a)(b)		5,660		5,639,398
7.38%, 01/15/31 (Call 01/15/26)(a)(b)		8,923		9,001,787
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)(b)		16,546		14,481,556
6.75%, 03/01/29 (Call 03/18/24)(a)(b)		20,100		18,542,250
Crescent Energy Finance LLC
7.25%, 05/01/26 (Call 04/01/24)(a)		13,077		13,018,807
9.25%, 02/15/28 (Call 02/15/25)(a)(b)		17,457		18,296,551
CrownRock LP/CrownRock Finance Inc.
5.00%, 05/01/29 (Call 05/01/24)(a)(b)		6,491		6,361,180
5.63%, 10/15/25 (Call 04/01/24)(a)		19,738		19,656,482
CVR Energy Inc.
5.75%, 02/15/28 (Call 03/18/24)(a)(b)		6,912		6,415,788
8.50%, 01/15/29 (Call 01/15/26)(a)		10,289		10,314,722
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 04/01/24)(a)(b)		17,203		17,342,344
Energian Israel Finance Ltd.
4.88%, 03/30/26 (Call 12/30/25)(a)		10,137		9,528,421
5.38%, 03/30/28 (Call 09/30/27)(a)		10,133		9,103,183
5.88%, 03/30/31 (Call 09/30/30)(a)		11,150		9,546,748
8.50%, 09/30/33 (Call 09/30/29)(h)		12,157		11,738,596
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 04/01/24)(a)(b)		9,788		9,499,297
6.00%, 04/15/30 (Call 04/15/25)(a)		7,661		7,422,743
6.00%, 02/01/31 (Call 02/01/26)(a)(b)		9,487		9,151,488
6.25%, 11/01/28 (Call 04/01/24)(a)		10,412		10,343,159
6.25%, 04/15/32 (Call 05/15/27)(a)(b)		8,478		8,202,465
8.38%, 11/01/33 (Call 11/01/28)(a)(b)		10,128		10,868,762
Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)		10,667		10,454,205
6.50%, 06/30/27 (Call 12/30/26)(a)		10,107		9,694,208
6.75%, 06/30/30 (Call 12/30/29)(a)		9,726		8,887,192
Matador Resources Co.
5.88%, 09/15/26 (Call 03/18/24)(b)		11,135		11,025,785
6.88%, 04/15/28 (Call 04/15/25)(a)(b)		8,856		9,031,902
MEG Energy Corp.
5.88%, 02/01/29 (Call 03/11/24)(a)(b)		10,625		10,359,375
7.13%, 02/01/27 (Call 04/01/24)(a)(b)		9,923		10,076,972
Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 04/01/24)(a)(b)		11,237		11,181,330
10.50%, 05/15/27 (Call 04/01/24)(a)		9,216		9,454,588
Murphy Oil Corp., 5.88%, 12/01/27 (Call 03/18/24)(b)		7,091		7,024,777
Nabors Industries Inc.
7.38%, 05/15/27 (Call 05/15/24)(a)(b)		11,981		11,931,159
9.13%, 01/31/30 (Call 05/31/26)(a)(b)		10,623		10,890,346

Security	Par (000)		Value
Oil & Gas (continued)
Nabors Industries Ltd., 7.25%, 01/15/26 (Call 04/01/24)(a)(b)	$	9,903	$	9,754,354
Northern Oil and Gas Inc.
8.13%, 03/01/28 (Call 04/01/24)(a)		11,898		12,043,060
8.75%, 06/15/31 (Call 06/15/26)(a)(b)		8,540		8,892,275
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(a)		13,604		12,430,655
4.63%, 05/01/30 (Call 05/01/25)(a)(b)		13,038		11,844,501
5.88%, 07/15/27 (Call 04/01/24)(a)(b)		7,695		7,541,100
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 04/01/24)		13,568		13,194,880
7.88%, 09/15/30 (Call 09/15/26)(a)(b)		8,683		8,878,368
Permian Resources Operating LLC
5.88%, 07/01/29 (Call 07/01/24)(a)(b)		11,303		11,046,003
7.00%, 01/15/32 (Call 01/15/27)(a)(b)		16,547		16,989,798
8.00%, 04/15/27 (Call 04/15/24)(a)		12,406		12,800,519
9.88%, 07/15/31 (Call 07/15/26)(a)(b)		9,576		10,621,444
Range Resources Corp.
4.75%, 02/15/30 (Call 02/15/25)(a)(b)		7,879		7,310,235
4.88%, 05/15/25 (Call 02/15/25)(b)		13,495		13,340,463
8.25%, 01/15/29 (Call 03/18/24)(b)		11,302		11,771,739
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)(b)		6,413		6,421,016
6.63%, 01/15/27 (Call 04/01/24)(b)		6,849		6,821,330
6.75%, 09/15/26 (Call 04/01/24)(b)		6,791		6,774,492
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)(b)		19,267		17,492,548
5.38%, 02/01/29 (Call 03/18/24)		10,339		9,977,135
5.38%, 03/15/30 (Call 03/15/25)(b)		20,755		19,821,025
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/15/24)(b)		13,433		12,418,876
4.50%, 04/30/30 (Call 04/30/25)(b)		13,451		12,235,787
5.88%, 03/15/28 (Call 04/01/24)		5,613		5,556,870
6.00%, 04/15/27 (Call 04/01/24)(b)		8,622		8,590,099
7.00%, 09/15/28 (Call 09/15/25)(a)(b)		8,597		8,798,084
Talos Production Inc.
9.00%, 02/01/29 (Call 02/01/26)(a)		3,249		3,321,128
9.38%, 02/01/31 (Call 02/01/27)(a)(b)		6,551		6,775,372
Transocean Inc.
7.50%, 01/15/26 (Call 03/11/24)(a)(b)		9,268		9,191,581
8.00%, 02/01/27 (Call 03/11/24)(a)(b)		9,811		9,560,819
8.75%, 02/15/30 (Call 02/15/26)(a)(b)		17,617		18,169,719
11.50%, 01/30/27 (Call 03/11/24)(a)(b)		14,081		14,714,645
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 04/02/24)(a)(b)		6,011		5,994,150
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a)		9,349		9,617,784
Valaris Ltd., 8.38%, 04/30/30 (Call 04/30/26)(a)(b)		18,696		19,204,297
Vital Energy Inc.
9.75%, 10/15/30 (Call 10/15/26)(b)		8,479		9,074,395
10.13%, 01/15/28 (Call 04/01/24)(b)		11,506		12,009,387
				1,006,914,931
Oil & Gas Services — 0.5%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/24)(a)		12,964		12,688,220
6.88%, 04/01/27 (Call 04/01/24)(a)(b)		8,426		8,409,124
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 04/01/26 (Call 04/01/24)		10,741		10,727,574

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas Services (continued)
6.88%, 09/01/27 (Call 04/01/24)	$	13,136	$	13,084,550
Weatherford International Ltd., 8.63%, 04/30/30
(Call 10/30/24)(a)(b)		28,117		29,092,660
				74,002,128
Packaging & Containers — 3.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.25%, 09/01/28 (Call 05/15/24)(a)(b)		9,310		8,063,857
4.00%, 09/01/29 (Call 05/15/24)(a)(b)		17,016		13,825,500
6.00%, 06/15/27 (Call 06/15/24)(a)(b)		10,089		9,910,571
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.
4.13%, 08/15/26 (Call 03/11/24)(a)(b)		19,645		18,122,512
5.25%, 04/30/25 (Call 04/01/24)(a)(b)		13,952		13,812,480
5.25%, 08/15/27 (Call 04/01/24)(a)(b)		30,869		22,305,424
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)(b)		21,568		18,245,387
3.13%, 09/15/31 (Call 06/15/31)(b)		14,211		11,949,319
4.88%, 03/15/26 (Call 12/15/25)		14,020		13,883,089
5.25%, 07/01/25(b)		17,867		17,867,298
6.00%, 06/15/29 (Call 05/15/26)(b)		15,863		15,957,187
6.88%, 03/15/28 (Call 11/15/24)(b)		11,737		12,032,626
Berry Global Inc., 5.63%, 07/15/27
(Call 04/01/24)(a)(b)		6,449		6,374,030
Clydesdale Acquisition Holdings Inc.
6.63%, 04/15/29 (Call 04/15/25)(a)(b)		9,738		9,671,051
8.75%, 04/15/30 (Call 04/15/25)(a)(b)		18,384		17,510,148
Crown Americas LLC, 5.25%, 04/01/30
(Call 01/01/30)(b)		8,280		7,975,296
Crown Americas LLC/Crown Americas Capital
Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b)		5,743		5,525,010
Crown Americas LLC/Crown Americas Capital
Corp. VI, 4.75%, 02/01/26 (Call 04/01/24)(b)		13,048		12,760,944
Graphic Packaging International LLC
3.50%, 03/15/28(a)(b)		7,466		6,850,511
3.75%, 02/01/30 (Call 08/01/29)(a)(b)		8,246		7,345,949
LABL Inc.
5.88%, 11/01/28 (Call 11/01/24)(a)(b)		8,167		7,308,590
6.75%, 07/15/26 (Call 03/11/24)(a)		11,496		11,253,262
8.25%, 11/01/29 (Call 11/01/24)(a)(b)		7,745		6,523,304
10.50%, 07/15/27 (Call 03/11/24)(a)(b)		11,889		11,521,762
Mauser Packaging Solutions Holding Co.
7.88%, 08/15/26 (Call 08/15/24)(a)(b)		47,802		48,480,980
9.25%, 04/15/27 (Call 10/15/24)(a)(b)		22,996		22,334,865
OI European Group BV, 4.75%, 02/15/30
(Call 11/15/24)(a)(b)		6,603		6,078,722
Owens-Brockway Glass Container Inc.
6.63%, 05/13/27 (Call 04/01/24)(a)(b)		11,475		11,481,737
7.25%, 05/15/31 (Call 05/15/26)(a)(b)		11,603		11,763,469
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc.
4.00%, 10/15/27 (Call 04/01/24)(a)(b)		17,269		16,086,073
4.38%, 10/15/28 (Call 10/15/24)(a)(b)		8,744		8,135,502
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)(b)		7,389		6,894,998
5.00%, 04/15/29 (Call 04/15/25)(a)(b)		7,156		6,811,618
5.50%, 09/15/25 (Call 06/15/25)(a)		4,436		4,424,910
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28 (Call 02/01/25)(a)(b)		12,725		12,701,557
7.25%, 02/15/31 (Call 11/15/26)(a)(b)		6,732		6,937,259

Security	Par (000)		Value
Packaging & Containers (continued)
Silgan Holdings Inc., 4.13%, 02/01/28
(Call 03/18/24)(b)	$	9,293	$	8,717,763
Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 04/02/24)(a)(b)		16,890		16,467,750
8.50%, 08/15/27 (Call 03/11/24)(a)(b)		12,570		12,255,750
				486,168,060
Pharmaceuticals — 2.6%
AdaptHealth LLC
4.63%, 08/01/29 (Call 04/01/24)(a)		8,268		6,883,110
5.13%, 03/01/30 (Call 03/01/25)(a)(b)		9,857		8,242,916
Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 04/01/24)(a)(b)		10,921		6,224,970
9.25%, 04/01/26 (Call 04/01/24)(a)		12,991		12,156,775
Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)(b)		26,393		15,044,010
5.00%, 01/30/28 (Call 03/18/24)(a)(b)		7,655		3,460,300
5.00%, 02/15/29 (Call 03/11/24)(a)(b)		8,004		3,596,464
5.25%, 01/30/30 (Call 01/30/25)(a)(b)		11,921		5,195,001
5.25%, 02/15/31 (Call 02/15/26)(a)(b)		6,734		2,929,290
5.50%, 11/01/25 (Call 04/01/24)(a)(b)		28,452		26,412,441
5.75%, 08/15/27 (Call 03/18/24)(a)(b)		8,813		5,359,899
6.13%, 02/01/27 (Call 04/01/24)(a)(b)		16,684		10,725,727
6.25%, 02/15/29 (Call 03/11/24)(a)(b)		13,032		6,032,730
9.00%, 12/15/25 (Call 04/01/24)(a)(b)		15,799		14,976,188
11.00%, 09/30/28(a)(b)		29,115		19,579,838
14.00%, 10/15/30 (Call 10/15/25)(a)		3		1,755
Herbalife Nutrition Ltd./HLF Financing Inc.,
7.88%, 09/01/25 (Call 04/01/24)(a)		9,546		9,283,485
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b)		10,829		7,742,735
Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)(a)(b)		24,289		22,427,248
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 04/30/24)(a)(b)		34,820		31,898,021
5.13%, 04/30/31 (Call 04/30/26)(a)(b)		33,408		28,584,720
Owens & Minor Inc.
4.50%, 03/31/29 (Call 04/01/24)(a)(b)		7,909		7,066,197
6.63%, 04/01/30 (Call 04/01/25)(a)(b)		8,689		8,410,083
Perrigo Finance Unlimited Co.
4.38%, 03/15/26 (Call 12/15/25)		10,232		9,873,880
4.65%, 06/15/30 (Call 03/15/30)(b)		12,765		11,411,910
Prestige Brands Inc.
3.75%, 04/01/31 (Call 04/01/26)(a)(b)		9,317		8,047,559
5.13%, 01/15/28 (Call 04/01/24)(a)(b)		6,486		6,275,205
Teva Pharmaceutical Finance Netherlands III BV
3.15%, 10/01/26(b)		56,924		52,728,701
4.75%, 05/09/27 (Call 02/09/27)(b)		15,930		15,185,543
5.13%, 05/09/29 (Call 02/09/29)(b)		16,687		15,769,215
6.75%, 03/01/28 (Call 12/01/27)(b)		19,810		20,044,748
7.13%, 01/31/25 (Call 10/31/24)(b)		901		906,091
7.88%, 09/15/29 (Call 06/15/29)(b)		10,922		11,623,629
8.13%, 09/15/31 (Call 06/15/31)(b)		8,173		8,837,365
				422,937,749
Pipelines — 5.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)(b)		12,992		12,371,284

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
5.75%, 03/01/27 (Call 03/18/24)(a)(b)	$	9,713	$	9,498,620
5.75%, 01/15/28 (Call 03/18/24)(a)(b)		10,466		10,247,596
6.63%, 02/01/32 (Call 02/01/27)(a)		10,075		10,033,226
7.88%, 05/15/26 (Call 03/18/24)(a)		9,370		9,566,301
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)(b)		10,608		10,037,820
4.13%, 03/01/25 (Call 02/01/25)(a)(b)		9,601		9,418,977
4.13%, 12/01/27 (Call 09/01/27)(b)		6,106		5,663,315
4.50%, 03/01/28 (Call 12/01/27)(a)(b)		8,914		8,322,155
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31 (Call 06/15/26)(a)(b)		23,063		21,488,383
7.50%, 12/15/33 (Call 12/15/28)(a)		8,351		8,513,928
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)(b)		18,184		16,615,630
4.38%, 06/15/31 (Call 06/15/26)(a)(b)		16,368		14,754,389
Energy Transfer LP, 8.00%, 05/15/54
(Call 02/15/29), (5-year CMT + 4.020%)(b)(d)		13,776		14,313,264
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)(b)		8,621		8,350,732
5.63%, 01/15/28 (Call 07/15/27)(a)		8,776		8,649,187
6.50%, 09/01/30 (Call 03/01/30)(a)(b)		17,746		18,189,650
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)(b)		6,294		6,159,718
4.85%, 07/15/26 (Call 04/15/26)		7,216		7,064,382
EQM Midstream Partners LP
4.13%, 12/01/26 (Call 09/01/26)(b)		8,359		8,017,051
4.50%, 01/15/29 (Call 07/15/28)(a)(b)		12,795		11,983,775
4.75%, 01/15/31 (Call 07/15/30)(a)(b)		18,379		17,104,049
5.50%, 07/15/28 (Call 04/15/28)(b)		14,375		14,109,494
6.00%, 07/01/25 (Call 04/01/25)(a)(b)		5,457		5,450,179
6.38%, 04/01/29 (Call 04/01/26)(a)		4,375		4,388,563
6.50%, 07/01/27 (Call 01/01/27)(a)		15,117		15,268,170
7.50%, 06/01/27 (Call 06/01/24)(a)(b)		8,405		8,604,254
7.50%, 06/01/30 (Call 12/01/29)(a)(b)		8,390		8,920,128
Genesis Energy LP/Genesis Energy Finance Corp.
7.75%, 02/01/28 (Call 04/01/24)		10,863		10,863,000
8.00%, 01/15/27 (Call 04/01/24)(b)		17,069		17,186,776
8.25%, 01/15/29 (Call 01/15/26)(b)		10,304		10,468,516
8.88%, 04/15/30 (Call 04/15/26)(b)		8,297		8,608,138
Global Partners LP/GLP Finance Corp.
7.00%, 08/01/27 (Call 03/18/24)(b)		6,847		6,851,357
8.25%, 01/15/32 (Call 01/15/27)(a)		7,454		7,646,462
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)(b)		12,491		11,352,786
5.13%, 06/15/28 (Call 04/01/24)(a)		8,699		8,351,040
5.50%, 10/15/30 (Call 10/15/25)(a)(b)		7,051		6,775,825
5.63%, 02/15/26 (Call 04/01/24)(a)		12,184		12,019,150
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a)(b)		19,917		17,726,130
Kinetik Holdings LP
5.88%, 06/15/30 (Call 06/15/25)(a)(b)		17,416		16,980,600
6.63%, 12/15/28 (Call 12/15/25)(a)(b)		13,948		14,122,350
New Fortress Energy Inc.
6.50%, 09/30/26 (Call 04/01/24)(a)(b)		25,091		24,150,087
6.75%, 09/15/25 (Call 03/21/24)(a)(b)		21,547		21,412,331
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13%, 02/15/29 (Call 02/15/26)(a)		12,490		12,583,675
8.38%, 02/15/32 (Call 02/15/27)(a)(b)		19,306		19,658,334

Security	Par (000)		Value
Pipelines (continued)
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)(b)	$	10,387	$	10,272,743
5.75%, 10/01/25 (Call 07/01/25)		9,750		9,687,166
6.00%, 06/01/26 (Call 03/01/26)(b)		7,983		7,902,970
6.38%, 10/01/30 (Call 04/01/30)(b)		9,999		10,008,199
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)(b)		7,627		7,376,028
4.95%, 07/15/29 (Call 04/15/29)(a)		9,012		8,430,778
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 04/01/24)(a)		12,197		11,579,412
6.00%, 03/01/27 (Call 04/01/24)(a)		7,299		7,194,859
6.00%, 12/31/30 (Call 12/31/25)(a)		12,252		11,415,213
6.00%, 09/01/31 (Call 09/01/26)(a)(b)		8,139		7,485,845
7.38%, 02/15/29 (Call 02/15/26)(a)(b)		13,055		13,012,702
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)(b)		20,907		17,532,466
6.25%, 01/15/30 (Call 10/15/29)(a)(b)		17,166		17,142,414
3.88%, 08/15/29 (Call 02/15/29)(a)(b)		21,455		19,229,044
4.13%, 08/15/31 (Call 02/15/31)(a)		20,475		17,959,896
Venture Global LNG Inc.
8.13%, 06/01/28 (Call 06/01/25)(a)(b)		38,540		39,166,275
8.38%, 06/01/31 (Call 06/01/26)(a)(b)		36,157		36,572,805
9.50%, 02/01/29 (Call 11/01/28)(a)		48,693		51,894,565
9.88%, 02/01/32 (Call 02/01/27)(a)(b)		32,628		34,340,970
				868,065,127
Real Estate — 0.7%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a)(b)		10,092		9,145,552
Cushman & Wakefield U.S. Borrower LLC
6.75%, 05/15/28 (Call 04/01/24)(a)(b)		10,783		10,607,776
8.88%, 09/01/31 (Call 09/01/26)(a)(b)		6,874		7,170,201
HAT Holdings I LLC/HAT Holdings II LLC,
8.00%, 06/15/27 (Call 03/15/27)(a)(b)		12,647		13,137,071
Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 03/18/24)(a)(b)		10,462		9,279,406
4.38%, 02/01/31 (Call 02/01/26)(a)(b)		10,695		9,104,867
5.38%, 08/01/28 (Call 04/01/24)(a)(b)		12,493		11,782,273
Kennedy-Wilson Inc.
4.75%, 03/01/29 (Call 04/01/24)(b)		9,805		7,976,466
4.75%, 02/01/30 (Call 09/01/24)(b)		10,108		7,997,955
5.00%, 03/01/31 (Call 03/01/26)(b)		9,777		7,601,618
Realogy Group LLC/Realogy Co-Issuer Corp.
5.25%, 04/15/30 (Call 04/15/25)(a)(b)		7,246		5,075,714
5.75%, 01/15/29 (Call 03/18/24)(a)(b)		9,716		7,111,140
				105,990,039
Real Estate Investment Trusts — 3.8%
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27)(b)		7,418		6,536,463
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 04/01/24)(a)		12,449		10,943,293
5.75%, 05/15/26 (Call 03/11/24)(a)(b)		15,485		14,935,950
Diversified Healthcare Trust
4.38%, 03/01/31 (Call 09/01/30)(b)		8,547		6,496,864
4.75%, 02/15/28 (Call 08/15/27)(b)		8,277		6,568,206
9.75%, 06/15/25 (Call 03/18/24)		9,202		9,167,493

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)(b)	$	16,101	$	15,034,309
6.00%, 04/15/25 (Call 04/01/24)(a)(b)		7,717		7,667,220
Hudson Pacific Properties LP
3.25%, 01/15/30 (Call 10/15/29)(b)		6,450		4,802,412
3.95%, 11/01/27 (Call 08/01/27)(b)		7,254		6,265,643
4.65%, 04/01/29 (Call 01/01/29)(b)		8,335		6,938,888
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)		18,742		16,586,670
4.88%, 09/15/27 (Call 03/11/24)(a)(b)		15,696		15,051,323
4.88%, 09/15/29 (Call 09/15/24)(a)(b)		16,193		15,058,842
5.00%, 07/15/28 (Call 03/11/24)(a)(b)		8,767		8,306,941
5.25%, 03/15/28 (Call 03/11/24)(a)		14,525		13,996,290
5.25%, 07/15/30 (Call 07/15/25)(a)(b)		20,770		19,441,135
5.63%, 07/15/32 (Call 07/15/26)(a)(b)		10,104		9,388,940
7.00%, 02/15/29 (Call 08/15/25)(a)(b)		17,341		17,601,982
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)(b)		12,363		11,052,646
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 04/01/24)(a)(b)		10,603		9,783,329
4.75%, 06/15/29 (Call 06/15/24)(a)(b)		11,147		9,990,367
MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)(b)		21,853		14,666,859
4.63%, 08/01/29 (Call 08/01/24)(b)		14,424		10,739,065
5.00%, 10/15/27 (Call 04/01/24)(b)		23,214		19,064,497
5.25%, 08/01/26 (Call 04/01/24)(b)		9,456		8,403,682
Office Properties Income Trust
3.45%, 10/15/31 (Call 07/15/31)(b)		7,114		2,950,963
4.50%, 02/01/25 (Call 11/01/24)		9,940		8,051,400
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)		12,187		11,217,503
5.88%, 10/01/28 (Call 04/01/24)(a)		12,739		12,399,655
7.50%, 06/01/25 (Call 04/01/24)(a)		12,356		12,384,419
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 04/01/24)(a)(b)		9,470		8,807,289
4.75%, 10/15/27 (Call 04/01/24)(b)		12,724		12,159,818
7.25%, 07/15/28 (Call 07/15/25)(a)(b)		6,960		7,115,974
RLJ Lodging Trust LP
3.75%, 07/01/26 (Call 04/01/24)(a)(b)		7,580		7,143,392
4.00%, 09/15/29 (Call 09/15/24)(a)(b)		8,767		7,635,443
SBA Communications Corp.
3.13%, 02/01/29 (Call 04/01/24)(b)		24,680		21,846,736
3.88%, 02/15/27 (Call 03/11/24)(b)		25,170		23,736,568
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)(b)		6,643		5,605,031
4.38%, 02/15/30 (Call 08/15/29)(b)		6,618		5,096,341
4.75%, 10/01/26 (Call 08/01/26)		7,018		6,491,650
4.95%, 02/15/27 (Call 08/15/26)(b)		6,859		6,288,657
4.95%, 10/01/29 (Call 07/01/29)(b)		6,552		5,368,119
5.50%, 12/15/27 (Call 09/15/27)(b)		8,349		7,848,060
7.50%, 09/15/25 (Call 06/15/25)		13,179		13,348,877
8.63%, 11/15/31 (Call 11/15/26)(a)(b)		17,202		18,148,110
Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)(b)		6,431		5,996,908
4.38%, 01/15/27 (Call 07/15/26)(a)(b)		8,215		7,701,563
4.75%, 03/15/25 (Call 09/15/24)(b)		10,045		9,892,919

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)(b)	$	12,135	$	8,743,510
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
4.75%, 04/15/28 (Call 04/15/24)(a)(b)		9,154		7,971,419
6.50%, 02/15/29 (Call 03/11/24)(a)(b)		18,696		14,302,440
10.50%, 02/15/28 (Call 09/15/25)(a)		41,959		43,427,565
XHR LP
4.88%, 06/01/29 (Call 06/01/24)(a)(b)		8,384		7,729,713
6.38%, 08/15/25 (Call 03/11/24)(a)(b)		8,024		8,018,584
				611,917,935
Retail — 5.0%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 03/11/24)(a)(b)		13,386		12,076,180
3.88%, 01/15/28 (Call 04/01/24)(a)(b)		27,645		25,767,904
4.00%, 10/15/30 (Call 10/15/25)(a)(b)		47,005		41,305,644
4.38%, 01/15/28 (Call 04/01/24)(a)		13,092		12,290,459
5.75%, 04/15/25 (Call 04/01/24)(a)(b)		7,991		7,969,584
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 03/11/24)(b)		6,416		5,991,366
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		14,227		12,964,354
4.75%, 03/01/30 (Call 03/01/25)(b)		7,482		6,816,684
5.00%, 02/15/32 (Call 11/15/26)(a)(b)		9,670		8,595,663
Bath & Body Works Inc.
5.25%, 02/01/28(b)		8,319		8,076,335
6.63%, 10/01/30 (Call 10/01/25)(a)(b)		16,604		16,682,039
7.50%, 06/15/29 (Call 06/15/24)(b)		6,988		7,196,916
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/24), (8.50% PIK)(a)(c)		579		556,969
Beacon Roofing Supply Inc., 6.50%, 08/01/30 (Call 08/01/26)(a)(b)		10,402		10,458,605
Carvana Co.
12.00%, 12/01/28 (Call 08/15/24), (12.00% PIK)(a)(c)		11,482		10,991,800
13.00%, 06/01/30 (Call 08/15/25), (13.00% PIK)(a)(b)(c)		17,515		16,371,270
14.00%, 06/01/31 (Call 08/15/28), (14.00% PIK)(a)(b)(c)		15,365		14,945,996
eG Global Finance PLC, 12.00%, 11/30/28 (Call 05/30/26)(a)(b)		19,021		20,033,868
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 04/01/24)(a)(b)		11,280		11,167,426
5.88%, 04/01/29 (Call 04/01/24)(a)(b)		13,894		13,181,932
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.
4.63%, 01/15/29 (Call 01/15/25)(a)(b)		16,357		14,863,169
6.75%, 01/15/30 (Call 01/15/25)(a)(b)		20,899		18,417,244
FirstCash Inc.
4.63%, 09/01/28 (Call 04/01/24)(a)(b)		7,796		7,218,526
5.63%, 01/01/30 (Call 01/01/25)(a)(b)		9,746		9,235,797
6.88%, 03/01/32 (Call 03/01/27)(a)		9,925		9,838,156
Gap Inc. (The)
3.63%, 10/01/29 (Call 10/01/24)(a)(b)		12,538		10,594,610
3.88%, 10/01/31 (Call 10/01/26)(a)(b)		12,294		9,905,891
Global Auto Holdings Ltd./AAG FH U.K. Ltd.
8.38%, 01/15/29 (Call 01/15/26)(a)		9,002		8,574,405
8.75%, 01/15/32 (Call 01/15/27)(a)		9,125		8,643,656
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 04/01/24)(a)		10,722		10,463,023

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)(b)	$	8,998	$	7,080,785
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 04/01/24)(a)(b)		13,312		12,061,504
LCM Investments Holdings II LLC
4.88%, 05/01/29 (Call 05/01/24)(a)(b)		16,538		14,865,595
8.25%, 08/01/31 (Call 08/01/26)(a)(b)		13,656		13,975,399
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)(b)		13,503		12,051,427
4.38%, 01/15/31 (Call 10/15/25)(a)(b)		8,923		7,900,246
4.63%, 12/15/27 (Call 04/01/24)(a)(b)		6,452		6,148,158
Macy’s Retail Holdings LLC
5.88%, 04/01/29 (Call 04/01/24)(a)(b)		8,014		7,713,475
5.88%, 03/15/30 (Call 03/15/25)(a)(b)		7,091		6,640,832
6.13%, 03/15/32 (Call 03/15/27)(a)(b)		7,256		6,758,833
Michaels Companies Inc. (The)
5.25%, 05/01/28 (Call 03/11/24)(a)(b)		14,295		11,096,494
7.88%, 05/01/29 (Call 05/01/24)(a)(b)		21,830		14,111,130
Murphy Oil USA Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)		8,335		7,146,471
4.75%, 09/15/29 (Call 09/15/24)(b)		8,058		7,549,580
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/24)(a)(b)		18,274		17,931,362
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)(b)		7,306		6,127,908
4.38%, 04/01/30 (Call 01/01/30)(b)		8,087		7,144,865
Penske Automotive Group Inc.
3.50%, 09/01/25 (Call 03/11/24)		7,266		7,048,020
3.75%, 06/15/29 (Call 06/15/24)(b)		8,844		7,861,579
PetSmart Inc./PetSmart Finance Corp.
4.75%, 02/15/28 (Call 04/01/24)(a)(b)		20,331		19,059,587
7.75%, 02/15/29 (Call 04/01/24)(a)(b)		19,033		18,797,942
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)		7,742		6,358,118
4.45%, 02/15/25 (Call 11/15/24)(b)		4,575		4,443,469
4.75%, 02/15/27 (Call 11/15/26)(b)		9,662		8,682,950
Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(b)		11,099		9,788,393
4.88%, 11/15/31 (Call 11/15/26)(a)(b)		8,864		7,617,456
SRS Distribution Inc.
4.63%, 07/01/28 (Call 07/01/24)(a)(b)		11,140		10,360,200
6.00%, 12/01/29 (Call 12/01/24)(a)(b)		14,593		13,535,007
6.13%, 07/01/29 (Call 07/01/24)(a)(b)		7,726		7,204,495
Staples Inc.
7.50%, 04/15/26 (Call 04/01/24)(a)		33,353		31,977,189
10.75%, 04/15/27 (Call 04/01/24)(a)(b)		17,294		15,824,010
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a)		10,776		9,715,238
Walgreens Boots Alliance Inc.
3.20%, 04/15/30 (Call 01/15/30)(b)		8,947		7,688,020
3.45%, 06/01/26 (Call 03/01/26)(b)		18,490		17,627,845
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(b)		17,866		15,704,661
4.63%, 01/31/32 (Call 10/01/26)(b)		17,526		16,084,486
4.75%, 01/15/30 (Call 10/15/29)(a)(b)		13,133		12,463,874
5.38%, 04/01/32 (Call 04/01/27)(b)		16,631		15,981,393
				801,323,467
Semiconductors — 0.3%
Entegris Inc.
3.63%, 05/01/29 (Call 05/01/24)(a)(b)		6,281		5,556,864

Security	Par (000)		Value
Semiconductors (continued)
4.38%, 04/15/28 (Call 03/11/24)(a)(b)	$	6,932	$	6,494,128
4.75%, 04/15/29 (Call 01/15/29)(a)		26,550		25,023,375
5.95%, 06/15/30 (Call 06/15/25)(a)(b)		14,045		13,780,486
				50,854,853
Software — 2.3%
AthenaHealth Group Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b)		38,856		34,839,650
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a)(b)		12,648		12,777,642
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 (Call 06/15/25)(a)		11,720		12,060,108
Clarivate Science Holdings Corp.
3.88%, 07/01/28 (Call 06/30/24)(a)		15,603		14,207,468
4.88%, 07/01/29 (Call 06/30/24)(a)(b)		15,628		14,184,754
Cloud Software Group Inc.
6.50%, 03/31/29 (Call 09/30/25)(a)		64,970		60,553,203
9.00%, 09/30/29 (Call 09/30/25)(a)(b)		62,599		58,396,103
Fair Isaac Corp.
4.00%, 06/15/28 (Call 03/18/24)(a)(b)		14,940		13,865,814
5.25%, 05/15/26 (Call 02/15/26)(a)(b)		6,271		6,185,035
Open Text Corp.
3.88%, 02/15/28 (Call 04/01/24)(a)(b)		14,635		13,439,821
3.88%, 12/01/29 (Call 12/01/24)(a)(b)		13,368		11,825,333
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)(b)		15,001		13,219,631
4.13%, 12/01/31 (Call 12/01/26)(a)(b)		11,127		9,548,969
PTC Inc.
3.63%, 02/15/25 (Call 04/01/24)(a)		1,857		1,812,896
4.00%, 02/15/28 (Call 04/01/24)(a)		3,954		3,678,456
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)		16,815		14,730,781
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 04/01/24)(a)		31,762		30,928,247
Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)(b)		8,729		7,780,158
3.88%, 03/15/31 (Call 03/15/26)(b)		8,797		7,659,116
UKG Inc., 6.88%, 02/01/31 (Call 02/01/27)(a)		2,670		2,697,768
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 04/01/24)(a)		33,620		30,846,350
				375,237,303
Telecommunications — 5.0%
Altice France Holding SA
6.00%, 02/15/28 (Call 04/02/24)(a)(b)		17,522		8,821,232
10.50%, 05/15/27 (Call 03/11/24)(a)(b)		25,841		16,834,489
Altice France SA/France
5.13%, 01/15/29 (Call 04/02/24)(a)		8,008		6,085,616
5.13%, 07/15/29 (Call 04/15/24)(a)		40,313		30,451,473
5.50%, 01/15/28 (Call 03/11/24)(a)		17,676		14,437,960
5.50%, 10/15/29 (Call 10/15/24)(a)(b)		33,434		25,326,255
8.13%, 02/01/27 (Call 03/11/24)(a)		28,791		26,452,376
British Telecommunications PLC
4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)(a)(b)(d)		7,598		7,135,472
4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)(a)(b)(d)		8,801		7,754,201
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 03/11/24)(a)(b)		21,453		20,224,816
CommScope Inc.
4.75%, 09/01/29 (Call 09/01/24)(a)		21,659		14,836,415

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
6.00%, 03/01/26 (Call 04/01/24)(a)	$	25,040	$	22,786,400
7.13%, 07/01/28 (Call 04/01/24)(a)		10,940		4,376,000
8.25%, 03/01/27 (Call 04/01/24)(a)(b)		15,640		6,849,762
CommScope Technologies LLC
5.00%, 03/15/27 (Call 03/11/24)(a)(b)		12,220		4,292,275
6.00%, 06/15/25 (Call 03/11/24)(a)(b)		21,385		17,428,775
Connect Finco Sarl/Connect U.S. Finco LLC,
6.75%, 10/01/26 (Call 03/11/24)(a)(b)		34,627		33,977,744
Consolidated Communications Inc.
5.00%, 10/01/28 (Call 03/11/24)(a)(b)		6,446		5,304,813
6.50%, 10/01/28 (Call 03/11/24)(a)(b)		13,085		11,281,518
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)		24,853		22,989,025
5.88%, 10/15/27 (Call 04/01/24)(a)		18,214		17,612,938
5.88%, 11/01/29 (Call 11/01/24)(b)		12,465		10,675,755
6.00%, 01/15/30 (Call 10/15/24)(a)(b)		16,566		14,163,930
6.75%, 05/01/29 (Call 05/01/24)(a)(b)		16,724		15,020,242
8.63%, 03/15/31 (Call 03/15/26)(a)		11,779		11,926,237
8.75%, 05/15/30 (Call 05/15/25)(a)		20,593		21,004,860
Hughes Satellite Systems Corp.
5.25%, 08/01/26(b)		12,151		10,410,764
6.63%, 08/01/26(b)		13,107		8,649,801
Iliad Holding SASU
6.50%, 10/15/26 (Call 03/11/24)(a)		19,873		19,652,608
7.00%, 10/15/28 (Call 10/15/24)(a)		15,933		15,753,563
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b)		50,198		46,782,026
Level 3 Financing Inc.
3.40%, 03/01/27		8,793		8,968,860
3.63%, 01/15/29		10,393		6,079,905
3.75%, 07/15/29		11,994		7,016,490
3.88%, 11/15/29		9,277		9,555,310
4.25%, 07/01/28		15,456		9,505,440
4.63%, 09/15/27		12,864		8,297,280
10.50%, 05/15/30		11,847		12,183,653
11.00%, 11/15/29(i)		21,280		21,492,267
Lumen Technologies Inc.
4.00%, 02/15/27		15,900		9,619,500
4.50%, 01/15/29 (Call 03/11/24)(a)		5,172		1,629,180
5.13%, 12/15/26		5,205		3,474,338
Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(b)(d)		13,166		12,540,483
Viasat Inc., 7.50%, 05/30/31
(Call 05/30/26)(a)(b)		13,342		9,372,755
ViaSat Inc.
5.63%, 09/15/25 (Call 03/11/24)(a)		12,075		11,682,562
5.63%, 04/15/27 (Call 03/11/24)(a)(b)		11,215		10,528,081
6.50%, 07/15/28 (Call 04/01/24)(a)(b)		6,137		4,545,369
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(a)		22,686		19,279,470
4.75%, 07/15/31 (Call 07/15/26)(a)(b)		23,911		20,707,643
Vodafone Group PLC
3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(b)(d)		7,884		7,328,069
4.13%, 06/04/81 (Call 03/04/31), (5-year CMT + 2.767%)(b)(d)		16,860		14,430,938
7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(d)		33,302		34,107,908

Security	Par (000)		Value
Telecommunications (continued)
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 04/01/24)(a)(b)	$	22,967	$	21,444,058
Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 04/01/24)(a)(b)		24,764		20,627,174
6.13%, 03/01/28 (Call 04/01/24)(a)(b)		17,967		13,768,112
				797,484,186
Transportation — 0.1%
XPO Inc.
7.13%, 06/01/31 (Call 06/01/26)(a)(b)		7,722		7,881,631
7.13%, 02/01/32 (Call 02/01/27)(a)(b)		9,740		9,898,275
				17,779,906
Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. SOFR + 4.562%)(a)(b)(d)		8,239		8,160,647
Fortress Transportation and Infrastructure Investors LLC
7.88%, 12/01/30 (Call 12/01/26)(a)(b)		9,225		9,663,188
5.50%, 05/01/28 (Call 05/01/24)(a)		17,421		16,680,607
6.50%, 10/01/25 (Call 04/01/24)(a)		11,602		11,594,592
9.75%, 08/01/27 (Call 03/11/24)(a)(b)		7,671		7,922,609
				54,021,643
Total Long-Term Investments — 98.2% (Cost: $16,808,001,966)				15,712,099,970
	Shares
Short-Term Securities
Money Market Funds — 20.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(j)(k)(l)		3,143,072,297		3,144,643,833
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(j)(k)		132,290,000		132,290,000
Total Short-Term Securities — 20.5% (Cost: $3,275,502,815)				3,276,933,833
Total Investments — 118.7% (Cost: $20,083,504,781)				18,989,033,803
Liabilities in Excess of Other Assets — (18.7)%				(2,988,733,683	)
Net Assets — 100.0%			$	16,000,300,120

^(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)  Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

^(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)  Issuer filed for bankruptcy and/or is in default.

^(f)  Non-income producing security.

^(g)  Perpetual security with no stated maturity date.

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

⁽ⁱ⁾  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(j)  Affiliate of the Fund.

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ High Yield Corporate Bond ETF

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institu-tional, SL Agency Shares	$	2,768,669,414	$	376,305,494	(a)	$	—	$	410,129	$	(741,204	)	$	3,144,643,833		3,143,072,297	$	18,993,509	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		93,650,000		38,640,000	(a)		—		—		—			132,290,000		132,290,000		3,327,088			—
								$	410,129	$	(741,204	)	$	3,276,933,833			$	22,320,597		$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	15,690,607,703	$	21,492,267	$	15,712,099,970
Short-Term Securities
Money Market Funds		3,276,933,833		—		—		3,276,933,833
	$	3,276,933,833	$	15,690,607,703	$	21,492,267	$	18,989,033,803

See notes to financial statements.

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 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)	$	3,774	$	3,168,964
Aerospace & Defense — 2.3%
Boeing Co. (The)
2.95%, 02/01/30 (Call 11/01/29)		8,851		7,747,202
3.20%, 03/01/29 (Call 12/01/28)(a)		11,063		10,007,338
3.25%, 02/01/28 (Call 12/01/27)(a)		14,611		13,541,517
3.25%, 02/01/35 (Call 11/01/34)(a)		10,106		8,118,379
3.60%, 05/01/34 (Call 02/01/34)(a)		9,631		8,090,449
3.63%, 02/01/31 (Call 11/01/30)(a)		13,815		12,364,270
3.75%, 02/01/50 (Call 08/01/49)(a)		14,645		10,382,472
3.90%, 05/01/49 (Call 11/01/48)(a)		10,326		7,552,084
3.95%, 08/01/59 (Call 02/01/59)(a)		7,808		5,523,222
5.04%, 05/01/27 (Call 03/01/27)(a)		6,576		6,508,995
5.15%, 05/01/30 (Call 02/01/30)		43,165		42,422,199
5.71%, 05/01/40 (Call 11/01/39)		30,488		29,653,809
5.81%, 05/01/50 (Call 11/01/49)		52,681		50,585,097
5.93%, 05/01/60 (Call 11/01/59)		30,399		29,033,523
General Dynamics Corp.
3.50%, 04/01/27 (Call 02/01/27)		3,495		3,360,798
3.63%, 04/01/30 (Call 01/01/30)		10,834		10,115,839
3.75%, 05/15/28 (Call 02/15/28)(a)		14,992		14,439,768
4.25%, 04/01/40 (Call 10/01/39)		7,091		6,294,711
4.25%, 04/01/50 (Call 10/01/49)		4,660		4,026,536
L3Harris Technologies Inc.
4.40%, 06/15/28 (Call 03/15/28)		19,629		19,092,001
5.40%, 07/31/33 (Call 04/30/33)		13,587		13,586,611
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)(a)		8,905		5,877,281
3.80%, 03/01/45 (Call 09/01/44)		11,329		9,183,420
3.90%, 06/15/32 (Call 03/15/32)(a)		8,043		7,456,866
4.07%, 12/15/42		13,425		11,472,042
4.09%, 09/15/52 (Call 03/15/52)		15,975		13,229,465
4.15%, 06/15/53 (Call 12/15/52)(a)		8,962		7,457,741
4.70%, 05/15/46 (Call 11/15/45)		13,633		12,585,777
4.75%, 02/15/34 (Call 11/15/33)(a)		8,849		8,640,097
5.10%, 11/15/27 (Call 10/15/27)		11,121		11,241,318
5.20%, 02/15/64 (Call 08/15/63)(a)		5,175		5,049,956
5.25%, 01/15/33 (Call 10/15/32)(a)		9,391		9,559,226
5.70%, 11/15/54 (Call 05/15/54)(a)		7,113		7,502,923
5.90%, 11/15/63 (Call 05/15/63)(a)		5,168		5,596,704
Northrop Grumman Corp.
3.25%, 01/15/28 (Call 10/15/27)(a)		22,903		21,472,309
4.03%, 10/15/47 (Call 04/15/47)		21,537		17,363,784
4.40%, 05/01/30 (Call 02/01/30)(a)		9,953		9,583,311
4.70%, 03/15/33 (Call 12/15/32)		9,119		8,798,993
4.75%, 06/01/43		9,000		8,167,955
4.90%, 06/01/34 (Call 03/01/34)		8,168		7,931,250
4.95%, 03/15/53 (Call 09/15/52)(a)		9,368		8,652,150
5.20%, 06/01/54 (Call 12/01/53)		12,000		11,496,709
5.25%, 05/01/50 (Call 11/01/49)		9,556		9,239,462
RTX Corp.
1.90%, 09/01/31 (Call 06/01/31)		8,686		6,917,451
2.25%, 07/01/30 (Call 04/01/30)(a)		10,850		9,179,932
2.38%, 03/15/32 (Call 12/15/31)		9,639		7,837,483
2.82%, 09/01/51 (Call 03/01/51)(a)		10,028		6,264,908
3.03%, 03/15/52 (Call 09/15/51)(a)		12,602		8,210,124
3.13%, 05/04/27 (Call 02/04/27)(a)		9,287		8,759,269
3.13%, 07/01/50 (Call 01/01/50)(a)		12,025		8,067,884

Security	Par (000)		Value
Aerospace & Defense (continued)
3.50%, 03/15/27 (Call 12/15/26)	$	2,518	$	2,407,130
3.75%, 11/01/46 (Call 05/01/46)		13,016		9,931,584
4.13%, 11/16/28 (Call 08/16/28)(a)		31,082		29,820,155
4.15%, 05/15/45 (Call 11/16/44)		8,677		7,108,308
4.35%, 04/15/47 (Call 10/15/46)		10,735		8,978,560
4.45%, 11/16/38 (Call 05/16/38)		7,129		6,308,436
4.50%, 06/01/42		33,489		29,222,337
4.63%, 11/16/48 (Call 05/16/48)(a)		15,989		13,930,429
5.15%, 02/27/33 (Call 11/27/32)		11,234		11,119,685
5.38%, 02/27/53 (Call 08/27/52)(a)		10,936		10,560,341
6.00%, 03/15/31 (Call 01/15/31)		10,004		10,410,555
6.10%, 03/15/34 (Call 12/15/33)(a)		13,892		14,660,687
6.40%, 03/15/54 (Call 09/15/53)		16,710		18,471,744
				758,172,561
Agriculture — 1.8%
Altria Group Inc.
2.45%, 02/04/32 (Call 11/04/31)(a)		16,409		13,135,959
3.40%, 05/06/30 (Call 02/06/30)		6,787		6,108,260
3.40%, 02/04/41 (Call 08/04/40)		14,681		10,548,508
3.70%, 02/04/51 (Call 08/04/50)		12,189		8,288,452
3.88%, 09/16/46 (Call 03/16/46)(a)		14,989		11,003,459
4.00%, 02/04/61 (Call 08/04/60)(a)		8,650		6,170,721
4.25%, 08/09/42		8,224		6,544,053
4.80%, 02/14/29 (Call 11/14/28)(a)		18,118		17,768,560
5.38%, 01/31/44(a)		18,296		17,627,751
5.80%, 02/14/39 (Call 08/14/38)(a)		15,852		15,791,572
5.95%, 02/14/49 (Call 08/14/48)(a)		22,932		22,819,656
Archer-Daniels-Midland Co.
2.70%, 09/15/51 (Call 03/15/51)(a)		1,909		1,208,664
2.90%, 03/01/32 (Call 12/01/31)(a)		5,289		4,509,016
3.25%, 03/27/30 (Call 12/27/29)(a)		8,383		7,579,284
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		18,247		16,143,668
2.73%, 03/25/31 (Call 12/25/30)(a)		8,797		7,248,807
3.56%, 08/15/27 (Call 05/15/27)		22,152		20,915,901
3.73%, 09/25/40 (Call 03/25/40)(a)		8,710		6,270,102
3.98%, 09/25/50 (Call 03/25/50)(a)		11,273		7,689,448
4.39%, 08/15/37 (Call 02/15/37)		24,337		19,936,649
4.54%, 08/15/47 (Call 02/15/47)		24,395		18,188,478
4.70%, 04/02/27 (Call 02/02/27)		5,169		5,061,550
4.74%, 03/16/32 (Call 12/16/31)(a)		8,002		7,525,018
4.76%, 09/06/49 (Call 03/06/49)(a)		10,246		7,910,002
4.91%, 04/02/30 (Call 01/02/30)(a)		9,524		9,253,109
5.83%, 02/20/31 (Call 12/20/30)		4,215		4,198,413
6.00%, 02/20/34 (Call 11/20/33)		7,390		7,309,679
6.34%, 08/02/30 (Call 06/02/30)		5,567		5,750,880
6.42%, 08/02/33 (Call 05/02/33)(a)		11,651		11,945,272
7.08%, 08/02/43 (Call 02/02/43)		7,302		7,600,255
7.08%, 08/02/53 (Call 02/02/53)		9,749		10,091,016
BAT International Finance PLC
4.45%, 03/16/28 (Call 02/16/28)		7,722		7,449,580
5.93%, 02/02/29 (Call 01/02/29)		10,742		10,968,883
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a)		10,329		8,778,808
Philip Morris International Inc.
1.75%, 11/01/30 (Call 08/01/30)(a)		8,721		7,052,157
2.10%, 05/01/30 (Call 02/01/30)		6,852		5,787,471
3.38%, 08/15/29 (Call 05/15/29)(a)		8,378		7,696,155
3.88%, 08/21/42(a)		7,240		5,696,358
4.13%, 03/04/43		7,289		5,938,125
4.25%, 11/10/44(a)		11,939		9,819,228

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.38%, 11/15/41	$	7,427	$	6,299,890
4.88%, 02/15/28 (Call 01/15/28)(a)		19,392		19,284,058
4.88%, 02/13/29 (Call 01/13/29)(a)		7,144		7,019,856
4.88%, 11/15/43		6,281		5,641,319
5.13%, 11/17/27 (Call 10/17/27)		13,113		13,136,259
5.13%, 02/15/30 (Call 12/15/29)(a)		18,071		17,980,032
5.13%, 02/13/31 (Call 12/13/30)		7,699		7,572,740
5.25%, 02/13/34 (Call 11/13/33)		9,952		9,724,665
5.38%, 02/15/33 (Call 11/15/32)		23,221		23,085,029
5.63%, 11/17/29 (Call 09/17/29)(a)		13,952		14,284,275
5.63%, 09/07/33 (Call 06/07/33)		12,136		12,247,983
5.75%, 11/17/32 (Call 08/17/32)		10,251		10,440,272
6.38%, 05/16/38(a)		10,512		11,322,307
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		6,820		6,512,155
5.85%, 08/15/45 (Call 02/15/45)(a)		20,360		18,423,628
				574,303,395
Airlines — 0.1%
Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)(a)		17,532		17,459,847
Apparel — 0.2%
NIKE Inc.
2.75%, 03/27/27 (Call 01/27/27)		1,661		1,566,208
2.85%, 03/27/30 (Call 12/27/29)(a)		15,215		13,670,690
3.25%, 03/27/40 (Call 09/27/39)(a)		5,164		4,098,814
3.38%, 03/27/50 (Call 09/27/49)(a)		14,703		11,141,048
3.88%, 11/01/45 (Call 05/01/45)(a)		5,742		4,758,163
Tapestry Inc.
7.35%, 11/27/28 (Call 10/27/28)(a)		9,736		10,189,933
7.70%, 11/27/30 (Call 09/27/30)(a)		8,581		9,093,114
7.85%, 11/27/33 (Call 08/27/33)		11,236		12,144,318
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a)		8,565		7,067,719
				73,730,007
Auto Manufacturers — 2.2%
American Honda Finance Corp.
2.00%, 03/24/28(a)		5,140		4,605,153
4.90%, 01/10/34(a)		8,238		8,026,081
5.13%, 07/07/28		11,953		12,050,585
5.65%, 11/15/28(a)		13,673		14,072,789
Cummins Inc.
1.50%, 09/01/30 (Call 06/01/30)(a)		10,074		8,141,584
5.15%, 02/20/34 (Call 11/20/33)		4,127		4,116,929
5.45%, 02/20/54 (Call 08/20/53)		2,358		2,365,552
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)(a)		26,430		21,672,600
4.75%, 01/15/43(a)		20,988		16,997,428
5.29%, 12/08/46 (Call 06/08/46)(a)		10,575		9,119,003
6.10%, 08/19/32 (Call 05/19/32)(a)		16,887		16,842,314
7.45%, 07/16/31(a)		7,322		7,880,633
Ford Motor Credit Co. LLC
2.90%, 02/16/28 (Call 12/16/27)(a)		8,325		7,464,023
2.90%, 02/10/29 (Call 12/10/28)		7,456		6,493,579
3.63%, 06/17/31 (Call 03/17/31)		6,931		5,913,654
3.82%, 11/02/27 (Call 08/02/27)		8,562		7,976,807
4.00%, 11/13/30 (Call 08/13/30)(a)		16,593		14,671,531
4.13%, 08/17/27 (Call 06/17/27)		12,824		12,108,635
5.11%, 05/03/29 (Call 02/03/29)(a)		14,668		14,145,929
6.05%, 03/05/31 (Call 01/05/31)(a)		9,234		9,188,434
6.80%, 05/12/28 (Call 04/12/28)(a)		15,396		15,876,426
6.80%, 11/07/28 (Call 10/07/28)(a)		14,893		15,434,651

Security	Par (000)		Value
Auto Manufacturers (continued)
7.12%, 11/07/33 (Call 08/07/33)(a)	$	12,524	$	13,352,528
7.20%, 06/10/30 (Call 04/10/30)(a)		9,271		9,772,245
7.35%, 11/04/27 (Call 10/04/27)(a)		14,636		15,276,179
7.35%, 03/06/30 (Call 01/06/30)(a)		11,170		11,844,286
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		11,178		10,765,021
5.00%, 10/01/28 (Call 07/01/28)(a)		12,411		12,347,881
5.00%, 04/01/35		6,872		6,415,973
5.15%, 04/01/38 (Call 10/01/37)		6,130		5,678,606
5.20%, 04/01/45(a)		12,093		10,588,253
5.40%, 10/15/29 (Call 08/15/29)(a)		10,657		10,636,098
5.40%, 04/01/48 (Call 10/01/47)(a)		8,879		7,953,282
5.60%, 10/15/32 (Call 07/15/32)(a)		12,705		12,663,138
5.95%, 04/01/49 (Call 10/01/48)(a)		8,764		8,421,285
6.25%, 10/02/43(a)		13,940		14,003,448
6.60%, 04/01/36 (Call 10/01/35)(a)		8,598		8,987,225
6.75%, 04/01/46 (Call 10/01/45)(a)		5,941		6,279,759
6.80%, 10/01/27 (Call 08/01/27)(a)		12,414		12,943,921
General Motors Financial Co. Inc.
2.35%, 01/08/31 (Call 10/08/30)(a)		7,544		6,153,225
2.40%, 04/10/28 (Call 02/10/28)(a)		14,766		13,176,611
2.40%, 10/15/28 (Call 08/15/28)		14,470		12,724,999
2.70%, 08/20/27 (Call 06/20/27)(a)		13,016		11,938,761
2.70%, 06/10/31 (Call 03/10/31)(a)		11,012		9,067,063
3.10%, 01/12/32 (Call 10/12/31)(a)		12,857		10,735,704
3.60%, 06/21/30 (Call 03/21/30)(a)		8,904		7,963,200
4.30%, 04/06/29 (Call 02/06/29)		11,749		11,137,882
5.00%, 04/09/27 (Call 03/09/27)(a)		7,643		7,565,872
5.75%, 02/08/31 (Call 12/08/30)(a)		5,481		5,465,585
5.80%, 06/23/28 (Call 05/23/28)		15,571		15,817,922
5.80%, 01/07/29 (Call 12/07/28)(a)		12,727		12,881,242
5.85%, 04/06/30 (Call 02/06/30)(a)		12,113		12,286,044
6.00%, 01/09/28 (Call 12/09/27)(a)		14,269		14,555,500
6.10%, 01/07/34 (Call 10/07/33)(a)		15,233		15,390,418
6.40%, 01/09/33 (Call 10/09/32)(a)		10,066		10,391,470
Honda Motor Co. Ltd.
2.53%, 03/10/27 (Call 02/10/27)(a)		4,720		4,405,863
2.97%, 03/10/32 (Call 12/10/31)(a)		8,338		7,329,560
Mercedes-Benz Finance North America LLC,
8.50%, 01/18/31		15,061		18,301,407
Toyota Motor Credit Corp.
1.90%, 04/06/28(a)		9,282		8,287,987
2.15%, 02/13/30		11,205		9,615,683
3.05%, 03/22/27(a)		8,310		7,873,808
3.38%, 04/01/30		9,722		8,951,155
4.45%, 06/29/29(a)		8,344		8,194,430
4.55%, 09/20/27(a)		8,564		8,478,864
4.63%, 01/12/28(a)		13,620		13,549,013
4.65%, 01/05/29		10,089		9,986,880
4.80%, 01/05/34		10,559		10,303,331
5.25%, 09/11/28		8,115		8,237,519
5.55%, 11/20/30(a)		11,020		11,374,954
				725,235,400
Auto Parts & Equipment — 0.1%
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51)(a)		16,550		10,390,966
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)(a)		4,732		4,074,223
4.15%, 05/01/52 (Call 11/01/51)		10,790		8,251,704
				22,716,893

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks — 23.1%
Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(b)	$	2,715	$	2,747,973
Banco Santander SA
2.75%, 12/03/30(a)		10,253		8,336,082
2.96%, 03/25/31(a)		6,276		5,349,550
3.31%, 06/27/29(a)		6,228		5,638,552
3.49%, 05/28/30		7,466		6,697,863
3.80%, 02/23/28(a)		13,845		13,027,451
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(a)(b)		16,759		16,042,278
4.25%, 04/11/27		2,824		2,719,701
4.38%, 04/12/28		16,282		15,624,280
5.29%, 08/18/27		17,260		17,117,626
5.59%, 08/08/28		20,530		20,716,544
6.61%, 11/07/28(a)		16,001		16,797,815
6.92%, 08/08/33(a)		18,627		19,337,316
6.94%, 11/07/33		12,841		13,983,296
Bank of America Corp.
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(b)		22,940		18,615,211
1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(b)		19,138		15,432,657
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(a)(b)		22,190		19,474,592
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(a)(b)		30,888		24,981,303
2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(b)		31,087		26,527,771
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(b)		27,710		22,704,524
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(b)		25,265		21,570,724
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(b)		41,394		28,877,858
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(b)		38,989		32,562,790
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(a)(b)		10,100		6,483,604
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(a)(b)		15,744		13,855,980
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(a)(b)		31,294		26,249,902
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(a)(b)		18,502		12,271,455
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b)		20,569		18,504,851
3.25%, 10/21/27 (Call 10/21/26)(a)		12,068		11,402,211
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(b)		28,395		21,441,351
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)(b)		46,971		43,837,983
3.59%, 07/21/28 (Call 07/21/27), (3-mo. SOFR + 1.632%)(a)(b)		11,278		10,667,768
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)(b)		12,705		12,114,188
3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)(a)(b)		11,879		9,607,696
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(b)		18,111		17,229,594

Security	Par (000)		Value
Banks (continued)
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b)	$	22,358	$	21,002,705
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(b)		13,648		11,655,804
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(b)		44,503		35,746,852
4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(a)(b)		16,020		14,194,670
4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)(b)		22,878		21,967,829
4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(b)		22,384		18,893,018
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)(b)		15,111		14,688,335
4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(b)		16,688		14,396,622
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(a)(b)		32,258		30,286,307
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(b)		20,648		20,425,072
5.00%, 01/21/44(a)		18,589		17,783,706
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(a)(b)		41,131		40,008,091
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(a)(b)		24,056		23,920,707
5.29%, 04/25/34 (Call 04/25/33), (1-day SOFR + 1.910%)(a)(b)		39,335		38,777,454
5.47%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.650%)(a)(b)		44,502		44,308,812
5.82%, 09/15/29 (Call 09/15/28), (1-day SOFR + 1.570%)(a)(b)		16,569		16,873,025
5.87%, 09/15/34 (Call 09/15/33), (1-day SOFR + 1.840%)(a)(b)		29,486		30,232,618
5.88%, 02/07/42		12,869		13,671,019
6.11%, 01/29/37(a)		16,985		17,801,289
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(a)(b)		13,133		13,543,259
7.75%, 05/14/38		14,050		16,830,562
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(a)(b)		15,997		13,383,671
Series N, 3.48%, 03/13/52 (Call 03/13/51), (1-day SOFR + 1.650%)(a)(b)		10,552		7,770,497
Bank of America NA, 6.00%, 10/15/36(a)		8,931		9,301,101
Bank of Montreal
2.65%, 03/08/27(a)		459		428,557
5.20%, 02/01/28 (Call 01/01/28)(a)		14,319		14,366,273
5.72%, 09/25/28 (Call 08/25/28)		8,930		9,153,586
Series H, 4.70%, 09/14/27 (Call 08/14/27)(a)		7,482		7,402,383
Bank of New York Mellon Corp. (The)
3.25%, 05/16/27 (Call 02/16/27)		1,431		1,359,970
3.30%, 08/23/29 (Call 05/23/29)		3,838		3,525,302
3.40%, 01/29/28 (Call 10/29/27)(a)		4,485		4,245,036
3.85%, 04/28/28		6,184		5,969,486
Bank of Nova Scotia (The)
2.45%, 02/02/32		6,312		5,183,659
4.85%, 02/01/30(a)		15,508		15,305,357
5.25%, 06/12/28(a)		15,910		15,992,654
5.65%, 02/01/34(a)		13,792		13,992,181
Barclays PLC
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(b)		4,361		3,634,044

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 (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(b)	$	9,780	$	7,974,293
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(a)(b)		11,326		9,198,295
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(b)		11,115		8,042,243
4.34%, 01/10/28 (Call 01/10/27)(a)		13,987		13,451,930
4.84%, 05/09/28 (Call 05/07/27)(a)		21,580		20,755,340
4.95%, 01/10/47(a)		14,295		13,010,613
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(a)(b)		20,664		20,092,302
5.25%, 08/17/45(a)		11,244		10,712,908
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(a)(b)		17,974		17,877,832
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(a)(b)		9,741		9,636,215
6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(b)		18,723		18,935,167
6.49%, 09/13/29 (Call 09/13/28), (1-day SOFR + 2.220%)(a)(b)		13,901		14,317,357
6.69%, 09/13/34 (Call 09/13/33), (1-day SOFR + 2.620%)(a)(b)		15,018		15,698,071
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(a)(b)		20,557		21,704,560
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(b)		17,929		19,618,676
Canadian Imperial Bank of Commerce
3.45%, 04/07/27 (Call 03/07/27)(a)		1,851		1,764,311
3.60%, 04/07/32 (Call 03/07/32)(a)		12,448		11,114,908
5.00%, 04/28/28 (Call 03/28/28)(a)		15,234		15,193,141
6.09%, 10/03/33 (Call 07/03/33)(a)		14,474		15,027,473
Citibank NA, 5.80%, 09/29/28 (Call 08/29/28)		21,154		21,794,827
Citigroup Inc.
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(b)		16,729		13,548,732
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(b)		28,187		23,196,593
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(b)		33,355		28,170,399
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(b)		23,906		20,541,438
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(a)(b)		11,179		7,937,675
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(a)(b)		23,382		20,598,319
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(b)		28,003		23,500,879
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(a)(b)		19,162		17,991,294
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(a)(b)		20,477		19,401,241
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(b)		29,787		26,318,033
3.88%, 01/24/39 (Call 01/24/38), (3-mo. SOFR + 1.430%)(b)		3,041		2,557,838
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(b)		27,029		25,296,230
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(b)		17,270		16,477,709
4.13%, 07/25/28		16,901		16,067,531

Security	Par (000)		Value
Banks (continued)
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(b)	$	10,867	$	9,148,194
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(a)(b)		41,898		39,534,500
4.45%, 09/29/27		34,574		33,471,484
4.65%, 07/30/45(a)		10,286		9,144,561
4.65%, 07/23/48 (Call 06/23/48)(a)		24,812		22,057,878
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(b)		11,775		11,557,583
4.75%, 05/18/46		19,513		17,062,620
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(b)		23,951		22,892,186
5.17%, 02/13/30 (Call 02/13/29), (1-day SOFR + 1.364%)(b)		19,834		19,631,836
5.30%, 05/06/44(a)		8,867		8,462,493
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(b)		12,890		12,628,865
5.88%, 01/30/42(a)		10,353		10,864,353
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(a)(b)		25,867		27,102,726
6.63%, 06/15/32		10,612		11,298,450
6.68%, 09/13/43		10,007		11,011,970
8.13%, 07/15/39(a)		19,693		24,950,080
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(a)(b)		3,331		3,170,337
Citizens Financial Group Inc.
3.25%, 04/30/30 (Call 01/30/30)(a)		6,770		5,855,343
5.84%, 01/23/30 (Call 01/23/29), (1-day SOFR + 2.010%)(b)		8,690		8,583,547
Cooperatieve Rabobank UA
5.25%, 05/24/41(a)		15,447		15,611,435
5.25%, 08/04/45(a)		10,258		9,944,953
5.75%, 12/01/43		10,181		10,225,896
Credit Suisse AG/New York
5.00%, 07/09/27(a)		4,357		4,315,583
7.50%, 02/15/28		29,542		31,780,397
Deutsche Bank AG/New York
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(a)(b)		2,011		1,660,420
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(a)(b)		13,571		11,776,965
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(b)		23,440		24,085,191
6.82%, 11/20/29 (Call 11/20/28), (1-day SOFR + 2.510%)(b)		17,521		18,100,789
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28)		12,427		11,836,708
Fifth Third Bancorp.
2.55%, 05/05/27 (Call 04/05/27)		1,519		1,395,470
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(a)(b)		10,608		10,123,180
5.63%, 01/29/32 (Call 01/29/31), (1-day SOFR + 1.840%)(a)(b)		11,467		11,381,158
6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)(b)		19,754		20,260,988
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(a)(b)		15,840		16,162,837
8.25%, 03/01/38		3,963		4,684,497
Goldman Sachs Capital I, 6.35%, 02/15/34(a)		10,030		10,272,727

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Goldman Sachs Group Inc. (The)
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(b)	$	22,958	$	18,419,571
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(a)(b)		38,645		31,445,104
2.60%, 02/07/30 (Call 11/07/29)(a)		24,432		21,208,022
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(a)(b)		36,862		30,671,989
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(b)		28,160		23,194,344
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(a)(b)		13,303		9,430,930
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(b)		41,385		35,017,649
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(b)		22,293		16,604,328
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(b)		18,797		14,308,258
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(b)		27,719		26,417,729
3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.772%)(a)(b)		17,379		16,560,673
3.80%, 03/15/30 (Call 12/15/29)(a)		25,425		23,617,674
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)(b)		21,561		20,344,140
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.635%)(a)(b)		25,472		21,747,375
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)(a)(b)		31,763		30,436,942
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(a)(b)		11,451		10,104,183
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(a)(b)		21,879		21,328,408
4.75%, 10/21/45 (Call 04/21/45)(a)		18,371		16,776,597
4.80%, 07/08/44 (Call 01/08/44)(a)		16,564		15,073,830
5.15%, 05/22/45(a)		19,024		18,097,362
6.13%, 02/15/33(a)		9,482		10,169,368
6.25%, 02/01/41(a)		23,704		25,512,904
6.48%, 10/24/29 (Call 10/24/28), (1-day SOFR + 1.770%)(a)(b)		23,605		24,732,474
6.56%, 10/24/34 (Call 10/24/33), (1-day SOFR + 1.950%)(a)(b)		12,378		13,285,660
6.75%, 10/01/37(a)		50,936		55,328,415
HSBC Holdings PLC
2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(b)		21,212		18,787,829
2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)(b)		20,204		17,553,037
2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(b)		15,197		12,511,619
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(a)(b)		26,584		21,979,696
2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(a)(b)		8,905		7,579,124
2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(a)(b)		15,947		13,151,185
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(b)		26,502		24,530,503
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)(b)		26,636		25,524,410

Security	Par (000)		Value
Banks (continued)
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(b)	$	33,923	$	32,601,709
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(a)(b)		24,996		24,409,136
4.95%, 03/31/30(a)		23,830		23,347,164
5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(b)		26,540		26,245,602
5.25%, 03/14/44(a)		13,971		13,322,514
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(b)		22,463		22,063,239
5.55%, 03/04/30 (Call 03/04/29), (1-day SOFR + 1.460%)(b)		13,600		13,588,812
5.72%, 03/04/35 (Call 03/04/34), (1-day SOFR + 1.780%)(b)		13,600		13,552,090
6.10%, 01/14/42(a)		8,322		9,154,877
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)(b)		24,199		24,718,925
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(a)(b)		18,910		19,618,234
6.33%, 03/09/44 (Call 03/09/43), (1-day SOFR + 2.650%)(b)		25,337		26,560,693
6.50%, 05/02/36(a)		11,463		11,999,353
6.50%, 09/15/37(a)		13,206		13,902,900
6.50%, 09/15/37		8,520		8,746,376
6.80%, 06/01/38(a)		7,820		8,414,214
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(b)		26,482		28,054,845
Huntington Bancshares Inc./OH
2.55%, 02/04/30 (Call 11/04/29)(a)		5,284		4,457,077
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(a)(b)		7,119		6,827,892
5.71%, 02/02/35 (Call 02/02/34), (1-day SOFR + 1.870%)(a)(b)		2,107		2,076,210
6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)(a)(b)		17,971		18,269,166
Huntington National Bank (The)
4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(b)		2,524		2,431,042
5.65%, 01/10/30 (Call 11/10/29)		6,961		6,911,466
ING Groep NV
2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(b)		4,743		3,991,220
3.95%, 03/29/27(a)		4,763		4,586,066
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)(b)		16,517		15,848,915
4.05%, 04/09/29		17,104		16,202,676
4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(a)(b)		6,276		5,770,685
4.55%, 10/02/28		17,597		17,165,699
6.11%, 09/11/34 (Call 09/11/33), (1-day SOFR + 2.090%)(b)		10,237		10,546,099
JPMorgan Chase & Co.
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(a)(b)		13,793		11,077,288
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(b)		26,180		21,037,402
2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(b)		16,990		14,962,201
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(b)		8,913		8,115,422

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(b)	$	28,763	$	24,582,548
2.53%, 11/19/41 (Call 11/19/40), (3-mo. SOFR + 1.510%)(a)(b)		16,565		11,364,952
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(b)		27,843		22,923,635
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(a)(b)		31,092		25,999,659
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(b)		39,101		34,301,810
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(a)(b)		34,750		29,304,630
3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(b)		14,590		10,983,575
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(a)(b)		22,068		15,135,592
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.460%)(b)		19,360		14,547,429
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(a)(b)		32,626		23,206,114
3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(a)(b)		17,398		16,356,490
3.54%, 05/01/28 (Call 05/01/27), (3-mo. SOFR + 1.642%)(a)(b)		20,993		19,955,289
3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(b)		23,899		22,278,421
3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)(b)		5,896		5,670,140
3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(b)		22,332		19,042,715
3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(b)		17,039		13,547,475
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(b)		32,781		26,312,253
4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(b)		17,212		16,437,235
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(b)		14,822		12,030,496
4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(b)		21,057		20,211,225
4.25%, 10/01/27		7,990		7,821,422
4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(b)		18,778		15,887,593
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(b)		23,081		22,508,007
4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(a)(b)		19,252		18,593,087
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(b)		30,494		29,244,652
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(b)		21,472		20,814,319
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(b)		23,512		22,292,936
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(b)		27,522		27,212,295
4.85%, 02/01/44		9,460		8,894,074
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(a)(b)		40,994		39,693,334
4.95%, 06/01/45		15,551		14,526,460
5.01%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.310%)(b)		28,173		27,896,262

Security	Par (000)		Value
Banks (continued)
5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(b)	$	21,102	$	21,139,460
5.34%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.620%)(a)(b)		34,904		34,686,325
5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(b)		42,750		42,506,000
5.40%, 01/06/42(a)		13,124		13,243,148
5.50%, 10/15/40		12,018		12,314,127
5.60%, 07/15/41		16,937		17,457,039
5.63%, 08/16/43(a)		11,896		12,196,935
6.09%, 10/23/29 (Call 10/23/28), (1-day SOFR + 1.570%)(b)		19,231		19,848,988
6.25%, 10/23/34 (Call 10/23/33), (1-day SOFR + 1.810%)(b)		28,823		30,528,592
6.40%, 05/15/38		21,115		23,527,361
KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)(a)		6,188		5,640,736
KeyBank NA/Cleveland OH
4.90%, 08/08/32(a)		4,598		4,060,051
5.85%, 11/15/27 (Call 10/16/27)		11,404		11,371,271
KeyCorp
2.25%, 04/06/27(a)		2,866		2,556,517
2.55%, 10/01/29(a)		3,793		3,170,398
4.10%, 04/30/28(a)		9,777		9,159,266
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(a)(b)		3,804		3,438,946
Lloyds Banking Group PLC
3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)(b)		22,552		21,056,451
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)(b)		13,997		13,275,525
4.34%, 01/09/48(a)		14,118		11,109,417
4.38%, 03/22/28		20,479		19,754,109
4.55%, 08/16/28		16,323		15,838,324
4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(b)		9,389		8,934,480
5.30%, 12/01/45(a)		4,924		4,587,690
5.68%, 01/05/35 (Call 01/05/34), (1-year CMT + 1.750%)(a)(b)		17,449		17,260,355
5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)(a)(b)		14,770		14,907,575
M&T Bank Corp.
5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(b)		8,330		7,641,975
7.41%, 10/30/29 (Call 10/30/28), (1-day SOFR + 2.800%)(b)		14,702		15,379,054
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/27/27)		12,283		11,801,761
Mitsubishi UFJ Financial Group Inc.
2.05%, 07/17/30		13,381		11,103,631
2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(b)		16,585		13,566,439
2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(b)		3,886		3,216,474
2.56%, 02/25/30		11,521		9,953,136
2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(b)		7,607		6,409,336
3.20%, 07/18/29(a)		16,897		15,348,572
3.29%, 07/25/27(a)		10,086		9,539,542
3.74%, 03/07/29(a)		14,910		14,065,556
3.75%, 07/18/39(a)		6,101		5,200,091

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.96%, 03/02/28	$	13,601	$	13,077,745
4.05%, 09/11/28(a)		13,787		13,341,996
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)(a)(b)		11,021		10,650,245
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)(b)		15,754		15,641,920
5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(a)(b)		12,356		12,203,861
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)(b)		15,203		15,224,420
5.41%, 04/19/34 (Call 04/19/33), (1-year CMT + 1.970%)(a)(b)		7,990		8,066,807
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(a)(b)		13,414		13,507,968
5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(a)(b)		11,021		11,135,469
5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)(a)(b)		5,535		5,610,093
Mizuho Financial Group Inc.
1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(a)(b)		11,835		9,576,340
2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(a)(b)		12,345		10,208,482
2.56%, 09/13/31		4,221		3,421,493
3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(b)		8,180		7,339,560
3.17%, 09/11/27(a)		12,207		11,416,505
4.02%, 03/05/28(a)		12,362		11,890,622
4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(b)		13,579		13,011,152
5.38%, 05/26/30 (Call 05/26/29), (1-year CMT + 1.120%)(b)		4,533		4,535,579
5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)(a)(b)		12,615		12,672,656
5.58%, 05/26/35 (Call 05/26/34), (1-year CMT + 1.300%)(b)		8,800		8,815,803
5.67%, 05/27/29 (Call 05/27/28), (1-year CMT + 1.500%)(b)		10,860		10,997,255
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(a)(b)		1,393		1,413,497
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(a)(b)		3,518		3,586,434
5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(a)(b)		4,386		4,445,796
5.78%, 07/06/29 (Call 07/06/28), (1-year CMT + 1.650%)(b)		20,624		21,001,526
Morgan Stanley
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(b)		19,318		15,275,645
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(b)		26,697		21,154,463
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(b)		34,245		27,575,485
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(a)(b)		25,324		20,708,541
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(a)(b)		29,829		25,813,512
2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(a)(b)		20,723		13,262,187
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(a)(b)		28,372		23,802,528

Security	Par (000)		Value
Banks (continued)
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(a)(b)	$	18,702	$	14,050,517
3.59%, 07/22/28 (Call 07/22/27)(b)		25,617		24,252,902
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(a)(b)		24,170		21,945,558
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(b)		27,294		25,804,989
3.95%, 04/23/27(a)		6,705		6,450,608
3.97%, 07/22/38 (Call 07/22/37)(b)		18,826		16,054,777
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(b)		23,157		22,399,185
4.30%, 01/27/45		23,165		19,939,447
4.38%, 01/22/47		22,369		19,286,111
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(b)		26,134		25,089,531
4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(b)		8,120		7,291,649
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(b)		20,741		19,899,851
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)(a)(b)		22,134		21,971,844
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)(b)		25,737		25,579,863
5.17%, 01/16/30 (Call 01/16/29), (1-day SOFR + 1.450%)(b)		30,108		29,883,439
5.25%, 04/21/34 (Call 04/21/33), (1-day SOFR + 1.870%)(b)		31,900		31,270,568
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(b)		24,895		24,708,098
5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)(b)		20,154		20,215,200
5.47%, 01/18/35 (Call 01/18/34), (1-day SOFR + 1.730%)(a)(b)		20,761		20,707,823
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.840%)(a)(b)		18,973		19,580,216
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(b)		20,726		21,415,525
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(b)		26,621		28,171,351
6.38%, 07/24/42(a)		19,089		21,256,856
6.41%, 11/01/29 (Call 11/01/28), (1-day SOFR + 1.830%)(a)(b)		18,454		19,263,073
6.63%, 11/01/34 (Call 11/01/33), (1-day SOFR + 2.050%)(b)		19,301		20,903,637
7.25%, 04/01/32(a)		13,256		15,100,352
National Australia Bank Ltd., 4.79%, 01/10/29		16,189		16,083,551
National Australia Bank Ltd./New York
3.91%, 06/09/27(a)		3,397		3,292,802
4.90%, 06/13/28(a)		6,130		6,105,343
4.94%, 01/12/28(a)		4,479		4,468,897
National Bank of Canada, 5.60%, 12/18/28		14,299		14,425,210
NatWest Group PLC
3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)(a)(b)		16,053		14,892,477
4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(b)		3,870		3,663,294
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(b)		22,423		21,858,640
5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(b)		22,374		21,814,607

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

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.52%, 09/30/28 (Call 09/30/27), (1-year CMT + 2.270%)(b)	$	13,648	$	13,640,286
5.78%, 03/01/35 (Call 03/01/34), (1-year CMT + 1.500%)(b)		4,600		4,592,246
5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(b)		14,914		15,058,876
6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(a)(b)		3,187		3,243,432
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)(a)		4,538		3,831,929
4.00%, 05/10/27 (Call 04/10/27)(a)		1,622		1,575,088
6.13%, 11/02/32 (Call 08/02/32)(a)		9,439		9,923,919
PNC Bank NA
2.70%, 10/22/29(a)		10,169		8,777,774
3.10%, 10/25/27 (Call 09/25/27)		8,785		8,161,139
4.05%, 07/26/28		11,333		10,721,003
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(a)(b)		9,695		7,899,025
2.55%, 01/22/30 (Call 10/24/29)(a)		17,785		15,261,919
3.15%, 05/19/27 (Call 04/19/27)(a)		3,226		3,038,121
3.45%, 04/23/29 (Call 01/23/29)		14,748		13,619,310
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(a)(b)		11,671		11,193,085
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.620%)(a)(b)		10,671		10,679,188
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(a)(b)		24,255		24,400,431
5.68%, 01/22/35 (Call 01/22/34), (1-day SOFR + 1.902%)(b)		13,855		13,871,307
5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)(a)(b)		8,164		8,297,328
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(b)		15,152		15,521,439
6.88%, 10/20/34 (Call 10/20/33), (1-day SOFR + 2.284%)(a)(b)		23,073		24,948,293
Royal Bank of Canada
2.30%, 11/03/31(a)		15,000		12,285,889
3.63%, 05/04/27(a)		4,151		3,978,213
3.88%, 05/04/32		9,487		8,643,622
4.24%, 08/03/27		13,890		13,503,023
4.90%, 01/12/28(a)		15,223		15,163,923
4.95%, 02/01/29(a)		11,028		10,942,096
5.00%, 02/01/33(a)		17,368		17,054,023
5.00%, 05/02/33(a)		7,249		7,127,716
5.15%, 02/01/34		12,508		12,301,289
5.20%, 08/01/28(a)		10,762		10,819,304
6.00%, 11/01/27		17,796		18,309,180
Santander Holdings USA Inc.
4.40%, 07/13/27 (Call 04/14/27)		6,870		6,585,778
6.17%, 01/09/30 (Call 01/09/29), (1-day SOFR + 2.500%)(a)(b)		13,907		13,871,534
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(a)(b)		9,216		9,355,069
Santander U.K. Group Holdings PLC
3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(a)(b)		6,038		5,625,861
6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)(a)(b)		7,028		7,199,559

Security	Par (000)		Value
Banks (continued)
State Street Corp.
2.20%, 03/03/31(a)	$	2,073	$	1,711,221
2.40%, 01/24/30(a)		8,692		7,597,263
Sumitomo Mitsui Financial Group Inc.
1.90%, 09/17/28		26,736		23,261,836
2.13%, 07/08/30(a)		22,103		18,394,565
2.14%, 09/23/30		6,417		5,267,705
2.22%, 09/17/31(a)		4,272		3,465,847
2.75%, 01/15/30(a)		14,100		12,323,294
2.93%, 09/17/41(a)		2,736		2,018,864
3.04%, 07/16/29		26,311		23,662,303
3.35%, 10/18/27		11,525		10,852,200
3.36%, 07/12/27(a)		11,776		11,165,734
3.54%, 01/17/28(a)		9,328		8,838,156
3.94%, 07/19/28(a)		11,498		11,025,549
5.52%, 01/13/28(a)		16,355		16,621,930
5.71%, 01/13/30(a)		18,399		18,837,888
5.72%, 09/14/28(a)		13,789		14,088,442
5.77%, 01/13/33		11,040		11,396,656
5.80%, 07/13/28(a)		9,085		9,341,394
5.81%, 09/14/33(a)		5,451		5,642,739
6.18%, 07/13/43(a)		3,800		4,169,977
Toronto-Dominion Bank (The)
2.00%, 09/10/31(a)		2,726		2,221,396
2.80%, 03/10/27		1,943		1,821,605
3.20%, 03/10/32		8,816		7,678,972
4.11%, 06/08/27(a)		8,756		8,503,706
4.46%, 06/08/32(a)		13,900		13,227,518
4.69%, 09/15/27(a)		24,468		24,161,736
5.16%, 01/10/28(a)		22,317		22,398,412
5.52%, 07/17/28(a)		21,608		21,969,165
Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)(a)		15,706		12,909,333
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)(a)		10,132		8,802,719
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(b)		15,103		12,987,076
1.95%, 06/05/30 (Call 03/05/30)(a)		11,053		9,046,054
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(a)(b)		11,917		11,469,114
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(a)(b)		17,633		17,187,259
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(a)(b)		10,722		10,174,077
5.44%, 01/24/30 (Call 01/24/29), (1-day SOFR + 1.620%)(a)(b)		12,279		12,147,584
5.71%, 01/24/35 (Call 01/24/34), (1-day SOFR + 1.922%)(a)(b)		16,452		16,268,598
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(a)(b)		13,502		13,493,256
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(b)		3,574		3,633,217
7.16%, 10/30/29 (Call 10/30/28), (1-day SOFR + 2.446%)(b)		19,326		20,440,718
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)(a)		13,024		10,309,651
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(a)(b)		6,541		5,342,018
3.00%, 07/30/29 (Call 04/30/29)		10,508		9,311,594
3.90%, 04/26/28 (Call 03/24/28)(a)		16,908		16,180,156
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(a)(b)		20,474		20,096,064

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)(a)(b)	$	19,162	$	18,645,967
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(a)(b)		18,550		17,454,856
5.38%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.560%)(a)(b)		9,411		9,352,051
5.68%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.860%)(a)(b)		19,339		19,299,502
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)(b)		21,673		21,905,345
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(b)		16,626		16,757,034
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(a)(b)		9,241		9,323,891
Series X, 3.15%, 04/27/27 (Call 03/27/27)(a)		6,164		5,813,350
UBS AG/London
4.50%, 06/26/48		14,976		13,713,776
5.65%, 09/11/28(a)		19,506		19,877,322
UBS Group AG, 4.88%, 05/15/45		20,104		18,446,162
Wachovia Corp., 5.50%, 08/01/35(a)		5,163		5,059,714
Wells Fargo & Co.
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(b)		23,483		21,409,623
2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(b)		27,244		23,219,214
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(b)		31,006		27,189,022
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(b)		33,247		24,559,968
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(b)		38,580		33,119,190
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(b)		30,756		29,154,443
3.58%, 05/22/28 (Call 05/22/27), (3-mo. SOFR + 1.572%)(b)		21,521		20,381,129
3.90%, 05/01/45(a)		20,288		16,218,558
4.15%, 01/24/29 (Call 10/24/28)(a)		17,197		16,450,074
4.30%, 07/22/27		14,085		13,661,358
4.40%, 06/14/46		18,234		14,972,590
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(b)		21,272		20,220,153
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(b)		32,098		27,861,090
4.65%, 11/04/44(a)		19,134		16,533,345
4.75%, 12/07/46(a)		19,695		17,046,639
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(a)(b)		18,243		17,921,958
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(a)(b)		40,438		38,598,200
4.90%, 11/17/45		18,876		16,620,135
5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(b)		53,159		49,132,594
5.20%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.500%)(b)		29,579		29,333,826
5.38%, 11/02/43		19,123		18,145,501
5.39%, 04/24/34 (Call 04/24/33), (1-day SOFR + 2.020%)(b)		38,596		37,851,132
5.50%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.780%)(a)(b)		33,881		33,631,829
5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(b)		43,850		43,582,993

Security	Par (000)		Value
Banks (continued)
5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)(b)	$	34,705	$	34,911,012
5.61%, 01/15/44		23,301		22,589,898
6.30%, 10/23/29 (Call 10/23/28), (1-day SOFR + 1.790%)(b)		19,662		20,364,356
6.49%, 10/23/34 (Call 10/23/33), (1-day SOFR + 2.060%)(b)		31,141		33,150,270
Wells Fargo Bank NA
5.85%, 02/01/37(a)		7,688		7,853,771
6.60%, 01/15/38		11,763		12,672,323
Westpac Banking Corp.
1.95%, 11/20/28		17,824		15,654,812
2.15%, 06/03/31(a)		11,768		9,746,627
2.65%, 01/16/30(a)		7,798		6,914,940
2.96%, 11/16/40(a)		7,532		5,142,136
3.13%, 11/18/41(a)		6,951		4,804,444
3.35%, 03/08/27(a)		1,885		1,802,045
3.40%, 01/25/28(a)		12,103		11,480,246
4.04%, 08/26/27(a)		8,695		8,511,697
4.42%, 07/24/39(a)		5,876		5,029,889
5.46%, 11/18/27		16,558		16,820,565
5.54%, 11/17/28		11,100		11,355,934
6.82%, 11/17/33(a)		10,431		11,198,765
				7,598,980,162
Beverages — 2.5%
Anheuser-Busch
Companies LLC/Anheuser-Busch InBev Worldwide Inc.
4.70%, 02/01/36 (Call 08/01/35)		48,481		46,426,113
4.90%, 02/01/46 (Call 08/01/45)(a)		90,700		84,795,348
Anheuser-Busch InBev Finance Inc.
4.63%, 02/01/44		10,314		9,272,195
4.90%, 02/01/46 (Call 08/01/45)		15,538		14,360,257
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)(a)		14,840		13,710,755
4.00%, 04/13/28 (Call 01/13/28)		24,009		23,274,999
4.35%, 06/01/40 (Call 12/01/39)(a)		11,109		9,946,283
4.38%, 04/15/38 (Call 10/15/37)(a)		10,647		9,739,567
4.44%, 10/06/48 (Call 04/06/48)		19,394		16,964,000
4.50%, 06/01/50 (Call 12/01/49)(a)		3,953		3,540,263
4.60%, 04/15/48 (Call 10/15/47)		12,581		11,297,362
4.75%, 01/23/29 (Call 10/23/28)		35,229		34,929,106
4.75%, 04/15/58 (Call 10/15/57)(a)		8,914		8,030,222
4.90%, 01/23/31 (Call 10/23/30)(a)		7,859		7,903,378
4.95%, 01/15/42(a)		15,556		14,833,735
5.45%, 01/23/39 (Call 07/23/38)(a)		18,358		18,657,252
5.55%, 01/23/49 (Call 07/23/48)		39,193		40,168,110
5.80%, 01/23/59 (Call 07/23/58)		17,750		18,826,754
8.20%, 01/15/39		10,201		13,130,116
Coca-Cola Co. (The)
1.00%, 03/15/28(a)		21,116		18,416,328
1.38%, 03/15/31(a)		16,131		12,891,473
1.45%, 06/01/27(a)		7,125		6,443,559
1.50%, 03/05/28(a)		8,110		7,217,237
1.65%, 06/01/30(a)		14,410		12,053,517
2.00%, 03/05/31		10,130		8,474,440
2.13%, 09/06/29(a)		16,652		14,639,489
2.25%, 01/05/32(a)		17,676		14,877,633
2.50%, 06/01/40		8,092		5,786,164
2.50%, 03/15/51(a)		13,823		8,637,946
2.60%, 06/01/50		16,392		10,583,436

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
2.75%, 06/01/60(a)	$	4,939	$	3,121,472
2.88%, 05/05/41		4,758		3,555,599
3.00%, 03/05/51(a)		15,095		10,551,690
3.38%, 03/25/27(a)		2,834		2,733,567
3.45%, 03/25/30(a)		15,045		14,064,454
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)		12,136		9,893,480
3.15%, 08/01/29 (Call 05/01/29)		12,771		11,602,270
4.90%, 05/01/33 (Call 02/01/33)(a)		8,886		8,601,571
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)(a)		9,124		7,675,377
2.13%, 04/29/32 (Call 01/29/32)		7,174		5,803,607
2.38%, 10/24/29 (Call 07/24/29)(a)		10,414		9,140,877
5.30%, 10/24/27 (Call 09/24/27)		5,639		5,701,100
5.50%, 01/24/33 (Call 10/24/32)(a)		5,919		6,082,667
5.63%, 10/05/33 (Call 07/05/33)		7,495		7,788,644
Keurig Dr Pepper Inc.
3.20%, 05/01/30 (Call 02/01/30)(a)		9,157		8,272,482
3.80%, 05/01/50 (Call 11/01/49)		3,433		2,618,245
3.95%, 04/15/29 (Call 02/15/29)(a)		12,748		12,133,309
4.05%, 04/15/32 (Call 01/15/32)(a)		12,723		11,802,097
4.50%, 04/15/52 (Call 10/15/51)(a)		13,301		11,277,839
4.60%, 05/25/28 (Call 02/25/28)(a)		10,442		10,299,352
Molson Coors Beverage Co.
4.20%, 07/15/46 (Call 01/15/46)(a)		18,690		15,251,631
5.00%, 05/01/42(a)		11,352		10,583,222
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		10,458		8,356,298
1.63%, 05/01/30 (Call 02/01/30)		9,700		8,071,647
1.95%, 10/21/31 (Call 07/21/31)		13,846		11,340,047
2.63%, 07/29/29 (Call 04/29/29)(a)		10,077		9,084,128
2.63%, 10/21/41 (Call 04/21/41)		6,657		4,760,648
2.75%, 03/19/30 (Call 12/19/29)(a)		14,639		13,084,895
2.75%, 10/21/51 (Call 04/21/51)(a)		8,098		5,320,053
2.88%, 10/15/49 (Call 04/15/49)(a)		5,515		3,799,295
3.00%, 10/15/27 (Call 07/15/27)		14,500		13,674,012
3.45%, 10/06/46 (Call 04/06/46)(a)		5,751		4,454,349
3.60%, 02/18/28 (Call 01/18/28)		11,768		11,320,958
3.63%, 03/19/50 (Call 09/19/49)(a)		7,379		5,807,328
3.90%, 07/18/32 (Call 04/18/32)(a)		14,088		13,212,212
4.45%, 02/15/33 (Call 11/15/32)(a)		8,172		8,056,987
4.45%, 04/14/46 (Call 10/14/45)		7,999		7,235,204
				835,959,650
Biotechnology — 1.8%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)(a)		7,519		6,548,079
2.00%, 01/15/32 (Call 10/15/31)(a)		9,252		7,411,616
2.30%, 02/25/31 (Call 11/25/30)		10,573		8,824,900
2.45%, 02/21/30 (Call 11/21/29)(a)		11,027		9,582,484
2.77%, 09/01/53 (Call 03/01/53)(a)		10,722		6,535,466
2.80%, 08/15/41 (Call 02/15/41)		11,620		8,282,412
3.00%, 02/22/29 (Call 12/22/28)(a)		8,886		8,147,604
3.00%, 01/15/52 (Call 07/15/51)(a)		14,643		9,794,534
3.15%, 02/21/40 (Call 08/21/39)(a)		20,084		15,052,462
3.20%, 11/02/27 (Call 08/02/27)		5,368		5,039,245
3.35%, 02/22/32 (Call 11/22/31)		9,537		8,413,602
3.38%, 02/21/50 (Call 08/21/49)(a)		22,644		16,230,153
4.05%, 08/18/29 (Call 06/18/29)		10,108		9,659,088
4.20%, 03/01/33 (Call 12/01/32)(a)		6,994		6,461,098
4.20%, 02/22/52 (Call 08/22/51)		10,963		8,835,128
4.40%, 05/01/45 (Call 11/01/44)		21,869		18,599,372

Security	Par (000)		Value
Biotechnology (continued)
4.40%, 02/22/62 (Call 08/22/61)	$	9,644	$	7,748,112
4.56%, 06/15/48 (Call 12/15/47)(a)		14,094		12,178,709
4.66%, 06/15/51 (Call 12/15/50)		33,210		28,785,578
4.88%, 03/01/53 (Call 09/01/52)(a)		10,829		9,693,563
5.15%, 03/02/28 (Call 02/02/28)		30,946		30,984,955
5.25%, 03/02/30 (Call 01/02/30)		22,524		22,710,895
5.25%, 03/02/33 (Call 12/02/32)(a)		37,438		37,277,372
5.60%, 03/02/43 (Call 09/02/42)(a)		25,917		25,917,345
5.65%, 03/02/53 (Call 09/02/52)		39,543		39,456,784
5.75%, 03/02/63 (Call 09/02/62)(a)		26,960		26,936,054
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		23,017		19,247,448
3.15%, 05/01/50 (Call 11/01/49)(a)		15,456		10,193,257
5.20%, 09/15/45 (Call 03/15/45)(a)		12,144		11,427,673
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		7,492		6,590,256
1.65%, 10/01/30 (Call 07/01/30)(a)		9,174		7,482,648
2.60%, 10/01/40 (Call 04/01/40)		7,306		5,106,000
2.80%, 10/01/50 (Call 04/01/50)(a)		11,227		7,232,064
2.95%, 03/01/27 (Call 12/01/26)		2,924		2,760,503
4.00%, 09/01/36 (Call 03/01/36)(a)		2,268		2,008,827
4.15%, 03/01/47 (Call 09/01/46)		17,731		14,672,378
4.50%, 02/01/45 (Call 08/01/44)		14,327		12,592,399
4.60%, 09/01/35 (Call 03/01/35)(a)		2,495		2,359,948
4.75%, 03/01/46 (Call 09/01/45)(a)		19,197		17,448,000
4.80%, 04/01/44 (Call 10/01/43)		15,237		13,966,457
5.25%, 10/15/33 (Call 07/15/33)(a)		4,816		4,872,083
5.55%, 10/15/53 (Call 04/15/53)(a)		8,364		8,522,701
5.65%, 12/01/41 (Call 06/01/41)(a)		8,004		8,155,096
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		11,114		8,984,162
2.80%, 09/15/50 (Call 03/15/50)		6,538		4,068,880
Royalty Pharma PLC
1.75%, 09/02/27 (Call 07/02/27)(a)		12,677		11,286,362
2.20%, 09/02/30 (Call 06/02/30)		11,929		9,820,207
3.30%, 09/02/40 (Call 03/02/40)(a)		13,151		9,570,108
3.55%, 09/02/50 (Call 03/02/50)(a)		11,615		7,902,328
				601,376,395
Building Materials — 0.3%
Carrier Global Corp.
2.70%, 02/15/31 (Call 11/15/30)(a)		6,846		5,833,963
2.72%, 02/15/30 (Call 11/15/29)(a)		21,415		18,754,570
3.38%, 04/05/40 (Call 10/05/39)(a)		11,257		8,650,711
3.58%, 04/05/50 (Call 10/05/49)(a)		16,467		12,102,973
5.90%, 03/15/34 (Call 12/15/33)(a)		9,056		9,392,635
6.20%, 03/15/54 (Call 09/15/53)(a)		14,568		15,832,332
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)(a)		9,003		7,503,820
3.20%, 07/15/51 (Call 01/15/51)		8,607		5,939,801
Trane Technologies Financing Ltd., 3.80%, 03/21/29 (Call 12/21/28)(a)		9,823		9,282,004
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)		8,762		7,985,406
				101,278,215
Chemicals — 1.2%
Air Products and Chemicals Inc.
2.05%, 05/15/30 (Call 02/15/30)(a)		12,201		10,373,916
2.70%, 05/15/40 (Call 11/15/39)		7,108		5,116,060
2.80%, 05/15/50 (Call 11/15/49)(a)		7,202		4,783,050
4.60%, 02/08/29 (Call 01/08/29)		11,250		11,109,404

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
4.85%, 02/08/34 (Call 11/08/33)	$	9,864	$	9,654,233
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)(a)		18,048		18,319,870
6.33%, 07/15/29 (Call 05/15/29)(a)		11,371		11,674,889
6.35%, 11/15/28 (Call 10/15/28)(a)		11,053		11,373,894
6.38%, 07/15/32 (Call 04/15/32)		9,172		9,395,670
6.55%, 11/15/30 (Call 09/15/30)		10,505		10,923,212
6.70%, 11/15/33 (Call 08/15/33)(a)		10,628		11,145,838
CF Industries Inc.
4.95%, 06/01/43(a)		7,196		6,378,491
5.15%, 03/15/34		11,238		10,867,346
5.38%, 03/15/44(a)		6,177		5,761,030
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(a)		10,747		8,975,487
3.60%, 11/15/50 (Call 05/15/50)		12,134		8,820,066
4.38%, 11/15/42 (Call 05/15/42)		12,290		10,338,363
5.25%, 11/15/41 (Call 05/15/41)		8,186		7,709,434
5.55%, 11/30/48 (Call 05/30/48)		6,482		6,302,971
6.90%, 05/15/53 (Call 11/15/52)(a)		7,737		8,853,286
7.38%, 11/01/29(a)		9,409		10,438,718
DuPont de Nemours Inc.
4.73%, 11/15/28 (Call 08/15/28)(a)		22,467		22,349,415
5.32%, 11/15/38 (Call 05/15/38)		18,319		18,027,746
5.42%, 11/15/48 (Call 05/15/48)		18,614		18,255,632
Eastman Chemical Co.
4.65%, 10/15/44 (Call 04/15/44)(a)		6,968		5,898,854
5.63%, 02/20/34 (Call 11/20/33)		4,010		3,983,162
Ecolab Inc., 2.70%, 12/15/51 (Call 06/15/51)		8,476		5,370,472
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)(a)		2,176		1,829,717
LYB International Finance BV
4.88%, 03/15/44 (Call 09/15/43)(a)		9,103		7,984,424
5.25%, 07/15/43		6,849		6,278,576
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)(a)		7,137		5,288,945
3.63%, 04/01/51 (Call 10/01/50)(a)		9,854		6,854,035
4.20%, 10/15/49 (Call 04/15/49)		8,325		6,431,068
4.20%, 05/01/50 (Call 11/01/49)		9,142		7,057,558
5.50%, 03/01/34 (Call 12/01/33)		6,850		6,795,139
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)(a)		12,142		9,992,748
Nutrien Ltd.
4.20%, 04/01/29 (Call 01/01/29)		12,599		12,133,045
4.90%, 03/27/28 (Call 02/27/28)(a)		9,739		9,659,299
5.00%, 04/01/49 (Call 10/01/48)(a)		5,449		4,916,752
5.80%, 03/27/53 (Call 09/27/52)(a)		6,793		6,807,788
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)		12,412		11,159,624
3.45%, 06/01/27 (Call 03/01/27)		14,302		13,628,700
4.50%, 06/01/47 (Call 12/01/46)(a)		9,640		8,275,517
				397,293,444
Commercial Services — 0.6%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)(a)		10,983		8,873,173
1.70%, 05/15/28 (Call 03/15/28)		4,979		4,440,178
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)(a)		9,776		7,983,485
5.10%, 12/15/27 (Call 11/15/27)(a)		6,600		6,574,134
Global Payments Inc.
2.90%, 05/15/30 (Call 02/15/30)(a)		10,451		9,011,963
2.90%, 11/15/31 (Call 08/15/31)(a)		6,306		5,255,713

Security	Par (000)		Value
Commercial Services (continued)
3.20%, 08/15/29 (Call 05/15/29)(a)	$	12,311	$	10,960,533
4.15%, 08/15/49 (Call 02/15/49)		1,589		1,210,228
5.40%, 08/15/32 (Call 05/15/32)(a)		7,039		6,937,790
5.95%, 08/15/52 (Call 02/15/52)(a)		1,907		1,875,236
Massachusetts Institute of Technology, 5.60%, (a)		5,358		5,760,402
PayPal Holdings Inc.
2.30%, 06/01/30 (Call 03/01/30)(a)		11,941		10,173,462
2.85%, 10/01/29 (Call 07/01/29)		14,813		13,195,183
3.25%, 06/01/50 (Call 12/01/49)(a)		8,928		6,210,688
4.40%, 06/01/32 (Call 03/01/32)(a)		11,594		11,110,265
5.05%, 06/01/52 (Call 12/01/51)(a)		9,098		8,531,080
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		18,534		16,051,973
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)(a)		10,667		9,530,979
4.00%, 03/18/29 (Call 12/18/28)(a)		9,274		8,853,945
S&P Global Inc.
2.45%, 03/01/27 (Call 02/01/27)(a)		1,850		1,723,312
2.70%, 03/01/29 (Call 01/01/29)(a)		15,005		13,574,548
2.90%, 03/01/32 (Call 12/01/31)		17,692		15,224,564
3.70%, 03/01/52 (Call 09/01/51)(a)		1,817		1,400,547
4.25%, 05/01/29 (Call 02/01/29)(a)		10,954		10,618,014
5.25%, 09/15/33 (Call 06/15/33)(a)(c)		10,491		10,592,816
				205,674,211
Computers — 2.5%
Apple Inc.
1.25%, 08/20/30 (Call 05/20/30)		11,508		9,327,776
1.40%, 08/05/28 (Call 06/05/28)		19,487		17,013,607
1.65%, 05/11/30 (Call 02/11/30)		16,681		13,928,385
1.65%, 02/08/31 (Call 11/08/30)(a)		26,285		21,604,285
1.70%, 08/05/31 (Call 05/05/31)(a)		8,477		6,902,789
2.20%, 09/11/29 (Call 06/11/29)(a)		15,697		13,856,765
2.38%, 02/08/41 (Call 08/08/40)(a)		17,100		12,019,275
2.40%, 08/20/50 (Call 02/20/50)(a)		14,234		8,855,064
2.55%, 08/20/60 (Call 02/20/60)(a)		18,269		11,228,904
2.65%, 05/11/50 (Call 11/11/49)		25,260		16,496,563
2.65%, 02/08/51 (Call 08/08/50)		26,831		17,267,653
2.70%, 08/05/51 (Call 02/05/51)(a)		18,818		12,218,616
2.80%, 02/08/61 (Call 08/08/60)		15,256		9,661,385
2.85%, 08/05/61 (Call 02/05/61)		13,600		8,623,915
2.90%, 09/12/27 (Call 06/12/27)(a)		17,525		16,521,915
2.95%, 09/11/49 (Call 03/11/49)		13,737		9,572,392
3.00%, 06/20/27 (Call 03/20/27)(a)		6,220		5,895,371
3.00%, 11/13/27 (Call 08/13/27)(a)		13,076		12,359,382
3.20%, 05/11/27 (Call 02/11/27)		9,578		9,135,863
3.25%, 08/08/29 (Call 06/08/29)(a)		8,289		7,749,446
3.35%, 08/08/32 (Call 05/08/32)(a)		12,899		11,691,614
3.45%, 02/09/45		20,272		16,113,846
3.75%, 09/12/47 (Call 03/12/47)		10,816		8,805,789
3.75%, 11/13/47 (Call 05/13/47)(a)		12,271		9,992,857
3.85%, 05/04/43		30,911		26,407,561
3.85%, 08/04/46 (Call 02/04/46)		22,047		18,368,839
3.95%, 08/08/52 (Call 02/08/52)		17,350		14,419,455
4.00%, 05/10/28 (Call 04/10/28)(a)		13,727		13,407,945
4.10%, 08/08/62 (Call 02/08/62)		13,495		11,263,560
4.25%, 02/09/47 (Call 08/09/46)(a)		10,781		9,591,101
4.30%, 05/10/33 (Call 02/10/33)(a)		9,041		8,909,513
4.38%, 05/13/45		21,791		19,865,419
4.45%, 05/06/44(a)		11,650		10,857,163
4.50%, 02/23/36 (Call 08/23/35)(a)		4,321		4,245,357

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
4.65%, 02/23/46 (Call 08/23/45)	$	39,926	$	37,627,991
4.85%, 05/10/53 (Call 11/10/52)(a)		13,386		13,039,841
Dell International LLC/EMC Corp.
3.38%, 12/15/41 (Call 06/15/41)(a)		8,774		6,420,875
3.45%, 12/15/51 (Call 06/15/51)(a)		8,350		5,726,777
5.25%, 02/01/28 (Call 01/01/28)(a)		12,863		12,965,126
5.30%, 10/01/29 (Call 07/01/29)		17,512		17,553,502
5.75%, 02/01/33 (Call 11/01/32)(a)		12,490		12,847,800
6.20%, 07/15/30 (Call 04/15/30)		8,504		8,902,938
8.10%, 07/15/36 (Call 01/15/36)(a)		9,094		10,927,219
Hewlett Packard Enterprise Co.
6.20%, 10/15/35 (Call 04/15/35)		4,547		4,718,014
6.35%, 10/15/45 (Call 04/15/45)(a)		14,152		14,614,112
HP Inc.
2.65%, 06/17/31 (Call 03/17/31)(a)		10,293		8,594,353
3.00%, 06/17/27 (Call 04/17/27)		3,964		3,700,348
4.00%, 04/15/29 (Call 02/15/29)(a)		11,570		11,006,948
4.75%, 01/15/28 (Call 12/15/27)		12,155		12,040,716
5.50%, 01/15/33 (Call 10/15/32)(a)		12,396		12,405,244
6.00%, 09/15/41(a)		9,562		9,768,401
IBM International Capital Pte Ltd.
4.90%, 02/05/34 (Call 11/05/33)		8,803		8,531,075
5.25%, 02/05/44 (Call 08/05/43)		8,700		8,338,759
5.30%, 02/05/54 (Call 08/05/53)		14,200		13,680,166
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		5,891		5,315,162
1.95%, 05/15/30 (Call 02/15/30)(a)		14,638		12,231,710
2.95%, 05/15/50 (Call 11/15/49)		8,667		5,655,477
3.50%, 05/15/29(a)		27,644		25,839,853
4.00%, 06/20/42		9,814		8,156,402
4.15%, 07/27/27 (Call 06/27/27)		6,551		6,380,772
4.15%, 05/15/39(a)		18,111		15,757,975
4.25%, 05/15/49		28,044		23,445,031
4.40%, 07/27/32 (Call 04/27/32)(a)		7,374		7,041,048
4.50%, 02/06/28 (Call 01/06/28)(a)		9,884		9,746,555
4.75%, 02/06/33 (Call 11/06/32)(a)		6,863		6,676,589
4.90%, 07/27/52 (Call 01/27/52)		7,678		7,072,600
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)(a)		9,125		7,467,020
4.38%, 05/15/30 (Call 02/15/30)		5,935		5,587,508
5.75%, 03/15/33 (Call 12/15/32)(a)		1,609		1,628,103
				805,591,380
Cosmetics & Personal Care — 0.6%
Haleon U.S. Capital LLC
3.38%, 03/24/27 (Call 02/24/27)(a)		6,911		6,565,483
3.38%, 03/24/29 (Call 01/24/29)(a)		12,414		11,461,120
3.63%, 03/24/32 (Call 12/24/31)(a)		22,627		20,263,730
4.00%, 03/24/52 (Call 09/24/51)(a)		8,062		6,431,541
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)(a)		11,059		10,906,443
5.00%, 03/22/30 (Call 01/22/30)		11,457		11,480,937
5.05%, 03/22/28 (Call 02/22/28)(a)		14,180		14,266,967
5.05%, 03/22/53 (Call 09/22/52)(a)		11,429		10,949,206
5.10%, 03/22/43 (Call 09/22/42)(a)		9,765		9,444,396
5.20%, 03/22/63 (Call 09/22/62)		9,216		8,903,748
Procter & Gamble Co. (The)
1.20%, 10/29/30		10,843		8,727,494
1.95%, 04/23/31(a)		8,226		6,921,109
2.30%, 02/01/32(a)		7,376		6,282,380
2.85%, 08/11/27(a)		3,932		3,713,156
3.00%, 03/25/30		13,752		12,585,858

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
4.05%, 01/26/33(a)	$	8,414	$	8,088,881
4.55%, 01/29/34(a)		9,037		8,897,950
Unilever Capital Corp.
1.75%, 08/12/31 (Call 05/12/31)		5,749		4,629,043
2.13%, 09/06/29 (Call 06/06/29)(a)		7,717		6,713,006
2.90%, 05/05/27 (Call 02/05/27)		3,913		3,694,444
3.50%, 03/22/28 (Call 12/22/27)(a)		12,662		12,097,571
5.00%, 12/08/33 (Call 09/08/33)(a)		8,087		8,093,831
5.90%, 11/15/32		9,825		10,448,521
				211,566,815
Diversified Financial Services — 2.6%
AerCap Ireland Capital DAC/AerCap Global
Aviation Trust
3.00%, 10/29/28 (Call 08/29/28)(a)		39,260		35,230,758
3.30%, 01/30/32 (Call 10/30/31)		36,814		31,093,535
3.40%, 10/29/33 (Call 07/29/33)(a)		12,117		10,060,499
3.65%, 07/21/27 (Call 04/21/27)		7,861		7,392,060
3.85%, 10/29/41 (Call 04/29/41)(a)		18,358		14,103,258
5.10%, 01/19/29 (Call 12/19/28)(a)		12,157		11,956,886
5.75%, 06/06/28 (Call 05/06/28)(a)		13,081		13,166,327
6.15%, 09/30/30 (Call 07/30/30)(a)		7,193		7,430,575
Air Lease Corp.
2.88%, 01/15/32 (Call 10/15/31)(a)		5,447		4,517,398
3.13%, 12/01/30 (Call 09/01/30)		6,965		6,006,860
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)(a)		8,615		7,326,090
4.75%, 06/09/27 (Call 05/09/27)(a)		1,451		1,409,300
7.10%, 11/15/27 (Call 10/15/27)(a)		7,320		7,623,435
8.00%, 11/01/31(a)		21,597		23,690,544
American Express Co.
2.55%, 03/04/27 (Call 02/01/27)		1,359		1,262,301
3.30%, 05/03/27 (Call 04/03/27)		2,460		2,330,228
4.05%, 05/03/29 (Call 03/03/29)(a)		11,705		11,335,307
4.05%, 12/03/42		9,308		8,004,066
5.85%, 11/05/27 (Call 10/05/27)		24,873		25,539,318
Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33)(a)		8,118		8,107,318
Brookfield Finance Inc.
3.50%, 03/30/51 (Call 09/30/50)		7,413		5,223,877
3.90%, 01/25/28 (Call 10/25/27)(a)		12,729		12,209,228
4.35%, 04/15/30 (Call 01/15/30)		9,301		8,826,960
4.70%, 09/20/47 (Call 03/20/47)(a)		8,718		7,447,901
4.85%, 03/29/29 (Call 12/29/28)(a)		8,747		8,628,246
5.97%, 03/04/54 (Call 09/04/53)		2,175		2,192,994
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)(a)		2,757		2,618,038
3.75%, 03/09/27 (Call 02/09/27)		1,344		1,281,039
3.80%, 01/31/28 (Call 12/31/27)		17,448		16,507,441
Charles Schwab Corp. (The)
1.65%, 03/11/31 (Call 12/11/30)(a)		6,750		5,340,495
1.95%, 12/01/31 (Call 09/01/31)(a)		8,025		6,354,153
2.00%, 03/20/28 (Call 01/20/28)(a)		19,138		16,980,022
2.30%, 05/13/31 (Call 02/13/31)(a)		8,597		7,121,158
2.45%, 03/03/27 (Call 02/03/27)(a)		5,585		5,172,805
2.90%, 03/03/32 (Call 12/03/31)(a)		8,932		7,571,911
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)(a)		6,839		5,847,117
5.30%, 09/15/43 (Call 03/15/43)		8,082		8,146,318
Discover Financial Services, 6.70%, 11/29/32 (Call 08/29/32)(a)		6,392		6,682,578

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)(a)	$	15,319	$	11,817,565
2.10%, 06/15/30 (Call 03/15/30)(a)		13,529		11,328,600
2.65%, 09/15/40 (Call 03/15/40)(a)		12,288		8,696,782
3.00%, 06/15/50 (Call 12/15/49)(a)		12,741		8,543,678
3.00%, 09/15/60 (Call 03/15/60)(a)		15,572		9,687,511
4.00%, 09/15/27 (Call 08/15/27)		19,292		18,609,655
4.25%, 09/21/48 (Call 03/21/48)(a)		11,612		9,850,728
4.35%, 06/15/29 (Call 04/15/29)(a)		15,178		14,737,691
4.60%, 03/15/33 (Call 12/15/32)(a)		15,001		14,339,355
4.95%, 06/15/52 (Call 12/15/51)(a)		12,869		12,011,730
5.20%, 06/15/62 (Call 12/15/61)(a)		10,363		9,926,952
Jefferies Financial Group Inc.
2.63%, 10/15/31 (Call 07/15/31)(a)		8,480		6,933,989
4.15%, 01/23/30(a)		12,054		11,213,013
5.88%, 07/21/28 (Call 06/21/28)		13,534		13,801,482
Mastercard Inc.
2.00%, 11/18/31 (Call 08/18/31)(a)		9,965		8,178,634
2.95%, 06/01/29 (Call 03/01/29)(a)		13,189		12,105,020
3.30%, 03/26/27 (Call 01/26/27)		6,678		6,401,134
3.35%, 03/26/30 (Call 12/26/29)		14,061		12,981,872
3.65%, 06/01/49 (Call 12/01/48)		8,426		6,691,225
3.85%, 03/26/50 (Call 09/26/49)		14,076		11,578,516
4.85%, 03/09/33 (Call 12/09/32)		9,002		8,992,535
4.88%, 03/09/28 (Call 02/09/28)(a)		10,488		10,605,338
Nasdaq Inc.
5.35%, 06/28/28 (Call 05/28/28)		15,487		15,640,264
5.55%, 02/15/34 (Call 11/15/33)		13,009		13,098,525
5.95%, 08/15/53 (Call 02/15/53)(a)		7,329		7,526,547
6.10%, 06/28/63 (Call 12/28/62)(a)		7,736		8,028,888
Nomura Holdings Inc.
2.17%, 07/14/28(a)		11,236		9,779,838
2.61%, 07/14/31		10,387		8,533,688
2.68%, 07/16/30		9,819		8,298,764
3.00%, 01/22/32		10,988		9,142,616
3.10%, 01/16/30		14,542		12,744,937
6.07%, 07/12/28		12,284		12,562,117
6.18%, 01/18/33(a)		2,800		2,935,162
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)(a)		7,749		5,741,115
4.95%, 07/15/46(a)		7,842		7,197,999
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)(a)		6,230		4,869,875
3.95%, 12/01/27 (Call 09/01/27)		11,367		10,527,150
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)(a)		9,790		7,721,786
1.90%, 04/15/27 (Call 02/15/27)(a)		4,062		3,738,777
2.00%, 08/15/50 (Call 02/15/50)(a)		16,410		9,514,664
2.05%, 04/15/30 (Call 01/15/30)		16,581		14,210,008
2.70%, 04/15/40 (Call 10/15/39)		10,349		7,612,256
2.75%, 09/15/27 (Call 06/15/27)(a)		13,666		12,792,458
3.65%, 09/15/47 (Call 03/15/47)		7,891		6,294,484
4.15%, 12/14/35 (Call 06/14/35)(a)		9,139		8,563,259
4.30%, 12/14/45 (Call 06/14/45)		33,459		29,844,873
				847,691,399
Electric — 3.9%
AES Corp. (The)
2.45%, 01/15/31 (Call 10/15/30)(a)		17,208		14,039,811
5.45%, 06/01/28 (Call 05/01/28)(a)		13,280		13,236,944
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a)		4,252		3,824,302

Security	Par (000)		Value
Electric (continued)
American Electric Power Co. Inc.
5.20%, 01/15/29 (Call 12/15/28)	$	13,107	$	13,087,754
5.63%, 03/01/33 (Call 12/01/32)(a)		4,581		4,612,864
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)(a)		12,738		11,868,374
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)(a)		14,800		9,467,098
3.70%, 07/15/30 (Call 04/15/30)(a)		6,859		6,329,253
3.80%, 07/15/48 (Call 01/15/48)		8,212		6,226,619
4.25%, 10/15/50 (Call 04/15/50)(a)		8,700		6,988,491
4.45%, 01/15/49 (Call 07/15/48)		9,561		8,062,811
4.50%, 02/01/45 (Call 08/01/44)		7,519		6,668,838
4.60%, 05/01/53 (Call 11/01/52)(a)		8,484		7,238,433
5.15%, 11/15/43 (Call 05/15/43)(a)		7,646		7,325,216
6.13%, 04/01/36		13,805		14,565,495
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)		7,206		5,788,738
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a)		3,761		3,057,574
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)		3,763		3,161,694
3.60%, 06/15/61 (Call 12/15/60)(a)		10,331		7,429,724
4.45%, 03/15/44 (Call 09/15/43)		5,421		4,694,516
4.63%, 12/01/54 (Call 06/01/54)		881		756,377
5.90%, 11/15/53 (Call 05/15/53)(a)		10,724		11,259,392
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)(a)		16,728		13,391,363
Constellation Energy Generation LLC
5.60%, 03/01/28 (Call 02/01/28)		9,934		10,064,417
5.60%, 06/15/42 (Call 12/15/41)(a)		7,268		7,048,008
6.25%, 10/01/39		8,674		8,959,885
6.50%, 10/01/53 (Call 04/01/53)		8,498		9,311,859
Dominion Energy Inc.
5.38%, 11/15/32 (Call 08/15/32)(a)		6,566		6,508,085
Series C, 2.25%, 08/15/31 (Call 05/15/31)		13,639		11,018,059
Series C, 3.38%, 04/01/30 (Call 01/01/30)(a)		17,235		15,493,974
DTE Energy Co.
4.88%, 06/01/28 (Call 05/01/28)(a)		11,567		11,396,287
5.10%, 03/01/29 (Call 02/01/29)(a)		10,225		10,112,659
Duke Energy Carolinas LLC
3.20%, 08/15/49 (Call 02/15/49)(a)		9,206		6,347,197
4.95%, 01/15/33 (Call 10/15/32)		10,260		10,097,515
5.30%, 02/15/40		8,084		7,877,830
5.35%, 01/15/53 (Call 07/15/52)		9,846		9,554,347
5.40%, 01/15/54 (Call 07/15/53)		9,081		8,844,804
Duke Energy Corp.
2.45%, 06/01/30 (Call 03/01/30)(a)		2,544		2,177,193
2.55%, 06/15/31 (Call 03/15/31)(a)		7,924		6,607,382
3.15%, 08/15/27 (Call 05/15/27)		5,581		5,224,341
3.30%, 06/15/41 (Call 12/15/40)(a)		9,836		7,228,571
3.50%, 06/15/51 (Call 12/15/50)(a)		9,265		6,363,039
3.75%, 09/01/46 (Call 03/01/46)(a)		13,249		9,865,260
4.30%, 03/15/28 (Call 02/15/28)		6,719		6,526,229
4.50%, 08/15/32 (Call 05/15/32)(a)		9,396		8,813,863
5.00%, 08/15/52 (Call 02/15/52)		9,815		8,684,589
6.10%, 09/15/53 (Call 03/15/53)(a)		6,068		6,308,085
Duke Energy Florida LLC, 6.40%, 06/15/38		8,422		9,088,095
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		8,191		6,654,097
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48)		3,824		3,102,225

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Eversource Energy
5.13%, 05/15/33 (Call 02/15/33)(a)	$	4,110	$	3,961,068
5.45%, 03/01/28 (Call 02/01/28)(a)		14,605		14,688,333
5.95%, 02/01/29 (Call 01/01/29)(a)		12,109		12,406,674
Exelon Corp.
4.05%, 04/15/30 (Call 01/15/30)(a)		10,769		10,099,168
4.45%, 04/15/46 (Call 10/15/45)(a)		7,509		6,275,677
4.70%, 04/15/50 (Call 10/15/49)		6,839		5,921,209
5.15%, 03/15/28 (Call 02/15/28)		17,115		17,059,460
5.30%, 03/15/33 (Call 12/15/32)(a)		4,928		4,877,933
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)(a)		13,675		11,386,348
2.88%, 12/04/51 (Call 06/04/51)(a)		14,516		9,446,258
3.15%, 10/01/49 (Call 04/01/49)(a)		8,139		5,605,244
3.95%, 03/01/48 (Call 09/01/47)(a)		9,873		7,988,428
4.40%, 05/15/28 (Call 03/15/28)(a)		8,953		8,790,133
4.80%, 05/15/33 (Call 02/15/33)(a)		7,336		7,158,851
5.05%, 04/01/28 (Call 03/01/28)(a)		10,889		10,970,958
5.10%, 04/01/33 (Call 01/01/33)		6,877		6,855,009
5.30%, 04/01/53 (Call 10/01/52)(a)		7,363		7,258,306
Georgia Power Co.
4.30%, 03/15/42(a)		11,102		9,497,748
4.65%, 05/16/28 (Call 03/16/28)(a)		8,131		8,008,649
4.95%, 05/17/33 (Call 11/17/32)		8,699		8,518,536
5.13%, 05/15/52 (Call 11/15/51)(a)		8,018		7,579,160
5.25%, 03/15/34 (Call 09/15/33)		5,630		5,598,261
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a)		6,487		4,446,176
MidAmerican Energy Co.
3.65%, 04/15/29 (Call 01/15/29)		6,718		6,341,404
4.25%, 07/15/49 (Call 01/15/49)(a)		9,667		8,095,880
5.85%, 09/15/54 (Call 03/15/54)(a)		10,011		10,531,125
National Grid PLC
5.42%, 01/11/34 (Call 10/11/33)(a)		10,859		10,587,762
5.81%, 06/12/33 (Call 03/12/33)		4,136		4,174,041
NextEra Energy Capital Holdings Inc.
1.90%, 06/15/28 (Call 04/15/28)		18,777		16,429,659
2.25%, 06/01/30 (Call 03/01/30)(a)		17,114		14,400,396
2.44%, 01/15/32 (Call 10/15/31)(a)		9,143		7,429,027
2.75%, 11/01/29 (Call 08/01/29)(a)		5,604		4,942,440
3.55%, 05/01/27 (Call 02/01/27)		9,713		9,242,108
4.63%, 07/15/27 (Call 06/15/27)		9,976		9,815,317
4.90%, 02/28/28 (Call 01/28/28)		13,640		13,546,700
4.90%, 03/15/29 (Call 02/15/29)		10,300		10,174,450
5.00%, 07/15/32 (Call 04/15/32)(a)		8,311		8,083,776
5.05%, 02/28/33 (Call 11/28/32)(a)		6,007		5,843,207
5.25%, 03/15/34 (Call 12/15/33)(a)		9,325		9,121,532
5.25%, 02/28/53 (Call 08/28/52)		10,040		9,304,784
5.55%, 03/15/54 (Call 09/15/53)		14,928		14,455,548
Northern States Power Co./MN, 5.10%, 05/15/53 (Call 11/15/52)(a)		7,380		6,985,293
Oncor Electric Delivery Co. LLC
4.95%, 09/15/52 (Call 03/15/52)		3,959		3,674,954
5.65%, 11/15/33 (Call 08/15/33)		3,521		3,631,431
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)		9,270		8,305,950
2.50%, 02/01/31 (Call 11/01/30)(a)		16,067		13,155,067
3.00%, 06/15/28 (Call 04/15/28)(a)		7,877		7,131,763
3.25%, 06/01/31 (Call 03/01/31)(a)		6,749		5,779,730
3.30%, 12/01/27 (Call 09/01/27)(a)		9,932		9,179,831
3.30%, 08/01/40 (Call 02/01/40)(a)		11,979		8,610,648
3.50%, 08/01/50 (Call 02/01/50)		20,406		13,689,896

Security	Par (000)		Value
Electric (continued)
3.75%, 07/01/28	$	9,034	$	8,400,816
3.95%, 12/01/47 (Call 06/01/47)		9,790		7,093,962
4.50%, 07/01/40 (Call 01/01/40)(a)		17,814		14,935,897
4.55%, 07/01/30 (Call 01/01/30)(a)		25,129		23,611,510
4.95%, 07/01/50 (Call 01/01/50)(a)		27,652		23,449,709
5.55%, 05/15/29 (Call 04/15/29)		6,375		6,378,662
5.80%, 05/15/34 (Call 02/15/34)		6,375		6,378,805
6.10%, 01/15/29 (Call 12/15/28)		8,185		8,377,254
6.15%, 01/15/33 (Call 10/15/32)(a)		6,730		6,870,180
6.40%, 06/15/33 (Call 03/15/33)(a)		9,161		9,501,276
6.70%, 04/01/53 (Call 10/01/52)(a)		9,389		10,016,529
6.75%, 01/15/53 (Call 07/15/52)(a)		10,334		11,044,602
6.95%, 03/15/34 (Call 12/15/33)(a)		6,482		7,003,038
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)(a)		14,629		8,859,735
5.35%, 12/01/53 (Call 06/01/53)		12,393		11,371,692
5.50%, 05/15/54 (Call 11/15/53)(a)		11,991		11,114,434
PacifiCorp.
5.45%, 02/15/34 (Call 11/15/33)(a)		9,338		9,197,187
5.80%, 01/15/55 (Call 07/15/54)(a)		13,498		13,023,286
PPL Electric Utilities Corp., 5.25%, 05/15/53 (Call 11/15/52)		3,785		3,689,327
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)(a)		5,908		4,754,550
5.25%, 04/01/53 (Call 10/01/52)		5,879		5,540,557
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31)(a)		2,372		1,931,520
San Diego Gas & Electric Co.
5.35%, 04/01/53 (Call 10/01/52)(a)		8,944		8,669,823
Series VVV, 1.70%, 10/01/30 (Call 07/01/30) .		5,770		4,696,723
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a)		4,884		3,242,730
Sempra
3.25%, 06/15/27 (Call 03/15/27)(a)		4,643		4,368,638
3.40%, 02/01/28 (Call 11/01/27)(a)		8,515		8,003,304
3.80%, 02/01/38 (Call 08/01/37)		12,880		10,550,933
4.00%, 02/01/48 (Call 08/01/47)		8,643		6,708,061
6.00%, 10/15/39		7,153		7,226,719
Southern California Edison Co.
3.65%, 02/01/50 (Call 08/01/49)		11,303		8,267,783
4.00%, 04/01/47 (Call 10/01/46)		17,322		13,519,230
4.65%, 10/01/43 (Call 04/01/43)		8,318		7,200,547
5.20%, 06/01/34 (Call 03/01/34)		8,520		8,328,952
5.30%, 03/01/28 (Call 02/01/28)		8,474		8,560,008
5.85%, 11/01/27 (Call 10/01/27)		8,512		8,713,716
5.95%, 11/01/32 (Call 08/01/32)(a)		2,328		2,422,722
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)(a)		7,267		4,648,734
Series C, 4.13%, 03/01/48 (Call 09/01/47)		12,536		10,001,945
Southern Co. (The)
4.40%, 07/01/46 (Call 01/01/46)		20,808		17,482,178
4.85%, 06/15/28 (Call 04/15/28)		9,283		9,192,792
5.20%, 06/15/33 (Call 12/15/32)(a)		7,187		7,068,477
5.50%, 03/15/29 (Call 01/15/29)		300		304,035
5.70%, 03/15/34 (Call 09/15/33)		500		508,444
Series A, 3.70%, 04/30/30 (Call 01/30/30)		5,470		5,043,063
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(a)(b)		15,103		14,511,502
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		9,021		5,226,314
2.95%, 11/15/51 (Call 05/15/51)		6,580		4,215,616

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
5.00%, 04/01/33 (Call 01/01/33)(a)	$	6,079	$	5,954,121
5.45%, 04/01/53 (Call 10/01/52)(a)		6,121		5,970,167
Series A, 3.50%, 03/15/27 (Call 12/15/26)		2,270		2,173,709
Xcel Energy Inc.
5.45%, 08/15/33 (Call 02/15/33)(a)		6,200		6,083,632
5.50%, 03/15/34 (Call 09/15/33)		6,850		6,696,203
				1,277,526,231
Electrical Components & Equipment — 0.1%
Emerson Electric Co.
2.00%, 12/21/28 (Call 10/21/28)(a)		11,088		9,771,084
2.20%, 12/21/31 (Call 09/21/31)(a)		8,382		6,946,415
2.80%, 12/21/51 (Call 06/21/51)(a)		6,549		4,202,958
				20,920,457
Electronics — 0.3%
Amphenol Corp.
2.20%, 09/15/31 (Call 06/15/31)		3,848		3,155,504
2.80%, 02/15/30 (Call 11/15/29)		11,257		10,030,899
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)(a)		2,329		2,087,886
1.75%, 09/01/31 (Call 06/01/31)		12,269		9,842,360
1.95%, 06/01/30 (Call 03/01/30)(a)		11,660		9,852,419
2.70%, 08/15/29 (Call 05/15/29)(a)		8,145		7,326,855
2.80%, 06/01/50 (Call 12/01/49)(a)		2,519		1,748,036
4.25%, 01/15/29 (Call 12/15/28)(a)		8,029		7,851,384
4.50%, 01/15/34 (Call 10/15/33)		11,248		10,792,895
5.00%, 02/15/33 (Call 11/15/32)(a)		11,297		11,322,270
5.00%, 03/01/35 (Call 12/01/34)		6,375		6,364,187
5.25%, 03/01/54 (Call 09/01/53)		6,375		6,349,023
				86,723,718
Entertainment — 0.5%
Warnermedia Holdings Inc.
3.76%, 03/15/27 (Call 02/15/27)		9,092		8,596,305
4.05%, 03/15/29 (Call 01/15/29)(a)		6,692		6,195,684
4.28%, 03/15/32 (Call 12/15/31)(a)		37,827		33,312,053
5.05%, 03/15/42 (Call 09/15/41)(a)		41,536		34,835,342
5.14%, 03/15/52 (Call 09/15/51)(a)		64,689		52,442,447
5.39%, 03/15/62 (Call 09/15/61)(a)		29,655		23,958,310
				159,340,141
Environmental Control — 0.3%
Republic Services Inc.
1.75%, 02/15/32 (Call 11/15/31)		5,559		4,359,666
3.95%, 05/15/28 (Call 02/15/28)		10,031		9,654,872
4.88%, 04/01/29 (Call 03/01/29)		11,047		11,002,249
5.00%, 04/01/34 (Call 01/01/34)(a)		6,080		5,976,615
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)(a)		3,981		2,628,102
4.20%, 01/15/33 (Call 10/15/32)(a)		5,577		5,206,573
5.00%, 03/01/34 (Call 12/01/33)		7,846		7,683,662
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)(a)		7,469		5,925,629
3.15%, 11/15/27 (Call 08/15/27)(a)		10,561		9,944,966
4.15%, 04/15/32 (Call 01/15/32)(a)		9,299		8,758,461
4.63%, 02/15/30 (Call 12/15/29)		9,273		9,124,485
4.88%, 02/15/29 (Call 01/15/29)(a)		8,463		8,467,865
4.88%, 02/15/34 (Call 11/15/33)		11,355		11,103,494
				99,836,639
Food — 1.4%
Campbell Soup Co., 4.15%, 03/15/28 (Call 12/15/27)(a)		10,928		10,549,336

Security	Par (000)		Value
Food (continued)
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)	$	14,788	$	12,861,082
4.85%, 11/01/28 (Call 08/01/28)(a)		12,973		12,735,633
5.30%, 11/01/38 (Call 05/01/38)		11,686		11,036,305
5.40%, 11/01/48 (Call 05/01/48)(a)		12,109		11,173,555
General Mills Inc.
2.88%, 04/15/30 (Call 01/15/30)(a)		8,239		7,291,920
4.20%, 04/17/28 (Call 01/17/28)(a)		20,789		20,201,206
4.95%, 03/29/33 (Call 12/29/32)(a)		8,725		8,543,893
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)(a)		6,459		5,700,906
1.80%, 06/11/30 (Call 03/11/30)(a)		10,857		9,006,777
J M Smucker Co. (The)
5.90%, 11/15/28 (Call 10/15/28)(a)		6,521		6,717,523
6.50%, 11/15/53 (Call 05/15/53)(a)		13,309		14,468,315
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL
6.75%, 03/15/34 (Call 12/15/33)(c)		15,845		16,336,670
7.25%, 11/15/53 (Call 05/15/53)(a)(c)		9,112		9,613,132
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)		9,764		7,825,530
3.63%, 01/15/32 (Call 01/15/27)(a)		7,353		6,183,959
4.38%, 02/02/52 (Call 08/02/51)(a)		9,940		7,155,407
5.13%, 02/01/28 (Call 01/01/28)		5,441		5,324,445
5.50%, 01/15/30 (Call 01/15/25)(a)		12,865		12,488,892
5.75%, 04/01/33 (Call 01/01/33)		19,352		18,769,184
6.50%, 12/01/52 (Call 06/01/52)(a)		16,783		16,202,236
Kraft Heinz Foods Co.
3.88%, 05/15/27 (Call 02/15/27)(a)		5,091		4,916,393
4.38%, 06/01/46 (Call 12/01/45)		29,450		24,328,333
4.88%, 10/01/49 (Call 04/01/49)(a)		15,118		13,497,994
5.00%, 06/04/42		14,636		13,506,458
5.20%, 07/15/45 (Call 01/15/45)(a)		20,542		19,189,400
5.50%, 06/01/50 (Call 12/01/49)(a)		8,493		8,254,124
6.88%, 01/26/39(a)		10,982		12,315,087
Kroger Co. (The)
3.95%, 01/15/50 (Call 07/15/49)(a)		4,532		3,542,351
4.45%, 02/01/47 (Call 08/01/46)(a)		8,537		7,229,980
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27)(a)		2,526		2,389,986
Mondelez International Inc.
2.63%, 03/17/27 (Call 02/17/27)		2,323		2,165,694
2.63%, 09/04/50 (Call 03/04/50)(a)		11,291		7,076,965
2.75%, 04/13/30 (Call 01/13/30)		11,672		10,298,136
3.00%, 03/17/32 (Call 12/17/31)(a)		5,820		4,999,279
Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)(a)		6,044		4,092,557
3.25%, 07/15/27 (Call 04/15/27)		6,043		5,701,630
5.95%, 04/01/30 (Call 01/01/30)(a)		11,910		12,413,601
6.60%, 04/01/50 (Call 10/01/49)		9,623		10,856,147
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		9,116		8,638,389
4.35%, 03/01/29 (Call 12/01/28)(a)		15,374		14,774,014
4.55%, 06/02/47 (Call 12/02/46)		6,673		5,403,636
5.10%, 09/28/48 (Call 03/28/48)(a)		16,441		14,501,514
5.70%, 03/15/34 (Call 12/15/33)		4,475		4,517,751
				444,795,325
Gas — 0.2%
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44)(a)		7,248		6,175,121

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
CenterPoint Energy Resources Corp., 5.25%, 03/01/28 (Call 02/01/28)(a)	$	7,114	$	7,155,261
NiSource Inc.
1.70%, 02/15/31 (Call 11/15/30)(a)		10,787		8,551,985
2.95%, 09/01/29 (Call 06/01/29)(a)		10,537		9,472,738
3.49%, 05/15/27 (Call 02/15/27)		3,894		3,702,530
3.60%, 05/01/30 (Call 02/01/30)(a)		12,860		11,768,505
3.95%, 03/30/48 (Call 09/30/47)		8,593		6,602,109
4.38%, 05/15/47 (Call 11/15/46)(a)		10,591		8,719,513
4.80%, 02/15/44 (Call 08/15/43)		5,593		4,961,350
5.25%, 03/30/28 (Call 02/29/28)(a)		11,812		11,860,960
				78,970,072
Hand & Machine Tools — 0.1%
Regal Rexnord Corp.
6.05%, 04/15/28 (Call 03/15/28)(a)(c)		13,253		13,330,132
6.30%, 02/15/30 (Call 12/15/29)(a)(c)		8,570		8,707,531
6.40%, 04/15/33 (Call 01/15/33)(a)(c)		13,002		13,348,046
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)(a)		9,376		7,877,020
2.75%, 11/15/50 (Call 05/15/50)(a)		7,380		4,280,022
				47,542,751
Health Care - Products — 1.2%
Abbott Laboratories
4.75%, 11/30/36 (Call 05/30/36)		17,425		17,020,592
4.90%, 11/30/46 (Call 05/30/46)(a)		25,596		24,597,866
Baxter International Inc.
2.27%, 12/01/28 (Call 10/01/28)(a)		16,239		14,218,751
2.54%, 02/01/32 (Call 11/01/31)(a)		17,936		14,689,238
3.13%, 12/01/51 (Call 06/01/51)(a)		9,331		6,077,255
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)(a)		13,542		11,838,360
Danaher Corp.
2.60%, 10/01/50 (Call 04/01/50)(a)		9,264		5,815,407
2.80%, 12/10/51 (Call 06/10/51)(a)		9,119		5,921,154
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)(a)		12,058		10,722,749
3.25%, 11/15/39 (Call 05/15/39)		5,620		4,457,367
3.40%, 11/15/49 (Call 05/15/49)(a)		6,896		5,131,936
GE HealthCare Technologies Inc.
5.65%, 11/15/27 (Call 10/15/27)		20,067		20,368,954
5.86%, 03/15/30 (Call 01/15/30)(a)		16,125		16,665,649
5.91%, 11/22/32 (Call 08/22/32)(a)		16,983		17,634,132
6.38%, 11/22/52 (Call 05/22/52)(a)		8,179		9,058,320
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)(a)		4,043		3,795,971
3.63%, 03/15/32 (Call 12/15/31)(a)		18,364		16,015,714
Medtronic Global Holdings SCA
4.25%, 03/30/28 (Call 02/29/28)(a)		16,751		16,377,935
4.50%, 03/30/33 (Call 12/30/32)(a)		10,381		9,978,969
Medtronic Inc.
4.38%, 03/15/35(a)		21,388		20,144,504
4.63%, 03/15/45(a)		10,213		9,410,970
Solventum Corp.
5.40%, 03/01/29 (Call 02/01/29)(c)		9,300		9,271,110
5.45%, 03/13/31 (Call 01/13/31)(a)(c)		11,050		10,950,516
5.60%, 03/23/34 (Call 12/23/33)(a)(c)		11,799		11,717,091
5.90%, 04/30/54 (Call 10/30/53)(c)		12,260		11,983,520
Stryker Corp.
1.95%, 06/15/30 (Call 03/15/30)(a)		10,691		8,938,714
4.63%, 03/15/46 (Call 09/15/45)(a)		13,776		12,500,103

Security	Par (000)		Value
Health Care - Products (continued)
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)(a)	$	15,775	$	12,859,080
2.60%, 10/01/29 (Call 07/01/29)		12,146		10,832,745
2.80%, 10/15/41 (Call 04/15/41)(a)		3,060		2,192,190
4.10%, 08/15/47 (Call 02/15/47)(a)		1,973		1,652,083
4.98%, 08/10/30 (Call 06/10/30)(a)		9,275		9,282,216
5.00%, 01/31/29 (Call 12/31/28)(a)		14,163		14,238,503
5.09%, 08/10/33 (Call 05/10/33)(a)		12,987		13,036,632
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)(a)		8,185		6,835,659
				396,231,955
Health Care - Services — 3.1%
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)(a)		5,325		3,960,768
6.63%, 06/15/36(a)		10,759		11,640,357
Ascension Health
3.95%, 11/15/46		3,043		2,558,649
Series B, 2.53%, 11/15/29 (Call 08/15/29)		7,557		6,704,078
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)(a)		22,065		19,465,280
2.50%, 03/01/31 (Call 12/01/30)		19,364		15,898,237
2.63%, 08/01/31 (Call 05/01/31)		14,044		11,491,784
3.00%, 10/15/30 (Call 07/15/30)		20,973		17,905,514
3.38%, 02/15/30 (Call 02/15/25)(a)		17,035		15,026,574
4.25%, 12/15/27 (Call 03/18/24)(a)		24,977		23,795,838
4.63%, 12/15/29 (Call 12/15/24)(a)		33,635		31,837,209
CommonSpirit Health
3.35%, 10/01/29 (Call 04/01/29)		6,010		5,463,648
4.19%, 10/01/49 (Call 04/01/49)(a)		1,685		1,359,751
Elevance Health Inc.
2.25%, 05/15/30 (Call 02/15/30)(a)		8,694		7,388,764
2.55%, 03/15/31 (Call 12/15/30)(a)		8,840		7,494,967
2.88%, 09/15/29 (Call 06/15/29)(a)		9,616		8,639,027
3.13%, 05/15/50 (Call 11/15/49)(a)		10,859		7,423,902
3.60%, 03/15/51 (Call 09/15/50)(a)		12,096		8,988,799
3.65%, 12/01/27 (Call 09/01/27)		16,793		16,039,243
3.70%, 09/15/49 (Call 03/15/49)		8,458		6,416,427
4.10%, 03/01/28 (Call 12/01/27)(a)		15,095		14,620,342
4.38%, 12/01/47 (Call 06/01/47)		13,577		11,498,441
4.55%, 03/01/48 (Call 09/01/47)		8,432		7,306,507
4.63%, 05/15/42		5,883		5,254,433
4.65%, 01/15/43(a)		9,210		8,248,332
4.65%, 08/15/44 (Call 02/15/44)(a)		7,619		6,784,629
4.75%, 02/15/33 (Call 11/15/32)(a)		9,334		9,016,417
5.13%, 02/15/53 (Call 08/15/52)(a)		10,507		9,920,346
6.10%, 10/15/52 (Call 04/15/52)(a)		7,486		8,030,342
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)(a)		6,836		5,539,151
3.50%, 09/01/30 (Call 03/01/30)(a)		22,386		19,963,504
3.50%, 07/15/51 (Call 01/15/51)(a)		16,864		11,400,376
4.13%, 06/15/29 (Call 03/15/29)		18,008		16,923,756
4.63%, 03/15/52 (Call 09/15/51)		19,640		16,072,787
5.13%, 06/15/39 (Call 12/15/38)		10,634		9,853,381
5.20%, 06/01/28 (Call 05/01/28)(a)		9,915		9,875,139
5.25%, 06/15/49 (Call 12/15/48)		19,130		17,171,861
5.45%, 04/01/31 (Call 02/01/31)(a)		5,282		5,255,115
5.50%, 06/01/33 (Call 03/01/33)(a)		10,176		10,095,882
5.50%, 06/15/47 (Call 12/15/46)(a)		14,736		13,727,539
5.60%, 04/01/34 (Call 01/01/34)		10,015		9,957,113
5.63%, 09/01/28 (Call 03/01/28)(a)		12,863		12,957,977
5.88%, 02/01/29 (Call 08/01/28)(a)		11,357		11,558,360

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
5.90%, 06/01/53 (Call 12/01/52)	$	9,787	$	9,608,519
6.00%, 04/01/54 (Call 10/01/53)(a)		6,288		6,230,184
Humana Inc.
2.15%, 02/03/32 (Call 11/03/31)		7,081		5,592,068
3.70%, 03/23/29 (Call 02/23/29)(a)		11,693		10,926,502
4.95%, 10/01/44 (Call 04/01/44)		4,599		4,145,452
5.50%, 03/15/53 (Call 09/15/52)(a)		5,302		5,134,173
5.88%, 03/01/33 (Call 12/01/32)(a)		6,542		6,703,666
5.95%, 03/15/34 (Call 12/15/33)(a)		10,892		11,238,573
IQVIA Inc.
5.70%, 05/15/28 (Call 04/15/28)(a)		3,688		3,714,775
6.25%, 02/01/29 (Call 01/01/29)(a)		14,424		14,841,921
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)(a)		5,909		5,096,570
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a)		1,926		1,417,544
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)(a)		15,268		11,133,659
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)		3,655		2,519,177
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		9,486		8,460,589
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51 (Call 04/01/51)(a)		1,767		1,051,875
Quest Diagnostics Inc.
2.95%, 06/30/30 (Call 03/30/30)		9,227		8,128,978
6.40%, 11/30/33 (Call 08/30/33)(a)		8,552		9,110,848
UnitedHealth Group Inc.
2.00%, 05/15/30(a)		9,457		7,948,504
2.30%, 05/15/31 (Call 02/15/31)		13,777		11,542,525
2.75%, 05/15/40 (Call 11/15/39)(a)		10,605		7,656,305
2.88%, 08/15/29(a)		5,515		5,005,937
2.90%, 05/15/50 (Call 11/15/49)(a)		14,372		9,560,336
2.95%, 10/15/27(a)		9,936		9,322,852
3.05%, 05/15/41 (Call 11/15/40)		16,016		11,874,022
3.13%, 05/15/60 (Call 11/15/59)		8,090		5,274,490
3.25%, 05/15/51 (Call 11/15/50)		19,476		13,689,215
3.50%, 08/15/39 (Call 02/15/39)		13,211		10,625,516
3.70%, 08/15/49 (Call 02/15/49)		11,876		9,103,537
3.75%, 10/15/47 (Call 04/15/47)		11,322		8,801,995
3.85%, 06/15/28(a)		11,374		10,952,741
3.88%, 12/15/28(a)		8,418		8,084,167
3.88%, 08/15/59 (Call 02/15/59)(a)		11,430		8,763,719
4.00%, 05/15/29 (Call 03/15/29)(a)		10,514		10,116,928
4.20%, 05/15/32 (Call 02/15/32)(a)		14,272		13,428,697
4.20%, 01/15/47 (Call 07/15/46)		8,785		7,426,277
4.25%, 01/15/29 (Call 12/15/28)(a)		10,214		9,937,318
4.25%, 03/15/43 (Call 09/15/42)(a)		8,846		7,719,308
4.25%, 06/15/48 (Call 12/15/47)		10,841		9,082,017
4.45%, 12/15/48 (Call 06/15/48)(a)		11,785		10,325,869
4.50%, 04/15/33 (Call 01/15/33)		14,715		14,111,229
4.63%, 07/15/35		11,494		11,093,074
4.75%, 07/15/45		17,696		16,275,498
4.75%, 05/15/52 (Call 11/15/51)		17,853		16,248,022
4.95%, 05/15/62 (Call 11/15/61)		9,241		8,517,723
5.05%, 04/15/53 (Call 10/15/52)(a)		17,275		16,389,357
5.20%, 04/15/63 (Call 10/15/62)		14,594		13,903,122
5.25%, 02/15/28 (Call 01/15/28)(a)		10,642		10,818,494
5.30%, 02/15/30 (Call 12/15/29)(a)		13,495		13,769,154
5.35%, 02/15/33 (Call 11/15/32)(a)		18,364		18,705,060

Security	Par (000)		Value
Health Care - Services (continued)
5.80%, 03/15/36(a)	$	9,508	$	10,027,881
5.88%, 02/15/53 (Call 08/15/52)(a)		18,205		19,434,218
6.05%, 02/15/63 (Call 08/15/62)		14,315		15,518,482
6.88%, 02/15/38		8,601		9,985,732
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)(a)		7,544		6,288,663
				1,012,913,603
Holding Companies - Diversified — 0.1%
Ares Capital Corp.
2.88%, 06/15/28 (Call 04/15/28)		8,751		7,659,671
5.88%, 03/01/29 (Call 02/01/29)		10,513		10,277,569
Blackstone Private Credit Fund, 3.25%, 03/15/27 (Call 02/15/27)		3,008		2,749,125
Blue Owl Capital Corp., 2.88%, 06/11/28 (Call 04/11/28)		5,075		4,430,657
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)(a)		7,498		6,428,485
				31,545,507
Household Products & Wares — 0.0%
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)		6,668		6,044,037
Insurance — 1.9%
Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)(a)		7,286		7,253,599
American International Group Inc.
4.38%, 06/30/50 (Call 12/30/49)(a)		10,302		8,843,919
4.75%, 04/01/48 (Call 10/01/47)(a)		8,184		7,424,400
4.80%, 07/10/45 (Call 01/10/45)		4,515		4,131,342
5.13%, 03/27/33 (Call 12/27/32)(a)		7,284		7,170,593
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		12,558		10,914,793
3.75%, 05/02/29 (Call 02/02/29)(a)		11,611		10,891,474
Aon Corp./Aon Global Holdings PLC
3.90%, 02/28/52 (Call 08/28/51)		2,798		2,122,359
5.35%, 02/28/33 (Call 11/28/32)(a)		9,683		9,654,074
Aon North America Inc.
5.15%, 03/01/29 (Call 02/01/29)		8,660		8,660,693
5.45%, 03/01/34 (Call 12/01/33)		8,950		8,958,144
5.75%, 03/01/54 (Call 09/01/53)		5,955		5,981,976
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)		8,845		6,517,873
Arthur J Gallagher & Co., 3.50%, 05/20/51 (Call 11/20/50)		6,057		4,202,125
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a)		8,402		8,045,974
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)(a)		8,462		6,895,298
2.30%, 03/15/27 (Call 02/15/27)(a)		2,471		2,308,528
2.50%, 01/15/51 (Call 07/15/50)(a)		9,444		5,829,022
2.85%, 10/15/50 (Call 04/15/50)		18,743		12,391,580
2.88%, 03/15/32 (Call 12/15/31)(a)		9,884		8,633,882
3.85%, 03/15/52 (Call 09/15/51)		26,011		20,592,688
4.20%, 08/15/48 (Call 02/15/48)		23,307		20,259,747
4.25%, 01/15/49 (Call 07/15/48)(a)		19,418		17,108,019
5.75%, 01/15/40		6,928		7,471,974
Berkshire Hathaway Inc., 4.50%, 02/11/43(a)		11,680		11,070,283
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)(a)		2,800		2,640,694
4.70%, 06/22/47 (Call 12/22/46)(a)		1,514		1,169,882
Chubb Corp. (The), 6.00%, 05/11/37		10,048		10,780,272

S C H E D U L E  O F  I N V E S T M E N T S 43

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)(a)	$	9,606	$	7,774,814
3.05%, 12/15/61 (Call 06/15/61)		3,313		2,203,132
4.35%, 11/03/45 (Call 05/03/45)(a)		9,021		7,963,777
Corebridge Financial Inc.
3.65%, 04/05/27 (Call 03/05/27)		7,389		7,005,858
3.85%, 04/05/29 (Call 02/05/29)		19,382		17,971,669
3.90%, 04/05/32 (Call 01/05/32)		16,921		14,860,252
4.40%, 04/05/52 (Call 10/05/51)		9,602		7,661,348
5.75%, 01/15/34 (Call 10/15/33)(a)		8,406		8,399,522
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		19,888		19,148,401
5.00%, 04/20/48 (Call 10/20/47)(a)		10,526		9,550,520
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)(a)		8,660		5,523,629
3.50%, 10/15/50 (Call 04/15/50)(a)		9,717		6,794,645
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32)		5,602		5,512,043
Hartford Financial Services Group Inc. (The),
3.60%, 08/19/49 (Call 02/19/49)		3,563		2,671,826
Manulife Financial Corp.
3.70%, 03/16/32 (Call 12/16/31)(a)		12,604		11,487,376
5.38%, 03/04/46(a)		7,180		7,040,399
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		7,133		6,023,585
4.38%, 03/15/29 (Call 12/15/28)(a)		14,962		14,606,000
4.90%, 03/15/49 (Call 09/15/48)		11,215		10,363,068
5.70%, 09/15/53 (Call 03/15/53)(a)		8,751		9,001,133
MetLife Inc.
4.05%, 03/01/45		10,746		8,837,436
4.13%, 08/13/42		6,345		5,376,228
4.55%, 03/23/30 (Call 12/23/29)(a)		9,816		9,611,287
4.60%, 05/13/46 (Call 11/13/45)(a)		6,885		6,122,797
4.88%, 11/13/43		8,933		8,219,389
5.00%, 07/15/52 (Call 01/15/52)(a)		9,917		9,247,572
5.25%, 01/15/54 (Call 07/15/53)(a)		10,613		10,253,554
5.38%, 07/15/33 (Call 04/15/33)(a)		8,325		8,361,249
5.70%, 06/15/35		10,749		11,117,319
5.88%, 02/06/41		7,950		8,310,270
6.38%, 06/15/34(a)		8,612		9,269,473
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46)		1,965		1,647,056
Prudential Financial Inc.
3.70%, 03/13/51 (Call 09/13/50)(a)		13,973		10,639,422
3.91%, 12/07/47 (Call 06/07/47)		7,596		5,980,449
3.94%, 12/07/49 (Call 06/07/49)		10,267		8,062,987
4.35%, 02/25/50 (Call 08/25/49)		9,496		8,008,123
4.60%, 05/15/44		8,318		7,397,914
5.70%, 12/14/36(a)		9,793		10,136,089
Travelers Companies Inc. (The)
3.05%, 06/08/51 (Call 12/08/50)(a)		7,257		4,959,815
5.35%, 11/01/40		6,118		6,174,976
5.45%, 05/25/53 (Call 11/25/52)(a)		6,373		6,499,422
6.25%, 06/15/37(a)		9,992		10,971,612
Willis North America Inc.
4.65%, 06/15/27 (Call 05/15/27)		3,259		3,199,278
5.35%, 05/15/33 (Call 02/15/33)		8,935		8,784,195
5.90%, 03/05/54 (Call 09/05/53)		6,725		6,677,748
				613,353,864

Security	Par (000)		Value
Internet — 2.3%
Alphabet Inc.
0.80%, 08/15/27 (Call 06/15/27)(a)	$	6,152	$	5,431,968
1.10%, 08/15/30 (Call 05/15/30)(a)		23,124		18,736,508
1.90%, 08/15/40 (Call 02/15/40)(a)		12,816		8,474,636
2.05%, 08/15/50 (Call 02/15/50)		22,649		13,364,828
2.25%, 08/15/60 (Call 02/15/60)(a)		15,853		9,092,414
Amazon.com Inc.
1.20%, 06/03/27 (Call 04/03/27)		9,404		8,412,749
1.50%, 06/03/30 (Call 03/03/30)		17,821		14,751,383
1.65%, 05/12/28 (Call 03/12/28)(a)		20,720		18,361,627
2.10%, 05/12/31 (Call 02/12/31)		26,379		22,155,535
2.50%, 06/03/50 (Call 12/03/49)(a)		25,615		16,077,672
2.70%, 06/03/60 (Call 12/03/59)(a)		20,343		12,509,562
2.88%, 05/12/41 (Call 11/12/40)		23,684		17,779,700
3.10%, 05/12/51 (Call 11/12/50)(a)		34,050		23,950,198
3.15%, 08/22/27 (Call 05/22/27)		30,552		28,992,873
3.25%, 05/12/61 (Call 11/12/60)		15,168		10,447,482
3.30%, 04/13/27 (Call 03/13/27)(a)		9,181		8,799,479
3.45%, 04/13/29 (Call 02/13/29)(a)		15,296		14,502,583
3.60%, 04/13/32 (Call 01/13/32)(a)		18,079		16,663,385
3.88%, 08/22/37 (Call 02/22/37)		25,934		23,088,249
3.95%, 04/13/52 (Call 10/13/51)(a)		26,601		21,968,226
4.05%, 08/22/47 (Call 02/22/47)(a)		37,065		31,699,304
4.10%, 04/13/62 (Call 10/13/61)(a)		9,823		8,115,241
4.25%, 08/22/57 (Call 02/22/57)		19,893		17,080,343
4.55%, 12/01/27 (Call 11/01/27)		20,753		20,677,104
4.65%, 12/01/29 (Call 10/01/29)(a)		11,666		11,670,251
4.70%, 12/01/32 (Call 09/01/32)(a)		19,878		19,751,665
4.80%, 12/05/34 (Call 06/05/34)(a)		9,892		9,859,471
4.95%, 12/05/44 (Call 06/05/44)(a)		17,760		17,464,616
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)		13,971		13,726,132
eBay Inc.
2.60%, 05/10/31 (Call 02/10/31)(a)		8,026		6,796,914
2.70%, 03/11/30 (Call 12/11/29)(a)		12,524		10,947,421
3.60%, 06/05/27 (Call 03/05/27)(a)		1,704		1,627,888
3.65%, 05/10/51 (Call 11/10/50)(a)		6,545		4,734,145
4.00%, 07/15/42 (Call 01/15/42)		6,506		5,158,036
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)(a)		12,758		11,365,899
3.80%, 02/15/28 (Call 11/15/27)		9,174		8,683,108
4.63%, 08/01/27 (Call 05/01/27)		2,556		2,502,643
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)(a)		20,089		19,242,578
3.85%, 08/15/32 (Call 05/15/32)(a)		33,906		31,373,120
4.45%, 08/15/52 (Call 02/15/52)		29,239		25,519,217
4.60%, 05/15/28 (Call 04/15/28)		16,489		16,420,940
4.65%, 08/15/62 (Call 02/15/62)		14,631		12,916,209
4.80%, 05/15/30 (Call 03/15/30)		15,049		15,060,087
4.95%, 05/15/33 (Call 02/15/33)(a)		19,902		19,914,660
5.60%, 05/15/53 (Call 11/15/52)(a)		26,186		27,073,129
5.75%, 05/15/63 (Call 11/15/62)(a)		15,403		16,066,500
Netflix Inc.
4.88%, 04/15/28(a)		14,834		14,810,458
5.88%, 11/15/28		23,262		24,081,092
6.38%, 05/15/29(a)		3,158		3,354,219
				741,253,447

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Iron & Steel — 0.1%
ArcelorMittal SA
6.55%, 11/29/27 (Call 10/29/27)(a)	$	17,093	$	17,760,311
6.80%, 11/29/32 (Call 08/29/32)(a)		9,525		10,065,051
				27,825,362
Lodging — 0.2%
Marriott International Inc./MD
4.90%, 04/15/29 (Call 03/15/29)(a)		8,584		8,480,803
5.00%, 10/15/27 (Call 09/15/27)		13,998		13,939,732
5.30%, 05/15/34 (Call 02/15/34)		4,267		4,197,126
Series FF, 4.63%, 06/15/30 (Call 03/15/30)(a).		9,797		9,493,285
Series GG, 3.50%, 10/15/32 (Call 07/15/32)(a)		7,545		6,586,224
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		6,927		5,906,146
Sands China Ltd., 5.40%, 08/08/28 (Call 05/08/28)		11,982		11,663,159
				60,266,475
Machinery — 0.5%
Caterpillar Financial Services Corp., 1.10%, 09/14/27(a)		10,368		9,136,631
Caterpillar Inc.
2.60%, 04/09/30 (Call 01/09/30)		9,808		8,723,643
3.25%, 09/19/49 (Call 03/19/49)(a)		10,140		7,444,272
3.25%, 04/09/50 (Call 10/09/49)(a)		13,048		9,623,303
3.80%, 08/15/42		15,752		13,142,807
5.20%, 05/27/41(a)		6,781		6,781,490
Deere & Co.
3.75%, 04/15/50 (Call 10/15/49)(a)		6,596		5,390,017
3.90%, 06/09/42 (Call 12/09/41)(a)		9,570		8,186,974
John Deere Capital Corp.
4.15%, 09/15/27(a)		13,257		12,993,668
4.50%, 01/16/29		9,249		9,105,642
4.70%, 06/10/30(a)		11,253		11,165,870
4.75%, 01/20/28(a)		12,566		12,559,556
4.95%, 07/14/28(a)		16,036		16,135,973
Otis Worldwide Corp.
2.57%, 02/15/30 (Call 11/15/29)(a)		16,476		14,382,339
3.11%, 02/15/40 (Call 08/15/39)(a)		5,297		4,035,479
3.36%, 02/15/50 (Call 08/15/49)(a)		7,380		5,341,498
5.25%, 08/16/28 (Call 07/16/28)(a)		11,639		11,728,811
Westinghouse Air Brake Technologies Corp.,
4.70%, 09/15/28 (Call 06/15/28)(a)		13,689		13,358,589
				179,236,562
Machinery - Diversified — 0.0%
John Deere Capital Corp., 5.15%, 09/08/33(a)		8,129		8,252,511
Manufacturing — 0.4%
3M Co.
2.38%, 08/26/29 (Call 05/26/29)(a)		11,517		10,018,130
2.88%, 10/15/27 (Call 07/15/27)(a)		11,859		10,970,551
3.25%, 08/26/49 (Call 02/26/49)(a)		8,742		6,022,486
3.38%, 03/01/29 (Call 12/01/28)(a)		9,856		9,070,086
4.00%, 09/14/48 (Call 03/14/48)(a)		9,202		7,399,634
Eaton Corp.
4.15%, 03/15/33 (Call 12/15/32)(a)		10,500		9,869,104
4.15%, 11/02/42		6,222		5,407,866
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35		9,671		9,047,441
General Electric Co.
5.88%, 01/14/38(a)		9,759		10,372,708
6.75%, 03/15/32(a)		11,083		12,303,147

Security	Par (000)		Value
Manufacturing (continued)
Illinois Tool Works Inc., 3.90%, 09/01/42 (Call 03/01/42)	$	5,620	$	4,757,971
Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)		7,698		7,088,973
4.00%, 06/14/49 (Call 12/14/48)		7,682		6,269,550
4.25%, 09/15/27 (Call 08/15/27)(a)		16,844		16,470,934
4.50%, 09/15/29 (Call 07/15/29)(a)		13,151		12,853,972
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)		6,663		5,657,029
				143,579,582
Media — 3.6%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)(a)		2,557		2,158,940
2.30%, 02/01/32 (Call 11/01/31)(a)		6,622		5,027,301
2.80%, 04/01/31 (Call 01/01/31)		8,179		6,607,733
3.50%, 06/01/41 (Call 12/01/40)(a)		13,359		8,843,630
3.50%, 03/01/42 (Call 09/01/41)(a)		14,665		9,605,384
3.70%, 04/01/51 (Call 10/01/50)		18,701		11,356,238
3.75%, 02/15/28 (Call 11/15/27)(a)		2,151		1,978,953
3.85%, 04/01/61 (Call 10/01/60)(a)		17,524		10,162,287
3.90%, 06/01/52 (Call 12/01/51)(a)		22,225		13,889,598
3.95%, 06/30/62 (Call 12/30/61)(a)		13,594		8,017,972
4.20%, 03/15/28 (Call 12/15/27)		4,233		3,968,135
4.40%, 04/01/33 (Call 01/01/33)(a)		6,842		5,975,204
4.40%, 12/01/61 (Call 06/01/61)(a)		12,612		8,064,695
4.80%, 03/01/50 (Call 09/01/49)		26,564		19,178,602
5.05%, 03/30/29 (Call 12/30/28)		2,545		2,432,948
5.13%, 07/01/49 (Call 01/01/49)(a)		12,363		9,362,281
5.25%, 04/01/53 (Call 10/01/52)(a)		14,859		11,558,424
5.38%, 04/01/38 (Call 10/01/37)		7,183		6,178,126
5.38%, 05/01/47 (Call 11/01/46)		23,173		18,299,570
5.50%, 04/01/63 (Call 10/01/62)		10,225		7,864,964
5.75%, 04/01/48 (Call 10/01/47)		23,104		19,201,868
6.38%, 10/23/35 (Call 04/23/35)(a)		16,891		16,365,823
6.48%, 10/23/45 (Call 04/23/45)		33,034		30,094,915
6.65%, 02/01/34 (Call 11/01/33)(a)		6,579		6,592,665
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)(a)		13,237		10,560,626
1.95%, 01/15/31 (Call 10/15/30)		10,237		8,402,539
2.45%, 08/15/52 (Call 02/15/52)(a)		18,843		10,789,519
2.65%, 02/01/30 (Call 11/01/29)		11,355		9,984,170
2.65%, 08/15/62 (Call 02/15/62)		9,656		5,370,959
2.80%, 01/15/51 (Call 07/15/50)		18,922		11,795,278
2.89%, 11/01/51 (Call 05/01/51)(a)		47,647		30,186,662
2.94%, 11/01/56 (Call 05/01/56)		58,835		36,186,561
2.99%, 11/01/63 (Call 05/01/63)(a)		36,481		21,767,738
3.15%, 02/15/28 (Call 11/15/27)		12,616		11,827,419
3.20%, 07/15/36 (Call 01/15/36)		11,043		8,910,900
3.25%, 11/01/39 (Call 05/01/39)		16,355		12,500,710
3.30%, 04/01/27 (Call 02/01/27)		1,581		1,508,259
3.40%, 04/01/30 (Call 01/01/30)		10,833		9,909,580
3.40%, 07/15/46 (Call 01/15/46)(a)		14,337		10,512,429
3.45%, 02/01/50 (Call 08/01/49)(a)		16,902		12,134,081
3.55%, 05/01/28 (Call 02/01/28)(a)		6,303		5,977,552
3.75%, 04/01/40 (Call 10/01/39)		18,903		15,486,617
3.90%, 03/01/38 (Call 09/01/37)(a)		10,031		8,602,781
3.97%, 11/01/47 (Call 05/01/47)(a)		20,147		15,957,127
4.00%, 08/15/47 (Call 02/15/47)		10,420		8,326,863
4.00%, 03/01/48 (Call 09/01/47)(a)		12,022		9,501,708

S C H E D U L E  O F  I N V E S T M E N T S 45

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
4.00%, 11/01/49 (Call 05/01/49)(a)	$	18,509	$	14,677,024
4.05%, 11/01/52 (Call 05/01/52)		9,643		7,580,439
4.15%, 10/15/28 (Call 07/15/28)		34,667		33,625,697
4.20%, 08/15/34 (Call 02/15/34)(a)		10,878		10,009,173
4.25%, 10/15/30 (Call 07/15/30)(a)		9,151		8,752,299
4.25%, 01/15/33		12,140		11,372,208
4.40%, 08/15/35 (Call 02/15/35)		8,763		8,121,389
4.55%, 01/15/29 (Call 12/15/28)		8,610		8,464,784
4.60%, 10/15/38 (Call 04/15/38)		10,146		9,329,666
4.60%, 08/15/45 (Call 02/15/45)		10,371		9,156,488
4.65%, 02/15/33 (Call 11/15/32)(a)		15,603		15,139,134
4.70%, 10/15/48 (Call 04/15/48)(a)		19,744		17,812,733
4.80%, 05/15/33 (Call 02/15/33)(a)		5,217		5,089,311
4.95%, 10/15/58 (Call 04/15/58)(a)		6,855		6,300,376
5.35%, 11/15/27 (Call 10/15/27)(a)		3,953		4,012,098
5.35%, 05/15/53 (Call 11/15/52)(a)		15,032		14,582,013
5.50%, 11/15/32 (Call 08/15/32)(a)		5,673		5,816,110
5.50%, 05/15/64 (Call 11/15/63)(a)		12,435		12,213,048
5.65%, 06/15/35		7,754		7,979,316
7.05%, 03/15/33(a)		2,528		2,839,151
Discovery Communications LLC
3.63%, 05/15/30 (Call 02/15/30)(a)		4,379		3,847,109
3.95%, 03/20/28 (Call 12/20/27)(a)		9,116		8,517,061
4.00%, 09/15/55 (Call 03/15/55)(a)		17,860		11,754,118
4.13%, 05/15/29 (Call 02/15/29)(a)		2,222		2,057,243
4.65%, 05/15/50 (Call 11/15/49)(a)		9,271		7,037,279
5.20%, 09/20/47 (Call 03/20/47)(a)		10,845		8,819,864
5.30%, 05/15/49 (Call 11/15/48)(a)		6,323		5,176,952
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		21,523		21,010,193
5.48%, 01/25/39 (Call 07/25/38)		10,042		9,316,532
5.58%, 01/25/49 (Call 07/25/48)(a)		19,556		17,854,239
6.50%, 10/13/33 (Call 07/13/33)		17,272		18,126,743
Paramount Global
4.20%, 05/19/32 (Call 02/19/32)		2,391		1,949,229
4.38%, 03/15/43		10,007		6,690,788
4.95%, 01/15/31 (Call 10/15/30)(a)		5,002		4,384,271
4.95%, 05/19/50 (Call 11/19/49)(a)		6,178		4,393,554
5.85%, 09/01/43 (Call 03/01/43)		8,065		6,514,094
6.88%, 04/30/36(a)		8,409		7,714,765
7.88%, 07/30/30(a)		6,480		6,612,805
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33(a)		9,507		10,534,687
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)(a)		13,039		9,532,531
5.50%, 09/01/41 (Call 03/01/41)		12,149		9,990,995
5.88%, 11/15/40 (Call 05/15/40)		12,409		10,650,122
6.55%, 05/01/37		14,638		13,705,754
6.75%, 06/15/39(a)		12,974		12,206,310
7.30%, 07/01/38		14,862		14,830,732
TWDC Enterprises 18 Corp.
2.95%, 06/15/27(a)		8,802		8,345,130
4.13%, 06/01/44(a)		11,516		9,824,741
Walt Disney Co. (The)
2.00%, 09/01/29 (Call 06/01/29)		16,807		14,493,500
2.20%, 01/13/28(a)		11,307		10,309,830
2.65%, 01/13/31(a)		33,216		28,861,376
2.75%, 09/01/49 (Call 03/01/49)(a)		21,382		13,786,746
3.50%, 05/13/40 (Call 11/13/39)		19,790		15,879,090
3.60%, 01/13/51 (Call 07/13/50)		28,967		21,965,340
3.80%, 03/22/30(a)		13,198		12,454,893

Security	Par (000)		Value
Media (continued)
3.80%, 05/13/60 (Call 11/13/59)	$	8,668	$	6,589,249
4.63%, 03/23/40 (Call 09/23/39)(a)		6,974		6,518,871
4.70%, 03/23/50 (Call 09/23/49)(a)		19,459		17,812,564
6.20%, 12/15/34(a)		11,177		12,177,699
6.40%, 12/15/35		11,342		12,492,696
6.65%, 11/15/37		14,088		15,904,370
				1,172,502,856
Mining — 0.7%
Barrick North America Finance LLC
5.70%, 05/30/41		7,429		7,523,805
5.75%, 05/01/43		7,458		7,614,863
Barrick PD Australia Finance Pty. Ltd., 5.95%, 10/15/39		7,039		7,220,525
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42(a)		9,384		8,090,809
4.75%, 02/28/28 (Call 01/28/28)(a)		13,330		13,241,883
4.90%, 02/28/33 (Call 11/28/32)(a)		5,399		5,327,076
5.00%, 09/30/43		21,973		20,982,758
5.25%, 09/08/30 (Call 07/08/30)(a)		11,908		11,996,702
5.25%, 09/08/33 (Call 06/08/33)		15,910		15,947,728
5.50%, 09/08/53 (Call 03/08/53)		6,965		7,087,472
Freeport-McMoRan Inc.
4.63%, 08/01/30 (Call 08/01/25)(a)		13,282		12,647,652
5.40%, 11/14/34 (Call 05/14/34)(a)		10,320		10,021,654
5.45%, 03/15/43 (Call 09/15/42)(a)		16,230		15,092,162
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)(a)		17,545		14,711,546
2.60%, 07/15/32 (Call 04/15/32)(a)		9,819		8,078,795
4.88%, 03/15/42 (Call 09/15/41)(a)		10,599		9,748,612
6.25%, 10/01/39(a)		6,060		6,395,028
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a)		8,229		8,755,380
Rio Tinto Finance USA Ltd.
2.75%, 11/02/51 (Call 05/02/51)		12,170		7,689,764
5.20%, 11/02/40		11,767		11,584,723
7.13%, 07/15/28		8,485		9,243,298
Rio Tinto Finance USA PLC
4.13%, 08/21/42 (Call 02/21/42)		6,659		5,695,234
5.13%, 03/09/53 (Call 09/09/52)		9,940		9,538,696
				234,236,165
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp., 3.57%, 12/01/31 (Call 09/01/31)(a)		9,815		8,512,670
Oil & Gas — 3.7%
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		9,120		7,510,019
2.72%, 01/12/32 (Call 10/12/31)(a)		14,434		12,228,287
2.77%, 11/10/50 (Call 05/10/50)		17,171		10,888,469
2.94%, 06/04/51 (Call 12/04/50)(a)		23,420		15,352,644
3.00%, 02/24/50 (Call 08/24/49)		21,255		14,167,797
3.00%, 03/17/52 (Call 09/17/51)(a)		12,626		8,357,153
3.06%, 06/17/41 (Call 12/17/40)		14,564		10,767,336
3.38%, 02/08/61 (Call 08/08/60)(a)		16,733		11,286,261
3.63%, 04/06/30 (Call 01/06/30)(a)		11,092		10,337,723
3.94%, 09/21/28 (Call 06/21/28)		12,291		11,808,103
4.23%, 11/06/28 (Call 08/06/28)(a)		19,733		19,186,238
4.70%, 04/10/29 (Call 03/10/29)(a)		10,937		10,795,323
4.81%, 02/13/33 (Call 11/13/32)(a)		21,145		20,621,619
4.89%, 09/11/33 (Call 06/11/33)(a)		14,525		14,220,171
4.99%, 04/10/34 (Call 01/10/34)(a)		13,694		13,447,234

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)	$	17,235	$	16,302,898
3.72%, 11/28/28 (Call 08/28/28)		9,313		8,838,128
Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)(a)		9,014		8,632,133
4.95%, 06/01/47 (Call 12/01/46)		3,411		2,954,376
6.25%, 03/15/38		15,077		15,486,464
Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)(a)		7,754		5,521,892
6.75%, 11/15/39(a)		9,149		9,873,674
Chevron Corp.
2.00%, 05/11/27 (Call 03/11/27)(a)		4,108		3,776,799
2.24%, 05/11/30 (Call 02/11/30)		13,998		12,114,006
3.08%, 05/11/50 (Call 11/11/49)(a)		11,510		8,112,909
Chevron USA Inc.
1.02%, 08/12/27 (Call 06/12/27)(a)		12,319		10,887,377
2.34%, 08/12/50 (Call 02/12/50)(a)		9,529		5,714,171
ConocoPhillips Co.
3.76%, 03/15/42 (Call 09/15/41)		8,322		6,765,134
3.80%, 03/15/52 (Call 09/15/51)		11,416		8,747,244
4.03%, 03/15/62 (Call 09/15/61)		14,409		11,175,813
4.30%, 11/15/44 (Call 05/15/44)		8,120		6,983,523
5.05%, 09/15/33 (Call 06/15/33)(a)		5,768		5,750,533
5.30%, 05/15/53 (Call 11/15/52)(a)		12,003		11,758,021
5.55%, 03/15/54 (Call 09/15/53)(a)		10,820		10,956,052
6.50%, 02/01/39		14,387		16,143,212
6.95%, 04/15/29(a)		10,018		10,972,099
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)(a)		14,340		13,786,452
Devon Energy Corp.
4.75%, 05/15/42 (Call 11/15/41)(a)		7,707		6,520,130
5.00%, 06/15/45 (Call 12/15/44)(a)		5,544		4,789,501
5.60%, 07/15/41 (Call 01/15/41)(a)		12,572		11,796,931
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)(a)		8,203		7,191,479
3.50%, 12/01/29 (Call 09/01/29)(a)		18,331		16,842,455
4.25%, 03/15/52 (Call 09/15/51)		3,770		2,975,378
6.25%, 03/15/33 (Call 12/15/32)(a)		12,088		12,704,215
EOG Resources Inc.
4.38%, 04/15/30 (Call 01/15/30)(a)		9,544		9,256,532
4.95%, 04/15/50 (Call 10/15/49)		4,626		4,306,985
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)(a)		16,542		15,665,941
5.75%, 02/01/34 (Call 11/01/33)(a)		9,263		9,072,165
7.00%, 02/01/30 (Call 11/01/29)(a)		6,103		6,460,356
Equinor ASA
2.38%, 05/22/30 (Call 02/22/30)(a)		1,960		1,699,722
3.13%, 04/06/30 (Call 01/06/30)(a)		6,710		6,112,195
3.25%, 11/18/49 (Call 05/18/49)		2,075		1,488,994
3.63%, 09/10/28 (Call 06/10/28)(a)		2,586		2,474,598
3.70%, 04/06/50 (Call 10/06/49)(a)		3,874		3,022,768
3.95%, 05/15/43		3,630		3,030,487
4.80%, 11/08/43(a)		2,060		1,924,841
5.10%, 08/17/40		2,209		2,168,509
Exxon Mobil Corp.
2.44%, 08/16/29 (Call 05/16/29)(a)		13,456		12,019,902
2.61%, 10/15/30 (Call 07/15/30)(a)		13,097		11,495,384
3.00%, 08/16/39 (Call 02/16/39)		9,442		7,234,524
3.10%, 08/16/49 (Call 02/16/49)(a)		17,485		12,227,191
3.29%, 03/19/27 (Call 01/19/27)(a)		3,611		3,473,916
3.45%, 04/15/51 (Call 10/15/50)		28,532		21,101,180

Security	Par (000)		Value
Oil & Gas (continued)
3.48%, 03/19/30 (Call 12/19/29)	$	14,500	$	13,528,472
3.57%, 03/06/45 (Call 09/06/44)(a)		11,307		8,856,584
4.11%, 03/01/46 (Call 09/01/45)		25,098		21,262,441
4.23%, 03/19/40 (Call 09/19/39)(a)		21,232		19,000,884
4.33%, 03/19/50 (Call 09/19/49)(a)		25,194		21,824,005
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)(a)		7,276		7,096,041
5.60%, 02/15/41(a)		12,659		12,744,789
6.00%, 01/15/40(a)		6,643		6,925,058
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)(a)		9,306		9,036,033
6.60%, 10/01/37(a)		9,819		10,174,356
Marathon Petroleum Corp.
4.75%, 09/15/44 (Call 03/15/44)		6,606		5,750,256
6.50%, 03/01/41 (Call 09/01/40)		12,567		13,326,782
Occidental Petroleum Corp.
6.13%, 01/01/31 (Call 07/01/30)(a)		12,513		12,839,276
6.45%, 09/15/36(a)		16,679		17,560,652
6.60%, 03/15/46 (Call 09/15/45)(a)		12,916		13,702,419
6.63%, 09/01/30 (Call 03/01/30)(a)		14,895		15,667,580
7.50%, 05/01/31		8,235		9,088,360
8.88%, 07/15/30 (Call 01/15/30)(a)		10,286		11,921,405
Ovintiv Inc., 6.50%, 08/15/34(a)		6,200		6,491,761
Phillips 66
2.15%, 12/15/30 (Call 09/15/30)(a)		8,136		6,754,497
3.30%, 03/15/52 (Call 09/15/51)(a)		13,172		8,961,948
3.90%, 03/15/28 (Call 12/15/27)(a)		9,363		9,013,690
4.65%, 11/15/34 (Call 05/15/34)		9,737		9,141,370
4.88%, 11/15/44 (Call 05/15/44)(a)		14,884		13,581,465
5.88%, 05/01/42		13,107		13,520,519
Phillips 66 Co., 4.95%, 12/01/27 (Call 11/01/27)		9,284		9,253,405
Pioneer Natural Resources Co.
1.90%, 08/15/30 (Call 05/15/30)(a)		7,569		6,300,672
2.15%, 01/15/31 (Call 10/15/30)(a)		3,791		3,169,742
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)(a)		11,340		9,991,193
2.75%, 04/06/30 (Call 01/06/30)(a)		14,097		12,536,496
3.00%, 11/26/51 (Call 05/26/51)		10,847		7,239,042
3.13%, 11/07/49 (Call 05/07/49)(a)		14,786		10,177,550
3.25%, 04/06/50 (Call 10/06/49)(a)		21,949		15,621,033
3.75%, 09/12/46		14,077		11,084,917
3.88%, 11/13/28 (Call 08/13/28)		15,053		14,533,518
4.00%, 05/10/46		22,361		18,346,668
4.13%, 05/11/35(a)		12,544		11,634,633
4.38%, 05/11/45		30,368		26,529,306
4.55%, 08/12/43(a)		14,662		13,309,643
5.50%, 03/25/40		10,223		10,472,835
6.38%, 12/15/38(a)		24,452		27,222,081
Suncor Energy Inc.
3.75%, 03/04/51 (Call 09/04/50)(a)		6,189		4,501,302
4.00%, 11/15/47 (Call 05/15/47)		4,500		3,434,436
6.50%, 06/15/38		11,788		12,316,025
6.80%, 05/15/38(a)		8,890		9,469,087
6.85%, 06/01/39		5,314		5,715,904
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)		11,869		10,661,626
2.99%, 06/29/41 (Call 12/29/40)(a)		5,661		4,198,081
3.13%, 05/29/50 (Call 11/29/49)(a)		22,249		15,457,991
3.39%, 06/29/60 (Call 12/29/59)(a)		5,396		3,742,800
3.46%, 02/19/29 (Call 11/19/28)(a)		11,957		11,229,336
3.46%, 07/12/49 (Call 01/12/49)		7,427		5,551,180

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
TotalEnergies Capital SA, 3.88%, 10/11/28(a)	$	9,326	$	8,963,486
Valero Energy Corp.
3.65%, 12/01/51 (Call 06/01/51)(a)		5,102		3,595,935
6.63%, 06/15/37		12,839		13,741,320
7.50%, 04/15/32(a)		10,058		11,430,284
				1,228,485,736
Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC, 5.13%, 09/15/40(a)		10,420		10,057,958
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
3.34%, 12/15/27 (Call 09/15/27)(a)		15,587		14,686,572
4.08%, 12/15/47 (Call 06/15/47)(a)		11,976		9,660,722
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)(a)		7,767		6,897,372
4.75%, 08/01/43 (Call 02/01/43)		9,261		8,367,594
4.85%, 11/15/35 (Call 05/15/35)(a)		10,837		10,379,741
5.00%, 11/15/45 (Call 05/15/45)(a)		18,390		17,088,146
6.70%, 09/15/38		7,636		8,575,330
7.45%, 09/15/39(a)		10,042		12,051,804
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a)		8,941		7,850,269
				105,615,508
Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)(a)		4,968		4,193,676
Berry Global Inc., 5.65%, 01/15/34 (Call 10/15/33)(a)(c)		7,794		7,687,265
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)(a)		11,524		11,432,605
				23,313,546
Pharmaceuticals — 7.7%
AbbVie Inc.
3.20%, 11/21/29 (Call 08/21/29)		45,807		41,852,761
4.05%, 11/21/39 (Call 05/21/39)		39,386		34,421,284
4.25%, 11/14/28 (Call 08/14/28)(a)		12,790		12,487,239
4.25%, 11/21/49 (Call 05/21/49)(a)		55,981		48,003,288
4.30%, 05/14/36 (Call 11/14/35)(a)		7,284		6,769,646
4.40%, 11/06/42		25,322		22,569,618
4.45%, 05/14/46 (Call 11/14/45)		20,045		17,671,518
4.50%, 05/14/35 (Call 11/14/34)		22,206		21,130,648
4.55%, 03/15/35 (Call 09/15/34)		11,481		10,995,460
4.70%, 05/14/45 (Call 11/14/44)		26,291		24,223,268
4.75%, 03/15/45 (Call 09/15/44)		10,561		9,794,640
4.80%, 03/15/29 (Call 02/15/29)		19,575		19,471,382
4.85%, 06/15/44 (Call 12/15/43)		11,178		10,543,777
4.88%, 11/14/48 (Call 05/14/48)		17,859		16,854,213
4.95%, 03/15/31 (Call 01/15/31)		10,290		10,279,529
5.05%, 03/15/34 (Call 12/15/33)(a)		8,240		8,265,457
5.35%, 03/15/44 (Call 09/15/43)		5,885		5,931,489
5.40%, 03/15/54 (Call 09/15/53)(a)		4,305		4,367,947
5.50%, 03/15/64 (Call 09/15/63)		5,005		5,055,700
Astrazeneca Finance LLC
1.75%, 05/28/28 (Call 03/28/28)		17,856		15,783,708
2.25%, 05/28/31 (Call 02/28/31)(a)		9,091		7,626,166
4.85%, 02/26/29 (Call 01/26/29)		10,915		10,898,352
4.88%, 03/03/28 (Call 02/03/28)		14,862		14,833,276
4.90%, 02/26/31 (Call 12/26/30)		10,427		10,404,372
5.00%, 02/26/34 (Call 11/26/33)		9,994		10,020,947

Security	Par (000)		Value
Pharmaceuticals (continued)
AstraZeneca PLC
1.38%, 08/06/30 (Call 05/06/30)(a)	$	14,033	$	11,369,082
3.00%, 05/28/51 (Call 11/28/50)(a)		5,506		3,810,965
3.13%, 06/12/27 (Call 03/12/27)(a)		5,147		4,886,928
4.00%, 01/17/29 (Call 10/17/28)(a)		16,018		15,476,057
4.00%, 09/18/42(a)		8,214		6,993,373
4.38%, 11/16/45(a)		8,636		7,636,567
4.38%, 08/17/48 (Call 02/17/48)		4,756		4,225,216
6.45%, 09/15/37		22,088		24,825,706
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)(a)		17,872		14,541,435
2.82%, 05/20/30 (Call 02/20/30)(a)		12,816		11,234,638
3.70%, 06/06/27 (Call 03/06/27)		9,966		9,546,018
4.67%, 06/06/47 (Call 12/06/46)		13,729		12,127,188
4.69%, 02/13/28 (Call 01/13/28)		13,432		13,228,321
4.69%, 12/15/44 (Call 06/15/44)(a)		9,138		8,170,614
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)(a)		11,370		9,964,225
1.45%, 11/13/30 (Call 08/13/30)(a)		9,152		7,330,491
2.35%, 11/13/40 (Call 05/13/40)(a)		8,758		5,876,884
2.55%, 11/13/50 (Call 05/13/50)(a)		17,136		10,292,588
2.95%, 03/15/32 (Call 12/15/31)(a)		17,988		15,496,320
3.40%, 07/26/29 (Call 04/26/29)		21,113		19,688,405
3.55%, 03/15/42 (Call 09/15/41)(a)		11,596		9,137,680
3.70%, 03/15/52 (Call 09/15/51)(a)		21,052		15,972,845
3.90%, 02/20/28 (Call 11/20/27)		8,858		8,548,742
3.90%, 03/15/62 (Call 09/15/61)		9,449		6,970,056
4.13%, 06/15/39 (Call 12/15/38)		18,662		16,246,258
4.25%, 10/26/49 (Call 04/26/49)(a)		33,903		28,263,527
4.35%, 11/15/47 (Call 05/15/47)		11,733		9,938,332
4.55%, 02/20/48 (Call 08/20/47)(a)		11,274		9,914,897
4.90%, 02/22/29 (Call 01/22/29)(a)		7,540		7,527,962
5.10%, 02/22/31 (Call 12/22/30)		3,983		3,995,156
5.20%, 02/22/34 (Call 11/22/33)(a)		20,548		20,692,399
5.55%, 02/22/54 (Call 08/22/53)		27,016		27,329,367
5.65%, 02/22/64 (Call 08/22/63)		16,390		16,517,260
5.75%, 02/01/31 (Call 12/01/30)		9,292		9,683,470
5.90%, 11/15/33 (Call 08/15/33)(a)		7,898		8,348,286
6.25%, 11/15/53 (Call 05/15/53)		12,209		13,514,390
6.40%, 11/15/63 (Call 05/15/63)		11,363		12,599,710
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a)		5,291		5,012,704
Cencora Inc.
2.70%, 03/15/31 (Call 12/15/30)		11,610		9,912,400
3.45%, 12/15/27 (Call 09/15/27)(a)		6,018		5,700,036
Cigna Group (The)
2.38%, 03/15/31 (Call 12/15/30)		14,367		11,966,784
2.40%, 03/15/30 (Call 12/15/29)		12,479		10,681,165
3.20%, 03/15/40 (Call 09/15/39)		8,112		6,041,315
3.40%, 03/01/27 (Call 12/01/26)(a)		3,924		3,735,775
3.40%, 03/15/50 (Call 09/15/49)(a)		13,218		9,222,269
3.40%, 03/15/51 (Call 09/15/50)(a)		15,187		10,561,022
3.88%, 10/15/47 (Call 04/15/47)		8,889		6,827,768
4.38%, 10/15/28 (Call 07/15/28)		41,377		40,126,260
4.80%, 08/15/38 (Call 02/15/38)		15,749		14,593,627
4.80%, 07/15/46 (Call 01/16/46)(a)		13,928		12,466,068
4.90%, 12/15/48 (Call 06/15/48)		29,802		26,745,104
5.00%, 05/15/29 (Call 04/15/29)		10,336		10,259,375
5.13%, 05/15/31 (Call 03/15/31)		6,675		6,599,271
5.25%, 02/15/34 (Call 11/15/33)(a)		9,780		9,661,132
5.40%, 03/15/33 (Call 12/15/32)(a)		5,694		5,709,662

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
5.60%, 02/15/54 (Call 08/15/53)	$	6,855	$	6,727,246
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		15,618		13,729,336
1.75%, 08/21/30 (Call 05/21/30)		12,425		10,079,119
1.88%, 02/28/31 (Call 11/28/30)(a)		10,070		8,083,759
2.13%, 09/15/31 (Call 06/15/31)(a)		9,244		7,452,723
2.70%, 08/21/40 (Call 02/21/40)(a)		14,413		9,828,117
3.25%, 08/15/29 (Call 05/15/29)		16,742		15,246,042
3.63%, 04/01/27 (Call 02/01/27)		1,303		1,249,289
3.75%, 04/01/30 (Call 01/01/30)		13,786		12,712,345
4.13%, 04/01/40 (Call 10/01/39)(a)		10,798		8,887,527
4.25%, 04/01/50 (Call 10/01/49)(a)		9,001		7,164,632
4.30%, 03/25/28 (Call 12/25/27)		45,555		44,205,907
4.78%, 03/25/38 (Call 09/25/37)(a)		43,453		39,385,443
5.00%, 01/30/29 (Call 12/30/28)(a)		7,606		7,574,647
5.05%, 03/25/48 (Call 09/25/47)		72,515		64,633,004
5.13%, 02/21/30 (Call 12/21/29)		15,068		14,976,286
5.13%, 07/20/45 (Call 01/20/45)		33,540		30,360,213
5.25%, 01/30/31 (Call 11/30/30)(a)		7,144		7,127,053
5.25%, 02/21/33 (Call 11/21/32)(a)		12,755		12,595,894
5.30%, 06/01/33 (Call 03/01/33)(a)		11,776		11,676,167
5.30%, 12/05/43 (Call 06/05/43)		8,725		8,113,223
5.63%, 02/21/53 (Call 08/21/52)(a)		12,625		12,102,373
5.88%, 06/01/53 (Call 12/01/52)(a)		12,825		12,766,020
6.00%, 06/01/63 (Call 12/01/62)(a)		6,337		6,339,828
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)(a)		10,476		6,301,341
2.50%, 09/15/60 (Call 03/15/60)		7,485		4,358,000
3.38%, 03/15/29 (Call 12/15/28)(a)		9,565		9,015,980
3.95%, 03/15/49 (Call 09/15/48)		5,314		4,439,395
4.50%, 02/09/29 (Call 01/09/29)(a)		11,298		11,237,504
4.70%, 02/27/33 (Call 11/27/32)		12,609		12,499,346
4.70%, 02/09/34 (Call 11/09/33)		11,120		10,979,482
4.88%, 02/27/53 (Call 08/27/52)(a)		8,160		7,870,452
4.95%, 02/27/63 (Call 08/27/62)		9,577		9,206,739
5.00%, 02/09/54 (Call 08/09/53)		9,523		9,361,336
5.10%, 02/09/64 (Call 08/09/63)		15,584		15,292,310
GlaxoSmithKline Capital Inc.
3.88%, 05/15/28		13,052		12,635,981
6.38%, 05/15/38		20,633		23,076,562
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)		6,491		6,094,813
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)(a)		16,105		14,249,190
1.30%, 09/01/30 (Call 06/01/30)(a)		14,866		12,183,185
2.10%, 09/01/40 (Call 03/01/40)(a)		9,851		6,688,595
2.25%, 09/01/50 (Call 03/01/50)(a)		11,390		7,001,253
2.45%, 09/01/60 (Call 03/01/60)(a)		12,640		7,447,369
2.90%, 01/15/28 (Call 10/15/27)(a)		12,454		11,781,216
2.95%, 03/03/27 (Call 12/03/26)		1,903		1,818,094
3.40%, 01/15/38 (Call 07/15/37)		10,305		8,716,593
3.50%, 01/15/48 (Call 07/15/47)(a)		9,235		7,290,820
3.55%, 03/01/36 (Call 09/01/35)		7,151		6,316,527
3.63%, 03/03/37 (Call 09/03/36)		14,305		12,630,681
3.70%, 03/01/46 (Call 09/01/45)		19,353		15,866,940
3.75%, 03/03/47 (Call 09/03/46)(a)		11,617		9,529,833
4.38%, 12/05/33 (Call 06/05/33)(a)		10,157		10,019,132
5.95%, 08/15/37		9,816		10,807,737
Merck & Co. Inc.
1.45%, 06/24/30 (Call 03/24/30)(a)		12,371		10,107,584
1.70%, 06/10/27 (Call 05/10/27)(a)		9,191		8,342,645

Security	Par (000)		Value
Pharmaceuticals (continued)
1.90%, 12/10/28 (Call 10/10/28)(a)	$	9,331	$	8,229,202
2.15%, 12/10/31 (Call 09/10/31)		18,438		15,271,832
2.35%, 06/24/40 (Call 12/24/39)		10,365		7,171,697
2.45%, 06/24/50 (Call 12/24/49)(a)		16,715		10,277,771
2.75%, 12/10/51 (Call 06/10/51)		20,697		13,334,485
2.90%, 12/10/61 (Call 06/10/61)		13,621		8,454,011
3.40%, 03/07/29 (Call 12/07/28)		15,567		14,615,000
3.70%, 02/10/45 (Call 08/10/44)		20,550		16,633,355
3.90%, 03/07/39 (Call 09/07/38)		8,546		7,469,496
4.00%, 03/07/49 (Call 09/07/48)		14,711		12,265,005
4.15%, 05/18/43		14,051		12,255,336
4.30%, 05/17/30 (Call 03/17/30)(a)		5,576		5,429,245
4.50%, 05/17/33 (Call 02/17/33)(a)		13,104		12,734,289
4.90%, 05/17/44 (Call 11/17/43)		9,381		9,009,619
5.00%, 05/17/53 (Call 11/17/52)(a)		15,114		14,631,025
5.15%, 05/17/63 (Call 11/17/62)(a)		9,523		9,281,777
Mylan Inc.
4.55%, 04/15/28 (Call 01/15/28)(a)		11,781		11,351,885
5.20%, 04/15/48 (Call 10/15/47)		8,969		7,360,137
Novartis Capital Corp.
2.20%, 08/14/30 (Call 05/14/30)		16,214		13,912,713
2.75%, 08/14/50 (Call 02/14/50)(a)		9,740		6,465,022
3.10%, 05/17/27 (Call 02/17/27)		4,223		4,016,023
4.00%, 11/20/45 (Call 05/20/45)		8,592		7,295,896
4.40%, 05/06/44(a)		14,412		13,113,098
Pfizer Inc.
1.70%, 05/28/30 (Call 02/28/30)(a)		8,979		7,482,172
1.75%, 08/18/31 (Call 05/18/31)		11,394		9,178,175
2.55%, 05/28/40 (Call 11/28/39)(a)		11,754		8,251,517
2.63%, 04/01/30 (Call 01/01/30)(a)		12,458		11,034,518
2.70%, 05/28/50 (Call 11/28/49)(a)		14,421		9,481,707
3.45%, 03/15/29 (Call 12/15/28)(a)		13,612		12,788,933
3.60%, 09/15/28 (Call 06/15/28)(a)		6,847		6,540,873
3.90%, 03/15/39 (Call 09/15/38)		9,087		7,755,396
4.00%, 12/15/36(a)		4,930		4,414,627
4.00%, 03/15/49 (Call 09/15/48)(a)		11,744		9,656,255
4.13%, 12/15/46(a)		14,676		12,309,047
4.20%, 09/15/48 (Call 03/15/48)		10,501		8,933,636
4.30%, 06/15/43(a)		8,982		7,863,045
4.40%, 05/15/44(a)		11,414		10,235,429
7.20%, 03/15/39(a)		24,027		28,532,536
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/28 (Call 04/19/28)(a)		35,652		34,950,575
4.65%, 05/19/30 (Call 03/19/30)		29,120		28,661,351
4.75%, 05/19/33 (Call 02/19/33)(a)		45,637		44,405,782
5.11%, 05/19/43 (Call 11/19/42)(a)		28,976		27,857,726
5.30%, 05/19/53 (Call 11/19/52)		54,755		53,506,893
5.34%, 05/19/63 (Call 11/19/62)		38,570		37,142,644
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		24,457		20,586,790
3.03%, 07/09/40 (Call 01/09/40)(a)		9,605		7,136,026
3.18%, 07/09/50 (Call 01/09/50)		16,504		11,373,885
3.38%, 07/09/60 (Call 01/09/60)(a)		9,187		6,155,107
5.00%, 11/26/28 (Call 08/26/28)(a)		23,993		23,965,763
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45)		9,319		7,626,148
Viatris Inc.
2.30%, 06/22/27 (Call 04/22/27)		8,399		7,590,691
2.70%, 06/22/30 (Call 03/22/30)		15,832		13,334,580
3.85%, 06/22/40 (Call 12/22/39)(a)		15,141		11,116,418
4.00%, 06/22/50 (Call 12/22/49)(a)		20,090		13,719,907

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
Wyeth LLC
5.95%, 04/01/37(a)	$	16,145	$	17,189,830
6.50%, 02/01/34(a)		5,064		5,571,009
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)(a)		7,270		6,089,766
3.00%, 09/12/27 (Call 06/12/27)(a)		13,124		12,291,428
4.70%, 02/01/43 (Call 08/01/42)		8,868		8,101,688
5.60%, 11/16/32 (Call 08/16/32)(a)		10,355		10,696,084
				2,528,287,484
Pipelines — 3.8%
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)		12,557		11,574,736
5.13%, 06/30/27 (Call 01/01/27)		11,725		11,668,079
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 03/11/24)		19,094		18,340,831
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)(a)		11,687		9,757,850
4.00%, 03/01/31 (Call 03/01/26)		13,978		12,479,971
4.50%, 10/01/29 (Call 10/01/24)(a)		13,466		12,628,819
5.95%, 06/30/33 (Call 12/30/32)		12,179		12,190,224
Enbridge Inc.
2.50%, 08/01/33 (Call 05/01/33)(a)		6,681		5,266,232
3.13%, 11/15/29 (Call 08/15/29)(a)		4,444		4,007,056
3.40%, 08/01/51 (Call 02/01/51)(a)		2,101		1,463,313
5.50%, 12/01/46 (Call 06/01/46)(a)		2,003		1,934,887
5.70%, 03/08/33 (Call 12/08/32)(a)		18,351		18,547,110
6.00%, 11/15/28 (Call 10/15/28)(a)		5,331		5,523,009
6.20%, 11/15/30 (Call 09/15/30)(a)		3,054		3,202,307
6.70%, 11/15/53 (Call 05/15/53)(a)		7,107		7,916,790
Energy Transfer LP
3.75%, 05/15/30 (Call 02/15/30)(a)		14,185		12,936,974
4.00%, 10/01/27 (Call 07/01/27)		8,787		8,401,638
4.95%, 05/15/28 (Call 02/15/28)		6,494		6,403,746
4.95%, 06/15/28 (Call 03/15/28)(a)		10,600		10,441,078
5.00%, 05/15/50 (Call 11/15/49)(a)		20,191		17,429,229
5.15%, 03/15/45 (Call 09/15/44)(a)		10,756		9,600,455
5.25%, 04/15/29 (Call 01/15/29)(a)		15,019		14,961,692
5.30%, 04/15/47 (Call 10/15/46)(a)		10,050		8,982,359
5.35%, 05/15/45 (Call 11/15/44)		8,941		8,125,665
5.40%, 10/01/47 (Call 04/01/47)		14,986		13,592,248
5.50%, 06/01/27 (Call 03/01/27)(a)		5,849		5,868,208
5.55%, 02/15/28 (Call 01/15/28)		11,002		11,080,386
5.55%, 05/15/34 (Call 02/15/34)(a)		7,707		7,630,612
5.75%, 02/15/33 (Call 11/15/32)		12,141		12,200,332
5.95%, 05/15/54 (Call 11/15/53)		15,923		15,554,582
6.00%, 06/15/48 (Call 12/15/47)		10,398		10,151,297
6.13%, 12/15/45 (Call 06/15/45)		8,450		8,395,550
6.25%, 04/15/49 (Call 10/15/48)(a)		14,723		14,855,866
6.40%, 12/01/30 (Call 10/01/30)		10,307		10,810,022
6.50%, 02/01/42 (Call 08/01/41)(a)		10,794		11,327,829
6.55%, 12/01/33 (Call 09/01/33)		13,084		13,850,416
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		11,609		10,305,075
3.13%, 07/31/29 (Call 04/30/29)(a)		11,173		10,226,788
3.20%, 02/15/52 (Call 08/15/51)		11,036		7,551,634
3.30%, 02/15/53 (Call 08/15/52)(a)		10,928		7,618,833
3.70%, 01/31/51 (Call 07/31/50)		11,165		8,399,913
3.95%, 01/31/60 (Call 07/31/59)(a)		6,248		4,749,698
4.15%, 10/16/28 (Call 07/16/28)		12,205		11,782,337
4.20%, 01/31/50 (Call 07/31/49)(a)		10,641		8,775,473
4.25%, 02/15/48 (Call 08/15/47)		13,538		11,318,679

Security	Par (000)		Value
Pipelines (continued)
4.45%, 02/15/43 (Call 08/15/42)	$	12,275	$	10,718,953
4.80%, 02/01/49 (Call 08/01/48)		10,514		9,516,823
4.85%, 01/31/34 (Call 10/31/33)		8,807		8,566,485
4.85%, 08/15/42 (Call 02/15/42)(a)		8,609		7,871,321
4.85%, 03/15/44 (Call 09/15/43)(a)		14,809		13,673,744
4.90%, 05/15/46 (Call 11/15/45)		10,116		9,238,128
5.10%, 02/15/45 (Call 08/15/44)		12,761		12,009,168
5.35%, 01/31/33 (Call 10/31/32)		6,981		7,062,141
5.95%, 02/01/41(a)		8,053		8,377,327
Kinder Morgan Energy Partners LP
5.50%, 03/01/44 (Call 09/01/43)		8,671		8,020,466
6.95%, 01/15/38		12,070		13,022,511
Kinder Morgan Inc.
2.00%, 02/15/31 (Call 11/15/30)(a)		6,995		5,671,146
3.60%, 02/15/51 (Call 08/15/50)		12,214		8,382,059
4.30%, 03/01/28 (Call 12/01/27)(a)		12,853		12,461,897
4.80%, 02/01/33 (Call 11/01/32)(a)		7,306		6,892,294
5.00%, 02/01/29 (Call 01/01/29)		9,750		9,662,484
5.05%, 02/15/46 (Call 08/15/45)		8,712		7,577,974
5.20%, 06/01/33 (Call 03/01/33)(a)		13,659		13,264,771
5.20%, 03/01/48 (Call 09/01/47)(a)		8,081		7,162,455
5.30%, 12/01/34 (Call 06/01/34)(a)		5,306		5,169,445
5.40%, 02/01/34 (Call 11/01/33)(a)		10,100		9,921,876
5.45%, 08/01/52 (Call 02/01/52)(a)		7,977		7,348,983
5.55%, 06/01/45 (Call 12/01/44)		17,664		16,577,795
7.75%, 01/15/32(a)		9,296		10,467,586
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49)		8,339		6,105,762
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		12,586		10,697,059
4.00%, 03/15/28 (Call 12/15/27)(a)		11,873		11,386,086
4.13%, 03/01/27 (Call 12/01/26)		1,521		1,475,213
4.50%, 04/15/38 (Call 10/15/37)		16,631		14,468,335
4.70%, 04/15/48 (Call 10/15/47)(a)		17,031		14,247,230
4.80%, 02/15/29 (Call 11/15/28)(a)		6,125		5,995,136
4.95%, 09/01/32 (Call 06/01/32)		6,102		5,838,511
4.95%, 03/14/52 (Call 09/14/51)		15,759		13,516,387
5.00%, 03/01/33 (Call 12/01/32)(a)		9,901		9,468,860
5.20%, 03/01/47 (Call 09/01/46)		11,556		10,363,039
5.50%, 02/15/49 (Call 08/15/48)(a)		14,838		13,852,266
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		7,828		6,934,890
3.40%, 09/01/29 (Call 06/01/29)(a)		6,743		6,161,511
4.55%, 07/15/28 (Call 04/15/28)(a)		6,309		6,155,442
5.20%, 07/15/48 (Call 01/15/48)(a)		10,404		9,364,391
5.65%, 11/01/28 (Call 10/01/28)(a)		5,823		5,917,929
6.05%, 09/01/33 (Call 06/01/33)(a)		11,581		11,917,045
6.10%, 11/15/32 (Call 08/15/32)		5,086		5,255,405
6.63%, 09/01/53 (Call 03/01/53)(a)		17,726		19,001,480
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)(a)		8,165		7,403,712
3.80%, 09/15/30 (Call 06/15/30)		7,728		7,022,297
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		16,644		16,040,224
4.50%, 05/15/30 (Call 11/15/29)(a)		17,784		17,014,499
5.00%, 03/15/27 (Call 09/15/26)		2,622		2,601,801
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		7,661		6,874,093
4.95%, 04/15/52 (Call 10/15/51)(a)		8,039		6,867,557
5.20%, 07/01/27 (Call 06/01/27)(a)		8,863		8,806,635

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
6.13%, 03/15/33 (Call 12/15/32)(a)	$	8,190	$	8,423,087
6.15%, 03/01/29 (Call 02/01/29)(a)		10,893		11,228,377
6.50%, 03/30/34 (Call 12/30/33)(a)		10,149		10,741,722
6.50%, 02/15/53 (Call 08/15/52)(a)		8,438		8,809,778
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)(a)		9,931		8,852,387
4.88%, 02/01/31 (Call 02/01/26)(a)		9,582		9,095,268
5.50%, 03/01/30 (Call 03/01/25)(a)		11,652		11,539,092
6.50%, 07/15/27 (Call 04/01/24)		11,425		11,543,614
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		5,336		4,374,333
4.10%, 04/15/30 (Call 01/15/30)(a)		11,505		10,760,645
4.25%, 05/15/28 (Call 02/15/28)		19,423		18,685,480
4.63%, 03/01/34 (Call 12/01/33)		11,154		10,339,587
4.88%, 05/15/48 (Call 11/15/47)		10,135		8,871,786
5.10%, 03/15/49 (Call 09/15/48)(a)		10,388		9,539,628
6.10%, 06/01/40		6,798		6,947,385
6.20%, 10/15/37		10,966		11,286,569
7.63%, 01/15/39(a)		11,074		12,920,761
Western Midstream Operating LP
4.05%, 02/01/30 (Call 11/01/29)(a)		15,879		14,700,557
5.25%, 02/01/50 (Call 08/01/49)(a)		8,865		7,868,750
6.15%, 04/01/33 (Call 01/01/33)		9,383		9,526,139
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)(a)		13,286		11,178,444
3.50%, 11/15/30 (Call 08/15/30)(a)		9,156		8,261,068
3.75%, 06/15/27 (Call 03/15/27)		12,064		11,536,525
4.65%, 08/15/32 (Call 05/15/32)(a)		9,064		8,610,733
4.85%, 03/01/48 (Call 09/01/47)		8,633		7,576,851
4.90%, 03/15/29 (Call 02/15/29)(a)		9,933		9,796,016
5.10%, 09/15/45 (Call 03/15/45)(a)		10,441		9,535,024
5.15%, 03/15/34 (Call 12/15/33)(a)		11,821		11,535,050
5.30%, 08/15/28 (Call 07/15/28)(a)		10,041		10,113,170
5.30%, 08/15/52 (Call 02/15/52)(a)		8,673		8,077,089
5.65%, 03/15/33 (Call 12/15/32)(a)		5,948		6,039,858
6.30%, 04/15/40		13,210		13,679,317
				1,261,214,545
Real Estate — 0.1%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)(a)		7,871		7,952,778
Prologis LP, 5.00%, 03/15/34 (Call 12/15/33)		7,260		7,133,754
Realty Income Corp., 5.13%, 02/15/34 (Call 11/15/33)		7,813		7,567,311
				22,653,843
Real Estate Investment Trusts — 1.9%
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		10,341		7,739,463
2.00%, 05/18/32 (Call 02/18/32)(a)		17,247		13,335,946
2.95%, 03/15/34 (Call 12/15/33)		8,955		7,221,501
3.00%, 05/18/51 (Call 11/18/50)(a)		8,200		5,141,843
3.38%, 08/15/31 (Call 05/15/31)(a)		5,098		4,477,932
3.55%, 03/15/52 (Call 09/15/51)		10,609		7,350,152
American Tower Corp.
1.88%, 10/15/30 (Call 07/15/30)		10,589		8,496,992
2.10%, 06/15/30 (Call 03/15/30)		7,998		6,582,458
2.90%, 01/15/30 (Call 10/15/29)(a)		9,678		8,479,303
2.95%, 01/15/51 (Call 07/15/50)(a)		3,668		2,321,496
3.10%, 06/15/50 (Call 12/15/49)		5,740		3,744,576
3.55%, 07/15/27 (Call 04/15/27)		13,413		12,703,676

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.80%, 08/15/29 (Call 05/15/29)(a)	$	15,776	$	14,604,083
5.55%, 07/15/33 (Call 04/15/33)		9,854		9,826,451
5.65%, 03/15/33 (Call 12/15/32)		9,968		10,033,755
5.80%, 11/15/28 (Call 10/15/28)(a)		10,768		10,977,020
5.90%, 11/15/33 (Call 08/15/33)(a)		8,097		8,301,685
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)(a)		7,680		5,660,639
2.55%, 04/01/32 (Call 01/01/32)(a)		6,974		5,421,292
3.25%, 01/30/31 (Call 10/30/30)(a)		10,278		8,661,821
3.40%, 06/21/29 (Call 03/21/29)(a)		10,940		9,639,309
4.50%, 12/01/28 (Call 09/01/28)		13,786		13,019,005
6.50%, 01/15/34 (Call 10/15/33)(a)		7,921		8,095,740
6.75%, 12/01/27 (Call 11/01/27)(a)		11,654		12,029,372
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)(a)		7,554		6,956,091
4.13%, 05/15/29 (Call 02/15/29)(a)		8,568		8,015,802
Crown Castle Inc.
2.10%, 04/01/31 (Call 01/01/31)		10,472		8,387,458
2.25%, 01/15/31 (Call 10/15/30)		11,826		9,646,746
2.50%, 07/15/31 (Call 04/15/31)(a)		5,674		4,644,593
2.90%, 03/15/27 (Call 02/15/27)		4,038		3,761,034
2.90%, 04/01/41 (Call 10/01/40)(a)		9,479		6,568,438
3.25%, 01/15/51 (Call 07/15/50)(a)		6,108		4,128,332
3.30%, 07/01/30 (Call 04/01/30)		9,023		7,971,155
3.65%, 09/01/27 (Call 06/01/27)		13,746		12,975,159
3.80%, 02/15/28 (Call 11/15/27)		10,423		9,809,614
5.00%, 01/11/28 (Call 12/11/27)		11,740		11,574,643
5.10%, 05/01/33 (Call 02/01/33)(a)		9,260		8,947,123
5.60%, 06/01/29 (Call 05/01/29)(a)		9,829		9,884,886
5.80%, 03/01/34 (Call 12/01/33)(a)		8,637		8,745,468
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)(a)		8,489		7,828,811
3.70%, 08/15/27 (Call 05/15/27)		10,692		10,195,254
5.55%, 01/15/28 (Call 12/15/27)		12,681		12,815,291
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)		11,645		9,640,155
2.50%, 05/15/31 (Call 02/15/31)(a)		13,022		10,848,615
3.20%, 11/18/29 (Call 08/18/29)		11,222		10,080,458
3.90%, 04/15/32 (Call 01/15/32)(a)		14,157		12,832,157
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a)		6,073		5,227,033
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		1,655		1,373,530
5.30%, 01/15/29 (Call 10/15/28)		7,833		7,617,467
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)(a)		4,792		3,755,887
Healthpeak OP LLC
3.00%, 01/15/30 (Call 10/15/29)(a)		8,460		7,429,925
5.25%, 12/15/32 (Call 09/15/32)(a)		4,506		4,402,726
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)(a)		11,688		9,276,852
2.25%, 04/15/30 (Call 01/15/30)		10,423		8,939,711
4.75%, 06/15/33 (Call 03/15/33)(a)		7,441		7,202,434
4.88%, 06/15/28 (Call 05/15/28)(a)		10,559		10,546,275
5.13%, 01/15/34 (Call 10/15/33)(a)		5,837		5,774,562
5.25%, 06/15/53 (Call 12/15/52)(a)		9,140		8,851,495
Realty Income Corp.
3.25%, 01/15/31 (Call 10/15/30)		10,670		9,437,675
5.63%, 10/13/32 (Call 07/13/32)(a)		5,007		5,062,081
Simon Property Group LP
1.75%, 02/01/28 (Call 11/01/27)		13,635		12,059,199

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.45%, 09/13/29 (Call 06/13/29)(a)	$	10,651	$	9,288,719
2.65%, 07/15/30 (Call 04/15/30)		8,958		7,777,997
3.25%, 09/13/49 (Call 03/13/49)(a)		9,686		6,715,167
3.38%, 06/15/27 (Call 03/15/27)(a)		7,472		7,088,578
3.38%, 12/01/27 (Call 09/01/27)(a)		5,966		5,623,003
3.80%, 07/15/50 (Call 01/15/50)(a)		7,465		5,638,853
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a)		9,360		8,972,971
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)		16,515		16,007,722
4.95%, 02/15/30 (Call 12/15/29)(a)		12,020		11,469,574
5.13%, 05/15/32 (Call 02/15/32)(a)		12,184		11,447,679
5.63%, 05/15/52 (Call 11/15/51)		2,756		2,486,194
Welltower OP LLC
2.80%, 06/01/31 (Call 03/01/31)(a)		4,588		3,897,347
3.10%, 01/15/30 (Call 10/15/29)		8,269		7,359,986
4.25%, 04/15/28 (Call 01/15/28)(a)		10,483		10,146,454
Weyerhaeuser Co.
4.00%, 11/15/29 (Call 08/15/29)		9,042		8,496,304
4.00%, 04/15/30 (Call 01/15/30)		9,890		9,243,642
				638,739,835
Retail — 2.8%
AutoZone Inc.
4.00%, 04/15/30 (Call 01/15/30)(a)		7,311		6,882,868
4.75%, 08/01/32 (Call 05/01/32)		3,314		3,181,830
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		3,541		3,185,372
1.60%, 04/20/30 (Call 01/20/30)(a)		17,482		14,549,438
1.75%, 04/20/32 (Call 01/20/32)		2,046		1,634,127
3.00%, 05/18/27 (Call 02/18/27)(a)		2,238		2,127,123
Dollar General Corp.
3.50%, 04/03/30 (Call 01/03/30)(a)		12,296		11,118,579
5.45%, 07/05/33 (Call 04/05/33)(a)		4,473		4,442,020
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)(a)		1,985		1,650,188
4.20%, 05/15/28 (Call 02/15/28)		5,217		5,030,803
Home Depot Inc. (The)
1.38%, 03/15/31 (Call 12/15/30)		7,817		6,187,775
1.50%, 09/15/28 (Call 07/15/28)(a)		11,204		9,755,732
1.88%, 09/15/31 (Call 06/15/31)(a)		4,465		3,616,210
2.38%, 03/15/51 (Call 09/15/50)(a)		14,172		8,289,522
2.50%, 04/15/27 (Call 02/15/27)		3,408		3,174,182
2.70%, 04/15/30 (Call 01/15/30)(a)		16,645		14,725,226
2.75%, 09/15/51 (Call 03/15/51)(a)		11,803		7,525,415
2.80%, 09/14/27 (Call 06/14/27)(a)		9,657		9,055,152
2.88%, 04/15/27 (Call 03/15/27)		1,450		1,369,303
2.95%, 06/15/29 (Call 03/15/29)		17,321		15,794,743
3.13%, 12/15/49 (Call 06/15/49)		13,758		9,559,466
3.25%, 04/15/32 (Call 01/15/32)		16,318		14,495,700
3.30%, 04/15/40 (Call 10/15/39)		13,558		10,619,683
3.35%, 04/15/50 (Call 10/15/49)(a)		15,684		11,352,161
3.50%, 09/15/56 (Call 03/15/56)(a)		1,894		1,393,579
3.63%, 04/15/52 (Call 10/15/51)(a)		15,300		11,544,786
3.90%, 12/06/28 (Call 09/06/28)(a)		9,857		9,530,161
3.90%, 06/15/47 (Call 12/15/46)		12,718		10,232,880
4.20%, 04/01/43 (Call 10/01/42)		12,060		10,396,151
4.25%, 04/01/46 (Call 10/01/45)		16,868		14,427,652
4.40%, 03/15/45 (Call 09/15/44)		11,279		9,857,073
4.50%, 09/15/32 (Call 06/15/32)(a)		11,271		11,021,709
4.50%, 12/06/48 (Call 06/06/48)		15,643		13,791,324
4.88%, 02/15/44 (Call 08/15/43)		11,786		11,051,494

Security	Par (000)		Value
Retail (continued)
4.90%, 04/15/29 (Call 03/15/29)(a)	$	10,316	$	10,356,880
4.95%, 09/15/52 (Call 03/15/52)(a)		7,922		7,504,522
5.88%, 12/16/36		25,294		26,941,416
5.95%, 04/01/41 (Call 10/01/40)		11,432		12,183,056
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)(a)		13,334		11,564,622
1.70%, 09/15/28 (Call 07/15/28)(a)		13,100		11,372,199
1.70%, 10/15/30 (Call 07/15/30)(a)		13,014		10,569,902
2.63%, 04/01/31 (Call 01/01/31)(a)		14,413		12,267,318
2.80%, 09/15/41 (Call 03/15/41)(a)		12,511		8,721,905
3.00%, 10/15/50 (Call 04/15/50)(a)		20,498		13,223,530
3.10%, 05/03/27 (Call 02/03/27)(a)		6,904		6,526,007
3.35%, 04/01/27 (Call 03/01/27)(a)		3,998		3,813,103
3.65%, 04/05/29 (Call 01/05/29)(a)		16,433		15,483,638
3.70%, 04/15/46 (Call 10/15/45)		16,431		12,382,980
3.75%, 04/01/32 (Call 01/01/32)(a)		14,074		12,767,429
4.05%, 05/03/47 (Call 11/03/46)		16,661		13,213,336
4.25%, 04/01/52 (Call 10/01/51)		14,652		11,745,349
4.45%, 04/01/62 (Call 10/01/61)		5,997		4,787,576
4.50%, 04/15/30 (Call 01/15/30)(a)		13,396		13,018,915
5.00%, 04/15/33 (Call 01/15/33)(a)		12,005		11,838,353
5.15%, 07/01/33 (Call 04/01/33)(a)		9,294		9,242,705
5.63%, 04/15/53 (Call 10/15/52)(a)		15,279		15,122,169
5.80%, 09/15/62 (Call 03/15/62)(a)		4,717		4,696,841
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		5,696		4,870,427
2.63%, 09/01/29 (Call 06/01/29)(a)		10,582		9,468,279
3.50%, 03/01/27 (Call 12/01/26)(a)		1,638		1,577,624
3.50%, 07/01/27 (Call 05/01/27)(a)		3,237		3,097,165
3.60%, 07/01/30 (Call 04/01/30)		10,207		9,470,890
3.63%, 09/01/49 (Call 03/01/49)(a)		18,280		13,629,667
3.80%, 04/01/28 (Call 01/01/28)(a)		6,256		6,016,417
4.20%, 04/01/50 (Call 10/01/49)(a)		8,027		6,632,383
4.45%, 03/01/47 (Call 09/01/46)		11,107		9,555,198
4.45%, 09/01/48 (Call 03/01/48)		8,709		7,537,714
4.60%, 09/09/32 (Call 06/09/32)(a)		2,912		2,840,002
4.70%, 12/09/35 (Call 06/09/35)(a)		5,163		4,945,410
4.88%, 12/09/45 (Call 06/09/45)(a)		17,305		15,942,923
5.15%, 09/09/52 (Call 03/09/52)		7,861		7,487,692
5.45%, 08/14/53 (Call 02/14/53)		8,605		8,562,614
6.30%, 10/15/37		7,929		8,642,713
6.30%, 03/01/38(a)		6,836		7,443,597
O’Reilly Automotive Inc.
3.60%, 09/01/27 (Call 06/01/27)(a)		1,756		1,672,618
4.70%, 06/15/32 (Call 03/15/32)(a)		3,903		3,768,991
Starbucks Corp.
2.25%, 03/12/30 (Call 12/12/29)(a)		10,317		8,825,290
2.55%, 11/15/30 (Call 08/15/30)(a)		13,121		11,251,357
3.00%, 02/14/32 (Call 11/14/31)(a)		8,380		7,261,314
3.50%, 11/15/50 (Call 05/15/50)(a)		10,798		7,881,364
3.55%, 08/15/29 (Call 05/15/29)(a)		12,651		11,877,365
4.00%, 11/15/28 (Call 08/15/28)(a)		11,874		11,479,851
4.45%, 08/15/49 (Call 02/15/49)(a)		7,743		6,626,393
4.50%, 11/15/48 (Call 05/15/48)(a)		7,923		6,846,424
Target Corp.
2.35%, 02/15/30 (Call 11/15/29)(a)		11,028		9,618,882
2.95%, 01/15/52 (Call 07/15/51)(a)		10,052		6,683,810
3.38%, 04/15/29 (Call 01/15/29)(a)		10,979		10,309,553
4.00%, 07/01/42(a)		8,779		7,580,677
4.50%, 09/15/32 (Call 06/15/32)(a)		9,517		9,205,123
4.80%, 01/15/53 (Call 07/15/52)(a)		9,535		8,794,890

52 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)(a)	$	10,739	$	7,566,844
2.65%, 09/22/51 (Call 03/22/51)(a)		12,671		8,250,245
3.70%, 06/26/28 (Call 03/26/28)(a)		14,716		14,224,018
3.90%, 04/15/28 (Call 03/15/28)(a)		8,507		8,299,147
4.05%, 06/29/48 (Call 12/29/47)		15,128		13,029,678
4.10%, 04/15/33 (Call 01/15/33)(a)		10,899		10,372,482
4.15%, 09/09/32 (Call 06/09/32)(a)		8,915		8,591,711
4.50%, 09/09/52 (Call 03/09/52)(a)		9,327		8,483,540
4.50%, 04/15/53 (Call 10/15/52)		14,406		13,075,409
5.25%, 09/01/35		10,818		11,200,205
6.20%, 04/15/38(a)		7,524		8,434,743
6.50%, 08/15/37		9,263		10,613,079
				921,458,896
Semiconductors — 3.2%
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)(a)		8,624		7,531,211
2.10%, 10/01/31 (Call 07/01/31)(a)		13,353		11,003,542
2.80%, 10/01/41 (Call 04/01/41)		4,296		3,048,159
2.95%, 10/01/51 (Call 04/01/51)		9,409		6,257,448
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)(a)		9,002		7,498,631
2.75%, 06/01/50 (Call 12/01/49)(a)		2,448		1,645,896
3.30%, 04/01/27 (Call 01/01/27)(a)		3,258		3,118,785
4.35%, 04/01/47 (Call 10/01/46)		5,258		4,658,321
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.50%, 01/15/28 (Call 10/15/27)(a)		12,490		11,769,658
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(c)		8,935		7,930,047
2.45%, 02/15/31 (Call 11/15/30)(c)		25,928		21,586,149
2.60%, 02/15/33 (Call 11/15/32)(a)(c)		19,042		15,260,419
3.14%, 11/15/35 (Call 08/15/35)(c)		29,654		23,514,881
3.19%, 11/15/36 (Call 08/15/36)(c)		27,080		21,185,228
3.42%, 04/15/33 (Call 01/15/33)(c)		22,067		18,823,067
3.47%, 04/15/34 (Call 01/15/34)(c)		28,592		24,097,483
3.50%, 02/15/41 (Call 08/15/40)(a)(c)		21,879		16,733,422
3.75%, 02/15/51 (Call 08/15/50)(a)(c)		14,452		10,811,323
4.00%, 04/15/29 (Call 02/15/29)(c)		9,339		8,848,181
4.11%, 09/15/28 (Call 06/15/28)(a)		9,252		8,868,768
4.15%, 11/15/30 (Call 08/15/30)		19,484		18,225,581
4.15%, 04/15/32 (Call 01/15/32)(a)(c)		15,075		13,841,716
4.30%, 11/15/32 (Call 08/15/32)(a)		17,447		16,156,407
4.75%, 04/15/29 (Call 01/15/29)		19,140		18,778,310
4.93%, 05/15/37 (Call 02/15/37)(a)(c)		23,060		21,480,980
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)(a)		7,479		6,503,173
2.00%, 08/12/31 (Call 05/12/31)		12,117		9,830,146
2.45%, 11/15/29 (Call 08/15/29)(a)		15,495		13,574,776
2.80%, 08/12/41 (Call 02/12/41)		8,182		5,812,931
3.05%, 08/12/51 (Call 02/12/51)(a)		12,013		7,936,774
3.10%, 02/15/60 (Call 08/15/59)(a)		10,702		6,752,448
3.15%, 05/11/27 (Call 02/11/27)(a)		1,757		1,665,303
3.20%, 08/12/61 (Call 02/12/61)(a)		6,534		4,213,054
3.25%, 11/15/49 (Call 05/15/49)(a)		19,353		13,375,990
3.73%, 12/08/47 (Call 06/08/47)		18,683		14,238,942
3.75%, 03/25/27 (Call 01/25/27)(a)		1,916		1,853,221
3.75%, 08/05/27 (Call 07/05/27)(a)		8,469		8,157,986
3.90%, 03/25/30 (Call 12/25/29)		15,680		14,771,189
4.00%, 08/05/29 (Call 06/05/29)(a)		6,637		6,366,795
4.00%, 12/15/32(a)		9,195		8,488,088
4.10%, 05/19/46 (Call 11/19/45)		12,067		9,994,639

Security	Par (000)		Value
Semiconductors (continued)
4.10%, 05/11/47 (Call 11/11/46)(a)	$	10,434	$	8,565,903
4.15%, 08/05/32 (Call 05/05/32)(a)		9,872		9,257,545
4.60%, 03/25/40 (Call 09/25/39)(a)		8,655		8,011,618
4.75%, 03/25/50 (Call 09/25/49)		21,475		19,171,033
4.80%, 10/01/41(a)		9,653		9,001,194
4.88%, 02/10/28 (Call 01/10/28)		14,531		14,490,012
4.90%, 07/29/45 (Call 01/29/45)(a)		8,335		7,821,808
4.90%, 08/05/52 (Call 02/05/52)		18,591		17,078,778
4.95%, 03/25/60 (Call 09/25/59)(a)		8,517		7,743,728
5.05%, 08/05/62 (Call 02/05/62)		8,379		7,656,434
5.13%, 02/10/30 (Call 12/10/29)(a)		12,811		12,920,073
5.15%, 02/21/34 (Call 11/21/33)		5,505		5,450,181
5.20%, 02/10/33 (Call 11/10/32)(a)		19,509		19,493,994
5.60%, 02/21/54 (Call 08/21/53)		3,844		3,837,882
5.63%, 02/10/43 (Call 08/10/42)(a)		11,567		11,734,922
5.70%, 02/10/53 (Call 08/10/52)(a)		19,559		19,819,463
5.90%, 02/10/63 (Call 08/10/62)		12,161		12,628,074
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		5,555		4,002,920
4.10%, 03/15/29 (Call 12/15/28)		10,898		10,582,832
4.65%, 07/15/32 (Call 04/15/32)(a)		12,781		12,453,463
4.95%, 07/15/52 (Call 01/15/52)(a)		17,204		16,283,065
5.25%, 07/15/62 (Call 01/15/62)(a)		4,327		4,210,822
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		7,086		5,937,227
2.88%, 06/15/50 (Call 12/15/49)(a)		4,298		2,897,770
4.00%, 03/15/29 (Call 12/15/28)		13,544		13,045,575
4.88%, 03/15/49 (Call 09/15/48)(a)		5,852		5,504,214
Marvell Technology Inc.
2.45%, 04/15/28 (Call 02/15/28)(a)		4,024		3,615,866
2.95%, 04/15/31 (Call 01/15/31)(a)		8,132		6,951,561
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)(a)		15,538		12,733,874
4.66%, 02/15/30 (Call 11/15/29)(a)		8,859		8,570,986
5.30%, 01/15/31 (Call 11/15/30)(a)		9,213		9,114,140
5.88%, 02/09/33 (Call 11/09/32)(a)		6,041		6,152,867
5.88%, 09/15/33 (Call 06/15/33)(a)		9,011		9,175,208
6.75%, 11/01/29 (Call 09/01/29)		9,356		9,931,991
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)(a)		8,621		7,633,969
2.00%, 06/15/31 (Call 03/15/31)(a)		12,538		10,458,612
2.85%, 04/01/30 (Call 01/01/30)(a)		14,742		13,272,809
3.50%, 04/01/40 (Call 10/01/39)		9,646		8,061,207
3.50%, 04/01/50 (Call 10/01/49)(a)		20,091		15,743,946
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)		11,621		9,605,245
2.65%, 02/15/32 (Call 11/15/31)(a)		12,575		10,310,298
3.25%, 05/11/41 (Call 11/11/40)(a)		8,036		5,882,423
3.40%, 05/01/30 (Call 02/01/30)(a)		11,679		10,452,376
4.30%, 06/18/29 (Call 03/18/29)(a)		13,336		12,747,146
5.00%, 01/15/33 (Call 10/15/32)(a)		10,578		10,211,841
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		6,493		5,655,752
1.65%, 05/20/32 (Call 02/20/32)(a)		15,009		11,728,283
2.15%, 05/20/30 (Call 02/20/30)(a)		11,624		9,957,485
3.25%, 05/20/27 (Call 02/20/27)(a)		4,880		4,651,524
3.25%, 05/20/50 (Call 11/20/49)(a)		12,047		8,794,069
4.30%, 05/20/47 (Call 11/20/46)		16,625		14,405,739
4.50%, 05/20/52 (Call 11/20/51)		13,528		11,944,239
4.65%, 05/20/35 (Call 11/20/34)		3,949		3,846,278
4.80%, 05/20/45 (Call 11/20/44)(a)		17,653		16,635,529

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
6.00%, 05/20/53 (Call 11/20/52)(a)	$	13,423	$	14,707,607
Texas Instruments Inc.
1.75%, 05/04/30 (Call 02/04/30)(a)		10,283		8,606,073
2.25%, 09/04/29 (Call 06/04/29)		7,166		6,325,291
3.88%, 03/15/39 (Call 09/15/38)(a)		4,702		4,133,307
4.15%, 05/15/48 (Call 11/15/47)		11,193		9,473,437
4.90%, 03/14/33 (Call 12/14/32)(a)		9,212		9,215,753
5.05%, 05/18/63 (Call 11/18/62)		10,864		10,376,415
5.15%, 02/08/54 (Call 08/08/53)(a)		3,525		3,488,677
				1,060,381,421
Software — 3.2%
Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)(a)		14,272		12,463,955
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)(a)		11,759		9,736,313
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		10,556		8,824,778
2.90%, 12/01/29 (Call 09/01/29)		7,003		6,184,252
Fidelity National Information Services Inc.
1.65%, 03/01/28 (Call 01/01/28)(a)		5,589		4,932,082
2.25%, 03/01/31 (Call 12/01/30)(a)		12,070		10,098,180
3.10%, 03/01/41 (Call 09/01/40)(a)		8,536		6,138,702
5.10%, 07/15/32 (Call 04/15/32)(a)		8,686		8,674,909
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		7,862		7,187,762
2.65%, 06/01/30 (Call 03/01/30)		11,579		9,967,705
3.50%, 07/01/29 (Call 04/01/29)(a)		26,567		24,397,589
4.20%, 10/01/28 (Call 07/01/28)(a)		12,132		11,641,080
4.40%, 07/01/49 (Call 01/01/49)		16,715		13,867,673
5.45%, 03/02/28 (Call 02/02/28)(a)		10,543		10,638,823
5.45%, 03/15/34 (Call 12/15/33)		4,550		4,534,405
5.60%, 03/02/33 (Call 12/02/32)(a)		10,550		10,626,712
5.63%, 08/21/33 (Call 05/21/33)		12,493		12,607,107
Intuit Inc.
5.13%, 09/15/28 (Call 08/15/28)(a)		7,001		7,094,206
5.20%, 09/15/33 (Call 06/15/33)		16,998		17,149,632
5.50%, 09/15/53 (Call 03/15/53)		9,617		9,875,164
Microsoft Corp.
2.50%, 09/15/50 (Call 03/15/50)(c)		15,969		10,144,355
2.53%, 06/01/50 (Call 12/01/49)		57,877		37,217,284
2.68%, 06/01/60 (Call 12/01/59)(a)		35,183		22,174,578
2.92%, 03/17/52 (Call 09/17/51)		57,057		39,328,546
3.04%, 03/17/62 (Call 09/17/61)		18,310		12,426,184
3.45%, 08/08/36 (Call 02/08/36)		15,070		13,282,644
3.50%, 02/12/35 (Call 08/12/34)(a)		11,614		10,558,902
3.70%, 08/08/46 (Call 02/08/46)		18,653		15,559,456
4.10%, 02/06/37 (Call 08/06/36)(a)		6,548		6,174,552
4.25%, 02/06/47 (Call 08/06/46)(a)		12,508		11,398,635
4.45%, 11/03/45 (Call 05/03/45)(a)		14,115		13,426,459
4.50%, 02/06/57 (Call 08/06/56)		8,489		8,029,023
Oracle Corp.
2.30%, 03/25/28 (Call 01/25/28)(a)		16,816		15,065,332
2.80%, 04/01/27 (Call 02/01/27)(a)		7,461		6,950,016
2.88%, 03/25/31 (Call 12/25/30)		32,504		28,020,746
2.95%, 04/01/30 (Call 01/01/30)(a)		31,869		28,119,211
3.25%, 11/15/27 (Call 08/15/27)(a)		23,613		22,126,760
3.60%, 04/01/40 (Call 10/01/39)		28,541		22,028,632
3.60%, 04/01/50 (Call 10/01/49)(a)		44,259		31,200,285
3.65%, 03/25/41 (Call 09/25/40)(a)		21,812		16,731,846
3.80%, 11/15/37 (Call 05/15/37)		17,660		14,525,655
3.85%, 07/15/36 (Call 01/15/36)		13,585		11,421,913
3.85%, 04/01/60 (Call 10/01/59)		32,562		22,577,244

Security	Par (000)		Value
Software (continued)
3.90%, 05/15/35 (Call 11/15/34)	$	9,432	$	8,094,709
3.95%, 03/25/51 (Call 09/25/50)(a)		31,668		23,635,823
4.00%, 07/15/46 (Call 01/15/46)		29,146		22,398,809
4.00%, 11/15/47 (Call 05/15/47)		19,285		14,652,456
4.10%, 03/25/61 (Call 09/25/60)		14,007		10,230,182
4.13%, 05/15/45 (Call 11/15/44)		19,507		15,390,453
4.30%, 07/08/34 (Call 01/08/34)		17,302		15,670,783
4.38%, 05/15/55 (Call 11/15/54)		11,061		8,683,590
4.50%, 05/06/28 (Call 04/06/28)(a)		5,097		4,993,386
4.50%, 07/08/44 (Call 01/08/44)		10,225		8,570,096
4.65%, 05/06/30 (Call 03/06/30)(a)		4,439		4,325,908
4.90%, 02/06/33 (Call 11/06/32)(a)		11,419		11,035,087
5.38%, 07/15/40(a)		22,806		21,759,109
5.55%, 02/06/53 (Call 08/06/52)		20,808		19,863,338
6.13%, 07/08/39		13,131		13,458,017
6.15%, 11/09/29 (Call 09/09/29)		12,914		13,496,987
6.25%, 11/09/32 (Call 08/09/32)(a)		21,179		22,369,298
6.50%, 04/15/38(a)		11,936		12,730,010
6.90%, 11/09/52 (Call 05/09/52)		23,478		26,454,698
Roper Technologies Inc.
1.75%, 02/15/31 (Call 11/15/30)		10,119		8,099,142
4.20%, 09/15/28 (Call 06/15/28)(a)		5,666		5,476,941
Salesforce Inc.
1.50%, 07/15/28 (Call 05/15/28)(a)		12,213		10,680,235
1.95%, 07/15/31 (Call 04/15/31)(a)		20,269		16,595,621
2.70%, 07/15/41 (Call 01/15/41)		16,894		12,048,382
2.90%, 07/15/51 (Call 01/15/51)(a)		21,910		14,547,850
3.05%, 07/15/61 (Call 01/15/61)		9,595		6,169,779
3.70%, 04/11/28 (Call 01/11/28)(a)		16,633		16,011,485
Take-Two Interactive Software Inc., 4.95%, 03/28/28 (Call 02/28/28)		4,172		4,132,725
VMware LLC
1.80%, 08/15/28 (Call 06/15/28)(a)		8,647		7,497,020
2.20%, 08/15/31 (Call 05/15/31)(a)		15,527		12,511,340
3.90%, 08/21/27 (Call 05/21/27)		14,009		13,356,406
4.70%, 05/15/30 (Call 02/15/30)(a)		6,271		6,040,069
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		1,467		1,396,165
3.70%, 04/01/29 (Call 02/01/29)		7,944		7,419,080
3.80%, 04/01/32 (Call 01/01/32)(a)		12,843		11,579,525
				1,056,503,791
Telecommunications — 6.5%
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)(a)		14,740		12,958,017
2.25%, 02/01/32 (Call 11/01/31)		24,574		19,688,357
2.30%, 06/01/27 (Call 04/01/27)		15,212		13,934,350
2.55%, 12/01/33 (Call 09/01/33)		35,913		28,271,751
2.75%, 06/01/31 (Call 03/01/31)(a)		25,758		21,941,805
3.30%, 02/01/52 (Call 08/01/51)(a)		9,992		6,739,235
3.50%, 06/01/41 (Call 12/01/40)(a)		24,024		18,375,833
3.50%, 09/15/53 (Call 03/15/53)		72,195		49,596,492
3.55%, 09/15/55 (Call 03/15/55)		69,567		47,275,604
3.65%, 06/01/51 (Call 12/01/50)(a)		27,537		19,809,082
3.65%, 09/15/59 (Call 03/15/59)		62,364		42,030,785
3.80%, 12/01/57 (Call 06/01/57)		57,253		40,230,424
3.85%, 06/01/60 (Call 12/01/59)		15,944		11,270,101
4.10%, 02/15/28 (Call 11/15/27)		9,731		9,380,832
4.25%, 03/01/27 (Call 12/01/26)		2,962		2,886,971
4.30%, 02/15/30 (Call 11/15/29)(a)		25,342		24,130,880
4.30%, 12/15/42 (Call 06/15/42)		12,839		10,841,178
4.35%, 03/01/29 (Call 12/01/28)(a)		21,081		20,362,094

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
4.35%, 06/15/45 (Call 12/15/44)	$	10,751	$	8,987,681
4.50%, 05/15/35 (Call 11/15/34)(a)		22,755		20,924,868
4.50%, 03/09/48 (Call 09/09/47)		18,619		15,571,597
4.55%, 03/09/49 (Call 09/09/48)		9,140		7,670,089
4.75%, 05/15/46 (Call 11/15/45)		18,211		15,938,670
4.85%, 03/01/39 (Call 09/01/38)		10,464		9,618,974
5.25%, 03/01/37 (Call 09/01/36)		6,711		6,526,205
5.40%, 02/15/34 (Call 11/15/33)(a)		22,152		22,189,530
5.65%, 02/15/47 (Call 08/15/46)(a)		8,172		8,194,050
Bell Telephone Co. of Canada or Bell Canada
3.65%, 08/15/52 (Call 02/15/52)(a)		7,312		5,375,561
4.46%, 04/01/48 (Call 10/01/47)		11,178		9,468,445
5.10%, 05/11/33 (Call 02/11/33)(a)		14,514		14,320,470
5.55%, 02/15/54 (Call 08/15/53)		6,491		6,381,596
British Telecommunications PLC, 9.63%, 12/15/30		19,827		24,266,900
Cisco Systems Inc.
4.85%, 02/26/29 (Call 01/26/29)(a)		14,567		14,570,457
4.95%, 02/26/31 (Call 12/26/30)		11,650		11,658,288
5.05%, 02/26/34 (Call 11/26/33)		19,660		19,769,076
5.30%, 02/26/54 (Call 08/26/53)		17,665		17,894,578
5.35%, 02/26/64 (Call 08/26/63)		9,343		9,403,338
5.50%, 01/15/40		15,931		16,430,748
5.90%, 02/15/39		20,613		22,095,477
Corning Inc.
4.38%, 11/15/57 (Call 05/15/57)(a)		6,717		5,539,117
5.45%, 11/15/79 (Call 05/19/79)		9,794		9,058,324
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		31,837		37,509,226
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		9,983		8,210,567
2.75%, 05/24/31 (Call 02/24/31)		13,197		11,005,610
4.60%, 05/23/29 (Call 02/23/29)(a)		8,746		8,507,245
Orange SA
5.38%, 01/13/42(a)		8,304		8,177,061
5.50%, 02/06/44 (Call 08/06/43)		6,856		6,853,227
9.00%, 03/01/31(a)		30,020		36,272,310
Rogers Communications Inc.
3.20%, 03/15/27 (Call 02/15/27)		3,045		2,865,885
3.70%, 11/15/49 (Call 05/15/49)(a)		10,616		7,674,730
3.80%, 03/15/32 (Call 12/15/31)		27,881		24,779,467
4.30%, 02/15/48 (Call 08/15/47)		6,519		5,229,501
4.35%, 05/01/49 (Call 11/01/48)(a)		10,650		8,563,560
4.50%, 03/15/42 (Call 09/15/41)		7,240		6,215,553
4.55%, 03/15/52 (Call 09/15/51)(a)		17,100		14,105,422
5.00%, 02/15/29 (Call 01/15/29)(a)		6,761		6,698,722
5.00%, 03/15/44 (Call 09/15/43)		9,125		8,224,155
5.30%, 02/15/34 (Call 11/15/33)(a)		5,043		4,943,296
Sprint Capital Corp.
6.88%, 11/15/28		32,288		34,358,752
8.75%, 03/15/32		15,659		18,923,889
Telefonica Emisiones SA
4.10%, 03/08/27(a)		1,703		1,649,161
4.90%, 03/06/48(a)		8,553		7,334,206
5.21%, 03/08/47(a)		21,389		19,235,528
5.52%, 03/01/49 (Call 09/01/48)(a)		10,687		9,979,376
7.05%, 06/20/36		19,287		21,205,711
Telefonica Europe BV, 8.25%, 09/15/30(a)		16,202		18,398,790
TELUS Corp.
3.40%, 05/13/32 (Call 02/13/32)		12,728		11,013,155
4.60%, 11/16/48 (Call 05/16/48)(a)		6,451		5,507,454

Security	Par (000)		Value
Telecommunications (continued)
T-Mobile USA Inc.
2.05%, 02/15/28 (Call 12/15/27)	$	16,765	$	14,932,587
2.25%, 11/15/31 (Call 08/15/31)		10,684		8,663,251
2.55%, 02/15/31 (Call 11/15/30)(a)		24,777		20,878,778
2.63%, 02/15/29 (Call 03/11/24)		7,777		6,895,244
2.70%, 03/15/32 (Call 12/15/31)		10,951		9,112,211
2.88%, 02/15/31 (Call 02/15/26)		11,629		9,997,916
3.00%, 02/15/41 (Call 08/15/40)(a)		26,275		18,987,145
3.30%, 02/15/51 (Call 08/15/50)(a)		30,376		20,822,189
3.38%, 04/15/29 (Call 04/15/24)		20,464		18,772,446
3.40%, 10/15/52 (Call 04/15/52)(a)		27,713		19,234,174
3.50%, 04/15/31 (Call 04/15/26)(a)		20,181		18,018,606
3.60%, 11/15/60 (Call 05/15/60)(a)		10,970		7,572,489
3.75%, 04/15/27 (Call 02/15/27)		32,547		31,179,753
3.88%, 04/15/30 (Call 01/15/30)		64,720		60,026,907
4.38%, 04/15/40 (Call 10/15/39)		19,002		16,631,552
4.50%, 04/15/50 (Call 10/15/49)		27,905		23,594,464
4.75%, 02/01/28 (Call 03/11/24)		20,585		20,247,914
4.80%, 07/15/28 (Call 06/15/28)(a)		10,422		10,281,108
4.85%, 01/15/29 (Call 12/15/28)		9,915		9,779,958
4.95%, 03/15/28 (Call 02/15/28)		14,058		13,969,273
5.05%, 07/15/33 (Call 04/15/33)(a)		23,684		23,126,005
5.15%, 04/15/34 (Call 01/15/34)(a)		13,374		13,162,185
5.20%, 01/15/33 (Call 10/15/32)(a)		10,771		10,692,729
5.50%, 01/15/55 (Call 07/15/54)		11,269		10,981,669
5.65%, 01/15/53 (Call 07/15/52)(a)		17,295		17,208,698
5.75%, 01/15/34 (Call 10/15/33)(a)		10,363		10,666,673
5.75%, 01/15/54 (Call 07/15/53)		12,622		12,751,352
5.80%, 09/15/62 (Call 03/15/62)		3,473		3,514,303
6.00%, 06/15/54 (Call 12/15/53)(a)		9,243		9,674,609
Verizon Communications Inc.
1.50%, 09/18/30 (Call 06/18/30)(a)		15,315		12,308,296
1.68%, 10/30/30 (Call 07/30/30)		8,629		6,949,773
1.75%, 01/20/31 (Call 10/20/30)(a)		19,201		15,389,767
2.10%, 03/22/28 (Call 01/22/28)(a)		29,277		26,070,194
2.36%, 03/15/32 (Call 12/15/31)		37,087		30,067,495
2.55%, 03/21/31 (Call 12/21/30)(a)		27,179		22,921,529
2.65%, 11/20/40 (Call 05/20/40)		28,518		19,620,373
2.85%, 09/03/41 (Call 03/03/41)		15,020		10,593,295
2.88%, 11/20/50 (Call 05/20/50)(a)		29,280		18,716,324
2.99%, 10/30/56 (Call 04/30/56)(a)		32,593		20,160,133
3.00%, 03/22/27 (Call 01/22/27)		1,499		1,410,272
3.00%, 11/20/60 (Call 05/20/60)(a)		19,566		11,870,461
3.15%, 03/22/30 (Call 12/22/29)		10,955		9,815,797
3.40%, 03/22/41 (Call 09/22/40)		38,439		29,472,238
3.55%, 03/22/51 (Call 09/22/50)(a)		45,692		33,153,430
3.70%, 03/22/61 (Call 09/22/60)(a)		32,311		22,975,115
3.88%, 02/08/29 (Call 11/08/28)(a)		10,012		9,511,132
3.88%, 03/01/52 (Call 09/01/51)(a)		16,018		12,351,634
4.00%, 03/22/50 (Call 09/22/49)		14,470		11,414,062
4.02%, 12/03/29 (Call 09/03/29)(a)		34,696		32,886,378
4.13%, 03/16/27		7,056		6,856,015
4.13%, 08/15/46		11,651		9,552,608
4.27%, 01/15/36(a)		12,636		11,485,823
4.33%, 09/21/28(a)		39,878		38,675,427
4.40%, 11/01/34 (Call 05/01/34)		15,071		13,996,397
4.50%, 08/10/33(a)		15,906		14,991,408
4.52%, 09/15/48		14,103		12,365,254
4.81%, 03/15/39(a)		12,578		11,755,457
4.86%, 08/21/46(a)		24,388		22,342,935
5.01%, 08/21/54(a)		1,901		1,759,476

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
5.05%, 05/09/33 (Call 02/09/33)(a)	$	17,085	$	16,905,408
5.25%, 03/16/37		10,638		10,612,417
5.50%, 02/23/54 (Call 08/23/53)		3,593		3,544,082
6.55%, 09/15/43		9,505		10,478,632
Vodafone Group PLC
4.25%, 09/17/50(a)		14,479		11,366,418
4.38%, 05/30/28(a)		2,616		2,571,078
4.38%, 02/19/43		12,039		10,105,822
4.88%, 06/19/49(a)		17,366		15,050,426
5.25%, 05/30/48(a)		12,157		11,287,208
6.15%, 02/27/37		22,111		23,061,923
				2,142,817,489
Toys, Games & Hobbies — 0.0%
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)(a)		8,572		7,863,677
Transportation — 1.7%
Burlington Northern Santa Fe LLC
3.30%, 09/15/51 (Call 03/15/51)(a)		11,265		8,028,226
3.55%, 02/15/50 (Call 08/15/49)(a)		8,220		6,183,615
3.90%, 08/01/46 (Call 02/01/46)		7,317		5,909,108
4.05%, 06/15/48 (Call 12/15/47)		7,348		6,067,945
4.13%, 06/15/47 (Call 12/15/46)		7,329		6,112,447
4.15%, 04/01/45 (Call 10/01/44)		9,239		7,805,189
4.15%, 12/15/48 (Call 06/15/48)		4,719		3,960,474
4.45%, 03/15/43 (Call 09/15/42)		8,257		7,367,435
4.45%, 01/15/53 (Call 07/15/52)(a)		10,032		8,811,682
4.55%, 09/01/44 (Call 03/01/44)(a)		8,224		7,372,699
4.90%, 04/01/44 (Call 10/01/43)		10,256		9,677,924
5.20%, 04/15/54 (Call 10/15/53)(a)		14,617		14,314,431
5.75%, 05/01/40 (Call 11/01/39)		7,784		8,081,125
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)		6,371		5,857,301
Canadian Pacific Railway Co.
2.45%, 12/02/31 (Call 09/02/31)(a)		13,615		12,263,466
3.00%, 12/02/41 (Call 06/02/41)(a)		8,223		6,941,075
3.10%, 12/02/51 (Call 06/02/51)(a)		16,968		11,528,181
6.13%, 09/15/2115 (Call 03/15/2115)		7,739		8,084,868
CSX Corp.
3.25%, 06/01/27 (Call 03/01/27)		7,603		7,211,895
3.80%, 03/01/28 (Call 12/01/27)(a)		7,570		7,290,641
3.80%, 11/01/46 (Call 05/01/46)		6,167		4,860,330
4.10%, 11/15/32 (Call 08/15/32)		6,606		6,171,918
4.10%, 03/15/44 (Call 09/15/43)		6,542		5,493,493
4.25%, 03/15/29 (Call 12/15/28)(a)		12,129		11,802,734
4.30%, 03/01/48 (Call 09/01/47)		4,588		3,922,529
4.50%, 11/15/52 (Call 05/15/52)		8,296		7,254,941
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)(a)		5,214		4,352,555
3.10%, 08/05/29 (Call 05/05/29)(a)		9,756		8,862,802
3.25%, 05/15/41 (Call 11/15/40)		7,883		5,807,530
4.05%, 02/15/48 (Call 08/15/47)		9,604		7,554,077
4.25%, 05/15/30 (Call 02/15/30)(a)		9,130		8,715,325
4.40%, 01/15/47 (Call 07/15/46)		7,259		6,011,151
4.55%, 04/01/46 (Call 10/01/45)		12,000		10,215,685
4.75%, 11/15/45 (Call 05/15/45)		11,972		10,479,216
4.95%, 10/17/48 (Call 04/17/48)(a)		6,898		6,230,737
5.10%, 01/15/44(a)		7,326		6,776,271
5.25%, 05/15/50 (Call 11/15/49)(a)		11,611		10,920,663
Norfolk Southern Corp.
3.05%, 05/15/50 (Call 11/15/49)(a)		5,775		3,867,991
3.16%, 05/15/55 (Call 11/15/54)		7,946		5,203,201

Security	Par (000)		Value
Transportation (continued)
4.55%, 06/01/53 (Call 12/01/52)(a)	$	7,101	$	6,179,748
5.35%, 08/01/54 (Call 02/01/54)(a)		11,425		11,178,832
Union Pacific Corp.
2.38%, 05/20/31 (Call 02/20/31)(a)		6,864		5,795,654
2.40%, 02/05/30 (Call 11/05/29)(a)		9,067		7,908,140
2.80%, 02/14/32 (Call 12/15/31)(a)		13,523		11,593,574
2.95%, 03/10/52 (Call 09/10/51)		9,011		6,020,583
2.97%, 09/16/62 (Call 03/16/62)		9,774		6,064,506
3.20%, 05/20/41 (Call 11/20/40)(a)		9,116		7,018,571
3.25%, 02/05/50 (Call 08/05/49)		17,467		12,546,059
3.50%, 02/14/53 (Call 08/14/52)(a)		14,408		10,689,862
3.70%, 03/01/29 (Call 12/01/28)(a)		10,194		9,727,297
3.75%, 02/05/70 (Call 08/05/69)(a)		6,264		4,577,582
3.80%, 10/01/51 (Call 04/01/51)		10,739		8,482,130
3.80%, 04/06/71 (Call 10/06/70)		9,109		6,668,725
3.84%, 03/20/60 (Call 09/20/59)		18,865		14,315,781
3.95%, 09/10/28 (Call 06/10/28)(a)		9,029		8,755,578
4.50%, 01/20/33 (Call 10/20/32)(a)		4,494		4,345,577
United Parcel Service Inc.
3.05%, 11/15/27 (Call 08/15/27)		9,962		9,363,672
3.40%, 03/15/29 (Call 12/15/28)(a)		9,071		8,579,532
3.75%, 11/15/47 (Call 05/15/47)		12,150		9,628,560
4.25%, 03/15/49 (Call 09/15/48)(a)		7,724		6,654,935
4.45%, 04/01/30 (Call 01/01/30)(a)		7,122		7,017,195
4.88%, 03/03/33 (Call 12/03/32)(a)		6,090		6,037,075
5.05%, 03/03/53 (Call 09/03/52)(a)		12,162		11,774,060
5.30%, 04/01/50 (Call 10/01/49)(a)		13,134		13,172,018
6.20%, 01/15/38(a)		10,138		11,089,040
Walmart Inc.
1.50%, 09/22/28 (Call 07/22/28)(a)		12,779		11,220,500
1.80%, 09/22/31 (Call 06/22/31)(a)		26,663		21,831,792
3.95%, 09/09/27 (Call 08/09/27)		11,050		10,823,200
				562,432,654
Water — 0.1%
American Water Capital Corp.
3.75%, 09/01/47 (Call 03/01/47)(a)		9,515		7,379,575
4.45%, 06/01/32 (Call 03/01/32)(a)		8,455		8,084,200
6.59%, 10/15/37		8,656		9,685,404
				25,149,179
Total Long-Term Investments — 97.9% (Cost: $36,495,093,541)				32,216,526,272
	Shares
Short-Term Securities
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		2,909,391,678		2,910,846,374
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e)		147,340,000		147,340,000
Total Short-Term Securities — 9.3% (Cost: $3,056,849,584)				3,058,186,374
Total Investments — 107.2% (Cost: $39,551,943,125)				35,274,712,646
Liabilities in Excess of Other Assets — (7.2)%				(2,357,413,694	)
Net Assets — 100.0%			$	32,917,298,952

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® iBoxx $ Investment Grade Corporate Bond ETF

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: In-stitutional, SL Agency Shares	$	2,485,025,395	$	426,258,846	(a)	$	—		$	186,858	$	(624,725	)	$	2,910,846,374		2,909,391,678	$	8,998,744	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		722,044,000		—			(574,704,000	)(a)		—		—			147,340,000		147,340,000		10,087,848			—
									$	186,858	$	(624,725	)	$	3,058,186,374			$	19,086,592		$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	32,216,526,272	$	—	$	32,216,526,272
Short-Term Securities
Money Market Funds		3,058,186,374		—		—		3,058,186,374
	$	3,058,186,374	$	32,216,526,272	$	—	$	35,274,712,646

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 57

Statements of Assets and Liabilities

February 29, 2024

	iShares iBoxx $ High Yield Corporate Bond ETF			iShares iBoxx $ Investment Grade Corporate Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	15,712,099,970		$	32,216,526,272
Investments, at value — affiliated(c)		3,276,933,833			3,058,186,374
Cash		29,541,134			—
Foreign currency, at value(d)		40,242			—
Receivables:
Investments sold		11,881,781			305,181,024
Securities lending income — affiliated		1,379,362			751,049
Capital shares sold		17,010,252			28,269,249
Dividends — affiliated		259,924			527,759
Interest — unaffiliated		260,544,414			399,816,345
Total assets		19,309,690,912			36,009,258,072
LIABILITIES
Bank overdraft		—			3,495,442
Collateral on securities loaned, at value		3,142,955,290			2,909,457,425
Payables:
Investments purchased		156,581,049			171,657,877
Capital shares redeemed		2,993,723			3,673,636
Investment advisory fees		6,860,730			3,674,740
Total liabilities		3,309,390,792			3,091,959,120
Commitments and contingent liabilities
NET ASSETS	$	16,000,300,120		$	32,917,298,952
NET ASSETS CONSIST OF
Paid-in capital	$	18,972,395,443		$	38,811,745,685
Accumulated loss		(2,972,095,323	)		(5,894,446,733	)
NET ASSETS	$	16,000,300,120		$	32,917,298,952
NET ASSET VALUE
Shares outstanding		207,300,000			305,800,000
Net asset value	$	77.18		$	107.64
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)  Investments, at cost — unaffiliated	$	16,808,001,966		$	36,495,093,541
(b)  Securities loaned, at value	$	3,027,762,086		$	2,809,368,551
(c)  Investments, at cost — affiliated	$	3,275,502,815		$	3,056,849,584
(d)  Foreign currency, at cost	$	39,315		$	—

See notes to financial statements.

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended February 29, 2024

	iShares iBoxx $ High Yield Corporate Bond ETF				iShares iBoxx $ Investment Grade Corporate Bond ETF
INVESTMENT INCOME
Dividends — affiliated		$	3,327,088		$	10,087,848
Interest — unaffiliated			941,719,369			1,410,498,555
Securities lending income — affiliated — net			18,993,509			8,998,744
Other income — unaffiliated			258,961			63,773
Foreign taxes withheld			—			(5,747	)
Total investment income			964,298,927			1,429,643,173
EXPENSES
Investment advisory			74,357,943			46,680,321
Litigation fees			176,939			—
Interest expense			374			1,197
Total expenses			74,535,256			46,681,518
Net investment income			889,763,671			1,382,961,655
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(139,553,225	)		(745,567,556	)
Investments — affiliated			410,129			186,858
Foreign currency transactions			33			—
In-kind redemptions — unaffiliated(a)			16,935,192			(799,112,467	)
			(122,207,871	)		(1,544,493,165	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			674,433,019			1,925,619,882
Investments — affiliated			(741,204	)		(624,725	)
Foreign currency translations			451			—
			673,692,266			1,924,995,157
Net realized and unrealized gain			551,484,395			380,501,992
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	1,441,248,066		$	1,763,463,647

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 59

Statements of Changes in Net Assets

	iShares iBoxx $ High Yield Corporate Bond ETF						iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	889,763,671		$	762,314,046		$	1,382,961,655		$	1,174,187,682
Net realized loss		(122,207,871	)		(524,650,069	)		(1,544,493,165	)		(1,803,697,569	)
Net change in unrealized appreciation (depreciation)		673,692,266			(898,098,573	)		1,924,995,157			(3,480,607,272	)
Net increase (decrease) in net assets resulting from operations		1,441,248,066			(660,434,596	)		1,763,463,647			(4,110,117,159	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(895,731,399	)		(787,964,633	)		(1,386,724,873	)		(1,139,836,897	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,751,571,718			(2,518,162,682	)		(811,320,300	)		2,779,402,728
NET ASSETS
Total increase (decrease) in net assets		3,297,088,385			(3,966,561,911	)		(434,581,526	)		(2,470,551,328	)
Beginning of year		12,703,211,735			16,669,773,646			33,351,880,478			35,822,431,806
End of year	$	16,000,300,120		$	12,703,211,735		$	32,917,298,952		$	33,351,880,478

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

See notes to financial statements.

60 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares iBoxx $ High Yield Corporate Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	74.51		$	83.47		$	86.84		$	85.71		$	85.71
Net investment income(a)		4.40			3.88			3.06			3.84			4.19
Net realized and unrealized gain (loss)(b)		2.73			(8.87	)		(2.95	)		1.50			0.18
Net increase (decrease) from investment operations		7.13			(4.99	)		0.11			5.34			4.37
Distributions from net investment income(c)		(4.46	)		(3.97	)		(3.48	)		(4.21	)		(4.37	)
Net asset value, end of year	$	77.18		$	74.51		$	83.47		$	86.84		$	85.71
Total Return(d)
Based on net asset value		9.96	%		(5.99	)%		0.11	%		6.56	%		5.14	%
Ratios to Average Net Assets(e)
Total expenses		0.49	%		0.49	%		0.48	%		0.48	%		0.49	%
Net investment income		5.87	%		5.10	%		3.52	%		4.59	%		4.83	%
Supplemental Data
Net assets, end of year (000)	$	16,000,300		$	12,703,212		$	16,669,774		$	22,473,704		$	13,456,300
Portfolio turnover rate(f)		11	%		31	%		19	%		20	%		20	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares iBoxx $ Investment Grade Corporate Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	105.81		$	124.51		$	132.40		$	132.27		$	115.89
Net investment income(a)		4.42			3.73			2.92			3.55			4.17
Net realized and unrealized gain (loss)(b)		1.88			(18.85	)		(7.79	)		0.18			16.40
Net increase (decrease) from investment operations		6.30			(15.12	)		(4.87	)		3.73			20.57
Distributions from net investment income(c)		(4.47	)		(3.58	)		(3.02	)		(3.60	)		(4.19	)
Net asset value, end of year	$	107.64		$	105.81		$	124.51		$	132.40		$	132.27
Total Return(d)
Based on net asset value		6.09	%		(12.23	)%		(3.76	)%		2.83	%		18.03	%
Ratios to Average Net Assets(e)
Total expenses		0.14	%		0.14	%		0.14	%		0.14	%		0.14	%
Net investment income		4.15	%		3.40	%		2.21	%		2.66	%		3.35	%
Supplemental Data
Net assets, end of year (000)	$	32,917,299		$	33,351,880		$	35,822,432		$	46,207,378		$	33,106,758
Portfolio turnover rate(f)		17	%		27	%		14	%		14	%		13	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

62 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

iShares 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
iBoxx $ High Yield Corporate Bond	Diversified
iBoxx $ Investment Grade Corporate 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. 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, and payment-in-kind interest are 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.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

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 63

Notes to Financial Statements (continued)

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.

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.

64 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
iBoxx $ High Yield Corporate Bond
Barclays Bank PLC	$	268,614,185	$	(268,614,185	)	$	—		$	—
Barclays Capital, Inc.		19,936,351		(19,936,351	)		—			—
BMO Capital Markets Corp.		43,633,019		(43,633,019	)		—			—
BNP Paribas SA		571,348,657		(571,348,657	)		—			—
BofA Securities, Inc.		88,522,715		(88,522,715	)		—			—
Citadel Clearing LLC		30,558,097		(30,558,097	)		—			—
Citigroup Global Markets, Inc.		5,046,852		(5,046,852	)		—			—
Deutsche Bank Securities, Inc.		44,117,389		(44,117,389	)		—			—
Goldman Sachs & Co. LLC		553,657,794		(553,657,794	)		—			—
HSBC Securities (USA), Inc.		456,000		(456,000	)		—			—
J.P. Morgan Securities LLC		487,726,558		(487,726,558	)		—			—
Jefferies LLC		61,287,222		(61,287,222	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd		413,772		(413,772	)		—			—
Mizuho Securities USA LLC		4,830,778		(4,830,778	)		—			—
Morgan Stanley		152,696,026		(152,696,026	)		—			—
Nomura Securities International, Inc.		41,122,422		(41,122,422	)		—			—
Pershing LLC		14,435,220		(14,435,220	)		—			—
RBC Capital Markets LLC		219,716,793		(219,716,793	)		—			—
Scotia Capital (USA), Inc.		64,787,462		(64,787,462	)		—			—
State Street Bank & Trust Co.		203,133,311		(203,133,311	)		—			—
TD Securities (USA) LLC		7,771,108		(7,771,108	)		—			—
Toronto-Dominion Bank (The)		54,862,295		(54,862,295	)		—			—
UBS AG		2,736,157		(2,736,157	)		—			—
UBS Securities LLC		27,424,214		(27,424,214	)		—			—
Wells Fargo Bank N.A		26,371,233		(26,371,233	)		—			—
Wells Fargo Securities LLC		32,556,456		(32,556,456	)		—			—
	$	3,027,762,086	$	(3,027,762,086	)	$	—		$	—

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 65

Notes to Financial Statements (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
iBoxx $ Investment Grade Corporate Bond
Barclays Bank PLC	$	445,484,847	$	(445,484,847	)	$	—		$	—
Barclays Capital, Inc.		36,381,449		(36,381,449	)		—			—
BMO Capital Markets Corp.		79,656,584		(79,656,584	)		—			—
BNP Paribas SA		560,315,174		(560,315,174	)		—			—
BofA Securities, Inc.		83,972,487		(83,972,487	)		—			—
Citigroup Global Markets, Inc.		34,820,356		(34,820,356	)		—			—
Deutsche Bank Securities, Inc.		49,298,921		(49,298,921	)		—			—
Goldman Sachs & Co. LLC		410,520,774		(410,520,774	)		—			—
HSBC Securities (USA), Inc.		14,619,185		(14,619,185	)		—			—
J.P. Morgan Securities LLC		336,027,092		(336,027,092	)		—			—
Jefferies LLC		42,638,813		(42,638,813	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd		37,841,862		(37,841,862	)		—			—
Mizuho Securities USA LLC		8,630,968		(8,630,968	)		—			—
Morgan Stanley		181,916,176		(181,916,176	)		—			—
Nomura Securities International, Inc.		23,838,654		(23,838,654	)		—			—
Pershing LLC		26,772,024		(26,772,024	)		—			—
RBC Capital Markets LLC		190,160,523		(190,160,523	)		—			—
Scotia Capital (USA), Inc		55,886,876		(55,886,876	)		—			—
State Street Bank & Trust Co.		96,545,319		(96,545,319	)		—			—
TD Securities (USA) LLC		5,109,122		(5,109,122	)		—			—
Toronto-Dominion Bank (The)		8,165,542		(8,165,542	)		—			—
UBS Securities LLC		7,623,263		(7,623,263	)		—			—
Wells Fargo Bank N.A		28,036,956		(28,036,956	)		—			—
Wells Fargo Securities LLC		45,105,584		(45,105,584	)		—			—
	$	2,809,368,551	$	(2,809,368,551)		$	—		$	—

^(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. 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 the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $19 billion		0.5000	%
Over $19 billion, up to and including $33 billion		0.4750
Over $33 billion, up to and including $47 billion		0.4513
Over $47 billion		0.4287

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.1500	%
Over $121 billion, up to and including $181 billion		0.1425
Over $181 billion, up to and including $231 billion		0.1354
Over $231 billion, up to and including $281 billion		0.1287
Over $281 billion		0.1222

66 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 26, 2024 (date of conversion for respective funds), ETF Services were performed by State Street Bank and Trust Company.

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
iBoxx $ High Yield Corporate Bond	$	5,090,703
iBoxx $ Investment Grade Corporate Bond		2,833,848

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

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

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

6. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
iBoxx $ High Yield Corporate Bond	$	2,146,760,908	$	1,656,041,780
iBoxx $ Investment Grade Corporate Bond		5,508,386,084		5,476,689,418

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
iBoxx $ High Yield Corporate Bond	$	55,432,646,992	$	53,169,810,276
iBoxx $ Investment Grade Corporate Bond		61,257,092,851		61,838,603,599

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 67

Notes to Financial Statements (continued)

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 February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
iBoxx $ High Yield Corporate Bond	$	16,895,854		$	(16,895,854	)
iBoxx $ Investment Grade Corporate Bond		(806,413,400	)		806,413,400

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/29/24		Year Ended 02/28/23
iBoxx $ High Yield Corporate Bond
Ordinary income	$	895,731,399	$	787,964,633
iBoxx $ Investment Grade Corporate Bond
Ordinary income	$	1,386,724,873	$	1,139,836,897

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
iBoxx $ High Yield Corporate Bond	$	90,886,893	$	(1,889,354,790	)	$	(1,173,627,426	)	$	(2,972,095,323	)
iBoxx $ Investment Grade Corporate Bond		120,818,363		(1,721,281,747	)		(4,293,983,349	)		(5,894,446,733	)

^(a)  Amounts available to offset future realized capital gains.

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

As of February 29, 2024, 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)
iBoxx $ High Yield Corporate Bond	$	20,162,662,156	$	135,977,252	$	(1,309,605,605	)	$	(1,173,628,353	)
iBoxx $ Investment Grade Corporate Bond		39,568,695,995		37,208,646		(4,331,191,995	)		(4,293,983,349	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

68 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

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

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 69

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
iBoxx $ High Yield Corporate Bond
Shares sold		761,300,000		$	56,903,078,388			592,200,000		$	44,736,203,918
Shares redeemed		(724,500,000	)		(54,151,506,670	)		(621,400,000	)		(47,254,366,600	)
		36,800,000		$	2,751,571,718			(29,200,000	)	$	(2,518,162,682	)
iBoxx $ Investment Grade Corporate Bond
Shares sold		586,700,000		$	62,453,694,677			401,600,000		$	44,125,796,480
Shares redeemed		(596,100,000	)		(63,265,014,977	)		(374,100,000	)		(41,346,393,752	)
		(9,400,000	)	$	(811,320,300	)		27,500,000		$	2,779,402,728

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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

10. SUBSEQUENT EVENTS

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

70 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

 iShares iBoxx $ High Yield Corporate Bond ETF

 iShares iBoxx $ Investment Grade Corporate Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 71

Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 29, 2024:

iShares ETF	Federal Obligation Interest
iBoxx $ High Yield Corporate Bond	$	489,324
iBoxx $ Investment Grade Corporate Bond		1,577,485

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
iBoxx $ High Yield Corporate Bond	$	888,992,585
iBoxx $ Investment Grade Corporate Bond		1,380,602,813

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 29, 2024:

iShares ETF	Interest-Related Dividends
iBoxx $ High Yield Corporate Bond	$	746,248,455
iBoxx $ Investment Grade Corporate Bond		1,182,970,919

72 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 73

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year									% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
iBoxx $ Investment Grade Corporate Bond	$	4.466904	$	—	$	—	$	4.466904			100	%		—	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

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

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

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

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

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

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Supplemental Information (unaudited) (continued)

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

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

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

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares iBoxx $ High Yield Corporate Bond ETF and iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L  I N F O R M A T I O N 75

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 77

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

G L O S S A R Y  O F   T E R M S  U S E D   I N  T H I S  R E P O R T 79

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 Markit Indices Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-204-0224

FEBRUARY 29, 2024

        2024 Annual Report  

iShares Trust

·  iShares Agency Bond ETF | AGZ | NYSE Arca

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

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

·  iShares MBS ETF | MBB | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Inc.

Rob Kapito

President, BlackRock Inc.

Total Returns as of February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		12
Disclosure of Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		162
Statements of Operations		163
Statements of Changes in Net Assets		164
Financial Highlights		166
Notes to Financial Statements		170
Report of Independent Registered Public Accounting Firm		179
Important Tax Information		180
Statement Regarding Liquidity Risk Management Program		181
Supplemental Information		182
Trustee and Officer Information		183
General Information		185
Glossary of Terms Used in this Report		186

Market Overview

iShares Trust

U.S. Bond Market Overview

U.S. government bonds and high-quality corporate issues, as represented by the Bloomberg Government/Credit Bond Index, returned 3.69% during the 12 months ended February 29, 2024 (the “reporting period”), slightly ahead of the 3.33% return of the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond performance.

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, the Bloomberg Government/Credit Bond Index finished in positive territory on the strength of its earlier advance.

These trends were reflected in the U.S. Treasury market, where the yield on the two-year note entered the annual period at 4.81%, reached a high of 5.19% in mid-October, and subsequently finished February 2024 at 4.64%. The 10-year issue followed a similar path, climbing from 3.92% at the start of the period to a high of 4.98% before sliding to 4.25% on February 29, 2024. One result of these moves was that the yield curve’s inversion—i.e., the extent to which short-term rates exceeded those of longer-term issues—gradually moderated from the unusually high level reached in early 2023. Short-term Treasuries were the strongest performers on a total return basis, followed by intermediate-term issues. However, longer-dated government bonds (those with maturities of 10 years and above) posted a loss. MBS failed to keep pace with the return for U.S. Treasuries due to the combination of the Fed’s ongoing balance sheet reduction and lower buying demand from banks.

Investment-grade corporate bonds produced a robust gain and outpaced the index during the 12-month period. The asset class was helped by a larger contribution from yield, together with a decline in yield spreads relative to U.S. Treasuries. The compression in yield spreads, which indicates outperformance relative to Treasuries, reflected the backdrop of better-than-expected corporate earnings and investors’ hearty appetite for risk in the latter part of the period. The gains were broad-based across the category, with participation from each of the three major sectors: financials, industrials, and utilities. Lower-quality investment-grade corporate bonds outpaced their higher-quality counterparts, which was in part a result of investors’ willingness to take on greater risk in search of higher yields.

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Fund Summary as of February 29, 2024 iShares^® Agency Bond ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		4.52	%		1.26	%		1.45	%			4.52	%		6.48	%		15.49	%
Fund Market		4.41			1.29			1.47				4.41			6.64			15.70
Index		4.56			1.16			1.44				4.56			5.92			15.32

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$  1,025.90	$  1.01		$  1,000.00	$  1,023.90	$  1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of   Total Investments(a)
U.S. Government & Agency Obligations		97.0%
Corporate Bonds & Notes		2.4
Foreign Government Obligations		0.6

MATURITY ALLOCATION

Maturity	Percent of   Total Investments(a)
0-1 Year		9.7%
1-5 Years		64.5
5-10 Years		18.7
10-15 Years		3.8
15-20 Years		1.6
More than 20 Years		1.7

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024  iShares^® Government/Credit Bond ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		3.48	%		0.66	%		1.40	%			3.48	%		3.32	%		14.89	%
Fund Market		3.46			0.66			1.41				3.46			3.33			15.03
Index		3.69			0.87			1.60				3.69			4.41			17.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$  1,023.60	$   1.01		$  1,000.00	$  1,023.90	$  1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024 (continued) iShares^® Government/Credit Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	62.4	%
Aa	2.9
A	16.1
Baa	17.5
Ba	0.7
Not Rated	0.4

PORTFOLIO COMPOSITION
Investment Type	Percent of Total Investments	(a)
U.S. Government & Agency Obligations	59.6	%
Corporate Bonds & Notes	36.0
Foreign Government Obligations	3.5
Municipal Debt Obligations	0.9

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

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024  iShares^® Intermediate Government/Credit Bond ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		4.20	%		1.06	%		1.33	%			4.20	%		5.42	%		14.10	%
Fund Market		4.27			1.06			1.32				4.27			5.41			14.03
Index		4.38			1.24			1.51				4.38			6.34			16.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$  1,025.30	$   1.01		$  1,000.00	$  1,023.90	$  1.01		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024 (continued) iShares^® Intermediate Government/Credit Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of Total Investments	(a)
Aaa	66.4	%
Aa	2.3
A	15.4
Baa	14.8
Ba	0.6
Not Rated	0.5

PORTFOLIO COMPOSITION
Investment Type	Percent of Total Investments	(a)
U.S. Government & Agency Obligations	63.6	%
Corporate Bonds & Notes	32.8
Foreign Government Obligations	3.4
Municipal Debt Obligations	0.2

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

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 9

Fund Summary as of February 29, 2024  iShares^® MBS ETF

Investment Objective

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

Performance

	Average Annual Total Returns										Cumulative Total Returns
	1 Year			5 Years			10 Years				1 Year			5 Years			10 Years
Fund NAV		2.23	%		(0.35	)%		0.87	%			2.23	%		(1.72	)%		9.01	%
Fund Market		2.37			(0.35	)		0.86				2.37			(1.72	)		8.98
Index		2.28			(0.31	)		0.98				2.28			(1.53	)		10.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$  1,019.20	$   0.20		$  1,000.00	$  1,024.70	$   0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024 (continued) iShares^® MBS ETF

Portfolio Information

ISSUER ALLOCATION
Issuer	Percentage of   Total Investments(a)
Uniform Mortgage-Backed Securities		74.0%
Government National Mortgage Association		22.5
Federal Home Loan Mortgage Corp.		3.4
Federal National Mortgage Association		0.1

MATURITY ALLOCATION
Maturity	Percent of   Total Investments(a)
1-5 Years	0.2%
5-10 Years	2.9
10-15 Years	9.2
15-20 Years	3.5
20-25 Years	15.0
25-30 Years	66.4
30-35 Years	2.8

^(a)  Excludes money market funds.

F U N D  S U M M A R Y 11

About Fund Performance

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

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

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

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  February 29, 2024 iShares^® Agency Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Diversified Financial Services — 2.3%
Private Export Funding Corp.
4.30%, 12/15/28	$	5,000	$	4,970,856
Series PP, 1.40%, 07/15/28		12,100		10,598,030
				15,568,886
Total Corporate Bonds & Notes — 2.3% (Cost: $17,162,600)				15,568,886
Foreign Government Obligations(a)
Israel — 0.6%
Israel Government AID Bond
5.13%, 11/01/24		1,110		1,109,100
5.50%, 04/26/24		450		449,806
5.50%, 09/18/33		2,368		2,541,564
				4,100,470
Total Foreign Government Obligations — 0.6% (Cost: $4,151,234)				4,100,470
U.S. Government & Agency Obligations
U.S. Government Agency Obligations — 88.3%
Federal Farm Credit Banks Funding Corp.
1.10%, 03/03/27 (Call 03/07/24)		6,000		5,374,721
1.13%, 01/06/25		9,650		9,330,559
1.15%, 08/12/30 (Call 03/07/24)		15,100		12,116,210
1.32%, 09/09/30 (Call 03/07/24)		1,000		815,007
1.55%, 03/15/29		800		692,371
2.08%, 01/23/30		1,700		1,487,880
2.47%, 07/18/35		1,000		795,534
3.11%, 08/05/48		1,000		704,883
3.19%, 01/16/29		1,000		948,176
3.32%, 02/25/26		1,000		973,203
3.33%, 07/12/32		2,000		1,827,795
4.38%, 06/23/26		8,600		8,545,532
4.38%, 07/06/26		500		497,549
4.50%, 11/18/24		1,500		1,492,281
4.50%, 09/22/28		1,000		1,004,129
4.63%, 07/17/26		500		499,504
4.75%, 02/21/25		500		498,044
4.75%, 03/09/26		650		650,923
4.75%, 05/28/26		1,000		1,002,447
4.75%, 09/01/26		1,422		1,428,021
4.82%, 06/23/26 (Call 06/23/25)		500		496,085
4.88%, 07/28/25		2,000		1,999,171
4.88%, 04/20/26		2,000		2,008,002
4.88%, 10/27/32		2,500		2,541,936
5.13%, 10/10/25		2,500		2,509,828
Federal Home Loan Banks
0.38%, 09/04/25		8,000		7,488,512
0.63%, 11/27/24 (Call 03/28/24)		3,855		3,724,277
0.90%, 02/26/27 (Call 05/26/24)		20,560		18,476,518
0.96%, 03/05/26 (Call 04/05/24)		45,000		41,663,788
1.00%, 07/27/26 (Call 03/27/24)		9,500		8,668,529
1.00%, 02/26/27 (Call 05/26/24)		8,265		7,461,767
1.10%, 11/15/24 (Call 03/15/24)		7,900		7,664,673
1.10%, 08/20/26 (Call 03/20/24)		12,000		10,991,816
1.12%, 02/26/27 (Call 05/26/24)		3,000		2,701,901
1.20%, 12/23/24 (Call 03/23/24)		10,185		9,852,328

Security	Par (000)		Value
U.S. Government Agency Obligations (continued)
1.25%, 12/21/26	$	3,000	$	2,746,866
1.61%, 09/04/24 (Call 04/04/24)		1,960		1,920,957
1.88%, 09/11/26		1,000		936,130
2.01%, 02/17/27 (Call 05/17/24)		500		462,675
2.13%, 09/14/29		1,650		1,469,759
2.13%, 12/14/29		9,800		8,677,236
2.32%, 03/28/25 (Call 03/28/24)		15,000		14,545,611
2.38%, 03/14/25		4,050		3,938,393
3.13%, 06/13/25		21,055		20,568,218
3.25%, 06/09/28		2,000		1,915,851
3.25%, 11/16/28		7,950		7,611,150
4.00%, 06/09/28		1,000		984,041
4.00%, 06/30/28		2,200		2,174,850
4.13%, 03/13/26		4,000		3,956,606
4.38%, 06/12/26		1,500		1,488,458
4.38%, 09/08/28		1,000		999,897
4.38%, 03/11/33		2,000		1,962,634
4.44%, 05/26/32 (Call 03/07/24)		200		189,646
4.50%, 12/12/25(b)		3,000		2,985,093
4.50%, 03/13/26(b)		5,350		5,331,127
4.50%, 03/10/28		700		702,684
4.63%, 03/14/25		4,000		3,981,683
4.63%, 09/11/26		1,000		999,866
4.63%, 11/17/26(b)		16,000		16,070,562
4.75%, 06/12/26		1,500		1,504,130
4.88%, 09/11/26		600		603,031
5.50%, 07/15/36		1,600		1,748,354
5.63%, 03/14/36		1,000		1,091,579
Federal Home Loan Mortgage Corp.
0.00%, 12/11/25(c)		26,614		24,457,094
0.00%, 12/14/29(c)		5,900		4,557,703
0.00%, 12/17/29(c)		500		382,485
0.00%, 11/15/38(c)		7,423		3,636,021
0.38%, 07/21/25(b)		4,000		3,764,141
0.38%, 09/23/25		21,000		19,620,738
0.75%, 05/28/25 (Call 05/28/24)		7,500		7,118,528
4.00%, 02/28/25 (Call 05/28/24)		4,000		3,952,194
4.05%, 08/28/25 (Call 05/28/24)		4,000		3,948,573
6.25%, 07/15/32(b)		5,507		6,241,806
6.75%, 09/15/29(b)		2,500		2,793,272
6.75%, 03/15/31		6,500		7,421,989
Federal National Mortgage Association
0.38%, 08/25/25		10,000		9,368,700
0.50%, 06/17/25		4,018		3,802,143
0.50%, 11/07/25		8,380		7,812,449
0.63%, 04/22/25		8,560		8,152,594
0.75%, 10/08/27		7,000		6,155,663
0.88%, 12/18/26 (Call 03/18/24)		22,962		20,730,418
0.88%, 08/05/30		6,030		4,860,692
1.63%, 01/07/25		5,000		4,856,489
1.63%, 08/24/35 (Call 05/24/24)		5,000		3,469,761
1.88%, 09/24/26		9,725		9,113,549
2.13%, 04/24/26		8,100		7,701,852
5.63%, 07/15/37		1,500		1,654,605
6.21%, 08/06/38		2,500		2,911,603
6.25%, 05/15/29		20,700		22,543,022
6.63%, 11/15/30		10,052		11,347,087
7.13%, 01/15/30		2,319		2,650,289
7.25%, 05/15/30		1,286		1,487,735
Federal National Mortgage Association Principal STRIPS, 0.00%, 01/15/30(c)		910		698,576

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  (continued) February 29, 2024 iShares^® Agency Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Agency Obligations (continued)
Resolution Funding Corp. Interest STRIPS, 0.00%, 01/15/30(c)	$	2,100	$	1,600,827
Resolution Funding Corp. Principal STRIPS, 0.00%, 01/15/30(c)		5,000		3,812,368
Tennessee Valley Authority
0.75%, 05/15/25		1,000		950,869
1.50%, 09/15/31		50		40,111
2.88%, 09/15/24		510		503,293
3.88%, 03/15/28		2,200		2,156,559
4.25%, 09/15/52		2,300		2,044,586
4.25%, 09/15/65		3,806		3,305,735
4.63%, 09/15/60		1,600		1,490,914
4.88%, 01/15/48		1,483		1,449,984
5.25%, 09/15/39		8,505		8,809,981
5.38%, 04/01/56		1,100		1,171,317
5.50%, 06/15/38		282		300,523
5.88%, 04/01/36		5,416		6,027,796
6.15%, 01/15/38		1,000		1,124,974
7.13%, 05/01/30		4,047		4,610,714
Series B, 4.70%, 07/15/33		3,662		3,693,681
Series E, 6.75%, 11/01/25		37,105		38,202,500
				589,009,490
U.S. Government Obligations — 7.1%
Federal Farm Credit Banks Funding Corp.
3.80%, 04/05/32 (Call 03/06/24)		5,000		4,649,576
5.94%, 01/02/36 (Call 07/02/24)		2,000		1,994,955
Federal Home Loan Banks
2.50%, 06/12/26		3,500		3,334,998
4.75%, 12/08/28		1,000		1,019,820
U.S. Treasury Bill
4.83%, 12/26/24		14,000		13,435,146
5.37%, 05/02/24(d)		2,657		2,633,184
5.48%, 05/16/24(d)		2,180		2,155,908
U.S. Treasury Note/Bond
4.13%, 02/15/27		6,800		6,743,688
4.25%, 02/28/31		5,500		5,493,984

Security	Par (000)		Value
U.S. Government Obligations (continued)
4.25%, 02/15/54	$	700	$	687,094
4.50%, 02/15/44		1,500		1,500,000
4.88%, 11/30/25		2,600		2,606,398
5.00%, 08/31/25		100		100,266
5.00%, 10/31/25		900		903,516
				47,258,533
Total U.S. Government & Agency Obligations — 95.4% (Cost: $657,433,116)				636,268,023
Total Long-Term Investments — 98.3% (Cost: $678,746,950)				655,937,379
	Shares
Short-Term Securities
Money Market Funds — 4.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)(g)		26,663,723		26,663,723
Total Short-Term Securities — 4.0% (Cost: $26,663,723)				26,663,723
Total Investments — 102.3% (Cost: $705,410,673)				682,601,102
Liabilities in Excess of Other Assets — (2.3)%				(15,196,004	)
Net Assets — 100.0%			$	667,405,098

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

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

^(c) Zero-coupon bond.

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

^(e) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	44,821,030	$	—	$	(18,157,307)	(a)	$	—	$	—	$	26,663,723		26,663,723	$	354,032	(b)	$	—

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

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

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® Agency Bond ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	15,568,886	$	—	$	15,568,886
Foreign Government Obligations		—		4,100,470		—		4,100,470
U.S. Government & Agency Obligations		—		636,268,023		—		636,268,023
Short-Term Securities
Money Market Funds		26,663,723		—		—		26,663,723
	$	26,663,723	$	655,937,379	$	—	$	682,601,102

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 15

Schedule of Investments  February 29, 2024 iShares^® Government/Credit 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)	$	5	$	3,675
4.65%, 10/01/28 (Call 07/01/28)		25		24,481
4.75%, 03/30/30 (Call 12/30/29)		5		4,863
5.38%, 06/15/33 (Call 03/15/33)		5		4,947
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		10		8,552
2.60%, 08/01/31 (Call 05/01/31)		15		12,591
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		5		4,843
				63,952
Aerospace & Defense — 0.7%
Boeing Co. (The)
2.20%, 02/04/26 (Call 03/11/24)		67		62,912
2.25%, 06/15/26 (Call 03/15/26)		15		13,964
2.70%, 02/01/27 (Call 12/01/26)		5		4,653
2.80%, 03/01/27 (Call 12/01/26)		5		4,640
2.95%, 02/01/30 (Call 11/01/29)		5		4,373
3.10%, 05/01/26 (Call 03/01/26)		20		19,037
3.20%, 03/01/29 (Call 12/01/28)		60		54,232
3.25%, 02/01/35 (Call 11/01/34)		5		4,014
3.45%, 11/01/28 (Call 08/01/28)		15		13,816
3.50%, 03/01/39 (Call 09/01/38)		5		3,788
3.60%, 05/01/34 (Call 02/01/34)		52		43,846
3.63%, 02/01/31 (Call 11/01/30)		65		58,190
3.63%, 03/01/48 (Call 09/01/47)		10		6,948
3.75%, 02/01/50 (Call 08/01/49)		5		3,542
3.90%, 05/01/49 (Call 11/01/48)		5		3,667
3.95%, 08/01/59 (Call 02/01/59)		15		10,598
4.88%, 05/01/25 (Call 04/01/25)		10		9,913
5.04%, 05/01/27 (Call 03/01/27)		55		54,491
5.15%, 05/01/30 (Call 02/01/30)		10		9,831
5.71%, 05/01/40 (Call 11/01/39)		70		68,150
5.81%, 05/01/50 (Call 11/01/49)		140		134,549
5.93%, 05/01/60 (Call 11/01/59)		55		52,561
6.88%, 03/15/39		20		21,733
General Dynamics Corp.
3.25%, 04/01/25 (Call 03/01/25)		15		14,686
3.50%, 05/15/25 (Call 03/15/25)		135		132,409
3.63%, 04/01/30 (Call 01/01/30)		40		37,325
3.75%, 05/15/28 (Call 02/15/28)		85		81,794
4.25%, 04/01/40 (Call 10/01/39)		30		26,746
4.25%, 04/01/50 (Call 10/01/49)		15		12,911
HEICO Corp., 5.35%, 08/01/33 (Call 05/01/33)		5		4,970
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		10		9,521
4.95%, 08/15/25 (Call 05/15/25)		5		4,934
Howmet Aerospace Inc., 5.95%, 02/01/37(a)		25		25,528
L3Harris Technologies Inc.
2.90%, 12/15/29 (Call 09/15/29)		10		8,863
3.85%, 12/15/26 (Call 09/15/26)		25		24,148
4.40%, 06/15/28 (Call 03/15/28)		105		101,953
4.85%, 04/27/35 (Call 10/27/34)		15		14,212
5.05%, 04/27/45 (Call 10/27/44)		10		9,348
5.40%, 07/31/33 (Call 04/30/33)		35		35,022
Lockheed Martin Corp.
2.80%, 06/15/50 (Call 12/15/49)		10		6,602
3.80%, 03/01/45 (Call 09/01/44)		25		20,249
3.90%, 06/15/32 (Call 03/15/32)		70		64,888

Security	Par (000)		Value
Aerospace & Defense (continued)
4.09%, 09/15/52 (Call 03/15/52)	$	35	$	29,073
4.30%, 06/15/62 (Call 12/15/61)		10		8,326
4.50%, 05/15/36 (Call 11/15/35)		10		9,459
4.70%, 05/15/46 (Call 11/15/45)		15		13,828
4.75%, 02/15/34 (Call 11/15/33)		40		39,077
4.95%, 10/15/25 (Call 09/15/25)		25		24,965
5.10%, 11/15/27 (Call 10/15/27)		5		5,053
5.25%, 01/15/33 (Call 10/15/32)		40		40,765
5.70%, 11/15/54 (Call 05/15/54)		20		21,085
5.90%, 11/15/63 (Call 05/15/63)		25		27,116
Series B, 6.15%, 09/01/36		45		48,673
Northrop Grumman Corp.
3.25%, 01/15/28 (Call 10/15/27)		5		4,689
3.85%, 04/15/45 (Call 10/15/44)		10		7,937
4.03%, 10/15/47 (Call 04/15/47)		35		28,181
4.40%, 05/01/30 (Call 02/01/30)		5		4,818
4.70%, 03/15/33 (Call 12/15/32)		165		159,151
4.95%, 03/15/53 (Call 09/15/52)		60		55,536
5.25%, 05/01/50 (Call 11/01/49)		30		28,956
RTX Corp.
2.25%, 07/01/30 (Call 04/01/30)		20		16,926
2.82%, 09/01/51 (Call 03/01/51)		30		18,702
3.03%, 03/15/52 (Call 09/15/51)		30		19,512
3.13%, 05/04/27 (Call 02/04/27)		65		61,344
3.50%, 03/15/27 (Call 12/15/26)		80		76,457
3.75%, 11/01/46 (Call 05/01/46)		35		26,573
4.13%, 11/16/28 (Call 08/16/28)		5		4,802
4.15%, 05/15/45 (Call 11/16/44)		120		98,040
4.35%, 04/15/47 (Call 10/15/46)		25		20,887
4.50%, 06/01/42		25		21,866
4.63%, 11/16/48 (Call 05/16/48)		50		43,417
4.80%, 12/15/43 (Call 06/15/43)		10		8,981
5.15%, 02/27/33 (Call 11/27/32)		10		9,898
5.38%, 02/27/53 (Call 08/27/52)		25		24,129
6.00%, 03/15/31 (Call 01/15/31)		10		10,417
6.05%, 06/01/36		5		5,236
6.10%, 03/15/34 (Call 12/15/33)		50		52,867
				2,376,299
Agriculture — 0.5%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		5		4,826
2.45%, 02/04/32 (Call 11/04/31)		30		24,014
3.40%, 05/06/30 (Call 02/06/30)		85		76,500
3.40%, 02/04/41 (Call 08/04/40)		20		14,373
3.70%, 02/04/51 (Call 08/04/50)		40		27,240
3.88%, 09/16/46 (Call 03/16/46)		20		14,620
4.45%, 05/06/50 (Call 11/06/49)		10		7,828
4.50%, 05/02/43		70		57,962
4.80%, 02/14/29 (Call 11/14/28)		35		34,378
5.38%, 01/31/44		20		19,440
5.80%, 02/14/39 (Call 08/14/38)		15		14,941
5.95%, 02/14/49 (Call 08/14/48)		30		29,860
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		5		4,708
2.90%, 03/01/32 (Call 12/01/31)		20		17,044
3.25%, 03/27/30 (Call 12/27/29)		10		9,047
3.75%, 09/15/47 (Call 03/15/47)		5		3,796
4.50%, 08/15/33 (Call 05/15/33)(a)		25		23,827
4.50%, 03/15/49 (Call 09/15/48)		20		17,459
5.38%, 09/15/35		9		9,054

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)	$	45	$	39,811
3.46%, 09/06/29 (Call 06/06/29)		25		22,620
3.56%, 08/15/27 (Call 05/15/27)		23		21,717
3.98%, 09/25/50 (Call 03/25/50)		25		17,065
4.39%, 08/15/37 (Call 02/15/37)		60		49,215
4.54%, 08/15/47 (Call 02/15/47)		25		18,633
4.70%, 04/02/27 (Call 02/02/27)		105		102,722
4.74%, 03/16/32 (Call 12/16/31)		15		14,108
4.91%, 04/02/30 (Call 01/02/30)		50		48,570
5.28%, 04/02/50 (Call 10/02/49)		20		16,544
6.00%, 02/20/34 (Call 11/20/33)		25		24,757
6.42%, 08/02/33 (Call 05/02/33)		40		41,055
7.08%, 08/02/43 (Call 02/02/43)		15		15,616
7.08%, 08/02/53 (Call 02/02/53)		70		72,562
BAT International Finance PLC, 1.67%, 03/25/26 (Call 02/25/26)		40		37,063
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		110		104,131
2.75%, 05/14/31 (Call 02/14/31)		25		21,270
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		5		4,568
2.10%, 05/01/30 (Call 02/01/30)		5		4,213
3.38%, 08/11/25 (Call 05/11/25)		25		24,378
3.38%, 08/15/29 (Call 05/15/29)		30		27,542
3.88%, 08/21/42		40		31,524
4.25%, 11/10/44		26		21,436
4.38%, 11/15/41		20		16,998
4.88%, 02/13/26		45		44,779
4.88%, 11/15/43		15		13,480
5.00%, 11/17/25		10		9,966
5.13%, 11/17/27 (Call 10/17/27)		165		165,248
5.13%, 02/15/30 (Call 12/15/29)		25		24,879
5.25%, 02/13/34 (Call 11/13/33)		25		24,426
5.38%, 02/15/33 (Call 11/15/32)		40		39,840
5.63%, 11/17/29 (Call 09/17/29)		30		30,720
5.75%, 11/17/32 (Call 08/17/32)		25		25,481
6.38%, 05/16/38		30		32,376
Reynolds American Inc., 5.70%, 08/15/35 (Call 02/15/35)		5		4,776
				1,625,006
Airlines — 0.1%
American Airlines Pass Through Trust
Series 2015-2, Class AA, 3.60%, 03/22/29		23		21,175
Series 2016-2, Class AA, 3.20%, 12/15/29		7		6,162
Series 2016-3, Class AA, 3.00%, 04/15/30		7		6,087
Series 2017-2, Class AA, 3.35%, 04/15/31		4		3,202
Series A, Class A, 2.88%, 01/11/36		9		7,742
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		8		7,337
Series 2019-1, Class AA, 2.75%, 11/15/33		4		3,454
Southwest Airlines Co.
2.63%, 02/10/30 (Call 11/10/29)		10		8,644
3.00%, 11/15/26 (Call 08/15/26)		5		4,719
5.13%, 06/15/27 (Call 04/15/27)		20		19,932
5.25%, 05/04/25 (Call 04/04/25)		65		64,814
United Airlines Pass Through Trust
5.80%, 07/15/37		35		35,296
Series 2013-1, Class A, 4.30%, 02/15/27		16		15,452
Series 2014-2, Class A, 3.75%, 03/03/28		22		21,201
Series 2016-1, Class AA, 3.10%, 01/07/30		13		11,926

Security	Par (000)		Value
Airlines (continued)
Series 2016-2, Class AA, 2.88%, 04/07/30	$	10	$	9,289
Series 2020-1, 5.88%, 04/15/29		15		15,064
Series 2020-1, Class B, 4.88%, 07/15/27(a)		19		19,146
				280,642
Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		115		108,186
2.40%, 03/27/25 (Call 02/27/25)		5		4,860
2.85%, 03/27/30 (Call 12/27/29)		40		35,955
3.25%, 03/27/40 (Call 09/27/39)		15		11,957
3.38%, 11/01/46 (Call 05/01/46)		20		15,114
3.38%, 03/27/50 (Call 09/27/49)(a)		15		11,373
3.63%, 05/01/43 (Call 11/01/42)		35		28,527
3.88%, 11/01/45 (Call 05/01/45)		15		12,398
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		25		24,650
Ralph Lauren Corp., 3.75%, 09/15/25 (Call 07/15/25)		10		9,773
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		10		8,106
4.25%, 04/01/25 (Call 01/01/25)		5		4,923
7.00%, 11/27/26		25		25,675
7.35%, 11/27/28 (Call 10/27/28)		25		26,160
7.85%, 11/27/33 (Call 08/27/33)		25		27,049
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		20		19,187
2.80%, 04/23/27 (Call 02/23/27)		10		9,067
2.95%, 04/23/30 (Call 01/23/30)		20		16,498
				399,458
Auto Manufacturers — 0.8%
American Honda Finance Corp.
1.80%, 01/13/31		10		8,211
2.00%, 03/24/28		10		8,957
2.25%, 01/12/29		25		22,200
4.90%, 01/10/34		25		24,385
5.85%, 10/04/30		10		10,406
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		5		4,690
1.50%, 09/01/30 (Call 06/01/30)		25		20,194
2.60%, 09/01/50 (Call 03/01/50)		5		3,136
5.15%, 02/20/34 (Call 11/20/33)		25		24,975
Ford Motor Co., 4.75%, 01/15/43		65		52,690
Ford Motor Credit Co. LLC
4.00%, 11/13/30 (Call 08/13/30)		200		176,792
4.13%, 08/17/27 (Call 06/17/27)		200		189,031
4.39%, 01/08/26		200		194,580
6.80%, 05/12/28 (Call 04/12/28)		200		206,423
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		65		62,602
5.00%, 10/01/28 (Call 07/01/28)		40		39,730
5.00%, 04/01/35		30		28,048
5.20%, 04/01/45		10		8,827
5.40%, 10/15/29 (Call 08/15/29)		10		9,967
5.40%, 04/01/48 (Call 10/01/47)		15		13,454
5.60%, 10/15/32 (Call 07/15/32)(a)		15		14,957
5.95%, 04/01/49 (Call 10/01/48)(a)		60		57,659
6.25%, 10/02/43		10		10,037
6.60%, 04/01/36 (Call 10/01/35)		50		52,418
6.75%, 04/01/46 (Call 10/01/45)		5		5,285
6.80%, 10/01/27 (Call 08/01/27)		60		62,652
General Motors Financial Co. Inc.
1.50%, 06/10/26 (Call 05/10/26)		35		32,062

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
2.35%, 02/26/27 (Call 01/26/27)	$	80	$	73,346
2.35%, 01/08/31 (Call 10/08/30)		30		24,448
2.40%, 04/10/28 (Call 02/10/28)		25		22,285
2.70%, 06/10/31 (Call 03/10/31)		30		24,684
2.75%, 06/20/25 (Call 05/20/25)		25		24,128
3.10%, 01/12/32 (Call 10/12/31)		25		20,880
3.60%, 06/21/30 (Call 03/21/30)		15		13,452
4.00%, 10/06/26 (Call 07/06/26)		40		38,670
4.35%, 04/09/25 (Call 02/09/25)		95		93,772
4.35%, 01/17/27 (Call 10/17/26)		10		9,733
5.00%, 04/09/27 (Call 03/09/27)		40		39,577
5.80%, 06/23/28 (Call 05/23/28)		35		35,502
5.85%, 04/06/30 (Call 02/06/30)		5		5,070
6.05%, 10/10/25		45		45,352
Honda Motor Co. Ltd., 2.53%, 03/10/27 (Call 02/10/27)		50		46,718
PACCAR Financial Corp.
1.10%, 05/11/26		15		13,827
3.55%, 08/11/25		5		4,897
4.45%, 03/30/26		5		4,956
5.05%, 08/10/26		5		5,019
Toyota Motor Corp., 2.36%, 03/25/31 (Call 12/25/30)		10		8,616
Toyota Motor Credit Corp.
3.00%, 04/01/25		145		141,675
3.05%, 03/22/27		25		23,707
3.05%, 01/11/28		95		89,430
3.65%, 08/18/25		20		19,596
3.95%, 06/30/25		45		44,316
4.45%, 06/29/29		130		127,645
4.55%, 09/20/27		10		9,915
4.55%, 05/17/30		5		4,896
4.70%, 01/12/33		35		34,513
4.80%, 01/05/34		25		24,368
5.00%, 08/14/26		50		49,991
5.40%, 11/10/25		35		35,216
5.45%, 11/10/27		5		5,099
5.55%, 11/20/30		10		10,322
				2,519,989
Auto Parts & Equipment — 0.0%
Aptiv PLC
3.10%, 12/01/51 (Call 06/01/51)		30		18,783
4.35%, 03/15/29 (Call 12/15/28)		10		9,664
4.40%, 10/01/46 (Call 04/01/46)		10		7,854
Aptiv PLC/Aptiv Corp.
3.25%, 03/01/32 (Call 12/01/31)		25		21,557
4.15%, 05/01/52 (Call 11/01/51)		5		3,816
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		35		32,305
Lear Corp.
3.50%, 05/30/30 (Call 02/28/30)		5		4,468
3.55%, 01/15/52 (Call 07/15/51)		10		6,779
4.25%, 05/15/29 (Call 02/15/29)		10		9,516
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		10		8,601
4.15%, 10/01/25 (Call 07/01/25)		10		9,816
5.50%, 03/21/33 (Call 12/21/32)		5		5,122
				138,281
Banks — 7.8%
Banco Bilbao Vizcaya Argentaria SA, 5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(b)		200		199,936
Banco Santander SA
1.85%, 03/25/26		25		23,201

Security	Par (000)		Value
Banks (continued)
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(b)	$	25	$	23,932
4.25%, 04/11/27		25		24,089
4.38%, 04/12/28		225		216,189
5.15%, 08/18/25		50		49,617
5.18%, 11/19/25		250		246,509
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25), (1-day SOFR + 1.010%)(b)		10		9,316
1.32%, 06/19/26 (Call 06/19/25), (1-day SOFR + 1.150%)(b)		25		23,670
1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)(b)		10		9,167
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(b)		15		12,169
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(b)		65		57,040
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(b)		45		36,404
2.48%, 09/21/36 (Call 09/21/31), (5-year CMT + 1.200%)(b)		25		19,746
2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(b)		55		46,889
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(b)		35		28,719
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(b)		25		21,311
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(b)		155		108,117
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(b)		135		112,992
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(b)		15		9,617
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(b)		50		41,991
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(b)		25		16,615
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b)		40		35,989
3.25%, 10/21/27 (Call 10/21/26)		60		56,676
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(b)		50		37,897
3.38%, 04/02/26 (Call 04/02/25), (1-day SOFR + 1.330%)(b)		25		24,413
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)(b)		80		74,758
3.56%, 04/23/27 (Call 04/23/26), (3-mo. SOFR + 1.322%)(b)		65		62,513
3.85%, 03/08/37 (Call 03/08/32), (5-year CMT + 2.000%)(b)		5		4,365
3.88%, 08/01/25		20		19,680
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(b)		52		49,465
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b)		155		145,674
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(b)		20		17,111
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(b)		85		68,644
4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(b)		25		22,207

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.25%, 10/22/26	$	95	$	92,905
4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)(b)		180		172,935
4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(b)		40		33,688
4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(b)		80		68,822
4.45%, 03/03/26		50		49,174
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(b)		45		42,351
4.83%, 07/22/26 (Call 07/22/25), (1-day SOFR + 1.750%)(b)		10		9,914
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(b)		110		108,893
5.00%, 01/21/44		40		38,256
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(b)		65		63,322
5.08%, 01/20/27 (Call 01/20/26), (1-day SOFR + 1.290%)(b)		15		14,904
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(b)		135		134,236
5.29%, 04/25/34 (Call 04/25/33), (1-day SOFR + 1.910%)(b)		225		221,756
5.47%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.650%)(b)		95		94,747
5.82%, 09/15/29 (Call 09/15/28), (1-day SOFR + 1.570%)(b)		50		50,971
5.87%, 09/15/34 (Call 09/15/33), (1-day SOFR + 1.840%)(b)		100		102,549
5.88%, 02/07/42		35		37,226
5.93%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.340%)(b)		100		101,406
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(b)		10		10,310
Series L, 3.95%, 04/21/25		10		9,835
Series L, 4.75%, 04/21/45		25		22,716
Series N, 1.66%, 03/11/27 (Call 03/11/26), (1-day SOFR + 0.910%)(b)		5		4,642
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(b)		20		16,730
Bank of America NA, 5.53%, 08/18/26 (Call 07/18/26)		470		474,537
Bank of Montreal
1.85%, 05/01/25		5		4,804
3.09%, 01/10/37 (Call 01/10/32), (5-year CMT + 1.400%)(b)		10		8,099
3.70%, 06/07/25		5		4,899
3.80%, 12/15/32 (Call 12/15/27), (5-year USD Swap + 1.432%)(b)		25		22,995
5.30%, 06/05/26		5		5,012
Series H, 4.70%, 09/14/27 (Call 08/14/27)		170		168,293
Bank of New York Mellon Corp. (The)
1.05%, 10/15/26 (Call 09/15/26)		70		63,230
2.45%, 08/17/26 (Call 05/17/26)		50		47,008
2.50%, 01/26/32 (Call 10/26/31)		35		29,201
2.80%, 05/04/26 (Call 02/04/26)		50		47,731
3.30%, 08/23/29 (Call 05/23/29)		5		4,587
3.85%, 04/28/28		35		33,758
3.85%, 04/26/29 (Call 02/26/29)		5		4,786
5.83%, 10/25/33 (Call 10/25/32), (1-day SOFR + 2.074%)(b)		50		51,851

Security	Par (000)		Value
Banks (continued)
6.32%, 10/25/29 (Call 10/25/28), (1-day SOFR + 1.598%)(b)	$	25	$	26,192
6.47%, 10/25/34 (Call 10/25/33), (1-day SOFR + 1.845%)(b)		25		27,046
Bank of Nova Scotia (The)
1.05%, 03/02/26		20		18,442
1.30%, 06/11/25		20		19,009
1.30%, 09/15/26 (Call 06/15/26)		20		18,203
1.35%, 06/24/26		5		4,589
1.95%, 02/02/27		5		4,589
2.15%, 08/01/31		10		8,171
2.70%, 08/03/26		20		18,886
3.45%, 04/11/25		45		44,065
4.50%, 12/16/25		45		44,225
4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(b)		10		8,951
4.85%, 02/01/30		20		19,728
5.65%, 02/01/34		25		25,394
BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)		10		9,735
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(b)		20		18,279
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(b)		200		163,288
3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(b)		25		20,977
4.38%, 01/12/26		200		195,881
4.95%, 01/10/47		20		18,200
5.20%, 05/12/26		10		9,879
5.25%, 08/17/45		20		19,072
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(b)		200		211,368
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(b)		200		218,845
Canadian Imperial Bank of Commerce
0.95%, 10/23/25		55		51,410
1.25%, 06/22/26 (Call 05/22/26)		35		32,085
3.30%, 04/07/25		5		4,884
3.60%, 04/07/32 (Call 03/07/32)		10		8,927
3.95%, 08/04/25		5		4,902
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26), (1-day SOFR + 0.765%)(b)		35		32,264
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(b)		10		8,116
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(b)		35		28,811
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(b)		40		33,834
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(b)		90		77,167
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(b)		15		10,616
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(b)		15		13,233
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(b)		50		42,010
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(b)		55		51,525
3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)(b)		35		34,072

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

	Par (000)		Value
Banks (continued)
3.20%, 10/21/26 (Call 07/21/26)	$	30	$	28,492
3.30%, 04/27/25		50		48,892
3.40%, 05/01/26		60		57,730
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(b)		30		28,180
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(b)		125		118,491
3.70%, 01/12/26		80		77,886
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(b)		40		35,442
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(b)		25		24,023
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(b)		40		37,505
4.13%, 07/25/28		20		18,981
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(b)		20		16,903
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(b)		55		51,967
4.45%, 09/29/27		65		62,973
4.65%, 07/23/48 (Call 06/23/48)		29		25,847
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(b)		15		14,727
4.75%, 05/18/46		25		21,867
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(b)		35		33,525
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(b)		55		53,809
5.88%, 02/22/33		115		117,008
6.00%, 10/31/33		10		10,337
6.17%, 05/25/34 (Call 05/25/33), (1-day SOFR + 2.661%)(b)		35		35,240
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(b)		50		52,478
6.63%, 06/15/32		125		133,123
6.68%, 09/13/43		70		76,762
8.13%, 07/15/39		30		37,985
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)		25		20,723
2.64%, 09/30/32 (Call 07/02/32)		5		3,786
5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(b)		10		9,154
Comerica Bank, 4.00%, 07/27/25		50		48,464
Cooperatieve Rabobank UA, 5.75%, 12/01/43		150		150,555
Credit Suisse AG/New York
2.95%, 04/09/25		250		242,808
7.50%, 02/15/28		250		269,276
Deutsche Bank AG, 4.10%, 01/13/26		15		14,623
Deutsche Bank AG/New York
1.69%, 03/19/26		25		23,295
2.13%, 11/24/26 (Call 11/24/25), (1-day SOFR + 1.870%)(b)		10		9,376
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(b)		20		18,166
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(b)		260		225,225
6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(b)		150		150,313
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (1-day SOFR + 0.685%)(b)		55		49,338

Security	Par (000)		Value
Banks (continued)
2.55%, 05/05/27 (Call 04/05/27)	$	10	$	9,182
3.95%, 03/14/28 (Call 02/14/28)		15		14,249
5.63%, 01/29/32 (Call 01/29/31), (1-day SOFR + 1.840%)(b)		25		24,801
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(b)		15		15,285
8.25%, 03/01/38		15		17,734
First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (3-mo. SOFR + 2.465%)(b)		20		19,167
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		10		9,734
First-Citizens Bank & Trust Co., 6.13%, 03/09/28		5		5,066
Goldman Sachs Capital I, 6.35%, 02/15/34		5		5,128
Goldman Sachs Group Inc. (The)
1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)(b)		5		4,633
1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)(b)		10		9,243
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(b)		40		36,359
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(b)		45		41,208
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(b)		30		24,052
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(b)		165		134,266
2.60%, 02/07/30 (Call 11/07/29)		40		34,703
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(b)		35		29,090
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(b)		50		46,323
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(b)		30		24,740
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(b)		25		17,719
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(b)		95		80,510
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(b)		80		59,517
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(b)		20		15,219
3.50%, 04/01/25 (Call 03/01/25)		20		19,587
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(b)		50		47,677
3.75%, 02/25/26 (Call 11/25/25)		10		9,750
3.80%, 03/15/30 (Call 12/15/29)		50		46,490
3.85%, 01/26/27 (Call 01/26/26)		25		24,155
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.635%)(b)		30		25,692
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)(b)		55		52,737
4.25%, 10/21/25		40		39,281
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(b)		50		44,282
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(b)		35		34,145
4.75%, 10/21/45 (Call 04/21/45)		55		50,195
4.80%, 07/08/44 (Call 01/08/44)		30		27,320
5.15%, 05/22/45		20		19,113
5.80%, 08/10/26 (Call 08/10/25), (1-day SOFR + 1.075%)(b)		200		201,091
6.25%, 02/01/41		25		26,982

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
6.45%, 05/01/36	$	30	$	32,046
6.56%, 10/24/34 (Call 10/24/33), (1-day SOFR + 1.950%)(b)		25		27,009
6.75%, 10/01/37		100		108,750
HSBC Bank USA NA, 7.00%, 01/15/39		70		79,745
HSBC Holdings PLC
2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)(b)		200		191,275
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)(b)		70		64,074
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(b)		200		165,262
3.90%, 05/25/26		130		125,970
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(b)		150		138,963
4.29%, 09/12/26 (Call 09/12/25), (3-mo. SOFR + 1.609%)(b)		200		196,109
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(b)		200		192,396
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(b)		200		195,277
4.95%, 03/31/30		200		195,829
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(b)		105		103,167
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(b)		200		207,544
6.50%, 09/15/37		20		21,054
8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(b)		50		56,301
Huntington Bancshares Inc./OH
4.00%, 05/15/25 (Call 04/15/25)		10		9,819
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(b)		5		4,802
5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(b)		5		4,725
5.71%, 02/02/35 (Call 02/02/34), (1-day SOFR + 1.870%)(a)(b)		25		24,674
6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)(b)		25		25,427
ING Groep NV, 6.11%, 09/11/34 (Call 09/11/33), (1-day SOFR + 2.090%)(b)		200		206,353
JPMorgan Chase & Co.
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(b)		50		45,433
1.58%, 04/22/27 (Call 04/22/26), (1-day SOFR + 0.885%)(b)		65		60,079
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(b)		15		12,078
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(b)		35		28,146
2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)(b)		55		53,015
2.08%, 04/22/26 (Call 04/22/25), (1-day SOFR + 1.850%)(b)		85		81,794
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(b)		65		59,202
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(b)		30		25,628
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(b)		20		16,474

Security	Par (000)		Value
Banks (continued)
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(b)	$	35	$	29,263
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(b)		200		175,457
2.96%, 05/13/31 (Call 05/13/30), (3-mo. SOFR + 2.515%)(b)		31		26,913
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(b)		55		46,440
3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(b)		30		22,561
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(b)		40		27,429
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.460%)(b)		50		37,441
3.20%, 06/15/26 (Call 03/15/26)		195		187,576
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(b)		40		28,365
3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(b)		35		29,907
3.90%, 07/15/25 (Call 04/15/25)		55		54,063
3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(b)		30		23,991
3.96%, 01/29/27 (Call 01/29/26), (3-mo. SOFR + 1.507%)(b)		50		48,794
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(b)		50		40,162
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(b)		140		113,553
4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(b)		30		28,820
4.25%, 10/01/27		100		97,814
4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(b)		20		16,864
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(b)		65		62,412
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(b)		30		28,486
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(b)		10		9,889
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(b)		150		145,528
5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(b)		225		225,609
5.34%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.620%)(b)		50		49,747
5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(b)		190		189,013
5.50%, 10/15/40		15		15,335
5.60%, 07/15/41		15		15,463
5.63%, 08/16/43		60		61,541
5.72%, 09/14/33 (Call 09/14/32), (1-day SOFR + 2.580%)(b)		65		65,801
6.25%, 10/23/34 (Call 10/23/33), (1-day SOFR + 1.810%)(b)		20		21,230
6.40%, 05/15/38		145		161,849
8.00%, 04/29/27		45		48,935
KeyCorp
2.25%, 04/06/27		10		8,920
2.55%, 10/01/29		10		8,367
4.10%, 04/30/28		35		32,759

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(b)	$	15	$	13,547
Korea Development Bank (The), 3.00%, 01/13/26		200		192,981
Kreditanstalt fuer Wiederaufbau
0.00%, 04/18/36(c)		20		11,585
0.00%, 06/29/37(c)		175		95,755
0.38%, 07/18/25		305		286,687
0.63%, 01/22/26		15		13,903
1.00%, 10/01/26		20		18,300
1.75%, 09/14/29		15		13,092
2.00%, 05/02/25		119		114,949
2.88%, 04/03/28		40		37,679
3.13%, 06/10/25		15		14,661
3.75%, 02/15/28		240		233,968
3.88%, 06/15/28		10		9,784
4.13%, 07/15/33		15		14,662
4.63%, 08/07/26		20		20,011
5.13%, 09/29/25		5		5,019
Landwirtschaftliche Rentenbank
0.88%, 03/30/26		80		74,015
0.88%, 09/03/30		5		4,002
1.75%, 07/27/26		60		56,115
2.38%, 06/10/25		10		9,676
3.88%, 06/14/28		10		9,785
Series 37, 2.50%, 11/15/27		45		41,987
Series 40, 0.50%, 05/27/25		5		4,730
Lloyds Banking Group PLC, 4.34%, 01/09/48		200		157,094
M&T Bank Corp., 7.41%, 10/30/29 (Call 10/30/28), (1-day SOFR + 2.800%)(b)		25		26,225
Mitsubishi UFJ Financial Group Inc.
3.75%, 07/18/39		200		170,541
3.96%, 03/02/28		30		28,896
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)(b)		25		25,063
5.41%, 04/19/34 (Call 04/19/33), (1-year CMT + 1.970%)(b)		200		202,105
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(b)		200		201,423
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26), (1-year CMT + 0.670%)(b)		200		182,724
2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(b)		200		165,418
3.66%, 02/28/27		15		14,357
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(b)		20		20,297
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(b)		5		5,104
5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(b)		20		20,376
Morgan Stanley
1.59%, 05/04/27 (Call 05/04/26), (1-day SOFR + 0.879%)(b)		45		41,487
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(b)		10		7,918
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(b)		45		35,721
2.19%, 04/28/26 (Call 04/28/25), (1-day SOFR + 1.990%)(b)		30		28,871
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(b)		25		20,156

Security	Par (000)		Value
Banks (continued)
2.48%, 09/16/36 (Call 09/16/31), (1-day SOFR + 1.360%)(b)	$	60	$	47,150
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(b)		45		36,856
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(b)		50		43,283
2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(b)		30		19,285
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(b)		75		62,916
3.13%, 07/27/26		15		14,302
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(b)		25		18,783
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(a)(b)		60		54,483
3.63%, 01/20/27		100		96,414
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(b)		200		189,025
3.88%, 01/27/26		140		136,597
3.95%, 04/23/27		15		14,437
3.97%, 07/22/38 (Call 07/22/37)(b)		75		63,935
4.00%, 07/23/25		85		83,547
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(b)		10		9,678
4.30%, 01/27/45		130		112,677
4.35%, 09/08/26		160		156,400
4.38%, 01/22/47		35		30,180
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(b)		30		28,808
4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(b)		10		9,028
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(b)		50		47,982
5.00%, 11/24/25		95		94,438
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)(b)		10		9,940
5.25%, 04/21/34 (Call 04/21/33), (1-day SOFR + 1.870%)(b)		25		24,539
5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(b)		30		28,689
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(b)		130		129,368
5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)(b)		80		80,332
5.47%, 01/18/35 (Call 01/18/34), (1-day SOFR + 1.730%)(b)		50		49,950
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.840%)(b)		25		25,867
5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(b)		50		49,852
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(b)		25		25,841
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(b)		30		31,797
6.38%, 07/24/42		20		22,217
7.25%, 04/01/32		80		91,166
Morgan Stanley Bank NA, 5.48%, 07/16/25 (Call 06/16/25)		60		60,240

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1-year CMT + 0.900%)(b)	$	200	$	182,808
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(b)		200		194,614
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		5		4,214
3.95%, 10/30/25		90		88,278
4.00%, 05/10/27 (Call 04/10/27)		40		38,848
6.13%, 11/02/32 (Call 08/02/32)		5		5,252
Oesterreichische Kontrollbank AG
0.38%, 09/17/25		10		9,334
0.50%, 02/02/26		175		161,458
2.88%, 05/23/25		5		4,871
3.63%, 09/09/27(a)		40		38,854
4.13%, 01/20/26		5		4,941
4.25%, 03/01/28		25		24,783
4.63%, 11/03/25		10		9,956
5.00%, 10/23/26		10		10,100
PNC Financial Services Group Inc. (The)
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(b)		5		4,070
2.55%, 01/22/30 (Call 10/24/29)		5		4,291
3.15%, 05/19/27 (Call 04/19/27)		5		4,706
3.45%, 04/23/29 (Call 01/23/29)		42		38,782
4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(b)		25		23,159
4.76%, 01/26/27 (Call 01/26/26), (1-day SOFR + 1.085%)(b)		20		19,760
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(b)		30		28,823
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.620%)(b)		25		24,987
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(b)		50		50,317
5.68%, 01/22/35 (Call 01/22/34), (1-day SOFR + 1.902%)(b)		25		25,059
5.81%, 06/12/26 (Call 06/12/25), (1-day SOFR + 1.322%)(b)		40		40,052
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(b)		40		41,063
6.88%, 10/20/34 (Call 10/20/33), (1-day SOFR + 2.284%)(b)		50		54,198
Regions Financial Corp.
2.25%, 05/18/25 (Call 04/18/25)		120		114,903
7.38%, 12/10/37		5		5,622
Royal Bank of Canada
1.15%, 06/10/25		40		38,001
1.15%, 07/14/26		15		13,704
1.20%, 04/27/26		10		9,202
1.40%, 11/02/26		60		54,526
2.30%, 11/03/31		30		24,570
4.88%, 01/12/26		5		4,980
4.90%, 01/12/28		25		24,918
5.00%, 02/01/33		45		44,232
5.00%, 05/02/33		5		4,923
5.20%, 08/01/28		60		60,326
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)(b)		30		27,131
4.40%, 07/13/27 (Call 04/14/27)		65		62,294

Security	Par (000)		Value
Banks (continued)
4.50%, 07/17/25 (Call 04/17/25)	$	55	$	53,918
5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)(b)		5		4,988
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(b)		25		25,389
6.57%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.700%)(b)		5		5,092
Santander U.K. Group Holdings PLC, 2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)(b)		40		36,426
State Street Corp.
2.20%, 03/03/31		10		8,267
2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)(b)		40		33,201
2.65%, 05/19/26		35		33,284
2.90%, 03/30/26 (Call 03/30/25), (1-day SOFR + 2.600%)(b)		40		38,952
3.55%, 08/18/25		10		9,797
5.10%, 05/18/26 (Call 05/18/25), (1-day SOFR + 1.130%)(b)		10		9,963
5.16%, 05/18/34 (Call 05/18/33), (1-day SOFR + 1.890%)(b)		15		14,807
5.27%, 08/03/26 (Call 07/03/26)		45		45,147
Sumitomo Mitsui Financial Group Inc.
1.90%, 09/17/28		200		174,005
2.14%, 09/23/30		60		49,277
3.35%, 10/18/27		40		37,728
3.78%, 03/09/26		65		63,224
5.77%, 01/13/33		205		211,502
6.18%, 07/13/43		35		38,331
Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)		5		4,942
Toronto-Dominion Bank (The)
0.75%, 09/11/25		105		98,384
1.15%, 06/12/25		20		18,984
1.20%, 06/03/26		10		9,174
2.00%, 09/10/31		45		36,619
3.20%, 03/10/32		10		8,723
3.63%, 09/15/31 (Call 09/15/26), (5-year USD Swap + 2.205%)(b)		20		19,087
3.77%, 06/06/25		10		9,822
4.11%, 06/08/27		25		24,262
4.46%, 06/08/32		175		166,807
4.69%, 09/15/27		25		24,715
5.10%, 01/09/26		30		30,039
Truist Bank, 4.05%, 11/03/25 (Call 09/03/25)		85		83,181
Truist Financial Corp.
1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)(b)		20		18,358
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(b)		25		21,471
1.95%, 06/05/30 (Call 03/05/30)		10		8,168
3.70%, 06/05/25 (Call 05/05/25)		100		97,799
4.00%, 05/01/25 (Call 03/01/25)		5		4,910
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(b)		15		14,412
4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(b)		10		9,795
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(b)		35		34,063
4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)(b)		35		32,163

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(b)	$	30	$	28,448
5.71%, 01/24/35 (Call 01/24/34), (1-day SOFR + 1.922%)(b)		25		24,789
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(b)		25		24,997
5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(b)		90		90,199
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(b)		35		35,582
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		10		7,926
1.45%, 05/12/25 (Call 04/11/25)		30		28,706
2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)(b)		15		11,594
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(b)		20		16,324
3.10%, 04/27/26 (Call 03/27/26)		5		4,774
3.95%, 11/17/25 (Call 10/17/25)		5		4,892
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(b)		15		14,645
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(b)		40		37,648
4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)(b)		25		23,394
5.68%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.860%)(b)		50		49,888
5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(b)		55		55,232
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)(b)		25		25,256
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(b)		30		30,232
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(b)		40		40,390
Series V, 2.38%, 07/22/26 (Call 06/22/26)		35		32,799
UBS Group AG
4.55%, 04/17/26		150		147,329
4.88%, 05/15/45		25		23,051
Wachovia Corp., 5.50%, 08/01/35		51		50,163
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25), (1-day SOFR + 2.000%)(b)		75		71,964
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(b)		120		109,458
2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(b)		30		25,590
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(b)		55		48,194
3.00%, 04/22/26		145		138,353
3.00%, 10/23/26		95		89,763
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(b)		55		40,649
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(b)		75		64,351
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(b)		220		208,593
3.90%, 05/01/45		25		20,017
4.10%, 06/03/26		70		68,150
4.15%, 01/24/29 (Call 10/24/28)		50		47,855
4.30%, 07/22/27		10		9,707

Security	Par (000)		Value
Banks (continued)
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(b)	$	10	$	9,517
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(b)		90		78,528
4.65%, 11/04/44		25		21,517
4.75%, 12/07/46		20		17,286
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(b)		15		14,735
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(b)		30		28,701
4.90%, 11/17/45		30		26,621
5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(b)		110		101,751
5.38%, 11/02/43		65		62,024
5.39%, 04/24/34 (Call 04/24/33), (1-day SOFR + 2.020%)(b)		25		24,594
5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(b)		235		234,104
5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)(b)		90		90,627
5.61%, 01/15/44		72		70,009
5.95%, 12/01/86 (Call 12/15/36)		30		30,555
6.00%, 10/28/25 (Call 04/28/24)(a)		5		4,982
6.49%, 10/23/34 (Call 10/23/33), (1-day SOFR + 2.060%)(b)		50		53,178
Wells Fargo Bank NA, 5.85%, 02/01/37		20		20,466
Westpac Banking Corp.
2.67%, 11/15/35 (Call 11/15/30), (5-year CMT + 1.750%)(b)		25		20,370
2.96%, 11/16/40		15		10,242
3.13%, 11/18/41		10		6,913
3.35%, 03/08/27		15		14,345
4.11%, 07/24/34 (Call 07/24/29), (5-year CMT + 2.000%)(b)		25		22,836
4.32%, 11/23/31 (Call 11/23/26), (5-year USD ICE Swap + 2.236%)(b)		30		28,806
4.42%, 07/24/39		30		25,969
5.41%, 08/10/33 (Call 08/10/32), (1-year CMT + 2.680%)(b)		30		29,363
5.46%, 11/18/27		50		50,835
6.82%, 11/17/33		25		26,808
				25,606,335
Beverages — 0.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		27		26,325
4.70%, 02/01/36 (Call 08/01/35)		60		57,423
4.90%, 02/01/46 (Call 08/01/45)		230		214,689
Anheuser-Busch InBev Finance Inc.
4.70%, 02/01/36 (Call 08/01/35)		30		28,602
4.90%, 02/01/46 (Call 08/01/45)		50		46,202
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)		25		23,103
4.38%, 04/15/38 (Call 10/15/37)		20		18,293
4.44%, 10/06/48 (Call 04/06/48)		25		21,882
4.60%, 04/15/48 (Call 10/15/47)		6		5,390
4.75%, 01/23/29 (Call 10/23/28)		50		49,662
4.90%, 01/23/31 (Call 10/23/30)		105		105,545
4.95%, 01/15/42		25		23,846
5.45%, 01/23/39 (Call 07/23/38)		105		106,854
5.55%, 01/23/49 (Call 07/23/48)		85		87,051

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
5.80%, 01/23/59 (Call 07/23/58)	$	35	$	36,962
8.00%, 11/15/39		10		12,530
Coca-Cola Co. (The)
1.00%, 03/15/28		50		43,558
1.38%, 03/15/31		40		32,020
1.50%, 03/05/28		5		4,440
1.65%, 06/01/30		45		37,583
2.25%, 01/05/32		5		4,210
2.50%, 06/01/40		10		7,143
2.50%, 03/15/51		35		21,861
2.88%, 05/05/41		65		48,776
3.00%, 03/05/51		35		24,485
3.38%, 03/25/27		10		9,634
3.45%, 03/25/30		5		4,664
4.20%, 03/25/50		10		8,832
Constellation Brands Inc.
3.15%, 08/01/29 (Call 05/01/29)		75		68,043
3.60%, 02/15/28 (Call 11/15/27)		40		37,795
3.70%, 12/06/26 (Call 09/06/26)		30		28,870
3.75%, 05/01/50 (Call 11/01/49)		50		37,406
4.10%, 02/15/48 (Call 08/15/47)		15		12,007
4.35%, 05/09/27 (Call 04/09/27)		75		73,335
4.40%, 11/15/25 (Call 09/15/25)		20		19,700
4.75%, 12/01/25		20		19,780
4.75%, 05/09/32 (Call 02/09/32)		25		24,150
Diageo Capital PLC
2.00%, 04/29/30 (Call 01/29/30)		150		126,408
3.88%, 04/29/43 (Call 10/29/42)		5		4,229
Keurig Dr Pepper Inc.
2.55%, 09/15/26 (Call 06/15/26)		10		9,378
3.35%, 03/15/51 (Call 09/15/50)		15		10,428
3.40%, 11/15/25 (Call 08/15/25)		5		4,843
3.80%, 05/01/50 (Call 11/01/49)		65		49,434
3.95%, 04/15/29 (Call 02/15/29)		30		28,559
4.05%, 04/15/32 (Call 01/15/32)		15		13,913
4.42%, 05/25/25 (Call 03/25/25)		95		93,962
Molson Coors Beverage Co.
3.00%, 07/15/26 (Call 04/15/26)		15		14,286
4.20%, 07/15/46 (Call 01/15/46)		55		44,809
5.00%, 05/01/42		15		13,939
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		35		27,981
1.95%, 10/21/31 (Call 07/21/31)		10		8,186
2.63%, 03/19/27 (Call 01/19/27)		5		4,701
2.63%, 07/29/29 (Call 04/29/29)		5		4,504
2.63%, 10/21/41 (Call 04/21/41)		30		21,498
2.75%, 03/19/30 (Call 12/19/29)		35		31,223
2.75%, 10/21/51 (Call 04/21/51)		5		3,286
2.88%, 10/15/49 (Call 04/15/49)		25		17,199
3.00%, 10/15/27 (Call 07/15/27)		5		4,713
3.38%, 07/29/49 (Call 01/29/49)		18		13,540
3.45%, 10/06/46 (Call 04/06/46)		135		104,514
3.60%, 02/18/28 (Call 01/18/28)		5		4,807
3.90%, 07/18/32 (Call 04/18/32)		10		9,387
4.20%, 07/18/52 (Call 01/18/52)		35		30,310
4.45%, 05/15/28 (Call 04/15/28)		15		14,970
4.88%, 11/01/40		10		9,899
7.00%, 03/01/29		5		5,511
				2,163,068

Security	Par (000)		Value
Biotechnology — 0.4%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)	$	110	$	95,696
2.45%, 02/21/30 (Call 11/21/29)		35		30,426
2.77%, 09/01/53 (Call 03/01/53)		25		15,231
2.80%, 08/15/41 (Call 02/15/41)		20		14,241
3.13%, 05/01/25 (Call 02/01/25)		5		4,875
3.15%, 02/21/40 (Call 08/21/39)		30		22,503
3.20%, 11/02/27 (Call 08/02/27)		80		75,189
4.05%, 08/18/29 (Call 06/18/29)		10		9,559
4.20%, 03/01/33 (Call 12/01/32)		55		50,923
4.20%, 02/22/52 (Call 08/22/51)		5		4,050
4.40%, 05/01/45 (Call 11/01/44)		20		17,071
4.40%, 02/22/62 (Call 08/22/61)		20		16,070
4.56%, 06/15/48 (Call 12/15/47)		30		25,977
4.66%, 06/15/51 (Call 12/15/50)		90		78,062
4.88%, 03/01/53 (Call 09/01/52)		5		4,486
5.25%, 03/02/30 (Call 01/02/30)		55		55,411
5.25%, 03/02/33 (Call 12/02/32)		65		64,807
5.60%, 03/02/43 (Call 09/02/42)		75		75,244
5.65%, 03/02/53 (Call 09/02/52)		160		160,081
5.75%, 03/02/63 (Call 09/02/62)		25		25,010
6.40%, 02/01/39		30		32,448
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		35		29,288
3.15%, 05/01/50 (Call 11/01/49)		50		33,016
4.05%, 09/15/25 (Call 06/15/25)		20		19,606
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		25		21,991
2.80%, 10/01/50 (Call 04/01/50)		30		19,312
2.95%, 03/01/27 (Call 12/01/26)		105		99,171
4.00%, 09/01/36 (Call 03/01/36)		10		8,847
4.15%, 03/01/47 (Call 09/01/46)		25		20,629
4.50%, 02/01/45 (Call 08/01/44)		15		13,189
4.75%, 03/01/46 (Call 09/01/45)		135		122,429
4.80%, 04/01/44 (Call 10/01/43)		25		22,956
5.55%, 10/15/53 (Call 04/15/53)		5		5,100
5.65%, 12/01/41 (Call 06/01/41)		10		10,176
Illumina Inc.
2.55%, 03/23/31 (Call 12/23/30)		15		12,306
5.75%, 12/13/27 (Call 11/13/27)		5		5,036
Regeneron Pharmaceuticals Inc.
1.75%, 09/15/30 (Call 06/15/30)		10		8,073
2.80%, 09/15/50 (Call 03/15/50)		30		18,691
Royalty Pharma PLC
1.75%, 09/02/27 (Call 07/02/27)		45		40,005
2.20%, 09/02/30 (Call 06/02/30)		40		32,925
3.35%, 09/02/51 (Call 03/02/51)		30		19,482
3.55%, 09/02/50 (Call 03/02/50)		30		20,420
				1,460,008
Building Materials — 0.1%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)		30		27,879
2.70%, 02/15/31 (Call 11/15/30)		20		17,049
2.72%, 02/15/30 (Call 11/15/29)		20		17,503
3.38%, 04/05/40 (Call 10/05/39)		15		11,572
3.58%, 04/05/50 (Call 10/05/49)		65		47,898
5.80%, 11/30/25		15		15,108
5.90%, 03/15/34 (Call 12/15/33)		25		26,101
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		5		4,150
Fortune Brands Innovations Inc.
3.25%, 09/15/29 (Call 06/15/29)		25		22,585

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Building Materials (continued)
4.00%, 06/15/25 (Call 03/15/25)	$	5	$	4,906
Johnson Controls International PLC, 4.50%, 02/15/47 (Call 08/15/46)		30		25,767
Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 1.75%, 09/15/30 (Call 06/15/30)		10		8,157
Lennox International Inc.
1.35%, 08/01/25 (Call 07/01/25)		5		4,714
1.70%, 08/01/27 (Call 06/01/27)		5		4,481
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		10		8,308
3.20%, 07/15/51 (Call 01/15/51)		10		6,922
3.45%, 06/01/27 (Call 03/01/27)		35		33,378
3.50%, 12/15/27 (Call 09/15/27)		25		23,719
Masco Corp.
2.00%, 10/01/30 (Call 07/01/30)		25		20,341
2.00%, 02/15/31 (Call 11/15/30)		30		24,361
Owens Corning, 4.30%, 07/15/47 (Call 01/15/47)		20		16,389
Trane Technologies Financing Ltd.
3.80%, 03/21/29 (Call 12/21/28)		15		14,179
4.65%, 11/01/44 (Call 05/01/44)		10		8,974
Trane Technologies Global Holding Co. Ltd., 5.75%, 06/15/43		15		15,502
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		10		9,114
3.90%, 04/01/27 (Call 01/01/27)		10		9,688
4.50%, 06/15/47 (Call 12/15/46)		20		17,297
4.70%, 03/01/48 (Call 09/01/47)		5		4,478
				450,520
Chemicals — 0.6%
Air Products and Chemicals Inc.
1.85%, 05/15/27 (Call 03/15/27)		175		159,951
2.70%, 05/15/40 (Call 11/15/39)		30		21,596
2.80%, 05/15/50 (Call 11/15/49)		50		33,213
4.80%, 03/03/33 (Call 12/03/32)		10		9,865
Albemarle Corp.
4.65%, 06/01/27 (Call 05/01/27)(a)		25		24,560
5.05%, 06/01/32 (Call 03/01/32)(a)		20		18,989
5.45%, 12/01/44 (Call 06/01/44)		15		13,648
Celanese U.S. Holdings LLC
6.17%, 07/15/27 (Call 06/15/27)		150		152,299
6.33%, 07/15/29 (Call 05/15/29)		25		25,691
6.35%, 11/15/28 (Call 10/15/28)		5		5,147
6.38%, 07/15/32 (Call 04/15/32)		10		10,267
6.55%, 11/15/30 (Call 09/15/30)		10		10,377
6.70%, 11/15/33 (Call 08/15/33)		25		26,246
CF Industries Inc.
4.95%, 06/01/43		15		13,269
5.15%, 03/15/34		10		9,689
5.38%, 03/15/44		15		13,968
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(a)		105		87,629
4.25%, 10/01/34 (Call 04/01/34)		5		4,600
4.38%, 11/15/42 (Call 05/15/42)		35		29,545
5.25%, 11/15/41 (Call 05/15/41)		40		37,461
5.55%, 11/30/48 (Call 05/30/48)		15		14,584
6.30%, 03/15/33 (Call 12/15/32)(a)		10		10,709
6.90%, 05/15/53 (Call 11/15/52)		35		40,004
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		40		39,535
4.73%, 11/15/28 (Call 08/15/28)		25		24,868

Security	Par (000)		Value
Chemicals (continued)
5.32%, 11/15/38 (Call 05/15/38)	$	30	$	29,677
5.42%, 11/15/48 (Call 05/15/48)		10		9,817
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)		35		29,582
Ecolab Inc., 2.13%, 08/15/50 (Call 02/15/50)		50		28,878
EIDP Inc.
1.70%, 07/15/25 (Call 06/15/25)		125		118,830
2.30%, 07/15/30 (Call 04/15/30)		20		17,118
4.80%, 05/15/33 (Call 02/15/33)(a)		5		4,893
FMC Corp.
3.20%, 10/01/26 (Call 08/01/26)		20		18,744
3.45%, 10/01/29 (Call 07/01/29)		5		4,443
4.50%, 10/01/49 (Call 04/01/49)		5		3,716
5.65%, 05/18/33 (Call 02/18/33)(a)		20		19,363
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		25		23,751
Linde Inc./CT
2.00%, 08/10/50 (Call 02/10/50)		25		14,031
3.20%, 01/30/26 (Call 10/30/25)		50		48,462
3.55%, 11/07/42 (Call 05/07/42)		10		7,986
LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43)		10		8,770
LYB International Finance III LLC
3.38%, 10/01/40 (Call 04/01/40)		70		51,847
3.63%, 04/01/51 (Call 10/01/50)		50		34,731
3.80%, 10/01/60 (Call 04/01/60)		10		6,765
4.20%, 05/01/50 (Call 11/01/49)		5		3,863
5.63%, 05/15/33 (Call 02/15/33)		50		50,665
Mosaic Co. (The)
5.38%, 11/15/28 (Call 10/15/28)		25		25,146
5.45%, 11/15/33 (Call 05/15/33)		25		24,704
Nutrien Ltd.
3.95%, 05/13/50 (Call 11/13/49)		35		27,254
4.00%, 12/15/26 (Call 09/15/26)		5		4,843
4.20%, 04/01/29 (Call 01/01/29)		30		28,819
4.90%, 03/27/28 (Call 02/27/28)		5		4,959
5.80%, 03/27/53 (Call 09/27/52)		50		50,051
5.88%, 12/01/36		10		10,234
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)		20		18,485
3.75%, 03/15/28 (Call 12/15/27)		20		19,154
RPM International Inc.
2.95%, 01/15/32 (Call 10/15/31)		15		12,657
3.75%, 03/15/27 (Call 12/15/26)		10		9,542
Sherwin-Williams Co. (The)
2.95%, 08/15/29 (Call 05/15/29)		145		130,401
3.45%, 08/01/25 (Call 05/01/25)		5		4,872
3.45%, 06/01/27 (Call 03/01/27)		115		109,517
3.80%, 08/15/49 (Call 02/15/49)		40		30,858
Westlake Corp.
3.13%, 08/15/51 (Call 02/15/51)		10		6,298
3.60%, 08/15/26 (Call 05/15/26)		20		19,247
5.00%, 08/15/46 (Call 02/15/46)		25		22,242
				1,932,925
Coal — 0.0%
Teck Resources Ltd.
6.00%, 08/15/40 (Call 02/15/40)		25		24,757
6.25%, 07/15/41 (Call 01/15/41)		15		15,166
				39,923

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Services — 0.4%
Automatic Data Processing Inc.
1.70%, 05/15/28 (Call 03/15/28)	$	180	$	160,252
3.38%, 09/15/25 (Call 06/15/25)		24		23,447
Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)		20		18,031
California Institute of Technology, 4.32%, 08/01/45		5		4,544
Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)		5		4,798
Cintas Corp. No. 2, 4.00%, 05/01/32 (Call 02/01/32)		45		42,145
Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)(a)		15		10,445
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)		10		8,166
2.60%, 12/15/25 (Call 11/15/25)		25		23,820
Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69)		10		5,945
George Washington University (The), 4.87%, 09/15/45		15		14,382
Georgetown University (The)
Series 20A, 2.94%, 04/01/50 (Call 10/01/49)		25		17,019
Series A, 5.22%, (Call 04/01/2118)		10		9,255
Series B, 4.32%, 04/01/49 (Call 10/01/48)		5		4,402
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		30		27,617
2.15%, 01/15/27 (Call 12/15/26)		35		32,121
2.90%, 05/15/30 (Call 02/15/30)		15		12,921
4.15%, 08/15/49 (Call 02/15/49)		10		7,626
4.80%, 04/01/26 (Call 01/01/26)		25		24,669
5.30%, 08/15/29 (Call 06/15/29)		10		9,866
5.40%, 08/15/32 (Call 05/15/32)		10		9,866
5.95%, 08/15/52 (Call 02/15/52)		15		14,743
GXO Logistics Inc.
1.65%, 07/15/26 (Call 06/15/26)		20		18,339
2.65%, 07/15/31 (Call 04/15/31)		5		4,061
Howard University, 5.21%, 10/01/52 (Call 10/01/32)		5		4,568
Johns Hopkins University
Series 2013, 4.08%, 07/01/53		5		4,387
Series A, 2.81%, 01/01/60 (Call 07/01/59)		5		3,226
Leland Stanford Junior University (The)
1.29%, 06/01/27 (Call 04/01/27)		30		26,921
2.41%, 06/01/50 (Call 12/01/49)		15		9,643
Massachusetts Institute of Technology
3.96%, 07/01/38		25		22,631
5.60%,		15		16,127
Moody’s Corp.
2.00%, 08/19/31 (Call 05/19/31)(a)		20		16,169
2.75%, 08/19/41 (Call 02/19/41)		5		3,511
3.25%, 05/20/50 (Call 11/20/49)		15		10,632
3.75%, 02/25/52 (Call 08/25/51)		35		27,086
4.25%, 08/08/32 (Call 05/08/32)		10		9,446
5.25%, 07/15/44		5		4,891
Northwestern University, 4.64%, 12/01/44		20		19,012
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)		30		28,723
2.30%, 06/01/30 (Call 03/01/30)		35		29,773
2.65%, 10/01/26 (Call 08/01/26)		5		4,715
2.85%, 10/01/29 (Call 07/01/29)		20		17,835
3.25%, 06/01/50 (Call 12/01/49)		15		10,435
3.90%, 06/01/27 (Call 05/01/27)		10		9,667
5.05%, 06/01/52 (Call 12/01/51)		10		9,383
5.25%, 06/01/62 (Call 12/01/61)(a)		10		9,309
President and Fellows of Harvard College, 3.15%,
07/15/46 (Call 01/15/46)		30		22,436

Security	Par (000)		Value
Commercial Services (continued)
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)	$	45	$	36,021
2.90%, 10/01/30 (Call 07/01/30)		25		21,675
3.05%, 10/01/41 (Call 04/01/41)		25		17,566
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		30		26,783
4.75%, 05/20/32 (Call 02/20/32)		5		4,910
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)		5		3,185
S&P Global Inc.
2.70%, 03/01/29 (Call 01/01/29)		5		4,522
2.90%, 03/01/32 (Call 12/01/31)		30		25,835
3.25%, 12/01/49 (Call 06/01/49)		15		10,686
3.70%, 03/01/52 (Call 09/01/51)		30		23,196
3.90%, 03/01/62 (Call 09/01/61)		20		15,565
4.25%, 05/01/29 (Call 02/01/29)		10		9,697
Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)		5		3,703
Trustees of Boston College, 3.13%, 07/01/52		20		14,507
Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)		10		8,541
Trustees of Princeton University (The) 5.70%, 03/01/39		15		16,333
Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(a)		10		6,655
Trustees of the University of Pennsylvania (The), 4.67%, 09/01/2112		5		4,487
University of Chicago (The)
4.00%, 10/01/53 (Call 04/01/53)		20		16,606
Series C, 2.55%, 04/01/50 (Call 10/01/49)		5		3,340
University of Miami, 4.06%, 04/01/52		10		8,423
University of Notre Dame du Lac
Series 2015, 3.44%, 02/15/45		5		3,991
Series 2017, 3.39%, 02/15/48 (Call 08/15/47)		10		7,829
University of Southern California
2.81%, 10/01/50 (Call 04/01/50)		5		3,413
Series A, 3.23%, 10/01/2120 (Call 04/01/2120)		15		9,119
Verisk Analytics Inc., 4.13%, 03/15/29 (Call 12/15/28)		20		19,192
Washington University (The), 3.52%, 04/15/54 (Call 10/15/53)		20		15,508
William Marsh Rice University
3.57%, 05/15/45		10		8,154
3.77%, 05/15/55		5		4,030
Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)(a)		15		9,622
				1,192,100
Computers — 0.8%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		10		8,486
Apple Inc.
1.20%, 02/08/28 (Call 12/08/27)		55		48,334
1.65%, 05/11/30 (Call 02/11/30)		95		79,431
1.65%, 02/08/31 (Call 11/08/30)		43		35,407
1.70%, 08/05/31 (Call 05/05/31)		20		16,287
2.38%, 02/08/41 (Call 08/08/40)		130		91,434
2.40%, 08/20/50 (Call 02/20/50)(a)		75		46,677
2.45%, 08/04/26 (Call 05/04/26)		55		52,062
2.55%, 08/20/60 (Call 02/20/60)(a)		60		37,066
2.65%, 05/11/50 (Call 11/11/49)		40		25,996
2.65%, 02/08/51 (Call 08/08/50)		50		32,224
2.80%, 02/08/61 (Call 08/08/60)		25		15,895
2.85%, 08/05/61 (Call 02/05/61)		10		6,349
2.90%, 09/12/27 (Call 06/12/27)		100		94,319

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.95%, 09/11/49 (Call 03/11/49)	$	40	$	27,896
3.00%, 11/13/27 (Call 08/13/27)		54		51,076
3.20%, 05/13/25		90		88,086
3.20%, 05/11/27 (Call 02/11/27)		85		81,103
3.25%, 02/23/26 (Call 11/23/25)		75		72,759
3.25%, 08/08/29 (Call 06/08/29)		5		4,675
3.35%, 02/09/27 (Call 11/09/26)		60		57,722
3.35%, 08/08/32 (Call 05/08/32)		30		27,236
3.45%, 02/09/45		15		11,914
3.75%, 09/12/47 (Call 03/12/47)		55		44,673
3.75%, 11/13/47 (Call 05/13/47)		25		20,333
3.85%, 05/04/43		55		47,049
3.85%, 08/04/46 (Call 02/04/46)		29		24,214
3.95%, 08/08/52 (Call 02/08/52)		10		8,299
4.00%, 05/10/28 (Call 04/10/28)		100		97,915
4.10%, 08/08/62 (Call 02/08/62)		30		25,131
4.30%, 05/10/33 (Call 02/10/33)(a)		25		24,681
4.38%, 05/13/45		30		27,373
4.50%, 02/23/36 (Call 08/23/35)		85		83,540
4.65%, 02/23/46 (Call 08/23/45)		55		51,976
CGI Inc.
1.45%, 09/14/26 (Call 08/14/26)		35		31,739
2.30%, 09/14/31 (Call 06/14/31)		5		4,000
Dell International LLC/EMC Corp.
3.45%, 12/15/51 (Call 06/15/51)		4		2,738
4.90%, 10/01/26 (Call 08/01/26)		10		9,909
5.30%, 10/01/29 (Call 07/01/29)		5		5,009
5.75%, 02/01/33 (Call 11/01/32)(a)		30		30,807
5.85%, 07/15/25 (Call 06/15/25)		15		15,066
6.02%, 06/15/26 (Call 03/15/26)		29		29,320
6.10%, 07/15/27 (Call 05/15/27)(a)		5		5,130
6.20%, 07/15/30 (Call 04/15/30)		10		10,463
8.10%, 07/15/36 (Call 01/15/36)		25		29,958
8.35%, 07/15/46 (Call 01/15/46)		25		31,666
DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)		15		12,932
Fortinet Inc.
1.00%, 03/15/26 (Call 02/15/26)		5		4,588
2.20%, 03/15/31 (Call 12/15/30)		10		8,270
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)		40		37,177
4.90%, 10/15/25 (Call 07/15/25)		15		14,904
6.20%, 10/15/35 (Call 04/15/35)		45		46,983
6.35%, 10/15/45 (Call 04/15/45)		35		36,179
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)		15		13,782
2.20%, 06/17/25 (Call 05/17/25)		5		4,800
2.65%, 06/17/31 (Call 03/17/31)		10		8,345
3.00%, 06/17/27 (Call 04/17/27)		25		23,354
4.75%, 01/15/28 (Call 12/15/27)		20		19,795
5.50%, 01/15/33 (Call 10/15/32)(a)		25		25,010
6.00%, 09/15/41		35		35,790
International Business Machines Corp.
1.95%, 05/15/30 (Call 02/15/30)		100		83,664
2.85%, 05/15/40 (Call 11/15/39)		240		174,532
3.30%, 05/15/26		100		96,278
4.00%, 06/20/42		15		12,471
4.40%, 07/27/32 (Call 04/27/32)		5		4,775
Kyndryl Holdings Inc.
2.70%, 10/15/28 (Call 08/15/28)		15		13,151
3.15%, 10/15/31 (Call 07/15/31)		5		4,123

Security	Par (000)		Value
Computers (continued)
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)	$	25	$	20,481
3.63%, 05/15/25 (Call 04/15/25)		40		39,058
NetApp Inc.
1.88%, 06/22/25 (Call 05/22/25)		20		19,070
2.70%, 06/22/30 (Call 03/22/30)		5		4,287
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		10		8,447
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		10		8,427
3.10%, 02/01/32 (Call 11/01/31)		10		7,796
				2,461,892
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.10%, 08/15/27 (Call 07/15/27)		5		4,770
3.25%, 08/15/32 (Call 05/15/32)		25		22,406
3.70%, 08/01/47 (Call 02/01/47)(a)		10		8,249
Estee Lauder Companies Inc. (The)
3.13%, 12/01/49 (Call 06/01/49)		20		13,635
3.15%, 03/15/27 (Call 12/15/26)		110		104,779
4.15%, 03/15/47 (Call 09/15/46)		5		4,126
4.38%, 05/15/28 (Call 04/15/28)		75		73,737
5.15%, 05/15/53 (Call 11/15/52)		20		19,158
Haleon U.S. Capital LLC, 3.63%, 03/24/32 (Call 12/24/31)		250		223,827
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)		30		29,661
5.05%, 03/22/28 (Call 02/22/28)		30		30,188
5.05%, 03/22/53 (Call 09/22/52)		30		28,871
5.10%, 03/22/43 (Call 09/22/42)		40		38,969
5.20%, 03/22/63 (Call 09/22/62)		10		9,671
Procter & Gamble Co. (The)
0.55%, 10/29/25		5		4,661
1.00%, 04/23/26		25		23,129
1.20%, 10/29/30		10		8,042
1.90%, 02/01/27		5		4,632
2.45%, 11/03/26		85		80,298
2.80%, 03/25/27		40		37,865
3.00%, 03/25/30		75		68,628
3.60%, 03/25/50		15		12,305
3.95%, 01/26/28		10		9,826
4.10%, 01/26/26		15		14,832
5.55%, 03/05/37		25		26,819
5.80%, 08/15/34		10		11,119
Unilever Capital Corp.
2.00%, 07/28/26		5		4,683
3.50%, 03/22/28 (Call 12/22/27)		170		162,643
5.90%, 11/15/32		31		32,986
				1,114,515
Distribution & Wholesale — 0.0%
LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)		25		25,698
WW Grainger Inc., 4.60%, 06/15/45 (Call 12/15/44)		20		18,208
				43,906
Diversified Financial Services — 1.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		10		9,290
2.45%, 10/29/26 (Call 09/29/26)		50		46,135
3.00%, 10/29/28 (Call 08/29/28)		150		134,775
3.30%, 01/30/32 (Call 10/30/31)		160		135,404
3.40%, 10/29/33 (Call 07/29/33)		30		24,956

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
3.65%, 07/21/27 (Call 04/21/27)	$	5	$	4,707
3.85%, 10/29/41 (Call 04/29/41)		15		11,596
3.88%, 01/23/28 (Call 10/23/27)		15		14,124
6.50%, 07/15/25 (Call 06/15/25)		10		10,090
Affiliated Managers Group Inc.
3.30%, 06/15/30 (Call 03/15/30)		25		22,000
3.50%, 08/01/25		15		14,589
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		30		27,551
2.10%, 09/01/28 (Call 07/01/28)		5		4,342
2.88%, 01/15/26 (Call 12/15/25)		15		14,309
2.88%, 01/15/32 (Call 10/15/31)		25		20,744
3.00%, 02/01/30 (Call 11/01/29)		20		17,385
3.13%, 12/01/30 (Call 09/01/30)		15		12,915
3.25%, 03/01/25 (Call 01/01/25)		45		43,936
3.63%, 12/01/27 (Call 09/01/27)		18		16,852
4.63%, 10/01/28 (Call 07/01/28)		20		19,318
5.85%, 12/15/27 (Call 11/15/27)		10		10,109
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)		15		14,537
Ally Financial Inc.
4.75%, 06/09/27 (Call 05/09/27)		30		29,130
6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(b)		30		30,816
8.00%, 11/01/31		85		93,232
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		95		86,859
3.13%, 05/20/26 (Call 04/20/26)		35		33,589
3.30%, 05/03/27 (Call 04/03/27)		40		37,921
3.95%, 08/01/25 (Call 07/01/25)		115		112,978
4.05%, 05/03/29 (Call 03/03/29)		25		24,162
4.05%, 12/03/42		50		43,010
4.42%, 08/03/33 (Call 08/03/32), (1-day SOFR + 1.760%)(b)		20		18,947
5.04%, 05/01/34 (Call 05/01/33), (1-day SOFR + 1.835%)(b)		15		14,712
5.39%, 07/28/27 (Call 07/28/26), (1-day SOFR + 0.970%)(b)		100		100,276
5.85%, 11/05/27 (Call 10/05/27)		30		30,770
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)		40		37,948
3.00%, 04/02/25 (Call 03/02/25)		65		63,294
5.15%, 05/15/33 (Call 02/15/33)		25		25,033
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)		5		4,391
Brookfield Finance Inc.
2.72%, 04/15/31 (Call 01/15/31)		35		29,408
3.90%, 01/25/28 (Call 10/25/27)		5		4,795
4.35%, 04/15/30 (Call 01/15/30)		105		99,455
4.70%, 09/20/47 (Call 03/20/47)		40		33,941
Brookfield Finance LLC/Brookfield Finance Inc., 3.45%, 04/15/50 (Call 10/15/49)		20		13,882
Capital One Financial Corp.
3.65%, 05/11/27 (Call 04/11/27)		10		9,519
3.75%, 07/28/26 (Call 06/28/26)		33		31,671
3.75%, 03/09/27 (Call 02/09/27)		20		19,091
3.80%, 01/31/28 (Call 12/31/27)		65		61,426
4.20%, 10/29/25 (Call 09/29/25)		40		39,099
4.93%, 05/10/28 (Call 05/10/27), (1-day SOFR + 2.057%)(b)		40		39,127
4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(b)		30		29,721

Security	Par (000)		Value
Diversified Financial Services (continued)
5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(b)	$	45	$	43,644
5.82%, 02/01/34 (Call 02/01/33), (1-day SOFR + 2.600%)(b)		110		108,707
6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(b)		50		51,502
Cboe Global Markets Inc.
1.63%, 12/15/30 (Call 09/15/30)		5		4,056
3.00%, 03/16/32 (Call 12/16/31)		15		12,973
3.65%, 01/12/27 (Call 10/12/26)		30		29,032
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		40		36,679
1.15%, 05/13/26 (Call 04/13/26)		35		32,112
1.65%, 03/11/31 (Call 12/11/30)		15		11,872
1.95%, 12/01/31 (Call 09/01/31)		5		3,969
2.00%, 03/20/28 (Call 01/20/28)		65		57,625
2.30%, 05/13/31 (Call 02/13/31)		10		8,277
2.45%, 03/03/27 (Call 02/03/27)		10		9,266
2.90%, 03/03/32 (Call 12/03/31)		5		4,232
3.25%, 05/22/29 (Call 02/22/29)		5		4,609
3.63%, 04/01/25 (Call 01/01/25)		5		4,904
3.85%, 05/21/25 (Call 03/21/25)		105		103,037
4.00%, 02/01/29 (Call 11/01/28)		40		38,357
4.20%, 03/24/25 (Call 02/24/25)		10		9,889
5.64%, 05/19/29 (Call 05/19/28), (1-day SOFR + 2.210%)(b)		5		5,063
5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(b)		30		30,449
6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(b)		15		15,559
6.20%, 11/17/29 (Call 11/17/28), (1-day SOFR + 1.878%)(b)		25		25,818
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)		15		8,863
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		20		17,133
3.00%, 03/15/25 (Call 12/15/24)		155		151,442
4.15%, 06/15/48 (Call 12/15/47)		25		21,461
5.30%, 09/15/43 (Call 03/15/43)		65		65,791
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		17		16,685
4.10%, 02/09/27 (Call 11/09/26)		30		28,833
6.70%, 11/29/32 (Call 08/29/32)		30		31,393
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		15		14,277
Franklin Resources Inc.
1.60%, 10/30/30 (Call 07/30/30)		20		16,131
2.85%, 03/30/25		25		24,356
2.95%, 08/12/51 (Call 02/12/51)		10		6,145
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		35		27,012
2.10%, 06/15/30 (Call 03/15/30)		40		33,558
3.00%, 06/15/50 (Call 12/15/49)		40		26,826
3.00%, 09/15/60 (Call 03/15/60)		10		6,195
3.65%, 05/23/25		5		4,902
3.75%, 12/01/25 (Call 09/01/25)		35		34,129
4.00%, 09/15/27 (Call 08/15/27)		25		24,142
4.25%, 09/21/48 (Call 03/21/48)		45		38,086
4.35%, 06/15/29 (Call 04/15/29)		5		4,853
4.95%, 06/15/52 (Call 12/15/51)		45		42,001
Invesco Finance PLC
3.75%, 01/15/26		5		4,859
5.38%, 11/30/43		10		9,652

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 (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)	$	5	$	4,941
Jefferies Financial Group Inc.
2.63%, 10/15/31 (Call 07/15/31)		10		8,179
2.75%, 10/15/32 (Call 07/15/32)		40		32,260
4.15%, 01/23/30		10		9,303
4.85%, 01/15/27		40		39,722
6.25%, 01/15/36		35		35,962
Lazard Group LLC
3.63%, 03/01/27 (Call 12/01/26)		15		14,189
4.38%, 03/11/29 (Call 12/11/28)		55		52,427
Legg Mason Inc., 5.63%, 01/15/44		10		10,019
Mastercard Inc.
2.95%, 06/01/29 (Call 03/01/29)		5		4,590
3.30%, 03/26/27 (Call 01/26/27)		40		38,330
3.35%, 03/26/30 (Call 12/26/29)		25		23,084
3.50%, 02/26/28 (Call 11/26/27)		25		24,000
3.85%, 03/26/50 (Call 09/26/49)		52		42,933
3.95%, 02/26/48 (Call 08/26/47)		30		25,354
4.88%, 03/09/28 (Call 02/09/28)		145		146,625
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		25		19,909
2.50%, 12/21/40 (Call 06/21/40)		15		9,926
3.25%, 04/28/50 (Call 10/28/49)		15		10,200
3.85%, 06/30/26 (Call 03/30/26)		40		38,820
5.55%, 02/15/34 (Call 11/15/33)		45		45,293
5.65%, 06/28/25		5		5,016
6.10%, 06/28/63 (Call 12/28/62)		10		10,378
Nomura Holdings Inc.
2.17%, 07/14/28		15		13,075
2.68%, 07/16/30		25		21,131
3.00%, 01/22/32		50		41,650
3.10%, 01/16/30		10		8,779
6.09%, 07/12/33		20		20,845
Radian Group Inc.
4.88%, 03/15/27 (Call 09/15/26)		10		9,711
6.63%, 03/15/25 (Call 09/15/24)		10		10,016
Raymond James Financial Inc.
3.75%, 04/01/51 (Call 10/01/50)		5		3,703
4.65%, 04/01/30 (Call 01/01/30)		15		14,822
4.95%, 07/15/46		20		18,372
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		10		9,036
Synchrony Financial
2.88%, 10/28/31 (Call 07/28/31)		5		3,921
3.70%, 08/04/26 (Call 05/04/26)		15		14,155
4.50%, 07/23/25 (Call 04/23/25)		50		48,867
5.15%, 03/19/29 (Call 12/19/28)		5		4,770
Visa Inc.
1.10%, 02/15/31 (Call 11/15/30)		25		19,755
1.90%, 04/15/27 (Call 02/15/27)		55		50,641
2.05%, 04/15/30 (Call 01/15/30)		60		51,462
2.75%, 09/15/27 (Call 06/15/27)		70		65,560
3.15%, 12/14/25 (Call 09/14/25)		80		77,593
3.65%, 09/15/47 (Call 03/15/47)		35		27,854
4.15%, 12/14/35 (Call 06/14/35)		60		56,242
4.30%, 12/14/45 (Call 06/14/45)		70		62,392
Voya Financial Inc.
3.65%, 06/15/26		5		4,807
4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)(b)		10		8,406
4.80%, 06/15/46		5		4,248

Security	Par (000)		Value
Diversified Financial Services (continued)
5.70%, 07/15/43	$	5	$	4,845
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)		25		23,011
2.75%, 03/15/31 (Call 12/15/30)		10		8,242
				4,497,594
Electric — 2.8%
AEP Texas Inc.
3.45%, 05/15/51 (Call 11/15/50)		20		13,778
3.95%, 06/01/28 (Call 03/01/28)		35		33,457
5.25%, 05/15/52 (Call 11/15/51)		10		9,369
Series G, 4.15%, 05/01/49 (Call 11/01/48)		10		7,842
Series H, 3.45%, 01/15/50 (Call 07/15/49)		20		13,949
Series I, 2.10%, 07/01/30 (Call 04/01/30)		35		28,970
AEP Transmission Co. LLC
3.10%, 12/01/26 (Call 09/01/26)		5		4,760
4.50%, 06/15/52 (Call 12/01/51)		10		8,682
5.40%, 03/15/53 (Call 09/15/52)		95		93,739
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)		40		36,963
2.45%, 01/15/31 (Call 10/15/30)		5		4,083
Alabama Power Co.
3.00%, 03/15/52 (Call 09/15/51)		10		6,645
3.05%, 03/15/32 (Call 12/15/31)		40		34,628
3.75%, 03/01/45 (Call 09/01/44)		25		19,560
Series A, 4.30%, 07/15/48 (Call 01/15/48)		20		16,702
Ameren Corp.
1.75%, 03/15/28 (Call 01/15/28)		5		4,394
3.65%, 02/15/26 (Call 11/15/25)		5		4,836
Ameren Illinois Co.
2.90%, 06/15/51 (Call 12/15/50)		20		13,008
3.25%, 03/15/50 (Call 09/15/49)		10		7,011
3.85%, 09/01/32 (Call 06/01/32)		10		9,105
5.90%, 12/01/52 (Call 06/01/52)		5		5,300
American Electric Power Co. Inc.
2.30%, 03/01/30 (Call 12/01/29)		15		12,681
3.25%, 03/01/50 (Call 09/01/49)		15		10,228
5.63%, 03/01/33 (Call 12/01/32)		105		105,752
Appalachian Power Co., 4.50%, 08/01/32 (Call 05/01/32)		10		9,350
Arizona Public Service Co.
2.20%, 12/15/31 (Call 09/15/31)		5		4,018
2.65%, 09/15/50 (Call 03/15/50)		45		26,674
3.35%, 05/15/50 (Call 11/15/49)		25		17,075
3.75%, 05/15/46 (Call 11/15/45)		10		7,410
5.55%, 08/01/33 (Call 05/01/33)		5		5,022
Avangrid Inc.
3.20%, 04/15/25 (Call 03/15/25)		94		91,438
3.80%, 06/01/29 (Call 03/01/29)		15		13,976
Avista Corp., 4.35%, 06/01/48 (Call 12/01/47)		5		4,118
Baltimore Gas & Electric Co.
2.25%, 06/15/31 (Call 03/15/31)		50		41,597
2.40%, 08/15/26 (Call 05/15/26)		10		9,424
3.75%, 08/15/47 (Call 02/15/47)		25		19,021
5.40%, 06/01/53 (Call 12/01/52)		20		19,588
Berkshire Hathaway Energy Co.
2.85%, 05/15/51 (Call 11/15/50)		20		12,733
3.70%, 07/15/30 (Call 04/15/30)		20		18,500
3.80%, 07/15/48 (Call 01/15/48)		10		7,573
4.05%, 04/15/25 (Call 03/15/25)		20		19,720
4.25%, 10/15/50 (Call 04/15/50)		30		24,182
4.45%, 01/15/49 (Call 07/15/48)		20		16,788

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.50%, 02/01/45 (Call 08/01/44)	$	20	$	17,611
4.60%, 05/01/53 (Call 11/01/52)		5		4,282
5.95%, 05/15/37		5		5,177
6.13%, 04/01/36		35		36,907
Black Hills Corp.
2.50%, 06/15/30 (Call 03/15/30)		10		8,305
3.95%, 01/15/26 (Call 07/15/25)		10		9,716
5.95%, 03/15/28 (Call 02/15/28)(a)		30		30,839
CenterPoint Energy Houston Electric LLC
4.95%, 04/01/33 (Call 01/01/33)		5		4,924
5.30%, 04/01/53 (Call 10/01/52)		10		9,938
Series AF, 3.35%, 04/01/51 (Call 10/01/50)		55		39,533
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		20		19,042
Series Z, 2.40%, 09/01/26 (Call 06/01/26)		5		4,712
CenterPoint Energy Inc.
2.95%, 03/01/30 (Call 12/01/29)		16		14,129
3.70%, 09/01/49 (Call 03/01/49)		10		7,284
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		15		14,423
CMS Energy Corp.
3.45%, 08/15/27 (Call 05/15/27)		20		18,937
3.75%, 12/01/50 (Call 09/01/30), (5-year CMT + 2.900%)(b)		10		8,014
4.75%, 06/01/50 (Call 03/01/30), (5-year CMT + 4.116%)(b)		15		13,687
Commonwealth Edison Co.
3.70%, 08/15/28 (Call 05/15/28)		5		4,762
4.00%, 03/01/48 (Call 09/01/47)		5		3,995
4.00%, 03/01/49 (Call 09/01/48)		20		15,870
4.70%, 01/15/44 (Call 07/15/43)		20		17,943
5.30%, 02/01/53 (Call 08/01/52)		30		29,082
Series 123, 3.75%, 08/15/47 (Call 02/15/47)		25		19,087
Connecticut Light & Power Co. (The)
4.00%, 04/01/48 (Call 10/01/47)		10		8,112
4.90%, 07/01/33 (Call 04/01/33)		5		4,883
5.25%, 01/15/53 (Call 07/15/52)		25		24,215
Series A, 4.15%, 06/01/45 (Call 12/01/44)		10		8,437
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)		45		37,897
3.60%, 06/15/61 (Call 12/15/60)		10		7,167
4.45%, 03/15/44 (Call 09/15/43)		15		12,994
4.50%, 12/01/45 (Call 06/01/45)		5		4,325
4.50%, 05/15/58 (Call 11/15/57)		15		12,590
4.63%, 12/01/54 (Call 06/01/54)		10		8,588
6.15%, 11/15/52 (Call 05/15/52)		10		10,836
Series 05-A, 5.30%, 03/01/35		20		19,867
Series 09-C, 5.50%, 12/01/39		10		9,962
Series 2017, 3.88%, 06/15/47 (Call 12/15/46)		25		19,355
Series 20B, 3.95%, 04/01/50 (Call 10/01/49)		20		16,013
Series A, 4.13%, 05/15/49 (Call 11/15/48)		20		16,070
Series B, 3.13%, 11/15/27 (Call 08/15/27)		5		4,697
Series C, 3.00%, 12/01/60 (Call 06/01/60)		115		69,758
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)		10		9,715
5.60%, 06/15/42 (Call 12/15/41)		12		11,695
5.80%, 03/01/33 (Call 12/01/32)		25		25,547
6.13%, 01/15/34 (Call 10/15/33)		25		26,104
6.25%, 10/01/39		10		10,316
6.50%, 10/01/53 (Call 04/01/53)		25		27,456
Consumers Energy Co.
3.10%, 08/15/50 (Call 02/15/50)		15		10,325

Security	Par (000)		Value
Electric (continued)
3.50%, 08/01/51 (Call 02/01/51)	$	15	$	11,163
3.60%, 08/15/32 (Call 02/15/32)		10		9,018
3.95%, 05/15/43 (Call 11/15/42)		10		8,349
4.05%, 05/15/48 (Call 11/15/47)		45		37,422
Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)		13		9,588
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)		5		4,883
5.38%, 11/15/32 (Call 08/15/32)		40		39,772
Series A, 1.45%, 04/15/26 (Call 03/15/26)		90		83,084
Series A, 4.60%, 03/15/49 (Call 09/15/48)		5		4,215
Series C, 3.38%, 04/01/30 (Call 01/01/30)		25		22,512
Series C, 4.90%, 08/01/41 (Call 02/01/41)		10		8,954
Dominion Energy South Carolina Inc.
6.25%, 10/15/53 (Call 04/15/53)		5		5,519
Series A, 2.30%, 12/01/31 (Call 09/01/31)		25		20,508
DTE Electric Co.
2.25%, 03/01/30 (Call 12/01/29)		5		4,291
2.95%, 03/01/50 (Call 09/01/49)		70		46,342
3.75%, 08/15/47 (Call 02/15/47)		20		15,427
Series A, 4.00%, 04/01/43 (Call 10/01/42)		10		8,302
DTE Energy Co.
2.85%, 10/01/26 (Call 07/01/26)		10		9,423
4.88%, 06/01/28 (Call 05/01/28)		5		4,934
Series C, 3.40%, 06/15/29 (Call 03/15/29)		15		13,727
Series F, 1.05%, 06/01/25 (Call 05/01/25)		115		108,934
Duke Energy Carolinas LLC
3.55%, 03/15/52 (Call 09/15/51)		15		10,735
3.95%, 03/15/48 (Call 09/15/47)		5		3,939
4.95%, 01/15/33 (Call 10/15/32)		25		24,599
5.30%, 02/15/40		55		53,875
5.35%, 01/15/53 (Call 07/15/52)		25		24,353
Duke Energy Corp.
0.90%, 09/15/25 (Call 08/15/25)		95		88,880
2.65%, 09/01/26 (Call 06/01/26)		25		23,529
3.30%, 06/15/41 (Call 12/15/40)		25		18,384
3.50%, 06/15/51 (Call 12/15/50)		10		6,897
3.75%, 09/01/46 (Call 03/01/46)		50		37,183
4.20%, 06/15/49 (Call 12/15/48)		20		15,768
4.30%, 03/15/28 (Call 02/15/28)		75		72,827
4.50%, 08/15/32 (Call 05/15/32)		145		136,030
4.80%, 12/15/45 (Call 06/15/45)		10		8,757
5.00%, 08/15/52 (Call 02/15/52)		45		40,125
Duke Energy Florida LLC
2.50%, 12/01/29 (Call 09/01/29)		110		96,664
3.20%, 01/15/27 (Call 10/15/26)		50		47,734
3.80%, 07/15/28 (Call 04/15/28)		44		42,211
5.88%, 11/15/33 (Call 08/15/33)		10		10,467
6.35%, 09/15/37		20		21,391
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		15		9,311
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		50		34,614
Duke Energy Ohio Inc., 5.65%, 04/01/53 (Call 10/01/52)		25		25,241
Duke Energy Progress LLC
3.45%, 03/15/29 (Call 12/15/28)		30		28,070
3.70%, 10/15/46 (Call 04/15/46)		10		7,558
4.15%, 12/01/44 (Call 06/01/44)		38		31,147
4.20%, 08/15/45 (Call 02/15/45)		25		20,552
Edison International
4.13%, 03/15/28 (Call 12/15/27)		5		4,770

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.95%, 04/15/25 (Call 03/15/25)	$	6	$	5,948
5.25%, 11/15/28 (Call 10/15/28)		150		149,211
5.75%, 06/15/27 (Call 04/15/27)		20		20,189
El Paso Electric Co., 6.00%, 05/15/35		5		5,014
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)		20		16,264
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		5		4,803
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		10		9,728
Entergy Arkansas LLC, 3.35%, 06/15/52 (Call 12/15/51)		25		17,166
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		75		70,135
1.90%, 06/15/28 (Call 04/15/28)		15		13,180
2.40%, 06/15/31 (Call 03/05/31)		15		12,348
2.80%, 06/15/30 (Call 03/15/30)		15		12,970
2.95%, 09/01/26 (Call 06/01/26)		50		47,431
3.75%, 06/15/50 (Call 12/15/49)		15		10,817
Entergy Louisiana LLC
2.40%, 10/01/26 (Call 07/01/26)		5		4,669
3.10%, 06/15/41 (Call 12/15/40)		25		18,374
3.25%, 04/01/28 (Call 01/01/28)		40		37,490
4.00%, 03/15/33 (Call 12/15/32)		10		9,086
4.20%, 09/01/48 (Call 03/01/48)		15		12,169
4.20%, 04/01/50 (Call 10/01/49)		10		8,110
4.95%, 01/15/45 (Call 01/15/25)		25		22,833
Entergy Texas Inc., 1.75%, 03/15/31 (Call 12/15/30)		100		80,044
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		100		88,624
Evergy Kansas Central Inc.
3.10%, 04/01/27 (Call 01/01/27)		45		42,503
3.25%, 09/01/49 (Call 03/01/49)		25		17,105
4.25%, 12/01/45 (Call 06/01/45)		35		28,665
Evergy Metro Inc.
4.20%, 06/15/47 (Call 12/15/46)		15		12,043
Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		29		24,505
Eversource Energy
2.55%, 03/15/31 (Call 12/15/30)		10		8,254
2.90%, 03/01/27 (Call 02/01/27)		35		32,748
3.38%, 03/01/32 (Call 12/01/31)		10		8,584
3.45%, 01/15/50 (Call 07/15/49)		10		6,810
4.60%, 07/01/27 (Call 06/01/27)		30		29,336
5.13%, 05/15/33 (Call 02/15/33)		25		24,151
Series M, 3.30%, 01/15/28 (Call 10/15/27)		20		18,627
Series R, 1.65%, 08/15/30 (Call 05/15/30)		5		3,979
Series U, 1.40%, 08/15/26 (Call 07/15/26)		5		4,540
Exelon Corp.
2.75%, 03/15/27 (Call 02/15/27)		25		23,263
3.40%, 04/15/26 (Call 01/15/26)		75		72,212
4.05%, 04/15/30 (Call 01/15/30)		50		46,897
4.10%, 03/15/52 (Call 09/15/51)		100		77,565
4.45%, 04/15/46 (Call 10/15/45)		20		16,741
4.70%, 04/15/50 (Call 10/15/49)		15		12,954
4.95%, 06/15/35 (Call 12/15/34)		5		4,671
5.10%, 06/15/45 (Call 12/15/44)		10		9,098
5.15%, 03/15/28 (Call 02/15/28)		25		24,946
5.30%, 03/15/33 (Call 12/15/32)		30		29,710
5.60%, 03/15/53 (Call 09/15/52)		5		4,875
5.63%, 06/15/35		5		4,965
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		10		8,362
2.85%, 04/01/25 (Call 03/01/25)		15		14,624
2.88%, 12/04/51 (Call 06/04/51)		105		68,186

Security	Par (000)		Value
Electric (continued)
3.70%, 12/01/47 (Call 06/01/47)	$	30	$	23,320
3.95%, 03/01/48 (Call 09/01/47)		10		8,094
4.13%, 02/01/42 (Call 08/01/41)		30		25,721
4.40%, 05/15/28 (Call 03/15/28)		25		24,562
5.25%, 02/01/41 (Call 08/01/40)		25		24,661
5.30%, 04/01/53 (Call 10/01/52)		20		19,748
5.69%, 03/01/40		10		10,246
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		60		56,644
Georgia Power Co.
4.70%, 05/15/32 (Call 02/15/32)		25		24,164
5.13%, 05/15/52 (Call 11/15/51)		55		52,202
Series A, 3.25%, 03/15/51 (Call 09/15/50)		25		17,136
Series B, 3.70%, 01/30/50 (Call 07/30/49)		5		3,786
Iberdrola International BV
5.81%, 03/15/25		35		35,001
6.75%, 07/15/36		15		16,795
Indiana Michigan Power Co., 6.05%, 03/15/37		20		20,746
Interstate Power & Light Co.
3.10%, 11/30/51 (Call 05/30/51)		10		6,410
4.10%, 09/26/28 (Call 06/26/28)		5		4,790
6.25%, 07/15/39		10		10,429
ITC Holdings Corp., 3.35%, 11/15/27 (Call 08/15/27)		15		14,070
Kentucky Utilities Co.
5.13%, 11/01/40 (Call 05/01/40)		5		4,747
5.45%, 04/15/33 (Call 01/15/33)		25		25,222
Louisville Gas & Electric Co.
5.45%, 04/15/33 (Call 01/15/33)		20		20,185
Series 25, 3.30%, 10/01/25 (Call 07/01/25)		5		4,856
MidAmerican Energy Co.
3.15%, 04/15/50 (Call 10/15/49)		5		3,418
3.65%, 04/15/29 (Call 01/15/29)		20		18,868
4.25%, 07/15/49 (Call 01/15/49)		5		4,201
4.40%, 10/15/44 (Call 04/15/44)		5		4,281
5.35%, 01/15/34 (Call 10/15/33)		25		25,477
5.85%, 09/15/54 (Call 03/15/54)		25		26,377
6.75%, 12/30/31		15		16,822
Mississippi Power Co., Series B, 3.10%, 07/30/51 (Call 01/30/51)		25		16,243
National Rural Utilities Cooperative Finance Corp.
2.75%, 04/15/32 (Call 01/15/32)		10		8,408
3.05%, 04/25/27 (Call 01/25/27)		20		18,952
3.45%, 06/15/25		5		4,886
3.70%, 03/15/29 (Call 12/15/28)		20		18,779
4.15%, 12/15/32 (Call 09/15/32)		25		23,016
4.30%, 03/15/49 (Call 09/15/48)		15		12,460
5.05%, 09/15/28 (Call 08/15/28)		5		5,005
5.45%, 10/30/25		10		10,026
5.80%, 01/15/33 (Call 07/15/32)		15		15,511
Nevada Power Co.
Series CC, 3.70%, 05/01/29 (Call 02/01/29)		25		23,588
Series DD, 2.40%, 05/01/30 (Call 02/01/30)		30		25,514
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		40		36,502
1.90%, 06/15/28 (Call 04/15/28)		45		39,413
2.25%, 06/01/30 (Call 03/01/30)		30		25,246
2.75%, 11/01/29 (Call 08/01/29)		20		17,627
3.50%, 04/01/29 (Call 01/01/29)		50		46,237
3.80%, 03/15/82 (Call 03/15/27), (5-year CMT + 2.547%)(b)		15		13,362
4.45%, 06/20/25		15		14,805
4.63%, 07/15/27 (Call 06/15/27)		40		39,355

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit 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%)(b)	$	25	$	22,638
4.90%, 02/28/28 (Call 01/28/28)		30		29,751
5.00%, 02/28/30 (Call 12/28/29)		10		9,914
5.05%, 02/28/33 (Call 11/28/32)		45		43,872
5.25%, 03/15/34 (Call 12/15/33)		25		24,538
5.25%, 02/28/53 (Call 08/28/52)		10		9,285
5.75%, 09/01/25		5		5,026
Northern States Power Co./MN
2.90%, 03/01/50 (Call 09/01/49)		35		22,908
3.60%, 09/15/47 (Call 03/15/47)		10		7,565
5.10%, 05/15/53 (Call 11/15/52)		10		9,544
NorthWestern Corp., 4.18%, 11/15/44 (Call 05/15/44)		20		16,105
NSTAR Electric Co.
1.95%, 08/15/31 (Call 05/15/31)		25		19,991
4.40%, 03/01/44 (Call 09/01/43)		5		4,307
4.55%, 06/01/52 (Call 12/01/51)		10		8,644
Oglethorpe Power Corp.
4.50%, 04/01/47 (Call 10/01/46)		10		8,112
5.25%, 09/01/50		7		6,405
5.38%, 11/01/40		10		9,368
5.95%, 11/01/39		20		19,745
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		5		4,487
3.80%, 08/15/28 (Call 02/15/28)		5		4,789
4.15%, 04/01/47 (Call 10/01/46)		10		7,968
Oncor Electric Delivery Co. LLC
2.70%, 11/15/51 (Call 05/15/51)		15		9,315
2.95%, 04/01/25 (Call 01/01/25)		20		19,502
3.75%, 04/01/45 (Call 10/01/44)		5		3,965
3.80%, 09/30/47 (Call 03/30/47)		20		15,429
4.55%, 09/15/32 (Call 06/15/32)		5		4,797
4.55%, 12/01/41 (Call 06/01/41)		29		26,295
4.60%, 06/01/52 (Call 12/01/51)		10		8,794
4.95%, 09/15/52 (Call 03/15/52)		40		37,249
5.75%, 03/15/29 (Call 12/15/28)		30		31,015
Pacific Gas and Electric Co.
2.50%, 02/01/31 (Call 11/01/30)		40		32,804
2.95%, 03/01/26 (Call 12/01/25)		5		4,746
3.15%, 01/01/26		5		4,781
3.30%, 12/01/27 (Call 09/01/27)		20		18,476
3.50%, 08/01/50 (Call 02/01/50)		75		50,455
3.75%, 07/01/28		5		4,652
3.95%, 12/01/47 (Call 06/01/47)		5		3,631
4.20%, 06/01/41 (Call 12/01/40)		5		3,928
4.30%, 03/15/45 (Call 09/15/44)		10		7,802
4.45%, 04/15/42 (Call 10/15/41)		20		16,090
4.50%, 07/01/40 (Call 01/01/40)		70		58,809
4.55%, 07/01/30 (Call 01/01/30)		24		22,573
4.60%, 06/15/43 (Call 12/15/42)		5		4,098
4.95%, 06/08/25		5		4,952
4.95%, 07/01/50 (Call 01/01/50)		45		38,218
5.25%, 03/01/52 (Call 09/01/51)		5		4,427
5.90%, 06/15/32 (Call 03/15/32)		20		20,101
6.15%, 01/15/33 (Call 10/15/32)		30		30,695
6.40%, 06/15/33 (Call 03/15/33)		10		10,399
6.70%, 04/01/53 (Call 10/01/52)		15		16,086
6.75%, 01/15/53 (Call 07/15/52)		50		53,590
PacifiCorp
2.90%, 06/15/52 (Call 12/15/51)		25		15,238
3.30%, 03/15/51 (Call 09/15/50)		10		6,558

Security	Par (000)		Value
Electric (continued)
4.15%, 02/15/50 (Call 08/15/49)	$	35	$	27,166
5.35%, 12/01/53 (Call 06/01/53)		10		9,184
5.50%, 05/15/54 (Call 11/15/53)		110		102,662
6.00%, 01/15/39		25		25,670
PacifiCorp.
3.50%, 06/15/29 (Call 03/15/29)		15		13,830
5.45%, 02/15/34 (Call 11/15/33)		25		24,659
5.80%, 01/15/55 (Call 07/15/54)		25		24,165
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		75		71,174
PPL Electric Utilities Corp.
4.15%, 06/15/48 (Call 12/15/47)		50		41,901
5.00%, 05/15/33 (Call 02/15/33)		5		4,971
5.25%, 05/15/53 (Call 11/15/52)		25		24,269
Progress Energy Inc.
6.00%, 12/01/39		15		15,121
7.00%, 10/30/31		110		121,391
7.75%, 03/01/31		15		16,943
Public Service Co. of Colorado
4.05%, 09/15/49 (Call 03/15/49)		25		19,500
4.50%, 06/01/52 (Call 12/01/51)		25		20,935
5.25%, 04/01/53 (Call 10/01/52)		50		47,337
Series 17, 6.25%, 09/01/37		20		21,214
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		5		4,627
1.90%, 08/15/31 (Call 05/15/31)		10		8,055
3.10%, 03/15/32 (Call 12/15/31)		10		8,704
3.60%, 12/01/47 (Call 06/01/47)		10		7,622
3.65%, 09/01/28 (Call 06/01/28)(a)		70		66,648
3.70%, 05/01/28 (Call 02/01/28)		5		4,779
4.05%, 05/01/48 (Call 11/01/47)		25		20,775
5.20%, 08/01/33 (Call 05/01/33)		10		10,069
5.45%, 08/01/53 (Call 02/01/53)		30		30,139
5.50%, 03/01/40		5		4,999
Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)		30		28,092
6.13%, 10/15/33 (Call 07/15/33)		25		26,090
Puget Energy Inc.
2.38%, 06/15/28 (Call 04/15/28)		20		17,733
4.10%, 06/15/30 (Call 03/15/30)		20		18,108
Puget Sound Energy Inc.
3.25%, 09/15/49 (Call 03/15/49)		6		4,088
5.45%, 06/01/53 (Call 12/01/52)		25		24,725
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)		10		9,487
Series TTT, 4.10%, 06/15/49 (Call 12/15/48)		20		16,132
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		10		8,137
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		25		16,581
Sempra
3.25%, 06/15/27 (Call 03/15/27)		165		155,175
3.80%, 02/01/38 (Call 08/01/37)		90		73,824
4.00%, 02/01/48 (Call 08/01/47)		25		19,410
4.13%, 04/01/52 (Call 01/01/27), (5-year CMT + 2.868%)(b)		45		41,319
5.50%, 08/01/33 (Call 05/01/33)		5		4,971
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		5		4,736
Southern California Edison Co.
2.25%, 06/01/30 (Call 03/01/30)		5		4,220
3.65%, 02/01/50 (Call 08/01/49)		25		18,288
4.00%, 04/01/47 (Call 10/01/46)		20		15,556

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

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.05%, 03/15/42 (Call 09/15/41)	$	20	$	16,434
4.65%, 10/01/43 (Call 04/01/43)		30		26,257
5.50%, 03/15/40		10		9,878
5.70%, 03/01/53 (Call 09/01/52)		55		54,541
5.85%, 11/01/27 (Call 10/01/27)		45		46,085
5.88%, 12/01/53 (Call 06/01/53)		10		10,161
6.65%, 04/01/29		25		26,237
Series B, 4.88%, 03/01/49 (Call 09/01/48)		15		13,313
Series C, 4.13%, 03/01/48 (Call 09/01/47)		20		15,956
Series E, 3.70%, 08/01/25 (Call 06/01/25)		10		9,768
Series E, 5.45%, 06/01/52 (Call 12/01/51)		5		4,796
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		80		76,526
4.25%, 07/01/36 (Call 01/01/36)		15		13,246
4.40%, 07/01/46 (Call 01/01/46)		46		38,794
4.85%, 06/15/28 (Call 04/15/28)		75		74,282
5.11%, 08/01/27		30		29,925
5.15%, 10/06/25		10		9,984
Series 21-A, 3.75%, 09/15/51 (Call 06/15/26), (5-year CMT + 2.915%)(b)		50		46,919
Series A, 3.70%, 04/30/30 (Call 01/30/30)		15		13,828
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(b)		115		110,559
Southwestern Electric Power Co.
3.25%, 11/01/51 (Call 05/01/51)		25		16,354
5.30%, 04/01/33 (Call 01/01/33)		45		44,347
Series L, 3.85%, 02/01/48 (Call 08/01/47)		20		14,673
Series M, 4.10%, 09/15/28 (Call 06/15/28)		15		14,379
Series N, 1.65%, 03/15/26 (Call 02/15/26)		10		9,301
Southwestern Public Service Co., 4.50%, 08/15/41 (Call 02/15/41)		10		8,484
Tampa Electric Co.
2.40%, 03/15/31 (Call 12/15/30)		20		16,567
4.10%, 06/15/42 (Call 12/15/41)		5		4,103
4.30%, 06/15/48 (Call 12/15/47)		5		4,109
5.00%, 07/15/52 (Call 01/15/52)		5		4,557
Tucson Electric Power Co., 4.00%, 06/15/50 (Call 12/15/49)		10		7,651
Union Electric Co.
2.63%, 03/15/51 (Call 09/15/50)		30		18,124
2.95%, 06/15/27 (Call 03/15/27)		5		4,696
3.90%, 04/01/52 (Call 10/01/51)		15		11,675
5.45%, 03/15/53 (Call 09/15/52)		40		39,153
Virginia Electric & Power Co.
2.45%, 12/15/50 (Call 06/15/50)		39		22,618
2.95%, 11/15/51 (Call 05/15/51)		45		28,909
4.00%, 01/15/43 (Call 07/15/42)		30		24,578
4.60%, 12/01/48 (Call 06/01/48)		25		21,634
5.00%, 04/01/33 (Call 01/01/33)		30		29,380
5.30%, 08/15/33 (Call 05/15/33)		10		9,973
5.45%, 04/01/53 (Call 10/01/52)		5		4,892
5.70%, 08/15/53 (Call 02/15/53)		60		60,618
8.88%, 11/15/38		25		33,229
Series A, 3.15%, 01/15/26 (Call 10/15/25)		95		91,649
Series B, 2.95%, 11/15/26 (Call 08/15/26)		25		23,677
Series B, 3.75%, 05/15/27 (Call 04/15/27)		5		4,811
Series B, 3.80%, 09/15/47 (Call 03/15/47)		5		3,814
Series C, 4.00%, 11/15/46 (Call 05/15/46)		30		23,786
Series C, 4.63%, 05/15/52 (Call 11/15/51)		5		4,303
WEC Energy Group Inc.
1.38%, 10/15/27 (Call 08/15/27)		45		39,595

Security	Par (000)		Value
Electric (continued)
4.75%, 01/09/26 (Call 12/09/25)	$	55	$	54,451
5.00%, 09/27/25 (Call 08/27/25)		105		104,502
Wisconsin Power and Light Co., 3.00%, 07/01/29 (Call 04/01/29)		30		27,414
Wisconsin Public Service Corp.
2.85%, 12/01/51 (Call 06/01/51)		10		6,314
3.30%, 09/01/49 (Call 03/01/49)		20		14,001
3.67%, 12/01/42		5		3,898
Xcel Energy Inc.
1.75%, 03/15/27 (Call 02/15/27)		90		81,242
3.35%, 12/01/26 (Call 06/01/26)		60		56,731
3.40%, 06/01/30 (Call 12/01/29)		40		36,072
3.50%, 12/01/49 (Call 06/01/49)		50		34,883
4.00%, 06/15/28 (Call 12/15/27)		40		38,228
				9,336,663
Electrical Components & Equipment — 0.0%
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		10		9,039
1.95%, 10/15/30 (Call 07/15/30)		20		16,778
2.00%, 12/21/28 (Call 10/21/28)		45		39,692
2.80%, 12/21/51 (Call 06/21/51)		10		6,434
5.25%, 11/15/39		10		10,098
				82,041
Electronics — 0.2%
Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32)		5		4,995
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)		20		16,408
Arrow Electronics Inc.
2.95%, 02/15/32 (Call 11/15/31)		5		4,173
4.00%, 04/01/25 (Call 01/01/25)		20		19,650
Avnet Inc., 5.50%, 06/01/32 (Call 03/01/32)		40		38,410
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		30		29,009
4.88%, 06/15/29 (Call 03/15/29)		10		9,727
4.88%, 05/12/30 (Call 02/12/30)		10		9,635
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		130		124,085
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		10		8,985
1.35%, 06/01/25 (Call 05/01/25)		5		4,777
1.75%, 09/01/31 (Call 06/01/31)		5		4,018
1.95%, 06/01/30 (Call 03/01/30)		70		59,153
2.50%, 11/01/26 (Call 08/01/26)		40		37,696
2.70%, 08/15/29 (Call 05/15/29)		5		4,498
2.80%, 06/01/50 (Call 12/01/49)		55		37,921
3.81%, 11/21/47 (Call 05/21/47)		35		28,203
4.95%, 02/15/28 (Call 01/15/28)		85		85,897
5.70%, 03/15/36		35		36,956
Hubbell Inc.
2.30%, 03/15/31 (Call 12/15/30)		10		8,264
3.15%, 08/15/27 (Call 05/15/27)		5		4,692
3.35%, 03/01/26 (Call 12/01/25)		15		14,471
Jabil Inc.
1.70%, 04/15/26 (Call 03/15/26)		10		9,250
3.00%, 01/15/31 (Call 10/15/30)		5		4,266
4.25%, 05/15/27 (Call 04/15/27)		15		14,485
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		10		8,893
4.60%, 04/06/27 (Call 01/06/27)		15		14,760
TD SYNNEX Corp.
1.75%, 08/09/26 (Call 07/09/26)		10		9,109

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics (continued)
2.38%, 08/09/28 (Call 06/09/28)	$	10	$	8,722
2.65%, 08/09/31 (Call 05/09/31)		10		7,950
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28)		5		4,955
Tyco Electronics Group SA
4.50%, 02/13/26		5		4,940
7.13%, 10/01/37		10		11,479
Vontier Corp.
1.80%, 04/01/26 (Call 03/01/26)		10		9,225
2.40%, 04/01/28 (Call 02/01/28)		10		8,754
2.95%, 04/01/31 (Call 01/01/31)		5		4,116
				712,527
Engineering & Construction — 0.0%
Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)		30		29,995
Entertainment — 0.1%
Warnermedia Holdings Inc.
3.64%, 03/15/25		60		58,732
3.76%, 03/15/27 (Call 02/15/27)		45		42,589
4.05%, 03/15/29 (Call 01/15/29)		90		83,177
4.28%, 03/15/32 (Call 12/15/31)		45		39,714
5.05%, 03/15/42 (Call 09/15/41)		25		20,983
5.14%, 03/15/52 (Call 09/15/51)		180		146,159
5.39%, 03/15/62 (Call 09/15/61)		40		32,197
				423,551
Environmental Control — 0.1%
Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)		5		4,211
Republic Services Inc.
1.45%, 02/15/31 (Call 11/15/30)		40		31,502
2.30%, 03/01/30 (Call 12/01/29)		5		4,294
3.05%, 03/01/50 (Call 09/01/49)		15		10,386
3.20%, 03/15/25 (Call 12/15/24)		30		29,291
4.88%, 04/01/29 (Call 03/01/29)		25		24,890
5.00%, 12/15/33 (Call 09/15/33)		10		9,831
5.00%, 04/01/34 (Call 01/01/34)		5		4,923
Waste Connections Inc.
2.95%, 01/15/52 (Call 07/15/51)		50		33,083
3.20%, 06/01/32 (Call 03/01/32)		25		21,764
4.20%, 01/15/33 (Call 10/15/32)		5		4,670
4.25%, 12/01/28 (Call 09/01/28)		35		33,892
Waste Management Inc.
1.50%, 03/15/31 (Call 12/15/30)		10		7,936
2.00%, 06/01/29 (Call 04/01/29)		5		4,328
2.50%, 11/15/50 (Call 05/15/50)		15		9,266
2.95%, 06/01/41 (Call 12/01/40)		15		11,079
4.15%, 04/15/32 (Call 01/15/32)		30		28,260
4.15%, 07/15/49 (Call 01/15/49)		10		8,450
4.63%, 02/15/30 (Call 12/15/29)		5		4,917
4.88%, 02/15/34 (Call 11/15/33)		20		19,572
				306,545
Food — 0.7%
Ahold Finance USA LLC, 6.88%, 05/01/29		15		16,272
Campbell Soup Co.
2.38%, 04/24/30 (Call 01/24/30)		10		8,491
3.13%, 04/24/50 (Call 10/24/49)		5		3,260
3.95%, 03/15/25 (Call 01/15/25)		80		78,718
4.15%, 03/15/28 (Call 12/15/27)		75		72,343
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		25		21,723

Security	Par (000)		Value
Food (continued)
4.60%, 11/01/25 (Call 09/01/25)	$	50	$	49,259
4.85%, 11/01/28 (Call 08/01/28)		35		34,394
5.40%, 11/01/48 (Call 05/01/48)		25		23,072
Flowers Foods Inc.
2.40%, 03/15/31 (Call 12/15/30)		10		8,353
3.50%, 10/01/26 (Call 07/01/26)		5		4,794
General Mills Inc.
2.25%, 10/14/31 (Call 07/14/31)		15		12,293
3.00%, 02/01/51 (Call 08/01/50)		25		16,114
3.20%, 02/10/27 (Call 11/10/26)		25		23,763
4.00%, 04/17/25 (Call 02/17/25)		85		83,651
4.95%, 03/29/33 (Call 12/29/32)(a)		30		29,448
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)		65		61,760
2.30%, 08/15/26 (Call 05/15/26)		10		9,437
3.13%, 11/15/49 (Call 05/15/49)		15		10,745
Hormel Foods Corp.
1.80%, 06/11/30 (Call 03/11/30)		80		66,389
3.05%, 06/03/51 (Call 12/03/50)		5		3,355
Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)		10		8,787
J M Smucker Co. (The)
6.20%, 11/15/33 (Call 08/15/33)(a)		15		15,868
6.50%, 11/15/53 (Call 05/15/53)		10		10,888
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL
6.75%, 03/15/34 (Call 12/15/33)(d)		40		41,188
7.25%, 11/15/53 (Call 05/15/53)(d)		25		26,207
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
3.00%, 05/15/32 (Call 02/15/32)		25		20,010
3.75%, 12/01/31 (Call 12/01/26)		15		12,747
5.50%, 01/15/30 (Call 01/15/25)		20		19,482
5.75%, 04/01/33 (Call 01/01/33)		50		48,477
6.50%, 12/01/52 (Call 06/01/52)		20		19,270
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		10		7,980
2.75%, 09/15/41 (Call 03/15/41)		65		43,419
3.50%, 03/15/25		27		26,458
4.25%, 03/15/35		5		4,477
Kellanova
2.10%, 06/01/30 (Call 03/01/30)		10		8,415
3.25%, 04/01/26		15		14,418
3.40%, 11/15/27 (Call 08/15/27)		140		131,811
4.30%, 05/15/28 (Call 02/15/28)		40		38,844
Series B, 7.45%, 04/01/31		15		16,782
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		5		4,771
3.75%, 04/01/30 (Call 01/01/30)		5		4,661
3.88%, 05/15/27 (Call 02/15/27)		5		4,826
4.25%, 03/01/31 (Call 12/01/30)		10		9,496
4.38%, 06/01/46 (Call 12/01/45)		20		16,590
4.63%, 01/30/29 (Call 10/30/28)		25		24,518
4.88%, 10/01/49 (Call 04/01/49)		15		13,386
5.00%, 06/04/42		45		41,513
5.20%, 07/15/45 (Call 01/15/45)		50		46,673
5.50%, 06/01/50 (Call 12/01/49)		35		34,064
6.75%, 03/15/32		10		11,000
6.88%, 01/26/39		40		44,797
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)		10		7,969
2.65%, 10/15/26 (Call 07/15/26)		25		23,490

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
3.50%, 02/01/26 (Call 11/01/25)	$	20	$	19,385
3.95%, 01/15/50 (Call 07/15/49)		25		19,583
4.45%, 02/01/47 (Call 08/01/46)		35		29,520
4.50%, 01/15/29 (Call 10/15/28)		20		19,549
5.15%, 08/01/43 (Call 02/01/43)		15		13,938
7.50%, 04/01/31		45		50,764
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		10		9,200
4.20%, 08/15/47 (Call 02/15/47)(a)		20		16,549
4.95%, 04/15/33 (Call 01/15/33)(a)		5		4,880
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		20		19,120
1.88%, 10/15/32 (Call 07/15/32)		20		15,739
2.63%, 03/17/27 (Call 02/17/27)		95		88,581
2.63%, 09/04/50 (Call 03/04/50)		70		43,727
2.75%, 04/13/30 (Call 01/13/30)		5		4,416
3.00%, 03/17/32 (Call 12/17/31)		10		8,620
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		10		8,357
4.25%, 04/15/31 (Call 04/15/26)		15		13,402
6.25%, 07/01/33 (Call 04/01/33)		25		25,307
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		10		8,609
3.30%, 07/15/26 (Call 04/15/26)		25		24,002
3.30%, 02/15/50 (Call 08/15/49)		5		3,541
4.85%, 10/01/45 (Call 04/01/45)		15		13,577
5.95%, 04/01/30 (Call 01/01/30)		45		46,776
6.60%, 04/01/40 (Call 10/01/39)		10		10,965
6.60%, 04/01/50 (Call 10/01/49)		55		62,105
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		25		23,699
4.00%, 03/01/26 (Call 01/01/26)		15		14,645
4.35%, 03/01/29 (Call 12/01/28)		75		72,167
4.88%, 08/15/34 (Call 02/15/34)		15		14,248
5.10%, 09/28/48 (Call 03/28/48)		45		39,683
Walmart Inc., 3.90%, 09/09/25		10		9,849
				2,195,419
Forest Products & Paper — 0.0%
International Paper Co.
4.35%, 08/15/48 (Call 02/15/48)(a)		10		8,469
4.40%, 08/15/47 (Call 02/15/47)		20		16,622
5.00%, 09/15/35 (Call 03/15/35)		5		4,847
6.00%, 11/15/41 (Call 05/15/41)		45		46,350
Suzano Austria GmbH
2.50%, 09/15/28 (Call 07/15/28)		40		34,940
3.13%, 01/15/32 (Call 10/15/31)		5		4,106
3.75%, 01/15/31 (Call 10/15/30)		15		13,106
Suzano International Finance BV, 5.50%, 01/17/27		10		9,986
				138,426
Gas — 0.2%
Atmos Energy Corp.
1.50%, 01/15/31 (Call 10/15/30)		10		7,954
2.63%, 09/15/29 (Call 06/15/29)		95		84,566
2.85%, 02/15/52 (Call 08/15/51)		65		41,656
3.00%, 06/15/27 (Call 03/15/27)		140		131,670
4.13%, 03/15/49 (Call 09/15/48)		39		32,109
CenterPoint Energy Resources Corp.
1.75%, 10/01/30 (Call 07/01/30)		5		4,063
4.10%, 09/01/47 (Call 03/01/47)		10		8,004
5.25%, 03/01/28 (Call 02/01/28)		5		5,036

Security	Par (000)		Value
Gas (continued)
5.40%, 03/01/33 (Call 12/01/32)	$	10	$	10,065
5.85%, 01/15/41 (Call 07/15/40)		5		5,102
National Fuel Gas Co., 5.50%, 01/15/26 (Call 12/15/25)		5		4,985
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		40		37,544
1.70%, 02/15/31 (Call 11/15/30)		30		23,799
2.95%, 09/01/29 (Call 06/01/29)		5		4,496
3.49%, 05/15/27 (Call 02/15/27)		20		19,015
3.95%, 03/30/48 (Call 09/30/47)		15		11,525
4.38%, 05/15/47 (Call 11/15/46)		15		12,390
4.80%, 02/15/44 (Call 08/15/43)		25		22,175
5.00%, 06/15/52 (Call 12/15/51)		15		13,558
5.25%, 02/15/43 (Call 08/15/42)		20		18,847
5.65%, 02/01/45 (Call 08/01/44)		5		4,857
ONE Gas Inc.
2.00%, 05/15/30 (Call 02/15/30)		10		8,314
4.66%, 02/01/44 (Call 08/01/43)		5		4,453
Piedmont Natural Gas Co. Inc.
3.35%, 06/01/50 (Call 12/01/49)		25		16,613
4.65%, 08/01/43 (Call 02/01/43)		20		17,382
5.05%, 05/15/52 (Call 11/15/51)		25		22,527
Southern California Gas Co.
3.75%, 09/15/42 (Call 03/15/42)		10		7,884
5.75%, 06/01/53 (Call 12/01/52)		5		5,048
Series XX, 2.55%, 02/01/30 (Call 11/01/29)		50		43,413
Southern Co. Gas Capital Corp.
4.40%, 05/30/47 (Call 11/30/46)		5		4,057
5.88%, 03/15/41 (Call 09/15/40)		15		14,997
Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		30		24,039
Series 21A, 3.15%, 09/30/51 (Call 03/30/51)		25		16,074
Southwest Gas Corp.
2.20%, 06/15/30 (Call 03/15/30)		15		12,515
4.05%, 03/15/32 (Call 12/15/31)		10		9,148
4.15%, 06/01/49 (Call 12/01/48)		10		7,645
5.45%, 03/23/28 (Call 02/23/28)		40		40,333
5.80%, 12/01/27 (Call 11/01/27)		10		10,178
Spire Missouri Inc., 3.30%, 06/01/51 (Call 12/01/50)		10		6,766
Washington Gas Light Co.
3.65%, 09/15/49 (Call 03/15/49)		5		3,685
Series K, 3.80%, 09/15/46 (Call 03/15/46)		5		3,689
				782,176
Hand & Machine Tools — 0.1%
Regal Rexnord Corp.
6.05%, 02/15/26(d)		5		5,023
6.05%, 04/15/28 (Call 03/15/28)(d)		10		10,058
6.30%, 02/15/30 (Call 12/15/29)(d)		10		10,175
6.40%, 04/15/33 (Call 01/15/33)(d)		20		20,526
Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49)		10		7,019
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		11		9,234
2.75%, 11/15/50 (Call 05/15/50)		40		23,309
4.25%, 11/15/28 (Call 08/15/28)		15		14,473
6.00%, 03/06/28 (Call 02/06/28)		145		149,648
				249,465
Health Care - Products — 0.5%
Abbott Laboratories
3.75%, 11/30/26 (Call 08/30/26)		60		58,459
4.75%, 11/30/36 (Call 05/30/36)		20		19,582
4.75%, 04/15/43 (Call 10/15/42)		5		4,787

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
4.90%, 11/30/46 (Call 05/30/46)	$	75	$	72,297
5.30%, 05/27/40		30		30,624
6.00%, 04/01/39		5		5,548
6.15%, 11/30/37		20		22,163
Agilent Technologies Inc.
2.10%, 06/04/30 (Call 03/04/30)		15		12,566
2.30%, 03/12/31 (Call 12/12/30)		30		25,030
Baxter International Inc.
1.73%, 04/01/31 (Call 01/01/31)		45		35,513
1.92%, 02/01/27 (Call 01/01/27)		25		22,729
2.54%, 02/01/32 (Call 11/01/31)(a)		5		4,097
2.60%, 08/15/26 (Call 05/15/26)		30		28,129
3.13%, 12/01/51 (Call 06/01/51)(a)		25		16,259
Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)		63		60,408
2.65%, 06/01/30 (Call 03/01/30)		35		30,616
4.00%, 03/01/28 (Call 12/01/27)		5		4,836
4.70%, 03/01/49 (Call 09/01/48)(a)		12		10,987
Danaher Corp.
2.80%, 12/10/51 (Call 06/10/51)(a)		25		16,200
4.38%, 09/15/45 (Call 03/15/45)		15		13,291
Dentsply Sirona Inc., 3.25%, 06/01/30 (Call 03/01/30)		20		17,431
DH Europe Finance II Sarl
2.60%, 11/15/29 (Call 08/15/29)		150		133,214
3.40%, 11/15/49 (Call 05/15/49)		20		14,900
GE HealthCare Technologies Inc.
5.60%, 11/15/25 (Call 10/15/25)		100		100,313
5.86%, 03/15/30 (Call 01/15/30)		5		5,168
5.91%, 11/22/32 (Call 08/22/32)		100		103,818
HCA Inc.
3.63%, 03/15/32 (Call 12/15/31)		50		43,684
4.38%, 03/15/42 (Call 09/15/41)		21		17,404
Koninklijke Philips NV
5.00%, 03/15/42		5		4,514
6.88%, 03/11/38		10		10,742
Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)		5		4,814
Medtronic Inc.
4.38%, 03/15/35		20		18,857
4.63%, 03/15/45		55		50,923
Revvity Inc.
1.90%, 09/15/28 (Call 07/15/28)		10		8,639
2.55%, 03/15/31 (Call 12/15/30)		25		20,939
3.30%, 09/15/29 (Call 06/15/29)		20		18,005
Solventum Corp.
5.40%, 03/01/29 (Call 02/01/29)(d)		25		24,964
5.60%, 03/23/34 (Call 12/23/33)(d)		25		24,906
5.90%, 04/30/54 (Call 10/30/53)(d)		25		24,479
Stryker Corp.
2.90%, 06/15/50 (Call 12/15/49)		20		13,598
3.38%, 11/01/25 (Call 08/01/25)		30		29,115
4.10%, 04/01/43 (Call 10/01/42)		10		8,453
4.38%, 05/15/44 (Call 11/15/43)		20		17,605
4.63%, 03/15/46 (Call 09/15/45)		15		13,589
Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)		5		4,075
2.60%, 10/01/29 (Call 07/01/29)		22		19,618
2.80%, 10/15/41 (Call 04/15/41)		10		7,186
4.10%, 08/15/47 (Call 02/15/47)		15		12,557
4.80%, 11/21/27 (Call 10/21/27)		5		5,002
4.95%, 08/10/26 (Call 07/10/26)		25		25,021

Security	Par (000)		Value
Health Care - Products (continued)
4.98%, 08/10/30 (Call 06/10/30)	$	25	$	25,003
5.40%, 08/10/43 (Call 04/10/43)		55		55,531
Zimmer Biomet Holdings Inc.
2.60%, 11/24/31 (Call 08/24/31)		50		41,823
3.05%, 01/15/26 (Call 12/15/25)		45		43,227
				1,463,238
Health Care - Services — 1.0%
Adventist Health System/West
2.95%, 03/01/29 (Call 12/01/28)		15		13,315
3.63%, 03/01/49 (Call 09/01/48)		5		3,681
Advocate Health & Hospitals Corp., 4.27%, 08/15/48 (Call 02/15/48)		10		8,664
Aetna Inc.
3.88%, 08/15/47 (Call 02/15/47)		5		3,716
4.50%, 05/15/42 (Call 11/15/41)		10		8,497
4.75%, 03/15/44 (Call 09/15/43)		5		4,316
6.63%, 06/15/36		15		16,333
6.75%, 12/15/37		10		10,926
AHS Hospital Corp., Series 2021, 2.78%, 07/01/51 (Call 01/01/51)		5		3,277
Allina Health System, Series 2019, 3.89%, 04/15/49 (Call 10/15/48)		5		4,043
Ascension Health
4.85%, 11/15/53		5		4,774
Series B, 3.11%, 11/15/39 (Call 05/15/39)		25		19,476
Banner Health, 2.91%, 01/01/51 (Call 07/01/50)		15		9,934
Baptist Healthcare System Obligated Group, Series
20B, 3.54%, 08/15/50 (Call 02/15/50)		5		3,706
Baylor Scott & White Holdings, 3.97%, 11/15/46 (Call 05/15/46)		60		48,357
Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)		5		3,539
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		40		35,292
2.50%, 03/01/31 (Call 12/01/30)		35		28,674
2.63%, 08/01/31 (Call 05/01/31)		20		16,368
3.00%, 10/15/30 (Call 07/15/30)		30		25,622
3.38%, 02/15/30 (Call 02/15/25)		40		35,290
4.25%, 12/15/27 (Call 03/18/24)		10		9,532
4.63%, 12/15/29 (Call 12/15/24)		35		33,144
Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44		5		4,415
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)		10		6,550
CommonSpirit Health, 3.35%, 10/01/29 (Call 04/01/29)		40		36,320
Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)		5		3,766
Dignity Health, 5.27%, 11/01/64		15		13,945
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)		5		4,131
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		10		9,290
2.25%, 05/15/30 (Call 02/15/30)		35		29,732
2.88%, 09/15/29 (Call 06/15/29)		155		138,990
3.13%, 05/15/50 (Call 11/15/49)		20		13,651
3.60%, 03/15/51 (Call 09/15/50)		30		22,333
3.65%, 12/01/27 (Call 09/01/27)		40		38,251
4.10%, 03/01/28 (Call 12/01/27)		155		149,917
4.38%, 12/01/47 (Call 06/01/47)		15		12,737
4.55%, 03/01/48 (Call 09/01/47)		15		13,063
4.75%, 02/15/33 (Call 11/15/32)		40		38,634

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
5.13%, 02/15/53 (Call 08/15/52)	$	25	$	23,664
5.35%, 10/15/25 (Call 09/15/25)		10		9,988
5.50%, 10/15/32 (Call 07/15/32)		20		20,371
6.10%, 10/15/52 (Call 04/15/52)		15		16,091
6.38%, 06/15/37		25		26,961
Hackensack Meridian Health Inc.
4.21%, 07/01/48 (Call 01/01/48)		10		8,671
4.50%, 07/01/57 (Call 01/01/57)		10		8,568
HCA Inc.
3.50%, 09/01/30 (Call 03/01/30)		55		49,166
3.50%, 07/15/51 (Call 01/15/51)		30		20,250
4.50%, 02/15/27 (Call 08/15/26)		10		9,792
4.63%, 03/15/52 (Call 09/15/51)		65		53,194
5.13%, 06/15/39 (Call 12/15/38)		20		18,594
5.20%, 06/01/28 (Call 05/01/28)		100		99,588
5.25%, 04/15/25		165		164,263
5.25%, 06/15/26 (Call 12/15/25)		5		4,969
5.25%, 06/15/49 (Call 12/15/48)		25		22,396
5.38%, 09/01/26 (Call 03/01/26)		40		39,884
5.50%, 06/01/33 (Call 03/01/33)		40		39,725
5.50%, 06/15/47 (Call 12/15/46)		5		4,660
5.88%, 02/15/26 (Call 08/15/25)		5		5,022
5.90%, 06/01/53 (Call 12/01/52)		25		24,557
6.00%, 04/01/54 (Call 10/01/53)		25		24,813
Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)(a)		5		4,079
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		65		58,316
2.15%, 02/03/32 (Call 11/03/31)		10		7,913
3.13%, 08/15/29 (Call 05/15/29)		35		31,618
3.95%, 03/15/27 (Call 12/15/26)		10		9,644
3.95%, 08/15/49 (Call 02/15/49)		20		15,632
4.80%, 03/15/47 (Call 09/15/46)		15		13,068
4.95%, 10/01/44 (Call 04/01/44)		20		18,033
5.75%, 03/01/28 (Call 02/01/28)		85		86,599
5.75%, 12/01/28 (Call 11/01/28)		15		15,320
5.88%, 03/01/33 (Call 12/01/32)		65		66,692
Indiana University Health Inc. Obligated Group, 3.97%, 11/01/48 (Call 05/01/48)		5		4,160
Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)		5		4,255
Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)		5		3,789
IQVIA Inc., 6.25%, 02/01/29 (Call 01/01/29)		5		5,144
Kaiser Foundation Hospitals
4.15%, 05/01/47 (Call 11/01/46)		15		12,912
4.88%, 04/01/42		15		14,240
Series 2021, 2.81%, 06/01/41 (Call 12/01/40)		22		16,099
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		40		36,854
2.70%, 06/01/31 (Call 03/01/31)		15		12,810
2.95%, 12/01/29 (Call 09/01/29)		45		40,049
Mass General Brigham Inc., Series 2017, 3.77%,
07/01/48 (Call 01/01/48)		25		19,868
Mayo Clinic
Series 2013, 4.00%, 11/15/47		5		4,221
Series 2016, 4.13%, 11/15/52		10		8,646
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)		5		3,209
Mount Sinai Hospital Series 2017, 3.98%, 07/01/48		15		11,948

Security	Par (000)		Value
Health Care - Services (continued)
Series 2019, 3.74%, 07/01/49 (Call 01/01/49)	$	5	$	3,725
MyMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)		10		7,240
Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)		10		9,108
Northwell Healthcare Inc.
3.81%, 11/01/49 (Call 11/01/48)		5		3,704
3.98%, 11/01/46 (Call 11/01/45)		15		11,865
Northwestern Memorial Healthcare Obligated Group,
Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(a)		5		3,235
Novant Health Inc.
2.64%, 11/01/36 (Call 08/01/36)		10		7,513
3.17%, 11/01/51 (Call 05/01/51)		5		3,408
3.32%, 11/01/61 (Call 05/01/61)		10		6,581
OhioHealth Corp., 2.83%, 11/15/41 (Call 05/15/41)		10		7,307
Orlando Health Obligated Group
3.33%, 10/01/50 (Call 04/01/50)		10		7,318
4.09%, 10/01/48 (Call 04/01/48)		5		4,153
PeaceHealth Obligated Group, Series 2018, 4.79%, 11/15/48 (Call 05/15/48)		5		4,408
Piedmont Healthcare Inc.
2.04%, 01/01/32 (Call 07/01/31)		10		8,060
Series 2042, 2.72%, 01/01/42 (Call 07/01/41)		10		7,035
Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)		5		4,761
Providence St Joseph Health Obligated Group
Series 21A, 2.70%, 10/01/51 (Call 04/01/51)		10		5,990
Series A, 3.93%, 10/01/48 (Call 04/01/48)		5		3,865
Series I, 3.74%, 10/01/47		5		3,821
Quest Diagnostics Inc.
2.80%, 06/30/31 (Call 03/30/31)		10		8,535
2.95%, 06/30/30 (Call 03/30/30)		15		13,204
3.45%, 06/01/26 (Call 03/01/26)		20		19,242
4.20%, 06/30/29 (Call 03/30/29)		10		9,612
6.40%, 11/30/33 (Call 08/30/33)		50		53,471
Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)		5		3,223
Stanford Health Care
3.03%, 08/15/51 (Call 02/15/51)		10		6,912
Series 2018, 3.80%, 11/15/48 (Call 05/15/48)		10		8,104
Sutter Health, Series 20A, 3.36%, 08/15/50 (Call 02/15/50)		45		32,905
Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)		5		5,012
UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)		5		4,746
UnitedHealth Group Inc.
2.30%, 05/15/31 (Call 02/15/31)		5		4,188
2.90%, 05/15/50 (Call 11/15/49)		20		13,274
2.95%, 10/15/27		25		23,471
3.10%, 03/15/26		25		24,147
3.13%, 05/15/60 (Call 11/15/59)		10		6,542
3.25%, 05/15/51 (Call 11/15/50)		20		14,083
3.45%, 01/15/27		35		33,779
3.50%, 08/15/39 (Call 02/15/39)		20		16,163
3.70%, 08/15/49 (Call 02/15/49)		20		15,391
3.75%, 10/15/47 (Call 04/15/47)		10		7,752
3.88%, 08/15/59 (Call 02/15/59)		25		19,026
4.20%, 05/15/32 (Call 02/15/32)		25		23,588
4.25%, 01/15/29 (Call 12/15/28)		10		9,750
4.25%, 03/15/43 (Call 09/15/42)		95		82,816
4.38%, 03/15/42 (Call 09/15/41)		20		17,829

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
4.50%, 04/15/33 (Call 01/15/33)	$	45	$	43,216
4.63%, 07/15/35		35		33,773
4.75%, 07/15/45		39		36,058
4.75%, 05/15/52 (Call 11/15/51)		20		18,224
5.05%, 04/15/53 (Call 10/15/52)		90		85,632
5.25%, 02/15/28 (Call 01/15/28)		10		10,162
5.35%, 02/15/33 (Call 11/15/32)		90		91,749
5.70%, 10/15/40 (Call 04/15/40)		10		10,382
5.88%, 02/15/53 (Call 08/15/52)		100		106,870
5.95%, 02/15/41 (Call 08/15/40)		15		15,812
6.05%, 02/15/63 (Call 08/15/62)		20		21,704
6.88%, 02/15/38		88		102,206
Universal Health Services Inc.
1.65%, 09/01/26 (Call 08/01/26)		15		13,635
2.65%, 10/15/30 (Call 07/15/30)		20		16,694
WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)		5		3,530
Willis-Knighton Medical Center, Series 2018, 4.81%, 09/01/48 (Call 03/01/48)		5		4,398
Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)		10		5,967
				3,316,380
Holding Companies - Diversified — 0.1%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		10		9,084
2.88%, 06/15/27 (Call 05/15/27)		20		18,167
2.88%, 06/15/28 (Call 04/15/28)		30		26,278
3.20%, 11/15/31 (Call 08/15/31)		5		4,077
3.88%, 01/15/26 (Call 12/15/25)		20		19,188
4.25%, 03/01/25 (Call 01/01/25)		10		9,802
Bain Capital Specialty Finance Inc., 2.55%, 10/13/26 (Call 09/13/26)		5		4,549
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)		25		22,582
3.25%, 03/15/27 (Call 02/15/27)		20		18,285
4.00%, 01/15/29 (Call 11/15/28)(a)		5		4,546
Blackstone Secured Lending Fund
2.13%, 02/15/27 (Call 01/15/27)		10		8,946
2.85%, 09/30/28 (Call 07/30/28)		20		17,383
3.63%, 01/15/26 (Call 12/15/25)		15		14,303
Blue Owl Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		5		4,528
2.88%, 06/11/28 (Call 04/11/28)		15		13,116
3.40%, 07/15/26 (Call 06/15/26)		10		9,311
3.75%, 07/22/25 (Call 06/22/25)		10		9,636
4.00%, 03/30/25 (Call 02/28/25)		5		4,882
4.25%, 01/15/26 (Call 12/15/25)		10		9,627
Blue Owl Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)		5		4,514
Blue Owl Credit Income Corp.
4.70%, 02/08/27 (Call 01/08/27)		20		18,833
5.50%, 03/21/25		95		94,142
7.75%, 09/16/27 (Call 08/16/27)		25		25,564
FS KKR Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		5		4,526
3.13%, 10/12/28 (Call 08/12/28)		15		12,953
3.25%, 07/15/27 (Call 06/15/27)		10		9,080
3.40%, 01/15/26 (Call 12/15/25)		10		9,459
Golub Capital BDC Inc.
2.05%, 02/15/27 (Call 01/15/27)		5		4,399
2.50%, 08/24/26 (Call 07/24/26)		10		9,107

Security	Par (000)		Value
Holding Companies - Diversified (continued)
Prospect Capital Corp.
3.44%, 10/15/28 (Call 08/15/28)	$	5	$	4,257
3.71%, 01/22/26 (Call 12/22/25)		5		4,713
Sixth Street Specialty Lending Inc., 2.50%, 08/01/26 (Call 07/01/26)		5		4,592
				434,429
Home Builders — 0.1%
DR Horton Inc.
1.40%, 10/15/27 (Call 08/15/27)(a)		15		13,231
2.60%, 10/15/25 (Call 09/15/25)		35		33,491
Lennar Corp.
4.75%, 05/30/25 (Call 02/28/25)		40		39,616
4.75%, 11/29/27 (Call 05/29/27)		130		127,922
5.25%, 06/01/26 (Call 12/01/25)		5		4,987
MDC Holdings Inc.
2.50%, 01/15/31 (Call 07/15/30)		5		4,225
3.85%, 01/15/30 (Call 07/15/29)		5		4,612
3.97%, 08/06/61 (Call 02/06/61)		5		3,804
6.00%, 01/15/43 (Call 10/15/42)		15		14,948
PulteGroup Inc.
5.00%, 01/15/27 (Call 10/15/26)(a)		55		54,753
5.50%, 03/01/26 (Call 12/01/25)		20		20,037
6.38%, 05/15/33		5		5,287
7.88%, 06/15/32		5		5,783
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)		5		4,597
4.35%, 02/15/28 (Call 11/15/27)		10		9,606
4.88%, 11/15/25 (Call 08/15/25)		30		29,647
4.88%, 03/15/27 (Call 12/15/26)		5		4,916
				381,462
Home Furnishings — 0.0%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		10		9,822
Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)		40		37,327
Whirlpool Corp.
4.50%, 06/01/46 (Call 12/01/45)		10		8,040
4.60%, 05/15/50 (Call 11/15/49)(a)		10		8,051
4.70%, 05/14/32 (Call 02/14/32)		5		4,727
4.75%, 02/26/29 (Call 11/26/28)(a)		10		9,765
				77,732
Household Products & Wares — 0.1%
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)		5		4,950
Clorox Co. (The)
1.80%, 05/15/30 (Call 02/15/30)		45		37,174
3.10%, 10/01/27 (Call 07/01/27)		25		23,451
3.90%, 05/15/28 (Call 02/15/28)		5		4,805
Kimberly-Clark Corp.
1.05%, 09/15/27 (Call 07/15/27)		10		8,797
2.88%, 02/07/50 (Call 08/07/49)		15		10,246
3.10%, 03/26/30 (Call 12/26/29)		10		9,096
3.20%, 04/25/29 (Call 01/25/29)		15		13,918
3.20%, 07/30/46 (Call 01/30/46)		10		7,302
3.90%, 05/04/47 (Call 11/04/46)		45		36,454
4.50%, 02/16/33 (Call 11/16/32)		5		4,888
6.63%, 08/01/37		10		11,520
				172,601
Insurance — 1.0%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		25		29,367

S C H E D U L E  O F  I N V E S T M E N T S 39

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Aflac Inc.
2.88%, 10/15/26 (Call 07/15/26)	$	5	$	4,721
3.60%, 04/01/30 (Call 01/01/30)		25		23,174
Alleghany Corp.
3.63%, 05/15/30 (Call 02/15/30)		25		23,238
4.90%, 09/15/44 (Call 03/15/44)		10		9,365
Allstate Corp. (The)
0.75%, 12/15/25 (Call 11/15/25)		5		4,614
3.28%, 12/15/26 (Call 09/15/26)		5		4,761
3.85%, 08/10/49 (Call 02/10/49)		5		3,882
4.20%, 12/15/46 (Call 06/15/46)		25		20,443
4.50%, 06/15/43		15		13,072
5.95%, 04/01/36		10		10,445
6.50%, 05/15/67 (Call 05/15/37), (3-mo. LIBOR US + 2.120%)(b)		5		5,034
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		5		4,817
American International Group Inc.
3.88%, 01/15/35 (Call 07/15/34)		10		8,798
4.20%, 04/01/28 (Call 01/01/28)		10		9,712
4.38%, 06/30/50 (Call 12/30/49)		20		17,158
4.50%, 07/16/44 (Call 01/16/44)		10		8,830
4.75%, 04/01/48 (Call 10/01/47)		35		31,968
4.80%, 07/10/45 (Call 01/10/45)		20		18,316
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(b)		15		14,726
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		25		21,748
3.75%, 05/02/29 (Call 02/02/29)		34		31,895
Aon Corp./Aon Global Holdings PLC
2.05%, 08/23/31 (Call 05/23/31)		40		32,063
2.90%, 08/23/51 (Call 02/23/51)		10		6,222
3.90%, 02/28/52 (Call 08/28/51)		10		7,568
5.35%, 02/28/33 (Call 11/28/32)		5		4,991
Aon Global Ltd.
3.88%, 12/15/25 (Call 09/15/25)		55		53,625
4.75%, 05/15/45 (Call 11/15/44)		5		4,407
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)		5		4,828
Arch Capital Group Ltd.
3.64%, 06/30/50 (Call 12/30/49)		25		18,417
7.35%, 05/01/34		5		5,609
Arthur J Gallagher & Co.
3.50%, 05/20/51 (Call 11/20/50)		10		6,942
5.45%, 07/15/34 (Call 04/15/34)		25		24,909
5.75%, 03/02/53 (Call 09/02/52)		25		24,613
Assurant Inc.
3.70%, 02/22/30 (Call 11/22/29)		10		8,924
4.90%, 03/27/28 (Call 12/27/27)		5		4,898
Assured Guaranty U.S. Holdings Inc.
3.15%, 06/15/31 (Call 03/15/31)		15		13,122
6.13%, 09/15/28 (Call 08/15/28)		5		5,159
Athene Holding Ltd.
3.45%, 05/15/52 (Call 11/15/51)		5		3,254
3.95%, 05/25/51 (Call 11/25/50)		15		10,941
4.13%, 01/12/28 (Call 10/12/27)		174		166,629
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)		5		4,700
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		10		9,561

Security	Par (000)		Value
Insurance (continued)
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)	$	10	$	8,153
2.50%, 01/15/51 (Call 07/15/50)		40		24,743
2.85%, 10/15/50 (Call 04/15/50)		60		39,585
2.88%, 03/15/32 (Call 12/15/31)		25		21,842
3.85%, 03/15/52 (Call 09/15/51)		35		27,744
4.20%, 08/15/48 (Call 02/15/48)		20		17,396
4.25%, 01/15/49 (Call 07/15/48)		40		35,188
4.30%, 05/15/43		25		22,357
5.75%, 01/15/40		25		26,881
Berkshire Hathaway Inc.
3.13%, 03/15/26 (Call 12/15/25)		25		24,166
4.50%, 02/11/43		50		47,128
Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)(a)		15		14,920
Brown & Brown Inc.
2.38%, 03/15/31 (Call 12/15/30)		10		8,171
4.20%, 03/17/32 (Call 12/17/31)		55		49,954
4.50%, 03/15/29 (Call 12/15/28)		10		9,677
4.95%, 03/17/52 (Call 09/17/51)		10		8,616
Chubb INA Holdings Inc.
3.05%, 12/15/61 (Call 06/15/61)		25		16,597
3.15%, 03/15/25		5		4,888
3.35%, 05/03/26 (Call 02/03/26)		27		26,029
4.35%, 11/03/45 (Call 05/03/45)		25		22,072
CNA Financial Corp.
3.90%, 05/01/29 (Call 02/01/29)		25		23,465
4.50%, 03/01/26 (Call 12/01/25)		25		24,600
CNO Financial Group Inc.
5.25%, 05/30/25 (Call 02/28/25)		5		4,970
5.25%, 05/30/29 (Call 02/28/29)		10		9,708
Corebridge Financial Inc.
3.65%, 04/05/27 (Call 03/05/27)		175		165,643
3.90%, 04/05/32 (Call 01/05/32)		15		13,187
4.35%, 04/05/42 (Call 10/05/41)		10		8,272
4.40%, 04/05/52 (Call 10/05/51)		35		28,134
6.88%, 12/15/52 (Call 09/15/27), (5-year CMT + 3.846%)(b)		20		19,978
Enstar Finance LLC
5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(b)		10		9,096
5.75%, 09/01/40 (Call 09/01/25), (5-year CMT + 5.468%)(b)		5		4,787
Enstar Group Ltd.
3.10%, 09/01/31 (Call 03/01/31)		5		4,078
4.95%, 06/01/29 (Call 03/01/29)		10		9,731
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		25		24,087
5.00%, 04/20/48 (Call 10/20/47)		15		13,603
5.59%, 01/11/33 (Call 10/11/32)		5		5,035
Everest Reinsurance Holdings Inc.
3.13%, 10/15/52 (Call 04/15/52)		40		25,066
4.87%, 06/01/44		5		4,501
Fairfax Financial Holdings Ltd.
4.63%, 04/29/30 (Call 01/29/30)		15		14,135
4.85%, 04/17/28 (Call 01/17/28)		20		19,573
Fidelity National Financial Inc.
2.45%, 03/15/31 (Call 12/15/30)		55		44,703
3.40%, 06/15/30 (Call 03/15/30)		10		8,821
4.50%, 08/15/28 (Call 05/15/28)		20		19,225

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)	$	10	$	7,836
Globe Life Inc.
2.15%, 08/15/30 (Call 05/15/30)		5		4,141
4.80%, 06/15/32 (Call 03/15/32)		10		9,624
Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)		30		29,426
Hartford Financial Services Group Inc. (The)
2.90%, 09/15/51 (Call 03/15/51)		25		16,022
5.95%, 10/15/36		5		5,170
Jackson Financial Inc.
3.13%, 11/23/31 (Call 08/23/31)		5		4,140
4.00%, 11/23/51 (Call 05/23/51)		5		3,571
5.67%, 06/08/32 (Call 03/08/32)		5		4,988
Kemper Corp.
2.40%, 09/30/30 (Call 06/30/30)		15		11,818
3.80%, 02/23/32 (Call 11/23/31)		25		20,981
Lincoln National Corp.
3.40%, 01/15/31 (Call 10/15/30)		25		21,885
3.63%, 12/12/26 (Call 09/15/26)		10		9,547
3.80%, 03/01/28 (Call 12/01/27)		65		61,834
Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)		10		9,723
Manulife Financial Corp.
4.06%, 02/24/32 (Call 02/24/27), (5-year USD ICE Swap + 1.647%)(b)		125		119,137
4.15%, 03/04/26		46		45,085
Markel Group Inc.
3.35%, 09/17/29 (Call 06/17/29)		15		13,513
3.45%, 05/07/52 (Call 11/07/51)		15		10,292
3.50%, 11/01/27 (Call 08/01/27)		10		9,419
4.15%, 09/17/50 (Call 03/17/50)		10		7,895
5.00%, 04/05/46		15		13,368
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		20		16,864
3.50%, 03/10/25 (Call 12/10/24)		15		14,733
3.75%, 03/14/26 (Call 12/14/25)		20		19,512
4.35%, 01/30/47 (Call 07/30/46)		10		8,483
4.38%, 03/15/29 (Call 12/15/28)		40		39,118
4.75%, 03/15/39 (Call 09/15/38)		10		9,415
4.90%, 03/15/49 (Call 09/15/48)		75		69,352
5.45%, 03/15/53 (Call 09/15/52)		10		9,968
5.75%, 11/01/32 (Call 08/01/32)		10		10,443
5.88%, 08/01/33		5		5,277
MetLife Inc.
4.05%, 03/01/45		30		24,771
4.13%, 08/13/42		40		33,824
4.60%, 05/13/46 (Call 11/13/45)		20		17,871
4.88%, 11/13/43		20		18,376
5.25%, 01/15/54 (Call 07/15/53)		10		9,669
5.38%, 07/15/33 (Call 04/15/33)		20		20,109
5.70%, 06/15/35		40		41,404
5.88%, 02/06/41		20		20,875
6.38%, 06/15/34		85		91,565
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)		30		29,025
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)		20		18,761
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		5		4,150
Principal Financial Group Inc.
2.13%, 06/15/30 (Call 03/15/30)		5		4,159
3.70%, 05/15/29 (Call 02/15/29)		10		9,328

Security	Par (000)		Value
Insurance (continued)
4.30%, 11/15/46 (Call 05/15/46)	$	10	$	8,282
4.35%, 05/15/43		10		8,691
5.38%, 03/15/33 (Call 12/15/32)		5		5,038
Progressive Corp. (The)
3.00%, 03/15/32 (Call 12/15/31)		5		4,326
4.00%, 03/01/29 (Call 12/01/28)		20		19,238
4.13%, 04/15/47 (Call 10/15/46)		5		4,199
4.20%, 03/15/48 (Call 09/15/47)		25		21,491
6.25%, 12/01/32		85		92,273
Prudential Financial Inc.
2.10%, 03/10/30 (Call 12/10/29)		10		8,551
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(b)		20		17,439
3.70%, 03/13/51 (Call 09/13/50)		45		34,165
3.88%, 03/27/28 (Call 12/27/27)		50		48,039
3.91%, 12/07/47 (Call 06/07/47)		10		7,894
3.94%, 12/07/49 (Call 06/07/49)		40		31,350
4.35%, 02/25/50 (Call 08/25/49)		10		8,455
4.50%, 09/15/47 (Call 09/15/27), (3-mo. LIBOR US + 2.380%)(b)		5		4,681
4.60%, 05/15/44		10		8,902
5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(b)		25		23,359
5.70%, 12/14/36		10		10,318
6.00%, 09/01/52 (Call 06/01/32), (5-year CMT + 3.234%)(b)		30		29,904
6.75%, 03/01/53 (Call 12/01/32), (5-year CMT + 2.848%)(b)		25		25,975
Prudential Funding Asia PLC, 3.13%, 04/14/30		15		13,373
Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)		45		44,007
RenaissanceRe Finance Inc.
3.45%, 07/01/27 (Call 04/01/27)		20		18,813
3.70%, 04/01/25 (Call 01/01/25)		5		4,897
RenaissanceRe Holdings Ltd., 3.60%, 04/15/29 (Call 01/15/29)		5		4,608
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		5		3,885
Travelers Companies Inc. (The)
2.55%, 04/27/50 (Call 10/27/49)		30		18,675
3.05%, 06/08/51 (Call 12/08/50)		15		10,256
4.05%, 03/07/48 (Call 09/07/47)		40		33,531
4.10%, 03/04/49 (Call 09/04/48)		5		4,202
4.60%, 08/01/43		15		13,933
5.45%, 05/25/53 (Call 11/25/52)		5		5,100
Travelers Property Casualty Corp., 6.38%, 03/15/33		10		11,097
Unum Group, 4.50%, 12/15/49 (Call 06/15/49)		15		11,889
W R Berkley Corp., 4.00%, 05/12/50 (Call 11/12/49)		15		11,548
Willis North America Inc.
2.95%, 09/15/29 (Call 06/15/29)		25		22,215
4.65%, 06/15/27 (Call 05/15/27)		5		4,907
5.05%, 09/15/48 (Call 03/15/48)		10		8,953
5.35%, 05/15/33 (Call 02/15/33)		25		24,609
				3,381,506
Internet — 0.7%
Alibaba Group Holding Ltd.
3.25%, 02/09/61 (Call 08/09/60)		5		3,155
3.40%, 12/06/27 (Call 09/06/27)		200		188,793
Alphabet Inc.
0.45%, 08/15/25 (Call 07/15/25)		150		141,036
1.10%, 08/15/30 (Call 05/15/30)		60		48,540

S C H E D U L E  O F  I N V E S T M E N T S 41

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet (continued)
1.90%, 08/15/40 (Call 02/15/40)	$	40	$	26,451
2.05%, 08/15/50 (Call 02/15/50)		100		59,067
2.25%, 08/15/60 (Call 02/15/60)		25		14,352
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		40		37,988
1.00%, 05/12/26 (Call 04/12/26)		45		41,417
1.50%, 06/03/30 (Call 03/03/30)		10		8,268
2.50%, 06/03/50 (Call 12/03/49)		25		15,682
2.70%, 06/03/60 (Call 12/03/59)		25		15,366
2.88%, 05/12/41 (Call 11/12/40)		50		37,543
3.10%, 05/12/51 (Call 11/12/50)		60		42,168
3.15%, 08/22/27 (Call 05/22/27)		33		31,317
3.25%, 05/12/61 (Call 11/12/60)		45		31,011
3.30%, 04/13/27 (Call 03/13/27)		10		9,585
3.45%, 04/13/29 (Call 02/13/29)		40		37,887
3.88%, 08/22/37 (Call 02/22/37)		55		49,165
3.95%, 04/13/52 (Call 10/13/51)		20		16,528
4.05%, 08/22/47 (Call 02/22/47)		80		68,419
4.10%, 04/13/62 (Call 10/13/61)		5		4,133
4.25%, 08/22/57 (Call 02/22/57)		45		38,607
4.60%, 12/01/25		180		179,170
4.65%, 12/01/29 (Call 10/01/29)		20		20,011
4.70%, 12/01/32 (Call 09/01/32)		40		39,811
4.80%, 12/05/34 (Call 06/05/34)		135		134,962
4.95%, 12/05/44 (Call 06/05/44)		60		59,193
Booking Holdings Inc.
3.60%, 06/01/26 (Call 03/01/26)		15		14,537
3.65%, 03/15/25 (Call 12/15/24)		10		9,833
4.63%, 04/13/30 (Call 01/13/30)		35		34,394
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		25		23,052
1.90%, 03/11/25 (Call 02/11/25)		30		28,949
2.70%, 03/11/30 (Call 12/11/29)		20		17,474
3.60%, 06/05/27 (Call 03/05/27)		25		23,877
3.65%, 05/10/51 (Call 11/10/50)		15		10,847
4.00%, 07/15/42 (Call 01/15/42)		20		15,867
5.95%, 11/22/27 (Call 10/22/27)		25		25,690
6.30%, 11/22/32 (Call 08/22/32)		5		5,303
Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)		35		31,189
4.63%, 08/01/27 (Call 05/01/27)		10		9,786
5.00%, 02/15/26 (Call 11/15/25)		10		9,933
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)		15		14,382
3.85%, 08/15/32 (Call 05/15/32)		80		74,100
4.45%, 08/15/52 (Call 02/15/52)		35		30,590
4.60%, 05/15/28 (Call 04/15/28)		100		99,605
4.65%, 08/15/62 (Call 02/15/62)		20		17,640
4.80%, 05/15/30 (Call 03/15/30)		15		14,996
4.95%, 05/15/33 (Call 02/15/33)		20		20,014
5.60%, 05/15/53 (Call 11/15/52)		95		98,398
5.75%, 05/15/63 (Call 11/15/62)		10		10,469
Netflix Inc.
4.88%, 04/15/28		5		4,992
5.88%, 11/15/28		135		139,864
6.38%, 05/15/29		10		10,628
VeriSign Inc.
4.75%, 07/15/27 (Call 04/01/24)		35		34,311
5.25%, 04/01/25 (Call 01/01/25)		5		4,980
				2,235,325

Security	Par (000)		Value
Iron & Steel — 0.1%
ArcelorMittal SA
6.55%, 11/29/27 (Call 10/29/27)	$	20	$	20,813
6.75%, 03/01/41		30		30,781
6.80%, 11/29/32 (Call 08/29/32)		40		42,319
Nucor Corp.
2.98%, 12/15/55 (Call 06/15/55)		13		8,358
3.13%, 04/01/32 (Call 01/01/32)		20		17,461
3.85%, 04/01/52 (Call 09/01/51)		15		11,793
Steel Dynamics Inc.
3.25%, 01/15/31 (Call 10/15/30)		25		22,155
3.45%, 04/15/30 (Call 01/15/30)		5		4,544
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		27		24,294
6.88%, 11/21/36		5		5,351
				187,869
Leisure Time — 0.0%
Brunswick Corp.
2.40%, 08/18/31 (Call 05/18/31)		10		7,869
4.40%, 09/15/32 (Call 06/15/32)(a)		10		8,919
				16,788
Lodging — 0.1%
Choice Hotels International Inc., 3.70%, 01/15/31 (Call 10/15/30)		10		8,592
Hyatt Hotels Corp.
4.38%, 09/15/28 (Call 06/15/28)		20		19,197
4.85%, 03/15/26 (Call 12/15/25)		15		14,825
5.38%, 04/23/25 (Call 03/23/25)		60		59,875
5.75%, 04/23/30 (Call 01/23/30)		5		5,095
Marriott International Inc./MD
3.75%, 10/01/25 (Call 07/01/25)		15		14,615
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		5		5,018
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		30		29,030
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		25		21,806
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		5		4,268
Series II, 2.75%, 10/15/33 (Call 07/15/33)		25		20,124
Series R, 3.13%, 06/15/26 (Call 03/15/26)		20		19,090
Series X, 4.00%, 04/15/28 (Call 01/15/28)		15		14,356
				235,891
Machinery — 0.3%
Caterpillar Financial Services Corp.
1.70%, 01/08/27		10		9,195
2.40%, 08/09/26(a)		15		14,143
3.40%, 05/13/25		5		4,894
3.65%, 08/12/25		5		4,899
4.35%, 05/15/26		5		4,939
4.80%, 01/06/26		25		24,936
Caterpillar Inc.
3.25%, 09/19/49 (Call 03/19/49)		40		29,440
3.25%, 04/09/50 (Call 10/09/49)		65		48,050
3.80%, 08/15/42		20		16,689
4.75%, 05/15/64 (Call 11/15/63)		5		4,521
6.05%, 08/15/36		28		30,673
CNH Industrial Capital LLC, 1.45%, 07/15/26 (Call 06/15/26)		5		4,572
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		25		23,987
Deere & Co.
3.90%, 06/09/42 (Call 12/09/41)		15		12,800
5.38%, 10/16/29		5		5,162
7.13%, 03/03/31		10		11,417

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
Dover Corp.
2.95%, 11/04/29 (Call 08/04/29)	$	5	$	4,460
3.15%, 11/15/25 (Call 08/15/25)		15		14,464
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)		10		8,175
John Deere Capital Corp.
1.05%, 06/17/26		5		4,584
1.45%, 01/15/31		185		149,329
1.50%, 03/06/28		40		35,230
1.75%, 03/09/27		15		13,715
2.00%, 06/17/31		25		20,665
2.25%, 09/14/26		40		37,445
2.65%, 06/10/26		5		4,765
2.80%, 07/18/29		10		9,090
3.05%, 01/06/28		105		99,061
3.45%, 03/13/25		80		78,569
3.45%, 03/07/29		15		14,145
3.90%, 06/07/32		5		4,660
4.05%, 09/08/25		15		14,789
4.15%, 09/15/27		10		9,800
4.70%, 06/10/30		5		4,960
4.95%, 06/06/25		10		9,985
5.05%, 03/03/26		10		10,024
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		15		14,986
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 03/05/25)		75		72,242
2.57%, 02/15/30 (Call 11/15/29)		40		34,837
3.36%, 02/15/50 (Call 08/15/49)		45		32,547
5.25%, 08/16/28 (Call 07/16/28)		5		5,043
Rockwell Automation Inc., 1.75%, 08/15/31 (Call 05/15/31)		10		8,032
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25 (Call 05/15/25)		20		19,397
3.45%, 11/15/26 (Call 08/15/26)		25		23,772
4.70%, 09/15/28 (Call 06/15/28)		20		19,510
Xylem Inc./NY
1.95%, 01/30/28 (Call 11/30/27)		40		35,739
4.38%, 11/01/46 (Call 05/01/46)		10		8,460
				1,072,797
Machinery - Diversified — 0.0%
Ingersoll Rand Inc.
5.40%, 08/14/28 (Call 07/14/28)		5		5,038
5.70%, 08/14/33 (Call 05/14/33)		10		10,177
				15,215
Manufacturing — 0.2%
3M Co.
2.25%, 09/19/26 (Call 06/19/26)(a)		10		9,315
2.38%, 08/26/29 (Call 05/26/29)		25		21,687
3.00%, 08/07/25		25		24,221
3.05%, 04/15/30 (Call 01/15/30)		5		4,435
3.25%, 08/26/49 (Call 02/26/49)(a)		30		20,662
3.38%, 03/01/29 (Call 12/01/28)		5		4,605
3.63%, 10/15/47 (Call 04/15/47)		10		7,238
3.70%, 04/15/50 (Call 10/15/49)		10		7,393
4.00%, 09/14/48 (Call 03/14/48)		35		28,227
Carlisle Companies Inc.
2.20%, 03/01/32 (Call 12/01/31)		15		11,864
2.75%, 03/01/30 (Call 12/01/29)		5		4,349
3.75%, 12/01/27 (Call 09/01/27)		105		99,783
Eaton Corp.
3.92%, 09/15/47 (Call 03/15/47)		15		12,272

Security	Par (000)		Value
Manufacturing (continued)
4.15%, 03/15/33 (Call 12/15/32)	$	30	$	28,260
4.70%, 08/23/52 (Call 02/23/52)		10		9,226
General Electric Co., 6.75%, 03/15/32		10		11,105
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		75		71,303
Parker-Hannifin Corp.
3.25%, 03/01/27 (Call 12/01/26)		13		12,365
4.10%, 03/01/47 (Call 09/01/46)		20		16,423
4.20%, 11/21/34 (Call 05/21/34)		10		9,208
4.25%, 09/15/27 (Call 08/15/27)		90		87,987
4.50%, 09/15/29 (Call 07/15/29)		5		4,890
Pentair Finance Sarl
4.50%, 07/01/29 (Call 04/01/29)		10		9,645
5.90%, 07/15/32 (Call 04/15/32)		5		5,130
Teledyne Technologies Inc.
2.25%, 04/01/28 (Call 02/01/28)		40		35,842
2.75%, 04/01/31 (Call 01/01/31)		15		12,728
Textron Inc.
2.45%, 03/15/31 (Call 12/15/30)		17		14,192
4.00%, 03/15/26 (Call 12/15/25)		25		24,322
				608,677
Media — 1.0%
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		5		4,218
2.30%, 02/01/32 (Call 11/01/31)		10		7,596
2.80%, 04/01/31 (Call 01/01/31)		10		8,068
3.50%, 06/01/41 (Call 12/01/40)		25		16,541
3.70%, 04/01/51 (Call 10/01/50)		30		18,168
3.75%, 02/15/28 (Call 11/15/27)		10		9,235
3.85%, 04/01/61 (Call 10/01/60)		35		20,282
3.90%, 06/01/52 (Call 12/01/51)		20		12,550
3.95%, 06/30/62 (Call 12/30/61)		15		8,819
4.20%, 03/15/28 (Call 12/15/27)		25		23,424
4.40%, 12/01/61 (Call 06/01/61)		25		16,044
4.80%, 03/01/50 (Call 09/01/49)		30		21,675
4.91%, 07/23/25 (Call 04/23/25)		20		19,721
5.05%, 03/30/29 (Call 12/30/28)		35		33,482
5.13%, 07/01/49 (Call 01/01/49)		15		11,359
5.25%, 04/01/53 (Call 10/01/52)(a)		110		85,350
5.38%, 05/01/47 (Call 11/01/46)		15		11,802
5.75%, 04/01/48 (Call 10/01/47)		25		20,776
6.38%, 10/23/35 (Call 04/23/35)		35		33,815
6.48%, 10/23/45 (Call 04/23/45)		135		123,293
6.65%, 02/01/34 (Call 11/01/33)		35		35,066
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		10		7,968
1.95%, 01/15/31 (Call 10/15/30)		20		16,424
2.35%, 01/15/27 (Call 10/15/26)		10		9,323
2.45%, 08/15/52 (Call 02/15/52)		20		11,476
2.65%, 02/01/30 (Call 11/01/29)		45		39,605
2.80%, 01/15/51 (Call 07/15/50)		10		6,247
2.89%, 11/01/51 (Call 05/01/51)		45		28,507
2.94%, 11/01/56 (Call 05/01/56)		80		49,259
2.99%, 11/01/63 (Call 05/01/63)		126		75,396
3.15%, 03/01/26 (Call 12/01/25)		40		38,606
3.20%, 07/15/36 (Call 01/15/36)		50		40,372
3.25%, 11/01/39 (Call 05/01/39)		50		38,398
3.30%, 04/01/27 (Call 02/01/27)		80		76,318
3.38%, 08/15/25 (Call 05/15/25)		10		9,762
3.40%, 04/01/30 (Call 01/01/30)		20		18,303

S C H E D U L E  O F  I N V E S T M E N T S 43

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
3.40%, 07/15/46 (Call 01/15/46)	$	5	$	3,668
3.45%, 02/01/50 (Call 08/01/49)		10		7,181
3.75%, 04/01/40 (Call 10/01/39)		20		16,345
3.90%, 03/01/38 (Call 09/01/37)		45		38,615
3.95%, 10/15/25 (Call 08/15/25)		50		49,133
3.97%, 11/01/47 (Call 05/01/47)		85		67,420
4.00%, 03/01/48 (Call 09/01/47)		25		19,821
4.00%, 11/01/49 (Call 05/01/49)		10		7,909
4.15%, 10/15/28 (Call 07/15/28)		5		4,854
4.20%, 08/15/34 (Call 02/15/34)		55		50,528
4.25%, 10/15/30 (Call 07/15/30)		20		19,114
4.25%, 01/15/33		125		117,083
4.40%, 08/15/35 (Call 02/15/35)		45		41,689
4.65%, 07/15/42		20		18,015
4.75%, 03/01/44		20		18,140
4.80%, 05/15/33 (Call 02/15/33)		60		58,627
5.25%, 11/07/25		45		45,196
5.35%, 11/15/27 (Call 10/15/27)		10		10,156
5.35%, 05/15/53 (Call 11/15/52)		70		68,270
5.50%, 11/15/32 (Call 08/15/32)		5		5,125
5.50%, 05/15/64 (Call 11/15/63)		70		68,749
5.65%, 06/15/35		5		5,136
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)		30		29,295
3.95%, 06/15/25 (Call 03/15/25)		24		23,432
3.95%, 03/20/28 (Call 12/20/27)		25		23,373
4.00%, 09/15/55 (Call 03/15/55)		25		16,549
4.13%, 05/15/29 (Call 02/15/29)		125		115,511
4.65%, 05/15/50 (Call 11/15/49)		45		34,165
4.88%, 04/01/43		20		16,011
5.20%, 09/20/47 (Call 03/20/47)		10		8,134
5.30%, 05/15/49 (Call 11/15/48)		5		4,078
FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)		10		9,339
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)		165		161,045
5.58%, 01/25/49 (Call 07/25/48)		30		27,433
Grupo Televisa SAB, 6.63%, 01/15/40		20		20,549
Paramount Global
2.90%, 01/15/27 (Call 10/15/26)		6		5,406
3.70%, 06/01/28 (Call 03/01/28)		5		4,360
4.20%, 05/19/32 (Call 02/19/32)		25		20,374
4.38%, 03/15/43		30		20,096
4.60%, 01/15/45 (Call 07/15/44)		10		6,848
4.90%, 08/15/44 (Call 02/15/44)		5		3,510
4.95%, 01/15/31 (Call 10/15/30)		15		13,135
4.95%, 05/19/50 (Call 11/19/49)		30		21,490
5.25%, 04/01/44 (Call 10/01/43)(a)		10		7,372
5.50%, 05/15/33		15		12,986
5.85%, 09/01/43 (Call 03/01/43)		20		16,179
5.90%, 10/15/40 (Call 04/15/40)(a)		5		4,052
6.88%, 04/30/36		20		18,349
Thomson Reuters Corp.
3.35%, 05/15/26 (Call 02/15/26)		135		129,486
5.50%, 08/15/35		9		9,136
5.85%, 04/15/40		10		10,151
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33		5		5,545
Time Warner Cable LLC
4.50%, 09/15/42 (Call 03/15/42)		30		21,930
5.50%, 09/01/41 (Call 03/01/41)		25		20,599
5.88%, 11/15/40 (Call 05/15/40)		20		17,195

Security	Par (000)		Value
Media (continued)
6.55%, 05/01/37	$	30	$	28,163
6.75%, 06/15/39		20		18,838
7.30%, 07/01/38		30		29,892
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		50		46,474
3.70%, 12/01/42		30		24,348
4.13%, 06/01/44		50		42,615
Series E, 4.13%, 12/01/41		2		1,721
Walt Disney Co. (The)
1.75%, 01/13/26		40		37,711
2.20%, 01/13/28		20		18,245
2.65%, 01/13/31		20		17,374
2.75%, 09/01/49 (Call 03/01/49)		80		51,601
3.35%, 03/24/25		65		63,696
3.50%, 05/13/40 (Call 11/13/39)		45		36,125
3.60%, 01/13/51 (Call 07/13/50)		40		30,361
3.70%, 10/15/25 (Call 07/15/25)		40		39,091
3.80%, 05/13/60 (Call 11/13/59)		40		30,329
4.70%, 03/23/50 (Call 09/23/49)		55		50,317
5.40%, 10/01/43		15		15,078
6.20%, 12/15/34		5		5,457
6.40%, 12/15/35		10		10,992
6.65%, 11/15/37		40		45,235
				3,248,798
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp.
3.25%, 06/15/25 (Call 03/15/25)		10		9,773
4.38%, 06/15/45 (Call 12/15/44)		5		4,388
Timken Co. (The), 4.13%, 04/01/32 (Call 01/01/32)		65		59,199
				73,360
Mining — 0.2%
Barrick North America Finance LLC
5.70%, 05/30/41		10		10,118
5.75%, 05/01/43		10		10,218
Barrick PD Australia Finance Pty. Ltd., 5.95%, 10/15/39		15		15,332
BHP Billiton Finance USA Ltd.
4.13%, 02/24/42		20		17,227
4.75%, 02/28/28 (Call 01/28/28)		5		4,965
4.90%, 02/28/33 (Call 11/28/32)		5		4,932
5.00%, 09/30/43		60		57,366
5.25%, 09/08/30 (Call 07/08/30)		25		25,213
5.25%, 09/08/33 (Call 06/08/33)		25		25,096
5.50%, 09/08/53 (Call 03/08/53)		5		5,097
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 04/01/24)		10		9,491
4.25%, 03/01/30 (Call 03/01/25)		25		23,362
4.38%, 08/01/28 (Call 04/01/24)		30		28,609
4.63%, 08/01/30 (Call 08/01/25)		35		33,370
5.25%, 09/01/29 (Call 09/01/24)		10		9,949
5.40%, 11/14/34 (Call 05/14/34)		10		9,711
5.45%, 03/15/43 (Call 09/15/42)		25		23,289
Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)		5		4,859
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)		75		62,718
2.60%, 07/15/32 (Call 04/15/32)		5		4,113
2.80%, 10/01/29 (Call 07/01/29)		30		26,637
4.88%, 03/15/42 (Call 09/15/41)		5		4,594
Rio Tinto Alcan Inc.
5.75%, 06/01/35		25		25,865

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
6.13%, 12/15/33	$	20	$	21,255
7.25%, 03/15/31		10		11,179
Rio Tinto Finance USA PLC, 5.13%, 03/09/53 (Call 09/09/52)		75		72,070
Southern Copper Corp.
5.25%, 11/08/42		5		4,703
5.88%, 04/23/45		15		14,921
6.75%, 04/16/40		50		55,127
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		10		8,248
				629,634
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		5		4,641
3.25%, 02/15/29 (Call 04/01/24)		20		17,828
3.28%, 12/01/28 (Call 10/01/28)		10		9,003
3.57%, 12/01/31 (Call 09/01/31)		15		13,008
4.13%, 05/01/25 (Call 04/01/24)		35		34,309
4.25%, 04/01/28 (Call 04/01/24)		20		19,042
				97,831
Oil & Gas — 1.3%
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)		25		22,971
5.10%, 09/01/40 (Call 03/01/40)		25		20,922
5.35%, 07/01/49 (Call 01/01/49)		15		12,137
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		5		4,123
2.72%, 01/12/32 (Call 10/12/31)		15		12,723
2.77%, 11/10/50 (Call 05/10/50)		45		28,581
2.94%, 06/04/51 (Call 12/04/50)		50		32,863
3.00%, 02/24/50 (Call 08/24/49)		20		13,381
3.02%, 01/16/27 (Call 10/16/26)		35		33,251
3.06%, 06/17/41 (Call 12/17/40)		40		29,701
3.12%, 05/04/26 (Call 02/04/26)		5		4,805
3.38%, 02/08/61 (Call 08/08/60)		45		30,287
3.59%, 04/14/27 (Call 01/14/27)		5		4,806
3.63%, 04/06/30 (Call 01/06/30)		25		23,297
3.80%, 09/21/25 (Call 07/21/25)		10		9,809
3.94%, 09/21/28 (Call 06/21/28)		5		4,801
4.23%, 11/06/28 (Call 08/06/28)		65		63,254
4.89%, 09/11/33 (Call 06/11/33)		70		68,663
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)		75		71,009
3.72%, 11/28/28 (Call 08/28/28)		70		66,460
Canadian Natural Resources Ltd.
2.05%, 07/15/25 (Call 06/15/25)		60		57,261
2.95%, 07/15/30 (Call 04/15/30)		9		7,826
4.95%, 06/01/47 (Call 12/01/46)		35		30,499
5.85%, 02/01/35		15		14,967
6.45%, 06/30/33		10		10,514
Cenovus Energy Inc.
2.65%, 01/15/32 (Call 10/15/31)		10		8,182
3.75%, 02/15/52 (Call 08/15/51)		10		7,139
5.25%, 06/15/37 (Call 12/15/36)		2		1,860
5.40%, 06/15/47 (Call 12/15/46)		28		25,709
6.75%, 11/15/39		20		21,676
Chevron Corp.
2.00%, 05/11/27 (Call 03/11/27)		10		9,193
2.24%, 05/11/30 (Call 02/11/30)		30		25,957
2.95%, 05/16/26 (Call 02/16/26)		70		67,233
3.08%, 05/11/50 (Call 11/11/49)		75		52,909

Security	Par (000)		Value
Oil & Gas (continued)
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)	$	5	$	4,703
1.02%, 08/12/27 (Call 06/12/27)		20		17,656
3.25%, 10/15/29 (Call 07/15/29)		9		8,371
3.85%, 01/15/28 (Call 10/15/27)		5		4,863
CNOOC Finance 2013 Ltd., 4.25%, 05/09/43		200		177,958
ConocoPhillips Co.
2.40%, 03/07/25 (Call 03/11/24)		5		4,859
3.76%, 03/15/42 (Call 09/15/41)		20		16,202
3.80%, 03/15/52 (Call 09/15/51)		20		15,331
4.03%, 03/15/62 (Call 09/15/61)		30		23,240
5.30%, 05/15/53 (Call 11/15/52)		85		83,178
5.55%, 03/15/54 (Call 09/15/53)		5		5,056
5.90%, 10/15/32		25		26,747
6.95%, 04/15/29		10		10,961
Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)		10		8,107
Coterra Energy Inc.
3.90%, 05/15/27 (Call 02/15/27)		10		9,610
4.38%, 03/15/29 (Call 12/15/28)		15		14,448
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		70		66,777
4.75%, 05/15/42 (Call 11/15/41)		5		4,232
5.00%, 06/15/45 (Call 12/15/44)		50		43,126
5.60%, 07/15/41 (Call 01/15/41)		10		9,423
5.85%, 12/15/25 (Call 09/15/25)		5		5,024
5.88%, 06/15/28 (Call 03/11/24)		35		35,205
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)		10		8,765
3.25%, 12/01/26 (Call 10/01/26)		55		52,570
3.50%, 12/01/29 (Call 09/01/29)		10		9,179
4.25%, 03/15/52 (Call 09/15/51)		25		19,837
4.40%, 03/24/51 (Call 09/24/50)		5		4,036
6.25%, 03/15/33 (Call 12/15/32)		15		15,764
6.25%, 03/15/53 (Call 09/15/52)		20		21,159
EOG Resources Inc.
3.15%, 04/01/25 (Call 01/01/25)		15		14,662
3.90%, 04/01/35 (Call 10/01/34)		5		4,482
4.15%, 01/15/26 (Call 10/15/25)		10		9,849
4.38%, 04/15/30 (Call 01/15/30)		10		9,698
4.95%, 04/15/50 (Call 10/15/49)		15		13,984
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)		30		28,419
5.00%, 01/15/29 (Call 07/15/28)		5		4,879
5.70%, 04/01/28 (Call 03/01/28)		50		50,354
7.00%, 02/01/30 (Call 11/01/29)		40		42,369
Equinor ASA
1.75%, 01/22/26 (Call 12/22/25)		50		47,080
2.38%, 05/22/30 (Call 02/22/30)		10		8,691
3.13%, 04/06/30 (Call 01/06/30)		55		50,146
3.25%, 11/18/49 (Call 05/18/49)		20		14,351
3.70%, 04/06/50 (Call 10/06/49)(a)		30		23,368
4.80%, 11/08/43		10		9,411
5.10%, 08/17/40		10		9,840
Exxon Mobil Corp.
2.44%, 08/16/29 (Call 05/16/29)		25		22,330
2.61%, 10/15/30 (Call 07/15/30)		25		21,925
2.71%, 03/06/25 (Call 12/06/24)		70		68,320
2.99%, 03/19/25 (Call 02/19/25)		60		58,668
3.04%, 03/01/26 (Call 12/01/25)		10		9,658
3.10%, 08/16/49 (Call 02/16/49)		20		13,979

S C H E D U L E  O F  I N V E S T M E N T S 45

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
3.45%, 04/15/51 (Call 10/15/50)	$	101	$	74,876
3.48%, 03/19/30 (Call 12/19/29)		95		88,631
4.11%, 03/01/46 (Call 09/01/45)		15		12,713
4.23%, 03/19/40 (Call 09/19/39)		35		31,387
4.33%, 03/19/50 (Call 09/19/49)		20		17,429
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)		10		8,295
Hess Corp.
5.60%, 02/15/41		20		20,152
5.80%, 04/01/47 (Call 10/01/46)		10		10,142
7.30%, 08/15/31		20		22,468
HF Sinclair Corp.
4.50%, 10/01/30 (Call 07/01/30)		5		4,676
5.88%, 04/01/26 (Call 01/01/26)		35		35,127
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		15		14,567
6.60%, 10/01/37		5		5,216
6.80%, 03/15/32		10		10,659
Marathon Petroleum Corp.
4.70%, 05/01/25 (Call 04/01/25)		65		64,370
4.75%, 09/15/44 (Call 03/15/44)		5		4,363
5.00%, 09/15/54 (Call 03/15/54)		25		21,483
5.13%, 12/15/26 (Call 09/15/26)		10		9,983
6.50%, 03/01/41 (Call 09/01/40)		15		15,921
Occidental Petroleum Corp.
4.20%, 03/15/48 (Call 09/15/47)		5		3,848
4.40%, 04/15/46 (Call 10/15/45)		25		20,059
5.50%, 12/01/25 (Call 09/01/25)		5		4,993
6.13%, 01/01/31 (Call 07/01/30)		5		5,122
6.20%, 03/15/40		10		10,150
6.45%, 09/15/36		80		84,344
6.60%, 03/15/46 (Call 09/15/45)		10		10,624
6.63%, 09/01/30 (Call 03/01/30)		50		52,616
7.50%, 05/01/31		5		5,523
Ovintiv Inc.
5.65%, 05/15/28 (Call 04/15/28)		15		15,132
6.25%, 07/15/33 (Call 04/15/33)		45		46,268
6.50%, 08/15/34		15		15,713
6.50%, 02/01/38		10		10,239
Phillips 66
1.30%, 02/15/26 (Call 01/15/26)		20		18,513
2.15%, 12/15/30 (Call 09/15/30)		11		9,140
3.30%, 03/15/52 (Call 09/15/51)		85		58,133
3.85%, 04/09/25 (Call 03/09/25)		40		39,313
5.88%, 05/01/42		25		25,768
Phillips 66 Co.
4.95%, 12/01/27 (Call 11/01/27)		40		39,913
5.30%, 06/30/33 (Call 03/30/33)		45		44,649
Pioneer Natural Resources Co.
1.90%, 08/15/30 (Call 05/15/30)		60		50,015
2.15%, 01/15/31 (Call 10/15/30)		50		41,872
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)		10		8,810
2.50%, 09/12/26		5		4,722
2.75%, 04/06/30 (Call 01/06/30)		15		13,352
2.88%, 05/10/26		45		43,060
3.00%, 11/26/51 (Call 05/26/51)		65		43,563
3.13%, 11/07/49 (Call 05/07/49)		60		41,719
3.25%, 05/11/25		80		78,239
3.25%, 04/06/50 (Call 10/06/49)		30		21,323
3.75%, 09/12/46		30		23,636

Security	Par (000)		Value
Oil & Gas (continued)
3.88%, 11/13/28 (Call 08/13/28)	$	88	$	84,910
4.13%, 05/11/35		40		36,970
4.55%, 08/12/43		80		72,633
5.50%, 03/25/40		10		10,289
6.38%, 12/15/38		10		11,115
Suncor Energy Inc.
4.00%, 11/15/47 (Call 05/15/47)		60		45,702
6.50%, 06/15/38		15		15,703
Tosco Corp., 8.13%, 02/15/30		25		28,880
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)		5		4,491
2.99%, 06/29/41 (Call 12/29/40)		30		22,270
3.13%, 05/29/50 (Call 11/29/49)		55		38,252
3.39%, 06/29/60 (Call 12/29/59)		5		3,456
3.46%, 02/19/29 (Call 11/19/28)		80		75,144
3.46%, 07/12/49 (Call 01/12/49)		35		26,138
TotalEnergies Capital SA, 3.88%, 10/11/28		15		14,447
Valero Energy Corp.
2.15%, 09/15/27 (Call 07/15/27)		15		13,581
2.80%, 12/01/31 (Call 09/01/31)		35		29,540
3.65%, 12/01/51 (Call 06/01/51)		45		31,672
6.63%, 06/15/37		55		58,902
				4,148,543
Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC, 5.13%, 09/15/40		15		14,548
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
2.06%, 12/15/26 (Call 11/15/26)		30		27,680
3.34%, 12/15/27 (Call 09/15/27)		5		4,715
4.08%, 12/15/47 (Call 06/15/47)		25		20,128
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)		40		35,525
4.85%, 11/15/35 (Call 05/15/35)		20		19,242
5.00%, 11/15/45 (Call 05/15/45)		90		83,724
NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)		10		9,122
				214,684
Packaging & Containers — 0.1%
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		20		16,841
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		20		17,562
Berry Global Inc.
1.57%, 01/15/26 (Call 12/15/25)		25		23,290
1.65%, 01/15/27 (Call 12/15/26)		15		13,555
Packaging Corp. of America
3.00%, 12/15/29 (Call 09/15/29)		10		8,964
3.05%, 10/01/51 (Call 04/01/51)		30		19,991
3.40%, 12/15/27 (Call 09/15/27)		10		9,452
Sonoco Products Co.
2.25%, 02/01/27 (Call 01/01/27)(a)		30		27,532
2.85%, 02/01/32 (Call 11/01/31)		15		12,659
3.13%, 05/01/30 (Call 02/01/30)		5		4,437
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)		10		8,428
3.90%, 06/01/28 (Call 03/01/28)		92		87,204
4.00%, 03/15/28 (Call 12/15/27)		5		4,773
4.65%, 03/15/26 (Call 01/15/26)		25		24,671
4.90%, 03/15/29 (Call 12/15/28)		75		74,255
				353,614

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals — 1.9%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)	$	145	$	137,502
3.20%, 05/14/26 (Call 02/14/26)		40		38,496
3.20%, 11/21/29 (Call 08/21/29)		30		27,448
3.60%, 05/14/25 (Call 02/14/25)		40		39,197
3.80%, 03/15/25 (Call 12/15/24)		100		97,973
4.05%, 11/21/39 (Call 05/21/39)		40		35,109
4.25%, 11/14/28 (Call 08/14/28)		10		9,768
4.25%, 11/21/49 (Call 05/21/49)		80		68,876
4.30%, 05/14/36 (Call 11/14/35)		45		41,892
4.40%, 11/06/42		185		165,490
4.45%, 05/14/46 (Call 11/14/45)		20		17,675
4.50%, 05/14/35 (Call 11/14/34)		40		38,180
4.55%, 03/15/35 (Call 09/15/34)		10		9,587
4.63%, 10/01/42 (Call 04/01/42)		25		22,875
4.70%, 05/14/45 (Call 11/14/44)		25		23,053
4.75%, 03/15/45 (Call 09/15/44)		15		13,895
4.85%, 06/15/44 (Call 12/15/43)		10		9,447
4.88%, 11/14/48 (Call 05/14/48)		20		18,896
5.05%, 03/15/34 (Call 12/15/33)		50		50,236
5.40%, 03/15/54 (Call 09/15/53)		50		50,768
5.50%, 03/15/64 (Call 09/15/63)		25		25,275
Astrazeneca Finance LLC
2.25%, 05/28/31 (Call 02/28/31)		5		4,194
4.88%, 03/03/33 (Call 12/03/32)		5		4,978
4.90%, 03/03/30 (Call 01/03/30)		5		5,009
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)		10		9,154
1.38%, 08/06/30 (Call 05/06/30)		30		24,302
3.00%, 05/28/51 (Call 11/28/50)		45		31,118
3.13%, 06/12/27 (Call 03/12/27)		5		4,750
3.38%, 11/16/25		100		97,261
4.00%, 01/17/29 (Call 10/17/28)		10		9,654
4.00%, 09/18/42		40		34,190
4.38%, 11/16/45		40		35,359
4.38%, 08/17/48 (Call 02/17/48)		15		13,319
6.45%, 09/15/37		35		39,414
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		30		24,390
3.70%, 06/06/27 (Call 03/06/27)		20		19,177
3.79%, 05/20/50 (Call 11/20/49)		10		7,726
4.67%, 06/06/47 (Call 12/06/46)		55		48,710
4.69%, 02/13/28 (Call 01/13/28)		5		4,927
4.69%, 12/15/44 (Call 06/15/44)		10		8,973
Bristol-Myers Squibb Co.
1.13%, 11/13/27 (Call 09/13/27)		15		13,147
2.55%, 11/13/50 (Call 05/13/50)		35		21,215
2.95%, 03/15/32 (Call 12/15/31)		5		4,320
3.20%, 06/15/26 (Call 04/15/26)		5		4,810
3.25%, 02/27/27		5		4,798
3.55%, 03/15/42 (Call 09/15/41)		30		23,652
3.70%, 03/15/52 (Call 09/15/51)		35		26,457
3.90%, 02/20/28 (Call 11/20/27)		25		24,143
3.90%, 03/15/62 (Call 09/15/61)		15		11,185
4.13%, 06/15/39 (Call 12/15/38)		15		13,072
4.25%, 10/26/49 (Call 04/26/49)		200		167,419
4.35%, 11/15/47 (Call 05/15/47)		25		21,234
4.63%, 05/15/44 (Call 11/15/43)		20		18,103
5.20%, 02/22/34 (Call 11/22/33)		50		50,381
5.55%, 02/22/54 (Call 08/22/53)		50		50,602
5.90%, 11/15/33 (Call 08/15/33)(a)		25		26,471

Security	Par (000)		Value
Pharmaceuticals (continued)
6.40%, 11/15/63 (Call 05/15/63)	$	25	$	27,884
Cardinal Health Inc.
3.75%, 09/15/25 (Call 06/15/25)		5		4,877
4.50%, 11/15/44 (Call 05/15/44)		10		8,433
4.90%, 09/15/45 (Call 03/15/45)		20		17,687
Cencora Inc.
2.70%, 03/15/31 (Call 12/15/30)		20		17,051
3.25%, 03/01/25 (Call 12/01/24)		35		34,231
4.30%, 12/15/47 (Call 06/15/47)		10		8,499
Cigna Group (The)
2.38%, 03/15/31 (Call 12/15/30)		30		25,017
3.40%, 03/01/27 (Call 12/01/26)		5		4,761
3.40%, 03/15/50 (Call 09/15/49)		35		24,357
3.40%, 03/15/51 (Call 09/15/50)		45		31,293
4.38%, 10/15/28 (Call 07/15/28)		70		67,981
4.50%, 02/25/26 (Call 11/27/25)		4		3,947
4.80%, 08/15/38 (Call 02/15/38)		35		32,460
4.80%, 07/15/46 (Call 01/16/46)		15		13,407
4.90%, 12/15/48 (Call 06/15/48)		80		71,870
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		95		83,495
2.70%, 08/21/40 (Call 02/21/40)		30		20,423
2.88%, 06/01/26 (Call 03/01/26)		60		57,025
3.00%, 08/15/26 (Call 06/15/26)		10		9,496
3.25%, 08/15/29 (Call 05/15/29)		5		4,549
3.63%, 04/01/27 (Call 02/01/27)		40		38,347
3.75%, 04/01/30 (Call 01/01/30)		5		4,614
3.88%, 07/20/25 (Call 04/20/25)		55		53,883
4.10%, 03/25/25 (Call 01/25/25)		15		14,815
4.13%, 04/01/40 (Call 10/01/39)		20		16,419
4.30%, 03/25/28 (Call 12/25/27)		180		174,757
4.78%, 03/25/38 (Call 09/25/37)		50		45,488
4.88%, 07/20/35 (Call 01/20/35)		20		19,076
5.05%, 03/25/48 (Call 09/25/47)		195		174,223
5.13%, 02/21/30 (Call 12/21/29)		5		4,970
5.13%, 07/20/45 (Call 01/20/45)		50		45,522
5.25%, 01/30/31 (Call 11/30/30)		165		164,728
5.25%, 02/21/33 (Call 11/21/32)		50		49,506
5.63%, 02/21/53 (Call 08/21/52)		25		24,001
5.88%, 06/01/53 (Call 12/01/52)		30		29,894
6.00%, 06/01/63 (Call 12/01/62)(a)		5		5,007
6.25%, 06/01/27		15		15,529
Eli Lilly & Co.
2.25%, 05/15/50 (Call 11/15/49)		40		24,244
4.15%, 03/15/59 (Call 09/15/58)		5		4,204
4.70%, 02/27/33 (Call 11/27/32)		5		4,958
4.88%, 02/27/53 (Call 08/27/52)		65		63,006
4.95%, 02/27/63 (Call 08/27/62)		40		38,498
5.50%, 03/15/27		50		51,164
5.55%, 03/15/37		15		15,817
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		10		9,826
3.88%, 05/15/28		5		4,835
4.20%, 03/18/43		10		8,786
6.38%, 05/15/38		75		84,090
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		10		9,384
Johnson & Johnson
0.95%, 09/01/27 (Call 07/01/27)		50		44,215
1.30%, 09/01/30 (Call 06/01/30)		15		12,283
2.10%, 09/01/40 (Call 03/01/40)		15		10,192

S C H E D U L E  O F  I N V E S T M E N T S 47

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
2.25%, 09/01/50 (Call 03/01/50)	$	90	$	55,617
2.45%, 03/01/26 (Call 12/01/25)		55		52,629
2.45%, 09/01/60 (Call 03/01/60)		20		11,777
2.90%, 01/15/28 (Call 10/15/27)		30		28,373
2.95%, 03/03/27 (Call 12/03/26)		10		9,558
3.40%, 01/15/38 (Call 07/15/37)		30		25,451
3.50%, 01/15/48 (Call 07/15/47)		15		11,807
3.55%, 03/01/36 (Call 09/01/35)		20		17,678
3.63%, 03/03/37 (Call 09/03/36)		20		17,673
3.70%, 03/01/46 (Call 09/01/45)		30		24,579
4.38%, 12/05/33 (Call 06/05/33)		10		9,877
5.85%, 07/15/38		20		21,977
5.95%, 08/15/37		15		16,536
6.95%, 09/01/29		5		5,604
McKesson Corp.
0.90%, 12/03/25 (Call 11/03/25)		10		9,285
1.30%, 08/15/26 (Call 07/15/26)		45		41,067
5.10%, 07/15/33 (Call 04/15/33)		10		9,961
Mead Johnson Nutrition Co.
4.13%, 11/15/25 (Call 08/15/25)		15		14,717
4.60%, 06/01/44 (Call 12/01/43)		10		9,048
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)		40		36,987
1.45%, 06/24/30 (Call 03/24/30)		10		8,173
1.70%, 06/10/27 (Call 05/10/27)		5		4,528
1.90%, 12/10/28 (Call 10/10/28)		10		8,827
2.15%, 12/10/31 (Call 09/10/31)		25		20,733
2.35%, 06/24/40 (Call 12/24/39)		35		24,233
2.45%, 06/24/50 (Call 12/24/49)		30		18,413
2.75%, 12/10/51 (Call 06/10/51)		75		48,625
3.40%, 03/07/29 (Call 12/07/28)		25		23,480
3.70%, 02/10/45 (Call 08/10/44)		25		20,213
3.90%, 03/07/39 (Call 09/07/38)		30		26,222
4.00%, 03/07/49 (Call 09/07/48)		15		12,492
4.50%, 05/17/33 (Call 02/17/33)		25		24,318
5.00%, 05/17/53 (Call 11/17/52)		120		116,316
6.50%, 12/01/33		25		28,181
6.55%, 09/15/37		5		5,611
Merck Sharp & Dohme Corp., 5.95%, 12/01/28		25		26,227
Mylan Inc.
5.20%, 04/15/48 (Call 10/15/47)		15		12,283
5.40%, 11/29/43 (Call 05/29/43)		10		8,633
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		10		9,268
2.20%, 08/14/30 (Call 05/14/30)		5		4,295
2.75%, 08/14/50 (Call 02/14/50)		10		6,663
3.00%, 11/20/25 (Call 08/20/25)		60		58,128
3.10%, 05/17/27 (Call 02/17/27)		30		28,545
4.00%, 11/20/45 (Call 05/20/45)		63		53,564
4.40%, 05/06/44		25		22,753
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)		15		14,239
1.75%, 08/18/31 (Call 05/18/31)		50		40,288
2.55%, 05/28/40 (Call 11/28/39)		25		17,519
2.63%, 04/01/30 (Call 01/01/30)		25		22,103
2.70%, 05/28/50 (Call 11/28/49)		40		26,334
2.75%, 06/03/26		105		100,439
3.00%, 12/15/26		5		4,768
3.45%, 03/15/29 (Call 12/15/28)		15		14,100
3.60%, 09/15/28 (Call 06/15/28)		105		100,297
4.00%, 03/15/49 (Call 09/15/48)		25		20,643

Security	Par (000)		Value
Pharmaceuticals (continued)
4.10%, 09/15/38 (Call 03/15/38)	$	15	$	13,329
4.13%, 12/15/46		20		16,772
4.20%, 09/15/48 (Call 03/15/48)		90		76,491
7.20%, 03/15/39		40		47,532
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/26 (Call 04/19/26)		30		29,612
4.45%, 05/19/28 (Call 04/19/28)		115		112,788
4.65%, 05/19/25		5		4,969
4.65%, 05/19/30 (Call 03/19/30)		25		24,595
4.75%, 05/19/33 (Call 02/19/33)		50		48,723
5.11%, 05/19/43 (Call 11/19/42)		115		110,600
5.30%, 05/19/53 (Call 11/19/52)		115		112,632
5.34%, 05/19/63 (Call 11/19/62)		10		9,634
Sanofi SA, 3.63%, 06/19/28 (Call 03/19/28)		10		9,648
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		111		105,762
Takeda Pharmaceutical Co. Ltd.
3.03%, 07/09/40 (Call 01/09/40)		200		148,902
5.00%, 11/26/28 (Call 08/26/28)		10		9,974
Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)		25		24,123
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)		5		4,744
2.30%, 06/22/27 (Call 04/22/27)		25		22,608
2.70%, 06/22/30 (Call 03/22/30)		5		4,206
3.85%, 06/22/40 (Call 12/22/39)		10		7,341
4.00%, 06/22/50 (Call 12/22/49)		75		51,104
Wyeth LLC, 5.95%, 04/01/37		70		74,687
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		25		20,967
3.00%, 09/12/27 (Call 06/12/27)		50		46,802
3.00%, 05/15/50 (Call 11/15/49)		20		13,690
3.95%, 09/12/47 (Call 03/12/47)		5		4,027
4.50%, 11/13/25 (Call 08/13/25)		15		14,811
4.70%, 02/01/43 (Call 08/01/42)		15		13,702
5.60%, 11/16/32 (Call 08/16/32)		25		25,836
				6,306,542
Pipelines — 1.3%
Boardwalk Pipelines LP
3.60%, 09/01/32 (Call 06/01/32)		5		4,342
5.95%, 06/01/26 (Call 03/01/26)		30		30,217
Cheniere Corpus Christi Holdings LLC
2.74%, 12/31/39 (Call 07/04/39)		25		19,617
3.70%, 11/15/29 (Call 05/18/29)		15		13,849
5.13%, 06/30/27 (Call 01/01/27)		20		19,904
5.88%, 03/31/25 (Call 10/02/24)		65		64,979
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 03/11/24)		30		28,814
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)		35		29,253
4.00%, 03/01/31 (Call 03/01/26)		10		8,931
4.50%, 10/01/29 (Call 10/01/24)		30		28,121
5.95%, 06/30/33 (Call 12/30/32)		25		25,100
Columbia Pipeline Group Inc.
4.50%, 06/01/25 (Call 03/01/25)		5		4,927
5.80%, 06/01/45 (Call 12/01/44)		5		4,827
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)		20		17,044
5.38%, 07/15/25 (Call 04/15/25)		75		74,867
5.63%, 07/15/27 (Call 04/15/27)		10		10,052
Enbridge Energy Partners LP, 5.50%, 09/15/40 (Call 03/15/40)		10		9,691

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit 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)	$	35	$	31,995
2.50%, 08/01/33 (Call 05/01/33)		15		11,853
3.13%, 11/15/29 (Call 08/15/29)		10		9,034
3.40%, 08/01/51 (Call 02/01/51)		5		3,487
4.25%, 12/01/26 (Call 09/01/26)		5		4,891
5.70%, 03/08/33 (Call 12/08/32)		90		91,099
6.20%, 11/15/30 (Call 09/15/30)		25		26,213
6.70%, 11/15/53 (Call 05/15/53)		25		27,885
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		75		72,603
3.75%, 05/15/30 (Call 02/15/30)		90		82,115
3.90%, 07/15/26 (Call 04/15/26)		40		38,676
4.40%, 03/15/27 (Call 12/15/26)		5		4,870
4.75%, 01/15/26 (Call 10/15/25)		5		4,943
4.95%, 05/15/28 (Call 02/15/28)		20		19,734
4.95%, 06/15/28 (Call 03/15/28)		5		4,923
5.00%, 05/15/50 (Call 11/15/49)		25		21,556
5.15%, 03/15/45 (Call 09/15/44)		10		8,923
5.25%, 04/15/29 (Call 01/15/29)		30		29,883
5.30%, 04/01/44 (Call 10/01/43)		15		13,583
5.30%, 04/15/47 (Call 10/15/46)		25		22,332
5.35%, 05/15/45 (Call 11/15/44)		10		9,047
5.40%, 10/01/47 (Call 04/01/47)		85		76,871
5.50%, 06/01/27 (Call 03/01/27)		75		75,287
5.55%, 05/15/34 (Call 02/15/34)		25		24,752
5.75%, 02/15/33 (Call 11/15/32)		50		50,308
6.00%, 06/15/48 (Call 12/15/47)		20		19,578
6.13%, 12/15/45 (Call 06/15/45)		15		14,909
6.25%, 04/15/49 (Call 10/15/48)		30		30,269
6.40%, 12/01/30 (Call 10/01/30)		25		26,225
6.50%, 02/01/42 (Call 08/01/41)		25		26,130
6.55%, 12/01/33 (Call 09/01/33)		35		37,102
6.63%, 10/15/36		10		10,508
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		30		26,634
3.13%, 07/31/29 (Call 04/30/29)		35		32,021
3.20%, 02/15/52 (Call 08/15/51)		10		6,827
3.30%, 02/15/53 (Call 08/15/52)		5		3,488
3.70%, 02/15/26 (Call 11/15/25)		15		14,629
3.70%, 01/31/51 (Call 07/31/50)		70		52,803
3.95%, 01/31/60 (Call 07/31/59)		15		11,346
4.15%, 10/16/28 (Call 07/16/28)		5		4,827
4.20%, 01/31/50 (Call 07/31/49)		5		4,128
4.25%, 02/15/48 (Call 08/15/47)		20		16,720
4.45%, 02/15/43 (Call 08/15/42)		20		17,403
4.80%, 02/01/49 (Call 08/01/48)		45		40,752
4.85%, 08/15/42 (Call 02/15/42)		10		9,147
4.85%, 03/15/44 (Call 09/15/43)		85		77,805
4.90%, 05/15/46 (Call 11/15/45)		20		18,258
4.95%, 10/15/54 (Call 04/15/54)		10		9,119
5.10%, 02/15/45 (Call 08/15/44)		10		9,362
5.35%, 01/31/33 (Call 10/31/32)		45		45,499
5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(b)		15		13,880
6.45%, 09/01/40		5		5,462
Kinder Morgan Energy Partners LP
5.00%, 08/15/42 (Call 02/15/42)		10		8,701
5.00%, 03/01/43 (Call 09/01/42)		20		17,422
5.63%, 09/01/41		15		14,113
6.95%, 01/15/38		15		16,175

Security	Par (000)		Value
Pipelines (continued)
7.75%, 03/15/32	$	10	$	11,253
Kinder Morgan Inc.
3.60%, 02/15/51 (Call 08/15/50)		15		10,297
4.30%, 06/01/25 (Call 03/01/25)		15		14,780
4.30%, 03/01/28 (Call 12/01/27)		5		4,848
4.80%, 02/01/33 (Call 11/01/32)		25		23,589
5.05%, 02/15/46 (Call 08/15/45)		20		17,393
5.20%, 03/01/48 (Call 09/01/47)		10		8,883
5.30%, 12/01/34 (Call 06/01/34)		115		112,076
5.45%, 08/01/52 (Call 02/01/52)		50		46,053
5.55%, 06/01/45 (Call 12/01/44)		60		56,293
Magellan Midstream Partners LP
3.95%, 03/01/50 (Call 09/01/49)		10		7,281
5.00%, 03/01/26 (Call 12/01/25)		10		9,929
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		5		4,664
4.00%, 03/15/28 (Call 12/15/27)		70		67,037
4.13%, 03/01/27 (Call 12/01/26)		35		33,936
4.25%, 12/01/27 (Call 09/01/27)		15		14,503
4.50%, 04/15/38 (Call 10/15/37)		30		26,141
4.70%, 04/15/48 (Call 10/15/47)		45		37,673
4.80%, 02/15/29 (Call 11/15/28)		55		53,919
4.88%, 06/01/25 (Call 03/01/25)		40		39,626
4.90%, 04/15/58 (Call 10/15/57)		5		4,140
4.95%, 09/01/32 (Call 06/01/32)		15		14,358
4.95%, 03/14/52 (Call 09/14/51)		25		21,530
5.00%, 03/01/33 (Call 12/01/32)		5		4,783
5.50%, 02/15/49 (Call 08/15/48)		10		9,363
5.65%, 03/01/53 (Call 09/01/52)		45		42,845
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		55		48,726
3.25%, 06/01/30		20		17,870
4.20%, 10/03/47 (Call 04/03/47)		10		7,652
4.45%, 09/01/49 (Call 03/01/49)		25		19,938
4.55%, 07/15/28 (Call 04/15/28)		65		63,505
5.15%, 10/15/43		20		18,064
5.20%, 07/15/48 (Call 01/15/48)		25		22,570
5.55%, 11/01/26 (Call 10/01/26)		5		5,036
5.80%, 11/01/30 (Call 09/01/30)		15		15,355
5.85%, 01/15/26 (Call 12/15/25)		10		10,088
6.10%, 11/15/32 (Call 08/15/32)		40		41,430
6.35%, 01/15/31 (Call 10/15/30)		40		41,946
6.63%, 09/01/53 (Call 03/01/53)		5		5,381
7.15%, 01/15/51 (Call 07/15/50)		45		49,906
ONEOK Partners LP
4.90%, 03/15/25 (Call 12/15/24)		40		39,700
6.13%, 02/01/41 (Call 08/01/40)		15		15,242
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		10		9,066
3.80%, 09/15/30 (Call 06/15/30)		25		22,776
4.30%, 01/31/43 (Call 07/31/42)		25		19,766
4.50%, 12/15/26 (Call 09/15/26)		5		4,905
4.65%, 10/15/25 (Call 07/15/25)		15		14,796
4.90%, 02/15/45 (Call 08/15/44)		15		12,630
6.65%, 01/15/37		10		10,553
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		50		48,245
4.50%, 05/15/30 (Call 11/15/29)		5		4,787
5.00%, 03/15/27 (Call 09/15/26)		45		44,680
5.63%, 03/01/25 (Call 12/01/24)		35		34,957
5.88%, 06/30/26 (Call 12/31/25)		45		45,366

S C H E D U L E  O F  I N V E S T M E N T S 49

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
Spectra Energy Partners LP
3.38%, 10/15/26 (Call 07/15/26)	$	10	$	9,552
4.50%, 03/15/45 (Call 09/15/44)		5		4,189
5.95%, 09/25/43 (Call 03/25/43)		45		44,728
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		25		22,494
4.95%, 04/15/52 (Call 10/15/51)		20		17,114
5.20%, 07/01/27 (Call 06/01/27)		20		19,888
6.13%, 03/15/33 (Call 12/15/32)		5		5,152
6.15%, 03/01/29 (Call 02/01/29)		20		20,620
6.25%, 07/01/52 (Call 01/01/52)		15		15,184
6.50%, 02/15/53 (Call 08/15/52)		20		21,053
Targa Resources Partners LP/Targa Resources
Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		40		35,698
4.88%, 02/01/31 (Call 02/01/26)		10		9,489
5.00%, 01/15/28 (Call 04/01/24)		10		9,793
TC PipeLines LP
3.90%, 05/25/27 (Call 02/25/27)		20		19,062
4.38%, 03/13/25 (Call 12/13/24)		20		19,694
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27		25		26,239
TransCanada PipeLines Ltd.
4.10%, 04/15/30 (Call 01/15/30)		25		23,416
4.25%, 05/15/28 (Call 02/15/28)		95		91,494
4.63%, 03/01/34 (Call 12/01/33)		30		27,807
4.88%, 01/15/26 (Call 10/15/25)		10		9,913
4.88%, 05/15/48 (Call 11/15/47)		65		56,701
5.00%, 10/16/43 (Call 04/16/43)		20		17,861
5.10%, 03/15/49 (Call 09/15/48)		10		9,160
6.20%, 10/15/37		50		51,441
Transcontinental Gas Pipe Line Co. LLC
3.25%, 05/15/30 (Call 02/15/30)		25		22,494
4.00%, 03/15/28 (Call 12/15/27)		25		23,984
4.60%, 03/15/48 (Call 09/15/47)		10		8,744
7.85%, 02/01/26 (Call 11/01/25)		20		20,774
Western Midstream Operating LP
4.05%, 02/01/30 (Call 11/01/29)		80		74,014
4.50%, 03/01/28 (Call 12/01/27)		5		4,788
5.30%, 03/01/48 (Call 09/01/47)		25		21,563
5.50%, 08/15/48 (Call 02/15/48)		25		21,949
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		30		25,273
3.50%, 11/15/30 (Call 08/15/30)		80		72,142
3.75%, 06/15/27 (Call 03/15/27)		10		9,565
4.00%, 09/15/25 (Call 06/15/25)		25		24,513
4.65%, 08/15/32 (Call 05/15/32)		20		19,019
5.10%, 09/15/45 (Call 03/15/45)		15		13,696
5.30%, 08/15/52 (Call 02/15/52)		80		74,844
5.40%, 03/02/26		40		40,093
5.40%, 03/04/44 (Call 09/04/43)		10		9,368
5.65%, 03/15/33 (Call 12/15/32)		5		5,082
5.75%, 06/24/44 (Call 12/24/43)		10		9,787
6.30%, 04/15/40		15		15,533
				4,299,736
Real Estate — 0.0%
CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)(a)		10		8,212
4.88%, 03/01/26 (Call 12/01/25)		25		24,699
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		5		3,925

Security	Par (000)		Value
Real Estate (continued)
Realty Income Corp.
2.70%, 02/15/32 (Call 11/15/31)	$	5	$	4,099
4.00%, 07/15/29 (Call 04/15/29)(a)		20		18,857
				59,792
Real Estate Investment Trusts — 1.3%
Agree LP, 2.00%, 06/15/28 (Call 04/15/28)		20		17,404
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		10		7,479
2.00%, 05/18/32 (Call 02/18/32)		10		7,720
3.00%, 05/18/51 (Call 11/18/50)		30		18,824
3.38%, 08/15/31 (Call 05/15/31)		10		8,781
4.00%, 02/01/50 (Call 08/01/49)		25		18,834
4.90%, 12/15/30 (Call 09/15/30)		10		9,733
5.15%, 04/15/53 (Call 10/15/52)		15		13,590
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)		5		4,044
American Homes 4 Rent LP
2.38%, 07/15/31 (Call 04/15/31)		25		20,137
4.25%, 02/15/28 (Call 11/15/27)		5		4,803
4.30%, 04/15/52 (Call 10/15/51)		15		11,708
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		10		9,404
1.50%, 01/31/28 (Call 11/30/27)		40		34,739
1.60%, 04/15/26 (Call 03/15/26)		35		32,402
2.10%, 06/15/30 (Call 03/15/30)		25		20,577
2.30%, 09/15/31 (Call 06/15/31)		10		8,071
2.40%, 03/15/25 (Call 02/15/25)		100		96,729
2.70%, 04/15/31 (Call 01/15/31)		30		25,163
2.75%, 01/15/27 (Call 11/15/26)		10		9,313
2.90%, 01/15/30 (Call 10/15/29)		30		26,316
2.95%, 01/15/51 (Call 07/15/50)(a)		25		15,837
3.10%, 06/15/50 (Call 12/15/49)		15		9,801
3.38%, 10/15/26 (Call 07/15/26)		15		14,304
3.55%, 07/15/27 (Call 04/15/27)		20		18,959
3.80%, 08/15/29 (Call 05/15/29)		5		4,628
4.00%, 06/01/25 (Call 03/01/25)		35		34,310
4.40%, 02/15/26 (Call 11/15/25)		45		44,250
5.55%, 07/15/33 (Call 04/15/33)		25		24,993
5.65%, 03/15/33 (Call 12/15/32)		25		25,140
5.90%, 11/15/33 (Call 08/15/33)		25		25,637
AvalonBay Communities Inc.
2.05%, 01/15/32 (Call 10/15/31)		5		4,079
3.20%, 01/15/28 (Call 10/15/27)		5		4,685
3.45%, 06/01/25 (Call 03/03/25)		10		9,776
3.50%, 11/15/25 (Call 08/15/25)		25		24,296
3.90%, 10/15/46 (Call 04/15/46)		15		11,715
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)		71		52,398
2.90%, 03/15/30 (Call 12/15/29)		20		16,905
3.25%, 01/30/31 (Call 10/30/30)		30		25,257
3.40%, 06/21/29 (Call 03/21/29)		40		35,299
3.65%, 02/01/26 (Call 11/03/25)		40		38,466
Brixmor Operating Partnership LP
2.50%, 08/16/31 (Call 05/16/31)		5		4,060
3.90%, 03/15/27 (Call 12/15/26)		20		19,054
4.05%, 07/01/30 (Call 04/01/30)		15		13,774
4.13%, 06/15/26 (Call 03/15/26)		5		4,840
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		5		3,879

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
Camden Property Trust
2.80%, 05/15/30 (Call 02/15/30)	$	10	$	8,787
3.35%, 11/01/49 (Call 05/01/49)		10		7,129
Corporate Office Properties LP
2.00%, 01/15/29 (Call 11/15/28)		5		4,140
2.75%, 04/15/31 (Call 01/15/31)		5		4,033
2.90%, 12/01/33 (Call 09/01/33)		5		3,822
Crown Castle Inc.
1.35%, 07/15/25 (Call 06/15/25)		35		33,115
2.10%, 04/01/31 (Call 01/01/31)		20		16,036
2.50%, 07/15/31 (Call 04/15/31)		5		4,095
2.90%, 03/15/27 (Call 02/15/27)		5		4,656
2.90%, 04/01/41 (Call 10/01/40)		25		17,354
3.10%, 11/15/29 (Call 08/15/29)		20		17,697
3.25%, 01/15/51 (Call 07/15/50)(a)		15		10,123
3.30%, 07/01/30 (Call 04/01/30)		15		13,247
3.80%, 02/15/28 (Call 11/15/27)		10		9,417
4.00%, 03/01/27 (Call 12/01/26)		95		91,444
4.00%, 11/15/49 (Call 05/15/49)		15		11,539
4.15%, 07/01/50 (Call 01/01/50)		10		7,908
4.30%, 02/15/29 (Call 11/15/28)		10		9,504
4.45%, 02/15/26 (Call 11/15/25)		80		78,501
5.10%, 05/01/33 (Call 02/01/33)		15		14,481
5.80%, 03/01/34 (Call 12/01/33)		25		25,362
CubeSmart LP
3.13%, 09/01/26 (Call 06/01/26)		20		18,915
4.00%, 11/15/25 (Call 08/15/25)		15		14,606
4.38%, 02/15/29 (Call 11/15/28)		20		19,020
Digital Realty Trust LP
3.70%, 08/15/27 (Call 05/15/27)		20		19,061
4.45%, 07/15/28 (Call 04/15/28)		25		24,189
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		5		4,674
1.45%, 05/15/26 (Call 04/15/26)		20		18,417
1.80%, 07/15/27 (Call 05/15/27)		60		53,931
2.15%, 07/15/30 (Call 04/15/30)		10		8,292
2.90%, 11/18/26 (Call 09/18/26)		10		9,416
2.95%, 09/15/51 (Call 03/15/51)		20		12,710
3.20%, 11/18/29 (Call 08/18/29)		35		31,456
3.90%, 04/15/32 (Call 01/15/32)		25		22,687
ERP Operating LP
2.50%, 02/15/30 (Call 11/15/29)		35		30,387
2.85%, 11/01/26 (Call 08/01/26)		15		14,154
3.25%, 08/01/27 (Call 05/01/27)		120		112,688
3.50%, 03/01/28 (Call 12/01/27)		105		99,159
4.00%, 08/01/47 (Call 02/01/47)(a)		5		3,847
Essex Portfolio LP
2.65%, 09/01/50 (Call 03/01/50)		15		8,704
3.00%, 01/15/30 (Call 10/15/29)		25		21,933
3.38%, 04/15/26 (Call 01/15/26)		15		14,434
3.50%, 04/01/25 (Call 01/01/25)		5		4,893
Extra Space Storage LP
2.35%, 03/15/32 (Call 12/15/31)		10		7,928
2.55%, 06/01/31 (Call 03/01/31)		15		12,353
3.88%, 12/15/27 (Call 09/15/27)		150		142,438
4.00%, 06/15/29 (Call 03/15/29)		10		9,384
5.50%, 07/01/30 (Call 05/01/30)		5		5,022
Federal Realty OP LP, 1.25%, 02/15/26 (Call 01/15/26)		15		13,829
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		10		8,297
4.00%, 01/15/30 (Call 10/15/29)		5		4,499

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.00%, 01/15/31 (Call 10/15/30)	$	15	$	13,225
5.30%, 01/15/29 (Call 10/15/28)		10		9,711
5.38%, 04/15/26 (Call 01/15/26)		15		14,845
5.75%, 06/01/28 (Call 03/03/28)		5		4,964
6.75%, 12/01/33 (Call 09/01/33)		25		25,963
Healthcare Realty Holdings LP
3.10%, 02/15/30 (Call 11/15/29)		24		20,681
3.50%, 08/01/26 (Call 05/01/26)		150		143,090
Healthpeak OP LLC
3.00%, 01/15/30 (Call 10/15/29)		20		17,548
3.25%, 07/15/26 (Call 05/15/26)		55		52,538
6.75%, 02/01/41 (Call 08/01/40)		5		5,476
Highwoods Realty LP
3.05%, 02/15/30 (Call 11/15/29)		5		4,186
3.88%, 03/01/27 (Call 12/01/26)		10		9,387
4.13%, 03/15/28 (Call 12/15/27)		5		4,664
Host Hotels & Resorts LP
Series H, 3.38%, 12/15/29 (Call 09/15/29)		35		30,966
Series J, 2.90%, 12/15/31 (Call 09/15/31)		5		4,128
Invitation Homes Operating Partnership LP
2.00%, 08/15/31 (Call 05/15/31)		20		15,622
2.30%, 11/15/28 (Call 09/15/28)		10		8,748
4.15%, 04/15/32 (Call 01/15/32)		5		4,519
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		10		7,410
2.65%, 11/15/33 (Call 08/15/33)		10		7,285
4.25%, 08/15/29 (Call 05/15/29)		5		4,562
Kimco Realty OP LLC
2.80%, 10/01/26 (Call 07/01/26)		5		4,685
3.70%, 10/01/49 (Call 04/01/49)		26		18,693
4.45%, 09/01/47 (Call 03/01/47)		10		7,962
4.60%, 02/01/33 (Call 11/01/32)		10		9,373
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		10		9,478
Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)		10		9,794
LXP Industrial Trust
2.38%, 10/01/31 (Call 07/01/31)		5		3,964
2.70%, 09/15/30 (Call 06/15/30)		10		8,251
Mid-America Apartments LP
1.70%, 02/15/31 (Call 11/15/30)		15		11,959
3.95%, 03/15/29 (Call 12/15/28)(a)		15		14,313
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)		5		4,008
NNN REIT Inc.
3.10%, 04/15/50 (Call 10/15/49)		5		3,237
3.50%, 04/15/51 (Call 10/15/50)		40		28,511
3.60%, 12/15/26 (Call 09/15/26)		27		25,743
4.30%, 10/15/28 (Call 07/15/28)		15		14,401
Omega Healthcare Investors Inc.
3.25%, 04/15/33 (Call 01/15/33)		5		3,975
3.38%, 02/01/31 (Call 11/01/30)		10		8,418
5.25%, 01/15/26 (Call 10/15/25)		20		19,814
Piedmont Operating Partnership LP, 3.15%, 08/15/30 (Call 05/15/30)		5		3,836
Prologis LP
1.75%, 07/01/30 (Call 04/01/30)		32		26,306
2.13%, 04/15/27 (Call 02/15/27)		25		22,941
2.13%, 10/15/50 (Call 04/15/50)		25		13,650
2.25%, 04/15/30 (Call 01/15/30)		50		42,875
3.05%, 03/01/50 (Call 09/01/49)		5		3,393
3.25%, 10/01/26 (Call 07/01/26)		35		33,423

S C H E D U L E  O F  I N V E S T M E N T S 51

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
4.63%, 01/15/33 (Call 10/15/32)	$	10	$	9,622
4.75%, 06/15/33 (Call 03/15/33)		75		72,645
5.25%, 06/15/53 (Call 12/15/52)		45		43,606
Public Storage Operating Co.
2.25%, 11/09/31 (Call 08/09/31)		10		8,245
3.09%, 09/15/27 (Call 06/15/27)		65		61,187
5.10%, 08/01/33 (Call 05/01/33)		5		4,994
5.13%, 01/15/29 (Call 12/15/28)		15		15,154
5.35%, 08/01/53 (Call 02/01/53)		40		39,770
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		5		4,075
Realty Income Corp.
3.00%, 01/15/27 (Call 10/15/26)		25		23,567
3.25%, 01/15/31 (Call 10/15/30)		55		48,650
3.65%, 01/15/28 (Call 10/15/27)		15		14,219
4.63%, 11/01/25 (Call 09/01/25)		25		24,704
4.88%, 06/01/26 (Call 03/01/26)		10		9,917
5.63%, 10/13/32 (Call 07/13/32)		150		151,503
Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)		5		4,424
3.60%, 02/01/27 (Call 11/01/26)		10		9,562
4.40%, 02/01/47 (Call 08/01/46)		5		4,000
4.65%, 03/15/49 (Call 09/15/48)		5		4,233
Rexford Industrial Realty LP, 2.13%, 12/01/30 (Call 09/01/30)		10		8,097
Sabra Health Care LP
3.20%, 12/01/31 (Call 09/01/31)		10		8,122
3.90%, 10/15/29 (Call 07/15/29)		5		4,454
5.13%, 08/15/26 (Call 05/15/26)		5		4,907
Safehold GL Holdings LLC, 2.80%, 06/15/31 (Call 03/15/31)		5		4,064
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)		50		45,345
1.75%, 02/01/28 (Call 11/01/27)		100		88,524
2.25%, 01/15/32 (Call 10/15/31)		10		8,042
2.45%, 09/13/29 (Call 06/13/29)		55		47,916
3.25%, 09/13/49 (Call 03/13/49)		65		45,198
3.30%, 01/15/26 (Call 10/15/25)		30		28,947
3.38%, 12/01/27 (Call 09/01/27)		160		150,913
3.50%, 09/01/25 (Call 06/01/25)		40		39,026
SITE Centers Corp., 4.70%, 06/01/27 (Call 03/01/27)		5		4,914
Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 (Call 07/14/28)		5		5,091
Store Capital LLC, 4.50%, 03/15/28 (Call 12/15/27)		15		14,093
Sun Communities Operating LP
2.70%, 07/15/31 (Call 04/15/31)		15		12,234
4.20%, 04/15/32 (Call 01/15/32)		5		4,437
5.70%, 01/15/33 (Call 10/15/32)		5		4,922
Tanger Properties LP
2.75%, 09/01/31 (Call 06/01/31)		5		4,033
3.13%, 09/01/26 (Call 06/01/26)		10		9,335
UDR Inc.
3.20%, 01/15/30 (Call 10/15/29)		30		26,838
3.50%, 07/01/27 (Call 04/01/27)		5		4,700
Ventas Realty LP
3.00%, 01/15/30 (Call 10/15/29)		25		21,821
3.25%, 10/15/26 (Call 07/15/26)		20		18,882
4.00%, 03/01/28 (Call 12/01/27)		20		19,032
4.13%, 01/15/26 (Call 10/15/25)		25		24,337
4.38%, 02/01/45 (Call 08/01/44)		5		3,959
4.75%, 11/15/30 (Call 08/15/30)		5		4,783

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
VICI Properties LP
4.38%, 05/15/25	$	10	$	9,836
4.75%, 02/15/28 (Call 01/15/28)		5		4,844
4.95%, 02/15/30 (Call 12/15/29)		15		14,317
5.13%, 05/15/32 (Call 02/15/32)		15		14,088
5.63%, 05/15/52 (Call 11/15/51)		10		9,015
Welltower OP LLC
2.05%, 01/15/29 (Call 11/15/28)		35		30,315
2.70%, 02/15/27 (Call 12/15/26)		25		23,347
2.75%, 01/15/31 (Call 10/15/30)		25		21,310
2.80%, 06/01/31 (Call 03/01/31)		15		12,726
3.10%, 01/15/30 (Call 10/15/29)		25		22,293
4.00%, 06/01/25 (Call 03/01/25)		15		14,724
6.50%, 03/15/41 (Call 09/15/40)		10		10,806
Weyerhaeuser Co.
3.38%, 03/09/33 (Call 12/09/32)		115		99,351
4.00%, 11/15/29 (Call 08/15/29)		25		23,478
4.00%, 04/15/30 (Call 01/15/30)		35		32,709
7.38%, 03/15/32		15		16,936
WP Carey Inc.
2.25%, 04/01/33 (Call 01/01/33)		10		7,593
3.85%, 07/15/29 (Call 04/15/29)		15		13,878
				4,420,956
Retail — 1.0%
AutoNation Inc.
3.85%, 03/01/32 (Call 12/01/31)		10		8,727
4.75%, 06/01/30 (Call 03/01/30)		5		4,754
AutoZone Inc.
3.13%, 04/21/26 (Call 01/21/26)		5		4,790
3.63%, 04/15/25 (Call 03/15/25)		25		24,544
3.75%, 04/18/29 (Call 01/18/29)		15		14,081
4.00%, 04/15/30 (Call 01/15/30)		20		18,799
4.50%, 02/01/28 (Call 01/01/28)		5		4,898
4.75%, 08/01/32 (Call 05/01/32)		25		24,022
4.75%, 02/01/33 (Call 11/01/32)		5		4,789
5.20%, 08/01/33 (Call 05/01/33)		10		9,910
Best Buy Co. Inc.
1.95%, 10/01/30 (Call 07/01/30)		10		8,213
4.45%, 10/01/28 (Call 07/01/28)		5		4,897
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		30		26,963
1.60%, 04/20/30 (Call 01/20/30)		30		24,982
1.75%, 04/20/32 (Call 01/20/32)		15		11,993
3.00%, 05/18/27 (Call 02/18/27)		10		9,539
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 02/01/27)		30		28,809
6.30%, 10/10/33 (Call 07/10/33)		25		26,087
Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)		15		12,567
Dollar General Corp.
3.50%, 04/03/30 (Call 01/03/30)		10		9,043
3.88%, 04/15/27 (Call 01/15/27)		20		19,219
4.13%, 05/01/28 (Call 02/01/28)		5		4,831
4.13%, 04/03/50 (Call 10/03/49)		5		3,820
5.00%, 11/01/32 (Call 08/01/32)		25		24,275
5.45%, 07/05/33 (Call 04/05/33)(a)		25		24,808
Dollar Tree Inc.
4.00%, 05/15/25 (Call 03/15/25)		25		24,562
4.20%, 05/15/28 (Call 02/15/28)		85		81,892
Genuine Parts Co.
1.88%, 11/01/30 (Call 08/01/30)		5		4,013

52 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
2.75%, 02/01/32 (Call 11/01/31)	$	5	$	4,109
6.88%, 11/01/33 (Call 08/01/33)		25		27,307
Home Depot Inc. (The)
2.50%, 04/15/27 (Call 02/15/27)		20		18,628
2.70%, 04/15/30 (Call 01/15/30)		20		17,693
2.75%, 09/15/51 (Call 03/15/51)		20		12,736
2.80%, 09/14/27 (Call 06/14/27)		15		14,055
2.88%, 04/15/27 (Call 03/15/27)		10		9,436
2.95%, 06/15/29 (Call 03/15/29)		25		22,820
3.00%, 04/01/26 (Call 01/01/26)		5		4,817
3.13%, 12/15/49 (Call 06/15/49)		20		13,917
3.25%, 04/15/32 (Call 01/15/32)		40		35,476
3.30%, 04/15/40 (Call 10/15/39)		15		11,755
3.35%, 09/15/25 (Call 06/15/25)		70		68,288
3.35%, 04/15/50 (Call 10/15/49)		5		3,624
3.63%, 04/15/52 (Call 10/15/51)		15		11,338
3.90%, 12/06/28 (Call 09/06/28)		80		77,413
3.90%, 06/15/47 (Call 12/15/46)		20		16,110
4.20%, 04/01/43 (Call 10/01/42)		65		55,988
4.25%, 04/01/46 (Call 10/01/45)		55		46,950
4.50%, 09/15/32 (Call 06/15/32)		70		68,411
4.50%, 12/06/48 (Call 06/06/48)		70		61,767
4.95%, 09/15/52 (Call 03/15/52)(a)		35		33,119
5.88%, 12/16/36		65		69,240
Lowe’s Companies Inc.
1.70%, 09/15/28 (Call 07/15/28)		65		56,479
2.50%, 04/15/26 (Call 01/15/26)		5		4,746
2.63%, 04/01/31 (Call 01/01/31)		5		4,264
3.00%, 10/15/50 (Call 04/15/50)		10		6,451
3.35%, 04/01/27 (Call 03/01/27)		10		9,528
3.38%, 09/15/25 (Call 06/15/25)		35		34,048
3.65%, 04/05/29 (Call 01/05/29)		35		32,999
3.70%, 04/15/46 (Call 10/15/45)		35		26,346
3.75%, 04/01/32 (Call 01/01/32)		95		86,214
4.00%, 04/15/25 (Call 03/15/25)		80		78,845
4.05%, 05/03/47 (Call 11/03/46)		40		31,688
4.25%, 04/01/52 (Call 10/01/51)		55		44,226
4.40%, 09/08/25		10		9,878
4.45%, 04/01/62 (Call 10/01/61)		15		11,992
5.00%, 04/15/33 (Call 01/15/33)		25		24,637
5.15%, 07/01/33 (Call 04/01/33)(a)		5		4,976
5.63%, 04/15/53 (Call 10/15/52)		50		49,681
5.75%, 07/01/53 (Call 01/01/53)		40		40,395
5.80%, 09/15/62 (Call 03/15/62)		10		9,983
McDonald’s Corp.
2.13%, 03/01/30 (Call 12/01/29)		25		21,391
2.63%, 09/01/29 (Call 06/01/29)		10		8,945
3.30%, 07/01/25 (Call 06/01/25)		10		9,763
3.38%, 05/26/25 (Call 02/26/25)		15		14,662
3.50%, 07/01/27 (Call 05/01/27)		35		33,492
3.60%, 07/01/30 (Call 04/01/30)		20		18,521
3.63%, 09/01/49 (Call 03/01/49)		35		26,129
3.70%, 01/30/26 (Call 10/30/25)		30		29,319
3.80%, 04/01/28 (Call 01/01/28)		15		14,399
4.20%, 04/01/50 (Call 10/01/49)		25		20,597
4.60%, 09/09/32 (Call 06/09/32)		5		4,881
4.60%, 05/26/45 (Call 11/26/44)		15		13,347
4.70%, 12/09/35 (Call 06/09/35)		5		4,802
4.88%, 12/09/45 (Call 06/09/45)		10		9,189
5.15%, 09/09/52 (Call 03/09/52)		80		75,974
5.45%, 08/14/53 (Call 02/14/53)		15		14,895

Security	Par (000)		Value
Retail (continued)
5.70%, 02/01/39	$	5	$	5,147
6.30%, 10/15/37		25		27,226
6.30%, 03/01/38		35		38,082
O’Reilly Automotive Inc.
3.55%, 03/15/26 (Call 12/15/25)		25		24,190
3.60%, 09/01/27 (Call 06/01/27)		10		9,526
4.20%, 04/01/30 (Call 01/01/30)		15		14,238
4.35%, 06/01/28 (Call 03/01/28)		20		19,487
4.70%, 06/15/32 (Call 03/15/32)		15		14,506
Ross Stores Inc.
0.88%, 04/15/26 (Call 03/15/26)		15		13,719
1.88%, 04/15/31 (Call 01/15/31)		5		4,061
4.60%, 04/15/25 (Call 03/15/25)		15		14,855
Starbucks Corp.
2.00%, 03/12/27 (Call 01/12/27)		55		50,396
2.25%, 03/12/30 (Call 12/12/29)		30		25,655
2.45%, 06/15/26 (Call 03/15/26)		5		4,721
2.55%, 11/15/30 (Call 08/15/30)		25		21,461
3.50%, 03/01/28 (Call 12/01/27)		15		14,220
3.50%, 11/15/50 (Call 05/15/50)		10		7,302
3.55%, 08/15/29 (Call 05/15/29)		15		14,062
3.75%, 12/01/47 (Call 06/01/47)		90		69,426
3.80%, 08/15/25 (Call 06/15/25)		45		44,068
4.00%, 11/15/28 (Call 08/15/28)		15		14,488
4.45%, 08/15/49 (Call 02/15/49)		10		8,556
4.50%, 11/15/48 (Call 05/15/48)		5		4,321
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)		120		110,924
2.25%, 04/15/25 (Call 03/15/25)		5		4,844
2.35%, 02/15/30 (Call 11/15/29)		15		13,084
2.50%, 04/15/26		25		23,878
2.65%, 09/15/30 (Call 06/15/30)		15		13,156
2.95%, 01/15/52 (Call 07/15/51)		15		9,958
3.38%, 04/15/29 (Call 01/15/29)		10		9,372
4.00%, 07/01/42		20		17,211
4.80%, 01/15/53 (Call 07/15/52)(a)		75		69,213
TJX Companies Inc. (The)
1.15%, 05/15/28 (Call 03/15/28)		5		4,309
2.25%, 09/15/26 (Call 06/15/26)		25		23,484
3.88%, 04/15/30 (Call 01/15/30)		20		18,962
Tractor Supply Co., 5.25%, 05/15/33 (Call 02/15/33)		5		4,969
Walmart Inc.
2.50%, 09/22/41 (Call 03/22/41)		20		14,104
2.65%, 09/22/51 (Call 03/22/51)		45		29,343
3.05%, 07/08/26 (Call 05/08/26)		15		14,431
3.63%, 12/15/47 (Call 06/15/47)		10		7,877
4.05%, 06/29/48 (Call 12/29/47)		40		34,405
4.15%, 09/09/32 (Call 06/09/32)		5		4,825
4.50%, 09/09/52 (Call 03/09/52)		100		91,046
5.25%, 09/01/35		35		36,228
6.50%, 08/15/37		35		40,154
7.55%, 02/15/30		25		28,921
				3,150,917
Semiconductors — 0.9%
Advanced Micro Devices Inc.
3.92%, 06/01/32 (Call 03/01/32)		15		14,032
4.39%, 06/01/52 (Call 12/01/51)		25		22,058
Analog Devices Inc.
2.10%, 10/01/31 (Call 07/01/31)		25		20,626
2.80%, 10/01/41 (Call 04/01/41)		5		3,548
2.95%, 04/01/25 (Call 03/01/25)		71		69,353

S C H E D U L E  O F  I N V E S T M E N T S 53

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
2.95%, 10/01/51 (Call 04/01/51)	$	15	$	9,992
3.50%, 12/05/26 (Call 09/05/26)		80		77,263
Applied Materials Inc.
2.75%, 06/01/50 (Call 12/01/49)		10		6,725
4.35%, 04/01/47 (Call 10/01/46)		20		17,733
5.10%, 10/01/35 (Call 04/01/35)		25		25,305
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)		10		9,667
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(d)		75		66,569
2.45%, 02/15/31 (Call 11/15/30)(d)		10		8,324
2.60%, 02/15/33 (Call 11/15/32)(d)		40		32,102
3.14%, 11/15/35 (Call 08/15/35)(d)		50		39,629
3.19%, 11/15/36 (Call 08/15/36)(d)		60		46,891
3.42%, 04/15/33 (Call 01/15/33)(d)		35		29,888
3.46%, 09/15/26 (Call 07/15/26)		80		76,739
3.47%, 04/15/34 (Call 01/15/34)(d)		25		21,108
3.50%, 02/15/41 (Call 08/15/40)(d)		55		42,022
3.75%, 02/15/51 (Call 08/15/50)(d)		50		37,384
4.00%, 04/15/29 (Call 02/15/29)(d)		5		4,731
4.11%, 09/15/28 (Call 06/15/28)		90		86,256
4.15%, 11/15/30 (Call 08/15/30)		4		3,739
4.30%, 11/15/32 (Call 08/15/32)		45		41,671
4.93%, 05/15/37 (Call 02/15/37)(d)		30		27,953
5.00%, 04/15/30 (Call 01/15/30)		75		74,738
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		75		65,235
2.00%, 08/12/31 (Call 05/12/31)		5		4,058
2.45%, 11/15/29 (Call 08/15/29)		80		70,059
2.60%, 05/19/26 (Call 02/19/26)		45		42,801
2.80%, 08/12/41 (Call 02/12/41)		45		31,884
3.05%, 08/12/51 (Call 02/12/51)		20		13,217
3.15%, 05/11/27 (Call 02/11/27)		25		23,691
3.25%, 11/15/49 (Call 05/15/49)		25		17,273
3.70%, 07/29/25 (Call 04/29/25)		20		19,589
3.73%, 12/08/47 (Call 06/08/47)		30		22,738
3.75%, 03/25/27 (Call 01/25/27)		45		43,525
3.75%, 08/05/27 (Call 07/05/27)		20		19,276
4.00%, 08/05/29 (Call 06/05/29)		20		19,122
4.10%, 05/19/46 (Call 11/19/45)		20		16,516
4.10%, 05/11/47 (Call 11/11/46)		30		24,671
4.15%, 08/05/32 (Call 05/05/32)		5		4,699
4.25%, 12/15/42		15		12,788
4.60%, 03/25/40 (Call 09/25/39)		25		23,192
4.75%, 03/25/50 (Call 09/25/49)		30		26,642
4.80%, 10/01/41		20		18,671
4.88%, 02/10/28 (Call 01/10/28)		5		4,986
4.90%, 07/29/45 (Call 01/29/45)		30		28,377
4.90%, 08/05/52 (Call 02/05/52)		5		4,581
5.20%, 02/10/33 (Call 11/10/32)		80		80,034
5.70%, 02/10/53 (Call 08/10/52)		45		45,475
5.90%, 02/10/63 (Call 08/10/62)		70		72,920
KLA Corp.
3.30%, 03/01/50 (Call 08/28/49)		10		7,178
4.10%, 03/15/29 (Call 12/15/28)		25		24,246
4.95%, 07/15/52 (Call 01/15/52)		20		18,959
5.25%, 07/15/62 (Call 01/15/62)		35		34,007
Lam Research Corp.
2.88%, 06/15/50 (Call 12/15/49)		20		13,522
3.13%, 06/15/60 (Call 12/15/59)		10		6,556
3.75%, 03/15/26 (Call 01/15/26)		40		39,037

Security	Par (000)		Value
Semiconductors (continued)
3.80%, 03/15/25 (Call 12/15/24)	$	5	$	4,927
4.00%, 03/15/29 (Call 12/15/28)		25		24,091
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)		10		8,564
Microchip Technology Inc., 4.25%, 09/01/25 (Call 04/01/24)		25		24,543
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		25		20,509
3.48%, 11/01/51 (Call 05/01/51)		5		3,473
4.66%, 02/15/30 (Call 11/15/29)		35		33,802
4.98%, 02/06/26 (Call 12/06/25)		25		24,854
5.33%, 02/06/29 (Call 11/06/28)		25		25,024
5.38%, 04/15/28 (Call 03/15/28)		30		30,082
5.88%, 02/09/33 (Call 11/09/32)		65		66,336
5.88%, 09/15/33 (Call 06/15/33)		35		35,673
6.75%, 11/01/29 (Call 09/01/29)		10		10,613
NVIDIA Corp.
2.00%, 06/15/31 (Call 03/15/31)		15		12,531
2.85%, 04/01/30 (Call 01/01/30)		20		18,010
3.20%, 09/16/26 (Call 06/16/26)		155		149,410
3.70%, 04/01/60 (Call 10/01/59)		15		11,798
NXP BV/NXP Funding LLC
5.35%, 03/01/26 (Call 01/01/26)		20		19,968
5.55%, 12/01/28 (Call 09/01/28)		30		30,330
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)		20		16,558
2.65%, 02/15/32 (Call 11/15/31)		30		24,629
2.70%, 05/01/25 (Call 04/01/25)		5		4,835
3.13%, 02/15/42 (Call 08/15/41)		15		10,661
3.25%, 05/11/41 (Call 11/11/40)		5		3,674
3.40%, 05/01/30 (Call 02/01/30)		10		8,952
4.30%, 06/18/29 (Call 03/18/29)		15		14,320
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		20		18,599
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		5		4,347
1.65%, 05/20/32 (Call 02/20/32)		25		19,513
2.15%, 05/20/30 (Call 02/20/30)		5		4,277
3.25%, 05/20/27 (Call 02/20/27)		25		23,836
3.45%, 05/20/25 (Call 02/20/25)		40		39,173
4.30%, 05/20/47 (Call 11/20/46)		30		26,003
4.65%, 05/20/35 (Call 11/20/34)		60		58,663
4.80%, 05/20/45 (Call 11/20/44)		50		46,926
6.00%, 05/20/53 (Call 11/20/52)		35		38,369
Skyworks Solutions Inc.
1.80%, 06/01/26 (Call 05/01/26)		25		23,124
3.00%, 06/01/31 (Call 03/01/31)		5		4,187
Texas Instruments Inc.
1.13%, 09/15/26 (Call 08/15/26)		10		9,126
1.75%, 05/04/30 (Call 02/04/30)		10		8,368
3.65%, 08/16/32 (Call 05/16/32)		5		4,592
3.88%, 03/15/39 (Call 09/15/38)		25		21,976
4.15%, 05/15/48 (Call 11/15/47)		27		22,928
4.60%, 02/15/28 (Call 01/15/28)		105		104,810
4.90%, 03/14/33 (Call 12/14/32)		25		25,020
5.00%, 03/14/53 (Call 09/14/52)		35		33,810
5.05%, 05/18/63 (Call 11/18/62)		5		4,782
5.15%, 02/08/54 (Call 08/08/53)		25		24,771
				3,020,938
Shipbuilding — 0.0%
Huntington Ingalls Industries Inc., 3.48%, 12/01/27 (Call 09/01/27)		25		23,423

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software — 0.9%
Adobe Inc., 2.15%, 02/01/27 (Call 12/01/26)	$	50	$	46,542
Autodesk Inc.
2.85%, 01/15/30 (Call 10/15/29)		15		13,297
3.50%, 06/15/27 (Call 03/15/27)		10		9,561
4.38%, 06/15/25 (Call 03/15/25)		51		50,418
Broadridge Financial Solutions Inc., 2.90%, 12/01/29 (Call 09/01/29)		20		17,606
Concentrix Corp.
6.60%, 08/02/28 (Call 07/02/28)		10		10,046
6.85%, 08/02/33 (Call 05/02/33)		5		4,889
Electronic Arts Inc.
1.85%, 02/15/31 (Call 11/15/30)		20		16,278
4.80%, 03/01/26 (Call 12/01/25)		15		14,920
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)		50		46,245
2.25%, 03/01/31 (Call 12/01/30)		20		16,714
3.10%, 03/01/41 (Call 09/01/40)		40		28,800
4.50%, 07/15/25		170		168,378
4.70%, 07/15/27 (Call 06/15/27)		25		24,811
5.10%, 07/15/32 (Call 04/15/32)(a)		5		4,997
5.63%, 07/15/52 (Call 01/15/52)		5		4,945
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		5		4,575
2.65%, 06/01/30 (Call 03/01/30)		5		4,299
3.20%, 07/01/26 (Call 05/01/26)		5		4,775
3.50%, 07/01/29 (Call 04/01/29)		45		41,379
3.85%, 06/01/25 (Call 03/01/25)		10		9,800
4.20%, 10/01/28 (Call 07/01/28)		5		4,796
4.40%, 07/01/49 (Call 01/01/49)		35		29,272
5.60%, 03/02/33 (Call 12/02/32)		30		30,246
5.63%, 08/21/33 (Call 05/21/33)		20		20,225
Intuit Inc.
0.95%, 07/15/25 (Call 06/15/25)		30		28,304
1.35%, 07/15/27 (Call 05/15/27)		30		26,764
1.65%, 07/15/30 (Call 04/15/30)		25		20,500
5.20%, 09/15/33 (Call 06/15/33)		25		25,250
Microsoft Corp.
1.35%, 09/15/30 (Call 06/15/30)(d)		5		4,092
2.40%, 08/08/26 (Call 05/08/26)		50		47,332
2.50%, 09/15/50 (Call 03/15/50)(d)		25		15,862
2.53%, 06/01/50 (Call 12/01/49)		130		83,771
2.68%, 06/01/60 (Call 12/01/59)		145		91,568
2.92%, 03/17/52 (Call 09/17/51)		35		24,158
3.04%, 03/17/62 (Call 09/17/61)		40		27,200
3.30%, 02/06/27 (Call 11/06/26)		70		67,616
3.40%, 06/15/27 (Call 03/15/27)(d)		30		28,792
3.45%, 08/08/36 (Call 02/08/36)		49		43,164
3.50%, 02/12/35 (Call 08/12/34)		65		58,970
3.70%, 08/08/46 (Call 02/08/46)		35		29,115
4.00%, 02/12/55 (Call 08/12/54)		10		8,675
4.10%, 02/06/37 (Call 08/06/36)		10		9,421
4.25%, 02/06/47 (Call 08/06/46)		45		41,450
4.50%, 06/15/47 (Call 12/15/46)(d)		20		18,628
4.50%, 02/06/57 (Call 08/06/56)		15		14,168
Oracle Corp.
2.50%, 04/01/25 (Call 03/01/25)		55		53,269
2.65%, 07/15/26 (Call 04/15/26)		5		4,709
2.80%, 04/01/27 (Call 02/01/27)		5		4,664
2.88%, 03/25/31 (Call 12/25/30)		30		25,880
2.95%, 05/15/25 (Call 02/15/25)		45		43,673
2.95%, 04/01/30 (Call 01/01/30)		55		48,507

Security	Par (000)		Value
Software (continued)
3.60%, 04/01/40 (Call 10/01/39)	$	45	$	34,744
3.60%, 04/01/50 (Call 10/01/49)		45		31,671
3.65%, 03/25/41 (Call 09/25/40)		25		19,226
3.80%, 11/15/37 (Call 05/15/37)		30		24,675
3.85%, 04/01/60 (Call 10/01/59)		50		34,734
3.90%, 05/15/35 (Call 11/15/34)		65		55,794
3.95%, 03/25/51 (Call 09/25/50)		35		26,087
4.00%, 07/15/46 (Call 01/15/46)		10		7,692
4.00%, 11/15/47 (Call 05/15/47)		30		22,937
4.10%, 03/25/61 (Call 09/25/60)		20		14,639
4.13%, 05/15/45 (Call 11/15/44)		35		27,652
4.30%, 07/08/34 (Call 01/08/34)		25		22,667
4.38%, 05/15/55 (Call 11/15/54)		20		15,672
4.50%, 05/06/28 (Call 04/06/28)		90		88,281
4.50%, 07/08/44 (Call 01/08/44)		175		146,879
4.90%, 02/06/33 (Call 11/06/32)		75		72,418
5.38%, 07/15/40		15		14,347
5.55%, 02/06/53 (Call 08/06/52)		155		148,359
5.80%, 11/10/25		10		10,080
6.13%, 07/08/39		20		20,581
6.15%, 11/09/29 (Call 09/09/29)		25		26,140
6.25%, 11/09/32 (Call 08/09/32)		30		31,678
6.50%, 04/15/38		25		26,701
6.90%, 11/09/52 (Call 05/09/52)		35		39,490
Roper Technologies Inc.
2.95%, 09/15/29 (Call 06/15/29)		40		35,806
3.80%, 12/15/26 (Call 09/15/26)		5		4,833
3.85%, 12/15/25 (Call 09/15/25)		90		87,807
Salesforce Inc.
1.95%, 07/15/31 (Call 04/15/31)		5		4,095
2.70%, 07/15/41 (Call 01/15/41)		65		46,365
2.90%, 07/15/51 (Call 01/15/51)		25		16,629
3.05%, 07/15/61 (Call 01/15/61)		10		6,431
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		45		36,097
Take-Two Interactive Software Inc.
3.55%, 04/14/25		20		19,592
3.70%, 04/14/27 (Call 03/14/27)		5		4,780
4.00%, 04/14/32 (Call 01/14/32)		5		4,584
4.95%, 03/28/28 (Call 02/28/28)		40		39,667
5.00%, 03/28/26		5		4,973
VMware LLC
1.40%, 08/15/26 (Call 07/15/26)		5		4,546
1.80%, 08/15/28 (Call 06/15/28)		15		12,986
2.20%, 08/15/31 (Call 05/15/31)		20		16,126
3.90%, 08/21/27 (Call 05/21/27)		15		14,302
Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)		30		28,558
				2,874,637
Telecommunications — 1.5%
America Movil SAB de CV
6.13%, 03/30/40		75		78,489
6.38%, 03/01/35		20		21,670
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		25		22,000
1.70%, 03/25/26 (Call 03/11/24)		60		55,786
2.25%, 02/01/32 (Call 11/01/31)		20		16,039
2.55%, 12/01/33 (Call 09/01/33)		50		39,427
2.75%, 06/01/31 (Call 03/01/31)		10		8,515
3.30%, 02/01/52 (Call 08/01/51)		60		40,690
3.50%, 06/01/41 (Call 12/01/40)		110		84,435
3.50%, 09/15/53 (Call 03/15/53)		155		106,634
3.55%, 09/15/55 (Call 03/15/55)		160		109,008

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
3.65%, 06/01/51 (Call 12/01/50)	$	40	$	28,608
3.65%, 09/15/59 (Call 03/15/59)		150		101,647
3.80%, 02/15/27 (Call 11/15/26)		90		86,718
3.80%, 12/01/57 (Call 06/01/57)		39		27,519
3.85%, 06/01/60 (Call 12/01/59)		30		21,184
3.88%, 01/15/26 (Call 10/15/25)		5		4,877
4.25%, 03/01/27 (Call 12/01/26)		100		97,475
4.30%, 02/15/30 (Call 11/15/29)		75		71,578
4.30%, 12/15/42 (Call 06/15/42)		30		25,329
4.35%, 03/01/29 (Call 12/01/28)		25		24,149
4.35%, 06/15/45 (Call 12/15/44)		20		16,733
4.50%, 05/15/35 (Call 11/15/34)		40		36,806
4.50%, 03/09/48 (Call 09/09/47)		20		16,710
4.55%, 03/09/49 (Call 09/09/48)		25		20,974
4.75%, 05/15/46 (Call 11/15/45)		75		65,658
4.90%, 08/15/37 (Call 02/14/37)		55		51,424
5.25%, 03/01/37 (Call 09/01/36)		90		87,372
5.40%, 02/15/34 (Call 11/15/33)		15		15,020
5.54%, 02/20/26 (Call 03/11/24)		10		9,987
6.00%, 08/15/40 (Call 05/15/40)		5		5,126
6.30%, 01/15/38		15		15,856
Bell Telephone Co. of Canada or Bell Canada
3.65%, 08/15/52 (Call 02/15/52)		90		66,164
4.46%, 04/01/48 (Call 10/01/47)		20		16,999
Series US-5, 2.15%, 02/15/32 (Call 11/15/31)		15		12,031
Series US-6, 3.20%, 02/15/52 (Call 08/15/51)		15		10,074
British Telecommunications PLC, 9.63%, 12/15/30		25		30,574
Cisco Systems Inc.
2.95%, 02/28/26		10		9,639
3.50%, 06/15/25		5		4,906
5.50%, 01/15/40(a)		30		30,971
5.90%, 02/15/39		65		69,754
Corning Inc.
4.70%, 03/15/37		25		22,963
4.75%, 03/15/42		25		22,397
5.35%, 11/15/48 (Call 05/15/48)		30		28,809
5.45%, 11/15/79 (Call 05/19/79)		20		18,471
Deutsche Telekom International Finance BV
8.75%, 06/15/30		30		35,378
9.25%, 06/01/32		5		6,310
Juniper Networks Inc.
1.20%, 12/10/25 (Call 11/10/25)		20		18,537
3.75%, 08/15/29 (Call 05/15/29)		10		9,269
5.95%, 03/15/41		5		4,946
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		30		24,706
2.75%, 05/24/31 (Call 02/24/31)		10		8,342
4.60%, 02/23/28 (Call 11/23/27)		5		4,905
5.50%, 09/01/44		5		4,752
5.60%, 06/01/32 (Call 03/01/32)		5		5,015
Orange SA
5.50%, 02/06/44 (Call 08/06/43)		15		14,966
9.00%, 03/01/31		20		24,168
Rogers Communications Inc.
2.95%, 03/15/25		25		24,336
3.20%, 03/15/27 (Call 02/15/27)		30		28,246
3.63%, 12/15/25 (Call 09/15/25)		10		9,691
3.80%, 03/15/32 (Call 12/15/31)		30		26,652
4.30%, 02/15/48 (Call 08/15/47)		20		15,979
4.35%, 05/01/49 (Call 11/01/48)		55		44,174
4.50%, 03/15/42 (Call 09/15/41)		10		8,587

Security	Par (000)		Value
Telecommunications (continued)
5.00%, 03/15/44 (Call 09/15/43)	$	40	$	36,077
7.50%, 08/15/38		15		17,249
Sprint Capital Corp.
6.88%, 11/15/28		30		31,975
8.75%, 03/15/32		25		30,210
Sprint LLC, 7.63%, 03/01/26 (Call 11/01/25)		10		10,334
Telefonica Emisiones SA
5.21%, 03/08/47		150		134,786
7.05%, 06/20/36		55		60,600
Telefonica Europe BV, 8.25%, 09/15/30		35		39,726
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		15		14,052
3.40%, 05/13/32 (Call 02/13/32)		25		21,691
3.70%, 09/15/27 (Call 06/15/27)		15		14,238
4.60%, 11/16/48 (Call 05/16/48)		5		4,273
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		50		46,488
2.25%, 02/15/26 (Call 03/11/24)		65		61,236
2.25%, 11/15/31 (Call 08/15/31)		30		24,340
2.55%, 02/15/31 (Call 11/15/30)		50		42,133
2.63%, 04/15/26 (Call 03/11/24)		30		28,422
2.63%, 02/15/29 (Call 03/11/24)		140		124,340
3.00%, 02/15/41 (Call 08/15/40)		40		28,867
3.30%, 02/15/51 (Call 08/15/50)		25		17,196
3.40%, 10/15/52 (Call 04/15/52)		30		20,834
3.50%, 04/15/25 (Call 03/15/25)		70		68,447
3.50%, 04/15/31 (Call 04/15/26)		5		4,474
3.60%, 11/15/60 (Call 05/15/60)		35		24,120
3.75%, 04/15/27 (Call 02/15/27)		89		85,318
3.88%, 04/15/30 (Call 01/15/30)		120		111,426
4.50%, 04/15/50 (Call 10/15/49)		130		109,891
4.75%, 02/01/28 (Call 03/11/24)		45		44,279
5.05%, 07/15/33 (Call 04/15/33)		100		97,821
5.38%, 04/15/27 (Call 03/11/24)		50		49,936
5.65%, 01/15/53 (Call 07/15/52)		10		9,927
5.75%, 01/15/54 (Call 07/15/53)		60		60,677
5.80%, 09/15/62 (Call 03/15/62)		25		25,310
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		5		4,640
1.45%, 03/20/26 (Call 02/20/26)		5		4,636
1.75%, 01/20/31 (Call 10/20/30)		65		52,126
2.10%, 03/22/28 (Call 01/22/28)		5		4,452
2.36%, 03/15/32 (Call 12/15/31)		25		20,249
2.55%, 03/21/31 (Call 12/21/30)		34		28,644
2.63%, 08/15/26		5		4,715
2.65%, 11/20/40 (Call 05/20/40)		50		34,470
2.85%, 09/03/41 (Call 03/03/41)		65		45,784
2.88%, 11/20/50 (Call 05/20/50)		45		28,672
2.99%, 10/30/56 (Call 04/30/56)		75		46,623
3.00%, 11/20/60 (Call 05/20/60)		30		18,212
3.15%, 03/22/30 (Call 12/22/29)		25		22,380
3.40%, 03/22/41 (Call 09/22/40)		35		26,802
3.55%, 03/22/51 (Call 09/22/50)		50		36,307
3.70%, 03/22/61 (Call 09/22/60)		55		39,121
3.85%, 11/01/42 (Call 05/01/42)		60		48,257
3.88%, 03/01/52 (Call 09/01/51)		25		19,261
4.02%, 12/03/29 (Call 09/03/29)		40		37,967
4.13%, 03/16/27		50		48,627
4.13%, 08/15/46		5		4,092
4.27%, 01/15/36		10		9,077
4.33%, 09/21/28		20		19,416

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
4.40%, 11/01/34 (Call 05/01/34)	$	25	$	23,237
4.50%, 08/10/33		20		18,846
4.52%, 09/15/48		5		4,375
4.67%, 03/15/55		15		13,229
4.75%, 11/01/41		15		13,804
4.81%, 03/15/39		25		23,316
4.86%, 08/21/46		75		68,852
5.01%, 08/21/54		25		23,173
5.05%, 05/09/33 (Call 02/09/33)		25		24,750
5.25%, 03/16/37		105		104,677
5.85%, 09/15/35		80		83,542
Vodafone Group PLC
4.13%, 05/30/25		90		88,533
4.25%, 09/17/50		45		35,448
4.38%, 05/30/28		20		19,657
4.38%, 02/19/43		45		37,880
4.88%, 06/19/49		25		21,640
5.13%, 06/19/59		20		17,602
5.25%, 05/30/48		5		4,638
6.15%, 02/27/37		65		67,841
6.25%, 11/30/32		5		5,308
				4,881,725
Toys, Games & Hobbies — 0.0%
Hasbro Inc.
3.50%, 09/15/27 (Call 06/15/27)		50		46,915
3.55%, 11/19/26 (Call 09/19/26)		18		17,070
3.90%, 11/19/29 (Call 08/19/29)		15		13,764
5.10%, 05/15/44 (Call 11/15/43)		5		4,199
Mattel Inc., 5.45%, 11/01/41 (Call 05/01/41)		5		4,537
				86,485
Transportation — 0.8%
BNSF Funding Trust I, 6.61%, 12/15/55 (Call 01/15/26), (3-mo. LIBOR US + 2.350%)(b)		15		14,829
Burlington Northern Santa Fe LLC
2.88%, 06/15/52 (Call 12/15/51)		25		16,250
3.25%, 06/15/27 (Call 03/15/27)		40		38,149
3.30%, 09/15/51 (Call 03/15/51)		11		7,840
3.55%, 02/15/50 (Call 08/15/49)		25		18,830
3.90%, 08/01/46 (Call 02/01/46)		10		8,048
4.05%, 06/15/48 (Call 12/15/47)		15		12,372
4.13%, 06/15/47 (Call 12/15/46)		10		8,363
4.40%, 03/15/42 (Call 09/15/41)		10		8,887
4.45%, 01/15/53 (Call 07/15/52)		45		39,443
5.20%, 04/15/54 (Call 10/15/53)		115		112,377
5.75%, 05/01/40 (Call 11/01/39)		10		10,452
6.20%, 08/15/36		5		5,465
Canadian National Railway Co.
2.75%, 03/01/26 (Call 12/01/25)		15		14,387
3.20%, 08/02/46 (Call 02/02/46)		15		11,119
3.85%, 08/05/32 (Call 05/05/32)		15		13,802
4.45%, 01/20/49 (Call 07/20/48)		40		35,726
6.20%, 06/01/36		5		5,448
6.25%, 08/01/34		5		5,460
6.38%, 11/15/37		5		5,475
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)		70		64,177
2.05%, 03/05/30 (Call 12/05/29)		25		21,068
2.45%, 12/02/31 (Call 09/02/31)		25		22,205
2.88%, 11/15/29 (Call 08/15/29)		5		4,447
3.10%, 12/02/51 (Call 06/02/51)		35		23,808

Security	Par (000)		Value
Transportation (continued)
3.50%, 05/01/50 (Call 11/01/49)	$	4	$	2,921
4.00%, 06/01/28 (Call 03/01/28)		25		24,043
4.20%, 11/15/69 (Call 05/15/69)		10		7,824
4.80%, 09/15/35 (Call 03/15/35)		10		9,567
6.13%, 09/15/2115 (Call 03/15/2115)		15		15,766
CSX Corp.
2.40%, 02/15/30 (Call 11/15/29)		20		17,360
2.50%, 05/15/51 (Call 11/15/50)		15		9,124
2.60%, 11/01/26 (Call 08/01/26)(a)		45		42,438
3.25%, 06/01/27 (Call 03/01/27)		45		42,704
3.35%, 11/01/25 (Call 08/01/25)		85		82,514
3.35%, 09/15/49 (Call 03/15/49)		15		10,743
3.80%, 03/01/28 (Call 12/01/27)		80		76,943
3.80%, 11/01/46 (Call 05/01/46)		20		15,748
4.10%, 11/15/32 (Call 08/15/32)		20		18,661
4.30%, 03/01/48 (Call 09/01/47)		15		12,795
4.50%, 11/15/52 (Call 05/15/52)		95		83,109
4.50%, 08/01/54 (Call 02/01/54)		5		4,350
4.65%, 03/01/68 (Call 09/01/67)		10		8,594
4.75%, 11/15/48 (Call 05/15/48)		15		13,654
5.50%, 04/15/41 (Call 10/15/40)		5		5,045
6.15%, 05/01/37		10		10,834
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)		85		70,993
3.10%, 08/05/29 (Call 05/05/29)		10		9,071
3.25%, 04/01/26 (Call 01/01/26)		20		19,268
3.40%, 02/15/28 (Call 11/15/27)		33		31,158
4.05%, 02/15/48 (Call 08/15/47)		80		62,891
4.20%, 10/17/28 (Call 07/17/28)		20		19,265
4.25%, 05/15/30 (Call 02/15/30)		20		19,086
4.55%, 04/01/46 (Call 10/01/45)		35		29,809
4.75%, 11/15/45 (Call 05/15/45)		40		35,009
4.90%, 01/15/34		30		29,135
4.95%, 10/17/48 (Call 04/17/48)		5		4,502
5.25%, 05/15/50 (Call 11/15/49)(a)		10		9,436
FedEx Corp. Pass Through Trust, Series 2020-1, Class AA, 1.88%, 08/20/35		20		16,677
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		20		19,522
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		5		4,777
Norfolk Southern Corp.
2.30%, 05/15/31 (Call 02/15/31)		50		41,732
2.55%, 11/01/29 (Call 08/01/29)		5		4,394
2.90%, 06/15/26 (Call 03/15/26)		60		57,168
3.05%, 05/15/50 (Call 11/15/49)		20		13,378
3.16%, 05/15/55 (Call 11/15/54)		52		34,064
3.80%, 08/01/28 (Call 05/01/28)		15		14,350
4.45%, 03/01/33 (Call 12/01/32)(a)		5		4,757
4.55%, 06/01/53 (Call 12/01/52)		20		17,309
5.35%, 08/01/54 (Call 02/01/54)		75		73,584
Ryder System Inc.
1.75%, 09/01/26 (Call 08/01/26)		10		9,187
2.85%, 03/01/27 (Call 02/01/27)		5		4,676
2.90%, 12/01/26 (Call 10/01/26)		15		14,094
3.35%, 09/01/25 (Call 08/01/25)		10		9,693
4.63%, 06/01/25 (Call 05/01/25)		70		69,340
5.25%, 06/01/28 (Call 05/01/28)		5		5,008
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		45		41,715
2.80%, 02/14/32 (Call 12/15/31)		20		17,165
2.89%, 04/06/36 (Call 01/06/36)		80		64,518

S C H E D U L E  O F  I N V E S T M E N T S 57

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
2.97%, 09/16/62 (Call 03/16/62)	$	100	$	61,857
3.20%, 05/20/41 (Call 11/20/40)		15		11,539
3.25%, 02/05/50 (Call 08/05/49)		10		7,213
3.38%, 02/01/35 (Call 08/01/34)		15		12,803
3.50%, 02/14/53 (Call 08/14/52)		65		48,340
3.55%, 08/15/39 (Call 02/15/39)		15		12,304
3.70%, 03/01/29 (Call 12/01/28)		25		23,827
3.80%, 10/01/51 (Call 04/01/51)		35		27,599
3.80%, 04/06/71 (Call 10/06/70)		15		10,980
3.84%, 03/20/60 (Call 09/20/59)		30		22,747
3.85%, 02/14/72 (Call 08/14/71)		5		3,704
3.95%, 09/10/28 (Call 06/10/28)		45		43,648
4.10%, 09/15/67 (Call 03/15/67)		5		3,928
4.30%, 03/01/49 (Call 09/01/48)		10		8,476
4.50%, 01/20/33 (Call 10/20/32)		45		43,520
4.50%, 09/10/48 (Call 03/10/48)		25		21,921
4.75%, 02/21/26 (Call 01/21/26)		15		14,965
6.63%, 02/01/29		25		27,018
United Parcel Service Inc.
2.40%, 11/15/26 (Call 08/15/26)		25		23,532
2.50%, 09/01/29 (Call 06/01/29)		10		8,920
3.40%, 03/15/29 (Call 12/15/28)		10		9,437
3.90%, 04/01/25 (Call 03/01/25)		5		4,932
4.45%, 04/01/30 (Call 01/01/30)		20		19,657
4.88%, 03/03/33 (Call 12/03/32)		10		9,925
5.05%, 03/03/53 (Call 09/03/52)		25		24,231
5.20%, 04/01/40 (Call 10/01/39)		15		14,906
5.30%, 04/01/50 (Call 10/01/49)		35		35,095
6.20%, 01/15/38		85		92,953
Walmart Inc., 3.95%, 09/09/27 (Call 08/09/27)		30		29,392
				2,599,264
Trucking & Leasing — 0.0%
GATX Corp.
1.90%, 06/01/31 (Call 03/01/31)		5		3,934
3.10%, 06/01/51 (Call 12/01/50)		5		3,213
3.25%, 09/15/26 (Call 06/15/26)		5		4,765
3.50%, 06/01/32 (Call 03/01/32)		60		51,882
4.55%, 11/07/28 (Call 08/07/28)(a)		15		14,646
4.70%, 04/01/29 (Call 01/01/29)		50		48,881
				127,321
Venture Capital — 0.0%
Hercules Capital Inc.
2.63%, 09/16/26 (Call 08/16/26)		10		9,006
3.38%, 01/20/27 (Call 12/20/26)		30		27,205
				36,211
Water — 0.1%
American Water Capital Corp.
2.30%, 06/01/31 (Call 03/01/31)		35		28,967
2.95%, 09/01/27 (Call 06/01/27)		25		23,309
3.45%, 06/01/29 (Call 03/01/29)		10		9,296
3.75%, 09/01/47 (Call 03/01/47)		35		27,164
4.30%, 12/01/42 (Call 06/01/42)		5		4,366
4.30%, 09/01/45 (Call 03/01/45)		15		12,797
6.59%, 10/15/37		15		16,843
Essential Utilities Inc.
3.35%, 04/15/50 (Call 10/15/49)		25		17,284
3.57%, 05/01/29 (Call 02/01/29)		115		106,610
5.30%, 05/01/52 (Call 11/01/51)		5		4,643

Security	Par (000)		Value
Water (continued)
United Utilities PLC, 6.88%, 08/15/28	$	20	$	21,186
				272,465
Total Corporate Bonds & Notes — 35.5% (Cost: $121,971,526)				117,150,007
Foreign Government Obligations(e)
Canada — 0.3%
Canada Government International Bond
0.75%, 05/19/26		5		4,596
3.75%, 04/26/28		25		24,375
Export Development Canada, 3.00%, 05/25/27		20		19,101
Hydro-Quebec, Series HK, 9.38%, 04/15/30		10		12,287
Province of Alberta Canada
1.00%, 05/20/25		50		47,607
1.30%, 07/22/30		55		45,122
3.30%, 03/15/28		15		14,285
Province of British Columbia Canada
0.90%, 07/20/26		85		77,775
1.30%, 01/29/31(a)		125		101,340
2.25%, 06/02/26		10		9,476
7.25%, 09/01/36		15		18,316
Province of Manitoba Canada, 2.13%, 06/22/26		65		61,298
Province of Ontario Canada
0.63%, 01/21/26		25		23,123
1.05%, 04/14/26		95		87,945
1.13%, 10/07/30		5		4,031
1.60%, 02/25/31		10		8,247
2.30%, 06/15/26		50		47,368
2.50%, 04/27/26		70		66,786
Province of Quebec Canada
0.60%, 07/23/25		215		202,409
1.35%, 05/28/30		60		49,650
				925,137
Chile — 0.1%
Chile Government International Bond
3.10%, 01/22/61 (Call 07/22/60)		25		15,647
3.25%, 09/21/71 (Call 03/21/71)		5		3,136
3.50%, 01/25/50 (Call 07/25/49)		200		144,927
3.86%, 06/21/47		10		7,840
4.95%, 01/05/36 (Call 10/05/35)		200		193,299
				364,849
Hungary — 0.0%
Hungary Government International Bond, 7.63%, 03/29/41		25		28,640
Indonesia — 0.2%
Indonesia Government International Bond
2.15%, 07/28/31 (Call 04/28/31)		15		12,272
2.85%, 02/14/30		200		177,302
3.05%, 03/12/51		5		3,486
3.35%, 03/12/71		10		6,544
3.70%, 10/30/49		10		7,674
3.85%, 10/15/30		200		185,931
4.10%, 04/24/28		10		9,665
4.45%, 04/15/70		15		12,453
4.65%, 09/20/32 (Call 06/20/32)		200		193,175
4.85%, 01/11/33 (Call 10/11/32)		200		196,239
				804,741

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Israel — 0.1%
Israel Government International Bond, 4.50%, 01/17/33	$	200	$	185,941
State of Israel, 2.50%, 01/15/30		200		170,809
				356,750
Italy — 0.1%
Republic of Italy Government International Bond, 2.88%, 10/17/29		270		237,867
Japan — 0.2%
Japan Bank for International Cooperation
2.75%, 11/16/27		280		261,278
4.25%, 01/26/26		50		49,344
Japan International Cooperation Agency, 3.25%, 05/25/27		200		190,372
				500,994
Mexico — 0.4%
Mexico Government International Bond
2.66%, 05/24/31 (Call 02/24/31)		200		165,598
4.15%, 03/28/27		200		195,001
4.28%, 08/14/41 (Call 02/14/41)		15		11,915
4.50%, 04/22/29		5		4,809
4.50%, 01/31/50 (Call 07/31/49)		200		155,595
4.60%, 01/23/46		250		199,459
4.75%, 03/08/44		25		20,641
4.88%, 05/19/33 (Call 02/19/33)		200		188,301
5.00%, 04/27/51 (Call 10/27/50)		10		8,322
5.55%, 01/21/45(a)		5		4,604
5.75%, 12/31/99		5		4,323
6.34%, 05/04/53 (Call 11/04/52)		200		195,396
6.75%, 09/27/34		15		15,818
7.50%, 04/08/33		5		5,612
11.50%, 05/15/26		5		5,696
				1,181,090
Panama — 0.1%
Panama Government International Bond
3.87%, 07/23/60 (Call 01/23/60)		10		5,589
4.50%, 04/01/56 (Call 10/01/55)		160		100,873
6.70%, 01/26/36		290		274,216
6.85%, 03/28/54 (Call 09/28/53)		5		4,403
				385,081
Peru — 0.1%
Peruvian Government International Bond
2.78%, 01/23/31 (Call 10/23/30)		180		153,113
2.78%, 12/01/60 (Call 06/01/60)		40		22,938
2.84%, 06/20/30		5		4,357
3.00%, 01/15/34 (Call 10/15/33)		150		121,948
3.23%, 12/31/99 (Call 01/28/2121)		5		2,858
4.13%, 08/25/27		25		24,173
6.55%, 03/14/37		85		91,680
8.75%, 11/21/33		31		38,055
				459,122
Philippines — 0.2%
Philippine Government International Bond
1.95%, 01/06/32		20		15,964
2.65%, 12/10/45		5		3,262
2.95%, 05/05/45		360		249,000
3.00%, 02/01/28		10		9,287
3.20%, 07/06/46		5		3,560
3.56%, 09/29/32		5		4,463
3.75%, 01/14/29		200		189,542

Security	Par (000)		Value
Philippines (continued)
4.20%, 03/29/47	$	10	$	8,342
9.50%, 02/02/30		100		122,718
				606,138
Poland — 0.0%
Republic of Poland Government International Bond
4.88%, 10/04/33 (Call 07/04/33)		22		21,540
5.50%, 04/04/53 (Call 10/04/52)		55		54,933
5.75%, 11/16/32 (Call 08/16/32)		60		62,557
				139,030
South Korea — 0.1%
Export-Import Bank of Korea
2.63%, 05/26/26		200		189,999
4.50%, 01/11/29		200		197,954
				387,953
Supranational — 1.5%
African Development Bank
0.88%, 03/23/26		135		124,961
3.38%, 07/07/25		5		4,898
4.38%, 11/03/27		76		75,732
4.38%, 03/14/28		30		29,915
Asian Development Bank
0.38%, 09/03/25		130		121,586
0.50%, 02/04/26		165		152,321
0.63%, 04/29/25		130		123,619
0.75%, 10/08/30		15		11,887
1.00%, 04/14/26		160		148,272
1.50%, 01/20/27		10		9,192
1.75%, 09/19/29(a)		15		13,061
1.88%, 01/24/30		45		39,086
2.00%, 04/24/26		105		99,309
3.13%, 08/20/27		200		191,377
3.88%, 06/14/33		50		47,972
4.00%, 01/12/33		80		77,601
4.25%, 01/09/26		5		4,957
4.50%, 08/25/28(a)		20		20,092
4.63%, 06/13/25		5		4,977
5.82%, 06/16/28		35		36,747
Asian Infrastructure Investment Bank (The)
0.50%, 01/27/26		40		36,912
3.38%, 06/29/25		25		24,469
3.75%, 09/14/27		5		4,870
4.00%, 01/18/28		10		9,809
Council of Europe Development Bank
0.88%, 09/22/26(a)		35		31,880
3.75%, 05/25/26		15		14,710
European Bank for Reconstruction & Development
0.50%, 05/19/25		5		4,736
0.50%, 11/25/25		20		18,582
0.50%, 01/28/26		15		13,856
4.38%, 03/09/28		5		4,987
European Investment Bank
0.38%, 12/15/25		25		23,141
0.38%, 03/26/26		475		435,453
0.75%, 10/26/26		20		18,133
0.75%, 09/23/30		35		27,902
1.25%, 02/14/31		40		32,695
1.63%, 10/09/29		35		30,289
1.63%, 05/13/31		10		8,348
2.13%, 04/13/26		25		23,745
2.75%, 08/15/25		15		14,556

S C H E D U L E  O F  I N V E S T M E N T S 59

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational (continued)
3.25%, 11/15/27	$	20	$	19,192
3.75%, 02/14/33		455		434,733
3.88%, 03/15/28		35		34,307
4.88%, 02/15/36		10		10,368
Inter-American Development Bank
0.63%, 07/15/25		125		117,912
0.63%, 09/16/27		50		43,772
0.88%, 04/03/25		40		38,234
0.88%, 04/20/26		170		157,076
1.13%, 07/20/28		103		89,675
1.13%, 01/13/31		55		44,440
1.75%, 03/14/25		10		9,664
2.00%, 06/02/26		10		9,435
2.25%, 06/18/29		55		49,469
2.38%, 07/07/27		85		79,476
3.13%, 09/18/28		60		56,859
3.50%, 04/12/33		50		46,532
4.38%, 01/24/44		30		28,497
4.50%, 05/15/26		5		4,985
Inter-American Investment Corp., 4.13%, 02/15/28		5		4,912
International Bank for Reconstruction & Development
0.38%, 07/28/25		15		14,085
0.50%, 10/28/25		45		41,939
0.75%, 03/11/25		25		23,930
0.75%, 11/24/27		10		8,740
0.75%, 08/26/30		120		95,404
0.88%, 07/15/26		15		13,761
0.88%, 05/14/30		60		48,529
1.13%, 09/13/28		100		86,698
1.25%, 02/10/31		55		44,720
1.38%, 04/20/28		55		48,695
1.63%, 11/03/31		75		61,664
1.75%, 10/23/29		15		13,030
1.88%, 10/27/26(a)		89		83,111
2.50%, 07/29/25		65		62,884
2.50%, 11/22/27		45		42,018
2.50%, 03/29/32		150		130,991
3.13%, 06/15/27		230		220,660
3.50%, 07/12/28		30		28,938
3.63%, 09/21/29		5		4,815
3.88%, 02/14/30		15		14,591
4.00%, 07/25/30		5		4,888
4.00%, 01/10/31		100		97,578
4.75%, 11/14/33		55		56,496
International Finance Corp.
0.38%, 07/16/25(a)		5		4,701
0.75%, 10/08/26		199		180,694
0.75%, 08/27/30		25		19,917
2.13%, 04/07/26		35		33,247
4.50%, 07/13/28		5		5,022
				4,887,919
Uruguay — 0.1%
Uruguay Government International Bond
4.98%, 04/20/55		45		41,902
5.10%, 06/18/50		90		86,418
5.75%, 10/28/34 (Call 07/28/34)		70		73,596
				201,916
Total Foreign Government Obligations — 3.5% (Cost: $12,040,911)				11,467,227

Security	Par (000)		Value
Municipal Debt Obligations
California — 0.4%
Bay Area Toll Authority RB BAB, Series S1, 6.92%, 04/01/40	$	75	$	85,560
California State University RB, Class B, 2.72%, 11/01/52		70		46,815
City of San Francisco California Public Utilities Commission Water Revenue RB BAB, 6.95%, 11/01/50		20		23,710
East Bay Municipal Utility District Water System Revenue RB BAB, Series B, 5.87%, 06/01/40		100		106,225
Los Angeles Community College District/CA GO BAB, 6.75%, 08/01/49		25		30,176
Los Angeles Department of Water & Power RB BAB, Series A, 5.72%, 07/01/39		20		20,738
Los Angeles Unified School District/CA GO BAB, Series RY, 6.76%, 07/01/34		100		109,625
Regents of the University of California Medical Center Pooled Revenue RB, 3.01%, 05/15/50 (Call 11/15/49)		100		68,687
State of California GO
2.50%, 10/01/29		50		44,710
3.38%, 04/01/25		25		24,554
State of California GO BAB
7.30%, 10/01/39(a)		150		175,353
7.55%, 04/01/39(a)		50		60,753
7.60%, 11/01/40		95		117,528
University of California RB
Series AD, 4.86%, 05/15/2112		25		23,021
Series BD, 3.35%, 07/01/29		35		32,944
Series BG, 1.61%, 05/15/30 (Call 02/15/30)		100		83,530
Series BG, 3.07%, 05/15/51 (Call 05/15/31)		10		6,688
University of California RB BAB, 5.95%, 05/15/45		100		105,175
				1,165,792
Florida — 0.0%
County of Miami-Dade FL Aviation Revenue RB, Series C, 4.28%, 10/01/41 (Call 10/01/28)		100		90,032
Georgia — 0.0%
Municipal Electric Authority of Georgia RB BAB, Project M, Series 2010-A, 6.66%, 04/01/57		20		22,225
Illinois — 0.1%
Chicago O’Hare International Airport RB, Series C, 4.47%, 01/01/49		45		41,319
Chicago Transit Authority Sales & Transfer Tax Receipts Revenue RB, Series A, 6.90%, 12/01/40		24		26,967
State of Illinois GO, 5.10%, 06/01/33(a)		200		197,015
State of Illinois GO BAB, Series 5, 7.35%, 07/01/35		43		46,249
				311,550
Massachusetts — 0.0%
Commonwealth of Massachusetts GOL BAB, Series E, 5.46%, 12/01/39		25		25,924
Michigan — 0.0%
Michigan Finance Authority RB, 3.38%, 12/01/40		25		20,381
New Jersey — 0.1%
New Jersey Transportation Trust Fund Authority RB BAB, Series C, 5.75%, 12/15/28		50		50,521

60 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
New Jersey Turnpike Authority RB BAB, Series A, 7.10%, 01/01/41	$	100	$	116,886
				167,407
New York — 0.1%
City of New York GO BAB, Series F1, 6.27%, 12/01/37		100		107,807
Metropolitan Transportation Authority RB BAB, Series 2010-A, 6.67%, 11/15/39		45		49,090
New York City Municipal Water Finance Authority RB BAB, 5.44%, 06/15/43		50		50,861
New York State Dormitory Authority RB BAB, Series F, 5.63%, 03/15/39		15		15,548
New York State Urban Development Corp. RB BAB, 5.77%, 03/15/39		85		85,983
Port Authority of New York & New Jersey RB 3.29%, 08/01/69		45		30,167
Series 174, 4.46%, 10/01/62		95		84,688
Series 182, 5.31%, 08/01/46 (Call 08/01/24)		50		49,400
				473,544
Ohio — 0.0%
American Municipal Power Inc. RB BAB, Series B, 8.08%, 02/15/50		45		60,090
JobsOhio Beverage System RB, Series B, 4.53%, 01/01/35		25		24,562
				84,652
Oregon — 0.0%
State of Oregon GO, 5.89%, 06/01/27		50		50,791
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facility Building RB, Series 2016B, 4.05%, 07/01/26 (Call 04/01/26)		75		73,009
Texas — 0.1%
Dallas Area Rapid Transit RB BAB, 5.02%, 12/01/48(a)		25		24,344
Grand Parkway Transportation Corp. RB, 3.24%, 10/01/52 (Call 04/01/30)		50		36,234
North Texas Tollway Authority RB BAB, Series B, 6.72%, 01/01/49(a)		25		29,405
State of Texas GO BAB, 5.52%, 04/01/39(a)		65		67,976
Texas Natural Gas Securitization Finance Corp.
5.10%, 04/01/35		15		15,138
5.17%, 04/01/41		65		65,927
				239,024
Virginia — 0.0%
University of Virginia RB, Series C, 4.18%, 09/01/2117 (Call 03/01/2117)		25		19,962
Washington — 0.0%
State of Washington GO BAB, Series F, 5.14%, 08/01/40		45		45,390
Wisconsin — 0.0%
State of Wisconsin RB, 3.95%, 05/01/36 (Call 05/01/27)		25		22,790
Total Municipal Debt Obligations — 0.8% (Cost: $3,076,128)				2,812,473

Security	Par (000)		Value
U.S. Government & Agency Obligations
U.S. Government Agency Obligations — 1.4%
Federal Home Loan Banks
0.38%, 09/04/25	$	10	$	9,361
0.50%, 04/14/25		10		9,520
3.13%, 09/12/25		10		9,734
3.25%, 06/09/28		90		86,213
3.25%, 11/16/28		990		947,804
5.50%, 07/15/36		35		38,245
Federal Home Loan Mortgage Corp., 6.25%, 07/15/32		225		255,022
Federal National Mortgage Association
0.63%, 04/22/25		500		476,203
0.88%, 08/05/30		500		403,042
1.63%, 01/07/25		400		388,519
1.88%, 09/24/26		475		445,135
5.63%, 07/15/37		286		315,478
6.25%, 05/15/29		50		54,452
6.63%, 11/15/30		100		112,884
7.25%, 05/15/30		35		40,490
Tennessee Valley Authority
3.50%, 12/15/42		67		54,442
5.25%, 09/15/39		215		222,710
5.50%, 06/15/38		10		10,657
5.88%, 04/01/36		50		55,648
6.15%, 01/15/38		285		320,618
7.13%, 05/01/30		190		216,465
Series A, 2.88%, 02/01/27		100		95,502
				4,568,144
U.S. Government Obligations — 57.4%
U.S. Treasury Note/Bond
0.25%, 05/31/25		300		283,148
0.25%, 06/30/25		300		282,305
0.25%, 07/31/25		250		234,424
0.25%, 08/31/25		30		27,946
0.25%, 09/30/25		400		372,641
0.25%, 10/31/25		300		278,578
0.38%, 04/30/25		400		379,453
0.38%, 11/30/25		400		371,094
0.38%, 12/31/25		350		323,791
0.38%, 01/31/26		400		368,828
0.38%, 07/31/27		350		305,922
0.38%, 09/30/27		500		434,531
0.50%, 03/31/25		400		381,188
0.50%, 02/28/26		550		507,031
0.50%, 06/30/27		450		396,316
0.50%, 08/31/27		600		525,375
0.50%, 10/31/27		500		435,273
0.63%, 07/31/26		300		273,516
0.63%, 03/31/27		100		89,234
0.63%, 11/30/27		300		261,727
0.63%, 12/31/27		610		530,605
0.63%, 05/15/30		350		281,012
0.63%, 08/15/30		775		617,033
0.75%, 03/31/26		400		369,844
0.75%, 04/30/26		700		645,203
0.75%, 05/31/26		400		367,719
0.75%, 08/31/26		300		273,656
0.75%, 01/31/28		850		741,227
0.88%, 06/30/26		500		460,078
0.88%, 09/30/26		500		456,641
1.00%, 07/31/28		700		607,961

S C H E D U L E  O F  I N V E S T M E N T S 61

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
1.13%, 02/28/25	$	700	$	673,477
1.13%, 10/31/26		400		366,625
1.13%, 02/28/27		300		272,555
1.13%, 02/29/28		400		353,375
1.13%, 08/31/28		300		261,398
1.13%, 02/15/31		1,000		815,469
1.13%, 05/15/40		1,150		709,586
1.13%, 08/15/40		400		244,375
1.25%, 11/30/26		700		642,469
1.25%, 12/31/26		700		641,375
1.25%, 03/31/28		400		354,438
1.25%, 04/30/28		200		176,813
1.25%, 05/31/28		550		485,160
1.25%, 06/30/28		680		598,559
1.25%, 09/30/28		800		699,563
1.25%, 08/15/31		1,100		890,656
1.25%, 05/15/50		390		198,108
1.38%, 10/31/28		600		526,828
1.38%, 11/15/31		1,620		1,315,237
1.38%, 11/15/40		780		495,178
1.38%, 08/15/50		1,150		603,750
1.50%, 02/15/25		950		918,049
1.50%, 08/15/26		630		586,146
1.50%, 01/31/27		400		368,250
1.50%, 11/30/28		500		440,820
1.63%, 02/15/26		400		377,625
1.63%, 05/15/26		400		375,438
1.63%, 09/30/26		300		279,398
1.63%, 10/31/26		300		278,672
1.63%, 11/30/26		300		278,273
1.63%, 05/15/31		920		771,219
1.63%, 11/15/50		760		426,906
1.75%, 03/15/25		900		870,152
1.75%, 01/31/29		600		533,391
1.75%, 08/15/41		780		519,553
1.88%, 07/31/26		200		188,000
1.88%, 02/28/27		500		464,570
1.88%, 02/28/29		300		267,914
1.88%, 02/15/32		1,300		1,091,797
1.88%, 02/15/41		850		585,703
1.88%, 02/15/51		500		299,453
1.88%, 11/15/51		630		375,638
2.00%, 02/15/25		1,175		1,140,989
2.00%, 08/15/25		400		384,203
2.00%, 11/15/26		650		609,426
2.00%, 11/15/41		500		346,094
2.00%, 02/15/50		580		361,231
2.00%, 08/15/51		700		431,375
2.13%, 05/15/25		250		241,836
2.13%, 05/31/26		500		474,219
2.25%, 11/15/25		350		335,836
2.25%, 03/31/26		500		476,875
2.25%, 02/15/27		300		282,070
2.25%, 08/15/27		250		233,066
2.25%, 11/15/27		400		371,406
2.25%, 05/15/41		750		547,617
2.25%, 08/15/46		265		179,993
2.25%, 02/15/52		680		445,081
2.38%, 04/30/26		500		477,422
2.38%, 05/15/27		500		470,039
2.38%, 03/31/29		900		822,516

Security	Par (000)		Value
U.S. Government Obligations (continued)
2.38%, 05/15/29	$	500	$	456,172
2.38%, 02/15/42		550		404,336
2.38%, 11/15/49		300		204,094
2.38%, 05/15/51		470		317,323
2.50%, 03/31/27		400		378,250
2.50%, 02/15/45		395		286,313
2.50%, 02/15/46		300		215,297
2.50%, 05/15/46		260		186,103
2.63%, 04/15/25		500		487,168
2.63%, 05/31/27		400		378,688
2.63%, 07/31/29		400		368,500
2.75%, 02/28/25		400		391,125
2.75%, 05/15/25		400		389,828
2.75%, 08/31/25		200		194,031
2.75%, 04/30/27		400		380,594
2.75%, 07/31/27		600		569,156
2.75%, 02/15/28		300		282,820
2.75%, 05/31/29		402		373,080
2.75%, 08/15/32		700		624,969
2.75%, 08/15/42		190		147,784
2.75%, 11/15/42		300		232,500
2.75%, 08/15/47		200		148,688
2.75%, 11/15/47		620		460,059
2.88%, 04/30/25		400		390,578
2.88%, 05/31/25		230		224,349
2.88%, 06/15/25		400		389,906
2.88%, 07/31/25		200		194,633
2.88%, 11/30/25		200		193,859
2.88%, 05/15/28		200		188,984
2.88%, 08/15/28		500		471,250
2.88%, 04/30/29		300		280,734
2.88%, 05/15/32		700		632,844
2.88%, 05/15/43		400		314,813
2.88%, 08/15/45		200		154,438
2.88%, 11/15/46		150		114,773
2.88%, 05/15/49		300		226,828
2.88%, 05/15/52		1,070		806,178
3.00%, 07/15/25		400		390,203
3.00%, 09/30/25		200		194,594
3.00%, 10/31/25		400		388,813
3.00%, 05/15/42		200		162,063
3.00%, 11/15/44		200		158,656
3.00%, 05/15/45		200		158,188
3.00%, 11/15/45		140		110,316
3.00%, 02/15/47		200		156,281
3.00%, 05/15/47		100		78,031
3.00%, 02/15/48		770		598,434
3.00%, 08/15/48		850		659,547
3.00%, 02/15/49		150		116,250
3.00%, 08/15/52		870		673,027
3.13%, 08/15/25		900		878,660
3.13%, 08/31/27		600		575,813
3.13%, 11/15/28		600		570,469
3.13%, 08/31/29		250		235,957
3.13%, 02/15/43		820		673,041
3.13%, 08/15/44		300		243,422
3.13%, 05/15/48		350		278,141
3.25%, 06/30/27		600		579,141
3.25%, 06/30/29		250		237,832
3.25%, 05/15/42		400		336,500
3.38%, 05/15/33		1,700		1,586,312

62 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
3.38%, 08/15/42	$	450	$	384,820
3.38%, 11/15/48		6,340		5,266,162
3.50%, 09/15/25		1,100		1,078,859
3.50%, 01/31/28		1,400		1,358,000
3.50%, 04/30/28		1,000		969,062
3.50%, 01/31/30		800		767,687
3.50%, 04/30/30		1,100		1,053,937
3.50%, 02/15/33		2,250		2,122,734
3.50%, 02/15/39		800		727,375
3.63%, 05/15/26		880		862,675
3.63%, 03/31/28		1,000		973,906
3.63%, 05/31/28		700		681,461
3.63%, 03/31/30		200		193,047
3.63%, 08/15/43		300		264,469
3.63%, 02/15/53		810		708,497
3.63%, 05/15/53		950		831,695
3.75%, 04/15/26		400		393,219
3.75%, 12/31/28		1,400		1,368,281
3.75%, 05/31/30		300		291,305
3.75%, 06/30/30		300		291,234
3.75%, 12/31/30		600		581,531
3.75%, 11/15/43		200		179,344
3.88%, 03/31/25		1,200		1,185,656
3.88%, 04/30/25		800		790,250
3.88%, 01/15/26		500		492,891
3.88%, 11/30/27		200		196,688
3.88%, 12/31/27		300		295,008
3.88%, 09/30/29		200		196,031
3.88%, 11/30/29		200		195,953
3.88%, 12/31/29		700		685,617
3.88%, 08/15/33		1,940		1,882,103
3.88%, 02/15/43		750		686,953
3.88%, 05/15/43		850		777,352
4.00%, 12/15/25		700		691,469
4.00%, 02/15/26		500		494,063
4.00%, 01/15/27		2,000		1,976,562
4.00%, 02/29/28		1,100		1,086,508
4.00%, 06/30/28		2,800		2,766,312
4.00%, 01/31/29(a)		1,400		1,383,812
4.00%, 10/31/29		200		197,188
4.00%, 02/28/30		900		886,711
4.00%, 07/31/30		2,600		2,559,781
4.00%, 02/15/34		800		784,375
4.00%, 11/15/42		300		280,125
4.00%, 11/15/52		1,050		983,555
4.13%, 06/15/26		17,500		17,337,305
4.13%, 09/30/27		600		595,172
4.13%, 07/31/28		2,600		2,581,719
4.13%, 08/31/30		11,450		11,348,023
4.13%, 11/15/32		1,050		1,039,008
4.13%, 08/15/53		3,320		3,180,975
4.25%, 05/31/25		450		446,291
4.25%, 10/15/25		2,600		2,578,977
4.25%, 02/28/29		800		800,062
4.25%, 02/28/31		700		699,234
4.25%, 02/15/54		400		392,625
4.38%, 08/15/26		1,000		996,719
4.38%, 12/15/26		1,050		1,047,949
4.38%, 08/31/28		10,850		10,884,754
4.38%, 11/30/28		1,800		1,807,734

Security	Par (000)		Value
U.S. Government Obligations (continued)
4.38%, 11/30/30	$	1,270	$	1,277,144
4.38%, 02/15/38		840		849,450
4.38%, 08/15/43		5,880		5,758,725
4.50%, 11/15/25		700		697,266
4.50%, 07/15/26		5,500		5,495,703
4.50%, 11/15/33		1,750		1,783,359
4.50%, 05/15/38		900		919,969
4.50%, 08/15/39		200		203,125
4.63%, 02/28/25(a)		800		796,625
4.63%, 06/30/25		1,000		996,797
4.63%, 03/15/26		300		300,000
4.63%, 10/15/26		900		903,023
4.63%, 11/15/26		1,000		1,003,750
4.63%, 09/30/28		600		608,109
4.63%, 09/30/30		200		203,938
4.75%, 07/31/25		800		799,000
4.75%, 02/15/37		60		63,328
4.75%, 11/15/43		400		411,750
4.75%, 11/15/53		1,200		1,277,625
4.88%, 10/31/28		600		614,672
4.88%, 10/31/30(a)		700		723,844
5.00%, 05/15/37		90		97,088
6.50%, 11/15/26		100		104,953
6.88%, 08/15/25		300		308,695
				189,396,039
Total U.S. Government & Agency Obligations — 58.8% (Cost: $204,143,121)				193,964,183
Total Long-Term Investments — 98.6% (Cost: $341,231,686)				325,393,890

	Shares
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(f)(g)(h)		7,236,146		7,236,146
Total Short-Term Securities — 2.2% (Cost: $7,236,146)				7,236,146
Total Investments — 100.8% (Cost: $348,467,832)				332,630,036
Liabilities in Excess of Other Assets — (0.8)%				(2,491,651	)
Net Assets — 100.0%			$	330,138,385

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

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

^(c) Zero-coupon bond.

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

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

^(f) Affiliate of the Fund.

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

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

S C H E D U L E  O F  I N V E S T M E N T S 63

Schedule of Investments (continued) February 29, 2024 iShares^® Government/Credit Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	2,750,845	$	4,485,301	(a)	$	—	$	—	$	—	$	7,236,146		7,236,146	$	79,051	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	117,150,007	$	—	$	117,150,007
Foreign Government Obligations		—		11,467,227		—		11,467,227
Municipal Debt Obligations		—		2,812,473		—		2,812,473
U.S. Government & Agency Obligations		—		193,964,183		—		193,964,183
Short-Term Securities
Money Market Funds		7,236,146		—		—		7,236,146
	$	7,236,146	$	325,393,890	$	—	$	332,630,036

See notes to financial statements.

64 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® Intermediate Government/Credit 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)
2.40%, 03/01/31 (Call 12/01/30)	$	100	$	83,292
4.65%, 10/01/28 (Call 07/01/28)		135		132,200
4.75%, 03/30/30 (Call 12/30/29)		180		175,057
5.38%, 06/15/33 (Call 03/15/33)		105		103,884
Omnicom Group Inc.
2.45%, 04/30/30 (Call 01/30/30)		130		111,171
2.60%, 08/01/31 (Call 05/01/31)		210		176,276
4.20%, 06/01/30 (Call 03/01/30)		155		146,639
Omnicom Group Inc./Omnicom Capital Inc., 3.60%, 04/15/26 (Call 01/15/26)		433		419,453
				1,347,972
Aerospace & Defense — 0.5%
Boeing Co. (The)
2.20%, 02/04/26 (Call 03/11/24)		1,190		1,117,396
2.25%, 06/15/26 (Call 03/15/26)		110		102,405
2.60%, 10/30/25 (Call 07/30/25)		65		61,963
2.70%, 02/01/27 (Call 12/01/26)		250		232,666
2.75%, 02/01/26 (Call 01/01/26)		335		318,069
2.80%, 03/01/27 (Call 12/01/26)		130		120,650
2.95%, 02/01/30 (Call 11/01/29)		185		161,808
3.10%, 05/01/26 (Call 03/01/26)		165		157,057
3.20%, 03/01/29 (Call 12/01/28)		223		201,562
3.25%, 02/01/28 (Call 12/01/27)		120		111,235
3.25%, 03/01/28 (Call 12/01/27)		130		120,130
3.45%, 11/01/28 (Call 08/01/28)		130		119,738
3.63%, 02/01/31 (Call 11/01/30)		295		264,093
4.88%, 05/01/25 (Call 04/01/25)		759		752,372
5.04%, 05/01/27 (Call 03/01/27)		525		520,145
5.15%, 05/01/30 (Call 02/01/30)		993		976,246
6.13%, 02/15/33		90		93,359
General Dynamics Corp.
1.15%, 06/01/26 (Call 05/01/26)		155		142,695
2.13%, 08/15/26 (Call 05/15/26)		200		187,140
2.25%, 06/01/31 (Call 03/01/31)		110		92,261
2.63%, 11/15/27 (Call 08/15/27)		71		65,665
3.25%, 04/01/25 (Call 03/01/25)		241		235,952
3.50%, 05/15/25 (Call 03/15/25)		205		201,066
3.50%, 04/01/27 (Call 02/01/27)		235		226,116
3.63%, 04/01/30 (Call 01/01/30)		262		244,476
3.75%, 05/15/28 (Call 02/15/28)		285		274,251
HEICO Corp.
5.25%, 08/01/28 (Call 07/01/28)		15		15,095
5.35%, 08/01/33 (Call 05/01/33)		55		54,667
Hexcel Corp.
4.20%, 02/15/27 (Call 11/15/26)		90		85,684
4.95%, 08/15/25 (Call 05/15/25)		70		69,082
L3Harris Technologies Inc.
1.80%, 01/15/31 (Call 10/15/30)		155		124,621
2.90%, 12/15/29 (Call 09/15/29)		170		150,666
3.83%, 04/27/25 (Call 01/27/25)		265		260,052
3.85%, 12/15/26 (Call 09/15/26)		215		207,673
4.40%, 06/15/28 (Call 03/15/28)		323		313,699
5.40%, 01/15/27		260		261,691
5.40%, 07/31/33 (Call 04/30/33)		250		250,156
Lockheed Martin Corp.
1.85%, 06/15/30 (Call 03/15/30)		115		96,150
3.55%, 01/15/26 (Call 10/15/25)		319		310,798
3.90%, 06/15/32 (Call 03/15/32)		200		185,395

Security	Par (000)		Value
Aerospace & Defense (continued)
4.50%, 02/15/29 (Call 01/15/29)	$	110	$	108,076
4.95%, 10/15/25 (Call 09/15/25)		130		129,817
5.10%, 11/15/27 (Call 10/15/27)		255		257,721
5.25%, 01/15/33 (Call 10/15/32)		255		259,877
Northrop Grumman Corp.
3.20%, 02/01/27 (Call 11/01/26)		249		237,270
3.25%, 01/15/28 (Call 10/15/27)		400		375,084
4.40%, 05/01/30 (Call 02/01/30)		230		221,639
4.60%, 02/01/29 (Call 01/01/29)		150		147,001
4.70%, 03/15/33 (Call 12/15/32)		245		236,315
4.90%, 06/01/34 (Call 03/01/34)		150		146,078
RTX Corp.
1.90%, 09/01/31 (Call 06/01/31)		245		195,065
2.25%, 07/01/30 (Call 04/01/30)		260		220,040
2.38%, 03/15/32 (Call 12/15/31)		235		190,455
2.65%, 11/01/26 (Call 08/01/26)		165		155,270
3.13%, 05/04/27 (Call 02/04/27)		278		262,363
3.50%, 03/15/27 (Call 12/15/26)		280		267,600
3.95%, 08/16/25 (Call 06/16/25)		407		399,228
4.13%, 11/16/28 (Call 08/16/28)		640		614,669
5.00%, 02/27/26 (Call 01/27/26)		140		139,642
5.15%, 02/27/33 (Call 11/27/32)		300		296,929
5.75%, 11/08/26 (Call 10/08/26)		265		268,857
5.75%, 01/15/29 (Call 12/15/28)		140		144,124
6.00%, 03/15/31 (Call 01/15/31)		215		223,957
6.10%, 03/15/34 (Call 12/15/33)		225		237,901
7.20%, 08/15/27		12		12,822
7.50%, 09/15/29		85		94,352
				15,328,097
Agriculture — 0.4%
Altria Group Inc.
2.35%, 05/06/25 (Call 04/06/25)		265		255,769
2.45%, 02/04/32 (Call 11/04/31)		410		328,193
2.63%, 09/16/26 (Call 06/16/26)		183		171,920
3.40%, 05/06/30 (Call 02/06/30)		175		157,500
4.40%, 02/14/26 (Call 12/14/25)		245		241,076
4.80%, 02/14/29 (Call 11/14/28)		216		212,161
6.20%, 11/01/28 (Call 10/01/28)		115		119,395
6.88%, 11/01/33 (Call 08/01/33)		105		113,076
Archer-Daniels-Midland Co.
2.50%, 08/11/26 (Call 05/11/26)		278		261,751
2.90%, 03/01/32 (Call 12/01/31)		145		123,566
3.25%, 03/27/30 (Call 12/27/29)		255		230,701
4.50%, 08/15/33 (Call 05/15/33)(a)		35		33,358
5.94%, 10/01/32		100		105,772
BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)		395		349,450
2.73%, 03/25/31 (Call 12/25/30)		285		234,957
3.22%, 09/06/26 (Call 07/06/26)		186		176,213
3.46%, 09/06/29 (Call 06/06/29)		135		122,146
3.56%, 08/15/27 (Call 05/15/27)		213		201,123
4.70%, 04/02/27 (Call 02/02/27)		425		415,780
4.74%, 03/16/32 (Call 12/16/31)		211		198,449
4.91%, 04/02/30 (Call 01/02/30)		210		203,995
5.83%, 02/20/31 (Call 12/20/30)		45		44,836
6.00%, 02/20/34 (Call 11/20/33)		40		39,611
6.34%, 08/02/30 (Call 06/02/30)		180		185,773
6.42%, 08/02/33 (Call 05/02/33)(a)		260		266,861
7.75%, 10/19/32 (Call 07/19/32)		150		167,259
BAT International Finance PLC
1.67%, 03/25/26 (Call 02/25/26)		440		407,693

S C H E D U L E  O F  I N V E S T M E N T S 65

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Agriculture (continued)
4.45%, 03/16/28 (Call 02/16/28)	$	245	$	236,301
5.93%, 02/02/29 (Call 01/02/29)		225		229,679
Bunge Ltd. Finance Corp.
1.63%, 08/17/25 (Call 07/17/25)		175		165,662
2.75%, 05/14/31 (Call 02/14/31)		285		242,477
3.25%, 08/15/26 (Call 05/15/26)		130		123,939
3.75%, 09/25/27 (Call 06/25/27)		162		154,987
Philip Morris International Inc.
0.88%, 05/01/26 (Call 04/01/26)		215		196,437
1.50%, 05/01/25 (Call 04/01/25)		271		259,685
1.75%, 11/01/30 (Call 08/01/30)		200		161,562
2.10%, 05/01/30 (Call 02/01/30)		170		143,259
2.75%, 02/25/26 (Call 11/25/25)		240		229,237
3.13%, 08/17/27 (Call 05/17/27)		120		112,827
3.13%, 03/02/28 (Call 12/02/27)		120		111,461
3.38%, 08/11/25 (Call 05/11/25)		170		165,769
3.38%, 08/15/29 (Call 05/15/29)		186		170,762
4.75%, 02/12/27		150		148,113
4.88%, 02/13/26		375		373,160
4.88%, 02/15/28 (Call 01/15/28)		275		273,390
4.88%, 02/13/29 (Call 01/13/29)		150		147,402
5.00%, 11/17/25		220		219,255
5.13%, 11/17/27 (Call 10/17/27)		435		435,653
5.13%, 02/15/30 (Call 12/15/29)		375		373,178
5.13%, 02/13/31 (Call 12/13/30)		150		147,594
5.25%, 09/07/28 (Call 08/07/28)		100		100,726
5.25%, 02/13/34 (Call 11/13/33)		150		146,556
5.38%, 02/15/33 (Call 11/15/32)		425		423,295
5.50%, 09/07/30 (Call 07/07/30)		110		110,983
5.63%, 11/17/29 (Call 09/17/29)		325		332,800
5.63%, 09/07/33 (Call 06/07/33)		355		358,284
5.75%, 11/17/32 (Call 08/17/32)		305		310,871
Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)		461		453,976
				12,427,664
Airlines — 0.1%
American Airlines Pass Through Trust
Series 2015-1, Class A, 3.38%, 11/01/28(a)		32		29,617
Series 2015-2, Class AA, 3.60%, 03/22/29		39		36,300
Series 2016-1, Class AA, 3.58%, 07/15/29		45		41,985
Series 2016-2, Class AA, 3.20%, 12/15/29(a)		199		181,783
Series 2016-3, Class AA, 3.00%, 04/15/30(a)		50		45,656
Series 2017-1, Class AA, 3.65%, 02/15/29		33		30,649
Series 2017-2, Class AA, 3.35%, 04/15/31		116		105,671
Series 2019-1, Class AA, 3.15%, 08/15/33		43		37,766
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29		8		7,054
JetBlue Pass Through Trust
Series 1A, Class A, 4.00%, 05/15/34		137		124,723
Series 2019-1, Class AA, 2.75%, 11/15/33		12		10,361
Southwest Airlines Co.
2.63%, 02/10/30 (Call 11/10/29)		125		108,048
3.00%, 11/15/26 (Call 08/15/26)		145		136,860
3.45%, 11/16/27 (Call 08/16/27)		30		28,203
5.13%, 06/15/27 (Call 04/15/27)		475		473,395
5.25%, 05/04/25 (Call 04/04/25)		330		329,055
United Airlines Pass Through Trust 5.80%, 07/15/37		166		167,403
Series 2013-1, Class A, 4.30%, 02/15/27		121		118,467
Series 2014-1, Class A, 4.00%, 10/11/27		49		47,341
Series 2014-2, Class A, 3.75%, 03/03/28		136		129,857

Security	Par (000)		Value
Airlines (continued)
Series 2016-1, Class AA, 3.10%, 01/07/30	$	105	$	95,405
Series 2016-2, Class AA, 2.88%, 04/07/30		86		77,405
Series 2018-1, Class AA, 3.50%, 09/01/31		80		72,758
Series 2019, Class AA, 4.15%, 02/25/33		74		68,360
Series 2019-2, Class AA, 2.70%, 11/01/33(a)		29		24,813
Series 2020-1, 5.88%, 04/15/29		426		428,417
Series 2020-1, Class B, 4.88%, 07/15/27(a)		94		92,995
				3,050,347
Alternate Investments — 0.0%
Oaktree Strategic Credit Fund, 8.40%, 11/14/28 (Call 10/14/28)(b)		50		52,462
Apparel — 0.1%
NIKE Inc.
2.38%, 11/01/26 (Call 08/01/26)		310		291,631
2.40%, 03/27/25 (Call 02/27/25)		123		119,551
2.75%, 03/27/27 (Call 01/27/27)		303		285,697
2.85%, 03/27/30 (Call 12/27/29)		439		394,608
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)		135		133,109
Ralph Lauren Corp.
2.95%, 06/15/30 (Call 03/15/30)		205		182,269
3.75%, 09/15/25 (Call 07/15/25)		120		117,279
Tapestry Inc.
3.05%, 03/15/32 (Call 12/15/31)		120		97,276
4.13%, 07/15/27 (Call 04/15/27)		122		115,863
4.25%, 04/01/25 (Call 01/01/25)(a)		20		19,692
7.00%, 11/27/26		190		195,131
7.05%, 11/27/25		115		117,150
7.35%, 11/27/28 (Call 10/27/28)		210		219,743
7.70%, 11/27/30 (Call 09/27/30)		135		143,414
7.85%, 11/27/33 (Call 08/27/33)		290		313,768
VF Corp.
2.40%, 04/23/25 (Call 03/23/25)		195		187,077
2.80%, 04/23/27 (Call 02/23/27)		105		95,203
2.95%, 04/23/30 (Call 01/23/30)		195		160,853
				3,189,314
Auto Manufacturers — 0.9%
American Honda Finance Corp.
1.00%, 09/10/25		110		103,373
1.20%, 07/08/25		265		251,349
1.30%, 09/09/26		230		209,990
1.80%, 01/13/31		85		69,791
2.00%, 03/24/28		170		152,267
2.25%, 01/12/29		240		213,120
2.30%, 09/09/26		155		145,381
2.35%, 01/08/27		190		177,254
3.50%, 02/15/28		220		208,926
4.60%, 04/17/30		140		137,115
4.70%, 01/12/28		145		144,262
4.75%, 01/12/26		50		49,673
4.90%, 01/10/34		95		92,663
4.95%, 01/09/26		150		149,544
5.00%, 05/23/25		80		79,790
5.13%, 07/07/28		150		151,214
5.25%, 07/07/26		110		110,773
5.65%, 11/15/28		205		210,785
5.80%, 10/03/25		155		156,518
5.85%, 10/04/30		150		156,091
Series A, 4.60%, 04/17/25		150		148,978
Cummins Inc.
0.75%, 09/01/25 (Call 08/01/25)		165		154,775

66 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
1.50%, 09/01/30 (Call 06/01/30)	$	255	$	205,978
4.90%, 02/20/29 (Call 01/20/29)		40		39,801
5.15%, 02/20/34 (Call 11/20/33)		25		24,975
Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)		640		525,370
4.35%, 12/08/26 (Call 09/08/26)		75		72,845
6.10%, 08/19/32 (Call 05/19/32)(a)		475		473,693
6.63%, 10/01/28		180		188,027
7.45%, 07/16/31		245		263,894
9.63%, 04/22/30 (Call 01/22/30)		45		52,611
Ford Motor Credit Co. LLC
2.70%, 08/10/26 (Call 07/10/26)		210		194,956
2.90%, 02/16/28 (Call 12/16/27)		210		188,256
2.90%, 02/10/29 (Call 12/10/28)		215		187,356
3.38%, 11/13/25 (Call 10/13/25)		410		393,450
3.63%, 06/17/31 (Call 03/17/31)		245		208,818
3.82%, 11/02/27 (Call 08/02/27)		45		41,977
4.00%, 11/13/30 (Call 08/13/30)		365		322,646
4.13%, 08/04/25		20		19,517
4.13%, 08/17/27 (Call 06/17/27)		370		349,708
4.27%, 01/09/27 (Call 11/09/26)		35		33,525
4.39%, 01/08/26		315		306,464
4.54%, 08/01/26 (Call 06/01/26)		25		24,228
4.95%, 05/28/27 (Call 04/28/27)		210		204,156
5.11%, 05/03/29 (Call 02/03/29)		400		385,529
5.13%, 06/16/25 (Call 05/16/25)		35		34,654
5.80%, 03/05/27 (Call 02/05/27)		200		199,720
6.05%, 03/05/31 (Call 01/05/31)		200		199,098
6.80%, 05/12/28 (Call 04/12/28)		420		433,489
6.80%, 11/07/28 (Call 10/07/28)		400		414,208
6.95%, 03/06/26 (Call 02/06/26)		235		239,243
6.95%, 06/10/26 (Call 05/10/26)		10		10,195
7.12%, 11/07/33 (Call 08/07/33)		200		213,371
7.20%, 06/10/30 (Call 04/10/30)		190		200,412
7.35%, 11/04/27 (Call 10/04/27)		265		276,903
7.35%, 03/06/30 (Call 01/06/30)		295		312,372
General Motors Co.
4.20%, 10/01/27 (Call 07/01/27)		195		187,806
5.00%, 10/01/28 (Call 07/01/28)		192		190,703
5.40%, 10/15/29 (Call 08/15/29)		230		229,244
5.60%, 10/15/32 (Call 07/15/32)		365		363,943
6.13%, 10/01/25 (Call 09/01/25)		528		532,359
6.80%, 10/01/27 (Call 08/01/27)		160		167,072
General Motors Financial Co. Inc.
1.25%, 01/08/26 (Call 12/08/25)		300		278,002
1.50%, 06/10/26 (Call 05/10/26)		185		169,471
2.35%, 02/26/27 (Call 01/26/27)		270		247,542
2.35%, 01/08/31 (Call 10/08/30)		208		169,509
2.40%, 04/10/28 (Call 02/10/28)		200		178,276
2.40%, 10/15/28 (Call 08/15/28)		210		184,508
2.70%, 08/20/27 (Call 06/20/27)		145		133,022
2.70%, 06/10/31 (Call 03/10/31)		265		218,045
2.75%, 06/20/25 (Call 05/20/25)		315		304,018
3.10%, 01/12/32 (Call 10/12/31)		325		271,438
3.60%, 06/21/30 (Call 03/21/30)		256		229,588
3.80%, 04/07/25		170		166,641
3.85%, 01/05/28 (Call 10/05/27)		90		85,427
4.00%, 10/06/26 (Call 07/06/26)		220		212,685
4.30%, 07/13/25 (Call 04/13/25)		50		49,174
4.30%, 04/06/29 (Call 02/06/29)		250		237,102
4.35%, 04/09/25 (Call 02/09/25)		350		345,476

Security	Par (000)		Value
Auto Manufacturers (continued)
4.35%, 01/17/27 (Call 10/17/26)	$	297	$	289,055
5.00%, 04/09/27 (Call 03/09/27)		295		291,878
5.25%, 03/01/26 (Call 12/01/25)		332		330,943
5.40%, 04/06/26		195		195,095
5.40%, 05/08/27		35		35,039
5.65%, 01/17/29 (Call 10/17/28)		85		85,658
5.75%, 02/08/31 (Call 12/08/30)		35		34,899
5.80%, 06/23/28 (Call 05/23/28)		315		319,522
5.80%, 01/07/29 (Call 12/07/28)		365		369,818
5.85%, 04/06/30 (Call 02/06/30)		185		187,604
6.00%, 01/09/28 (Call 12/09/27)		240		245,266
6.05%, 10/10/25		300		302,350
6.10%, 01/07/34 (Call 10/07/33)		175		176,772
6.40%, 01/09/33 (Call 10/09/32)		275		285,575
Honda Motor Co. Ltd.
2.27%, 03/10/25 (Call 02/10/25)		70		67,945
2.53%, 03/10/27 (Call 02/10/27)		10		9,344
2.97%, 03/10/32 (Call 12/10/31)		260		228,293
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31		385		467,154
PACCAR Financial Corp.
1.10%, 05/11/26		155		142,882
2.00%, 02/04/27		95		87,644
2.85%, 04/07/25		80		78,123
3.55%, 08/11/25		40		39,174
4.45%, 03/30/26		190		188,328
4.60%, 01/10/28		140		139,262
4.60%, 01/31/29		100		99,025
4.95%, 10/03/25		185		184,665
5.05%, 08/10/26		30		30,115
5.20%, 11/09/26		110		110,953
Toyota Motor Corp.
1.34%, 03/25/26 (Call 02/25/26)		310		287,800
2.36%, 03/25/31 (Call 12/25/30)(a)		128		110,284
2.76%, 07/02/29		70		64,468
3.67%, 07/20/28(a)		70		67,878
5.12%, 07/13/28 (Call 06/13/28)		80		81,519
5.12%, 07/13/33 (Call 04/13/33)(a)		90		94,324
5.28%, 07/13/26 (Call 06/13/26)		60		60,421
Toyota Motor Credit Corp.
0.80%, 10/16/25		185		172,911
0.80%, 01/09/26		50		46,373
1.13%, 06/18/26		305		279,875
1.15%, 08/13/27		105		93,022
1.65%, 01/10/31		160		129,823
1.90%, 01/13/27		205		188,778
1.90%, 04/06/28		235		209,991
1.90%, 09/12/31		235		190,938
2.15%, 02/13/30		75		64,434
2.40%, 01/13/32(a)		30		25,091
3.00%, 04/01/25		427		417,208
3.05%, 03/22/27		435		412,509
3.05%, 01/11/28		180		169,446
3.20%, 01/11/27		215		205,412
3.38%, 04/01/30		235		215,997
3.40%, 04/14/25		205		200,902
3.65%, 08/18/25		225		220,457
3.65%, 01/08/29		90		85,161
3.95%, 06/30/25		215		211,733
4.45%, 05/18/26		190		187,997
4.45%, 06/29/29		210		206,196

S C H E D U L E  O F  I N V E S T M E N T S 67

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Auto Manufacturers (continued)
4.55%, 09/20/27	$	125	$	123,934
4.55%, 05/17/30		165		161,554
4.63%, 01/12/28		355		353,006
4.65%, 01/05/29		100		98,934
4.70%, 01/12/33		120		118,332
4.80%, 01/05/26		100		99,573
4.80%, 01/05/34		25		24,368
5.00%, 08/14/26		210		209,960
5.25%, 09/11/28		100		101,434
5.40%, 11/10/25		210		211,293
5.40%, 11/20/26		175		176,764
5.45%, 11/10/27		250		254,954
5.55%, 11/20/30		235		242,577
5.60%, 09/11/25		80		80,673
				27,646,813
Auto Parts & Equipment — 0.0%
Aptiv PLC, 4.35%, 03/15/29 (Call 12/15/28)		80		77,309
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 (Call 12/01/31)		230		198,328
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)		323		298,131
Lear Corp.
2.60%, 01/15/32 (Call 10/15/31)		125		101,758
3.50%, 05/30/30 (Call 02/28/30)		100		89,364
3.80%, 09/15/27 (Call 06/15/27)		128		122,505
4.25%, 05/15/29 (Call 02/15/29)		90		85,640
Magna International Inc.
2.45%, 06/15/30 (Call 03/15/30)		75		64,508
4.15%, 10/01/25 (Call 07/01/25)		173		169,813
5.50%, 03/21/33 (Call 12/21/32)		115		117,803
				1,325,159
Banks — 9.4%
Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25		165		161,368
4.75%, 01/18/27		250		249,125
5.09%, 12/08/25		250		250,114
5.38%, 07/03/25		260		260,794
5.67%, 10/03/25		260		262,349
Banco Bilbao Vizcaya Argentaria SA 1.13%, 09/18/25		350		327,161
5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(c)		360		359,884
7.88%, 11/15/34 (Call 11/15/33), (1-year CMT + 3.300%)(c)		200		213,044
Banco Santander SA
1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)(c)		225		203,488
1.85%, 03/25/26		440		408,332
2.75%, 05/28/25		260		250,836
2.75%, 12/03/30		315		256,528
2.96%, 03/25/31		200		170,339
3.23%, 11/22/32 (Call 08/22/31), (1-year CMT + 1.600%)(c)		225		185,722
3.31%, 06/27/29		285		258,215
3.49%, 05/28/30		260		232,978
3.80%, 02/23/28		215		202,511
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(c)		285		272,824
4.25%, 04/11/27		235		226,432
4.38%, 04/12/28		275		264,231
5.15%, 08/18/25		405		401,898

Security	Par (000)		Value
Banks (continued)
5.18%, 11/19/25	$	545	$	537,391
5.29%, 08/18/27		315		312,579
5.59%, 08/08/28		410		413,177
6.53%, 11/07/27 (Call 11/07/26), (1-year CMT + 1.650%)(c)		205		209,764
6.61%, 11/07/28		265		278,444
6.92%, 08/08/33		425		441,531
6.94%, 11/07/33		430		468,795
Bank of America Corp.
1.20%, 10/24/26 (Call 10/24/25), (1-day SOFR + 1.010%)(c)		568		529,171
1.32%, 06/19/26 (Call 06/19/25), (1-day SOFR + 1.150%)(c)		695		658,012
1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)(c)		1,290		1,182,562
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(c)		585		474,597
1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(c)		580		468,028
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(c)		685		601,115
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(c)		905		732,130
2.48%, 09/21/36 (Call 09/21/31), (5-year CMT + 1.200%)(c)		535		422,558
2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(c)		810		690,543
2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)(c)		535		494,782
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(c)		837		686,796
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(c)		695		592,436
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(c)		1,140		954,159
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(c)		463		408,014
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(c)		930		781,034
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(c)		585		526,343
3.25%, 10/21/27 (Call 10/21/26)		641		605,486
3.38%, 04/02/26 (Call 04/02/25), (1-day SOFR + 1.330%)(c)		695		678,682
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)(c)		1,363		1,273,692
3.50%, 04/19/26		668		647,254
3.56%, 04/23/27 (Call 04/23/26), (3-mo. SOFR + 1.322%)(c)		643		618,403
3.59%, 07/21/28 (Call 07/21/27), (3-mo. SOFR + 1.632%)(c)		465		440,322
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)(c)		466		443,812
3.82%, 01/20/28 (Call 01/20/27), (3-mo. SOFR + 1.837%)(c)		565		542,805
3.85%, 03/08/37 (Call 03/08/32), (5-year CMT + 2.000%)(c)		650		567,476
3.88%, 08/01/25		450		442,809
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(c)		571		543,163

68 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(c)	$	682	$	640,964
4.25%, 10/22/26		502		490,931
4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)(c)		670		643,701
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)(c)		500		486,654
4.45%, 03/03/26		462		454,365
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(c)		1,005		945,842
4.83%, 07/22/26 (Call 07/22/25), (1-day SOFR + 1.750%)(c)		500		495,719
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(c)		670		663,260
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(c)		1,255		1,222,600
5.08%, 01/20/27 (Call 01/20/26), (1-day SOFR + 1.290%)(c)		690		685,584
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(c)		795		790,500
5.29%, 04/25/34 (Call 04/25/33), (1-day SOFR + 1.910%)(c)		1,230		1,212,264
5.47%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.650%)(c)		475		473,736
5.82%, 09/15/29 (Call 09/15/28), (1-day SOFR + 1.570%)(c)		630		642,234
5.87%, 09/15/34 (Call 09/15/33), (1-day SOFR + 1.840%)(c)		930		953,707
5.93%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.340%)(c)		305		309,289
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(c)		405		417,552
Series L, 3.95%, 04/21/25		605		595,000
Series L, 4.18%, 11/25/27 (Call 11/25/26)		462		446,131
Series N, 1.66%, 03/11/27 (Call 03/11/26), (1-day SOFR + 0.910%)(c)		635		589,546
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(c)		455		380,599
Bank of America NA
5.53%, 08/18/26 (Call 07/18/26)		290		292,799
5.65%, 08/18/25 (Call 07/18/25)		380		382,686
Bank of Montreal
0.95%, 01/22/27 (Call 01/22/26), (1-day SOFR + 0.603%)(c)		260		239,893
1.25%, 09/15/26		435		395,889
1.85%, 05/01/25		345		331,477
2.65%, 03/08/27		325		303,228
3.09%, 01/10/37 (Call 01/10/32), (5-year CMT + 1.400%)(c)		210		170,078
3.70%, 06/07/25		355		347,813
3.80%, 12/15/32 (Call 12/15/27), (5-year USD Swap + 1.432%)(c)		295		271,345
5.20%, 02/01/28 (Call 01/01/28)		290		291,075
5.27%, 12/11/26		145		145,349
5.30%, 06/05/26		290		290,702
5.72%, 09/25/28 (Call 08/25/28)		230		235,819
5.92%, 09/25/25		180		181,855
Series H, 4.70%, 09/14/27 (Call 08/14/27)		265		262,340
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		205		189,083
1.05%, 10/15/26 (Call 09/15/26)		165		149,042

Security	Par (000)		Value
Banks (continued)
1.60%, 04/24/25 (Call 03/24/25)	$	254	$	244,009
1.65%, 07/14/28 (Call 05/14/28)		139		121,761
1.65%, 01/28/31 (Call 10/28/30)		185		148,908
1.80%, 07/28/31 (Call 04/28/31)		174		140,316
2.05%, 01/26/27 (Call 12/26/26)		245		226,065
2.45%, 08/17/26 (Call 05/17/26)		197		185,213
2.50%, 01/26/32 (Call 10/26/31)		165		137,663
2.80%, 05/04/26 (Call 02/04/26)		137		130,782
3.00%, 10/30/28 (Call 07/30/28)		130		119,198
3.25%, 05/16/27 (Call 02/16/27)		150		142,474
3.30%, 08/23/29 (Call 05/23/29)		149		136,700
3.40%, 01/29/28 (Call 10/29/27)		181		171,198
3.44%, 02/07/28 (Call 02/07/27), (3-mo. SOFR + 1.331%)(c)		246		235,118
3.85%, 04/28/28		175		168,790
3.85%, 04/26/29 (Call 02/26/29)		100		95,728
3.95%, 11/18/25 (Call 10/18/25)		147		143,839
3.99%, 06/13/28 (Call 06/13/27), (1-day SOFR + 1.151%)(c)		130		125,887
4.29%, 06/13/33 (Call 06/13/32), (1-day SOFR + 1.418%)(c)		80		74,699
4.41%, 07/24/26 (Call 07/24/25), (1-day SOFR + 1.345%)(c)		205		202,187
4.54%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.168%)(a)(c)		135		132,523
4.60%, 07/26/30 (Call 07/26/29), (1-day SOFR + 1.755%)(c)		120		117,194
4.71%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.511%)(c)		210		200,888
4.95%, 04/26/27 (Call 04/26/26), (1-day SOFR + 1.026%)(c)		250		248,696
4.97%, 04/26/34 (Call 04/26/33), (1-day SOFR + 1.606%)(c)		180		175,396
5.15%, 05/22/26 (Call 05/22/25), (1-day SOFR + 1.067%)(c)		35		34,914
5.80%, 10/25/28 (Call 10/25/27), (1-day SOFR + 1.802%)(c)		160		163,847
5.83%, 10/25/33 (Call 10/25/32), (1-day SOFR + 2.074%)(c)		365		378,511
6.32%, 10/25/29 (Call 10/25/28), (1-day SOFR + 1.598%)(c)		195		204,301
6.47%, 10/25/34 (Call 10/25/33), (1-day SOFR + 1.845%)(c)		175		189,322
Series J, 1.90%, 01/25/29 (Call 11/25/28)		65		56,888
Bank of Nova Scotia (The)
1.05%, 03/02/26		275		253,577
1.30%, 06/11/25		310		294,637
1.30%, 09/15/26 (Call 06/15/26)		265		241,193
1.35%, 06/24/26		115		105,551
1.95%, 02/02/27		60		55,068
2.15%, 08/01/31		121		98,874
2.45%, 02/02/32		205		168,165
2.70%, 08/03/26		305		288,011
2.95%, 03/11/27		135		127,082
3.45%, 04/11/25		375		367,205
4.50%, 12/16/25		289		284,025
4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(c)		260		232,719
4.75%, 02/02/26		255		253,055
4.85%, 02/01/30		340		335,375
5.25%, 06/12/28		120		120,598

S C H E D U L E  O F  I N V E S T M E N T S 69

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.35%, 12/07/26	$	235	$	235,929
5.45%, 06/12/25		320		320,223
5.65%, 02/01/34		110		111,734
Bank OZK, 2.75%, 10/01/31 (Call 10/01/26), (3-mo. SOFR + 2.090%)(c)		100		83,199
BankUnited Inc.
4.88%, 11/17/25 (Call 08/17/25)		90		87,615
5.13%, 06/11/30 (Call 03/11/30)		65		59,361
Barclays PLC
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(c)		460		420,408
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(c)		230		191,248
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(c)		260		212,275
2.85%, 05/07/26 (Call 05/07/25), (1-day SOFR + 2.714%)(c)		460		444,703
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(c)		320		260,579
3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(c)		200		167,819
3.65%, 03/16/25		525		514,046
4.34%, 01/10/28 (Call 01/10/27)		330		317,018
4.38%, 01/12/26		585		572,951
4.84%, 05/09/28 (Call 05/07/27)		390		375,420
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(c)		355		345,151
5.09%, 06/20/30 (Call 06/20/29), (3-mo. LIBOR US + 3.054%)(c)		345		326,557
5.20%, 05/12/26		570		563,094
5.30%, 08/09/26 (Call 08/09/25), (1-year CMT + 2.300%)(c)		285		283,246
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(c)		390		387,852
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(c)		240		237,090
5.83%, 05/09/27 (Call 05/09/26), (1-day SOFR + 2.210%)(c)		595		596,212
6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(c)		410		415,045
6.49%, 09/13/29 (Call 09/13/28), (1-day SOFR + 2.220%)(c)		245		252,443
6.50%, 09/13/27 (Call 09/13/26), (1-day SOFR + 1.880%)(c)		20		20,348
6.69%, 09/13/34 (Call 09/13/33), (1-day SOFR + 2.620%)(c)		200		209,143
7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)(c)		315		326,647
7.33%, 11/02/26 (Call 11/02/25), (1-year CMT + 3.050%)(c)		350		358,475
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(c)		385		406,883
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(c)		455		497,873
BPCE SA, 3.38%, 12/02/26		252		241,585
Canadian Imperial Bank of Commerce
0.95%, 10/23/25		90		84,126
1.25%, 06/22/26 (Call 05/22/26)		193		176,928
3.30%, 04/07/25		410		400,522
3.45%, 04/07/27 (Call 03/07/27)(a)		195		185,852
3.60%, 04/07/32 (Call 03/07/32)		210		187,471

Security	Par (000)		Value
Banks (continued)
3.95%, 08/04/25	$	350	$	343,161
5.00%, 04/28/28 (Call 03/28/28)		175		174,369
5.14%, 04/28/25		175		174,404
5.62%, 07/17/26		105		106,013
5.93%, 10/02/26		150		152,656
5.99%, 10/03/28 (Call 09/03/28)		150		155,379
6.09%, 10/03/33 (Call 07/03/33)		210		218,070
Citibank NA
5.49%, 12/04/26 (Call 11/04/26)		470		473,954
5.80%, 09/29/28 (Call 08/29/28)		560		576,838
5.86%, 09/29/25 (Call 08/29/25)		370		374,401
Citigroup Inc.
1.12%, 01/28/27 (Call 01/28/26), (1-day SOFR + 0.765%)(c)		595		548,487
1.46%, 06/09/27 (Call 06/09/26), (1-day SOFR + 0.770%)(c)		555		508,602
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(c)		550		446,366
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(c)		820		674,998
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(c)		821		694,446
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(c)		535		458,717
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(c)		528		465,789
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(c)		755		634,344
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(c)		560		524,613
3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)(c)		843		820,648
3.20%, 10/21/26 (Call 07/21/26)		680		645,822
3.29%, 03/17/26 (Call 03/17/25), (1-day SOFR + 1.528%)(c)		255		249,048
3.30%, 04/27/25		419		409,718
3.40%, 05/01/26		473		455,105
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(c)		520		488,449
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(c)		496		470,173
3.70%, 01/12/26		503		489,709
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(c)		805		713,261
3.88%, 03/26/25		260		255,024
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(c)		600		576,552
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(c)		605		567,260
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(c)		456		435,089
4.13%, 07/25/28		480		455,545
4.30%, 11/20/26		247		240,588
4.40%, 06/10/25		501		493,710
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(c)		915		864,535
4.45%, 09/29/27		892		864,185
4.60%, 03/09/26		360		354,078
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(c)		310		304,348

70 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(c)	$	620	$	593,867
5.17%, 02/13/30 (Call 02/13/29), (1-day SOFR + 1.364%)(c)		245		242,509
5.50%, 09/13/25		329		328,218
5.61%, 09/29/26 (Call 09/29/25), (1-day SOFR + 1.546%)(c)		625		625,720
5.83%, 02/13/35 (Call 02/13/34), (1-day SOFR + 2.056%)(c)		450		440,184
5.88%, 02/22/33		200		203,492
6.00%, 10/31/33		170		175,728
6.17%, 05/25/34 (Call 05/25/33), (1-day SOFR + 2.661%)(c)		345		347,368
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(c)		740		776,678
6.63%, 01/15/28		45		47,699
6.63%, 06/15/32		325		346,121
Citizens Bank NA
2.25%, 04/28/25 (Call 03/28/25)		265		253,913
4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(c)		250		238,082
Citizens Bank NA/Providence RI, 3.75%, 02/18/26 (Call 11/18/25)		250		240,234
Citizens Financial Group Inc.
2.50%, 02/06/30 (Call 11/06/29)		87		72,116
2.64%, 09/30/32 (Call 07/02/32)		120		90,855
2.85%, 07/27/26 (Call 04/27/26)		155		144,834
3.25%, 04/30/30 (Call 01/30/30)		190		164,375
4.30%, 12/03/25 (Call 11/03/25)		85		82,808
5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(c)		50		45,772
Comerica Bank, 4.00%, 07/27/25		20		19,386
Comerica Inc., 4.00%, 02/01/29 (Call 11/03/28)		110		98,879
Commonwealth Bank of Australia/New York, 5.32%, 03/13/26		250		251,307
Cooperatieve Rabobank UA
3.75%, 07/21/26		355		340,271
4.38%, 08/04/25		345		338,297
Cooperatieve Rabobank UA/NY
3.38%, 05/21/25		30		29,378
5.50%, 07/18/25		95		95,431
5.50%, 10/05/26		250		252,805
Credit Suisse AG/New York
1.25%, 08/07/26		370		336,029
2.95%, 04/09/25		495		480,759
5.00%, 07/09/27		290		287,255
7.50%, 02/15/28		470		506,239
Deutsche Bank AG
4.10%, 01/13/26		141		137,460
4.50%, 04/01/25		200		196,163
Deutsche Bank AG/New York 1.69%, 03/19/26		195		181,700
2.13%, 11/24/26 (Call 11/24/25), (1-day SOFR + 1.870%)(c)		490		459,433
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(c)		390		354,241
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)(c)		325		296,012
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(c)		340		281,003

Security	Par (000)		Value
Banks (continued)
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(c)	$	440	$	381,150
3.73%, 01/14/32 (Call 10/14/30), (1-day SOFR + 2.757%)(c)		240		196,898
3.74%, 01/07/33 (Call 10/07/31), (1-day SOFR + 2.257%)(c)		230		185,155
4.10%, 01/13/26		105		102,498
4.16%, 05/13/25		170		167,313
4.88%, 12/01/32 (Call 12/01/27), (5-year USD ICE Swap + 2.553%)(c)		220		203,454
5.37%, 09/09/27		85		85,078
5.88%, 07/08/31 (Call 04/08/30), (1-day SOFR + 5.438%)(c)		200		190,375
6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(c)		320		320,668
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(c)		330		338,958
6.82%, 11/20/29 (Call 11/20/28), (1-day SOFR + 2.510%)(c)		260		268,815
7.08%, 02/10/34 (Call 11/10/32), (1-day SOFR + 3.650%)(c)		230		229,586
7.15%, 07/13/27 (Call 07/13/26), (1-day SOFR + 2.520%)(c)		240		246,331
Discover Bank
2.70%, 02/06/30 (Call 11/06/29)		250		211,976
3.45%, 07/27/26 (Call 04/27/26)		270		256,028
4.25%, 03/13/26		20		19,424
4.65%, 09/13/28 (Call 06/13/28)		60		57,288
Fifth Third Bancorp.
1.71%, 11/01/27 (Call 11/01/26), (1-day SOFR + 0.685%)(c)		100		89,705
2.55%, 05/05/27 (Call 04/05/27)		205		188,227
3.95%, 03/14/28 (Call 02/14/28)		180		170,994
4.06%, 04/25/28 (Call 04/25/27), (1-day SOFR + 1.355%)(c)		125		118,228
4.34%, 04/25/33 (Call 04/25/32), (1-day SOFR + 1.660%)(c)		85		76,984
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(c)		300		286,049
5.63%, 01/29/32 (Call 01/29/31), (1-day SOFR + 1.840%)(c)		70		69,444
6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)(c)		120		123,228
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(c)		245		249,661
Fifth Third Bank NA
2.25%, 02/01/27 (Call 01/01/27)		250		229,222
3.85%, 03/15/26 (Call 02/15/26)		70		67,316
3.95%, 07/28/25 (Call 06/28/25)		200		195,551
First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (3-mo. SOFR + 2.465%)(c)		100		95,833
First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)		15		14,022
First Horizon Corp., 4.00%, 05/26/25 (Call 04/26/25)		45		43,804
First-Citizens Bank & Trust Co., 6.13%, 03/09/28		20		20,264
FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)		50		49,098
Goldman Sachs Group Inc. (The)
1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)(c)		455		421,592
1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)(c)		675		623,931

S C H E D U L E  O F  I N V E S T M E N T S 71

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(c)	$	585	$	531,744
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(c)		930		851,622
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(c)		587		470,619
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(c)		925		752,704
2.60%, 02/07/30 (Call 11/07/29)		479		415,564
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(c)		880		731,411
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(c)		685		634,631
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(c)		695		573,153
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(c)		930		788,147
3.50%, 04/01/25 (Call 03/01/25)		827		809,913
3.50%, 11/16/26 (Call 11/16/25)		640		613,881
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(c)		752		717,069
3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.772%)(c)		545		519,859
3.75%, 05/22/25 (Call 02/22/25)		521		510,957
3.75%, 02/25/26 (Call 11/25/25)		477		465,081
3.80%, 03/15/30 (Call 12/15/29)		573		532,770
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)(c)		607		573,400
3.85%, 01/26/27 (Call 01/26/26)		728		703,406
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)(c)		761		729,688
4.25%, 10/21/25		471		462,538
4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)(c)		205		201,212
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(c)		575		560,946
5.80%, 08/10/26 (Call 08/10/25), (1-day SOFR + 1.075%)(c)		545		547,972
5.95%, 01/15/27		205		209,213
6.13%, 02/15/33		265		284,185
6.48%, 10/24/29 (Call 10/24/28), (1-day SOFR + 1.770%)(c)		400		419,253
6.56%, 10/24/34 (Call 10/24/33), (1-day SOFR + 1.950%)(c)		300		324,106
HSBC Holdings PLC
1.59%, 05/24/27 (Call 05/24/26), (1-day SOFR + 1.290%)(c)		465		425,656
1.65%, 04/18/26 (Call 04/18/25), (1-day SOFR + 1.538%)(c)		470		448,457
2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(c)		465		412,031
2.10%, 06/04/26 (Call 06/04/25), (1-day SOFR + 1.929%)(c)		205		196,057
2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)(c)		450		390,679
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)(c)		595		544,628
2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(c)		355		291,337
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(c)		765		632,128

Security	Par (000)		Value
Banks (continued)
2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(c)	$	335	$	285,014
2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(c)		500		411,473
3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)(c)		270		262,459
3.90%, 05/25/26		595		576,554
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(c)		695		643,860
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)(c)		570		546,152
4.25%, 08/18/25		425		416,230
4.29%, 09/12/26 (Call 09/12/25), (3-mo. SOFR + 1.609%)(c)		640		627,548
4.30%, 03/08/26		695		680,018
4.38%, 11/23/26		275		267,496
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(c)		605		581,998
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(c)		510		497,956
4.76%, 03/29/33 (Call 03/29/32), (1-day SOFR + 2.530%)(c)		510		467,889
4.95%, 03/31/30		590		577,694
5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(c)		525		519,969
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(c)		675		663,218
5.55%, 03/04/30 (Call 03/04/29), (1-day SOFR + 1.460%)(c)		400		399,671
5.72%, 03/04/35 (Call 03/04/34), (1-day SOFR + 1.780%)(c)		400		398,591
5.89%, 08/14/27 (Call 08/14/26), (1-day SOFR + 1.570%)(c)		515		518,173
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)(c)		460		469,934
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(a)(c)		610		633,008
6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)(c)		440		447,837
7.34%, 11/03/26 (Call 11/03/25), (1-day SOFR + 3.030%)(c)		460		473,382
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(c)		440		465,822
7.40%, 11/13/34 (Call 11/13/33), (1-day SOFR + 3.020%)(c)		385		412,493
8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(c)		200		225,204
HSBC USA Inc.
5.29%, 03/04/27		200		200,160
5.63%, 03/17/25		200		200,219
Huntington Bancshares Inc./OH
2.49%, 08/15/36 (Call 08/15/31), (5-year CMT + 1.170%)(c)		75		56,606
2.55%, 02/04/30 (Call 11/04/29)		213		179,278
4.00%, 05/15/25 (Call 04/15/25)		140		137,468
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(c)		185		177,656
5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(c)		85		80,331
6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)(c)		155		157,649

72 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Huntington National Bank (The)
4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(c)	$	250	$	241,000
5.65%, 01/10/30 (Call 11/10/29)		105		104,541
Industrial & Commercial Bank of China Ltd./New York, 3.54%, 11/08/27		250		238,459
ING Groep NV
1.73%, 04/01/27 (Call 04/01/26), (1-day SOFR + 1.005%)(c)		45		41,648
2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(c)		200		168,239
3.95%, 03/29/27		480		462,144
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)(c)		400		383,928
4.05%, 04/09/29		215		203,314
4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(c)		220		202,267
4.55%, 10/02/28		265		258,338
6.08%, 09/11/27 (Call 09/11/26), (1-day SOFR + 1.560%)(c)		230		232,612
6.11%, 09/11/34 (Call 09/11/33), (1-day SOFR + 2.090%)(c)		295		304,370
JPMorgan Chase & Co.
1.04%, 02/04/27 (Call 02/04/26), (3-mo. SOFR + 0.695%)(c)		450		414,686
1.05%, 11/19/26 (Call 11/19/25), (1-day SOFR + 0.800%)(c)		620		576,780
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(c)		575		522,478
1.58%, 04/22/27 (Call 04/22/26), (1-day SOFR + 0.885%)(c)		800		739,437
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(c)		330		265,714
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(c)		730		587,051
2.01%, 03/13/26 (Call 03/13/25), (3-mo. SOFR + 1.585%)(c)		365		351,826
2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(c)		445		391,825
2.08%, 04/22/26 (Call 04/22/25), (1-day SOFR + 1.850%)(c)		880		846,803
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(c)		330		300,564
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(c)		650		555,265
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(c)		780		642,468
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(c)		850		710,665
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(c)		855		750,079
2.95%, 10/01/26 (Call 07/01/26)		708		672,942
2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)(c)		380		355,843
2.96%, 05/13/31 (Call 05/13/30), (3-mo. SOFR + 2.515%)(c)		610		529,578
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(c)		925		781,040
3.20%, 06/15/26 (Call 03/15/26)		520		500,203
3.30%, 04/01/26 (Call 01/01/26)		663		639,438

Security	Par (000)		Value
Banks (continued)
3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(c)	$	533	$	502,098
3.54%, 05/01/28 (Call 05/01/27), (3-mo. SOFR + 1.642%)(c)		585		555,786
3.63%, 12/01/27 (Call 12/01/26)		306		290,805
3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(c)		605		563,155
3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)(c)		640		614,406
3.90%, 07/15/25 (Call 04/15/25)		560		550,458
3.96%, 01/29/27 (Call 01/29/26), (3-mo. SOFR + 1.507%)(c)		463		451,836
4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(c)		492		469,734
4.08%, 04/26/26 (Call 04/26/25), (1-day SOFR + 1.320%)(c)		780		768,334
4.13%, 12/15/26		484		472,458
4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(c)		572		549,499
4.25%, 10/01/27		358		350,174
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(c)		605		590,479
4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(c)		558		539,646
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(c)		685		657,725
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(c)		435		421,345
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(c)		660		626,701
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(c)		790		781,224
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(c)		1,145		1,110,866
5.01%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.310%)(c)		575		568,954
5.04%, 01/23/28 (Call 01/23/27), (1-day SOFR + 1.190%)(c)		265		263,586
5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(c)		565		566,530
5.34%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.620%)(c)		135		134,317
5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(c)		1,130		1,124,131
5.72%, 09/14/33 (Call 09/14/32), (1-day SOFR + 2.580%)(c)		875		885,781
6.07%, 10/22/27 (Call 10/22/26), (1-day SOFR + 1.330%)(c)		455		463,672
6.09%, 10/23/29 (Call 10/23/28), (1-day SOFR + 1.570%)(c)		525		542,708
6.25%, 10/23/34 (Call 10/23/33), (1-day SOFR + 1.810%)(c)		765		812,041
7.63%, 10/15/26		125		132,819
7.75%, 07/15/25		65		67,341
8.00%, 04/29/27		160		173,991
8.75%, 09/01/30		110		129,543
JPMorgan Chase Bank NA, 5.11%, 12/08/26 (Call 11/08/26)		300		300,332
KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)		30		27,403
KeyBank NA/Cleveland OH
3.30%, 06/01/25		250		240,376

S C H E D U L E  O F  I N V E S T M E N T S 73

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
3.40%, 05/20/26	$	250	$	234,972
3.90%, 04/13/29 (Call 03/13/29)		250		222,079
4.15%, 08/08/25		250		242,088
4.90%, 08/08/32		250		219,353
5.85%, 11/15/27 (Call 10/16/27)		250		246,612
KeyCorp
2.25%, 04/06/27		175		156,099
2.55%, 10/01/29		203		169,851
4.10%, 04/30/28		135		126,358
4.15%, 10/29/25		143		138,642
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(c)		25		22,578
Korea Development Bank (The)
0.80%, 07/19/26		95		86,075
1.00%, 09/09/26		20		18,111
2.00%, 09/12/26(a)		270		250,758
2.00%, 10/25/31		65		53,127
2.25%, 02/24/27		40		37,113
3.00%, 01/13/26		230		221,928
Kreditanstalt fuer Wiederaufbau
0.38%, 07/18/25		1,380		1,297,143
0.63%, 01/22/26		1,010		936,153
0.75%, 09/30/30		185		147,340
1.00%, 10/01/26		1,125		1,029,395
1.75%, 09/14/29		598		521,915
2.00%, 05/02/25		938		906,066
2.88%, 04/03/28		807		760,172
3.00%, 05/20/27		325		310,496
3.13%, 06/10/25		360		351,852
3.63%, 04/01/26		175		171,397
3.75%, 02/15/28		670		653,160
3.88%, 06/15/28		350		342,442
4.00%, 03/15/29		1,200		1,179,476
4.13%, 07/15/33		820		801,516
4.63%, 08/07/26		395		395,208
4.75%, 10/29/30		325		331,939
5.13%, 09/29/25		420		421,634
Landwirtschaftliche Rentenbank
0.88%, 03/30/26		480		444,087
0.88%, 09/03/30		245		196,110
1.75%, 07/27/26		385		360,071
2.38%, 06/10/25		220		212,874
3.88%, 09/28/27		290		284,163
3.88%, 06/14/28		50		48,924
5.00%, 10/24/33		97		101,365
Series 37, 2.50%, 11/15/27		180		167,947
Series 40, 0.50%, 05/27/25		325		307,481
Lloyds Banking Group PLC
1.63%, 05/11/27 (Call 05/11/26), (1-year CMT + 0.850%)(c)		150		137,588
3.51%, 03/18/26 (Call 03/18/25), (1-year CMT + 1.600%)(c)		435		424,619
3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)(c)		385		359,063
3.75%, 01/11/27		295		283,019
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)(c)		220		208,468
4.38%, 03/22/28		315		304,231
4.45%, 05/08/25		390		384,922
4.55%, 08/16/28		265		257,104
4.58%, 12/10/25		315		308,636

Security	Par (000)		Value
Banks (continued)
4.65%, 03/24/26	$	440	$	431,105
4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)(c)		300		295,977
4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(c)		270		256,584
5.46%, 01/05/28 (Call 01/05/27), (1-year CMT + 1.375%)(c)		200		199,210
5.68%, 01/05/35 (Call 01/05/34), (1-year CMT + 1.750%)(c)		400		394,785
5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)(c)		270		272,626
5.99%, 08/07/27 (Call 08/07/26), (1-year CMT + 1.480%)(c)		355		357,459
7.95%, 11/15/33 (Call 08/15/32), (1-year CMT + 3.750%)(c)		215		239,682
M&T Bank Corp.
4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)(c)		175		166,800
5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(c)		180		165,444
7.41%, 10/30/29 (Call 10/30/28), (1-day SOFR + 2.800%)(c)		260		272,738
Manufacturers & Traders Trust Co.
4.65%, 01/27/26 (Call 12/27/25)		280		272,619
4.70%, 01/27/28 (Call 12/27/27)		115		110,617
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		430		407,405
1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)(c)		370		338,532
1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)(c)		320		291,463
2.05%, 07/17/30		25		20,740
2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(c)		540		442,316
2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)(c)		355		327,749
2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(c)		140		115,657
2.56%, 02/25/30		300		259,969
2.76%, 09/13/26		315		296,980
2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(c)		220		185,490
3.20%, 07/18/29		435		395,141
3.29%, 07/25/27		240		226,954
3.68%, 02/22/27		280		269,872
3.74%, 03/07/29		395		372,943
3.78%, 03/02/25		234		230,214
3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)(c)		205		201,060
3.85%, 03/01/26		505		492,305
3.96%, 03/02/28		281		270,661
4.05%, 09/11/28		230		222,600
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)(c)		275		265,723
4.32%, 04/19/33 (Call 04/19/32), (1-year CMT + 1.550%)(c)		150		140,306
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)(c)		385		382,244
5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(c)		440		434,836

74 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.24%, 04/19/29 (Call 04/19/28), (1-year CMT + 1.700%)(c)	$	215	$	215,461
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)(c)		55		55,139
5.41%, 04/19/34 (Call 04/19/33), (1-year CMT + 1.970%)(c)		60		60,632
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(c)		300		302,135
5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(c)		215		217,443
5.48%, 02/22/31 (Call 02/22/30), (1-year CMT + 1.530%)(c)		230		232,212
5.54%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.500%)(c)		200		199,801
Mizuho Financial Group Inc.
1.23%, 05/22/27 (Call 05/22/26), (1-year CMT + 0.670%)(c)		270		246,678
1.55%, 07/09/27 (Call 07/09/26), (1-year CMT + 0.750%)(c)		25		22,887
1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(c)		90		72,966
2.17%, 05/22/32 (Call 05/22/31), (1-year CMT + 0.870%)(c)		220		177,464
2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(c)		355		293,618
2.23%, 05/25/26 (Call 05/25/25), (3-mo. SOFR + 1.092%)(c)		200		191,850
2.26%, 07/09/32 (Call 07/09/31), (1-year CMT + 0.900%)(c)		215		173,702
2.56%, 09/13/31		225		182,323
2.59%, 05/25/31 (Call 05/25/30), (3-mo. SOFR + 1.332%)(c)		115		97,829
2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)(c)		200		193,050
2.84%, 09/13/26		253		238,376
2.87%, 09/13/30 (Call 09/13/29), (3-mo. SOFR + 1.572%)(c)		200		175,873
3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(c)		140		125,567
3.17%, 09/11/27		285		266,445
3.26%, 05/22/30 (Call 05/22/29), (1-year CMT + 1.250%)(c)		120		108,548
3.66%, 02/28/27		225		215,356
4.02%, 03/05/28		360		346,095
4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(c)		290		277,890
5.38%, 05/26/30 (Call 05/26/29), (1-year CMT + 1.120%)(c)		200		200,040
5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)(c)		220		220,940
5.58%, 05/26/35 (Call 05/26/34), (1-year CMT + 1.300%)(c)		200		200,501
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(c)		200		202,970
5.74%, 05/27/31 (Call 05/27/30), (1-year CMT + 1.650%)(c)		15		15,231
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(c)		200		204,170
5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(c)		200		203,764

Security	Par (000)		Value
Banks (continued)
5.78%, 07/06/29 (Call 07/06/28), (1-year CMT + 1.650%)(c)	$	305	$	310,545
Morgan Stanley
0.99%, 12/10/26 (Call 12/10/25), (1-day SOFR + 0.720%)(c)		580		535,165
1.51%, 07/20/27 (Call 07/20/26), (1-day SOFR + 0.858%)(c)		690		631,073
1.59%, 05/04/27 (Call 05/04/26), (1-day SOFR + 0.879%)(c)		775		714,506
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(c)		710		562,193
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(c)		680		539,782
2.19%, 04/28/26 (Call 04/28/25), (1-day SOFR + 1.990%)(c)		735		707,351
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(c)		895		721,570
2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)(c)		530		490,257
2.48%, 09/16/36 (Call 09/16/31), (1-day SOFR + 1.360%)(c)		695		546,159
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(c)		575		470,934
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(c)		785		679,541
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(c)		635		532,686
3.13%, 07/27/26		709		676,003
3.59%, 07/22/28 (Call 07/22/27)(c)		736		696,514
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(c)		700		635,639
3.63%, 01/20/27		688		663,326
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(c)		781		738,144
3.88%, 01/27/26		719		701,523
3.95%, 04/23/27		524		504,340
4.00%, 07/23/25		720		707,694
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(c)		480		464,528
4.35%, 09/08/26		533		521,007
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(c)		699		671,230
4.68%, 07/17/26 (Call 07/17/25), (1-day SOFR + 1.669%)(c)		495		489,772
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(c)		505		484,616
5.00%, 11/24/25		470		467,221
5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)(c)		365		363,703
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)(c)		640		636,165
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)(c)		545		541,202
5.17%, 01/16/30 (Call 01/16/29), (1-day SOFR + 1.450%)(c)		590		586,334
5.25%, 04/21/34 (Call 04/21/33), (1-day SOFR + 1.870%)(c)		785		770,527
5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(c)		405		387,301
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(c)		625		621,960

S C H E D U L E  O F  I N V E S T M E N T S 75

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)(c)	$	240	$	240,995
5.47%, 01/18/35 (Call 01/18/34), (1-day SOFR + 1.730%)(c)		150		149,849
5.94%, 02/07/39 (Call 02/07/34), (5-year CMT + 1.800%)(c)		215		211,774
5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(c)		485		483,560
6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)(c)		135		136,598
6.25%, 08/09/26		75		76,760
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(c)		465		480,643
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(c)		760		805,530
6.41%, 11/01/29 (Call 11/01/28), (1-day SOFR + 1.830%)(c)		390		406,891
6.63%, 11/01/34 (Call 11/01/33), (1-day SOFR + 2.050%)(c)		465		504,597
7.25%, 04/01/32		325		370,363
Morgan Stanley Bank NA
4.75%, 04/21/26 (Call 03/21/26)		395		392,546
4.95%, 01/14/28 (Call 01/14/27), (1-day SOFR + 1.080%)(c)		250		248,594
5.48%, 07/16/25 (Call 06/16/25)		270		271,081
5.88%, 10/30/26 (Call 09/30/26)		250		254,575
National Australia Bank Ltd.
4.75%, 12/10/25		250		248,815
4.79%, 01/10/29		250		248,346
National Australia Bank Ltd./New York
2.50%, 07/12/26		275		259,448
3.38%, 01/14/26		335		324,962
3.91%, 06/09/27		80		77,558
4.90%, 06/13/28		250		249,420
4.94%, 01/12/28		270		269,886
4.97%, 01/12/26		80		79,851
5.20%, 05/13/25		370		370,191
National Bank of Canada, 5.60%, 12/18/28		250		252,463
NatWest Group PLC
1.64%, 06/14/27 (Call 06/14/26), (1-year CMT + 0.900%)(c)		340		310,773
3.03%, 11/28/35 (Call 08/28/30), (5-year CMT + 2.350%)(c)		200		164,683
3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)(c)		230		213,474
4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(c)		315		298,002
4.80%, 04/05/26		315		311,102
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(c)		395		384,362
5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(c)		405		395,945
5.52%, 09/30/28 (Call 09/30/27), (1-year CMT + 2.270%)(c)		235		234,805
5.58%, 03/01/28 (Call 03/01/27), (1-year CMT + 1.100%)(c)		200		200,156
5.78%, 03/01/35 (Call 03/01/34), (1-year CMT + 1.500%)(c)		200		199,784
5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(c)		220		222,218

Security	Par (000)		Value
Banks (continued)
5.85%, 03/02/27 (Call 03/02/26), (1-year CMT + 1.350%)(c)	$	95	$	95,377
6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(c)		200		203,914
7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)(c)		310		318,489
Northern Trust Corp.
1.95%, 05/01/30 (Call 02/01/30)		180		151,710
3.15%, 05/03/29 (Call 02/03/29)		167		154,563
3.38%, 05/08/32 (Call 05/08/27), (3-mo. LIBOR US + 1.131%)(c)		72		66,778
3.65%, 08/03/28 (Call 05/03/28)		101		96,572
3.95%, 10/30/25		203		199,116
4.00%, 05/10/27 (Call 04/10/27)		215		208,806
6.13%, 11/02/32 (Call 08/02/32)		180		189,062
Oesterreichische Kontrollbank AG
0.38%, 09/17/25		214		199,756
0.50%, 02/02/26		195		179,910
2.88%, 05/23/25		55		53,578
3.63%, 09/09/27		35		33,997
4.13%, 01/20/26		100		98,812
4.13%, 01/18/29		500		494,122
4.25%, 03/01/28		45		44,610
4.63%, 11/03/25		80		79,648
5.00%, 10/23/26		55		55,547
PNC Bank NA
2.70%, 10/22/29		210		180,937
3.10%, 10/25/27 (Call 09/25/27)		310		287,987
3.25%, 06/01/25 (Call 05/02/25)		275		267,657
3.25%, 01/22/28 (Call 12/23/27)		250		232,152
3.88%, 04/10/25 (Call 03/10/25)		275		269,766
4.05%, 07/26/28		280		264,820
4.20%, 11/01/25 (Call 10/02/25)		82		80,073
PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)		265		240,482
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(c)		539		438,693
2.55%, 01/22/30 (Call 10/24/29)		390		334,660
2.60%, 07/23/26 (Call 05/23/26)		270		253,839
3.15%, 05/19/27 (Call 04/19/27)		273		256,944
3.45%, 04/23/29 (Call 01/23/29)		369		340,725
4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(c)		60		55,582
4.76%, 01/26/27 (Call 01/26/26), (1-day SOFR + 1.085%)(c)		345		340,860
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(c)		285		273,820
5.30%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.342%)(c)		120		119,850
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.620%)(c)		280		279,857
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(c)		357		359,264
5.68%, 01/22/35 (Call 01/22/34), (1-day SOFR + 1.902%)(c)		70		70,164
5.81%, 06/12/26 (Call 06/12/25), (1-day SOFR + 1.322%)(c)		167		167,215
5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)(c)		200		203,636
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(c)		475		487,628

76 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
6.62%, 10/20/27 (Call 10/20/26), (1-day SOFR + 1.730%)(c)	$	250	$	256,676
6.88%, 10/20/34 (Call 10/20/33), (1-day SOFR + 2.284%)(c)		375		406,488
Regions Financial Corp.
1.80%, 08/12/28 (Call 06/12/28)		80		68,133
2.25%, 05/18/25 (Call 04/18/25)		185		177,142
Royal Bank of Canada
0.88%, 01/20/26		326		301,789
1.15%, 06/10/25		385		365,758
1.15%, 07/14/26		215		196,419
1.20%, 04/27/26		405		372,699
1.40%, 11/02/26		269		244,460
2.05%, 01/21/27		60		55,373
2.30%, 11/03/31		350		286,653
3.38%, 04/14/25		185		181,177
3.63%, 05/04/27		265		253,966
3.88%, 05/04/32		190		173,071
4.24%, 08/03/27		305		297,150
4.65%, 01/27/26		352		348,488
4.88%, 01/12/26		250		248,982
4.88%, 01/19/27		150		149,259
4.90%, 01/12/28		185		184,391
4.95%, 04/25/25		200		199,492
4.95%, 02/01/29		150		149,016
5.00%, 02/01/33		355		348,938
5.00%, 05/02/33(a)		220		216,626
5.15%, 02/01/34		140		137,704
5.20%, 07/20/26		280		280,876
5.20%, 08/01/28		230		231,250
6.00%, 11/01/27		280		288,314
Santander Holdings USA Inc.
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)(c)		250		226,093
3.24%, 10/05/26 (Call 08/05/26)		118		110,565
3.45%, 06/02/25 (Call 05/02/25)		180		174,550
4.40%, 07/13/27 (Call 04/14/27)		229		219,465
4.50%, 07/17/25 (Call 04/17/25)		290		284,297
5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)(c)		130		129,689
6.17%, 01/09/30 (Call 01/09/29), (1-day SOFR + 2.500%)(c)		95		94,688
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(c)		160		162,487
6.57%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.700%)(c)		135		137,495
7.66%, 11/09/31 (Call 11/09/30), (1-day SOFR + 3.280%)(c)		145
				154,891
Santander U.K. Group Holdings PLC
1.53%, 08/21/26 (Call 08/21/25), (1-year CMT + 1.250%)(c)		225		210,761
1.67%, 06/14/27 (Call 06/14/26), (1-day SOFR + 0.989%)(c)		225		204,536
2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)(c)		175		159,365
2.90%, 03/15/32 (Call 03/15/31), (1-day SOFR + 1.475%)(c)		200		168,455
3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(c)		210		196,020
6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)(c)		245		251,306

Security	Par (000)		Value
Banks (continued)
6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)(c)	$	340	$	345,004
State Street Corp.
1.68%, 11/18/27 (Call 11/18/26), (1-day SOFR + 0.560%)(c)		140		128,148
2.20%, 02/07/28 (Call 02/07/27), (1-day SOFR + 0.730%)(c)		160		147,190
2.20%, 03/03/31		240		198,410
2.40%, 01/24/30		206		180,051
2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)(c)		160		132,804
2.65%, 05/19/26(a)		295		280,533
2.90%, 03/30/26 (Call 03/30/25), (1-day SOFR + 2.600%)(c)		105		102,248
3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)(c)		135		120,047
3.55%, 08/18/25		245		240,023
4.14%, 12/03/29 (Call 12/03/28), (3-mo. SOFR + 1.292%)(c)		95		91,044
4.16%, 08/04/33 (Call 08/04/32), (1-day SOFR + 1.726%)(c)		184		169,911
4.42%, 05/13/33 (Call 05/13/32), (1-day SOFR + 1.605%)(c)		100		94,306
4.82%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.567%)(c)		110		106,038
5.10%, 05/18/26 (Call 05/18/25), (1-day SOFR + 1.130%)(c)		220		219,186
5.16%, 05/18/34 (Call 05/18/33), (1-day SOFR + 1.890%)(c)		140		138,194
5.27%, 08/03/26 (Call 07/03/26)		104		104,340
5.68%, 11/21/29 (Call 11/21/28), (1-day SOFR + 1.484%)(c)		205		209,587
5.75%, 11/04/26 (Call 11/04/25), (1-day SOFR + 1.353%)(c)		105		105,457
5.82%, 11/04/28 (Call 11/04/27), (1-day SOFR + 1.715%)(c)		85		86,957
6.12%, 11/21/34 (Call 11/21/33), (1-day SOFR + 1.958%)(c)		125		129,233
Sumitomo Mitsui Financial Group Inc.
0.95%, 01/12/26		300		277,395
1.40%, 09/17/26		460		419,044
1.47%, 07/08/25		110		104,562
1.71%, 01/12/31		200		159,214
1.90%, 09/17/28		380		330,610
2.13%, 07/08/30		80		66,499
2.14%, 09/23/30		205		168,363
2.17%, 01/14/27		40		36,932
2.22%, 09/17/31		285		231,167
2.47%, 01/14/29		200		177,904
2.63%, 07/14/26		463		437,089
2.72%, 09/27/29		200		176,115
2.75%, 01/15/30		365		319,122
3.01%, 10/19/26		350		331,354
3.04%, 07/16/29		600		539,345
3.20%, 09/17/29		165		148,369
3.35%, 10/18/27		185		174,491
3.36%, 07/12/27		465		440,691
3.45%, 01/11/27		312		298,800
3.54%, 01/17/28		245		232,050
3.78%, 03/09/26		355		345,301
3.94%, 07/19/28		90		86,136

S C H E D U L E  O F  I N V E S T M E N T S 77

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.31%, 10/16/28	$	250	$	244,593
5.46%, 01/13/26		500		501,551
5.52%, 01/13/28		70		71,105
5.71%, 01/13/30		325		333,000
5.72%, 09/14/28		310		316,919
5.77%, 01/13/33		395		407,528
5.78%, 07/13/33		200		206,824
5.80%, 07/13/28		235		241,366
5.85%, 07/13/30		210		216,231
5.88%, 07/13/26		220		223,238
Synchrony Bank, 5.63%, 08/23/27 (Call 07/23/27)		250		243,247
Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)		250		240,819
Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)		85		83,498
Toronto-Dominion Bank (The)
0.75%, 09/11/25		280		262,357
0.75%, 01/06/26		300		277,490
1.15%, 06/12/25		225		213,573
1.20%, 06/03/26		364		333,949
1.25%, 09/10/26		375		341,668
1.95%, 01/12/27(a)		215		197,886
2.00%, 09/10/31		230		187,166
2.45%, 01/12/32		115		95,064
2.80%, 03/10/27		335		314,176
3.20%, 03/10/32		350		305,322
3.63%, 09/15/31 (Call 09/15/26), (5-year USD Swap + 2.205%)(c)		315		300,620
3.77%, 06/06/25		415		407,601
4.11%, 06/08/27		387		375,578
4.46%, 06/08/32		465		443,229
4.69%, 09/15/27		355		350,949
5.10%, 01/09/26		65		65,084
5.16%, 01/10/28		95		95,284
5.26%, 12/11/26		135		135,822
5.52%, 07/17/28		270		274,320
5.53%, 07/17/26		240		242,130
Truist Bank
1.50%, 03/10/25 (Call 02/10/25)		480		461,218
2.25%, 03/11/30 (Call 12/11/29)		315		258,730
3.30%, 05/15/26 (Call 04/15/26)		315		299,995
3.63%, 09/16/25 (Call 08/16/25)		50		48,507
3.80%, 10/30/26 (Call 09/30/26)		75		71,626
4.05%, 11/03/25 (Call 09/03/25)		85		83,181
Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)		284		247,183
1.20%, 08/05/25 (Call 07/03/25)		145		136,391
1.27%, 03/02/27 (Call 03/02/26), (1-day SOFR + 0.609%)(c)		410		376,338
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(c)		330		283,420
1.95%, 06/05/30 (Call 03/05/30)		180		147,019
3.70%, 06/05/25 (Call 05/05/25)		255		249,387
3.88%, 03/19/29 (Call 02/16/29)		150		138,136
4.00%, 05/01/25 (Call 03/01/25)		234		229,765
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(c)		310		297,849
4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(c)		335		328,147
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(c)		330		321,162

Security	Par (000)		Value
Banks (continued)
4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)(c)	$	290	$	266,490
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(c)		240		227,585
5.44%, 01/24/30 (Call 01/24/29), (1-day SOFR + 1.620%)(c)		115		113,855
5.71%, 01/24/35 (Call 01/24/34), (1-day SOFR + 1.922%)(c)		195		193,356
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(c)		405		404,944
5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(c)		385		385,853
6.05%, 06/08/27 (Call 06/08/26), (1-day SOFR + 2.050%)(c)		160		161,551
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(c)		170		172,825
7.16%, 10/30/29 (Call 10/30/28), (1-day SOFR + 2.446%)(c)		270		285,826
U.S. Bancorp.
1.38%, 07/22/30 (Call 04/22/30)		330		261,559
1.45%, 05/12/25 (Call 04/11/25)		325		310,985
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(c)		300		274,780
2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)(c)		125		96,619
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(c)		285		232,622
3.00%, 07/30/29 (Call 04/30/29)		205		181,543
3.10%, 04/27/26 (Call 03/27/26)(a)		213		203,382
3.90%, 04/26/28 (Call 03/24/28)		257		245,985
3.95%, 11/17/25 (Call 10/17/25)		164		160,449
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(c)		450		439,353
4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)(c)		445		432,455
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(c)		450		423,541
4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)(c)		405		378,976
5.38%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.560%)(c)		100		99,436
5.68%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.860%)(c)		400		399,104
5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(c)		365		366,540
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)(c)		420		424,295
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(c)		301		303,333
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(c)		390		393,805
6.79%, 10/26/27 (Call 10/26/26), (1-day SOFR + 1.880%)(c)		190		196,256
Series V, 2.38%, 07/22/26 (Call 06/22/26)		335		313,936
Series X, 3.15%, 04/27/27 (Call 03/27/27)		308		290,804
UBS AG/London
1.25%, 06/01/26		225		206,320
5.65%, 09/11/28		350		356,976
5.80%, 09/11/25		225		226,590
UBS Group AG
3.75%, 03/26/25		435		425,990

78 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
4.55%, 04/17/26	$	425	$	417,432
Wachovia Corp., 7.57%, 08/01/26(d)		85		89,144
Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)		100		90,852
Wells Fargo & Co.
2.19%, 04/30/26 (Call 04/30/25), (1-day SOFR + 2.000%)(c)		625		599,698
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(c)		757		690,498
2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(c)		675		575,773
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(c)		795		696,618
3.00%, 04/22/26		804		767,146
3.00%, 10/23/26		796		752,118
3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(c)		590		561,580
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(c)		985		845,138
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(c)		920		872,298
3.55%, 09/29/25(a)		643		626,403
3.58%, 05/22/28 (Call 05/22/27), (3-mo. SOFR + 1.572%)(c)		697		660,174
3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(c)		623		610,977
4.10%, 06/03/26		566		551,043
4.15%, 01/24/29 (Call 10/24/28)		587		561,822
4.30%, 07/22/27		548		531,963
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(c)		575		547,230
4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)(c)		410		404,364
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(c)		685		672,884
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(c)		1,050		1,004,532
5.20%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.500%)(c)		435		431,250
5.39%, 04/24/34 (Call 04/24/33), (1-day SOFR + 2.020%)(c)		910		895,220
5.50%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.780%)(c)		340		337,865
5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(c)		1,035		1,031,054
5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)(c)		955		961,648
6.30%, 10/23/29 (Call 10/23/28), (1-day SOFR + 1.790%)(c)		635		658,108
6.49%, 10/23/34 (Call 10/23/33), (1-day SOFR + 2.060%)(c)		775		824,257
Series B, 7.95%, 11/15/29		90		100,236
Wells Fargo Bank NA
4.81%, 01/15/26 (Call 12/15/25)		250		248,680
5.25%, 12/11/26 (Call 11/09/26)		550		551,964
5.45%, 08/07/26 (Call 07/07/26)		530		534,669
5.55%, 08/01/25 (Call 07/01/25)		310		311,276
Westpac Banking Corp.
1.15%, 06/03/26		385		353,779
1.95%, 11/20/28		426		373,657
2.15%, 06/03/31		275		227,836

Security	Par (000)		Value
Banks (continued)
2.65%, 01/16/30	$	305	$	270,334
2.67%, 11/15/35 (Call 11/15/30), (5-year CMT + 1.750%)(c)		255		207,777
2.70%, 08/19/26		270		256,035
2.85%, 05/13/26		360		343,996
3.02%, 11/18/36 (Call 11/18/31), (5-year CMT + 1.530%)(c)		210		170,956
3.35%, 03/08/27		303		289,776
3.40%, 01/25/28		297		281,241
3.74%, 08/26/25		55		53,934
4.04%, 08/26/27		200		195,701
4.11%, 07/24/34 (Call 07/24/29), (5-year CMT + 2.000%)(c)		200		182,689
4.32%, 11/23/31 (Call 11/23/26), (5-year USD ICE Swap + 2.236%)(c)		220		211,248
5.41%, 08/10/33 (Call 08/10/32), (1-year CMT + 2.680%)(c)		185		181,071
5.46%, 11/18/27		390		396,517
5.51%, 11/17/25		290		292,181
5.54%, 11/17/28		320		327,606
6.82%, 11/17/33		175		187,657
Wintrust Financial Corp., 4.85%, 06/06/29		10		9,020
Zions Bancorp. NA, 3.25%, 10/29/29 (Call 07/29/29)		100		81,553
				298,167,385
Beverages — 0.5%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)		299		291,519
Anheuser-Busch InBev Worldwide Inc.
3.50%, 06/01/30 (Call 03/01/30)		435		401,984
4.00%, 04/13/28 (Call 01/13/28)		350		339,292
4.75%, 01/23/29 (Call 10/23/28)		918		911,791
4.90%, 01/23/31 (Call 10/23/30)		190		190,987
Brown-Forman Corp.
3.50%, 04/15/25 (Call 02/15/25)		45		44,085
4.75%, 04/15/33 (Call 01/15/33)		80		78,867
Coca-Cola Co. (The)
1.00%, 03/15/28		220		191,656
1.38%, 03/15/31		318		254,560
1.45%, 06/01/27		390		352,865
1.50%, 03/05/28		125		111,006
1.65%, 06/01/30		240		200,445
2.00%, 03/05/31		190		158,933
2.13%, 09/06/29		300		263,954
2.25%, 01/05/32		475		399,951
2.90%, 05/25/27		245		232,434
3.38%, 03/25/27		323		311,173
3.45%, 03/25/30		328		305,954
Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)		145		141,652
Coca-Cola Femsa SAB de CV
1.85%, 09/01/32 (Call 06/01/32)		75		58,378
2.75%, 01/22/30 (Call 10/22/29)		20		17,685
Constellation Brands Inc.
2.25%, 08/01/31 (Call 05/01/31)		255		207,968
2.88%, 05/01/30 (Call 02/01/30)		135		118,536
3.15%, 08/01/29 (Call 05/01/29)		175		158,767
3.60%, 02/15/28 (Call 11/15/27)		160		151,178
3.70%, 12/06/26 (Call 09/06/26)		199		191,505
4.35%, 05/09/27 (Call 04/09/27)		190		185,783

S C H E D U L E  O F  I N V E S T M E N T S 79

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
4.40%, 11/15/25 (Call 09/15/25)	$	215	$	211,777
4.65%, 11/15/28 (Call 08/15/28)		145		142,107
4.75%, 12/01/25		25		24,725
4.75%, 05/09/32 (Call 02/09/32)		155		149,732
4.80%, 01/15/29 (Call 12/15/28)		75		73,877
4.90%, 05/01/33 (Call 02/01/33)		160		155,321
5.00%, 02/02/26 (Call 03/11/24)		245		243,461
Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)		100		94,311
2.00%, 04/29/30 (Call 01/29/30)		250		210,680
2.13%, 04/29/32 (Call 01/29/32)		15		12,120
2.38%, 10/24/29 (Call 07/24/29)		220		193,154
3.88%, 05/18/28 (Call 02/18/28)		50		48,258
5.20%, 10/24/25		220		220,088
5.30%, 10/24/27 (Call 09/24/27)		10		10,116
5.38%, 10/05/26 (Call 09/05/26)		215		216,680
5.50%, 01/24/33 (Call 10/24/32)		10		10,268
5.63%, 10/05/33 (Call 07/05/33)		230		238,756
Keurig Dr Pepper Inc.
2.25%, 03/15/31 (Call 12/15/30)		125		103,790
2.55%, 09/15/26 (Call 06/15/26)		145		135,980
3.20%, 05/01/30 (Call 02/01/30)		170		153,300
3.40%, 11/15/25 (Call 08/15/25)		150		145,278
3.43%, 06/15/27 (Call 03/15/27)		150		142,774
3.95%, 04/15/29 (Call 02/15/29)		230		218,956
4.05%, 04/15/32 (Call 01/15/32)		240		222,610
4.42%, 05/25/25 (Call 03/25/25)		139		137,481
4.60%, 05/25/28 (Call 02/25/28)		245		241,339
Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)		513		488,592
PepsiCo Inc.
1.40%, 02/25/31 (Call 11/25/30)		160		127,915
1.63%, 05/01/30 (Call 02/01/30)		209		173,735
1.95%, 10/21/31 (Call 07/21/31)		180		147,343
2.25%, 03/19/25 (Call 02/19/25)		438		425,371
2.38%, 10/06/26 (Call 07/06/26)		304		286,409
2.63%, 03/19/27 (Call 01/19/27)		140		131,638
2.63%, 07/29/29 (Call 04/29/29)		303		272,963
2.75%, 04/30/25 (Call 01/30/25)		277		269,776
2.75%, 03/19/30 (Call 12/19/29)		325		289,924
2.85%, 02/24/26 (Call 11/24/25)		225		216,382
3.00%, 10/15/27 (Call 07/15/27)		373		351,624
3.50%, 07/17/25 (Call 04/17/25)		185		181,218
3.60%, 02/18/28 (Call 01/18/28)		245		235,563
3.90%, 07/18/32 (Call 04/18/32)		360		337,913
4.45%, 05/15/28 (Call 04/15/28)		175		174,649
4.45%, 02/15/33 (Call 11/15/32)(a)		175		173,043
4.55%, 02/13/26 (Call 01/13/26)		190		188,887
5.13%, 11/10/26 (Call 10/10/26)		160		161,045
5.25%, 11/10/25		220		220,929
7.00%, 03/01/29		140		154,311
Pepsico Singapore Financing I Pte Ltd.
4.55%, 02/16/29 (Call 01/16/29)		100		99,102
4.65%, 02/16/27 (Call 01/16/27)		100		99,266
4.70%, 02/16/34 (Call 11/16/33)		100		98,338
				15,335,783
Biotechnology — 0.3%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)		330		287,087
2.00%, 01/15/32 (Call 10/15/31)		295		236,515
2.20%, 02/21/27 (Call 12/21/26)		242		222,980

Security	Par (000)		Value
Biotechnology (continued)
2.30%, 02/25/31 (Call 11/25/30)	$	240	$	200,843
2.45%, 02/21/30 (Call 11/21/29)		330		286,871
2.60%, 08/19/26 (Call 05/19/26)		355		335,067
3.00%, 02/22/29 (Call 12/22/28)		165		151,416
3.13%, 05/01/25 (Call 02/01/25)		308		300,320
3.20%, 11/02/27 (Call 08/02/27)		77		72,369
3.35%, 02/22/32 (Call 11/22/31)		230		203,395
4.05%, 08/18/29 (Call 06/18/29)		350		334,580
4.20%, 03/01/33 (Call 12/01/32)		220		203,691
5.15%, 03/02/28 (Call 02/02/28)		850		851,684
5.25%, 03/02/25		625		623,815
5.25%, 03/02/30 (Call 01/02/30)		670		675,007
5.25%, 03/02/33 (Call 12/02/32)		935		932,221
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)		260		255,303
Biogen Inc.
2.25%, 05/01/30 (Call 02/01/30)		370		309,617
4.05%, 09/15/25 (Call 06/15/25)		440		431,339
Bio-Rad Laboratories Inc.
3.30%, 03/15/27 (Call 02/15/27)		135		127,323
3.70%, 03/15/32 (Call 12/15/31)		220		195,952
Gilead Sciences Inc.
1.20%, 10/01/27 (Call 08/01/27)		195		171,534
1.65%, 10/01/30 (Call 07/01/30)		235		191,705
2.95%, 03/01/27 (Call 12/01/26)		387		365,517
3.65%, 03/01/26 (Call 12/01/25)		633		614,779
5.25%, 10/15/33 (Call 07/15/33)		185		187,142
Illumina Inc.
2.55%, 03/23/31 (Call 12/23/30)		160		131,269
5.75%, 12/13/27 (Call 11/13/27)		155		156,113
5.80%, 12/12/25 (Call 11/12/25)		140		139,961
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		323		260,755
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		175		163,862
1.75%, 09/02/27 (Call 07/02/27)		250		222,253
2.15%, 09/02/31 (Call 06/02/31)		169		134,959
2.20%, 09/02/30 (Call 06/02/30)		265		218,129
				10,195,373
Building Materials — 0.2%
Carrier Global Corp.
2.49%, 02/15/27 (Call 12/15/26)		111		103,154
2.70%, 02/15/31 (Call 11/15/30)		130		110,816
2.72%, 02/15/30 (Call 11/15/29)		550		481,330
5.80%, 11/30/25		265		266,903
5.90%, 03/15/34 (Call 12/15/33)		45		46,981
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		205		170,153
Fortune Brands Innovations Inc.
3.25%, 09/15/29 (Call 06/15/29)		185		167,133
4.00%, 06/15/25 (Call 03/15/25)		115		112,842
4.00%, 03/25/32 (Call 12/25/31)		100		90,695
5.88%, 06/01/33 (Call 03/01/33)		175		177,755
Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)		186		181,261
Johnson Controls International PLC/Tyco Fire & Security Finance SCA
1.75%, 09/15/30 (Call 06/15/30)		185		150,897
2.00%, 09/16/31 (Call 06/16/31)		120		96,387
4.90%, 12/01/32 (Call 09/01/32)		60		58,906
Lennox International Inc.
1.35%, 08/01/25 (Call 07/01/25)		120		113,128

80 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Building Materials (continued)
1.70%, 08/01/27 (Call 06/01/27)	$	75	$	67,221
5.50%, 09/15/28 (Call 08/15/28)		120		121,116
Martin Marietta Materials Inc.
2.40%, 07/15/31 (Call 04/15/31)		270		224,318
3.50%, 12/15/27 (Call 09/15/27)		154		146,109
Series CB, 2.50%, 03/15/30 (Call 12/15/29)		125		108,119
Masco Corp.
1.50%, 02/15/28 (Call 12/15/27)		110		95,522
2.00%, 10/01/30 (Call 07/01/30)		115		93,570
2.00%, 02/15/31 (Call 11/15/30)		205		166,466
3.50%, 11/15/27 (Call 08/15/27)		70		65,798
Mohawk Industries Inc., 5.85%, 09/18/28 (Call 08/18/28)		100		102,025
Owens Corning
3.40%, 08/15/26 (Call 05/15/26)		115		109,749
3.88%, 06/01/30 (Call 03/01/30)		105		96,785
3.95%, 08/15/29 (Call 05/15/29)		130		122,633
Trane Technologies Financing Ltd.
3.50%, 03/21/26 (Call 01/21/26)		195		188,437
3.80%, 03/21/29 (Call 12/21/28)		168		158,810
5.25%, 03/03/33 (Call 12/03/32)		55		55,530
Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)		135		128,735
Vulcan Materials Co.
3.50%, 06/01/30 (Call 03/01/30)		185		168,603
3.90%, 04/01/27 (Call 01/01/27)		110		106,571
5.80%, 03/01/26 (Call 03/01/24)		70		70,000
				4,724,458
Chemicals — 0.4%
Air Products and Chemicals Inc.
1.50%, 10/15/25 (Call 09/15/25)		65		61,454
1.85%, 05/15/27 (Call 03/15/27)		205		187,371
2.05%, 05/15/30 (Call 02/15/30)		237		201,511
4.60%, 02/08/29 (Call 01/08/29)		225		222,151
4.75%, 02/08/31 (Call 12/08/30)		225		222,334
4.80%, 03/03/33 (Call 12/03/32)		195		192,364
4.85%, 02/08/34 (Call 11/08/33)		220		215,708
Albemarle Corp.
4.65%, 06/01/27 (Call 05/01/27)		135		132,623
5.05%, 06/01/32 (Call 03/01/32)		145		137,667
Cabot Corp.
4.00%, 07/01/29 (Call 04/01/29)		78		72,773
5.00%, 06/30/32 (Call 03/30/32)		115		110,773
Celanese U.S. Holdings LLC
1.40%, 08/05/26 (Call 07/05/26)		70		63,389
6.05%, 03/15/25		331		331,767
6.17%, 07/15/27 (Call 06/15/27)		430		436,591
6.33%, 07/15/29 (Call 05/15/29)		157		161,338
6.35%, 11/15/28 (Call 10/15/28)		220		226,455
6.38%, 07/15/32 (Call 04/15/32)		278		285,429
6.55%, 11/15/30 (Call 09/15/30)		250		259,435
6.70%, 11/15/33 (Call 08/15/33)		185		194,223
Dow Chemical Co. (The)
2.10%, 11/15/30 (Call 08/15/30)(a)		230		191,949
4.80%, 11/30/28 (Call 08/30/28)		193		191,517
5.15%, 02/15/34 (Call 11/15/33)(a)		75		73,867
6.30%, 03/15/33 (Call 12/15/32)(a)		45		48,192
7.38%, 11/01/29		224		248,320
DuPont de Nemours Inc.
4.49%, 11/15/25 (Call 09/15/25)		508		502,089
4.73%, 11/15/28 (Call 08/15/28)		555		552,078

Security	Par (000)		Value
Chemicals (continued)
Eastman Chemical Co.
3.80%, 03/15/25 (Call 12/15/24)	$	287	$	281,841
4.50%, 12/01/28 (Call 09/01/28)		155		150,440
5.63%, 02/20/34 (Call 11/20/33)		80		79,489
5.75%, 03/08/33 (Call 12/08/32)		135		136,126
Ecolab Inc.
1.30%, 01/30/31 (Call 10/30/30)		208		164,570
1.65%, 02/01/27 (Call 01/01/27)		70		63,982
2.13%, 02/01/32 (Call 11/01/31)		117		95,839
2.70%, 11/01/26 (Call 08/01/26)		275		260,656
3.25%, 12/01/27 (Call 09/01/27)		84		79,542
4.80%, 03/24/30 (Call 12/24/29)		177		176,684
5.25%, 01/15/28 (Call 12/15/27)		240		243,471
EIDP Inc.
1.70%, 07/15/25 (Call 06/15/25)		202		192,029
2.30%, 07/15/30 (Call 04/15/30)		206		176,317
4.50%, 05/15/26 (Call 04/15/26)		85		83,701
4.80%, 05/15/33 (Call 02/15/33)(a)		40		39,142
FMC Corp.
3.20%, 10/01/26 (Call 08/01/26)		135		126,520
3.45%, 10/01/29 (Call 07/01/29)		168		149,280
5.15%, 05/18/26 (Call 04/18/26)		110		108,562
5.65%, 05/18/33 (Call 02/18/33)		130		125,859
Huntsman International LLC
2.95%, 06/15/31 (Call 03/15/31)		116		95,591
4.50%, 05/01/29 (Call 02/01/29)		228		216,608
International Flavors & Fragrances Inc., 4.45%, 09/26/28 (Call 06/26/28)		25		24,151
Linde Inc./CT
1.10%, 08/10/30 (Call 05/10/30)		261		208,825
3.20%, 01/30/26 (Call 10/30/25)		125		121,156
4.70%, 12/05/25 (Call 11/05/25)		140		139,359
LYB International Finance II BV, 3.50%, 03/02/27 (Call 12/02/26)		160		152,343
LYB International Finance III LLC
1.25%, 10/01/25 (Call 09/01/25)		140		130,872
2.25%, 10/01/30 (Call 07/01/30)(a)		185		154,015
5.50%, 03/01/34 (Call 12/01/33)		175		173,671
5.63%, 05/15/33 (Call 02/15/33)		135		136,796
Mosaic Co. (The)
4.05%, 11/15/27 (Call 08/15/27)		85		81,674
5.38%, 11/15/28 (Call 10/15/28)		100		100,582
NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)		125		103,787
Nutrien Ltd.
2.95%, 05/13/30 (Call 02/13/30)		129		114,075
3.00%, 04/01/25 (Call 01/01/25)		135		131,310
4.00%, 12/15/26 (Call 09/15/26)		125		121,086
4.20%, 04/01/29 (Call 01/01/29)		220		211,342
4.90%, 03/27/28 (Call 02/27/28)		175		173,564
5.95%, 11/07/25		170		171,430
PPG Industries Inc.
1.20%, 03/15/26 (Call 02/15/26)		190		175,608
2.55%, 06/15/30 (Call 03/15/30)		155		133,724
2.80%, 08/15/29 (Call 05/15/29)		60		53,780
3.75%, 03/15/28 (Call 12/15/27)		110		105,344
RPM International Inc.
2.95%, 01/15/32 (Call 10/15/31)		100		84,382
3.75%, 03/15/27 (Call 12/15/26)		99		94,462
4.55%, 03/01/29 (Call 12/01/28)		112		107,755
Sherwin-Williams Co. (The)
2.20%, 03/15/32 (Call 12/15/31)		125		101,142

S C H E D U L E  O F  I N V E S T M E N T S 81

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
2.30%, 05/15/30 (Call 02/15/30)	$	202	$	171,720
2.95%, 08/15/29 (Call 05/15/29)		170		152,884
3.45%, 08/01/25 (Call 05/01/25)		115		112,063
3.45%, 06/01/27 (Call 03/01/27)		390		371,406
3.95%, 01/15/26 (Call 10/15/25)		110		107,643
4.25%, 08/08/25		120		118,142
Westlake Corp.
3.38%, 06/15/30 (Call 03/15/30)		135		120,586
3.60%, 08/15/26 (Call 05/15/26)		204		196,317
				13,226,613
Commercial Services — 0.3%
Automatic Data Processing Inc.
1.25%, 09/01/30 (Call 06/01/30)		330		267,292
1.70%, 05/15/28 (Call 03/15/28)		400		356,115
3.38%, 09/15/25 (Call 06/15/25)		324		316,538
Block Financial LLC
2.50%, 07/15/28 (Call 05/15/28)		160		140,922
3.88%, 08/15/30 (Call 05/15/30)		175		157,775
5.25%, 10/01/25 (Call 07/01/25)		75		74,438
Cintas Corp. No. 2
3.45%, 05/01/25 (Call 04/01/25)		80		78,316
3.70%, 04/01/27 (Call 01/01/27)		283		274,097
4.00%, 05/01/32 (Call 02/01/32)		171		160,151
Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)		100		85,270
Equifax Inc.
2.35%, 09/15/31 (Call 06/15/31)		245		200,061
2.60%, 12/15/25 (Call 11/15/25)		114		108,620
3.10%, 05/15/30 (Call 02/15/30)		155		136,660
5.10%, 12/15/27 (Call 11/15/27)		220		219,041
5.10%, 06/01/28 (Call 05/01/28)		160		159,019
Global Payments Inc.
1.20%, 03/01/26 (Call 02/01/26)		185		170,308
2.15%, 01/15/27 (Call 12/15/26)		205		188,139
2.90%, 05/15/30 (Call 02/15/30)		215		185,203
2.90%, 11/15/31 (Call 08/15/31)		195		162,714
3.20%, 08/15/29 (Call 05/15/29)		322		286,989
4.45%, 06/01/28 (Call 03/01/28)		110		106,027
4.80%, 04/01/26 (Call 01/01/26)		88		86,835
4.95%, 08/15/27 (Call 07/15/27)		150		148,533
5.30%, 08/15/29 (Call 06/15/29)		85		83,861
5.40%, 08/15/32 (Call 05/15/32)		170		167,717
GXO Logistics Inc.
1.65%, 07/15/26 (Call 06/15/26)		145		132,958
2.65%, 07/15/31 (Call 04/15/31)		125		101,528
Johns Hopkins University, 4.71%, 07/01/32
(Call 04/01/32)		65		65,367
Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)		45		40,382
Moody’s Corp.
2.00%, 08/19/31 (Call 05/19/31)(a)		70		56,593
3.25%, 01/15/28 (Call 10/15/27)		230		216,399
3.75%, 03/24/25 (Call 02/24/25)		120		117,988
4.25%, 02/01/29 (Call 11/01/28)		175		169,511
4.25%, 08/08/32 (Call 05/08/32)		175		165,304
PayPal Holdings Inc.
1.65%, 06/01/25 (Call 05/01/25)		339		324,569
2.30%, 06/01/30 (Call 03/01/30)		230		195,651
2.65%, 10/01/26 (Call 08/01/26)		340		320,600
2.85%, 10/01/29 (Call 07/01/29)		336		299,626
3.90%, 06/01/27 (Call 05/01/27)		65		62,838

Security	Par (000)		Value
Commercial Services (continued)
4.40%, 06/01/32 (Call 03/01/32)(a)	$	235	$	225,409
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)		210		168,098
2.90%, 10/01/30 (Call 07/01/30)		240		208,080
RELX Capital Inc.
3.00%, 05/22/30 (Call 02/22/30)		230		205,338
4.00%, 03/18/29 (Call 12/18/28)		143		136,573
4.75%, 05/20/32 (Call 02/20/32)		105		103,112
S&P Global Inc.
1.25%, 08/15/30 (Call 05/15/30)		165		131,661
2.45%, 03/01/27 (Call 02/01/27)		195		181,770
2.50%, 12/01/29 (Call 09/01/29)		159		140,100
2.70%, 03/01/29 (Call 01/01/29)		215		194,440
2.90%, 03/01/32 (Call 12/01/31)		190		163,618
2.95%, 01/22/27 (Call 10/22/26)		174		164,874
4.25%, 05/01/29 (Call 02/01/29)		255		247,267
4.75%, 08/01/28 (Call 05/01/28)		240		239,039
5.25%, 09/15/33 (Call 06/15/33)(b)		40		40,416
Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)		143		113,802
UL Solutions Inc., 6.50%, 10/20/28 (Call 09/20/28)(b)		90		92,961
Verisk Analytics Inc.
4.00%, 06/15/25 (Call 03/15/25)		290		284,882
4.13%, 03/15/29 (Call 12/15/28)		160		153,535
5.75%, 04/01/33 (Call 01/01/33)		140		144,612
Yale University
Series 2020, 0.87%, 04/15/25 (Call 03/15/25)		35		33,384
Series 2020, 1.48%, 04/15/30 (Call 01/15/30)		170		141,927
				10,104,853
Computers — 0.7%
Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)		190		161,237
Apple Inc.
0.55%, 08/20/25 (Call 07/20/25)		395		371,314
0.70%, 02/08/26 (Call 01/08/26)		600		554,634
1.13%, 05/11/25 (Call 04/11/25)		500		477,456
1.20%, 02/08/28 (Call 12/08/27)		610		536,073
1.25%, 08/20/30 (Call 05/20/30)		300		242,794
1.40%, 08/05/28 (Call 06/05/28)		470		410,780
1.65%, 05/11/30 (Call 02/11/30)		403		336,954
1.65%, 02/08/31 (Call 11/08/30)		610		502,292
1.70%, 08/05/31 (Call 05/05/31)		235		191,369
2.05%, 09/11/26 (Call 07/11/26)		380		355,262
2.20%, 09/11/29 (Call 06/11/29)		369		325,892
2.45%, 08/04/26 (Call 05/04/26)		593		561,320
2.90%, 09/12/27 (Call 06/12/27)		461		434,811
3.00%, 06/20/27 (Call 03/20/27)		152		144,169
3.00%, 11/13/27 (Call 08/13/27)		515		487,112
3.20%, 05/13/25		380		371,920
3.20%, 05/11/27 (Call 02/11/27)		430		410,288
3.25%, 02/23/26 (Call 11/23/25)		819		794,524
3.25%, 08/08/29 (Call 06/08/29)		170		158,947
3.35%, 02/09/27 (Call 11/09/26)		562		540,665
3.35%, 08/08/32 (Call 05/08/32)		385		349,529
4.00%, 05/10/28 (Call 04/10/28)		295		288,848
4.15%, 05/10/30 (Call 03/10/30)		180		176,720
4.30%, 05/10/33 (Call 02/10/33)(a)		205		202,380
Booz Allen Hamilton Inc., 5.95%, 08/04/33 (Call 05/04/33)		145		149,202
CGI Inc. 1.45%, 09/14/26 (Call 08/14/26)		140		126,955

82 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Computers (continued)
2.30%, 09/14/31 (Call 06/14/31)	$	95	$	75,993
Dell Inc., 7.10%, 04/15/28		105		112,899
Dell International LLC/EMC Corp.
4.90%, 10/01/26 (Call 08/01/26)		457		452,827
5.25%, 02/01/28 (Call 01/01/28)		180		181,266
5.30%, 10/01/29 (Call 07/01/29)		402		402,762
5.75%, 02/01/33 (Call 11/01/32)(a)		225		231,053
5.85%, 07/15/25 (Call 06/15/25)		210		210,924
6.02%, 06/15/26 (Call 03/15/26)		475		480,235
6.10%, 07/15/27 (Call 05/15/27)(a)		135		138,504
6.20%, 07/15/30 (Call 04/15/30)		162		169,502
DXC Technology Co.
1.80%, 09/15/26 (Call 08/15/26)		180		163,435
2.38%, 09/15/28 (Call 07/15/28)		170		146,563
Fortinet Inc.
1.00%, 03/15/26 (Call 02/15/26)		140		128,462
2.20%, 03/15/31 (Call 12/15/30)		160		132,314
Genpact Luxembourg SARL/Genpact USA Inc., 1.75%, 04/10/26 (Call 03/10/26)		40		36,873
Hewlett Packard Enterprise Co.
1.75%, 04/01/26 (Call 03/01/26)		201		186,816
4.90%, 10/15/25 (Call 07/15/25)		626		621,974
5.25%, 07/01/28 (Call 06/01/28)(a)		95		95,152
6.10%, 04/01/26 (Call 04/01/24)		50		50,018
HP Inc.
1.45%, 06/17/26 (Call 05/17/26)		65		59,720
2.20%, 06/17/25 (Call 05/17/25)		300		287,984
2.65%, 06/17/31 (Call 03/17/31)		235		196,097
3.00%, 06/17/27 (Call 04/17/27)		275		256,899
4.00%, 04/15/29 (Call 02/15/29)		295		280,940
4.20%, 04/15/32 (Call 01/15/32)		45		41,490
4.75%, 01/15/28 (Call 12/15/27)		235		232,595
5.50%, 01/15/33 (Call 10/15/32)(a)		225		225,089
IBM International Capital Pte Ltd.
4.60%, 02/05/27 (Call 01/05/27)		190		187,651
4.60%, 02/05/29 (Call 01/05/29)		195		191,259
4.70%, 02/05/26		195		193,448
4.75%, 02/05/31 (Call 12/05/30)		200		194,899
4.90%, 02/05/34 (Call 11/05/33)		190		184,253
International Business Machines Corp.
1.70%, 05/15/27 (Call 03/15/27)		340		306,912
1.95%, 05/15/30 (Call 02/15/30)		260		217,527
2.20%, 02/09/27 (Call 01/09/27)		135		124,790
2.72%, 02/09/32 (Call 11/09/31)		50		43,307
3.30%, 05/15/26		720		693,198
3.30%, 01/27/27		35		33,437
3.45%, 02/19/26		420		407,435
3.50%, 05/15/29		540		504,050
4.00%, 07/27/25		270		265,840
4.15%, 07/27/27 (Call 06/27/27)		200		194,867
4.40%, 07/27/32 (Call 04/27/32)		280		267,410
4.50%, 02/06/26		190		188,277
4.50%, 02/06/28 (Call 01/06/28)		305		300,852
4.75%, 02/06/33 (Call 11/06/32)		100		97,583
5.88%, 11/29/32		30		31,761
6.22%, 08/01/27		70		73,028
6.50%, 01/15/28		45		47,607
7.00%, 10/30/25		186		191,984
Kyndryl Holdings Inc.
2.05%, 10/15/26 (Call 09/15/26)		138		126,054
2.70%, 10/15/28 (Call 08/15/28)		130		113,979

Security	Par (000)		Value
Computers (continued)
3.15%, 10/15/31 (Call 07/15/31)	$	118	$	97,308
6.35%, 02/20/34 (Call 11/20/33)		25		25,222
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)		205		167,947
3.63%, 05/15/25 (Call 04/15/25)		45		43,940
4.38%, 05/15/30 (Call 02/15/30)		140		131,560
5.75%, 03/15/33 (Call 12/15/32)		100		101,564
NetApp Inc.
1.88%, 06/22/25 (Call 05/22/25)		185		176,395
2.38%, 06/22/27 (Call 04/22/27)		200		183,164
2.70%, 06/22/30 (Call 03/22/30)		145		124,317
Teledyne FLIR LLC, 2.50%, 08/01/30
(Call 05/01/30)		65		54,908
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)		125		105,335
3.10%, 02/01/32 (Call 11/01/31)		110		85,752
				21,740,653
Cosmetics & Personal Care — 0.3%
Colgate-Palmolive Co.
3.10%, 08/15/25		85		82,873
3.10%, 08/15/27 (Call 07/15/27)		120		114,484
3.25%, 08/15/32 (Call 05/15/32)		135		120,990
4.60%, 03/01/28 (Call 02/01/28)		61		61,426
4.60%, 03/01/33 (Call 12/01/32)		151		149,873
4.80%, 03/02/26		106		106,255
Conopco Inc., Series E, 7.25%, 12/15/26		70		74,250
Estee Lauder Companies Inc. (The)
1.95%, 03/15/31 (Call 12/15/30)		210		172,151
2.38%, 12/01/29 (Call 09/01/29)		230		200,964
2.60%, 04/15/30 (Call 01/15/30)		150		131,258
3.15%, 03/15/27 (Call 12/15/26)		115		109,541
4.38%, 05/15/28 (Call 04/15/28)		45		44,242
4.65%, 05/15/33 (Call 02/15/33)		10		9,700
5.00%, 02/14/34 (Call 11/14/33)		75		73,687
Haleon U.K. Capital PLC, 3.13%, 03/24/25		250		243,857
Haleon U.S. Capital LLC
3.38%, 03/24/27 (Call 02/24/27)		290		275,681
3.38%, 03/24/29 (Call 01/24/29)		305		281,784
3.63%, 03/24/32 (Call 12/24/31)		495		443,177
Kenvue Inc.
4.90%, 03/22/33 (Call 12/22/32)		335		331,220
5.00%, 03/22/30 (Call 01/22/30)		225		225,461
5.05%, 03/22/28 (Call 02/22/28)		370		372,319
5.35%, 03/22/26 (Call 02/22/26)		225		226,471
5.50%, 03/22/25		230		230,570
Procter & Gamble Co. (The)
0.55%, 10/29/25		275		256,379
1.00%, 04/23/26		250		231,289
1.20%, 10/29/30		290		233,216
1.90%, 02/01/27		305		282,578
1.95%, 04/23/31		150		126,174
2.30%, 02/01/32		94		80,168
2.45%, 11/03/26		265		250,341
2.70%, 02/02/26		209		201,013
2.80%, 03/25/27		173		163,768
2.85%, 08/11/27		233		219,865
3.00%, 03/25/30		331		302,878
3.95%, 01/26/28		200		196,522
4.05%, 01/26/33		260		250,441
4.10%, 01/26/26		195		192,817
4.35%, 01/29/29		125		123,928

S C H E D U L E  O F  I N V E S T M E N T S 83

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Cosmetics & Personal Care (continued)
4.55%, 01/29/34	$	125	$	123,351
Unilever Capital Corp.
1.38%, 09/14/30 (Call 06/14/30)		260		210,097
1.75%, 08/12/31 (Call 05/12/31)		130		104,547
2.00%, 07/28/26		325		304,388
2.13%, 09/06/29 (Call 06/06/29)		100		87,109
2.90%, 05/05/27 (Call 02/05/27)		340		321,319
3.10%, 07/30/25		55		53,608
3.38%, 03/22/25 (Call 01/22/25)		35		34,322
3.50%, 03/22/28 (Call 12/22/27)		90		86,105
4.88%, 09/08/28 (Call 08/08/28)		100		100,720
5.00%, 12/08/33 (Call 09/08/33)		105		105,176
5.90%, 11/15/32		158		168,121
				8,892,474
Distribution & Wholesale — 0.0%
LKQ Corp.
5.75%, 06/15/28 (Call 05/15/28)		105		106,058
6.25%, 06/15/33 (Call 03/15/33)		115		118,210
				224,268
Diversified Financial Services — 1.5%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
1.75%, 01/30/26 (Call 12/30/25)		270		250,834
2.45%, 10/29/26 (Call 09/29/26)		820		756,615
3.00%, 10/29/28 (Call 08/29/28)		942		846,388
3.30%, 01/30/32 (Call 10/30/31)		900		761,647
3.40%, 10/29/33 (Call 07/29/33)		325		270,357
3.65%, 07/21/27 (Call 04/21/27)		400		376,577
3.88%, 01/23/28 (Call 10/23/27)		265		249,529
4.45%, 10/01/25 (Call 08/01/25)		170		166,741
4.45%, 04/03/26 (Call 02/03/26)		75		73,464
4.63%, 10/15/27 (Call 08/15/27)		155		150,059
5.10%, 01/19/29 (Call 12/19/28)		150		147,458
5.30%, 01/19/34 (Call 10/19/33)		150		144,922
5.75%, 06/06/28 (Call 05/06/28)		170		171,355
6.10%, 01/15/27 (Call 12/15/26)		245		248,167
6.15%, 09/30/30 (Call 07/30/30)		255		263,347
6.45%, 04/15/27 (Call 03/15/27)(b)		45		46,072
6.50%, 07/15/25 (Call 06/15/25)		240		242,167
Affiliated Managers Group Inc.
3.30%, 06/15/30 (Call 03/15/30)		140		123,201
3.50%, 08/01/25		140		136,159
Air Lease Corp.
1.88%, 08/15/26 (Call 07/15/26)		285		261,735
2.10%, 09/01/28 (Call 07/01/28)		150		130,264
2.20%, 01/15/27 (Call 12/15/26)		130		119,074
2.88%, 01/15/26 (Call 12/15/25)		335		319,577
2.88%, 01/15/32 (Call 10/15/31)		135		112,018
3.00%, 02/01/30 (Call 11/01/29)		170		147,774
3.13%, 12/01/30 (Call 09/01/30)		200		172,202
3.25%, 03/01/25 (Call 01/01/25)		285		278,263
3.25%, 10/01/29 (Call 07/01/29)		140		124,784
3.38%, 07/01/25 (Call 06/01/25)		231		224,447
3.63%, 04/01/27 (Call 01/01/27)		185		175,663
3.63%, 12/01/27 (Call 09/01/27)		150		140,433
3.75%, 06/01/26 (Call 04/01/26)		239		230,323
4.63%, 10/01/28 (Call 07/01/28)		155		149,714
5.10%, 03/01/29 (Call 02/01/29)		125		122,845
5.30%, 02/01/28 (Call 01/01/28)		165		164,005
5.85%, 12/15/27 (Call 11/15/27)		55		55,600

Security	Par (000)		Value
Diversified Financial Services (continued)
Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)	$	180	$	174,445
Ally Financial Inc.
2.20%, 11/02/28 (Call 09/02/28)		230		195,385
4.63%, 03/30/25		310		306,054
4.75%, 06/09/27 (Call 05/09/27)		231		224,298
5.80%, 05/01/25 (Call 04/01/25)(a)		49		48,915
6.85%, 01/03/30 (Call 01/03/29), (1-day SOFR + 2.282%)(c)		120		122,644
6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(c)		40		41,088
7.10%, 11/15/27 (Call 10/15/27)(a)		210		218,627
8.00%, 11/01/31		520		570,330
American Express Co.
1.65%, 11/04/26 (Call 10/04/26)		260		237,719
2.25%, 03/04/25 (Call 02/01/25)		105		101,684
2.55%, 03/04/27 (Call 02/01/27)		403		374,401
3.13%, 05/20/26 (Call 04/20/26)		260		249,519
3.30%, 05/03/27 (Call 04/03/27)		375		355,507
3.95%, 08/01/25 (Call 07/01/25)		535		525,594
4.05%, 05/03/29 (Call 03/03/29)		300		289,946
4.20%, 11/06/25 (Call 10/06/25)		289		285,074
4.42%, 08/03/33 (Call 08/03/32), (1-day SOFR + 1.760%)(c)		305		288,948
4.90%, 02/13/26 (Call 01/13/26)		395		393,709
4.99%, 05/01/26 (Call 05/01/25), (1-day SOFR + 1.000%)(c)		400		397,698
4.99%, 05/26/33 (Call 02/26/32), (1-day SOFR + 2.255%)(c)		135		131,313
5.04%, 05/01/34 (Call 05/01/33), (1-day SOFR + 1.835%)(c)		300		294,245
5.10%, 02/16/28 (Call 02/16/27), (1-day SOFR + 1.000%)(c)		115		114,541
5.28%, 07/27/29 (Call 07/27/28), (1-day SOFR + 1.280%)(c)		300		301,714
5.39%, 07/28/27 (Call 07/28/26), (1-day SOFR + 0.970%)(c)		310		310,854
5.63%, 07/28/34 (Call 07/28/33), (1-day SOFR + 1.930%)(c)		60		60,368
5.85%, 11/05/27 (Call 10/05/27)		315		323,084
6.34%, 10/30/26 (Call 10/30/25), (1-day SOFR + 1.330%)(c)		190		192,887
6.49%, 10/30/31 (Call 10/30/30), (1-day SOFR + 1.940%)(c)		210		223,651
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)		35		33,171
Ameriprise Financial Inc.
2.88%, 09/15/26 (Call 06/15/26)		192		182,151
3.00%, 04/02/25 (Call 03/02/25)		185		180,146
4.50%, 05/13/32 (Call 02/13/32)		205		196,679
5.15%, 05/15/33 (Call 02/15/33)		170		170,221
5.70%, 12/15/28 (Call 11/15/28)		115		118,253
Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)		12		10,539
Apollo Global Management Inc., 6.38%, 11/15/33 (Call 08/15/33)		100		107,315
Ares Management Corp., 6.38%, 11/10/28 (Call 10/10/28)		10		10,378
BGC Group Inc., 8.00%, 05/25/28 (Call 04/25/28)		30		31,677
Blue Owl Credit Income Corp., 7.95%, 06/13/28 (Call 05/13/28)(b)		25		25,762

84 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)	$	95	$	97,994
Brookfield Finance I U.K. PLC/Brookfield Finance Inc., 2.34%, 01/30/32 (Call 10/30/31)		186		149,041
Brookfield Finance Inc.
2.72%, 04/15/31 (Call 01/15/31)		125		105,027
3.90%, 01/25/28 (Call 10/25/27)		227		217,672
4.25%, 06/02/26 (Call 03/02/26)		185		181,642
4.35%, 04/15/30 (Call 01/15/30)		199		188,490
4.85%, 03/29/29 (Call 12/29/28)		255		251,346
6.35%, 01/05/34 (Call 10/05/33)		125		131,365
Capital One Financial Corp.
1.88%, 11/02/27 (Call 11/02/26), (1-day SOFR + 0.855%)(c)		245		222,304
2.36%, 07/29/32 (Call 07/29/31), (1-day SOFR + 1.337%)(c)		232		174,819
2.62%, 11/02/32 (Call 11/02/31), (1-day SOFR + 1.265%)(c)		200		159,691
2.64%, 03/03/26 (Call 03/03/25), (1-day SOFR + 1.290%)(c)		280		271,603
3.27%, 03/01/30 (Call 03/01/29), (1-day SOFR + 1.790%)(c)		325		289,580
3.65%, 05/11/27 (Call 04/11/27)		281		267,487
3.75%, 07/28/26 (Call 06/28/26)		369		354,143
3.75%, 03/09/27 (Call 02/09/27)		338		322,640
3.80%, 01/31/28 (Call 12/31/27)		375		354,381
4.20%, 10/29/25 (Call 09/29/25)		390		381,218
4.25%, 04/30/25 (Call 03/31/25)		270		266,352
4.93%, 05/10/28 (Call 05/10/27), (1-day SOFR + 2.057%)(c)		375		366,817
4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(c)		400		396,275
5.25%, 07/26/30 (Call 07/26/29), (1-day SOFR + 2.600%)(c)		180		175,506
5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(c)		210		203,672
5.47%, 02/01/29 (Call 02/01/28), (1-day SOFR + 2.080%)(c)		250		248,357
5.70%, 02/01/30 (Call 02/01/29), (1-day SOFR + 1.905%)(a)(c)		65		65,123
5.82%, 02/01/34 (Call 02/01/33), (1-day SOFR + 2.600%)(c)		255		252,002
6.05%, 02/01/35 (Call 02/01/34), (1-day SOFR + 2.260%)(a)(c)		70		70,624
6.31%, 06/08/29 (Call 06/08/28), (1-day SOFR + 2.640%)(c)		165		168,984
6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(c)		370		381,118
7.15%, 10/29/27 (Call 10/29/26), (1-day SOFR + 2.440%)(c)		170		176,245
7.62%, 10/30/31 (Call 10/30/30), (1-day SOFR + 3.070%)(c)		250		273,596
Cboe Global Markets Inc.
1.63%, 12/15/30 (Call 09/15/30)		175		141,965
3.00%, 03/16/32 (Call 12/16/31)		100		86,485
3.65%, 01/12/27 (Call 10/12/26)		175		169,352
Charles Schwab Corp. (The)
0.90%, 03/11/26 (Call 02/11/26)		375		343,863
1.15%, 05/13/26 (Call 04/13/26)		225		206,431
1.65%, 03/11/31 (Call 12/11/30)		230		182,030
1.95%, 12/01/31 (Call 09/01/31)		245		194,468

Security	Par (000)		Value
Diversified Financial Services (continued)
2.00%, 03/20/28 (Call 01/20/28)	$	295	$	261,528
2.30%, 05/13/31 (Call 02/13/31)		200		165,548
2.45%, 03/03/27 (Call 02/03/27)		395		366,006
2.75%, 10/01/29 (Call 07/01/29)		80		70,971
2.90%, 03/03/32 (Call 12/03/31)		260		220,070
3.00%, 03/10/25 (Call 12/10/24)		100		97,634
3.20%, 03/02/27 (Call 12/02/26)		234		222,059
3.20%, 01/25/28 (Call 10/25/27)		215		201,288
3.25%, 05/22/29 (Call 02/22/29)		165		152,100
3.30%, 04/01/27 (Call 01/01/27)		171		162,443
3.45%, 02/13/26 (Call 11/13/25)		100		96,795
3.63%, 04/01/25 (Call 01/01/25)		110		107,893
3.85%, 05/21/25 (Call 03/21/25)		200		196,261
4.00%, 02/01/29 (Call 11/01/28)		176		168,769
4.20%, 03/24/25 (Call 02/24/25)		85		84,058
4.63%, 03/22/30 (Call 12/22/29)(a)		215		212,230
5.64%, 05/19/29 (Call 05/19/28), (1-day SOFR + 2.210%)(c)		135		136,703
5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(c)		210		213,144
5.88%, 08/24/26 (Call 07/24/26)		95		96,490
6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(c)		330		342,293
6.20%, 11/17/29 (Call 11/17/28), (1-day SOFR + 1.878%)(c)		240		247,851
CI Financial Corp., 3.20%, 12/17/30 (Call 09/17/30)		235		187,103
CME Group Inc.
2.65%, 03/15/32 (Call 12/15/31)		313		268,123
3.00%, 03/15/25 (Call 12/15/24)		255		249,147
3.75%, 06/15/28 (Call 03/15/28)		123		118,663
Credit Suisse USA Inc., 7.13%, 07/15/32		110		122,753
Discover Financial Services
3.75%, 03/04/25 (Call 12/04/24)		60		58,889
4.10%, 02/09/27 (Call 11/09/26)		144		138,396
4.50%, 01/30/26 (Call 11/30/25)		143		140,514
6.70%, 11/29/32 (Call 08/29/32)		155		162,198
7.96%, 11/02/34 (Call 11/02/33), (1-day SOFR + 3.370%)(c)		185		207,327
Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)		25		23,795
Franklin Resources Inc.
1.60%, 10/30/30 (Call 07/30/30)		145		116,951
2.85%, 03/30/25		225		219,202
Intercontinental Exchange Inc.
1.85%, 09/15/32 (Call 06/15/32)		375		289,409
2.10%, 06/15/30 (Call 03/15/30)		296		248,330
3.10%, 09/15/27 (Call 06/15/27)		60		56,343
3.65%, 05/23/25		345		338,256
3.75%, 12/01/25 (Call 09/01/25)		375		365,671
3.75%, 09/21/28 (Call 06/21/28)(a)		130		124,075
4.00%, 09/15/27 (Call 08/15/27)		365		352,474
4.35%, 06/15/29 (Call 04/15/29)		365		354,279
4.60%, 03/15/33 (Call 12/15/32)		365		348,907
Invesco Finance PLC, 3.75%, 01/15/26		165		160,343
Janus Henderson U.S. Holdings Inc., 4.88%, 08/01/25 (Call 05/01/25)		150		148,231
Jefferies Financial Group Inc.
2.63%, 10/15/31 (Call 07/15/31)		285		233,096
2.75%, 10/15/32 (Call 07/15/32)		125		100,812
4.15%, 01/23/30		290		269,791
4.85%, 01/15/27		215		213,508

S C H E D U L E  O F  I N V E S T M E N T S 85

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Financial Services (continued)
5.88%, 07/21/28 (Call 06/21/28)	$	205	$	208,987
6.45%, 06/08/27		55		56,690
Lazard Group LLC
3.63%, 03/01/27 (Call 12/01/26)		80		75,677
4.38%, 03/11/29 (Call 12/11/28)		149		142,029
4.50%, 09/19/28 (Call 06/19/28)		105		100,701
Legg Mason Inc., 4.75%, 03/15/26		103		102,276
LPL Holdings Inc., 6.75%, 11/17/28 (Call 10/17/28)		5		5,217
Mastercard Inc.
1.90%, 03/15/31 (Call 12/15/30)		150		124,438
2.00%, 03/03/25 (Call 02/03/25)		167		161,853
2.00%, 11/18/31 (Call 08/18/31)		210		172,276
2.95%, 11/21/26 (Call 08/21/26)		288		274,704
2.95%, 06/01/29 (Call 03/01/29)		230		211,153
3.30%, 03/26/27 (Call 01/26/27)		200		191,651
3.35%, 03/26/30 (Call 12/26/29)		362		334,254
3.50%, 02/26/28 (Call 11/26/27)		215		206,398
4.85%, 03/09/33 (Call 12/09/32)		165		164,781
4.88%, 03/09/28 (Call 02/09/28)		245		247,745
Nasdaq Inc.
1.65%, 01/15/31 (Call 10/15/30)		175		139,366
3.85%, 06/30/26 (Call 03/30/26)		160		155,278
5.35%, 06/28/28 (Call 05/28/28)		230		232,303
5.65%, 06/28/25		205		205,664
Nomura Holdings Inc.
1.65%, 07/14/26		275		251,482
1.85%, 07/16/25		332		315,221
2.17%, 07/14/28		225		196,125
2.33%, 01/22/27		300		274,914
2.61%, 07/14/31		235		193,073
2.68%, 07/16/30		290		245,120
2.71%, 01/22/29		115		101,339
3.00%, 01/22/32		200		166,600
3.10%, 01/16/30		205		179,971
5.10%, 07/03/25		355		352,039
5.39%, 07/06/27		200		199,541
5.61%, 07/06/29		255		256,125
5.71%, 01/09/26		35		35,066
5.84%, 01/18/28		15		15,206
6.07%, 07/12/28		215		220,108
6.09%, 07/12/33		200		208,452
ORIX Corp.
2.25%, 03/09/31(a)		60		50,207
3.70%, 07/18/27		75		71,709
4.00%, 04/13/32		112		104,094
5.00%, 09/13/27		197		196,792
5.20%, 09/13/32		122		123,287
Private Export Funding Corp. 1.75%, 11/15/24		105		102,366
Series GG, 2.45%, 07/15/24		40		39,522
Series PP, 1.40%, 07/15/28		133		116,491
Radian Group Inc.
4.88%, 03/15/27 (Call 09/15/26)		170		165,092
6.20%, 05/15/29 (Call 02/15/29)		100		100,248
6.63%, 03/15/25 (Call 09/15/24)		95		95,151
Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)		189		186,758
Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)		145		131,024
Synchrony Financial 2.88%, 10/28/31 (Call 07/28/31)		115		90,190

Security	Par (000)		Value
Diversified Financial Services (continued)
3.70%, 08/04/26 (Call 05/04/26)	$	54	$	50,958
3.95%, 12/01/27 (Call 09/01/27)		265		245,450
4.50%, 07/23/25 (Call 04/23/25)		230		224,790
4.88%, 06/13/25 (Call 05/13/25)		170		167,278
5.15%, 03/19/29 (Call 12/19/28)		175		166,941
Visa Inc.
0.75%, 08/15/27 (Call 06/15/27)		170		149,272
1.10%, 02/15/31 (Call 11/15/30)		260		205,449
1.90%, 04/15/27 (Call 02/15/27)		401		369,216
2.05%, 04/15/30 (Call 01/15/30)		394		337,934
2.75%, 09/15/27 (Call 06/15/27)		216		202,300
3.15%, 12/14/25 (Call 09/14/25)		1,029		998,037
Voya Financial Inc.
3.65%, 06/15/26		190		182,674
4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)(c)		75		63,048
Western Union Co. (The)
1.35%, 03/15/26 (Call 02/15/26)		170		156,476
2.75%, 03/15/31 (Call 12/15/30)		95		78,295
				46,597,614
Electric — 2.1%
AEP Texas Inc.
3.95%, 06/01/28 (Call 03/01/28)		110		105,150
4.70%, 05/15/32 (Call 02/15/32)		170		161,984
5.40%, 06/01/33 (Call 03/01/33)		50		49,900
Series I, 2.10%, 07/01/30 (Call 04/01/30)		182		150,643
AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)		40		38,080
AES Corp. (The)
1.38%, 01/15/26 (Call 12/15/25)		220		203,295
2.45%, 01/15/31 (Call 10/15/30)		265		216,419
5.45%, 06/01/28 (Call 05/01/28)		180		179,393
Alabama Power Co.
3.05%, 03/15/32 (Call 12/15/31)		15		12,985
3.75%, 09/01/27 (Call 08/01/27)		70		67,173
3.94%, 09/01/32 (Call 03/01/32)		125		115,157
5.85%, 11/15/33 (Call 08/15/33)		70		73,248
Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)		175		140,549
Ameren Corp.
1.75%, 03/15/28 (Call 01/15/28)		115		101,059
1.95%, 03/15/27 (Call 02/15/27)		105		95,881
3.50%, 01/15/31 (Call 10/15/30)		154		138,733
3.65%, 02/15/26 (Call 11/15/25)		115		111,238
5.00%, 01/15/29 (Call 12/15/28)		140		138,822
5.70%, 12/01/26 (Call 11/01/26)		150		151,747
Ameren Illinois Co.
1.55%, 11/15/30 (Call 08/15/30)		120		96,247
3.25%, 03/01/25 (Call 12/01/24)		76		74,582
3.80%, 05/15/28 (Call 02/15/28)		188		181,145
3.85%, 09/01/32 (Call 06/01/32)		140		127,473
American Electric Power Co. Inc.
2.30%, 03/01/30 (Call 12/01/29)		123		103,984
3.20%, 11/13/27 (Call 08/13/27)		35		32,747
3.88%, 02/15/62 (Call 11/15/26), (5-year CMT + 2.675%)(c)		150		133,686
5.20%, 01/15/29 (Call 12/15/28)		195		194,773
5.63%, 03/01/33 (Call 12/01/32)		251		252,797
5.70%, 08/15/25		30		30,054
5.75%, 11/01/27 (Call 10/01/27)		215		219,270
5.95%, 11/01/32 (Call 08/01/32)		52		53,786
Series J, 4.30%, 12/01/28 (Call 09/01/28)		194		186,725

86 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Series N, 1.00%, 11/01/25 (Call 10/01/25)	$	55	$	51,081
Appalachian Power Co.
3.40%, 06/01/25 (Call 03/01/25)		30		29,273
4.50%, 08/01/32 (Call 05/01/32)		165		154,267
Series AA, 2.70%, 04/01/31 (Call 01/01/31)		110		92,916
Series X, 3.30%, 06/01/27 (Call 03/01/27)		5		4,700
Arizona Public Service Co.
2.20%, 12/15/31 (Call 09/15/31)		190		152,702
2.60%, 08/15/29 (Call 05/15/29)		79		69,572
2.95%, 09/15/27 (Call 06/15/27)		105		98,372
3.15%, 05/15/25 (Call 02/15/25)		90		87,426
5.55%, 08/01/33 (Call 05/01/33)		55		55,240
6.35%, 12/15/32 (Call 09/15/32)		85		90,010
Atlantic City Electric Co.
2.30%, 03/15/31 (Call 12/15/30)		65		53,629
4.00%, 10/15/28 (Call 07/15/28)		105		101,043
Avangrid Inc.
3.20%, 04/15/25 (Call 03/15/25)		185		179,957
3.80%, 06/01/29 (Call 03/01/29)		222		206,838
Baltimore Gas & Electric Co.
2.25%, 06/15/31 (Call 03/15/31)		197		163,893
2.40%, 08/15/26 (Call 05/15/26)		65		61,254
Berkshire Hathaway Energy Co.
1.65%, 05/15/31 (Call 02/15/31)		175		138,359
3.25%, 04/15/28 (Call 01/15/28)		195		182,696
3.70%, 07/15/30 (Call 04/15/30)		270		249,748
4.05%, 04/15/25 (Call 03/15/25)		208		205,085
Black Hills Corp.
2.50%, 06/15/30 (Call 03/15/30)		135		112,113
3.05%, 10/15/29 (Call 07/15/29)		152		134,783
3.15%, 01/15/27 (Call 07/15/26)		20		18,862
3.95%, 01/15/26 (Call 07/15/25)		80		77,725
4.35%, 05/01/33 (Call 02/01/33)		15		13,659
5.95%, 03/15/28 (Call 02/15/28)		155		159,336
CenterPoint Energy Houston Electric LLC
4.95%, 04/01/33 (Call 01/01/33)		175		172,345
5.15%, 03/01/34 (Call 12/01/33)		75		74,919
5.20%, 10/01/28 (Call 09/01/28)		70		70,609
Series AA, 3.00%, 02/01/27 (Call 11/01/26)		110		104,342
Series AE, 2.35%, 04/01/31 (Call 01/01/31)		15		12,602
Series AG, 3.00%, 03/01/32 (Call 12/01/31)		5		4,323
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		154		146,622
Series Z, 2.40%, 09/01/26 (Call 06/01/26)		120		113,083
CenterPoint Energy Inc.
1.45%, 06/01/26 (Call 05/01/26)		160		147,152
2.65%, 06/01/31 (Call 03/01/31)		95		79,750
2.95%, 03/01/30 (Call 12/01/29)		65		57,400
5.25%, 08/10/26		80		80,070
Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)		170		163,459
CMS Energy Corp.
3.00%, 05/15/26 (Call 02/15/26)		110		104,666
3.45%, 08/15/27 (Call 05/15/27)		105		99,420
4.75%, 06/01/50 (Call 03/01/30), (5-year CMT + 4.116%)(c)		100		91,245
Commonwealth Edison Co.
2.20%, 03/01/30 (Call 12/01/29)		75		63,777
2.55%, 06/15/26 (Call 03/15/26)		95		89,880
3.15%, 03/15/32 (Call 12/15/31)		110		95,948
3.70%, 08/15/28 (Call 05/15/28)		205		195,234
4.90%, 02/01/33 (Call 11/01/32)		95		93,316

Security	Par (000)		Value
Electric (continued)
Series 122, 2.95%, 08/15/27 (Call 05/15/27)	$	175	$	163,896
Connecticut Light & Power Co. (The)
4.90%, 07/01/33 (Call 04/01/33)		50		48,835
Series A, 0.75%, 12/01/25 (Call 11/01/25)		25		23,181
Series A, 2.05%, 07/01/31 (Call 04/01/31)		195		158,453
Series A, 3.20%, 03/15/27 (Call 12/15/26)		50		47,505
Connecticut Light and Power Co. (The), 4.65%, 01/01/29 (Call 12/01/28)		100		98,312
Consolidated Edison Co. of New York Inc.
2.40%, 06/15/31 (Call 03/15/31)		295		248,433
3.80%, 05/15/28 (Call 02/15/28)		125		119,372
5.20%, 03/01/33 (Call 12/01/32)		185		186,624
5.50%, 03/15/34 (Call 12/15/33)		90		91,976
Series 20A, 3.35%, 04/01/30 (Call 01/01/30)		150		137,133
Series B, 3.13%, 11/15/27 (Call 08/15/27)		75		70,457
Series D, 4.00%, 12/01/28 (Call 09/01/28)		166		160,088
Constellation Energy Generation LLC
3.25%, 06/01/25 (Call 05/01/25)		215		208,880
5.60%, 03/01/28 (Call 02/01/28)		90		91,169
5.80%, 03/01/33 (Call 12/01/32)		105		107,299
6.13%, 01/15/34 (Call 10/15/33)		75		78,312
Consumers Energy Co.
3.60%, 08/15/32 (Call 02/15/32)		85		76,651
3.80%, 11/15/28 (Call 08/15/28)		118		112,828
4.60%, 05/30/29 (Call 03/30/29)		65		63,885
4.63%, 05/15/33 (Call 11/15/32)		185		178,857
4.65%, 03/01/28 (Call 01/01/28)		145		144,032
4.90%, 02/15/29 (Call 12/15/28)		105		104,774
Dominion Energy Inc.
3.90%, 10/01/25 (Call 07/01/25)		194		189,471
4.25%, 06/01/28 (Call 03/01/28)		154		148,599
4.35%, 08/15/32 (Call 05/15/32)		105		97,740
5.38%, 11/15/32 (Call 08/15/32)		265		263,486
Series A, 1.45%, 04/15/26 (Call 03/15/26)		145		133,858
Series A, 3.30%, 03/15/25 (Call 02/15/25)		75		73,293
Series B, 3.60%, 03/15/27 (Call 01/15/27)		50		47,756
Series C, 2.25%, 08/15/31 (Call 05/15/31)		175		141,535
Series C, 3.38%, 04/01/30 (Call 01/01/30)		380		342,179
Series D, 2.85%, 08/15/26 (Call 05/15/26)		102		96,188
Series F, 5.25%, 08/01/33		25		24,540
Dominion Energy South Carolina Inc.
5.30%, 05/15/33		20		20,106
6.63%, 02/01/32		25		27,785
Series A, 2.30%, 12/01/31 (Call 09/01/31)		95		77,930
DTE Electric Co.
2.25%, 03/01/30 (Call 12/01/29)		195		167,366
3.38%, 03/01/25 (Call 12/01/24)		15		14,720
4.85%, 12/01/26		40		39,926
5.20%, 04/01/33 (Call 01/01/33)		155		155,987
5.20%, 03/01/34 (Call 12/01/33)		100		99,630
Series A, 1.90%, 04/01/28 (Call 02/01/28)		210		186,964
Series A, 3.00%, 03/01/32 (Call 12/01/31)		233		201,005
Series C, 2.63%, 03/01/31 (Call 12/01/30)		80		68,709
DTE Energy Co.
2.85%, 10/01/26 (Call 07/01/26)		120		113,081
2.95%, 03/01/30 (Call 12/01/29)		84		73,583
4.88%, 06/01/28 (Call 05/01/28)		175		172,677
5.10%, 03/01/29 (Call 02/01/29)		175		173,641
Series C, 3.40%, 06/15/29 (Call 03/15/29)		109		99,751
Series F, 1.05%, 06/01/25 (Call 05/01/25)		262		248,181

S C H E D U L E  O F  I N V E S T M E N T S 87

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Duke Energy Carolinas LLC
2.45%, 08/15/29 (Call 05/15/29)	$	177	$	156,103
2.45%, 02/01/30 (Call 11/01/29)		130		113,668
2.55%, 04/15/31 (Call 01/15/31)		187		160,240
2.85%, 03/15/32 (Call 12/15/31)		135		114,555
2.95%, 12/01/26 (Call 09/01/26)		110		104,745
3.95%, 11/15/28 (Call 08/15/28)		165		158,779
4.85%, 01/15/34 (Call 10/15/33)		100		97,110
4.95%, 01/15/33 (Call 10/15/32)		235		231,228
6.45%, 10/15/32		65		70,445
Series A, 6.00%, 12/01/28		40		41,747
Duke Energy Corp.
0.90%, 09/15/25 (Call 08/15/25)		247		231,088
2.45%, 06/01/30 (Call 03/01/30)		200		171,070
2.55%, 06/15/31 (Call 03/15/31)		260		216,634
2.65%, 09/01/26 (Call 06/01/26)		385		362,347
3.15%, 08/15/27 (Call 05/15/27)		155		145,164
3.40%, 06/15/29 (Call 03/15/29)		160		147,324
4.30%, 03/15/28 (Call 02/15/28)		220		213,627
4.50%, 08/15/32 (Call 05/15/32)		235		220,462
4.85%, 01/05/27		100		99,289
4.85%, 01/05/29 (Call 12/05/28)		100		98,381
5.00%, 12/08/25		50		49,806
5.00%, 12/08/27 (Call 11/08/27)		165		164,033
5.75%, 09/15/33 (Call 06/15/33)		150		152,717
Duke Energy Florida LLC
1.75%, 06/15/30 (Call 03/15/30)		90		74,237
2.40%, 12/15/31 (Call 09/15/31)		190		157,091
2.50%, 12/01/29 (Call 09/01/29)		155		136,208
3.20%, 01/15/27 (Call 10/15/26)		40		38,187
3.80%, 07/15/28 (Call 04/15/28)		188		180,356
5.88%, 11/15/33 (Call 08/15/33)		125		130,841
Duke Energy Indiana LLC, 5.25%, 03/01/34 (Call 12/01/33)		75		74,818
Duke Energy Ohio Inc.
2.13%, 06/01/30 (Call 03/01/30)		145		121,774
3.65%, 02/01/29 (Call 11/01/28)		115		108,603
5.25%, 04/01/33 (Call 01/01/33)		80		80,031
Duke Energy Progress LLC
2.00%, 08/15/31 (Call 05/15/31)		160		129,256
3.25%, 08/15/25 (Call 05/15/25)		70		68,250
3.40%, 04/01/32 (Call 01/01/32)		130		114,908
3.45%, 03/15/29 (Call 12/15/28)		111		103,859
3.70%, 09/01/28 (Call 06/01/28)		175		166,759
5.25%, 03/15/33 (Call 12/15/32)		105		104,826
Edison International
4.13%, 03/15/28 (Call 12/15/27)		187		178,402
4.70%, 08/15/25		120		118,354
4.95%, 04/15/25 (Call 03/15/25)		100		99,129
5.25%, 11/15/28 (Call 10/15/28)		135		134,290
5.75%, 06/15/27 (Call 04/15/27)		212		214,007
6.95%, 11/15/29 (Call 09/15/29)		115		122,569
Emera U.S. Finance LP
2.64%, 06/15/31 (Call 03/15/31)		130		104,648
3.55%, 06/15/26 (Call 03/15/26)		190		182,073
Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)		150		144,093
Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)		230		223,741
Entergy Arkansas LLC
3.50%, 04/01/26 (Call 01/01/26)		236		228,869
4.00%, 06/01/28 (Call 03/01/28)		54		51,879
5.15%, 01/15/33 (Call 10/15/32)		153		152,773

Security	Par (000)		Value
Electric (continued)
5.30%, 09/15/33 (Call 06/15/33)	$	100	$	100,221
Entergy Corp.
0.90%, 09/15/25 (Call 08/15/25)		80		74,811
1.90%, 06/15/28 (Call 04/15/28)		50		43,933
2.40%, 06/15/31 (Call 03/05/31)		180		148,179
2.80%, 06/15/30 (Call 03/15/30)		170		146,998
2.95%, 09/01/26 (Call 06/01/26)		117		110,989
Entergy Louisiana LLC
1.60%, 12/15/30 (Call 09/15/30)		115		91,144
2.35%, 06/15/32 (Call 03/15/32)		65		52,562
2.40%, 10/01/26 (Call 07/01/26)		90		84,038
3.05%, 06/01/31 (Call 03/01/31)		132		115,122
3.12%, 09/01/27 (Call 06/01/27)		75		70,564
3.25%, 04/01/28 (Call 01/01/28)		135		126,528
4.00%, 03/15/33 (Call 12/15/32)		125		113,571
Entergy Mississippi LLC
2.85%, 06/01/28 (Call 03/01/28)		110		100,559
5.00%, 09/01/33 (Call 06/01/33)		45		44,038
Entergy Texas Inc.
1.75%, 03/15/31 (Call 12/15/30)		160		128,070
4.00%, 03/30/29 (Call 12/30/28)		143		136,477
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)		130		115,212
Evergy Kansas Central Inc.
2.55%, 07/01/26 (Call 04/01/26)		105		99,038
3.10%, 04/01/27 (Call 01/01/27)		165		155,845
5.90%, 11/15/33 (Call 08/15/33)		100		103,908
Evergy Metro Inc.
3.65%, 08/15/25 (Call 05/15/25)		135		131,706
4.95%, 04/15/33 (Call 01/15/33)		105		102,658
Series 2020, 2.25%, 06/01/30 (Call 03/01/30)		70		59,151
Eversource Energy
2.55%, 03/15/31 (Call 12/15/30)		55		45,397
2.90%, 03/01/27 (Call 02/01/27)		140		130,992
3.38%, 03/01/32 (Call 12/01/31)		125		107,301
4.60%, 07/01/27 (Call 06/01/27)		170		166,240
4.75%, 05/15/26		55		54,301
5.00%, 01/01/27		75		74,487
5.13%, 05/15/33 (Call 02/15/33)		185		178,716
5.45%, 03/01/28 (Call 02/01/28)		290		291,587
5.50%, 01/01/34 (Call 10/01/33)		175		173,192
5.95%, 02/01/29 (Call 01/01/29)		200		204,833
Series M, 3.30%, 01/15/28 (Call 10/15/27)		120		111,763
Series O, 4.25%, 04/01/29 (Call 01/01/29)		105		100,026
Series Q, 0.80%, 08/15/25 (Call 07/15/25)		190		177,350
Series R, 1.65%, 08/15/30 (Call 05/15/30)		129		102,646
Series U, 1.40%, 08/15/26 (Call 07/15/26)		170		154,368
Exelon Corp.
2.75%, 03/15/27 (Call 02/15/27)		70		65,137
3.35%, 03/15/32 (Call 12/15/31)		155		135,147
3.40%, 04/15/26 (Call 01/15/26)		257		247,446
3.95%, 06/15/25 (Call 03/15/25)		287		281,702
4.05%, 04/15/30 (Call 01/15/30)		304		285,132
5.15%, 03/15/28 (Call 02/15/28)		120		119,743
5.15%, 03/15/29 (Call 02/15/29)		35		34,833
5.30%, 03/15/33 (Call 12/15/32)		180		178,262
5.45%, 03/15/34 (Call 12/15/33)		65		64,716
Florida Power & Light Co.
2.45%, 02/03/32 (Call 11/03/31)		365		305,229
2.85%, 04/01/25 (Call 03/01/25)		375		365,602
3.13%, 12/01/25 (Call 06/01/25)		170		164,774
4.40%, 05/15/28 (Call 03/15/28)		205		201,409

88 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.45%, 05/15/26 (Call 04/15/26)	$	80	$	79,178
4.63%, 05/15/30 (Call 03/15/30)		240		236,188
4.80%, 05/15/33 (Call 02/15/33)		80		78,234
5.05%, 04/01/28 (Call 03/01/28)		340		342,467
5.10%, 04/01/33 (Call 01/01/33)		190		189,298
Series A, 3.30%, 05/30/27 (Call 02/28/27)		180		170,429
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		285		269,060
Georgia Power Co.
3.25%, 04/01/26 (Call 01/01/26)		100		96,033
3.25%, 03/30/27 (Call 12/30/26)		152		143,960
4.65%, 05/16/28 (Call 03/16/28)		190		187,163
4.70%, 05/15/32 (Call 02/15/32)		165		159,483
4.95%, 05/17/33 (Call 11/17/32)		305		297,993
5.00%, 02/23/27 (Call 01/23/27)		35		34,931
5.25%, 03/15/34 (Call 09/15/33)		100		99,673
Series B, 2.65%, 09/15/29 (Call 06/15/29)		214		189,317
Iberdrola International BV, 5.81%, 03/15/25		95		95,002
Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)		20		19,089
Interstate Power & Light Co.
2.30%, 06/01/30 (Call 03/01/30)		25		21,065
3.60%, 04/01/29 (Call 01/01/29)		10		9,301
4.10%, 09/26/28 (Call 06/26/28)		155		148,500
5.70%, 10/15/33 (Call 07/15/33)		100		101,812
IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)		152		139,922
ITC Holdings Corp.
3.25%, 06/30/26 (Call 03/30/26)		110		105,059
3.35%, 11/15/27 (Call 08/15/27)		185		173,529
Kentucky Utilities Co., 5.45%, 04/15/33
(Call 01/15/33)		45		45,399
Louisville Gas & Electric Co.
5.45%, 04/15/33 (Call 01/15/33)		65		65,603
Series 25, 3.30%, 10/01/25 (Call 07/01/25)		55		53,419
MidAmerican Energy Co.
3.10%, 05/01/27 (Call 02/01/27)		148		140,016
3.65%, 04/15/29 (Call 01/15/29)		259		244,338
5.35%, 01/15/34 (Call 10/15/33)		75		76,430
6.75%, 12/30/31		15		16,822
Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)		82		78,658
National Grid PLC
5.42%, 01/11/34 (Call 10/11/33)		125		121,893
5.60%, 06/12/28 (Call 05/12/28)		15		15,189
5.81%, 06/12/33 (Call 03/12/33)		70		70,737
National Rural Utilities Cooperative Finance Corp.
1.00%, 06/15/26 (Call 05/15/26)(a)		40		36,505
1.35%, 03/15/31 (Call 12/15/30)		195		151,376
1.65%, 06/15/31 (Call 03/15/31)		130		102,826
2.40%, 03/15/30 (Call 12/15/29)		105		90,388
2.75%, 04/15/32 (Call 01/15/32)		45		37,837
3.05%, 04/25/27 (Call 01/25/27)		93		88,125
3.25%, 11/01/25 (Call 08/01/25)		105		101,764
3.40%, 02/07/28 (Call 11/07/27)		70		66,122
3.45%, 06/15/25		125		122,144
3.70%, 03/15/29 (Call 12/15/28)		180		169,012
3.90%, 11/01/28 (Call 08/01/28)		105		100,638
4.02%, 11/01/32 (Call 05/01/32)		200		183,997
4.15%, 12/15/32 (Call 09/15/32)		140		128,887
4.45%, 03/13/26 (Call 02/13/26)		60		59,261
4.80%, 02/05/27 (Call 01/05/27)		100		99,503

Security	Par (000)		Value
Electric (continued)
4.80%, 03/15/28 (Call 02/15/28)	$	310	$	308,327
4.85%, 02/07/29 (Call 01/07/29)		100		99,148
5.00%, 02/07/31 (Call 12/07/30)		75		74,011
5.05%, 09/15/28 (Call 08/15/28)		90		90,097
5.45%, 10/30/25		155		155,399
5.60%, 11/13/26 (Call 10/13/26)		90		91,186
5.80%, 01/15/33 (Call 07/15/32)		155		160,283
Series C, 8.00%, 03/01/32		10		11,580
Nevada Power Co.
Series CC, 3.70%, 05/01/29 (Call 02/01/29)		182		171,723
Series DD, 2.40%, 05/01/30 (Call 02/01/30)		127		108,011
NextEra Energy Capital Holdings Inc.
1.88%, 01/15/27 (Call 12/15/26)		295		269,204
1.90%, 06/15/28 (Call 04/15/28)		365		319,685
2.25%, 06/01/30 (Call 03/01/30)		501		421,604
2.44%, 01/15/32 (Call 10/15/31)		235		190,827
2.75%, 11/01/29 (Call 08/01/29)		319		281,156
3.50%, 04/01/29 (Call 01/01/29)		163		150,734
3.55%, 05/01/27 (Call 02/01/27)		371		352,969
4.45%, 06/20/25		395		389,855
4.63%, 07/15/27 (Call 06/15/27)		365		359,114
4.80%, 12/01/77 (Call 12/01/27), (3-mo. LIBOR US + 2.409%)(c)		105		95,079
4.90%, 02/28/28 (Call 01/28/28)		355		352,055
4.90%, 03/15/29 (Call 02/15/29)		225		222,206
4.95%, 01/29/26		225		223,350
5.00%, 02/28/30 (Call 12/28/29)		150		148,712
5.00%, 07/15/32 (Call 04/15/32)		235		229,035
5.05%, 02/28/33 (Call 11/28/32)		240		233,986
5.25%, 03/15/34 (Call 12/15/33)		225		220,841
5.75%, 09/01/25		110		110,583
6.05%, 03/01/25		15		15,061
Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)		142		118,943
NSTAR Electric Co.
1.95%, 08/15/31 (Call 05/15/31)		40		31,986
3.20%, 05/15/27 (Call 02/15/27)		225		214,348
3.25%, 05/15/29 (Call 02/15/29)		170		158,017
3.95%, 04/01/30 (Call 01/01/30)		35		32,812
Ohio Power Co.
5.00%, 06/01/33 (Call 03/01/33)		35		34,328
Series P, 2.60%, 04/01/30 (Call 01/01/30)		105		90,856
Series Q, 1.63%, 01/15/31 (Call 10/15/30)		125		99,677
Oklahoma Gas & Electric Co.
3.25%, 04/01/30 (Call 10/01/29)		180		161,520
3.30%, 03/15/30 (Call 09/15/29)		40		36,015
3.80%, 08/15/28 (Call 02/15/28)		155		148,463
5.40%, 01/15/33 (Call 07/15/32)		100		101,632
Oncor Electric Delivery Co. LLC
0.55%, 10/01/25 (Call 09/01/25)		225		209,171
2.75%, 05/15/30 (Call 02/15/30)		205		180,071
2.95%, 04/01/25 (Call 01/01/25)		135		131,638
3.70%, 11/15/28 (Call 08/15/28)		105		99,490
4.15%, 06/01/32 (Call 03/01/32)		115		107,705
4.30%, 05/15/28 (Call 04/15/28)		25		24,376
4.55%, 09/15/32 (Call 06/15/32)		140		134,304
5.65%, 11/15/33 (Call 08/15/33)		195		201,062
5.75%, 03/15/29 (Call 12/15/28)		85		87,877
7.00%, 05/01/32		40		44,558
7.25%, 01/15/33		10		11,379

S C H E D U L E  O F  I N V E S T M E N T S 89

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
Pacific Gas and Electric Co.
2.10%, 08/01/27 (Call 06/01/27)	$	247	$	221,267
2.50%, 02/01/31 (Call 11/01/30)		433		355,100
2.95%, 03/01/26 (Call 12/01/25)		90		85,432
3.00%, 06/15/28 (Call 04/15/28)		160		145,179
3.15%, 01/01/26		413		394,921
3.25%, 06/01/31 (Call 03/01/31)		207		177,356
3.30%, 03/15/27 (Call 12/15/26)		81		76,026
3.30%, 12/01/27 (Call 09/01/27)		230		212,474
3.45%, 07/01/25		50		48,543
3.50%, 06/15/25 (Call 03/15/25)		205		198,978
3.75%, 07/01/28		185		172,115
4.20%, 03/01/29 (Call 01/01/29)		95		89,628
4.40%, 03/01/32 (Call 12/01/31)		100		91,013
4.55%, 07/01/30 (Call 01/01/30)		725		681,885
4.65%, 08/01/28 (Call 05/01/28)		100		95,444
4.95%, 06/08/25		210		207,996
5.45%, 06/15/27 (Call 05/15/27)		110		109,792
5.55%, 05/15/29 (Call 04/15/29)		150		150,298
5.80%, 05/15/34 (Call 02/15/34)		150		149,776
5.90%, 06/15/32 (Call 03/15/32)		128		128,644
6.10%, 01/15/29 (Call 12/15/28)		135		138,171
6.15%, 01/15/33 (Call 10/15/32)		180		184,173
6.40%, 06/15/33 (Call 03/15/33)		320		332,761
6.95%, 03/15/34 (Call 12/15/33)		145		156,778
PacifiCorp, 5.10%, 02/15/29 (Call 01/15/29)		125		124,633
PacifiCorp.
2.70%, 09/15/30 (Call 06/15/30)		65		55,773
3.50%, 06/15/29 (Call 03/15/29)		83		76,524
5.30%, 02/15/31 (Call 12/15/30)		125		123,918
5.45%, 02/15/34 (Call 11/15/33)		125		123,296
7.70%, 11/15/31		30		34,362
PECO Energy Co.
3.15%, 10/15/25 (Call 07/15/25)		15		14,567
4.90%, 06/15/33 (Call 03/15/33)		121		119,788
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)		220		208,777
Potomac Electric Power Co., 5.20%, 03/15/34 (Call 12/15/33)		75		74,565
PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)		217		206,650
PPL Electric Utilities Corp.
4.85%, 02/15/34 (Call 11/15/33)		100		97,386
5.00%, 05/15/33 (Call 02/15/33)		220		218,745
Progress Energy Inc.
7.00%, 10/30/31		50		55,178
7.75%, 03/01/31		190		214,612
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		170		136,925
3.70%, 06/15/28 (Call 12/15/27)		107		101,958
4.10%, 06/01/32 (Call 03/01/32)(a)		55		51,072
Series 35, 1.90%, 01/15/31 (Call 07/15/30)		85		69,196
Public Service Co. of New Hampshire
5.35%, 10/01/33 (Call 07/01/33)		135		136,409
Series V, 2.20%, 06/15/31 (Call 03/15/31)		40		32,944
Public Service Co. of Oklahoma
5.25%, 01/15/33 (Call 10/15/32)		160		158,428
Series J, 2.20%, 08/15/31 (Call 05/15/31)		140		113,856
Public Service Electric & Gas Co.
0.95%, 03/15/26 (Call 02/15/26)		95		87,914
1.90%, 08/15/31 (Call 05/15/31)		245		197,346

Security	Par (000)		Value
Electric (continued)
2.25%, 09/15/26 (Call 06/15/26)	$	206	$	192,500
2.45%, 01/15/30 (Call 10/15/29)		125		108,694
3.00%, 05/15/25 (Call 02/15/25)		25		24,360
3.00%, 05/15/27 (Call 02/15/27)		130		122,871
3.10%, 03/15/32 (Call 12/15/31)		70		60,931
3.20%, 05/15/29 (Call 02/15/29)		85		78,390
3.65%, 09/01/28 (Call 06/01/28)(a)		160		152,338
3.70%, 05/01/28 (Call 02/01/28)		177		169,187
4.65%, 03/15/33 (Call 12/15/32)		155		149,897
4.90%, 12/15/32 (Call 09/15/32)		105		103,566
5.20%, 08/01/33 (Call 05/01/33)		5		5,034
5.20%, 03/01/34 (Call 12/01/33)		100		100,124
Public Service Enterprise Group Inc.
0.80%, 08/15/25 (Call 07/15/25)		220		206,008
1.60%, 08/15/30 (Call 05/15/30)		180		144,589
2.45%, 11/15/31 (Call 08/15/31)		55		44,730
5.85%, 11/15/27 (Call 10/15/27)		30		30,714
5.88%, 10/15/28 (Call 09/15/28)		145		148,807
6.13%, 10/15/33 (Call 07/15/33)		155		161,757
Puget Energy Inc.
2.38%, 06/15/28 (Call 04/15/28)		112		99,305
3.65%, 05/15/25 (Call 02/15/25)		175		170,504
4.10%, 06/15/30 (Call 03/15/30)		115		104,119
4.22%, 03/15/32 (Call 12/15/31)		140		125,006
San Diego Gas & Electric Co.
2.50%, 05/15/26 (Call 02/15/26)		205		194,489
4.95%, 08/15/28 (Call 07/15/28)		220		219,939
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)		215		174,956
Series XXX, 3.00%, 03/15/32 (Call 12/15/31)		100		86,364
Sempra
3.25%, 06/15/27 (Call 03/15/27)		258		242,637
3.30%, 04/01/25 (Call 03/01/25)		155		151,364
3.40%, 02/01/28 (Call 11/01/27)		259		243,727
3.70%, 04/01/29 (Call 02/01/29)		215		200,292
5.40%, 08/01/26 (Call 07/01/26)		150		150,369
5.50%, 08/01/33 (Call 05/01/33)		200		198,835
Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)		175		165,756
Southern California Edison Co.
2.25%, 06/01/30 (Call 03/01/30)		90		75,960
2.75%, 02/01/32 (Call 11/01/31)		15		12,596
2.85%, 08/01/29 (Call 05/01/29)		199		178,195
4.88%, 02/01/27 (Call 01/01/27)		125		124,355
4.90%, 06/01/26 (Call 05/01/26)		80		79,450
5.15%, 06/01/29 (Call 05/01/29)		100		100,070
5.20%, 06/01/34 (Call 03/01/34)		125		122,279
5.30%, 03/01/28 (Call 02/01/28)		35		35,336
5.35%, 03/01/26		100		100,064
5.65%, 10/01/28 (Call 09/01/28)		25		25,597
5.85%, 11/01/27 (Call 10/01/27)		230		235,544
5.95%, 11/01/32 (Call 08/01/32)		160		166,745
6.65%, 04/01/29		103		108,095
Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)		60		55,650
Series A, 4.20%, 03/01/29 (Call 12/01/28)		134		128,914
Series B, 3.65%, 03/01/28 (Call 12/01/27)		73		69,136
Series C, 4.20%, 06/01/25		115		113,363
Series D, 4.70%, 06/01/27 (Call 05/01/27)		140		138,390
Series E, 3.70%, 08/01/25 (Call 06/01/25)		255		249,081
Series G, 2.50%, 06/01/31 (Call 03/01/31)		135		113,306
Southern Co. (The)
3.25%, 07/01/26 (Call 04/01/26)		430		411,326

90 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.85%, 06/15/28 (Call 04/15/28)	$	135	$	133,707
5.11%, 08/01/27		225		224,434
5.15%, 10/06/25(a)		135		134,788
5.20%, 06/15/33 (Call 12/15/32)		170		167,362
5.50%, 03/15/29 (Call 01/15/29)		165		167,159
5.70%, 10/15/32 (Call 04/15/32)		140		143,390
5.70%, 03/15/34 (Call 09/15/33)		75		76,469
Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)		100		87,885
Series A, 3.70%, 04/30/30 (Call 01/30/30)		284		261,814
Southern Power Co.
0.90%, 01/15/26 (Call 12/15/25)		111		102,326
4.15%, 12/01/25 (Call 09/01/25)		175		171,979
Southwestern Electric Power Co.
5.30%, 04/01/33 (Call 01/01/33)		55		54,202
Series K, 2.75%, 10/01/26 (Call 07/01/26)		95		89,185
Series M, 4.10%, 09/15/28 (Call 06/15/28)		230		220,481
Series N, 1.65%, 03/15/26 (Call 02/15/26)		85		79,055
System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)		35		35,341
Tampa Electric Co.
2.40%, 03/15/31 (Call 12/15/30)		155		128,393
4.90%, 03/01/29 (Call 02/01/29)		90		89,476
Tucson Electric Power Co.
1.50%, 08/01/30 (Call 05/01/30)		80		64,270
3.05%, 03/15/25 (Call 12/15/24)		132		128,819
Union Electric Co.
2.15%, 03/15/32 (Call 12/15/31)		160		128,554
2.95%, 06/15/27 (Call 03/15/27)		155		145,564
2.95%, 03/15/30 (Call 12/15/29)		116		102,844
3.50%, 03/15/29 (Call 12/15/28)		143		133,368
Virginia Electric & Power Co.
2.30%, 11/15/31 (Call 08/15/31)		170		140,024
2.40%, 03/30/32 (Call 12/30/31)		120		98,669
5.00%, 04/01/33 (Call 01/01/33)		205		200,766
5.00%, 01/15/34 (Call 10/15/33)		100		97,203
5.30%, 08/15/33 (Call 05/15/33)		130		129,653
Series A, 2.88%, 07/15/29 (Call 04/15/29)		155		140,205
Series A, 3.10%, 05/15/25 (Call 02/15/25)		120		116,862
Series A, 3.15%, 01/15/26 (Call 10/15/25)		240		231,535
Series A, 3.50%, 03/15/27 (Call 12/15/26)		120		114,856
Series A, 3.80%, 04/01/28 (Call 01/01/28)		230		220,309
Series B, 2.95%, 11/15/26 (Call 08/15/26)		140		132,592
Series B, 3.75%, 05/15/27 (Call 04/15/27)		190		182,817
WEC Energy Group Inc.
1.38%, 10/15/27 (Call 08/15/27)		60		52,793
1.80%, 10/15/30 (Call 07/15/30)		75		60,766
2.20%, 12/15/28 (Call 10/15/28)		135		118,536
4.75%, 01/09/26 (Call 12/09/25)		262		259,384
4.75%, 01/15/28 (Call 12/15/27)		115		113,552
5.00%, 09/27/25 (Call 08/27/25)		160		159,240
5.15%, 10/01/27 (Call 09/01/27)		170		169,740
5.60%, 09/12/26 (Call 08/12/26)		95		95,971
Wisconsin Electric Power Co.
1.70%, 06/15/28 (Call 04/15/28)		110		96,621
4.75%, 09/30/32 (Call 06/30/32)		120		117,597
Wisconsin Power and Light Co.
1.95%, 09/16/31 (Call 06/16/31)		100		79,759
3.00%, 07/01/29 (Call 04/01/29)		40		36,553
3.05%, 10/15/27 (Call 07/15/27)		130		121,319
3.95%, 09/01/32 (Call 06/01/32)		185		170,235
4.95%, 04/01/33 (Call 01/01/33)		30		29,239

Security	Par (000)		Value
Electric (continued)
Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)	$	100	$	100,162
Xcel Energy Inc.
1.75%, 03/15/27 (Call 02/15/27)		180		162,485
2.35%, 11/15/31 (Call 05/15/31)		50		40,627
2.60%, 12/01/29 (Call 06/01/29)		190		166,709
3.30%, 06/01/25 (Call 12/01/24)		110		106,960
3.35%, 12/01/26 (Call 06/01/26)		102		96,443
3.40%, 06/01/30 (Call 12/01/29)		80		72,144
4.00%, 06/15/28 (Call 12/15/27)		180		172,027
4.60%, 06/01/32 (Call 12/01/31)		195		181,678
5.45%, 08/15/33 (Call 02/15/33)		210		208,859
5.50%, 03/15/34 (Call 09/15/33)		175		172,031
				66,228,704
Electrical Components & Equipment — 0.0%
Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)		55		45,075
Emerson Electric Co.
0.88%, 10/15/26 (Call 09/15/26)		260		235,000
1.80%, 10/15/27 (Call 08/15/27)		75		67,520
1.95%, 10/15/30 (Call 07/15/30)		75		62,919
2.00%, 12/21/28 (Call 10/21/28)		305		269,025
2.20%, 12/21/31 (Call 09/21/31)		305		252,703
3.15%, 06/01/25 (Call 03/01/25)		210		205,084
				1,137,326
Electronics — 0.3%
Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)		160		146,105
Allegion U.S. Holding Co. Inc.
3.55%, 10/01/27 (Call 07/01/27)		35		33,107
5.41%, 07/01/32 (Call 04/01/32)		165		164,840
Amphenol Corp.
2.05%, 03/01/25 (Call 02/01/25)		55		53,158
2.20%, 09/15/31 (Call 06/15/31)		110		90,243
2.80%, 02/15/30 (Call 11/15/29)		285		253,821
4.35%, 06/01/29 (Call 03/01/29)		125		121,505
4.75%, 03/30/26		45		44,685
Arrow Electronics Inc.
2.95%, 02/15/32 (Call 11/15/31)		82		68,440
3.88%, 01/12/28 (Call 10/12/27)		150		141,669
4.00%, 04/01/25 (Call 01/01/25)		55		54,036
6.13%, 03/01/26 (Call 03/11/24)		65		64,992
Avnet Inc.
3.00%, 05/15/31 (Call 02/15/31)		75		61,906
4.63%, 04/15/26 (Call 01/15/26)		157		153,651
5.50%, 06/01/32 (Call 03/01/32)		70		67,217
6.25%, 03/15/28 (Call 02/15/28)		140		142,397
Flex Ltd.
3.75%, 02/01/26 (Call 01/01/26)		165		159,551
4.75%, 06/15/25 (Call 03/15/25)		145		143,341
4.88%, 06/15/29 (Call 03/15/29)		180		175,086
4.88%, 05/12/30 (Call 02/12/30)		145		139,702
6.00%, 01/15/28 (Call 12/15/27)		65		66,070
Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)		240		229,080
Honeywell International Inc.
1.10%, 03/01/27 (Call 02/01/27)		190		170,718
1.35%, 06/01/25 (Call 05/01/25)		405		386,937
1.75%, 09/01/31 (Call 06/01/31)		339		272,397
1.95%, 06/01/30 (Call 03/01/30)		230		194,359
2.50%, 11/01/26 (Call 08/01/26)		475		447,639
2.70%, 08/15/29 (Call 05/15/29)		235		211,425

S C H E D U L E  O F  I N V E S T M E N T S 91

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electronics (continued)
4.25%, 01/15/29 (Call 12/15/28)	$	85	$	83,141
4.88%, 09/01/29 (Call 08/01/29)		150		150,127
4.95%, 02/15/28 (Call 01/15/28)(a)		285		288,007
4.95%, 09/01/31 (Call 07/01/31)		150		149,735
5.00%, 02/15/33 (Call 11/15/32)		305		305,587
Hubbell Inc.
2.30%, 03/15/31 (Call 12/15/30)		30		24,792
3.15%, 08/15/27 (Call 05/15/27)		125		117,286
3.35%, 03/01/26 (Call 12/01/25)		185		178,481
3.50%, 02/15/28 (Call 11/15/27)		110		103,909
Jabil Inc.
1.70%, 04/15/26 (Call 03/15/26)		50		46,250
3.00%, 01/15/31 (Call 10/15/30)		135		115,186
3.60%, 01/15/30 (Call 10/15/29)		126		113,507
3.95%, 01/12/28 (Call 10/12/27)		110		104,028
4.25%, 05/15/27 (Call 04/15/27)		160		154,506
5.45%, 02/01/29 (Call 01/01/29)		50		49,943
Keysight Technologies Inc.
3.00%, 10/30/29 (Call 07/30/29)		167		148,515
4.60%, 04/06/27 (Call 01/06/27)		229		225,336
TD SYNNEX Corp.
1.75%, 08/09/26 (Call 07/09/26)		130		118,412
2.38%, 08/09/28 (Call 06/09/28)		135		117,752
2.65%, 08/09/31 (Call 05/09/31)		115		91,429
Trimble Inc.
4.90%, 06/15/28 (Call 03/15/28)		140		138,741
6.10%, 03/15/33 (Call 12/15/32)		140		146,086
Tyco Electronics Group SA
2.50%, 02/04/32 (Call 12/04/31)		125		105,709
3.13%, 08/15/27 (Call 05/15/27)		160		151,237
3.70%, 02/15/26 (Call 11/15/25)		110		107,077
4.50%, 02/13/26		155		153,150
Vontier Corp.
1.80%, 04/01/26 (Call 03/01/26)		135		124,539
2.40%, 04/01/28 (Call 02/01/28)		145		126,938
2.95%, 04/01/31 (Call 01/01/31)		180		148,175
				8,145,658
Engineering & Construction — 0.0%
Jacobs Engineering Group Inc.
5.90%, 03/01/33 (Call 12/01/32)		180		179,969
6.35%, 08/18/28 (Call 07/18/28)		205		211,127
				391,096
Entertainment — 0.1%
Warnermedia Holdings Inc.
3.64%, 03/15/25		405		396,438
3.76%, 03/15/27 (Call 02/15/27)		855		809,197
3.79%, 03/15/25 (Call 03/11/24)		45		44,114
4.05%, 03/15/29 (Call 01/15/29)		335		309,604
4.28%, 03/15/32 (Call 12/15/31)		1,105		975,206
				2,534,559
Environmental Control — 0.2%
Republic Services Inc.
0.88%, 11/15/25 (Call 10/15/25)		125		115,925
1.45%, 02/15/31 (Call 11/15/30)		175		137,820
1.75%, 02/15/32 (Call 11/15/31)		25		19,601
2.30%, 03/01/30 (Call 12/01/29)		174		149,447
2.38%, 03/15/33 (Call 12/15/32)		135		108,188
2.90%, 07/01/26 (Call 04/01/26)		180		171,897
3.20%, 03/15/25 (Call 12/15/24)		145		141,573
3.38%, 11/15/27 (Call 08/15/27)		155		146,965

Security	Par (000)		Value
Environmental Control (continued)
3.95%, 05/15/28 (Call 02/15/28)	$	251	$	241,463
4.88%, 04/01/29 (Call 03/01/29)		215		214,058
5.00%, 12/15/33 (Call 09/15/33)		90		88,475
Veralto Corp.
5.35%, 09/18/28 (Call 08/18/28)(b)		180		181,229
5.45%, 09/18/33 (Call 06/18/33)(b)		195		195,880
5.50%, 09/18/26 (Call 08/18/26)(b)		195		195,850
Waste Connections Inc.
2.20%, 01/15/32 (Call 10/15/31)		75		60,704
2.60%, 02/01/30 (Call 11/01/29)		139		122,474
3.20%, 06/01/32 (Call 03/01/32)		185		161,050
3.50%, 05/01/29 (Call 02/01/29)		217		203,270
4.20%, 01/15/33 (Call 10/15/32)		190		177,447
4.25%, 12/01/28 (Call 09/01/28)		190		183,987
5.00%, 03/01/34 (Call 12/01/33)		100		97,914
Waste Management Inc.
0.75%, 11/15/25 (Call 10/15/25)		40		37,156
1.15%, 03/15/28 (Call 01/15/28)		125		108,282
1.50%, 03/15/31 (Call 12/15/30)		25		19,840
2.00%, 06/01/29 (Call 04/01/29)		175		151,475
3.13%, 03/01/25 (Call 12/01/24)		100		97,869
3.15%, 11/15/27 (Call 08/15/27)		195		183,509
4.15%, 04/15/32 (Call 01/15/32)		379		357,013
4.63%, 02/15/30 (Call 12/15/29)		210		206,528
4.63%, 02/15/33 (Call 11/15/32)		175		168,827
4.88%, 02/15/29 (Call 01/15/29)		210		210,323
				4,656,039
Food — 0.5%
Ahold Finance USA LLC, 6.88%, 05/01/29		55		59,663
Campbell Soup Co.
2.38%, 04/24/30 (Call 01/24/30)		105		89,155
3.30%, 03/19/25 (Call 12/19/24)		143		139,421
3.95%, 03/15/25 (Call 01/15/25)		265		260,752
4.15%, 03/15/28 (Call 12/15/27)		241		232,463
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		265		230,260
4.60%, 11/01/25 (Call 09/01/25)		259		255,161
4.85%, 11/01/28 (Call 08/01/28)		323		317,406
5.30%, 10/01/26		110		110,017
7.00%, 10/01/28		65		69,439
8.25%, 09/15/30		40		45,931
Flowers Foods Inc.
2.40%, 03/15/31 (Call 12/15/30)		175		146,181
3.50%, 10/01/26 (Call 07/01/26)		45		43,150
General Mills Inc.
2.25%, 10/14/31 (Call 07/14/31)		165		135,226
2.88%, 04/15/30 (Call 01/15/30)		200		176,588
3.20%, 02/10/27 (Call 11/10/26)		262		249,035
4.00%, 04/17/25 (Call 02/17/25)		358		352,318
4.20%, 04/17/28 (Call 01/17/28)		420		407,241
4.70%, 01/30/27 (Call 12/20/26)		125		123,742
4.95%, 03/29/33 (Call 12/29/32)(a)		185		181,594
5.24%, 11/18/25 (Call 03/18/24)		25		24,970
5.50%, 10/17/28 (Call 09/17/28)		125		127,037
Hershey Co. (The)
0.90%, 06/01/25 (Call 05/01/25)		190		180,530
1.70%, 06/01/30 (Call 03/01/30)		75		62,588
2.30%, 08/15/26 (Call 05/15/26)		281		265,180
2.45%, 11/15/29 (Call 08/15/29)		105		93,071
3.20%, 08/21/25 (Call 05/21/25)		45		43,909
4.25%, 05/04/28 (Call 04/04/28)		90		88,501

92 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Food (continued)
4.50%, 05/04/33 (Call 02/04/33)(a)	$	60	$	58,703
Hormel Foods Corp.
1.70%, 06/03/28 (Call 04/03/28)		260		229,519
1.80%, 06/11/30 (Call 03/11/30)		295		244,807
Ingredion Inc.
2.90%, 06/01/30 (Call 03/01/30)		90		79,085
3.20%, 10/01/26 (Call 07/01/26)		150		143,040
J M Smucker Co. (The)
5.90%, 11/15/28 (Call 10/15/28)		160		164,696
6.20%, 11/15/33 (Call 08/15/33)(a)		225		238,020
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.
2.50%, 01/15/27 (Call 12/15/26)		20		18,368
3.00%, 02/02/29 (Call 12/02/28)		50		43,825
3.00%, 05/15/32 (Call 02/15/32)		340		272,141
3.63%, 01/15/32 (Call 01/15/27)		250		210,217
3.75%, 12/01/31 (Call 12/01/26)		75		63,735
5.13%, 02/01/28 (Call 01/01/28)		220		215,458
5.50%, 01/15/30 (Call 01/15/25)		350		340,929
5.75%, 04/01/33 (Call 01/01/33)		255		247,233
JM Smucker Co. (The)
2.13%, 03/15/32 (Call 12/15/31)		125		99,749
2.38%, 03/15/30 (Call 12/15/29)		125		107,215
3.38%, 12/15/27 (Call 09/15/27)		125		117,869
3.50%, 03/15/25		410		401,763
Kellanova
2.10%, 06/01/30 (Call 03/01/30)		150		126,228
3.25%, 04/01/26		253		243,189
3.40%, 11/15/27 (Call 08/15/27)		173		162,881
4.30%, 05/15/28 (Call 02/15/28)		165		160,233
5.25%, 03/01/33 (Call 12/01/32)		150		148,893
Series B, 7.45%, 04/01/31		85		95,097
Kraft Heinz Foods Co.
3.00%, 06/01/26 (Call 03/01/26)		475		453,219
3.75%, 04/01/30 (Call 01/01/30)		180		167,811
3.88%, 05/15/27 (Call 02/15/27)		365		352,291
4.25%, 03/01/31 (Call 12/01/30)		45		42,734
4.63%, 01/30/29 (Call 10/30/28)		85		83,363
6.75%, 03/15/32		130		142,998
Kroger Co. (The)
1.70%, 01/15/31 (Call 10/15/30)		155		123,524
2.20%, 05/01/30 (Call 02/01/30)		90		75,675
2.65%, 10/15/26 (Call 07/15/26)		200		187,922
3.50%, 02/01/26 (Call 11/01/25)		159		154,108
3.70%, 08/01/27 (Call 05/01/27)		175		167,859
4.50%, 01/15/29 (Call 10/15/28)		135		131,953
7.50%, 04/01/31		90		101,528
McCormick & Co. Inc./MD
0.90%, 02/15/26 (Call 01/15/26)		150		138,000
1.85%, 02/15/31 (Call 11/15/30)		120		96,468
2.50%, 04/15/30 (Call 01/15/30)		160		136,933
3.40%, 08/15/27 (Call 05/15/27)		197		186,341
4.95%, 04/15/33 (Call 01/15/33)(a)		125		122,000
Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)		218		208,410
1.50%, 02/04/31 (Call 11/04/30)		255		202,676
1.88%, 10/15/32 (Call 07/15/32)		15		11,805
2.63%, 03/17/27 (Call 02/17/27)		95		88,581
2.75%, 04/13/30 (Call 01/13/30)		222		196,050
3.00%, 03/17/32 (Call 12/17/31)		224		193,087
4.13%, 05/07/28 (Call 02/07/28)		30		29,380

Security	Par (000)		Value
Food (continued)
4.75%, 02/20/29 (Call 01/20/29)	$	100	$	98,839
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		245		204,749
4.25%, 04/15/31 (Call 04/15/26)		260		232,294
6.25%, 07/01/33 (Call 04/01/33)		185		187,269
Sysco Corp.
2.40%, 02/15/30 (Call 11/15/29)		80		68,868
2.45%, 12/14/31 (Call 09/14/31)		185		153,270
3.25%, 07/15/27 (Call 04/15/27)		216		203,562
3.30%, 07/15/26 (Call 04/15/26)		326		312,990
3.75%, 10/01/25 (Call 07/01/25)		215		209,521
5.75%, 01/17/29 (Call 12/17/28)		110		112,638
5.95%, 04/01/30 (Call 01/01/30)		235		244,275
6.00%, 01/17/34 (Call 10/17/33)		80		84,119
Tyson Foods Inc.
3.55%, 06/02/27 (Call 03/02/27)		328		310,933
4.00%, 03/01/26 (Call 01/01/26)		188		183,551
4.35%, 03/01/29 (Call 12/01/28)		217		208,802
5.40%, 03/15/29 (Call 02/15/29)		100		100,085
5.70%, 03/15/34 (Call 12/15/33)		100		99,967
Walmart Inc., 3.90%, 09/09/25		225		221,605
				15,775,475
Forest Products & Paper — 0.0%
Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)		25		23,444
Georgia-Pacific LLC
7.75%, 11/15/29		125		141,977
8.88%, 05/15/31		5		6,137
Suzano Austria GmbH
2.50%, 09/15/28 (Call 07/15/28)		135		117,922
3.13%, 01/15/32 (Call 10/15/31)		240		197,072
3.75%, 01/15/31 (Call 10/15/30)		200		174,744
5.00%, 01/15/30 (Call 10/15/29)		235		223,623
6.00%, 01/15/29 (Call 10/15/28)		315		315,054
Suzano International Finance BV, 5.50%, 01/17/27		170		169,766
				1,369,739
Gas — 0.2%
Atmos Energy Corp.
1.50%, 01/15/31 (Call 10/15/30)		207		164,643
2.63%, 09/15/29 (Call 06/15/29)		217		193,166
3.00%, 06/15/27 (Call 03/15/27)		210		197,506
5.45%, 10/15/32 (Call 07/15/32)		10		10,239
5.90%, 11/15/33 (Call 08/15/33)		130		136,623
CenterPoint Energy Resources Corp.
1.75%, 10/01/30 (Call 07/01/30)		197		160,093
4.00%, 04/01/28 (Call 01/01/28)		175		168,043
4.40%, 07/01/32 (Call 04/01/32)		35		33,136
5.25%, 03/01/28 (Call 02/01/28)		320		322,303
5.40%, 03/01/33 (Call 12/01/32)		280		281,833
National Fuel Gas Co.
2.95%, 03/01/31 (Call 12/01/30)		145		120,951
3.95%, 09/15/27 (Call 06/15/27)		65		61,646
4.75%, 09/01/28 (Call 06/01/28)		80		77,304
5.20%, 07/15/25 (Call 04/15/25)		110		109,113
5.50%, 01/15/26 (Call 12/15/25)		115		114,648
5.50%, 10/01/26		80		79,763
NiSource Inc.
0.95%, 08/15/25 (Call 07/15/25)		333		312,551
1.70%, 02/15/31 (Call 11/15/30)		314		249,092
2.95%, 09/01/29 (Call 06/01/29)		319		286,827

S C H E D U L E  O F  I N V E S T M E N T S 93

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Gas (continued)
3.49%, 05/15/27 (Call 02/15/27)	$	395	$	375,542
3.60%, 05/01/30 (Call 02/01/30)		155		141,884
5.25%, 03/30/28 (Call 02/29/28)		260		261,188
5.40%, 06/30/33 (Call 03/30/33)		65		64,909
ONE Gas Inc.
2.00%, 05/15/30 (Call 02/15/30)		55		45,725
4.25%, 09/01/32 (Call 06/01/32)(a)		35		33,140
5.10%, 04/01/29 (Call 03/01/29)		10		10,025
Piedmont Natural Gas Co. Inc.
2.50%, 03/15/31 (Call 12/15/30)		50		41,819
3.50%, 06/01/29 (Call 03/01/29)		192		176,771
5.40%, 06/15/33 (Call 03/15/33)		145		145,430
Southern California Gas Co.
2.95%, 04/15/27 (Call 03/15/27)		210		197,583
3.20%, 06/15/25 (Call 03/15/25)		60		58,629
5.20%, 06/01/33 (Call 03/01/33)		130		129,104
Series TT, 2.60%, 06/15/26 (Call 03/15/26)		210		199,019
Series XX, 2.55%, 02/01/30 (Call 11/01/29)		250		217,063
Southern Co. Gas Capital Corp.
3.25%, 06/15/26 (Call 03/15/26)		125		119,491
5.15%, 09/15/32 (Call 03/15/32)		75		74,333
5.75%, 09/15/33 (Call 03/15/33)		190		194,581
Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)		208		166,670
Southwest Gas Corp.
2.20%, 06/15/30 (Call 03/15/30)		107		89,274
3.70%, 04/01/28 (Call 01/01/28)		85		80,257
4.05%, 03/15/32 (Call 12/15/31)		205		187,539
5.45%, 03/23/28 (Call 02/23/28)		125		126,041
5.80%, 12/01/27 (Call 11/01/27)		110		111,960
Spire Inc., 5.30%, 03/01/26		40		39,915
Spire Missouri Inc., 4.80%, 02/15/33 (Call 11/15/32)		20		19,431
				6,386,803
Hand & Machine Tools — 0.1%
Kennametal Inc.
2.80%, 03/01/31 (Call 12/01/30)		55		46,068
4.63%, 06/15/28 (Call 03/15/28)		115		111,828
Regal Rexnord Corp.
6.05%, 02/15/26(b)		100		100,466
6.05%, 04/15/28 (Call 03/15/28)(b)		230		231,330
6.30%, 02/15/30 (Call 12/15/29)(b)		275		279,813
6.40%, 04/15/33 (Call 01/15/33)(b)		295		302,751
Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)		10		9,574
Stanley Black & Decker Inc.
2.30%, 03/15/30 (Call 12/15/29)		195		163,702
3.00%, 05/15/32 (Call 02/15/32)(a)		120		101,333
3.40%, 03/01/26 (Call 01/01/26)		210		202,405
4.00%, 03/15/60 (Call 03/15/25), (5-year CMT + 2.657%)(c)		125		111,273
4.25%, 11/15/28 (Call 08/15/28)		145		139,906
6.00%, 03/06/28 (Call 02/06/28)		120		123,846
6.27%, 03/06/26 (Call 03/11/24)		25		25,006
				1,949,301
Health Care - Products — 0.4%
Abbott Laboratories
1.15%, 01/30/28 (Call 11/30/27)		183		160,474
1.40%, 06/30/30 (Call 03/30/30)		246		202,852
2.95%, 03/15/25 (Call 12/15/24)		300		293,533
3.75%, 11/30/26 (Call 08/30/26)		540		526,129
3.88%, 09/15/25 (Call 06/15/25)		80		78,806

Security	Par (000)		Value
Health Care - Products (continued)
Agilent Technologies Inc.
2.10%, 06/04/30 (Call 03/04/30)	$	130	$	108,906
2.30%, 03/12/31 (Call 12/12/30)		270		225,269
2.75%, 09/15/29 (Call 06/15/29)		135		120,786
3.05%, 09/22/26 (Call 06/22/26)		115		109,354
Baxter International Inc.
1.73%, 04/01/31 (Call 01/01/31)		195		153,888
1.92%, 02/01/27 (Call 01/01/27)		365		331,851
2.27%, 12/01/28 (Call 10/01/28)		230		201,637
2.54%, 02/01/32 (Call 11/01/31)(a)		360		295,010
2.60%, 08/15/26 (Call 05/15/26)		190		178,150
3.95%, 04/01/30 (Call 01/01/30)		140		129,595
Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)		180		172,593
2.65%, 06/01/30 (Call 03/01/30)		295		258,049
4.00%, 03/01/28 (Call 12/01/27)		145		140,248
Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)		114		111,192
Dentsply Sirona Inc., 3.25%, 06/01/30 (Call 03/01/30)		203		176,924
DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)		205		182,059
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)		179		173,718
GE HealthCare Technologies Inc.
5.60%, 11/15/25 (Call 10/15/25)		225		225,704
5.65%, 11/15/27 (Call 10/15/27)		455		461,966
5.86%, 03/15/30 (Call 01/15/30)		330		341,060
5.91%, 11/22/32 (Call 08/22/32)		435		451,610
HCA Inc.
3.13%, 03/15/27 (Call 02/15/27)		205		192,658
3.63%, 03/15/32 (Call 12/15/31)		492		429,856
Medtronic Global Holdings SCA
4.25%, 03/30/28 (Call 02/29/28)		273		267,097
4.50%, 03/30/33 (Call 12/30/32)		275		264,778
Revvity Inc.
1.90%, 09/15/28 (Call 07/15/28)		150		129,583
2.25%, 09/15/31 (Call 06/15/31)		115		93,471
2.55%, 03/15/31 (Call 12/15/30)		120		100,506
3.30%, 09/15/29 (Call 06/15/29)		241		216,958
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		260		213,240
Solventum Corp.
5.40%, 03/01/29 (Call 02/01/29)(b)		205		204,707
5.45%, 02/25/27 (Call 01/25/27)(b)		125		125,234
5.45%, 03/13/31 (Call 01/13/31)(b)		250		248,056
5.60%, 03/23/34 (Call 12/23/33)(b)		250		249,064
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)		215		182,839
Stryker Corp.
1.15%, 06/15/25 (Call 05/15/25)		145		137,548
1.95%, 06/15/30 (Call 03/15/30)		225		188,348
3.38%, 11/01/25 (Call 08/01/25)		207		200,896
3.50%, 03/15/26 (Call 12/15/25)		358		347,133
3.65%, 03/07/28 (Call 12/07/27)		130		124,009
4.85%, 12/08/28 (Call 11/08/28)		120		119,584
Thermo Fisher Scientific Inc.
1.75%, 10/15/28 (Call 08/15/28)		160		140,414
2.00%, 10/15/31 (Call 07/15/31)		305		248,568
2.60%, 10/01/29 (Call 07/01/29)		220		196,177
4.80%, 11/21/27 (Call 10/21/27)		205		205,097
4.95%, 08/10/26 (Call 07/10/26)		315		315,259

94 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Products (continued)
4.95%, 11/21/32 (Call 08/21/32)	$	125	$	124,368
4.98%, 08/10/30 (Call 06/10/30)		180		180,025
5.00%, 12/05/26 (Call 11/05/26)		175		175,489
5.00%, 01/31/29 (Call 12/31/28)		260		261,464
5.09%, 08/10/33 (Call 05/10/33)		255		256,162
5.20%, 01/31/34 (Call 10/31/33)(a)		125		126,404
Zimmer Biomet Holdings Inc.
2.60%, 11/24/31 (Call 08/24/31)		175		146,381
3.05%, 01/15/26 (Call 12/15/25)		175		168,106
3.55%, 04/01/25 (Call 01/01/25)		150		146,725
5.35%, 12/01/28 (Call 11/01/28)		135		136,395
				12,673,962
Health Care - Services — 0.7%
Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)		60		53,261
Advocate Health & Hospitals Corp., 3.83%, 08/15/28 (Call 05/15/28)		155		148,813
Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)		266		236,960
Banner Health
1.90%, 01/01/31 (Call 07/01/30)		90		73,258
2.34%, 01/01/30 (Call 10/01/29)		55		47,463
Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)		115		93,504
Bon Secours Mercy Health Inc.
3.46%, 06/01/30 (Call 12/01/29)		95		86,477
Series 2018, 4.30%, 07/01/28 (Call 01/01/28)		10		9,716
Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)		55		44,412
Cedars-Sinai Health System, Series 2021, 2.29%,
08/15/31 (Call 02/15/31)		145		120,575
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)		545		480,853
2.50%, 03/01/31 (Call 12/01/30)		525		430,115
2.63%, 08/01/31 (Call 05/01/31)		310		253,698
3.00%, 10/15/30 (Call 07/15/30)		470		401,410
3.38%, 02/15/30 (Call 02/15/25)		425		374,955
4.25%, 12/15/27 (Call 03/18/24)		500		476,605
4.63%, 12/15/29 (Call 12/15/24)		790		748,110
CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)		5		4,865
CommonSpirit Health
1.55%, 10/01/25 (Call 07/01/25)		40		37,572
2.78%, 10/01/30 (Call 04/01/30)		87		74,482
3.35%, 10/01/29 (Call 04/01/29)		172		156,178
6.07%, 11/01/27 (Call 08/01/27)		110		112,727
Elevance Health Inc.
1.50%, 03/15/26 (Call 02/15/26)		210		195,080
2.25%, 05/15/30 (Call 02/15/30)		239		203,028
2.55%, 03/15/31 (Call 12/15/30)		270		228,849
2.88%, 09/15/29 (Call 06/15/29)		209		187,413
3.65%, 12/01/27 (Call 09/01/27)		355		339,474
4.10%, 03/01/28 (Call 12/01/27)		320		309,506
4.10%, 05/15/32 (Call 02/15/32)		115		105,994
4.75%, 02/15/33 (Call 11/15/32)		260		251,119
4.90%, 02/08/26 (Call 03/11/24)		285		282,970
5.35%, 10/15/25 (Call 09/15/25)		95		94,890
5.50%, 10/15/32 (Call 07/15/32)		95		96,763
HCA Inc.
2.38%, 07/15/31 (Call 04/15/31)		225		182,958
3.38%, 03/15/29 (Call 01/15/29)		55		50,155
3.50%, 09/01/30 (Call 03/01/30)		605		540,828

Security	Par (000)		Value
Health Care - Services (continued)
4.13%, 06/15/29 (Call 03/15/29)	$	467	$	439,178
4.50%, 02/15/27 (Call 08/15/26)		342		334,897
5.20%, 06/01/28 (Call 05/01/28)		255		253,950
5.25%, 04/15/25		347		345,450
5.25%, 06/15/26 (Call 12/15/25)		375		372,704
5.38%, 09/01/26 (Call 03/01/26)		250		249,274
5.45%, 04/01/31 (Call 02/01/31)(a)		50		49,766
5.50%, 06/01/33 (Call 03/01/33)		250		248,279
5.60%, 04/01/34 (Call 01/01/34)		150		149,315
5.63%, 09/01/28 (Call 03/01/28)		330		332,447
5.88%, 02/15/26 (Call 08/15/25)		350		351,544
5.88%, 02/01/29 (Call 08/01/28)		220		223,913
Humana Inc.
1.35%, 02/03/27 (Call 01/03/27)		225		201,863
2.15%, 02/03/32 (Call 11/03/31)		190		150,345
3.13%, 08/15/29 (Call 05/15/29)		155		140,021
3.70%, 03/23/29 (Call 02/23/29)		205		191,627
3.95%, 03/15/27 (Call 12/15/26)		105		101,264
4.50%, 04/01/25 (Call 03/01/25)		140		138,550
4.88%, 04/01/30 (Call 01/01/30)		135		132,829
5.70%, 03/13/26 (Call 03/13/24)		50		49,975
5.75%, 03/01/28 (Call 02/01/28)		140		142,633
5.75%, 12/01/28 (Call 11/01/28)		85		86,815
5.88%, 03/01/33 (Call 12/01/32)		165		169,295
5.95%, 03/15/34 (Call 12/15/33)		25		25,818
IQVIA Inc., 6.25%, 02/01/29 (Call 01/01/29)		90		92,596
Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)		166		157,735
Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)		160		147,417
2.70%, 06/01/31 (Call 03/01/31)		120		102,476
2.95%, 12/01/29 (Call 09/01/29)		186		165,536
3.60%, 09/01/27 (Call 06/01/27)		178		169,048
OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)		120		99,170
PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)		75		69,696
Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)		55		44,331
Providence St Joseph Health Obligated Group		45		44,787
5.40%, 10/01/33 (Call 04/01/33)
Series 19A, 2.53%, 10/01/29 (Call 07/01/29)		55		47,889
Series H, 2.75%, 10/01/26 (Call 07/01/26)		95		89,062
Quest Diagnostics Inc.
2.80%, 06/30/31 (Call 03/30/31)		85		72,547
2.95%, 06/30/30 (Call 03/30/30)		220		193,656
3.45%, 06/01/26 (Call 03/01/26)		177		170,291
3.50%, 03/30/25 (Call 12/30/24)		5		4,909
4.20%, 06/30/29 (Call 03/30/29)		95		91,317
6.40%, 11/30/33 (Call 08/30/33)		80		85,554
Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)		66		61,872
SSM Health Care Corp.
4.89%, 06/01/28 (Call 03/01/28)		100		99,530
Series A, 3.82%, 06/01/27 (Call 03/01/27)		155		148,708
Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)		30		27,094
Sutter Health
Series 20A, 1.32%, 08/15/25 (Call 05/15/25)		40		37,621
Series 20A, 2.29%, 08/15/30 (Call 02/15/30)		10		8,505
UnitedHealth Group Inc.
3.70%, 05/15/27 (Call 04/15/27)		180		174,206

S C H E D U L E  O F  I N V E S T M E N T S 95

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
1.15%, 05/15/26 (Call 04/15/26)	$	265	$	244,223
1.25%, 01/15/26		140		130,796
2.00%, 05/15/30		280		235,323
2.30%, 05/15/31 (Call 02/15/31)		455		381,077
2.88%, 08/15/29		219		198,505
2.95%, 10/15/27		178		167,114
3.10%, 03/15/26		350		338,062
3.38%, 04/15/27		160		153,307
3.45%, 01/15/27		275		265,406
3.70%, 12/15/25		70		68,470
3.75%, 07/15/25		541		530,956
3.85%, 06/15/28		270		259,927
3.88%, 12/15/28		238		228,382
4.00%, 05/15/29 (Call 03/15/29)		238		228,712
4.20%, 05/15/32 (Call 02/15/32)		405		382,131
4.25%, 01/15/29 (Call 12/15/28)		295		287,633
4.50%, 04/15/33 (Call 01/15/33)		320		307,313
5.15%, 10/15/25		215		215,473
5.25%, 02/15/28 (Call 01/15/28)		225		228,636
5.30%, 02/15/30 (Call 12/15/29)		300		305,665
5.35%, 02/15/33 (Call 11/15/32)		175		178,402
Universal Health Services Inc.
1.65%, 09/01/26 (Call 08/01/26)		187		169,986
2.65%, 10/15/30 (Call 07/15/30)		120		100,167
2.65%, 01/15/32 (Call 10/15/31)		110		89,325
				20,517,332
Holding Companies - Diversified — 0.2%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)		180		163,519
2.88%, 06/15/27 (Call 05/15/27)		115		104,462
2.88%, 06/15/28 (Call 04/15/28)		280		245,258
3.20%, 11/15/31 (Call 08/15/31)		110		89,699
3.25%, 07/15/25 (Call 06/15/25)		358		343,959
3.88%, 01/15/26 (Call 12/15/25)		215		206,267
4.25%, 03/01/25 (Call 01/01/25)		187		183,292
5.88%, 03/01/29 (Call 02/01/29)		210		205,359
7.00%, 01/15/27		85		86,666
Bain Capital Specialty Finance Inc.
2.55%, 10/13/26 (Call 09/13/26)		130		118,262
2.95%, 03/10/26 (Call 02/10/26)		25		23,392
Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)		15		13,691
Blackstone Private Credit Fund
2.63%, 12/15/26 (Call 11/15/26)		289		261,053
3.25%, 03/15/27 (Call 02/15/27)		160		146,278
4.00%, 01/15/29 (Call 11/15/28)(a)		190		172,757
4.70%, 03/24/25		130		127,945
6.25%, 01/25/31 (Call 11/25/30)(b)		75		74,158
7.05%, 09/29/25		115		116,471
7.30%, 11/27/28 (Call 10/27/28)(b)		150		154,738
Blackstone Secured Lending Fund
2.13%, 02/15/27 (Call 01/15/27)		140		125,241
2.75%, 09/16/26 (Call 08/19/26)		170		155,900
2.85%, 09/30/28 (Call 07/30/28)		188		163,400
3.63%, 01/15/26 (Call 12/15/25)		125		119,189
Blue Owl Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		135		122,254
2.88%, 06/11/28 (Call 04/11/28)		230		201,112
3.40%, 07/15/26 (Call 06/15/26)		205		190,878
3.75%, 07/22/25 (Call 06/22/25)		120		115,635
4.00%, 03/30/25 (Call 02/28/25)		150		146,460
4.25%, 01/15/26 (Call 12/15/25)		130		125,153

Security	Par (000)		Value
Holding Companies - Diversified (continued)
Blue Owl Capital Corp. II, 8.45%, 11/15/26 (Call 10/15/26)(b)	$	35	$	35,892
Blue Owl Capital Corp. III, 3.13%, 04/13/27 (Call 03/13/27)		110		99,310
Blue Owl Credit Income Corp.
3.13%, 09/23/26 (Call 08/23/26)		50		45,515
4.70%, 02/08/27 (Call 01/08/27)		150		141,249
5.50%, 03/21/25		60		59,458
6.65%, 03/15/31 (Call 01/15/31)(b)		80		77,376
7.75%, 09/16/27 (Call 08/16/27)		40		40,903
7.75%, 01/15/29 (Call 12/15/28)(b)		145		148,042
Blue Owl Technology Finance Corp., 2.50%, 01/15/27 (Call 12/15/26)		90		79,264
FS KKR Capital Corp.
2.63%, 01/15/27 (Call 12/15/26)		85		76,939
3.13%, 10/12/28 (Call 08/12/28)		135		116,582
3.40%, 01/15/26 (Call 12/15/25)		185		174,984
7.88%, 01/15/29 (Call 12/15/28)		115		118,867
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25)		110		104,605
Golub Capital BDC Inc.
2.05%, 02/15/27 (Call 01/15/27)		210		184,768
2.50%, 08/24/26 (Call 07/24/26)		30		27,321
7.05%, 12/05/28 (Call 11/05/28)		10		10,188
Main Street Capital Corp.
3.00%, 07/14/26 (Call 06/14/26)		140		129,192
6.95%, 03/01/29 (Call 02/01/29)		50		50,155
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)		45		43,014
Oaktree Specialty Lending Corp.
2.70%, 01/15/27 (Call 12/15/26)		80		71,407
7.10%, 02/15/29 (Call 01/15/29)		100		101,222
Prospect Capital Corp.
3.36%, 11/15/26 (Call 10/15/26)		75		67,673
3.44%, 10/15/28 (Call 08/15/28)		80		68,105
3.71%, 01/22/26 (Call 12/22/25)		100		94,255
Sixth Street Specialty Lending Inc.
2.50%, 08/01/26 (Call 07/01/26)		60		55,110
6.13%, 03/01/29 (Call 02/01/29)(a)		80		78,756
				6,602,600
Home Builders — 0.1%
DR Horton Inc.
1.30%, 10/15/26 (Call 09/15/26)		180		162,888
1.40%, 10/15/27 (Call 08/15/27)		70		61,746
2.60%, 10/15/25 (Call 09/15/25)		127		121,523
Lennar Corp.
4.75%, 05/30/25 (Call 02/28/25)		85		84,184
4.75%, 11/29/27 (Call 05/29/27)		225		221,403
5.00%, 06/15/27 (Call 12/15/26)		125		123,899
5.25%, 06/01/26 (Call 12/01/25)		120		119,699
MDC Holdings Inc.
2.50%, 01/15/31 (Call 07/15/30)		127		107,311
3.85%, 01/15/30 (Call 07/15/29)		60		55,345
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26)		10		9,851
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		240		211,518
PulteGroup Inc.
5.00%, 01/15/27 (Call 10/15/26)(a)		171		170,232
5.50%, 03/01/26 (Call 12/01/25)		130		130,244
6.38%, 05/15/33		40		42,294
7.88%, 06/15/32		35		40,480

96 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Home Builders (continued)
Toll Brothers Finance Corp.
3.80%, 11/01/29 (Call 08/01/29)	$	132	$	121,353
4.35%, 02/15/28 (Call 11/15/27)		120		115,275
4.88%, 11/15/25 (Call 08/15/25)		140		138,355
4.88%, 03/15/27 (Call 12/15/26)		130		127,811
				2,165,411
Home Furnishings — 0.0%
Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)		125		122,772
Leggett & Platt Inc.
3.50%, 11/15/27 (Call 08/15/27)		110		102,650
4.40%, 03/15/29 (Call 12/15/28)		143		135,480
Whirlpool Corp.
2.40%, 05/15/31 (Call 02/15/31)		68		55,766
3.70%, 05/01/25		5		4,893
4.70%, 05/14/32 (Call 02/14/32)		75		70,899
4.75%, 02/26/29 (Call 11/26/28)(a)		173		168,933
5.50%, 03/01/33 (Call 12/01/32)		95		94,192
5.75%, 03/01/34 (Call 12/01/33)		75		74,592
				830,177
Household Products & Wares — 0.1%
Avery Dennison Corp.
2.25%, 02/15/32 (Call 11/15/31)		65		52,772
2.65%, 04/30/30 (Call 02/01/30)		65		56,541
4.88%, 12/06/28 (Call 09/06/28)		150		148,493
5.75%, 03/15/33 (Call 12/15/32)		185		191,476
Church & Dwight Co. Inc.
2.30%, 12/15/31 (Call 09/15/31)		130		107,271
3.15%, 08/01/27 (Call 05/01/27)		135		127,200
5.60%, 11/15/32 (Call 08/15/32)		145		150,357
Clorox Co. (The)
1.80%, 05/15/30 (Call 02/15/30)		165		136,304
3.10%, 10/01/27 (Call 07/01/27)		130		121,947
3.90%, 05/15/28 (Call 02/15/28)		150		144,158
4.40%, 05/01/29 (Call 03/01/29)		100		97,459
4.60%, 05/01/32 (Call 02/01/32)(a)		205		198,904
Kimberly-Clark Corp.
1.05%, 09/15/27 (Call 07/15/27)		155		136,357
2.00%, 11/02/31 (Call 08/02/31)		200		164,352
2.75%, 02/15/26		110		105,862
3.05%, 08/15/25		200		194,472
3.10%, 03/26/30 (Call 12/26/29)		210		191,029
3.20%, 04/25/29 (Call 01/25/29)		180		167,012
3.95%, 11/01/28 (Call 08/01/28)		115		111,534
4.50%, 02/16/33 (Call 11/16/32)		75		73,318
				2,676,818
Insurance — 0.8%
ACE Capital Trust II, Series N, 9.70%, 04/01/30		75		88,101
Aegon NV, 5.50%, 04/11/48 (Call 04/11/28), (6-mo. LIBOR US + 3.540%)(c)		200		191,585
Aflac Inc.
1.13%, 03/15/26 (Call 02/15/26)		100		92,369
2.88%, 10/15/26 (Call 07/15/26)		139		131,246
3.60%, 04/01/30 (Call 01/01/30)		275		254,915
Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)		140		130,132
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)		100		97,131
Allstate Corp. (The)
0.75%, 12/15/25 (Call 11/15/25)		190		175,319
1.45%, 12/15/30 (Call 09/15/30)		130		102,597

Security	Par (000)		Value
Insurance (continued)
3.28%, 12/15/26 (Call 09/15/26)	$	232	$	220,914
5.25%, 03/30/33 (Call 12/30/32)		225		224,122
American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)		160		154,135
American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)		5		4,922
American International Group Inc.
3.40%, 06/30/30 (Call 03/30/30)		169		152,542
4.20%, 04/01/28 (Call 01/01/28)		119		115,575
5.13%, 03/27/33 (Call 12/27/32)		180		177,465
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(c)		60		58,903
Aon Corp.
2.80%, 05/15/30 (Call 02/15/30)		284		247,052
3.75%, 05/02/29 (Call 02/02/29)		216		202,625
4.50%, 12/15/28 (Call 09/15/28)		87		84,943
8.21%, 01/01/27		15		16,142
Aon Corp./Aon Global Holdings PLC
2.05%, 08/23/31 (Call 05/23/31)		125		100,198
2.60%, 12/02/31 (Call 09/02/31)		85		70,665
2.85%, 05/28/27 (Call 04/28/27)		135		125,834
5.00%, 09/12/32 (Call 06/12/32)		157		153,369
5.35%, 02/28/33 (Call 11/28/32)		180		179,679
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)		237		231,073
Aon North America Inc.
5.13%, 03/01/27 (Call 02/01/27)		160		159,935
5.15%, 03/01/29 (Call 02/01/29)		220		220,032
5.30%, 03/01/31 (Call 01/01/31)		225		224,719
5.45%, 03/01/34 (Call 12/01/33)		225		225,122
Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)		191		184,432
Arthur J Gallagher & Co.
2.40%, 11/09/31 (Call 08/09/31)		160		129,559
5.50%, 03/02/33 (Call 12/02/32)		10		9,973
6.50%, 02/15/34 (Call 11/15/33)		35		37,393
Assurant Inc.
2.65%, 01/15/32 (Call 10/15/31)(a)		70		56,969
3.70%, 02/22/30 (Call 11/22/29)		135		120,474
4.90%, 03/27/28 (Call 12/27/27)		120		117,540
Assured Guaranty U.S. Holdings Inc.
3.15%, 06/15/31 (Call 03/15/31)		185		161,840
6.13%, 09/15/28 (Call 08/15/28)		20		20,636
Athene Holding Ltd.
3.50%, 01/15/31 (Call 10/15/30)		165		143,464
4.13%, 01/12/28 (Call 10/12/27)		290		277,716
5.88%, 01/15/34 (Call 10/15/33)		100		99,317
6.15%, 04/03/30 (Call 01/03/30)		79		81,299
6.65%, 02/01/33 (Call 11/01/32)		85		88,951
AXA SA, 8.60%, 12/15/30		190		224,821
AXIS Specialty Finance LLC, 3.90%, 07/15/29 (Call 04/15/29)		174		163,576
AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)		125		119,515
Berkshire Hathaway Finance Corp.
1.45%, 10/15/30 (Call 07/15/30)		321		261,725
1.85%, 03/12/30 (Call 12/12/29)		80		67,894
2.30%, 03/15/27 (Call 02/15/27)		285		266,775
2.88%, 03/15/32 (Call 12/15/31)		265		231,523
Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)		607		586,750

S C H E D U L E  O F  I N V E S T M E N T S 97

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Brighthouse Financial Inc.
3.70%, 06/22/27 (Call 03/22/27)	$	70	$	66,006
5.63%, 05/15/30 (Call 02/15/30)(a)		180		179,038
Brown & Brown Inc.
2.38%, 03/15/31 (Call 12/15/30)		245		200,191
4.20%, 03/17/32 (Call 12/17/31)		120		108,990
4.50%, 03/15/29 (Call 12/15/28)		65		62,898
Chubb INA Holdings Inc.
1.38%, 09/15/30 (Call 06/15/30)		285		230,392
3.15%, 03/15/25		115		112,428
3.35%, 05/03/26 (Call 02/03/26)		290		279,576
Cincinnati Financial Corp., 6.92%, 05/15/28		94		100,122
CNA Financial Corp.
2.05%, 08/15/30 (Call 05/15/30)		120		99,145
3.45%, 08/15/27 (Call 05/15/27)		185		175,101
3.90%, 05/01/29 (Call 02/01/29)		176		165,195
4.50%, 03/01/26 (Call 12/01/25)		190		186,959
5.13%, 02/15/34 (Call 11/15/33)		35		33,817
5.50%, 06/15/33 (Call 03/15/33)		50		50,327
CNO Financial Group Inc.
5.25%, 05/30/25 (Call 02/28/25)		155		154,063
5.25%, 05/30/29 (Call 02/28/29)		150		145,626
Corebridge Financial Inc.
3.50%, 04/04/25 (Call 03/04/25)		165		161,128
3.65%, 04/05/27 (Call 03/05/27)		220		208,237
3.85%, 04/05/29 (Call 02/05/29)		315		292,169
3.90%, 04/05/32 (Call 01/05/32)		365		320,887
5.75%, 01/15/34 (Call 10/15/33)		100		99,785
6.05%, 09/15/33 (Call 06/15/33)(b)		175		178,796
Enstar Group Ltd.
3.10%, 09/01/31 (Call 03/01/31)		105		85,637
4.95%, 06/01/29 (Call 03/01/29)		118		114,825
Equitable Holdings Inc.
4.35%, 04/20/28 (Call 01/20/28)		435		419,105
5.59%, 01/11/33 (Call 10/11/32)		165		166,152
7.00%, 04/01/28		35		37,210
F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)		65		66,664
Fairfax Financial Holdings Ltd.
3.38%, 03/03/31 (Call 12/03/30)		65		56,213
4.63%, 04/29/30 (Call 01/29/30)		125		117,789
4.85%, 04/17/28 (Call 01/17/28)		189		184,967
5.63%, 08/16/32 (Call 05/16/32)		175		172,390
6.00%, 12/07/33 (Call 09/07/33)(b)		10		10,041
Fidelity National Financial Inc.
2.45%, 03/15/31 (Call 12/15/30)		165		134,109
3.40%, 06/15/30 (Call 03/15/30)		185		163,192
4.50%, 08/15/28 (Call 05/15/28)		145		139,379
First American Financial Corp.
2.40%, 08/15/31 (Call 05/15/31)		140		109,699
4.00%, 05/15/30 (Call 02/15/30)		55		49,007
Globe Life Inc.
2.15%, 08/15/30 (Call 05/15/30)		180		149,087
4.55%, 09/15/28 (Call 06/15/28)		180		175,435
4.80%, 06/15/32 (Call 03/15/32)		20		19,248
Hanover Insurance Group Inc. (The)
2.50%, 09/01/30 (Call 06/01/30)		89		73,908
4.50%, 04/15/26 (Call 01/15/26)		160		156,937
Hartford Financial Services Group Inc. (The), 2.80%,
08/19/29 (Call 05/19/29)		260		232,248

Security	Par (000)		Value
Insurance (continued)
Horace Mann Educators Corp., 7.25%, 09/15/28 (Call 08/15/28)	$	70	$	74,945
Jackson Financial Inc.
3.13%, 11/23/31 (Call 08/23/31)		140		115,922
5.17%, 06/08/27 (Call 05/08/27)(a)		110		109,483
5.67%, 06/08/32 (Call 03/08/32)		95		94,776
Kemper Corp.
2.40%, 09/30/30 (Call 06/30/30)		125		98,483
3.80%, 02/23/32 (Call 11/23/31)		115		96,513
Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)		115		100,663
3.35%, 03/09/25		107		104,410
3.40%, 01/15/31 (Call 10/15/30)(a)		115		100,669
3.40%, 03/01/32 (Call 12/01/31)		10		8,488
3.63%, 12/12/26 (Call 09/15/26)(a)		15		14,321
3.80%, 03/01/28 (Call 12/01/27)		140		133,182
Loews Corp.
3.20%, 05/15/30 (Call 02/15/30)		185		166,895
3.75%, 04/01/26 (Call 01/01/26)		150		145,840
Manulife Financial Corp.
2.48%, 05/19/27 (Call 03/19/27)		95		88,205
3.70%, 03/16/32 (Call 12/16/31)		250		227,798
4.06%, 02/24/32 (Call 02/24/27), (5-year USD ICE Swap + 1.647%)(c)		175		166,791
4.15%, 03/04/26		367		359,703
Markel Group Inc.
3.35%, 09/17/29 (Call 06/17/29)		163		146,837
3.50%, 11/01/27 (Call 08/01/27)		150		141,288
Marsh & McLennan Companies Inc.
2.25%, 11/15/30 (Call 08/15/30)		165		139,124
2.38%, 12/15/31 (Call 09/15/31)		130		107,989
3.50%, 03/10/25 (Call 12/10/24)		207		203,313
3.75%, 03/14/26 (Call 12/14/25)		255		248,782
4.38%, 03/15/29 (Call 12/15/28)		340		332,503
5.15%, 03/15/34 (Call 12/15/33)		75		74,725
5.40%, 09/15/33 (Call 06/15/33)		160		162,796
5.75%, 11/01/32 (Call 08/01/32)		192		200,506
5.88%, 08/01/33		5		5,277
Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)		135		128,919
MetLife Inc.
3.00%, 03/01/25		133		130,013
3.60%, 11/13/25 (Call 08/13/25)		224		218,526
4.55%, 03/23/30 (Call 12/23/29)		289		282,824
5.38%, 07/15/33 (Call 04/15/33)		308		309,674
6.50%, 12/15/32		50		54,606
Old Republic International Corp., 3.88%, 08/26/26 (Call 07/26/26)		192		185,762
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29)		205		192,305
Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)		175		145,239
Principal Financial Group Inc.
2.13%, 06/15/30 (Call 03/15/30)		135		112,300
3.10%, 11/15/26 (Call 08/15/26)		100		94,879
3.40%, 05/15/25 (Call 02/15/25)		80		78,135
3.70%, 05/15/29 (Call 02/15/29)		231		215,481
5.38%, 03/15/33 (Call 12/15/32)		95		95,730
Progressive Corp. (The)
2.45%, 01/15/27		115		107,304
2.50%, 03/15/27 (Call 02/15/27)		130		121,025
3.00%, 03/15/32 (Call 12/15/31)		290		250,885

98 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
3.20%, 03/26/30 (Call 12/26/29)	$	175	$	158,095
4.00%, 03/01/29 (Call 12/01/28)		143		137,552
4.95%, 06/15/33 (Call 03/15/33)		85		84,402
6.25%, 12/01/32		40		43,423
6.63%, 03/01/29		90		96,613
Prudential Financial Inc.
1.50%, 03/10/26 (Call 02/10/26)		257		239,441
2.10%, 03/10/30 (Call 12/10/29)		190		162,473
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(c)		25		21,799
3.88%, 03/27/28 (Call 12/27/27)		212		203,683
4.50%, 09/15/47 (Call 09/15/27), (3-mo. LIBOR US + 2.380%)(c)		60		56,174
5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(c)		200		186,874
5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)(c)		210		205,132
5.75%, 07/15/33(a)		70		73,447
6.00%, 09/01/52 (Call 06/01/32), (5-year CMT + 3.234%)(c)		215		214,311
6.75%, 03/01/53 (Call 12/01/32), (5-year CMT + 2.848%)(c)		120		124,679
Prudential Funding Asia PLC
3.13%, 04/14/30		196		174,746
3.63%, 03/24/32 (Call 12/24/31)		110		98,320
Reinsurance Group of America Inc.
3.15%, 06/15/30 (Call 03/15/30)		165		145,842
3.90%, 05/15/29 (Call 02/15/29)		155		146,231
3.95%, 09/15/26 (Call 06/15/26)		170		166,248
6.00%, 09/15/33 (Call 06/15/33)		5		5,127
RenaissanceRe Finance Inc.
3.45%, 07/01/27 (Call 04/01/27)(a)		95		89,361
3.70%, 04/01/25 (Call 01/01/25)		10		9,795
RenaissanceRe Holdings Ltd.
3.60%, 04/15/29 (Call 01/15/29)		145		133,633
5.75%, 06/05/33 (Call 03/05/33)		205		206,552
Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)		110		85,465
Travelers Property Casualty Corp., 6.38%, 03/15/33		20		22,195
Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)		215		210,681
Unum Group, 4.00%, 06/15/29 (Call 03/15/29)		40		37,546
Willis North America Inc.
2.95%, 09/15/29 (Call 06/15/29)		173		153,728
4.50%, 09/15/28 (Call 06/15/28)		160		154,391
4.65%, 06/15/27 (Call 05/15/27)		205		201,190
5.35%, 05/15/33 (Call 02/15/33)		75		73,826
				25,326,430
Internet — 0.5%
Alibaba Group Holding Ltd.
2.13%, 02/09/31 (Call 11/09/30)		370		306,058
3.40%, 12/06/27 (Call 09/06/27)		650		613,577
Alphabet Inc.
0.45%, 08/15/25 (Call 07/15/25)		358		336,606
0.80%, 08/15/27 (Call 06/15/27)		360		318,028
1.10%, 08/15/30 (Call 05/15/30)		575		465,177
2.00%, 08/15/26 (Call 05/15/26)		558		524,047
Amazon.com Inc.
0.80%, 06/03/25 (Call 05/03/25)		250		237,425
1.00%, 05/12/26 (Call 04/12/26)		710		653,470
1.20%, 06/03/27 (Call 04/03/27)		300		268,226

Security	Par (000)		Value
Internet (continued)
1.50%, 06/03/30 (Call 03/03/30)	$	494	$	408,451
1.65%, 05/12/28 (Call 03/12/28)		622		552,059
2.10%, 05/12/31 (Call 02/12/31)		580		486,717
3.00%, 04/13/25		220		214,970
3.15%, 08/22/27 (Call 05/22/27)		712		675,684
3.30%, 04/13/27 (Call 03/13/27)		600		575,108
3.45%, 04/13/29 (Call 02/13/29)		273		258,579
3.60%, 04/13/32 (Call 01/13/32)		465		428,656
4.55%, 12/01/27 (Call 11/01/27)		265		264,111
4.60%, 12/01/25		230		228,939
4.65%, 12/01/29 (Call 10/01/29)		425		425,225
4.70%, 12/01/32 (Call 09/01/32)		725		721,570
5.20%, 12/03/25 (Call 09/03/25)		351		352,558
Baidu Inc.
3.43%, 04/07/30 (Call 01/07/30)		50		45,283
3.63%, 07/06/27		265		252,338
4.13%, 06/30/25		200		196,204
4.38%, 03/29/28 (Call 12/29/27)		55		53,664
4.88%, 11/14/28 (Call 08/14/28)		50		49,655
Booking Holdings Inc.
3.55%, 03/15/28 (Call 12/15/27)		210		199,838
3.60%, 06/01/26 (Call 03/01/26)		313		303,336
3.65%, 03/15/25 (Call 12/15/24)		125		122,919
4.63%, 04/13/30 (Call 01/13/30)		389		382,265
eBay Inc.
1.40%, 05/10/26 (Call 04/10/26)		170		156,756
1.90%, 03/11/25 (Call 02/11/25)		232		223,869
2.60%, 05/10/31 (Call 02/10/31)		235		199,188
2.70%, 03/11/30 (Call 12/11/29)		230		200,955
3.60%, 06/05/27 (Call 03/05/27)		346		330,451
5.90%, 11/22/25 (Call 10/22/25)		105		105,836
5.95%, 11/22/27 (Call 10/22/27)(a)		25		25,690
6.30%, 11/22/32 (Call 08/22/32)		45		47,723
Expedia Group Inc.
2.95%, 03/15/31 (Call 12/15/30)		103		88,177
3.25%, 02/15/30 (Call 11/15/29)		315		280,700
3.80%, 02/15/28 (Call 11/15/27)		145		137,162
4.63%, 08/01/27 (Call 05/01/27)		100		97,858
5.00%, 02/15/26 (Call 11/15/25)		230		228,451
JD.com Inc., 3.38%, 01/14/30 (Call 10/14/29)		200		180,446
Meta Platforms Inc.
3.50%, 08/15/27 (Call 07/15/27)		630		604,033
3.85%, 08/15/32 (Call 05/15/32)		700		648,372
4.60%, 05/15/28 (Call 04/15/28)		315		313,755
4.80%, 05/15/30 (Call 03/15/30)		270		269,937
4.95%, 05/15/33 (Call 02/15/33)		415		415,296
Netflix Inc.
4.38%, 11/15/26		50		49,189
4.88%, 04/15/28		160		159,733
5.88%, 11/15/28		405		419,591
6.38%, 05/15/29		233		247,627
Tencent Music Entertainment Group
1.38%, 09/03/25 (Call 08/03/25)		70		65,834
2.00%, 09/03/30 (Call 06/03/30)		190		154,663
VeriSign Inc.
2.70%, 06/15/31 (Call 03/15/31)		205		170,405
4.75%, 07/15/27 (Call 04/01/24)		180		176,459
5.25%, 04/01/25 (Call 01/01/25)		45		44,816
Weibo Corp., 3.38%, 07/08/30 (Call 04/08/30)		200		171,630
				17,135,345

S C H E D U L E  O F  I N V E S T M E N T S 99

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Iron & Steel — 0.1%
ArcelorMittal SA
4.25%, 07/16/29	$	180	$	170,470
4.55%, 03/11/26		60		59,094
6.55%, 11/29/27 (Call 10/29/27)		285		296,584
6.80%, 11/29/32 (Call 08/29/32)		180		190,435
Nucor Corp.
2.00%, 06/01/25 (Call 05/01/25)		200		191,885
2.70%, 06/01/30 (Call 03/01/30)		120		105,757
3.13%, 04/01/32 (Call 01/01/32)		75		65,480
3.95%, 05/23/25		150		147,668
3.95%, 05/01/28 (Call 02/01/28)		177		171,023
4.30%, 05/23/27 (Call 04/23/27)		130		127,027
Reliance Inc.
1.30%, 08/15/25 (Call 07/15/25)		145		136,099
2.15%, 08/15/30 (Call 05/15/30)		40		33,187
Steel Dynamics Inc.
1.65%, 10/15/27 (Call 08/15/27)		25		22,221
2.40%, 06/15/25 (Call 05/15/25)		119		114,314
3.25%, 01/15/31 (Call 10/15/30)		80		70,895
3.45%, 04/15/30 (Call 01/15/30)		172		156,308
5.00%, 12/15/26 (Call 04/01/24)		300		297,550
Vale Overseas Ltd.
3.75%, 07/08/30 (Call 04/08/30)		320		287,930
6.13%, 06/12/33 (Call 03/12/33)		325		328,102
6.25%, 08/10/26		20		20,312
				2,992,341
Leisure Time — 0.0%
Brunswick Corp.
2.40%, 08/18/31 (Call 05/18/31)		150		118,030
4.40%, 09/15/32 (Call 06/15/32)(a)		95		84,733
Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)		120		116,489
Polaris Inc., 6.95%, 03/15/29 (Call 02/15/29)		45		47,446
				366,698
Lodging — 0.1%
Choice Hotels International Inc.
3.70%, 12/01/29 (Call 09/01/29)		115		100,790
3.70%, 01/15/31 (Call 10/15/30)		100		85,921
Hyatt Hotels Corp.
4.38%, 09/15/28 (Call 06/15/28)		115		110,382
4.85%, 03/15/26 (Call 12/15/25)		150		148,246
5.38%, 04/23/25 (Call 03/23/25)		150		149,688
5.75%, 01/30/27 (Call 12/30/26)		40		40,479
5.75%, 04/23/30 (Call 01/23/30)		105		106,996
Marriott International Inc./MD
3.75%, 03/15/25 (Call 12/15/24)		120		117,758
3.75%, 10/01/25 (Call 07/01/25)		63		61,385
4.88%, 05/15/29 (Call 04/15/29)		40		39,463
4.90%, 04/15/29 (Call 03/15/29)		110		108,657
5.00%, 10/15/27 (Call 09/15/27)		225		224,246
5.30%, 05/15/34 (Call 02/15/34)		50		49,212
5.45%, 09/15/26 (Call 08/15/26)		30		30,126
5.55%, 10/15/28 (Call 09/15/28)		310		315,372
Series AA, 4.65%, 12/01/28 (Call 09/01/28)		10		9,793
Series EE, 5.75%, 05/01/25 (Call 04/01/25)		187		187,669
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		230		222,562
Series GG, 3.50%, 10/15/32 (Call 07/15/32)		115		100,305
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		245		209,110
Series II, 2.75%, 10/15/33 (Call 07/15/33)		25		20,124
Series R, 3.13%, 06/15/26 (Call 03/15/26)		255		243,402

Security	Par (000)		Value
Lodging (continued)
Series X, 4.00%, 04/15/28 (Call 01/15/28)	$	60	$	57,425
Sands China Ltd.
3.10%, 03/08/29 (Call 01/08/29)		200		172,281
3.25%, 08/08/31 (Call 05/08/31)		120		99,545
4.63%, 06/18/30 (Call 03/18/30)		15		13,644
5.13%, 08/08/25 (Call 06/08/25)		55		54,166
5.40%, 08/08/28 (Call 05/08/28)		445		432,542
				3,511,289
Machinery — 0.4%
Caterpillar Financial Services Corp.
0.80%, 11/13/25		100		93,216
0.90%, 03/02/26		210		193,846
1.10%, 09/14/27		40		35,246
1.15%, 09/14/26		200		182,316
1.45%, 05/15/25		10		9,563
1.70%, 01/08/27		180		165,514
2.40%, 08/09/26(a)		30		28,286
3.40%, 05/13/25		180		176,187
3.60%, 08/12/27		260		250,296
3.65%, 08/12/25		395		387,052
4.35%, 05/15/26		280		276,575
4.50%, 01/08/27		100		99,292
4.80%, 01/06/26		165		164,575
4.85%, 02/27/29		100		100,085
5.05%, 02/27/26		125		125,053
5.15%, 08/11/25		340		339,956
5.40%, 03/10/25		180		180,398
Caterpillar Inc.
1.90%, 03/12/31 (Call 12/12/30)		70		58,738
2.60%, 09/19/29 (Call 06/19/29)		159		143,137
2.60%, 04/09/30 (Call 01/09/30)		250		222,114
CNH Industrial Capital LLC
1.45%, 07/15/26 (Call 06/15/26)		180		164,586
1.88%, 01/15/26 (Call 12/15/25)		95		89,035
3.95%, 05/23/25		105		103,018
4.55%, 04/10/28 (Call 03/10/28)		110		107,621
5.45%, 10/14/25		140		140,013
5.50%, 01/12/29 (Call 12/12/28)		155		157,058
CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)		117		112,262
Deere & Co.
2.75%, 04/15/25 (Call 03/15/25)		149		145,104
3.10%, 04/15/30 (Call 01/15/30)		85		77,338
5.38%, 10/16/29		105		108,411
7.13%, 03/03/31		90		102,756
Dover Corp.
2.95%, 11/04/29 (Call 08/04/29)		110		98,123
3.15%, 11/15/25 (Call 08/15/25)		138		133,070
Flowserve Corp.
2.80%, 01/15/32 (Call 10/15/31)		145		118,531
3.50%, 10/01/30 (Call 07/01/30)		135		118,752
IDEX Corp.
2.63%, 06/15/31 (Call 03/15/31)		150		126,424
3.00%, 05/01/30 (Call 02/01/30)		55		48,022
John Deere Capital Corp.
0.70%, 01/15/26		190		175,882
1.05%, 06/17/26		45		41,252
1.30%, 10/13/26		130		118,773
1.45%, 01/15/31		175		141,257
1.50%, 03/06/28		100		88,074
1.70%, 01/11/27		170		155,757
1.75%, 03/09/27		45		41,145

100 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Machinery (continued)
2.00%, 06/17/31	$	225	$	185,984
2.13%, 03/07/25		55		53,358
2.25%, 09/14/26		190		177,862
2.35%, 03/08/27		110		102,495
2.45%, 01/09/30		225		197,714
2.65%, 06/10/26		210		200,150
2.80%, 09/08/27		175		163,757
2.80%, 07/18/29		140		127,257
3.05%, 01/06/28		125		117,930
3.35%, 04/18/29		140		131,379
3.40%, 06/06/25		175		171,464
3.40%, 09/11/25		55		53,704
3.45%, 03/13/25		290		284,813
3.45%, 03/07/29		133		125,417
3.90%, 06/07/32		170		158,424
4.05%, 09/08/25		165		162,682
4.15%, 09/15/27		160		156,804
4.35%, 09/15/32		175		169,260
4.50%, 01/08/27		125		123,985
4.50%, 01/16/29		125		123,184
4.70%, 06/10/30		190		188,481
4.75%, 06/08/26		130		129,611
4.75%, 01/20/28		245		244,768
4.80%, 01/09/26		325		324,169
4.85%, 10/11/29		105		105,551
4.90%, 03/03/28		45		45,219
4.95%, 06/06/25		95		94,857
4.95%, 07/14/28		205		206,174
5.05%, 03/03/26		70		70,169
nVent Finance Sarl
2.75%, 11/15/31 (Call 08/15/31)		75		61,143
4.55%, 04/15/28 (Call 01/15/28)		143		137,870
5.65%, 05/15/33 (Call 02/15/33)		80		79,927
Oshkosh Corp.
3.10%, 03/01/30 (Call 12/01/29)		100		88,244
4.60%, 05/15/28 (Call 02/15/28)		115		111,824
Otis Worldwide Corp.
2.06%, 04/05/25 (Call 03/05/25)		135		130,035
2.29%, 04/05/27 (Call 02/05/27)		165		152,467
2.57%, 02/15/30 (Call 11/15/29)		419		364,921
5.25%, 08/16/28 (Call 07/16/28)		130		131,114
Rockwell Automation Inc.
1.75%, 08/15/31 (Call 05/15/31)		65		52,209
2.88%, 03/01/25 (Call 12/01/24)		155		151,452
3.50%, 03/01/29 (Call 12/01/28)		185		176,281
Westinghouse Air Brake Technologies Corp.
3.20%, 06/15/25 (Call 05/15/25)		175		169,726
3.45%, 11/15/26 (Call 08/15/26)		225		213,945
4.70%, 09/15/28 (Call 06/15/28)		278		271,183
Xylem Inc./NY
1.95%, 01/30/28 (Call 11/30/27)		145		129,553
2.25%, 01/30/31 (Call 10/30/30)		125		104,726
3.25%, 11/01/26 (Call 08/01/26)		160		152,750
				13,019,701
Machinery - Diversified — 0.0%
Ingersoll Rand Inc.
5.40%, 08/14/28 (Call 07/14/28)		35		35,263
5.70%, 08/14/33 (Call 05/14/33)		170		173,017
John Deere Capital Corp.
5.15%, 09/08/26		55		55,340
5.15%, 09/08/33		90		91,552

Security	Par (000)		Value
Machinery - Diversified (continued)
5.30%, 09/08/25	$	95	$	95,419
Nordson Corp.
5.60%, 09/15/28 (Call 08/15/28)		35		35,561
5.80%, 09/15/33 (Call 06/15/33)		90		92,943
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/34 (Call 12/11/33)		25		25,103
				604,198
Manufacturing — 0.2%
3M Co.
2.25%, 09/19/26 (Call 06/19/26)(a)		193		179,774
2.38%, 08/26/29 (Call 05/26/29)		223		193,446
2.65%, 04/15/25 (Call 03/15/25)(a)		160		154,983
2.88%, 10/15/27 (Call 07/15/27)		206		190,749
3.00%, 08/07/25		200		193,767
3.05%, 04/15/30 (Call 01/15/30)(a)		162		143,706
3.38%, 03/01/29 (Call 12/01/28)		171		157,478
3.63%, 09/14/28 (Call 06/14/28)		178		167,956
Carlisle Companies Inc.
2.20%, 03/01/32 (Call 12/01/31)		142		112,315
2.75%, 03/01/30 (Call 12/01/29)		245		213,087
3.75%, 12/01/27 (Call 09/01/27)		190		180,561
Eaton Corp.
3.10%, 09/15/27 (Call 06/15/27)		235		222,096
4.00%, 11/02/32		60		56,216
4.15%, 03/15/33 (Call 12/15/32)		30		28,259
4.35%, 05/18/28 (Call 04/18/28)		55		54,165
GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)		200		192,087
GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25		15		14,520
General Electric Co., 6.75%, 03/15/32		290		322,043
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		305		289,965
Parker-Hannifin Corp.
3.25%, 03/01/27 (Call 12/01/26)		167		158,849
3.25%, 06/14/29 (Call 03/14/29)		249		229,115
4.25%, 09/15/27 (Call 08/15/27)		270		263,959
4.50%, 09/15/29 (Call 07/15/29)		295		288,488
Pentair Finance Sarl
4.50%, 07/01/29 (Call 04/01/29)		125		120,557
5.90%, 07/15/32 (Call 04/15/32)		135		138,522
Teledyne Technologies Inc.
1.60%, 04/01/26 (Call 03/01/26)		35		32,454
2.25%, 04/01/28 (Call 02/01/28)		165		147,848
2.75%, 04/01/31 (Call 01/01/31)		288		244,376
Textron Inc.
2.45%, 03/15/31 (Call 12/15/30)		140		116,877
3.00%, 06/01/30 (Call 03/01/30)		105		92,143
3.38%, 03/01/28 (Call 12/01/27)		110		103,105
3.65%, 03/15/27 (Call 12/15/26)		45		43,054
3.88%, 03/01/25 (Call 12/01/24)		30		29,528
3.90%, 09/17/29 (Call 06/17/29)		123		114,829
4.00%, 03/15/26 (Call 12/15/25)		178		173,172
6.10%, 11/15/33 (Call 08/15/33)		105		109,422
				5,473,471
Media — 0.6%
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)		300		253,063
2.30%, 02/01/32 (Call 11/01/31)		225		170,918

S C H E D U L E  O F  I N V E S T M E N T S 101

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Media (continued)
2.80%, 04/01/31 (Call 01/01/31)	$	335	$	270,266
3.75%, 02/15/28 (Call 11/15/27)		241		222,563
4.20%, 03/15/28 (Call 12/15/27)		285		267,035
4.40%, 04/01/33 (Call 01/01/33)(a)		120		104,801
4.91%, 07/23/25 (Call 04/23/25)		1,061		1,046,197
5.05%, 03/30/29 (Call 12/30/28)		248		237,246
6.15%, 11/10/26 (Call 10/10/26)		265		267,628
6.65%, 02/01/34 (Call 11/01/33)		305		305,571
Comcast Corp.
1.50%, 02/15/31 (Call 11/15/30)		475		378,478
1.95%, 01/15/31 (Call 10/15/30)		350		287,420
2.35%, 01/15/27 (Call 10/15/26)		309		288,066
2.65%, 02/01/30 (Call 11/01/29)		355		312,441
3.15%, 03/01/26 (Call 12/01/25)		656		633,132
3.15%, 02/15/28 (Call 11/15/27)		352		330,112
3.30%, 02/01/27 (Call 11/01/26)		355		340,331
3.30%, 04/01/27 (Call 02/01/27)		220		209,876
3.38%, 08/15/25 (Call 05/15/25)		457		446,115
3.40%, 04/01/30 (Call 01/01/30)		338		309,328
3.55%, 05/01/28 (Call 02/01/28)		243		230,603
3.95%, 10/15/25 (Call 08/15/25)		671		659,371
4.15%, 10/15/28 (Call 07/15/28)		906		879,477
4.25%, 10/15/30 (Call 07/15/30)		318		303,910
4.25%, 01/15/33		187		175,157
4.55%, 01/15/29 (Call 12/15/28)		245		241,054
4.65%, 02/15/33 (Call 11/15/32)(a)		455		441,754
4.80%, 05/15/33 (Call 02/15/33)		287		280,432
5.25%, 11/07/25		125		125,546
5.35%, 11/15/27 (Call 10/15/27)		165		167,575
5.50%, 11/15/32 (Call 08/15/32)		190		194,753
7.05%, 03/15/33		110		123,640
Discovery Communications LLC
3.45%, 03/15/25 (Call 12/15/24)		220		214,829
3.63%, 05/15/30 (Call 02/15/30)		249		218,826
3.95%, 06/15/25 (Call 03/15/25)		123		120,088
3.95%, 03/20/28 (Call 12/20/27)		402		375,830
4.13%, 05/15/29 (Call 02/15/29)		102		94,257
4.90%, 03/11/26 (Call 12/11/25)		185		182,142
FactSet Research Systems Inc.
2.90%, 03/01/27 (Call 02/01/27)		110		102,730
3.45%, 03/01/32 (Call 12/01/31)		85		73,893
Fox Corp.
3.05%, 04/07/25 (Call 03/07/25)		205		199,516
3.50%, 04/08/30 (Call 01/08/30)		175		157,444
4.71%, 01/25/29 (Call 10/25/28)		360		351,371
6.50%, 10/13/33 (Call 07/13/33)		215		225,793
Grupo Televisa SAB, 8.50%, 03/11/32		80		92,022
Paramount Global
2.90%, 01/15/27 (Call 10/15/26)		110		99,106
3.38%, 02/15/28 (Call 11/15/27)		115		100,665
3.70%, 06/01/28 (Call 03/01/28)		50		43,596
4.20%, 06/01/29 (Call 03/01/29)		140		123,280
4.20%, 05/19/32 (Call 02/19/32)(a)		225		183,367
4.95%, 01/15/31 (Call 10/15/30)		281		246,059
5.50%, 05/15/33		100		86,575
7.88%, 07/30/30		185		188,865
TCI Communications Inc.
7.13%, 02/15/28		80		86,249
7.88%, 02/15/26		85		89,299
Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)		123		117,976

Security	Par (000)		Value
Media (continued)
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33	$	75	$	83,174
TWDC Enterprises 18 Corp.
1.85%, 07/30/26		263		244,451
2.95%, 06/15/27		250		236,764
3.00%, 02/13/26		336		323,496
3.15%, 09/17/25		194		188,203
Series B, 7.00%, 03/01/32		120		135,759
Walt Disney Co. (The)
1.75%, 01/13/26		340		320,544
2.00%, 09/01/29 (Call 06/01/29)		461		397,419
2.20%, 01/13/28		221		201,606
2.65%, 01/13/31		530		460,414
3.35%, 03/24/25		530		519,369
3.38%, 11/15/26 (Call 08/15/26)		205		197,189
3.70%, 10/15/25 (Call 07/15/25)		102		99,683
3.70%, 03/23/27		155		150,104
3.80%, 03/22/30		292		275,514
6.55%, 03/15/33		95		105,938
				18,217,264
Metal Fabricate & Hardware — 0.0%
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)		310		302,951
Timken Co. (The)
4.13%, 04/01/32 (Call 01/01/32)		90		81,969
4.50%, 12/15/28 (Call 09/15/28)		125		121,329
				506,249
Mining — 0.1%
AngloGold Ashanti Holdings PLC
3.38%, 11/01/28 (Call 09/01/28)		25		22,395
3.75%, 10/01/30 (Call 07/01/30)		200		173,099
BHP Billiton Finance USA Ltd.
4.75%, 02/28/28 (Call 01/28/28)		315		312,815
4.88%, 02/27/26		260		258,959
4.90%, 02/28/33 (Call 11/28/32)		220		216,997
5.10%, 09/08/28 (Call 08/08/28)		145		145,869
5.25%, 09/08/26		230		231,421
5.25%, 09/08/30 (Call 07/08/30)		255		257,173
5.25%, 09/08/33 (Call 06/08/33)		315		316,211
6.42%, 03/01/26		70		71,703
Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 04/01/24)		125		118,631
4.25%, 03/01/30 (Call 03/01/25)		175		163,534
4.38%, 08/01/28 (Call 04/01/24)		115		109,669
4.63%, 08/01/30 (Call 08/01/25)		88		83,900
5.00%, 09/01/27 (Call 04/01/24)		118		116,147
5.25%, 09/01/29 (Call 09/01/24)		175		174,101
Kinross Gold Corp.
4.50%, 07/15/27 (Call 04/15/27)		166		161,327
6.25%, 07/15/33 (Call 04/15/33)(b)		95		97,090
Newmont Corp.
2.25%, 10/01/30 (Call 07/01/30)		269		224,950
2.60%, 07/15/32 (Call 04/15/32)		260		213,859
2.80%, 10/01/29 (Call 07/01/29)		131		116,317
Rio Tinto Alcan Inc.
6.13%, 12/15/33		10		10,628
7.25%, 03/15/31		115		128,563
Rio Tinto Finance USA Ltd., 7.13%, 07/15/28		180		196,068
Rio Tinto Finance USA PLC, 5.00%, 03/09/33 (Call 12/09/32)		265		264,654

102 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining (continued)
Southern Copper Corp., 3.88%, 04/23/25	$	210	$	205,829
Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)		149		122,894
				4,514,803
Office & Business Equipment — 0.0%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		252		233,890
3.25%, 02/15/29 (Call 04/01/24)		170		151,534
3.28%, 12/01/28 (Call 10/01/28)		125		112,542
3.57%, 12/01/31 (Call 09/01/31)		175		151,756
4.13%, 05/01/25 (Call 04/01/24)		195		191,151
4.25%, 04/01/28 (Call 04/01/24)		145		138,057
				978,930
Oil & Gas — 0.9%
Apache Corp.
4.25%, 01/15/30 (Call 10/15/29)(a)		65		59,726
4.38%, 10/15/28 (Call 07/15/28)		10		9,369
BP Capital Markets America Inc.
1.75%, 08/10/30 (Call 05/10/30)		220		181,407
2.72%, 01/12/32 (Call 10/12/31)		535		453,803
3.02%, 01/16/27 (Call 10/16/26)		255		242,256
3.12%, 05/04/26 (Call 02/04/26)		235		225,810
3.41%, 02/11/26 (Call 12/11/25)		223		216,264
3.54%, 04/06/27 (Call 02/06/27)		170		163,065
3.59%, 04/14/27 (Call 01/14/27)		253		243,172
3.63%, 04/06/30 (Call 01/06/30)		309		287,952
3.80%, 09/21/25 (Call 07/21/25)		288		282,504
3.94%, 09/21/28 (Call 06/21/28)		295		283,268
4.23%, 11/06/28 (Call 08/06/28)		221		215,064
4.70%, 04/10/29 (Call 03/10/29)		175		173,103
4.81%, 02/13/33 (Call 11/13/32)		565		551,259
4.89%, 09/11/33 (Call 06/11/33)		240		235,414
4.99%, 04/10/34 (Call 01/10/34)		175		172,184
BP Capital Markets PLC
3.28%, 09/19/27 (Call 06/19/27)		300		284,036
3.72%, 11/28/28 (Call 08/28/28)		268		254,447
Burlington Resources LLC, 7.20%, 08/15/31		45		50,776
Canadian Natural Resources Ltd.
2.05%, 07/15/25 (Call 06/15/25)		157		149,834
2.95%, 07/15/30 (Call 04/15/30)		125		108,694
3.85%, 06/01/27 (Call 03/01/27)		313		299,698
6.45%, 06/30/33		5		5,257
7.20%, 01/15/32		85		92,570
Cenovus Energy Inc.
2.65%, 01/15/32 (Call 10/15/31)		160		130,910
4.25%, 04/15/27 (Call 01/15/27)		70		67,786
Chevron Corp.
1.55%, 05/11/25 (Call 04/11/25)		515		494,159
2.00%, 05/11/27 (Call 03/11/27)		160		147,095
2.24%, 05/11/30 (Call 02/11/30)		373		322,732
2.95%, 05/16/26 (Call 02/16/26)		570		547,470
3.33%, 11/17/25 (Call 08/17/25)		249		243,113
Chevron USA Inc.
0.69%, 08/12/25 (Call 07/12/25)		225		211,639
1.02%, 08/12/27 (Call 06/12/27)		245		216,280
3.25%, 10/15/29 (Call 07/15/29)		145		134,868
3.85%, 01/15/28 (Call 10/15/27)		172		167,300
CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)		250		226,779
CNOOC Finance 2015 USA LLC 3.50%, 05/05/25		400		391,853

Security	Par (000)		Value
Oil & Gas (continued)
4.38%, 05/02/28	$	200	$	196,490
Conoco Funding Co., 7.25%, 10/15/31		135		152,941
ConocoPhillips Co.
2.40%, 03/07/25 (Call 03/11/24)		32		31,096
5.05%, 09/15/33 (Call 06/15/33)		270		269,099
5.90%, 10/15/32		120		128,384
6.95%, 04/15/29		287		314,592
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27)		225		216,221
Coterra Energy Inc.
3.90%, 05/15/27 (Call 02/15/27)		165		158,565
4.38%, 03/15/29 (Call 12/15/28)		163		156,996
5.60%, 03/15/34 (Call 12/15/33)		100		99,969
Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)		187		178,391
5.25%, 10/15/27 (Call 03/11/24)		130		129,726
5.85%, 12/15/25 (Call 09/15/25)		148		148,694
5.88%, 06/15/28 (Call 03/11/24)		120		120,702
7.88%, 09/30/31		126		143,408
7.95%, 04/15/32		115		131,076
Diamondback Energy Inc.
3.13%, 03/24/31 (Call 12/24/30)		272		238,414
3.25%, 12/01/26 (Call 10/01/26)		191		182,560
3.50%, 12/01/29 (Call 09/01/29)		267		245,089
6.25%, 03/15/33 (Call 12/15/32)(a)		145		152,386
Eni USA Inc., 7.30%, 11/15/27		109		115,670
EOG Resources Inc.
3.15%, 04/01/25 (Call 01/01/25)		80		78,200
4.15%, 01/15/26 (Call 10/15/25)		270		265,934
4.38%, 04/15/30 (Call 01/15/30)		232		224,984
EQT Corp.
3.90%, 10/01/27 (Call 07/01/27)		270		255,771
5.00%, 01/15/29 (Call 07/15/28)		67		65,378
5.70%, 04/01/28 (Call 03/01/28)		125		125,885
5.75%, 02/01/34 (Call 11/01/33)		120		118,032
7.00%, 02/01/30 (Call 11/01/29)		155		164,181
Equinor ASA
2.38%, 05/22/30 (Call 02/22/30)		213		185,125
2.88%, 04/06/25 (Call 03/06/25)		130		126,936
3.00%, 04/06/27 (Call 02/06/27)		173		163,622
3.13%, 04/06/30 (Call 01/06/30)		365		332,786
3.63%, 09/10/28 (Call 06/10/28)		255		243,875
7.25%, 09/23/27		150		161,510
Exxon Mobil Corp.
2.28%, 08/16/26 (Call 06/16/26)		290		273,907
2.44%, 08/16/29 (Call 05/16/29)		344		307,266
2.61%, 10/15/30 (Call 07/15/30)		465		407,811
2.71%, 03/06/25 (Call 12/06/24)		445		434,322
2.99%, 03/19/25 (Call 02/19/25)		540		528,009
3.04%, 03/01/26 (Call 12/01/25)		510		492,549
3.29%, 03/19/27 (Call 01/19/27)		272		261,925
3.48%, 03/19/30 (Call 12/19/29)		447		417,034
Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)		170		141,015
Hess Corp.
4.30%, 04/01/27 (Call 01/01/27)		232		225,962
7.13%, 03/15/33		70		78,494
7.30%, 08/15/31		180		202,214
7.88%, 10/01/29		110		123,344
HF Sinclair Corp.
4.50%, 10/01/30 (Call 07/01/30)		110		102,880

S C H E D U L E  O F  I N V E S T M E N T S 103

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil & Gas (continued)
5.00%, 02/01/28 (Call 03/11/24)(b)	$	20	$	19,251
5.88%, 04/01/26 (Call 01/01/26)		190		190,692
Marathon Oil Corp.
4.40%, 07/15/27 (Call 04/15/27)		252		244,717
6.80%, 03/15/32		145		154,551
Marathon Petroleum Corp.
3.80%, 04/01/28 (Call 01/01/28)		135		128,526
4.70%, 05/01/25 (Call 04/01/25)		411		407,018
5.13%, 12/15/26 (Call 09/15/26)		212		211,644
Occidental Petroleum Corp.
5.50%, 12/01/25 (Call 09/01/25)		70		69,908
5.55%, 03/15/26 (Call 12/15/25)		145		145,913
5.88%, 09/01/25 (Call 06/01/25)		80		80,240
6.13%, 01/01/31 (Call 07/01/30)		400		409,753
6.38%, 09/01/28 (Call 03/01/28)(a)		50		51,864
6.63%, 09/01/30 (Call 03/01/30)		355		373,572
7.50%, 05/01/31		310		342,446
7.88%, 09/15/31		50		56,296
8.88%, 07/15/30 (Call 01/15/30)		40		46,238
Ovintiv Inc.
5.38%, 01/01/26 (Call 10/01/25)		125		124,284
5.65%, 05/15/25		175		175,022
5.65%, 05/15/28 (Call 04/15/28)		140		141,231
6.25%, 07/15/33 (Call 04/15/33)		145		149,087
7.20%, 11/01/31		105		113,320
7.38%, 11/01/31		130		141,689
8.13%, 09/15/30		85		95,376
Patterson-UTI Energy Inc.
3.95%, 02/01/28 (Call 11/01/27)		55		51,421
5.15%, 11/15/29 (Call 08/15/29)		50		48,066
7.15%, 10/01/33 (Call 07/01/33)		100		105,991
Phillips 66
1.30%, 02/15/26 (Call 01/15/26)		155		143,476
2.15%, 12/15/30 (Call 09/15/30)		190		157,878
3.85%, 04/09/25 (Call 03/09/25)		350		343,991
3.90%, 03/15/28 (Call 12/15/27)		170		163,561
Phillips 66 Co.
3.15%, 12/15/29 (Call 09/15/29)		160		144,265
3.55%, 10/01/26 (Call 07/01/26)		120		115,211
3.75%, 03/01/28 (Call 12/01/27)		125		119,216
4.95%, 12/01/27 (Call 11/01/27)		170		169,628
5.25%, 06/15/31 (Call 04/15/31)		100		99,757
5.30%, 06/30/33 (Call 03/30/33)		265		262,930
Pioneer Natural Resources Co.
1.13%, 01/15/26 (Call 12/15/25)		15		13,915
1.90%, 08/15/30 (Call 05/15/30)		295		245,908
2.15%, 01/15/31 (Call 10/15/30)		230		192,611
5.10%, 03/29/26		160		159,896
Shell International Finance BV
2.38%, 11/07/29 (Call 08/07/29)		343		302,175
2.50%, 09/12/26		272		256,883
2.75%, 04/06/30 (Call 01/06/30)		405		360,514
2.88%, 05/10/26		462		442,079
3.25%, 05/11/25		528		516,377
3.88%, 11/13/28 (Call 08/13/28)		382		368,588
Suncor Energy Inc., 7.15%, 02/01/32		175		191,777
Tosco Corp., 8.13%, 02/15/30		60		69,311
TotalEnergies Capital International SA
2.83%, 01/10/30 (Call 10/10/29)		345		309,907
3.46%, 02/19/29 (Call 11/19/28)		305		286,488
TotalEnergies Capital SA, 3.88%, 10/11/28		257		247,533

Security	Par (000)		Value
Oil & Gas (continued)
Valero Energy Corp.
2.15%, 09/15/27 (Call 07/15/27)	$	64	$	57,944
2.80%, 12/01/31 (Call 09/01/31)		80		67,521
3.40%, 09/15/26 (Call 06/15/26)		20		19,122
4.00%, 04/01/29 (Call 01/01/29)		35		33,399
4.35%, 06/01/28 (Call 03/01/28)		36		35,050
7.50%, 04/15/32		225		255,949
				28,793,312
Oil & Gas Services — 0.1%
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.
2.06%, 12/15/26 (Call 11/15/26)		176		162,390
3.14%, 11/07/29 (Call 08/07/29)		170		155,050
3.34%, 12/15/27 (Call 09/15/27)		344		324,390
4.49%, 05/01/30 (Call 02/01/30)		115		111,778
Halliburton Co.
2.92%, 03/01/30 (Call 12/01/29)		255		226,474
3.80%, 11/15/25 (Call 08/15/25)		183		178,788
NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)		167		152,335
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)		155		146,465
Schlumberger Investment SA
2.65%, 06/26/30 (Call 03/26/30)		295		259,249
4.50%, 05/15/28 (Call 04/15/28)		80		79,236
4.85%, 05/15/33 (Call 02/15/33)(a)		80		79,168
				1,875,323
Packaging & Containers — 0.1%
Amcor Finance USA Inc.
3.63%, 04/28/26 (Call 01/28/26)		160		154,069
4.50%, 05/15/28 (Call 02/15/28)		60		58,345
5.63%, 05/26/33 (Call 02/26/33)		140		142,194
Amcor Flexibles North America Inc.
2.63%, 06/19/30 (Call 03/19/30)		182		155,270
2.69%, 05/25/31 (Call 02/25/31)		185		155,784
4.00%, 05/17/25 (Call 04/17/25)		180		176,535
AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)		43		37,759
Berry Global Inc.
1.57%, 01/15/26 (Call 12/15/25)		387		360,526
1.65%, 01/15/27 (Call 12/15/26)		70		63,257
5.50%, 04/15/28 (Call 03/15/28)(b)		15		14,916
5.65%, 01/15/34 (Call 10/15/33)(b)		75		74,023
Packaging Corp. of America
3.00%, 12/15/29 (Call 09/15/29)		207		185,562
3.40%, 12/15/27 (Call 09/15/27)		140		132,330
5.70%, 12/01/33 (Call 09/01/33)		60		61,362
Sonoco Products Co.
2.25%, 02/01/27 (Call 01/01/27)		50		45,887
2.85%, 02/01/32 (Call 11/01/31)		140		118,155
3.13%, 05/01/30 (Call 02/01/30)		65		57,681
WestRock MWV LLC
7.95%, 02/15/31		5		5,697
8.20%, 01/15/30		94		106,879
WRKCo Inc.
3.00%, 06/15/33 (Call 03/15/33)		115		96,917
3.38%, 09/15/27 (Call 06/15/27)		95		89,396
3.75%, 03/15/25 (Call 01/15/25)		218		213,508
3.90%, 06/01/28 (Call 03/01/28)		127		120,379
4.00%, 03/15/28 (Call 12/15/27)		170		162,268
4.20%, 06/01/32 (Call 03/01/32)		10		9,396
4.65%, 03/15/26 (Call 01/15/26)		219		216,118

104 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Packaging & Containers (continued)
4.90%, 03/15/29 (Call 12/15/28)	$	162	$	160,390
				3,174,603
Pharmaceuticals — 1.4%
AbbVie Inc.
2.95%, 11/21/26 (Call 09/21/26)		860		815,531
3.20%, 05/14/26 (Call 02/14/26)		555		534,138
3.20%, 11/21/29 (Call 08/21/29)		1,051		961,579
3.60%, 05/14/25 (Call 02/14/25)		995		975,030
3.80%, 03/15/25 (Call 12/15/24)		740		725,000
4.25%, 11/14/28 (Call 08/14/28)		448		437,627
4.80%, 03/15/27 (Call 02/15/27)		475		473,662
4.80%, 03/15/29 (Call 02/15/29)		475		472,847
4.95%, 03/15/31 (Call 01/15/31)		250		249,986
5.05%, 03/15/34 (Call 12/15/33)		200		200,943
Astrazeneca Finance LLC
1.20%, 05/28/26 (Call 04/28/26)		355		326,508
1.75%, 05/28/28 (Call 03/28/28)		275		243,083
2.25%, 05/28/31 (Call 02/28/31)		115		96,452
4.80%, 02/26/27 (Call 01/26/27)		225		224,421
4.85%, 02/26/29 (Call 01/26/29)		225		224,913
4.88%, 03/03/28 (Call 02/03/28)		290		289,731
4.88%, 03/03/33 (Call 12/03/32)		165		164,269
4.90%, 03/03/30 (Call 01/03/30)		180		180,311
4.90%, 02/26/31 (Call 12/26/30)		225		224,480
5.00%, 02/26/34 (Call 11/26/33)		225		225,833
AstraZeneca PLC
0.70%, 04/08/26 (Call 03/08/26)		165		151,037
1.38%, 08/06/30 (Call 05/06/30)		297		240,595
3.13%, 06/12/27 (Call 03/12/27)		239		227,048
3.38%, 11/16/25		522		507,702
4.00%, 01/17/29 (Call 10/17/28)		263		253,900
Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)		255		207,314
2.82%, 05/20/30 (Call 02/20/30)		198		173,657
3.70%, 06/06/27 (Call 03/06/27)		429		411,352
4.30%, 08/22/32 (Call 05/22/32)		125		117,159
4.69%, 02/13/28 (Call 01/13/28)		215		211,846
Bristol-Myers Squibb Co.
0.75%, 11/13/25 (Call 10/13/25)		340		316,325
1.13%, 11/13/27 (Call 09/13/27)		285		249,784
1.45%, 11/13/30 (Call 08/13/30)		285		228,583
2.95%, 03/15/32 (Call 12/15/31)		370		319,674
3.20%, 06/15/26 (Call 04/15/26)		259		249,154
3.25%, 02/27/27		75		71,977
3.40%, 07/26/29 (Call 04/26/29)		515		480,017
3.45%, 11/15/27 (Call 08/15/27)		115		109,662
3.90%, 02/20/28 (Call 11/20/27)		425		410,431
4.90%, 02/22/27 (Call 01/22/27)		100		99,873
4.90%, 02/22/29 (Call 01/22/29)		150		149,616
4.95%, 02/20/26		160		159,765
5.10%, 02/22/31 (Call 12/22/30)		75		75,230
5.20%, 02/22/34 (Call 11/22/33)		455		458,469
5.75%, 02/01/31 (Call 12/01/30)		245		255,218
5.90%, 11/15/33 (Call 08/15/33)(a)		170		180,003
Cardinal Health Inc.
3.41%, 06/15/27 (Call 03/15/27)		290		274,826
3.75%, 09/15/25 (Call 06/15/25)		155		151,180
5.13%, 02/15/29 (Call 01/15/29)		75		74,701
5.45%, 02/15/34 (Call 11/15/33)		45		45,015
Cencora Inc.
2.70%, 03/15/31 (Call 12/15/30)		290		247,242

Security	Par (000)		Value
Pharmaceuticals (continued)
2.80%, 05/15/30 (Call 02/15/30)	$	25	$	21,962
3.25%, 03/01/25 (Call 12/01/24)		307		300,256
3.45%, 12/15/27 (Call 09/15/27)		205		193,950
Cigna Group (The)
1.25%, 03/15/26 (Call 02/15/26)		73		67,442
2.38%, 03/15/31 (Call 12/15/30)		415		346,065
2.40%, 03/15/30 (Call 12/15/29)		343		294,051
3.05%, 10/15/27 (Call 07/15/27)		140		130,727
3.25%, 04/15/25 (Call 01/15/25)		320		312,349
3.40%, 03/01/27 (Call 12/01/26)		365		347,577
4.38%, 10/15/28 (Call 07/15/28)		805		781,782
4.50%, 02/25/26 (Call 11/27/25)		265		261,456
5.00%, 05/15/29 (Call 04/15/29)		115		114,175
5.13%, 05/15/31 (Call 03/15/31)		115		113,695
5.25%, 02/15/34 (Call 11/15/33)		125		123,471
5.40%, 03/15/33 (Call 12/15/32)		180		181,079
5.69%, 03/15/26 (Call 03/15/24)		25		24,998
CVS Health Corp.
1.30%, 08/21/27 (Call 06/21/27)		552		485,149
1.75%, 08/21/30 (Call 05/21/30)		220		178,406
1.88%, 02/28/31 (Call 11/28/30)		280		225,023
2.13%, 09/15/31 (Call 06/15/31)		295		238,054
2.88%, 06/01/26 (Call 03/01/26)		445		422,937
3.00%, 08/15/26 (Call 06/15/26)		190		180,426
3.25%, 08/15/29 (Call 05/15/29)		402		365,748
3.63%, 04/01/27 (Call 02/01/27)		125		119,835
3.75%, 04/01/30 (Call 01/01/30)		388		358,010
3.88%, 07/20/25 (Call 04/20/25)		325		318,402
4.10%, 03/25/25 (Call 01/25/25)		325		320,988
4.30%, 03/25/28 (Call 12/25/27)		1,165		1,131,068
5.00%, 02/20/26 (Call 01/20/26)		335		333,507
5.00%, 01/30/29 (Call 12/30/28)		245		243,994
5.13%, 02/21/30 (Call 12/21/29)		320		318,085
5.25%, 01/30/31 (Call 11/30/30)		210		209,654
5.25%, 02/21/33 (Call 11/21/32)		435		430,704
5.30%, 06/01/33 (Call 03/01/33)		290		287,955
6.25%, 06/01/27		80		82,824
Eli Lilly & Co.
2.75%, 06/01/25 (Call 03/01/25)		90		87,490
3.10%, 05/15/27 (Call 02/15/27)		194		184,578
3.38%, 03/15/29 (Call 12/15/28)		290		273,233
4.50%, 02/09/27 (Call 01/09/27)		220		219,077
4.50%, 02/09/29 (Call 01/09/29)		215		213,832
4.70%, 02/27/33 (Call 11/27/32)		200		198,317
4.70%, 02/09/34 (Call 11/09/33)		220		217,233
5.50%, 03/15/27		145		148,377
GlaxoSmithKline Capital Inc.
3.63%, 05/15/25		138		135,592
3.88%, 05/15/28		405		391,595
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)		200		187,673
Johnson & Johnson
0.55%, 09/01/25 (Call 08/01/25)		385		361,111
0.95%, 09/01/27 (Call 07/01/27)		420		371,403
1.30%, 09/01/30 (Call 06/01/30)		440		360,290
2.45%, 03/01/26 (Call 12/01/25)		512		489,926
2.90%, 01/15/28 (Call 10/15/27)		387		366,015
2.95%, 03/03/27 (Call 12/03/26)		295		281,965
4.38%, 12/05/33 (Call 06/05/33)		10		9,876
4.95%, 05/15/33		220		228,136
6.95%, 09/01/29		50		56,039

S C H E D U L E  O F  I N V E S T M E N T S 105

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pharmaceuticals (continued)
McKesson Corp.
0.90%, 12/03/25 (Call 11/03/25)	$	130	$	120,709
1.30%, 08/15/26 (Call 07/15/26)		195		177,955
3.95%, 02/16/28 (Call 11/16/27)		184		178,545
5.10%, 07/15/33 (Call 04/15/33)		150		149,420
Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)		227		222,715
Merck & Co. Inc.
0.75%, 02/24/26 (Call 01/24/26)		375		346,748
1.45%, 06/24/30 (Call 03/24/30)		270		220,678
1.70%, 06/10/27 (Call 05/10/27)		420		380,382
1.90%, 12/10/28 (Call 10/10/28)		260		229,513
2.15%, 12/10/31 (Call 09/10/31)		470		389,780
3.40%, 03/07/29 (Call 12/07/28)		385		361,599
4.05%, 05/17/28 (Call 04/17/28)		155		151,832
4.30%, 05/17/30 (Call 03/17/30)		205		199,494
4.50%, 05/17/33 (Call 02/17/33)		130		126,451
6.50%, 12/01/33		15		16,909
Merck Sharp & Dohme Corp., 5.95%, 12/01/28		75		78,680
Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)		200		192,873
Novartis Capital Corp.
2.00%, 02/14/27 (Call 12/14/26)		336		311,403
2.20%, 08/14/30 (Call 05/14/30)		265		227,629
3.00%, 11/20/25 (Call 08/20/25)		264		255,761
3.10%, 05/17/27 (Call 02/17/27)		358		340,636
Pfizer Inc.
0.80%, 05/28/25 (Call 04/28/25)		255		242,067
1.70%, 05/28/30 (Call 02/28/30)		312		259,943
1.75%, 08/18/31 (Call 05/18/31)		240		193,381
2.63%, 04/01/30 (Call 01/01/30)		291		257,279
2.75%, 06/03/26		325		310,883
3.00%, 12/15/26		433		412,874
3.45%, 03/15/29 (Call 12/15/28)		542		509,487
3.60%, 09/15/28 (Call 06/15/28)		305		291,339
Pfizer Investment Enterprises Pte Ltd.
4.45%, 05/19/26 (Call 04/19/26)		635		626,797
4.45%, 05/19/28 (Call 04/19/28)		885		867,977
4.65%, 05/19/25		755		750,333
4.65%, 05/19/30 (Call 03/19/30)		135		132,813
4.75%, 05/19/33 (Call 02/19/33)		1,165		1,135,242
Pharmacia LLC, 6.60%, 12/01/28		140		149,921
Sanofi SA, 3.63%, 06/19/28 (Call 03/19/28)		230		221,903
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		675		643,146
Takeda Pharmaceutical Co. Ltd.
2.05%, 03/31/30 (Call 12/31/29)		605		508,382
5.00%, 11/26/28 (Call 08/26/28)		437		435,860
Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)		514		495,978
Viatris Inc.
1.65%, 06/22/25 (Call 05/22/25)		190		180,268
2.30%, 06/22/27 (Call 04/22/27)		115		103,998
2.70%, 06/22/30 (Call 03/22/30)		340		286,002
Zoetis Inc.
2.00%, 05/15/30 (Call 02/15/30)		145		121,611
3.00%, 09/12/27 (Call 06/12/27)		230		215,288
3.90%, 08/20/28 (Call 05/20/28)		143		137,472
4.50%, 11/13/25 (Call 08/13/25)		241		237,966
5.40%, 11/14/25 (Call 10/14/25)		65		65,105
5.60%, 11/16/32 (Call 08/16/32)		175		180,851
				44,456,139

Security	Par (000)		Value
Pipelines — 1.0%
Boardwalk Pipelines LP
3.40%, 02/15/31 (Call 11/15/30)	$	115	$	101,475
3.60%, 09/01/32 (Call 06/01/32)		134		116,375
4.45%, 07/15/27 (Call 04/15/27)		70		68,232
4.80%, 05/03/29 (Call 02/03/29)		155		150,607
5.63%, 08/01/34 (Call 05/01/34)		75		74,327
5.95%, 06/01/26 (Call 03/01/26)		135		135,977
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)		270		249,285
5.13%, 06/30/27 (Call 01/01/27)		262		260,740
5.88%, 03/31/25 (Call 10/02/24)		399		398,871
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 03/11/24)		280		268,928
Cheniere Energy Partners LP
3.25%, 01/31/32 (Call 01/31/27)		300		250,738
4.00%, 03/01/31 (Call 03/01/26)		370		330,455
4.50%, 10/01/29 (Call 10/01/24)		160		149,978
5.95%, 06/30/33 (Call 12/30/32)		292		293,162
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)		312		307,444
DCP Midstream Operating LP
3.25%, 02/15/32 (Call 08/15/31)		65		55,394
5.13%, 05/15/29 (Call 02/15/29)		120		118,513
5.38%, 07/15/25 (Call 04/15/25)		265		264,529
5.63%, 07/15/27 (Call 04/15/27)		140		140,723
8.13%, 08/16/30		110		125,404
Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)		134		119,179
Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)		90		90,525
Enbridge Inc.
1.60%, 10/04/26 (Call 09/04/26)		140		127,981
2.50%, 08/01/33 (Call 05/01/33)		250		197,556
3.13%, 11/15/29 (Call 08/15/29)		280		252,952
3.70%, 07/15/27 (Call 04/15/27)		200		190,977
4.25%, 12/01/26 (Call 09/01/26)		2		1,956
5.70%, 03/08/33 (Call 12/08/32)		540		546,592
5.90%, 11/15/26 (Call 10/15/26)		190		193,569
5.97%, 03/08/26 (Call 03/08/24)		40		39,988
6.00%, 11/15/28 (Call 10/15/28)		140		144,968
6.20%, 11/15/30 (Call 09/15/30)		80		83,880
Energy Transfer LP
2.90%, 05/15/25 (Call 04/15/25)		265		256,531
3.75%, 05/15/30 (Call 02/15/30)		345		314,773
3.90%, 07/15/26 (Call 04/15/26)		80		77,353
4.00%, 10/01/27 (Call 07/01/27)		170		162,577
4.05%, 03/15/25 (Call 12/15/24)		256		251,966
4.15%, 09/15/29 (Call 06/15/29)		130		122,570
4.20%, 04/15/27 (Call 01/15/27)		137		132,796
4.40%, 03/15/27 (Call 12/15/26)		157		152,910
4.75%, 01/15/26 (Call 10/15/25)		255		252,106
4.95%, 05/15/28 (Call 02/15/28)		172		169,714
4.95%, 06/15/28 (Call 03/15/28)		179		176,244
5.25%, 04/15/29 (Call 01/15/29)		341		339,667
5.50%, 06/01/27 (Call 03/01/27)		238		238,912
5.55%, 02/15/28 (Call 01/15/28)		235		236,966
5.55%, 05/15/34 (Call 02/15/34)(a)		115		113,858
5.75%, 02/15/33 (Call 11/15/32)		370		372,279
5.95%, 12/01/25 (Call 09/01/25)		94		94,523
6.05%, 12/01/26 (Call 11/01/26)		205		208,797
6.10%, 12/01/28 (Call 11/01/28)		105		108,626

106 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
6.40%, 12/01/30 (Call 10/01/30)	$	155	$	162,593
6.55%, 12/01/33 (Call 09/01/33)		370		392,218
Enterprise Products Operating LLC
2.80%, 01/31/30 (Call 10/31/29)		265		235,267
3.13%, 07/31/29 (Call 04/30/29)		293		268,062
3.70%, 02/15/26 (Call 11/15/25)		275		268,194
3.95%, 02/15/27 (Call 11/15/26)		135		131,414
4.15%, 10/16/28 (Call 07/16/28)		265		255,816
4.60%, 01/11/27 (Call 12/11/26)		125		124,132
4.85%, 01/31/34 (Call 10/31/33)		125		121,740
5.05%, 01/10/26		220		219,916
5.35%, 01/31/33 (Call 10/31/32)		275		278,051
5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(c)		132		122,140
Series D, 6.88%, 03/01/33		145		161,355
Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. SOFR + 3.295%)(c)		100		95,074
Kinder Morgan Energy Partners LP
7.30%, 08/15/33		20		22,202
7.40%, 03/15/31		65		71,869
7.75%, 03/15/32		80		90,027
Kinder Morgan Inc.
1.75%, 11/15/26 (Call 10/15/26)		125		114,129
2.00%, 02/15/31 (Call 11/15/30)		162		131,387
4.30%, 06/01/25 (Call 03/01/25)		409		403,005
4.30%, 03/01/28 (Call 12/01/27)		315		305,430
4.80%, 02/01/33 (Call 11/01/32)		195		183,996
5.00%, 02/01/29 (Call 01/01/29)		180		178,570
5.20%, 06/01/33 (Call 03/01/33)		350		340,441
5.40%, 02/01/34 (Call 11/01/33)		215		211,288
7.75%, 01/15/32		270		304,056
7.80%, 08/01/31		90		100,651
Magellan Midstream Partners LP, 5.00%, 03/01/26 (Call 12/01/25)		195		193,617
MPLX LP
1.75%, 03/01/26 (Call 02/01/26)		371		346,073
2.65%, 08/15/30 (Call 05/15/30)		425		361,688
4.00%, 03/15/28 (Call 12/15/27)		325		311,244
4.13%, 03/01/27 (Call 12/01/26)		405		392,691
4.25%, 12/01/27 (Call 09/01/27)		45		43,509
4.80%, 02/15/29 (Call 11/15/28)		70		68,625
4.88%, 06/01/25 (Call 03/01/25)		300		297,197
4.95%, 09/01/32 (Call 06/01/32)		202		193,359
5.00%, 03/01/33 (Call 12/01/32)		320		306,138
Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)		30		29,115
ONEOK Inc.
2.20%, 09/15/25 (Call 08/15/25)		105		99,871
3.10%, 03/15/30 (Call 12/15/29)		180		159,468
3.25%, 06/01/30		115		102,752
3.40%, 09/01/29 (Call 06/01/29)		161		147,044
4.00%, 07/13/27 (Call 04/13/27)		131		126,211
4.35%, 03/15/29 (Call 12/15/28)		155		149,221
4.55%, 07/15/28 (Call 04/15/28)		150		146,550
5.55%, 11/01/26 (Call 10/01/26)		155		156,114
5.65%, 11/01/28 (Call 10/01/28)		185		188,273
5.80%, 11/01/30 (Call 09/01/30)		125		127,957
5.85%, 01/15/26 (Call 12/15/25)		180		181,589
6.05%, 09/01/33 (Call 06/01/33)		285		293,659
6.10%, 11/15/32 (Call 08/15/32)		220		227,865
6.35%, 01/15/31 (Call 10/15/30)		125		131,080

Security	Par (000)		Value
Pipelines (continued)
ONEOK Partners LP, 4.90%, 03/15/25 (Call 12/15/24)	$	156	$	154,829
Plains All American Pipeline LP/PAA Finance Corp.
3.55%, 12/15/29 (Call 09/15/29)		225		203,975
3.80%, 09/15/30 (Call 06/15/30)		175		159,431
4.50%, 12/15/26 (Call 09/15/26)		206		202,070
4.65%, 10/15/25 (Call 07/15/25)		296		291,974
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		289		278,854
4.50%, 05/15/30 (Call 11/15/29)		467		447,079
5.00%, 03/15/27 (Call 09/15/26)		314		311,769
5.63%, 03/01/25 (Call 12/01/24)		520		519,365
5.88%, 06/30/26 (Call 12/31/25)		400		403,253
Spectra Energy Partners LP
3.38%, 10/15/26 (Call 07/15/26)		161		153,788
3.50%, 03/15/25 (Call 12/15/24)		205		200,977
Targa Resources Corp.
4.20%, 02/01/33 (Call 11/01/32)		145		130,464
5.20%, 07/01/27 (Call 06/01/27)		153		152,144
6.13%, 03/15/33 (Call 12/15/32)		180		185,474
6.15%, 03/01/29 (Call 02/01/29)		150		154,652
6.50%, 03/30/34 (Call 12/30/33)		95		100,864
Targa Resources Partners LP/Targa Resources Partners Finance Corp.
4.00%, 01/15/32 (Call 07/15/26)		270		240,961
4.88%, 02/01/31 (Call 02/01/26)		250		237,237
5.00%, 01/15/28 (Call 04/01/24)		215		210,542
5.50%, 03/01/30 (Call 03/01/25)		245		242,184
6.50%, 07/15/27 (Call 04/01/24)		265		267,960
6.88%, 01/15/29 (Call 04/01/24)		130		134,039
TC PipeLines LP
3.90%, 05/25/27 (Call 02/25/27)		135		128,670
4.38%, 03/13/25 (Call 12/13/24)		185		182,169
Tennessee Gas Pipeline Co. LLC
7.00%, 03/15/27		40		41,983
7.00%, 10/15/28		75		80,089
Texas Eastern Transmission LP, 7.00%, 07/15/32		130		143,781
TransCanada PipeLines Ltd.
2.50%, 10/12/31 (Call 07/12/31)		298		244,205
4.10%, 04/15/30 (Call 01/15/30)		325		304,412
4.25%, 05/15/28 (Call 02/15/28)		338		325,527
4.88%, 01/15/26 (Call 10/15/25)		200		198,256
6.20%, 03/09/26 (Call 03/18/24)		115		115,005
Transcontinental Gas Pipe Line Co. LLC
3.25%, 05/15/30 (Call 02/15/30)		205		184,448
4.00%, 03/15/28 (Call 12/15/27)		120		115,125
7.85%, 02/01/26 (Call 11/01/25)		265		275,250
Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)		50		48,623
Western Midstream Operating LP
3.95%, 06/01/25 (Call 03/01/25)		55		53,746
4.05%, 02/01/30 (Call 11/01/29)		275		254,422
4.50%, 03/01/28 (Call 12/01/27)		45		43,096
4.65%, 07/01/26 (Call 04/01/26)		135		131,975
4.75%, 08/15/28 (Call 05/15/28)		60		58,008
6.15%, 04/01/33 (Call 01/01/33)		100		101,671
6.35%, 01/15/29 (Call 12/15/28)		65		67,111
Williams Companies Inc. (The)
2.60%, 03/15/31 (Call 12/15/30)		364		306,642
3.50%, 11/15/30 (Call 08/15/30)		257		231,757
3.75%, 06/15/27 (Call 03/15/27)		359		343,386

S C H E D U L E  O F  I N V E S T M E N T S 107

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pipelines (continued)
4.00%, 09/15/25 (Call 06/15/25)	$	205	$	201,007
4.65%, 08/15/32 (Call 05/15/32)		235		223,467
4.90%, 03/15/29 (Call 02/15/29)		120		118,512
5.15%, 03/15/34 (Call 12/15/33)		125		122,170
5.30%, 08/15/28 (Call 07/15/28)		220		221,392
5.40%, 03/02/26		195		195,454
5.65%, 03/15/33 (Call 12/15/32)		195		198,191
8.75%, 03/15/32		40		47,604
Series A, 7.50%, 01/15/31		120		133,311
				30,532,731
Real Estate — 0.0%
American Homes 4 Rent LP, 5.50%, 02/01/34 (Call 11/01/33)		95		93,259
AvalonBay Communities Inc., 5.30%, 12/07/33 (Call 09/07/33)		95		95,240
Brixmor Operating Partnership LP, 5.50%, 02/15/34 (Call 11/15/33)		50		48,673
Camden Property Trust, 4.90%, 01/15/34 (Call 10/15/33)		75		71,974
CBRE Services Inc.
2.50%, 04/01/31 (Call 01/01/31)(a)		154		126,465
4.88%, 03/01/26 (Call 12/01/25)		185		182,775
Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)		100		78,504
Jones Lang LaSalle Inc., 6.88%, 12/01/28 (Call 11/01/28)		30		31,539
Mid-America Apartments LP, 5.00%, 03/15/34 (Call 12/15/33)		50		48,664
Prologis LP, 5.00%, 03/15/34 (Call 12/15/33)		125		122,826
Realty Income Corp.
2.10%, 03/15/28 (Call 01/15/28)		135		119,685
2.70%, 02/15/32 (Call 11/15/31)		25		20,493
3.20%, 01/15/27 (Call 11/15/26)		3		2,830
3.20%, 02/15/31 (Call 11/15/30)		50		43,684
3.40%, 01/15/30 (Call 10/15/29)		155		140,485
4.00%, 07/15/29 (Call 04/15/29)(a)		80		75,429
5.13%, 02/15/34 (Call 11/15/33)		100		96,842
Sun Communities Operating LP, 5.50%, 01/15/29 (Call 12/15/28)		50		49,524
				1,448,891
Real Estate Investment Trusts — 1.5%
Agree LP
2.00%, 06/15/28 (Call 04/15/28)		60		52,213
2.60%, 06/15/33 (Call 03/15/33)		20		15,493
2.90%, 10/01/30 (Call 07/01/30)		161		137,166
4.80%, 10/01/32 (Call 07/01/32)		25		23,365
Alexandria Real Estate Equities Inc.
1.88%, 02/01/33 (Call 11/01/32)		210		157,064
2.00%, 05/18/32 (Call 02/18/32)		135		104,214
2.75%, 12/15/29 (Call 09/15/29)		100		87,002
3.38%, 08/15/31 (Call 05/15/31)		150		131,719
3.45%, 04/30/25 (Call 02/28/25)		215		209,967
3.80%, 04/15/26 (Call 02/15/26)		204		197,734
3.95%, 01/15/27 (Call 10/15/26)		155		149,428
3.95%, 01/15/28 (Call 10/15/27)		140		133,205
4.30%, 01/15/26 (Call 10/15/25)		55		53,956
4.50%, 07/30/29 (Call 04/30/29)		40		38,352
4.70%, 07/01/30 (Call 04/01/30)		60		57,671
4.90%, 12/15/30 (Call 09/15/30)		174		169,346

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)	$	130	$	105,154
American Homes 4 Rent LP
2.38%, 07/15/31 (Call 04/15/31)		105		84,574
3.63%, 04/15/32 (Call 01/15/32)		64		55,763
4.25%, 02/15/28 (Call 11/15/27)		145		139,280
4.90%, 02/15/29 (Call 11/15/28)		95		92,583
American Tower Corp.
1.30%, 09/15/25 (Call 08/15/25)		160		150,468
1.45%, 09/15/26 (Call 08/15/26)		160		145,439
1.50%, 01/31/28 (Call 11/30/27)		120		104,216
1.60%, 04/15/26 (Call 03/15/26)		200		185,153
1.88%, 10/15/30 (Call 07/15/30)		197		158,214
2.10%, 06/15/30 (Call 03/15/30)		170		139,925
2.30%, 09/15/31 (Call 06/15/31)		157		126,715
2.40%, 03/15/25 (Call 02/15/25)		185		178,949
2.70%, 04/15/31 (Call 01/15/31)		195		163,562
2.75%, 01/15/27 (Call 11/15/26)		195		181,607
2.90%, 01/15/30 (Call 10/15/29)		193		169,298
3.13%, 01/15/27 (Call 10/15/26)		108		101,850
3.38%, 10/15/26 (Call 07/15/26)		231		220,282
3.55%, 07/15/27 (Call 04/15/27)		210		199,065
3.60%, 01/15/28 (Call 10/15/27)		185		174,091
3.65%, 03/15/27 (Call 02/15/27)		155		148,130
3.80%, 08/15/29 (Call 05/15/29)		294		272,128
3.95%, 03/15/29 (Call 12/15/28)		164		153,909
4.00%, 06/01/25 (Call 03/01/25)		170		166,651
4.05%, 03/15/32 (Call 12/15/31)		135		122,766
4.40%, 02/15/26 (Call 11/15/25)		151		148,484
5.25%, 07/15/28 (Call 06/15/28)		175		174,457
5.50%, 03/15/28 (Call 02/15/28)		170		170,702
5.55%, 07/15/33 (Call 04/15/33)		135		134,961
5.65%, 03/15/33 (Call 12/15/32)		215		216,202
5.80%, 11/15/28 (Call 10/15/28)		190		193,727
5.90%, 11/15/33 (Call 08/15/33)		195		199,968
AvalonBay Communities Inc.
1.90%, 12/01/28 (Call 10/01/28)		220		191,619
2.05%, 01/15/32 (Call 10/15/31)		165		134,618
2.30%, 03/01/30 (Call 12/01/29)		175		150,343
2.45%, 01/15/31 (Call 10/17/30)		160		136,441
2.90%, 10/15/26 (Call 07/15/26)		20		18,900
2.95%, 05/11/26 (Call 02/11/26)		85		81,194
3.20%, 01/15/28 (Call 10/15/27)		10		9,370
3.30%, 06/01/29 (Call 03/01/29)		130		119,853
3.35%, 05/15/27 (Call 02/15/27)		202		191,593
3.45%, 06/01/25 (Call 03/03/25)		196		191,608
3.50%, 11/15/25 (Call 08/15/25)		91		88,436
5.00%, 02/15/33 (Call 11/15/32)		55		53,943
Boston Properties LP
2.45%, 10/01/33 (Call 07/01/33)		200		147,599
2.55%, 04/01/32 (Call 01/01/32)		200		155,410
2.75%, 10/01/26 (Call 07/01/26)		292		270,331
2.90%, 03/15/30 (Call 12/15/29)		227		191,868
3.25%, 01/30/31 (Call 10/30/30)		215		181,011
3.40%, 06/21/29 (Call 03/21/29)		115		101,484
3.65%, 02/01/26 (Call 11/03/25)		195		187,523
4.50%, 12/01/28 (Call 09/01/28)		170		160,619
6.75%, 12/01/27 (Call 11/01/27)		115		118,794
Brixmor Operating Partnership LP
2.25%, 04/01/28 (Call 02/01/28)		55		48,648
2.50%, 08/16/31 (Call 05/16/31)		150		121,811

108 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.90%, 03/15/27 (Call 12/15/26)	$	135	$	128,612
4.05%, 07/01/30 (Call 04/01/30)		105		96,421
4.13%, 06/15/26 (Call 03/15/26)		215		208,126
4.13%, 05/15/29 (Call 02/15/29)		180		168,169
Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)		110		85,337
Camden Property Trust
2.80%, 05/15/30 (Call 02/15/30)		265		232,867
3.15%, 07/01/29 (Call 04/01/29)		50		45,486
4.10%, 10/15/28 (Call 07/15/28)		153		147,343
5.85%, 11/03/26 (Call 10/03/26)		85		86,715
Corporate Office Properties LP
2.00%, 01/15/29 (Call 11/15/28)		140		115,907
2.25%, 03/15/26 (Call 02/15/26)		145		135,597
2.75%, 04/15/31 (Call 01/15/31)		45		36,297
Crown Castle Inc.
1.05%, 07/15/26 (Call 06/15/26)		263		237,734
1.35%, 07/15/25 (Call 06/15/25)		185		175,034
2.10%, 04/01/31 (Call 01/01/31)		230		184,410
2.25%, 01/15/31 (Call 10/15/30)		260		212,510
2.50%, 07/15/31 (Call 04/15/31)		186		152,316
2.90%, 03/15/27 (Call 02/15/27)		210		195,557
3.10%, 11/15/29 (Call 08/15/29)		120		106,184
3.30%, 07/01/30 (Call 04/01/30)		185		163,385
3.65%, 09/01/27 (Call 06/01/27)		218		205,742
3.70%, 06/15/26 (Call 03/15/26)		258		248,622
3.80%, 02/15/28 (Call 11/15/27)		229		215,639
4.00%, 03/01/27 (Call 12/01/26)		79		76,043
4.30%, 02/15/29 (Call 11/15/28)		135		128,309
4.45%, 02/15/26 (Call 11/15/25)		309		303,211
4.80%, 09/01/28 (Call 08/01/28)		130		126,759
5.00%, 01/11/28 (Call 12/11/27)		235		231,555
5.10%, 05/01/33 (Call 02/01/33)		175		168,941
5.60%, 06/01/29 (Call 05/01/29)		100		100,663
5.80%, 03/01/34 (Call 12/01/33)		105		106,521
CubeSmart LP
2.00%, 02/15/31 (Call 11/15/30)		40		32,130
2.25%, 12/15/28 (Call 10/15/28)		160		139,173
2.50%, 02/15/32 (Call 11/15/31)		70		56,524
3.00%, 02/15/30 (Call 11/15/29)		105		91,654
3.13%, 09/01/26 (Call 06/01/26)		200		189,149
4.00%, 11/15/25 (Call 08/15/25)		90		87,638
4.38%, 02/15/29 (Call 11/15/28)		130		123,628
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)		236		217,586
3.70%, 08/15/27 (Call 05/15/27)		271		258,280
4.45%, 07/15/28 (Call 04/15/28)		141		136,425
5.55%, 01/15/28 (Call 12/15/27)		182		183,843
EPR Properties
3.60%, 11/15/31 (Call 08/15/31)		100		81,765
3.75%, 08/15/29 (Call 05/15/29)		100		87,345
4.50%, 04/01/25 (Call 01/01/25)		100		98,232
4.50%, 06/01/27 (Call 03/01/27)		100		94,504
4.75%, 12/15/26 (Call 09/15/26)		100		96,120
4.95%, 04/15/28 (Call 01/15/28)		100		94,781
Equinix Inc.
1.00%, 09/15/25 (Call 08/15/25)		210		196,323
1.25%, 07/15/25 (Call 06/15/25)(a)		95		89,631
1.45%, 05/15/26 (Call 04/15/26)		210		193,381
1.55%, 03/15/28 (Call 01/15/28)		135		117,506
1.80%, 07/15/27 (Call 05/15/27)		130		116,851

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.00%, 05/15/28 (Call 03/15/28)	$	105	$	92,592
2.15%, 07/15/30 (Call 04/15/30)		230		190,707
2.50%, 05/15/31 (Call 02/15/31)		220		183,711
2.90%, 11/18/26 (Call 09/18/26)		126		118,645
3.20%, 11/18/29 (Call 08/18/29)		303		272,319
3.90%, 04/15/32 (Call 01/15/32)		264		239,571
ERP Operating LP
1.85%, 08/01/31 (Call 05/01/31)		110		88,244
2.50%, 02/15/30 (Call 11/15/29)		170		147,595
2.85%, 11/01/26 (Call 08/01/26)		183		172,674
3.00%, 07/01/29 (Call 04/01/29)		148		134,097
3.25%, 08/01/27 (Call 05/01/27)		165		154,946
3.38%, 06/01/25 (Call 03/01/25)		200		195,033
3.50%, 03/01/28 (Call 12/01/27)		75		70,828
4.15%, 12/01/28 (Call 09/01/28)		124		119,889
Essex Portfolio LP
1.65%, 01/15/31 (Call 10/15/30)		109		85,145
1.70%, 03/01/28 (Call 01/01/28)		40		34,763
2.55%, 06/15/31 (Call 03/15/31)		185		152,407
2.65%, 03/15/32 (Call 12/15/31)		25		20,379
3.00%, 01/15/30 (Call 10/15/29)		95		83,347
3.38%, 04/15/26 (Call 01/15/26)		200		192,450
3.50%, 04/01/25 (Call 01/01/25)		190		185,930
3.63%, 05/01/27 (Call 02/01/27)		55		52,246
4.00%, 03/01/29 (Call 12/01/28)		175		165,733
Extra Space Storage LP
2.20%, 10/15/30 (Call 07/15/30)		95		77,644
2.35%, 03/15/32 (Call 12/15/31)		125		99,103
2.40%, 10/15/31 (Call 07/15/31)		110		88,855
2.55%, 06/01/31 (Call 03/01/31)		165		135,880
3.50%, 07/01/26 (Call 04/01/26)		240		229,790
3.88%, 12/15/27 (Call 09/15/27)		50		47,479
3.90%, 04/01/29 (Call 02/01/29)		80		74,675
4.00%, 06/15/29 (Call 03/15/29)		175		164,227
5.40%, 02/01/34 (Call 11/01/33)		85		83,313
5.50%, 07/01/30 (Call 05/01/30)		105		105,461
5.70%, 04/01/28 (Call 03/01/28)		65		65,895
5.90%, 01/15/31 (Call 11/15/30)		120		122,741
Federal Realty OP LP
1.25%, 02/15/26 (Call 01/15/26)		140		129,072
3.20%, 06/15/29 (Call 03/15/29)		90		80,418
3.25%, 07/15/27 (Call 04/15/27)		145		135,453
3.50%, 06/01/30 (Call 03/01/30)		95		85,204
5.38%, 05/01/28 (Call 04/01/28)		80		79,729
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		245		203,270
4.00%, 01/15/30 (Call 10/15/29)		162		145,780
4.00%, 01/15/31 (Call 10/15/30)		170		149,881
5.25%, 06/01/25 (Call 03/01/25)		154		152,739
5.30%, 01/15/29 (Call 10/15/28)		167		162,179
5.38%, 04/15/26 (Call 01/15/26)		225		222,670
5.75%, 06/01/28 (Call 03/03/28)		146		144,958
6.75%, 12/01/33 (Call 09/01/33)		20		20,770
Healthcare Realty Holdings LP
2.00%, 03/15/31 (Call 12/15/30)		177		138,696
3.10%, 02/15/30 (Call 11/15/29)		150		129,254
3.50%, 08/01/26 (Call 05/01/26)		205		195,556
3.75%, 07/01/27 (Call 04/01/27)		194		182,014
Healthpeak OP LLC
1.35%, 02/01/27 (Call 01/01/27)		20		17,995
2.13%, 12/01/28 (Call 10/01/28)		205		178,433

S C H E D U L E  O F  I N V E S T M E N T S 109

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
2.88%, 01/15/31 (Call 10/15/30)	$	40	$	34,016
3.00%, 01/15/30 (Call 10/15/29)		210		184,250
3.25%, 07/15/26 (Call 05/15/26)		165		157,615
3.50%, 07/15/29 (Call 04/15/29)		115		105,072
4.00%, 06/01/25 (Call 03/01/25)		108		105,956
5.25%, 12/15/32 (Call 09/15/32)		175		171,101
Highwoods Realty LP
2.60%, 02/01/31 (Call 11/01/30)		75		58,984
3.05%, 02/15/30 (Call 11/15/29)		105		87,902
3.88%, 03/01/27 (Call 12/01/26)		30		28,160
4.13%, 03/15/28 (Call 12/15/27)		40		37,310
4.20%, 04/15/29 (Call 01/15/29)		130		117,178
Host Hotels & Resorts LP
Series E, 4.00%, 06/15/25 (Call 03/15/25)		180		176,318
Series F, 4.50%, 02/01/26 (Call 11/01/25)		60		58,729
Series H, 3.38%, 12/15/29 (Call 09/15/29)		195		172,522
Series I, 3.50%, 09/15/30 (Call 06/15/30)		205		180,724
Series J, 2.90%, 12/15/31 (Call 09/15/31)		85		70,183
Invitation Homes Operating Partnership LP
2.00%, 08/15/31 (Call 05/15/31)		205		160,127
2.30%, 11/15/28 (Call 09/15/28)		205		179,341
4.15%, 04/15/32 (Call 01/15/32)		95		85,854
5.45%, 08/15/30 (Call 06/15/30)		180		179,234
5.50%, 08/15/33 (Call 05/15/33)(a)		50		49,383
Kilroy Realty LP
2.50%, 11/15/32 (Call 08/15/32)		90		66,693
2.65%, 11/15/33 (Call 08/15/33)		100		72,854
3.05%, 02/15/30 (Call 11/15/29)		145		121,453
4.25%, 08/15/29 (Call 05/15/29)		120		109,491
4.38%, 10/01/25 (Call 07/01/25)		110		107,216
4.75%, 12/15/28 (Call 09/15/28)		40		37,672
Kimco Realty OP LLC
1.90%, 03/01/28 (Call 01/01/28)		125		109,510
2.25%, 12/01/31 (Call 09/01/31)		120		95,542
2.70%, 10/01/30 (Call 07/01/30)		85		72,293
2.80%, 10/01/26 (Call 07/01/26)		256		239,863
3.20%, 04/01/32 (Call 01/01/32)		50		42,471
3.80%, 04/01/27 (Call 01/01/27)		155		148,526
4.60%, 02/01/33 (Call 11/01/32)		175		164,032
6.40%, 03/01/34 (Call 12/01/33)		50		52,634
Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)		20		18,955
Kite Realty Group Trust
4.00%, 03/15/25 (Call 12/15/24)		30		29,382
4.75%, 09/15/30 (Call 06/15/30)		70		66,050
LXP Industrial Trust
2.38%, 10/01/31 (Call 07/01/31)		100		79,275
2.70%, 09/15/30 (Call 06/15/30)		61		50,330
6.75%, 11/15/28 (Call 10/15/28)		35		36,044
Mid-America Apartments LP
1.10%, 09/15/26 (Call 08/15/26)		180		162,689
1.70%, 02/15/31 (Call 11/15/30)		95		75,737
2.75%, 03/15/30 (Call 12/15/29)		15		13,183
3.60%, 06/01/27 (Call 03/01/27)		193		184,402
3.95%, 03/15/29 (Call 12/15/28)		250		238,542
4.00%, 11/15/25 (Call 08/15/25)		105		102,748
4.20%, 06/15/28 (Call 03/15/28)		50		48,382
National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)		110		88,177
NNN REIT Inc.
2.50%, 04/15/30 (Call 01/15/30)		40		33,847

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.50%, 10/15/27 (Call 07/15/27)	$	80	$	75,231
3.60%, 12/15/26 (Call 09/15/26)		15		14,301
4.00%, 11/15/25 (Call 08/15/25)		55		53,635
4.30%, 10/15/28 (Call 07/15/28)		127		121,929
5.60%, 10/15/33 (Call 07/15/33)		140		139,516
Omega Healthcare Investors Inc.
3.25%, 04/15/33 (Call 01/15/33)		155		123,213
3.38%, 02/01/31 (Call 11/01/30)		70		58,927
3.63%, 10/01/29 (Call 07/01/29)		125		109,774
4.50%, 04/01/27 (Call 01/01/27)		220		211,605
4.75%, 01/15/28 (Call 10/15/27)		89		85,395
5.25%, 01/15/26 (Call 10/15/25)		100		99,071
Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)		95		76,402
Physicians Realty LP
2.63%, 11/01/31 (Call 08/01/31)		130		105,859
3.95%, 01/15/28 (Call 10/15/27)		65		61,841
4.30%, 03/15/27 (Call 12/15/26)		115		111,744
Piedmont Operating Partnership LP
2.75%, 04/01/32 (Call 01/01/32)		55		38,869
3.15%, 08/15/30 (Call 05/15/30)		89		68,284
9.25%, 07/20/28 (Call 06/20/28)		35		36,891
Prologis LP
1.25%, 10/15/30 (Call 07/15/30)		140		111,002
1.63%, 03/15/31 (Call 12/15/30)		100		79,300
1.75%, 07/01/30 (Call 04/01/30)		45		36,992
1.75%, 02/01/31 (Call 11/01/30)		150		121,493
2.13%, 04/15/27 (Call 02/15/27)		176		161,508
2.25%, 04/15/30 (Call 01/15/30)		225		192,938
2.25%, 01/15/32 (Call 10/15/31)		185		151,114
2.88%, 11/15/29 (Call 08/15/29)		135		121,222
3.25%, 06/30/26 (Call 03/30/26)		50		48,026
3.25%, 10/01/26 (Call 07/01/26)		62		59,206
3.38%, 12/15/27 (Call 09/15/27)		170		160,483
3.88%, 09/15/28 (Call 06/15/28)		139		132,986
4.00%, 09/15/28 (Call 06/15/28)		145		139,585
4.38%, 02/01/29 (Call 11/01/28)(a)		59		57,607
4.63%, 01/15/33 (Call 10/15/32)		20		19,244
4.75%, 06/15/33 (Call 03/15/33)		110		106,546
4.88%, 06/15/28 (Call 05/15/28)		100		99,856
Public Storage Operating Co.
0.88%, 02/15/26 (Call 01/15/26)		190		175,336
1.50%, 11/09/26 (Call 10/09/26)		237		216,461
1.85%, 05/01/28 (Call 03/01/28)		177		156,480
1.95%, 11/09/28 (Call 09/09/28)		185		162,508
2.25%, 11/09/31 (Call 08/09/31)		140		115,433
2.30%, 05/01/31 (Call 02/01/31)		175		146,831
3.09%, 09/15/27 (Call 06/15/27)		100		94,135
3.39%, 05/01/29 (Call 02/01/29)		171		159,384
5.10%, 08/01/33 (Call 05/01/33)		135		134,839
5.13%, 01/15/29 (Call 12/15/28)		120		121,234
Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)		126		102,697
Realty Income Corp.
0.75%, 03/15/26 (Call 02/15/26)		140		127,735
1.80%, 03/15/33 (Call 12/15/32)		20		15,019
2.20%, 06/15/28 (Call 04/15/28)		85		75,442
2.85%, 12/15/32 (Call 09/15/32)		35		28,815
3.00%, 01/15/27 (Call 10/15/26)		260		245,092
3.10%, 12/15/29 (Call 09/15/29)		175		157,150
3.25%, 06/15/29 (Call 03/15/29)		40		36,597
3.25%, 01/15/31 (Call 10/15/30)		254		224,674

110 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.40%, 01/15/28 (Call 11/15/27)	$	90	$	84,467
3.65%, 01/15/28 (Call 10/15/27)		225		213,281
3.88%, 04/15/25 (Call 02/15/25)		135		132,711
3.95%, 08/15/27 (Call 05/15/27)		170		164,179
4.13%, 10/15/26 (Call 07/15/26)		20		19,457
4.45%, 09/15/26 (Call 06/15/26)		146		142,127
4.63%, 11/01/25 (Call 09/01/25)		155		153,166
4.70%, 12/15/28 (Call 11/15/28)		100		98,318
4.75%, 02/15/29 (Call 01/15/29)		100		97,869
4.85%, 03/15/30 (Call 01/15/30)		125		122,528
4.88%, 06/01/26 (Call 03/01/26)		150		148,760
4.90%, 07/15/33 (Call 04/15/33)		155		147,883
5.05%, 01/13/26 (Call 03/11/24)		30		29,865
5.63%, 10/13/32 (Call 07/13/32)		254		256,544
Regency Centers LP
2.95%, 09/15/29 (Call 06/15/29)		150		132,721
3.60%, 02/01/27 (Call 11/01/26)		166		158,737
3.70%, 06/15/30 (Call 03/15/30)		90		82,005
4.13%, 03/15/28 (Call 12/15/27)		20		19,100
Retail Opportunity Investments Partnership LP, 6.75%, 10/15/28 (Call 09/15/28)		20		20,689
Rexford Industrial Realty LP
2.13%, 12/01/30 (Call 09/01/30)		20		16,194
2.15%, 09/01/31 (Call 06/01/31)		130		102,667
5.00%, 06/15/28 (Call 05/15/28)		75		74,176
Sabra Health Care LP
3.20%, 12/01/31 (Call 09/01/31)		160		129,955
3.90%, 10/15/29 (Call 07/15/29)		130		115,792
5.13%, 08/15/26 (Call 05/15/26)		70		68,698
Safehold GL Holdings LLC
2.80%, 06/15/31 (Call 03/15/31)		130		105,663
6.10%, 04/01/34 (Call 01/01/34)		25		24,758
Simon Property Group LP
1.38%, 01/15/27 (Call 10/15/26)		125		113,363
1.75%, 02/01/28 (Call 11/01/27)		165		146,064
2.20%, 02/01/31 (Call 11/01/30)		200		163,954
2.25%, 01/15/32 (Call 10/15/31)		175		140,727
2.45%, 09/13/29 (Call 06/13/29)		270		235,225
2.65%, 07/15/30 (Call 04/15/30)		155		134,501
2.65%, 02/01/32 (Call 12/01/31)		125		103,833
3.25%, 11/30/26 (Call 08/30/26)		275		262,135
3.30%, 01/15/26 (Call 10/15/25)		261		251,840
3.38%, 06/15/27 (Call 03/15/27)		165		156,600
3.38%, 12/01/27 (Call 09/01/27)		212		199,960
3.50%, 09/01/25 (Call 06/01/25)		175		170,738
5.50%, 03/08/33 (Call 12/08/32)(a)		215		216,833
6.25%, 01/15/34 (Call 10/15/33)		35		36,849
SITE Centers Corp.
4.25%, 02/01/26 (Call 11/01/25)		95		92,707
4.70%, 06/01/27 (Call 03/01/27)		130		127,762
Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 (Call 07/14/28)		10		10,182
Store Capital LLC
2.70%, 12/01/31 (Call 09/01/31)		65		50,573
2.75%, 11/18/30 (Call 08/18/30)		70		55,412
4.50%, 03/15/28 (Call 12/15/27)		115		108,050
4.63%, 03/15/29 (Call 12/15/28)		95		88,628
Sun Communities Operating LP
2.30%, 11/01/28 (Call 09/01/28)		150		130,171
2.70%, 07/15/31 (Call 04/15/31)		180		146,804
4.20%, 04/15/32 (Call 01/15/32)		145		128,681

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
5.70%, 01/15/33 (Call 10/15/32)	$	95	$	93,515
Tanger Properties LP
2.75%, 09/01/31 (Call 06/01/31)		125		100,819
3.13%, 09/01/26 (Call 06/01/26)		189		176,439
3.88%, 07/15/27 (Call 04/15/27)		10		9,158
UDR Inc.
1.90%, 03/15/33 (Call 12/15/32)		15		11,198
2.10%, 08/01/32 (Call 05/01/32)		105		81,179
2.10%, 06/15/33 (Call 03/15/33)		10		7,538
2.95%, 09/01/26 (Call 06/01/26)		84		79,201
3.00%, 08/15/31 (Call 05/15/31)		105		90,080
3.20%, 01/15/30 (Call 10/15/29)		150		134,189
3.50%, 07/01/27 (Call 04/01/27)		105		98,697
3.50%, 01/15/28 (Call 10/15/27)		105		97,914
4.40%, 01/26/29 (Call 10/26/28)		90		86,143
Ventas Realty LP
2.50%, 09/01/31 (Call 06/01/31)		135		109,862
3.00%, 01/15/30 (Call 10/15/29)		160		139,653
3.25%, 10/15/26 (Call 07/15/26)		125		118,012
3.85%, 04/01/27 (Call 01/01/27)		120		114,391
4.00%, 03/01/28 (Call 12/01/27)		90		85,646
4.13%, 01/15/26 (Call 10/15/25)		70		68,143
4.40%, 01/15/29 (Call 10/15/28)		261		249,889
4.75%, 11/15/30 (Call 08/15/30)		140		133,922
VICI Properties LP
4.38%, 05/15/25		95		93,439
4.75%, 02/15/28 (Call 01/15/28)		275		266,424
4.95%, 02/15/30 (Call 12/15/29)		255		243,384
5.13%, 05/15/32 (Call 02/15/32)		360		338,105
Welltower OP LLC
2.05%, 01/15/29 (Call 11/15/28)		70		60,630
2.70%, 02/15/27 (Call 12/15/26)		170		158,758
2.75%, 01/15/31 (Call 10/15/30)		95		80,980
2.75%, 01/15/32 (Call 10/15/31)		165		137,180
2.80%, 06/01/31 (Call 03/01/31)		105		89,085
3.10%, 01/15/30 (Call 10/15/29)		183		163,186
3.85%, 06/15/32 (Call 03/15/32)(a)		60		53,790
4.00%, 06/01/25 (Call 03/01/25)		371		364,180
4.13%, 03/15/29 (Call 12/15/28)		180		171,126
4.25%, 04/01/26 (Call 01/01/26)		205		200,996
4.25%, 04/15/28 (Call 01/15/28)		205		198,283
Weyerhaeuser Co.
3.38%, 03/09/33 (Call 12/09/32)		35		30,237
4.00%, 11/15/29 (Call 08/15/29)		175		164,344
4.00%, 04/15/30 (Call 01/15/30)		232		216,816
4.75%, 05/15/26		150		148,211
6.95%, 10/01/27		10		10,603
7.38%, 03/15/32		160		180,649
WP Carey Inc.
2.25%, 04/01/33 (Call 01/01/33)		15		11,389
2.40%, 02/01/31 (Call 11/01/30)		50		41,133
2.45%, 02/01/32 (Call 11/01/31)		85		67,658
3.85%, 07/15/29 (Call 04/15/29)		110		101,769
4.25%, 10/01/26 (Call 07/01/26)		140		136,263
				47,263,567
Retail — 0.8%
AutoNation Inc.
1.95%, 08/01/28 (Call 06/01/28)		55		47,007
2.40%, 08/01/31 (Call 05/01/31)		112		88,680
3.80%, 11/15/27 (Call 08/15/27)		125		116,299
3.85%, 03/01/32 (Call 12/01/31)		175		152,727

S C H E D U L E  O F  I N V E S T M E N T S 111

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.50%, 10/01/25 (Call 07/01/25)	$	110	$	107,983
4.75%, 06/01/30 (Call 03/01/30)		112		106,482
AutoZone Inc.
1.65%, 01/15/31 (Call 10/15/30)		45		35,797
3.13%, 04/21/26 (Call 01/21/26)		155		148,474
3.25%, 04/15/25 (Call 01/15/25)		125		121,994
3.63%, 04/15/25 (Call 03/15/25)		182		178,677
3.75%, 06/01/27 (Call 03/01/27)		160		153,664
3.75%, 04/18/29 (Call 01/18/29)		84		78,853
4.00%, 04/15/30 (Call 01/15/30)		165		155,094
4.50%, 02/01/28 (Call 01/01/28)		155		151,834
4.75%, 08/01/32 (Call 05/01/32)		190		182,569
4.75%, 02/01/33 (Call 11/01/32)		95		90,999
5.05%, 07/15/26		115		114,719
5.20%, 08/01/33 (Call 05/01/33)		90		89,192
6.25%, 11/01/28 (Call 10/01/28)		115		119,642
6.55%, 11/01/33 (Call 08/01/33)		130		140,314
Best Buy Co. Inc.
1.95%, 10/01/30 (Call 07/01/30)		165		135,517
4.45%, 10/01/28 (Call 07/01/28)		185		181,175
Costco Wholesale Corp.
1.38%, 06/20/27 (Call 04/20/27)		340		305,586
1.60%, 04/20/30 (Call 01/20/30)		182		151,558
1.75%, 04/20/32 (Call 01/20/32)		330		263,849
3.00%, 05/18/27 (Call 02/18/27)		265		252,790
Darden Restaurants Inc.
3.85%, 05/01/27 (Call 02/01/27)		179		171,894
6.30%, 10/10/33 (Call 07/10/33)		135		140,869
Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)		195		163,367
Dollar General Corp.
3.50%, 04/03/30 (Call 01/03/30)		269		243,258
3.88%, 04/15/27 (Call 01/15/27)		168		161,441
4.13%, 05/01/28 (Call 02/01/28)		145		140,085
4.15%, 11/01/25 (Call 08/01/25)		116		113,620
4.63%, 11/01/27 (Call 10/01/27)		160		156,850
5.00%, 11/01/32 (Call 08/01/32)(a)		250		242,746
5.20%, 07/05/28 (Call 06/05/28)(a)		95		94,892
5.45%, 07/05/33 (Call 04/05/33)(a)		145		143,888
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)		170		141,521
4.00%, 05/15/25 (Call 03/15/25)		266		261,337
4.20%, 05/15/28 (Call 02/15/28)		335		322,752
Genuine Parts Co.
1.88%, 11/01/30 (Call 08/01/30)		80		64,201
2.75%, 02/01/32 (Call 11/01/31)		75		61,637
6.50%, 11/01/28 (Call 10/01/28)		95		99,611
6.88%, 11/01/33 (Call 08/01/33)		140		152,919
Home Depot Inc. (The)
0.90%, 03/15/28 (Call 01/15/28)		150		129,359
1.38%, 03/15/31 (Call 12/15/30)		300		237,335
1.50%, 09/15/28 (Call 07/15/28)		270		235,215
1.88%, 09/15/31 (Call 06/15/31)		185		149,889
2.13%, 09/15/26 (Call 06/15/26)		228		213,064
2.50%, 04/15/27 (Call 02/15/27)		185		172,313
2.70%, 04/15/25 (Call 03/15/25)		85		82,815
2.70%, 04/15/30 (Call 01/15/30)		372		329,081
2.80%, 09/14/27 (Call 06/14/27)		278		260,495
2.88%, 04/15/27 (Call 03/15/27)		170		160,407
2.95%, 06/15/29 (Call 03/15/29)		393		358,725
3.00%, 04/01/26 (Call 01/01/26)		341		328,496

Security	Par (000)		Value
Retail (continued)
3.25%, 04/15/32 (Call 01/15/32)	$	385	$	341,455
3.35%, 09/15/25 (Call 06/15/25)		226		220,472
3.90%, 12/06/28 (Call 09/06/28)		262		253,527
4.00%, 09/15/25 (Call 08/15/25)		195		191,932
4.50%, 09/15/32 (Call 06/15/32)		280		273,645
4.90%, 04/15/29 (Call 03/15/29)		140		140,501
4.95%, 09/30/26 (Call 08/30/26)		180		180,083
Lowe’s Companies Inc.
1.30%, 04/15/28 (Call 02/15/28)		250		216,646
1.70%, 09/15/28 (Call 07/15/28)		210		182,469
1.70%, 10/15/30 (Call 07/15/30)		280		227,027
2.50%, 04/15/26 (Call 01/15/26)		383		363,574
2.63%, 04/01/31 (Call 01/01/31)		410		349,616
3.10%, 05/03/27 (Call 02/03/27)		404		381,792
3.35%, 04/01/27 (Call 03/01/27)		200		190,556
3.38%, 09/15/25 (Call 06/15/25)		201		195,533
3.65%, 04/05/29 (Call 01/05/29)		320		301,709
3.75%, 04/01/32 (Call 01/01/32)		515		467,369
4.00%, 04/15/25 (Call 03/15/25)		210		206,967
4.40%, 09/08/25		215		212,383
4.50%, 04/15/30 (Call 01/15/30)		283		274,935
4.80%, 04/01/26 (Call 03/01/26)		255		253,319
5.00%, 04/15/33 (Call 01/15/33)		70		68,983
5.15%, 07/01/33 (Call 04/01/33)(a)		185		184,113
6.50%, 03/15/29		75		80,224
McDonald’s Corp.
1.45%, 09/01/25 (Call 08/01/25)		95		89,925
2.13%, 03/01/30 (Call 12/01/29)		92		78,720
2.63%, 09/01/29 (Call 06/01/29)		309		276,405
3.30%, 07/01/25 (Call 06/01/25)		164		160,109
3.38%, 05/26/25 (Call 02/26/25)		145		141,731
3.50%, 03/01/27 (Call 12/01/26)		216		207,965
3.50%, 07/01/27 (Call 05/01/27)		240		229,660
3.60%, 07/01/30 (Call 04/01/30)		282		261,148
3.70%, 01/30/26 (Call 10/30/25)		476		465,188
3.80%, 04/01/28 (Call 01/01/28)		290		278,388
4.60%, 09/09/32 (Call 06/09/32)		180		175,732
4.80%, 08/14/28 (Call 07/14/28)		135		134,601
4.95%, 08/14/33 (Call 05/14/33)		185		183,309
O’Reilly Automotive Inc.
1.75%, 03/15/31 (Call 12/15/30)		80		64,132
3.55%, 03/15/26 (Call 12/15/25)		187		180,942
3.60%, 09/01/27 (Call 06/01/27)		152		144,801
3.90%, 06/01/29 (Call 03/01/29)		184		174,523
4.20%, 04/01/30 (Call 01/01/30)		110		104,414
4.35%, 06/01/28 (Call 03/01/28)		135		131,537
4.70%, 06/15/32 (Call 03/15/32)		225		217,586
5.75%, 11/20/26 (Call 10/20/26)		95		96,356
Ross Stores Inc.
0.88%, 04/15/26 (Call 03/15/26)		45		41,156
1.88%, 04/15/31 (Call 01/15/31)		85		69,040
4.60%, 04/15/25 (Call 03/15/25)		215		212,928
Starbucks Corp.
2.00%, 03/12/27 (Call 01/12/27)		210		192,420
2.25%, 03/12/30 (Call 12/12/29)		192		164,190
2.45%, 06/15/26 (Call 03/15/26)		215		202,982
2.55%, 11/15/30 (Call 08/15/30)		250		214,605
3.00%, 02/14/32 (Call 11/14/31)		245		212,259
3.50%, 03/01/28 (Call 12/01/27)		165		156,423
3.55%, 08/15/29 (Call 05/15/29)		221		207,178
3.80%, 08/15/25 (Call 06/15/25)		299		292,808

112 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Retail (continued)
4.00%, 11/15/28 (Call 08/15/28)	$	155	$	149,714
4.75%, 02/15/26 (Call 01/15/26)		130		129,146
4.80%, 02/15/33 (Call 11/15/32)		155		152,827
4.85%, 02/08/27 (Call 01/08/27)		75		74,605
4.90%, 02/15/31 (Call 12/15/30)		65		64,222
5.00%, 02/15/34 (Call 11/15/33)		75		73,808
Target Corp.
1.95%, 01/15/27 (Call 12/15/26)(a)		280		258,822
2.25%, 04/15/25 (Call 03/15/25)		449		435,019
2.35%, 02/15/30 (Call 11/15/29)		176		153,523
2.50%, 04/15/26		248		236,865
2.65%, 09/15/30 (Call 06/15/30)		67		58,763
3.38%, 04/15/29 (Call 01/15/29)		319		298,976
4.40%, 01/15/33 (Call 10/15/32)		135		130,280
4.50%, 09/15/32 (Call 06/15/32)		275		266,139
6.35%, 11/01/32		70		76,549
TJX Companies Inc. (The)
1.60%, 05/15/31 (Call 02/15/31)		55		44,327
2.25%, 09/15/26 (Call 06/15/26)		315		295,899
3.88%, 04/15/30 (Call 01/15/30)		210		199,105
Tractor Supply Co.
1.75%, 11/01/30 (Call 08/01/30)		170		136,883
5.25%, 05/15/33 (Call 02/15/33)		135		134,162
Walmart Inc.
2.38%, 09/24/29 (Call 06/24/29)		82		73,167
3.05%, 07/08/26 (Call 05/08/26)		235		226,090
3.25%, 07/08/29 (Call 04/08/29)(a)		175		164,634
3.55%, 06/26/25 (Call 04/26/25)		190		186,950
3.70%, 06/26/28 (Call 03/26/28)		385		372,460
3.90%, 04/15/28 (Call 03/15/28)		160		156,108
4.00%, 04/15/26 (Call 03/15/26)		180		177,227
4.00%, 04/15/30 (Call 02/15/30)		150		145,349
4.10%, 04/15/33 (Call 01/15/33)		335		319,062
4.15%, 09/09/32 (Call 06/09/32)		310		299,121
5.88%, 04/05/27		15		15,590
7.55%, 02/15/30		130		150,389
				26,383,329
Semiconductors — 0.8%
Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)		165		154,350
Analog Devices Inc.
1.70%, 10/01/28 (Call 08/01/28)		200		174,543
2.10%, 10/01/31 (Call 07/01/31)		285		235,138
2.95%, 04/01/25 (Call 03/01/25)		74		72,283
3.45%, 06/15/27 (Call 03/15/27)		190		181,885
3.50%, 12/05/26 (Call 09/05/26)		225		217,303
Applied Materials Inc.
1.75%, 06/01/30 (Call 03/01/30)		254		211,829
3.30%, 04/01/27 (Call 01/01/27)		412		394,365
3.90%, 10/01/25 (Call 07/01/25)		267		262,316
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.50%, 01/15/28 (Call 10/15/27)		230		216,651
3.88%, 01/15/27 (Call 10/15/26)		666		643,842
Broadcom Inc.
1.95%, 02/15/28 (Call 12/15/27)(b)		225		199,706
2.45%, 02/15/31 (Call 11/15/30)(b)		505		420,341
2.60%, 02/15/33 (Call 11/15/32)(b)		115		92,293
3.15%, 11/15/25 (Call 10/15/25)		258		249,038
3.42%, 04/15/33 (Call 01/15/33)(b)		555		473,938
3.46%, 09/15/26 (Call 07/15/26)		85		81,535
4.00%, 04/15/29 (Call 02/15/29)(b)		161		152,347

Security	Par (000)		Value
Semiconductors (continued)
4.11%, 09/15/28 (Call 06/15/28)	$	260	$	249,183
4.15%, 11/15/30 (Call 08/15/30)		410		383,286
4.15%, 04/15/32 (Call 01/15/32)(b)		425		390,177
4.30%, 11/15/32 (Call 08/15/32)		455		421,337
4.75%, 04/15/29 (Call 01/15/29)		386		378,765
5.00%, 04/15/30 (Call 01/15/30)		121		120,577
Intel Corp.
1.60%, 08/12/28 (Call 06/12/28)		130		113,074
2.00%, 08/12/31 (Call 05/12/31)		395		320,553
2.45%, 11/15/29 (Call 08/15/29)		436		381,820
2.60%, 05/19/26 (Call 02/19/26)		310		294,854
3.15%, 05/11/27 (Call 02/11/27)		269		254,910
3.40%, 03/25/25 (Call 02/25/25)		478		468,764
3.70%, 07/29/25 (Call 04/29/25)		515		504,408
3.75%, 03/25/27 (Call 01/25/27)		361		349,170
3.75%, 08/05/27 (Call 07/05/27)		165		159,026
3.90%, 03/25/30 (Call 12/25/29)		324		304,642
4.00%, 08/05/29 (Call 06/05/29)		145		138,634
4.00%, 12/15/32		65		59,990
4.15%, 08/05/32 (Call 05/05/32)		290		272,523
4.88%, 02/10/26		355		353,857
4.88%, 02/10/28 (Call 01/10/28)		380		378,943
5.00%, 02/21/31 (Call 12/21/30)		90		89,436
5.13%, 02/10/30 (Call 12/10/29)		275		277,168
5.15%, 02/21/34 (Call 11/21/33)		115		113,871
5.20%, 02/10/33 (Call 11/10/32)		525		525,224
KLA Corp.
4.10%, 03/15/29 (Call 12/15/28)		249		241,494
4.65%, 07/15/32 (Call 04/15/32)		160		155,965
4.70%, 02/01/34 (Call 11/01/33)		100		97,383
Lam Research Corp.
1.90%, 06/15/30 (Call 03/15/30)		165		138,469
3.75%, 03/15/26 (Call 01/15/26)		287		280,088
3.80%, 03/15/25 (Call 12/15/24)		290		285,751
4.00%, 03/15/29 (Call 12/15/28)		295		284,270
Marvell Technology Inc.
1.65%, 04/15/26 (Call 03/15/26)		125		115,956
2.45%, 04/15/28 (Call 02/15/28)		185		166,108
2.95%, 04/15/31 (Call 01/15/31)		195		166,990
4.88%, 06/22/28 (Call 03/22/28)		170		166,995
5.75%, 02/15/29 (Call 01/15/29)		85		86,613
5.95%, 09/15/33 (Call 06/15/33)		65		67,031
Microchip Technology Inc., 4.25%, 09/01/25 (Call 04/01/24)		355		348,506
Micron Technology Inc.
2.70%, 04/15/32 (Call 01/15/32)		210		172,276
4.19%, 02/15/27 (Call 12/15/26)		243		236,126
4.66%, 02/15/30 (Call 11/15/29)		250		241,440
4.98%, 02/06/26 (Call 12/06/25)		183		181,928
5.30%, 01/15/31 (Call 11/15/30)		90		89,086
5.33%, 02/06/29 (Call 11/06/28)		155		155,151
5.38%, 04/15/28 (Call 03/15/28)		160		160,435
5.88%, 02/09/33 (Call 11/09/32)		265		270,445
5.88%, 09/15/33 (Call 06/15/33)		45		45,865
6.75%, 11/01/29 (Call 09/01/29)		330		350,225
NVIDIA Corp.
1.55%, 06/15/28 (Call 04/15/28)		420		371,595
2.00%, 06/15/31 (Call 03/15/31)		300		250,620
2.85%, 04/01/30 (Call 01/01/30)		384		345,790
3.20%, 09/16/26 (Call 06/16/26)		315		303,639

S C H E D U L E  O F  I N V E S T M E N T S 113

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors (continued)
NXP BV/NXP Funding LLC
5.35%, 03/01/26 (Call 01/01/26)	$	90	$	89,856
5.55%, 12/01/28 (Call 09/01/28)		143		144,575
NXP BV/NXP Funding LLC/NXP USA Inc.
2.50%, 05/11/31 (Call 02/11/31)		250		206,977
2.65%, 02/15/32 (Call 11/15/31)		245		201,134
2.70%, 05/01/25 (Call 04/01/25)		145		140,229
3.15%, 05/01/27 (Call 03/01/27)		65		61,108
3.40%, 05/01/30 (Call 02/01/30)		210		187,990
3.88%, 06/18/26 (Call 04/18/26)		215		208,051
4.30%, 06/18/29 (Call 03/18/29)		260		248,209
4.40%, 06/01/27 (Call 05/01/27)		165		161,196
5.00%, 01/15/33 (Call 10/15/32)		195		188,436
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		200		185,992
QUALCOMM Inc.
1.30%, 05/20/28 (Call 02/20/28)		303		263,435
1.65%, 05/20/32 (Call 02/20/32)		330		257,570
2.15%, 05/20/30 (Call 02/20/30)		340		290,815
3.25%, 05/20/27 (Call 02/20/27)		483		460,506
3.45%, 05/20/25 (Call 02/20/25)		75		73,450
4.25%, 05/20/32 (Call 02/20/32)		110		104,922
5.40%, 05/20/33 (Call 02/20/33)(a)		160		165,787
Skyworks Solutions Inc.
1.80%, 06/01/26 (Call 05/01/26)		135		124,868
3.00%, 06/01/31 (Call 03/01/31)		140		117,247
Texas Instruments Inc.
1.13%, 09/15/26 (Call 08/15/26)		135		123,195
1.38%, 03/12/25 (Call 02/12/25)		205		197,191
1.75%, 05/04/30 (Call 02/04/30)		110		92,050
1.90%, 09/15/31 (Call 06/15/31)		125		103,160
2.25%, 09/04/29 (Call 06/04/29)		195		172,094
2.90%, 11/03/27 (Call 08/03/27)		256		240,296
3.65%, 08/16/32 (Call 05/16/32)		105		96,429
4.60%, 02/08/27 (Call 01/08/27)		75		74,741
4.60%, 02/15/28 (Call 01/15/28)		135		134,756
4.60%, 02/08/29 (Call 01/08/29)		75		74,595
4.85%, 02/08/34 (Call 11/08/33)		65		64,610
4.90%, 03/14/33 (Call 12/14/32)		250		250,205
TSMC Arizona Corp.
1.75%, 10/25/26 (Call 09/25/26)		295		270,925
2.50%, 10/25/31 (Call 07/25/31)		310		262,422
3.88%, 04/22/27 (Call 03/22/27)		215		208,426
4.25%, 04/22/32 (Call 01/22/32)		235		226,941
Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)		192		166,154
				24,154,678
Shipbuilding — 0.0%
Huntington Ingalls Industries Inc.
2.04%, 08/16/28 (Call 06/16/28)		35		30,430
3.48%, 12/01/27 (Call 09/01/27)		210		196,752
3.84%, 05/01/25 (Call 04/01/25)		170		166,292
4.20%, 05/01/30 (Call 02/01/30)		155		145,723
				539,197
Software — 0.8%
Adobe Inc.
2.15%, 02/01/27 (Call 12/01/26)		330		307,175
2.30%, 02/01/30 (Call 11/01/29)		337		293,968
Autodesk Inc.
2.40%, 12/15/31 (Call 09/15/31)		215		178,350
2.85%, 01/15/30 (Call 10/15/29)		173		153,357
3.50%, 06/15/27 (Call 03/15/27)		125		119,518

Security	Par (000)		Value
Software (continued)
4.38%, 06/15/25 (Call 03/15/25)	$	190	$	187,833
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)		245		205,272
2.90%, 12/01/29 (Call 09/01/29)		212		186,627
3.40%, 06/27/26 (Call 03/27/26)		117		111,829
Concentrix Corp.
6.60%, 08/02/28 (Call 07/02/28)		168		168,774
6.65%, 08/02/26 (Call 07/02/26)		145		146,362
6.85%, 08/02/33 (Call 05/02/33)		132		129,080
Electronic Arts Inc.
1.85%, 02/15/31 (Call 11/15/30)		225		183,132
4.80%, 03/01/26 (Call 12/01/25)		144		143,232
Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)		345		319,093
1.65%, 03/01/28 (Call 01/01/28)		175		154,225
2.25%, 03/01/31 (Call 12/01/30)		420		350,993
3.75%, 05/21/29 (Call 02/21/29)		80		76,148
4.50%, 07/15/25		235		232,758
4.70%, 07/15/27 (Call 06/15/27)		190		188,565
5.10%, 07/15/32 (Call 04/15/32)(a)		88		87,947
Fiserv Inc.
2.25%, 06/01/27 (Call 04/01/27)		241		220,519
2.65%, 06/01/30 (Call 03/01/30)		292		251,085
3.20%, 07/01/26 (Call 05/01/26)		505		482,295
3.50%, 07/01/29 (Call 04/01/29)		559		514,020
3.85%, 06/01/25 (Call 03/01/25)		275		269,504
4.20%, 10/01/28 (Call 07/01/28)		265		254,197
5.15%, 03/15/27 (Call 02/15/27)		100		99,965
5.35%, 03/15/31 (Call 01/15/31)		100		100,058
5.38%, 08/21/28 (Call 07/21/28)		185		186,142
5.45%, 03/02/28 (Call 02/02/28)		180		181,469
5.45%, 03/15/34 (Call 12/15/33)		100		99,866
5.60%, 03/02/33 (Call 12/02/32)		245		247,009
5.63%, 08/21/33 (Call 05/21/33)		220		222,472
Intuit Inc.
0.95%, 07/15/25 (Call 06/15/25)		220		207,565
1.35%, 07/15/27 (Call 05/15/27)		208		185,566
1.65%, 07/15/30 (Call 04/15/30)		150		122,999
5.13%, 09/15/28 (Call 08/15/28)		190		192,289
5.20%, 09/15/33 (Call 06/15/33)		215		217,148
5.25%, 09/15/26 (Call 08/15/26)		185		186,613
Microsoft Corp.
1.35%, 09/15/30 (Call 06/15/30)(b)		135		110,486
2.40%, 08/08/26 (Call 05/08/26)		984		931,484
3.13%, 11/03/25 (Call 08/03/25)		731		710,549
3.30%, 02/06/27 (Call 11/06/26)		1,013		978,503
3.40%, 09/15/26 (Call 06/15/26)(b)		226		218,605
3.40%, 06/15/27 (Call 03/15/27)(b)		130		124,766
Oracle Corp.
1.65%, 03/25/26 (Call 02/25/26)		555		515,481
2.30%, 03/25/28 (Call 01/25/28)		435		389,716
2.50%, 04/01/25 (Call 03/01/25)		873		845,531
2.65%, 07/15/26 (Call 04/15/26)		630		593,389
2.80%, 04/01/27 (Call 02/01/27)		561		523,262
2.88%, 03/25/31 (Call 12/25/30)		710		612,495
2.95%, 05/15/25 (Call 02/15/25)		628		609,476
2.95%, 04/01/30 (Call 01/01/30)		645		568,856
3.25%, 11/15/27 (Call 08/15/27)		578		541,982
3.25%, 05/15/30 (Call 02/15/30)		150		134,443
4.50%, 05/06/28 (Call 04/06/28)		225		220,703
4.65%, 05/06/30 (Call 03/06/30)		165		160,515

114 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Software (continued)
4.90%, 02/06/33 (Call 11/06/32)	$	380	$	366,916
5.80%, 11/10/25		215		216,728
6.15%, 11/09/29 (Call 09/09/29)		280		292,764
6.25%, 11/09/32 (Call 08/09/32)		500		527,960
Roper Technologies Inc.
1.00%, 09/15/25 (Call 08/15/25)		225		210,706
1.40%, 09/15/27 (Call 07/15/27)		205		181,086
1.75%, 02/15/31 (Call 11/15/30)		240		191,738
2.00%, 06/30/30 (Call 03/30/30)		155		128,760
2.95%, 09/15/29 (Call 06/15/29)		176		157,548
3.80%, 12/15/26 (Call 09/15/26)		205		198,154
3.85%, 12/15/25 (Call 09/15/25)		40		39,025
4.20%, 09/15/28 (Call 06/15/28)		185		178,762
Salesforce Inc.
1.50%, 07/15/28 (Call 05/15/28)		230		201,195
1.95%, 07/15/31 (Call 04/15/31)		275		225,202
3.70%, 04/11/28 (Call 01/11/28)		487		469,918
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)		383		307,228
Take-Two Interactive Software Inc.
3.55%, 04/14/25		190		186,123
3.70%, 04/14/27 (Call 03/14/27)		175		167,300
4.00%, 04/14/32 (Call 01/14/32)		155		142,105
4.95%, 03/28/28 (Call 02/28/28)		205		203,293
5.00%, 03/28/26		240		238,696
VMware LLC
1.40%, 08/15/26 (Call 07/15/26)		115		104,555
1.80%, 08/15/28 (Call 06/15/28)		210		181,810
2.20%, 08/15/31 (Call 05/15/31)		315		253,986
3.90%, 08/21/27 (Call 05/21/27)		239		227,880
4.50%, 05/15/25 (Call 04/15/25)		236		233,393
4.65%, 05/15/27 (Call 03/15/27)		158		154,662
4.70%, 05/15/30 (Call 02/15/30)		185		177,903
Workday Inc.
3.50%, 04/01/27 (Call 03/01/27)		135		128,512
3.70%, 04/01/29 (Call 02/01/29)		130		121,501
3.80%, 04/01/32 (Call 01/01/32)		305		275,696
				23,646,366
Telecommunications — 1.1%
America Movil SAB de CV
2.88%, 05/07/30 (Call 02/07/30)		260		227,846
3.63%, 04/22/29 (Call 01/22/29)		85		78,958
4.70%, 07/21/32 (Call 04/21/32)		205		196,640
AT&T Inc.
1.65%, 02/01/28 (Call 12/01/27)		545		479,606
1.70%, 03/25/26 (Call 03/11/24)		690		641,535
2.25%, 02/01/32 (Call 11/01/31)		605		485,187
2.30%, 06/01/27 (Call 04/01/27)		595		544,762
2.55%, 12/01/33 (Call 09/01/33)		805		634,775
2.75%, 06/01/31 (Call 03/01/31)		694		590,961
2.95%, 07/15/26 (Call 04/15/26)		190		180,542
3.80%, 02/15/27 (Call 11/15/26)		197		189,816
3.88%, 01/15/26 (Call 10/15/25)		125		121,938
4.10%, 02/15/28 (Call 11/15/27)		350		337,447
4.25%, 03/01/27 (Call 12/01/26)		361		351,885
4.30%, 02/15/30 (Call 11/15/29)		753		718,646
4.35%, 03/01/29 (Call 12/01/28)		701		677,128
5.54%, 02/20/26 (Call 03/11/24)		55		54,929
Bell Telephone Co. of Canada or Bell Canada
5.10%, 05/11/33 (Call 02/11/33)		240		237,462
5.20%, 02/15/34 (Call 11/15/33)		125		123,343
Series US-5, 2.15%, 02/15/32 (Call 11/15/31)		100		80,204

Security	Par (000)		Value
Telecommunications (continued)
British Telecommunications PLC
5.13%, 12/04/28 (Call 09/04/28)	$	205	$	206,051
9.63%, 12/15/30		630		770,460
Cisco Systems Inc.
2.50%, 09/20/26 (Call 06/20/26)		445		419,929
2.95%, 02/28/26		207		199,525
3.50%, 06/15/25		241		236,494
4.80%, 02/26/27 (Call 01/26/27)		325		325,075
4.85%, 02/26/29 (Call 01/26/29)		325		325,520
4.90%, 02/26/26		205		205,090
4.95%, 02/26/31 (Call 12/26/30)		245		245,208
5.05%, 02/26/34 (Call 11/26/33)		235		236,216
Deutsche Telekom International Finance BV
8.75%, 06/15/30		827		975,253
9.25%, 06/01/32		110		138,817
Juniper Networks Inc.
1.20%, 12/10/25 (Call 11/10/25)		130		120,491
2.00%, 12/10/30 (Call 09/10/30)		110		88,567
3.75%, 08/15/29 (Call 05/15/29)		125		115,860
Koninklijke KPN NV, 8.38%, 10/01/30		165		192,326
KT Corp., 4.00%, 08/08/25(b)		20		19,608
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		225		185,292
2.75%, 05/24/31 (Call 02/24/31)		230		191,873
4.60%, 02/23/28 (Call 11/23/27)		215		210,902
4.60%, 05/23/29 (Call 02/23/29)		183		177,902
5.60%, 06/01/32 (Call 03/01/32)		65		65,199
Nokia OYJ, 4.38%, 06/12/27		135		129,385
Orange SA, 9.00%, 03/01/31		510		616,296
Rogers Communications Inc.
2.90%, 11/15/26 (Call 08/15/26)		240		225,872
2.95%, 03/15/25		400		389,372
3.20%, 03/15/27 (Call 02/15/27)		220		207,136
3.63%, 12/15/25 (Call 09/15/25)		205		198,661
3.80%, 03/15/32 (Call 12/15/31)		415		368,684
5.00%, 02/15/29 (Call 01/15/29)		60		59,442
Sprint Capital Corp.
6.88%, 11/15/28		580		618,185
8.75%, 03/15/32		480		580,038
Sprint LLC, 7.63%, 03/01/26 (Call 11/01/25)		105		108,506
Telefonica Emisiones SA, 4.10%, 03/08/27		231		223,714
Telefonica Europe BV, 8.25%, 09/15/30		305		346,181
TELUS Corp.
2.80%, 02/16/27 (Call 11/16/26)		195		182,683
3.40%, 05/13/32 (Call 02/13/32)		235		203,893
3.70%, 09/15/27 (Call 06/15/27)		125		118,648
T-Mobile USA Inc.
1.50%, 02/15/26 (Call 01/15/26)		210		195,249
2.05%, 02/15/28 (Call 12/15/27)		410		365,232
2.25%, 02/15/26 (Call 03/11/24)		440		414,523
2.25%, 11/15/31 (Call 08/15/31)		250		202,838
2.40%, 03/15/29 (Call 01/15/29)		80		70,374
2.55%, 02/15/31 (Call 11/15/30)		600		505,591
2.63%, 04/15/26 (Call 03/11/24)		445		421,592
2.63%, 02/15/29 (Call 03/11/24)		247		219,372
2.70%, 03/15/32 (Call 12/15/31)		175		145,434
2.88%, 02/15/31 (Call 02/15/26)		270		232,261
3.38%, 04/15/29 (Call 04/15/24)		515		473,018
3.50%, 04/15/25 (Call 03/15/25)		758		741,182
3.50%, 04/15/31 (Call 04/15/26)		580		519,019
3.75%, 04/15/27 (Call 02/15/27)		942		903,031

S C H E D U L E  O F  I N V E S T M E N T S 115

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
3.88%, 04/15/30 (Call 01/15/30)	$	1,573	$	1,460,612
4.75%, 02/01/28 (Call 03/11/24)		300		295,196
4.80%, 07/15/28 (Call 06/15/28)		205		202,267
4.85%, 01/15/29 (Call 12/15/28)		145		143,183
4.95%, 03/15/28 (Call 02/15/28)		205		203,745
5.05%, 07/15/33 (Call 04/15/33)		625		611,382
5.15%, 04/15/34 (Call 01/15/34)		80		78,683
5.20%, 01/15/33 (Call 10/15/32)		255		253,367
5.38%, 04/15/27 (Call 03/11/24)		385		384,506
Verizon Communications Inc.
0.85%, 11/20/25 (Call 10/20/25)		385		357,294
1.45%, 03/20/26 (Call 02/20/26)		490		454,353
1.50%, 09/18/30 (Call 06/18/30)		240		192,552
1.68%, 10/30/30 (Call 07/30/30)		240		193,125
1.75%, 01/20/31 (Call 10/20/30)		472		378,512
2.10%, 03/22/28 (Call 01/22/28)		702		625,038
2.36%, 03/15/32 (Call 12/15/31)		1,348		1,091,807
2.55%, 03/21/31 (Call 12/21/30)		890		749,796
2.63%, 08/15/26		531		500,740
3.00%, 03/22/27 (Call 01/22/27)		187		175,947
3.15%, 03/22/30 (Call 12/22/29)		318		284,673
3.88%, 02/08/29 (Call 11/08/28)		195		185,266
4.02%, 12/03/29 (Call 09/03/29)		886		840,967
4.13%, 03/16/27		728		708,012
4.33%, 09/21/28		905		878,563
4.50%, 08/10/33		100		94,233
5.05%, 05/09/33 (Call 02/09/33)		340		336,600
6.40%, 09/15/33		50		53,742
7.75%, 12/01/30		125		142,607
Vodafone Group PLC
4.13%, 05/30/25		399		392,496
4.38%, 05/30/28		230		226,058
6.25%, 11/30/32		10		10,616
7.88%, 02/15/30		45		51,022
				35,147,640
Toys, Games & Hobbies — 0.0%
Hasbro Inc.
3.50%, 09/15/27 (Call 06/15/27)		85		79,756
3.55%, 11/19/26 (Call 09/19/26)		115		109,058
3.90%, 11/19/29 (Call 08/19/29)		235		215,630
				404,444
Transportation — 0.4%
Burlington Northern Santa Fe LLC
3.00%, 04/01/25 (Call 01/01/25)		147		143,654
3.25%, 06/15/27 (Call 03/15/27)		221		210,775
3.65%, 09/01/25 (Call 06/01/25)		150		146,754
7.00%, 12/15/25		95		98,217
Canadian National Railway Co.
2.75%, 03/01/26 (Call 12/01/25)		320		306,918
3.85%, 08/05/32 (Call 05/05/32)		215		197,829
5.85%, 11/01/33 (Call 08/01/33)		45		47,759
6.90%, 07/15/28		55		59,279
Canadian Pacific Railway Co.
1.75%, 12/02/26 (Call 11/02/26)		290		265,876
2.05%, 03/05/30 (Call 12/05/29)		185		155,905
2.45%, 12/02/31 (Call 09/02/31)		275		244,252
2.88%, 11/15/29 (Call 08/15/29)		95		84,491
4.00%, 06/01/28 (Call 03/01/28)		177		170,227
7.13%, 10/15/31		160		178,748

Security	Par (000)		Value
Transportation (continued)
CH Robinson Worldwide Inc., 4.20%, 04/15/28
(Call 01/15/28)	$	195	$	187,995
CSX Corp.
2.40%, 02/15/30 (Call 11/15/29)		145		125,857
2.60%, 11/01/26 (Call 08/01/26)		365		344,219
3.25%, 06/01/27 (Call 03/01/27)		250		237,246
3.35%, 11/01/25 (Call 08/01/25)		215		208,712
3.80%, 03/01/28 (Call 12/01/27)		235		226,020
4.10%, 11/15/32 (Call 08/15/32)		240		223,933
4.25%, 03/15/29 (Call 12/15/28)		215		209,414
5.20%, 11/15/33 (Call 08/15/33)		210		211,407
FedEx Corp.
2.40%, 05/15/31 (Call 02/15/31)(a)		310		258,916
3.10%, 08/05/29 (Call 05/05/29)		250		226,787
3.25%, 04/01/26 (Call 01/01/26)		320		308,293
3.40%, 02/15/28 (Call 11/15/27)		153		144,461
4.20%, 10/17/28 (Call 07/17/28)		125		120,405
4.25%, 05/15/30 (Call 02/15/30)		170		162,232
JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)		240		234,268
Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)		141		134,717
Norfolk Southern Corp.
2.30%, 05/15/31 (Call 02/15/31)		130		108,504
2.55%, 11/01/29 (Call 08/01/29)		134		117,759
2.90%, 06/15/26 (Call 03/15/26)		189		180,079
3.00%, 03/15/32 (Call 12/15/31)		175		150,423
3.15%, 06/01/27 (Call 03/01/27)		155		146,884
3.65%, 08/01/25 (Call 06/01/25)		104		101,723
3.80%, 08/01/28 (Call 05/01/28)		195		186,554
4.45%, 03/01/33 (Call 12/01/32)		115		109,422
5.05%, 08/01/30 (Call 06/01/30)		120		119,834
5.55%, 03/15/34 (Call 12/15/33)		125		128,226
7.80%, 05/15/27		25		27,094
Ryder System Inc.
1.75%, 09/01/26 (Call 08/01/26)		95		87,273
2.85%, 03/01/27 (Call 02/01/27)		55		51,433
2.90%, 12/01/26 (Call 10/01/26)		152		142,817
3.35%, 09/01/25 (Call 08/01/25)		97		94,017
4.30%, 06/15/27 (Call 05/15/27)		115		111,919
4.63%, 06/01/25 (Call 05/01/25)		134		132,736
5.25%, 06/01/28 (Call 05/01/28)		130		130,197
5.30%, 03/15/27 (Call 02/15/27)		55		55,072
5.38%, 03/15/29 (Call 02/15/29)		75		74,917
5.65%, 03/01/28 (Call 02/01/28)		145		147,409
6.30%, 12/01/28 (Call 11/01/28)		110		114,622
6.60%, 12/01/33 (Call 09/01/33)		100		107,069
Union Pacific Corp.
2.15%, 02/05/27 (Call 12/05/26)		225		208,575
2.38%, 05/20/31 (Call 02/20/31)		390		329,644
2.40%, 02/05/30 (Call 11/05/29)		182		158,358
2.75%, 03/01/26 (Call 12/01/25)		320		306,354
2.80%, 02/14/32 (Call 12/15/31)		252		216,282
3.00%, 04/15/27 (Call 01/15/27)		185		175,058
3.25%, 08/15/25 (Call 05/15/25)		170		165,567
3.70%, 03/01/29 (Call 12/01/28)		221		210,634
3.75%, 07/15/25 (Call 05/15/25)		197		193,333
3.95%, 09/10/28 (Call 06/10/28)		244		236,670
4.50%, 01/20/33 (Call 10/20/32)		160		154,738
4.75%, 02/21/26 (Call 01/21/26)		125		124,709
6.63%, 02/01/29		70		75,651

116 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Transportation (continued)
United Parcel Service Inc.
2.40%, 11/15/26 (Call 08/15/26)	$	251	$	236,263
2.50%, 09/01/29 (Call 06/01/29)		117		104,360
3.05%, 11/15/27 (Call 08/15/27)		365		343,046
3.40%, 03/15/29 (Call 12/15/28)		269		253,849
3.90%, 04/01/25 (Call 03/01/25)		294		290,016
4.45%, 04/01/30 (Call 01/01/30)		228		224,085
4.88%, 03/03/33 (Call 12/03/32)		250		248,130
Walmart Inc.
1.05%, 09/17/26 (Call 08/17/26)		335		306,120
1.50%, 09/22/28 (Call 07/22/28)		352		309,035
1.80%, 09/22/31 (Call 06/22/31)		520		426,177
3.95%, 09/09/27 (Call 08/09/27)		289		283,139
				14,081,342
Trucking & Leasing — 0.0%
GATX Corp.
1.90%, 06/01/31 (Call 03/01/31)		70		55,073
3.25%, 03/30/25 (Call 12/30/24)		15		14,625
3.25%, 09/15/26 (Call 06/15/26)		72		68,615
3.50%, 03/15/28 (Call 12/15/27)		47		44,078
3.50%, 06/01/32 (Call 03/01/32)		60		51,882
3.85%, 03/30/27 (Call 12/30/26)		122		117,034
4.00%, 06/30/30 (Call 03/30/30)		100		92,760
4.55%, 11/07/28 (Call 08/07/28)(a)		95		92,762
4.70%, 04/01/29 (Call 01/01/29)		143		139,800
4.90%, 03/15/33 (Call 12/15/32)		80		76,402
5.40%, 03/15/27 (Call 02/15/27)		25		25,047
5.45%, 09/15/33 (Call 06/15/33)		95		94,609
				872,687
Venture Capital — 0.0%
Hercules Capital Inc.
2.63%, 09/16/26 (Call 08/16/26)		70		63,045
3.38%, 01/20/27 (Call 12/20/26)		70		63,478
				126,523
Water — 0.1%
American Water Capital Corp.
2.30%, 06/01/31 (Call 03/01/31)		155		128,283
2.80%, 05/01/30 (Call 02/01/30)		177		154,922
2.95%, 09/01/27 (Call 06/01/27)		174		162,233
3.40%, 03/01/25 (Call 12/01/24)		217		212,754
3.45%, 06/01/29 (Call 03/01/29)		142		132,006
3.75%, 09/01/28 (Call 06/01/28)		197		186,886
4.45%, 06/01/32 (Call 03/01/32)		165		157,766
5.15%, 03/01/34 (Call 12/01/33)		100		99,169
Essential Utilities Inc.
2.40%, 05/01/31 (Call 02/01/31)		115		94,391
2.70%, 04/15/30 (Call 01/15/30)		121		104,133
3.57%, 05/01/29 (Call 02/01/29)		132		122,369
5.38%, 01/15/34 (Call 10/15/33)		75		73,685
United Utilities PLC, 6.88%, 08/15/28		55		58,262
				1,686,859
Total Corporate Bonds & Notes — 32.4% (Cost: $1,068,774,908)				1,024,852,652
Foreign Government Obligations(e)
Canada — 0.3%
Canada Government International Bond
0.75%, 05/19/26		445		409,073
3.75%, 04/26/28		60		58,499

Security	Par (000)		Value
Canada (continued)
Export Development Canada, 3.00%, 05/25/27	$	230	$	219,666
Hydro-Quebec, Series HH, 8.50%, 12/01/29		100		116,685
Province of Alberta Canada
1.00%, 05/20/25		970		923,579
1.30%, 07/22/30		240		196,898
3.30%, 03/15/28		385		366,656
Province of British Columbia Canada
0.90%, 07/20/26		565		516,974
1.30%, 01/29/31(a)		130		105,393
2.25%, 06/02/26		250		236,904
4.20%, 07/06/33		485		468,675
Province of Manitoba Canada, 2.13%, 06/22/26		215		202,755
Province of New Brunswick Canada, 3.63%,
02/24/28		180		172,593
Province of Ontario Canada
0.63%, 01/21/26		372		344,074
1.05%, 04/14/26		70		64,801
1.05%, 05/21/27		240		214,464
1.13%, 10/07/30		845		681,284
1.60%, 02/25/31		205		169,052
1.80%, 10/14/31		115		94,772
2.00%, 10/02/29		85		74,410
2.30%, 06/15/26		20		18,947
2.50%, 04/27/26		670		639,237
3.10%, 05/19/27		20		19,097
Province of Quebec Canada
0.60%, 07/23/25		1,230		1,157,967
1.35%, 05/28/30		125		103,437
1.90%, 04/21/31		80		67,055
2.50%, 04/20/26		565		539,372
2.75%, 04/12/27		350		331,172
3.63%, 04/13/28		100		96,453
4.50%, 09/08/33		300		296,146
Series PD, 7.50%, 09/15/29		352		401,770
				9,307,860
Chile — 0.1%
Chile Government International Bond
2.45%, 01/31/31 (Call 10/31/30)		355		301,835
2.55%, 01/27/32 (Call 10/27/31)		350		294,387
2.55%, 07/27/33 (Call 04/27/33)		490		396,197
2.75%, 01/31/27 (Call 12/31/26)		465		435,046
3.13%, 01/21/26		225		217,151
3.24%, 02/06/28 (Call 11/06/27)		525		491,432
4.85%, 01/22/29 (Call 12/22/28)		400		396,573
				2,532,621
Indonesia — 0.1%
Indonesia Government International Bond
1.85%, 03/12/31		30		24,302
2.15%, 07/28/31 (Call 04/28/31)		300		245,441
2.85%, 02/14/30		440		390,064
3.40%, 09/18/29		35		32,259
3.50%, 01/11/28		55		52,122
3.55%, 03/31/32 (Call 12/31/31)		350		313,572
3.85%, 10/15/30		320		297,490
4.10%, 04/24/28		335		323,763
4.15%, 09/20/27 (Call 06/20/27)		400		388,553
4.55%, 01/11/28 (Call 12/11/27)		235		231,211
4.65%, 09/20/32 (Call 06/20/32)		430		415,326
4.75%, 02/11/29		340		336,229

S C H E D U L E  O F  I N V E S T M E N T S 117

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Indonesia (continued)
4.85%, 01/11/33 (Call 10/11/32)	$	410	$	402,290
				3,452,622
Israel — 0.0%
Israel Government International Bond
2.75%, 07/03/30		415		355,300
2.88%, 03/16/26		230		218,235
3.25%, 01/17/28		35		32,359
4.50%, 01/17/33		410		381,178
State of Israel, 2.50%, 01/15/30		275		234,863
				1,221,935
Italy — 0.0%
Republic of Italy Government International Bond
1.25%, 02/17/26		815		753,151
2.88%, 10/17/29		400		352,396
				1,105,547
Japan — 0.2%
Japan Bank for International Cooperation
0.63%, 07/15/25		490		460,807
1.25%, 01/21/31		335		268,251
1.88%, 07/21/26		265		247,343
1.88%, 04/15/31		610		506,272
2.00%, 10/17/29		50		43,434
2.13%, 02/16/29(a)		405		359,300
2.25%, 11/04/26		450		421,429
2.38%, 04/20/26		280		265,715
2.50%, 05/28/25		290		280,574
2.75%, 01/21/26		210		201,662
2.75%, 11/16/27		270		251,946
2.88%, 06/01/27		290		273,923
2.88%, 07/21/27		245		231,006
3.25%, 07/20/28		200		188,853
3.50%, 10/31/28		200		190,001
4.38%, 01/24/31		250		246,638
Japan International Cooperation Agency
2.13%, 10/20/26		12		11,194
2.75%, 04/27/27		170		159,676
3.25%, 05/25/27		215		204,650
3.38%, 06/12/28		200		189,225
				5,001,899
Mexico — 0.2%
Mexico Government International Bond
2.66%, 05/24/31 (Call 02/24/31)		855		707,929
3.25%, 04/16/30 (Call 01/16/30)		555		490,916
3.50%, 02/12/34 (Call 11/12/33)		600		495,897
3.75%, 01/11/28		445		421,113
3.90%, 04/27/25 (Call 03/27/25)		275		270,576
4.13%, 01/21/26		460		451,231
4.15%, 03/28/27		747		728,329
4.50%, 04/22/29		645		620,322
4.75%, 04/27/32 (Call 01/27/32)		575		541,226
4.88%, 05/19/33 (Call 02/19/33)		535		503,706
5.40%, 02/09/28 (Call 01/09/28)		255		255,909
6.35%, 02/09/35 (Call 11/09/34)		255		261,271
7.50%, 04/08/33		150		168,356
8.30%, 08/15/31		157		185,500
				6,102,281
Panama — 0.1%
Panama Government International Bond
2.25%, 09/29/32 (Call 06/29/32)		550		385,310
3.16%, 01/23/30 (Call 10/23/29)		420		345,113

Security	Par (000)		Value
Panama (continued)
3.30%, 01/19/33 (Call 10/19/32)	$	220	$	166,054
3.75%, 03/16/25 (Call 12/16/24)		480		468,037
3.88%, 03/17/28 (Call 12/17/27)		295		267,100
7.13%, 01/29/26		235		238,578
8.88%, 09/30/27		260		280,226
9.38%, 04/01/29		140		154,672
				2,305,090
Peru — 0.1%
Peruvian Government International Bond
1.86%, 12/01/32 (Call 09/01/32)		220		166,526
2.39%, 01/23/26 (Call 12/23/25)		343		324,678
2.78%, 01/23/31 (Call 10/23/30)		805		684,755
2.84%, 06/20/30(a)		124		108,063
4.13%, 08/25/27		308		297,810
7.35%, 07/21/25		212		217,259
8.75%, 11/21/33		435		533,994
				2,333,085
Philippines — 0.1%
Bangko Sentral ng Pilipinas International Bond, 8.60%, 06/15/27		5		5,454
Philippine Government International Bond
1.65%, 06/10/31		470		372,658
1.95%, 01/06/32		260		207,535
2.46%, 05/05/30		300		258,257
3.00%, 02/01/28		615		571,137
3.23%, 03/29/27		70		66,433
3.56%, 09/29/32		15		13,390
3.75%, 01/14/29		325		308,006
4.63%, 07/17/28		270		266,991
5.00%, 07/17/33		395		395,461
5.17%, 10/13/27		15		15,106
5.50%, 03/30/26		402		406,660
5.61%, 04/13/33		290		300,463
6.38%, 01/15/32		200		216,150
7.75%, 01/14/31		115		132,510
9.50%, 02/02/30		537		658,997
10.63%, 03/16/25		210		221,754
				4,416,962
Poland — 0.1%
Republic of Poland Government International Bond
3.25%, 04/06/26		587		570,959
4.88%, 10/04/33 (Call 07/04/33)		550		538,502
5.50%, 11/16/27 (Call 08/16/27)		540		552,777
5.75%, 11/16/32 (Call 08/16/32)		355		370,129
				2,032,367
South Korea — 0.1%
Export-Import Bank of Korea
1.25%, 09/21/30		205		163,914
1.38%, 02/09/31		625		496,932
1.63%, 01/18/27		200		182,613
2.13%, 01/18/32		25		20,533
3.25%, 11/10/25		225		218,272
3.25%, 08/12/26		210		201,724
4.25%, 09/15/27		215		210,439
4.50%, 09/15/32		200		194,458
5.00%, 01/11/28		115		115,949
5.13%, 09/18/28		220		223,362
5.13%, 01/11/33		370		375,658
Korea Development Bank (The)
1.38%, 04/25/27		35		31,444

118 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
South Korea (continued)
4.25%, 09/08/32	$	200	$	191,064
4.38%, 02/15/33		320		307,440
5.38%, 10/23/26		20		20,205
5.38%, 10/23/28		80		82,036
5.63%, 10/23/33		325		342,351
Korea International Bond
2.50%, 06/19/29		210		190,275
2.75%, 01/19/27		280		265,322
3.50%, 09/20/28		275		263,292
5.63%, 11/03/25		150		151,371
				4,248,654
Supranational — 1.9%
African Development Bank
0.88%, 03/23/26		497		460,042
0.88%, 07/22/26		385		352,556
4.38%, 11/03/27		420		418,517
4.38%, 03/14/28		415		413,825
4.63%, 01/04/27		140		140,261
Asian Development Bank
0.38%, 09/03/25		695		650,017
0.50%, 02/04/26		1,055		973,930
0.63%, 04/29/25		910		865,333
0.75%, 10/08/30		190		150,564
1.00%, 04/14/26		1,335		1,237,140
1.25%, 06/09/28		305		267,654
1.50%, 01/20/27		1,005		923,822
1.50%, 03/04/31		700		579,192
1.75%, 08/14/26		50		46,743
1.75%, 09/19/29		403		350,913
1.88%, 03/15/29		155		137,556
1.88%, 01/24/30		387		336,136
2.00%, 04/24/26(a)		440		416,152
2.13%, 03/19/25(a)		31		30,067
2.38%, 08/10/27		35		32,695
2.50%, 11/02/27		249		232,623
2.63%, 01/12/27		330		313,324
2.75%, 01/19/28		435		408,756
2.88%, 05/06/25		160		156,112
3.13%, 08/20/27		1,080		1,033,437
3.13%, 09/26/28		210		199,042
3.13%, 04/27/32		172		156,938
3.75%, 04/25/28		845		823,193
3.88%, 09/28/32		110		105,905
3.88%, 06/14/33		725		695,591
4.00%, 01/12/33		400		388,005
4.13%, 01/12/34		500		488,837
4.25%, 01/09/26		225		223,062
4.50%, 08/25/28(a)		255		256,170
4.63%, 06/13/25		125		124,423
5.82%, 06/16/28		185		194,236
Asian Infrastructure Investment Bank (The)
0.50%, 05/28/25		380		359,309
0.50%, 01/27/26		350		322,983
3.38%, 06/29/25		20		19,575
3.75%, 09/14/27		40		38,961
4.00%, 01/18/28		40		39,235
4.88%, 09/14/26		150		150,848
Council of Europe Development Bank, 3.00%, 06/16/25		2		1,949
European Bank for Reconstruction & Development
0.50%, 05/19/25		492		466,018

Security	Par (000)		Value
Supranational (continued)
0.50%, 11/25/25	$	100	$	92,908
4.38%, 03/09/28		120		119,684
European Investment Bank
0.38%, 12/15/25		185		171,244
0.38%, 03/26/26		974		892,908
0.63%, 07/25/25		455		429,051
0.63%, 10/21/27		165		144,069
0.75%, 10/26/26		540		489,582
0.75%, 09/23/30		185		147,485
0.88%, 05/17/30		345		279,946
1.25%, 02/14/31		1,665		1,360,921
1.38%, 03/15/27		100		91,275
1.63%, 03/14/25		720		695,364
1.63%, 10/09/29		155		134,136
1.63%, 05/13/31		55		45,916
1.75%, 03/15/29		620		547,616
2.13%, 04/13/26		265		251,695
2.38%, 05/24/27		599		561,931
2.75%, 08/15/25		10		9,704
3.25%, 11/15/27		500		479,809
3.63%, 07/15/30		515		493,989
3.75%, 02/14/33		1,175		1,122,662
3.88%, 03/15/28		1,620		1,587,905
4.00%, 02/15/29		1,000		983,822
4.13%, 02/13/34		1,000		980,610
4.50%, 10/16/28		990		995,480
Inter-American Development Bank
0.63%, 07/15/25		605		570,694
0.63%, 09/16/27		190		166,332
0.88%, 04/03/25		510		487,484
0.88%, 04/20/26		935		863,920
1.13%, 07/20/28		775		674,739
1.13%, 01/13/31		895		723,158
1.50%, 01/13/27		620		570,259
1.75%, 03/14/25		715		690,968
2.00%, 06/02/26		450		424,585
2.00%, 07/23/26		329		309,668
2.25%, 06/18/29		623		560,351
2.38%, 07/07/27		596		557,270
3.13%, 09/18/28		625		592,284
3.50%, 09/14/29		625		597,490
3.50%, 04/12/33		465		432,744
4.00%, 01/12/28		160		157,386
4.13%, 02/15/29		1,000		989,227
4.38%, 02/01/27		60		59,773
4.50%, 05/15/26(a)		80		79,753
4.50%, 09/13/33		410		412,359
International Bank for Reconstruction & Development
0.38%, 07/28/25		415		389,687
0.50%, 10/28/25		520		484,628
0.63%, 04/22/25		1,795		1,708,593
0.75%, 03/11/25		145		138,794
0.75%, 11/24/27		1,160		1,013,856
0.75%, 08/26/30		940		747,332
0.88%, 07/15/26		25		22,935
0.88%, 05/14/30		1,195		966,543
1.13%, 09/13/28		1,005		871,319
1.25%, 02/10/31		993		807,392
1.38%, 04/20/28		1,115		987,187
1.63%, 11/03/31		1,265		1,040,061

S C H E D U L E  O F  I N V E S T M E N T S 119

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Supranational (continued)
1.75%, 10/23/29	$	954	$	828,714
1.88%, 10/27/26		285		266,141
2.13%, 03/03/25		611		593,484
2.50%, 07/29/25		1,352		1,307,993
2.50%, 11/22/27		465		434,186
2.50%, 03/29/32		225		196,486
3.13%, 11/20/25		25		24,310
3.13%, 06/15/27		830		796,294
3.50%, 07/12/28		1,150		1,109,286
3.63%, 09/21/29		390		375,581
3.88%, 02/14/30		1,050		1,021,388
4.00%, 07/25/30		720		703,845
4.00%, 01/10/31		1,000		975,779
4.63%, 08/01/28		825		832,859
4.75%, 11/14/33		815		837,166
International Finance Corp.
0.75%, 10/08/26		340		308,724
0.75%, 08/27/30		140		111,538
2.13%, 04/07/26		4		3,800
4.38%, 01/15/27		55		54,824
Nordic Investment Bank
0.38%, 09/11/25		345		322,511
2.63%, 04/04/25		127		123,703
3.38%, 09/08/27		57		54,955
4.38%, 03/14/28		75		74,787
5.00%, 10/15/25		200		200,511
				59,748,995
Sweden — 0.1%
Svensk Exportkredit AB
0.50%, 08/26/25		195		182,410
0.63%, 05/14/25		500		474,000
2.25%, 03/22/27		330		307,491
4.13%, 06/14/28		400		393,175
4.38%, 02/13/26		205		203,105
4.63%, 11/28/25		180		178,965
4.88%, 09/14/26		40		40,157
4.88%, 10/04/30		330		334,954
				2,114,257
Uruguay — 0.0%
Uruguay Government International Bond
4.38%, 10/27/27		435		429,979
4.38%, 01/23/31 (Call 10/23/30)		633		616,354
				1,046,333
Total Foreign Government Obligations — 3.4% (Cost: $112,813,139)				106,970,508
Municipal Debt Obligations
California — 0.1%
California Earthquake Authority, 5.60%, 07/01/27		200		201,974
Los Angeles Community College District/CA GO, 1.81%, 08/01/30		200		170,821
Regents of the University of California Medical Center Pooled Revenue RB, 4.13%, 05/15/32 (Call 02/15/32)		40		37,971
State of California GO
1.70%, 02/01/28		100		89,553
2.50%, 10/01/29		550		491,809
3.38%, 04/01/25		200		196,428
5.75%, 10/01/31		100		105,969

Security	Par (000)		Value
California (continued)
6.00%, 03/01/33	$	20	$	21,512
University of California RB
Series AX, 3.06%, 07/01/25 (Call 04/01/25)		250		243,544
Series BD, 3.35%, 07/01/29		190		178,841
Series BG, 0.88%, 05/15/25 (Call 04/15/25)		240		228,427
Series BG, 1.32%, 05/15/27 (Call 03/15/27)		195		175,345
Series BG, 1.61%, 05/15/30 (Call 02/15/30)		250		208,825
				2,351,019
Florida — 0.0%
State Board of Administration Finance Corp. RB
1.26%, 07/01/25(a)		340		322,891
2.15%, 07/01/30		300		252,807
				575,698
Illinois — 0.1%
State of Illinois GO, 5.10%, 06/01/33		1,690		1,664,779
Louisiana — 0.0%
Louisiana Local Government Environmental Facilities & Community Development Auth, 5.08%, 06/01/31		189		189,299
Louisiana Local Government Environmental Facilities & Community Development Authority
RB, 3.62%, 02/01/29		72		69,663
				258,962
Massachusetts — 0.0%
Commonwealth of Massachusetts GOL BAB, 4.91%, 05/01/29		250		251,707
Commonwealth of Massachusetts RB, 3.77%, 07/15/29		325		314,375
				566,082
New Jersey — 0.0%
New Jersey Economic Development Authority RB,
Series A, 7.43%, 02/15/29 (NPFGC)		300		321,188
New Jersey Transportation Trust Fund Authority RB
BAB, Series C, 5.75%, 12/15/28		100		101,042
				422,230
Oregon — 0.0%
Oregon School Boards Association GOL
Series B, 5.55%, 06/30/28 (NPFGC)		200		202,140
Series B, 5.68%, 06/30/28 (NPFGC)		255		259,220
				461,360
Texas — 0.0%
Texas Transportation Commission State Highway
Fund RB, First Class, 5.18%, 04/01/30		610		611,732
Total Municipal Debt Obligations — 0.2% (Cost: $7,233,665)				6,911,862
U.S. Government & Agency Obligations
U.S. Government Agency Obligations — 0.9%
Federal Home Loan Banks
0.38%, 09/04/25		75		70,205
0.50%, 04/14/25		730		694,973
1.00%, 03/23/26 (Call 03/23/24)		127		117,272
1.50%, 08/15/24		115		113,005
2.38%, 03/14/25		50		48,622
2.75%, 12/13/24		475		466,270
3.00%, 03/10/28		75		71,190
3.13%, 06/13/25		3,730		3,643,764

120 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Agency Obligations (continued)
3.25%, 06/09/28	$	300	$	287,378
3.25%, 11/16/28		2,470		2,364,722
Federal Home Loan Mortgage Corp.
0.38%, 07/21/25(a)		1,000		941,035
0.38%, 09/23/25		975		910,963
0.41%, 10/28/24 (Call 04/28/24)		150		145,114
1.50%, 02/12/25		4,938		4,772,837
6.25%, 07/15/32		500		566,716
6.75%, 09/15/29(a)		50		55,865
6.75%, 03/15/31		1,075		1,227,483
Federal National Mortgage Association
0.38%, 08/25/25		21		19,674
0.50%, 06/17/25		2,287		2,164,137
0.63%, 04/22/25		270		257,149
0.75%, 10/08/27(a)		1,807		1,589,040
0.88%, 12/18/26 (Call 03/18/24)		60		54,169
0.88%, 08/05/30		2,550		2,055,517
1.63%, 10/15/24		25		24,448
1.63%, 01/07/25		950		922,733
1.75%, 07/02/24		405		400,182
1.88%, 09/24/26		2,591		2,428,093
2.13%, 04/24/26		25		23,771
2.63%, 09/06/24		910		897,982
6.03%, 10/08/27		320		336,679
6.25%, 05/15/29		1,285		1,399,410
6.63%, 11/15/30		1,075		1,213,502
7.13%, 01/15/30		25		28,571
7.25%, 05/15/30		170		196,668
				30,509,139
U.S. Government Obligations — 61.8%
U.S. Treasury Note/Bond
0.25%, 05/31/25		6,800		6,418,031
0.25%, 06/30/25		4,000		3,764,063
0.25%, 07/31/25		8,600		8,064,180
0.25%, 08/31/25		11,350		10,608,260
0.25%, 09/30/25		7,250		6,754,111
0.25%, 10/31/25		9,950		9,239,508
0.38%, 04/30/25		4,000		3,794,531
0.38%, 11/30/25		7,100		6,586,914
0.38%, 12/31/25(a)		7,030		6,503,574
0.38%, 01/31/26		12,700		11,710,293
0.50%, 02/28/26		13,100		12,076,562
0.50%, 04/30/27		2,000		1,771,719
0.50%, 05/31/27		7,900		6,977,305
0.50%, 06/30/27		4,000		3,522,813
0.50%, 10/31/27		10,100		8,792,523
0.63%, 07/31/26		19,200		17,505,000
0.63%, 03/31/27		3,850		3,435,523
0.63%, 11/30/27		5,000		4,362,109
0.63%, 12/31/27		5,200		4,523,188
0.63%, 05/15/30		10,000		8,028,906
0.75%, 03/31/26		8,700		8,044,102
0.75%, 04/30/26		9,400		8,664,156
0.75%, 05/31/26		13,640		12,539,209
0.75%, 08/31/26		19,000		17,331,562
0.75%, 01/31/28		9,000		7,848,281
0.88%, 06/30/26		14,600		13,434,281
0.88%, 09/30/26		9,000		8,219,531
0.88%, 11/15/30		10,000		8,050,000
1.00%, 07/31/28		13,000		11,290,703
1.13%, 10/31/26		16,000		14,665,000

Security	Par (000)		Value
U.S. Government Obligations (continued)
1.13%, 02/28/27	$	2,800	$	2,543,844
1.13%, 02/29/28		10,000		8,834,375
1.13%, 08/31/28		27,300		23,787,258
1.13%, 02/15/31		20,500		16,717,109
1.25%, 11/30/26		15,100		13,858,969
1.25%, 12/31/26		21,000		19,241,250
1.25%, 03/31/28		11,500		10,190,078
1.25%, 04/30/28		10,000		8,840,625
1.25%, 05/31/28		11,000		9,703,203
1.25%, 06/30/28		10,500		9,242,461
1.25%, 09/30/28		24,500		21,424,102
1.25%, 08/15/31		28,500		23,076,094
1.38%, 08/31/26		3,258		3,018,995
1.38%, 10/31/28		11,190		9,825,345
1.38%, 12/31/28		8,500		7,432,188
1.38%, 11/15/31		31,100		25,249,312
1.50%, 08/15/26		12,000		11,164,688
1.50%, 01/31/27		20,620		18,983,287
1.50%, 11/30/28		16,500		14,547,070
1.50%, 02/15/30		3,200		2,738,000
1.63%, 02/15/26		11,700		11,045,531
1.63%, 05/15/26		12,000		11,263,125
1.63%, 09/30/26		4,000		3,725,313
1.63%, 11/30/26		8,400		7,791,656
1.63%, 05/15/31		23,000		19,280,469
1.75%, 03/15/25		6,000		5,801,016
1.75%, 12/31/26		8,000		7,433,750
1.75%, 01/31/29		10,750		9,556,582
1.88%, 06/30/26		3,000		2,826,563
1.88%, 07/31/26		6,000		5,640,000
1.88%, 02/28/27		10,000		9,291,406
1.88%, 02/28/29		10,000		8,930,469
1.88%, 02/15/32		24,710		20,752,539
2.00%, 08/15/25		12,700		12,198,449
2.00%, 11/15/26		12,400		11,625,969
2.13%, 05/15/25		14,800		14,316,687
2.25%, 11/15/25		10,000		9,595,313
2.25%, 03/31/26		6,000		5,722,500
2.25%, 02/15/27		8,900		8,368,086
2.25%, 08/15/27		8,000		7,458,125
2.25%, 11/15/27		12,710		11,801,434
2.38%, 05/15/27		11,000		10,340,859
2.38%, 03/31/29		11,000		10,052,969
2.38%, 05/15/29		11,000		10,035,781
2.50%, 03/31/27		11,000		10,401,875
2.63%, 03/31/25		5,000		4,875,391
2.63%, 04/15/25		13,300		12,958,668
2.63%, 05/31/27		10,041		9,506,098
2.63%, 02/15/29		12,922		11,973,041
2.63%, 07/31/29		9,500		8,751,875
2.75%, 05/15/25		8,972		8,744,137
2.75%, 06/30/25		15,000		14,596,289
2.75%, 08/31/25		6,250		6,063,477
2.75%, 04/30/27		13,400		12,749,891
2.75%, 07/31/27		7,360		6,981,650
2.75%, 02/15/28		8,990		8,475,182
2.75%, 05/31/29		10,000		9,289,844
2.75%, 08/15/32		18,390		16,418,822
2.88%, 04/30/25		11,900		11,619,699
2.88%, 05/31/25		5,900		5,755,035
2.88%, 06/15/25		11,500		11,209,805

S C H E D U L E  O F  I N V E S T M E N T S 121

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Obligations (continued)
2.88%, 07/31/25	$	2,000	$	1,946,328
2.88%, 11/30/25		5,500		5,331,133
2.88%, 05/15/28		9,000		8,504,297
2.88%, 08/15/28		25,150		23,703,875
2.88%, 04/30/29		11,000		10,293,594
2.88%, 05/15/32		18,120		16,381,612
3.00%, 07/15/25		8,400		8,194,266
3.00%, 09/30/25		7,200		7,005,375
3.00%, 10/31/25		5,600		5,443,375
3.13%, 08/15/25		12,020		11,734,994
3.13%, 11/15/28		15,000		14,261,719
3.13%, 08/31/29		13,000		12,269,766
3.25%, 06/30/29		8,600		8,181,422
3.38%, 05/15/33		22,450		20,948,656
3.50%, 09/15/25		8,500		8,336,641
3.50%, 01/31/28		7,500		7,275,000
3.50%, 04/30/28		5,000		4,845,313
3.50%, 01/31/30		9,500		9,116,289
3.50%, 04/30/30		14,500		13,892,812
3.50%, 02/15/33		24,500		23,114,219
3.63%, 05/15/26		18,800		18,429,875
3.63%, 03/31/28		13,350		13,001,648
3.63%, 05/31/28		10,000		9,735,156
3.63%, 03/31/30		7,900		7,625,352
3.75%, 04/15/26		13,800		13,566,047
3.75%, 12/31/28		6,000		5,864,063
3.75%, 05/31/30		11,000		10,681,172
3.75%, 06/30/30		18,000		17,474,062
3.75%, 12/31/30		8,000		7,753,750
3.88%, 03/31/25		11,500		11,362,539
3.88%, 01/15/26		8,000		7,886,250
3.88%, 11/30/27		5,000		4,917,188
3.88%, 12/31/27		3,000		2,950,078
3.88%, 09/30/29		9,500		9,311,484
3.88%, 11/30/29		12,000		11,757,188
3.88%, 12/31/29		8,000		7,835,625
3.88%, 08/15/33		24,000		23,283,750
4.00%, 12/15/25		6,220		6,144,194
4.00%, 02/15/26		8,000		7,905,000
4.00%, 01/15/27		7,000		6,917,969
4.00%, 02/29/28		12,000		11,852,813
4.00%, 06/30/28		20,000		19,759,375
4.00%, 01/31/29(a)		10,000		9,884,375
4.00%, 10/31/29		8,700		8,577,656
4.00%, 02/28/30		7,200		7,093,688
4.00%, 07/31/30		13,000		12,798,906
4.00%, 01/31/31		5,000		4,919,531
4.00%, 02/15/34		15,000		14,707,031
4.13%, 06/15/26		39,700		39,330,914
4.13%, 09/30/27		4,000		3,967,813
4.13%, 10/31/27		9,940		9,859,238
4.13%, 07/31/28		11,000		10,922,656
4.13%, 08/31/30		13,960		13,835,669
4.13%, 11/15/32		22,000		21,769,687
4.25%, 05/31/25		12,900		12,793,676
4.25%, 10/15/25		9,700		9,621,566
4.25%, 02/28/29		10,000		10,000,781
4.25%, 02/28/31		7,000		6,992,344
4.38%, 08/15/26		22,800		22,725,187
4.38%, 12/15/26		12,800		12,775,000
4.38%, 08/31/28		15,900		15,950,930

Security	Par (000)		Value
U.S. Government Obligations (continued)
4.38%, 11/30/28	$	13,680	$	13,738,781
4.38%, 11/30/30		12,800		12,872,000
4.50%, 11/15/25		8,930		8,895,117
4.50%, 07/15/26		36,300		36,271,641
4.50%, 11/15/33		25,500		25,986,094
4.63%, 06/30/25		15,800		15,749,391
4.63%, 03/15/26		9,300		9,300,000
4.63%, 09/15/26		28,600		28,682,672
4.63%, 10/15/26		37,600		37,726,313
4.63%, 11/15/26		25,350		25,445,062
4.63%, 09/30/28		19,900		20,168,961
4.63%, 09/30/30		12,400		12,644,125
4.75%, 07/31/25		9,700		9,687,875
4.88%, 11/30/25		7,000		7,017,227
4.88%, 10/31/28		14,500		14,854,570
4.88%, 10/31/30(a)		14,500		14,993,906
5.00%, 09/30/25		11,000		11,035,234
5.00%, 10/31/25		7,550		7,579,492
5.25%, 11/15/28		950		987,332
5.25%, 02/15/29		150		155,918
5.38%, 02/15/31		500		534,609
5.50%, 08/15/28		8,500		8,910,391
6.00%, 02/15/26		500		512,031
6.13%, 08/15/29(a)		1,000		1,086,328
6.50%, 11/15/26		4,000		4,198,125
6.88%, 08/15/25		1,000		1,028,984
				1,955,553,652
Total U.S. Government & Agency Obligations — 62.7% (Cost: $2,082,682,759)				1,986,062,791
Total Long-Term Investments — 98.7% (Cost: $3,271,504,471)				3,124,797,813
	Shares
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(f)(g)(h)		52,997,739		52,997,739
Total Short-Term Securities — 1.7% (Cost: $52,997,739)				52,997,739
Total Investments — 100.4% (Cost: $3,324,502,210)				3,177,795,552
Liabilities in Excess of Other Assets — (0.4)%				(13,018,714	)
Net Assets — 100.0%			$	3,164,776,838

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

^(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)  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)  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.

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

^(f)  Affiliate of the Fund.

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

122 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Intermediate Government/Credit Bond ETF

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	26,209,320	$	26,788,419	(a)	$	—	$	—	$	—	$	52,997,739		52,997,739	$	631,767	(b)	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	1,024,852,652	$	—	$	1,024,852,652
Foreign Government Obligations		—		106,970,508		—		106,970,508
Municipal Debt Obligations		—		6,911,862		—		6,911,862
U.S. Government & Agency Obligations		—		1,986,062,791		—		1,986,062,791
Short-Term Securities
Money Market Funds		52,997,739		—		—		52,997,739
	$	52,997,739	$	3,124,797,813	$	—	$	3,177,795,552

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 123

Schedule of Investments February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
U.S. Government Agency Obligations
Mortgage-Backed Securities — 100.3%
Federal Home Loan Mortgage Corp.
2.00%, 03/01/28	$	34	$	32,379
2.00%, 05/01/28		7		6,553
2.00%, 08/01/28		114		108,456
2.00%, 09/01/28		64		60,770
2.00%, 12/01/28		24		23,058
2.00%, 01/01/30		90		84,767
2.50%, 12/01/25		95		92,201
2.50%, 03/01/27		16		15,196
2.50%, 06/01/27		18		17,873
2.50%, 07/01/27		171		165,518
2.50%, 08/01/27		304		294,122
2.50%, 09/01/27		362		350,370
2.50%, 11/01/27		172		166,352
2.50%, 12/01/27		3		3,110
2.50%, 01/01/28		6		5,305
2.50%, 02/01/28		2,437		2,352,763
2.50%, 03/01/28		335		322,343
2.50%, 04/01/28		244		233,998
2.50%, 05/01/28		52		48,872
2.50%, 06/01/28		77		73,973
2.50%, 07/01/28		195		187,045
2.50%, 09/01/28		59		56,109
2.50%, 07/01/29		1,015		970,531
2.50%, 08/01/29		98		93,205
2.50%, 10/01/29		113		107,703
2.50%, 12/01/29		729		693,817
2.50%, 01/01/30		4,143		3,992,506
2.50%, 02/01/30		478		455,098
2.50%, 03/01/30		2,349		2,217,116
2.50%, 04/01/30		3,013		2,838,700
2.50%, 05/01/30		3,021		2,852,443
2.50%, 06/01/30		8,071		7,601,470
2.50%, 07/01/30		648		611,190
2.50%, 08/01/30		267		251,785
2.50%, 09/01/30		258		242,251
2.50%, 10/01/30		6		5,224
2.50%, 12/01/30		10		9,485
2.50%, 01/01/31		32		30,475
2.50%, 04/01/31		3		3,156
2.50%, 06/01/31		715		671,188
2.50%, 08/01/31		889		833,335
2.50%, 09/01/31		751		703,256
2.50%, 10/01/31		3,840		3,586,238
2.50%, 11/01/31		4,368		4,079,277
2.50%, 12/01/31		11,066		10,314,098
2.50%, 01/01/32		14,673		13,653,569
2.50%, 02/01/32		8,587		8,009,373
2.50%, 07/01/32		1,113		1,039,877
2.50%, 08/01/32		1,189		1,106,113
2.50%, 09/01/32		5,277		4,934,797
2.50%, 10/01/32		1,007		938,399
2.50%, 11/01/32		9,554		8,876,058
2.50%, 12/01/32		537		498,979
2.50%, 01/01/33		5,161		4,805,929
2.50%, 02/01/33		784		732,641
2.50%, 04/01/33		948		878,851
2.50%, 08/01/33		371		339,547
2.50%, 06/01/34		356		325,560

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 01/01/43	$	54	$	46,467
2.50%, 02/01/43		608		518,890
2.50%, 03/01/43		85		72,212
2.50%, 04/01/43		328		280,671
2.50%, 06/01/43		259		220,717
2.50%, 07/01/43		1,076		919,055
2.50%, 08/01/43		113		96,628
2.50%, 04/01/45		88		74,389
2.50%, 07/01/45		14		11,479
2.50%, 01/01/46		118		99,611
2.50%, 11/01/46		64		53,805
2.50%, 12/01/46		863		731,010
2.50%, 01/01/47		903		764,459
2.50%, 02/01/47		14		11,775
2.50%, 03/01/47		1,846		1,563,173
3.00%, 12/01/25		3		2,447
3.00%, 01/01/26		6		5,401
3.00%, 10/01/26		87		84,285
3.00%, 11/01/26		116		112,441
3.00%, 12/01/26		80		77,442
3.00%, 01/01/27		6		5,423
3.00%, 02/01/27		271		262,402
3.00%, 03/01/27		4		4,257
3.00%, 04/01/27		378		368,514
3.00%, 05/01/27		1,538		1,496,410
3.00%, 06/01/27		539		524,579
3.00%, 07/01/27		59		56,764
3.00%, 08/01/27		175		170,723
3.00%, 09/01/27		1,735		1,684,509
3.00%, 11/01/27		322		312,821
3.00%, 12/01/27		142		137,764
3.00%, 01/01/28		36		35,268
3.00%, 04/01/28		17		16,917
3.00%, 05/01/28		175		169,027
3.00%, 06/01/28		447		433,399
3.00%, 07/01/28		5		5,094
3.00%, 09/01/28		1,179		1,141,407
3.00%, 10/01/28		231		223,662
3.00%, 11/01/28		40		38,537
3.00%, 01/01/29		167		161,412
3.00%, 04/01/29		1,848		1,779,322
3.00%, 05/01/29		2,983		2,866,862
3.00%, 06/01/29		238		229,157
3.00%, 07/01/29		308		296,072
3.00%, 09/01/29		17		16,140
3.00%, 10/01/29		82		78,704
3.00%, 11/01/29		698		669,975
3.00%, 12/01/29		821		788,114
3.00%, 01/01/30		129		123,983
3.00%, 02/01/30		1,412		1,357,749
3.00%, 03/01/30		230		220,031
3.00%, 05/01/30		1,639		1,565,825
3.00%, 06/01/30		2,124		2,035,141
3.00%, 07/01/30		1,266		1,207,582
3.00%, 08/01/30		256		243,500
3.00%, 09/01/30		1,619		1,543,586
3.00%, 10/01/30		347		330,707
3.00%, 11/01/30		594		566,735
3.00%, 12/01/30		405		385,273
3.00%, 01/01/31		809		770,727
3.00%, 02/01/31		2,793		2,651,744

124 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 03/01/31	$	1,602	$	1,520,048
3.00%, 05/01/31		4,105		3,894,030
3.00%, 06/01/31		3,530		3,348,395
3.00%, 07/01/31		340		321,662
3.00%, 09/01/31		821		777,062
3.00%, 10/01/31		117		111,597
3.00%, 12/01/31		380		359,493
3.00%, 01/01/32		1,403		1,326,751
3.00%, 02/01/32		403		381,266
3.00%, 03/01/32		3,069		2,909,602
3.00%, 07/01/32		268		253,215
3.00%, 08/01/32		828		783,804
3.00%, 09/01/32		2,109		1,993,495
3.00%, 10/01/32		338		319,884
3.00%, 11/01/32		4,164		3,944,568
3.00%, 12/01/32		3,849		3,642,349
3.00%, 01/01/33		2,944		2,780,769
3.00%, 02/01/33		2,429		2,301,599
3.00%, 03/01/33		52		48,623
3.00%, 05/01/33		6,692		6,301,269
3.00%, 07/01/33		1,262		1,195,557
3.00%, 08/01/33		443		418,605
3.00%, 11/01/33		296		280,430
3.00%, 03/01/42		18		16,183
3.00%, 08/01/42		6		4,899
3.00%, 10/01/42		571		508,185
3.00%, 11/01/42		12,109		10,786,056
3.00%, 12/01/42		41		36,349
3.00%, 01/01/43		4,378		3,898,734
3.00%, 02/01/43		3,131		2,788,520
3.00%, 03/01/43		975		867,810
3.00%, 04/01/43		590		524,999
3.00%, 05/01/43		1,447		1,287,606
3.00%, 06/01/43		840		748,324
3.00%, 07/01/43		1,735		1,544,967
3.00%, 08/01/43		872		775,016
3.00%, 09/01/43		2,125		1,891,176
3.00%, 10/01/43		958		853,799
3.00%, 04/01/44		44		38,966
3.00%, 01/01/45		7		5,758
3.00%, 02/01/45		1,234		1,091,600
3.00%, 03/01/45		208		183,159
3.00%, 04/01/45		21,211		18,653,436
3.00%, 05/01/45		6,457		5,650,753
3.00%, 06/01/45		767		674,118
3.00%, 07/01/45		2,392		2,103,776
3.00%, 08/01/45		547		481,286
3.00%, 10/01/45		148		130,225
3.00%, 11/01/45		519		456,140
3.00%, 12/01/45		5,133		4,515,447
3.00%, 01/01/46		1,494		1,314,317
3.00%, 02/01/46		106		93,008
3.00%, 03/01/46		17,009		14,947,248
3.00%, 04/01/46		428		376,552
3.00%, 05/01/46		441		387,951
3.00%, 06/01/46		888		780,159
3.00%, 07/01/46		520		456,239
3.00%, 08/01/46		13,019		11,443,507
3.00%, 09/01/46		10,522		9,316,179
3.00%, 10/01/46		24,509		21,536,641
3.00%, 11/01/46		25,575		22,476,776

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
3.00%, 12/01/46	$	42,083		$	36,981,475
3.00%, 01/01/47		9,864			8,672,317
3.00%, 02/01/47		47,415			41,676,671
3.00%, 03/01/47		842			740,264
3.00%, 04/01/47		1,154			1,000,922
3.00%, 05/01/47		14,102			12,395,013
3.00%, 06/01/47		12,990			11,414,904
3.00%, 07/01/47		11,966			10,515,779
3.00%, 08/01/47		2,148			1,887,304
3.00%, 10/01/47		3,856			3,388,552
3.00%, 11/01/47		321			282,116
3.00%, 12/01/47		710			625,503
3.00%, 01/01/48		2,373			2,084,324
3.00%, 02/01/48		833			730,790
3.00%, 07/01/48		308			267,568
3.00%, 10/01/48		371			322,447
3.00%, 11/01/48		676			587,911
3.50%, 10/01/25		25			23,980
3.50%, 10/01/25		0	(a)		407
3.50%, 11/01/25		890			872,032
3.50%, 11/01/25		0	(a)		370
3.50%, 12/01/25		8			6,977
3.50%, 12/01/25		0	(a)		472
3.50%, 01/01/26		26			25,606
3.50%, 02/01/26		96			93,786
3.50%, 03/01/26		267			262,129
3.50%, 04/01/26		29			27,629
3.50%, 05/01/26		14			14,431
3.50%, 06/01/26		95			92,507
3.50%, 06/01/26		0	(a)		270
3.50%, 07/01/26		131			128,217
3.50%, 08/01/26		185			179,984
3.50%, 09/01/26		4			4,354
3.50%, 10/01/26		305			298,784
3.50%, 01/01/27		12			11,760
3.50%, 02/01/27		1			955
3.50%, 03/01/27		74			72,104
3.50%, 04/01/27		10			10,209
3.50%, 01/01/28		164			159,133
3.50%, 12/01/28		41			40,262
3.50%, 02/01/29		12			11,283
3.50%, 03/01/29		8			7,881
3.50%, 06/01/29		754			731,746
3.50%, 07/01/29		79			76,272
3.50%, 08/01/29		88			85,540
3.50%, 09/01/29		14			13,768
3.50%, 10/01/29		691			670,120
3.50%, 11/01/29		10			9,536
3.50%, 01/01/30		12			11,982
3.50%, 06/01/30		115			111,329
3.50%, 09/01/30		14			13,162
3.50%, 05/01/31		1,500			1,449,100
3.50%, 01/01/32		893			857,292
3.50%, 03/01/32		119			114,110
3.50%, 04/01/32		1,570			1,508,993
3.50%, 05/01/32		1,428			1,373,837
3.50%, 06/01/32		1,232			1,183,705
3.50%, 07/01/32		1,517			1,454,634
3.50%, 09/01/32		902			865,386
3.50%, 10/01/32		3,868			3,717,338
3.50%, 01/01/33		721			690,237

S C H E D U L E  O F  I N V E S T M E N T S 125

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 02/01/33	$	309	$	297,033
3.50%, 03/01/33		1,393		1,338,448
3.50%, 06/01/33		1,178		1,127,361
3.50%, 07/01/33		742		710,511
3.50%, 09/01/33		635		608,882
3.50%, 05/01/35		6,182		5,877,923
3.50%, 03/01/38		5,160		4,857,768
3.50%, 06/01/38		5,386		5,062,688
3.50%, 02/01/41		9		8,726
3.50%, 10/01/41		11		10,531
3.50%, 11/01/41		39		35,993
3.50%, 01/01/42		134		123,712
3.50%, 02/01/42		219		201,539
3.50%, 03/01/42		1,681		1,547,426
3.50%, 04/01/42		1,517		1,395,556
3.50%, 05/01/42		1,059		975,023
3.50%, 06/01/42		484		445,767
3.50%, 08/01/42		50		46,262
3.50%, 09/01/42		3,958		3,643,918
3.50%, 10/01/42		1,323		1,218,201
3.50%, 11/01/42		777		715,007
3.50%, 01/01/43		902		830,643
3.50%, 02/01/43		862		793,533
3.50%, 04/01/43		16		14,442
3.50%, 06/01/43		2,557		2,350,716
3.50%, 07/01/43		2,669		2,449,441
3.50%, 08/01/43		13		12,345
3.50%, 09/01/43		14		12,654
3.50%, 01/01/44		177		162,249
3.50%, 08/01/44		386		354,508
3.50%, 09/01/44		1,380		1,266,116
3.50%, 10/01/44		8,071		7,368,434
3.50%, 11/01/44		494		446,637
3.50%, 12/01/44		4,684		4,232,171
3.50%, 02/01/45		940		863,650
3.50%, 03/01/45		4,056		3,720,039
3.50%, 04/01/45		3		2,690
3.50%, 05/01/45		44		40,436
3.50%, 06/01/45		531		485,498
3.50%, 08/01/45		11,834		10,838,852
3.50%, 09/01/45		6		5,766
3.50%, 11/01/45		329		300,687
3.50%, 12/01/45		5,961		5,408,850
3.50%, 01/01/46		5,222		4,753,273
3.50%, 03/01/46		5,689		5,156,763
3.50%, 04/01/46		1,735		1,575,585
3.50%, 05/01/46		19,610		17,756,818
3.50%, 06/01/46		5,375		4,940,815
3.50%, 07/01/46		5,219		4,732,289
3.50%, 08/01/46		4,460		4,058,691
3.50%, 09/01/46		5,542		5,047,908
3.50%, 10/01/46		512		465,237
3.50%, 11/01/46		1,010		917,968
3.50%, 12/01/46		6,275		5,712,351
3.50%, 01/01/47		1,587		1,442,435
3.50%, 02/01/47		5,535		5,043,150
3.50%, 03/01/47		6,911		6,281,180
3.50%, 04/01/47		2,511		2,280,977
3.50%, 05/01/47		4,591		4,170,036
3.50%, 06/01/47		146		132,049
3.50%, 07/01/47		5,479		4,971,797

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
3.50%, 08/01/47	$	3,171		$	2,885,531
3.50%, 09/01/47		23,182			21,011,835
3.50%, 10/01/47		712			646,792
3.50%, 11/01/47		1,822			1,653,478
3.50%, 12/01/47		6,034			5,515,537
3.50%, 01/01/48		1,119			1,014,979
3.50%, 02/01/48		2,415			2,160,404
3.50%, 03/01/48		11,432			10,361,648
3.50%, 04/01/48		2,468			2,242,227
3.50%, 05/01/48		7,786			7,064,818
3.50%, 09/01/48		2,528			2,303,217
3.50%, 04/01/49		2,684			2,432,900
3.50%, 05/01/49		1,007			912,902
3.50%, 06/01/49		1,124			1,019,206
4.00%, 04/01/24		0	(a)		165
4.00%, 05/01/24		0	(a)		429
4.00%, 06/01/24		0	(a)		52
4.00%, 07/01/24		0	(a)		431
4.00%, 08/01/24		0	(a)		138
4.00%, 09/01/24		1			664
4.00%, 11/01/24		0	(a)		812
4.00%, 12/01/24		0	(a)		121
4.00%, 12/01/24		2			1,939
4.00%, 01/01/25		2			1,090
4.00%, 02/01/25		0	(a)		346
4.00%, 02/01/25		3			2,920
4.00%, 03/01/25		2			1,932
4.00%, 03/01/25		0	(a)		138
4.00%, 04/01/25		1			799
4.00%, 04/01/25		0	(a)		687
4.00%, 05/01/25		126			124,026
4.00%, 06/01/25		0	(a)		324
4.00%, 06/01/25		4			3,919
4.00%, 07/01/25		4			3,454
4.00%, 07/01/25		0	(a)		105
4.00%, 08/01/25		0	(a)		459
4.00%, 08/01/25		9			8,505
4.00%, 09/01/25		0	(a)		112
4.00%, 10/01/25		133			131,244
4.00%, 10/01/25		0	(a)		293
4.00%, 02/01/26		125			122,913
4.00%, 03/01/26		0	(a)		343
4.00%, 04/01/26		2			2,094
4.00%, 04/01/26		0	(a)		184
4.00%, 05/01/26		7			6,749
4.00%, 07/01/26		4			3,631
4.00%, 05/01/33		825			805,208
4.00%, 09/01/33		1			616
4.00%, 11/01/33		6			5,987
4.00%, 01/01/34		152			148,428
4.00%, 11/01/34		494			477,999
4.00%, 07/01/38		2,048			1,965,052
4.00%, 04/01/39		14			12,691
4.00%, 06/01/39		25			23,493
4.00%, 07/01/39		56			54,027
4.00%, 08/01/39		7			6,949
4.00%, 09/01/39		8			8,033
4.00%, 10/01/39		70			66,067
4.00%, 11/01/39		13			12,181
4.00%, 12/01/39		20			19,852
4.00%, 01/01/40		41			38,960

126 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 02/01/40	$	7	$	7,012
4.00%, 03/01/40		3		2,956
4.00%, 05/01/40		16		14,966
4.00%, 06/01/40		6		5,234
4.00%, 09/01/40		8		8,264
4.00%, 10/01/40		96		92,388
4.00%, 12/01/40		776		739,199
4.00%, 01/01/41		184		175,185
4.00%, 02/01/41		204		194,054
4.00%, 04/01/41		37		35,299
4.00%, 06/01/41		30		28,256
4.00%, 07/01/41		19		17,607
4.00%, 08/01/41		32		30,386
4.00%, 09/01/41		2,558		2,428,170
4.00%, 10/01/41		98		92,073
4.00%, 11/01/41		308		293,260
4.00%, 12/01/41		60		57,451
4.00%, 01/01/42		29		27,549
4.00%, 02/01/42		4,682		4,443,756
4.00%, 03/01/42		43		40,556
4.00%, 05/01/42		140		132,690
4.00%, 07/01/42		295		280,110
4.00%, 08/01/42		1,587		1,505,547
4.00%, 04/01/43		1,539		1,455,238
4.00%, 08/01/43		232		219,570
4.00%, 10/01/43		153		144,874
4.00%, 11/01/43		3		3,212
4.00%, 12/01/43		746		705,683
4.00%, 01/01/44		50		47,284
4.00%, 02/01/44		860		813,439
4.00%, 03/01/44		19		18,293
4.00%, 04/01/44		429		405,441
4.00%, 05/01/44		426		402,664
4.00%, 06/01/44		1,361		1,284,012
4.00%, 07/01/44		2,003		1,893,085
4.00%, 08/01/44		23		21,554
4.00%, 09/01/44		554		522,222
4.00%, 10/01/44		308		290,251
4.00%, 11/01/44		212		200,636
4.00%, 12/01/44		846		797,663
4.00%, 01/01/45		918		867,214
4.00%, 02/01/45		6,255		5,902,533
4.00%, 04/01/45		4,408		4,170,856
4.00%, 06/01/45		12		11,536
4.00%, 07/01/45		1,103		1,038,748
4.00%, 08/01/45		20		19,175
4.00%, 09/01/45		2,114		1,990,767
4.00%, 10/01/45		898		845,517
4.00%, 11/01/45		686		646,142
4.00%, 12/01/45		527		496,605
4.00%, 01/01/46		1,080		1,014,997
4.00%, 02/01/46		959		902,642
4.00%, 03/01/46		951		893,293
4.00%, 04/01/46		905		850,537
4.00%, 05/01/46		3,613		3,395,289
4.00%, 06/01/46		109		102,191
4.00%, 07/01/46		1,937		1,826,493
4.00%, 08/01/46		46		43,589
4.00%, 09/01/46		903		848,003
4.00%, 10/01/46		803		756,624
4.00%, 11/01/46		14,326		13,460,626

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.00%, 12/01/46	$	29		$	27,365
4.00%, 01/01/47		193			181,399
4.00%, 02/01/47		4,069			3,823,199
4.00%, 04/01/47		171			160,652
4.00%, 06/01/47		2,684			2,525,377
4.00%, 07/01/47		775			726,695
4.00%, 08/01/47		2,763			2,584,357
4.00%, 09/01/47		91			85,483
4.00%, 10/01/47		825			773,394
4.00%, 11/01/47		3,384			3,172,675
4.00%, 12/01/47		5,008			4,684,243
4.00%, 01/01/48		3,216			3,026,801
4.00%, 02/01/48		8,458			7,955,630
4.00%, 04/01/48		1,115			1,042,651
4.00%, 05/01/48		471			443,378
4.00%, 06/01/48		11,902			11,193,699
4.00%, 07/01/48		66			62,064
4.00%, 08/01/48		1,167			1,091,947
4.00%, 09/01/48		1,064			1,000,490
4.00%, 10/01/48		8,295			7,782,339
4.00%, 11/01/48		844			787,304
4.00%, 12/01/48		2,498			2,343,027
4.00%, 01/01/49		3,792			3,567,729
4.00%, 02/01/49		17,430			16,334,893
4.00%, 03/01/49		882			826,321
4.00%, 04/01/49		2,584			2,405,702
4.00%, 05/01/49		670			627,485
4.50%, 04/01/24		0	(a)		186
4.50%, 07/01/24		9			8,964
4.50%, 08/01/24		4			3,675
4.50%, 09/01/24		10			10,199
4.50%, 09/01/24		0	(a)		504
4.50%, 10/01/24		17			16,536
4.50%, 10/01/24		0	(a)		215
4.50%, 11/01/24		3			2,780
4.50%, 04/01/25		1			1,147
4.50%, 04/01/25		0	(a)		443
4.50%, 05/01/25		1			834
4.50%, 07/01/25		1			1,065
4.50%, 08/01/25		3			2,776
4.50%, 09/01/25		4			3,454
4.50%, 09/01/26		2			2,104
4.50%, 08/01/30		508			501,110
4.50%, 08/01/33		2			1,719
4.50%, 03/01/34		0	(a)		393
4.50%, 04/01/34		2			1,372
4.50%, 05/01/34		0	(a)		294
4.50%, 06/01/34		0	(a)		337
4.50%, 06/01/35		1			1,215
4.50%, 08/01/35		41			40,417
4.50%, 10/01/35		2			2,346
4.50%, 11/01/35		7			6,948
4.50%, 01/01/36		1			1,082
4.50%, 08/01/36		6			5,853
4.50%, 06/01/38		32			31,379
4.50%, 07/01/38		1			1,249
4.50%, 10/01/38		0	(a)		422
4.50%, 02/01/39		33			32,230
4.50%, 02/01/39		0	(a)		253
4.50%, 03/01/39		2,020			1,977,249
4.50%, 03/01/39		0	(a)		598

S C H E D U L E  O F  I N V E S T M E N T S 127

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.50%, 04/01/39	$	0	(a)	$	421
4.50%, 04/01/39		30			28,968
4.50%, 05/01/39		2,064			2,019,449
4.50%, 06/01/39		57			56,518
4.50%, 07/01/39		144			140,751
4.50%, 08/01/39		47			46,544
4.50%, 09/01/39		212			207,948
4.50%, 10/01/39		1,872			1,832,348
4.50%, 11/01/39		48			47,424
4.50%, 12/01/39		64			63,057
4.50%, 01/01/40		51			49,843
4.50%, 02/01/40		267			261,565
4.50%, 03/01/40		8			7,621
4.50%, 04/01/40		72			69,951
4.50%, 05/01/40		52			50,039
4.50%, 06/01/40		15			14,233
4.50%, 07/01/40		46			45,006
4.50%, 08/01/40		157			153,933
4.50%, 09/01/40		1,176			1,149,112
4.50%, 10/01/40		14			13,470
4.50%, 11/01/40		1			1,169
4.50%, 01/01/41		4			3,469
4.50%, 02/01/41		2,327			2,273,214
4.50%, 03/01/41		72			70,357
4.50%, 04/01/41		105			102,142
4.50%, 05/01/41		2,934			2,865,234
4.50%, 06/01/41		3,906			3,814,464
4.50%, 07/01/41		65			62,928
4.50%, 08/01/41		514			501,808
4.50%, 10/01/41		140			136,176
4.50%, 11/01/41		8			7,832
4.50%, 01/01/42		4			4,273
4.50%, 03/01/42		24			23,527
4.50%, 05/01/42		1,695			1,656,253
4.50%, 09/01/43		1,390			1,351,387
4.50%, 10/01/43		834			811,482
4.50%, 11/01/43		149			146,091
4.50%, 12/01/43		137			133,148
4.50%, 01/01/44		114			110,754
4.50%, 02/01/44		398			386,928
4.50%, 03/01/44		1,104			1,074,291
4.50%, 04/01/44		5			4,961
4.50%, 05/01/44		127			123,453
4.50%, 06/01/44		138			134,212
4.50%, 07/01/44		142			138,550
4.50%, 08/01/44		22			21,159
4.50%, 09/01/44		50			48,739
4.50%, 10/01/44		368			358,195
4.50%, 11/01/44		554			539,178
4.50%, 12/01/44		1,056			1,027,573
4.50%, 01/01/45		1,480			1,440,364
4.50%, 03/01/45		317			308,689
4.50%, 06/01/45		192			186,786
4.50%, 07/01/45		1,198			1,164,897
4.50%, 08/01/45		460			446,651
4.50%, 09/01/45		388			375,864
4.50%, 10/01/45		325			315,896
4.50%, 11/01/45		65			63,111
4.50%, 01/01/46		395			383,707
4.50%, 03/01/46		312			302,357
4.50%, 04/01/46		303			292,734

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.50%, 05/01/46	$	1,038		$	1,002,916
4.50%, 06/01/46		4,355			4,226,497
4.50%, 07/01/46		1,624			1,571,744
4.50%, 08/01/46		142			136,989
4.50%, 09/01/46		2,555			2,479,626
4.50%, 02/01/47		556			536,791
4.50%, 04/01/47		142			137,471
4.50%, 05/01/47		1,084			1,046,130
4.50%, 06/01/47		1,225			1,180,484
4.50%, 08/01/47		670			646,347
4.50%, 09/01/47		729			705,238
4.50%, 05/01/48		1,012			976,387
4.50%, 06/01/48		1,423			1,367,274
4.50%, 07/01/48		760			732,300
4.50%, 08/01/48		1,255			1,205,303
4.50%, 09/01/48		994			957,141
4.50%, 10/01/48		5,420			5,226,809
4.50%, 11/01/48		1,587			1,532,260
4.50%, 12/01/48		2,935			2,822,258
4.50%, 01/01/49		859			826,441
4.50%, 02/01/49		752			725,722
4.50%, 03/01/49		2,332			2,249,229
5.00%, 07/01/24		0	(a)		6
5.00%, 10/01/24		0	(a)		238
5.00%, 12/01/24		0	(a)		276
5.00%, 06/01/25		0	(a)		189
5.00%, 08/01/25		93			92,670
5.00%, 06/01/26		1			727
5.00%, 06/01/26		0	(a)		109
5.00%, 02/01/30		4			3,583
5.00%, 04/01/33		2			1,511
5.00%, 06/01/33		164			163,430
5.00%, 06/01/33		0	(a)		480
5.00%, 08/01/33		37			35,774
5.00%, 09/01/33		47			46,365
5.00%, 10/01/33		89			88,228
5.00%, 11/01/33		36			35,807
5.00%, 12/01/33		398			397,843
5.00%, 01/01/34		4			4,444
5.00%, 03/01/34		11			11,107
5.00%, 04/01/34		11			10,694
5.00%, 05/01/34		46			47,542
5.00%, 06/01/34		0	(a)		425
5.00%, 06/01/34		17			16,524
5.00%, 11/01/34		5			4,608
5.00%, 12/01/34		7			6,894
5.00%, 01/01/35		4			3,893
5.00%, 02/01/35		4			4,060
5.00%, 04/01/35		3			3,026
5.00%, 05/01/35		11			11,231
5.00%, 06/01/35		8			7,983
5.00%, 07/01/35		2,054			2,054,638
5.00%, 08/01/35		417			416,222
5.00%, 09/01/35		86			85,020
5.00%, 09/01/35		0	(a)		217
5.00%, 10/01/35		7			7,677
5.00%, 10/01/35		0	(a)		337
5.00%, 11/01/35		0	(a)		697
5.00%, 11/01/35		25			23,941
5.00%, 12/01/35		46			44,895
5.00%, 12/01/35		0	(a)		371

128 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 01/01/36	$	293		$	293,166
5.00%, 03/01/36		1			1,123
5.00%, 04/01/36		7			6,974
5.00%, 06/01/36		32			31,632
5.00%, 07/01/36		0	(a)		318
5.00%, 08/01/36		16			15,601
5.00%, 10/01/36		26			25,578
5.00%, 11/01/36		713			712,713
5.00%, 01/01/37		378			377,887
5.00%, 02/01/37		337			336,860
5.00%, 06/01/37		14			13,892
5.00%, 01/01/38		4			4,123
5.00%, 02/01/38		529			528,957
5.00%, 03/01/38		2,139			2,140,284
5.00%, 04/01/38		32			32,267
5.00%, 05/01/38		2			1,968
5.00%, 06/01/38		6			6,017
5.00%, 09/01/38		9			8,611
5.00%, 09/01/38		0	(a)		448
5.00%, 11/01/38		9			8,651
5.00%, 12/01/38		305			305,778
5.00%, 01/01/39		113			113,847
5.00%, 02/01/39		24			23,715
5.00%, 03/01/39		11			10,756
5.00%, 05/01/39		52			51,849
5.00%, 06/01/39		2			1,729
5.00%, 07/01/39		13			13,353
5.00%, 08/01/39		2,834			2,840,254
5.00%, 09/01/39		27			26,403
5.00%, 10/01/39		378			377,080
5.00%, 12/01/39		18			18,277
5.00%, 01/01/40		212			211,739
5.00%, 02/01/40		54			53,874
5.00%, 03/01/40		924			924,037
5.00%, 04/01/40		113			112,862
5.00%, 06/01/40		2			1,743
5.00%, 07/01/40		114			114,198
5.00%, 08/01/40		1,449			1,447,874
5.00%, 09/01/40		768			767,916
5.00%, 11/01/40		68			67,726
5.00%, 02/01/41		208			207,904
5.00%, 03/01/41		2			1,943
5.00%, 04/01/41		67			67,427
5.00%, 05/01/41		3			2,691
5.00%, 07/01/41		231			230,719
5.00%, 08/01/41		1,040			1,039,887
5.00%, 09/01/41		119			118,767
5.00%, 10/01/41		83			83,799
5.00%, 05/01/42(b)		271			276,065
5.00%, 04/01/44		59			58,583
5.00%, 03/01/47		2,140			2,117,454
5.00%, 05/01/47		22			22,203
5.00%, 07/01/47		1,165			1,150,951
5.00%, 03/01/48		660			652,014
5.00%, 04/01/48		1,621			1,601,058
5.00%, 05/01/48		732			722,913
5.00%, 06/01/48		282			279,420
5.00%, 07/01/48		582			575,288
5.00%, 08/01/48		2,969			2,932,325
5.00%, 09/01/48		461			455,706
5.00%, 10/01/48		1,926			1,901,897

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 11/01/48	$	646		$	638,846
5.00%, 01/01/49		1,415			1,398,955
5.00%, 02/01/49		583			576,119
5.00%, 04/01/49		174			172,093
5.24%, 12/01/38(b)		266			269,423
5.25%, 06/01/43(b)		12			11,886
5.50%, 02/01/29		0	(a)		247
5.50%, 04/01/29		2			1,795
5.50%, 07/01/31		0	(a)		115
5.50%, 11/01/31		0	(a)		101
5.50%, 12/01/31		1			849
5.50%, 01/01/32		0	(a)		88
5.50%, 02/01/32		1			579
5.50%, 04/01/32		7			6,777
5.50%, 09/01/32		17			17,240
5.50%, 09/01/32		0	(a)		583
5.50%, 10/01/32		10			9,631
5.50%, 11/01/32		1			501
5.50%, 12/01/32		30			30,632
5.50%, 12/01/32		0	(a)		481
5.50%, 01/01/33		5			4,750
5.50%, 01/01/33		0	(a)		63
5.50%, 03/01/33		3			2,643
5.50%, 04/01/33		0	(a)		627
5.50%, 04/01/33		10			9,799
5.50%, 05/01/33		5			5,071
5.50%, 06/01/33		14			14,476
5.50%, 07/01/33		14			14,692
5.50%, 08/01/33		1			1,240
5.50%, 10/01/33		111			112,924
5.50%, 10/01/33		0	(a)		180
5.50%, 11/01/33		5			5,158
5.50%, 12/01/33		0	(a)		466
5.50%, 01/01/34		0	(a)		417
5.50%, 01/01/34		46			44,968
5.50%, 02/01/34		496			504,897
5.50%, 03/01/34		148			150,948
5.50%, 07/01/34		7			6,974
5.50%, 08/01/34		5			5,345
5.50%, 09/01/34		1			1,172
5.50%, 10/01/34		89			90,307
5.50%, 11/01/34		0	(a)		317
5.50%, 11/01/34		1			983
5.50%, 12/01/34		154			155,945
5.50%, 01/01/35		1,126			1,146,864
5.50%, 01/01/35		0	(a)		442
5.50%, 02/01/35		314			320,049
5.50%, 02/01/35		0	(a)		384
5.50%, 03/01/35		8			8,361
5.50%, 04/01/35		180			183,476
5.50%, 04/01/35		0	(a)		430
5.50%, 05/01/35		526			536,689
5.50%, 05/01/35		0	(a)		151
5.50%, 06/01/35		1,400			1,431,336
5.50%, 07/01/35		9			8,463
5.50%, 08/01/35		83			84,945
5.50%, 09/01/35		5			5,232
5.50%, 10/01/35		83			84,869
5.50%, 11/01/35		0	(a)		280
5.50%, 11/01/35		14			13,591
5.50%, 12/01/35		291			297,482

S C H E D U L E  O F  I N V E S T M E N T S 129

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 01/01/36	$	16		$	15,872
5.50%, 02/01/36		0	(a)		352
5.50%, 02/01/36		7			7,184
5.50%, 03/01/36		27			28,394
5.50%, 04/01/36		3			3,288
5.50%, 05/01/36		414			424,014
5.50%, 06/01/36		13			13,533
5.50%, 07/01/36		605			617,932
5.50%, 08/01/36		78			79,910
5.50%, 08/01/36		0	(a)		385
5.50%, 09/01/36		0	(a)		153
5.50%, 11/01/36		10			10,641
5.50%, 12/01/36		0	(a)		156
5.50%, 12/01/36		5			5,708
5.50%, 01/01/37		67			68,720
5.50%, 02/01/37		12			11,901
5.50%, 02/01/37		0	(a)		225
5.50%, 03/01/37		4			3,544
5.50%, 04/01/37		12			12,594
5.50%, 05/01/37		40			39,972
5.50%, 05/01/37		0	(a)		116
5.50%, 07/01/37		6			6,749
5.50%, 09/01/37		7			6,925
5.50%, 11/01/37		13			14,092
5.50%, 12/01/37		7			7,203
5.50%, 01/01/38		24			24,813
5.50%, 02/01/38		5			4,932
5.50%, 04/01/38		648			663,559
5.50%, 04/01/38		0	(a)		281
5.50%, 05/01/38		257			263,538
5.50%, 05/01/38		0	(a)		122
5.50%, 06/01/38		31			32,270
5.50%, 06/01/38		0	(a)		352
5.50%, 07/01/38		95			96,322
5.50%, 07/01/38		0	(a)		297
5.50%, 08/01/38		26			26,838
5.50%, 09/01/38		81			83,050
5.50%, 10/01/38		27			27,745
5.50%, 11/01/38		14			14,433
5.50%, 11/01/38		0	(a)		122
5.50%, 12/01/38		93			94,709
5.50%, 12/01/38		0	(a)		392
5.50%, 01/01/39		1,238			1,262,367
5.50%, 02/01/39		57			58,300
5.50%, 03/01/39		1			961
5.50%, 04/01/39		17			17,066
5.50%, 05/01/39		14			14,415
5.50%, 06/01/39		23			23,186
5.50%, 09/01/39		406			415,687
5.50%, 10/01/39		4			4,323
5.50%, 11/01/39		1,011			1,033,085
5.50%, 12/01/39		47			46,916
5.50%, 01/01/40		74			76,588
5.50%, 02/01/40		23			23,697
5.50%, 03/01/40		6			5,732
5.50%, 05/01/40		8			8,652
5.50%, 06/01/40		25			25,552
5.50%, 03/01/41		9			9,418
5.50%, 06/01/41		3,166			3,235,562
5.85%, 08/01/41(b)		40			40,291
5.98%, 07/01/41(b)		12			12,466

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.99%, 11/01/41(b)	$	130		$	131,962
6.00%, 10/01/25		0	(a)		7
6.00%, 11/01/25		0	(a)		18
6.00%, 02/01/26		0	(a)		310
6.00%, 08/01/26		0	(a)		416
6.00%, 02/01/28		0	(a)		35
6.00%, 04/01/28		0	(a)		871
6.00%, 06/01/28		0	(a)		255
6.00%, 06/01/28		1			751
6.00%, 07/01/28		2			2,209
6.00%, 11/01/28		0	(a)		373
6.00%, 12/01/28		0	(a)		215
6.00%, 01/01/29		5			3,985
6.00%, 01/01/29		0	(a)		295
6.00%, 03/01/29		3			2,536
6.00%, 03/01/29		0	(a)		106
6.00%, 05/01/29		4			3,199
6.00%, 06/01/29		0	(a)		236
6.00%, 07/01/29		1			602
6.00%, 07/01/29		0	(a)		244
6.00%, 09/01/29		0	(a)		325
6.00%, 12/01/30		3			3,285
6.00%, 03/01/31		1			552
6.00%, 04/01/31		0	(a)		208
6.00%, 06/01/31		0	(a)		632
6.00%, 10/01/31		0	(a)		246
6.00%, 12/01/31		1			732
6.00%, 01/01/32		16			16,507
6.00%, 02/01/32		3			2,474
6.00%, 02/01/32		0	(a)		343
6.00%, 03/01/32		12			11,823
6.00%, 03/01/32		0	(a)		184
6.00%, 04/01/32		0	(a)		317
6.00%, 09/01/32		1			1,127
6.00%, 10/01/32		4			3,313
6.00%, 11/01/32		3			3,083
6.00%, 11/01/32		0	(a)		190
6.00%, 12/01/32		50			51,865
6.00%, 12/01/32		0	(a)		140
6.00%, 01/01/33		2			2,165
6.00%, 01/01/33		0	(a)		225
6.00%, 02/01/33		5			4,715
6.00%, 03/01/33		4			3,676
6.00%, 03/01/33		0	(a)		325
6.00%, 04/01/33		3			2,182
6.00%, 05/01/33		0	(a)		130
6.00%, 09/01/33		3			3,426
6.00%, 10/01/33		10			10,505
6.00%, 10/01/33		0	(a)		431
6.00%, 11/01/33		12			11,309
6.00%, 05/01/34		7			7,580
6.00%, 06/01/34		11			10,976
6.00%, 07/01/34		10			10,284
6.00%, 08/01/34		0	(a)		473
6.00%, 08/01/34		3			2,004
6.00%, 10/01/34		7			6,683
6.00%, 12/01/34		2			2,002
6.00%, 05/01/35		0	(a)		408
6.00%, 06/01/35		2			2,778
6.00%, 07/01/35		0	(a)		573
6.00%, 07/01/35		1			1,409

130 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.00%, 08/01/35	$	17		$	17,095
6.00%, 09/01/35		2			1,828
6.00%, 12/01/35		6			5,754
6.00%, 01/01/36		4			3,247
6.00%, 02/01/36		6			5,726
6.00%, 03/01/36		1			1,383
6.00%, 05/01/36		8			8,987
6.00%, 06/01/36		12			12,407
6.00%, 07/01/36		8			8,879
6.00%, 08/01/36		3			2,707
6.00%, 09/01/36		242			251,680
6.00%, 10/01/36		316			326,225
6.00%, 11/01/36		19			19,136
6.00%, 12/01/36		53			56,459
6.00%, 12/01/36		0	(a)		318
6.00%, 01/01/37		0	(a)		425
6.00%, 01/01/37		1			1,338
6.00%, 02/01/37		214			222,414
6.00%, 03/01/37		4			3,693
6.00%, 03/01/37		0	(a)		275
6.00%, 05/01/37		5			5,266
6.00%, 05/01/37		0	(a)		383
6.00%, 07/01/37		4			4,873
6.00%, 08/01/37		6			6,079
6.00%, 08/01/37		0	(a)		219
6.00%, 09/01/37		4			4,571
6.00%, 09/01/37		0	(a)		472
6.00%, 10/01/37		16			16,299
6.00%, 10/01/37		0	(a)		478
6.00%, 11/01/37		0	(a)		458
6.00%, 11/01/37		8			8,929
6.00%, 12/01/37		40			41,494
6.00%, 01/01/38		50			51,015
6.00%, 02/01/38		1			1,166
6.00%, 04/01/38		23			23,635
6.00%, 05/01/38		28			28,876
6.00%, 06/01/38		13			13,093
6.00%, 07/01/38		14			14,651
6.00%, 08/01/38		11			12,091
6.00%, 09/01/38		1,104			1,147,440
6.00%, 10/01/38		1			639
6.00%, 11/01/38		5			5,188
6.00%, 12/01/38		2			1,563
6.00%, 01/01/39		3			3,470
6.00%, 02/01/39		2			1,916
6.00%, 11/01/39		3			3,284
6.00%, 12/01/39		1			734
6.00%, 04/01/40		6			6,165
6.00%, 07/01/40		3,149			3,280,208
6.03%, 11/01/40(b)		6			5,480
6.13%, 09/01/41(b)		314			315,663
6.15%, 11/01/40(b)		45			44,742
6.15%, 01/01/42(b)		129			128,731
6.16%, 11/01/40(b)		154			154,991
6.38%, 12/01/33, (1-year CMT + 2.250%)(b)		40			40,198
6.50%, 04/01/24		0	(a)		3
6.50%, 06/01/24		0	(a)		5
6.50%, 09/01/24		0	(a)		53
6.50%, 02/01/26		0	(a)		28
6.50%, 03/01/26		0	(a)		112

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 04/01/26	$	0	(a)	$	442
6.50%, 03/01/27		0	(a)		205
6.50%, 04/01/28		0	(a)		105
6.50%, 05/01/28		0	(a)		348
6.50%, 06/01/28		0	(a)		252
6.50%, 07/01/28		1			505
6.50%, 09/01/28		0	(a)		306
6.50%, 10/01/28		0	(a)		413
6.50%, 12/01/28		1			1,098
6.50%, 01/01/29		2			2,522
6.50%, 02/01/29		0	(a)		326
6.50%, 02/01/29		2			1,614
6.50%, 03/01/29		1			1,091
6.50%, 04/01/29		0	(a)		999
6.50%, 04/01/29		1			793
6.50%, 05/01/29		0	(a)		812
6.50%, 06/01/29		0	(a)		465
6.50%, 07/01/29		0	(a)		367
6.50%, 08/01/29		3			2,590
6.50%, 09/01/29		4			3,575
6.50%, 08/01/30		1			603
6.50%, 01/01/31		0	(a)		86
6.50%, 05/01/31		1			591
6.50%, 05/01/31		0	(a)		48
6.50%, 06/01/31		0	(a)		138
6.50%, 06/01/31		3			2,961
6.50%, 07/01/31		1			1,277
6.50%, 07/01/31		0	(a)		76
6.50%, 08/01/31		0	(a)		777
6.50%, 08/01/31		1			1,318
6.50%, 09/01/31		1			521
6.50%, 09/01/31		0	(a)		456
6.50%, 10/01/31		0	(a)		211
6.50%, 11/01/31		0	(a)		368
6.50%, 12/01/31		5			5,626
6.50%, 01/01/32		0	(a)		40
6.50%, 02/01/32		2			2,218
6.50%, 02/01/32		0	(a)		402
6.50%, 03/01/32		0	(a)		341
6.50%, 03/01/32		2			2,594
6.50%, 04/01/32		2			2,022
6.50%, 04/01/32		0	(a)		73
6.50%, 05/01/32		0	(a)		134
6.50%, 07/01/32		1			525
6.50%, 08/01/32		6			5,673
6.50%, 08/01/32		0	(a)		1,210
6.50%, 09/01/32		1			1,115
6.50%, 10/01/32		1			1,465
6.50%, 11/01/32		1			650
6.50%, 12/01/32		2			2,564
6.50%, 12/01/33		5			5,520
6.50%, 04/01/34		18			18,747
6.50%, 07/01/34		2			1,852
6.50%, 09/01/34		3			2,913
6.50%, 01/01/35		2			2,283
6.50%, 04/01/35		1			541
6.50%, 08/01/35		5			5,503
6.50%, 02/01/36		0	(a)		450
6.50%, 06/01/36		1			1,237
6.50%, 08/01/36		1			1,094
6.50%, 09/01/36		29			31,074

S C H E D U L E  O F  I N V E S T M E N T S 131

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 09/01/36	$	0	(a)	$	498
6.50%, 10/01/36		11			10,655
6.50%, 11/01/36		1			717
6.50%, 08/01/37		3			2,971
6.50%, 10/01/37		8			7,826
6.50%, 11/01/37		3			2,893
6.50%, 12/01/37		0	(a)		153
6.50%, 12/01/37		14			15,160
6.50%, 01/01/38		1			856
6.50%, 02/01/38		13			13,236
6.50%, 02/01/38		0	(a)		210
6.50%, 07/01/38		1			1,235
6.50%, 08/01/38		1			1,065
6.50%, 10/01/38		0	(a)		515
6.50%, 12/01/38		2			2,308
6.50%, 01/01/39		9			10,366
6.50%, 09/01/39		15			15,521
6.58%, 05/01/43(b)		100			101,464
6.85%, 08/01/43(b)		16			15,710
7.00%, 05/01/24		0	(a)		5
7.00%, 07/01/24		0	(a)		3
7.00%, 03/01/26		0	(a)		542
7.00%, 06/01/26		0	(a)		64
7.00%, 12/01/26		0	(a)		60
7.00%, 01/01/27		0	(a)		64
7.00%, 02/01/27		0	(a)		170
7.00%, 03/01/27		0	(a)		79
7.00%, 04/01/27		0	(a)		19
7.00%, 05/01/27		0	(a)		32
7.00%, 09/01/27		0	(a)		402
7.00%, 10/01/27		0	(a)		177
7.00%, 11/01/27		0	(a)		185
7.00%, 12/01/27		0	(a)		469
7.00%, 05/01/28		0	(a)		340
7.00%, 07/01/28		0	(a)		14
7.00%, 10/01/28		0	(a)		163
7.00%, 11/01/28		0	(a)		373
7.00%, 03/01/29		0	(a)		151
7.00%, 06/01/29		1			1,025
7.00%, 06/01/29		0	(a)		44
7.00%, 07/01/29		0	(a)		141
7.00%, 07/01/29		2			2,104
7.00%, 09/01/29		0	(a)		125
7.00%, 10/01/29		1			815
7.00%, 01/01/30		0	(a)		13
7.00%, 02/01/30		0	(a)		79
7.00%, 05/01/30		0	(a)		21
7.00%, 12/01/30		0	(a)		415
7.00%, 01/01/31		0	(a)		311
7.00%, 02/01/31		0	(a)		501
7.00%, 05/01/31		0	(a)		411
7.00%, 07/01/31		1			1,016
7.00%, 08/01/31		1			1,027
7.00%, 09/01/31		1			1,466
7.00%, 12/01/31		1			723
7.00%, 12/01/31		0	(a)		428
7.00%, 03/01/32		2			2,250
7.00%, 05/01/32		1			873
7.00%, 05/01/32		0	(a)		341
7.00%, 06/01/32		1			939
7.00%, 06/01/32		0	(a)		373

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
7.00%, 07/01/32	$	2		$	2,551
7.00%, 08/01/32		2			2,122
7.00%, 09/01/32		0	(a)		484
7.00%, 11/01/32		1			684
7.00%, 10/01/33		8			8,589
7.00%, 11/01/36		2			1,342
7.00%, 12/01/36		5			5,372
7.00%, 09/01/38		1			1,601
7.50%, 11/01/25		0	(a)		85
7.50%, 01/01/26		0	(a)		211
7.50%, 03/01/26		0	(a)		81
7.50%, 04/01/26		0	(a)		34
7.50%, 05/01/26		0	(a)		61
7.50%, 10/01/26		0	(a)		85
7.50%, 12/01/26		0	(a)		10
7.50%, 04/01/27		0	(a)		49
7.50%, 06/01/27		0	(a)		38
7.50%, 08/01/27		0	(a)		102
7.50%, 09/01/27		0	(a)		29
7.50%, 12/01/27		0	(a)		218
7.50%, 03/01/28		0	(a)		496
7.50%, 07/01/28		0	(a)		87
7.50%, 11/01/28		0	(a)		88
7.50%, 07/01/29		5			4,879
7.50%, 12/01/29		0	(a)		48
7.50%, 01/01/30		0	(a)		100
7.50%, 03/01/30		0	(a)		61
7.50%, 05/01/30		0	(a)		68
7.50%, 06/01/30		0	(a)		25
7.50%, 07/01/30		0	(a)		9
7.50%, 08/01/30		0	(a)		517
7.50%, 09/01/30		1			1,075
7.50%, 10/01/30		0	(a)		55
7.50%, 11/01/30		1			813
7.50%, 12/01/30		1			565
7.50%, 01/01/31		0	(a)		25
7.50%, 02/01/31		0	(a)		51
7.50%, 09/01/31		1			981
7.50%, 01/01/32		1			1,219
8.00%, 05/01/25		0	(a)		17
8.00%, 10/01/25		0	(a)		6
8.00%, 11/01/25		0	(a)		166
8.00%, 09/01/26		0	(a)		227
8.00%, 10/01/26		0	(a)		52
8.00%, 11/01/26		0	(a)		137
8.00%, 03/01/27		0	(a)		159
8.00%, 05/01/27		0	(a)		133
8.00%, 06/01/27		0	(a)		71
8.00%, 09/01/27		0	(a)		92
8.00%, 11/01/27		0	(a)		36
8.00%, 10/01/29		0	(a)		46
8.00%, 11/01/29		0	(a)		303
8.00%, 12/01/29		0	(a)		115
8.00%, 01/01/30		0	(a)		46
8.00%, 03/01/30		0	(a)		401
8.00%, 07/01/30		0	(a)		37
8.00%, 06/01/31		1			1,010
8.50%, 06/01/24		0	(a)		1
8.50%, 11/01/24		0	(a)		1
8.50%, 01/01/25		0	(a)		9
8.50%, 03/01/25		0	(a)		34

132 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
8.50%, 06/01/25	$	0	(a)	$	9
8.50%, 09/01/25		0	(a)		56
8.50%, 07/01/30		0	(a)		142
9.00%, 04/01/25		0	(a)		16
9.00%, 10/01/25		0	(a)		21
9.50%, 06/01/25		0	(a)		6
10.00%, 04/01/25		0	(a)		6
Federal National Mortgage Association
2.50%, 12/01/31		256			237,990
3.00%, 07/01/30		1,056			1,004,994
3.00%, 08/01/31		29			27,366
3.00%, 02/01/47		5,955			5,270,489
3.00%, 03/01/47		4,518			3,904,858
3.50%, 05/01/32		303			289,437
3.50%, 02/01/35		595			566,125
3.50%, 09/01/46		97			88,164
3.50%, 01/01/47		480			435,062
3.50%, 11/01/51		5,379			4,831,987
4.00%, 02/01/47		7,198			6,760,639
4.00%, 01/01/57		4,215			3,911,540
4.00%, 02/01/57		4,733			4,392,188
4.50%, 02/01/44		819			795,834
4.82%, 12/01/38(b)		178			179,679
5.42%, 06/01/43(b)		552			555,918
5.95%, 08/01/42(b)		560			572,143
6.00%, 08/01/41(b)		58			59,565
6.07%, 09/01/41(b)		28			28,976
6.07%, 10/01/41(b)		455			463,733
6.26%, 02/01/42(b)		220			219,916
Government National Mortgage Association
1.50%, 04/20/51		493			382,921
2.00%, 07/20/50		10,345			8,446,155
2.00%, 08/20/50		65,772			53,685,600
2.00%, 09/20/50		4,490			3,663,900
2.00%, 10/20/50		615			501,755
2.00%, 11/20/50		23,196			18,917,302
2.00%, 12/20/50		54,423			44,371,769
2.00%, 01/20/51		21,092			17,191,110
2.00%, 02/20/51		74,087			60,379,340
2.00%, 03/20/51		10,755			8,763,312
2.00%, 04/20/51		15,223			12,401,999
2.00%, 05/20/51		782			636,837
2.00%, 06/20/51		5,313			4,327,032
2.00%, 07/20/51		4,906			3,994,626
2.00%, 08/20/51		34,417			27,917,990
2.00%, 09/20/51		10,026			8,160,275
2.00%, 10/20/51		311,282			253,303,168
2.00%, 11/20/51		41,261			33,569,235
2.00%, 12/20/51		295,150			240,083,942
2.00%, 01/20/52		172,486			140,292,806
2.00%, 02/20/52		5,589			4,547,039
2.00%, 03/20/52		144,503			117,537,423
2.00%, 04/20/52		86,737			70,558,196
2.00%, 06/20/52		25,337			20,607,758
2.00%, 07/20/52		713			580,520
2.00%, 09/20/52		80			64,844
2.00%, 03/20/54(c)		5,990			4,874,595
2.50%, 03/20/27		17			16,302
2.50%, 08/20/27		27			25,649
2.50%, 09/20/27		35			33,503
2.50%, 01/20/28		123			118,619

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 04/20/28	$	70	$	67,119
2.50%, 11/20/30		69		64,647
2.50%, 04/20/32		220		205,283
2.50%, 12/20/42		399		344,386
2.50%, 03/20/43		148		127,874
2.50%, 01/20/45		26		22,799
2.50%, 10/20/45		9,339		8,067,104
2.50%, 11/20/46		191		164,152
2.50%, 12/20/46		10,768		9,259,505
2.50%, 01/20/47		4,051		3,483,281
2.50%, 11/20/47		96		82,794
2.50%, 10/20/49		1,925		1,638,612
2.50%, 01/20/50		68		58,137
2.50%, 04/20/50		13,394		11,371,742
2.50%, 06/20/50		15,262		12,947,903
2.50%, 08/20/50		14,346		12,044,626
2.50%, 09/20/50		27,257		22,777,039
2.50%, 01/20/51		71,441		60,455,098
2.50%, 02/20/51		72,466		61,421,748
2.50%, 03/20/51		260		220,168
2.50%, 04/20/51		6,078		5,150,694
2.50%, 05/20/51		192,506		163,100,173
2.50%, 06/20/51		4,141		3,507,787
2.50%, 07/20/51		243,049		205,832,399
2.50%, 08/20/51		126,541		107,131,010
2.50%, 09/20/51		55,787		47,223,512
2.50%, 10/20/51		25,534		21,609,812
2.50%, 11/20/51		35,761		30,258,323
2.50%, 12/20/51		142,427		120,512,169
2.50%, 01/20/52		28,229		23,880,201
2.50%, 02/20/52		9,113		7,707,483
2.50%, 03/20/52		142,533		120,567,691
2.50%, 04/20/52		161,333		136,452,558
2.50%, 05/20/52		39,734		33,606,170
2.50%, 06/20/52		3,970		3,357,876
2.50%, 07/20/52		8,804		7,446,444
2.50%, 08/20/52		23,879		20,196,091
2.50%, 09/20/52		6,153		5,203,807
2.50%, 10/20/52		9,763		8,257,602
2.50%, 12/20/52		19,046		16,110,649
2.50%, 01/20/53		1,825		1,543,416
2.50%, 02/20/53		7,087		6,002,000
2.50%, 03/20/53		4,587		3,885,114
3.00%, 01/20/27		64		61,488
3.00%, 04/15/27		30		29,290
3.00%, 04/20/27		38		37,158
3.00%, 05/20/27		1,556		1,511,150
3.00%, 07/15/27		770		748,250
3.00%, 09/15/27		13		12,743
3.00%, 09/20/27		65		62,818
3.00%, 10/15/27		223		216,187
3.00%, 11/20/27		11		10,243
3.00%, 01/20/28		10		9,482
3.00%, 09/20/28		33		31,909
3.00%, 10/20/28		42		40,782
3.00%, 11/20/28		105		100,688
3.00%, 01/20/29		33		31,764
3.00%, 05/20/29		91		86,994
3.00%, 10/20/30		11		10,794
3.00%, 12/20/31		144		136,702
3.00%, 01/20/42		13		11,541

S C H E D U L E  O F  I N V E S T M E N T S 133

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 04/15/42	$	232	$	207,276
3.00%, 06/20/42		107		95,637
3.00%, 07/20/42		538		480,893
3.00%, 08/15/42		322		287,786
3.00%, 08/20/42		145		129,895
3.00%, 09/15/42		5,053		4,514,264
3.00%, 09/20/42		485		434,235
3.00%, 10/15/42		607		541,718
3.00%, 10/20/42		4,995		4,469,378
3.00%, 11/15/42		4,070		3,626,965
3.00%, 11/20/42		319		285,288
3.00%, 12/15/42		296		264,821
3.00%, 12/20/42		5,333		4,771,465
3.00%, 01/20/43		10,048		8,989,986
3.00%, 02/15/43		482		423,424
3.00%, 02/20/43		337		301,249
3.00%, 03/15/43		229		203,061
3.00%, 03/20/43		1,367		1,222,526
3.00%, 04/15/43		299		267,376
3.00%, 04/20/43		3,876		3,465,666
3.00%, 05/15/43		137		123,274
3.00%, 05/20/43		4,642		4,150,565
3.00%, 06/15/43		58		51,398
3.00%, 06/20/43		886		792,225
3.00%, 07/15/43		68		61,280
3.00%, 07/20/43		2,509		2,243,545
3.00%, 08/15/43		609		543,696
3.00%, 08/20/43		962		860,037
3.00%, 09/15/43		720		642,367
3.00%, 09/20/43		1,202		1,074,657
3.00%, 10/20/43		211		188,681
3.00%, 11/20/43		397		354,815
3.00%, 12/20/43		996		890,423
3.00%, 01/15/44		309		276,286
3.00%, 01/20/44		4,177		3,734,098
3.00%, 02/20/44		1,240		1,108,899
3.00%, 03/20/44		1,267		1,132,589
3.00%, 04/20/44		70		62,527
3.00%, 06/20/44		167		149,365
3.00%, 07/20/44		616		549,749
3.00%, 08/20/44		29,291		26,187,801
3.00%, 09/20/44		601		536,198
3.00%, 10/15/44		20		18,760
3.00%, 10/20/44		3,452		3,086,178
3.00%, 11/20/44		7,405		6,610,916
3.00%, 12/20/44		16		14,126
3.00%, 01/20/45		3,776		3,370,993
3.00%, 03/20/45		44		39,563
3.00%, 04/20/45		3,761		3,351,739
3.00%, 05/20/45		7,738		6,897,153
3.00%, 06/20/45		1,270		1,132,245
3.00%, 07/15/45		3		2,615
3.00%, 07/20/45		13,248		11,807,647
3.00%, 08/15/45		1,733		1,542,232
3.00%, 08/20/45		27,956		24,916,473
3.00%, 09/20/45		650		579,745
3.00%, 10/20/45		8,837		7,799,422
3.00%, 11/20/45		4,100		3,595,948
3.00%, 12/20/45		10,386		9,190,565
3.00%, 01/20/46		5,112		4,555,708
3.00%, 02/20/46		10,260		9,144,880

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 03/20/46	$	4,564	$	4,060,493
3.00%, 04/20/46		4,764		4,237,837
3.00%, 05/20/46		15,424		13,721,751
3.00%, 06/20/46		9,519		8,468,660
3.00%, 07/15/46		443		390,004
3.00%, 07/20/46		14,840		13,202,231
3.00%, 08/20/46		29,772		26,486,244
3.00%, 09/20/46		21,724		19,326,427
3.00%, 10/20/46		7,554		6,731,687
3.00%, 11/15/46		125		110,154
3.00%, 11/20/46		14,461		12,864,277
3.00%, 12/15/46		4,801		4,238,415
3.00%, 12/20/46		27,002		24,021,873
3.00%, 01/20/47		19,351		17,215,230
3.00%, 02/15/47		10,890		9,688,540
3.00%, 02/20/47		45,101		40,123,993
3.00%, 03/20/47		15,471		13,763,460
3.00%, 04/20/47		10,036		8,919,780
3.00%, 05/20/47		431		382,680
3.00%, 06/15/47		169		148,023
3.00%, 06/20/47		6,053		5,379,481
3.00%, 07/20/47		2,969		2,638,822
3.00%, 08/20/47		1,076		955,975
3.00%, 09/15/47		108		94,238
3.00%, 09/20/47		5,987		5,320,841
3.00%, 11/20/47		11,853		10,534,703
3.00%, 12/15/47		21		18,466
3.00%, 12/20/47		828		736,122
3.00%, 01/20/48		37,770		33,568,658
3.00%, 02/20/48		5,066		4,495,137
3.00%, 03/20/48		2,690		2,390,910
3.00%, 04/20/48		10,252		9,111,355
3.00%, 05/20/48		2,573		2,286,692
3.00%, 07/20/48		89		78,936
3.00%, 08/20/48		2,382		2,117,151
3.00%, 09/20/48		1,398		1,242,137
3.00%, 10/20/48		897		797,033
3.00%, 11/20/48		2,055		1,826,094
3.00%, 12/20/48		1,304		1,159,215
3.00%, 01/20/49		493		438,331
3.00%, 02/20/49		505		449,005
3.00%, 04/20/49		2,115		1,880,145
3.00%, 06/20/49		3,054		2,714,142
3.00%, 07/20/49		8,958		7,930,597
3.00%, 09/20/49		22,717		20,113,503
3.00%, 10/20/49		26,975		23,846,974
3.00%, 11/15/49		385		339,019
3.00%, 11/20/49		4,244		3,753,285
3.00%, 12/20/49		34,249		30,260,647
3.00%, 01/20/50		22,306		19,724,901
3.00%, 02/15/50		2,680		2,348,516
3.00%, 02/20/50		36,513		32,236,493
3.00%, 03/20/50		6,904		6,101,322
3.00%, 04/20/50		1,690		1,489,578
3.00%, 06/20/50		1,980		1,742,801
3.00%, 07/20/50		21,951		19,355,441
3.00%, 08/20/50		8,618		7,604,648
3.00%, 10/20/50		2,645		2,331,658
3.00%, 01/20/51		4,210		3,708,357
3.00%, 04/20/51		108		94,574
3.00%, 05/20/51		1,672		1,468,644

134 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 06/20/51	$	11,759	$	10,327,169
3.00%, 07/20/51		2,717		2,385,819
3.00%, 08/20/51		10,160		8,918,259
3.00%, 09/20/51		30,940		27,149,841
3.00%, 10/20/51		1,894		1,661,306
3.00%, 11/20/51		25,841		22,664,061
3.00%, 12/20/51		27,725		24,309,663
3.00%, 01/20/52		1,332		1,167,737
3.00%, 02/20/52		4,353		3,815,169
3.00%, 03/20/52		17,984		15,610,167
3.00%, 04/20/52		4,935		4,324,426
3.00%, 05/20/52		13,442		11,778,620
3.00%, 06/20/52		2,940		2,576,037
3.00%, 07/20/52		13,996		12,264,697
3.00%, 08/20/52		9,750		8,543,544
3.00%, 09/20/52		19,112		16,747,475
3.00%, 11/20/52		55		48,164
3.00%, 12/20/52		1,962		1,719,991
3.00%, 01/20/53		18,080		15,843,230
3.00%, 02/20/53		9,214		8,113,101
3.00%, 03/20/53		2,778		2,447,469
3.00%, 04/20/53		263		231,845
3.00%, 06/20/53		2,922		2,575,589
3.00%, 03/20/54(c)		24,087		21,115,223
3.50%, 08/15/24		20		19,785
3.50%, 12/15/25		2		1,829
3.50%, 02/15/26		42		41,343
3.50%, 05/15/26		8		7,550
3.50%, 12/20/26		38		37,361
3.50%, 03/20/27		7		7,020
3.50%, 04/20/27		23		22,096
3.50%, 01/20/29		6		5,999
3.50%, 07/15/29		95		92,129
3.50%, 01/15/41		11		10,075
3.50%, 01/20/41		65		60,036
3.50%, 09/15/41		152		140,976
3.50%, 10/15/41		12		11,444
3.50%, 11/15/41		56		52,096
3.50%, 11/20/41		1,518		1,406,180
3.50%, 12/15/41		1,478		1,367,661
3.50%, 12/20/41		1,203		1,114,081
3.50%, 01/15/42		159		146,261
3.50%, 01/20/42		107		99,069
3.50%, 02/15/42		339		314,437
3.50%, 02/20/42		65		60,203
3.50%, 03/15/42		158		146,529
3.50%, 03/20/42		8,738		8,088,437
3.50%, 04/15/42		385		355,742
3.50%, 05/15/42		289		266,773
3.50%, 05/20/42		602		557,338
3.50%, 06/15/42		113		104,508
3.50%, 06/20/42		10,912		10,100,106
3.50%, 07/15/42		346		320,631
3.50%, 08/15/42		49		45,305
3.50%, 08/20/42		1,086		1,005,439
3.50%, 09/15/42		1,022		944,721
3.50%, 09/20/42		14,630		13,541,308
3.50%, 10/15/42		995		918,843
3.50%, 10/20/42		12,375		11,454,851
3.50%, 11/15/42		380		351,588
3.50%, 11/20/42		13,002		12,035,203

Security	Par ( 000)		Value
Mortgage-Backed Securities (continued)
3.50%, 12/20/42	$	9,735	$	9,010,678
3.50%, 01/15/43		292		270,784
3.50%, 01/20/43		1,680		1,555,702
3.50%, 02/15/43		67		61,964
3.50%, 03/15/43		577		532,819
3.50%, 03/20/43		32		29,135
3.50%, 04/15/43		99		91,617
3.50%, 04/20/43		6,215		5,739,988
3.50%, 05/15/43		847		781,359
3.50%, 05/20/43		12,323		11,381,488
3.50%, 06/15/43		8,325		7,655,078
3.50%, 07/20/43		214		197,219
3.50%, 08/15/43		209		193,228
3.50%, 08/20/43		627		579,389
3.50%, 09/20/43		5,849		5,402,432
3.50%, 10/15/43		56		51,248
3.50%, 10/20/43		1,152		1,063,726
3.50%, 11/20/43		132		121,516
3.50%, 01/20/44		3		2,334
3.50%, 02/20/44		765		705,779
3.50%, 04/20/44		1,901		1,754,132
3.50%, 05/20/44		394		363,348
3.50%, 06/15/44		4		3,780
3.50%, 06/20/44		2,734		2,522,309
3.50%, 07/15/44		45		41,516
3.50%, 07/20/44		62		56,776
3.50%, 09/15/44		376		344,224
3.50%, 09/20/44		6,240		5,757,986
3.50%, 10/20/44		3,908		3,606,197
3.50%, 11/20/44		901		831,576
3.50%, 12/15/44		86		79,596
3.50%, 12/20/44		2,011		1,855,384
3.50%, 01/15/45		121		111,792
3.50%, 01/20/45		871		803,286
3.50%, 02/20/45		27		24,760
3.50%, 03/15/45		34		31,912
3.50%, 03/20/45		667		612,982
3.50%, 04/15/45		418		383,207
3.50%, 04/20/45		7,665		7,046,327
3.50%, 05/20/45		2,275		2,093,884
3.50%, 06/20/45		6,525		5,998,019
3.50%, 07/20/45		152		139,662
3.50%, 08/20/45		202		186,003
3.50%, 09/20/45		4,123		3,766,730
3.50%, 10/20/45		163		149,710
3.50%, 11/20/45		13,495		12,405,286
3.50%, 12/20/45		6,158		5,660,970
3.50%, 01/20/46		1,820		1,673,088
3.50%, 02/20/46		228		209,372
3.50%, 03/20/46		15,123		13,876,786
3.50%, 04/20/46		11,166		10,245,373
3.50%, 05/20/46		4,642		4,258,532
3.50%, 06/15/46		224		205,309
3.50%, 06/20/46		44,910		41,207,986
3.50%, 07/15/46		1,693		1,543,614
3.50%, 07/20/46		2,260		2,073,444
3.50%, 08/15/46		3,005		2,737,760
3.50%, 08/20/46		73		66,915
3.50%, 09/15/46		2,542		2,315,807
3.50%, 09/20/46		5,302		4,871,599
3.50%, 10/15/46		840		770,351

S C H E D U L E  O F  I N V E S T M E N T S 135

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 10/20/46	$	333	$	305,418
3.50%, 11/20/46		5,716		5,245,126
3.50%, 12/20/46		8,308		7,623,150
3.50%, 01/20/47		26,859		24,644,851
3.50%, 02/20/47		48,760		44,740,897
3.50%, 03/20/47		12,273		11,227,956
3.50%, 04/20/47		8,512		7,787,335
3.50%, 05/20/47		1,669		1,527,093
3.50%, 06/15/47		1,014		922,778
3.50%, 06/20/47		3,721		3,404,619
3.50%, 07/20/47		3,985		3,646,409
3.50%, 08/20/47		16,972		15,527,441
3.50%, 09/15/47		370		339,019
3.50%, 09/20/47		40,541		36,979,670
3.50%, 10/15/47		1,127		1,033,173
3.50%, 10/20/47		16,317		14,912,609
3.50%, 11/15/47		2,576		2,359,352
3.50%, 11/20/47		17,788		16,273,429
3.50%, 12/15/47		3,687		3,377,746
3.50%, 12/20/47		24,217		22,126,746
3.50%, 01/15/48		4,166		3,816,390
3.50%, 01/20/48		19,767		18,083,914
3.50%, 02/15/48		153		140,065
3.50%, 02/20/48		15,828		14,479,813
3.50%, 03/20/48		78		71,144
3.50%, 04/15/48		332		304,107
3.50%, 04/20/48		15,323		14,018,648
3.50%, 05/15/48		49		44,606
3.50%, 05/20/48		11,193		10,240,332
3.50%, 09/15/48		1,155		1,048,262
3.50%, 09/20/48		4,788		4,367,876
3.50%, 10/20/48		15,592		14,262,860
3.50%, 11/20/48		12,642		11,563,614
3.50%, 12/20/48		45		40,987
3.50%, 01/20/49		2,372		2,170,437
3.50%, 02/20/49		433		396,276
3.50%, 03/20/49		19,853		18,159,975
3.50%, 04/20/49		311		284,260
3.50%, 05/20/49		312		285,416
3.50%, 06/20/49		1,737		1,585,681
3.50%, 07/20/49		263		240,334
3.50%, 09/20/49		15,195		13,871,627
3.50%, 10/15/49		15		13,537
3.50%, 10/20/49		907		828,700
3.50%, 11/15/49		410		373,994
3.50%, 11/20/49		463		422,257
3.50%, 12/20/49		5,790		5,283,832
3.50%, 01/20/50		32,098		29,294,155
3.50%, 02/20/50		701		640,153
3.50%, 03/20/50		1,059		966,293
3.50%, 04/20/50		1,086		990,919
3.50%, 05/20/50		844		770,061
3.50%, 06/20/50		5,813		5,284,819
3.50%, 07/20/50		372		339,016
3.50%, 08/20/50		4,211		3,828,710
3.50%, 09/20/50		57		51,742
3.50%, 10/20/50		1,075		981,608
3.50%, 11/20/50		806		735,426
3.50%, 12/20/50		223		202,978
3.50%, 03/20/51		1,707		1,557,550
3.50%, 05/20/51		5,002		4,538,110

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
3.50%, 06/20/51	$	9,547		$	8,661,154
3.50%, 07/20/51		650			590,227
3.50%, 09/20/51		728			659,093
3.50%, 12/20/51		847			766,831
3.50%, 01/20/52		4,002			3,621,414
3.50%, 02/20/52		4,505			4,076,601
3.50%, 03/20/52		2,232			2,005,175
3.50%, 08/20/52		2,516			2,274,281
3.50%, 11/20/52		525			474,891
3.50%, 12/20/52		3,884			3,510,433
3.50%, 01/20/53		10,721			9,690,313
3.50%, 02/20/53		1,947			1,767,387
3.50%, 03/20/53		1,853			1,680,832
3.50%, 04/20/53		2,361			2,156,946
3.50%, 06/20/53		2,393			2,174,446
3.50%, 07/20/53		748			680,239
3.50%, 08/20/53		241			219,572
3.50%, 09/20/53		500			456,218
3.50%, 10/20/53		2,350			2,145,383
3.50%, 03/20/54(c)		28,677			25,935,635
4.00%, 07/15/24		1			743
4.00%, 08/15/24		1			1,298
4.00%, 12/15/24		2			2,358
4.00%, 11/15/25		9			8,476
4.00%, 05/15/26		8			7,380
4.00%, 07/20/26		5			4,434
4.00%, 06/15/39		54			51,868
4.00%, 09/20/39		264			252,370
4.00%, 12/20/39		567			542,665
4.00%, 04/20/40		367			349,919
4.00%, 07/20/40		384			366,202
4.00%, 08/15/40		33			31,163
4.00%, 09/15/40		150			142,027
4.00%, 09/20/40		34			32,723
4.00%, 10/15/40		108			102,658
4.00%, 10/20/40		415			396,063
4.00%, 11/15/40		77			74,096
4.00%, 11/20/40		861			821,435
4.00%, 12/15/40		50			47,754
4.00%, 12/20/40		6,311			6,022,112
4.00%, 01/15/41		157			150,582
4.00%, 01/20/41		919			876,997
4.00%, 02/15/41		1,849			1,765,758
4.00%, 02/20/41		101			96,648
4.00%, 03/15/41		260			247,931
4.00%, 04/15/41		1,185			1,131,747
4.00%, 04/20/41		82			78,408
4.00%, 05/15/41		325			311,030
4.00%, 05/20/41		500			477,063
4.00%, 06/15/41		0	(a)		194
4.00%, 07/15/41		582			556,603
4.00%, 07/20/41		225			215,025
4.00%, 08/15/41		39			37,381
4.00%, 08/20/41		1,440			1,373,993
4.00%, 09/15/41		189			180,375
4.00%, 09/20/41		84			79,860
4.00%, 10/15/41		27			25,723
4.00%, 10/20/41		64			60,911
4.00%, 11/15/41		13			12,560
4.00%, 11/20/41		2,603			2,484,060
4.00%, 12/15/41		456			435,303

136 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 12/20/41	$	596	$	568,886
4.00%, 01/15/42		288		275,072
4.00%, 01/20/42		912		870,430
4.00%, 02/15/42		1,264		1,206,305
4.00%, 02/20/42		1,830		1,746,006
4.00%, 03/15/42		2,294		2,189,226
4.00%, 03/20/42		195		186,379
4.00%, 04/15/42		1,228		1,170,392
4.00%, 04/20/42		697		665,079
4.00%, 05/15/42		470		448,687
4.00%, 05/20/42		1,201		1,145,394
4.00%, 06/20/42		162		154,169
4.00%, 07/20/42		394		375,509
4.00%, 08/15/42		448		426,999
4.00%, 08/20/42		1,737		1,656,642
4.00%, 09/20/42		32		30,039
4.00%, 10/15/42		217		206,608
4.00%, 10/20/42		33		31,233
4.00%, 11/20/42		465		443,545
4.00%, 12/20/42		3,364		3,208,591
4.00%, 01/20/43		331		315,897
4.00%, 03/20/43		198		188,496
4.00%, 04/20/43		178		170,083
4.00%, 05/15/43		4		4,212
4.00%, 05/20/43		1,023		975,006
4.00%, 06/20/43		25		23,621
4.00%, 07/20/43		72		68,471
4.00%, 09/15/43		102		96,568
4.00%, 09/20/43		21		19,833
4.00%, 10/20/43		429		408,629
4.00%, 11/20/43		29		27,917
4.00%, 01/20/44		892		850,310
4.00%, 02/20/44		273		259,791
4.00%, 03/15/44		89		83,833
4.00%, 03/20/44		204		194,049
4.00%, 04/15/44		15		14,262
4.00%, 04/20/44		981		931,555
4.00%, 05/15/44		70		66,124
4.00%, 06/20/44		391		371,267
4.00%, 07/15/44		29		27,106
4.00%, 07/20/44		1,779		1,689,625
4.00%, 08/15/44		13		12,696
4.00%, 08/20/44		2,751		2,612,966
4.00%, 09/15/44		207		196,225
4.00%, 09/20/44		276		261,822
4.00%, 10/20/44		3,780		3,590,470
4.00%, 01/15/45		13		12,560
4.00%, 01/20/45		4,045		3,842,367
4.00%, 02/15/45		2		1,850
4.00%, 02/20/45		72		68,026
4.00%, 03/15/45		24		22,976
4.00%, 03/20/45		897		851,695
4.00%, 04/15/45		35		32,912
4.00%, 04/20/45		531		504,177
4.00%, 05/15/45		33		31,353
4.00%, 05/20/45		11		10,835
4.00%, 06/15/45		147		138,297
4.00%, 06/20/45		1,750		1,660,564
4.00%, 07/15/45		44		41,709
4.00%, 07/20/45		908		861,349
4.00%, 08/15/45		28		26,836

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 08/20/45	$	672	$	638,446
4.00%, 09/15/45		231		218,212
4.00%, 09/20/45		6,016		5,707,546
4.00%, 10/20/45		569		539,467
4.00%, 11/15/45		33		30,648
4.00%, 11/20/45		4,030		3,823,216
4.00%, 12/20/45		230		218,165
4.00%, 01/20/46		1,040		987,049
4.00%, 03/20/46		7,953		7,545,558
4.00%, 04/15/46		386		363,159
4.00%, 04/20/46		3,917		3,715,861
4.00%, 05/15/46		5		4,395
4.00%, 05/20/46		2,581		2,448,438
4.00%, 06/20/46		360		340,258
4.00%, 07/20/46		935		882,976
4.00%, 08/15/46		52		48,681
4.00%, 08/20/46		85		80,295
4.00%, 09/20/46		3,849		3,634,552
4.00%, 10/15/46		72		67,787
4.00%, 11/15/46		139		130,951
4.00%, 11/20/46		3,390		3,200,957
4.00%, 12/15/46		1,149		1,086,437
4.00%, 12/20/46		1,715		1,619,549
4.00%, 01/20/47		5,505		5,198,627
4.00%, 02/20/47		131		123,379
4.00%, 03/20/47		511		482,912
4.00%, 04/20/47		13,144		12,395,318
4.00%, 05/20/47		2,365		2,230,494
4.00%, 06/20/47		21,488		20,264,721
4.00%, 07/20/47		29,607		27,922,062
4.00%, 08/20/47		7,305		6,889,090
4.00%, 09/20/47		4,355		4,107,173
4.00%, 10/15/47		23		21,512
4.00%, 10/20/47		949		894,828
4.00%, 11/20/47		30,127		28,412,059
4.00%, 12/20/47		8,355		7,874,747
4.00%, 01/15/48		1,405		1,318,850
4.00%, 01/20/48		6,321		5,961,174
4.00%, 02/20/48		22,961		21,654,113
4.00%, 03/20/48		19,892		18,754,018
4.00%, 04/20/48		12,014		11,319,844
4.00%, 05/15/48		103		97,551
4.00%, 05/20/48		1,907		1,793,827
4.00%, 06/20/48		12,670		11,938,692
4.00%, 07/20/48		4,497		4,237,244
4.00%, 08/20/48		12,758		12,021,558
4.00%, 09/20/48		8,463		7,974,378
4.00%, 10/20/48		3,955		3,726,960
4.00%, 11/20/48		13,970		13,161,105
4.00%, 12/20/48		3,592		3,385,079
4.00%, 02/20/49		1,311		1,235,442
4.00%, 03/20/49		7,650		7,208,842
4.00%, 04/20/49		283		266,594
4.00%, 05/20/49		3,360		3,163,611
4.00%, 06/20/49		4,670		4,395,767
4.00%, 07/20/49		3,979		3,744,690
4.00%, 09/15/49		72		67,498
4.00%, 09/20/49		225		211,777
4.00%, 10/20/49		421		396,725
4.00%, 11/20/49		31		29,225
4.00%, 01/20/50		22,767		21,437,548

S C H E D U L E  O F  I N V E S T M E N T S 137

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.00%, 02/20/50	$	11,351		$	10,687,934
4.00%, 03/20/50		336			316,001
4.00%, 04/20/50		8			7,788
4.00%, 05/20/50		1,948			1,834,215
4.00%, 06/20/50		2,009			1,892,054
4.00%, 07/20/50		4,356			4,104,472
4.00%, 08/20/50		2,635			2,480,981
4.00%, 10/20/50		2,489			2,343,505
4.00%, 11/20/50		474			446,477
4.00%, 12/20/50		1,326			1,249,029
4.00%, 01/20/51		53			49,747
4.00%, 04/20/52		421			392,517
4.00%, 06/20/52		4,389			4,086,949
4.00%, 07/20/52		11,626			10,815,688
4.00%, 08/20/52		11,519			10,715,967
4.00%, 09/20/52		59,822			55,652,967
4.00%, 10/20/52		24,036			22,360,857
4.00%, 12/20/52		9,395			8,739,852
4.00%, 02/20/53		483			449,199
4.00%, 03/20/53		3,896			3,624,168
4.00%, 08/20/53		1,667			1,550,878
4.50%, 04/20/26		4			3,920
4.50%, 07/15/33		1			913
4.50%, 08/15/33		9			8,298
4.50%, 11/20/33		2			1,802
4.50%, 06/15/34		2			1,480
4.50%, 01/15/35		0	(a)		404
4.50%, 06/20/35		12			11,757
4.50%, 08/15/35		7			6,646
4.50%, 03/15/39		72			70,266
4.50%, 03/20/39		29			28,334
4.50%, 04/15/39		234			229,252
4.50%, 05/15/39		73			72,967
4.50%, 06/15/39		67			66,268
4.50%, 07/15/39		269			265,553
4.50%, 08/15/39		1,092			1,073,856
4.50%, 09/15/39		31			30,811
4.50%, 10/15/39		6			5,654
4.50%, 11/15/39		30			28,947
4.50%, 11/20/39		397			390,181
4.50%, 12/15/39		56			55,390
4.50%, 12/20/39		38			37,386
4.50%, 01/15/40		129			126,690
4.50%, 01/20/40		425			417,211
4.50%, 02/15/40		105			102,986
4.50%, 03/15/40		69			67,822
4.50%, 04/15/40		31			30,807
4.50%, 04/20/40		931			915,021
4.50%, 05/15/40		25			23,684
4.50%, 05/20/40		61			59,535
4.50%, 06/15/40		2,169			2,132,144
4.50%, 06/20/40		6,595			6,481,651
4.50%, 07/15/40		800			785,818
4.50%, 07/20/40		2,368			2,327,054
4.50%, 08/15/40		2,735			2,687,551
4.50%, 08/20/40		680			668,012
4.50%, 09/15/40		148			145,443
4.50%, 10/15/40		64			62,866
4.50%, 10/20/40		3,565			3,504,182
4.50%, 12/15/40		12			11,683
4.50%, 01/15/41		7			6,986

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 01/20/41	$	5,115	$	5,026,968
4.50%, 02/15/41		5		4,835
4.50%, 02/20/41		4,608		4,533,990
4.50%, 03/15/41		72		71,314
4.50%, 03/20/41		243		239,495
4.50%, 04/15/41		17		16,753
4.50%, 04/20/41		9,142		8,994,331
4.50%, 05/15/41		39		38,924
4.50%, 05/20/41		3,760		3,698,951
4.50%, 06/15/41		41		40,380
4.50%, 06/20/41		7,245		7,127,761
4.50%, 07/15/41		28		27,695
4.50%, 07/20/41		5,107		5,024,855
4.50%, 08/15/41		45		44,370
4.50%, 08/20/41		87		85,156
4.50%, 09/15/41		15		14,798
4.50%, 09/20/41		1,208		1,188,006
4.50%, 11/20/41		1,190		1,170,327
4.50%, 12/20/41		510		501,631
4.50%, 01/20/42		4,309		4,239,675
4.50%, 02/20/42		49		47,891
4.50%, 03/20/42		11		11,149
4.50%, 04/20/42		21		20,407
4.50%, 05/20/42		15		14,458
4.50%, 08/20/43		8		8,155
4.50%, 09/20/43		242		236,210
4.50%, 11/20/43		515		503,185
4.50%, 02/20/44		128		125,478
4.50%, 03/20/44		2,527		2,469,011
4.50%, 04/20/44		2		2,406
4.50%, 05/20/44		239		233,569
4.50%, 06/20/44		11		10,955
4.50%, 08/20/44		17		16,527
4.50%, 09/20/44		3,574		3,487,189
4.50%, 10/20/44		202		197,510
4.50%, 11/20/44		168		164,050
4.50%, 02/20/45		39		37,590
4.50%, 03/20/45		3		2,446
4.50%, 06/20/45		125		121,735
4.50%, 09/15/45		16		15,111
4.50%, 09/20/45		7		6,803
4.50%, 10/15/45		44		42,336
4.50%, 10/20/45		58		56,885
4.50%, 11/20/45		5,556		5,421,873
4.50%, 12/20/45		138		135,000
4.50%, 01/20/46		46		44,796
4.50%, 02/15/46		146		141,869
4.50%, 02/20/46		610		595,162
4.50%, 03/20/46		9,193		8,982,056
4.50%, 05/20/46		111		108,336
4.50%, 07/20/46		210		204,863
4.50%, 08/15/46		16		15,297
4.50%, 08/20/46		321		313,778
4.50%, 09/15/46		60		58,496
4.50%, 09/20/46		1,598		1,564,120
4.50%, 10/15/46		20		19,486
4.50%, 10/20/46		1,628		1,590,398
4.50%, 11/20/46		731		714,079
4.50%, 12/20/46		136		132,490
4.50%, 01/20/47		507		493,344
4.50%, 02/20/47		257		250,664

138 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 04/20/47	$	372	$	360,851
4.50%, 05/20/47		791		767,393
4.50%, 06/15/47		60		57,748
4.50%, 06/20/47		861		836,526
4.50%, 07/20/47		3,088		2,997,294
4.50%, 08/15/47		21		20,386
4.50%, 08/20/47		370		359,498
4.50%, 09/20/47		138		133,664
4.50%, 10/20/47		1,605		1,556,687
4.50%, 11/20/47		154		148,662
4.50%, 12/20/47		253		245,074
4.50%, 01/20/48		1,747		1,690,989
4.50%, 02/20/48		1,968		1,905,353
4.50%, 03/20/48		3,705		3,586,953
4.50%, 04/20/48		13,429		13,001,316
4.50%, 05/20/48		496		479,800
4.50%, 06/20/48		10,066		9,743,933
4.50%, 07/20/48		18,035		17,458,351
4.50%, 08/20/48		13,843		13,400,841
4.50%, 09/20/48		6,015		5,822,777
4.50%, 10/20/48		1,641		1,589,008
4.50%, 11/20/48		4,102		3,970,200
4.50%, 12/20/48		6,492		6,284,047
4.50%, 01/20/49		17,946		17,372,295
4.50%, 02/20/49		1,436		1,389,726
4.50%, 03/20/49		6,152		5,955,449
4.50%, 04/20/49		3,010		2,913,171
4.50%, 05/20/49		11,236		10,872,947
4.50%, 08/20/49		3,586		3,471,217
4.50%, 09/20/49		265		256,798
4.50%, 10/20/49		519		502,541
4.50%, 11/20/49		836		809,641
4.50%, 12/20/49		165		160,050
4.50%, 02/20/50		8,457		8,186,821
4.50%, 03/20/50		3,467		3,355,829
4.50%, 04/20/50		2,942		2,847,432
4.50%, 05/20/50		2,394		2,317,732
4.50%, 07/20/50		373		360,715
4.50%, 12/20/50		152		147,099
4.50%, 03/20/51		1,926		1,864,270
4.50%, 05/20/51		51		48,913
4.50%, 06/20/51		2,573		2,490,570
4.50%, 12/20/51		3,649		3,531,943
4.50%, 02/20/52		20		18,915
4.50%, 05/20/52		2,685		2,566,820
4.50%, 07/20/52		18,933		18,119,960
4.50%, 08/20/52		43,454		41,543,895
4.50%, 09/20/52		2,504		2,393,757
4.50%, 10/20/52		4,681		4,475,218
4.50%, 11/20/52		5,161		4,933,740
4.50%, 03/20/53		48,192		46,074,347
4.50%, 04/20/53		44,806		42,777,470
4.50%, 05/20/53		24,777		23,654,921
4.50%, 06/20/53		6,274		5,989,649
4.50%, 03/20/54(c)		8,032		7,669,654
5.00%, 11/15/24		35		34,503
5.00%, 03/15/33		3		2,794
5.00%, 05/20/33		128		129,123
5.00%, 06/15/33		4		4,109
5.00%, 07/15/33		13		12,520
5.00%, 07/20/33		1		882

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 08/15/33	$	52		$	52,833
5.00%, 09/15/33		30			30,047
5.00%, 10/15/33		21			20,905
5.00%, 01/15/34		1			619
5.00%, 01/20/34		1			1,061
5.00%, 02/15/34		22			21,980
5.00%, 04/15/34		2			1,887
5.00%, 05/15/34		2			1,961
5.00%, 05/20/34		1			622
5.00%, 06/15/34		19			18,783
5.00%, 07/15/34		13			13,113
5.00%, 12/15/34		2			1,601
5.00%, 01/15/35		5			5,375
5.00%, 03/15/35		0	(a)		448
5.00%, 05/15/35		1			1,143
5.00%, 07/20/35		557			557,842
5.00%, 08/15/35		16			16,699
5.00%, 09/15/35		6			6,146
5.00%, 10/15/35		42			41,462
5.00%, 11/15/35		9			8,502
5.00%, 12/15/35		8			8,329
5.00%, 04/20/36		19			18,738
5.00%, 09/15/36		14			14,286
5.00%, 12/15/36		2,153			2,160,104
5.00%, 04/20/37		1			743
5.00%, 12/15/37		2			1,990
5.00%, 01/15/38		0	(a)		136
5.00%, 02/15/38		0	(a)		246
5.00%, 03/15/38		1			515
5.00%, 03/20/38		4			3,944
5.00%, 04/15/38		12			11,639
5.00%, 04/20/38		104			104,048
5.00%, 05/15/38		59			59,272
5.00%, 05/20/38		1			1,250
5.00%, 06/15/38		27			27,354
5.00%, 06/20/38		10			10,373
5.00%, 07/15/38		2			1,811
5.00%, 07/15/38		0	(a)		275
5.00%, 08/15/38		24			24,893
5.00%, 08/20/38		8			8,265
5.00%, 10/15/38		12			12,009
5.00%, 10/20/38		11			11,215
5.00%, 12/15/38		6			5,643
5.00%, 01/15/39		899			903,472
5.00%, 02/15/39		245			246,333
5.00%, 03/15/39		57			56,415
5.00%, 03/15/39		0	(a)		401
5.00%, 04/15/39		37			37,131
5.00%, 05/15/39		11			11,722
5.00%, 05/20/39		5			4,808
5.00%, 06/15/39		69			68,681
5.00%, 06/20/39		21			21,165
5.00%, 07/15/39		2,139			2,152,115
5.00%, 08/15/39		76			74,489
5.00%, 09/15/39		241			242,877
5.00%, 10/15/39		31			29,705
5.00%, 10/20/39		747			748,116
5.00%, 11/15/39		38			38,574
5.00%, 11/20/39		117			116,950
5.00%, 12/15/39		13			12,555
5.00%, 02/15/40		248			247,787

S C H E D U L E  O F  I N V E S T M E N T S 139

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
5.00%, 03/15/40	$	25	$	25,444
5.00%, 03/20/40		3		2,791
5.00%, 04/15/40		10		9,641
5.00%, 05/15/40		477		477,471
5.00%, 05/20/40		9		8,808
5.00%, 06/15/40		89		89,640
5.00%, 06/20/40		24		23,915
5.00%, 07/15/40		29		28,822
5.00%, 07/20/40		2,354		2,360,626
5.00%, 08/15/40		9		8,883
5.00%, 08/20/40		734		735,667
5.00%, 12/15/40		57		57,533
5.00%, 01/20/41		48		48,031
5.00%, 02/20/41		20		20,456
5.00%, 04/15/41		9		9,208
5.00%, 04/20/41		1		969
5.00%, 05/20/41		30		29,910
5.00%, 06/20/41		6		5,947
5.00%, 07/20/41		7		7,477
5.00%, 09/20/41		10		10,445
5.00%, 10/20/41		6		6,180
5.00%, 11/20/41		2,197		2,203,266
5.00%, 12/20/41		14		14,488
5.00%, 02/20/42		64		64,030
5.00%, 03/20/42		12		11,914
5.00%, 07/20/42		409		409,335
5.00%, 08/20/42		19		19,164
5.00%, 10/20/42		1		1,271
5.00%, 01/20/43		109		108,826
5.00%, 04/20/43		27		27,370
5.00%, 05/20/43		18		18,120
5.00%, 11/20/43		62		62,563
5.00%, 01/20/44		84		84,258
5.00%, 03/15/44		1,648		1,652,172
5.00%, 05/20/44		193		193,201
5.00%, 06/20/44		26		26,474
5.00%, 07/20/44		144		144,563
5.00%, 08/20/44		69		69,358
5.00%, 12/20/44		425		426,751
5.00%, 04/20/45		101		101,122
5.00%, 06/20/45		452		453,566
5.00%, 07/20/45		2		2,396
5.00%, 08/20/45		12		11,919
5.00%, 09/20/45		9		9,135
5.00%, 10/20/45		204		204,862
5.00%, 11/20/45		4		4,246
5.00%, 02/20/46		514		515,025
5.00%, 03/20/46		7		6,913
5.00%, 04/20/46		87		86,895
5.00%, 05/20/46		61		61,406
5.00%, 07/20/46		166		166,435
5.00%, 08/20/46		1,113		1,116,030
5.00%, 11/20/46		919		920,419
5.00%, 01/20/47		358		358,846
5.00%, 03/20/47		60		60,181
5.00%, 04/20/47		87		87,364
5.00%, 05/20/47		418		417,419
5.00%, 06/20/47		144		144,174
5.00%, 07/15/47		289		286,063
5.00%, 07/20/47		31		31,217
5.00%, 08/15/47		145		143,338

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 08/20/47	$	76		$	75,983
5.00%, 09/20/47		286			284,611
5.00%, 10/20/47		384			382,662
5.00%, 11/20/47		357			356,533
5.00%, 12/20/47		422			420,055
5.00%, 01/20/48		319			317,920
5.00%, 02/20/48		2,496			2,484,265
5.00%, 03/20/48		5,041			5,017,724
5.00%, 04/20/48		2,440			2,428,619
5.00%, 05/20/48		1,710			1,696,279
5.00%, 06/20/48		363			360,522
5.00%, 08/20/48		3,579			3,547,507
5.00%, 09/20/48		1,063			1,053,404
5.00%, 10/20/48		4,385			4,346,085
5.00%, 11/20/48		5,377			5,328,941
5.00%, 12/20/48		1,640			1,624,842
5.00%, 01/20/49		11,995			11,889,605
5.00%, 02/20/49		781			774,536
5.00%, 03/20/49		8,644			8,568,088
5.00%, 04/20/49		4,839			4,796,132
5.00%, 05/20/49		4			4,138
5.00%, 06/20/49		1,495			1,482,095
5.00%, 07/20/49		1,094			1,085,638
5.00%, 08/20/49		617			611,099
5.00%, 09/20/49		4,236			4,202,148
5.00%, 10/20/49		2,270			2,258,938
5.00%, 11/20/49		4,906			4,864,794
5.00%, 12/20/49		639			633,827
5.00%, 02/20/50		525			522,207
5.00%, 04/20/50		985			980,545
5.00%, 05/20/50		1,782			1,773,401
5.00%, 06/20/50		208			206,426
5.00%, 07/20/51		52			51,611
5.00%, 08/20/51		1,021			1,012,022
5.00%, 09/20/51		40			39,980
5.00%, 10/20/51		8,024			7,923,558
5.00%, 11/20/51		5,009			4,946,827
5.00%, 01/20/52		186			183,747
5.00%, 07/20/52		3,937			3,847,146
5.00%, 09/20/52		22,322			21,810,795
5.00%, 12/20/52		15,946			15,580,546
5.00%, 01/20/53		3,402			3,324,263
5.00%, 02/20/53		6,879			6,721,719
5.00%, 04/20/53		27,825			27,168,565
5.00%, 05/20/53		33,120			32,337,980
5.00%, 07/20/53		76,618			74,810,490
5.00%, 08/20/53		4,938			4,821,787
5.00%, 09/20/53		43,210			42,190,471
5.00%, 03/20/54(c)		76,287			74,509,799
5.50%, 12/15/31		11			11,211
5.50%, 12/15/31		0	(a)		469
5.50%, 05/20/32		0	(a)		222
5.50%, 10/15/32		1			1,239
5.50%, 11/15/32		2			1,709
5.50%, 01/15/33		5			5,471
5.50%, 02/15/33		7			6,381
5.50%, 02/15/33		0	(a)		470
5.50%, 03/15/33		9			9,573
5.50%, 03/15/33		0	(a)		306
5.50%, 04/15/33		22			22,813
5.50%, 05/15/33		16			16,038

140 2 0 2 4  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 06/15/33	$	1		$	1,447
5.50%, 07/15/33		4			4,452
5.50%, 08/15/33		24			23,894
5.50%, 09/15/33		8			7,971
5.50%, 10/15/33		5			4,654
5.50%, 11/15/33		35			35,563
5.50%, 12/15/33		6			6,235
5.50%, 12/15/33		0	(a)		59
5.50%, 01/15/34		22			22,530
5.50%, 02/15/34		0	(a)		224
5.50%, 03/15/34		12			12,294
5.50%, 04/15/34		14			13,494
5.50%, 05/15/34		25			25,425
5.50%, 05/15/34		0	(a)		436
5.50%, 06/15/34		14			14,771
5.50%, 07/15/34		7			7,225
5.50%, 10/15/34		4			3,752
5.50%, 11/15/34		7			7,158
5.50%, 11/20/34		685			699,459
5.50%, 12/15/34		4			4,165
5.50%, 02/15/35		14			14,554
5.50%, 03/15/35		11			11,281
5.50%, 04/15/35		11			11,088
5.50%, 05/15/35		7			7,318
5.50%, 06/15/35		17			17,188
5.50%, 07/15/35		14			13,541
5.50%, 08/15/35		4			4,024
5.50%, 09/15/35		13			13,433
5.50%, 10/15/35		7			7,267
5.50%, 11/15/35		3			2,833
5.50%, 12/15/35		10			10,240
5.50%, 01/15/36		4			3,832
5.50%, 02/15/36		1			1,342
5.50%, 03/15/36		533			543,739
5.50%, 03/20/36		149			151,936
5.50%, 04/15/36		3			2,790
5.50%, 06/20/36		280			286,108
5.50%, 07/15/36		1			860
5.50%, 07/20/36		201			205,732
5.50%, 11/20/36		0	(a)		391
5.50%, 12/15/36		4			4,463
5.50%, 01/15/37		0	(a)		202
5.50%, 03/15/37		35			35,280
5.50%, 04/15/37		11			11,683
5.50%, 05/15/37		1			1,327
5.50%, 07/15/37		2			1,956
5.50%, 01/15/38		1			939
5.50%, 01/20/38		1			667
5.50%, 02/15/38		9			9,148
5.50%, 03/15/38		2			2,471
5.50%, 05/15/38		9			9,613
5.50%, 05/15/38		0	(a)		598
5.50%, 06/15/38		65			66,204
5.50%, 06/15/38		0	(a)		287
5.50%, 06/20/38		760			778,559
5.50%, 07/15/38		19			20,517
5.50%, 07/15/38		0	(a)		486
5.50%, 07/20/38		9			8,889
5.50%, 08/15/38		34			34,915
5.50%, 09/15/38		9			9,800
5.50%, 09/20/38		6			5,952

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 10/15/38	$	499		$	514,053
5.50%, 10/20/38		25			25,843
5.50%, 11/15/38		14			14,868
5.50%, 11/20/38		0	(a)		489
5.50%, 12/15/38		9			8,931
5.50%, 12/20/38		21			21,186
5.50%, 01/15/39		23			24,090
5.50%, 01/15/39		0	(a)		340
5.50%, 01/20/39		9			9,421
5.50%, 02/15/39		3			3,511
5.50%, 02/20/39		37			38,200
5.50%, 03/20/39		580			593,267
5.50%, 04/15/39		7			7,043
5.50%, 05/15/39		1			1,361
5.50%, 11/15/39		3			3,125
5.50%, 12/15/39		135			138,505
5.50%, 01/15/40		1,238			1,266,967
5.50%, 01/20/40		263			269,140
5.50%, 03/15/40		17			17,004
5.50%, 04/15/40		29			29,880
5.50%, 07/20/40		1,246			1,276,230
5.50%, 11/15/40		13			12,811
5.50%, 12/20/40		6			6,271
5.50%, 04/20/41		22			22,150
5.50%, 10/20/41		17			17,408
5.50%, 11/20/41		15			15,816
5.50%, 01/20/42		5			4,658
5.50%, 07/20/42		5			4,866
5.50%, 11/20/42		34			34,408
5.50%, 06/20/43		80			81,685
5.50%, 07/20/43		16			16,556
5.50%, 04/20/44		28			28,545
5.50%, 08/20/44		31			31,364
5.50%, 01/20/47		17			17,723
5.50%, 02/20/47		21			21,959
5.50%, 10/20/47		249			254,675
5.50%, 03/20/48		130			132,289
5.50%, 04/20/48		63			63,991
5.50%, 05/20/48		236			239,226
5.50%, 06/20/48		179			181,411
5.50%, 11/20/48		539			544,831
5.50%, 12/20/48		86			87,105
5.50%, 01/20/49		2,228			2,250,289
5.50%, 02/20/49		96			97,008
5.50%, 03/20/49		26			26,686
5.50%, 05/20/49		3,212			3,248,147
5.50%, 03/20/52		1,953			1,946,924
5.50%, 11/20/52		3,008			2,990,057
5.50%, 12/20/52		53,742			53,424,148
5.50%, 01/20/53		34,381			34,149,909
5.50%, 04/20/53		410			407,679
5.50%, 07/20/53		21,634			21,653,504
5.50%, 09/20/53		36,049			35,802,911
5.50%, 10/20/53		49,582			49,243,322
5.50%, 11/20/53		4,974			4,939,936
5.50%, 03/20/54(c)		30,233			30,031,053
6.00%, 04/15/26		0	(a)		87
6.00%, 04/15/26		1			639
6.00%, 05/15/26		1			947
6.00%, 04/15/28		0	(a)		204
6.00%, 05/15/28		1			673

S C H E D U L E  O F  I N V E S T M E N T S 141

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.00%, 07/20/28	$	0	(a)	$	87
6.00%, 09/15/28		0	(a)		123
6.00%, 09/20/28		0	(a)		161
6.00%, 12/15/28		0	(a)		213
6.00%, 01/15/29		5			5,279
6.00%, 01/15/29		0	(a)		104
6.00%, 02/15/29		0	(a)		155
6.00%, 02/15/29		19			19,625
6.00%, 03/15/29		0	(a)		412
6.00%, 04/15/29		1			1,246
6.00%, 04/15/29		0	(a)		200
6.00%, 05/15/29		2			2,032
6.00%, 05/20/29		0	(a)		432
6.00%, 06/15/29		1			943
6.00%, 07/15/29		0	(a)		101
6.00%, 08/20/29		0	(a)		103
6.00%, 06/15/31		0	(a)		246
6.00%, 10/15/31		2			1,578
6.00%, 11/15/31		0	(a)		337
6.00%, 12/15/31		3			2,477
6.00%, 01/15/32		0	(a)		275
6.00%, 02/15/32		0	(a)		177
6.00%, 02/15/32		3			2,525
6.00%, 03/15/32		1			1,325
6.00%, 03/15/32		0	(a)		320
6.00%, 04/15/32		3			3,573
6.00%, 05/15/32		0	(a)		789
6.00%, 05/15/32		1			608
6.00%, 06/15/32		1			1,026
6.00%, 07/15/32		1			1,066
6.00%, 08/15/32		2			2,361
6.00%, 08/15/32		0	(a)		269
6.00%, 09/15/32		1			1,334
6.00%, 10/15/32		0	(a)		76
6.00%, 10/15/32		9			9,206
6.00%, 12/15/32		0	(a)		322
6.00%, 12/15/32		23			23,600
6.00%, 01/15/33		0	(a)		776
6.00%, 02/15/33		9			8,696
6.00%, 06/15/33		13			13,464
6.00%, 08/15/33		1			1,404
6.00%, 09/15/33		30			31,088
6.00%, 11/15/33		4			3,828
6.00%, 12/15/33		40			41,698
6.00%, 07/15/34		6			5,868
6.00%, 08/15/34		3			2,815
6.00%, 09/15/34		2			2,144
6.00%, 10/15/34		9			9,119
6.00%, 11/15/34		1			500
6.00%, 09/15/35		1			1,467
6.00%, 11/15/35		1			1,411
6.00%, 12/15/35		7			7,325
6.00%, 01/15/36		1			654
6.00%, 01/20/36		2			2,375
6.00%, 04/15/36		4			3,773
6.00%, 06/15/36		7			7,557
6.00%, 07/15/36		3			2,922
6.00%, 08/15/36		10			11,323
6.00%, 10/15/36		2			2,162
6.00%, 11/15/36		12			11,991
6.00%, 01/15/37		16			15,738

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.00%, 01/20/37	$	1		$	1,005
6.00%, 02/15/37		1			1,457
6.00%, 03/15/37		1,117			1,165,450
6.00%, 04/15/37		23			24,036
6.00%, 05/15/37		0	(a)		324
6.00%, 05/15/37		17			17,509
6.00%, 06/15/37		3			2,574
6.00%, 08/15/37		1			1,203
6.00%, 10/20/37		18			18,245
6.00%, 11/15/37		0	(a)		214
6.00%, 11/20/37		17			17,328
6.00%, 12/15/37		4			4,631
6.00%, 01/15/38		14			14,899
6.00%, 02/15/38		0	(a)		431
6.00%, 02/15/38		9			9,141
6.00%, 03/15/38		1			1,024
6.00%, 05/15/38		17			17,298
6.00%, 06/15/38		2			2,238
6.00%, 06/20/38		11			11,657
6.00%, 08/15/38		6			6,375
6.00%, 08/15/38		0	(a)		435
6.00%, 09/20/38		1,186			1,236,631
6.00%, 10/15/38		0	(a)		402
6.00%, 10/15/38		1			651
6.00%, 11/15/38		3			3,329
6.00%, 11/15/38		0	(a)		102
6.00%, 12/15/38		418			440,480
6.00%, 01/15/39		60			62,316
6.00%, 06/15/39		4			3,944
6.00%, 09/15/39		23			23,446
6.00%, 09/20/39		83			86,200
6.00%, 11/15/39		196			206,230
6.00%, 12/15/39		3			3,372
6.00%, 04/20/40		141			146,903
6.00%, 12/15/40		6			6,028
6.00%, 12/20/40		4			3,667
6.00%, 11/20/41		2			1,719
6.00%, 01/20/42		12			12,565
6.00%, 04/20/42		3			2,645
6.00%, 07/20/45		117			121,417
6.00%, 01/20/46		303			315,187
6.00%, 05/20/47		2,103			2,192,160
6.00%, 02/20/53		10,204			10,251,277
6.00%, 06/20/53		—			—
6.00%, 07/20/53		—			—
6.00%, 09/20/53		19,419			19,513,973
6.00%, 10/20/53		28,196			28,333,374
6.00%, 11/20/53		65,143			65,459,678
6.00%, 01/20/54		12,683			12,744,752
6.00%, 03/20/54(c)		102,675			103,184,397
6.50%, 05/15/24		0	(a)		2
6.50%, 07/15/24		0	(a)		5
6.50%, 03/15/26		0	(a)		123
6.50%, 04/15/26		0	(a)		6
6.50%, 03/15/28		1			510
6.50%, 03/15/28		0	(a)		57
6.50%, 04/15/28		0	(a)		91
6.50%, 06/15/28		0	(a)		16
6.50%, 08/15/28		0	(a)		24
6.50%, 09/15/28		0	(a)		983
6.50%, 10/15/28		3			3,120

142 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 10/15/28	$	0	(a)	$	702
6.50%, 10/20/28		0	(a)		247
6.50%, 11/15/28		0	(a)		482
6.50%, 12/15/28		0	(a)		422
6.50%, 12/15/28		3			2,488
6.50%, 01/15/29		4			3,458
6.50%, 01/15/29		0	(a)		105
6.50%, 02/15/29		0	(a)		99
6.50%, 03/15/29		2			1,405
6.50%, 03/15/29		0	(a)		124
6.50%, 04/15/29		0	(a)		524
6.50%, 05/15/29		0	(a)		55
6.50%, 05/20/29		0	(a)		204
6.50%, 06/15/29		0	(a)		125
6.50%, 07/15/29		8			8,389
6.50%, 07/15/29		0	(a)		593
6.50%, 08/15/29		5			5,399
6.50%, 08/15/29		0	(a)		54
6.50%, 09/15/29		0	(a)		484
6.50%, 12/15/29		0	(a)		67
6.50%, 05/15/31		2			1,571
6.50%, 06/15/31		0	(a)		162
6.50%, 07/15/31		0	(a)		145
6.50%, 09/15/31		0	(a)		611
6.50%, 09/15/31		3			3,705
6.50%, 11/15/31		0	(a)		15
6.50%, 11/15/31		11			11,204
6.50%, 12/15/31		5			4,266
6.50%, 01/15/32		0	(a)		780
6.50%, 01/15/32		1			837
6.50%, 02/20/32		0	(a)		133
6.50%, 03/15/32		4			4,531
6.50%, 04/15/32		5			4,406
6.50%, 05/20/32		6			6,270
6.50%, 06/15/32		0	(a)		192
6.50%, 06/15/32		1			1,021
6.50%, 07/15/32		2			2,011
6.50%, 08/15/32		4			4,125
6.50%, 10/15/32		0	(a)		305
6.50%, 10/15/32		1			1,170
6.50%, 12/15/32		1			800
6.50%, 01/15/33		4			3,594
6.50%, 03/15/33		2			2,258
6.50%, 04/15/33		1			1,076
6.50%, 05/15/33		2			2,173
6.50%, 07/15/34		1			683
6.50%, 08/15/34		1			1,149
6.50%, 08/20/34		1			622
6.50%, 11/15/34		2			1,699
6.50%, 12/15/35		2			1,914
6.50%, 04/15/36		13			13,564
6.50%, 10/15/36		14			15,349
6.50%, 05/15/37		7			7,090
6.50%, 07/15/37		2			1,699
6.50%, 08/15/37		0	(a)		284
6.50%, 11/15/37		4			4,100
6.50%, 12/15/37		1			1,306
6.50%, 01/15/38		1			1,347
6.50%, 08/20/38		6			6,559
6.50%, 09/15/38		3			3,297
6.50%, 10/20/38		540			573,247

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 11/15/38	$	7		$	7,466
6.50%, 12/15/38		8			7,272
6.50%, 01/15/39		0	(a)		150
6.50%, 12/20/52		743			752,888
6.50%, 02/20/53		943			955,055
6.50%, 04/20/53		528			535,239
6.50%, 06/20/53		1,337			1,355,727
6.50%, 07/20/53		931			944,643
6.50%, 10/20/53		3,866			3,921,825
6.50%, 11/20/53		23,237			23,571,854
6.50%, 12/20/53		4,268			4,329,175
6.50%, 01/20/54		48,853			49,556,972
6.50%, 03/20/54(c)		204,819			207,596,291
7.00%, 05/15/24		0	(a)		9
7.00%, 09/15/24		0	(a)		6
7.00%, 10/15/24		0	(a)		9
7.00%, 11/15/24		0	(a)		1
7.00%, 01/15/25		0	(a)		2
7.00%, 07/15/25		0	(a)		3
7.00%, 10/15/25		0	(a)		48
7.00%, 12/15/25		0	(a)		254
7.00%, 01/15/26		0	(a)		49
7.00%, 02/15/26		0	(a)		50
7.00%, 04/15/26		0	(a)		237
7.00%, 06/15/26		1			508
7.00%, 11/15/26		0	(a)		124
7.00%, 05/15/27		0	(a)		139
7.00%, 06/15/27		0	(a)		204
7.00%, 10/15/27		0	(a)		251
7.00%, 11/15/27		1			795
7.00%, 11/15/27		0	(a)		33
7.00%, 12/15/27		1			505
7.00%, 12/15/27		0	(a)		100
7.00%, 01/15/28		1			546
7.00%, 02/15/28		0	(a)		21
7.00%, 03/15/28		0	(a)		447
7.00%, 04/15/28		0	(a)		342
7.00%, 06/15/28		0	(a)		1,064
7.00%, 06/15/28		1			675
7.00%, 07/15/28		0	(a)		303
7.00%, 08/15/28		0	(a)		573
7.00%, 09/15/28		0	(a)		581
7.00%, 09/15/28		2			1,751
7.00%, 10/15/28		0	(a)		184
7.00%, 11/15/28		2			2,148
7.00%, 11/15/28		0	(a)		455
7.00%, 12/15/28		0	(a)		77
7.00%, 12/15/28		1			514
7.00%, 03/15/29		2			1,940
7.00%, 04/15/29		0	(a)		69
7.00%, 05/15/29		0	(a)		102
7.00%, 06/15/29		0	(a)		318
7.00%, 07/15/29		0	(a)		276
7.00%, 08/15/29		0	(a)		170
7.00%, 08/15/29		1			609
7.00%, 11/15/29		0	(a)		51
7.00%, 12/15/29		0	(a)		399
7.00%, 12/15/30		1			705
7.00%, 02/15/31		0	(a)		495
7.00%, 07/15/31		3			2,924
7.00%, 07/15/31		0	(a)		181

S C H E D U L E  O F  I N V E S T M E N T S 143

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
7.00%, 08/15/31	$	0	(a)	$	462
7.00%, 08/15/31		1			598
7.00%, 09/15/31		0	(a)		178
7.00%, 09/15/31		1			1,077
7.00%, 10/15/31		0	(a)		111
7.00%, 02/15/32		0	(a)		511
7.00%, 04/15/32		2			2,249
7.00%, 05/15/32		1			1,017
7.50%, 06/15/24		0	(a)		13
7.50%, 08/15/25		0	(a)		5
7.50%, 09/15/25		0	(a)		394
7.50%, 11/15/25		0	(a)		9
7.50%, 12/15/25		0	(a)		60
7.50%, 03/15/26		0	(a)		438
7.50%, 06/15/26		0	(a)		91
7.50%, 08/15/26		0	(a)		35
7.50%, 01/15/27		0	(a)		19
7.50%, 06/15/27		0	(a)		159
7.50%, 10/15/27		0	(a)		360
7.50%, 12/15/27		0	(a)		191
7.50%, 01/15/28		0	(a)		78
7.50%, 06/15/28		1			1,176
7.50%, 07/15/28		1			1,374
7.50%, 08/15/28		0	(a)		182
7.50%, 09/15/28		0	(a)		62
7.50%, 12/15/28		0	(a)		40
7.50%, 01/15/29		0	(a)		32
7.50%, 03/15/29		1			575
7.50%, 08/15/29		0	(a)		381
7.50%, 09/15/29		0	(a)		77
7.50%, 10/15/29		0	(a)		57
7.50%, 11/15/29		0	(a)		79
7.50%, 12/15/29		1			742
7.50%, 08/15/30		2			2,529
7.50%, 11/15/30		0	(a)		14
7.50%, 12/15/30		0	(a)		252
7.50%, 03/15/32		1			640
8.00%, 06/15/25		0	(a)		16
8.00%, 07/15/25		0	(a)		23
8.00%, 08/15/25		0	(a)		97
8.00%, 09/15/25		0	(a)		26
8.00%, 10/15/25		0	(a)		280
8.00%, 11/15/25		0	(a)		80
8.00%, 05/15/26		0	(a)		175
8.00%, 06/15/26		0	(a)		141
8.00%, 07/15/26		0	(a)		146
8.00%, 08/15/26		0	(a)		39
8.00%, 09/15/26		0	(a)		23
8.00%, 02/15/27		0	(a)		360
8.00%, 08/15/27		1			909
8.00%, 12/15/27		0	(a)		81
8.00%, 04/15/28		0	(a)		28
8.00%, 08/20/29		0	(a)		83
8.00%, 09/15/29		0	(a)		457
8.00%, 10/15/29		0	(a)		188
8.00%, 01/15/30		0	(a)		41
8.00%, 02/15/30		0	(a)		192
8.00%, 06/20/30		0	(a)		35
8.00%, 12/15/30		2			1,913
8.00%, 07/15/31		0	(a)		111
8.00%, 03/15/32		1			688

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
8.50%, 08/15/24	$	0	(a)	$	34
8.50%, 03/15/25		0	(a)		229
8.50%, 04/15/25		0	(a)		7
8.50%, 09/15/26		0	(a)		79
8.50%, 01/15/27		0	(a)		32
8.50%, 08/15/27		0	(a)		457
8.50%, 02/15/30		1			833
8.50%, 07/15/30		0	(a)		207
8.50%, 04/15/31		0	(a)		43
9.00%, 03/15/25		0	(a)		160
9.50%, 01/15/25		0	(a)		25
9.50%, 06/15/25		0	(a)		20
Uniform Mortgage-Backed Securities
1.50%, 09/01/35		795			687,476
1.50%, 11/01/35		1,932			1,684,674
1.50%, 12/01/35		5,937			5,160,739
1.50%, 01/01/36		4,383			3,808,234
1.50%, 02/01/36		132			114,158
1.50%, 03/01/36		13,646			11,804,118
1.50%, 06/01/36		1,344			1,162,231
1.50%, 07/01/36		971			845,940
1.50%, 08/01/36		2,135			1,863,353
1.50%, 09/01/36		8,253			7,139,075
1.50%, 10/01/36		20,249			17,542,260
1.50%, 11/01/36		14,666			12,757,110
1.50%, 12/01/36		2,654			2,315,403
1.50%, 01/01/37		5,712			4,932,378
1.50%, 02/01/37		108,079			93,309,731
1.50%, 03/01/37		116,468			100,649,786
1.50%, 04/01/37		20,048			17,325,103
1.50%, 07/01/37		22,022			19,031,108
1.50%, 08/01/37		5,814			5,019,500
1.50%, 03/18/39(c)		38,267			32,994,092
1.50%, 11/01/50		53,962			40,411,363
1.50%, 12/01/50		1,594			1,209,519
1.50%, 01/01/51		24,723			18,505,121
1.50%, 02/01/51		1,257			941,034
1.50%, 05/01/51		80,789			60,378,300
1.50%, 07/01/51		67,730			50,616,097
1.50%, 10/01/51		4,569			3,409,963
1.50%, 11/01/51		96,276			71,890,192
1.50%, 03/13/54(c)		20,775			15,497,656
2.00%, 05/01/26		153			147,417
2.00%, 01/01/28		8,580			8,228,974
2.00%, 08/01/28		125			118,347
2.00%, 11/01/28		27			25,493
2.00%, 01/01/29		5			4,503
2.00%, 05/01/29		187			175,871
2.00%, 01/01/30		28			25,737
2.00%, 04/01/30		48			44,301
2.00%, 07/01/30		1,355			1,261,957
2.00%, 08/01/30		35			33,097
2.00%, 02/01/31		6,802			6,422,283
2.00%, 11/01/31		268			246,412
2.00%, 01/01/32		118			108,330
2.00%, 02/01/32		28			25,744
2.00%, 03/01/32		210			193,369
2.00%, 04/01/32		86			78,779
2.00%, 07/01/32		17			15,272
2.00%, 11/01/32		7			6,579
2.00%, 06/01/35		2,536			2,255,056

144 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.00%, 08/01/35	$	19,693	$	17,515,999
2.00%, 09/01/35		10,272		9,128,755
2.00%, 10/01/35		36,174		32,211,362
2.00%, 11/01/35		50,454		44,931,085
2.00%, 12/01/35		102,661		91,088,544
2.00%, 01/01/36		37,619		33,400,826
2.00%, 02/01/36		202,450		180,034,041
2.00%, 03/01/36		85,997		76,325,804
2.00%, 04/01/36		13,086		11,592,417
2.00%, 05/01/36		109,137		96,797,854
2.00%, 06/01/36		63,850		56,501,434
2.00%, 07/01/36		13,453		11,927,055
2.00%, 08/01/36		17,026		15,080,818
2.00%, 10/01/36		7,638		6,751,876
2.00%, 11/01/36		49,261		43,553,207
2.00%, 12/01/36		76,192		67,352,913
2.00%, 01/01/37		115,004		101,738,298
2.00%, 02/01/37		63,258		55,878,778
2.00%, 03/01/37		43,080		37,989,383
2.00%, 04/01/37		90,751		79,988,656
2.00%, 05/01/37		37,258		32,843,243
2.00%, 06/01/37		69,522		61,293,413
2.00%, 08/01/37		3,323		2,928,436
2.00%, 10/01/37		6,252		5,510,789
2.00%, 03/18/39(c)		141,021		124,386,476
2.00%, 06/01/50		8,292		6,572,757
2.00%, 07/01/50		72,601		57,568,861
2.00%, 08/01/50		44,124		34,963,337
2.00%, 09/01/50		53,468		42,516,166
2.00%, 10/01/50		178,592		142,160,589
2.00%, 11/01/50		69,958		55,681,812
2.00%, 12/01/50		214,758		170,813,143
2.00%, 01/01/51		50,814		40,516,027
2.00%, 02/01/51		598,370		473,465,060
2.00%, 03/01/51		396,891		314,137,638
2.00%, 04/01/51		460,091		363,800,801
2.00%, 05/01/51(d)		408,078		322,126,326
2.00%, 05/01/51		93,749		74,458,850
2.00%, 06/01/51		212,607		168,655,399
2.00%, 07/01/51		451,279		357,613,436
2.00%, 08/01/51		10,418		8,232,694
2.00%, 09/01/51		138,791		109,561,170
2.00%, 10/01/51		442,924		350,331,416
2.00%, 11/01/51		450,857		356,235,695
2.00%, 12/01/51		539,659		426,038,230
2.00%, 01/01/52		142,448		112,363,534
2.00%, 02/01/52		622,183		489,442,210
2.00%, 03/01/52		256,822		202,057,280
2.00%, 04/01/52		8,778		6,902,430
2.00%, 05/01/52		29,748		23,389,241
2.00%, 06/01/52		9,802		7,706,886
2.00%, 03/13/54(c)		13,795		10,838,080
2.00%, 04/11/54(c)		6,895		5,424,542
2.50%, 03/01/25		35		33,958
2.50%, 11/01/26		5		4,729
2.50%, 03/01/27		236		229,300
2.50%, 05/01/27		1,229		1,191,147
2.50%, 07/01/27		15		15,320
2.50%, 09/01/27		394		377,024
2.50%, 10/01/27		1,304		1,260,170
2.50%, 11/01/27		644		621,449

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 12/01/27	$	244	$	234,902
2.50%, 01/01/28		2,044		1,971,856
2.50%, 02/01/28		800		767,690
2.50%, 03/01/28		1,947		1,867,950
2.50%, 04/01/28		1,362		1,305,113
2.50%, 05/01/28		486		465,780
2.50%, 06/01/28		1,177		1,126,112
2.50%, 07/01/28		332		318,975
2.50%, 08/01/28		331		316,944
2.50%, 09/01/28		1,906		1,824,827
2.50%, 10/01/28		180		172,523
2.50%, 12/01/28		75		71,984
2.50%, 05/01/29		11		10,737
2.50%, 06/01/29		231		220,679
2.50%, 09/01/29		169		160,313
2.50%, 11/01/29		10		9,905
2.50%, 12/01/29		743		714,127
2.50%, 01/01/30		1,558		1,479,350
2.50%, 02/01/30		2,554		2,403,190
2.50%, 03/01/30		6		5,600
2.50%, 04/01/30		1,078		1,015,434
2.50%, 05/01/30		10,322		9,725,368
2.50%, 06/01/30		22,530		21,206,209
2.50%, 07/01/30		7,816		7,351,368
2.50%, 08/01/30		3,766		3,579,121
2.50%, 09/01/30		862		810,177
2.50%, 10/01/30		1,391		1,306,956
2.50%, 11/01/30		324		304,436
2.50%, 12/01/30		680		638,349
2.50%, 01/01/31		38		34,704
2.50%, 02/01/31		842		795,148
2.50%, 03/01/31		1,966		1,865,564
2.50%, 04/01/31		2,122		1,989,659
2.50%, 05/01/31		2,526		2,363,698
2.50%, 06/01/31		627		588,168
2.50%, 07/01/31		1,910		1,784,711
2.50%, 08/01/31		1,461		1,364,424
2.50%, 09/01/31		1,920		1,791,241
2.50%, 10/01/31		9,058		8,538,915
2.50%, 11/01/31		7,189		6,719,082
2.50%, 12/01/31		3,379		3,153,219
2.50%, 01/01/32		9,771		9,114,429
2.50%, 02/01/32		9,706		9,058,236
2.50%, 03/01/32		4,884		4,543,215
2.50%, 04/01/32		9,737		9,100,329
2.50%, 05/01/32		12,014		11,213,447
2.50%, 06/01/32		1,210		1,129,303
2.50%, 07/01/32		8,158		7,636,622
2.50%, 08/01/32		11		9,874
2.50%, 09/01/32		792		736,981
2.50%, 10/01/32		2,053		1,906,811
2.50%, 11/01/32		1,380		1,279,699
2.50%, 12/01/32		2,378		2,206,750
2.50%, 01/01/33		17,543		16,530,543
2.50%, 02/01/33		1,028		967,294
2.50%, 04/01/33		475		441,243
2.50%, 07/01/33		4,014		3,753,002
2.50%, 06/01/34		353		321,688
2.50%, 07/01/34		91		82,748
2.50%, 08/01/34		177		161,805
2.50%, 09/01/34		5,309		4,858,794

S C H E D U L E  O F  I N V E S T M E N T S 145

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 10/01/34	$	7,170	$	6,578,479
2.50%, 11/01/34		13,328		12,207,041
2.50%, 12/01/34		4,291		3,925,071
2.50%, 01/01/35		8,237		7,558,827
2.50%, 02/01/35		11,493		10,680,863
2.50%, 03/01/35		17,570		16,035,748
2.50%, 04/01/35		30,680		28,003,044
2.50%, 05/01/35		16,007		14,605,602
2.50%, 06/01/35		9,524		8,690,167
2.50%, 07/01/35		34,108		31,152,787
2.50%, 08/01/35		24,963		22,808,663
2.50%, 09/01/35		21,468		19,637,308
2.50%, 10/01/35		22,762		20,763,742
2.50%, 11/01/35		6,049		5,520,911
2.50%, 12/01/35		52,443		47,817,095
2.50%, 01/01/36		2,318		2,114,170
2.50%, 02/01/36		8,682		7,918,123
2.50%, 03/01/36		7,141		6,511,383
2.50%, 04/01/36		3,290		2,994,868
2.50%, 05/01/36		74		67,276
2.50%, 06/01/36		3,712		3,371,194
2.50%, 07/01/36		2,030		1,845,886
2.50%, 08/01/36		12,888		11,709,379
2.50%, 09/01/36		1,388		1,260,982
2.50%, 11/01/36		7,258		6,591,024
2.50%, 12/01/36		4,717		4,290,771
2.50%, 02/01/37		12,913		11,759,151
2.50%, 03/01/37		97,486		88,629,796
2.50%, 04/01/37		59,141		53,780,095
2.50%, 05/01/37		56,373		51,179,856
2.50%, 06/01/37		12,401		11,278,932
2.50%, 07/01/37		17,854		16,214,997
2.50%, 08/01/37		10,136		9,202,185
2.50%, 09/01/37		4,296		3,900,177
2.50%, 03/18/39(c)		10,491		9,510,497
2.50%, 10/01/42		351		299,324
2.50%, 11/01/42		205		174,786
2.50%, 12/01/42		30		25,216
2.50%, 01/01/43		793		676,730
2.50%, 02/01/43		1,968		1,679,661
2.50%, 03/01/43		885		754,475
2.50%, 04/01/43		4,248		3,620,943
2.50%, 05/01/43		427		363,718
2.50%, 06/01/43		2,441		2,081,215
2.50%, 07/01/43		307		261,600
2.50%, 08/01/43		321		273,547
2.50%, 04/01/45		215		181,602
2.50%, 05/01/45		250		211,761
2.50%, 07/01/45		41		34,704
2.50%, 03/01/46		1,608		1,359,608
2.50%, 05/01/46		100		83,734
2.50%, 06/01/46		302		255,091
2.50%, 07/01/46		150		126,608
2.50%, 08/01/46		429		361,884
2.50%, 09/01/46		206		173,795
2.50%, 10/01/46		140		118,156
2.50%, 11/01/46		6		4,916
2.50%, 12/01/46		4,241		3,585,646
2.50%, 01/01/47		1,066		878,123
2.50%, 02/01/47		1,808		1,528,388
2.50%, 04/01/47		3,221		2,724,421

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
2.50%, 12/01/47	$	13,772	$	11,654,707
2.50%, 07/01/49		5,929		5,014,759
2.50%, 09/01/49		127		105,643
2.50%, 10/01/49		30		24,813
2.50%, 03/01/50		31,186		25,959,241
2.50%, 04/01/50		2,477		2,078,149
2.50%, 05/01/50		53,282		44,306,366
2.50%, 06/01/50		45,612		37,841,593
2.50%, 07/01/50		64,934		54,064,664
2.50%, 08/01/50		98,939		82,806,521
2.50%, 09/01/50		234,393		195,473,811
2.50%, 10/01/50		256,159		213,034,889
2.50%, 11/01/50		441,606		366,428,318
2.50%, 12/01/50		111,993		92,731,080
2.50%, 01/01/51		96,424		79,749,739
2.50%, 02/01/51		69,707		57,811,681
2.50%, 03/01/51		60,466		49,732,032
2.50%, 04/01/51		34,002		28,108,951
2.50%, 05/01/51		106,560		88,129,281
2.50%, 06/01/51		54,149		45,006,717
2.50%, 07/01/51		215,015		178,039,608
2.50%, 08/01/51		239,462		198,458,216
2.50%, 09/01/51		221,474		183,138,523
2.50%, 10/01/51		228,101		188,755,712
2.50%, 11/01/51		98,900		81,882,538
2.50%, 12/01/51		296,476		244,503,092
2.50%, 01/01/52		387,187		319,002,150
2.50%, 02/01/52		248,782		204,995,732
2.50%, 03/01/52		137,500		113,301,643
2.50%, 04/01/52		276,352		227,758,012
2.50%, 05/01/52		41,897		34,437,351
2.50%, 07/01/52		104,472		85,885,613
2.50%, 08/01/52		101,023		83,035,137
2.50%, 09/01/52		45,874		37,804,966
2.50%, 04/01/53		17,561		14,434,063
3.00%, 11/01/25		5		5,170
3.00%, 12/01/25		6		6,193
3.00%, 01/01/26		101		98,827
3.00%, 02/01/26		126		122,434
3.00%, 07/01/26		1		1,174
3.00%, 09/01/26		18		17,272
3.00%, 10/01/26		4		4,065
3.00%, 11/01/26		512		496,045
3.00%, 12/01/26		918		888,948
3.00%, 01/01/27		831		803,321
3.00%, 02/01/27		23		22,578
3.00%, 03/01/27		77		75,196
3.00%, 04/01/27		36		34,558
3.00%, 05/01/27		92		89,503
3.00%, 06/01/27		410		398,394
3.00%, 07/01/27		817		794,163
3.00%, 08/01/27		1,426		1,385,379
3.00%, 09/01/27		2		1,501
3.00%, 10/01/27		226		219,050
3.00%, 11/01/27		2,120		2,056,403
3.00%, 01/01/28		635		615,168
3.00%, 03/01/28		127		123,033
3.00%, 04/01/28		329		317,749
3.00%, 05/01/28		268		258,846
3.00%, 08/01/28		1,146		1,106,211
3.00%, 09/01/28		174		168,047

146 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 11/01/28	$	1,450	$	1,389,563
3.00%, 12/01/28		398		384,258
3.00%, 01/01/29		467		441,379
3.00%, 02/01/29		271		261,649
3.00%, 03/01/29		323		310,157
3.00%, 04/01/29		2,700		2,598,217
3.00%, 05/01/29		1,044		1,009,448
3.00%, 06/01/29		458		440,359
3.00%, 07/01/29		489		471,170
3.00%, 08/01/29		812		778,258
3.00%, 09/01/29		259		249,020
3.00%, 10/01/29		2,119		2,032,173
3.00%, 11/01/29		2,912		2,791,741
3.00%, 12/01/29		193		184,728
3.00%, 01/01/30		395		377,100
3.00%, 02/01/30		1,691		1,619,549
3.00%, 03/01/30		17,652		16,969,079
3.00%, 04/01/30		5,221		4,976,570
3.00%, 05/01/30		3,189		3,039,416
3.00%, 06/01/30		1,304		1,246,535
3.00%, 07/01/30		3,510		3,348,289
3.00%, 08/01/30		362		345,001
3.00%, 09/01/30		1,870		1,777,757
3.00%, 10/01/30		1,905		1,818,813
3.00%, 11/01/30		1,140		1,082,747
3.00%, 01/01/31		3,151		3,009,915
3.00%, 02/01/31		3,901		3,718,524
3.00%, 03/01/31		7,217		6,847,472
3.00%, 04/01/31		924		878,074
3.00%, 05/01/31		7,115		6,759,081
3.00%, 06/01/31		4,274		4,062,008
3.00%, 07/01/31		521		492,021
3.00%, 08/01/31		101		95,558
3.00%, 09/01/31		5,292		5,016,019
3.00%, 11/01/31		418		399,168
3.00%, 12/01/31		2,313		2,206,101
3.00%, 01/01/32		5,054		4,776,961
3.00%, 02/01/32		8,159		7,730,430
3.00%, 03/01/32		2,664		2,523,453
3.00%, 04/01/32		2,833		2,681,496
3.00%, 05/01/32		932		884,193
3.00%, 06/01/32		5,092		4,830,105
3.00%, 07/01/32		542		512,937
3.00%, 08/01/32		2,445		2,314,070
3.00%, 09/01/32		6,858		6,534,206
3.00%, 10/01/32		644		607,470
3.00%, 11/01/32		2,909		2,754,715
3.00%, 12/01/32		12,469		11,790,884
3.00%, 01/01/33		1,488		1,404,121
3.00%, 02/01/33		2,518		2,378,409
3.00%, 03/01/33		1,039		981,737
3.00%, 04/01/33		410		388,320
3.00%, 05/01/33		1,919		1,804,118
3.00%, 06/01/33		453		426,969
3.00%, 07/01/33		8,681		8,162,875
3.00%, 09/01/33		1,407		1,339,401
3.00%, 10/01/33		4,939		4,660,482
3.00%, 11/01/33		97		91,723
3.00%, 02/01/34		4,122		3,897,978
3.00%, 05/01/34		664		620,547
3.00%, 06/01/34		2,550		2,383,702

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 07/01/34	$	8,692	$	8,134,514
3.00%, 08/01/34		2,293		2,143,079
3.00%, 09/01/34		13,573		12,684,597
3.00%, 10/01/34		2,559		2,391,979
3.00%, 11/01/34		5,258		4,915,805
3.00%, 12/01/34		1,351		1,264,971
3.00%, 01/01/35		4,264		3,984,348
3.00%, 02/01/35		9,068		8,471,730
3.00%, 03/01/35		16,932		15,826,632
3.00%, 04/01/35		6,789		6,352,970
3.00%, 05/01/35		24,027		22,448,885
3.00%, 06/01/35		3,226		3,014,720
3.00%, 07/01/35		11,433		10,677,468
3.00%, 08/01/35		614		573,301
3.00%, 09/01/35		503		469,791
3.00%, 10/01/35		5,019		4,687,290
3.00%, 12/01/35		12,031		11,332,684
3.00%, 01/01/36		2,166		2,022,925
3.00%, 04/01/36		779		728,630
3.00%, 05/01/36		1,719		1,600,101
3.00%, 06/01/36		1,602		1,496,228
3.00%, 07/01/36		735		683,101
3.00%, 09/01/36		4,211		3,921,708
3.00%, 12/01/36		2,143		1,984,873
3.00%, 01/01/37		4,962		4,569,621
3.00%, 02/01/37		5,235		4,808,850
3.00%, 04/01/37		14,037		12,996,270
3.00%, 05/01/37		29,212		27,155,709
3.00%, 06/01/37		454		420,583
3.00%, 07/01/37		5,563		5,169,786
3.00%, 09/01/37		4,327		4,006,242
3.00%, 10/01/37		2,161		2,000,482
3.00%, 11/01/37		27,467		25,431,584
3.00%, 12/01/37		990		916,205
3.00%, 07/01/38		983		909,732
3.00%, 03/18/39(c)		32,400		30,017,850
3.00%, 05/01/41		582		510,403
3.00%, 04/01/42		21		18,921
3.00%, 08/01/42		851		757,177
3.00%, 09/01/42		3,032		2,697,467
3.00%, 10/01/42		3,559		3,165,608
3.00%, 11/01/42		16,126		14,345,084
3.00%, 12/01/42		26,470		23,545,772
3.00%, 01/01/43		13,285		11,817,310
3.00%, 02/01/43		6,212		5,527,155
3.00%, 03/01/43		9,937		8,810,542
3.00%, 04/01/43		10,459		9,301,662
3.00%, 05/01/43		10,605		9,428,825
3.00%, 06/01/43		3,966		3,526,186
3.00%, 07/01/43		3,164		2,814,023
3.00%, 08/01/43		10,272		9,133,022
3.00%, 09/01/43		16,308		14,501,169
3.00%, 10/01/43		536		476,395
3.00%, 11/01/43		45		39,597
3.00%, 12/01/43		559		497,207
3.00%, 01/01/44		12,333		10,965,650
3.00%, 02/01/44		11,918		10,598,539
3.00%, 07/01/44		40,997		36,452,989
3.00%, 10/01/44		29,049		25,828,670
3.00%, 11/01/44		3,834		3,408,925
3.00%, 12/01/44		116		102,732

S C H E D U L E  O F  I N V E S T M E N T S 147

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.00%, 01/01/45	$	3,771	$	3,352,603
3.00%, 02/01/45		2,810		2,478,876
3.00%, 03/01/45		868		759,954
3.00%, 04/01/45		2,335		2,051,103
3.00%, 05/01/45		14,534		12,824,106
3.00%, 06/01/45		25		21,369
3.00%, 07/01/45		5,190		4,581,798
3.00%, 08/01/45		6,138		5,442,682
3.00%, 09/01/45		748		656,957
3.00%, 10/01/45		400		351,730
3.00%, 12/01/45		671		588,926
3.00%, 01/01/46		3,732		3,278,542
3.00%, 02/01/46		1,378		1,210,871
3.00%, 03/01/46		611		535,848
3.00%, 04/01/46		2,761		2,424,375
3.00%, 05/01/46		2,907		2,541,960
3.00%, 06/01/46		12,970		11,496,372
3.00%, 07/01/46		60,582		53,215,963
3.00%, 08/01/46		22,526		19,845,613
3.00%, 09/01/46		13,497		11,848,082
3.00%, 10/01/46		38,248		33,569,300
3.00%, 11/01/46		53,917		47,303,509
3.00%, 12/01/46		95,534		83,856,310
3.00%, 01/01/47		46,275		40,615,625
3.00%, 02/01/47		61,696		54,174,936
3.00%, 03/01/47		16,868		14,818,900
3.00%, 04/01/47		25,766		22,524,901
3.00%, 05/01/47		818		716,694
3.00%, 07/01/47		14,829		13,014,122
3.00%, 08/01/47		983		862,781
3.00%, 09/01/47		380		332,752
3.00%, 10/01/47		324		284,224
3.00%, 11/01/47		153		133,787
3.00%, 12/01/47		15,701		13,768,256
3.00%, 01/01/48		3,632		3,157,863
3.00%, 03/01/48		8,519		7,467,747
3.00%, 04/01/48		25		21,605
3.00%, 05/01/48		223		194,626
3.00%, 07/01/48		2,453		2,153,117
3.00%, 09/01/48		1,735		1,522,910
3.00%, 11/01/48		15,705		13,765,398
3.00%, 02/01/49		2,130		1,869,289
3.00%, 04/01/49		4,635		4,042,651
3.00%, 05/01/49		10,824		9,444,143
3.00%, 06/01/49		2,297		1,996,601
3.00%, 07/01/49		1,768		1,526,102
3.00%, 08/01/49		16,955		14,749,380
3.00%, 09/01/49		17,481		15,114,753
3.00%, 10/01/49		33,496		28,985,613
3.00%, 11/01/49		17,941		15,575,381
3.00%, 12/01/49		24,452		21,249,874
3.00%, 01/01/50		107,878		93,617,995
3.00%, 02/01/50		52,279		45,370,614
3.00%, 03/01/50		69,880		60,658,023
3.00%, 04/01/50		20,979		18,185,946
3.00%, 05/01/50		30,267		26,165,943
3.00%, 06/01/50		29,997		25,984,279
3.00%, 07/01/50		106,635		92,868,895
3.00%, 08/01/50		129,223		111,595,091
3.00%, 09/01/50		12,236		10,550,502
3.00%, 10/01/50		77,078		66,836,679

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
3.00%, 11/01/50	$	45,550		$	39,577,815
3.00%, 12/01/50		7,722			6,638,642
3.00%, 01/01/51		4,082			3,549,719
3.00%, 02/01/51		686			596,653
3.00%, 03/01/51		4,709			4,070,271
3.00%, 04/01/51		8,634			7,493,002
3.00%, 05/01/51		28,198			24,527,013
3.00%, 06/01/51		29,714			25,614,396
3.00%, 07/01/51		36,882			31,808,482
3.00%, 08/01/51		20,187			17,402,147
3.00%, 09/01/51		1,850			1,589,151
3.00%, 10/01/51		207,543			177,607,355
3.00%, 11/01/51		169,565			145,136,238
3.00%, 12/01/51		11,225			9,665,911
3.00%, 01/01/52		32,289			27,672,452
3.00%, 02/01/52		13,215			11,390,479
3.00%, 03/01/52		5,966			5,163,954
3.00%, 04/01/52		65,818			56,617,331
3.00%, 05/01/52		22,047			18,916,715
3.00%, 06/01/52		6,451			5,519,996
3.00%, 07/01/52		12,714			10,968,780
3.00%, 08/01/52		3,775			3,236,110
3.00%, 03/13/54(c)		10,525			9,001,158
3.50%, 08/01/25		7			7,150
3.50%, 09/01/25		86			84,777
3.50%, 10/01/25		57			56,829
3.50%, 11/01/25		16			15,807
3.50%, 11/01/25		0	(a)		346
3.50%, 12/01/25		234			228,457
3.50%, 01/01/26		37			35,390
3.50%, 02/01/26		31			30,139
3.50%, 03/01/26		25			23,870
3.50%, 03/01/26		0	(a)		389
3.50%, 04/01/26		87			85,356
3.50%, 05/01/26		16			15,096
3.50%, 06/01/26		13			12,545
3.50%, 07/01/26		2			1,610
3.50%, 08/01/26		44			42,327
3.50%, 09/01/26		2,111			2,056,512
3.50%, 10/01/26		45			43,441
3.50%, 12/01/26		14			13,620
3.50%, 01/01/27		147			143,470
3.50%, 02/01/27		7			7,026
3.50%, 03/01/27		203			198,100
3.50%, 04/01/27		297			289,196
3.50%, 07/01/27		131			127,766
3.50%, 01/01/28		190			185,542
3.50%, 07/01/28		183			179,036
3.50%, 08/01/28		301			293,225
3.50%, 10/01/28		272			265,231
3.50%, 11/01/28		52			50,351
3.50%, 12/01/28		93			91,332
3.50%, 01/01/29		1,045			1,017,747
3.50%, 03/01/29		236			229,160
3.50%, 05/01/29		31			30,452
3.50%, 07/01/29		5			5,257
3.50%, 08/01/29		18			18,233
3.50%, 09/01/29		151			146,895
3.50%, 10/01/29		14			13,203
3.50%, 11/01/29		1,215			1,177,833
3.50%, 12/01/29		781			757,767

148 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 04/01/30	$	154	$	149,310
3.50%, 06/01/30		335		323,662
3.50%, 08/01/30		165		159,394
3.50%, 11/01/30		246		236,818
3.50%, 02/01/31		26		24,572
3.50%, 03/01/31		1,055		1,013,405
3.50%, 04/01/31		329		316,174
3.50%, 05/01/31		164		157,909
3.50%, 06/01/31		4,228		4,080,039
3.50%, 07/01/31		1,432		1,380,967
3.50%, 08/01/31		881		845,690
3.50%, 09/01/31		84		80,558
3.50%, 11/01/31		8		7,707
3.50%, 12/01/31		598		573,614
3.50%, 01/01/32		3,273		3,143,012
3.50%, 02/01/32		649		622,499
3.50%, 03/01/32		393		377,844
3.50%, 04/01/32		1,680		1,612,190
3.50%, 05/01/32		3,259		3,128,789
3.50%, 06/01/32		3,001		2,879,532
3.50%, 07/01/32		2,147		2,059,783
3.50%, 08/01/32		949		911,910
3.50%, 09/01/32		380		365,438
3.50%, 11/01/32		3,381		3,242,901
3.50%, 12/01/32		1,549		1,482,133
3.50%, 01/01/33		651		625,795
3.50%, 02/01/33		1,526		1,461,789
3.50%, 03/01/33		8,183		7,854,102
3.50%, 04/01/33		1,738		1,665,067
3.50%, 05/01/33		2,304		2,209,321
3.50%, 09/01/33		1,287		1,234,217
3.50%, 10/01/33		231		221,633
3.50%, 11/01/33		307		293,278
3.50%, 12/01/33		377		361,714
3.50%, 01/01/34		2,298		2,201,150
3.50%, 02/01/34		1,135		1,081,994
3.50%, 03/01/34		3,539		3,367,688
3.50%, 04/01/34		8,904		8,483,826
3.50%, 05/01/34		5,597		5,331,481
3.50%, 06/01/34		1,826		1,739,582
3.50%, 07/01/34		4,862		4,684,326
3.50%, 08/01/34		621		590,953
3.50%, 09/01/34		428		407,223
3.50%, 10/01/34		1,569		1,493,065
3.50%, 11/01/34		6,905		6,574,061
3.50%, 12/01/34		6,090		5,797,616
3.50%, 01/01/35		270		257,206
3.50%, 02/01/35		3,092		2,942,453
3.50%, 03/01/35		3,066		2,917,835
3.50%, 04/01/35		836		792,963
3.50%, 05/01/35		5,654		5,386,260
3.50%, 06/01/35		7,284		6,907,474
3.50%, 07/01/35		3,261		3,093,565
3.50%, 10/01/35		728		691,456
3.50%, 11/01/35		2,259		2,146,817
3.50%, 12/01/35		1,708		1,622,880
3.50%, 02/01/36		3,815		3,617,515
3.50%, 05/01/37		391		369,833
3.50%, 06/01/37		770		728,428
3.50%, 07/01/37		19,686		18,616,124
3.50%, 08/01/37		830		789,309

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 12/01/37	$	1,734	$	1,639,691
3.50%, 01/01/38		2,771		2,605,075
3.50%, 02/01/38		1,614		1,517,310
3.50%, 07/01/38		23,644		22,357,895
3.50%, 03/18/39(c)		20,875		19,748,183
3.50%, 10/01/40		15		13,717
3.50%, 11/01/40		251		230,484
3.50%, 12/01/40		548		503,833
3.50%, 01/01/41		43		39,144
3.50%, 02/01/41		14		12,201
3.50%, 03/01/41		34		31,372
3.50%, 06/01/41		21		19,379
3.50%, 10/01/41		9		8,700
3.50%, 11/01/41		151		138,563
3.50%, 12/01/41		219		201,454
3.50%, 01/01/42		867		797,751
3.50%, 02/01/42		822		756,026
3.50%, 03/01/42		11,708		10,765,753
3.50%, 04/01/42		306		280,829
3.50%, 05/01/42		2,356		2,165,787
3.50%, 06/01/42		186		171,751
3.50%, 07/01/42		1,675		1,540,248
3.50%, 08/01/42		12,791		11,760,445
3.50%, 09/01/42		4,045		3,719,744
3.50%, 10/01/42		10,987		10,102,162
3.50%, 11/01/42		1,518		1,396,303
3.50%, 12/01/42		9,694		8,911,545
3.50%, 01/01/43		710		652,751
3.50%, 04/01/43		578		531,128
3.50%, 05/01/43		1,449		1,330,050
3.50%, 06/01/43		7,357		6,746,585
3.50%, 07/01/43		14,372		13,229,727
3.50%, 08/01/43		327		300,035
3.50%, 09/01/43		195		179,043
3.50%, 10/01/43		1,902		1,765,341
3.50%, 11/01/43		192		175,712
3.50%, 12/01/43		166		154,366
3.50%, 01/01/44		278		255,029
3.50%, 02/01/44		341		313,245
3.50%, 04/01/44		7,026		6,471,459
3.50%, 05/01/44		1,978		1,834,620
3.50%, 06/01/44		645		590,739
3.50%, 09/01/44		1,330		1,222,717
3.50%, 10/01/44		4,435		4,027,966
3.50%, 11/01/44		13,695		12,521,751
3.50%, 12/01/44		871		788,263
3.50%, 01/01/45		13,737		12,607,327
3.50%, 02/01/45		10,465		9,584,043
3.50%, 03/01/45		1,959		1,769,846
3.50%, 04/01/45		1,835		1,674,911
3.50%, 05/01/45		845		769,278
3.50%, 06/01/45		5,073		4,626,544
3.50%, 07/01/45		8,275		7,551,600
3.50%, 08/01/45		19,333		17,715,176
3.50%, 09/01/45		5,356		4,888,855
3.50%, 10/01/45		4,538		4,166,643
3.50%, 11/01/45		7,906		7,196,279
3.50%, 12/01/45		6,494		5,909,662
3.50%, 01/01/46		19,053		17,463,927
3.50%, 02/01/46		30,105		27,398,570
3.50%, 03/01/46		9,065		8,242,891

S C H E D U L E  O F  I N V E S T M E N T S 149

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 04/01/46	$	13,417	$	12,289,065
3.50%, 05/01/46		4,196		3,804,930
3.50%, 06/01/46		8,302		7,554,919
3.50%, 07/01/46		30,608		27,820,897
3.50%, 08/01/46		3,216		2,926,550
3.50%, 09/01/46		8,966		8,108,831
3.50%, 10/01/46		15,413		14,048,207
3.50%, 11/01/46		16,969		15,423,926
3.50%, 12/01/46		47,251		43,126,617
3.50%, 01/01/47		29,885		27,212,659
3.50%, 02/01/47		18,615		16,909,394
3.50%, 03/01/47		2,133		1,955,398
3.50%, 04/01/47		7,412		6,736,103
3.50%, 05/01/47		19,555		17,794,707
3.50%, 06/01/47		9,357		8,508,221
3.50%, 07/01/47		70,988		64,908,927
3.50%, 08/01/47		39,385		35,860,901
3.50%, 09/01/47		41,028		37,238,780
3.50%, 10/01/47		9,717		8,824,606
3.50%, 11/01/47		23,886		21,684,565
3.50%, 12/01/47		33,866		30,815,073
3.50%, 01/01/48		45,510		41,315,835
3.50%, 02/01/48		36,013		32,728,676
3.50%, 03/01/48		34,254		31,119,980
3.50%, 04/01/48		9,714		8,815,197
3.50%, 05/01/48		11,653		10,544,781
3.50%, 06/01/48		7,274		6,590,061
3.50%, 07/01/48		15,774		14,315,428
3.50%, 09/01/48		933		840,466
3.50%, 10/01/48		2,034		1,843,573
3.50%, 11/01/48		21,318		19,416,582
3.50%, 01/01/49		5,297		4,802,621
3.50%, 02/01/49		4,275		3,867,758
3.50%, 03/01/49		2,905		2,620,975
3.50%, 04/01/49		6,345		5,698,303
3.50%, 05/01/49		37,587		33,958,210
3.50%, 06/01/49		32,331		29,184,321
3.50%, 07/01/49		40,777		36,796,013
3.50%, 08/01/49		276		249,197
3.50%, 09/01/49		1,455		1,311,045
3.50%, 11/01/49		12,323		11,185,765
3.50%, 12/01/49		16,985		15,322,696
3.50%, 01/01/50		7,845		7,102,841
3.50%, 02/01/50		8,751		7,911,794
3.50%, 03/01/50		4,066		3,701,053
3.50%, 04/01/50		19,609		17,706,685
3.50%, 05/01/50		4,313		3,911,321
3.50%, 06/01/50		29,281		26,468,891
3.50%, 07/01/50		9,554		8,623,179
3.50%, 08/01/50		45,099		40,742,710
3.50%, 09/01/50		42,643		38,417,386
3.50%, 10/01/50		2,054		1,860,505
3.50%, 12/01/50		203		182,319
3.50%, 01/01/51		34,090		30,817,566
3.50%, 02/01/51		2,007		1,788,683
3.50%, 03/01/51		5,003		4,499,313
3.50%, 05/01/51		33,960		30,551,373
3.50%, 06/01/51		9,915		8,833,615
3.50%, 08/01/51		6,633		5,934,681
3.50%, 09/01/51		5,585		5,007,928
3.50%, 10/01/51		3,675		3,312,485

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
3.50%, 12/01/51	$	1,526		$	1,363,955
3.50%, 01/01/52		12,760			11,434,597
3.50%, 02/01/52		52,807			47,145,843
3.50%, 03/01/52		27,953			24,907,581
3.50%, 04/01/52		91,303			82,174,383
3.50%, 05/01/52		25,775			23,051,409
3.50%, 06/01/52		17,655			15,786,730
3.50%, 07/01/52		8,295			7,410,856
3.50%, 08/01/52		728			649,808
3.50%, 04/01/53		10,000			8,989,446
4.00%, 03/01/24		0	(a)		155
4.00%, 04/01/24		0	(a)		188
4.00%, 04/01/24		1			845
4.00%, 05/01/24		0	(a)		182
4.00%, 06/01/24		0	(a)		524
4.00%, 07/01/24		0	(a)		273
4.00%, 07/01/24		2			1,954
4.00%, 08/01/24		0	(a)		458
4.00%, 09/01/24		1			1,241
4.00%, 10/01/24		2			2,076
4.00%, 11/01/24		0	(a)		408
4.00%, 12/01/24		3			2,674
4.00%, 12/01/24		0	(a)		320
4.00%, 01/01/25		1			1,355
4.00%, 02/01/25		0	(a)		777
4.00%, 02/01/25		1			1,231
4.00%, 03/01/25		5			5,395
4.00%, 04/01/25		0	(a)		592
4.00%, 04/01/25		2			1,847
4.00%, 05/01/25		6			6,211
4.00%, 05/01/25		0	(a)		461
4.00%, 06/01/25		2			1,804
4.00%, 06/01/25		0	(a)		308
4.00%, 07/01/25		24			23,309
4.00%, 07/01/25		0	(a)		422
4.00%, 08/01/25		2			1,278
4.00%, 09/01/25		124			121,583
4.00%, 10/01/25		158			155,637
4.00%, 11/01/25		39			38,277
4.00%, 12/01/25		3			2,585
4.00%, 01/01/26		5			5,068
4.00%, 03/01/26		138			135,135
4.00%, 03/01/26		0	(a)		392
4.00%, 05/01/26		4			4,665
4.00%, 06/01/26		791			776,478
4.00%, 07/01/26		38			36,715
4.00%, 08/01/26		5			4,634
4.00%, 09/01/26		564			552,482
4.00%, 03/01/27		195			191,991
4.00%, 08/01/27		45			43,839
4.00%, 02/01/29		55			54,205
4.00%, 12/01/30		541			526,826
4.00%, 01/01/31		352			342,619
4.00%, 02/01/31		240			234,243
4.00%, 03/01/31		21			20,331
4.00%, 10/01/31		786			765,684
4.00%, 02/01/32		2,007			1,952,515
4.00%, 04/01/32		5			4,794
4.00%, 05/01/32		1,057			1,029,261
4.00%, 06/01/32		5			5,002
4.00%, 07/01/32		439			427,908

150 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 10/01/32	$	12	$	11,901
4.00%, 05/01/33		95		92,592
4.00%, 07/01/33		630		614,026
4.00%, 08/01/33		1,094		1,065,772
4.00%, 09/01/33		1,598		1,556,937
4.00%, 10/01/33		756		736,137
4.00%, 11/01/33		53		51,740
4.00%, 12/01/33		699		687,424
4.00%, 01/01/34		308		299,426
4.00%, 05/01/34		417		404,434
4.00%, 06/01/34		1,103		1,067,181
4.00%, 07/01/34		1,005		975,320
4.00%, 08/01/34		152		146,770
4.00%, 09/01/34		3,932		3,819,148
4.00%, 10/01/34		938		909,651
4.00%, 08/01/35		1,449		1,397,195
4.00%, 11/01/35		3,439		3,345,994
4.00%, 01/01/36		13		12,399
4.00%, 07/01/37		2,437		2,350,510
4.00%, 08/01/37		7,545		7,293,260
4.00%, 09/01/37		10,952		10,568,714
4.00%, 10/01/37		17,287		16,585,391
4.00%, 11/01/37		10,545		10,175,971
4.00%, 01/01/38		2,154		2,078,070
4.00%, 02/01/38		2,065		1,990,477
4.00%, 03/01/38		4,791		4,631,844
4.00%, 05/01/38		3,207		3,089,893
4.00%, 06/01/38		1,832		1,762,657
4.00%, 07/01/38		6,453		6,216,706
4.00%, 10/01/38		1,294		1,246,308
4.00%, 11/01/38		1,115		1,074,344
4.00%, 03/01/39		14		12,821
4.00%, 03/18/39(c)		20,650		19,887,595
4.00%, 04/01/39		30		28,074
4.00%, 05/01/39		357		340,052
4.00%, 07/01/39		16		15,484
4.00%, 08/01/39		279		265,432
4.00%, 09/01/39		25		24,185
4.00%, 10/01/39		2		1,928
4.00%, 11/01/39		88		84,399
4.00%, 12/01/39		2		2,662
4.00%, 02/01/40		15		14,000
4.00%, 05/01/40		14		13,936
4.00%, 07/01/40		36		34,626
4.00%, 08/01/40		881		837,238
4.00%, 09/01/40		777		739,397
4.00%, 10/01/40		353		335,641
4.00%, 11/01/40		5,133		4,880,159
4.00%, 12/01/40		1,830		1,739,772
4.00%, 01/01/41		9,008		8,563,763
4.00%, 02/01/41		806		765,612
4.00%, 03/01/41		699		661,992
4.00%, 04/01/41		32		30,650
4.00%, 05/01/41		1,165		1,103,584
4.00%, 08/01/41		2		1,815
4.00%, 09/01/41		1,987		1,884,567
4.00%, 10/01/41		2,597		2,460,653
4.00%, 11/01/41		121		114,685
4.00%, 12/01/41		736		697,596
4.00%, 01/01/42		1,034		980,796
4.00%, 02/01/42		184		174,523

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.00%, 03/01/42	$	5,071	$	4,804,872
4.00%, 05/01/42		810		766,550
4.00%, 06/01/42		32		30,705
4.00%, 07/01/42		349		330,170
4.00%, 08/01/42		2		2,201
4.00%, 09/01/42		5		4,626
4.00%, 12/01/42		170		161,149
4.00%, 01/01/43		1,862		1,764,551
4.00%, 08/01/43		19		17,947
4.00%, 09/01/43		1,147		1,085,488
4.00%, 10/01/43		146		139,463
4.00%, 11/01/43		286		269,605
4.00%, 12/01/43		5		4,443
4.00%, 01/01/44		785		740,880
4.00%, 02/01/44		9		8,569
4.00%, 03/01/44		1,118		1,057,444
4.00%, 04/01/44		946		894,512
4.00%, 05/01/44		8,777		8,308,344
4.00%, 06/01/44		2,632		2,492,958
4.00%, 07/01/44		7,177		6,787,115
4.00%, 08/01/44		194		182,071
4.00%, 09/01/44		146		137,269
4.00%, 10/01/44		2,068		1,951,383
4.00%, 11/01/44		4,608		4,345,127
4.00%, 12/01/44		2,427		2,286,952
4.00%, 01/01/45		8,439		7,978,300
4.00%, 02/01/45		6,834		6,457,968
4.00%, 03/01/45		11,372		10,757,699
4.00%, 04/01/45		841		791,126
4.00%, 06/01/45		6,179		5,831,469
4.00%, 07/01/45		11,769		11,104,195
4.00%, 08/01/45		280		264,409
4.00%, 09/01/45		12,037		11,325,236
4.00%, 10/01/45		2,859		2,694,812
4.00%, 11/01/45		6,803		6,402,958
4.00%, 12/01/45		710		670,029
4.00%, 01/01/46		2,001		1,883,701
4.00%, 02/01/46		3,571		3,365,371
4.00%, 03/01/46		9,407		8,856,721
4.00%, 04/01/46		6,184		5,810,752
4.00%, 05/01/46		8,310		7,808,074
4.00%, 06/01/46		13,740		12,965,147
4.00%, 07/01/46		1,392		1,306,297
4.00%, 08/01/46		7,734		7,272,682
4.00%, 09/01/46		12,949		12,208,744
4.00%, 10/01/46		2,711		2,565,390
4.00%, 11/01/46		7,992		7,525,248
4.00%, 01/01/47		3,629		3,413,409
4.00%, 02/01/47		2,882		2,710,331
4.00%, 03/01/47		7,722		7,251,404
4.00%, 04/01/47		8,824		8,288,953
4.00%, 05/01/47		9,641		9,051,851
4.00%, 06/01/47		35,155		32,993,289
4.00%, 07/01/47		13,099		12,298,651
4.00%, 08/01/47		22,969		21,546,909
4.00%, 09/01/47		21,293		19,980,400
4.00%, 10/01/47		26,422		24,756,731
4.00%, 11/01/47		12,395		11,629,456
4.00%, 12/01/47		8,927		8,383,148
4.00%, 01/01/48		8,706		8,158,411
4.00%, 02/01/48		37,517		35,174,694

S C H E D U L E  O F  I N V E S T M E N T S 151

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.00%, 03/01/48	$	2,726		$	2,552,892
4.00%, 04/01/48		11,141			10,418,555
4.00%, 05/01/48		5,452			5,088,068
4.00%, 06/01/48		2,634			2,469,076
4.00%, 07/01/48		10,250			9,601,942
4.00%, 08/01/48		4,070			3,814,434
4.00%, 09/01/48		16,981			15,868,275
4.00%, 10/01/48		8,429			7,901,296
4.00%, 11/01/48		30,336			28,347,731
4.00%, 12/01/48		11,503			10,779,310
4.00%, 01/01/49		17,789			16,651,824
4.00%, 02/01/49		6,049			5,658,266
4.00%, 03/01/49		28,662			26,759,557
4.00%, 04/01/49		17,133			16,007,560
4.00%, 05/01/49		11,461			10,705,208
4.00%, 06/01/49		30,139			28,219,369
4.00%, 07/01/49		24,394			22,931,867
4.00%, 08/01/49		670			625,675
4.00%, 09/01/49		18,884			17,669,307
4.00%, 10/01/49		21,219			19,940,744
4.00%, 11/01/49		46,593			43,380,322
4.00%, 12/01/49		19,809			18,536,041
4.00%, 01/01/50		24,394			22,793,648
4.00%, 02/01/50		1,350			1,260,666
4.00%, 03/01/50		3,383			3,145,645
4.00%, 04/01/50		9,017			8,420,535
4.00%, 05/01/50		15,441			14,394,457
4.00%, 06/01/50		1,771			1,641,914
4.00%, 07/01/50		726			673,395
4.00%, 08/01/50		11,327			10,574,310
4.00%, 12/01/50		8,786			8,161,383
4.00%, 01/01/51		780			728,396
4.00%, 03/01/51		863			805,277
4.00%, 05/01/51		22,064			20,609,353
4.00%, 08/01/51		8,065			7,528,533
4.00%, 10/01/51		6,118			5,711,623
4.00%, 11/01/51		3,330			3,093,135
4.00%, 02/01/52		3,389			3,124,681
4.00%, 05/01/52		22,641			20,929,816
4.00%, 06/01/52		79,408			73,480,981
4.00%, 07/01/52		18,634			17,165,040
4.00%, 08/01/52		101,117			93,106,981
4.00%, 09/01/52		9,802			9,058,564
4.00%, 10/01/52		14,406			13,403,254
4.00%, 11/01/52		7,193			6,627,216
4.00%, 12/01/52		13,715			12,611,749
4.00%, 01/01/53		2,667			2,477,949
4.00%, 02/01/53		46,620			43,420,333
4.00%, 05/01/53		16,119			14,823,550
4.00%, 03/13/54(c)		23,683			21,787,771
4.50%, 03/01/24		0	(a)		1
4.50%, 04/01/24		0	(a)		2
4.50%, 07/01/24		0	(a)		141
4.50%, 08/01/24		0	(a)		275
4.50%, 10/01/24		35			34,240
4.50%, 10/01/24		0	(a)		399
4.50%, 11/01/24		0	(a)		452
4.50%, 12/01/24		3			2,839
4.50%, 12/01/24		0	(a)		477
4.50%, 01/01/25		0	(a)		256
4.50%, 02/01/25		70			69,526

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.50%, 04/01/25	$	118		$	116,632
4.50%, 04/01/25		0	(a)		99
4.50%, 05/01/25		4			4,017
4.50%, 06/01/25		100			98,982
4.50%, 08/01/25		62			60,789
4.50%, 09/01/25		4			4,392
4.50%, 04/01/26		3			2,753
4.50%, 10/01/26		291			287,690
4.50%, 01/01/27		43			42,732
4.50%, 11/01/28		1			537
4.50%, 08/01/31		1,120			1,105,225
4.50%, 04/01/33		426			421,302
4.50%, 07/01/33		35			34,708
4.50%, 08/01/33		27			26,116
4.50%, 09/01/33		5			5,469
4.50%, 10/01/33		13			13,125
4.50%, 11/01/33		21			20,146
4.50%, 12/01/33		290			286,776
4.50%, 01/01/34		1,194			1,180,811
4.50%, 02/01/34		287			283,725
4.50%, 04/01/34		1			1,408
4.50%, 05/01/34		8			7,135
4.50%, 06/01/34		474			464,184
4.50%, 08/01/34		961			946,865
4.50%, 09/01/34		198			195,757
4.50%, 12/01/34		3			2,689
4.50%, 01/01/35		1,079			1,057,131
4.50%, 02/01/35		0	(a)		357
4.50%, 03/01/35		1			1,327
4.50%, 05/01/35		0	(a)		171
4.50%, 07/01/35		0	(a)		327
4.50%, 08/01/35		1			933
4.50%, 09/01/35		7			6,694
4.50%, 10/01/35		1			1,384
4.50%, 12/01/35		30			29,584
4.50%, 01/01/36		0	(a)		391
4.50%, 03/01/36		2			1,569
4.50%, 07/01/37		3			2,863
4.50%, 03/01/38		2			2,378
4.50%, 04/01/38		0	(a)		486
4.50%, 04/01/38		103			100,723
4.50%, 05/01/38		40			38,653
4.50%, 06/01/38		15			14,359
4.50%, 06/01/38		0	(a)		287
4.50%, 08/01/38		19,597			19,177,234
4.50%, 09/01/38		10,110			9,936,033
4.50%, 11/01/38		3			2,653
4.50%, 01/01/39		8			7,948
4.50%, 02/01/39		0	(a)		311
4.50%, 02/01/39		641			625,252
4.50%, 03/01/39		41			40,757
4.50%, 04/01/39		1,315			1,284,942
4.50%, 05/01/39		734			717,285
4.50%, 06/01/39		136			133,059
4.50%, 07/01/39		144			140,704
4.50%, 08/01/39		2,092			2,044,527
4.50%, 09/01/39		65			63,884
4.50%, 10/01/39		4,477			4,375,599
4.50%, 11/01/39		26			25,491
4.50%, 12/01/39		304			297,546
4.50%, 01/01/40		1,424			1,390,388

152 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 02/01/40	$	277	$	269,642
4.50%, 03/01/40		231		226,347
4.50%, 04/01/40		88		85,608
4.50%, 05/01/40		140		136,336
4.50%, 06/01/40		24		23,581
4.50%, 07/01/40		46		44,696
4.50%, 08/01/40		109		106,434
4.50%, 09/01/40		1,813		1,769,767
4.50%, 10/01/40		248		241,593
4.50%, 12/01/40		1,890		1,844,150
4.50%, 01/01/41		1,901		1,854,956
4.50%, 02/01/41		361		353,258
4.50%, 03/01/41		2,115		2,062,923
4.50%, 04/01/41		12,995		12,675,642
4.50%, 05/01/41		11,417		11,137,149
4.50%, 06/01/41		4,561		4,448,994
4.50%, 07/01/41		285		279,438
4.50%, 08/01/41		3,009		2,935,108
4.50%, 09/01/41		4,753		4,636,511
4.50%, 10/01/41		96		93,335
4.50%, 11/01/41		245		239,309
4.50%, 12/01/41		2,511		2,450,091
4.50%, 01/01/42		2,525		2,463,119
4.50%, 04/01/42		94		92,052
4.50%, 07/01/42		2,500		2,438,312
4.50%, 09/01/42		1,346		1,310,682
4.50%, 10/01/42		1,744		1,701,113
4.50%, 01/01/43		131		127,865
4.50%, 09/01/43		2,301		2,235,314
4.50%, 10/01/43		750		728,434
4.50%, 11/01/43		1,793		1,741,574
4.50%, 12/01/43		1,189		1,154,847
4.50%, 01/01/44		247		238,698
4.50%, 02/01/44		411		399,724
4.50%, 03/01/44		6,564		6,376,695
4.50%, 04/01/44		9,316		9,047,493
4.50%, 05/01/44		517		503,543
4.50%, 06/01/44		1,337		1,302,203
4.50%, 07/01/44		208		201,957
4.50%, 08/01/44		927		901,121
4.50%, 09/01/44		7,046		6,844,563
4.50%, 10/01/44		181		175,652
4.50%, 11/01/44		8,819		8,588,792
4.50%, 12/01/44		6,816		6,623,637
4.50%, 01/01/45		852		827,487
4.50%, 02/01/45		8,203		7,966,557
4.50%, 03/01/45		1,104		1,069,244
4.50%, 04/01/45		4		4,316
4.50%, 08/01/45		1,977		1,921,428
4.50%, 09/01/45		335		325,392
4.50%, 10/01/45		5,067		4,923,289
4.50%, 11/01/45		414		402,706
4.50%, 12/01/45		108		104,969
4.50%, 01/01/46		80		77,571
4.50%, 02/01/46		6,447		6,275,053
4.50%, 03/01/46		19,315		18,841,575
4.50%, 04/01/46		4,607		4,465,246
4.50%, 05/01/46		968		937,409
4.50%, 06/01/46		1,093		1,061,573
4.50%, 07/01/46		802		775,496
4.50%, 08/01/46		5,819		5,642,473

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
4.50%, 09/01/46	$	163	$	156,549
4.50%, 10/01/46		684		659,245
4.50%, 11/01/46		79		76,332
4.50%, 12/01/46		416		400,782
4.50%, 01/01/47		649		626,341
4.50%, 02/01/47		443		426,806
4.50%, 03/01/47		1,127		1,087,913
4.50%, 04/01/47		2,889		2,783,508
4.50%, 05/01/47		1,486		1,433,711
4.50%, 06/01/47		7,846		7,561,973
4.50%, 07/01/47		1,988		1,915,372
4.50%, 08/01/47		4,567		4,411,980
4.50%, 09/01/47		3,345		3,224,867
4.50%, 10/01/47		6,038		5,822,642
4.50%, 11/01/47		2,124		2,048,571
4.50%, 12/01/47		636		613,160
4.50%, 01/01/48		1,500		1,445,855
4.50%, 02/01/48		4,509		4,345,643
4.50%, 03/01/48		570		549,566
4.50%, 04/01/48		11,222		10,787,550
4.50%, 05/01/48		4,544		4,372,845
4.50%, 06/01/48		3,515		3,378,249
4.50%, 07/01/48		3,349		3,215,288
4.50%, 08/01/48		27,738		26,684,948
4.50%, 09/01/48		11,480		11,046,286
4.50%, 10/01/48		14,485		13,925,763
4.50%, 11/01/48		8,444		8,126,899
4.50%, 12/01/48		36,783		35,370,841
4.50%, 01/01/49		17,213		16,553,802
4.50%, 02/01/49		14,133		13,589,558
4.50%, 03/01/49		8,411		8,066,701
4.50%, 04/01/49		11,673		11,232,794
4.50%, 05/01/49		10,336		9,934,026
4.50%, 06/01/49		1,787		1,715,637
4.50%, 07/01/49		3,481		3,343,216
4.50%, 08/01/49		1,995		1,913,578
4.50%, 09/01/49		6,083		5,842,806
4.50%, 10/01/49		2,145		2,059,213
4.50%, 11/01/49		21,008		20,246,099
4.50%, 12/01/49		11,276		10,868,865
4.50%, 01/01/50		1,771		1,700,679
4.50%, 02/01/50		5,111		4,899,496
4.50%, 03/01/50		8,016		7,681,021
4.50%, 04/01/50		26,814		25,805,380
4.50%, 05/01/50		17,227		16,423,482
4.50%, 06/01/50		534		508,991
4.50%, 08/01/50		586		558,771
4.50%, 09/01/50		34,200		32,830,615
4.50%, 12/01/50		377		361,794
4.50%, 01/01/51		207		198,476
4.50%, 07/01/51		15,911		15,168,667
4.50%, 05/01/52		4,045		3,891,823
4.50%, 06/01/52		26,091		24,705,456
4.50%, 07/01/52		68,296		64,666,432
4.50%, 08/01/52		29,630		28,054,681
4.50%, 09/01/52		38,038		35,996,976
4.50%, 10/01/52		54,380		51,623,585
4.50%, 11/01/52		17,409		16,471,443
4.50%, 12/01/52		51,516		48,960,125
4.50%, 03/01/53		15,136		14,322,365
4.50%, 04/01/53		27,731		26,260,347

S C H E D U L E  O F  I N V E S T M E N T S 153

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
4.50%, 05/01/53	$	2,927		$	2,784,081
4.50%, 06/01/53		2,490			2,368,932
4.50%, 08/01/53		15,526			14,728,795
4.50%, 09/01/53		1,286			1,216,899
4.50%, 03/13/54(c)		40,630			38,457,415
5.00%, 12/01/24		0	(a)		66
5.00%, 05/01/25		1			906
5.00%, 09/01/25		0	(a)		47
5.00%, 11/01/32		1			1,349
5.00%, 03/01/33		2			2,197
5.00%, 05/01/33		18			17,455
5.00%, 06/01/33		1			948
5.00%, 07/01/33		76			75,372
5.00%, 08/01/33		279			279,719
5.00%, 08/01/33		0	(a)		381
5.00%, 09/01/33		35			35,478
5.00%, 10/01/33		1			510
5.00%, 11/01/33		1,256			1,255,889
5.00%, 02/01/34		2			2,438
5.00%, 03/01/34		19			19,002
5.00%, 04/01/34		15			15,408
5.00%, 05/01/34		523			522,419
5.00%, 05/01/34		0	(a)		178
5.00%, 06/01/34		1			521
5.00%, 07/01/34		6			6,251
5.00%, 08/01/34		20			19,611
5.00%, 09/01/34		3			3,429
5.00%, 10/01/34		7			7,664
5.00%, 12/01/34		174			173,952
5.00%, 01/01/35		124			124,160
5.00%, 02/01/35		625			624,663
5.00%, 03/01/35		36			35,668
5.00%, 04/01/35		9			9,042
5.00%, 05/01/35		6			5,970
5.00%, 06/01/35		68			67,233
5.00%, 07/01/35		772			770,202
5.00%, 08/01/35		54			52,733
5.00%, 08/01/35		0	(a)		317
5.00%, 09/01/35		111			109,527
5.00%, 10/01/35		38			38,371
5.00%, 11/01/35		343			342,401
5.00%, 11/01/35		0	(a)		442
5.00%, 12/01/35		3			3,439
5.00%, 01/01/36		13			13,020
5.00%, 02/01/36		7			6,862
5.00%, 03/01/36		444			443,498
5.00%, 03/01/36		0	(a)		234
5.00%, 04/01/36		0	(a)		819
5.00%, 05/01/36		345			344,164
5.00%, 06/01/36		31			31,609
5.00%, 07/01/36		19			18,920
5.00%, 08/01/36		1			631
5.00%, 11/01/36		2			2,082
5.00%, 12/01/36		1			1,426
5.00%, 02/01/37		13			12,790
5.00%, 03/01/37		8			7,833
5.00%, 04/01/37		1			1,464
5.00%, 05/01/37		8			7,907
5.00%, 06/01/37		6			5,580
5.00%, 07/01/37		344			344,106
5.00%, 01/01/38		4			4,114

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 02/01/38	$	559		$	558,712
5.00%, 02/01/38		0	(a)		256
5.00%, 03/01/38		37			35,741
5.00%, 04/01/38		73			72,545
5.00%, 04/01/38		0	(a)		696
5.00%, 05/01/38		21			20,385
5.00%, 06/01/38		2			1,836
5.00%, 07/01/38		66			65,860
5.00%, 07/01/38		0	(a)		487
5.00%, 11/01/38		0	(a)		81
5.00%, 12/01/38		4			4,156
5.00%, 01/01/39		159			158,880
5.00%, 02/01/39		14			14,389
5.00%, 03/01/39		369			368,328
5.00%, 03/01/39		0	(a)		485
5.00%, 04/01/39		2,983			2,977,965
5.00%, 04/01/39		0	(a)		449
5.00%, 05/01/39		762			761,169
5.00%, 06/01/39		604			603,610
5.00%, 07/01/39		27			26,868
5.00%, 08/01/39		522			521,243
5.00%, 09/01/39		343			342,331
5.00%, 10/01/39		327			325,988
5.00%, 11/01/39		52			52,047
5.00%, 12/01/39		1,213			1,211,486
5.00%, 01/01/40		93			93,065
5.00%, 02/01/40		40			39,945
5.00%, 03/01/40		210			210,224
5.00%, 04/01/40		796			794,522
5.00%, 05/01/40		8,090			8,075,246
5.00%, 06/01/40		192			192,019
5.00%, 07/01/40		855			853,985
5.00%, 08/01/40		4,751			4,748,046
5.00%, 09/01/40		616			616,353
5.00%, 10/01/40		121			120,931
5.00%, 11/01/40		14			14,228
5.00%, 12/01/40		976			974,398
5.00%, 01/01/41		145			145,378
5.00%, 02/01/41		418			417,067
5.00%, 03/01/41		1,357			1,354,668
5.00%, 04/01/41		1,964			1,961,217
5.00%, 05/01/41		6,291			6,279,344
5.00%, 06/01/41		947			945,791
5.00%, 07/01/41		420			419,363
5.00%, 08/01/41		1,015			1,013,809
5.00%, 11/01/41		100			99,450
5.00%, 04/01/42		361			360,039
5.00%, 08/01/43		21			21,428
5.00%, 09/01/43		380			379,371
5.00%, 10/01/43		973			971,040
5.00%, 11/01/43		41			41,143
5.00%, 12/01/43		115			114,893
5.00%, 01/01/44		1,458			1,455,626
5.00%, 03/01/44		468			467,215
5.00%, 06/01/44		151			150,758
5.00%, 07/01/44		935			934,386
5.00%, 08/01/44		114			114,170
5.00%, 09/01/44		836			834,410
5.00%, 11/01/44		403			402,151
5.00%, 01/01/45		6			6,291
5.00%, 07/01/45		2,872			2,867,012

154 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.00%, 03/01/47	$	17		$	16,307
5.00%, 04/01/47		66			65,150
5.00%, 05/01/47		621			613,173
5.00%, 07/01/47		536			535,694
5.00%, 08/01/47		154			151,592
5.00%, 09/01/47		794			782,706
5.00%, 10/01/47		419			413,239
5.00%, 11/01/47		69			67,792
5.00%, 02/01/48		724			714,116
5.00%, 03/01/48		1,239			1,221,831
5.00%, 04/01/48		1,499			1,481,492
5.00%, 06/01/48		1,711			1,687,736
5.00%, 07/01/48		3,135			3,096,575
5.00%, 08/01/48		4,786			4,726,047
5.00%, 09/01/48		5,079			5,018,476
5.00%, 10/01/48		2,948			2,914,034
5.00%, 11/01/48		11,678			11,521,905
5.00%, 12/01/48		1,244			1,227,427
5.00%, 01/01/49		9,555			9,431,088
5.00%, 02/01/49		5,291			5,223,038
5.00%, 03/01/49		4,732			4,666,678
5.00%, 04/01/49		6,855			6,758,753
5.00%, 05/01/49		1,838			1,812,850
5.00%, 07/01/49		7,436			7,335,308
5.00%, 08/01/49		17,790			17,579,045
5.00%, 09/01/49		1,182			1,164,596
5.00%, 10/01/49		19,901			19,630,693
5.00%, 11/01/49		998			984,152
5.00%, 12/01/49		1,039			1,023,614
5.00%, 03/01/50		1,577			1,555,426
5.00%, 04/01/50		845			820,934
5.00%, 05/01/50		484			470,306
5.00%, 09/01/50		30			28,976
5.00%, 10/01/50		3,610			3,561,098
5.00%, 01/01/51		1,131			1,099,372
5.00%, 07/01/52		11,260			10,982,311
5.00%, 08/01/52		37,921			37,070,805
5.00%, 09/01/52		19,968			19,545,903
5.00%, 10/01/52		41,755			40,674,507
5.00%, 11/01/52		135,170			131,552,214
5.00%, 12/01/52		35,898			35,048,688
5.00%, 02/01/53		88,149			86,051,253
5.00%, 03/01/53		8,314			8,105,273
5.00%, 04/01/53		39,852			38,652,309
5.00%, 05/01/53		117,546			114,059,751
5.00%, 06/01/53		42,210			40,959,763
5.00%, 07/01/53		29,822			29,078,772
5.00%, 08/01/53		27,886			27,047,437
5.00%, 09/01/53		13,220			12,822,454
5.00%, 10/01/53		71,277			69,209,848
5.00%, 03/01/54(c)		22,197			21,524,165
5.50%, 01/01/25		0	(a)		8
5.50%, 03/01/28		110			109,715
5.50%, 10/01/28		0	(a)		206
5.50%, 12/01/28		0	(a)		117
5.50%, 07/01/29		1			1,171
5.50%, 04/01/31		1			859
5.50%, 12/01/31		10			10,019
5.50%, 01/01/32		0	(a)		481
5.50%, 01/01/32		5			4,735
5.50%, 02/01/32		1			1,458

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 11/01/32	$	0	(a)	$	384
5.50%, 11/01/32		2			1,744
5.50%, 12/01/32		5			4,817
5.50%, 01/01/33		22			22,064
5.50%, 02/01/33		4			4,577
5.50%, 02/01/33		0	(a)		458
5.50%, 03/01/33		22			21,224
5.50%, 04/01/33		51			50,811
5.50%, 04/01/33		0	(a)		378
5.50%, 05/01/33		459			467,030
5.50%, 06/01/33		33			32,323
5.50%, 07/01/33		96			96,243
5.50%, 08/01/33		1			1,128
5.50%, 09/01/33		0	(a)		154
5.50%, 09/01/33		3			3,292
5.50%, 10/01/33		361			367,349
5.50%, 10/01/33		0	(a)		480
5.50%, 11/01/33		901			915,405
5.50%, 11/01/33		0	(a)		490
5.50%, 12/01/33		1			779
5.50%, 01/01/34		31			30,410
5.50%, 02/01/34		19			19,300
5.50%, 02/01/34		0	(a)		439
5.50%, 03/01/34		8			7,854
5.50%, 04/01/34		43			44,474
5.50%, 05/01/34		42			42,633
5.50%, 06/01/34		21			20,140
5.50%, 07/01/34		14			14,117
5.50%, 09/01/34		669			681,606
5.50%, 10/01/34		1			605
5.50%, 11/01/34		19			19,808
5.50%, 12/01/34		0	(a)		438
5.50%, 12/01/34		12			11,300
5.50%, 01/01/35		32			32,719
5.50%, 02/01/35		58			59,087
5.50%, 03/01/35		25			24,740
5.50%, 04/01/35		17			17,140
5.50%, 05/01/35		12			10,385
5.50%, 06/01/35		21			21,207
5.50%, 07/01/35		20			19,927
5.50%, 08/01/35		9			8,667
5.50%, 09/01/35		161			163,534
5.50%, 09/01/35		0	(a)		400
5.50%, 10/01/35		12			10,658
5.50%, 11/01/35		30			31,008
5.50%, 12/01/35		28			28,402
5.50%, 12/01/35		0	(a)		282
5.50%, 01/01/36		15			15,563
5.50%, 02/01/36		58			58,365
5.50%, 03/01/36		1			551
5.50%, 04/01/36		1,100			1,122,962
5.50%, 05/01/36		274			280,219
5.50%, 06/01/36		1			585
5.50%, 07/01/36		9			9,578
5.50%, 08/01/36		22			22,895
5.50%, 09/01/36		1,685			1,711,832
5.50%, 10/01/36		8			7,681
5.50%, 11/01/36		15			15,138
5.50%, 11/01/36		0	(a)		93
5.50%, 12/01/36		0	(a)		610
5.50%, 12/01/36		19			19,297

S C H E D U L E  O F  I N V E S T M E N T S 155

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 01/01/37	$	0	(a)	$	228
5.50%, 01/01/37		23			23,135
5.50%, 02/01/37		53			53,825
5.50%, 03/01/37		35			35,664
5.50%, 04/01/37		7			6,906
5.50%, 05/01/37		210			215,013
5.50%, 05/01/37		0	(a)		486
5.50%, 06/01/37		121			122,676
5.50%, 06/01/37		0	(a)		365
5.50%, 07/01/37		18			17,176
5.50%, 07/01/37		0	(a)		762
5.50%, 08/01/37		1,443			1,472,035
5.50%, 08/01/37		0	(a)		290
5.50%, 09/01/37		0	(a)		425
5.50%, 10/01/37		2			1,929
5.50%, 10/01/37		0	(a)		696
5.50%, 11/01/37		8			8,923
5.50%, 12/01/37		46			47,162
5.50%, 12/01/37		0	(a)		202
5.50%, 01/01/38		12			11,480
5.50%, 02/01/38		26			27,370
5.50%, 03/01/38		603			616,116
5.50%, 04/01/38		0	(a)		385
5.50%, 04/01/38		62			63,896
5.50%, 05/01/38		192			196,393
5.50%, 06/01/38		208			211,399
5.50%, 06/01/38		0	(a)		866
5.50%, 07/01/38		433			441,707
5.50%, 07/01/38		0	(a)		714
5.50%, 08/01/38		628			641,084
5.50%, 08/01/38		0	(a)		170
5.50%, 09/01/38		6			5,845
5.50%, 10/01/38		3			2,807
5.50%, 11/01/38		792			809,065
5.50%, 11/01/38		0	(a)		473
5.50%, 12/01/38		29			29,478
5.50%, 01/01/39		33			33,361
5.50%, 02/01/39		34			34,411
5.50%, 03/01/39		10			10,110
5.50%, 04/01/39		17			17,117
5.50%, 06/01/39		128			130,816
5.50%, 07/01/39		14			14,282
5.50%, 08/01/39		1			1,068
5.50%, 09/01/39		24			24,036
5.50%, 10/01/39		5			5,521
5.50%, 11/01/39		26			27,055
5.50%, 12/01/39		61			63,007
5.50%, 01/01/40		31			31,380
5.50%, 05/01/40		114			115,940
5.50%, 06/01/40		61			63,047
5.50%, 07/01/40		1,391			1,420,879
5.50%, 09/01/40		3,516			3,589,624
5.50%, 07/01/41		243			247,846
5.50%, 09/01/41		5,961			6,068,004
5.50%, 05/01/44		4,809			4,926,077
5.50%, 01/01/47		1,527			1,558,473
5.50%, 06/01/48		97			98,877
5.50%, 11/01/48		2,104			2,138,563
5.50%, 12/01/48		1,990			2,022,501
5.50%, 01/01/49		2,649			2,692,410
5.50%, 02/01/49		536			544,839

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
5.50%, 03/01/49	$	108		$	110,176
5.50%, 06/01/49		9,074			9,222,463
5.50%, 08/01/52		76,861			76,678,758
5.50%, 09/01/52		18,774			18,786,323
5.50%, 10/01/52		1,388			1,384,754
5.50%, 11/01/52		38,280			38,108,542
5.50%, 12/01/52		40,786			40,703,218
5.50%, 01/01/53		50,732			50,439,215
5.50%, 02/01/53		77,304			77,106,029
5.50%, 03/01/53		47,248			46,724,462
5.50%, 04/01/53		76,959			76,456,219
5.50%, 05/01/53		174,339			172,420,106
5.50%, 06/01/53		117,123			116,314,367
5.50%, 07/01/53		83,823			83,139,637
5.50%, 08/01/53		7,629			7,552,641
5.50%, 10/01/53		48,495			47,949,056
5.50%, 11/01/53		41,836			41,668,841
5.50%, 03/13/54(c)		84,079			83,168,659
6.00%, 03/01/28		0	(a)		384
6.00%, 04/01/28		0	(a)		53
6.00%, 11/01/28		0	(a)		441
6.00%, 12/01/28		0	(a)		978
6.00%, 01/01/29		0	(a)		279
6.00%, 01/01/29		1			1,176
6.00%, 02/01/29		0	(a)		1,329
6.00%, 02/01/29		3			2,965
6.00%, 03/01/29		2			1,552
6.00%, 03/01/29		0	(a)		68
6.00%, 04/01/29		2			1,756
6.00%, 05/01/29		0	(a)		128
6.00%, 06/01/29		0	(a)		12
6.00%, 06/01/29		1			586
6.00%, 07/01/29		1			1,304
6.00%, 04/01/30		1			925
6.00%, 04/01/31		1			815
6.00%, 04/01/31		0	(a)		21
6.00%, 05/01/31		4			4,038
6.00%, 05/01/31		0	(a)		364
6.00%, 11/01/31		6			5,471
6.00%, 02/01/32		2			1,959
6.00%, 03/01/32		2			2,005
6.00%, 04/01/32		4			3,638
6.00%, 06/01/32		1			1,105
6.00%, 09/01/32		2			2,374
6.00%, 11/01/32		26			27,041
6.00%, 12/01/32		18			18,953
6.00%, 12/01/32		0	(a)		658
6.00%, 01/01/33		15			16,658
6.00%, 02/01/33		5			5,431
6.00%, 02/01/33		0	(a)		403
6.00%, 03/01/33		16			15,762
6.00%, 03/01/33		0	(a)		59
6.00%, 05/01/33		2			1,837
6.00%, 10/01/33		2			1,943
6.00%, 11/01/33		1			1,390
6.00%, 12/01/33		15			15,564
6.00%, 02/01/34		3			3,382
6.00%, 03/01/34		1,192			1,231,677
6.00%, 04/01/34		2			2,175
6.00%, 05/01/34		203			209,479
6.00%, 08/01/34		262			270,463

156 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.00%, 09/01/34	$	0	(a)	$	468
6.00%, 09/01/34		10			10,389
6.00%, 10/01/34		11			12,170
6.00%, 11/01/34		79			81,397
6.00%, 11/01/34		0	(a)		447
6.00%, 12/01/34		5			4,726
6.00%, 01/01/35		24			24,992
6.00%, 02/01/35		10			9,813
6.00%, 04/01/35		3			2,782
6.00%, 06/01/35		7			7,534
6.00%, 07/01/35		71			74,031
6.00%, 09/01/35		10			10,404
6.00%, 10/01/35		32			32,757
6.00%, 12/01/35		31			31,599
6.00%, 01/01/36		5			5,232
6.00%, 01/01/36		0	(a)		190
6.00%, 02/01/36		2			1,767
6.00%, 03/01/36		1			773
6.00%, 05/01/36		0	(a)		548
6.00%, 05/01/36		19			19,263
6.00%, 06/01/36		411			424,304
6.00%, 07/01/36		9			8,902
6.00%, 08/01/36		394			408,819
6.00%, 10/01/36		13			13,537
6.00%, 11/01/36		32			32,843
6.00%, 11/01/36		0	(a)		573
6.00%, 12/01/36		9			9,636
6.00%, 01/01/37		3			3,005
6.00%, 02/01/37		64			66,915
6.00%, 02/01/37		0	(a)		504
6.00%, 03/01/37		26			26,408
6.00%, 04/01/37		0	(a)		321
6.00%, 04/01/37		15			15,605
6.00%, 06/01/37		21			22,418
6.00%, 07/01/37		20			20,430
6.00%, 07/01/37		0	(a)		992
6.00%, 08/01/37		16			14,586
6.00%, 09/01/37		11			11,385
6.00%, 10/01/37		4			3,771
6.00%, 11/01/37		30			30,888
6.00%, 12/01/37		24			24,670
6.00%, 12/01/37		0	(a)		51
6.00%, 01/01/38		75			78,648
6.00%, 02/01/38		29			30,846
6.00%, 02/01/38		0	(a)		381
6.00%, 03/01/38		308			320,061
6.00%, 04/01/38		22			22,780
6.00%, 05/01/38		741			771,167
6.00%, 07/01/38		15			15,541
6.00%, 08/01/38		91			94,407
6.00%, 09/01/38		22			22,418
6.00%, 09/01/38		0	(a)		306
6.00%, 10/01/38		14			14,308
6.00%, 11/01/38		10			10,369
6.00%, 12/01/38		5			5,678
6.00%, 06/01/39		2,072			2,141,702
6.00%, 09/01/39		1			1,483
6.00%, 10/01/39		176			182,480
6.00%, 04/01/40		29			29,968
6.00%, 09/01/40		4			4,008
6.00%, 10/01/40		41			42,178

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.00%, 07/01/41	$	598		$	620,120
6.00%, 02/01/49		900			934,295
6.00%, 01/01/53		6,857			6,983,113
6.00%, 02/01/53		6,888			6,938,402
6.00%, 04/01/53		2,934			2,985,512
6.00%, 05/01/53		3,932			3,993,513
6.00%, 06/01/53		12,220			12,355,969
6.00%, 07/01/53		101,705			103,026,975
6.00%, 08/01/53		168,752			170,893,646
6.00%, 09/01/53		51,483			52,038,203
6.00%, 10/01/53		192,784			194,591,658
6.00%, 11/01/53		48,937			49,274,624
6.00%, 12/01/53		11,595			11,714,318
6.00%, 02/01/54		7,140			7,213,130
6.00%, 03/13/54(c)		122,275			122,784,982
6.00%, 04/11/54(c)		18,625			18,699,771
6.50%, 03/01/24		0	(a)		1
6.50%, 11/01/24		0	(a)		22
6.50%, 06/01/25		0	(a)		12
6.50%, 08/01/25		0	(a)		2
6.50%, 12/01/25		0	(a)		77
6.50%, 01/01/26		0	(a)		7
6.50%, 01/01/26		1			880
6.50%, 02/01/26		0	(a)		70
6.50%, 03/01/26		0	(a)		101
6.50%, 04/01/26		0	(a)		82
6.50%, 05/01/26		0	(a)		78
6.50%, 06/01/26		0	(a)		41
6.50%, 11/01/26		0	(a)		37
6.50%, 03/01/27		0	(a)		161
6.50%, 04/01/27		0	(a)		53
6.50%, 11/01/27		0	(a)		61
6.50%, 12/01/27		0	(a)		243
6.50%, 12/01/27		1			502
6.50%, 01/01/28		0	(a)		448
6.50%, 02/01/28		0	(a)		57
6.50%, 04/01/28		0	(a)		132
6.50%, 04/01/28		1			787
6.50%, 05/01/28		1			536
6.50%, 08/01/28		4			3,844
6.50%, 08/01/28		0	(a)		20
6.50%, 09/01/28		0	(a)		180
6.50%, 09/01/28		1			795
6.50%, 10/01/28		0	(a)		176
6.50%, 10/01/28		1			766
6.50%, 11/01/28		0	(a)		318
6.50%, 12/01/28		1			589
6.50%, 12/01/28		0	(a)		293
6.50%, 01/01/29		1			898
6.50%, 01/01/29		0	(a)		211
6.50%, 02/01/29		1			1,094
6.50%, 02/01/29		0	(a)		72
6.50%, 03/01/29		0	(a)		678
6.50%, 03/01/29		3			2,851
6.50%, 04/01/29		1			645
6.50%, 04/01/29		0	(a)		288
6.50%, 05/01/29		0	(a)		366
6.50%, 05/01/29		1			517
6.50%, 06/01/29		10			10,142
6.50%, 06/01/29		0	(a)		1,156
6.50%, 07/01/29		0	(a)		359

S C H E D U L E  O F  I N V E S T M E N T S 157

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 07/01/29	$	2		$	1,916
6.50%, 08/01/29		0	(a)		218
6.50%, 09/01/29		0	(a)		416
6.50%, 11/01/29		0	(a)		144
6.50%, 05/01/30		0	(a)		101
6.50%, 12/01/30		1			572
6.50%, 01/01/31		0	(a)		86
6.50%, 03/01/31		0	(a)		338
6.50%, 04/01/31		0	(a)		71
6.50%, 04/01/31		2			1,682
6.50%, 05/01/31		0	(a)		444
6.50%, 05/01/31		4			3,413
6.50%, 06/01/31		0	(a)		84
6.50%, 07/01/31		2			2,066
6.50%, 07/01/31		0	(a)		513
6.50%, 08/01/31		0	(a)		322
6.50%, 08/01/31		1			786
6.50%, 09/01/31		3			2,855
6.50%, 10/01/31		4			3,865
6.50%, 10/01/31		0	(a)		382
6.50%, 11/01/31		2			1,672
6.50%, 12/01/31		3			3,145
6.50%, 12/01/31		0	(a)		154
6.50%, 02/01/32		0	(a)		706
6.50%, 02/01/32		2			2,114
6.50%, 03/01/32		9			8,787
6.50%, 04/01/32		1			573
6.50%, 05/01/32		4			3,910
6.50%, 06/01/32		2			1,637
6.50%, 06/01/32		0	(a)		248
6.50%, 07/01/32		5			5,085
6.50%, 07/01/32		0	(a)		478
6.50%, 08/01/32		12			12,129
6.50%, 08/01/32		0	(a)		497
6.50%, 09/01/32		11			10,886
6.50%, 11/01/32		0	(a)		250
6.50%, 01/01/33		0	(a)		382
6.50%, 03/01/33		4			4,585
6.50%, 05/01/33		0	(a)		791
6.50%, 06/01/33		5			5,314
6.50%, 07/01/33		0	(a)		70
6.50%, 09/01/33		0	(a)		170
6.50%, 11/01/33		4			4,177
6.50%, 01/01/34		6			6,636
6.50%, 03/01/34		0	(a)		218
6.50%, 05/01/34		11			11,154
6.50%, 08/01/34		7			7,065
6.50%, 09/01/34		13			14,449
6.50%, 10/01/34		2			2,081
6.50%, 11/01/34		1			909
6.50%, 04/01/35		2			2,495
6.50%, 02/01/36		5			5,022
6.50%, 05/01/36		1			907
6.50%, 06/01/36		0	(a)		431
6.50%, 07/01/36		0	(a)		344
6.50%, 07/01/36		1			864
6.50%, 08/01/36		34			35,357
6.50%, 08/01/36		0	(a)		233
6.50%, 09/01/36		128			135,403
6.50%, 09/01/36		0	(a)		503
6.50%, 10/01/36		27			27,894

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
6.50%, 11/01/36	$	0	(a)	$	337
6.50%, 12/01/36		27			28,929
6.50%, 12/01/36		0	(a)		623
6.50%, 02/01/37		6			6,376
6.50%, 03/01/37		3			2,453
6.50%, 06/01/37		1			577
6.50%, 07/01/37		34			35,378
6.50%, 07/01/37		0	(a)		301
6.50%, 08/01/37		1,065			1,126,716
6.50%, 08/01/37		0	(a)		105
6.50%, 09/01/37		0	(a)		145
6.50%, 09/01/37		8			8,571
6.50%, 10/01/37		72			75,888
6.50%, 10/01/37		0	(a)		1,210
6.50%, 11/01/37		18			19,005
6.50%, 11/01/37		0	(a)		235
6.50%, 12/01/37		42			44,707
6.50%, 12/01/37		0	(a)		668
6.50%, 01/01/38		4			4,742
6.50%, 02/01/38		6			6,077
6.50%, 03/01/38		14			14,277
6.50%, 05/01/38		38			39,913
6.50%, 06/01/38		12			12,427
6.50%, 09/01/38		4			4,391
6.50%, 12/01/38		4			4,676
6.50%, 01/01/39		7			7,528
6.50%, 03/01/39		3			3,305
6.50%, 05/01/39		2			2,371
6.50%, 10/01/39		1,036			1,097,072
6.50%, 05/01/40		669			707,655
6.50%, 04/01/53		24,379			25,198,189
6.50%, 07/01/53		11,396			11,737,059
6.50%, 09/01/53		60,603			61,936,674
6.50%, 10/01/53		135,806			139,029,260
6.50%, 11/01/53		62,299			63,679,397
6.50%, 12/01/53		108,059			110,876,665
6.50%, 01/01/54		24,352			24,926,038
6.50%, 02/01/54		31,445			32,446,924
6.50%, 03/13/54(c)		149,400			152,012,240
7.00%, 05/01/24		0	(a)		121
7.00%, 11/01/24		0	(a)		10
7.00%, 08/01/25		0	(a)		71
7.00%, 09/01/25		0	(a)		46
7.00%, 10/01/25		0	(a)		47
7.00%, 12/01/25		0	(a)		265
7.00%, 12/01/25		1			584
7.00%, 02/01/26		0	(a)		92
7.00%, 03/01/26		0	(a)		196
7.00%, 04/01/26		0	(a)		24
7.00%, 05/01/26		0	(a)		399
7.00%, 08/01/26		0	(a)		61
7.00%, 11/01/26		1			1,162
7.00%, 02/01/27		0	(a)		21
7.00%, 04/01/27		0	(a)		99
7.00%, 07/01/27		0	(a)		206
7.00%, 08/01/27		1			1,132
7.00%, 09/01/27		0	(a)		548
7.00%, 11/01/27		0	(a)		119
7.00%, 12/01/27		0	(a)		119
7.00%, 03/01/28		0	(a)		396
7.00%, 04/01/28		0	(a)		467

158 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
7.00%, 07/01/28	$	0	(a)	$	205
7.00%, 07/01/28		1			534
7.00%, 08/01/28		0	(a)		199
7.00%, 01/01/29		0	(a)		248
7.00%, 02/01/29		0	(a)		271
7.00%, 05/01/29		0	(a)		431
7.00%, 06/01/29		0	(a)		430
7.00%, 07/01/29		0	(a)		18
7.00%, 08/01/29		0	(a)		134
7.00%, 08/01/29		1			863
7.00%, 01/01/30		0	(a)		69
7.00%, 02/01/30		0	(a)		162
7.00%, 09/01/30		1			572
7.00%, 12/01/30		0	(a)		97
7.00%, 02/01/31		0	(a)		127
7.00%, 09/01/31		0	(a)		439
7.00%, 11/01/31		0	(a)		45
7.00%, 03/01/32		3			2,858
7.00%, 04/01/32		22			22,766
7.00%, 04/01/32		0	(a)		267
7.00%, 05/01/32		9			8,989
7.00%, 05/01/32		0	(a)		218
7.00%, 07/01/32		0	(a)		365
7.00%, 08/01/32		1			765
7.00%, 10/01/32		0	(a)		674
7.00%, 12/01/32		8			8,244
7.00%, 01/01/36		2			1,757
7.00%, 07/01/36		1			806
7.00%, 08/01/36		1			869
7.00%, 01/01/37		1			1,191
7.00%, 03/01/37		2			2,556
7.00%, 04/01/37		345			372,479
7.00%, 04/01/37		0	(a)		167
7.00%, 05/01/37		6			6,576
7.00%, 06/01/37		0	(a)		206
7.00%, 06/01/37		7			6,792
7.00%, 09/01/37		0	(a)		459
7.00%, 12/01/37		9			10,247
7.00%, 05/01/38		0	(a)		418
7.00%, 12/01/38		3			2,854
7.00%, 01/01/39		0	(a)		292
7.50%, 03/01/24		0	(a)		—
7.50%, 04/01/24		0	(a)		6
7.50%, 05/01/24		0	(a)		3
7.50%, 06/01/24		0	(a)		1
7.50%, 07/01/24		0	(a)		59
7.50%, 08/01/24		0	(a)		41
7.50%, 09/01/24		0	(a)		8
7.50%, 09/01/25		0	(a)		30
7.50%, 10/01/25		0	(a)		59
7.50%, 11/01/25		0	(a)		216
7.50%, 12/01/25		0	(a)		73
7.50%, 05/01/26		0	(a)		67
7.50%, 07/01/26		0	(a)		8
7.50%, 08/01/26		0	(a)		56
7.50%, 01/01/27		0	(a)		16
7.50%, 04/01/27		0	(a)		130
7.50%, 07/01/27		0	(a)		347
7.50%, 09/01/27		0	(a)		43
7.50%, 11/01/27		0	(a)		58
7.50%, 01/01/28		0	(a)		95

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
7.50%, 07/01/29	$	0	(a)	$	383
7.50%, 08/01/29		0	(a)		43
7.50%, 09/01/29		1			523
7.50%, 09/01/29		0	(a)		476
7.50%, 10/01/29		0	(a)		43
7.50%, 05/01/30		0	(a)		33
7.50%, 06/01/30		0	(a)		517
7.50%, 12/01/30		0	(a)		526
7.50%, 12/01/30		1			917
7.50%, 01/01/31		0	(a)		155
7.50%, 03/01/31		0	(a)		7
7.50%, 05/01/31		1			1,366
7.50%, 05/01/31		0	(a)		284
7.50%, 06/01/31		0	(a)		604
7.50%, 07/01/32		0	(a)		110
7.50%, 10/01/32		0	(a)		44
7.50%, 03/01/33		2			2,108
7.50%, 06/01/33		0	(a)		222
7.50%, 12/01/37		0	(a)		344
8.00%, 07/01/24		0	(a)		4
8.00%, 08/01/25		0	(a)		15
8.00%, 10/01/25		0	(a)		52
8.00%, 12/01/25		0	(a)		21
8.00%, 01/01/26		0	(a)		107
8.00%, 09/01/26		1			539
8.00%, 08/01/27		0	(a)		84
8.00%, 06/01/28		0	(a)		45
8.00%, 08/01/29		0	(a)		609
8.00%, 04/01/30		0	(a)		59
8.00%, 06/01/30		0	(a)		185
8.00%, 10/01/30		0	(a)		136
8.50%, 06/01/25		0	(a)		11
8.50%, 09/01/25		0	(a)		11
8.50%, 12/01/25		0	(a)		11
8.50%, 12/01/26		0	(a)		105
8.50%, 04/01/30		0	(a)		484
8.50%, 05/01/32		1			1,439
9.00%, 11/01/26		0	(a)		10
9.00%, 06/01/27		0	(a)		191
9.00%, 09/01/30		0	(a)		173
9.00%, 10/01/30		0	(a)		72
					27,959,805,720
Total Long-Term Investments — 100.3% (Cost: $30,815,510,057)					27,959,805,720
	Shares
Short-Term Securities
Money Market Funds — 3.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		1,081,189,507			1,081,730,102
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)		100,000			100,000
Total Short-Term Securities — 3.9% (Cost: $1,080,928,103)					1,081,830,102
Total Investments Before TBA Sales Commitments — 104.2% (Cost: $31,896,438,160)					29,041,635,822

S C H E D U L E  O F  I N V E S T M E N T S 159

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF (Percentages shown are based on Net Assets)

Security	Par (000)			Value
TBA Sales Commitments(c)
Mortgage-Backed Securities — (1.0)%
Government National Mortgage Association
5.00%, 03/20/54		(25,000	)	$	(24,417,594	)
5.50%, 03/20/54		(25,000	)		(24,833,008	)
Uniform Mortgage-Backed Securities
2.00%, 03/18/39		(45,000	)		(39,691,959	)
2.00%, 03/13/54		(6,895	)		(5,417,001	)
2.50%, 03/18/39		(5,000	)		(4,532,693	)
3.00%, 03/18/39		(15,000	)		(13,897,152	)
4.50%, 03/13/54		(20,000	)		(18,930,551	)
5.50%, 03/13/54		(44,075	)		(43,597,791	)
6.00%, 03/13/54		(48,625	)		(48,827,804	)
6.50%, 03/13/54		(45,875	)		(46,677,118	)
Total TBA Sales Commitments — (1.0)% (Proceeds: $(271,434,501))					(270,822,671	)
Total Investments, Net of TBA Sales Commitments — 103.2% (Cost: $31,625,003,659)					28,770,813,151
Liabilities in Excess of Other Assets — (3.2)%					(892,681,382	)
Net Assets — 100.0%				$	27,878,131,769

^(a)  Rounds to less than 1,000.

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

^(c)  Represents or includes a TBA transaction.

^(d)  All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(e)  Affiliate of the Fund.

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

^(g)  All or a portion of this security represents an investment of TBA cash collateral.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Insti- tutional, SL Agency Shares	$	2,327,621,011	$	—	$	(1,245,649,709	)(a)	$	592,987	$	(834,187	)	$	1,081,730,102		1,081,189,507	$	101,859,277	$	1,057
	BlackRock Cash Funds: Trea- sury, SL Agency Shares		100,000		—		0	(a)		—		—			100,000		100,000		5,149		—
									$	592,987	$	(834,187	)	$	1,081,830,102			$	101,864,426	$	1,057

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
U.S. Government Agency Obligations	$	—	$	27,959,805,720	$	—	$	27,959,805,720
Short-Term Securities
Money Market Funds		1,081,830,102		—		—		1,081,830,102
Liabilities

160 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) February 29, 2024 iShares^® MBS ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2			Level 3		Total
Investments
TBA Sales Commitments	$	—	$	(270,822,671	)	$	—	$	(270,822,671	)
	$	1,081,830,102	$	27,688,983,049		$	—	$	28,770,813,151

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 161

Statements of Assets and Liabilities

February 29, 2024

	iShares Agency Bond ETF			iShares Government/Credit Bond ETF					iShares Intermediate Government/Credit Bond ETF					iShares MBS ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	655,937,379				$	325,393,890				$	3,124,797,813		$	27,959,805,720
Investments, at value — affiliated(c)		26,663,723					7,236,146					52,997,739			1,081,830,102
Cash		2,838					9,713					—			—
Cash pledged as collateral for TBA commitments		—					—					—			427,000
Receivables:
Investments sold		1,981,856					3,434,840					54,192,276			671,175
Securities lending income — affiliated		2,832					1,355					11,932			—
TBA sales commitments		—					—					—			271,434,501
Capital shares sold		13,433,775					72,418					35,648			—
Dividends — affiliated		9,545					6,011					30,077			4,526,561
Interest — unaffiliated		5,454,748					2,663,772					24,960,906			82,625,431
Total assets		703,486,696					338,818,145					3,257,026,391			29,401,320,490
LIABILITIES
Bank overdraft		—					—					65,741			3,092,223
Cash received as collateral for TBA commitments		—					—					—			583,000
Collateral on securities loaned, at value		18,863,723					5,046,146					47,137,739			—
TBA sales commitments, at value(d)		—					—					—			270,822,671
Payables:
Investments purchased		17,113,576					3,581,034					44,537,061			1,247,875,200
Investment advisory fees		104,299					52,580					509,012			815,627
Total liabilities		36,081,598					8,679,760					92,249,553			1,523,188,721
Commitments and contingent liabilities
NET ASSETS	$	667,405,098				$	330,138,385				$	3,164,776,838		$	27,878,131,769
NET ASSETS CONSIST OF
Paid-in capital	$	712,785,698				$	349,958,758				$	3,336,663,213		$	31,279,379,501
Accumulated loss		(45,380,600	)				(19,820,373	)				(171,886,375	)		(3,401,247,732	)
NET ASSETS	$	667,405,098				$	330,138,385				$	3,164,776,838		$	27,878,131,769
NET ASSET VALUE
Shares outstanding		6,200,000					3,200,000					30,550,000			303,300,000
Net asset value	$	107.65				$	103.17				$	103.59		$	91.92
Shares authorized		Unlimited					Unlimited					Unlimited			Unlimited
Par value		None					None					None			None
(a)  Investments, at cost — unaffiliated	$	678,746,950				$	341,231,686				$	3,271,504,471		$	30,815,510,057
(b)  Securities loaned, at value	$	18,334,447				$	4,869,113				$	45,721,602		$	—
(c)  Investments, at cost — affiliated	$	26,663,723				$	7,236,146				$	52,997,739		$	1,080,928,103
(d)  Proceeds from TBA sales commitments	$	—				$	—				$	—		$	271,434,501

See notes to financial statements.

162 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended February 29, 2024

	iShares Agency Bond ETF			iShares Government/Credit Bond ETF					iShares Intermediate Government/Credit Bond ETF					iShares MBS ETF
INVESTMENT INCOME
Dividends — affiliated	$	173,187				$	52,487				$	462,794		$	101,864,426
Interest — unaffiliated		22,468,270					9,215,550					93,876,323			878,875,815
Securities lending income — affiliated — net		180,845					26,564					168,973			—
Other income — unaffiliated		—					648					3,256			—
Foreign taxes withheld		—					(308	)				—			—
Total investment income		22,822,302					9,294,941					94,511,346			980,740,241
EXPENSES
Investment advisory		1,306,022					484,080					5,953,006			10,067,409
Interest expense		—					35					32			14,604
Total expenses		1,306,022					484,115					5,953,038			10,082,013
Less:
Investment advisory fees waived		—					—					—			(1,025,325	)
Total expenses after fees waived		1,306,022					484,115					5,953,038			9,056,688
Net investment income		21,516,280					8,810,826					88,558,308			971,683,553
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,082,950	)				(1,057,291	)				(14,022,891	)		(110,859,560	)
Investments — affiliated		—					—					—			592,987
Capital gain distributions from underlying funds — affiliated		—					—					—			1,057
In-kind redemptions — unaffiliated(a)		(6,252,186	)				(2,754,524	)				(1,047,824	)		—
		(8,335,136	)				(3,811,815	)				(15,070,715	)		(110,265,516	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		17,306,433					5,503,711					51,536,682			(202,061,437	)
Investments — affiliated		—					—					—			(834,187	)
		17,306,433					5,503,711					51,536,682			(202,895,624	)
Net realized and unrealized gain (loss)		8,971,297					1,691,896					36,465,967			(313,161,140	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,487,577				$	10,502,722				$	125,024,275		$	658,522,413

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 163

Statements of Changes in Net Assets

	iShares Agency Bond ETF							iShares Government/Credit Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23				Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,516,280		$	11,576,920			$	8,810,826		$	4,692,211
Net realized loss		(8,335,136	)		(26,520,521	)			(3,811,815	)		(44,352,719	)
Net change in unrealized appreciation (depreciation)		17,306,433			(26,765,131	)			5,503,711			(746,066	)
Net increase (decrease) in net assets resulting from operations		30,487,577			(41,708,732	)			10,502,722			(40,406,574	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(21,348,202	)		(10,556,499	)			(8,102,498	)		(4,886,139	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(27,908,584	)		25,611,737				173,262,704			(227,772,697	)
NET ASSETS
Total increase (decrease) in net assets		(18,769,209	)		(26,653,494	)			175,662,928			(273,065,410	)
Beginning of year		686,174,307			712,827,801				154,475,457			427,540,867
End of year	$	667,405,098		$	686,174,307			$	330,138,385		$	154,475,457

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

See notes to financial statements.

164 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Intermediate Government/Credit Bond ETF										iShares MBS ETF
			Year Ended 02/29/24				Year Ended 02/28/23				Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	88,558,308			$	49,031,035			$	971,683,553		$	562,290,132
Net realized loss				(15,070,715	)			(47,014,675	)			(110,265,516	)		(278,853,955	)
Net change in unrealized appreciation (depreciation)				51,536,682				(159,326,127	)			(202,895,624	)		(2,238,229,523	)
Net increase (decrease) in net assets resulting from operations				125,024,275				(157,309,767	)			658,522,413			(1,954,793,346	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders				(85,495,884	)			(47,097,176	)			(949,146,770	)		(518,398,942	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				664,430,813				98,268,765				3,438,181,736			3,123,142,907
NET ASSETS
Total increase (decrease) in net assets				703,959,204				(106,138,178	)			3,147,557,379			649,950,619
Beginning of year				2,460,817,634				2,566,955,812				24,730,574,390			24,080,623,771
End of year			$	3,164,776,838			$	2,460,817,634			$	27,878,131,769		$	24,730,574,390

^(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 165

Financial Highlights

(For a share outstanding throughout each period)

	iShares Agency Bond ETF
	Year Ended 02/29/24					Year Ended 02/28/23					Year Ended 02/28/22					Year Ended 02/28/21					Year Ended 02/29/20
Net asset value, beginning of year			$	106.38				$	114.97				$	118.50				$	118.95				$	112.08
Net investment income(a)				3.53					2.01					0.85					1.25					2.61
Net realized and unrealized gain (loss)(b)				1.20					(8.76	)				(3.24	)				0.87					6.89
Net increase (decrease) from investment operations				4.73					(6.75	)				(2.39	)				2.12					9.50
Distributions(c)
From net investment income				(3.46	)				(1.84	)				(0.84	)				(2.11	)				(2.63	)
From net realized gain				—					—					(0.30	)				(0.46	)				—
Total distributions				(3.46	)				(1.84	)				(1.14	)				(2.57	)				(2.63	)
Net asset value, end of year			$	107.65				$	106.38				$	114.97				$	118.50				$	118.95
Total Return(d)
Based on net asset value				4.52	%				(5.89	)%				(2.02	)%				1.77	%				8.57	%
Ratios to Average Net Assets(e)
Total expenses				0.20	%				0.20	%				0.20	%				0.20	%				0.20	%
Net investment income				3.29	%				1.85	%				0.73	%				1.04	%				2.27	%
Supplemental Data
Net assets, end of year (000)			$	667,405				$	686,174				$	712,828				$	788,037				$	594,747
Portfolio turnover rate(f)				39	%				92	%				146	%				158	%				72	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

166 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Government/Credit Bond ETF
	Year Ended 02/29/24					Year Ended 02/28/23					Year Ended 02/28/22					Year Ended 02/28/21					Year Ended 02/29/20
Net asset value, beginning of year			$	102.98				$	117.13				$	121.96				$	122.67				$	111.23
Net investment income(a)				3.73					2.09					1.52					1.88					2.94
Net realized and unrealized gain (loss)(b)				(0.20	)				(14.00	)				(4.87	)				(0.63	)				11.59
Net increase (decrease) from investment operations				3.53					(11.91	)				(3.35	)				1.25					14.53
Distributions from net investment income(c)				(3.34	)				(2.24	)				(1.48	)				(1.96	)				(3.09	)
Net asset value, end of year			$	103.17				$	102.98				$	117.13				$	121.96				$	122.67
Total Return(d)
Based on net asset value				3.48	%				(10.22	)%				(2.76	)%				0.99	%				13.24	%
Ratios to Average Net Assets(e)
Total expenses				0.20	%				0.20	%				0.20	%				0.20	%				0.20	%
Net investment income				3.64	%				1.94	%				1.26	%				1.51	%				2.52	%
Supplemental Data
Net assets, end of year (000)			$	330,138				$	154,475				$	427,541				$	280,502				$	226,938
Portfolio turnover rate(f)				18	%				17	%				21	%				24	%				16	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 167

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Intermediate Government/Credit Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	102.32		$	111.36		$	116.01		$	115.67		$	108.94
Net investment income(a)		3.07			2.08			1.63			2.04			2.57
Net realized and unrealized gain (loss)(b)		1.16			(9.12	)		(4.64	)		0.41			6.73
Net increase (decrease) from investment operations		4.23			(7.04	)		(3.01	)		2.45			9.30
Distributions from net investment income(c)		(2.96	)		(2.00	)		(1.64	)		(2.11	)		(2.57	)
Net asset value, end of year	$	103.59		$	102.32		$	111.36		$	116.01		$	115.67
Total Return(d)
Based on net asset value		4.20	%		(6.36	)%		(2.61	)%		2.11	%		8.63	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.98	%		1.99	%		1.42	%		1.75	%		2.29	%
Supplemental Data
Net assets, end of year (000)	$	3,164,777		$	2,460,818		$	2,566,956		$	2,314,399		$	2,186,171
Portfolio turnover rate(f)		19	%		22	%		30	%		26	%		19	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

168 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MBS ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	93.15		$	104.74		$	109.29		$	109.75		$	105.07
Net investment income(a)		3.32			2.43			1.21			1.77			2.92
Net realized and unrealized gain (loss)(b)		(1.30	)		(11.80	)		(4.65	)		0.02			4.71
Net increase (decrease) from investment operations		2.02			(9.37	)		(3.44	)		1.79			7.63
Distributions(c)
From net investment income		(3.25	)		(2.22	)		(1.11	)		(1.98	)		(2.95	)
Return of capital		—			—			—			(0.27	)		—
Total distributions		(3.25	)		(2.22	)		(1.11	)		(2.25	)		(2.95	)
Net asset value, end of year	$	91.92		$	93.15		$	104.74		$	109.29		$	109.75
Total Return(d)
Based on net asset value		2.23	%		(9.01	)%		(3.15	)%		1.62	%		7.35	%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.05	%		0.06	%		0.07	%
Total expenses after fees waived		0.03	%		0.03	%		0.04	%		0.05	%		0.06	%
Net investment income		3.61	%		2.52	%		1.12	%		1.60	%		2.72	%
Supplemental Data
Net assets, end of year (000)	$	27,878,132		$	24,730,574		$	24,080,624		$	26,480,590		$	23,837,087
Portfolio turnover rate(f)(g)		219	%		249	%		349	%		405	%		253	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

^(g)  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 169

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification  Classification
Agency Bond		Diversified
Government/Credit Bond		Diversified
Intermediate Government/Credit Bond		Diversified
MBS		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed (the “trade dates”). Realized gains and losses on investment transactions are determined using the specific identification method. 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.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round

170 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or

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 171

Notes to Financial Statements (continued)

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.

Stripped Bonds: A stripped bond is a bond that has had its coupon payments and principal repayment stripped into two separate components then selling the separate parts as a zero-coupon bond and an interest paying coupon bond. Once stripped, each component trades as a separate security. Stripped bonds have a greater sensitivity to changes in interest rates than similar maturity debt obligations which provide for regular interest payments.

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

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

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

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Notes to Financial Statements (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Agency Bond
Nomura Securities International, Inc.	$	6,026,461	$	(6,026,461	)	$	—		$	—
Pershing LLC		2,487,578		(2,487,578	)		—			—
TD Securities (USA) LLC		8,823,936		(8,823,936	)		—			—
Wells Fargo Securities LLC		996,472		(996,472	)		—			—
	$	18,334,447	$	(18,334,447	)	$	—		$	—
Government/Credit Bond
Barclays Bank PLC	$	491,279	$	(491,279	)	$	—		$	—
Barclays Capital, Inc.		12,077		(12,077	)		—			—
BMO Capital Markets Corp.		59,098		(59,098	)		—			—
BNP Paribas SA		235,403		(235,403	)		—			—
BofA Securities, Inc.		51,468		(51,468	)		—			—
Citigroup Global Markets, Inc.		1,407,941		(1,407,941	)		—			—
Deutsche Bank Securities, Inc.		716,605		(716,605	)		—			—
Goldman Sachs & Co. LLC		203,967		(203,967	)		—			—
HSBC Securities (USA), Inc.		3,078		(3,078	)		—			—
J.P. Morgan Securities LLC		1,066,330		(1,066,330	)		—			—
Jefferies LLC		2,998		(2,998	)		—			—
Morgan Stanley		127,430		(127,430	)		—			—
Nomura Securities International, Inc.		39,465		(39,465	)		—			—
RBC Capital Markets LLC		164,772		(155,720	)		—			9,052	(b)
UBS Securities LLC		22,700		(22,700	)		—			—
Wells Fargo Bank N.A.		260,484		(260,484	)		—			—
Wells Fargo Securities LLC		4,018		(4,018	)		—			—
	$	4,869,113	$	(4,860,061	)	$	—		$	9,052
Intermediate Government/Credit Bond
Barclays Bank PLC	$	1,455,870	$	(1,408,426	)	$	—		$	47,444	(b)
Barclays Capital, Inc.		90,353		(90,353	)		—			—
BMO Capital Markets Corp.		435,454		(435,454	)		—			—
BNP Paribas SA		705,598		(705,598	)		—			—
BNP Paribas SA		—		—			—			—
BofA Securities, Inc.		440,877		(440,877	)		—			—
Citigroup Global Markets, Inc.		11,346,528		(11,346,528	)		—			—
Deutsche Bank Securities, Inc.		15,030,065		(15,030,065	)		—			—
Goldman Sachs & Co. LLC		8,302,959		(8,302,959	)		—			—
HSBC Securities (USA), Inc.		371,299		(371,299	)		—			—
J.P. Morgan Securities LLC		2,898,500		(2,898,500	)		—			—
Jefferies LLC		135,274		(135,274	)		—			—
Mitsubishi UFJ Securities Holdings Co., Ltd.		134,583		(134,583	)		—			—
Morgan Stanley		602,507		(602,507	)		—			—
Pershing LLC		1,232,338		(1,232,338	)		—			—
RBC Capital Markets LLC		632,104		(632,104	)		—			—
Scotia Capital (USA), Inc.		195,124		(195,124	)		—			—
TD Securities (USA) LLC		986,373		(986,373	)		—			—
UBS Securities LLC		207,544		(207,544	)		—			—
Wells Fargo Securities LLC		518,252		(518,252	)		—			—
	$	45,721,602	$	(45,674,158	)	$	—		$	47,444

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

^(b)  The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

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 173

Notes to Financial Statements (continued)

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Agency Bond		0.20	%
Government/Credit Bond		0.20
Intermediate Government/Credit Bond		0.20

Effective January 5, 2022, for its investment advisory services to the iShares MBS ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.0400	%
Over $121 billion, up to and including $181 billion		0.0380
Over $181 billion, up to and including $231 billion		0.0361
Over $231 billion, up to and including $281 billion		0.0343
Over $281 billion		0.0326

Expense waivers: The total of the investment advisory fee and any other fund expenses are a fund’s total annual operating expenses. For the iShares MBS ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2027 in order to limit total annual operating expenses after fee waiver to 0.04% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
MBS	$	1,025,325

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee fromAuthorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 08, 2024 (date of conversion for iShares Intermediate Government/Credit Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

Prior to January 26, 2024 (date of conversion for iShares Agency Bond ETF, iShares Government/Credit Bond ETF and iShares MBS ETF), ETF Services were performed by State Street Bank and Trust Company.

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.

174 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Agency Bond	$	45,376
Government/Credit Bond		5,910
Intermediate Government/Credit Bond		42,387

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

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

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

6. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

	U.S. Government Securities					Other Securities
iShares ETF	Purchases		Sales			Purchases		Sales
Agency Bond	$	261,224,735	$	239,101,341		$	7,125,900	$	6,613,920
Government/Credit Bond		31,189,486		32,186,387			11,288,399		11,093,291
Intermediate Government/Credit Bond		382,691,484		406,908,623			172,030,233		151,866,157
MBS		58,500,746,855		58,971,908,528			136,694,143		135,190,306

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Agency Bond	$	125,479,289	$	190,653,462
Government/Credit Bond		269,453,926		98,607,737
Intermediate Government/Credit Bond		1,255,021,255		602,785,329
MBS		3,847,203,119		—

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 February 29, 2024, 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.

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 175

Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Agency Bond	$	(6,267,204	)	$	6,267,204
Government/Credit Bond		(2,754,524	)		2,754,524
Intermediate Government/Credit Bond		(1,047,824	)		1,047,824

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/29/24			Year Ended 02/28/23
Agency Bond
Ordinary income	$	21,348,202		$	10,556,499
Government/Credit Bond
Ordinary income	$	8,102,498		$	4,886,139
Intermediate Government/Credit Bond
Ordinary income	$	85,495,884		$	47,097,176
MBS
Ordinary income	$	949,146,770		$	518,398,942

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Agency Bond	$	1,850,557	$	(24,421,586	)	$	(22,809,571	)	$	(45,380,600	)
Government/Credit Bond		1,074,685		(5,025,016	)		(15,870,042	)		(19,820,373	)
Intermediate Government/Credit Bond		8,537,409		(33,218,302	)		(147,205,482	)		(171,886,375	)
MBS		89,739,841		(584,170,780	)		(2,906,816,793	)		(3,401,247,732	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities and TBA transactions.

As of February 29, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Agency Bond	$	705,410,673	$	970,121	$	(23,779,692	)	$	(22,809,571	)
Government/Credit Bond		348,500,078		1,684,587		(17,554,629	)		(15,870,042	)
Intermediate Government/Credit Bond		3,325,001,034		5,093,658		(152,299,140	)		(147,205,482	)
MBS		31,949,064,445		75,934,794		(2,982,751,587	)		(2,906,816,793	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

176 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

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

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

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Fund invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

9. CAPITAL SHARE TRANSACTIONS

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

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 177

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
Agency Bond
Shares sold		1,750,000		$	186,940,326			1,350,000		$	145,437,914
Shares redeemed		(2,000,000	)		(214,848,910	)		(1,100,000	)		(119,826,177	)
		(250,000	)	$	(27,908,584	)		250,000		$	25,611,737
Government/Credit Bond
Shares sold		2,700,000		$	274,968,394			1,250,000		$	136,441,706
Shares redeemed		(1,000,000	)		(101,705,690	)		(3,400,000	)		(364,214,403	)
		1,700,000		$	173,262,704			(2,150,000	)	$	(227,772,697	)
Intermediate Government/Credit Bond
Shares sold		12,400,000		$	1,275,681,580			7,850,000		$	816,864,185
Shares redeemed		(5,900,000	)		(611,250,767	)		(6,850,000	)		(718,595,420	)
		6,500,000		$	664,430,813			1,000,000		$	98,268,765
MBS
Shares sold		50,600,000		$	4,624,720,265			60,100,000		$	5,534,768,968
Shares redeemed		(12,800,000	)		(1,186,538,529	)		(24,500,000	)		(2,411,626,061	)
		37,800,000		$	3,438,181,736			35,600,000		$	3,123,142,907

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

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

10. SUBSEQUENT EVENTS

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

178 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Agency Bond ETF

iShares Government/Credit Bond ETF

iShares Intermediate Government/Credit Bond ETF

iShares MBS ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 179

Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 29, 2024:

iShares ETF	Federal Obligation Interest
Agency Bond	$	1,459,267
Government/Credit Bond		4,442,181
Intermediate Government/Credit Bond		48,761,521
MBS		2,936,761

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
Agency Bond	$	21,307,588
Government/Credit Bond		8,800,242
Intermediate Government/Credit Bond		88,560,020
MBS		971,799,686

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 29, 2024:

iShares ETF	Interest-Related Dividends
Agency Bond	$	21,275,904
Government/Credit Bond		8,011,103
Intermediate Government/Credit Bond		80,278,209
MBS		971,799,686

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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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Agency Bond ETF, iShares Government/Credit Bond ETF, iShares Intermediate Government/Credit Bond ETF and iShares MBS 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 181

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Agency Bond	$	3.463901	$	—	$	—	$	3.463901		100	%		—	%		—	%		100	%
Government/Credit Bond		3.343478		—		—		3.343478		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

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Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 183

Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name  (Year of  Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year  of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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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 185

Glossary of Terms Used in this Report

Portfolio Abbreviation
BAB	Build America Bond
CMT	Constant Maturity Treasury
GO	General Obligation
GOL	General Obligation Limited
LIBOR	London Interbank Offered Rate
NPFGC	National Public Finance Guarantee Corp.
RB	Revenue Bond
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
STRIPS	Separate Trading of Registered Interest & Principal of Securities
TBA	To-Be-Announced

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Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-205-0224

   

FEBRUARY 29, 2024

2024 Annual Report

iShares Trust

· iShares California Muni Bond ETF | CMF | NYSE Arca

· iShares National Muni Bond ETF | MUB | NYSE Arca

· iShares New York Muni Bond ETF | NYF | NYSE Arca

· iShares Short-Term National Muni Bond ETF | SUB | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Inc.

Rob Kapito

President, BlackRock Inc.

Total Returns as of February 29, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		13.93%		30.45%
U.S. small cap equities (Russell 2000® Index)		8.97		10.05
International equities (MSCI Europe, Australasia, Far East Index)		9.23		14.41
Emerging market equities (MSCI Emerging Markets Index)		4.93		8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.69		5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		0.58		0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		2.35		3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		4.33		5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		6.18		11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		112
Statements of Operations		113
Statements of Changes in Net Assets		114
Financial Highlights		116
Notes to Financial Statements		120
Report of Independent Registered Public Accounting Firm		126
Important Tax Information		127
Statement Regarding Liquidity Risk Management Program		128
Supplemental Information		129
Trustee and Officer Information		130
General Information		132
Glossary of Terms Used in this Report		133

Market Overview

iShares Trust

Municipal Bond Market Overview

U.S. municipal bonds gained ground in the 12-month period ended February 29, 2024. The ICE AMT-Free Municipal Bond Index returned 5.22% for the period, exceeding the 3.33% return of the Bloomberg U.S. Aggregate Bond Index (a broad measure of performance for taxable, investment-grade bonds).

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, the ICE AMT-Free Municipal Bond Index finished in positive territory on the strength of its earlier advance.

Municipal bonds were well supported by the combination of the improving interest rate environment and the robust fundamentals within the asset class. State and local governments continued to benefit from strong tax receipts, budget surpluses, high levels of reserves, and ample “rainy day” funds. Defaults remained in line with historical levels, and credit upgrades firmly outpaced downgrades. These factors, together with reduced new-issue supply and attractive tax-equivalent yields, provided a firm foundation for municipal bond performance over the past 12 months.

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

Fund Summary as of February 29, 2024 iShares^® California Muni Bond ETF

Investment Objective

The iShares California Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade municipal bonds issued in the State of California, as represented by the ICE AMT-Free California Municipal 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.20	%		1.61	%		2.35	%		5.20	%		8.32	%		26.12	%
Fund Market		5.45			1.66			2.36			5.45			8.58			26.24
Index		5.24			1.83			2.59			5.24			9.49			29.14

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through September 14, 2021, reflects the performance of S&P California AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE AMT-Free California Municipal 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.20	$	1.12		$	1,000.00	$	1,023.80	$	1.11		0.22	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 (continued) iShares^® California Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	15.1	%
AA+	11.4
AA	14.0
AA-	34.4
A+	5.5
A	3.0
A-	1.1
BBB+	0.2
Not Rated	15.3

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
California Educational Facilities Authority RB, Series U-6, 5.00%, 05/01/45	0.9	%
Metropolitan Water District of Southern California RB, Series A, 5.00%, 10/01/49	0.6
Foothill-Eastern Transportation Corridor Agency RB, Series A, 4.00%, 01/15/46	0.6
State of California GO, 5.00%, 11/01/32	0.6
San Diego Unified School District/CA GO, 5.00%, 07/01/48	0.5

* 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.

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Fund Summary as of February 29, 2024  iShares^® National Muni Bond ETF

Investment Objective

The iShares National Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds, as represented by the ICE AMT-Free US National Municipal 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.20	%		1.91	%		2.44	%		5.20	%		9.93	%		27.26	%
Fund Market		5.24			1.92			2.44			5.24			10.00			27.26
Index		5.22			1.97			2.62			5.22			10.26			29.51

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through September 14, 2021, reflects the performance of S&P National AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE AMT-Free US National Municipal 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.20	$	0.30		$	1,000.00	$	1,024.60	$	0.30		0.06	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 (continued) iShares^® National Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	24.2	%
AA+	21.3
AA	13.2
AA-	16.6
A+	5.3
A	2.4
A-	7.7
BBB+	0.3
BBB	0.1
BB+	0.0	(b)
Not Rated	8.9

TEN LARGEST STATES

State	Percent of Total Investments	(a)
New York	23.5	%
California	20.3
Texas	7.1
Massachusetts	4.5
New Jersey	4.4
Illinois	4.2
Washington	3.8
Pennsylvania	3.4
Georgia	2.8
Maryland	2.7

* 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.

^(b)  Rounds to less than 0.1%.

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Fund Summary as of February 29, 2024 iShares^® New York Muni Bond ETF

Investment Objective

The iShares NewYork Muni Bond ETF (the “Fund”) seeks to track the investment results of an index substantially composed of investment-grade municipal bonds issued in the State of New York, as represented by the ICE AMT-Free New York Plus Municipal 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.36	%		1.67	%		2.33	%		5.36	%		8.61	%		25.89	%
Fund Market		5.81			1.69			2.36			5.81			8.72			26.26
Index		5.35			1.81			2.51			5.35			9.37			28.14

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index returns through September 14, 2021 reflect the performance of the S&P New York AMT-Free Municipal Bond Index. Index returns beginning on September 15, 2021 reflect the performance of the ICE AMT-Free New York Municipal Index, which, effective as of September 15, 2021, replaced the S&P New York AMT-Free Municipal Bond Index as the Underlying Index of the Fund. Effective February 1, 2024, the name of the Fund’s Underlying Index changed from the ICE AMT Free New York Municipal Index to the ICE AMT-Free New York Plus Municipal 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,040.80	$	1.27		$	1,000.00	$	1,023.60	$	1.26		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of February 29, 2024 (continued) iShares^® New York Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	23.1	%
AA+	20.7
AA	20.9
AA-	13.3
A+	1.6
A	5.6
A-	6.0
BBB+	0.3
Not Rated	8.5

FIVE LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Utility Debt Securitization Authority RB, 5.00%, 12/15/41	1.0	%
New York State Urban Development Corp. RB, Series A, 5.00%, 03/15/29	0.9
New York City Transitional Finance Authority Future Tax Secured Revenue RB, 5.25%, 08/01/42	0.9
New York City Transitional Finance Authority Future Tax Secured Revenue RB, 3.75%, 02/01/45	0.8
New York State Dormitory Authority RB, 5.00%, 07/01/26	0.8

* 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.

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Fund Summary as of February 29, 2024 iShares^® Short-Term National Muni Bond ETF

Investment Objective

The iShares Short-Term National Muni Bond ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds with remaining maturities between one month and five years, as represented by the ICE Short Maturity AMT-Free US National Municipal 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.30	%		1.13	%		0.95	%		3.30	%		5.80	%		9.90	%
Fund Market		3.33			1.14			0.95			3.33			5.84			9.94
Index		3.45			1.25			1.16			3.45			6.39			12.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through September 14, 2021, reflects the performance of S&P Short Term National AMT-Free Municipal Bond Index^TM. Index performance beginning on September 15, 2021 reflects the performance of the ICE Short Maturity AMT-Free US National Municipal 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 (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)		Ending Account Value (02/29/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,022.00	$	0.35		$	1,000.00	$	1,024.50	$	0.35		0.07	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 11

Fund Summary as of February 29, 2024 (continued) iShares^® Short-Term National Muni Bond ETF

Portfolio Information

CREDIT QUALITY ALLOCATION

S&P Credit Rating*	Percent of Total Investments	(a)
AAA	36.0	%
AA+	22.1
AA	10.6
AA-	11.3
A+	3.3
A	1.5
A-	7.1
BBB	0.0	(b)
Not Rated	8.1

TEN LARGEST STATES

State	Percent of Total Investments	(a)
California	13.4	%
New York	12.8
Texas	8.9
Washington	5.0
Massachusetts	4.7
Maryland	4.3
New Jersey	3.9
Virginia	3.5
Minnesota	3.5
North Carolina	3.0

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

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

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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. 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 13

Schedule of Investments February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
California — 99.6%
Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)	$	200	$	228,395
Alameda Corridor Transportation Authority RB 0.00%, 10/01/32 (NPFGC)(a)		745		553,272
0.00%, 10/01/47 (Call 10/01/37)		1,630		898,745
0.00%, 10/01/48 (Call 10/01/37)		665		364,970
0.00%, 10/01/49 (Call 10/01/37)		665		363,343
0.00%, 10/01/50 (Call 10/01/37)		2,195		1,188,549
0.00%, 10/01/51 (Call 10/01/34)		1,000		276,764
0.00%, 10/01/51 (Call 10/01/37) (AGM)		1,000		545,766
0.00%, 10/01/53 (Call 10/01/34)		5,000		1,165,445
5.00%, 10/01/52 (Call 10/01/32) (AGM)		285		308,416
series B, 4.00%, 10/01/35 (Call 10/01/26) (AGM)		255		256,388
Series B, 5.00%, 10/01/35 (Call 10/01/26)		2,000		2,050,307
Series B, 5.00%, 10/01/36 (Call 10/01/26)		2,000		2,048,284
Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM)		600		627,344
Alameda County Transportation Commission RB 5.00%, 03/01/40 (Call 03/01/32)		4,215		4,829,672
5.00%, 03/01/41 (Call 03/01/32)		1,860		2,121,724
5.00%, 03/01/45 (Call 03/01/32)		2,000		2,246,765
Alhambra Unified School District GO, Series B, 0.00%, 08/01/39(a		5,100		2,863,101
Allan Hancock Joint Community College District/CA GO, Series C, 0.00%, 08/01/47 (Call 08/01/40)		1,295		951,006
Alvord Unified School District GO, Series B, 0.00%, 08/01/43 (AGM)(a)		2,500		1,081,899
Anaheim Housing & Public Improvements Authority RB
Series A, 5.00%, 10/01/50 (Call 10/01/25)		200		204,275
Series C, 5.00%, 10/01/45 (Call 10/01/25)		1,500		1,535,739
Anaheim Public Financing Authority RB, 5.00%, 05/01/46 (PR 05/01/24)		6,830		6,849,326
Anaheim Union High School District GO, 4.00%, 08/01/42 (Call 08/01/27)		4,060		4,076,975
Bay Area Toll Authority RB 4.00%, 04/01/29 (Call 04/01/27)		500		519,104
4.00%, 04/01/33 (Call 04/01/27)		1,695		1,750,942
4.00%, 04/01/34 (Call 04/01/27)		3,500		3,606,211
4.00%, 04/01/38 (Call 04/01/27)		400		404,623
4.00%, 04/01/42 (Call 04/01/27)		6,035		6,057,613
4.00%, 04/01/47 (Call 04/01/27)		1,500		1,500,234
4.00%, 04/01/49 (Call 04/01/27)		2,455		2,450,338
5.00%, 04/01/28		1,945		2,145,707
5.00%, 04/01/29		3,000		3,390,184
5.00%, 04/01/54 (Call 04/01/33)		5,000		5,543,873
5.25%, 04/01/54 (Call 04/01/33)		8,000		9,057,073
VRDN, 2.00%, 04/01/53 (Put 04/01/24)(b)		1,955		1,953,069
VRDN, 2.13%, 04/01/53 (Put 10/01/24)(b)		1,200		1,179,575
VRDN, 3.70%, 04/01/55 (Put 02/29/24)(b)		5,000		5,000,000
Series A, VRDN, 2.95%, 04/01/47 (Put 10/01/25)(b)		725		713,423
Series B, VRDN, 2.85%, 04/01/47 (Put 10/01/24)(b)		725		718,145
Series F-1, 5.00%, 04/01/56 (PR 04/01/27)		1,405		1,510,429
Series S-6, 5.00%, 10/01/54 (PR 10/01/24)		2,980		3,012,072
Series S-8, 3.00%, 04/01/54 (Call 10/01/29)		5,085		3,850,816
Series S-8, 5.00%, 04/01/56 (PR 10/01/29)		2,000		2,279,908
Beverly Hills Unified School District CA GO 0.00%, 08/01/27		11,500		10,432,646
0.00%, 08/01/29(a)		2,195		1,884,427
Series 2008, 0.00%, 08/01/33(a)		2,515		1,906,241

Security	Par (000)		Value
California (continued)
California Educational Facilities Authority RB 5.00%, 04/01/45 (Call 04/01/25)	$	500	$	507,836
5.00%, 09/01/45 (PR 09/01/25)		5,000		5,163,564
5.00%, 10/01/49 (PR 04/01/26)		250		262,007
5.25%, 04/01/40		4,650		5,854,775
Series A, 5.00%, 10/01/53 (Call 10/01/28)		1,120		1,158,551
Series T-1, 5.00%, 03/15/39		4,950		6,111,655
Series U-3, 5.00%, 06/01/43		2,090		2,563,965
Series U-6, 5.00%, 05/01/45		20,280		24,883,542
Series U-7, 5.00%, 06/01/46		2,650		3,251,407
Series V-1, 5.00%, 05/01/29		500		567,909
Series V-1, 5.00%, 05/01/49		7,260		8,852,135
California Infrastructure & Economic Development Bank RB
4.00%, 10/01/45 (Call 10/01/32)		5,000		5,154,826
5.00%, 10/01/24		890		899,986
5.00%, 10/01/26		215		228,741
5.00%, 10/01/26 (Call 04/01/26)		3,550		3,733,697
5.00%, 10/01/27		505		552,270
5.00%, 10/01/28		1,000		1,120,528
5.00%, 10/01/28 (Call 04/01/28)		545		603,678
5.00%, 05/15/42 (Call 05/15/28)		1,000		1,073,091
5.00%, 10/01/43 (Call 04/01/28)		2,000		2,144,846
5.00%, 10/01/47 (Call 10/01/32)		1,175		1,324,949
5.00%, 10/01/48 (Call 04/01/28)		125		133,113
5.00%, 08/01/49 (Call 08/01/29)		3,125		3,338,108
5.00%, 10/01/52 (Call 10/01/32)		8,000		8,929,361
Series A, 4.00%, 10/01/45 (PR 10/01/26)		500		518,153
Series A, 5.00%, 07/01/25 (ETM) (FGIC)		300		309,023
Series A, 5.00%, 07/01/29 (PR 01/01/28) (FGIC)		810		885,518
Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC)		1,410		1,549,764
Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC)		740		813,351
Series A, 5.00%, 10/01/41 (PR 10/01/26)		700		742,754
California Municipal Finance Authority RB 5.00%, 01/01/48 (PR 01/01/28)		1,000		1,094,894
Series A, 5.00%, 06/01/42 (Call 06/01/27)		500		522,141
California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)(a)		2,100		597,681
California State Public Works Board RB 4.00%, 11/01/41 (Call 11/01/31)		2,510		2,599,362
4.63%, 11/01/48 (Call 11/01/33)		13,760		14,493,877
5.00%, 02/01/25		5,005		5,094,679
5.00%, 08/01/25		6,680		6,874,465
5.00%, 10/01/27		375		407,008
5.00%, 10/01/27 (ETM)		20		21,736
5.00%, 11/01/27		4,510		4,904,608
5.00%, 06/01/28		2,000		2,207,443
5.00%, 08/01/28		1,000		1,107,978
5.00%, 10/01/29 (Call 10/01/27)		235		252,635
5.00%, 10/01/29 (PR 10/01/27)		15		16,302
5.00%, 09/01/30		2,735		3,155,967
5.00%, 11/01/30		1,405		1,626,229
5.00%, 09/01/31		4,875		5,727,825
5.00%, 09/01/34 (Call 09/01/33)		5,000		6,053,540
5.00%, 11/01/36 (Call 11/01/33)		5,000		5,960,841
5.00%, 11/01/40 (Call 11/01/31)		1,000		1,133,062
5.00%, 11/01/46 (Call 11/01/31)		3,100		3,440,695
Series A, 5.00%, 09/01/25 (Call 09/01/24)		3,100		3,129,923
Series A, 5.00%, 09/01/26 (Call 09/01/24)		2,620		2,640,850
Series A, 5.00%, 09/01/28 (Call 09/01/24)		1,265		1,274,697
Series A, 5.00%, 09/01/29 (Call 09/01/24)		2,205		2,222,225

14 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series A, 5.00%, 09/01/32 (Call 09/01/24)	$	1,000	$	1,007,422
Series A, 5.00%, 09/01/34 (Call 09/01/24)		1,000		1,007,032
Series B, 5.00%, 10/01/39 (Call 10/01/24)		2,000		2,012,978
Series C, 5.00%, 11/01/27		1,140		1,239,746
Series C, 5.00%, 11/01/29		1,530		1,738,586
Series C, 5.00%, 11/01/34 (Call 11/01/26)		1,575		1,659,426
Series D, 5.00%, 06/01/25		350		358,846
Series F, 5.00%, 05/01/25		300		307,022
Series F, 5.00%, 05/01/28 (Call 05/01/25)		350		357,953
California State University RB 5.00%, 11/01/26		370		394,239
5.00%, 11/01/33 (Call 05/01/27)		1,325		1,423,468
5.25%, 11/01/48 (Call 11/01/33)		1,445		1,674,459
Series A, 4.00%, 11/01/35 (Call 05/01/26)		3,000		3,037,939
Series A, 4.00%, 11/01/37 (Call 05/01/26)		2,455		2,477,884
Series A, 4.00%, 11/01/38 (Call 05/01/26)		2,005		2,022,049
Series A, 4.00%, 11/01/43 (Call 11/01/25)		200		199,631
Series A, 4.00%, 11/01/45 (Call 05/01/26)		985		970,220
Series A, 5.00%, 11/01/26 (PR 11/01/24)		400		405,099
Series A, 5.00%, 11/01/27 (Call 05/01/26)		1,385		1,460,532
Series A, 5.00%, 11/01/27 (PR 11/01/24)		400		405,099
Series A, 5.00%, 11/01/28 (PR 11/01/24)		3,370		3,412,959
Series A, 5.00%, 11/01/29 (Call 05/01/26)		1,070		1,127,033
Series A, 5.00%, 11/01/29 (PR 11/01/24)		1,425		1,443,166
Series A, 5.00%, 11/01/30 (Call 05/01/27)		520		560,247
Series A, 5.00%, 11/01/30 (PR 11/01/24)		505		511,437
Series A, 5.00%, 11/01/31 (Call 11/01/25)		2,500		2,585,401
Series A, 5.00%, 11/01/31 (Call 05/01/27)		500		538,243
Series A, 5.00%, 11/01/32 (Call 05/01/26)		1,500		1,574,104
Series A, 5.00%, 11/01/32 (PR 11/01/24)		2,000		2,025,495
Series A, 5.00%, 11/01/33 (Call 11/01/25)		500		517,063
Series A, 5.00%, 11/01/33 (PR 11/01/24)		1,500		1,519,121
Series A, 5.00%, 11/01/35 (Call 11/01/25)		2,780		2,869,845
Series A, 5.00%, 11/01/35 (Call 05/01/27)		450		481,744
Series A, 5.00%, 11/01/36 (Call 05/01/27)		485		517,423
Series A, 5.00%, 11/01/39 (Call 11/01/29)		1,515		1,680,938
Series A, 5.00%, 11/01/39 (PR 11/01/24)		500		506,374
Series A, 5.00%, 11/01/41 (Call 05/01/26)		650		675,248
Series A, 5.00%, 11/01/43 (Call 11/01/25)		1,665		1,708,523
Series A, 5.00%, 11/01/44 (PR 11/01/24)		13,290		13,459,416
Series A, 5.00%, 11/01/45 (Call 05/01/26)		760		786,109
Series A, 5.00%, 11/01/47 (Call 11/01/25)		1,300		1,330,884
Series A, 5.00%, 11/01/48 (Call 11/01/28)		3,550		3,799,374
Series C, 4.00%, 11/01/45 (Call 11/01/30)		4,470		4,502,347
California Statewide Communities Development Authority RB, 5.00%, 05/15/40 (Call 05/15/26)		250		252,525
Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (PR 08/01/26)		2,000		2,064,692
Cerritos Community College District GO
Series A, 4.00%, 08/01/44 (Call 08/01/24)		250		249,743
Series A, 5.00%, 08/01/39 (Call 08/01/24)		2,790		2,807,201
Series C, 3.00%, 08/01/44 (Call 08/01/29)		250		210,725
Series D, 0.00%, 08/01/26(a)		545		507,060
Chabot-Las Positas Community College District GO 4.00%, 08/01/33 (Call 08/01/26)		1,000		1,019,430
4.00%, 08/01/34 (Call 08/01/26)		1,000		1,016,644
5.00%, 08/01/27		500		542,236
5.25%, 08/01/48 (Call 08/01/33)		400		455,186
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,290		1,295,394
Series A, 4.00%, 08/01/47 (Call 08/01/27)		1,000		1,000,014

Security	Par (000)		Value
California (continued)
Chaffey Community College District GO, 3.00%, 06/01/33 (Call 06/01/28)	$	1,800	$	1,794,120
Chaffey Joint Union High School District GO 5.25%, 08/01/52 (Call 08/01/32)		1,500		1,681,537
Series B, 4.00%, 08/01/44 (Call 02/01/25)		500		499,485
Chino Basin Regional Financing Authority RB, Series B, 4.00%, 11/01/25 (Call 08/01/25)		3,790		3,852,221
Chino Valley Unified School District GO, 4.00%, 08/01/45 (Call 08/01/30)		2,500		2,518,269
City & County of San Francisco CA GO 5.00%, 06/15/26		1,500		1,582,986
5.00%, 06/15/27		500		541,686
Series R, 5.00%, 06/15/28		3,500		3,884,572
Series R1, 5.00%, 06/15/24 (Call 03/21/24)		175		175,159
Series R1, 5.00%, 06/15/25		2,815		2,893,315
Series R1, 5.00%, 06/15/26 (Call 03/21/24)		550		551,404
Series R1, 5.00%, 06/15/31 (Call 06/15/28)		1,500		1,662,052
City of Irvine CA Special Assessment, VRDN, 3.71%, 09/02/24 (Put 03/01/24)(b)		1,800		1,800,000
City of Long Beach CA Harbor Revenue RB
Series A, 5.00%, 05/15/44 (Call 05/15/29)		2,000		2,175,097
Series C, 5.00%, 05/15/47 (Call 05/15/27)		1,500		1,566,074
City of Los Angeles CA, 5.00%, 06/27/24		8,000		8,046,546
City of Los Angeles CA Solid Waste Resources Revenue RB
5.00%, 02/01/37 (Call 02/01/33)		1,000		1,197,156
5.00%, 02/01/38 (Call 02/01/33)		1,000		1,182,679
City of Los Angeles CA Wastewater System Revenue RB
4.00%, 06/01/52 (Call 06/01/32)		1,420		1,443,243
5.00%, 06/01/26		3,815		4,020,191
Series A, 4.00%, 06/01/42 (Call 06/01/27)		500		501,895
Series A, 5.00%, 06/01/35 (Call 03/21/24)		2,450		2,454,655
Series A, 5.00%, 06/01/43 (Call 03/21/24)		1,435		1,437,727
Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,000		1,069,740
Series A, 5.00%, 06/01/47 (Call 06/01/32)		3,275		3,673,436
Series A, 5.25%, 06/01/47 (Call 06/01/27)		1,000		1,058,763
Series B, 5.00%, 06/01/27		3,860		4,176,448
Series C, 5.00%, 06/01/29		2,000		2,270,679
Series C, 5.00%, 06/01/30		2,000		2,318,338
Series C, 5.00%, 06/01/32		2,500		3,008,493
Series C, 5.00%, 06/01/45 (Call 06/01/25)		915		932,196
City of Los Angeles Department of Airports RB 5.00%, 05/15/25		360		369,212
5.00%, 05/15/25 (ETM)		140		143,501
5.00%, 05/15/28		280		310,736
5.00%, 05/15/48 (Call 05/15/29)		1,020		1,096,361
Series A, 5.00%, 05/15/26		1,000		1,053,453
Series A, 5.00%, 05/15/32 (Call 11/15/29)		1,070		1,224,740
Series A, 5.00%, 05/15/36 (Call 11/15/29)		5,330		6,034,995
Series A, 5.00%, 05/15/39 (Call 11/15/29)		4,430		4,944,017
Series A, 5.00%, 05/15/40 (Call 11/15/29)		1,425		1,581,935
Series B, 5.00%, 05/15/25		1,135		1,164,042
Series B, 5.00%, 05/15/32 (Call 05/15/30)		1,000		1,159,577
Series B, 5.00%, 05/15/35 (Call 05/15/31)		2,105		2,464,856
Series B, 5.00%, 05/15/42 (Call 05/15/27)		2,000		2,105,905
Series B, 5.00%, 05/15/45 (Call 05/15/31)		2,205		2,458,915
Series B, 5.00%, 05/15/48 (Call 05/15/31)		475		522,670
Series C, 5.00%, 05/15/38 (Call 05/15/25)		1,750		1,787,518
Series E, 5.00%, 05/15/44 (Call 11/15/28)		1,500		1,620,435

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 (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
City of Riverside CA Electric Revenue RB
Series A, 5.00%, 10/01/36 (Call 04/01/29)	$	1,025	$	1,143,159
Series A, 5.00%, 10/01/48 (Call 04/01/29)		3,695		3,958,642
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25)		500		511,192
City of Sacramento CA Transient Occupancy Tax Revenue RB, Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,000		1,050,292
City of San Francisco CA Public Utilities Commission Water Revenue RB
4.00%, 11/01/30 (Call 11/01/26)		1,055		1,086,504
4.00%, 11/01/36 (Call 11/01/26)		2,500		2,540,475
5.00%, 11/01/25		455		471,833
5.00%, 11/01/25 (Call 05/01/25)		1,700		1,744,205
5.00%, 11/01/29 (Call 11/01/26)		1,405		1,498,948
5.00%, 11/01/31		1,000		1,199,188
5.00%, 11/01/32		1,000		1,215,917
5.00%, 11/01/32 (Call 05/01/25)		1,000		1,025,303
5.00%, 11/01/32 (Call 11/01/26)		370		393,811
5.00%, 11/01/34 (Call 11/01/26)		1,740		1,849,343
5.00%, 11/01/35 (Call 11/01/33)		1,440		1,765,350
5.00%, 11/01/39 (Call 11/01/33)		1,000		1,192,221
5.00%, 11/01/42 (PR 11/01/24)		4,325		4,380,133
5.00%, 11/01/43 (Call 11/01/33)		3,550		4,120,021
Series A, 5.00%, 11/01/33 (Call 11/01/26)		1,835		1,951,632
Series B, 5.00%, 11/01/50 (Call 11/01/27)		2,000		2,101,606
Series D, 5.00%, 11/01/33 (Call 11/01/27)		1,000		1,082,403
City of San Jose CA GO 5.00%, 09/01/45 (Call 03/01/31)		7,035		7,830,753
5.00%, 09/01/47 (Call 03/01/29)		2,000		2,152,206
Series A, 5.00%, 09/01/39 (Call 03/01/31)		3,150		3,597,772
Series A, 5.00%, 09/01/42 (Call 03/01/31)		2,175		2,454,240
Series A-1, 5.00%, 09/01/45 (Call 03/01/29)		2,650		2,864,940
Series C, 5.00%, 09/01/28		370		412,081
City of Santa Rosa CA Wastewater Revenue RB, 0.00%, 09/01/32 (AMBAC)		5,000		3,788,267
Clovis Unified School District GO 4.00%, 08/01/40 (Call 08/01/25)		105		105,287
4.00%, 08/01/40 (PR 08/01/25)		145		147,375
Coast Community College District GO 0.00%, 08/01/30 (AGM)(a)		2,985		2,440,507
0.00%, 08/01/34 (Call 08/01/25)(a)		500		325,419
5.00%, 08/01/29 (PR 08/15/25)		4,905		5,049,594
5.00%, 08/01/31 (Call 08/15/25)		2,335		2,403,833
5.00%, 08/01/36 (PR 08/01/27)		1,500		1,628,759
Series B, 0.00%, 08/01/27 (AGM)(a)		320		287,776
Series B, 0.00%, 08/01/28 (AGM)(a)		2,050		1,788,418
Series D, 4.00%, 08/01/42 (Call 08/01/27)		500		502,726
Series F, 0.00%, 08/01/43 (Call 08/01/29)(a)		1,000		437,119
Series F, 3.00%, 08/01/39 (Call 02/01/29)		2,520		2,307,966
Contra Costa Community College District GO, Series 2014-A, 4.00%, 08/01/39 (Call 08/01/24)		1,250		1,247,495
Contra Costa Water District RB 4.00%, 10/01/46 (Call 10/01/31)		3,440		3,506,425
Series W, 5.00%, 10/01/51 (Call 10/01/31)		5,775		6,358,359
Corona-Norco Unified School District GO 4.00%, 08/01/43 (Call 08/01/28)		3,725		3,730,400
Series A, 5.00%, 08/01/40 (PR 08/01/25)		1,500		1,543,038
County of Los Angeles CA, 5.00%, 06/28/24		9,780		9,840,228
County of Riverside CA, 5.00%, 06/28/24		3,335		3,354,645

Security	Par (000)		Value
California (continued)
County of Sacramento CA Airport System Revenue RB
Series A, 5.00%, 07/01/41 (Call 07/01/26)	$	1,000	$	1,033,028
Series B, 5.00%, 07/01/38 (Call 07/01/28)		1,000		1,078,933
Series B, 5.00%, 07/01/41 (Call 07/01/26)		800		822,814
County of Santa Clara CA GO
Series B, 5.00%, 08/01/34 (Call 08/01/32)		5,890		7,059,386
Series C, 4.00%, 08/01/38 (Call 08/01/27)		750		765,524
Desert Community College District GO 4.00%, 08/01/39 (Call 08/01/27)		500		509,125
5.00%, 08/01/37 (PR 02/01/26)		1,000		1,042,496
Desert Sands Unified School District GO, Series 2014, 4.00%, 08/01/44 (Call 08/01/27)		1,000		1,005,309
Dublin Unified School District GO, 4.25%, 08/01/53 (Call 08/01/33)		5,000		5,107,539
East Bay Municipal Utility District Water System Revenue RB
5.00%, 06/01/24		425		427,084
5.00%, 06/01/28		1,000		1,112,619
5.00%, 06/01/30		1,000		1,162,897
5.00%, 06/01/33		2,000		2,460,636
5.00%, 06/01/34 (Call 06/01/33)		2,000		2,459,324
Series A, 4.00%, 06/01/45 (Call 06/01/27)		1,000		1,002,470
Series A, 5.00%, 06/01/27 (Call 06/01/25)		1,005		1,032,700
Series A, 5.00%, 06/01/28 (Call 06/01/25)		250		256,784
Series A, 5.00%, 06/01/29 (Call 06/01/25)		300		308,013
Series A, 5.00%, 06/01/35 (Call 06/01/25)		540		553,490
Series A, 5.00%, 06/01/37 (Call 06/01/32)		2,000		2,358,491
Series A, 5.00%, 06/01/42 (Call 06/01/27)		4,460		4,728,409
Series A, 5.00%, 06/01/45 (Call 06/01/27)		1,000		1,054,835
Series B, 5.00%, 06/01/24		850		854,168
Series B, 5.00%, 06/01/25		325		334,138
Series B, 5.00%, 06/01/29 (Call 06/01/27)		2,200		2,388,926
Series B, 5.00%, 06/01/33 (Call 06/01/27)		1,000		1,081,967
Series B, 5.00%, 06/01/34 (Call 06/01/27)		430		465,008
Eastern Municipal Water District Financing Authority RB
Series A, 4.00%, 07/01/38 (Call 07/01/30)		2,310		2,408,995
Series A, 5.00%, 07/01/36 (Call 07/01/30)		3,000		3,447,396
Series D, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,049,377
El Camino Community College District Foundation (The) GO
0.00%, 08/01/29(a)		2,110		1,792,246
Series A, 4.00%, 08/01/45 (Call 08/01/26)		500		500,055
Series C, 0.00%, 08/01/32(a)		700		536,442
Series C, 0.00%, 08/01/33(a)		125		92,318
Series C, 0.00%, 08/01/34(a)		2,050		1,456,760
El Dorado Irrigation District RB, Series A, 5.00%, 03/01/34 (PR 03/01/24) (AGM)		250		250,000
El Monte Union High School District GO, Series B, 4.00%, 06/01/46 (Call 06/01/27)		4,100		4,101,987
Elk Grove Unified School District GO 2.00%, 08/01/34 (Call 08/01/30)		2,515		2,137,362
4.00%, 08/01/46 (Call 08/01/26)		5,950		5,871,174
Series 2016, 4.00%, 08/01/46 (Call 08/01/26)		2,855		2,817,177
Escondido Union High School District GO 0.00%, 08/01/37 (AGC)(a)		190		116,389
Series C, 0.00%, 08/01/46(a)		985		362,886
Series C, 0.00%, 08/01/51(a)		1,155		347,870
Foothill-De Anza Community College District GO 0.00%, 08/01/34 (NPFGC-IBC FGIC)		2,000		1,458,101
0.00%, 08/01/36(a)		950		635,335
4.00%, 08/01/40 (Call 08/01/26)		4,285		4,320,583

16 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series A, 3.00%, 08/01/40 (Call 08/01/31)	$	5,160	$	4,608,207
Foothill-Eastern Transportation Corridor Agency RB 0.00%, 01/15/33(a)		750		545,520
0.00%, 01/15/34 (AGM)(a)		5,500		3,905,030
0.00%, 01/15/35 (AGM)(a)		300		205,082
Series A, 0.00%, 01/01/25 (ETM)(a)		880		857,021
Series A, 0.00%, 01/01/26 (ETM)(a)		1,165		1,102,458
Series A, 0.00%, 01/01/28 (ETM)(a)		440		395,630
Series A, 0.00%, 01/01/29 (ETM)(a)		500		438,014
Series A, 0.00%, 01/01/30 (ETM) (AGC-ICC, AGM-CR)(a)		320		273,188
Series A, 0.00%, 01/15/36 (AGM)(a)		12,490		8,159,403
Series A, 0.00%, 01/15/37 (AGM)(a)		3,000		1,863,269
Series A, 4.00%, 01/15/46 (Call 01/15/31)		19,000		18,433,195
Series B-1, VRDN, 3.95%, 01/15/53 (Call 07/15/27)(b)		1,200		1,109,376
Fremont Unified School District/Alameda County CA GO, Series A, 4.00%, 08/01/46 (PR 08/01/24)		1,080		1,083,939
Fremont Union High School District GO 4.00%, 08/01/40 (Call 08/01/24)		1,950		1,941,674
4.00%, 08/01/48 (Call 08/01/31)		4,335		4,385,121
Series A, 3.00%, 08/01/40 (Call 08/01/29)		4,000		3,596,970
Series A, 4.00%, 08/01/46 (Call 08/01/27)		10,405		10,437,392
Series A, 5.00%, 08/01/44 (Call 08/01/27)		1,000		1,056,424
Glendale Community College District/CA GO, 4.00%, 08/01/50 (Call 08/01/29)		8,085		8,101,848
Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (PR 09/01/25)		350		356,163
Grossmont Union High School District GO, Series 2004, 0.00%, 08/01/24 (NPFGC)(a)		140		138,045
Grossmont-Cuyamaca Community College District GO, Series B, 4.00%, 08/01/47 (Call 08/01/28)		1,000		1,000,025
Hayward Area Recreation & Park District GO, Series A, 4.00%, 08/01/46 (Call 08/01/27)		1,000		991,101
Hayward Unified School District GO 5.00%, 08/01/38 (PR 08/01/24)		6,000		6,046,010
Series A, 4.00%, 08/01/48 (Call 08/01/28) (BAM)		1,000		986,967
Hillsborough City School District GO 0.00%, 09/01/30(a)		4,995		4,095,591
0.00%, 09/01/31(a)		5,075		4,049,458
Imperial Irrigation District Electric System Revenue RB, Series B-1, 5.00%, 11/01/46 (Call 11/01/26)		500		519,203
Irvine Facilities Financing Authority RB 4.25%, 05/01/53 (Call 05/01/26)		1,000		1,003,224
5.25%, 05/01/48 (Call 05/01/26)		1,000		1,033,701
Irvine Ranch Water District Water Service Corp. Special Assessment, 5.25%, 02/01/46 (Call 08/01/26)		1,000		1,042,242
Lodi Unified School District/CA GO, 3.00%, 08/01/43 (Call 08/01/27)		5,465		4,646,462
Long Beach Community College District GO
Series B, 0.00%, 08/01/49 (Call 08/01/42)		250		171,202
Series C, 4.00%, 08/01/45 (Call 08/01/28)		400		400,314
Series C, 4.00%, 08/01/49 (Call 08/01/28)		300		299,771
Long Beach Unified School District GO 3.00%, 08/01/47 (Call 08/01/29)		1,605		1,305,911
4.00%, 08/01/47 (Call 08/01/33)		3,500		3,526,035
4.00%, 08/01/48 (Call 08/01/33)		3,910		3,931,576
4.00%, 08/01/53 (Call 08/01/33)		2,085		2,069,464
5.00%, 08/01/25		3,200		3,300,330
5.00%, 08/01/44 (Call 08/01/33)		1,015		1,160,014
5.00%, 08/01/45 (Call 08/01/33)		3,265		3,717,618

Security	Par (000)		Value
California (continued)
Series B, 3.00%, 08/01/48 (Call 08/01/29)	$	3,150	$	2,526,296
Series B, 3.00%, 08/01/50 (Call 08/01/29)		7,320		5,736,364
Series B, 4.00%, 08/01/45 (Call 08/01/29)		500		503,382
Series D-1, 0.00%, 08/01/33 (Call 02/01/25)(a)		1,750		1,192,626
Series D-1, 0.00%, 08/01/39 (Call 02/01/25)(a)		200		100,867
Los Angeles Community College District/CA 5.00%, 08/01/27		10,000		10,861,812
5.00%, 08/01/28		3,625		4,037,303
5.00%, 08/01/29		2,085		2,379,536
Los Angeles Community College District/CA GO 4.00%, 08/01/37 (Call 08/01/26)		1,915		1,942,352
5.00%, 08/01/25		4,420		4,559,201
5.00%, 08/01/27		1,800		1,955,126
Series A, 4.00%, 08/01/32 (PR 08/01/24)		1,100		1,104,012
Series A, 4.00%, 08/01/33 (PR 08/01/24)		4,000		4,014,589
Series A, 5.00%, 08/01/25 (PR 08/01/24)		1,260		1,269,662
Series A, 5.00%, 08/01/27 (PR 08/01/24)		235		236,802
Series A, 5.00%, 08/01/28 (PR 08/01/24)		470		473,604
Series A, 5.00%, 08/01/30 (PR 08/01/24)		8,495		8,560,143
Series A, 5.00%, 08/01/31 (PR 08/01/24)		525		529,026
Series C, 5.00%, 08/01/25		345		355,865
Series C, 5.00%, 06/01/26		2,395		2,524,352
Series J, 4.00%, 08/01/41 (Call 08/01/27)		3,445		3,462,610
Series K, 3.00%, 08/01/39 (Call 08/01/26)		855		776,001
Series K, 4.00%, 08/01/34 (Call 08/01/26)		1,050		1,075,104
Series K, 4.00%, 08/01/36 (Call 08/01/26)		2,435		2,481,791
Series K, 4.00%, 08/01/37 (Call 08/01/26)		4,325		4,386,774
Series K, 4.00%, 08/01/38 (Call 08/01/26)		1,460		1,473,411
Series K, 4.00%, 08/01/39 (Call 08/01/26)		2,240		2,256,750
Los Angeles County Facilities Inc. RB
Series A, 4.00%, 12/01/48 (Call 12/01/28)		500		493,578
Series A, 5.00%, 12/01/43 (Call 12/01/28)		1,000		1,072,790
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB 5.00%, 06/01/26		450		474,203
5.00%, 07/01/30		2,000		2,333,781
5.00%, 07/01/32		2,000		2,423,931
5.00%, 07/01/33		500		617,032
5.00%, 07/01/34 (Call 07/01/28)		3,065		3,390,760
5.00%, 07/01/34 (Call 07/01/33)		2,000		2,460,741
5.00%, 07/01/43 (Call 07/01/31)		10,120		11,392,325
5.00%, 07/01/45 (Call 07/01/31)		1,075		1,200,400
Series A, 4.00%, 06/01/37 (Call 06/01/30)		1,250		1,319,910
Series A, 5.00%, 06/01/24		1,025		1,029,600
Series A, 5.00%, 06/01/25		4,280		4,391,342
Series A, 5.00%, 06/01/27		460		497,861
Series A, 5.00%, 06/01/28		1,240		1,376,461
Series A, 5.00%, 07/01/28 (Call 07/01/27)		270		293,180
Series A, 5.00%, 06/01/30		3,950		4,596,472
Series A, 5.00%, 06/01/31 (Call 06/01/30)		5,680		6,593,898
Series A, 5.00%, 06/01/32 (Call 06/01/30)		2,500		2,901,145
Series A, 5.00%, 06/01/33 (Call 06/01/30)		3,020		3,500,478
Series A, 5.00%, 06/01/33 (Call 06/01/31)		2,020		2,395,529
Series A, 5.00%, 06/01/34 (Call 06/01/27)		1,000		1,078,084
Series A, 5.00%, 07/01/37 (Call 07/01/27)		1,000		1,070,637
Series A, 5.00%, 07/01/38 (Call 07/01/27)		1,390		1,483,764
Series A, 5.00%, 07/01/39 (Call 07/01/27)		2,890		3,078,891
Series A, 5.00%, 07/01/39 (Call 07/01/31)		1,500		1,730,903
Series A, 5.00%, 07/01/40 (Call 07/01/27)		2,175		2,310,776
Series A, 5.00%, 07/01/42 (Call 07/01/27)		2,400		2,539,823
Series A, 5.00%, 07/01/44 (Call 07/01/28)		2,770		2,974,040

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

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Los Angeles County Public Works Financing Authority RB
4.00%, 12/01/46 (Call 12/01/31)	$	2,000	$	2,025,523
Series A, 5.00%, 12/01/39 (Call 12/01/24)		500		504,709
Series D, 4.00%, 12/01/40 (Call 12/01/25)		2,260		2,268,220
Series D, 5.00%, 12/01/45 (Call 12/01/25)		535		547,882
Series E-1, 5.00%, 12/01/44 (Call 12/01/29)		1,000		1,092,530
Los Angeles County Sanitation Districts Financing Authority RB
Series A, 4.00%, 10/01/42 (Call 10/01/26)		5,010		5,025,783
Series A, 5.00%, 10/01/34 (Call 10/01/25)		500		517,322
Los Angeles Department of Water & Power Power System Revenue RB
Series A, 5.00%, 07/01/28 (Call 01/01/28)		1,175		1,291,958
Series A, 5.00%, 07/01/30 (Call 01/01/25)		1,000		1,016,939
Series A, 5.00%, 07/01/32 (Call 01/01/25)		855		870,347
Series A, 5.00%, 07/01/45 (Call 01/01/29)		1,510		1,628,072
Series B, 5.00%, 07/01/25 (Call 06/01/25)		1,495		1,534,585
Series B, 5.00%, 07/01/32 (Call 01/01/29)		1,760		1,976,705
Series C, 5.00%, 07/01/49 (Call 07/01/29)		2,455		2,644,897
Los Angeles Department of Water & Power RB 5.00%, 07/01/25		3,590		3,691,344
5.00%, 07/01/26 (Call 06/01/26)		815		859,481
5.00%, 07/01/28		2,485		2,764,233
5.00%, 07/01/40 (Call 01/01/32)		2,000		2,287,728
5.00%, 07/01/42 (Call 01/01/32)		6,185		7,004,195
5.00%, 07/01/47 (Call 07/01/32)		5,000		5,598,699
5.00%, 07/01/51 (Call 07/01/31)		5,055		5,554,838
5.00%, 07/01/52 (Call 01/01/32)		2,100		2,316,888
Series A, 5.00%, 07/01/26		3,645		3,851,988
Series B, 5.00%, 07/01/39 (Call 07/01/30)		2,350		2,644,386
Series B, 5.00%, 07/01/40 (Call 07/01/30)		1,500		1,678,131
Series D, 5.00%, 07/01/32 (Call 07/01/29)		1,000		1,135,671
Series D, 5.00%, 07/01/37 (Call 07/01/29)		3,865		4,314,383
Series D, 5.00%, 07/01/49 (Call 07/01/29)		3,675		3,959,266
Los Angeles Department of Water & Power System Revenue RB
Series A, 5.00%, 07/01/34 (Call 01/01/25)		625		635,047
Series A, 5.00%, 07/01/42 (Call 01/01/27)		695		727,324
Series B, 5.00%, 07/01/26 (Call 06/01/26)		2,270		2,393,892
Los Angeles Department of Water & Power Water System Revenue
5.00%, 07/01/49 (Call 07/01/33)		1,000		1,129,568
5.25%, 07/01/53 (Call 07/01/33)		1,000		1,141,144
Los Angeles Department of Water & Power Water System Revenue RB
5.00%, 07/01/25		2,000		2,056,459
5.00%, 07/01/34 (Call 07/01/33)		1,100		1,347,184
5.00%, 07/01/35 (Call 01/01/26)		2,830		2,942,478
5.00%, 07/01/38 (Call 01/01/32)		2,500		2,901,603
5.00%, 07/01/40 (Call 07/01/32)		5,350		6,180,268
5.00%, 07/01/42 (Call 01/01/32)		2,310		2,622,833
5.00%, 07/01/43 (Call 07/01/32)		2,650		3,019,741
5.00%, 07/01/47 (Call 07/01/32)		6,330		7,107,518
5.00%, 07/01/51 (Call 01/01/31)		2,600		2,848,131
5.00%, 07/01/52 (Call 01/01/32)		5,760		6,371,519
VRDN, 3.74%, 07/01/45 (Put 03/01/24)(b)		10,000		10,000,000
Series A, 5.00%, 07/01/38 (Call 01/01/26)		1,330		1,375,222
Series A, 5.00%, 07/01/41 (Call 01/01/27)		2,000		2,100,495
Series A, 5.00%, 07/01/44 (Call 01/01/27)		2,000		2,089,428
Series A, 5.00%, 07/01/46 (Call 01/01/26)		5,000		5,136,614

Security	Par (000)		Value
California (continued)
Series A, 5.00%, 07/01/48 (Call 01/01/28)	$	1,000	$	1,062,992
Series A, 5.00%, 07/01/50 (Call 07/01/30)		6,460		7,044,713
Series B, 4.00%, 07/01/27		415		435,678
Series B, 5.00%, 07/01/43 (Call 07/01/28)		4,345		4,684,578
Series B, 5.00%, 07/01/46 (Call 01/01/26)		250		256,831
Series B, 5.00%, 07/01/46 (Call 01/01/31)		4,500		4,990,051
Series B, 5.00%, 07/01/48 (Call 07/01/28)		4,025		4,309,465
Series C, 5.00%, 07/01/25 (Call 07/01/24)		3,930		3,957,388
Series C, 5.00%, 07/01/36 (Call 07/01/30)		2,500		2,869,676
Los Angeles Department of Water & Power, RB
Series A, 5.00%, 07/01/28 (Call 01/01/25)		1,325		1,350,003
Series A, 5.00%, 07/01/46 (Call 01/01/26)		1,000		1,026,608
Series A, 5.00%, 07/01/47 (Call 01/01/27)		1,000		1,039,149
Series B, 5.00%, 07/01/42 (Call 01/01/26)		2,230		2,296,847
Series C, 5.00%, 07/01/26 (Call 07/01/24)		2,000		2,010,835
Series C, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,045,692
Series D, 5.00%, 07/01/35 (Call 07/01/24)		1,550		1,557,438
Series D, 5.00%, 07/01/39 (Call 07/01/24)		3,700		3,714,383
Series D, 5.00%, 07/01/44 (Call 07/01/24)		500		501,456
Series E, 5.00%, 07/01/44 (Call 07/01/24)		500		501,456
Los Angeles Unified School District/CA COP 5.00%, 10/01/27		1,000		1,082,502
5.00%, 10/01/30		2,000		2,306,125
Los Angeles Unified School District/CA GO 4.00%, 07/01/32 (Call 01/01/31)		440		485,829
5.00%, 07/01/25		2,000		2,055,668
5.00%, 07/01/26		2,250		2,376,201
5.00%, 07/01/27		2,320		2,517,773
5.00%, 07/01/28		3,740		4,153,732
5.00%, 07/01/28 (Call 07/01/24)		1,155		1,160,505
5.00%, 07/01/29		4,500		5,111,387
5.00%, 07/01/30		1,230		1,427,385
5.00%, 07/01/32 (Call 07/01/29)		1,500		1,702,427
5.00%, 07/01/33 (Call 07/01/30)		11,020		12,744,059
5.00%, 07/01/36 (Call 01/01/33)		1,000		1,199,427
5.00%, 07/01/39 (Call 01/01/33)		1,405		1,650,555
5.00%, 07/01/43 (Call 01/01/34)		4,575		5,295,240
5.25%, 07/01/47 (Call 01/01/33)		750		860,843
5.25%, 07/01/48 (Call 01/01/34)		5,000		5,791,936
Series A, 5.00%, 07/01/24		2,325		2,339,190
Series A, 5.00%, 07/01/25		5,505		5,658,226
Series A, 5.00%, 07/01/26		6,125		6,468,547
Series A, 5.00%, 07/01/27		4,740		5,144,070
Series A, 5.00%, 07/01/28		3,945		4,381,410
Series A, 5.00%, 07/01/29		1,850		2,101,348
Series A, 5.00%, 07/01/29 (Call 07/01/25)		1,000		1,032,004
Series A, 5.00%, 07/01/31 (Call 07/01/29)		1,000		1,134,736
Series A, 5.00%, 07/01/40 (Call 07/01/25)		4,000		4,100,288
Series B, 5.00%, 07/01/30 (Call 07/01/26)		1,000		1,056,116
Series B1, 5.00%, 07/01/28 (Call 01/01/28)		1,455		1,599,948
Series B-1, 4.00%, 07/01/24		740		742,148
Series B-1, 5.00%, 07/01/30 (Call 01/01/28)		505		552,329
Series B-1, 5.00%, 07/01/31 (Call 01/01/28)		500		546,520
Series B-1, 5.00%, 07/01/33 (Call 01/01/28)		2,000		2,182,367
Series B-1, 5.00%, 07/01/37 (Call 01/01/28)		1,000		1,078,703
Series B-1, 5.25%, 07/01/42 (Call 01/01/28)		3,075		3,310,850
Series C, 3.00%, 07/01/38 (Call 07/01/30)		1,000		926,748
Series C, 4.00%, 07/01/31 (Call 07/01/30)		1,000		1,097,847
Series C, 4.00%, 07/01/39 (Call 07/01/30)		2,620		2,719,512
Series C, 4.00%, 07/01/44 (Call 07/01/30)		8,695		8,881,633
Series C, 5.00%, 07/01/24		1,010		1,016,164

18 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series C, 5.00%, 07/01/26 (Call 07/01/24)	$	460	$	461,983
Series C, 5.00%, 07/01/27 (Call 07/01/24)		1,800		1,808,110
Series C, 5.00%, 07/01/30 (Call 07/01/24)		750		753,574
Series RYQ, 4.00%, 07/01/37 (Call 07/01/30)		3,500		3,681,397
Series RYQ, 4.00%, 07/01/40 (Call 07/01/30)		3,010		3,107,574
Series RYQ, 4.00%, 07/01/44 (Call 07/01/30)		3,000		3,064,393
Series RYQ, 5.00%, 07/01/28		1,145		1,271,664
Los Rios Community College District GO, Series E, 3.00%, 08/01/24		600		599,375
Manhattan Beach Unified School District GO, 4.00%, 09/01/46 (Call 09/01/28)		5,000		5,025,556
Marin Community College District GO, Series B, 4.00%, 08/01/40 (PR 02/01/27)		2,400		2,500,775
Mendocino-Lake Community College District GO 0.00%, 08/01/51 (PR 08/01/25) (BAM)(a)		7,000		1,738,564
Series B, 0.00%, 08/01/51 (AGM)(a)		250		72,403
Menlo Park City School District GO, Series 2006, 0.00%, 07/01/44 (Call 07/01/32)		435		438,542
Mesa Water District COP, 5.00%, 03/15/50 (Call 03/15/30)		4,380		4,749,799
Metropolitan Water District of Southern California RB 5.00%, 10/01/27		175		191,255
5.00%, 10/01/29		2,000		2,293,433
5.00%, 10/01/31		2,000		2,389,909
5.00%, 10/01/33 (Call 10/01/32)		1,000		1,214,996
5.00%, 07/01/37 (Call 01/01/29)		1,000		1,103,802
5.00%, 07/01/38 (Call 01/01/29)		1,015		1,117,129
5.00%, 10/01/39 (Call 04/01/31)		1,680		1,922,329
5.00%, 04/01/48 (Call 04/01/33)		6,500		7,368,694
VRDN, 3.65%, 07/01/37 (Put 02/29/24)(b)		3,640		3,640,000
Series A, 2.50%, 07/01/26		230		225,314
Series A, 5.00%, 07/01/25		125		128,562
Series A, 5.00%, 07/01/26		1,060		1,119,701
Series A, 5.00%, 07/01/27		790		856,553
Series A, 5.00%, 07/01/30 (PR 01/01/26)		1,000		1,041,444
Series A, 5.00%, 07/01/31 (Call 01/01/29)		1,100		1,234,157
Series A, 5.00%, 07/01/34 (Call 01/01/29)		2,020		2,259,101
Series A, 5.00%, 07/01/40 (PR 07/01/25)		1,525		1,568,653
Series A, 5.00%, 10/01/49 (Call 10/01/29)		15,915		17,421,967
Series B, 5.00%, 08/01/24 (Call 07/01/24)		1,080		1,086,846
Series C, 5.00%, 10/01/27		980		1,071,026
Series C, 5.00%, 07/01/40 (Call 07/01/30)		3,490		3,921,597
Miracosta Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30)		3,000		3,060,486
Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44 (PR 08/01/25) (AGM)		10,000		10,300,915
Mount Diablo Unified School District/CA GO, Series A, 5.75%, 08/01/35 (Call 08/01/25) (AGM)		400		415,263
Mount San Antonio Community College District GO
Series A, 0.00%, 08/01/43 (Call 08/01/35)		2,235		2,207,852
Series A, 4.00%, 08/01/49 (Call 08/01/29)		8,750		8,853,965
Series A, 5.88%, 08/01/28 (Call 02/01/28)		1,000		1,131,562
Mount San Jacinto Community College District GO, 4.00%, 08/01/43 (Call 08/01/28)		5,250		5,278,727
Mountain View-Whisman School District GO, Series B, 4.00%, 09/01/42 (PR 09/01/26)		250		259,069
Municipal Improvement Corp. of Los Angeles RB
Series B, 5.00%, 11/01/29 (Call 11/01/26)		1,340		1,419,988
Series B, 5.00%, 11/01/30 (Call 11/01/26)		500		529,451
Series B, 5.00%, 11/01/32 (Call 11/01/26)		1,055		1,115,167

Security	Par (000)		Value
California (continued)
Newport Mesa Unified School District GO 0.00%, 08/01/31 (NPFGC)(a)	$	5,135	$	4,097,125
0.00%, 08/01/32(a)		7,000		5,481,180
0.00%, 08/01/35(a)		2,000		1,401,892
0.00%, 08/01/44 (Call 08/01/27)(a)		1,000		420,823
Series 2005, 0.00%, 08/01/34(a)		1,715		1,251,604
Series 2005, 0.00%, 08/01/36(a)		2,625		1,757,676
Series 2005, 0.00%, 08/01/38(a)		500		304,180
Norman Y Mineta San Jose International Airport SJC RB, Series B, 5.00%, 03/01/47 (Call 03/01/27)		2,000		2,076,440
North Orange County Community College District/CA GO
4.00%, 08/01/43 (Call 08/01/32)		2,100		2,164,561
4.00%, 08/01/44 (Call 08/01/32)		2,625		2,686,836
Series B, 4.00%, 08/01/44 (Call 08/01/29)		6,500		6,590,963
Ohlone Community College District GO, Series C, 4.00%, 08/01/45 (Call 08/01/26)		1,250		1,250,137
Orange County Local Transportation Authority Sales Tax Revenue RB 4.00%, 02/15/38 (Call 02/15/29)		3,365		3,470,860
5.00%, 02/15/25		1,110		1,132,324
5.00%, 02/15/30 (Call 02/15/29)		500		565,025
5.00%, 02/15/41 (Call 02/15/29)		1,500		1,642,468
Orange County Sanitation District COP, 5.00%, 02/01/33 (Call 02/01/31)		1,000		1,167,765
Orange County Sanitation District RB, 5.00%, 02/01/26		2,005		2,094,399
Orange County Water District RB
Series A, 4.00%, 08/15/41 (Call 02/15/27)		1,255		1,265,725
Series C, 5.00%, 08/15/25		175		180,558
Palomar Community College District GO 4.00%, 08/01/45 (Call 08/01/27)		1,615		1,615,991
Series C, 4.00%, 08/01/40 (PR 08/01/25)		250		254,617
Series D, 4.00%, 08/01/46 (Call 08/01/27)		1,070		1,070,622
Peninsula Corridor Joint Powers Board Measure RR Sales Tax Revenue RB, 5.00%, 06/01/47 (Call 06/01/31)		2,025		2,220,273
Placentia-Yorba Linda Unified School District GO
Series D, 0.00%, 08/01/40(a)		500		265,959
Series D, 0.00%, 08/01/42(a)		200		96,073
Series D, 0.00%, 08/01/46(a)		1,300		498,714
Port of Los Angeles RB
Series B, 5.00%, 08/01/26		2,030		2,146,646
Series B, 5.00%, 08/01/44 (Call 08/01/24)		1,100		1,104,154
Series C, 4.00%, 08/01/39 (Call 08/01/26)		1,000		1,004,595
Poway Unified School District GO 0.00%, 08/01/27(a)		2,500		2,251,669
0.00%, 08/01/33(a)		250		183,751
0.00%, 08/01/35(a)		500		338,938
0.00%, 08/01/36(a)		1,000		644,536
0.00%, 08/01/38(a)		755		439,272
0.00%, 08/01/46(a)		4,445		1,630,260
Series A, 0.00%, 08/01/31(a)		790		625,309
Series A, 0.00%, 08/01/32(a)		450		343,436
Series B, 0.00%, 08/01/34(a)		7,165		5,070,199
Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)		4,170		5,348,210
Riverside Community College District GO, 3.00%, 08/01/38 (Call 08/01/29)		2,040		1,923,642
Riverside County Public Financing Authority RB, Series B, 5.25%, 11/01/45 (PR 11/01/25)		500		520,428

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

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Riverside County Transportation Commission RB 4.00%, 06/01/38 (Call 06/01/31)	$	2,965	$	3,026,466
Series B, 0.00%, 06/01/41(a)		2,500		1,145,888
Series B1, 3.00%, 06/01/49 (Call 06/01/31)		2,000		1,522,820
Series B1, 4.00%, 06/01/37 (Call 06/01/31)		2,384		2,454,247
Series B1, 4.00%, 06/01/39 (Call 06/01/31)		4,025		4,092,517
Series B1, 4.00%, 06/01/40 (Call 06/01/31)		1,100		1,112,455
Series B1, 4.00%, 06/01/46 (Call 06/01/31)		6,020		5,872,464
Riverside County Transportation Commission Sales Tax Revenue RB
5.00%, 06/01/25		420		430,874
5.00%, 06/01/30 (Call 12/01/27)		2,500		2,737,129
Series A, 5.00%, 06/01/39 (Call 06/01/27)		410		433,999
Series B, 5.00%, 06/01/24		685		688,074
Series B, 5.00%, 06/01/29 (Call 12/01/27)		1,500		1,640,803
Series B, 5.00%, 06/01/32 (Call 12/01/27)		310		338,538
Series B, 5.00%, 06/01/37 (Call 12/01/27)		1,020		1,099,348
Series B, 5.00%, 06/01/38 (Call 12/01/27)		1,520		1,628,956
Series B, 5.00%, 06/01/39 (Call 12/01/27)		1,000		1,067,064
Riverside Unified School District GO, Series B, 4.00%, 08/01/42 (Call 08/01/27)		1,000		1,004,181
Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/47 (Call 10/01/26)		1,000		1,033,708
Sacramento City Financing Authority RB, Series E, 5.25%, 12/01/30 (AMBAC)		650		747,612
Sacramento County Sanitation Districts Financing Authority RB
5.00%, 12/01/31		1,250		1,499,416
5.00%, 12/01/33 (Call 12/01/31)		1,270		1,521,765
Series A, 5.00%, 12/01/27		750		821,743
Series A, 5.00%, 12/01/41 (Call 12/01/30)		2,520		2,839,342
Series A, 5.00%, 12/01/44 (Call 06/01/24)		1,000		1,001,253
Series A, 5.00%, 12/01/50 (Call 12/01/30)		4,105		4,517,323
Sacramento Municipal Utility District RB 5.00%, 08/15/25		750		773,926
5.00%, 08/15/26		265		280,711
5.00%, 08/15/44 (Call 08/15/33)		1,785		2,039,386
5.00%, 08/15/53 (Call 08/15/33)		2,000		2,223,345
VRDN, 3.70%, 08/15/41 (Put 11/30/23)(b)		7,300		7,300,000
Series B, VRDN, 5.00%, 08/15/49 (Put 04/18/25)(b)		1,635		1,665,747
Series E, 5.00%, 08/15/24		505		509,520
Series E, 5.00%, 08/15/25		805		830,681
Series G, 5.00%, 08/15/30 (Call 08/15/29)		1,000		1,141,757
Series H, 4.00%, 08/15/45 (Call 08/15/30)		3,375		3,407,247
Series H, 5.00%, 08/15/50 (Call 08/15/30)		3,340		3,633,461
Series I, 5.00%, 08/15/27		1,000		1,087,597
Series K, 5.25%, 07/01/24 (AMBAC)		70		70,513
Sacramento Transportation Authority Sales Tax Revenue RB
5.00%, 10/01/28		1,500		1,676,634
5.00%, 10/01/29		2,000		2,290,043
5.00%, 10/01/32		1,750		2,129,251
5.00%, 10/01/33		8,265		10,203,948
5.00%, 10/01/38 (Call 10/01/33)		2,000		2,369,436
San Bernardino Community College District GO, Series A, 4.00%, 08/01/44 (Call 08/16/27)		500		525,634
San Diego Association of Governments RB, 5.00%, 11/15/26 (PR 11/15/25)		2,350		2,434,957
San Diego Association of Governments South Bay Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27)		3,000		3,138,690

Security	Par (000)		Value
California (continued)
San Diego Community College District GO 4.00%, 08/01/32 (PR 08/01/26)	$	500	$	516,647
4.00%, 08/01/41 (PR 08/01/26)		3,500		3,616,527
5.00%, 08/01/24		500		504,100
5.00%, 08/01/27 (Call 08/01/26)		555		588,649
5.00%, 08/01/28 (Call 08/01/26)		1,450		1,536,532
5.00%, 08/01/30 (PR 08/01/26)		650		686,724
5.00%, 08/01/31 (PR 08/01/26)		2,035		2,149,976
5.00%, 08/01/41 (PR 08/01/26)		6,250		6,603,120
San Diego County Regional Airport Authority RB
Series A, 4.00%, 07/01/46 (Call 07/01/31)		2,000		1,994,116
Series A, 5.00%, 07/01/35 (Call 07/01/29)		1,500		1,686,628
Series A, 5.00%, 07/01/39 (Call 07/01/29)		2,000		2,198,238
Series A, 5.00%, 07/01/42 (Call 07/01/27)		1,000		1,049,485
Series A, 5.00%, 07/01/44 (Call 07/01/29)		400		431,384
Series A, 5.00%, 07/01/49 (Call 07/01/29)		400		426,523
Series A, 5.00%, 07/01/51 (Call 07/01/31)		2,000		2,169,463
Series A, 5.00%, 07/01/56 (Call 07/01/31)		2,000		2,154,102
San Diego County Regional Transportation Commission RB
5.00%, 04/01/28		1,300		1,437,348
5.00%, 04/01/30		1,375		1,593,596
5.00%, 04/01/35 (Call 04/01/33)		1,500		1,820,623
Series A, 4.00%, 04/01/48 (Call 04/01/30)		2,500		2,524,458
Series A, 5.00%, 04/01/41 (Call 04/01/26)		2,000		2,070,862
Series A, 5.00%, 04/01/48 (Call 04/01/26)		2,115		2,178,905
Series A, 5.00%, 04/01/48 (PR 04/01/24)		2,710		2,713,465
Series B, 5.00%, 04/01/48 (Call 04/01/31)		4,380		4,817,989
San Diego County Water Authority RB
Series A, 5.00%, 05/01/47 (Call 05/01/32)		2,000		2,251,159
Series A, 5.00%, 05/01/52 (Call 05/01/32)		1,570		1,749,439
Series B, 4.00%, 05/01/38 (Call 05/01/31)		2,500		2,652,844
Series S1, 5.00%, 05/01/28 (Call 03/15/28)		4,730		5,236,016
San Diego Public Facilities Financing Authority RB 4.00%, 08/01/52 (Call 08/01/33)		1,730		1,726,855
5.00%, 05/15/24		570		572,071
5.00%, 05/15/25		1,000		1,024,992
5.25%, 08/01/48 (Call 08/01/33)		9,080		10,450,517
Series A, 4.00%, 08/01/45 (Call 08/01/30)		5,025		5,081,648
Series A, 5.00%, 05/15/29 (Call 05/15/26)		500		527,917
Series A, 5.00%, 08/01/43 (Call 08/01/28)		500		538,142
Series A, 5.00%, 10/15/44 (Call 10/15/25)		1,000		1,020,247
Series B, 5.00%, 08/01/24		1,000		1,008,199
Series B, 5.00%, 08/01/25		310		319,676
Series B, 5.00%, 08/01/27 (Call 08/01/26)		1,535		1,626,639
San Diego Unified School District/CA, 5.00%, 06/28/24		1,500		1,509,284
San Diego Unified School District/CA GO 3.00%, 07/01/37 (Call 07/01/30)		2,400		2,250,897
4.00%, 07/01/51 (Call 07/01/31)		2,300		2,301,871
4.00%, 07/01/53 (Call 07/01/33)		12,285		12,217,792
5.00%, 07/01/24		2,665		2,681,004
5.00%, 07/01/29		4,000		4,562,849
5.00%, 07/01/48 (Call 07/01/33)		13,000		14,666,707
6.00%, 07/01/33 (PR 07/01/24)		3,000		3,027,812
Series C, 0.00%, 07/01/30(a)		840		695,221
Series C, 0.00%, 07/01/35(a)		300		206,401
Series C, 0.00%, 07/01/36(a)		1,240		813,639
Series C, 0.00%, 07/01/38(a)		1,930		1,146,012
Series C, 0.00%, 07/01/39(a)		1,100		621,173
Series C, 0.00%, 07/01/42(a)		215		104,052
Series C, 0.00%, 07/01/45(a)		2,780		1,167,484

20 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series C, 0.00%, 07/01/46(a)	$	500	$	200,210
Series C, 0.00%, 07/01/47(a)		1,100		420,955
Series C, 0.00%, 07/01/47 (Call 07/01/40)		780		739,508
Series C, 0.00%, 07/01/48 (Call 07/01/40)		1,100		1,035,058
Series D-2, 3.00%, 07/01/39 (Call 07/01/30)		1,030		930,895
Series D-2, 4.00%, 07/01/50 (Call 07/01/30)		5,085		5,097,660
Series E, 0.00%, 07/01/32(a)		3,440		2,635,611
Series E, 0.00%, 07/01/42		1,340		1,047,205
Series E, 0.00%, 07/01/47 (Call 07/01/42)		3,025		2,336,347
Series E, 0.00%, 07/01/49(a)		4,000		1,363,672
Series F, 5.00%, 07/01/40 (Call 07/01/25)		2,365		2,420,573
Series I, 4.00%, 07/01/47 (Call 07/01/27)		4,000		4,006,628
Series I, 5.00%, 07/01/41 (Call 07/01/27)		1,000		1,054,108
Series L, 4.00%, 07/01/44 (Call 07/01/29)		2,015		2,033,540
Series L, 4.00%, 07/01/49 (Call 07/01/29)		1,000		1,003,221
Series M-2, 3.00%, 07/01/50 (Call 07/01/30)		4,200		3,337,793
Series M-2, 4.00%, 07/01/50 (Call 07/01/30)		5,000		5,012,448
Series N-2, 3.00%, 07/01/46 (Call 07/01/31)		3,000		2,456,470
Series N-2, 4.00%, 07/01/46 (Call 07/01/31)		6,195		6,247,064
Series R-1, 0.00%, 07/01/31(a)		1,820		1,441,722
Series R-2, 0.00%, 07/01/40		800		801,705
Series R-2, 0.00%, 07/01/41 (Call 07/01/40)		450		446,155
Series R-4, 5.00%, 07/01/24		325		326,952
Series R-4, 5.00%, 07/01/27 (Call 07/01/25)		350		360,278
Series R-4, 5.00%, 07/01/28 (Call 07/01/25)		180		185,420
Series R-5, 5.00%, 07/01/29 (Call 07/01/26)		960		1,015,949
Series SR-1, 4.00%, 07/01/31 (Call 07/01/26)		500		511,315
Series SR-1, 4.00%, 07/01/32 (Call 07/01/26)		220		224,270
San Dieguito Union High School District GO,
Series B-2, 4.00%, 02/01/40 (Call 08/01/25)		200		200,509
San Francisco Bay Area Rapid Transit District GO 3.00%, 08/01/38 (Call 08/01/29)		1,625		1,473,364
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,000		1,007,496
Series A, 5.00%, 08/01/47 (Call 08/01/27)		1,015		1,062,150
Series B-1, 3.00%, 08/01/49 (Call 08/01/29)		3,700		2,964,974
Series C-1, 3.00%, 08/01/36 (Call 08/01/29)		4,025		3,801,503
Series C-1, 3.00%, 08/01/50 (Call 08/01/29)		2,600		2,060,907
Series C-1, 4.00%, 08/01/35 (Call 08/01/29)		1,000		1,056,516
Series D, 4.00%, 08/01/33 (Call 08/01/25)		2,250		2,265,692
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB
Series A, 3.00%, 07/01/44 (Call 07/01/27)		1,200		1,008,204
Series A, 4.00%, 07/01/37 (Call 07/01/27)		1,000		1,027,524
Series A, 4.00%, 07/01/38 (Call 07/01/27)		2,000		2,033,919
San Francisco City & County Airport Commission San Francisco International Airport RB 5.00%, 05/01/31 (Call 05/01/29)		1,230		1,390,102
5.00%, 05/01/52 (Call 05/01/32)		1,500		1,645,008
Series A, 5.00%, 05/01/26		1,000		1,049,358
Series B, 4.00%, 05/01/37 (Call 05/01/30)		4,000		4,199,131
Series B, 5.00%, 05/01/32 (Call 05/01/31)		350		410,571
Series B, 5.00%, 05/01/34 (Call 05/01/31)		2,200		2,575,411
Series B, 5.00%, 05/01/44 (Call 05/01/24)		4,625		4,629,581
Series B, 5.00%, 05/01/47 (Call 05/01/27)		1,500		1,560,278
Series B, 5.00%, 05/01/49 (Call 05/01/29)		3,000		3,203,445
Series C, 5.00%, 05/01/46 (Call 05/01/26)		1,850		1,899,368
Series D, 5.00%, 05/01/24		1,025		1,027,818
Series D, 5.00%, 05/01/25		250		255,967
Series E, 5.00%, 05/01/48 (Call 05/01/28)		2,000		2,105,992
Series F, 5.00%, 05/01/50 (Call 05/01/29)		745		794,505

Security	Par (000)		Value
California (continued)
San Francisco City & County Public Utilities Commission Power Revenue RB, 4.00%, 11/01/51 (Call 05/01/31)	$	2,090	$	2,081,828
San Francisco City & County Public Utilities Commission Wastewater Revenue RB 5.00%, 10/01/25		2,280		2,357,460
5.00%, 10/01/27 (Call 10/01/25)		530		549,001
5.00%, 10/01/28		3,195		3,574,179
5.00%, 10/01/30		5,000		5,864,677
5.00%, 10/01/31 (Call 04/01/28)		1,400		1,544,924
5.00%, 10/01/45 (Call 10/01/31)		3,485		3,915,010
Series A, 4.00%, 10/01/43 (Call 04/01/28)		1,000		1,001,470
Series A, 4.00%, 10/01/47 (Call 10/01/31)		2,000		2,023,410
Series B, 4.00%, 10/01/42 (Call 04/01/24)		2,175		2,149,219
Series B, 5.00%, 10/01/43 (Call 04/01/28)		1,000		1,068,782
San Francisco County Transportation Authority Sales Tax Revenue RB 4.00%, 02/01/25		2,270		2,294,364
4.00%, 02/01/26		1,480		1,516,109
San Francisco Municipal Transportation Agency RB 4.00%, 03/01/46 (Call 03/01/27)		740		740,624
Series C, 4.00%, 03/01/51 (Call 03/01/31)		2,400		2,376,724
San Joaquin County Transportation Authority Measure K Sales Tax Revenue RB, 4.00%, 03/01/41 (Call 03/01/27)		500		501,871
San Joaquin Hills Transportation Corridor Agency RB 0.00%, 01/01/26 (ETM)(a)		280		264,969
0.00%, 01/01/28 (ETM)(a)		750		678,197
4.00%, 01/15/34 (Call 01/15/32)		1,065		1,139,525
5.00%, 01/15/31		1,500		1,702,145
5.00%, 01/15/33 (Call 01/15/32)		8,830		10,156,168
Series A, 0.00%, 01/15/26 (NPFGC)(a)		400		375,789
Series A, 5.00%, 01/15/34 (PR 01/15/25)		750		762,458
Series A, 5.00%, 01/15/44 (PR 01/15/25)		8,000		8,132,881
Series A, 5.00%, 01/15/50 (PR 01/15/25)		8,755		8,900,421
San Jose Evergreen Community College District GO 3.00%, 09/01/40 (Call 09/01/28)		1,250		1,122,428
Series C, 4.00%, 09/01/40 (PR 09/01/24)		2,500		2,511,939
San Jose Financing Authority RB, 5.00%, 11/01/52 (Call 11/01/32)		7,300		8,165,398
San Jose Unified School District GO 0.00%, 08/01/29 (NPFGC)(a)		1,060		903,253
Series C, 0.00%, 08/01/30 (NPFGC)(a)		3,150		2,599,904
Series C, 0.00%, 06/01/31 (NPFGC)(a)		400		321,002
San Juan Unified School District GO 4.00%, 08/01/46 (Call 08/01/30)		1,095		1,099,850
Series N, 4.00%, 08/01/29 (Call 08/01/26)		5,000		5,141,816
San Marcos Unified School District GO 0.00%, 08/01/28(a)		655		570,925
Series B, 0.00%, 08/01/38(a)		565		321,614
Series B, 0.00%, 08/01/47(a)		500		178,796
Series B, 0.00%, 08/01/51(a)		1,500		444,569
San Mateo County Community College District GO 0.00%, 09/01/30 (NPFGC)(a)		4,500		3,708,645
Series A, 5.00%, 09/01/45 (PR 09/01/25)		775		799,893
Series B, 0.00%, 09/01/26 (NPFGC)(a)		550		509,879
Series B, 0.00%, 09/01/32 (NPFGC)(a)		2,020		1,562,780
Series B, 0.00%, 09/01/35 (NPFGC)(a)		3,380		2,352,520
Series B, 5.00%, 09/01/45 (Call 09/01/28)		4,475		4,809,025
San Mateo Foster City Public Financing Authority RB 4.00%, 08/01/44 (Call 08/01/29)		430		433,917

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

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series B, 5.00%, 08/01/25	$	6,415	$	6,599,060
San Mateo Foster City School District/CA GO, 0.00%, 08/01/42 (Call 08/01/31)		2,235		2,373,180
San Mateo Union High School District GO
Series A, 0.00%, 09/01/33		500		489,598
Series A, 0.00%, 09/01/41 (Call 09/01/36)		1,915		2,009,121
Series A, 0.00%, 07/01/51 (Call 09/01/41)		1,755		1,315,279
Santa Barbara Secondary High School District GO, Series A, 0.00%, 08/01/40(a)		555		276,117
Santa Barbara Unified School District GO 4.00%, 08/01/44 (Call 08/01/28)		2,945		2,961,310
Series A, 4.00%, 08/01/41 (Call 08/01/27)		2,000		2,019,414
Santa Clara Unified School District GO 3.00%, 07/01/36 (Call 07/01/26)		3,370		3,199,456
Series 2018, 4.00%, 07/01/48 (Call 07/01/26)		5,500		5,435,565
Santa Clara Valley Transportation Authority RB 5.00%, 04/01/27		1,005		1,082,580
5.00%, 04/01/28		1,000		1,104,421
5.00%, 04/01/34 (PR 04/01/25)		500		511,965
5.00%, 04/01/36 (Call 04/01/33)		1,000		1,207,386
Santa Clara Valley Water District RB
Series A, 5.00%, 06/01/41 (Call 12/01/25)		2,825		2,906,466
Series A, 5.00%, 06/01/46 (Call 12/01/25)		1,410		1,447,952
Santa Clara Valley Water District Safe Clean Water Revenue COP, 5.00%, 12/01/26 (Call 11/01/26)		1,825		1,943,650
Santa Clara Valley Water District Safe Clean Water Revenue RB, 5.00%, 08/01/47 (Call 08/01/32)		1,000		1,125,579
Santa Clarita Community College District GO, 3.00%, 08/01/49 (Call 08/01/28)		1,660		1,322,740
Santa Monica Community College District GO
Series A, 4.00%, 08/01/39 (Call 08/01/28)		565		575,801
Series A, 4.00%, 08/01/47 (Call 08/01/28)		4,485		4,503,122
Series A, 5.00%, 08/01/43 (Call 08/01/28)		4,590		4,947,986
Series B, 4.00%, 08/01/44 (PR 08/01/24)		1,000		1,003,850
Series B, 5.00%, 08/01/45 (Call 08/01/32)		1,020		1,150,527
Santa Monica-Malibu Unified School District GO 3.00%, 08/01/49 (Call 08/01/27)		1,500		1,193,004
4.00%, 08/01/41 (Call 08/01/29)		2,000		2,045,523
Series B, 4.00%, 08/01/50 (Call 08/01/29)		1,000		1,005,959
Sonoma County Junior College District GO, Series B, 3.00%, 08/01/41 (Call 08/01/29)		1,500		1,306,929
South San Francisco Unified School District GO, Series C, 4.00%, 09/01/37 (Call 09/01/25)		1,000		1,006,141
Southern California Public Power Authority RB 5.00%, 07/01/28		2,610		2,903,279
5.00%, 07/01/29		4,000		4,571,500
5.00%, 07/01/30		3,000		3,498,741
5.00%, 07/01/36 (Call 07/01/24)		4,800		4,815,384
VRDN, 3.71%, 07/01/36 (Put 02/29/24)(b)		6,000		6,000,000
Series C, 5.00%, 07/01/26 (Call 01/01/25)		1,070		1,088,927
Southern California Water Replenishment District RB 4.00%, 08/01/45 (Call 08/01/25)		1,000		1,000,053
5.00%, 08/01/41 (Call 08/01/25)		1,000		1,024,021
Southwestern Community College District GO
Series A, 4.00%, 08/01/47 (Call 08/01/27)		2,000		2,000,027
Series C, 0.00%, 08/01/41(a)		650		325,764
Series C, 0.00%, 08/01/46(a)		1,000		372,605
Series D, 5.00%, 08/01/44 (PR 08/01/25)		500		514,696
State of California Department of Water Resources RB 4.00%, 12/01/34 (Call 06/01/31)		2,005		2,189,860
4.00%, 12/01/35 (Call 06/01/31)		3,000		3,242,839

Security	Par (000)		Value
California (continued)
5.00%, 12/01/24	$	475	$	482,237
5.00%, 12/01/31 (Call 06/01/31)		2,555		3,036,284
5.00%, 12/01/33 (Call 06/01/29)		1,500		1,701,010
5.00%, 12/01/35 (PR 06/01/29)		580		659,112
Series AS, 5.00%, 12/01/24		300		304,570
Series AS, 5.00%, 12/01/25 (Call 12/01/24)		2,315		2,348,039
Series AS, 5.00%, 12/01/27 (PR 12/01/24)		4,060		4,120,353
Series AW, 4.00%, 12/01/35 (Call 12/01/26)		1,000		1,023,543
Series AW, 5.00%, 12/01/24		500		507,617
Series AW, 5.00%, 12/01/28 (Call 12/01/26)		1,040		1,111,529
Series AW, 5.00%, 12/01/33 (PR 12/01/26)		1,050		1,116,421
Series BA, 5.00%, 12/01/24		385		390,865
Series BA, 5.00%, 12/01/32 (Call 06/01/29)		2,540		2,882,067
Series BB, 5.00%, 12/01/25		240		249,387
Series BB, 5.00%, 12/01/26		1,900		2,030,604
Series BB, 5.00%, 12/01/28		2,015		2,268,016
Series BB, 5.00%, 12/01/33 (Call 12/01/30)		2,045		2,400,070
State of California GO
2.38%, 12/01/43 (Call 12/01/30)		925		685,539
2.38%, 10/01/51 (Call 04/01/31)		2,000		1,312,072
3.00%, 10/01/32 (Call 03/21/24)		820		813,159
3.00%, 10/01/34 (Call 10/01/29)		1,900		1,892,090
3.00%, 11/01/34 (Call 11/01/30)		1,575		1,567,970
3.00%, 10/01/35 (Call 10/01/29)		1,850		1,830,039
3.00%, 10/01/36 (Call 10/01/29)		8,000		7,816,916
3.00%, 10/01/37 (Call 10/01/29)		1,375		1,300,422
3.00%, 03/01/46 (Call 03/01/30)		1,000		829,924
3.00%, 03/01/50 (Call 03/01/30)		505		402,467
3.00%, 11/01/50 (Call 11/01/30)		1,500		1,192,197
3.00%, 04/01/52 (Call 04/01/32)		2,000		1,568,468
4.00%, 04/01/24		1,155		1,155,660
4.00%, 03/01/25		475		479,738
4.00%, 11/01/25		240		244,505
4.00%, 03/01/27		5,000		5,194,658
4.00%, 10/01/27		1,740		1,823,274
4.00%, 09/01/28 (Call 09/01/26)		1,450		1,491,979
4.00%, 09/01/33 (Call 09/01/26)		3,560		3,630,228
4.00%, 10/01/33 (Call 04/01/31)		2,855		3,113,449
4.00%, 09/01/34 (Call 09/01/26)		865		880,545
4.00%, 10/01/34 (Call 04/01/31)		1,535		1,671,360
4.00%, 11/01/34 (Call 11/01/27)		3,300		3,419,330
4.00%, 10/01/35 (Call 04/01/31)		1,735		1,881,494
4.00%, 03/01/36 (Call 03/01/30)		3,150		3,357,563
4.00%, 09/01/36 (Call 09/01/26)		4,000		4,051,900
4.00%, 10/01/36 (Call 10/01/29)		2,215		2,335,739
4.00%, 10/01/36 (Call 04/01/31)		2,010		2,154,109
4.00%, 03/01/37 (Call 03/01/30)		1,000		1,057,505
4.00%, 09/01/37 (Call 09/01/26)		3,505		3,542,860
4.00%, 11/01/37 (Call 11/01/27)		2,000		2,044,189
4.00%, 11/01/38 (Call 11/01/30)		3,810		4,006,499
4.00%, 10/01/39 (Call 10/01/29)		1,500		1,562,140
4.00%, 11/01/40 (Call 11/01/30)		1,150		1,197,113
4.00%, 10/01/41 (Call 04/01/31)		8,400		8,727,187
4.00%, 04/01/42 (Call 04/01/32)		1,680		1,743,218
4.00%, 09/01/43 (Call 09/01/33)		7,320		7,573,832
4.00%, 11/01/44 (Call 11/01/24)		975		969,964
4.00%, 03/01/45 (Call 03/01/25)		500		500,116
4.00%, 08/01/45 (Call 08/01/25)		250		250,076
4.00%, 03/01/46 (Call 03/01/30)		5,960		6,052,149
4.00%, 11/01/47 (Call 11/01/27)		1,500		1,503,487
4.00%, 10/01/50 (Call 04/01/33)		2,500		2,515,692

22 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
4.00%, 11/01/50 (Call 11/01/25)	$	2,425	$	2,387,025
4.25%, 09/01/52 (Call 09/01/32)		1,310		1,338,099
5.00%, 03/01/24		150		150,000
5.00%, 08/01/24		750		755,721
5.00%, 09/01/24		1,045		1,054,746
5.00%, 11/01/24		1,910		1,934,223
5.00%, 12/01/24 (Call 01/02/24)		185		185,246
5.00%, 02/01/25 (Call 04/01/24)		5		5,007
5.00%, 03/01/25		250		254,919
5.00%, 04/01/25		700		715,028
5.00%, 05/01/25 (Call 05/01/24)		320		320,954
5.00%, 08/01/25		5,170		5,319,784
5.00%, 10/01/25		16,580		17,124,079
5.00%, 10/01/25 (Call 10/01/24)		1,110		1,121,717
5.00%, 12/01/25		4,485		4,650,313
5.00%, 12/01/25 (Call 01/02/24)		695		695,899
5.00%, 03/01/26 (Call 03/01/25)		1,290		1,317,160
5.00%, 04/01/26		7,675		8,019,830
5.00%, 08/01/26		7,940		8,363,851
5.00%, 08/01/26 (Call 08/01/25)		1,780		1,834,791
5.00%, 09/01/26		8,000		8,444,574
5.00%, 10/01/26		10,050		10,630,312
5.00%, 10/01/26 (Call 04/01/26)		3,275		3,428,375
5.00%, 10/01/26 (PR 04/01/26)		15		15,686
5.00%, 11/01/26		2,500		2,649,847
5.00%, 02/01/27 (AMBAC)		200		213,400
5.00%, 03/01/27 (Call 03/01/25)		1,400		1,429,112
5.00%, 04/01/27		680		728,521
5.00%, 08/01/27		3,350		3,617,001
5.00%, 08/01/27 (Call 08/01/25)		620		638,490
5.00%, 08/01/27 (Call 08/01/26)		500		527,669
5.00%, 09/01/27		1,360		1,471,289
5.00%, 09/01/27 (Call 09/01/26)		3,675		3,885,892
5.00%, 10/01/27		6,175		6,693,249
5.00%, 11/01/27		10,925		11,864,936
5.00%, 12/01/27		2,595		2,823,775
5.00%, 08/01/28		2,000		2,207,141
5.00%, 08/01/28 (Call 08/01/26)		2,335		2,463,083
5.00%, 08/01/28 (Call 08/01/27)		2,700		2,918,854
5.00%, 09/01/28		4,135		4,571,791
5.00%, 09/01/28 (Call 09/01/26)		1,365		1,442,558
5.00%, 10/01/28		15,070		16,692,441
5.00%, 11/01/28		3,135		3,478,893
5.00%, 12/01/28		1,015		1,128,417
5.00%, 04/01/29		4,375		4,901,663
5.00%, 08/01/29 (Call 08/01/26)		1,920		2,023,461
5.00%, 08/01/29 (Call 08/01/27)		1,000		1,082,406
5.00%, 09/01/29 (Call 09/01/26)		3,245		3,425,947
5.00%, 10/01/29		10,355		11,723,138
5.00%, 10/01/29 (Call 04/01/26)		760		795,503
5.00%, 11/01/29		1,500		1,701,099
5.00%, 12/01/29		2,405		2,732,119
5.00%, 03/01/30		170		194,633
5.00%, 04/01/30		2,175		2,487,507
5.00%, 04/01/30 (Call 04/01/29)		1,000		1,118,418
5.00%, 08/01/30 (Call 08/01/27)		635		687,350
5.00%, 08/01/30 (Call 08/01/28)		1,010		1,116,413
5.00%, 10/01/30		2,000		2,308,750
5.00%, 11/01/30		9,275		10,723,084
5.00%, 11/01/30 (Call 11/01/27)		4,680		5,092,553
5.00%, 03/01/31 (Call 03/01/25)		3,000		3,057,696

Security	Par (000)		Value
California (continued)
5.00%, 03/01/31 (Call 03/01/30)	$	1,000	$	1,141,502
5.00%, 04/01/31		6,415		7,472,718
5.00%, 09/01/31 (Call 09/01/26)		2,175		2,290,373
5.00%, 10/01/31 (Call 10/01/24)		2,825		2,854,596
5.00%, 11/01/31		2,500		2,941,989
5.00%, 11/01/31 (Call 11/01/27)		3,000		3,254,719
5.00%, 11/01/31 (Call 11/01/28)		4,000		4,436,422
5.00%, 11/01/31 (Call 11/01/30)		4,000		4,622,146
5.00%, 03/01/32 (Call 03/01/30)		3,900		4,449,530
5.00%, 04/01/32		9,180		10,880,069
5.00%, 04/01/32 (Call 04/01/29)		1,225		1,369,024
5.00%, 05/01/32 (Call 05/01/24)		2,000		2,005,563
5.00%, 09/01/32		8,325		9,936,054
5.00%, 09/01/32 (Call 09/01/26)		3,000		3,156,240
5.00%, 10/01/32 (Call 10/01/24)		1,000		1,010,419
5.00%, 10/01/32 (Call 10/01/29)		1,000		1,128,139
5.00%, 10/01/32 (Call 10/01/31)		1,745		2,049,402
5.00%, 11/01/32		13,495		16,150,561
5.00%, 11/01/32 (Call 11/01/30)		2,550		2,945,122
5.00%, 12/01/32 (Call 06/01/26)		775		811,371
5.00%, 03/01/33 (Call 03/01/30)		4,690		5,348,519
5.00%, 04/01/33		1,750		2,108,616
5.00%, 04/01/33 (Call 04/01/24)		1,210		1,211,492
5.00%, 04/01/33 (Call 04/01/29)		840		936,703
5.00%, 08/01/33 (Call 08/01/24)		3,000		3,020,803
5.00%, 09/01/33		3,000		3,638,633
5.00%, 09/01/33 (Call 09/01/26)		1,500		1,577,028
5.00%, 09/01/33 (Call 09/01/32)		1,460		1,741,364
5.00%, 10/01/33 (Call 04/01/24)		1,395		1,396,709
5.00%, 10/01/33 (Call 10/01/24)		3,185		3,216,366
5.00%, 10/01/33 (Call 04/01/33)		2,120		2,553,410
5.00%, 03/01/34 (Call 03/01/30)		3,600		4,103,118
5.00%, 09/01/34 (Call 09/01/26)		3,935		4,129,029
5.00%, 09/01/34 (Call 09/01/33)		5,000		6,053,540
5.00%, 10/01/34 (Call 04/01/33)		10,230		12,298,319
5.00%, 11/01/34 (Call 11/01/28)		1,000		1,105,589
5.00%, 12/01/34 (Call 12/01/30)		1,780		2,054,205
5.00%, 04/01/35 (Call 04/01/29)		1,000		1,113,480
5.00%, 04/01/35 (Call 04/01/32)		1,365		1,606,729
5.00%, 08/01/35 (Call 08/01/25)		1,565		1,603,507
5.00%, 08/01/35 (Call 08/01/26)		1,920		2,008,655
5.00%, 09/01/35 (Call 09/01/26)		4,085		4,279,293
5.00%, 10/01/35 (Call 04/01/26)		4,755		4,943,699
5.00%, 10/01/35 (PR 04/01/26)		245		256,210
5.00%, 04/01/36 (Call 04/01/24)		5,000		5,005,361
5.00%, 08/01/36 (Call 08/01/28)		1,890		2,065,263
5.00%, 09/01/36 (Call 09/01/26)		2,000		2,091,323
5.00%, 09/01/36 (Call 09/01/33)		5,000		5,979,446
5.00%, 10/01/36 (Call 04/01/33)		6,055		7,189,174
5.00%, 11/01/36 (Call 11/01/27)		3,290		3,524,107
5.00%, 11/01/36 (Call 11/01/28)		2,510		2,751,418
5.00%, 08/01/37 (Call 08/01/28)		2,125		2,310,789
5.00%, 09/01/37 (Call 09/01/33)		8,000		9,477,751
5.00%, 10/01/37 (Call 10/01/24)		3,100		3,123,638
5.00%, 11/01/37 (Call 11/01/32)		7,500		8,765,497
5.00%, 08/01/38 (Call 08/01/26)		2,250		2,342,324
5.00%, 09/01/39 (Call 09/01/32)		7,270		8,398,348
5.00%, 10/01/39 (Call 10/01/24)		1,250		1,258,679
5.00%, 11/01/39 (Call 11/01/28)		3,505		3,807,067
5.00%, 09/01/41 (Call 09/01/31)		10,000		11,271,392
5.00%, 10/01/41 (Call 04/01/31)		2,425		2,717,907

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

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 10/01/42 (Call 04/01/33)	$	9,515	$	10,917,850
5.00%, 11/01/42 (Call 11/01/32)		2,500		2,853,792
5.00%, 10/01/44 (Call 10/01/24)		2,330		2,342,609
5.00%, 04/01/45 (Call 04/01/29)		3,145		3,395,080
5.00%, 08/01/45 (Call 08/01/25)		3,400		3,463,487
5.00%, 10/01/45 (Call 04/01/33)		1,145		1,301,788
5.00%, 08/01/46 (Call 08/01/26)		6,500		6,735,325
5.00%, 09/01/46 (Call 09/01/26)		1,000		1,037,434
5.00%, 12/01/46 (Call 12/01/30)		2,000		2,206,479
5.00%, 10/01/47 (Call 04/01/26)		3,850		3,966,856
5.00%, 11/01/47 (Call 11/01/27)		800		845,626
5.25%, 08/01/31 (Call 08/01/25)		1,680		1,731,210
5.25%, 08/01/32 (AGM)		1,825		2,178,985
5.25%, 09/01/47 (Call 09/01/32)		2,045		2,334,982
5.25%, 09/01/53 (Call 09/01/33)		4,000		4,566,352
Series B, 5.00%, 08/01/24		815		821,216
Series B, 5.00%, 09/01/24		2,945		2,972,465
Series B, 5.00%, 09/01/25		2,020		2,082,487
Series B, 5.00%, 08/01/26		2,280		2,401,711
Series B, 5.00%, 09/01/26		2,225		2,348,647
Series C, 5.00%, 09/01/26 (Call 09/01/25)		3,500		3,614,864
Series C, 5.00%, 08/01/27 (Call 08/01/26)		760		802,056
Series C, 5.00%, 08/01/32 (Call 02/01/25)		300		305,166
Series C, 5.00%, 08/01/33 (Call 02/01/25)		480		488,009
Sunnyvale Elementary School District GO, 4.00%, 09/01/42 (Call 09/01/25)		500		501,264
Ukiah Unified School District/CA GO, Series 2005, 0.00%, 08/01/28 (NPFGC)(a)		1,000		873,536
University of California RB 3.00%, 05/15/51 (Call 05/15/31)		7,000		5,565,949
4.00%, 05/15/25		5,490		5,564,382
4.00%, 05/15/33 (Call 05/15/27)		4,000		4,138,514
4.00%, 05/15/34 (Call 05/15/25)		4,900		4,925,693
4.00%, 05/15/39 (Call 05/15/31)		2,500		2,618,203
4.00%, 05/15/40 (Call 05/15/31)		2,500		2,605,124
5.00%, 05/15/26		2,190		2,301,859
5.00%, 05/15/28		3,000		3,326,778
5.00%, 05/15/29		4,005		4,538,282
5.00%, 05/15/30		3,000		3,478,158
5.00%, 05/15/32		3,000		3,619,744
5.00%, 05/15/33		1,125		1,379,955
5.00%, 05/15/34		4,415		5,482,441
5.00%, 05/15/34 (Call 05/15/26)		1,005		1,052,129
5.00%, 05/15/35 (Call 05/15/27)		2,500		2,677,355
5.00%, 05/15/35 (Call 05/15/33)		5,625		6,825,852
5.00%, 05/15/37 (Call 05/15/34)		3,000		3,644,291
5.00%, 05/15/38 (Call 05/15/34)		3,000		3,603,322
5.00%, 05/15/42 (Call 05/15/27)		2,405		2,557,940
5.00%, 05/15/42 (Call 05/15/33)		7,910		9,137,520
5.00%, 05/15/44 (Call 05/15/33)		2,630		3,009,712
5.00%, 05/15/52 (Call 05/15/32)		5,000		5,526,392
5.50%, 05/15/40 (Call 05/15/33)		5,000		6,034,216
Series AL 4, VRDN, 3.50%, 05/15/48 (Put 03/01/24)(b)		4,330		4,330,000
Series AM, 4.00%, 05/15/34 (Call 05/15/24)		5,760		5,769,736
Series AM, 5.00%, 05/15/28 (Call 05/15/24)		120		120,436
Series AM, 5.00%, 05/15/44 (Call 05/15/24)		495		496,798
Series AM, 5.00%, 05/15/44 (PR 05/15/24)		5,205		5,223,905
Series AM, 5.25%, 05/15/38 (Call 05/15/24)		5,000		5,020,588
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		3,155		3,237,135
Series AO, 5.00%, 05/15/28 (Call 05/15/25)		400		410,207

Security	Par (000)		Value
California (continued)
Series AO, 5.00%, 05/15/32 (Call 05/15/25)	$	3,000	$	3,074,969
Series AO, 5.00%, 05/15/40 (Call 05/15/25)		6,245		6,358,085
Series AR, 5.00%, 05/15/41 (Call 05/15/26)		970		1,007,007
Series AV, 5.00%, 05/15/36 (Call 05/15/27)		1,100		1,176,455
Series AV, 5.00%, 05/15/49 (Call 05/15/27)		1,500		1,580,493
Series AV, 5.25%, 05/15/42 (Call 05/15/27)		2,000		2,142,343
Series AY, 5.00%, 05/15/25		1,300		1,332,799
Series AY, 5.00%, 05/15/31 (Call 05/15/27)		1,000		1,076,687
Series AY, 5.00%, 05/15/36 (Call 05/15/27)		2,135		2,283,393
Series AY, 5.00%, 05/15/37 (Call 05/15/27)		4,650		4,969,474
Series AZ, 5.00%, 05/15/36 (Call 05/15/28)		750		824,106
Series AZ, 5.00%, 05/15/43 (Call 05/15/28)		5,630		6,053,200
Series AZ, 5.00%, 05/15/48 (Call 05/15/28)		10,250		10,929,494
Series AZ, 5.25%, 05/15/58 (Call 05/15/28)		500		534,965
Series BB, 5.00%, 05/15/49 (Call 05/15/29)		1,500		1,613,474
Series BE, 4.00%, 05/15/37 (Call 05/15/30)		1,000		1,053,586
Series BE, 4.00%, 05/15/40 (Call 05/15/30)		665		690,297
Series BE, 4.00%, 05/15/47 (Call 05/15/30)		10,250		10,249,949
Series BE, 5.00%, 05/15/33 (Call 05/15/30)		2,000		2,315,540
Series BE, 5.00%, 05/15/38 (Call 05/15/30)		1,500		1,693,127
Series BH, 4.00%, 05/15/46 (Call 05/15/31)		1,000		1,012,439
Series BH, 4.00%, 05/15/51 (Call 05/15/31)		2,020		1,998,824
Series I, 5.00%, 05/15/27 (Call 05/15/25)		745		764,395
Series I, 5.00%, 05/15/28 (Call 05/15/25)		350		358,931
Series I, 5.00%, 05/15/29 (Call 05/15/25)		205		210,170
Series I, 5.00%, 05/15/31 (Call 05/15/25)		5,290		5,424,062
Series I, 5.00%, 05/15/32 (Call 05/15/25)		540		553,494
Series K, 4.00%, 05/15/46 (Call 05/15/26)		3,000		2,991,050
Series K, 5.00%, 05/15/35 (Call 05/15/26)		500		522,293
Series M, 4.00%, 05/15/47 (Call 05/15/27)		250		248,521
Series M, 5.00%, 05/15/33 (Call 05/15/27)		1,000		1,070,687
Series M, 5.00%, 05/15/47 (Call 05/15/27)		1,165		1,228,561
Series M, 5.00%, 05/15/52 (Call 05/15/27)		250		262,550
Series O, 4.00%, 05/15/29 (Call 05/15/28)		500		530,934
Series O, 5.00%, 05/15/58 (Call 05/15/28)		1,000		1,058,636
Series O, 5.50%, 05/15/58 (Call 05/15/28)		500		538,999
Series Q, 4.00%, 05/15/36 (Call 05/15/31)		1,000		1,067,697
Upper Santa Clara Valley Joint Powers Authority RB
Series A, 4.00%, 08/01/45 (Call 08/01/25)		1,100		1,100,059
Series A, 4.00%, 08/01/50 (Call 08/01/25)		3,000		2,963,140
Walnut Valley Unified School District GO, 4.00%, 08/01/51 (Call 08/01/32)		2,000		2,011,579
West Valley-Mission Community College District GO, Series B, 4.00%, 08/01/40 (Call 08/01/25)		250		250,449
Westminster School District GO, 0.00%, 08/01/52 (Call 08/01/39) (BAM)		6,380		4,371,952
William S Hart Union High School District GO
Series A, 0.00%, 08/01/33(a)		990		724,419
Series B, 0.00%, 08/01/34 (AGM)(a)		1,250		883,733
				2,745,526,913
Total Long-Term Investments — 99.6% (Cost: $2,752,529,157)				2,745,526,913

24 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® California Muni Bond ETF  (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Liquidity Funds: MumniCash, 2.97%(c)(d)		836,962	$	837,046
Total Short-Term Securities — 0.0% (Cost: $837,046)				837,046
Total Investments — 99.6% (Cost: $2,753,366,203)				2,746,363,959
Other Assets Less Liabilities — 0.4%				10,389,593
Net Assets — 100.0%			$	2,756,753,552

^(a) Zero-coupon bond.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds California Money Fund Portfolio(a)	$	3,414,808	$	—		$	(3,416,523	)(b)	$	2,057	$	(342	)	$	—		—	$	77,136	$	—
BlackRock Liquidity Funds: MuniCash		—		837,046	(b)		—			—		—			837,046		836,962		4,062		—
									$	2,057	$	(342	)	$	837,046			$	81,198	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Municipal Debt Obligations	$	—	$	2,745,526,913	$	—	$	2,745,526,913
Short-Term Securities
Money Market Funds		837,046		—		—		837,046
	$	837,046	$	2,745,526,913	$	—	$	2,746,363,959

See notes to financial statements.

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

Schedule of Investments February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 0.8%
Alabama Federal Aid Highway Finance Authority RB 4.00%, 09/01/31 (PR 09/01/24)	$	20,970	$	21,024,291
4.00%, 09/01/33 (PR 09/01/24)		57,315		57,463,389
5.00%, 09/01/27 (PR 09/01/24)		6,710		6,759,801
5.00%, 09/01/30 (PR 09/01/24)		2,525		2,543,740
Series 2007-2, Class A4, 5.00%, 09/01/28 (PR 09/01/24)		13,500		13,600,196
Series A, 4.00%, 06/01/37 (PR 09/01/27)		5,290		5,534,546
Series A, 5.00%, 09/01/35 (PR 09/01/26)		23,575		24,820,993
Series A, 5.00%, 09/01/36 (PR 09/01/26)		8,750		9,212,458
Series A, 5.00%, 06/01/37 (PR 09/01/27)		5,000		5,396,983
Series B, 5.00%, 09/01/24		3,980		4,015,365
Series B, 5.00%, 09/01/26		2,780		2,930,363
Alabama Public School and College Authority RB 4.00%, 11/01/40 (Call 11/01/30)		4,865		4,991,068
Series A, 4.00%, 11/01/36 (Call 11/01/30)		7,275		7,651,019
Series A, 4.00%, 11/01/38 (Call 11/01/30)		1,605		1,664,300
Series A, 5.00%, 11/01/26		13,740		14,545,403
Series A, 5.00%, 11/01/27		7,850		8,499,640
Series A, 5.00%, 11/01/32 (Call 11/01/30)		5,000		5,725,182
Series A, 5.00%, 11/01/33 (Call 11/01/30)		4,300		4,920,847
Series A, 5.00%, 11/01/39 (Call 11/01/30)		11,305		12,564,276
Series B, 5.00%, 01/01/26 (Call 07/01/24)		6,135		6,169,238
Auburn University RB
Series A, 4.00%, 06/01/41 (Call 06/01/26)		3,375		3,352,987
Series A, 5.00%, 06/01/48 (Call 06/01/28)		11,875		12,502,267
County of Jefferson AL Sewer Revenue RB 5.25%, 10/01/43 (Call 10/01/33)		8,750		9,622,854
5.25%, 10/01/44 (Call 10/01/33)		9,000		9,867,235
5.25%, 10/01/45 (Call 10/01/33)		7,750		8,471,814
5.25%, 10/01/49 (Call 10/01/33)		15,000		16,109,863
State of Alabama GO, Series C, 5.00%, 08/01/27
(Call 08/01/26)		1,405		1,481,064
				281,441,182
Alaska — 0.0%
City of Anchorage AK Electric Revenue RB, Series A, 4.00%, 12/01/44 (PR 12/01/24)		2,000		2,012,249
Arizona — 0.7%
Arizona Department of Transportation State Highway Fund Revenue RB 5.00%, 07/01/24		1,110		1,116,340
5.00%, 07/01/25 (PR 07/01/24)		1,885		1,894,475
5.00%, 07/01/27 (PR 07/01/24)		4,490		4,512,569
5.00%, 07/01/30 (PR 07/01/24)		2,000		2,010,053
5.00%, 07/01/33 (PR 07/01/24)		2,900		2,914,577
Arizona State University RB 5.00%, 07/01/42 (Call 07/01/26)		2,900		2,973,275
Series B, 5.00%, 07/01/47 (Call 07/01/26)		1,500		1,531,868
Arizona Transportation Board RB 5.00%, 07/01/24		2,805		2,821,020
Series A, 5.00%, 07/01/24		6,115		6,149,925
Arizona Water Infrastructure Finance Authority RB
Series A, 5.00%, 10/01/25 (Call 10/01/24)		1,000		1,010,876
Series A, 5.00%, 10/01/26 (Call 10/01/24)		7,890		7,966,339
City of Mesa AZ Utility System Revenue RB, 4.00%, 07/01/32 (Call 07/01/26)		1,500		1,530,131
City of Phoenix Arizona GO 4.00%, 07/01/24		1,180		1,183,054

Security	Par (000)		Value
Arizona (continued)
4.00%, 07/01/25 (Call 07/01/24)	$	1,205	$	1,207,930
4.00%, 07/01/25 (PR 07/01/24)		835		836,529
5.00%, 07/01/24		2,000		2,011,684
5.00%, 07/01/25		3,800		3,901,766
City of Phoenix Civic Improvement Corp. RB 4.00%, 07/01/44 (Call 07/01/29)		4,800		4,742,638
5.00%, 07/01/38 (Call 07/01/26)		2,000		2,072,787
5.00%, 07/01/39 (Call 07/01/26)		2,215		2,293,100
5.00%, 07/01/39 (Call 07/01/33)		4,000		4,585,819
5.00%, 07/01/44 (Call 07/01/29)		1,500		1,602,602
5.00%, 07/01/49 (Call 07/01/29)		5,000		5,289,319
5.25%, 07/01/47 (Call 07/01/33)		4,830		5,452,242
Series A, 4.00%, 07/01/40 (Call 07/01/31)		1,610		1,655,079
Series A, 5.00%, 07/01/37 (Call 07/01/25)		2,000		2,043,077
Series A, 5.00%, 07/01/41 (Call 07/01/25)		2,000		2,034,999
Series A, 5.00%, 07/01/44 (Call 07/01/30)		12,205		13,261,669
Series A, 5.00%, 07/01/45 (Call 07/01/25)		2,000		2,022,985
Series A, 5.00%, 07/01/45 (Call 07/01/29)		2,000		2,095,916
Series B, 4.00%, 07/01/28 (Call 07/01/24)		16,100		16,129,946
Series B, 5.00%, 07/01/26 (Call 07/01/24)		1,500		1,507,638
Series B, 5.00%, 07/01/27 (Call 07/01/24)		4,025		4,045,494
Series D, 5.00%, 07/01/35 (Call 07/01/27)		4,200		4,477,489
County of Pima Sewer System Revenue, 5.00%, 07/01/24		1,680		1,688,992
Gilbert Water Resource Municipal Property Corp. RB 5.00%, 07/15/32		4,650		5,499,372
5.00%, 07/15/33 (Call 07/15/32)		3,000		3,550,655
Salt River Project Agricultural Improvement & Power District RB 4.00%, 01/01/39 (Call 01/01/30)		4,990		5,137,288
5.00%, 01/01/27		2,030		2,160,209
5.00%, 01/01/28		1,645		1,790,409
5.00%, 01/01/31 (Call 01/01/28)		3,650		3,960,992
5.00%, 01/01/32		32,020		37,539,832
5.00%, 01/01/38 (Call 01/01/28)		1,555		1,664,715
5.00%, 01/01/39 (Call 01/01/28)		8,000		8,535,310
5.00%, 01/01/47 (Call 01/01/30)		10,500		11,254,331
Series A, 4.00%, 01/01/38 (Call 01/01/27)		2,000		2,010,635
Series A, 5.00%, 01/01/25		2,255		2,290,774
Series A, 5.00%, 01/01/26		3,295		3,421,986
Series A, 5.00%, 01/01/27		2,090		2,224,057
Series A, 5.00%, 01/01/28 (Call 01/01/27)		2,650		2,808,334
Series A, 5.00%, 01/01/29		6,250		6,964,258
Series A, 5.00%, 01/01/31		15,000		17,323,281
Series A, 5.00%, 01/01/34 (Call 01/01/27)		10,000		10,569,562
Series A, 5.00%, 12/01/34 (Call 06/01/25)		2,500		2,555,644
Series A, 5.00%, 01/01/37 (Call 01/01/28)		1,955		2,101,464
Series A, 5.00%, 01/01/38 (Call 01/01/27)		5,100		5,333,963
Series A, 5.00%, 01/01/45 (Call 01/01/31)		4,750		5,171,713
Series A, 5.00%, 12/01/45 (Call 06/01/25)		6,000		6,130,960
State of Arizona COP, Series A, 5.00%, 10/01/28		3,085		3,411,505
State of Arizona Lottery Revenue RB, 5.00%, 07/01/25		1,500		1,537,214
				277,522,665
Arkansas — 0.0%
State of Arkansas GO, 5.00%, 04/01/26 (Call 10/01/24)		1,815		1,833,183

26 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California — 20.2%
Acalanes Union High School District GO, Series A, 0.00%, 08/01/39 (Call 08/01/29)	$	3,000	$	3,425,932
Alameda Corridor Transportation Authority RB 0.00%, 10/01/47 (Call 10/01/37)		1,500		827,066
0.00%, 10/01/48 (Call 10/01/37)		1,335		732,684
0.00%, 10/01/49 (Call 10/01/37)		1,335		729,419
0.00%, 10/01/50 (Call 10/01/37)		1,430		774,317
0.00%, 10/01/51 (Call 10/01/37) (AGM)		2,500		1,364,416
5.00%, 10/01/52 (Call 10/01/32) (AGM)		715		773,746
Series B, 5.00%, 10/01/34 (Call 10/01/26)		2,000		2,054,025
Series B, 5.00%, 10/01/36 (Call 10/01/26)		2,785		2,852,236
Series B, 5.00%, 10/01/36 (Call 10/01/26) (AGM)		1,000		1,045,574
Series B, 5.00%, 10/01/37 (Call 10/01/26)		4,950		5,063,419
Alameda County Transportation Commission RB, 5.00%, 03/01/45 (Call 03/01/32)		6,955		7,813,124
Alameda Unified School District-Alameda County/CA GO, Series C, 3.00%, 08/01/42 (Call 08/01/27)		11,425		9,809,785
Allan Hancock Joint Community College District/CA GO
Series C, 0.00%, 08/01/44 (Call 08/01/38)		7,500		5,494,466
Series C, 0.00%, 08/01/47 (Call 08/01/40)		6,000		4,406,205
Alvord Unified School District GO
Series B, 0.00%, 08/01/36 (AGM)(a)		2,000		1,206,963
Series B, 0.00%, 08/01/43 (AGM)(a)		6,415		2,776,152
Anaheim Public Financing Authority RB, Series C, 0.00%, 09/01/32 (AGM)(a)		3,040		2,307,118
Antelope Valley Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30)		7,035		7,106,323
Bay Area Toll Authority RB 4.00%, 04/01/29 (Call 04/01/27)		6,530		6,779,492
4.00%, 04/01/33 (Call 04/01/27)		1,800		1,859,407
4.00%, 04/01/37 (Call 04/01/27)		14,205		14,436,009
4.00%, 04/01/38 (Call 04/01/27)		22,620		22,881,458
4.00%, 04/01/42 (Call 04/01/27)		4,500		4,516,861
4.00%, 04/01/47 (Call 04/01/27)		26,445		26,449,131
5.00%, 04/01/28		1,605		1,770,622
5.00%, 04/01/54 (Call 04/01/33)		35,000		38,807,111
5.25%, 04/01/54 (Call 04/01/33)		15,850		17,944,325
VRDN, 2.13%, 04/01/53 (Put 10/01/24)(b)		2,000		1,965,959
Series A, VRDN, 2.95%, 04/01/47 (Put 10/01/25)(b)		960		944,670
Series B, VRDN, 2.85%, 04/01/47 (Put 10/01/24)(b)		3,855		3,818,548
Series F-1, 4.00%, 04/01/56 (Call 04/01/27)		2,600		2,542,482
Series F-1, 5.00%, 04/01/54 (PR 04/01/24)		3,075		3,079,167
Series H, 5.00%, 04/01/44 (PR 04/01/29)		2,000		2,257,052
Series H, 5.00%, 04/01/49 (PR 04/01/29)		2,000		2,257,052
Series S-6, 5.00%, 10/01/54 (PR 10/01/24)		7,395		7,474,589
Series S-8, 5.00%, 04/01/56 (PR 10/01/29)		9,000		10,259,585
Beverly Hills Unified School District CA GO, Series 2008, 0.00%, 08/01/33(a)		1,000		757,949
California Educational Facilities Authority RB 5.00%, 04/01/45 (Call 04/01/25)		1,000		1,015,672
5.00%, 10/01/49 (PR 04/01/26)		500		524,013
5.00%, 04/01/51		5,000		6,096,273
5.25%, 04/01/40		21,000		26,440,921
Series T-1, 5.00%, 03/15/39		1,025		1,265,545
Series U-2, 5.00%, 10/01/32		5,000		6,092,298
Series U-6, 5.00%, 05/01/45		14,130		17,337,497
Series U-7, 5.00%, 06/01/46		17,250		21,164,820

Security	Par (000)		Value
California (continued)
Series V-1, 5.00%, 05/01/49	$	15,000	$	18,289,536
California Infrastructure & Economic Development Bank RB 4.00%, 10/01/41 (Call 10/01/32)		14,620		15,506,389
4.00%, 10/01/45 (Call 10/01/32)		10,000		10,309,653
4.00%, 10/01/46 (Call 10/01/32)		33,860		34,737,756
5.00%, 10/01/26		1,345		1,430,958
5.00%, 10/01/28		2,655		2,975,002
5.00%, 10/01/36 (Call 04/01/27)		5,050		5,394,638
5.00%, 05/15/42 (Call 05/15/28)		1,500		1,609,637
5.00%, 10/01/43 (Call 04/01/28)		3,620		3,882,171
5.00%, 08/01/44 (Call 08/01/29)		3,835		4,133,136
5.00%, 08/01/49 (Call 08/01/29)		4,375		4,673,351
5.00%, 10/01/52 (Call 10/01/32)		7,550		8,427,084
Series A, 4.00%, 10/01/45 (PR 10/01/26)		1,500		1,554,458
Series A, 5.00%, 07/01/33 (PR 01/01/28) (AMBAC)		2,000		2,198,247
Series A, 5.00%, 07/01/36 (PR 01/01/28) (AMBAC)		500		549,562
Series A, 5.00%, 10/01/41 (PR 10/01/26)		1,010		1,071,688
Series A, 5.13%, 07/01/37 (PR 07/01/26) (AMBAC)		5,710		6,050,279
California Municipal Finance Authority RB 5.00%, 01/01/48 (PR 01/01/28)		1,000		1,094,894
Series A, 5.00%, 06/01/42 (Call 06/01/27)		2,110		2,203,433
California School Facilities Financing Authority RB, 0.00%, 08/01/49 (AGM)(a)		4,490		1,277,900
California State Public Works Board RB 3.00%, 09/01/31 (Call 09/01/27)		3,055		3,002,256
4.00%, 04/01/31 (Call 10/01/26)		10,305		10,584,786
4.00%, 11/01/36 (Call 11/01/31)		1,000		1,074,078
4.00%, 08/01/37 (Call 08/01/31)		7,045		7,498,351
4.00%, 11/01/41 (Call 11/01/31)		1,520		1,574,116
5.00%, 05/01/25		3,500		3,581,925
5.00%, 10/01/25		1,865		1,926,610
5.00%, 10/01/25 (ETM)		115		118,925
5.00%, 08/01/26		3,000		3,160,145
5.00%, 09/01/29		20,000		22,647,628
5.00%, 11/01/29		3,725		4,232,831
5.00%, 08/01/30		1,785		2,056,510
5.00%, 09/01/30		9,000		10,385,267
5.00%, 11/01/30		7,380		8,542,044
5.00%, 11/01/31		6,375		7,511,815
5.00%, 09/01/33		22,560		27,383,799
5.00%, 11/01/33 (Call 11/01/31)		2,000		2,352,252
5.00%, 09/01/34 (Call 09/01/33)		8,220		9,952,021
5.00%, 11/01/36 (Call 11/01/33)		10,965		13,072,125
5.00%, 12/01/37 (Call 12/01/32)		5,800		6,757,822
Series A, 5.00%, 02/01/26		6,200		6,455,242
Series A, 5.00%, 09/01/27 (Call 09/01/24)		2,175		2,191,249
Series A, 5.00%, 09/01/28 (Call 09/01/24)		2,600		2,619,931
Series A, 5.00%, 02/01/29		3,005		3,360,559
Series A, 5.00%, 09/01/32 (Call 09/01/24)		1,540		1,551,430
Series A, 5.00%, 09/01/39 (Call 09/01/24)		17,245		17,340,284
Series B, 4.00%, 05/01/41 (Call 05/01/31)		3,670		3,793,131
Series B, 4.00%, 05/01/46 (Call 05/01/31)		10,865		10,965,825
Series B, 5.00%, 10/01/39 (Call 10/01/24)		2,750		2,767,844
Series C, 5.00%, 11/01/32 (Call 11/01/29)		9,220		10,401,837
Series C, 5.00%, 11/01/33 (Call 11/01/26)		4,230		4,457,528
Series C, 5.00%, 11/01/34 (Call 11/01/26)		1,000		1,053,604
Series F, 5.00%, 05/01/26 (Call 05/01/25)		3,250		3,323,294

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

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
California State University RB 3.00%, 11/01/39 (Call 11/01/30)	$	7,100	$	6,514,132
5.25%, 11/01/48 (Call 11/01/33)		1,840		2,132,183
Series A, 4.00%, 11/01/34 (Call 11/01/25)		2,000		2,013,144
Series A, 4.00%, 11/01/34 (Call 05/01/26)		1,000		1,015,981
Series A, 4.00%, 11/01/35 (Call 05/01/26)		21,340		21,609,874
Series A, 4.00%, 11/01/37 (Call 05/01/26)		3,625		3,658,790
Series A, 4.00%, 11/01/38 (Call 05/01/26)		13,215		13,327,372
Series A, 4.00%, 11/01/45 (Call 05/01/26)		8,300		8,175,458
Series A, 5.00%, 11/01/24		4,015		4,068,552
Series A, 5.00%, 11/01/28 (PR 11/01/24)		6,000		6,076,486
Series A, 5.00%, 11/01/29 (PR 11/01/24)		4,535		4,592,810
Series A, 5.00%, 11/01/30 (Call 11/01/25)		3,000		3,103,745
Series A, 5.00%, 11/01/31 (Call 05/01/26)		500		525,190
Series A, 5.00%, 11/01/31 (Call 05/01/27)		1,545		1,663,171
Series A, 5.00%, 11/01/32 (Call 05/01/26)		2,000		2,098,805
Series A, 5.00%, 11/01/32 (PR 11/01/24)		160		162,040
Series A, 5.00%, 11/01/33 (Call 11/01/25)		1,500		1,551,189
Series A, 5.00%, 11/01/33 (PR 11/01/24)		2,500		2,531,869
Series A, 5.00%, 11/01/34 (PR 11/01/24)		2,950		2,987,606
Series A, 5.00%, 11/01/35 (Call 11/01/25)		3,000		3,096,956
Series A, 5.00%, 11/01/36 (Call 05/01/27)		1,960		2,091,030
Series A, 5.00%, 11/01/38 (Call 11/01/25)		3,150		3,248,202
Series A, 5.00%, 11/01/39 (PR 11/01/24)		900		911,473
Series A, 5.00%, 11/01/41 (Call 05/01/26)		1,005		1,044,037
Series A, 5.00%, 11/01/42 (Call 05/01/27)		8,450		8,897,534
Series A, 5.00%, 11/01/43 (Call 11/01/25)		1,500		1,539,210
Series A, 5.00%, 11/01/43 (Call 11/01/28)		3,000		3,242,199
Series A, 5.00%, 11/01/44 (Call 11/01/29)		2,000		2,180,988
Series A, 5.00%, 11/01/44 (PR 11/01/24)		700		708,923
Series A, 5.00%, 11/01/45 (Call 05/01/26)		8,100		8,378,268
Series A, 5.00%, 11/01/47 (Call 05/01/27)		18,900		19,762,970
Series A, 5.00%, 11/01/48 (Call 11/01/28)		10,875		11,638,929
Series A, 5.00%, 11/01/49 (Call 11/01/29)		2,150		2,318,253
Series C, 3.00%, 11/01/51 (Call 11/01/30)		4,000		3,162,950
Series C, 4.00%, 11/01/45 (Call 11/01/30)		19,940		20,084,294
California Statewide Communities Development Authority RB, Series A, 5.00%, 05/15/42 (Call 05/15/27)		500		505,531
Campbell Union High School District GO, Series B, 4.00%, 08/01/38 (PR 08/01/26)		1,000		1,032,346
Cerritos Community College District GO
Series A, 4.00%, 08/01/44 (Call 08/01/24)		1,750		1,748,198
Series A, 5.00%, 08/01/39 (Call 08/01/24)		6,065		6,102,393
Chabot-Las Positas Community College District GO 4.00%, 08/01/33 (Call 08/01/26)		2,000		2,038,859
4.00%, 08/01/34 (Call 08/01/26)		2,845		2,892,351
5.00%, 08/01/25		1,000		1,030,652
5.00%, 08/01/26		3,000		3,173,104
5.25%, 08/01/48 (Call 08/01/33)		4,600		5,234,638
Series A, 4.00%, 08/01/42 (Call 08/01/27)		5,000		5,020,905
Chaffey Community College District GO, Series A, 5.00%, 06/01/48 (Call 06/01/28)		2,300		2,441,931
Chaffey Joint Union High School District GO 4.00%, 08/01/47 (Call 02/01/27)		10,000		10,020,299
5.25%, 08/01/52 (Call 08/01/32)		20,895		23,423,805
Series B, 4.00%, 08/01/44 (Call 02/01/25)		2,000		1,997,940
Chino Basin Regional Financing Authority RB,
Series B, 4.00%, 11/01/25 (Call 08/01/25)		4,680		4,756,832
City & County of San Francisco CA GO Series C, 4.00%, 06/15/35 (Call 06/15/24)		8,825		8,830,656

Security	Par (000)		Value
California (continued)
Series R, 5.00%, 06/15/28	$	5,500	$	6,104,328
Series R, 5.00%, 06/15/29		1,000		1,137,408
Series R, 5.00%, 06/15/30		1,250		1,454,869
Series R, 5.00%, 06/15/31		750		890,566
Series R, 5.00%, 06/15/32		500		605,059
City of Long Beach CA Harbor Revenue RB
Series A, 5.00%, 05/15/49 (Call 05/15/29)		4,190		4,505,336
Series C, 5.00%, 05/15/47 (Call 05/15/27)		1,000		1,044,049
City of Los Angeles CA Wastewater System Revenue RB 5.00%, 06/01/44 (Call 06/01/25)		4,630		4,718,987
Series A, 5.00%, 06/01/26 (Call 03/21/24)		1,000		1,001,900
Series A, 5.00%, 06/01/34 (Call 03/21/24)		1,000		1,001,900
Series A, 5.00%, 06/01/43 (Call 03/21/24)		12,695		12,719,122
Series A, 5.00%, 06/01/43 (Call 06/01/28)		1,500		1,604,611
Series A, 5.00%, 06/01/47 (Call 06/01/32)		3,500		3,925,809
Series A, 5.25%, 06/01/47 (Call 06/01/27)		1,500		1,588,145
Series C, 5.00%, 06/01/29		11,405		12,948,546
Series C, 5.00%, 06/01/30		20,000		23,183,382
Series C, 5.00%, 06/01/32		8,020		9,651,247
Series C, 5.00%, 06/01/45 (Call 06/01/25)		1,000		1,018,794
City of Los Angeles Department of Airports RB 5.00%, 05/15/48 (Call 05/15/29)		1,500		1,612,296
Series A, 5.00%, 05/15/30 (Call 11/15/29)		4,020		4,605,283
Series A, 5.00%, 05/15/31 (Call 11/15/29)		1,500		1,722,077
Series A, 5.00%, 05/15/35 (Call 11/15/29)		1,500		1,708,258
Series A, 5.00%, 05/15/36 (Call 11/15/29)		1,505		1,704,065
Series A, 5.00%, 05/15/38 (Call 11/15/29)		2,175		2,435,355
Series A, 5.00%, 05/15/39 (Call 11/15/29)		1,450		1,618,245
Series A, 5.00%, 05/15/40 (Call 11/15/29)		1,000		1,110,130
Series B, 4.00%, 05/15/39 (Call 05/15/30)		5,000		5,216,542
Series B, 4.00%, 05/15/40 (Call 05/15/30)		3,900		4,049,775
Series B, 5.00%, 05/15/24		2,000		2,007,465
Series B, 5.00%, 05/15/25		2,035		2,087,071
Series B, 5.00%, 05/15/29		2,000		2,270,510
Series B, 5.00%, 05/15/32 (Call 05/15/30)		2,000		2,319,153
Series B, 5.00%, 05/15/42 (Call 05/15/27)		4,390		4,622,461
Series B, 5.00%, 05/15/45 (Call 05/15/31)		7,000		7,806,079
Series C, 5.00%, 05/15/38 (Call 05/15/25)		3,100		3,166,461
Series D, 5.00%, 05/15/44 (Call 05/15/30)		2,920		3,227,589
Series E, 5.00%, 05/15/44 (Call 11/15/28)		2,000		2,160,580
City of Riverside CA Electric Revenue RB, Series A, 5.00%, 10/01/48 (Call 04/01/29)		6,895		7,386,965
City of Riverside CA Sewer Revenue RB, Series A, 5.00%, 08/01/40 (Call 08/01/25)		1,690		1,727,830
City of Riverside CA Water Revenue RB 5.00%, 10/01/47 (Call 10/01/32)		6,890		7,711,397
5.00%, 10/01/52 (Call 10/01/32)		8,800		9,746,446
City of San Francisco CA Public Utilities Commission Water Revenue RB 5.00%, 11/01/25 (Call 05/01/25)		3,660		3,755,172
5.00%, 11/01/27		3,010		3,292,132
5.00%, 11/01/27 (Call 11/01/26)		4,575		4,877,919
5.00%, 11/01/29 (Call 11/01/26)		3,000		3,200,602
5.00%, 11/01/32 (Call 05/01/25)		2,025		2,076,239
5.00%, 11/01/33		3,000		3,711,912
5.00%, 11/01/34 (Call 11/01/26)		1,040		1,105,355
5.00%, 11/01/34 (Call 11/01/33)		3,000		3,698,119
5.00%, 11/01/35 (Call 11/01/33)		3,000		3,677,812
5.00%, 11/01/36 (Call 05/01/25)		1,255		1,282,835
5.00%, 11/01/36 (Call 11/01/33)		3,000		3,644,710

28 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.25%, 11/01/52 (Call 11/01/33)	$	6,265	$	7,184,230
Series A, 4.00%, 11/01/39 (Call 11/01/26)		23,695		23,870,123
Series A, 5.00%, 11/01/33 (Call 11/01/26)		2,000		2,127,119
Series A, 5.00%, 11/01/50 (Call 11/01/30)		14,345		15,713,476
Series B, 5.00%, 11/01/50 (Call 11/01/27)		3,500		3,677,810
Series C, 4.00%, 11/01/50 (Call 11/01/30)		4,000		4,001,708
Series D, 5.00%, 11/01/34 (Call 11/01/27)		2,000		2,159,937
Series REF, 5.00%, 11/01/31 (Call 05/01/25)		2,000		2,050,811
City of San Jose CA GO 5.00%, 09/01/46 (Call 03/01/31)		7,385		8,180,235
5.00%, 09/01/47 (Call 03/01/29)		3,615		3,890,112
Series A, 5.00%, 09/01/41 (Call 03/01/31)		1,500		1,699,179
Series A, 5.00%, 09/01/42 (Call 03/01/31)		3,900		4,400,706
Series A, 5.00%, 09/01/44 (Call 03/01/31)		4,015		4,490,833
Series A-1, 5.00%, 09/01/45 (Call 03/01/29)		13,000		14,054,423
City of Santa Rosa CA Wastewater Revenue RB, 0.00%, 09/01/32 (AMBAC)		10,880		8,243,269
Clovis Unified School District GO 4.00%, 08/01/40 (Call 08/01/25)		420		421,146
4.00%, 08/01/40 (PR 08/01/25)		580		589,502
Coast Community College District GO 0.00%, 08/01/34 (Call 08/01/25)(a)		2,000		1,301,677
5.00%, 08/01/29 (PR 08/15/25)		2,000		2,058,958
5.00%, 08/01/36 (PR 08/01/27)		7,795		8,464,115
Series B, 0.00%, 08/01/27 (AGM)(a)		6,475		5,822,974
Series B, 0.00%, 08/01/28 (AGM)(a)		7,075		6,172,222
Series D, 4.00%, 08/01/42 (Call 08/01/27)		2,000		2,010,903
Series F, 0.00%, 08/01/41 (Call 08/01/29)(a)		1,000		483,235
Series F, 0.00%, 08/01/42 (Call 08/01/29)(a)		1,000		459,188
Contra Costa Community College District GO,
Series 2014-A, 4.00%, 08/01/39 (Call 08/01/24)		29,830		29,770,209
Contra Costa Water District RB, Series W, 5.00%, 10/01/51 (Call 10/01/31)		3,200		3,523,246
County of Sacramento CA Airport System Revenue RB, Series A, 5.00%, 07/01/41 (Call 07/01/26)		3,500		3,615,596
County of Santa Clara CA GO 4.00%, 08/01/37 (Call 08/01/27)		11,305		11,594,335
Series B, 5.00%, 08/01/34 (Call 08/01/32)		4,000		4,794,150
Series C, 4.00%, 08/01/38 (Call 08/01/27)		3,015		3,077,407
Desert Community College District GO, 4.00%, 08/01/39 (Call 08/01/27)		8,000		8,145,997
Dublin Unified School District GO 4.00%, 08/01/42 (Call 08/01/33)		3,040		3,159,149
4.13%, 08/01/49 (Call 08/01/33)		2,710		2,745,899
4.25%, 08/01/53 (Call 08/01/33)		5,000		5,107,539
East Bay Municipal Utility District Water System Revenue RB 5.00%, 06/01/36 (Call 06/01/32)		1,180		1,404,261
5.00%, 06/01/43 (Call 06/01/33)		2,000		2,309,048
5.00%, 06/01/44 (Call 06/01/33)		2,000		2,301,979
5.00%, 06/01/49 (Call 06/01/33)		5,000		5,617,363
Series A, 4.00%, 06/01/34 (Call 06/01/25)		14,315		14,489,019
Series A, 5.00%, 06/01/27 (Call 06/01/25)		4,120		4,233,555
Series A, 5.00%, 06/01/35 (Call 06/01/32)		17,000		20,384,899
Series A, 5.00%, 06/01/36 (Call 06/01/25)		1,925		1,970,784
Series A, 5.00%, 06/01/36 (Call 06/01/32)		12,000		14,280,618
Series A, 5.00%, 06/01/37 (Call 06/01/32)		10,000		11,792,453
Series A, 5.00%, 06/01/42 (Call 06/01/27)		11,705		12,409,423
Series A, 5.00%, 06/01/45 (Call 06/01/27)		7,240		7,637,004
Series A, 5.00%, 06/01/49 (Call 06/01/29)		4,750		5,122,318
Series B, 5.00%, 06/01/25		3,715		3,819,458

Security	Par (000)		Value
California (continued)
Series B, 5.00%, 06/01/31 (Call 06/01/27)	$	2,000	$	2,172,148
Series B, 5.00%, 06/01/34		3,035		3,799,434
Series B, 5.00%, 06/01/34 (Call 06/01/27)		3,085		3,336,164
Series B, 5.00%, 06/01/35 (Call 06/01/32)		2,950		3,537,380
Series B, 5.00%, 06/01/36 (Call 06/01/27)		2,105		2,267,132
Series B, 5.00%, 06/01/37 (Call 06/01/32)		4,400		5,188,679
Eastern Municipal Water District Financing Authority RB
Series A, 4.00%, 07/01/38 (Call 07/01/30)		7,125		7,430,341
Series D, 5.00%, 07/01/47 (Call 07/01/27)		1,500		1,574,066
El Camino Community College District Foundation (The) GO 0.00%, 08/01/29(a)		6,000		5,096,435
Series A, 4.00%, 08/01/41 (Call 08/01/26)		6,985		6,998,570
Series A, 4.00%, 08/01/45 (Call 08/01/26)		2,000		2,000,219
Series C, 0.00%, 08/01/32(a)		200		153,269
Series C, 0.00%, 08/01/34(a)		8,415		5,979,820
El Dorado Irrigation District COP, Series A, 4.00%, 03/01/45 (Call 03/01/30)		5,000		4,933,240
El Dorado Irrigation District RB, Series A, 5.00%, 03/01/34 (PR 03/01/24) (AGM)		500		500,000
Elk Grove Unified School District GO 2.00%, 08/01/34 (Call 08/01/30)		3,000		2,549,538
2.00%, 08/01/35 (Call 08/01/30)		5,930		4,942,069
4.00%, 08/01/46 (Call 08/01/26)		2,640		2,605,025
Series 2016, 4.00%, 08/01/46 (Call 08/01/26)		3,000		2,960,256
Escondido Union High School District GO
Series C, 0.00%, 08/01/46(a)		1,905		701,825
Series C, 0.00%, 08/01/51(a)		2,850		858,380
Foothill-De Anza Community College District GO 0.00%, 08/01/33 (AMBAC)(a)		3,805		2,875,986
0.00%, 08/01/34 (NPFGC-IBC FGIC)		14,840		10,819,108
4.00%, 08/01/40 (Call 08/01/26)		4,000		4,033,216
Series A, 0.00%, 08/01/34(a)		2,500		1,822,626
Foothill-Eastern Transportation Corridor Agency RB 0.00%, 01/15/34 (AGM)(a)		12,500		8,875,069
0.00%, 01/15/35 (AGM)(a)		1,700		1,162,132
5.40%, 01/15/30 (AGM)		10,000		11,429,964
Series A, 0.00%, 01/01/25 (ETM)(a)		200		194,778
Series A, 0.00%, 01/01/26 (ETM)(a)		1,500		1,419,474
Series A, 0.00%, 01/01/28 (ETM)(a)		4,450		4,001,256
Series A, 0.00%, 01/01/30 (ETM)(a)		1,000		853,714
Series A, 0.00%, 01/15/36 (AGM)(a)		7,010		4,579,457
Series A, 0.00%, 01/15/37 (AGM)(a)		1,000		621,090
Series A, 4.00%, 01/15/46 (Call 01/15/31)		44,700		43,366,519
Series B-1, VRDN, 3.95%, 01/15/53 (Call 07/15/27)(b)		1,800		1,664,064
Fremont Union High School District GO 4.00%, 08/01/40 (Call 08/01/24)		2,000		1,991,461
4.00%, 08/01/44 (Call 08/01/24)		15,000		14,536,588
4.00%, 08/01/48 (Call 08/01/31)		9,000		9,104,057
5.00%, 08/01/40 (PR 08/01/24)		5,000		5,039,363
Series A, 3.00%, 08/01/40 (Call 08/01/29)		3,825		3,439,602
Series A, 4.00%, 08/01/46 (Call 08/01/27)		2,660		2,668,281
Series A, 5.00%, 08/01/44 (Call 08/01/27)		2,000		2,112,849
Gilroy Unified School District GO, 4.00%, 08/01/46
(Call 08/01/26)		5,000		4,962,779
Glendale Unified School District/CA GO, Series B, 4.00%, 09/01/41 (PR 09/01/25)		1,650		1,679,053
Hayward Area Recreation & Park District GO,
Series A, 4.00%, 08/01/46 (Call 08/01/27)		8,950		8,870,351

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 (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Hayward Unified School District GO, Series A, 5.00%, 08/01/44 (Call 08/01/28) (BAM)	$	2,300	$	2,453,149
Irvine Ranch Water District Water Service Corp.
COP, 5.00%, 03/01/41 (Call 09/01/26)		6,000		6,254,317
Irvine Ranch Water District Water Service Corp. Special Assessment, 5.25%, 02/01/41 (Call 08/01/26)		10,360		10,842,951
Lodi Unified School District/CA GO, 3.00%, 08/01/43 (Call 08/01/27)		7,500		6,376,663
Long Beach Community College District GO 0.00%, 06/01/29 (AGM)(a)		5,420		4,630,457
4.00%, 08/01/41 (Call 08/01/26)		3,590		3,598,612
Series B, 0.00%, 08/01/49 (Call 08/01/42)		2,000		1,369,615
Series C, 4.00%, 08/01/49 (Call 08/01/28)		10,675		10,666,854
Long Beach Unified School District GO 3.00%, 08/01/37 (Call 08/01/29)		2,420		2,313,031
3.00%, 08/01/41 (Call 08/01/29)		4,650		4,097,121
3.00%, 08/01/47 (Call 08/01/29)		25,525		20,768,460
4.00%, 08/01/47 (Call 08/01/33)		5,855		5,898,554
4.00%, 08/01/48 (Call 08/01/33)		11,845		11,910,363
4.00%, 08/01/50 (Call 08/01/33)		2,500		2,497,407
5.00%, 08/01/35 (Call 08/01/26)		3,000		3,171,183
5.00%, 08/01/44 (Call 08/01/33)		5,000		5,714,357
Series A, 4.00%, 08/01/38 (Call 08/01/26)		10,300		10,402,375
Series B, 3.00%, 08/01/48 (Call 08/01/29)		5,000		4,009,994
Series B, 3.00%, 08/01/50 (Call 08/01/29)		6,000		4,701,938
Series D-1, 0.00%, 08/01/39 (Call 02/01/25)(a)		800		403,467
Series F, 4.00%, 08/01/36 (Call 08/01/29)		4,195		4,394,407
Los Angeles Community College District/CA 5.00%, 08/01/29		12,915		14,739,426
5.00%, 08/01/30		9,285		10,841,285
Los Angeles Community College District/CA GO 4.00%, 08/01/37 (Call 08/01/26)		8,815		8,940,906
5.00%, 08/01/25		10,085		10,402,611
5.00%, 08/01/26		10,000		10,586,643
5.00%, 08/01/36 (Call 08/01/32)		2,030		2,426,040
5.00%, 08/01/37 (Call 08/01/32)		1,005		1,191,984
5.00%, 08/01/38 (Call 08/01/26)		1,325		1,385,950
Series A, 4.00%, 08/01/32 (PR 08/01/24)		30,795		30,907,319
Series A, 4.00%, 08/01/33 (PR 08/01/24)		17,825		17,890,013
Series A, 5.00%, 08/01/28 (PR 08/01/24)		5,000		5,038,342
Series C, 5.00%, 06/01/26		1,125		1,185,760
Series J, 4.00%, 08/01/37 (Call 08/01/27)		2,500		2,549,390
Series J, 4.00%, 08/01/41 (Call 08/01/27)		5,000		5,025,559
Series K, 3.00%, 08/01/39 (Call 08/01/26)		2,145		1,946,810
Series K, 4.00%, 08/01/35 (Call 08/01/26)		1,750		1,788,523
Series K, 4.00%, 08/01/37 (Call 08/01/26)		14,250		14,453,534
Series K, 4.00%, 08/01/38 (Call 08/01/26)		27,685		27,939,295
Series K, 4.00%, 08/01/39 (Call 08/01/26)		7,500		7,556,082
Los Angeles County Facilities Inc. RB
Series A, 4.00%, 12/01/48 (Call 12/01/28)		2,305		2,275,393
Series A, 5.00%, 12/01/43 (Call 12/01/28)		1,000		1,072,790
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB
5.00%, 07/01/29		1,500		1,710,259
5.00%, 07/01/31		2,000		2,381,368
5.00%, 07/01/34 (Call 07/01/31)		4,000		4,739,666
5.00%, 07/01/42 (Call 07/01/27)		5,405		5,721,646
Series A, 4.00%, 06/01/35 (Call 06/01/30)		3,800		4,110,704
Series A, 4.00%, 06/01/36 (Call 06/01/31)		2,000		2,164,421
Series A, 4.00%, 06/01/37 (Call 06/01/31)		6,980		7,461,564

Security	Par (000)		Value
California (continued)
Series A, 4.00%, 06/01/38 (Call 06/01/31)	$	5,270	$	5,591,631
Series A, 4.00%, 06/01/39 (Call 06/01/31)		8,115		8,561,056
Series A, 5.00%, 07/01/25		4,085		4,206,247
Series A, 5.00%, 06/01/26		1,500		1,580,678
Series A, 5.00%, 06/01/28		9,000		9,989,351
Series A, 5.00%, 06/01/30		3,755		4,374,077
Series A, 5.00%, 06/01/31 (Call 06/01/26)		2,055		2,156,862
Series A, 5.00%, 06/01/31 (Call 06/01/30)		4,000		4,643,590
Series A, 5.00%, 06/01/32 (Call 06/01/26)		1,500		1,571,781
Series A, 5.00%, 06/01/32 (Call 06/01/30)		2,785		3,231,875
Series A, 5.00%, 06/01/32 (Call 06/01/31)		3,250		3,856,323
Series A, 5.00%, 06/01/33 (Call 06/01/27)		2,500		2,699,622
Series A, 5.00%, 06/01/33 (Call 06/01/30)		4,085		4,734,919
Series A, 5.00%, 06/01/33 (Call 06/01/31)		2,000		2,371,811
Series A, 5.00%, 06/01/34 (Call 06/01/26)		5,225		5,466,522
Series A, 5.00%, 06/01/35 (Call 06/01/30)		1,500		1,728,961
Series A, 5.00%, 06/01/36 (Call 06/01/26)		4,400		4,602,864
Series A, 5.00%, 06/01/36 (Call 06/01/30)		8,080		9,270,603
Series A, 5.00%, 06/01/37 (Call 06/01/30)		4,800		5,467,121
Series A, 5.00%, 07/01/37 (Call 07/01/28)		2,000		2,185,595
Series A, 5.00%, 07/01/39 (Call 07/01/27)		10,000		10,653,603
Series A, 5.00%, 07/01/39 (Call 07/01/28)		3,400		3,693,660
Series A, 5.00%, 07/01/39 (Call 07/01/31)		5,000		5,769,677
Series A, 5.00%, 07/01/40 (Call 07/01/27)		8,000		8,499,406
Series A, 5.00%, 07/01/40 (Call 07/01/31)		6,650		7,602,382
Series A, 5.00%, 07/01/41 (Call 07/01/31)		4,835		5,498,980
Series A, 5.00%, 07/01/42 (Call 07/01/27)		2,585		2,735,601
Series A, 5.00%, 07/01/44 (Call 07/01/28)		4,000		4,294,643
Los Angeles County Public Works Financing Authority RB
Series D, 4.00%, 12/01/40 (Call 12/01/25)		3,765		3,778,693
Series E-1, 5.00%, 12/01/49 (Call 12/01/29)		10,645		11,498,760
Los Angeles County Sanitation Districts Financing Authority RB, Series A, 4.00%, 10/01/42 (Call 10/01/26)		13,500		13,542,529
Los Angeles Department of Water & Power Power System Revenue RB Series A, 5.00%, 07/01/30 (Call 01/01/25)		1,615		1,642,357
Series A, 5.00%, 07/01/33 (Call 01/01/25)		1,000		1,017,052
Series A, 5.00%, 07/01/49 (Call 01/01/29)		14,500		15,524,573
Series A, 5.25%, 07/01/49 (Call 01/01/29)		2,500		2,704,243
Series B, 5.00%, 07/01/24		5,000		5,031,005
Series B, 5.00%, 07/01/31 (Call 01/01/29)		4,005		4,503,858
Series B, 5.00%, 07/01/32 (Call 01/01/29)		1,755		1,971,089
Series C, 5.00%, 07/01/27 (Call 07/01/24)		500		502,774
Series C, 5.00%, 07/01/42 (Call 07/01/27)		2,000		2,108,632
Series C, 5.00%, 07/01/49 (Call 07/01/29)		1,250		1,346,689
Series D, 5.00%, 07/01/33 (Call 07/01/24)		1,035		1,040,068
Series D, 5.00%, 07/01/43 (Call 07/01/28)		1,725		1,856,916
Los Angeles Department of Water & Power RB 4.00%, 07/01/26 (Call 06/01/26)		2,500		2,577,857
5.00%, 07/01/26 (Call 06/01/26)		3,505		3,696,296
5.00%, 07/01/28		4,975		5,534,029
5.00%, 07/01/32		1,495		1,806,832
5.00%, 07/01/37 (Call 07/01/31)		3,160		3,664,109
5.00%, 07/01/40 (Call 01/01/32)		12,270		14,035,214
5.00%, 07/01/41 (Call 07/01/31)		1,000		1,128,070
5.00%, 07/01/42 (Call 01/01/32)		5,515		6,245,455
5.00%, 07/01/43 (Call 01/01/32)		2,155		2,433,302
5.00%, 07/01/46 (Call 01/01/31)		3,535		3,910,831
5.00%, 07/01/46 (Call 07/01/31)		3,880		4,319,323

30 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 07/01/51 (Call 07/01/31)	$	19,615	$	21,554,530
VRDN, 3.70%, 07/01/51 (Put 03/01/24)(b)		23,040		23,040,000
Series A, 5.00%, 07/01/25		3,500		3,598,803
Series A, 5.00%, 07/01/27		2,545		2,765,359
Series A, 5.00%, 07/01/28		4,105		4,566,269
Series B, 5.00%, 07/01/35 (Call 07/01/32)		1,500		1,792,666
Series B, 5.00%, 07/01/40 (Call 07/01/30)		12,440		13,917,301
Series B, 5.00%, 07/01/50 (Call 07/01/30)		4,230		4,602,825
Series D, 5.00%, 07/01/44 (Call 07/01/29)		13,000		14,145,531
Series D, 5.00%, 07/01/49 (Call 07/01/29)		21,630		23,303,109
Los Angeles Department of Water & Power System Revenue RB, Series A, 5.00%, 07/01/42 (Call 01/01/27)		7,495		7,843,592
Los Angeles Department of Water & Power Water System Revenue RB 5.00%, 07/01/33		5,000		6,160,845
5.00%, 07/01/34 (Call 07/01/33)		5,000		6,123,565
5.00%, 07/01/37 (Call 01/01/32)		7,000		8,207,164
5.00%, 07/01/38 (Call 01/01/32)		6,670		7,741,476
5.00%, 07/01/41 (Call 07/01/32)		4,610		5,285,993
5.00%, 07/01/47 (Call 01/01/32)		20,030		22,360,645
5.00%, 07/01/52 (Call 07/01/32)		3,995		4,442,591
VRDN, 3.70%, 07/01/35 (Put 03/01/24)(b)		9,200		9,200,000
VRDN, 3.74%, 07/01/45 (Put 03/01/24)(b)		4,960		4,960,000
Series A, 5.00%, 07/01/39 (Call 07/01/24)		11,420		11,465,879
Series A, 5.00%, 07/01/40 (Call 07/01/30)		5,065		5,678,915
Series A, 5.00%, 07/01/41 (Call 01/01/26)		2,000		2,062,299
Series A, 5.00%, 07/01/41 (Call 01/01/27)		2,000		2,100,495
Series A, 5.00%, 07/01/41 (Call 07/01/30)		1,500		1,671,958
Series A, 5.00%, 07/01/44 (Call 01/01/27)		17,715		18,507,110
Series A, 5.00%, 07/01/46 (Call 01/01/26)		12,275		12,610,387
Series A, 5.00%, 07/01/48 (Call 01/01/28)		9,745		10,358,852
Series A-1, VRDN, 3.70%, 07/01/49 (Put 03/01/24)(b)		42,000		42,000,000
Series B, 4.00%, 07/01/29		2,000		2,163,619
Series B, 4.00%, 07/01/30		2,000		2,191,354
Series B, 5.00%, 07/01/34 (Call 01/01/26)		5,015		5,218,192
Series B, 5.00%, 07/01/37 (Call 07/01/28)		2,000		2,188,731
Series B, 5.00%, 07/01/43 (Call 07/01/28)		2,500		2,695,385
Series B, 5.00%, 07/01/46 (Call 01/01/26)		1,525		1,566,667
Series B, 5.00%, 07/01/48 (Call 07/01/28)		2,500		2,676,686
Series B, 5.00%, 07/01/49 (Call 01/01/31)		3,900		4,284,845
Series C, 5.00%, 07/01/36 (Call 07/01/30)		2,250		2,582,708
Series C, 5.00%, 07/01/37 (Call 07/01/30)		3,050		3,483,056
Series C, 5.00%, 07/01/38 (Call 07/01/30)		1,000		1,132,402
Series C, 5.00%, 07/01/40 (Call 07/01/30)		5,250		5,886,338
Series C, 5.00%, 07/01/41 (Call 07/01/30)		2,000		2,229,277
Los Angeles Department of Water & Power, RB
Series A, 5.00%, 07/01/28 (Call 01/01/25)		2,000		2,037,740
Series A, 5.00%, 07/01/46 (Call 01/01/26)		7,050		7,237,589
Series B, 5.00%, 07/01/36 (Call 01/01/27)		2,000		2,124,765
Series B, 5.00%, 07/01/42 (Call 01/01/26)		1,095		1,127,824
Series C, 5.00%, 07/01/26 (Call 07/01/24)		1,405		1,412,612
Series C, 5.00%, 07/01/47 (Call 07/01/27)		15,115		15,805,630
Series D, 5.00%, 07/01/35 (Call 07/01/24)		2,985		2,999,324
Series D, 5.00%, 07/01/44 (Call 07/01/24)		9,455		9,482,541
Series E, 5.00%, 07/01/44 (Call 07/01/24)		7,515		7,536,890
Los Angeles Unified School District/CA GO 3.00%, 07/01/31 (Call 07/01/26)		15,405		15,412,528
3.00%, 07/01/32 (Call 07/01/26)		7,820		7,780,125
5.00%, 07/01/28		2,505		2,782,112

Security	Par (000)		Value
California (continued)
5.00%, 07/01/31	$	1,410	$	1,668,384
5.00%, 07/01/37 (Call 01/01/34)		4,000		4,825,936
5.00%, 07/01/38 (Call 01/01/33)		2,500		2,948,517
5.00%, 07/01/38 (Call 01/01/34)		5,000		5,982,823
5.00%, 07/01/39 (Call 01/01/34)		16,650		19,835,376
5.25%, 07/01/47 (Call 01/01/33)		3,765		4,321,434
5.25%, 07/01/48 (Call 01/01/34)		5,000		5,791,936
Series A, 4.00%, 07/01/33 (Call 07/01/25)		1,000		1,007,427
Series A, 4.00%, 07/01/40 (Call 07/01/25)		1,045		1,036,101
Series A, 5.00%, 07/01/24		4,980		5,010,394
Series A, 5.00%, 07/01/25		2,535		2,605,559
Series A, 5.00%, 07/01/26		2,210		2,333,957
Series A, 5.00%, 07/01/27		3,085		3,347,986
Series A, 5.00%, 07/01/28		5,005		5,558,671
Series A, 5.00%, 07/01/29		5,000		5,679,318
Series A, 5.00%, 07/01/29 (Call 07/01/25)		4,000		4,128,016
Series A, 5.00%, 07/01/31 (Call 07/01/29)		3,045		3,455,271
Series A, 5.00%, 07/01/40 (Call 07/01/25)		5,320		5,453,383
Series B, 5.00%, 07/01/27 (Call 07/01/26)		5,970		6,306,892
Series B, 5.00%, 07/01/28 (Call 07/01/26)		1,155		1,221,429
Series B-1, 5.00%, 07/01/26		5,350		5,650,078
Series B-1, 5.00%, 07/01/31 (Call 01/01/28)		1,000		1,093,040
Series B-1, 5.00%, 07/01/32 (Call 01/01/28)		3,250		3,549,149
Series B-1, 5.00%, 07/01/33 (Call 01/01/28)		4,000		4,364,734
Series B-1, 5.00%, 07/01/36 (Call 01/01/28)		2,000		2,167,501
Series B-1, 5.00%, 07/01/38 (Call 01/01/28)		10,835		11,641,517
Series B-1, 5.25%, 07/01/42 (Call 01/01/28)		7,900		8,505,924
Series C, 3.00%, 07/01/45 (Call 07/01/30)		10,000		8,382,164
Series C, 4.00%, 07/01/32 (Call 07/01/30)		5,000		5,483,264
Series C, 4.00%, 07/01/33 (Call 07/01/30)		4,750		5,165,610
Series C, 4.00%, 07/01/37 (Call 07/01/30)		12,990		13,663,242
Series C, 4.00%, 07/01/38 (Call 07/01/30)		5,500		5,742,106
Series C, 4.00%, 07/01/39 (Call 07/01/30)		10,000		10,379,818
Series C, 4.00%, 07/01/40 (Call 07/01/30)		1,005		1,037,579
Series C, 4.00%, 07/01/44 (Call 07/01/30)		4,500		4,596,590
Series C, 5.00%, 07/01/25 (Call 07/01/24)		2,050		2,061,540
Series C, 5.00%, 07/01/27 (Call 07/01/24)		200		200,901
Series C, 5.00%, 07/01/30 (Call 07/01/24)		750		753,574
Series D, 5.00%, 07/01/26 (Call 07/01/24)		1,550		1,556,681
Series RYQ, 4.00%, 07/01/37 (Call 07/01/30)		1,830		1,924,845
Series RYQ, 4.00%, 07/01/38 (Call 07/01/30)		6,550		6,838,326
Series RYQ, 4.00%, 07/01/39 (Call 07/01/30)		1,030		1,069,121
Series RYQ, 4.00%, 07/01/44 (Call 07/01/30)		46,225		47,217,192
Series RYRR, 4.00%, 07/01/36 (Call 01/01/32)		5,250		5,633,498
Series RYRR, 4.00%, 07/01/37 (Call 01/01/32)		5,050		5,373,966
Series RYRR, 4.00%, 07/01/38 (Call 01/01/32)		4,695		4,954,864
Series RYRR, 4.00%, 07/01/40 (Call 01/01/32)		3,250		3,374,184
Series RYRR, 4.00%, 07/01/41 (Call 01/01/32)		5,500		5,701,335
Series RYRR, 4.00%, 07/01/46 (Call 01/01/32)		13,285		13,556,290
Series RYRR, 5.00%, 07/01/28		1,505		1,671,488
Series RYRR, 5.00%, 07/01/31		500		591,625
Series RYRR, 5.00%, 07/01/32 (Call 01/01/32)		2,920		3,486,327
Series RYRR, 5.00%, 07/01/34 (Call 01/01/32)		1,505		1,791,580
Los Rios Community College District GO
Series E, 3.00%, 08/01/24		1,500		1,498,437
Series E, 3.00%, 08/01/25		2,000		2,001,775
Mendocino-Lake Community College District GO,
Series B, 0.00%, 08/01/51 (AGM)(a)		750		217,208
Metropolitan Water District of Southern California RB 5.00%, 10/01/29		5,000		5,733,582

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

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 10/01/31	$	2,425	$	2,897,765
Series A, 5.00%, 07/01/24		5,000		5,031,332
Series A, 5.00%, 07/01/26		1,000		1,056,322
Series A, 5.00%, 07/01/28 (PR 07/01/25)		8,695		8,943,894
Series A, 5.00%, 07/01/34 (Call 01/01/29)		8,000		8,946,935
Series A, 5.00%, 10/01/45 (Call 10/01/29)		3,000		3,292,067
Series A, 5.00%, 10/01/46 (Call 04/01/31)		7,000		7,796,723
Series A, 5.00%, 10/01/49 (Call 10/01/29)		7,415		8,117,115
Series A, 5.00%, 10/01/51 (Call 04/01/31)		12,000		13,222,235
Series C, 5.00%, 10/01/27		1,000		1,092,884
Series C, 5.00%, 07/01/38 (Call 07/01/30)		10,730		12,164,010
Series C, 5.00%, 07/01/39 (Call 07/01/30)		2,520		2,848,147
Series C, 5.00%, 07/01/40 (Call 07/01/30)		12,000		13,484,003
Miracosta Community College District GO, Series B, 4.00%, 08/01/45 (Call 08/01/30)		17,405		17,755,921
Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44 (PR 08/01/25) (AGM)		14,220		14,647,901
Morgan Hill Unified School District GO, Series B, 4.00%, 08/01/47 (Call 08/01/27)		7,500		7,523,829
Mount Diablo Unified School District/CA GO 4.00%, 08/01/35 (Call 08/01/31)		4,000		4,331,830
Series A, 5.75%, 08/01/35 (Call 08/01/25) (AGM)		2,530		2,626,538
Mount San Antonio Community College District GO
Series A, 0.00%, 08/01/43 (Call 08/01/35)		12,830		12,674,155
Series A, 4.00%, 08/01/49 (Call 08/01/29)		1,000		1,011,882
Series A, 5.88%, 08/01/28 (Call 02/01/28)		1,000		1,131,562
Municipal Improvement Corp. of Los Angeles RB
Series B, 4.00%, 11/01/34 (Call 11/01/26)		800		813,177
Series B, 4.00%, 11/01/36 (Call 11/01/26)		11,040		11,168,224
Series B, 5.00%, 11/01/30 (Call 11/01/26)		2,000		2,117,805
Series B, 5.00%, 11/01/38 (Call 11/01/30)		2,000		2,276,984
New Haven Unified School District GO, 3.00%, 08/01/49 (Call 08/01/28)		6,060		4,837,889
Newport Mesa Unified School District GO 0.00%, 08/01/35(a)		13,000		9,112,295
0.00%, 08/01/43 (Call 08/01/27)(a)		1,500		663,196
0.00%, 08/01/44 (Call 08/01/27)(a)		1,125		473,425
0.00%, 08/01/45 (Call 08/01/27)(a)		2,500		1,000,630
Series 2005, 0.00%, 08/01/34(a)		1,500		1,094,697
Series 2005, 0.00%, 08/01/36(a)		1,400		937,427
Series 2005, 0.00%, 08/01/38(a)		3,500		2,129,258
Norman Y Mineta San Jose International Airport SJC
RB, Series B, 5.00%, 03/01/47 (Call 03/01/27)		1,000		1,038,220
North Orange County Community College District/CA GO, Series B, 4.00%, 08/01/44 (Call 08/01/29)		9,325		9,455,497
Ohlone Community College District GO, Series C, 4.00%, 08/01/41 (Call 08/01/26)		5,000		5,007,433
Orange County Local Transportation Authority Sales Tax Revenue RB 5.00%, 02/15/40 (Call 02/15/29)		19,805		21,770,579
5.00%, 02/15/41 (Call 02/15/29)		1,500		1,642,468
Palo Alto Unified School District GO, 0.00%, 08/01/24(a)		4,435		4,378,698
Palomar Community College District GO 4.00%, 08/01/45 (Call 08/01/27)		1,900		1,901,165
5.00%, 08/01/44 (PR 08/01/25)		19,785		20,421,986
Series C, 4.00%, 08/01/40 (PR 08/01/25)		1,000		1,018,466
Series D, 5.25%, 08/01/45 (Call 08/01/27)		1,000		1,061,220
Pasadena Area Community College District GO, 5.00%, 08/01/48 (Call 08/01/32)		2,340		2,619,206

Security	Par (000)		Value
California (continued)
Placentia-Yorba Linda Unified School District GO
Series D, 0.00%, 08/01/42(a)	$	1,205	$	578,839
Series D, 0.00%, 08/01/46(a)		2,500		959,065
Pleasanton Unified School District GO, 4.00%, 08/01/42 (Call 08/01/27)		8,590		8,625,916
Port of Los Angeles RB, Series B, 5.00%, 08/01/44
(Call 08/01/24)		2,430		2,439,176
Poway Unified School District GO 0.00%, 08/01/33(a)		1,000		735,004
0.00%, 08/01/36(a)		13,250		8,540,106
0.00%, 08/01/41(a)		1,500		741,786
0.00%, 08/01/46(a)		9,615		3,526,422
0.00%, 08/01/51(a)		1,250		364,519
Series B, 0.00%, 08/01/34(a)		4,630		3,276,346
Rio Hondo Community College District/CA GO, Series C, 0.00%, 08/01/42 (Call 08/01/34)		8,060		10,370,798
Riverside County Public Financing Authority RB, Series B, 5.25%, 11/01/45 (PR 11/01/25)		1,000		1,040,856
Riverside County Transportation Commission RB 4.00%, 06/01/38 (Call 06/01/31)		2,125		2,169,053
Series B1, 3.00%, 06/01/49 (Call 06/01/31)		2,000		1,522,820
Series B1, 4.00%, 06/01/37 (Call 06/01/31)		5,092		5,242,041
Series B1, 4.00%, 06/01/39 (Call 06/01/31)		8,860		9,008,620
Series B1, 4.00%, 06/01/40 (Call 06/01/31)		10,370		10,487,415
Series B1, 4.00%, 06/01/46 (Call 06/01/31)		18,940		18,475,824
Riverside County Transportation Commission Sales Tax Revenue RB 5.00%, 06/01/34 (Call 12/01/27)		15,975		17,388,260
Series B, 5.00%, 06/01/29 (Call 12/01/27)		7,130		7,799,285
Series B, 5.00%, 06/01/35 (Call 12/01/27)		1,030		1,118,500
Series B, 5.00%, 06/01/37 (Call 12/01/27)		2,555		2,753,759
Series B, 5.00%, 06/01/39 (Call 12/01/27)		2,960		3,158,509
Sacramento Area Flood Control Agency SA, Series A, 5.00%, 10/01/41 (Call 10/01/26)		2,000		2,083,809
Sacramento City Financing Authority RB, Series E, 5.25%, 12/01/30 (AMBAC)		440		506,076
Sacramento County Sanitation Districts Financing Authority RB 5.00%, 12/01/27		1,000		1,095,658
5.00%, 12/01/29		1,000		1,155,725
5.00%, 12/01/30		400		470,492
5.00%, 12/01/33 (Call 12/01/31)		4,000		4,792,960
Series A, 5.00%, 12/01/44 (Call 06/01/24)		2,000		2,002,505
Series A, 5.00%, 12/01/45 (Call 12/01/30)		7,885		8,771,416
Series A, 5.00%, 12/01/50 (Call 12/01/30)		12,525		13,783,064
Sacramento Municipal Utility District RB 5.00%, 08/15/26		1,770		1,874,934
5.00%, 08/15/28		1,630		1,815,651
5.00%, 08/15/44 (Call 08/15/33)		5,920		6,763,677
5.00%, 08/15/48 (Call 08/15/33)		19,280		21,713,495
5.00%, 08/15/49 (Put 10/15/30)		11,500		13,034,246
Series B, VRDN, 5.00%, 08/15/49 (Put 04/18/25)(b)		2,500		2,547,015
Series E, 5.00%, 08/15/24		1,590		1,604,233
Series G, 5.00%, 08/15/39 (Call 08/15/29)		1,500		1,666,669
Series G, 5.00%, 08/15/40 (Call 08/15/29)		2,000		2,213,397
Series H, 4.00%, 08/15/40 (Call 08/15/30)		2,500		2,570,898
Series H, 4.00%, 08/15/45 (Call 08/15/30)		15,575		15,723,816
Series H, 5.00%, 08/15/50 (Call 08/15/30)		43,000		46,778,092
Sacramento Transportation Authority Sales Tax Revenue RB, 5.00%, 10/01/34 (Call 10/01/33)		5,835		7,167,182

32 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
San Diego Association of Governments RB, 5.00%, 11/15/25 (PR 11/15/24)	$	6,025	$	6,106,283
San Diego Association of Governments South Bay Expressway Revenue RB, Series A, 5.00%, 07/01/42 (Call 07/01/27)		10,000		10,462,301
San Diego Community College District GO 0.00%, 08/01/35(a)		4,000		2,775,589
5.00%, 08/01/28 (Call 08/01/26)		1,000		1,059,677
5.00%, 08/01/30 (PR 08/01/26)		10,620		11,220,021
5.00%, 08/01/31 (PR 08/01/26)		8,000		8,451,994
San Diego County Regional Airport Authority RB
Series A, 4.00%, 07/01/38 (Call 07/01/29)		2,120		2,190,009
Series A, 5.00%, 07/01/34 (Call 07/01/29)		4,850		5,477,323
Series A, 5.00%, 07/01/36 (Call 07/01/29)		1,450		1,622,682
Series A, 5.00%, 07/01/44 (Call 07/01/29)		1,600		1,725,535
Series A, 5.00%, 07/01/46 (Call 07/01/31)		5,000		5,484,136
Series A, 5.00%, 07/01/49 (Call 07/01/29)		600		639,784
Series A, 5.00%, 07/01/56 (Call 07/01/31)		5,000		5,385,254
San Diego County Regional Transportation Commission RB 5.00%, 04/01/32		2,000		2,411,015
5.00%, 04/01/34 (Call 04/01/33)		1,500		1,826,046
5.00%, 04/01/38 (Call 04/01/33)		1,000		1,179,870
5.00%, 04/01/45 (Call 04/01/31)		4,300		4,783,570
Series A, 5.00%, 04/01/41 (Call 04/01/26)		10,230		10,592,460
Series A, 5.00%, 04/01/48 (Call 04/01/26)		2,270		2,338,588
Series B, 5.00%, 04/01/48 (Call 04/01/31)		8,140		8,953,979
San Diego County Water Authority RB
Series A, 5.00%, 05/01/30		3,000		3,497,954
Series A, 5.00%, 05/01/52 (Call 05/01/32)		8,250		9,192,911
Series B, 4.00%, 05/01/33 (Call 05/01/31)		3,500		3,875,898
Series B, 4.00%, 05/01/35 (Call 05/01/31)		3,000		3,301,295
Series B, 4.00%, 05/01/37 (Call 05/01/31)		3,515		3,774,480
Series B, 4.00%, 05/01/38 (Call 05/01/31)		14,715		15,614,638
Series S1, 5.00%, 05/01/28 (Call 03/15/28)		4,100		4,538,618
San Diego Public Facilities Financing Authority RB 4.00%, 08/01/52 (Call 08/01/33)		5,770		5,759,511
5.00%, 05/15/25		2,525		2,588,104
5.25%, 08/01/48 (Call 08/01/33)		3,290		3,786,586
Series A, 4.00%, 08/01/36 (Call 08/01/30)		1,350		1,434,642
Series A, 4.00%, 08/01/37 (Call 08/01/30)		2,250		2,365,198
Series A, 4.00%, 08/01/45 (Call 08/01/30)		500		505,637
Series A, 5.00%, 05/15/29 (Call 05/15/26)		2,505		2,644,866
Series A, 5.00%, 08/01/43 (Call 08/01/28)		1,500		1,614,425
Series A, 5.00%, 10/15/44 (Call 10/15/25)		1,810		1,846,646
Series B, 5.00%, 08/01/28 (Call 08/01/26)		2,500		2,651,954
San Diego Unified School District GO, Series F, 4.00%, 07/01/45 (Call 07/01/25)		9,000		8,986,504
San Diego Unified School District/CA GO 0.00%, 07/01/30(a)		7,570		6,210,866
4.00%, 07/01/53 (Call 07/01/33)		25,500		25,360,497
4.25%, 07/01/52 (Call 07/01/32)		5,000		5,084,507
5.00%, 07/01/24		8,570		8,621,464
5.00%, 07/01/48 (Call 07/01/33)		5,000		5,641,041
5.25%, 07/01/28 (AGM)		845		949,349
5.25%, 07/01/28 (ETM) (AGM)		155		172,381
Series C, 0.00%, 07/01/30(a)		1,550		1,282,848
Series C, 0.00%, 07/01/35(a)		2,380		1,637,450
Series C, 0.00%, 07/01/36(a)		1,500		984,241
Series C, 0.00%, 07/01/37(a)		700		436,869
Series C, 0.00%, 07/01/38(a)		3,000		1,781,366

Security	Par (000)		Value
California (continued)
Series C, 0.00%, 07/01/43(a)	$	4,140	$	1,912,457
Series C, 0.00%, 07/01/44(a)		2,165		953,925
Series C, 0.00%, 07/01/45(a)		4,590		1,927,609
Series C, 0.00%, 07/01/46(a)		275		110,115
Series C, 0.00%, 07/01/47(a)		1,405		537,674
Series C, 0.00%, 07/01/48 (Call 07/01/40)		3,250		3,058,127
Series D-2, 4.00%, 07/01/50 (Call 07/01/30)		45,580		45,693,476
Series E, 0.00%, 07/01/32(a)		6,440		4,934,110
Series E, 0.00%, 07/01/42		5,850		4,571,755
Series E, 0.00%, 07/01/47 (Call 07/01/42)		3,800		2,934,915
Series E, 0.00%, 07/01/49(a)		7,640		2,604,614
Series I, 4.00%, 07/01/47 (Call 07/01/27)		19,400		19,432,148
Series I, 5.00%, 07/01/41 (Call 07/01/27)		3,175		3,346,792
Series I, 5.00%, 07/01/47 (Call 07/01/27)		16,500		17,224,937
Series L, 4.00%, 07/01/49 (Call 07/01/29)		13,000		13,041,868
Series M-2, 3.00%, 07/01/50 (Call 07/01/30)		21,350		16,967,114
Series M-2, 4.00%, 07/01/50 (Call 07/01/30)		17,710		17,754,091
Series N-2, 3.00%, 07/01/46 (Call 07/01/31)		3,000		2,456,470
Series N-2, 4.00%, 07/01/46 (Call 07/01/31)		22,000		22,184,892
Series R-1, 0.00%, 07/01/31(a)		2,000		1,584,309
Series R-2, 0.00%, 07/01/40		13,475		13,503,711
Series R-4, 5.00%, 07/01/28 (Call 07/01/25)		5,000		5,150,564
Series R-5, 5.00%, 07/01/29 (Call 07/01/26)		2,005		2,121,853
Series SR-1, 4.00%, 07/01/32 (Call 07/01/26)		1,000		1,019,411
San Dieguito Union High School District GO,
Series B-2, 4.00%, 02/01/40 (Call 08/01/25)		800		802,037
San Francisco Bay Area Rapid Transit District GO 3.00%, 08/01/38 (Call 08/01/29)		5,000		4,533,427
5.00%, 08/01/39 (Call 02/01/32)		1,250		1,451,650
5.25%, 08/01/47 (Call 02/01/32)		1,250		1,421,730
Series A, 4.00%, 08/01/42 (Call 08/01/27)		1,500		1,511,244
Series A, 5.00%, 08/01/47 (Call 08/01/27)		3,000		3,139,359
Series B-1, 4.00%, 08/01/44 (Call 08/01/29)		5,000		5,049,011
Series C-1, 3.00%, 08/01/50 (Call 08/01/29)		8,500		6,737,579
Series C-1, 4.00%, 08/01/45 (Call 08/01/29)		2,640		2,662,447
Series D, 4.00%, 08/01/33 (Call 08/01/25)		2,885		2,905,121
Series S, 4.00%, 08/01/37 (Call 08/01/27)		8,420		8,613,610
San Francisco Bay Area Rapid Transit District Sales Tax Revenue RB
Series A, 3.00%, 07/01/44 (Call 07/01/27)		1,800		1,512,305
Series A, 4.00%, 07/01/37 (Call 07/01/27)		3,075		3,159,635
Series A, 4.00%, 07/01/38 (Call 07/01/27)		5,495		5,588,192
San Francisco City & County Airport Commission San Francisco International Airport RB
Series B, 5.00%, 05/01/32 (Call 05/01/31)		3,150		3,695,141
Series B, 5.00%, 05/01/35 (Call 05/01/31)		3,000		3,493,914
Series B, 5.00%, 05/01/44 (Call 05/01/24)		2,000		2,001,981
Series B, 5.00%, 05/01/47 (Call 05/01/27)		3,500		3,640,649
Series B, 5.00%, 05/01/49 (Call 05/01/29)		7,785		8,312,940
Series C, 5.00%, 05/01/46 (Call 05/01/26)		4,265		4,378,813
Series D, 5.00%, 05/01/24		3,550		3,559,760
Series E, 5.00%, 05/01/48 (Call 05/01/28)		2,500		2,632,490
Series F, 5.00%, 05/01/50 (Call 05/01/29)		22,605		24,107,105
San Francisco City & County Public Utilities Commission Power Revenue RB 4.00%, 11/01/51 (Call 05/01/31)		18,000		17,929,616
5.00%, 11/01/40 (Call 11/01/32)		3,560		4,146,805
5.00%, 11/01/41 (Call 11/01/32)		3,445		3,987,831
5.00%, 11/01/42 (Call 11/01/32)		3,935		4,530,543
5.00%, 11/01/48 (Call 11/01/32)		4,000		4,503,634
5.00%, 11/01/53 (Call 11/01/32)		19,900		22,151,319

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

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
San Francisco City & County Public Utilities Commission Wastewater Revenue RB 4.00%, 10/01/39 (Call 10/01/32)	$	1,350	$	1,446,003
4.00%, 10/01/50 (Call 10/01/31)		5,000		5,003,114
5.00%, 10/01/35 (Call 10/01/32)		1,500		1,805,561
5.00%, 10/01/37 (Call 10/01/32)		1,500		1,776,016
5.00%, 10/01/42 (Call 10/01/32)		1,000		1,194,191
5.00%, 10/01/45 (Call 10/01/31)		5,000		5,616,944
Series A, 4.00%, 10/01/43 (Call 04/01/28)		1,330		1,331,955
Series A, 4.00%, 10/01/47 (Call 10/01/31)		9,075		9,181,221
Series A, 5.00%, 10/01/46 (Call 10/01/31)		5,000		5,601,125
Series B, 4.00%, 10/01/42 (Call 04/01/24)		25,000		24,703,662
San Joaquin County Transportation Authority Measure K Sales Tax Revenue RB, 4.00%, 03/01/41 (Call 03/01/27)		11,000		11,041,169
San Joaquin Hills Transportation Corridor Agency RB 0.00%, 01/01/25 (ETM)(a)		2,100		2,045,164
0.00%, 01/01/27 (ETM)(a)		1,075		991,082
4.00%, 01/15/34 (Call 01/15/32)		2,185		2,337,899
5.00%, 01/15/32		1,500		1,727,391
5.00%, 01/15/33 (Call 01/15/32)		3,415		3,927,895
Series A, 5.00%, 01/15/29 (PR 01/15/25)		1,000		1,016,610
Series A, 5.00%, 01/15/34 (PR 01/15/25)		2,680		2,724,515
Series A, 5.00%, 01/15/44 (PR 01/15/25)		8,000		8,132,881
Series A, 5.00%, 01/15/50 (PR 01/15/25)		13,275		13,495,499
San Jose Evergreen Community College District GO 4.00%, 09/01/45 (Call 09/01/32)		8,515		8,676,284
Series C, 4.00%, 09/01/40 (PR 09/01/24)		7,500		7,535,816
Series C, 4.13%, 09/01/43 (PR 09/01/24)		5,000		5,026,905
San Jose Unified School District GO 0.00%, 08/01/29 (NPFGC)(a)		3,800		3,238,078
5.00%, 08/01/32 (Call 08/01/25)		9,000		9,288,465
Series C, 0.00%, 08/01/30 (NPFGC)(a)		5,980		4,935,692
Series E, 4.00%, 08/01/42 (Call 08/01/27)		6,825		6,902,310
San Juan Unified School District GO, 4.00%, 08/01/46 (Call 08/01/30)		17,000		17,075,291
San Marcos Unified School District GO
Series B, 0.00%, 08/01/47(a)		1,700		607,906
Series B, 0.00%, 08/01/51(a)		1,500		444,569
San Mateo County Community College District GO 0.00%, 09/01/34 (NPFGC)(a)		21,075		15,284,831
Series A, 5.00%, 09/01/45 (PR 09/01/25)		1,000		1,032,120
Series B, 0.00%, 09/01/32 (NPFGC)(a)		3,515		2,719,392
Series B, 0.00%, 09/01/35 (NPFGC)(a)		3,000		2,088,035
Series B, 5.00%, 09/01/45 (Call 09/01/28)		44,150		47,445,462
Series C, 0.00%, 09/01/30 (NPFGC)(a)		4,295		3,539,695
San Mateo Foster City Public Financing Authority RB 4.00%, 08/01/44 (Call 08/01/29)		7,070		7,134,396
5.00%, 08/01/49 (Call 08/01/29)		3,700		3,985,436
San Mateo Foster City School District/CA GO, 0.00%, 08/01/42 (Call 08/01/31)		5,500		5,840,040
San Mateo Union High School District GO
Series A, 0.00%, 09/01/33		500		489,598
Series A, 0.00%, 09/01/41 (Call 09/01/36)		3,765		3,950,048
Series A, 0.00%, 07/01/51 (Call 09/01/41)		4,465		3,346,279
Santa Barbara Secondary High School District GO,
Series A, 0.00%, 08/01/36(a)		2,500		1,495,865
Santa Barbara Unified School District GO
Series A, 4.00%, 08/01/41 (Call 08/01/27)		2,600		2,625,238

Security	Par (000)		Value
California (continued)
Series B, 5.00%, 08/01/44 (Call 08/01/28)	$	6,725	$	7,215,552
Santa Clara Unified School District GO, Series 2018, 4.00%, 07/01/48 (Call 07/01/26)		24,000		23,718,830
Santa Clara Valley Transportation Authority RB 5.00%, 04/01/30		3,060		3,546,475
5.00%, 04/01/33		5,000		6,124,844
5.00%, 04/01/35 (Call 04/01/33)		4,500		5,486,508
Santa Clara Valley Water District RB, Series A, 5.00%, 06/01/46 (Call 12/01/25)		1,000		1,026,916
Santa Clarita Community College District GO, 4.00%, 08/01/41 (Call 08/01/26)		6,850		6,866,433
Santa Monica Community College District GO
Series A, 4.00%, 08/01/47 (Call 08/01/28)		21,580		21,667,194
Series A, 5.00%, 08/01/43 (Call 08/01/28)		7,500		8,084,945
Series B, 4.00%, 08/01/44 (PR 08/01/24)		1,500		1,505,776
Series B, 5.00%, 08/01/45 (Call 08/01/32)		1,150		1,297,163
Santa Monica-Malibu Unified School District GO 4.00%, 08/01/50 (Call 08/01/29)		11,545		11,613,794
Series B, 4.00%, 08/01/50 (Call 08/01/29)		16,685		16,784,423
Sonoma County Junior College District GO,
Series B, 3.00%, 08/01/41 (Call 08/01/29)		7,000		6,099,003
South San Francisco Unified School District GO 4.00%, 09/01/48 (Call 09/01/31)		22,000		22,082,392
4.00%, 09/01/52 (Call 09/01/31)		10,975		10,951,474
Series C, 4.00%, 09/01/37 (Call 09/01/25)		4,000		4,024,566
Southern California Public Power Authority RB 5.25%, 07/01/53 (Call 07/01/33)		13,675		15,581,749
VRDN, 3.71%, 07/01/36 (Put 02/29/24)(b)		18,015		18,015,000
Series C, 5.00%, 07/01/26 (Call 01/01/25)		1,660		1,689,364
Southern California Water Replenishment District
RB, 4.00%, 08/01/45 (Call 08/01/25)		1,500		1,500,080
Southwestern Community College District GO
Series C, 0.00%, 08/01/46(a)		1,920		715,402
Series D, 5.00%, 08/01/44 (PR 08/01/25)		2,000		2,058,783
State of California Department of Water Resources RB 4.00%, 12/01/34 (Call 06/01/31)		5,000		5,460,996
5.00%, 12/01/30		4,075		4,795,938
Series AS, 5.00%, 12/01/24 (ETM)		10		10,149
Series AS, 5.00%, 12/01/26 (PR 12/01/24)		15,480		15,710,113
Series AS, 5.00%, 12/01/27 (PR 12/01/24)		1,060		1,075,757
Series AS, 5.00%, 12/01/28 (PR 12/01/24)		1,065		1,080,831
Series AW, 5.00%, 12/01/30 (Call 12/01/26)		4,000		4,264,327
Series AW, 5.00%, 12/01/33 (PR 12/01/26)		1,000		1,063,258
Series AX, 5.00%, 12/01/27		1,000		1,099,052
Series BA, 5.00%, 12/01/34 (Call 06/01/29)		6,790		7,689,465
Series BB, 5.00%, 12/01/25		4,040		4,198,011
Series BB, 5.00%, 12/01/27		3,005		3,302,650
Series BB, 5.00%, 12/01/28		2,000		2,251,132
Series BB, 5.00%, 12/01/30		2,000		2,353,834
Series BB, 5.00%, 12/01/34 (Call 12/01/30)		8,940		10,450,088
Series BB, 5.00%, 12/01/35 (Call 12/01/30)		9,075		10,560,809
State of California GO 2.38%, 12/01/43 (Call 12/01/30)		3,075		2,278,953
3.00%, 03/01/28		2,500		2,523,978
3.00%, 10/01/34 (Call 10/01/29)		6,805		6,776,671
3.00%, 10/01/35 (Call 10/01/29)		3,000		2,967,631
3.00%, 10/01/36 (Call 10/01/29)		5,795		5,662,379
3.00%, 10/01/37 (Call 10/01/29)		6,385		6,038,685
3.00%, 10/01/49 (Call 10/01/29)		1,000		802,565
3.00%, 11/01/50 (Call 11/01/30)		10,860		8,631,508

34 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
3.75%, 10/01/37 (Call 10/01/24)	$	15,830	$	15,659,128
4.00%, 03/01/24		1,505		1,505,000
4.00%, 11/01/25		6,465		6,586,347
4.00%, 11/01/26		14,275		14,748,045
4.00%, 10/01/27		7,280		7,628,409
4.00%, 09/01/28 (Call 09/01/26)		6,850		7,048,312
4.00%, 09/01/29		5,225		5,627,135
4.00%, 08/01/31 (Call 08/01/26)		5,000		5,104,620
4.00%, 09/01/31 (Call 09/01/26)		1,010		1,031,838
4.00%, 08/01/32 (Call 08/01/26)		2,000		2,038,618
4.00%, 09/01/32 (Call 09/01/26)		3,000		3,059,870
4.00%, 09/01/33 (Call 09/01/26)		4,035		4,114,599
4.00%, 11/01/33 (Call 11/01/27)		20,630		21,395,652
4.00%, 10/01/34 (Call 10/01/29)		4,850		5,159,693
4.00%, 10/01/34 (Call 04/01/31)		1,405		1,529,812
4.00%, 11/01/34 (Call 11/01/27)		3,915		4,056,569
4.00%, 09/01/35 (Call 09/01/26)		9,575		9,721,570
4.00%, 11/01/35 (Call 11/01/27)		7,440		7,690,823
4.00%, 03/01/36 (Call 03/01/30)		3,500		3,730,626
4.00%, 09/01/36 (Call 09/01/26)		13,560		13,735,941
4.00%, 10/01/36 (Call 04/01/31)		6,945		7,442,928
4.00%, 11/01/36 (Call 11/01/27)		8,000		8,223,668
4.00%, 03/01/37 (Call 03/01/30)		3,125		3,304,702
4.00%, 10/01/37 (Call 04/01/31)		3,300		3,506,159
4.00%, 11/01/37 (Call 11/01/30)		1,530		1,619,572
4.00%, 03/01/38 (Call 03/01/30)		11,960		12,557,815
4.00%, 11/01/38 (Call 11/01/30)		21,060		22,146,161
4.00%, 11/01/39 (Call 11/01/30)		5,000		5,252,464
4.00%, 03/01/40 (Call 03/01/30)		13,405		13,904,828
4.00%, 10/01/41 (Call 04/01/31)		26,705		27,745,181
4.00%, 11/01/41 (Call 11/01/25)		8,750		8,782,246
4.00%, 04/01/42 (Call 04/01/32)		21,240		22,039,261
4.00%, 09/01/42 (Call 09/01/32)		7,545		7,841,694
4.00%, 09/01/43 (Call 09/01/33)		4,250		4,397,375
4.00%, 10/01/44 (Call 10/01/29)		11,655		11,866,615
4.00%, 11/01/44 (Call 11/01/24)		1,500		1,492,252
4.00%, 03/01/45 (Call 03/01/25)		6,500		6,501,510
4.00%, 08/01/45 (Call 08/01/25)		1,750		1,750,529
4.00%, 11/01/45 (Call 11/01/25)		10,350		10,353,582
4.00%, 03/01/46 (Call 03/01/30)		12,805		13,002,981
4.00%, 11/01/47 (Call 11/01/27)		15,750		15,786,609
4.00%, 04/01/49 (Call 04/01/32)		7,000		7,072,733
4.00%, 03/01/50 (Call 03/01/30)		1,915		1,923,428
4.00%, 11/01/50 (Call 11/01/25)		6,575		6,472,035
4.25%, 09/01/52 (Call 09/01/32)		2,190		2,236,975
4.50%, 12/01/43 (Call 01/02/24)		780		780,333
5.00%, 03/01/24		2,325		2,325,000
5.00%, 04/01/24		1,740		1,742,278
5.00%, 08/01/24		2,770		2,791,129
5.00%, 09/01/24		8,425		8,503,569
5.00%, 09/01/24 (Call 04/01/24)		30		30,038
5.00%, 10/01/24		26,305		26,594,129
5.00%, 11/01/24		28,675		29,038,656
5.00%, 08/01/25		8,420		8,663,943
5.00%, 09/01/25		2,035		2,097,952
5.00%, 10/01/25		11,575		11,955,567
5.00%, 10/01/25 (Call 04/01/24)		15		15,022
5.00%, 10/01/25 (Call 10/01/24)		2,115		2,137,325
5.00%, 11/01/25		5,510		5,702,031
5.00%, 12/01/25 (Call 01/02/24)		710		710,918
5.00%, 03/01/26 (Call 03/01/25)		3,810		3,890,217

Security	Par (000)		Value
California (continued)
5.00%, 04/01/26	$	7,875	$	8,228,816
5.00%, 10/01/26		4,860		5,140,629
5.00%, 10/01/26 (Call 10/01/24)		4,320		4,363,777
5.00%, 11/01/26		2,280		2,416,660
5.00%, 12/01/26		7,000		7,435,160
5.00%, 03/01/27 (Call 03/01/25)		3,920		4,001,513
5.00%, 04/01/27		3,385		3,626,533
5.00%, 08/01/27		5,250		5,668,435
5.00%, 09/01/27		9,795		10,596,524
5.00%, 09/01/27 (Call 09/01/26)		6,210		6,566,365
5.00%, 10/01/27		15,465		16,762,929
5.00%, 10/01/27 (Call 10/01/24)		2,020		2,041,856
5.00%, 11/01/27		30,295		32,901,440
5.00%, 12/01/27		3,665		3,988,107
5.00%, 04/01/28		6,525		7,147,740
5.00%, 08/01/28 (Call 08/01/25)		1,250		1,284,131
5.00%, 08/01/28 (Call 08/01/27)		2,770		2,994,528
5.00%, 09/01/28		17,065		18,867,620
5.00%, 09/01/28 (Call 09/01/26)		3,710		3,920,797
5.00%, 10/01/28		25,870		28,655,172
5.00%, 10/01/28 (Call 10/01/24)		2,000		2,022,212
5.00%, 11/01/28		20,395		22,632,226
5.00%, 11/01/28 (Call 11/01/27)		3,600		3,913,899
5.00%, 03/01/29		1,000		1,118,439
5.00%, 04/01/29		26,510		29,701,280
5.00%, 08/01/29 (Call 08/01/26)		5,015		5,285,237
5.00%, 08/01/29 (Call 08/01/27)		26,175		28,331,974
5.00%, 08/01/29 (Call 08/01/28)		2,635		2,912,502
5.00%, 09/01/29		2,500		2,825,461
5.00%, 09/01/29 (Call 09/01/26)		6,755		7,131,671
5.00%, 10/01/29		24,330		27,544,565
5.00%, 10/01/29 (Call 10/01/24)		4,675		4,725,315
5.00%, 10/01/29 (Call 04/01/26)		6,445		6,746,076
5.00%, 10/01/29 (Call 10/01/28)		15,000		16,638,961
5.00%, 11/01/29 (Call 11/01/27)		6,270		6,824,240
5.00%, 03/01/30 (Call 03/01/25)		2,000		2,038,595
5.00%, 04/01/30		25,150		28,763,593
5.00%, 08/01/30 (Call 08/01/25)		3,240		3,328,045
5.00%, 08/01/30 (Call 08/01/27)		7,785		8,426,803
5.00%, 08/01/30 (Call 08/01/28)		4,000		4,421,436
5.00%, 09/01/30 (Call 09/01/26)		1,000		1,053,498
5.00%, 10/01/30 (Call 10/01/24)		2,000		2,020,953
5.00%, 11/01/30		25,005		28,908,971
5.00%, 11/01/30 (Call 11/01/27)		8,840		9,619,266
5.00%, 12/01/30		4,985		5,772,052
5.00%, 03/01/31 (Call 03/01/30)		6,195		7,071,604
5.00%, 04/01/31		1,000		1,164,882
5.00%, 04/01/31 (Call 04/01/29)		1,385		1,548,524
5.00%, 05/01/31 (Call 05/01/24)		1,310		1,313,665
5.00%, 08/01/31 (Call 08/01/24)		2,500		2,518,457
5.00%, 09/01/31		102,500		120,277,908
5.00%, 09/01/31 (Call 09/01/26)		6,715		7,071,198
5.00%, 10/01/31 (Call 10/01/24)		2,540		2,566,610
5.00%, 11/01/31 (Call 11/01/27)		7,000		7,594,345
5.00%, 11/01/31 (Call 11/01/28)		3,005		3,332,862
5.00%, 12/01/31		1,000		1,178,475
5.00%, 12/01/31 (Call 06/01/26)		2,500		2,619,475
5.00%, 03/01/32 (Call 03/01/30)		2,500		2,852,263
5.00%, 04/01/32		10,125		12,000,076
5.00%, 04/01/32 (Call 04/01/29)		4,000		4,470,283
5.00%, 08/01/32 (Call 08/01/25)		6,000		6,159,087

S C H E D U L E  O F   I N V E S T M E N T S 35

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 08/01/32 (Call 08/01/26)	$	5,000	$	5,251,946
5.00%, 08/01/32 (Call 08/01/27)		5,000		5,378,705
5.00%, 09/01/32		9,865		11,774,075
5.00%, 09/01/32 (Call 09/01/26)		15,920		16,749,114
5.00%, 10/01/32 (Call 10/01/24)		1,000		1,010,419
5.00%, 10/01/32 (Call 10/01/29)		4,800		5,415,067
5.00%, 10/01/32 (Call 04/01/31)		3,210		3,736,107
5.00%, 10/01/32 (Call 10/01/31)		14,710		17,276,046
5.00%, 11/01/32 (Call 11/01/28)		3,700		4,097,021
5.00%, 12/01/32 (Call 06/01/26)		2,100		2,198,553
5.00%, 03/01/33 (Call 03/01/25)		2,500		2,545,664
5.00%, 03/01/33 (Call 03/01/30)		3,055		3,483,951
5.00%, 04/01/33		1,000		1,204,923
5.00%, 04/01/33 (Call 04/01/24)		4,815		4,820,936
5.00%, 04/01/33 (Call 04/01/29)		11,190		12,478,221
5.00%, 08/01/33 (Call 08/01/24)		2,000		2,013,868
5.00%, 08/01/33 (Call 08/01/25)		3,460		3,548,881
5.00%, 09/01/33		15,360		18,629,803
5.00%, 10/01/33 (Call 04/01/24)		13,165		13,181,130
5.00%, 10/01/33 (Call 10/01/24)		2,820		2,847,771
5.00%, 03/01/34 (Call 03/01/30)		14,240		16,230,113
5.00%, 09/01/34 (Call 09/01/26)		18,780		19,706,014
5.00%, 09/01/34 (Call 09/01/33)		16,905		20,467,020
5.00%, 10/01/34 (Call 04/01/33)		13,000		15,628,362
5.00%, 11/01/34 (Call 11/01/28)		4,035		4,461,050
5.00%, 12/01/34 (Call 06/01/26)		2,650		2,767,355
5.00%, 12/01/34 (Call 12/01/30)		5,470		6,312,640
5.00%, 03/01/35 (Call 03/01/30)		36,960		41,959,309
5.00%, 04/01/35 (Call 04/01/24)		2,500		2,502,853
5.00%, 04/01/35 (Call 04/01/32)		2,955		3,478,304
5.00%, 08/01/35 (Call 08/01/24)		1,980		1,992,520
5.00%, 08/01/35 (Call 08/01/25)		1,000		1,024,605
5.00%, 08/01/35 (Call 08/01/26)		5,070		5,304,104
5.00%, 08/01/35 (Call 08/01/27)		6,415		6,860,405
5.00%, 09/01/35 (Call 09/01/26)		1,500		1,571,344
5.00%, 10/01/35 (Call 04/01/26)		10,160		10,563,193
5.00%, 10/01/35 (Call 04/01/33)		2,230		2,659,815
5.00%, 10/01/35 (PR 04/01/26)		520		543,792
5.00%, 03/01/36 (Call 03/01/30)		4,845		5,489,803
5.00%, 08/01/36 (Call 08/01/26)		6,235		6,511,944
5.00%, 08/01/36 (Call 08/01/27)		2,215		2,364,771
5.00%, 09/01/36 (Call 09/01/26)		3,415		3,570,934
5.00%, 09/01/36 (Call 09/01/32)		3,665		4,315,473
5.00%, 09/01/36 (Call 09/01/33)		17,000		20,330,116
5.00%, 10/01/36 (Call 04/01/33)		42,700		50,698,218
5.00%, 11/01/36 (Call 11/01/27)		2,000		2,142,314
5.00%, 11/01/36 (Call 11/01/28)		3,590		3,935,295
5.00%, 11/01/36 (Call 11/01/30)		9,850		11,239,017
5.00%, 12/01/36 (Call 12/01/30)		2,000		2,283,830
5.00%, 04/01/37 (Call 04/01/24)		3,500		3,503,405
5.00%, 08/01/37 (Call 08/01/28)		2,625		2,854,504
5.00%, 09/01/37 (Call 09/01/33)		20,000		23,694,378
5.00%, 10/01/37 (Call 10/01/24)		2,000		2,015,250
5.00%, 10/01/37 (Call 10/01/31)		2,000		2,300,966
5.00%, 11/01/37 (Call 11/01/28)		5,000		5,453,768
5.00%, 11/01/37 (Call 11/01/32)		17,500		20,452,826
5.00%, 04/01/38 (Call 04/01/29)		1,000		1,099,069
5.00%, 08/01/38 (Call 08/01/26)		6,500		6,766,714
5.00%, 10/01/39 (Call 04/01/26)		1,500		1,551,835
5.00%, 10/01/39 (Call 10/01/29)		5,230		5,779,378
5.00%, 09/01/41 (Call 09/01/31)		43,095		48,574,064

Security	Par (000)		Value
California (continued)
5.00%, 04/01/42 (Call 10/01/27)	$	4,765	$	5,052,200
5.00%, 04/01/42 (Call 04/01/32)		1,690		1,915,012
5.00%, 09/01/42 (Call 09/01/32)		15,495		17,651,498
5.00%, 10/01/42 (Call 04/01/29)		5,000		5,432,663
5.00%, 11/01/42 (Call 11/01/32)		21,485		24,525,493
5.00%, 09/01/43 (Call 09/01/33)		33,180		38,105,548
5.00%, 05/01/44 (Call 05/01/24)		1,000		1,001,353
5.00%, 10/01/44 (Call 10/01/24)		8,265		8,309,725
5.00%, 09/01/45 (Call 09/01/26)		16,275		16,901,693
5.00%, 10/01/45 (Call 04/01/33)		5,280		6,003,004
5.00%, 08/01/46 (Call 08/01/26)		5,000		5,181,019
5.00%, 09/01/46 (Call 09/01/26)		3,495		3,625,831
5.00%, 12/01/46 (Call 12/01/30)		3,240		3,574,496
5.00%, 04/01/47 (Call 04/01/32)		10,000		11,181,245
5.00%, 10/01/47 (Call 04/01/26)		5,075		5,229,038
5.00%, 11/01/47 (Call 11/01/27)		4,310		4,555,809
5.00%, 10/01/49 (Call 10/01/29)		1,955		2,117,885
5.00%, 09/01/52 (Call 09/01/32)		13,500		15,018,219
5.25%, 08/01/30 (Call 08/01/25)		4,000		4,122,380
5.25%, 08/01/32 (Call 08/01/25)		3,525		3,630,516
5.25%, 10/01/39 (Call 04/01/26)		7,795		8,103,151
5.25%, 10/01/45 (Call 04/01/33)		17,105		19,781,026
5.25%, 09/01/47 (Call 09/01/32)		11,000		12,559,804
5.25%, 10/01/50 (Call 04/01/33)		5,000		5,709,900
5.25%, 09/01/53 (Call 09/01/33)		32,560		37,170,102
5.50%, 02/01/25		250		255,568
VRDN, 3.50%, 05/01/33 (Put 03/01/24)(b)		10,000		10,000,000
Series B, 2.25%, 11/01/43 (Call 11/01/30)		5,000		3,630,779
Series B, 5.00%, 08/01/24		4,775		4,811,422
Series B, 5.00%, 09/01/24		6,315		6,373,892
Series B, 5.00%, 08/01/25		4,070		4,187,915
Series B, 5.00%, 09/01/26		3,510		3,705,057
Series B, 5.00%, 11/01/27		6,310		6,852,883
Series B, 5.00%, 11/01/28		17,450		19,364,174
Series B, 5.00%, 11/01/29		10,280		11,658,196
Series B, 5.00%, 11/01/32 (Call 11/01/30)		15,115		17,457,065
Series B, 5.00%, 11/01/35 (Call 11/01/30)		8,000		9,162,034
Series C, 5.00%, 08/01/26 (Call 02/01/25)		1,000		1,019,980
Series C, 5.00%, 09/01/26 (Call 09/01/25)		1,500		1,549,228
Series C, 5.00%, 08/01/27 (Call 02/01/25)		1,500		1,529,041
Series C, 5.00%, 08/01/28 (Call 08/01/26)		4,325		4,562,242
Series C, 5.00%, 08/01/29 (Call 02/01/25)		2,500		2,543,870
Series C, 5.00%, 08/01/30 (Call 08/01/26)		4,525		4,759,202
Series C, 5.00%, 08/01/32 (Call 02/01/25)		1,580		1,607,209
Series C, 5.00%, 09/01/32 (Call 09/01/25)		4,225		4,343,574
Series C, 5.00%, 08/01/33 (Call 02/01/25)		2,000		2,033,372
Torrance Unified School District GO, Series T, 4.00%, 08/01/40 (Call 08/01/24)		1,000		994,361
Ukiah Unified School District/CA GO, Series 2005, 0.00%, 08/01/28 (NPFGC)(a)		3,750		3,275,759
University of California RB 3.00%, 05/15/51 (Call 05/15/31)		5,000		3,975,678
4.00%, 05/15/33 (Call 05/15/27)		4,530		4,686,868
4.00%, 05/15/35 (Call 05/15/27)		5,000		5,134,618
4.00%, 05/15/39 (Call 05/15/31)		1,710		1,790,851
5.00%, 05/15/25		5,000		5,122,577
5.00%, 05/15/30		5,000		5,809,499
5.00%, 05/15/31 (Call 05/15/27)		10,060		10,831,472
5.00%, 05/15/32		9,265		11,178,977
5.00%, 05/15/34		15,000		18,626,640
5.00%, 05/15/35 (Call 05/15/27)		2,660		2,848,706

36 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 05/15/35 (Call 05/15/34)	$	5,000	$	6,170,009
5.00%, 05/15/36 (Call 05/15/33)		7,200		8,680,806
5.00%, 05/15/36 (Call 05/15/34)		10,000		12,253,460
5.00%, 05/15/37 (Call 05/15/26)		11,340		11,820,840
5.00%, 05/15/37 (Call 05/15/33)		4,270		5,107,358
5.00%, 05/15/37 (Call 05/15/34)		10,000		12,147,636
5.00%, 05/15/38 (Call 05/15/34)		6,000		7,206,645
5.00%, 05/15/39 (Call 05/15/34)		14,500		17,294,033
5.00%, 05/15/40 (Call 05/15/34)		13,000		15,370,833
5.00%, 05/15/41 (Call 05/15/33)		36,840		42,734,540
5.00%, 05/15/41 (Call 05/15/34)		7,000		8,224,380
5.00%, 05/15/42 (Call 05/15/33)		34,000		39,276,317
5.00%, 05/15/42 (Call 05/15/34)		4,500		5,263,213
5.00%, 05/15/43 (Call 05/15/34)		5,000		5,812,504
5.00%, 05/15/52 (Call 05/15/32)		17,335		19,160,003
Series AL 4, VRDN, 3.50%, 05/15/48 (Put 03/01/24)(b)		32,445		32,445,000
Series AL-2, VRDN, 3.65%, 05/15/48 (Put 03/01/24)(b)		9,600		9,600,000
Series AM, 4.00%, 05/15/34 (Call 05/15/24)		10,000		10,016,903
Series AM, 5.25%, 05/15/44 (Call 05/15/24)		10,000		10,041,176
Series AO, 5.00%, 05/15/27 (Call 05/15/25)		5,000		5,130,167
Series AO, 5.00%, 05/15/32 (Call 05/15/25)		8,615		8,830,285
Series AR, 5.00%, 05/15/41 (Call 05/15/26)		5,000		5,190,756
Series AR, 5.00%, 05/15/46 (Call 05/15/26)		12,845		13,262,236
Series AV, 5.00%, 05/15/47 (Call 05/15/27)		13,200		13,936,647
Series AV, 5.00%, 05/15/49 (Call 05/15/27)		18,500		19,492,751
Series AV, 5.25%, 05/15/47 (Call 05/15/27)		1,170		1,244,121
Series AY, 5.00%, 05/15/30 (Call 05/15/27)		465		501,959
Series AY, 5.00%, 05/15/31 (Call 05/15/27)		3,000		3,230,061
Series AY, 5.00%, 05/15/36 (Call 05/15/27)		15,880		16,983,736
Series AY, 5.00%, 05/15/37 (Call 05/15/27)		11,345		12,124,447
Series AZ, 4.00%, 05/15/28		1,020		1,082,916
Series AZ, 4.00%, 05/15/48 (Call 05/15/28)		2,000		1,990,792
Series AZ, 5.00%, 05/15/48 (Call 05/15/28)		22,770		24,279,471
Series AZ, 5.25%, 05/15/58 (Call 05/15/28)		2,000		2,139,861
Series B, 4.00%, 05/15/39 (Call 05/15/31)		2,000		2,099,805
Series BB, 5.00%, 05/15/49 (Call 05/15/29)		5,000		5,378,248
Series BE, 4.00%, 05/15/40 (Call 05/15/30)		10,070		10,453,070
Series BE, 4.00%, 05/15/47 (Call 05/15/30)		51,635		51,634,742
Series BE, 4.00%, 05/15/50 (Call 05/15/30)		11,000		10,926,200
Series BE, 5.00%, 05/15/33 (Call 05/15/30)		1,000		1,157,770
Series BE, 5.00%, 05/15/34 (Call 05/15/30)		1,500		1,730,469
Series BE, 5.00%, 05/15/36 (Call 05/15/30)		1,500		1,715,446
Series BE, 5.00%, 05/15/38 (Call 05/15/30)		1,000		1,128,751
Series BE, 5.00%, 05/15/39 (Call 05/15/30)		5,820		6,539,094
Series BE, 5.00%, 05/15/41 (Call 05/15/30)		1,410		1,568,662
Series BE, 5.00%, 05/15/42 (Call 05/15/30)		6,000		6,655,320
Series BH, 4.00%, 05/15/46 (Call 05/15/31)		5,500		5,568,413
Series BH, 4.00%, 05/15/51 (Call 05/15/31)		3,250		3,215,930
Series I, 4.00%, 05/15/36 (Call 05/15/25)		1,000		1,003,570
Series I, 5.00%, 05/15/32 (Call 05/15/25)		3,070		3,146,718
Series K, 4.00%, 05/15/46 (Call 05/15/26)		21,045		20,982,216
Series M, 4.00%, 05/15/47 (Call 05/15/27)		4,580		4,552,896
Series M, 5.00%, 05/15/47 (Call 05/15/27)		14,075		14,842,921
Series M, 5.00%, 05/15/52 (Call 05/15/27)		9,250		9,714,347
Series O, 5.00%, 05/15/58 (Call 05/15/28)		3,000		3,175,908
Series O, 5.50%, 05/15/58 (Call 05/15/28)		2,000		2,155,996
Series Q, 4.00%, 05/15/36 (Call 05/15/31)		1,610		1,718,991
Series Q, 5.00%, 05/15/46 (Call 05/15/31)		8,855		9,800,144

Security	Par (000)		Value
California (continued)
Upper Santa Clara Valley Joint Powers Authority RB
Series A, 4.00%, 08/01/45 (Call 08/01/25)	$	3,450	$	3,450,184
Series A, 4.00%, 08/01/50 (Call 08/01/25)		8,435		8,331,363
Ventura County Community College District GO, 0.00%, 08/01/28(a)		15,000		13,160,056
Walnut Valley Unified School District GO, 4.00%, 08/01/51 (Call 08/01/32)		3,000		3,017,369
West Valley-Mission Community College District GO, Series B, 4.00%, 08/01/40 (Call 08/01/25)		1,750		1,753,144
Westminster School District GO 0.00%, 08/01/48 (Call 08/01/39) (BAM)		8,345		5,753,695
0.00%, 08/01/52 (Call 08/01/39) (BAM)		15,000		10,278,883
William S Hart Union High School District GO,
Series B, 0.00%, 08/01/34 (AGM)(a)		4,825		3,411,208
				7,419,112,830
Colorado — 1.2%
Board of Governors of Colorado State University System RB
Series A, 4.00%, 03/01/49 (Call 03/01/25)		4,000		3,950,974
Series A, 4.13%, 03/01/55 (Call 03/01/25)		30,000		29,638,365
Series C, 4.00%, 03/01/47 (Call 03/01/28) (ST HGR ED INTERCEPT PROG)		18,625		18,267,905
Series E-1, 5.00%, 03/01/47 (PR 03/01/25) (HERBIP)		1,000		1,017,022
Board of Water Commissioners City & County of Denver (The) RB 5.00%, 12/15/45 (Call 12/15/32)		5,770		6,428,179
5.00%, 12/15/52 (Call 12/15/32)		25,285		27,570,557
Series A, 4.00%, 09/15/42 (Call 09/15/27)		2,500		2,505,519
Series A, 5.00%, 09/15/47 (Call 09/15/27)		5,575		5,801,522
Series B, 5.00%, 09/15/30		5,495		6,320,264
Boulder Valley School District No Re-2 Boulder GO, 5.00%, 12/01/39 (Call 06/01/25) (SAW)		22,710		23,104,212
City & County of Denver Co. GO
Series A, 5.00%, 08/01/38 (Call 08/01/32)		16,200		18,559,911
Series A, 5.00%, 08/01/39 (Call 08/01/32)		7,010		7,978,542
Series B, 5.00%, 08/01/29		11,010		12,391,858
Series B, 5.00%, 08/01/30		24,375		27,973,471
City & County of Denver Colorado Airport System Revenue RB 4.00%, 12/01/43 (Call 12/01/28)		5,000		4,968,616
5.00%, 11/15/25		1,055		1,090,808
5.00%, 11/15/28		525		580,884
5.00%, 11/15/29		2,850		3,204,028
5.00%, 11/15/33		1,000		1,192,923
5.00%, 11/15/38 (Call 11/15/33)		750		866,584
5.00%, 11/15/39 (Call 11/15/33)		1,000		1,149,653
5.00%, 11/15/42 (Call 11/15/33)		2,000		2,262,095
5.00%, 11/15/47 (Call 11/15/32)		8,750		9,616,249
5.25%, 11/15/53 (Call 11/15/32)		3,000		3,322,924
Series A, 5.00%, 11/15/24		1,135		1,149,292
Series B, 4.00%, 11/15/31 (Call 04/01/24)		2,310		2,310,843
Series B, 5.00%, 11/15/43 (Call 04/01/24)		140		140,069
Series B, 5.00%, 12/01/48 (Call 12/01/28)		7,515		7,917,624
City & County of Denver Colorado COP, 5.00%, 12/01/32		2,320		2,740,305
City & County of Denver Colorado GO, Series B, 5.00%, 08/01/26		16,500		17,376,851
City & County of Denver Colorado Pledged Excise Tax Revenue RB
Series A, 4.00%, 08/01/46 (Call 08/01/26)		10,000		9,881,987

S C H E D U L E  O F   I N V E S T M E N T S 37

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Colorado (continued)
Series A, 5.00%, 08/01/44 (Call 08/01/26)	$	9,500	$	9,687,654
Series A-1, 5.00%, 08/01/41 (Call 08/01/26)		1,000		1,030,863
City of Aurora CO Water Revenue RB, 5.00%, 08/01/46 (PR 08/01/26)		24,380		25,669,778
City of Colorado Springs CO Utilities System Revenue RB, Series A-1, 5.00%, 11/15/24		3,000		3,038,608
County of Adams CO COP, 4.00%, 12/01/45 (Call 12/01/25)		700		692,080
Denver City & County School District No. 1 GO 5.00%, 12/01/37 (Call 12/01/26) (SAW)		2,035		2,120,674
5.00%, 12/01/38 (Call 12/01/26) (SAW)		1,830		1,902,659
5.00%, 12/01/39 (Call 12/01/30)		4,520		5,025,510
5.00%, 12/01/42 (Call 06/01/32) (SAW)		3,205		3,591,461
5.00%, 12/01/45 (Call 06/01/32) (SAW)		2,565		2,846,756
Series B, 3.00%, 12/01/29 (Call 04/01/24) (SAW) .		1,000		1,000,013
Series B, 4.00%, 12/01/27 (SAW)		5,840		6,126,266
Series B, 4.00%, 12/01/28 (SAW)		5,000		5,304,181
E-470 Public Highway Authority RB 0.00%, 09/01/28 (NPFGC)(a)		12,900		11,200,950
0.00%, 09/01/35(a)		1,000		676,931
Series A, 0.00%, 09/01/34 (NPFGC)(a)		22,000		15,360,957
Series A, 0.00%, 09/01/40(a)		2,745		1,412,700
Series A, 0.00%, 09/01/41(a)		3,495		1,710,776
Series A, 5.00%, 09/01/40 (Call 09/01/24)		1,600		1,608,377
Series B, 0.00%, 09/01/24 (NPFGC)(a)		1,165		1,145,605
Series B, 0.00%, 09/01/29 (NPFGC)(a)		2,500		2,102,099
Regional Transportation District Sales Tax Revenue RB 4.00%, 11/01/39 (Call 05/01/31)		15,500		15,831,202
5.00%, 11/01/28		8,535		9,455,390
5.00%, 11/01/29		5,000		5,656,212
5.00%, 11/01/31		5,000		5,864,922
5.00%, 11/01/37 (Call 11/01/33)		5,000		5,809,171
5.00%, 11/01/38 (Call 11/01/33)		2,000		2,306,846
Series A, 5.00%, 11/01/27		1,500		1,625,226
Series A, 5.00%, 11/01/28		1,670		1,850,088
Series A, 5.00%, 11/01/41 (Call 11/01/26)		2,765		2,854,134
Series A, 5.00%, 11/01/46 (Call 11/01/26)		11,875		12,191,155
Series B, 5.00%, 11/01/33 (Call 11/01/27)		1,655		1,772,923
State of Colorado COP 6.00%, 12/15/41 (Call 12/15/32)		10,000		12,063,293
Series N, 4.00%, 03/15/43 (Call 03/15/28)		3,500		3,506,719
Series O, 4.00%, 03/15/44 (Call 03/15/29)		1,985		1,986,823
University of Colorado RB
Series A-2, 4.00%, 06/01/35 (PR 06/01/28)		3,000		3,173,512
Series A-2, 4.00%, 06/01/43 (Call 06/01/28)		2,000		2,006,388
				452,488,938
Connecticut — 1.8%
Connecticut State Health & Educational Facilities Authority RB 2.80%, 07/01/57 (Put 02/03/26)		7,600		7,494,314
Series 2015-A, VRDN, 0.38%, 07/01/35 (Put 07/12/24)(b)		3,735		3,677,859
Series 2017 B-1, 5.00%, 07/01/29		5,000		5,639,180
Series C-1, VRDN, 5.00%, 07/01/40 (Put 02/01/28)(b)		17,945		19,632,198
State of Connecticut Clean Water Fund - State Revolving Fund RB 5.00%, 05/01/30 (Call 05/01/27)		1,590		1,707,885
5.00%, 02/01/36 (Call 02/01/29)		14,215		15,707,947

Security	Par (000)		Value
Connecticut (continued)
State of Connecticut GO 4.00%, 01/15/31	$	1,565	$	1,693,107
4.00%, 01/15/36 (Call 01/15/30)		4,000		4,218,647
4.00%, 01/15/41 (Call 01/15/34)		4,000		4,110,208
4.00%, 01/15/42 (Call 01/15/34)		3,000		3,063,224
4.00%, 01/15/43 (Call 01/15/34)		5,000		5,062,640
5.00%, 08/01/25		1,000		1,027,993
5.00%, 09/15/25		1,000		1,028,968
5.00%, 11/15/25		7,820		8,090,685
5.00%, 07/15/27		1,700		1,829,028
5.00%, 06/15/28 (Call 06/15/25)		10,000		10,245,179
5.00%, 07/15/28		2,735		3,006,958
5.00%, 11/15/28 (Call 11/15/25)		5,000		5,163,182
5.00%, 06/15/29 (Call 06/15/25)		10,000		10,240,618
5.00%, 06/15/29 (Call 06/15/28)		14,690		16,044,891
5.00%, 01/15/30		5,000		5,659,427
5.00%, 03/01/30		6,965		7,903,470
5.00%, 01/15/31		5,000		5,761,383
5.00%, 08/01/31		1,000		1,162,895
5.00%, 09/15/31		635		739,937
5.00%, 11/15/31		2,750		3,213,124
5.00%, 01/15/32		5,000		5,857,902
5.00%, 06/15/32 (Call 06/15/25)		2,265		2,316,737
5.00%, 08/01/32		1,000		1,181,850
5.00%, 08/01/33		1,000		1,199,200
5.00%, 04/15/35 (Call 04/15/27)		6,000		6,351,825
5.00%, 04/15/35 (Call 04/15/29)		3,000		3,319,583
5.00%, 11/15/35 (Call 11/15/32)		1,640		1,923,316
5.00%, 01/15/36 (Call 01/15/34)		3,150		3,753,568
5.00%, 11/15/37 (Call 11/15/32)		1,000		1,153,145
5.00%, 01/15/39 (Call 01/15/34)		3,000		3,474,823
5.00%, 11/15/40 (Call 11/15/32)		1,950		2,209,990
Series 2021 A, 3.00%, 01/15/32 (Call 01/15/31)		3,970		3,945,989
Series 2021 A, 3.00%, 01/15/33 (Call 01/15/31)		6,970		6,875,344
Series 2021 A, 3.00%, 01/15/34 (Call 01/15/31)		4,000		3,913,718
Series 2021 A, 3.00%, 01/15/36 (Call 01/15/31)		3,000		2,848,526
Series 2021 A, 3.00%, 01/15/38 (Call 01/15/31)		5,000		4,497,015
Series 2021 A, 3.00%, 01/15/39 (Call 01/15/31)		1,000		883,751
Series 2021 A, 3.00%, 01/15/40 (Call 01/15/31)		5,000		4,357,955
Series 2021 A, 4.00%, 01/15/25		3,500		3,527,340
Series 2021 A, 4.00%, 01/15/27		3,000		3,096,620
Series 2021 A, 4.00%, 01/15/29		5,000		5,291,945
Series A, 3.00%, 01/15/39 (Call 01/15/30)		2,000		1,771,619
Series A, 4.00%, 01/15/26		1,500		1,530,837
Series A, 4.00%, 01/15/27		3,790		3,912,063
Series A, 4.00%, 01/15/28		1,250		1,306,639
Series A, 4.00%, 01/15/31		4,310		4,662,805
Series A, 4.00%, 01/15/33 (Call 01/15/30)		3,000		3,199,414
Series A, 4.00%, 01/15/33 (Call 01/15/32)		16,155		17,549,768
Series A, 4.00%, 01/15/34 (Call 01/15/32)		1,500		1,627,375
Series A, 4.00%, 01/15/35 (Call 01/15/30)		5,500		5,834,201
Series A, 4.00%, 01/15/35 (Call 01/15/32)		5,205		5,637,644
Series A, 4.00%, 01/15/37 (Call 01/15/30)		2,000		2,088,144
Series A, 5.00%, 01/15/28		2,000		2,174,925
Series A, 5.00%, 01/15/29		4,615		5,124,532
Series A, 5.00%, 04/15/30 (Call 04/15/29)		1,365		1,519,450
Series A, 5.00%, 01/15/31 (Call 01/15/30)		2,145		2,427,520
Series A, 5.00%, 04/15/33 (Call 04/15/27)		1,660		1,762,204
Series A, 5.00%, 04/15/34 (Call 04/15/27)		7,000		7,427,982
Series A, 5.00%, 04/15/34 (Call 04/15/29)		3,675		4,076,077
Series A, 5.00%, 04/15/36 (Call 04/15/29)		2,300		2,532,110

38 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Connecticut (continued)
Series B, 3.00%, 01/15/40 (Call 01/15/32)	$	14,250	$	12,552,141
Series B, 3.00%, 06/01/40 (Call 06/01/31)		5,425		4,715,067
Series B, 4.00%, 06/15/33 (Call 06/15/25)		27,000		27,100,529
Series B, 4.00%, 01/15/36 (Call 01/15/32)		3,000		3,212,626
Series B, 4.00%, 01/15/38 (Call 01/15/32)		12,235		12,786,006
Series B, 5.00%, 05/15/24		1,700		1,705,700
Series B, 5.00%, 04/15/25		2,500		2,553,868
Series B, 5.00%, 05/15/25		1,935		1,980,136
Series B, 5.00%, 05/15/26		3,580		3,747,071
Series B, 5.00%, 06/15/27 (Call 06/15/25)		2,300		2,356,757
Series C, 5.00%, 06/15/28		1,010		1,108,427
Series D, 5.00%, 07/15/24		8,375		8,428,700
Series D, 5.00%, 08/15/24		2,120		2,136,991
Series D, 5.00%, 09/15/24		1,000		1,009,631
Series D, 5.00%, 09/15/26		7,535		7,950,094
Series D, 5.00%, 09/15/27		660		712,804
Series E, 5.00%, 10/15/25		3,140		3,242,610
Series E, 5.00%, 10/15/28 (Call 10/15/26)		5,000		5,268,427
Series E, 5.00%, 10/15/33 (Call 10/15/26)		4,170		4,375,724
Series F, 5.00%, 09/15/26		1,110		1,171,149
Series F, 5.00%, 11/15/27 (Call 11/15/25)		2,080		2,149,328
Series F, 5.00%, 11/15/31 (Call 11/15/25)		4,945		5,096,044
Series F, 5.00%, 11/15/32 (Call 11/15/25)		2,000		2,060,605
Series F, 5.00%, 11/15/34 (Call 11/15/25)		2,000		2,052,890
State of Connecticut Special Tax Revenue RB
4.00%, 05/01/37 (Call 05/01/31)		2,350		2,469,562
4.00%, 05/01/39 (Call 05/01/30) (BAM-TCRS)		7,750		8,009,282
4.00%, 11/01/39 (Call 11/01/31)		4,545		4,708,512
4.00%, 05/01/40 (Call 05/01/31)		5,000		5,130,175
5.00%, 09/01/24		2,345		2,364,463
5.00%, 09/01/25 (Call 09/01/24)		5,090		5,137,139
5.00%, 10/01/31 (Call 10/01/28)		14,605		16,005,542
5.00%, 01/01/34 (Call 01/01/28)		18,000		19,405,465
5.00%, 07/01/36 (Call 01/01/33)		3,950		4,618,251
Series A, 4.00%, 05/01/24		6,270		6,275,765
Series A, 4.00%, 05/01/36 (Call 05/01/30)		1,950		2,057,810
Series A, 4.00%, 05/01/36 (Call 05/01/31)		1,245		1,323,583
Series A, 4.00%, 09/01/36 (Call 09/01/26)		10,000		10,056,086
Series A, 4.00%, 05/01/39 (Call 05/01/30)		11,575		11,916,792
Series A, 4.00%, 05/01/39 (Call 05/01/31)		7,500		7,753,404
Series A, 5.00%, 05/01/25		880		898,575
Series A, 5.00%, 09/01/25 (Call 09/01/24)		5,000		5,046,305
Series A, 5.00%, 05/01/26		3,000		3,137,131
Series A, 5.00%, 08/01/26 (Call 08/01/25)		1,000		1,027,935
Series A, 5.00%, 01/01/27		8,000		8,499,656
Series A, 5.00%, 08/01/27 (Call 08/01/25)		5,050		5,188,703
Series A, 5.00%, 09/01/27 (Call 09/01/24)		1,575		1,587,435
Series A, 5.00%, 08/01/28 (Call 08/01/25)		1,000		1,026,975
Series A, 5.00%, 09/01/28 (Call 09/01/24)		1,000		1,008,223
Series A, 5.00%, 09/01/29 (Call 09/01/26)		4,000		4,200,337
Series A, 5.00%, 05/01/30		5,000		5,690,520
Series A, 5.00%, 09/01/31 (Call 09/01/24)		1,000		1,007,236
Series A, 5.00%, 05/01/32 (Call 05/01/31)		5,775		6,683,783
Series A, 5.00%, 08/01/32 (Call 08/01/25)		1,200		1,230,243
Series A, 5.00%, 09/01/32 (Call 09/01/24)		7,640		7,689,363
Series A, 5.00%, 05/01/33 (Call 05/01/30)		4,000		4,543,727
Series A, 5.00%, 08/01/33 (Call 08/01/25)		1,000		1,023,762
Series A, 5.00%, 09/01/33 (Call 09/01/26)		1,000		1,047,174
Series A, 5.00%, 05/01/34 (Call 05/01/30)		5,000		5,669,011
Series A, 5.00%, 05/01/34 (Call 05/01/31)		4,000		4,614,785
Series A, 5.00%, 09/01/34 (Call 09/01/26)		9,500		9,940,457

Security	Par (000)		Value
Connecticut (continued)
Series A, 5.00%, 05/01/35 (Call 05/01/30)	$	5,565	$	6,284,645
Series A, 5.00%, 05/01/35 (Call 05/01/31)		3,250		3,736,377
Series A, 5.00%, 01/01/37 (Call 01/01/28)		2,000		2,139,357
Series A, 5.00%, 05/01/37 (Call 05/01/30)		3,485		3,877,228
Series A, 5.00%, 05/01/38 (Call 05/01/30)		4,960		5,486,261
Series A, 5.00%, 05/01/41 (Call 05/01/31)		3,655		4,051,294
Series B, 5.00%, 10/01/25		1,500		1,544,869
Series B, 5.00%, 10/01/30 (Call 10/01/28)		1,000		1,097,635
Series B, 5.00%, 10/01/33 (Call 10/01/28)		5,020		5,483,609
Series B, 5.00%, 10/01/35 (Call 10/01/28)		1,500		1,632,848
Series B, 5.00%, 10/01/38 (Call 10/01/28)		1,500		1,612,154
Series D, 5.00%, 11/01/27		4,520		4,895,704
Series D, 5.00%, 11/01/28		3,550		3,927,884
				654,506,755
Delaware — 0.7%
Delaware Transportation Authority RB 5.00%, 07/01/30		5,000		5,732,545
5.00%, 09/01/33 (Call 09/01/30)		1,250		1,425,702
5.00%, 07/01/34 (Call 07/01/32)		8,560		10,142,119
5.00%, 07/01/36 (Call 07/01/32)		2,250		2,642,498
5.00%, 06/01/55 (Call 06/01/25)		14,435		14,583,880
State of Delaware GO 4.00%, 02/01/32 (Call 02/01/31)		9,365		10,095,164
4.00%, 05/01/40 (Call 05/01/33)		13,420		13,946,166
4.00%, 05/01/42 (Call 05/01/33)		15,000		15,433,537
4.00%, 05/01/43 (Call 05/01/33)		10,000		10,272,858
5.00%, 07/01/24		1,000		1,005,972
5.00%, 03/01/26		3,855		4,022,619
5.00%, 02/01/27		2,470		2,636,208
5.00%, 02/01/28		6,710		7,335,636
5.00%, 03/01/28		5,465		5,986,484
5.00%, 02/01/29		2,000		2,235,663
5.00%, 03/01/29		3,005		3,365,406
5.00%, 01/01/30		2,240		2,550,368
5.00%, 05/01/30		15,955		18,285,666
5.00%, 02/01/31		2,630		3,054,506
5.00%, 03/01/31		6,590		7,665,325
5.00%, 05/01/31		17,035		19,872,813
5.00%, 03/01/33 (Call 03/01/32)		12,800		15,140,785
5.00%, 05/01/37 (Call 05/01/33)		2,690		3,178,164
5.00%, 05/01/39 (Call 05/01/33)		8,000		9,284,646
Series A, 5.00%, 03/01/24		1,040		1,040,000
Series A, 5.00%, 01/01/26		3,090		3,211,326
Series A, 5.00%, 01/01/27		1,270		1,352,532
Series A, 5.00%, 01/01/28		4,175		4,555,197
University of Delaware RB 5.00%, 11/01/45 (PR 05/01/25)		12,625		12,908,895
VRDN, 3.55%, 11/01/34 (Put 02/29/24)(b)		26,530		26,530,000
Series C, VRDN, 3.65%, 11/01/37 (Put 02/29/24)(b)		15,000		15,000,000
				254,492,680
District of Columbia — 2.1%
District of Columbia GO 4.00%, 02/01/46 (Call 02/01/31)		1,500		1,496,484
5.00%, 06/01/27		2,500		2,686,315
5.00%, 06/01/29		5,010		5,624,766
5.00%, 06/01/30		4,000		4,579,016
5.00%, 10/15/32 (Call 04/15/29)		13,490		15,031,938
5.00%, 02/01/33 (Call 02/01/31)		2,300		2,662,037
5.00%, 01/01/34 (Call 01/01/33)		1,040		1,242,559

S C H E D U L E  O F   I N V E S T M E N T S 39

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
District of Columbia (continued)
5.00%, 01/01/35 (Call 01/01/33)	$	500	$	595,592
5.00%, 01/01/36 (Call 01/01/33)		3,350		3,961,476
5.00%, 06/01/36 (Call 06/01/27)		2,650		2,807,395
5.00%, 01/01/37 (Call 01/01/33)		1,000		1,170,522
5.00%, 01/01/38 (Call 01/01/33)		1,000		1,159,665
5.00%, 10/15/40 (Call 04/15/29)		4,665		5,046,401
5.00%, 01/01/41 (Call 01/01/33)		1,000		1,137,805
5.00%, 02/01/41 (Call 02/01/31)		1,725		1,905,834
5.00%, 01/01/42 (Call 01/01/33)		2,000		2,266,209
5.00%, 01/01/43 (Call 01/01/33)		13,000		14,663,081
5.25%, 01/01/48 (Call 01/01/33)		17,790		19,964,450
Series A, 4.00%, 06/01/37 (Call 06/01/27)		3,060		3,117,195
Series A, 5.00%, 06/01/26 (Call 06/01/25)		1,250		1,280,209
Series A, 5.00%, 10/15/27		2,000		2,167,665
Series A, 5.00%, 10/15/28		2,045		2,266,170
Series A, 5.00%, 10/15/29 (Call 04/15/29)		3,575		3,996,216
Series A, 5.00%, 06/01/31 (Call 06/01/26)		9,250		9,661,864
Series A, 5.00%, 06/01/32 (Call 06/01/27)		2,000		2,130,167
Series A, 5.00%, 06/01/33 (Call 06/01/27)		1,900		2,022,667
Series A, 5.00%, 10/15/33 (Call 04/15/29)		5,000		5,568,083
Series A, 5.00%, 06/01/34 (Call 06/01/27)		2,500		2,660,048
Series A, 5.00%, 06/01/37 (Call 06/01/27)		3,720		3,925,385
Series A, 5.00%, 10/15/37 (Call 04/15/29)		5,000		5,465,463
Series A, 5.00%, 06/01/41 (Call 06/01/26)		15,570		16,010,483
Series A, 5.00%, 06/01/43 (Call 06/01/28)		3,950		4,171,299
Series A, 5.00%, 10/15/44 (Call 04/15/29)		29,090		31,091,622
Series B, 5.00%, 06/01/24		4,155		4,172,331
Series B, 5.00%, 06/01/26 (Call 06/01/25)		2,000		2,048,334
Series C, 5.00%, 06/01/33 (Call 06/01/24)		15,000		15,058,542
Series C, 5.00%, 06/01/35 (Call 06/01/24)		3,720		3,734,518
Series C, 5.00%, 06/01/38 (Call 06/01/24)		2,000		2,007,806
Series D, 5.00%, 06/01/26		4,000		4,195,484
Series D, 5.00%, 06/01/27		4,060		4,362,576
Series D, 5.00%, 02/01/30		2,200		2,502,680
Series D, 5.00%, 02/01/32 (Call 02/01/31)		4,000		4,631,940
Series D, 5.00%, 06/01/41 (Call 12/01/26)		7,805		8,070,970
Series D, 5.00%, 02/01/46 (Call 02/01/31)		7,875		8,580,975
Series E, 4.00%, 02/01/37 (Call 02/01/31)		1,835		1,923,852
Series E, 5.00%, 02/01/26		15,580		16,183,057
Series E, 5.00%, 02/01/28		1,495		1,630,895
District of Columbia Income Tax Revenue RB 4.00%, 05/01/38 (Call 05/01/30)		2,605		2,685,124
4.00%, 03/01/40 (Call 09/01/29)		4,370		4,452,163
5.00%, 12/01/26		3,585		3,806,886
5.00%, 03/01/27		5,000		5,342,047
5.00%, 12/01/27		2,015		2,190,387
5.00%, 12/01/28		2,750		3,055,987
5.00%, 12/01/29		7,000		7,940,073
5.00%, 12/01/30		8,500		9,819,154
5.00%, 10/01/31		8,000		9,376,823
5.00%, 12/01/31		15,590		18,324,360
5.00%, 12/01/32		5,125		6,124,076
5.00%, 07/01/33 (Call 07/01/32)		2,075		2,461,186
5.00%, 10/01/33		1,000		1,210,637
5.00%, 07/01/35 (Call 07/01/32)		2,125		2,505,085
5.00%, 05/01/38 (Call 05/01/33)		3,000		3,484,089
5.00%, 05/01/39 (Call 05/01/33)		1,000		1,155,377
5.00%, 07/01/39 (Call 07/01/32)		3,420		3,906,473
5.00%, 07/01/40 (Call 07/01/32)		12,970		14,702,822
5.00%, 05/01/41 (Call 05/01/33)		11,865		13,501,727
5.00%, 05/01/42 (Call 05/01/33)		4,520		5,118,482

Security	Par (000)		Value
District of Columbia (continued)
5.00%, 05/01/43 (Call 05/01/33)	$	13,750	$	15,518,947
5.50%, 07/01/47 (Call 07/01/32)		30,000		34,156,317
Series A, 4.00%, 03/01/37 (Call 09/01/29)		2,000		2,071,174
Series A, 4.00%, 03/01/44 (Call 09/01/29)		2,000		2,002,242
Series A, 5.00%, 03/01/29		2,000		2,233,888
Series A, 5.00%, 03/01/31 (Call 09/01/29)		2,500		2,811,108
Series A, 5.00%, 03/01/32 (Call 09/01/29)		1,500		1,684,217
Series A, 5.00%, 03/01/33 (Call 09/01/29)		4,010		4,491,958
Series A, 5.00%, 03/01/34 (Call 09/01/29)		7,040		7,870,498
Series A, 5.00%, 03/01/35 (Call 09/01/29)		6,355		7,082,231
Series A, 5.00%, 03/01/35 (Call 03/01/30)		1,065		1,206,524
Series A, 5.00%, 03/01/36 (Call 09/01/29)		2,000		2,214,177
Series A, 5.00%, 03/01/39 (Call 03/01/30)		4,400		4,843,113
Series B, 5.00%, 10/01/25		33,905		34,993,242
Series B, 5.00%, 10/01/26		9,310		9,845,199
Series B, 5.00%, 10/01/27		11,885		12,869,767
Series C, 4.00%, 05/01/45 (Call 05/01/30)		2,210		2,199,637
Series C, 5.00%, 10/01/25		1,210		1,248,837
Series C, 5.00%, 10/01/26		2,270		2,400,494
Series C, 5.00%, 10/01/27		2,190		2,371,459
Series C, 5.00%, 10/01/29		5,160		5,833,142
Series C, 5.00%, 05/01/45 (Call 05/01/30)		3,615		3,910,589
District of Columbia RB 5.00%, 12/01/33 (Call 12/01/29)		6,000		6,702,771
5.00%, 12/01/34 (Call 12/01/29)		2,450		2,729,875
District of Columbia Water & Sewer Authority RB
Series A, 5.00%, 10/01/25		2,120		2,187,714
Series A, 5.00%, 10/01/36 (Call 04/01/26)		8,520		8,795,999
Series A, 5.00%, 10/01/49 (Call 04/01/28)		23,715		24,811,148
Series A, 5.00%, 10/01/52 (Call 04/01/27)		3,000		3,088,988
Series B, 5.00%, 10/01/49 (Call 04/01/28)		14,425		15,091,748
Series B, 5.25%, 10/01/44 (Call 10/01/25)		2,000		2,031,288
Series C, 5.00%, 10/01/44 (PR 10/01/24)		12,060		12,186,347
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB 0.00%, 10/01/35(a)		13,940		9,086,714
Series A, 0.00%, 10/01/37(a)		4,000		2,142,618
Series A, 5.00%, 10/01/44 (Call 10/01/28)		1,000		1,049,955
Series B, 4.00%, 10/01/44 (Call 10/01/29)		5,250		5,165,325
Series B, 4.00%, 10/01/49 (Call 10/01/29)		5,250		4,922,698
Series B, 4.00%, 10/01/53 (Call 10/01/29)		5,000		4,597,041
Series B, 4.00%, 10/01/53 (Call 10/01/29) (AGM) .		3,000		2,851,682
Series B, 5.00%, 10/01/47 (Call 10/01/29)		1,000		1,035,848
Washington Metropolitan Area Transit Authority Dedicated Revenue RB 5.00%, 07/15/26		3,360		3,530,769
5.00%, 07/15/35 (Call 07/15/33)		1,100		1,305,714
5.00%, 07/15/37 (Call 07/15/33)		1,000		1,164,076
5.00%, 07/15/40 (Call 07/15/33)		1,500		1,707,961
5.00%, 07/15/42 (Call 07/15/33)		5,655		6,359,973
5.00%, 07/15/43 (Call 07/15/33)		1,050		1,173,354
5.00%, 07/15/45 (Call 07/15/33)		1,000		1,106,591
5.00%, 07/15/48 (Call 07/15/33)		5,000		5,471,025
5.25%, 07/15/53 (Call 07/15/33)		12,000		13,274,842
Series A, 3.00%, 07/15/43 (Call 07/15/31)		10,000		8,331,455
Series A, 4.00%, 07/15/35 (Call 07/15/31)		1,500		1,578,259
Series A, 4.00%, 07/15/39 (Call 07/15/31)		4,000		4,072,314
Series A, 4.00%, 07/15/40 (Call 07/15/30)		8,000		8,067,745
Series A, 4.00%, 07/15/43 (Call 07/15/31)		16,820		16,748,939
Series A, 5.00%, 07/15/25		1,000		1,026,319
Series A, 5.00%, 07/15/27		500		538,117

40 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
District of Columbia (continued)
Series A, 5.00%, 07/15/36 (Call 07/15/30)	$	11,730	$	13,147,504
Series A, 5.00%, 07/15/37 (Call 07/15/30)		2,765		3,076,543
Series A, 5.00%, 07/15/38 (Call 07/15/30)		2,000		2,206,816
Series A, 5.00%, 07/15/45 (Call 07/15/30)		2,000		2,151,775
Series A, 5.00%, 07/15/46 (Call 07/15/31)		2,250		2,438,677
Washington Metropolitan Area Transit Authority RB 5.00%, 07/01/43 (Call 07/01/27)		5,000		5,198,224
Series B, 5.00%, 07/01/36 (Call 07/01/27)		1,700		1,794,585
				761,611,095
Florida — 1.2%
Broward County FL Water & Sewer Utility Revenue RB, Series A, 5.00%, 10/01/40 (Call 10/01/29)		5,290		5,750,496
Central Florida Expressway Authority RB 2.13%, 07/01/36 (Call 07/01/31) (AGM)		1,000		823,350
4.00%, 07/01/35 (Call 07/01/31) (AGM)		500		525,798
4.00%, 07/01/37 (Call 07/01/31) (AGM)		3,440		3,583,825
4.00%, 07/01/38 (Call 07/01/31) (AGM)		1,000		1,031,079
4.00%, 07/01/41 (Call 07/01/27)		2,775		2,758,411
5.00%, 07/01/26 (AGM)		510		534,242
5.00%, 07/01/27 (AGM)		10,450		11,198,672
5.00%, 07/01/28 (AGM)		1,000		1,095,071
5.00%, 07/01/30 (AGM)		1,000		1,138,974
5.00%, 07/01/32 (Call 07/01/31) (AGM)		725		839,335
5.00%, 07/01/37 (Call 07/01/28)		2,025		2,164,206
5.00%, 07/01/38 (Call 07/01/27)		5,845		6,153,784
5.00%, 07/01/38 (Call 07/01/28)		3,325		3,547,124
5.00%, 07/01/39 (Call 07/01/27)		1,250		1,312,519
5.00%, 07/01/39 (Call 07/01/28)		4,380		4,649,486
5.00%, 07/01/40 (Call 07/01/28)		3,000		3,165,261
5.00%, 07/01/43 (Call 07/01/28)		2,000		2,102,142
Series B, 4.00%, 07/01/31 (Call 07/01/26)		1,050		1,069,813
Series B, 4.00%, 07/01/36 (Call 07/01/26)		2,000		2,023,369
Series B, 5.00%, 07/01/26		4,110		4,295,918
Series B, 5.00%, 07/01/28 (Call 07/01/26)		3,505		3,647,971
Series B, 5.00%, 07/01/34 (Call 07/01/26)		1,000		1,029,007
Series B, 5.00%, 07/01/44 (Call 07/01/29)		2,500		2,639,590
Series B, 5.00%, 07/01/49 (Call 07/01/29)		2,500		2,638,573
City of Gainesville FL Utilities System Revenue RB
Series A, 5.00%, 10/01/37 (Call 10/01/27)		1,000		1,061,970
Series A, 5.00%, 10/01/44 (Call 10/01/29)		1,500		1,598,064
City of Tampa FL Water & Wastewater System Revenue RB
Series A, 4.00%, 10/01/44 (Call 10/01/30)		1,000		1,004,267
Series A, 5.00%, 10/01/50 (Call 10/01/30)		12,000		12,837,702
Series A, 5.00%, 10/01/54 (Call 10/01/30)		4,205		4,489,756
County of Miami-Dade FL Aviation Revenue RB 4.00%, 10/01/41 (Call 10/01/30)		4,950		4,970,884
5.00%, 10/01/31 (Call 10/01/30)		2,000		2,267,343
5.00%, 10/01/41 (Call 10/01/26)		30,050		30,721,191
Series B, 5.00%, 10/01/37 (Call 10/01/24)		6,705		6,744,710
County of Miami-Dade FL GO
Series 2016A, 4.00%, 07/01/39 (Call 07/01/30)		5,000		5,132,421
Series A, 4.00%, 07/01/42 (Call 07/01/25)		2,000		2,004,187
Series A, 5.00%, 07/01/38 (Call 07/01/26)		2,000		2,060,870
Series D, 5.00%, 07/01/45 (Call 07/01/26)		8,505		8,716,090
County of Miami-Dade FL RB, 5.00%, 10/01/35 (Call 10/01/26)		2,000		2,075,770
County of Miami-Dade FL Transit System RB 4.00%, 07/01/39 (Call 07/01/29)		2,000		2,034,638
4.00%, 07/01/48 (Call 07/01/28)		5,215		5,070,203
5.00%, 07/01/43 (Call 07/01/28)		2,000		2,108,685

Security	Par (000)		Value
Florida (continued)
Series A, 4.00%, 07/01/49 (Call 07/01/30)	$	3,500	$	3,395,884
Series A, 4.00%, 07/01/50 (Call 07/01/30)		5,000		4,822,588
County of Miami-Dade FL Water & Sewer System Revenue RB 4.00%, 10/01/38 (Call 10/01/27)		18,605		18,845,818
4.00%, 10/01/39 (Call 04/01/31)		1,000		1,029,748
4.00%, 10/01/41 (Call 04/01/31)		1,000		1,017,864
4.00%, 10/01/46 (Call 04/01/31)		5,050		5,006,074
4.00%, 10/01/48 (Call 04/01/31)		2,000		1,955,645
4.00%, 10/01/51 (Call 04/01/31)		2,000		1,928,148
5.00%, 10/01/24		4,140		4,183,609
5.00%, 10/01/25		2,840		2,930,711
Series A, 4.00%, 10/01/44 (Call 10/01/27)		3,235		3,243,345
Series B, 4.00%, 10/01/35 (Call 10/01/27)		7,600		7,776,527
Series B, 4.00%, 10/01/37 (Call 10/01/27)		6,500		6,600,629
Series B, 4.00%, 10/01/44 (Call 10/01/29)		2,345		2,354,114
Series B, 4.00%, 10/01/49 (Call 10/01/29)		7,000		6,834,234
Series B, 5.00%, 10/01/27		1,010		1,087,235
Series B, 5.00%, 10/01/30 (Call 10/01/25)		2,000		2,047,361
Series B, 5.00%, 10/01/32 (Call 10/01/25)		2,000		2,046,743
Series B, 5.00%, 10/01/44 (Call 10/01/29)		2,000		2,120,407
Florida Department of Management Services COP,
Series A, 5.00%, 11/01/28		1,750		1,930,616
Florida Municipal Power Agency RB
Series A, 5.00%, 10/01/29 (Call 10/01/26)		5,360		5,603,463
Series A, 5.00%, 10/01/30 (Call 10/01/26)		2,500		2,608,514
Series A, 5.00%, 10/01/31 (Call 10/01/26)		830		864,774
Hillsborough County Aviation Authority RB
Series A, 5.00%, 10/01/44 (Call 10/01/24)		1,000		1,003,410
Series B, 5.00%, 10/01/40 (PR 10/01/24)		3,075		3,105,458
Series B, 5.00%, 10/01/44 (PR 10/01/24)		2,425		2,449,020
Series B, 5.00%, 10/01/47 (Call 10/01/31)		2,000		2,175,859
Series F, 5.00%, 10/01/48 (Call 10/01/28)		7,000		7,363,127
JEA Water & Sewer System Revenue RB 5.25%, 10/01/49 (Call 10/01/33)		2,500		2,803,815
5.50%, 10/01/54 (Call 10/01/33)		1,000		1,134,935
Miami Beach Redevelopment Agency TA, Series 2015-A, 5.00%, 02/01/40 (Call 04/01/24) (AGM)		1,000		1,000,507
Miami-Dade County Educational Facilities Authority RB
Series A, 5.00%, 04/01/40 (Call 04/01/25)		6,000		6,039,454
Series A, 5.00%, 04/01/45 (Call 04/01/25)		4,000		4,014,820
Miami-Dade County Expressway Authority RB Series A, 5.00%, 07/01/35 (Call 04/01/24) (AGM)		975		975,695
Series A, 5.00%, 07/01/39 (Call 07/01/24)		2,830		2,830,824
Series A, 5.00%, 07/01/40 (Call 04/01/24)		2,105		2,112,502
Series A, 5.00%, 07/01/44 (Call 07/01/24)		1,000		1,000,323
Series B, 5.00%, 07/01/25 (Call 07/01/24)		1,320		1,326,054
Series B, 5.00%, 07/01/26 (Call 07/01/24)		1,020		1,023,335
Mid-Bay Bridge Authority RB
Series A, 5.00%, 10/01/35 (Call 10/01/25)		1,000		1,014,146
Series A, 5.00%, 10/01/40 (Call 10/01/25)		3,000		3,024,781
Orange County Convention Center/Orlando RB 5.00%, 10/01/24		1,285		1,294,725
Series B, 4.00%, 10/01/36 (Call 10/01/26)		2,070		2,061,312
Orange County School Board COP, Series C, 5.00%, 08/01/34 (Call 08/01/26)		2,500		2,593,533
Orlando Utilities Commission RB
Series A, 4.00%, 10/01/39 (Call 04/01/31)		4,685		4,809,590
Series A, 4.00%, 10/01/40 (Call 04/01/31)		4,000		4,086,486
Series A, 5.00%, 10/01/25		1,900		1,958,611

S C H E D U L E  O F   I N V E S T M E N T S 41

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Florida (continued)
Palm Beach County School District COP 5.00%, 08/01/36 (Call 08/01/33)	$	1,500	$	1,758,888
5.00%, 08/01/37 (Call 08/01/33)		1,750		2,032,888
5.00%, 08/01/38 (Call 08/01/33)		1,500		1,726,438
5.00%, 08/01/39 (Call 08/01/33)		2,250		2,580,118
5.25%, 08/01/38 (Call 08/01/32)		2,000		2,313,072
Series C, 5.00%, 08/01/29 (Call 08/01/28)		2,540		2,783,172
Series D, 5.00%, 08/01/31 (Call 08/01/25)		2,000		2,044,902
School Board of Miami-Dade County (The) COP 5.00%, 11/01/27 (Call 11/01/24)		3,300		3,335,812
Series A, 4.00%, 08/01/29 (Call 04/01/24)		1,000		1,000,890
Series A, 5.00%, 05/01/30 (Call 05/01/25)		1,000		1,016,933
Series B, 5.00%, 05/01/27 (Call 05/01/25)		2,500		2,541,476
Series D, 5.00%, 02/01/27 (Call 02/01/26)		2,000		2,071,086
Series D, 5.00%, 02/01/30 (Call 02/01/26)		2,000		2,071,086
School District of Broward County/FL COP
Series A, 5.00%, 07/01/27		1,750		1,875,952
Series A, 5.00%, 07/01/32 (Call 07/01/30)		2,000		2,270,384
Series A, 5.00%, 07/01/34 (Call 07/01/30)		2,000		2,260,671
Series C, 5.00%, 07/01/26		2,025		2,123,586
South Florida Water Management District COP 5.00%, 10/01/33 (Call 04/01/26)		1,000		1,036,871
5.00%, 10/01/35 (Call 04/01/26)		5,000		5,168,064
State of Florida Department of Transportation
Turnpike System Revenue RB 5.00%, 07/01/47 (Call 07/01/32)		6,395		6,978,539
Series A, 4.00%, 07/01/48 (Call 07/01/28)		4,000		3,894,901
State of Florida GO 4.00%, 06/01/36 (Call 06/01/27)		13,590		13,939,608
4.00%, 07/01/37 (Call 07/01/28)		3,725		3,821,926
4.00%, 07/01/38 (Call 07/01/28)		4,030		4,116,358
4.00%, 07/01/39 (Call 07/01/28)		4,195		4,272,965
4.00%, 07/01/40 (Call 07/01/28)		4,360		4,423,556
5.00%, 06/01/34		5,030		6,157,268
Series B, 4.00%, 07/01/48 (Call 07/01/28)		7,500		7,481,055
Series C, 5.00%, 06/01/24		3,500		3,514,684
State of Florida Lottery Revenue RB, Series B, 5.00%, 07/01/25		1,100		1,129,603
Tampa-Hillsborough County Expressway Authority RB 5.00%, 07/01/47 (Call 07/01/27)		6,210		6,404,821
Series B, 4.00%, 07/01/42 (Call 07/01/28)		12,725		12,428,273
				436,628,986
Georgia — 2.7%
City of Atlanta GA Airport Passenger Facility Charge RB 5.00%, 07/01/44 (Call 07/01/33)		2,000		2,237,380
Series C, 5.00%, 07/01/36 (Call 07/01/29)		2,500		2,768,859
Series C, 5.00%, 07/01/39 (Call 07/01/29)		2,500		2,720,808
City of Atlanta GA Department of Aviation RB 4.00%, 07/01/49 (Call 07/01/29)		6,145		6,059,221
4.00%, 07/01/52 (Call 07/01/32)		3,010		2,949,727
5.00%, 07/01/29		8,505		9,511,062
5.00%, 07/01/33		2,250		2,686,619
5.00%, 07/01/47 (Call 07/01/32)		1,445		1,582,813
5.00%, 07/01/48 (Call 07/01/33)		1,000		1,102,130
5.00%, 07/01/53 (Call 07/01/33)		4,000		4,358,930
Series A, 5.00%, 07/01/25		1,735		1,779,183
Series A, 5.00%, 07/01/26		2,005		2,102,612
Series A, 5.00%, 07/01/28		2,000		2,195,290
Series A, 5.00%, 07/01/30		2,000		2,276,697

Security	Par (000)		Value
Georgia (continued)
City of Atlanta GA GO 5.00%, 12/01/29	$	1,000	$	1,132,007
5.00%, 12/01/32		1,750		2,086,602
5.00%, 12/01/35 (Call 12/01/32)		1,750		2,068,058
5.00%, 12/01/38 (Call 12/01/32)		2,500		2,871,066
5.00%, 12/01/41 (Call 12/01/32)		2,000		2,268,267
City of Atlanta GA Water & Wastewater Revenue RB 4.00%, 11/01/38 (Call 11/01/27)		8,000		8,055,160
5.00%, 11/01/28 (Call 05/01/25)		2,000		2,046,032
5.00%, 11/01/31 (Call 05/01/25)		1,755		1,794,531
5.00%, 11/01/32 (Call 05/01/25)		2,230		2,280,004
5.00%, 11/01/33 (PR 05/01/25)		11,680		11,942,645
5.00%, 11/01/34 (PR 05/01/25)		10,005		10,229,979
5.00%, 11/01/40 (Call 05/01/25)		72,330		73,416,925
Series B, 5.00%, 11/01/43 (Call 11/01/27)		4,780		4,994,542
Series B, 5.00%, 11/01/47 (Call 11/01/27)		24,350		25,287,477
County of DeKalb GA Water & Sewerage Revenue RB, Series B, 5.25%, 10/01/32 (Call 10/01/26) (AGM)		2,190		2,313,889
County of Fulton GA Water & Sewerage Revenue RB 4.00%, 01/01/34 (Call 04/01/24)		15,990		15,990,721
4.00%, 01/01/35 (Call 04/01/24)		6,885		6,885,148
Forsyth County Water & Sewerage Authority RB, 3.00%, 04/01/49 (Call 04/01/29)		4,000		3,169,136
Georgia Ports Authority RB 4.00%, 07/01/39 (Call 07/01/31)		1,000		1,033,802
4.00%, 07/01/40 (Call 07/01/31)		1,000		1,028,190
4.00%, 07/01/42 (Call 07/01/31)		1,000		1,015,744
4.00%, 07/01/43 (Call 07/01/31)		4,750		4,805,161
4.00%, 07/01/47 (Call 07/01/32)		3,125		3,110,807
4.00%, 07/01/51 (Call 07/01/31)		1,750		1,718,630
4.00%, 07/01/52 (Call 07/01/32)		11,110		10,869,337
5.00%, 07/01/26		535		561,663
5.00%, 07/01/27		905		972,524
5.00%, 07/01/29		1,500		1,683,782
5.00%, 07/01/31		1,015		1,182,379
5.00%, 07/01/33 (Call 07/01/32)		1,500		1,777,932
5.00%, 07/01/35 (Call 07/01/32)		1,000		1,175,311
5.00%, 07/01/38 (Call 07/01/32)		750		858,703
5.00%, 07/01/41 (Call 07/01/32)		2,250		2,523,546
5.00%, 07/01/42 (Call 07/01/32)		5,865		6,552,990
5.00%, 07/01/47 (Call 07/01/32)		2,500		2,742,192
5.25%, 07/01/52 (Call 07/01/32)		6,750		7,508,661
Georgia State Road & Tollway Authority RB 4.00%, 07/15/41 (Call 07/15/31)		5,000		5,142,500
5.00%, 06/01/26		1,325		1,386,807
5.00%, 06/01/27		2,200		2,357,576
5.00%, 06/01/29		2,910		3,248,881
5.00%, 06/01/31 (Call 06/01/30)		2,500		2,837,511
5.00%, 06/01/32 (Call 06/01/30)		6,105		6,925,613
Series A, 4.00%, 07/15/42 (Call 07/15/31)		18,100		18,468,208
Series A, 4.00%, 07/15/46 (Call 07/15/31)		7,170		7,201,648
Gwinnett County School District GO 4.00%, 02/01/37 (Call 02/01/31)		2,000		2,115,534
5.00%, 08/01/25		6,000		6,172,153
5.00%, 02/01/31 (Call 08/01/25)		5,580		5,729,040
5.00%, 02/01/34 (Call 08/01/25)		4,995		5,126,417
5.00%, 02/01/38 (Call 02/01/29)		17,010		18,624,106
5.00%, 02/01/39 (Call 02/01/29)		6,165		6,719,942
5.00%, 02/01/40 (Call 02/01/29)		11,710		12,716,162

42 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Series B, 5.00%, 08/01/26	$	25,010	$	26,375,033
Henry County School District GO 1.88%, 08/01/34 (Call 08/01/31)		18,330		14,940,525
1.88%, 08/01/35 (Call 08/01/31)		18,880		14,946,360
1.88%, 08/01/36 (Call 08/01/31)		19,305		14,836,182
Metropolitan Atlanta Rapid Transit Authority RB
Series A, 3.00%, 07/01/47 (Call 07/01/30)		2,850		2,334,043
Series A, 4.00%, 07/01/24		1,010		1,012,702
Series B, 5.00%, 07/01/30 (Call 07/01/26)		7,865		8,262,050
Series B, 5.00%, 07/01/31 (Call 07/01/26)		5,000		5,242,296
Series B, 5.00%, 07/01/35 (Call 07/01/26)		7,750		8,109,505
Series B, 5.00%, 07/01/45 (Call 07/01/26)		1,745		1,794,002
Series C, 3.25%, 07/01/39 (Call 07/01/27)		2,500		2,304,853
Series E-1, 3.00%, 07/01/39 (Call 01/01/32)		2,500		2,238,971
Municipal Electric Authority of Georgia RB 4.00%, 01/01/44 (Call 07/01/28) (AGM)		2,000		1,973,804
4.00%, 01/01/49 (Call 07/01/28)		3,250		3,059,810
5.00%, 01/01/56 (Call 07/01/28)		3,000		3,038,772
5.00%, 01/01/63 (Call 07/01/28)		1,500		1,516,459
Series A, 4.00%, 01/01/49 (Call 01/01/29)		500		476,584
Series A, 5.00%, 01/01/28 (Call 07/01/26)		2,000		2,076,387
Series A, 5.00%, 01/01/34 (Call 01/01/32)		1,575		1,778,666
Series A, 5.00%, 01/01/44 (Call 01/01/29)		7,975		8,255,226
Series A, 5.00%, 01/01/49 (Call 07/01/28)		5,000		5,091,301
Series A, 5.00%, 07/01/60 (Call 07/01/25)		1,000		1,001,773
Series A, 5.00%, 01/01/62 (Call 01/01/30) (AGM)		3,335		3,425,445
Private Colleges & Universities Authority RB 5.00%, 09/01/29		1,505		1,694,337
5.00%, 09/01/30		5,000		5,734,014
5.00%, 09/01/48 (Call 09/01/29)		2,500		2,648,482
Series A, 5.00%, 10/01/43 (Call 03/21/24)		2,415		2,415,228
Series A, 5.00%, 10/01/46 (Call 10/01/26)		6,525		6,692,148
Series B, 4.00%, 10/01/38 (Call 10/01/26)		4,000		4,024,400
Series B, 4.00%, 09/01/39 (Call 09/01/30)		1,500		1,548,832
Series B, 5.00%, 09/01/25		10,710		11,034,967
State of Georgia GO 4.00%, 07/01/36 (Call 07/01/31)		30,000		32,182,053
4.00%, 07/01/40 (Call 07/01/32)		10,000		10,499,022
4.00%, 07/01/42 (Call 07/01/32)		10,000		10,378,865
5.00%, 07/01/25		2,890		2,967,015
5.00%, 07/01/26		7,905		8,309,913
5.00%, 07/01/27		5,000		5,386,295
5.00%, 07/01/29 (Call 07/01/28)		5,000		5,514,476
5.00%, 07/01/30		11,660		13,405,104
5.00%, 07/01/31		17,920		20,979,648
5.00%, 07/01/32		6,000		7,151,022
5.00%, 07/01/32 (Call 07/01/28)		22,925		25,220,985
5.00%, 01/01/33		8,545		10,261,958
5.00%, 02/01/33 (Call 02/01/27)		10,015		10,656,589
5.00%, 07/01/35 (Call 07/01/33)		9,560		11,501,430
5.00%, 07/01/36 (Call 07/01/33)		2,215		2,642,376
5.00%, 07/01/37 (Call 07/01/33)		17,340		20,475,953
5.00%, 07/01/38 (Call 07/01/33)		1,985		2,325,574
5.00%, 07/01/41 (Call 07/01/33)		11,210		12,926,711
Series A, 4.00%, 07/01/34 (Call 07/01/31)		2,010		2,182,906
Series A, 4.00%, 08/01/34 (Call 08/01/30)		1,720		1,850,700
Series A, 4.00%, 07/01/35 (Call 07/01/28)		10,300		10,761,376
Series A, 4.00%, 07/01/37 (Call 07/01/31)		11,810		12,553,830
Series A, 4.00%, 07/01/38 (Call 07/01/31)		7,500		7,920,101
Series A, 4.00%, 07/01/39 (Call 07/01/31)		3,455		3,635,759
Series A, 5.00%, 07/01/26		23,835		25,055,886

Security	Par (000)		Value
Georgia (continued)
Series A, 5.00%, 02/01/27 (Call 02/01/26)	$	1,175	$	1,225,746
Series A, 5.00%, 07/01/27		21,890		23,581,197
Series A, 5.00%, 08/01/27		1,975		2,131,740
Series A, 5.00%, 07/01/28		5,165		5,693,808
Series A, 5.00%, 08/01/28		2,000		2,208,900
Series A, 5.00%, 07/01/29		1,500		1,690,156
Series A, 5.00%, 08/01/29		10,000		11,287,480
Series A, 5.00%, 02/01/30 (Call 02/01/26)		1,030		1,075,871
Series A, 5.00%, 07/01/30 (Call 07/01/28)		6,775		7,458,544
Series A, 5.00%, 07/01/31		1,570		1,838,061
Series A, 5.00%, 07/01/31 (Call 07/01/29)		5,180		5,813,511
Series A, 5.00%, 08/01/31 (Call 08/01/30)		2,805		3,228,415
Series A, 5.00%, 07/01/32 (Call 07/01/31)		3,330		3,898,707
Series A, 5.00%, 08/01/32 (Call 08/01/30)		13,150		15,127,201
Series A, 5.00%, 07/01/33 (Call 07/01/31)		5,000		5,846,930
Series A-1, 5.00%, 02/01/26		10,685		11,116,781
Series A-2, 4.00%, 02/01/36 (Call 02/01/27)		8,800		9,020,819
Series A-2, 5.00%, 02/01/25 (Call 04/01/24)		2,000		2,002,618
Series A-2, 5.00%, 02/01/30 (Call 02/01/27)		11,420		12,192,050
Series A-2, 5.00%, 02/01/32 (Call 02/01/27)		12,600		13,410,248
Series C, 5.00%, 07/01/26		2,000		2,102,445
Series C, 5.00%, 07/01/29 (Call 07/01/27)		5,500		5,929,375
Series E, 5.00%, 12/01/24		1,370		1,389,252
Series E, 5.00%, 12/01/25		5,775		5,984,865
Series E, 5.00%, 12/01/26		16,530		17,557,599
Series E, 5.00%, 12/01/27 (Call 12/01/26)		1,325		1,409,104
Series F, 5.00%, 01/01/25		2,410		2,448,036
Series F, 5.00%, 01/01/28 (Call 01/01/27)		2,805		2,988,828
				1,005,343,963
Hawaii — 0.5%
City & County Honolulu Hawaii Wastewater System Revenue RB 5.00%, 07/01/39 (Call 07/01/29)		6,545		7,118,974
Series A, 4.00%, 07/01/38 (Call 01/01/28)		3,300		3,357,935
Series A, 4.00%, 07/01/44 (Call 07/01/29)		4,490		4,501,220
Series A, 4.00%, 07/01/49 (Call 07/01/29)		9,250		9,045,519
Series A, 4.13%, 07/01/47 (Call 07/01/32)		2,000		2,010,208
Series A, 5.00%, 07/01/40 (PR 07/01/25)		1,000		1,025,466
Series A, 5.00%, 07/01/45 (PR 07/01/25)		3,675		3,768,587
Series A, 5.00%, 07/01/47 (Call 01/01/28)		4,220		4,417,633
Series A, 5.00%, 07/01/47 (Call 07/01/32)		3,000		3,300,817
Series A, 5.00%, 07/01/51 (Call 07/01/32)		7,500		8,155,539
Series A, 5.25%, 07/01/51 (Call 07/01/32)		2,500		2,772,241
City & County of Honolulu Hawaii GO 5.00%, 07/01/28		3,055		3,355,932
5.00%, 11/01/28		2,930		3,241,888
Series A, 5.00%, 09/01/27		1,170		1,261,676
Series B, 5.00%, 03/01/25		1,010		1,029,275
Series B, 5.00%, 03/01/28		2,120		2,312,178
Series B, 5.00%, 03/01/30		1,500		1,703,896
Series B, 5.00%, 03/01/31 (Call 03/01/30)		2,550		2,874,442
Series C, 5.00%, 10/01/30		5,000		5,739,148
Honolulu City & County Board of Water Supply RB, 4.00%, 07/01/35 (PR 07/01/24)		4,000		4,009,272
State of Hawaii Airports System Revenue RB 4.00%, 07/01/39 (Call 07/01/30)		7,395		7,538,546
Series D, 4.00%, 07/01/35 (Call 07/01/30)		2,000		2,094,397
Series D, 4.00%, 07/01/38 (Call 07/01/30)		2,000		2,049,644
State of Hawaii GO 5.00%, 08/01/28 (PR 08/01/24)		2,865		2,884,633
5.00%, 01/01/37 (Call 01/01/29)		2,000		2,191,087

S C H E D U L E  O F   I N V E S T M E N T S 43

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hawaii (continued)
Series EO, 5.00%, 08/01/24	$	6,010	$	6,054,616
Series EO, 5.00%, 08/01/25 (Call 08/01/24)		5,255		5,298,092
Series EO, 5.00%, 08/01/26 (Call 08/01/24)		2,280		2,296,379
Series EO, 5.00%, 08/01/26 (PR 08/01/24)		220		221,508
Series EO, 5.00%, 08/01/29 (Call 08/01/24)		720		725,025
Series EO, 5.00%, 08/01/29 (PR 08/01/24)		280		281,919
Series EO, 5.00%, 08/01/30 (Call 08/01/24)		1,895		1,908,304
Series EP, 5.00%, 08/01/24		10,735		10,814,692
Series EZ, 5.00%, 10/01/27 (PR 10/01/25)		2,000		2,062,008
Series FG, 4.00%, 10/01/34 (Call 10/01/26)		7,755		7,906,622
Series FG, 4.00%, 10/01/36 (Call 10/01/26)		6,665		6,770,148
Series FH, 5.00%, 10/01/26		3,975		4,193,349
Series FH, 5.00%, 10/01/27 (Call 10/01/26)		4,725		4,965,450
Series FH, 5.00%, 10/01/28 (Call 10/01/26)		3,450		3,622,939
Series FK, 4.00%, 05/01/36 (Call 05/01/27)		2,000		2,034,216
Series FK, 5.00%, 05/01/26		1,400		1,462,496
Series FK, 5.00%, 05/01/34 (Call 05/01/27)		2,310		2,449,623
Series FN, 5.00%, 10/01/31 (Call 10/01/27)		1,000		1,071,413
Series FT, 5.00%, 01/01/26		3,410		3,540,800
Series FT, 5.00%, 01/01/28		1,000		1,085,732
Series FT, 5.00%, 01/01/30 (Call 01/01/28)		3,000		3,246,715
Series FT, 5.00%, 01/01/31 (Call 01/01/28)		3,005		3,248,517
Series FT, 5.00%, 01/01/33 (Call 01/01/28)		2,000		2,159,841
Series FW, 5.00%, 01/01/33 (Call 01/01/29)		5,060		5,601,871
Series FW, 5.00%, 01/01/35 (Call 01/01/29)		10,000		11,051,084
State of Hawaii State Highway Fund RB, 5.00%, 01/01/41 (Call 01/01/31)		4,000		4,442,414
				190,275,926
Idaho — 0.0%
Idaho Housing & Finance Association RB 5.00%, 07/15/26		1,030		1,079,936
Series A, 4.00%, 07/15/38 (Call 07/15/31)		2,150		2,186,339
				3,266,275
Illinois — 4.2%
Chicago Board of Education Dedicated Capital Improvement Tax RB 5.75%, 04/01/34 (Call 04/01/27)		1,670		1,780,955
6.00%, 04/01/46 (Call 04/01/27)		1,830		1,918,102
Chicago Midway International Airport RB 5.00%, 01/01/34 (Call 01/01/33) (BAM)		1,900		2,237,154
5.00%, 01/01/35 (Call 01/01/33) (BAM)		7,000		8,223,479
Series B, 5.00%, 01/01/46 (Call 01/01/26)		2,255		2,281,111
Chicago O’Hare International Airport RB 4.00%, 01/01/40 (Call 01/01/30) (AGM)		5,000		5,054,522
4.00%, 01/01/42 (Call 01/01/32)		2,000		2,002,374
4.00%, 01/01/53 (Call 01/01/29) (AGM)		9,450		9,220,141
5.00%, 01/01/34 (Call 01/01/27)		3,000		3,147,617
5.00%, 01/01/35 (Call 01/01/27)		9,000		9,435,120
5.00%, 01/01/40 (Call 01/01/32)		15,045		16,741,971
5.25%, 01/01/33 (Call 01/01/27)		9,000		9,540,810
5.25%, 01/01/34 (Call 01/01/27)		5,000		5,299,007
Series A, 4.00%, 01/01/35 (Call 01/01/30)		4,000		4,146,078
Series A, 5.00%, 01/01/34 (Call 01/01/30)		8,045		8,983,556
Series A, 5.00%, 01/01/35 (Call 01/01/30)		10,000		11,148,938
Series B, 4.00%, 01/01/44 (Call 01/01/29)		7,000		6,917,682
Series B, 5.00%, 01/01/27 (Call 01/01/25)		2,500		2,533,420
Series B, 5.00%, 01/01/28 (Call 01/01/25)		10,000		10,134,460
Series B, 5.00%, 01/01/30 (Call 01/01/25)		6,120		6,206,026
Series B, 5.00%, 01/01/32 (Call 01/01/25)		15,075		15,285,521
Series B, 5.00%, 01/01/33 (Call 01/01/25)		9,085		9,211,236

Security	Par (000)		Value
Illinois (continued)
Series B, 5.00%, 01/01/34 (Call 01/01/25)	$	1,175	$	1,191,227
Series B, 5.00%, 01/01/36 (Call 01/01/27)		14,110		14,761,730
Series B, 5.00%, 01/01/37 (Call 01/01/27)		2,345		2,445,480
Series B, 5.00%, 01/01/38 (Call 01/01/27)		3,025		3,144,971
Series B, 5.00%, 01/01/39 (Call 01/01/27)		7,500		7,776,667
Series B, 5.00%, 01/01/41 (Call 01/01/26)		4,075		4,154,004
Series B, 5.00%, 01/01/48 (Call 01/01/29)		32,500		34,210,715
Series B, 5.00%, 01/01/53 (Call 01/01/29)		9,885		10,342,969
Series C, 5.00%, 01/01/31 (Call 01/01/26)		460		474,582
Series C, 5.00%, 01/01/34 (Call 01/01/26)		1,300		1,340,548
Series D, 5.00%, 01/01/46 (Call 01/01/25)		1,000		1,006,849
Series D, 5.00%, 01/01/47 (Call 01/01/27)		8,380		8,578,801
Series D, 5.00%, 01/01/52 (Call 01/01/27)		23,915		24,405,375
Series D, 5.25%, 01/01/42 (Call 01/01/27)		9,000		9,345,577
Series E, 5.00%, 01/01/27		2,000		2,118,193
Chicago Transit Authority Capital Grant Receipts Revenue RB, 5.00%, 06/01/28		780		836,459
Chicago Transit Authority Sales Tax Receipts Fund RB 5.00%, 12/01/44 (Call 12/01/24) (AGM)		1,000		1,001,287
5.25%, 12/01/49 (Call 12/01/24)		2,500		2,509,722
City of Chicago IL GO 5.50%, 01/01/39 (Call 01/01/32)		2,850		3,115,683
Series A, 4.00%, 01/01/35 (Call 01/01/31)		6,500		6,620,249
Series A, 5.00%, 01/01/29		3,000		3,215,616
Series A, 5.00%, 01/01/33 (Call 01/01/31)		10,000		10,905,130
Series A, 5.00%, 01/01/44 (Call 01/01/29)		2,500		2,561,174
Series A, 5.50%, 01/01/49 (Call 01/01/29)		5,000		5,183,699
City of Chicago IL Wastewater Transmission Revenue RB, 5.00%, 01/01/39 (Call 04/01/24)		2,000		2,003,414
Cook County Community College District No. 508 GO, 5.25%, 12/01/43 (Call 04/23/24)		1,075		1,077,641
County of Will IL GO 5.00%, 11/15/41 (PR 11/15/25)		13,050		13,477,855
5.00%, 11/15/45 (PR 11/15/25)		18,000		18,590,144
Illinois Finance Authority RB 4.00%, 01/01/25		3,310		3,331,729
4.00%, 01/01/32 (Call 01/01/31)		7,800		8,358,291
4.00%, 07/01/37 (Call 01/01/31)		8,345		8,788,909
4.00%, 07/01/38 (Call 01/01/31)		8,050		8,344,322
5.00%, 07/01/32 (Call 01/01/27)		1,585		1,667,426
5.00%, 07/01/34 (Call 07/01/29)		2,575		2,863,117
5.00%, 07/01/34 (Call 01/01/31)		1,760		2,011,010
5.00%, 07/01/35 (Call 01/01/31)		4,950		5,639,711
5.00%, 07/01/36 (Call 01/01/27)		6,030		6,319,658
5.00%, 10/01/48 (Call 10/01/27)		2,000		2,058,253
5.25%, 07/01/35 (Call 07/01/29)		3,000		3,364,303
Series A, 4.00%, 10/01/38 (Call 10/01/24)		10,000		9,968,778
Series A, 5.00%, 10/01/32		4,000		4,712,897
Series A, 5.00%, 10/01/38 (Call 10/01/24)		2,000		2,008,670
Series A, 5.00%, 10/01/40 (Call 10/01/25)		2,000		2,023,748
Illinois State Toll Highway Authority RB 5.00%, 01/01/26		1,245		1,291,403
5.00%, 01/01/27		6,320		6,698,792
5.00%, 01/01/28		6,000		6,503,009
5.00%, 01/01/29		11,065		12,239,266
5.00%, 01/01/30		3,000		3,384,382
5.00%, 01/01/31 (Call 01/01/29)		1,505		1,655,384
5.00%, 01/01/31 (Call 01/01/30)		2,000		2,254,112
5.00%, 01/01/34 (Call 04/02/24)		10,000		10,011,677
5.00%, 01/01/35 (Call 04/02/24)		11,700		11,713,662

44 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
5.00%, 01/01/36 (Call 04/02/24)	$	52,000	$	52,060,720
5.00%, 01/01/36 (Call 07/01/34)		15,000		17,995,510
5.00%, 01/01/37 (Call 01/01/25)		35,000		35,411,638
5.00%, 01/01/37 (Call 07/01/34)		8,160		9,675,438
5.00%, 01/01/38 (Call 07/01/34)		4,000		4,689,657
5.00%, 01/01/39 (Call 04/02/24)		67,750		67,829,112
5.00%, 01/01/39 (Call 07/01/34)		4,000		4,646,698
5.00%, 01/01/41 (Call 07/01/33)		4,250		4,797,969
5.25%, 01/01/43 (Call 07/01/33)		1,235		1,395,546
Series A, 4.00%, 12/01/31 (Call 01/01/26)		5,035		5,114,896
Series A, 4.00%, 01/01/42 (Call 01/01/32)		11,825		11,848,894
Series A, 4.00%, 01/01/44 (Call 07/01/29)		15,500		15,414,967
Series A, 4.00%, 01/01/46 (Call 01/01/32)		10,000		9,838,776
Series A, 5.00%, 01/01/25		7,900		8,020,794
Series A, 5.00%, 01/01/27		4,000		4,239,742
Series A, 5.00%, 01/01/30 (Call 01/01/29)		3,000		3,311,434
Series A, 5.00%, 12/01/31 (Call 01/01/26)		2,080		2,154,505
Series A, 5.00%, 12/01/32 (Call 01/01/26)		3,000		3,105,099
Series A, 5.00%, 01/01/38 (Call 04/02/24)		1,000		1,001,207
Series A, 5.00%, 01/01/40 (Call 07/01/25)		2,000		2,024,591
Series A, 5.00%, 01/01/41 (Call 01/01/32)		9,765		10,905,838
Series A, 5.00%, 01/01/42 (Call 01/01/28)		28,500		29,995,153
Series A, 5.00%, 01/01/44 (Call 07/01/29)		8,400		8,952,189
Series A, 5.00%, 01/01/45 (Call 01/01/31)		9,215		9,940,319
Series B, 5.00%, 01/01/25		5,070		5,147,522
Series B, 5.00%, 01/01/26		2,635		2,733,211
Series B, 5.00%, 01/01/27		2,130		2,257,662
Series B, 5.00%, 01/01/29		2,000		2,212,249
Series B, 5.00%, 01/01/31 (Call 01/01/30)		1,505		1,693,623
Series B, 5.00%, 01/01/36 (Call 01/01/26)		1,000		1,032,130
Series B, 5.00%, 01/01/37 (Call 01/01/26)		11,500		11,846,117
Series B, 5.00%, 01/01/40 (Call 01/01/26)		9,645		9,856,407
Series B, 5.00%, 01/01/41 (Call 07/01/26)		7,435		7,622,184
Series C, 5.00%, 01/01/36 (Call 01/01/25)		2,000		2,026,513
Metropolitan Pier & Exposition Authority RB
Series A, 5.50%, 06/15/29 (ETM) (NPFGC)		95		96,620
Series B, 0.00%, 06/15/26 (AGM)(a)		2,000		1,850,418
Series B, 0.00%, 06/15/27 (AGM)(a)		1,000		895,768
Metropolitan Water Reclamation District of Greater Chicago GO
Series A, 5.00%, 12/01/28 (Call 12/01/26)		3,180		3,344,566
Series A, 5.00%, 12/01/44 (PR 12/01/24)		25,165		25,492,663
Series B, 5.00%, 12/01/33 (Call 12/01/31)		5,000		5,809,542
Series B, 5.25%, 12/01/34		2,500		3,085,099
Metropolitan Water Reclamation District of Greater Chicago GOL, Series C, 5.25%, 12/01/32		1,340		1,613,369
Sales Tax Securitization Corp. RB
Series A, 4.00%, 01/01/40 (Call 01/01/30) (BAM)		1,000		1,006,741
Series A, 5.00%, 01/01/25		770		779,821
Series A, 5.00%, 01/01/30		7,500		8,409,272
Series A, 5.00%, 01/01/32		5,000		5,758,533
Series A, 5.00%, 01/01/37 (Call 01/01/30) (BAM)		1,000		1,083,601
State of Illinois GO 5.00%, 04/01/24		3,545		3,548,488
5.00%, 02/01/25		5,000		5,068,206
5.00%, 02/01/26		5,000		5,150,932
5.00%, 02/01/26 (Call 04/01/24)		2,400		2,402,610
5.00%, 02/01/27		12,000		12,578,874
5.00%, 02/01/28 (Call 02/01/27)		4,500		4,725,601
5.00%, 05/01/28 (Call 05/01/24)		4,080		4,089,556
5.00%, 05/01/29		5,000		5,453,494

Security	Par (000)		Value
Illinois (continued)
5.00%, 05/01/29 (Call 05/01/24)	$	1,900	$	1,903,992
5.00%, 10/01/29		5,000		5,489,936
5.00%, 05/01/31 (Call 05/01/24)		1,500		1,503,115
5.00%, 10/01/32		10,000		11,414,143
5.00%, 12/01/32		10,000		11,436,452
5.00%, 05/01/33 (Call 05/01/28)		9,480		10,119,313
5.00%, 07/01/33 (Call 07/01/32)		9,465		10,752,935
5.00%, 05/01/34 (Call 05/01/32)		15,000		16,941,628
5.00%, 05/01/36 (Call 05/01/24)		1,000		1,001,239
5.00%, 05/01/36 (Call 05/01/32)		2,900		3,240,778
5.00%, 05/01/37 (Call 05/01/32)		3,500		3,885,528
5.00%, 02/01/39 (Call 04/01/24)		7,285		7,287,688
5.00%, 05/01/39 (Call 05/01/24)		2,500		2,501,925
5.00%, 12/01/39 (Call 12/01/33)		15,000		16,614,276
5.00%, 12/01/40 (Call 12/01/33)		35,000		38,446,866
5.00%, 05/01/42 (Call 05/01/28)		4,345		4,491,211
5.25%, 02/01/32 (Call 04/01/24)		7,650		7,658,775
5.25%, 02/01/34 (Call 04/01/24)		3,000		3,002,903
5.25%, 10/01/37 (Call 10/01/32)		5,000		5,657,708
5.25%, 05/01/38 (Call 05/01/32)		2,000		2,242,996
5.25%, 05/01/39 (Call 05/01/32)		2,500		2,786,524
5.25%, 05/01/40 (Call 05/01/32)		3,190		3,535,384
5.25%, 05/01/42 (Call 05/01/32)		4,000		4,388,700
5.25%, 10/01/46 (Call 10/01/32)		5,000		5,414,949
5.25%, 10/01/47 (Call 10/01/32)		3,000		3,241,020
5.50%, 05/01/24		2,500		2,507,220
5.50%, 05/01/30		2,000		2,229,873
5.50%, 05/01/39 (Call 05/01/30)		7,075		7,817,546
5.50%, 05/01/47 (Call 05/01/32)		10,550		11,564,786
5.75%, 05/01/45 (Call 05/01/30)		3,125		3,429,871
Series A, 4.00%, 12/01/33 (Call 12/01/27)		2,500		2,522,289
Series A, 4.00%, 03/01/38 (Call 03/01/31)		2,000		1,998,444
Series A, 4.00%, 03/01/41 (Call 03/01/31)		4,750		4,641,768
Series A, 5.00%, 03/01/25		2,170		2,202,991
Series A, 5.00%, 10/01/26		4,750		4,951,234
Series A, 5.00%, 11/01/26		5,000		5,219,691
Series A, 5.00%, 03/01/27		2,640		2,771,702
Series A, 5.00%, 12/01/27		9,600		10,216,116
Series A, 5.00%, 03/01/28		1,425		1,523,548
Series A, 5.00%, 03/01/31		1,500		1,681,386
Series A, 5.00%, 12/01/31 (Call 12/01/27)		2,000		2,127,238
Series A, 5.00%, 12/01/32 (Call 12/01/27)		3,830		4,069,112
Series A, 5.00%, 03/01/33 (Call 03/01/31)		8,275		9,243,521
Series A, 5.00%, 10/01/33 (Call 10/01/28)		1,240		1,329,744
Series A, 5.00%, 12/01/34 (Call 12/01/27)		2,650		2,796,221
Series A, 5.00%, 03/01/35 (Call 03/01/31)		1,500		1,663,758
Series A, 5.00%, 03/01/36 (Call 03/01/31)		3,000		3,311,017
Series A, 5.00%, 12/01/38 (Call 12/01/27)		3,740		3,892,677
Series A, 5.00%, 12/01/39 (Call 12/01/27)		2,000		2,069,836
Series A, 5.00%, 03/01/46 (Call 03/01/31)		24,235		25,559,671
Series A, 5.25%, 03/01/37 (Call 03/01/32)		1,665		1,878,745
Series A, 5.50%, 03/01/42 (Call 03/01/32)		3,000		3,346,583
Series A, 5.50%, 03/01/47 (Call 03/01/32)		2,000		2,190,158
Series B, 4.00%, 12/01/39 (Call 12/01/31)		2,000		1,971,287
Series B, 5.00%, 03/01/24		3,000		3,000,000
Series B, 5.00%, 03/01/26		6,190		6,385,796
Series B, 5.00%, 03/01/28		3,450		3,688,589
Series B, 5.00%, 10/01/28		2,000		2,159,934
Series B, 5.00%, 10/01/29 (Call 10/01/28)		4,100		4,434,603
Series B, 5.00%, 03/01/30		4,000		4,421,045
Series B, 5.00%, 10/01/30 (Call 10/01/28)		3,000		3,246,044

S C H E D U L E  O F   I N V E S T M E N T S 45

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
Series B, 5.00%, 11/01/30 (Call 11/01/29)	$	2,000	$	2,199,604
Series B, 5.00%, 03/01/31		3,000		3,362,772
Series B, 5.00%, 10/01/32 (Call 10/01/28)		2,000		2,156,602
Series B, 5.00%, 11/01/32 (Call 11/01/29)		5,750		6,296,735
Series B, 5.00%, 03/01/33 (Call 03/01/32)		7,650		8,658,301
Series B, 5.00%, 12/01/33 (Call 12/01/31)		6,000		6,752,149
Series B, 5.00%, 03/01/34 (Call 03/01/32)		5,000		5,640,064
Series C, 4.00%, 10/01/38 (Call 10/01/30)		2,500		2,483,118
Series C, 4.00%, 10/01/40 (Call 10/01/30)		5,000		4,908,129
Series C, 4.00%, 11/01/40 (Call 11/01/29)		18,000		17,653,086
Series C, 5.00%, 11/01/29 (Call 11/01/27)		19,505		20,747,736
Series D, 5.00%, 11/01/24		37,890		38,259,590
Series D, 5.00%, 11/01/25		28,485		29,227,068
Series D, 5.00%, 11/01/26		16,070		16,779,007
Series D, 5.00%, 11/01/27		30,280		32,200,134
Series D, 5.00%, 11/01/28 (Call 11/01/27)		10,405		11,066,276
State of Illinois Sales Tax Revenue RB 5.00%, 06/15/26 (Call 04/01/24)		1,500		1,502,185
5.00%, 06/15/29		23,900		26,399,369
5.00%, 06/15/35 (Call 06/15/34)		5,000		5,869,479
			1,533,285,066
Indiana — 0.5%
City of Indianapolis Department of Public Utilities Water System Revenue RB
Series A, 5.00%, 10/01/33 (Call 10/01/28)		4,185		4,567,738
Series A, 5.00%, 10/01/35 (Call 10/01/28)		1,000		1,084,104
Series B, 5.00%, 10/01/37 (Call 10/01/26)		14,010		14,448,584
Indiana Finance Authority RB 3.00%, 10/01/41 (Call 10/01/31)		5,000		4,310,897
4.00%, 02/01/39 (Call 02/01/31)		7,000		7,164,505
4.00%, 02/01/40 (Call 02/01/31)		3,000		3,045,378
5.00%, 02/01/31		10,000		11,538,511
5.00%, 08/01/36 (PR 08/01/26)		8,935		9,388,476
5.00%, 02/01/37 (Call 02/01/29)		1,000		1,092,750
Series 1, 5.00%, 10/01/29		1,000		1,118,846
Series 1, 5.00%, 10/01/34 (Call 10/01/31)		2,605		3,018,670
Series A, 4.00%, 10/01/42 (Call 04/01/24)		2,500		2,500,136
Series A, 4.25%, 10/01/44 (Call 10/01/24)		3,205		3,208,605
Series A, 5.00%, 02/01/38 (Call 02/01/29)		3,310		3,600,266
Series A, 5.00%, 02/01/39 (Call 02/01/29)		7,755		8,404,032
Series A, 5.00%, 10/01/40 (Call 10/01/24)		10,000		10,081,942
Series A, 5.00%, 10/01/41 (Call 10/01/26)		2,000		2,051,726
Series A, 5.00%, 10/01/44 (Call 10/01/24)		1,000		1,009,905
Series A, 5.00%, 10/01/46 (Call 10/01/26)		7,370		7,515,350
Series A, 5.25%, 02/01/35 (Call 08/01/25)		1,000		1,025,999
Series B, 5.00%, 02/01/25		4,915		5,001,735
Series B, 5.00%, 02/01/34 (Call 02/01/31)		3,000		3,459,769
Series B, 5.00%, 02/01/41 (Call 02/01/31)		2,555		2,829,500
Series C, 5.00%, 12/01/24		5,070		5,139,752
Series C, 5.00%, 12/01/25		7,890		8,171,270
Series C, 5.00%, 06/01/27 (Call 12/01/26)		7,435		7,837,828
Series C, 5.00%, 02/01/29 (Call 02/01/28)		1,800		1,952,042
Series C, 5.00%, 06/01/29		3,120		3,494,703
Series E, 5.00%, 02/01/27 (Call 08/01/26)		3,375		3,544,744
Indiana Municipal Power Agency RB
Series A, 5.00%, 01/01/42 (Call 07/01/26)		18,345		18,749,714
Series A, 5.00%, 01/01/42 (Call 01/01/28)		3,000		3,172,628

Security	Par (000)		Value
Indiana (continued)
Indianapolis Local Public Improvement Bond Bank RB
Series A, 5.00%, 02/01/49 (Call 02/01/29)	$	6,000	$	6,293,167
Series A, 5.00%, 02/01/54 (Call 02/01/29)		9,950		10,383,079
			180,206,351
Iowa — 0.2%
City of West Des Moines IA GO, 2.00%, 06/01/36 (Call 06/01/29)		1,170		954,361
Iowa Finance Authority RB 5.00%, 08/01/28 (Call 08/01/27)		4,200		4,535,415
5.00%, 08/01/30 (Call 08/01/27)		2,000		2,155,754
5.00%, 08/01/31 (Call 08/01/27)		3,420		3,677,302
5.00%, 08/01/35 (Call 08/01/33)		5,500		6,591,625
5.00%, 08/01/39 (Call 08/01/32)		5,000		5,722,648
5.00%, 08/01/40 (Call 08/01/33)		1,690		1,940,024
5.00%, 08/01/41 (Call 08/01/33)		3,800		4,346,444
5.00%, 08/01/42 (Call 08/01/27)		7,265		7,570,680
5.00%, 08/01/42 (Call 08/01/33)		4,000		4,548,962
5.00%, 08/01/47 (Call 08/01/32)		2,500		2,768,272
5.00%, 08/01/52 (Call 08/01/32)		9,715		10,553,882
Series A, 5.00%, 08/01/38 (Call 08/01/30)		2,665		2,972,827
Series A, 5.00%, 08/01/49 (Call 08/01/30)		1,525		1,644,321
State of Iowa RB, Series A, 5.00%, 06/01/27 (Call 06/01/26)		1,000		1,043,804
			61,026,321
Kansas — 0.1%
Johnson County Unified School District No. 512 Shawnee Mission GO, 5.00%, 10/01/33 (PR 10/01/25)		5,000		5,158,921
Kansas Development Finance Authority RB, 5.00%, 05/01/31 (Call 05/01/29)		5,465		6,088,565
Seward County Unified School District No. 480 Liberal GO
Series B, 4.00%, 09/01/32 (PR 09/01/25)		3,895		3,949,318
Series B, 4.00%, 09/01/33 (PR 09/01/25)		4,080		4,136,898
State of Kansas Department of Transportation RB 5.00%, 09/01/26 (Call 09/01/25)		5,040		5,181,759
5.00%, 09/01/27 (Call 09/01/25)		3,010		3,095,994
5.00%, 09/01/29 (Call 09/01/25)		1,000		1,027,832
5.00%, 09/01/30 (Call 09/01/25)		3,270		3,360,528
5.00%, 09/01/33 (Call 09/01/25)		3,000		3,078,635
5.00%, 09/01/35 (Call 09/01/25)		2,000		2,045,378
5.00%, 09/01/35 (Call 09/01/27)		3,380		3,589,884
Series A, 5.00%, 09/01/27 (Call 09/01/24)		2,040		2,058,529
Series A, 5.00%, 09/01/29 (Call 09/01/24)		1,000		1,008,545
Series A, 5.00%, 09/01/30 (Call 09/01/24)		1,100		1,108,863
Wyandotte County-Kansas City Unified Government Utility System Revenue RB, Series A, 4.25%, 09/01/39 (Call 09/01/24)		9,285		9,306,183
			54,195,832
Kentucky — 0.0%
Kentucky Asset Liability Commission RB, Series A, 5.00%, 09/01/26 (Call 09/01/24)		1,010		1,016,809
Kentucky State Property & Building Commission RB, 5.00%, 05/01/27		4,765		5,080,470
			6,097,279
Louisiana — 0.4%
City of New Orleans LA Sewerage Service Revenue RB, 5.00%, 06/01/44 (PR 06/01/24)		1,000		1,003,903

46 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
City of New Orleans LA Water System Revenue RB, 5.00%, 12/01/44 (PR 12/01/24)	$	1,000	$	1,012,652
East Baton Rouge Sewerage Commission RB
Series A, 4.00%, 02/01/45 (Call 02/01/29)		3,000		2,982,773
Series B, 5.00%, 02/01/39 (PR 02/01/25)		2,000		2,035,114
New Orleans Aviation Board RB, Series A, 5.00%, 01/01/48 (Call 01/01/27)		8,355		8,536,486
State of Louisiana Gasoline & Fuels Tax Revenue RB 4.00%, 05/01/41 (PR 05/01/25)		10,000		10,094,858
Series A, 4.50%, 05/01/39 (PR 05/01/25)		1,000		1,015,125
Series A, 5.00%, 05/01/41 (PR 05/01/25)		8,500		8,676,496
Series B, 4.00%, 05/01/39 (Call 05/01/32)		5,830		6,029,894
Series B, 5.00%, 05/01/36 (PR 05/01/24)		1,000		1,002,669
Series C, 5.00%, 05/01/40 (Call 11/01/27)		2,000		2,099,254
State of Louisiana GO 5.00%, 03/01/35 (Call 03/01/29)		8,000		8,821,930
5.00%, 04/01/35 (Call 04/01/33)		4,165		5,010,017
Series A, 4.00%, 04/01/39 (Call 04/01/32)		7,500		7,776,214
Series A, 4.00%, 04/01/40 (Call 04/01/32)		10,000		10,252,122
Series A, 4.00%, 04/01/41 (Call 04/01/32)		4,445		4,530,223
Series A, 4.00%, 04/01/42 (Call 04/01/32)		15,065		15,273,801
Series A, 5.00%, 03/01/31 (Call 03/01/29)		10,870		12,080,222
Series A, 5.00%, 03/01/32 (Call 03/01/31)		7,875		9,083,458
Series A, 5.00%, 03/01/40 (Call 03/01/31)		5,000		5,563,388
Series B, 5.00%, 08/01/25		8,595		8,840,407
Series B, 5.00%, 08/01/27 (Call 08/01/26)		3,265		3,430,438
Series B, 5.00%, 08/01/28 (Call 08/01/26)		2,850		2,995,770
Series C, 5.00%, 08/01/25 (Call 08/01/24)		2,025		2,039,952
Series C, 5.00%, 08/01/26 (Call 08/01/24)		5,000		5,036,326
Series D, 5.00%, 09/01/24		3,075		3,102,925
State of Louisiana RB, 5.00%, 09/01/34 (Call 09/01/33)		5,000		5,805,756
			154,132,173
Maine — 0.0%
Maine Turnpike Authority RB 4.00%, 07/01/45 (Call 07/01/30)		1,000		991,900
4.00%, 07/01/50 (Call 07/01/30)		2,425		2,312,988
5.00%, 07/01/47 (Call 07/01/28)		1,000		1,050,043
			4,354,931
Maryland — 2.7%
City of Baltimore MD RB
Series A, 4.00%, 07/01/44 (Call 07/01/29)		6,500		6,500,700
Series A, 4.00%, 07/01/49 (Call 07/01/29)		2,000		1,968,978
Series A, 5.00%, 07/01/46 (Call 01/01/27)		3,000		3,074,401
County of Anne Arundel Maryland GOL 3.00%, 10/01/39 (Call 10/01/30)		8,520		7,621,839
3.00%, 10/01/40 (Call 10/01/30)		8,520		7,487,009
County of Anne Arundel MD GOL 4.00%, 10/01/51 (Call 04/01/32)		15,460		15,257,227
5.00%, 10/01/25		2,225		2,299,895
5.00%, 10/01/26		5,275		5,579,592
5.00%, 04/01/28		6,575		7,207,858
5.00%, 10/01/28		4,690		5,199,211
5.00%, 10/01/47 (Call 10/01/27)		2,000		2,095,144
County of Baltimore MD GO 4.00%, 03/01/37 (Call 03/01/29)		4,575		4,737,049
5.00%, 03/01/25		5,435		5,540,862
County of Frederick MD GO, 3.40%, 08/01/37 (Call 08/01/28)		7,000		6,856,650

Security	Par (000)		Value
Maryland (continued)
County of Howard MD GO, 5.00%, 02/15/27	$	1,125	$	1,201,284
County of Montgomery MD GO 4.00%, 12/01/30 (Call 12/01/24)		10,000		10,017,298
4.00%, 08/01/41 (Call 08/01/31)		14,000		14,291,337
4.00%, 08/01/42 (Call 08/01/31)		14,000		14,240,943
4.00%, 08/01/43 (Call 08/01/31)		14,000		14,182,454
5.00%, 11/01/26		5,780		6,126,446
5.00%, 11/01/28		2,500		2,776,563
5.00%, 08/01/31		8,440		9,876,884
Series A, 4.00%, 08/01/32 (Call 08/01/31)		2,445		2,679,442
Series A, 4.00%, 12/01/33 (Call 12/01/24)		5,125		5,132,822
Series A, 5.00%, 11/01/24		3,125		3,163,812
Series A, 5.00%, 11/01/26		5,555		5,887,960
Series A, 5.00%, 11/01/28 (PR 11/01/24)		525		531,486
Series B, 4.00%, 11/01/28		5,545		5,900,774
Series B, 5.00%, 11/01/24		2,535		2,566,484
Series B, 5.00%, 11/01/25 (Call 11/01/24)		3,945		3,990,689
Series C, 5.00%, 10/01/25		6,870		7,093,726
Series C, 5.00%, 10/01/26		5,250		5,553,148
Series C, 5.00%, 10/01/27		1,500		1,625,356
County of Prince George’s MD GO, Series A, 5.00%, 09/15/26		1,200		1,267,916
County of Prince George’s MD GOL 5.00%, 07/01/26		3,490		3,668,766
5.00%, 09/15/29		1,000		1,131,095
5.00%, 08/01/30		10,115		11,640,599
5.00%, 08/01/31		12,455		14,575,425
5.00%, 07/01/32		15,785		18,747,739
5.00%, 08/01/32		10,000		11,893,384
5.00%, 08/01/34 (Call 08/01/33)		9,385		11,305,758
5.00%, 08/01/35 (Call 08/01/33)		8,055		9,661,172
Series A, 5.00%, 07/15/25		10,005		10,281,862
Series A, 5.00%, 07/15/27		1,530		1,649,711
Series A, 5.00%, 07/01/28		15,580		17,175,126
Series A, 5.00%, 07/15/28		7,250		7,999,283
Series A, 5.00%, 07/01/29		12,150		13,683,799
Series A, 5.00%, 07/15/29 (Call 07/15/28)		2,000		2,205,024
Series A, 5.00%, 07/15/31 (Call 07/15/28)		11,000		12,091,515
Series A, 5.00%, 07/01/33 (Call 07/01/32)		9,200		10,919,846
Maryland Stadium Authority RB, 5.00%, 05/01/46
(PR 05/01/26) (ST INTERCEPT)		38,750		40,521,274
Maryland State Transportation Authority RB 4.00%, 07/01/50 (Call 07/01/30)		16,000		15,776,538
5.00%, 07/01/26		8,535		8,958,391
5.00%, 07/01/34		3,065		3,730,981
5.00%, 07/01/36 (Call 07/01/34)		4,200		5,027,115
5.00%, 07/01/38 (Call 07/01/34)		1,200		1,409,597
5.00%, 07/01/40 (Call 07/01/34)		4,000		4,640,417
State of Maryland Department of Transportation RB 3.00%, 10/01/34 (Call 10/01/27)		4,180		4,020,823
4.00%, 11/01/25 (Call 11/01/24)		3,025		3,043,462
5.00%, 09/01/24		1,275		1,286,703
5.00%, 11/01/24		4,505		4,561,247
5.00%, 09/01/26		10,960		11,560,928
5.00%, 12/01/26		3,570		3,789,011
5.00%, 09/01/27		7,030		7,595,483
5.00%, 10/01/27		1,175		1,271,940
5.00%, 10/01/27 (Call 10/01/26)		5,030		5,321,058
5.00%, 09/01/28 (Call 09/01/27)		3,060		3,303,712
5.00%, 10/01/28 (Call 10/01/27)		7,000		7,571,147
5.00%, 12/01/28		1,125		1,247,519

S C H E D U L E  O F   I N V E S T M E N T S 47

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Maryland (continued)
5.00%, 10/01/29 (Call 10/01/26)	$	1,810	$	1,914,250
5.00%, 09/01/30 (Call 09/01/27)		1,045		1,124,818
5.00%, 10/01/34 (Call 10/01/30)		2,090		2,393,194
Series A, 5.00%, 10/01/27		3,015		3,263,744
Series A, 5.00%, 10/01/29		10,000		11,293,422
State of Maryland GO
4.00%, 06/01/29 (Call 06/01/24)		6,130		6,132,838
4.00%, 08/01/29		4,500		4,833,799
4.00%, 03/15/30 (Call 03/15/27)		5,000		5,174,576
5.00%, 08/01/27		9,060		9,779,022
5.00%, 03/01/28		8,800		9,629,199
5.00%, 03/15/30		12,160		13,895,634
5.00%, 06/01/30		32,820		37,652,607
5.00%, 03/15/33		26,735		32,119,127
5.00%, 06/01/33 (Call 06/01/32)		6,065		7,188,983
5.00%, 06/01/35 (Call 06/01/32)		15,040		17,722,731
5.00%, 08/01/35 (Call 08/01/30)		6,505		7,417,992
5.00%, 06/01/36 (Call 06/01/32)		8,965		10,493,640
5.00%, 06/01/37 (Call 06/01/32)		1,880		2,181,759
5.00%, 03/15/38 (Call 03/15/33)		40,505		47,243,412
First Series, 4.00%, 06/01/25 (Call 06/01/24)		4,255		4,260,358
First Series, 4.00%, 03/15/33 (Call 03/15/29)		1,200		1,266,241
First Series, 5.00%, 03/15/27		4,295		4,595,489
First Series, 5.00%, 03/15/28		4,775		5,229,467
First Series, 5.00%, 03/15/29		5,000		5,596,740
First Series, 5.00%, 03/15/31 (Call 03/15/29)		3,270		3,653,013
First Series, 5.00%, 03/15/32 (Call 03/15/29)		5,005		5,588,749
Second Series, 4.00%, 08/01/32 (Call 08/01/28)		4,000		4,185,831
Second Series, 5.00%, 08/01/29 (Call 08/01/28)		2,905		3,205,822
Second Series, 5.00%, 08/01/31 (Call 08/01/28)		1,500		1,649,602
Second Series A, 4.00%, 08/01/35 (Call 08/01/31)		5,000		5,399,800
Second Series A, 5.00%, 08/01/28		7,660		8,460,089
Second Series A, 5.00%, 08/01/29		12,000		13,538,490
Second Series A, 5.00%, 08/01/31 (Call 08/01/29)		5,570		6,266,980
Series A, 3.13%, 03/15/33 (Call 03/15/28)		4,800		4,710,784
Series A, 4.00%, 08/01/27 (Call 03/21/24)		2,000		2,000,111
Series A, 4.00%, 08/01/29 (Call 03/21/24)		2,000		2,000,158
Series A, 4.00%, 08/01/36 (Call 08/01/31)		13,000		13,901,013
Series A, 5.00%, 03/15/25		6,790		6,927,206
Series A, 5.00%, 03/15/26		6,085		6,349,342
Series A, 5.00%, 03/01/27		10,040		10,732,810
Series A, 5.00%, 03/15/27		1,355		1,449,799
Series A, 5.00%, 03/15/28		1,195		1,308,736
Series A, 5.00%, 08/01/28		7,560		8,349,644
Series A, 5.00%, 08/01/28 (Call 08/01/27)		5,000		5,398,484
Series A, 5.00%, 03/15/29 (Call 03/15/27)		7,880		8,436,502
Series A, 5.00%, 03/15/29 (Call 03/15/28)		2,025		2,216,900
Series A, 5.00%, 03/15/30		1,185		1,354,139
Series A, 5.00%, 08/01/30 (Call 08/01/29)		5,240		5,914,931
Series A, 5.00%, 03/15/31 (Call 03/15/28)		3,000		3,275,362
Series A, 5.00%, 08/01/31		3,100		3,627,765
Series A, 5.00%, 08/01/34 (Call 08/01/30)		10,000		11,439,572
Series A, 5.00%, 08/01/34 (Call 08/01/31)		7,000		8,155,867
Series B, 4.00%, 08/01/25		3,970		4,028,982
Series B, 5.00%, 08/01/25		1,495		1,537,686
Series B, 5.00%, 08/01/26		4,905		5,166,838
Series C, 3.00%, 08/01/26		6,500		6,520,210
Series C, 4.00%, 03/01/28		5,000		5,276,483
Series C, 4.00%, 03/01/29		4,210		4,503,846

Security	Par (000)		Value
Maryland (continued)
Series C, 5.00%, 03/01/25	$	4,630	$	4,719,727
Washington Suburban Sanitary Commission RB 4.00%, 06/01/49 (Call 06/01/33) (GTD)		3,300		3,269,408
5.00%, 06/01/30 (GTD)		8,160		9,361,526
VRDN,3.73%, 06/01/24 (Put 02/29/24) (GTD)(b)		30,000		30,000,000
			979,085,938
Massachusetts — 4.5%
City of Boston MA GO 5.00%, 11/01/41 (Call 11/01/32)		14,085		16,084,453
Series A, 5.00%, 11/01/28		10,000		11,218,592
Series A, 5.00%, 11/01/32		5,000		6,092,770
Series A, 5.00%, 11/01/35 (Call 11/01/32)		4,565		5,480,375
Series A, 5.00%, 11/01/38 (Call 11/01/32)		8,920		10,348,454
Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue RB
Series A, 5.00%, 06/15/25 (Call 06/15/24)		6,335		6,367,336
Series A, 5.00%, 06/15/27 (Call 06/15/24)		2,025		2,035,603
Commonwealth of Massachusetts GO 5.00%, 10/01/31		10,000		11,721,029
5.00%, 10/01/52 (Call 10/01/32)		29,280		31,673,690
Commonwealth of Massachusetts GOL 4.00%, 05/01/35 (Call 04/19/24)		2,000		2,001,057
4.00%, 05/01/38 (Call 04/19/24)		1,500		1,500,793
4.00%, 05/01/39 (Call 04/19/24)		2,000		2,001,057
4.00%, 02/01/40 (Call 02/01/32)		5,000		5,199,758
4.00%, 05/01/40 (Call 04/19/24)		1,460		1,460,772
4.00%, 05/01/40 (Call 05/01/28)		5,000		5,065,061
4.00%, 09/01/42 (Call 09/01/26)		5,000		4,992,510
4.00%, 02/01/47 (Call 02/01/27)		5,425		5,328,972
5.00%, 09/01/27		5,000		5,405,670
5.00%, 09/01/28		2,000		2,212,162
5.00%, 05/01/29		1,000		1,121,810
5.00%, 07/01/30		1,505		1,725,496
5.00%, 07/01/31 (Call 07/01/30)		5,005		5,716,942
5.00%, 11/01/31		21,515		25,253,137
5.00%, 11/01/33		10,000		12,112,042
5.00%, 01/01/34		5,000		6,061,523
5.00%, 05/01/34 (Call 05/01/33)		5,000		5,989,481
5.00%, 05/01/35 (Call 05/01/33)		5,000		5,969,686
5.00%, 01/01/36 (Call 01/01/34)		5,000		5,994,473
5.00%, 05/01/36 (Call 05/01/33)		1,025		1,213,366
5.00%, 01/01/37 (Call 01/01/34)		4,000		4,749,368
5.00%, 07/01/37 (Call 07/01/30)		6,025		6,738,547
5.00%, 03/01/38 (Call 03/01/34)		2,500		2,943,080
5.00%, 05/01/38 (Call 05/01/33)		800		930,484
5.00%, 07/01/38 (Call 07/01/30)		2,000		2,224,229
5.00%, 09/01/38 (Call 09/01/28)		16,500		17,840,019
5.00%, 11/01/38 (Call 05/01/34)		3,295		3,869,773
5.00%, 05/01/39 (Call 05/01/33)		1,000		1,152,786
5.00%, 03/01/40 (Call 03/01/34)		10,000		11,530,046
5.00%, 05/01/40 (Call 05/01/33)		1,000		1,141,975
5.00%, 07/01/40 (Call 07/01/30)		1,500		1,648,130
5.00%, 08/01/41 (Call 08/01/33)		5,000		5,692,880
5.00%, 03/01/42 (Call 03/01/34)		18,570		21,150,996
5.00%, 11/01/42 (Call 11/01/32)		4,985		5,597,937
5.00%, 11/01/43 (Call 11/01/27)		8,665		9,084,174
5.00%, 11/01/44 (Call 11/01/32)		25,000		27,785,447
5.00%, 07/01/45 (Call 07/01/30)		3,720		4,006,499
5.00%, 11/01/45 (Call 11/01/27)		10,825		11,314,843
5.00%, 11/01/45 (Call 11/01/30)		7,330		7,920,902
5.00%, 11/01/45 (Call 11/01/32)		8,000		8,835,497

48 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
5.00%, 10/01/46 (Call 10/01/33)	$	14,850	$	16,457,636
5.00%, 11/01/47 (Call 11/01/32)		10,000		10,931,933
5.00%, 05/01/48 (Call 05/01/33)		36,195		39,541,872
5.00%, 09/01/51 (Call 09/01/31)		30,000		32,126,907
5.00%, 11/01/52 (Call 11/01/32)		65,020		70,377,687
5.00%, 05/01/53 (Call 05/01/33)		13,000		14,107,306
5.25%, 04/01/42 (Call 04/01/27)		6,590		6,952,491
Series A, 5.00%, 09/01/24		1,930		1,947,715
Series A, 5.00%, 01/01/25		4,525		4,597,158
Series A, 5.00%, 07/01/25		1,380		1,417,139
Series A, 5.00%, 07/01/26		9,445		9,924,432
Series A, 5.00%, 07/01/28 (Call 07/01/26)		1,500		1,573,115
Series A, 5.00%, 03/01/29		5,005		5,595,290
Series A, 5.00%, 01/01/34 (Call 01/01/28)		2,500		2,712,865
Series A, 5.00%, 07/01/36 (Call 07/01/25)		2,500		2,563,696
Series A, 5.00%, 01/01/38 (Call 01/01/28)		1,000		1,072,054
Series A, 5.00%, 01/01/38 (Call 01/01/29)		5,000		5,447,954
Series A, 5.00%, 01/01/39 (Call 01/01/28)		8,710		9,291,591
Series A, 5.00%, 03/01/41 (Call 04/19/24)		3,470		3,476,757
Series A, 5.00%, 01/01/42 (Call 01/01/28)		3,795		3,999,527
Series A, 5.00%, 01/01/43 (Call 01/01/28)		2,000		2,100,866
Series A, 5.00%, 03/01/46 (Call 04/19/24)		1,555		1,558,028
Series A, 5.00%, 04/01/47 (Call 04/01/27)		6,015		6,229,528
Series A, 5.00%, 01/01/48 (Call 01/01/28)		3,090		3,219,052
Series A, 5.00%, 01/01/49 (Call 01/01/29)		2,500		2,625,509
Series A, 5.50%, 08/01/30 (AMBAC)		6,400		7,434,797
Series B, 4.00%, 03/01/32 (Call 03/01/30)		16,455		17,672,015
Series B, 5.00%, 07/01/24		1,190		1,196,991
Series B, 5.00%, 07/01/25		2,500		2,567,280
Series B, 5.00%, 07/01/27		1,105		1,190,005
Series B, 5.00%, 07/01/28		5,000		5,509,756
Series B, 5.00%, 07/01/29		3,500		3,939,973
Series B, 5.00%, 07/01/32 (Call 07/01/30)		8,280		9,426,987
Series B, 5.00%, 07/01/33 (Call 07/01/26)		2,080		2,179,908
Series B, 5.00%, 04/01/47 (Call 04/01/27)		5,000		5,178,328
Series B, 5.25%, 09/01/24 (AGM)		2,135		2,158,122
Series B, 5.25%, 09/01/25 (AGM)		1,080		1,118,607
Series C, 2.75%, 03/01/50 (Call 03/01/30)		3,500		2,532,947
Series C, 3.00%, 03/01/47 (Call 03/01/30)		3,500		2,824,738
Series C, 5.00%, 10/01/24		7,035		7,111,117
Series C, 5.00%, 05/01/25		2,500		2,557,942
Series C, 5.00%, 08/01/25		1,425		1,466,085
Series C, 5.00%, 10/01/25		5,020		5,184,264
Series C, 5.00%, 04/01/26		5,230		5,462,823
Series C, 5.00%, 05/01/26		10,000		10,465,671
Series C, 5.00%, 10/01/26		9,590		10,138,841
Series C, 5.00%, 10/01/27		1,250		1,354,018
Series C, 5.00%, 05/01/29 (Call 04/19/24)		2,000		2,003,132
Series C, 5.00%, 05/01/30 (Call 04/19/24)		5,000		5,007,831
Series C, 5.00%, 09/01/31		5,000		5,852,294
Series C, 5.00%, 05/01/32 (Call 04/19/24)		1,000		1,001,566
Series C, 5.00%, 05/01/33 (Call 04/19/24)		3,585		3,590,615
Series C, 5.00%, 05/01/44 (Call 05/01/29)		2,000		2,132,903
Series C, 5.00%, 05/01/45 (Call 05/01/29)		14,860		15,805,158
Series D, 4.00%, 02/01/41 (Call 02/01/27)		3,000		3,005,947
Series D, 4.00%, 02/01/45 (Call 02/01/27)		2,000		1,976,040
Series D, 5.00%, 07/01/25		2,880		2,957,507
Series D, 5.00%, 07/01/26		9,080		9,540,904
Series D, 5.00%, 07/01/27		4,065		4,377,710
Series D, 5.00%, 07/01/28		2,600		2,865,073
Series E, 3.00%, 12/01/27		1,905		1,912,644

Security	Par (000)		Value
Massachusetts (continued)
Series E, 4.00%, 09/01/39 (Call 09/01/25)	$	5,500	$	5,506,079
Series E, 4.00%, 04/01/46 (Call 04/01/25)		9,915		9,757,785
Series E, 5.00%, 11/01/24		10,825		10,960,154
Series E, 5.00%, 11/01/25 (AMBAC)		2,150		2,224,576
Series E, 5.00%, 11/01/26		2,180		2,309,514
Series E, 5.00%, 11/01/27		4,890		5,307,145
Series E, 5.00%, 05/01/30 (Call 05/10/24)		22,550		22,615,611
Series E, 5.00%, 11/01/30		1,600		1,845,554
Series E, 5.00%, 05/01/32 (Call 05/10/24)		4,750		4,763,821
Series E, 5.00%, 11/01/32 (Call 11/01/30)		1,500		1,717,555
Series E, 5.00%, 05/01/33 (Call 05/10/24)		3,000		3,008,729
Series E, 5.00%, 11/01/33 (Call 11/01/30)		2,000		2,288,766
Series E, 5.00%, 09/01/37 (Call 09/01/28)		4,000		4,342,042
Series E, 5.00%, 11/01/50 (Call 11/01/30)		9,765		10,402,723
Series F, 5.00%, 11/01/38 (Call 11/01/27)		4,870		5,157,180
Series F, 5.00%, 11/01/39 (Call 11/01/27)		12,150		12,854,602
Series F, 5.00%, 11/01/42 (Call 11/01/27)		2,500		2,626,595
Series G, 5.00%, 09/01/33 (Call 09/01/24)		5,035		5,083,509
Series H, 5.00%, 12/01/24		1,245		1,262,680
Series HH, 5.00%, 12/01/26		5,075		5,387,722
Series J, 5.00%, 12/01/36 (Call 12/01/26)		13,710		14,398,556
Series J, 5.00%, 12/01/37 (Call 12/01/26)		8,845		9,261,268
Commonwealth of Massachusetts Transportation Fund Revenue RB 5.00%, 06/01/40 (Call 06/01/25)		10,840		11,047,398
5.00%, 06/01/47 (Call 06/01/33)		6,250		6,901,374
5.00%, 06/01/48 (Call 06/01/33)		5,000		5,498,565
5.00%, 06/01/49 (Call 06/01/29)		5,455		5,763,488
5.00%, 06/01/49 (Call 06/01/33)		19,050		20,880,690
5.00%, 06/01/50 (Call 06/01/33)		35,620		38,932,186
Series A, 4.00%, 06/01/45 (Call 06/01/25)		2,500		2,469,698
Series A, 5.00%, 06/01/41 (Call 06/01/26)		9,135		9,446,208
Series A, 5.00%, 06/01/42 (Call 06/01/27)		5,600		5,861,748
Series A, 5.00%, 06/01/43 (Call 12/01/27)		11,730		12,330,452
Series A, 5.00%, 06/01/44 (Call 06/01/24)		2,000		2,003,827
Series A, 5.00%, 06/01/47 (Call 06/01/27)		3,850		3,997,787
Series A, 5.00%, 06/01/51 (Call 06/01/30)		5,000		5,324,752
Massachusetts Bay Transportation Authority Assessment Revenue RB
Series A, 5.00%, 07/01/36 (Call 07/01/32)		1,885		2,209,220
Series A, 5.00%, 07/01/38 (Call 07/01/32)		4,485		5,156,409
Series A, 5.25%, 07/01/30		3,635		4,241,285
Massachusetts Bay Transportation Authority Sales Tax Revenue, 5.25%, 07/01/30		2,280		2,660,283
Massachusetts Bay Transportation Authority Sales Tax Revenue RB 5.00%, 07/01/41 (Call 07/01/29)		6,955		7,522,052
5.00%, 07/01/45 (Call 07/01/28)		2,360		2,484,785
5.00%, 07/01/50 (Call 07/01/28)		2,500		2,612,715
Series A, 5.00%, 07/01/25		1,550		1,591,714
Series A, 5.00%, 07/01/27		13,900		14,992,336
Series A, 5.00%, 07/01/29		2,780		3,138,349
Series A, 5.00%, 07/01/31		2,870		3,368,431
Series A-1, 4.00%, 07/01/37 (Call 07/01/31)		1,500		1,576,344
Massachusetts Clean Water Trust (The) RB 5.00%, 08/01/26		2,050		2,161,397
5.00%, 02/01/41 (Call 02/01/33)		600		688,324
Massachusetts Department of Transportation RB, Series A, 0.00%, 01/01/28 (NPFGC)(a)		1,265		1,115,789
Massachusetts Development Finance Agency RB 5.00%, 11/15/32		25,000		30,068,687

S C H E D U L E  O F   I N V E S T M E N T S 49

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
5.00%, 01/01/41 (Call 01/01/25)	$	1,000	$	1,003,571
Series A, 4.00%, 07/15/36 (Call 07/15/26)		2,500		2,539,563
Series A, 5.00%, 10/15/25		11,525		11,934,882
Series A, 5.00%, 10/15/26		5,195		5,505,718
Series A, 5.00%, 10/15/27		8,000		8,699,518
Series A, 5.00%, 07/15/28 (Call 07/15/26)		7,090		7,467,282
Series A, 5.00%, 10/15/28		23,090		25,704,404
Series A, 5.00%, 10/15/29		5,005		5,696,155
Series A, 5.00%, 10/15/30		6,020		6,978,162
Series A, 5.00%, 07/15/33 (Call 07/15/26)		3,000		3,151,889
Series A, 5.00%, 07/15/34 (Call 07/15/26)		240		251,645
Series A, 5.00%, 07/15/36		1,490		1,868,552
Series A, 5.00%, 07/15/40		8,000		9,698,692
Series A, 5.00%, 01/01/47 (Call 01/01/27)		1,500		1,505,775
Series BB1, 5.00%, 10/01/46 (Call 10/01/26)		1,750		1,789,662
Series P, 5.00%, 07/01/50		10,000		11,972,319
Series U-6E, VRDN, 3.65%, 10/01/42 (Put 02/29/24)(b)		18,000		18,000,000
Massachusetts Health & Educational Facilities Authority RB 5.25%, 07/01/33		16,365		20,397,910
Series K, 5.50%, 07/01/32		1,715		2,130,151
Massachusetts School Building Authority RB
Series A, 4.00%, 02/15/43 (Call 02/15/28)		4,000		3,980,928
Series A, 5.00%, 02/15/49 (PR 02/15/26)		42,715		44,525,330
Series A, 5.00%, 08/15/50 (Call 08/15/30)		10,870		11,605,089
Series A, 5.25%, 02/15/48 (Call 02/15/28)		19,360		20,536,486
Series B, 4.00%, 01/15/45 (Call 01/15/25)		2,000		1,962,272
Series B, 5.00%, 11/15/39 (Call 11/15/26)		3,000		3,113,710
Series B, 5.00%, 11/15/46 (Call 11/15/26)		17,385		17,851,285
Series C, 4.00%, 08/15/32 (Call 08/15/25)		26,555		26,680,563
Series C, 4.00%, 11/15/35 (Call 11/15/26)		5,500		5,623,734
Series C, 4.00%, 08/15/36 (Call 08/15/25)		1,000		1,002,124
Series C, 5.00%, 08/15/24		1,125		1,134,568
Series C, 5.00%, 08/15/37 (Call 08/15/25)		13,200		13,486,499
Series D, 5.00%, 08/15/37 (Call 08/15/25)		18,000		18,390,681
Massachusetts State College Building Authority RB 0.00%, 05/01/24 (AGC SAP)(a)		6,485		6,448,142
Series A, 5.00%, 05/01/49 (PR 05/01/25) (ST HGR ED INTERCEPT PROG)		5,000		5,112,434
Series B, 5.00%, 05/01/39 (PR 05/01/24) (ST INTERCEPT)		2,500		2,506,472
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB
Series A, 5.00%, 01/01/26		8,565		8,893,535
Series A, 5.00%, 01/01/29		3,985		4,450,024
Series A, 5.00%, 01/01/31 (Call 01/01/29)		1,530		1,695,780
Series A, 5.00%, 01/01/34 (Call 01/01/29)		4,500		4,949,329
Massachusetts Water Resources Authority RB 5.00%, 08/01/25		1,960		2,016,237
5.25%, 08/01/36 (AGM)		5,000		6,396,677
Series B, 5.00%, 08/01/38 (Call 08/01/30)		7,465		8,364,240
Series B, 5.00%, 08/01/43 (Call 08/01/28)		6,000		6,340,377
Series B, 5.25%, 08/01/25 (AGM)		12,510		12,911,775
Series B, 5.25%, 08/01/26 (AGM)		11,020		11,682,676
Series B, 5.25%, 08/01/28 (AGM)		1,000		1,116,599
Series B, 5.25%, 08/01/30 (AGM)		3,325		3,886,267
Series B, 5.25%, 08/01/31 (AGM)		800		953,840
Series C, 5.00%, 08/01/32 (PR 08/01/26)		11,485		12,103,589
Series C, 5.00%, 08/01/34 (PR 08/01/26)		13,630		14,364,120
Series C, 5.00%, 08/01/35 (PR 08/01/26)		21,850		23,026,854

Security	Par (000)		Value
Massachusetts (continued)
University of Massachusetts Building Authority RB
Series 1, 4.00%, 11/01/44 (Call 11/01/27)	$	2,145	$	2,154,623
Series 1, 4.00%, 11/01/45 (Call 11/01/25)		2,500		2,483,785
Series 1, 5.00%, 11/01/40 (Call 11/01/25)		25,110		25,542,492
Series 1, 5.00%, 11/01/44 (PR 11/01/24)		2,770		2,802,756
Series 1-2021, 5.00%, 11/01/39 (Call 11/01/24)		6,750		6,801,272
			1,646,375,802
Michigan — 1.1%
Detroit City School District GO, Series A, 5.25%, 05/01/30 (AGM)		2,500		2,856,163
Great Lakes Water Authority Sewage Disposal System Revenue RB 5.00%, 07/01/37 (Call 01/01/34)		1,000		1,171,466
5.00%, 07/01/38 (Call 01/01/34)		1,000		1,161,888
Series B, 5.00%, 07/01/28		2,000		2,182,446
Series B, 5.00%, 07/01/34 (Call 07/01/26)		2,000		2,080,985
Great Lakes Water Authority Water Supply System Revenue RB 5.25%, 07/01/47 (Call 07/01/32)		18,090		20,199,200
Series A, 5.00%, 07/01/46 (Call 07/01/26)		3,000		3,064,707
Series D, 5.00%, 07/01/30 (Call 07/01/26)		2,500		2,602,090
Series D, 5.00%, 07/01/36 (Call 07/01/26)		9,500		9,847,933
Lansing Board of Water & Light RB 5.00%, 07/01/48 (Call 07/01/29)		16,300		17,245,310
Series A, 5.00%, 07/01/44 (Call 07/01/29)		1,500		1,599,621
Michigan Finance Authority RB 4.00%, 11/01/48 (Call 11/01/28) (SAW)		2,000		1,911,990
5.00%, 10/01/27 (Call 10/01/26)		5,020		5,277,492
Series B, 5.00%, 10/01/28 (Call 10/01/26)		7,995		8,417,290
Series C, 5.00%, 07/01/34 (Call 07/01/25)		2,600		2,634,039
Series C-3, 5.00%, 07/01/24 (AGM)		6,000		6,028,205
Series C-3, 5.00%, 07/01/32 (Call 07/01/24) (AGM)		1,000		1,004,473
Series D2, 5.00%, 07/01/26 (Call 07/01/24) (AGM)		1,000		1,005,222
Series D2, 5.00%, 07/01/27 (Call 07/01/24) (AGM)		3,380		3,399,084
Series D4, 5.00%, 07/01/30 (Call 07/01/24)		2,500		2,512,078
Series D4, 5.00%, 07/01/34 (Call 07/01/24)		1,385		1,390,564
Michigan State Building Authority RB 4.00%, 10/15/49 (Call 10/15/29)		18,210		17,802,018
4.00%, 10/15/52 (Call 10/15/32)		4,000		3,876,602
4.00%, 04/15/54 (Call 10/15/29)		10,880		10,500,955
5.00%, 10/15/29		5,000		5,628,827
5.00%, 10/15/47 (Call 10/15/32)		3,500		3,811,865
Series I, 3.00%, 10/15/45 (Call 10/15/30)		3,000		2,436,175
Series I, 3.00%, 10/15/51 (Call 10/15/31)		4,455		3,384,353
Series I, 4.00%, 10/15/46 (Call 10/15/31)		5,000		4,962,249
Series I, 5.00%, 04/15/28 (Call 10/15/25)		3,000		3,091,176
Series I, 5.00%, 10/15/30 (Call 10/15/26)		3,000		3,151,464
Series I, 5.00%, 04/15/31 (Call 10/15/25)		11,570		11,927,501
Series I, 5.00%, 04/15/38 (Call 10/15/25)		3,000		3,067,989
Series I, 5.00%, 04/15/41 (Call 10/15/26)		1,000		1,034,513
Series I, 5.00%, 10/15/50 (Call 10/15/25)		7,250		7,340,292
Series I, 5.00%, 10/15/51 (Call 10/15/26)		2,500		2,556,220
Michigan State University RB 5.00%, 02/15/32		6,750		7,897,749
Series B, 5.00%, 02/15/44 (Call 02/15/29)		6,005		6,414,924
Series B, 5.00%, 02/15/48 (Call 02/15/29)		6,660		7,068,734
Series C, 4.00%, 02/15/44 (Call 08/15/29)		7,320		7,225,331

50 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Michigan (continued)
State of Michigan GO 5.00%, 05/15/30	$	1,105	$	1,259,832
Series A, 5.00%, 05/15/31 (Call 05/15/30)		1,685		1,918,859
Series A, 5.00%, 05/15/32 (Call 05/15/30)		1,805		2,052,470
Series A, 5.00%, 05/15/33 (Call 05/15/30)		2,105		2,392,184
State of Michigan RB 5.00%, 03/15/24		5,820		5,823,004
5.00%, 03/15/25		2,265		2,310,769
5.00%, 03/15/26		6,320		6,580,560
5.00%, 03/15/27		470		501,325
State of Michigan Trunk Line Revenue RB 4.00%, 11/15/38 (Call 11/15/31)		2,000		2,102,327
4.00%, 11/15/39 (Call 11/15/31)		6,905		7,199,647
4.00%, 11/15/40 (Call 11/15/31)		10,000		10,333,743
4.00%, 11/15/44 (Call 11/15/31)		2,000		2,034,610
4.00%, 11/15/46 (Call 11/15/31)		11,375		11,365,503
5.00%, 11/15/25		1,975		2,041,702
5.00%, 11/15/32 (Call 11/15/31)		1,000		1,170,787
5.00%, 11/15/34 (Call 11/15/33)		1,500		1,806,682
5.00%, 11/15/36 (Call 11/15/33)		1,000		1,183,915
5.00%, 11/15/38 (Call 11/15/33)		1,320		1,532,378
5.00%, 11/15/41 (Call 11/15/33)		3,000		3,426,538
5.00%, 11/15/42 (Call 11/15/33)		8,455		9,600,406
5.00%, 11/15/43 (Call 11/15/33)		3,000		3,381,364
5.00%, 11/15/46 (Call 11/15/33)		5,000		5,577,221
5.25%, 11/15/49 (Call 11/15/33)		1,050		1,182,572
5.50%, 11/15/44 (Call 11/15/33)		3,000		3,495,850
Series B, 4.00%, 11/15/37 (Call 11/15/30)		2,000		2,088,163
Series B, 4.00%, 11/15/39 (Call 11/15/30)		2,000		2,065,741
Series B, 4.00%, 11/15/45 (Call 11/15/30)		25,200		25,365,665
Series B, 5.00%, 11/15/27		1,245		1,349,231
Series B, 5.00%, 11/15/28		2,010		2,226,771
Series B, 5.00%, 11/15/45 (Call 11/15/30)		22,820		24,798,519
University of Michigan RB 5.00%, 04/01/46 (PR 04/01/26)		9,320		9,734,898
5.00%, 04/01/50 (Call 04/01/30)		4,675		5,029,514
VRDN, 3.50%, 04/01/42 (Put 02/29/24)(b)		16,800		16,800,000
Series A, 5.00%, 04/01/42 (PR 04/01/27)		2,500		2,674,559
Series A, 5.00%, 04/01/47 (PR 04/01/27)		4,695		5,022,821
Wayne County Airport Authority RB, Series A, 5.00%, 12/01/46 (Call 12/01/31)		3,750		4,088,595
			402,289,908
Minnesota — 1.2%
County of Hennepin MN GO 5.00%, 12/01/25		5,100		5,280,929
5.00%, 12/01/28		1,285		1,423,126
5.00%, 12/01/30		3,615		4,161,494
5.00%, 12/01/31		3,995		4,677,288
5.00%, 12/01/32		3,910		4,635,112
5.00%, 12/01/33		4,500		5,414,139
5.00%, 12/01/34 (Call 12/01/33)		2,980		3,579,945
5.00%, 12/01/35 (Call 12/01/33)		5,225		6,240,261
5.00%, 12/01/36 (Call 12/01/33)		5,490		6,495,831
Metropolitan Council GO 5.00%, 12/01/29		25,000		28,400,403
Series C, 5.00%, 12/01/27		12,500		13,592,671
Series C, 5.00%, 12/01/28		2,500		2,780,537
Minneapolis-St Paul Metropolitan Airports Commission RB
Series A, 5.00%, 01/01/25		1,300		1,320,411
Series A, 5.00%, 01/01/26		1,250		1,295,911

Security	Par (000)		Value
Minnesota (continued)
Series C, 5.00%, 01/01/41 (Call 01/01/27)	$	1,500	$	1 ,562,570
Series C, 5.00%, 01/01/46 (Call 01/01/27)		4,000		4,139,176
Minnesota Public Facilities Authority State Revolving Fund RB 5.00%, 03/01/28		16,000		17,431,373
5.00%, 03/01/29		23,875		26,572,166
5.00%, 03/01/34 (Call 03/01/26)		9,150		9,502,694
State of Minnesota GO 4.00%, 09/01/34 (Call 09/01/31)		13,765		14,817,856
5.00%, 10/01/26		8,200		8,671,389
5.00%, 08/01/27		25,075		27,073,525
5.00%, 09/01/27		5,655		6,117,748
5.00%, 08/01/29		10,000		11,298,299
5.00%, 09/01/29		8,540		9,665,842
5.00%, 08/01/30		22,560		25,991,527
5.00%, 08/01/31		13,705		16,068,606
5.00%, 08/01/32		31,965		38,097,384
5.00%, 08/01/35 (Call 08/01/30)		6,000		6,834,518
5.00%, 08/01/40 (Call 08/01/33)		7,255		8,379,413
Series A, 4.00%, 09/01/36 (Call 09/01/31)		7,265		7,697,988
Series A, 4.00%, 09/01/37 (Call 09/01/31)		10,540		11,066,511
Series A, 4.00%, 09/01/39 (Call 09/01/31)		2,000		2,072,563
Series A, 5.00%, 08/01/25		3,000		3,085,657
Series A, 5.00%, 09/01/25		5,660		5,832,576
Series A, 5.00%, 08/01/27		6,360		6,866,904
Series A, 5.00%, 08/01/28		3,265		3,608,905
Series A, 5.00%, 08/01/30 (Call 08/01/29)		1,000		1,129,115
Series A, 5.00%, 09/01/31		2,785		3,270,120
Series A, 5.00%, 10/01/31 (Call 10/01/27)		5,000		5,423,370
Series A, 5.00%, 08/01/35 (Call 08/01/29)		5,000		5,586,385
Series A, 5.00%, 08/01/38 (Call 08/01/30)		5,000		5,602,292
Series D, 5.00%, 08/01/24		2,195		2,211,295
Series D, 5.00%, 10/01/24		3,430		3,466,719
Series D, 5.00%, 08/01/25		3,650		3,754,216
Series D, 5.00%, 08/01/26		4,385		4,618,030
Series D, 5.00%, 10/01/26		3,080		3,257,058
Series D, 5.00%, 08/01/27 (Call 08/01/26)		6,870		7,245,090
State of Minnesota RB, 5.00%, 03/01/26		17,545		18,269,738
			425,586,676
Mississippi — 0.2%
State of Mississippi GO 4.00%, 06/01/36 (Call 06/01/30)		1,000		1,043,179
4.00%, 06/01/37 (Call 06/01/30)		4,160		4,307,536
5.00%, 11/01/28 (PR 11/01/25)		3,065		3,168,288
5.00%, 12/01/34 (PR 12/01/26)		2,000		2,118,339
Series A, 4.00%, 10/01/35 (Call 10/01/27)		5,000		5,123,539
Series A, 4.00%, 10/01/36 (Call 10/01/27)		4,145		4,228,998
Series A, 5.00%, 10/01/27		1,155		1,249,057
Series A, 5.00%, 10/01/28 (Call 10/01/27)		1,650		1,779,356
Series A, 5.00%, 10/01/29 (Call 10/01/27)		6,500		6,994,658
Series A, 5.00%, 10/01/31 (PR 10/01/27)		1,000		1,081,435
Series A, 5.00%, 10/01/32 (PR 10/01/27)		1,355		1,465,344
Series A, 5.00%, 10/01/34 (PR 10/01/27)		14,060		15,204,975
Series B, 4.00%, 10/01/39 (Call 10/01/29)		1,760		1,785,206
Series C, 4.00%, 10/01/41 (Call 10/01/28)		2,205		2,213,540
Series C, 5.00%, 10/01/24		4,085		4,131,303
Series C, 5.00%, 10/01/26 (Call 10/01/25)		3,590		3,699,343
Series C, 5.00%, 10/01/27 (PR 10/01/25)		3,440		3,549,338
Series C, 5.00%, 10/01/36 (Call 10/01/28)		3,250		3,521,145
Series F, 5.00%, 11/01/32 (PR 11/01/25)		4,700		4,858,386

S C H E D U L E  O F   I N V E S T M E N T S 51

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mississippi (continued)
West Rankin Utility Authority RB, 5.00%, 01/01/48 (PR 01/01/28) (AGM)	$	13,500	$	14,683,050
			86,206,015
Missouri — 0.4%
City of Kansas City MO Sanitary Sewer System Revenue RB, Series A, 4.00%, 01/01/42 (Call 01/01/28)		1,000		1,004,162
City of Springfield MO Public Utility Revenue RB, 4.00%, 08/01/31 (Call 08/01/25)		2,000		2,020,152
Curators of the University of Missouri (The) RB, Series B, 5.00%, 11/01/30		13,205		15,179,144
Metropolitan St. Louis Sewer District RB
Series A, 5.00%, 05/01/42 (Call 05/01/27)		2,000		2,085,797
Series A, 5.00%, 05/01/47 (Call 05/01/27)		3,775		3,913,683
Series B, 5.00%, 05/01/45 (Call 05/01/25)		2,850		2,910,813
Series B, 5.00%, 05/01/45 (PR 05/01/25)		1,350		1,380,357
Missouri Highway & Transportation Commission RB 5.00%, 05/01/25		12,500		12,776,774
5.00%, 05/01/26		12,505		13,087,322
5.00%, 05/01/28		15,000		16,430,743
5.00%, 05/01/29		15,000		16,757,778
5.00%, 05/01/30		15,025		17,072,506
5.00%, 05/01/31		15,000		17,328,327
Series A, 5.00%, 05/01/25 (Call 05/01/24)		5,000		5,015,945
Series A, 5.00%, 05/01/26		14,205		14,884,767
Missouri Joint Municipal Electric Utility Commission RB, Series A, 5.00%, 12/01/40 (Call 06/01/26)		9,460		9,654,979
Missouri State Board of Public Buildings RB, Series B, 4.00%, 10/01/28		5,000		5,285,667
			156,788,916
Nebraska — 0.4%
Nebraska Public Power District RB 5.00%, 07/01/28 (Call 01/01/28)		3,270		3,554,832
Series D, 4.00%, 01/01/44 (Call 01/01/31)		3,625		3,631,252
Omaha Public Power District Nebraska City Station Unit 2 RB, Series A, 5.00%, 02/01/49 (Call 02/01/26)		9,815		10,006,527
Omaha Public Power District RB 4.25%, 02/01/47 (Call 02/01/32)		2,500		2,537,565
5.00%, 02/01/34 (Call 02/01/33)		7,500		8,920,362
5.00%, 02/01/47 (Call 02/01/32)		30,000		32,725,401
5.25%, 02/01/48 (Call 02/01/33)		13,560		15,141,076
5.25%, 02/01/52 (Call 02/01/32)		21,635		23,669,322
Series A, 3.00%, 02/01/41 (Call 08/01/30)		1,000		888,454
Series A, 4.00%, 02/01/51 (Call 08/01/30)		1,500		1,459,519
Series A, 5.00%, 02/01/30 (Call 02/01/29)		1,500		1,669,226
Series A, 5.00%, 02/01/31 (Call 02/01/29)		3,650		4,052,112
Series A, 5.00%, 02/01/42 (Call 12/01/27)		15,575		16,433,819
Series A, 5.00%, 02/01/46 (Call 08/01/30)		13,330		14,376,454
Series B, 4.00%, 02/01/46 (Call 08/01/30)		3,000		3,017,333
Series CC, 4.00%, 02/01/38 (Call 04/01/24)		10,000		9,883,282
University of Nebraska Facilities Corp. (The) RB
Series A, 4.00%, 07/15/59 (Call 07/15/31)		3,500		3,306,964
Series B, 5.00%, 07/15/51 (Call 07/15/31)		3,000		3,219,808
			158,493,308
Nevada — 0.7%
Clark County School District, 5.00%, 06/15/24 (AGM)		3,000		3,016,013
Clark County School District GOL 5.00%, 06/15/24		2,415		2,426,253

Security	Par (000)		Value
Nevada (continued)
5.00%, 06/15/26	$	5,250	$	5,494,000
Series C, 5.00%, 06/15/24		2,580		2,592,022
Series C, 5.00%, 06/15/25		3,050		3,123,987
Series C, 5.00%, 06/15/26 (Call 12/15/25)		4,715		4,881,972
Series C, 5.00%, 06/15/27 (Call 12/15/25)		6,700		6,933,723
Series D, 5.00%, 06/15/28 (Call 12/15/25)		1,000		1,031,718
County of Clark Department of Aviation RB 5.00%, 07/01/25		2,500		2,559,073
5.00%, 07/01/26		2,010		2,107,855
5.00%, 07/01/32 (Call 07/01/29)		2,500		2,770,325
Series A, 5.00%, 07/01/26		1,205		1,263,665
Series A-2, 5.00%, 07/01/40 (Call 07/01/27)		5,190		5,453,956
County of Clark NV GOL 4.00%, 06/01/31 (Call 06/01/27)		17,000		17,472,022
4.00%, 06/01/38 (Call 06/01/27)		12,705		12,844,691
4.00%, 07/01/44 (Call 07/01/27)		7,135		7,088,928
Series B, 5.00%, 11/01/27 (Call 11/01/26)		2,000		2,111,889
Series B, 5.00%, 11/01/28 (Call 11/01/26)		5,000		5,274,460
County of Clark NV Passenger Facility Charge Revenue RB 5.00%, 07/01/26		2,000		2,097,369
5.00%, 07/01/33 (Call 07/01/29)		2,000		2,215,309
County of Washoe Nevada Gas Tax Revenue RB, 5.00%, 02/01/42 (Call 02/01/29)		2,000		2,116,941
Las Vegas Valley Water District GOL 4.00%, 06/01/34 (Call 06/01/32)		5,085		5,457,633
4.00%, 06/01/39 (Call 12/01/24)		2,000		2,003,392
4.00%, 06/01/47 (Call 06/01/32)		15,235		14,988,066
4.00%, 06/01/52 (Call 06/01/32)		18,430		17,627,368
5.00%, 06/01/34 (Call 06/01/26)		3,500		3,644,032
5.00%, 06/01/35 (Call 06/01/26)		2,000		2,080,099
5.00%, 06/01/39 (Call 12/01/24)		5,775		5,829,816
5.00%, 06/01/49 (Call 06/01/33)		5,000		5,451,944
Series A, 4.00%, 06/01/51 (Call 12/01/31)		10,000		9,653,694
Series A, 5.00%, 06/01/26		10,000		10,477,581
Series A, 5.00%, 06/01/41 (Call 06/01/26)		9,730		10,004,721
Series A, 5.00%, 06/01/46 (Call 06/01/26)		4,000		4,090,423
State of Nevada GOL 5.00%, 05/01/29		3,055		3,420,841
5.00%, 05/01/41 (Call 11/01/33)		10,000		11,408,091
Series B, 5.00%, 11/01/26 (Call 05/01/25)		1,650		1,685,904
Series D, 5.00%, 04/01/25		3,270		3,338,807
State of Nevada Highway Improvement Revenue RB 5.00%, 12/01/25		1,450		1,502,944
5.00%, 12/01/27 (Call 06/01/26)		3,025		3,169,091
5.00%, 12/01/28 (Call 06/01/26)		6,800		7,117,862
5.00%, 12/01/40 (Call 06/01/34)		5,815		6,737,913
5.00%, 12/01/41 (Call 06/01/34)		2,110		2,427,513
Washoe County School District/NV GOL, Series C, 4.00%, 10/01/47 (Call 10/01/27)		52,635		51,328,826
			278,322,732
New Hampshire — 0.0%
State of New Hampshire GO, Series D, 5.00%, 12/01/24		1,055		1,070,293
New Jersey — 4.4%
County of Monmouth NJ GO 5.00%, 01/15/35 (Call 01/15/33)		3,265		3,902,716
5.00%, 01/15/36 (Call 01/15/33)		3,980		4,729,009
Series A, 5.00%, 01/15/31		6,430		7,475,036

52 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Series A, 5.00%, 01/15/32 (Call 07/15/31)	$	5,160	$	6,047,059
Series A, 5.00%, 01/15/34 (Call 07/15/31)		6,250		7,301,990
Garden State Preservation Trust RB, Series A, 5.75%, 11/01/28 (AGM)		1,500		1,592,484
New Jersey Economic Development Authority RB 4.00%, 11/01/37 (Call 11/01/29)		2,000		2,052,987
4.00%, 06/15/44 (Call 12/15/29)		2,000		1,983,130
4.00%, 11/01/44 (Call 11/01/29)		750		742,303
4.63%, 06/15/48 (Call 12/15/28)		10,000		10,146,050
5.00%, 03/01/25		4,425		4,498,013
5.00%, 03/01/26		7,060		7,321,301
5.00%, 06/15/26		4,910		5,121,602
5.00%, 06/15/27		1,000		1,063,562
5.00%, 03/01/28		4,000		4,326,855
5.00%, 11/01/34 (Call 11/01/29)		1,000		1,103,555
5.00%, 11/01/36 (Call 11/01/32)		10,000		11,460,234
5.00%, 11/01/40 (Call 11/01/29)		1,000		1,069,721
5.00%, 06/15/43 (Call 12/15/28)		2,890		3,026,515
5.00%, 06/15/43 (PR 12/15/28)		1,700		1,893,052
5.00%, 11/01/44 (Call 11/01/29)		5,000		5,262,681
5.00%, 06/15/47 (Call 12/15/27)		6,110		6,298,786
5.00%, 06/15/49 (Call 12/15/29)		5,000		5,210,657
5.25%, 11/01/47 (Call 11/01/32)		10,000		10,940,918
Series A, 4.00%, 11/01/27 (SAP)		1,255		1,299,487
Series A, 4.00%, 07/01/34 (Call 07/01/27)		3,540		3,592,111
Series A, 5.00%, 06/15/42 (Call 12/15/27)		4,665		4,856,484
Series AAA, 5.00%, 06/15/36 (PR 12/15/26)		1,000		1,059,979
Series AAA, 5.00%, 06/15/41 (PR 12/15/26)		1,515		1,605,868
Series B, 5.00%, 11/01/26 (SAP)		9,500		9,988,109
Series B, 5.00%, 06/15/43 (Call 12/15/28)		1,000		1,048,571
Series BBB, 5.50%, 06/15/30 (PR 12/15/26)		8,845		9,493,097
Series DDD, 5.00%, 06/15/42 (PR 06/15/27)		8,925		9,597,801
Series EEE, 5.00%, 06/15/36 (PR 12/15/28)		2,640		2,939,799
Series EEE, 5.00%, 06/15/48 (Call 12/15/28)		6,000		6,210,168
Series MMM, 4.00%, 06/15/35 (Call 12/15/29)		2,000		2,078,316
Series MMM, 5.00%, 06/15/33 (Call 12/15/29)		6,460		7,169,638
Series MMM, 5.00%, 06/15/34 (Call 12/15/29)		2,500		2,767,194
Series N-1, 5.50%, 09/01/24 (AMBAC)		1,455		1,469,789
Series N-1, 5.50%, 09/01/26 (AMBAC)		1,000		1,059,640
Series PP, 5.00%, 06/15/26 (Call 06/15/24)		4,320		4,335,971
Series PP, 5.00%, 06/15/27 (PR 06/15/24)		3,000		3,011,091
Series PP, 5.00%, 06/15/31 (PR 06/15/24)		2,500		2,509,242
Series QQQ, 4.00%, 06/15/46 (Call 12/15/30)		12,175		12,016,484
Series QQQ, 4.00%, 06/15/50 (Call 12/15/30)		2,250		2,160,288
Series UU, 5.00%, 06/15/40 (Call 06/15/24)		7,255		7,280,799
Series UU, 5.00%, 06/15/40 (PR 06/15/24)		390		391,827
Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP)		2,500		2,570,379
Series WW, 5.25%, 06/15/40 (PR 06/15/25)		1,000		1,028,151
Series XX, 4.00%, 06/15/24 (SAP)		3,020		3,024,474
Series XX, 5.00%, 06/15/25		5,000		5,110,599
Series XX, 5.00%, 06/15/26 (PR 06/15/25) (SAP)		15,000		15,375,535
New Jersey Educational Facilities Authority RB 5.00%, 07/01/24		1,000		1,006,005
5.00%, 03/01/27		11,330		12,135,479
5.00%, 07/01/28 (Call 07/01/26)		5,115		5,374,945
5.00%, 07/01/31 (Call 07/01/27)		3,235		3,478,168
5.00%, 03/01/32		5,000		5,937,614
5.00%, 07/01/33 (Call 07/01/27)		9,400		10,083,269
Series A, 5.00%, 07/01/26 (Call 07/01/24)		1,650		1,658,832
Series B, 5.00%, 03/01/28		5,755		6,313,344

Security	Par (000)		Value
New Jersey (continued)
Series B, 5.00%, 07/01/29 (Call 07/01/27)	$	5,000	$	5,385,369
Series C, 5.00%, 03/01/27		7,025		7,524,426
New Jersey Institute of Technology/NJ RB, Series A, 5.00%, 07/01/45 (Call 07/01/25)		2,500		2,524,675
New Jersey Transportation Trust Fund Authority 5.00%, 06/15/33 (Call 12/15/32)		2,000		2,335,231
5.00%, 06/15/34 (Call 12/15/32)		1,875		2,182,463
5.00%, 06/15/44 (Call 12/15/32)		10,500		11,443,462
5.50%, 06/15/50 (Call 12/15/32)		3,250		3,601,899
New Jersey Transportation Trust Fund Authority RB 0.00%, 12/15/36(a)		25,555		15,996,559
3.00%, 06/15/50 (Call 12/15/30)		9,000		6,881,467
4.00%, 12/15/39 (Call 12/15/29)		500		507,026
4.00%, 06/15/41 (Call 12/15/31)		5,500		5,542,128
4.25%, 06/15/40 (Call 06/15/33)		10,000		10,398,274
4.25%, 06/15/44 (Call 06/15/33)		4,295		4,350,357
5.00%, 12/15/25		5,725		5,912,104
5.00%, 06/15/26		11,985		12,503,012
5.00%, 12/15/26		2,885		3,041,166
5.00%, 06/15/27		2,965		3,158,993
5.00%, 12/15/27		1,380		1,485,115
5.00%, 12/15/28		1,000		1,098,029
5.00%, 06/15/29		6,510		7,219,444
5.00%, 06/15/29 (Call 12/15/28)		7,000		7,650,040
5.00%, 06/15/30		7,000		7,898,776
5.00%, 06/15/30 (Call 12/15/28)		5,000		5,463,332
5.00%, 06/15/32		6,960		8,084,919
5.00%, 06/15/32 (Call 06/15/31)		4,250		4,862,083
5.00%, 06/15/32 (Call 12/15/31)		2,500		2,882,210
5.00%, 12/15/32 (Call 12/15/29)		7,340		8,169,635
5.00%, 06/15/33		2,500		2,940,406
5.00%, 06/15/33 (Call 06/15/31)		2,600		2,968,740
5.00%, 06/15/33 (Call 06/15/32)		11,430		13,248,954
5.00%, 06/15/34 (Call 06/15/31)		7,320		8,335,925
5.00%, 06/15/34 (Call 12/15/33)		4,000		4,723,411
5.00%, 06/15/35 (Call 06/15/32)		3,000		3,450,980
5.00%, 06/15/35 (Call 06/15/33)		3,020		3,521,766
5.00%, 06/15/36 (Call 06/15/33)		3,500		4,054,342
5.00%, 06/15/37 (Call 12/15/28)		1,250		1,341,481
5.00%, 06/15/37 (Call 06/15/33)		8,000		9,196,354
5.00%, 06/15/38 (Call 12/15/28)		3,025		3,232,124
5.00%, 06/15/38 (Call 06/15/33)		7,810		8,908,124
5.00%, 06/15/39 (Call 06/15/33)		6,000		6,791,479
5.00%, 06/15/39 (Call 12/15/33)		4,000		4,552,530
5.00%, 12/15/39 (Call 12/15/29)		1,000		1,079,645
5.00%, 06/15/40 (Call 12/15/33)		14,500		16,365,964
5.00%, 06/15/41 (Call 12/15/33)		14,700		16,465,446
5.00%, 06/15/42 (Call 12/15/32)		9,195		10,140,280
5.00%, 06/15/42 (Call 12/15/33)		5,000		5,563,142
5.00%, 06/15/43 (Call 12/15/33)		4,500		4,973,797
5.00%, 06/15/46 (Call 12/15/33)		2,500		2,723,863
5.25%, 06/15/42 (Call 06/15/33)		3,000		3,381,885
5.25%, 06/15/50 (Call 12/15/33)		2,500		2,738,692
Series S, 5.00%, 06/15/34 (Call 12/15/28)		2,500		2,712,542
Series S, 5.00%, 06/15/46 (Call 12/15/28)		12,000		12,469,481
Series A, 0.00%, 12/15/25(a)		2,255		2,124,155
Series A, 0.00%, 12/15/28(a)		3,655		3,142,662
Series A, 0.00%, 12/15/29(a)		3,290		2,737,663
Series A, 0.00%, 12/15/30(a)		3,000		2,411,713
Series A, 0.00%, 12/15/31(a)		6,535		5,071,806
Series A, 0.00%, 12/15/32(a)		1,290		965,850

S C H E D U L E  O F   I N V E S T M E N T S 53

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
Series A, 0.00%, 12/15/33(a)	$	930	$	669,842
Series A, 0.00%, 12/15/34(a)		16,055		11,111,280
Series A, 0.00%, 12/15/35(a)		11,710		7,736,620
Series A, 0.00%, 12/15/36(a)		3,750		2,347,372
Series A, 0.00%, 12/15/37(a)		7,700		4,573,452
Series A, 0.00%, 12/15/38(a)		4,485		2,521,149
Series A, 0.00%, 12/15/39(a)		33,700		18,086,584
Series A, 0.00%, 12/15/40(a)		5,500		2,784,031
Series A, 4.00%, 12/15/31 (Call 12/15/28)		9,660		10,049,688
Series A, 4.00%, 06/15/34 (Call 06/15/31)		9,025		9,506,389
Series A, 4.00%, 06/15/36 (Call 06/15/31)		1,165		1,215,132
Series A, 4.00%, 12/15/37 (Call 12/15/28) (BAM)		13,770		14,111,368
Series A, 4.25%, 12/15/38 (Call 12/15/28)		1,000		1,022,369
Series A, 5.00%, 06/15/24		3,325		3,339,179
Series A, 5.00%, 12/15/24		1,040		1,053,115
Series A, 5.00%, 12/15/27		10,230		11,009,221
Series A, 5.00%, 06/15/28 (Call 06/15/26)		14,900		15,560,289
Series A, 5.00%, 12/15/28		6,050		6,643,072
Series A, 5.00%, 06/15/29 (Call 06/15/26)		6,700		6,987,757
Series A, 5.00%, 06/15/30 (Call 06/15/26)		6,500		6,774,173
Series A, 5.00%, 12/15/30 (Call 12/15/28)		2,500		2,730,027
Series A, 5.00%, 06/15/31 (Call 06/15/26)		5,830		6,067,612
Series A, 5.00%, 12/15/32 (Call 12/15/28)		2,000		2,175,555
Series A, 5.00%, 12/15/33 (Call 12/15/28)		12,045		13,083,201
Series A, 5.00%, 12/15/34 (Call 12/15/28)		8,000		8,668,890
Series A, 5.00%, 12/15/35 (Call 12/15/28)		4,000		4,319,900
Series A, 5.00%, 12/15/36 (Call 12/15/28)		13,685		14,718,796
Series A, 5.75%, 06/15/25 (NPFGC)		12,600		12,996,244
Series A-1, 5.00%, 06/15/24		3,905		3,921,543
Series A-1, 5.00%, 06/15/27 (Call 06/15/26)		3,425		3,582,356
Series A-1, 5.00%, 06/15/29 (Call 06/15/26)		1,870		1,950,314
Series A-1, 5.00%, 06/15/30 (Call 06/15/26)		1,000		1,042,180
Series AA, 4.00%, 06/15/35 (Call 12/15/30)		2,655		2,776,727
Series AA, 4.00%, 06/15/36 (Call 12/15/30)		1,750		1,820,689
Series AA, 4.00%, 06/15/37 (Call 12/15/30)		2,490		2,575,087
Series AA, 4.00%, 06/15/38 (Call 12/15/30)		3,000		3,079,949
Series AA, 4.00%, 06/15/39 (Call 12/15/30)		7,750		7,904,304
Series AA, 4.00%, 06/15/40 (Call 12/15/30)		500		506,277
Series AA, 4.00%, 06/15/45 (Call 12/15/30)		10,000		9,804,611
Series AA, 4.00%, 06/15/50 (Call 12/15/30)		18,810		18,060,004
Series AA, 5.00%, 06/15/25 (Call 06/15/24)		1,000		1,003,979
Series AA, 5.00%, 06/15/36 (Call 12/15/30)		1,000		1,116,709
Series AA, 5.00%, 06/15/38 (Call 06/15/24)		3,100		3,105,666
Series AA, 5.00%, 06/15/38 (Call 12/15/30)		2,000		2,207,066
Series AA, 5.00%, 06/15/40 (Call 12/15/30)		1,250		1,363,222
Series AA, 5.00%, 06/15/44 (Call 06/15/24)		350		350,475
Series AA, 5.00%, 06/15/45 (Call 06/15/25)		2,500		2,523,322
Series AA, 5.00%, 06/15/45 (Call 12/15/30)		9,315		9,926,295
Series AA, 5.00%, 06/15/50 (Call 12/15/30)		4,100		4,315,489
Series AA, 5.25%, 06/15/41 (Call 06/15/25)		3,500		3,556,744
Series BB, 4.00%, 06/15/36 (Call 12/15/28)		6,200		6,382,237
Series BB, 4.00%, 06/15/37 (Call 12/15/28)		2,000		2,045,339
Series BB, 4.00%, 06/15/38 (Call 12/15/28)		15,340		15,617,732
Series BB, 4.00%, 06/15/44 (Call 12/15/28)		2,000		1,977,678
Series BB, 4.00%, 06/15/50 (Call 12/15/28)		7,640		7,335,376
Series BB, 5.00%, 06/15/33 (Call 12/15/28)		4,000		4,348,047
Series BB, 5.00%, 06/15/35 (Call 12/15/28)		8,960		9,693,737
Series BB, 5.00%, 06/15/44 (Call 12/15/28)		11,275		11,769,959
Series BB, 5.00%, 06/15/50 (Call 12/15/28)		7,185		7,414,483
Series C, 0.00%, 12/15/24 (AMBAC)(a)		1,790		1,742,129
Series C, 0.00%, 12/15/25 (AMBAC)(a)		10,170		9,588,282

Security	Par (000)		Value
New Jersey (continued)
Series C, 0.00%, 12/15/27 (NPFGC)(a)	$	6,050	$	5,377,361
Series C, 0.00%, 12/15/28 (AMBAC)(a)		4,615		3,977,443
Series C, 0.00%, 12/15/30 (NPFGC)(a)		3,760		3,032,782
Series C, 0.00%, 12/15/31 (NPFGC)(a)		17,280		13,462,421
Series C, 0.00%, 12/15/32 (AGM)(a)		55,000		41,680,765
Series C, 0.00%, 12/15/33 (AGM)(a)		30,540		22,338,000
Series C, 0.00%, 12/15/35 (AMBAC)(a)		3,990		2,651,436
Series D, 5.00%, 12/15/24		2,830		2,865,829
Series D, 5.00%, 06/15/32 (Call 12/15/24)		18,390		18,550,153
New Jersey Turnpike Authority RB 4.50%, 01/01/48 (Call 01/01/33)		13,500		14,049,126
5.00%, 01/01/31 (Call 01/01/27)		3,700		3,909,942
5.00%, 01/01/46 (Call 01/01/33)		11,000		12,242,279
5.25%, 01/01/52 (Call 01/01/33)		21,720		24,256,859
Series A, 4.00%, 01/01/35 (Call 07/01/24)		3,145		3,146,396
Series A, 4.00%, 01/01/42 (Call 01/01/31)		19,530		19,928,162
Series A, 4.00%, 01/01/48 (Call 01/01/29)		41,800		41,434,229
Series A, 4.00%, 01/01/51 (Call 01/01/31)		3,395		3,369,602
Series A, 5.00%, 01/01/28 (Call 07/01/24)		5,010		5,034,009
Series A, 5.00%, 01/01/29 (Call 01/01/27)		2,000		2,122,131
Series A, 5.00%, 01/01/30 (Call 07/01/24)		3,250		3,265,730
Series A, 5.00%, 01/01/31 (PR 07/01/24)		12,730		12,800,214
Series A, 5.00%, 01/01/32 (Call 07/01/24)		37,835		38,006,881
Series A, 5.00%, 01/01/33 (Call 07/01/24)		800		803,352
Series A, 5.00%, 01/01/33 (Call 01/01/27)		2,000		2,110,164
Series A, 5.00%, 01/01/48 (Call 01/01/29)		18,085		19,157,453
Series B, 4.00%, 01/01/34 (Call 01/01/28)		1,000		1,034,170
Series B, 5.00%, 01/01/28		1,750		1,903,358
Series B, 5.00%, 01/01/29 (Call 01/01/28)		1,290		1,396,156
Series B, 5.00%, 01/01/31 (Call 01/01/28)		4,500		4,868,070
Series B, 5.00%, 01/01/32 (Call 01/01/28)		16,690		18,042,886
Series B, 5.00%, 01/01/40 (Call 01/01/28)		4,500		4,772,040
Series C, 5.00%, 01/01/25		5,125		5,206,305
Series E, 5.00%, 01/01/31 (Call 01/01/28)		3,400		3,678,097
Series E, 5.00%, 01/01/32 (Call 01/01/28)		7,200		7,783,630
Series E, 5.00%, 01/01/34 (Call 01/01/25)		2,000		2,028,654
Series E, 5.00%, 01/01/45 (Call 01/01/25)		17,345		17,548,847
Series G, 4.00%, 01/01/34 (Call 01/01/28)		3,500		3,619,593
Series G, 4.00%, 01/01/43 (Call 01/01/28)		22,100		22,092,336
Series G, 5.00%, 01/01/35 (Call 01/01/28)		3,565		3,845,686
Series G, 5.00%, 01/01/36 (Call 01/01/28)		2,380		2,560,380
State of New Jersey GO 3.00%, 06/01/32		5,050		4,970,477
5.00%, 06/01/27 (PR 06/01/25)		2,885		2,949,742
5.00%, 06/01/32 (PR 06/01/25)		1,500		1,533,662
Series A, 4.00%, 06/01/30		25,185		27,110,857
Series A, 4.00%, 06/01/31		32,000		34,764,547
Series A, 4.00%, 06/01/32		10,500		11,495,209
Series A, 5.00%, 06/01/24		5,820		5,842,005
Series A, 5.00%, 06/01/25		7,680		7,859,905
Series A, 5.00%, 06/01/26		14,785		15,468,105
Series A, 5.00%, 06/01/27		19,340		20,712,800
Series A, 5.00%, 06/01/28		42,585		46,623,710
Series A, 5.00%, 06/01/29		33,380		37,267,231
			1,618,867,650
New Mexico — 0.2%
New Mexico Finance Authority RB
Series A, 5.00%, 06/15/25		620		635,512
Series A, 5.00%, 06/15/28		6,515		7,152,679
Series A, 5.00%, 06/15/30		1,500		1,712,734

54 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Mexico (continued)
State of New Mexico GO 5.00%, 03/01/25	$	3,055	$	3,114,505
5.00%, 03/01/26		1,500		1,562,553
5.00%, 03/01/27		22,875		24,412,646
5.00%, 03/01/29		5,000		5,569,810
State of New Mexico Severance Tax Permanent Fund RB 5.00%, 07/01/30		13,445		15,364,059
5.00%, 07/01/31		13,540		15,743,314
Series A, 5.00%, 07/01/26		2,500		2,622,863
			77,890,675
New York — 23.3%
Battery Park City Authority RB 5.00%, 11/01/29		4,420		5,042,669
5.00%, 11/01/30		5,000		5,820,700
5.00%, 11/01/33		3,500		4,282,910
5.00%, 11/01/38 (Call 11/01/33)		2,480		2,907,854
5.00%, 11/01/41 (Call 11/01/33)		2,000		2,306,669
5.00%, 11/01/43 (Call 11/01/33)		4,000		4,563,250
5.00%, 11/01/44 (Call 11/01/33)		6,955		7,903,088
5.00%, 11/01/48 (Call 11/01/33)		1,350		1,508,271
5.00%, 11/01/53 (Call 11/01/33)		66,000		72,939,181
Series A, 4.00%, 11/01/44 (Call 11/01/29)		5,915		5,944,721
Series A, 5.00%, 11/01/49 (Call 11/01/29)		3,960		4,226,981
Series B, 5.00%, 11/01/39 (Call 11/01/29)		840		924,376
Series B, 5.00%, 11/01/40 (Call 11/01/29)		3,700		4,050,308
Series D-2, VRDN, 3.30%, 11/01/38 (Put 02/29/24)(b)		4,050		4,050,000
City of New York GO 3.00%, 08/01/50 (Call 08/01/31)		1,650		1,273,488
4.00%, 08/01/38 (Call 08/01/29)		5,005		5,128,579
4.00%, 08/01/38 (Call 08/01/31)		2,930		3,031,679
4.00%, 08/01/39 (Call 08/01/30)		1,525		1,565,503
4.00%, 08/01/41 (Call 08/01/30)		6,400		6,487,981
4.00%, 08/01/41 (Call 08/01/31)		13,060		13,263,938
5.00%, 08/01/25		1,080		1,108,726
5.00%, 09/01/25		3,210		3,301,234
5.00%, 08/01/27		7,415		7,940,800
5.00%, 08/01/28		9,105		9,988,164
5.00%, 09/01/28		5,550		6,099,098
5.00%, 08/01/29		4,390		4,912,695
5.00%, 09/01/29		5,940		6,658,160
5.00%, 11/01/29		5,015		5,639,368
5.00%, 08/01/30		18,890		21,486,856
5.00%, 11/01/30		9,950		11,365,492
5.00%, 08/01/31		12,005		13,864,218
5.00%, 08/01/31 (Call 08/01/30)		11,150		12,698,285
5.00%, 04/01/32 (Call 04/01/29)		5,250		5,811,828
5.00%, 08/01/32		19,700		23,071,301
5.00%, 08/01/32 (Call 08/01/30)		6,550		7,451,557
5.00%, 08/01/32 (Call 08/01/31)		5,000		5,785,531
5.00%, 08/01/33		11,445		13,577,790
5.00%, 03/01/34		5,000		5,992,814
5.00%, 08/01/34 (Call 08/01/33)		17,475		20,825,729
5.00%, 08/01/35 (Call 08/01/33)		6,475		7,606,580
5.00%, 08/01/36 (Call 08/01/33)		2,500		2,920,264
5.00%, 08/01/37 (Call 08/01/33)		1,500		1,741,142
5.00%, 08/01/38 (Call 08/01/33)		1,250		1,440,900
5.00%, 04/01/39 (Call 04/01/33)		7,500		8,566,759
5.00%, 09/01/39 (Call 09/01/32)		2,000		2,268,573
5.00%, 09/01/41 (Call 09/01/32)		1,470		1,643,807

Security	Par (000)		Value
New York (continued)
5.00%, 12/01/44 (Call 12/01/28)	$	13,695	$	14,519,013
5.00%, 03/01/45 (Call 03/01/34)		9,000		9,933,124
5.00%, 08/01/47 (Call 08/01/33)		3,615		3,943,408
5.25%, 10/01/32 (Call 10/01/27)		10,440		11,266,710
5.25%, 09/01/41 (Call 09/01/32)		8,000		9,105,074
5.25%, 09/01/42 (Call 09/01/32)		2,000		2,256,519
5.25%, 09/01/43 (Call 09/01/32)		5,500		6,181,963
5.25%, 03/01/53 (Call 03/01/34)		13,635		15,050,070
VRDN, 3.65%, 04/01/36 (Put 02/29/24)(b)		20,000		20,000,000
VRDN, 3.65%, 09/01/49 (Put 02/29/24)(b)		25,000		25,000,000
VRDN, 3.72%, 08/01/34(b)		35,830		35,830,000
VRDN, 3.72%, 04/01/36 (Put 02/29/24)(b)		8,850		8,850,000
VRDN, 3.75%, 08/01/44 (Put 02/29/24)(b)		37,175		37,175,000
VRDN, 3.78%, 12/01/47 (Put 02/29/24)(b)		30,950		30,950,000
Series 1, 5.00%, 08/01/25		6,480		6,652,355
Series 1-I, 5.00%, 03/01/30 (Call 04/01/24)		1,000		1,000,476
Series 2015-A, 5.00%, 08/01/31 (Call 08/01/24)		2,500		2,512,758
Series 2015-A, 5.00%, 08/01/32 (Call 08/01/24)		1,000		1,005,022
Series A, 5.00%, 08/01/24		1,330		1,340,253
Series A, 5.00%, 08/01/25		1,680		1,724,685
Series A, 5.00%, 08/01/26		5,325		5,574,974
Series A, 5.00%, 08/01/26 (Call 08/01/25)		1,850		1,897,961
Series A, 5.00%, 08/01/27 (Call 08/01/25)		1,060		1,087,333
Series A, 5.00%, 08/01/28 (Call 08/01/25)		3,260		3,343,607
Series A, 5.00%, 08/01/28 (Call 08/01/27)		2,000		2,148,553
Series A-1, 4.00%, 08/01/34 (Call 08/01/30)		1,775		1,890,500
Series A-1, 4.00%, 08/01/34 (Call 08/01/31)		9,845		10,575,689
Series A-1, 4.00%, 08/01/36 (Call 08/01/26)		5,390		5,437,773
Series A-1, 4.00%, 08/01/37 (Call 08/01/29)		2,500		2,580,515
Series A-1, 4.00%, 08/01/39 (Call 08/01/31)		8,000		8,241,568
Series A-1, 4.00%, 08/01/40 (Call 08/01/31)		2,000		2,046,489
Series A-1, 4.00%, 08/01/44 (Call 08/01/29)		9,000		8,991,270
Series A-1, 4.00%, 08/01/50 (Call 08/01/31)		3,315		3,237,232
Series A-1, 5.00%, 08/01/25		2,330		2,391,973
Series A-1, 5.00%, 08/01/29		1,925		2,154,200
Series A-1, 5.00%, 08/01/30 (Call 08/01/26)		1,660		1,736,213
Series A-1, 5.00%, 08/01/32 (Call 08/01/30)		1,000		1,137,642
Series A-1, 5.00%, 08/01/38 (Call 08/01/26)		3,000		3,111,536
Series A-2015, 5.00%, 08/01/24		1,705		1,718,144
Series A-3, 4.00%, 08/01/35 (Call 08/01/30)		2,500		2,645,135
Series B, VRDN, 3.78%, 10/01/46 (Put 02/29/24)(b)		11,470		11,470,000
Series B-1, 3.00%, 10/01/41 (Call 10/01/29)		2,000		1,724,977
Series B-1, 4.00%, 10/01/35 (Call 10/01/29)		1,015		1,065,052
Series B-1, 4.00%, 10/01/37 (Call 10/01/29)		1,880		1,940,413
Series B-1, 4.00%, 10/01/41 (Call 10/01/27)		1,000		1,001,424
Series B-1, 5.00%, 08/01/25		20,930		21,486,696
Series B-1, 5.00%, 08/01/26		24,055		25,184,226
Series B-1, 5.00%, 08/01/27		10,990		11,769,304
Series B-1, 5.00%, 08/01/29		32,630		36,515,088
Series B-1, 5.00%, 12/01/29 (Call 12/01/26)		1,005		1,059,994
Series B-1, 5.00%, 10/01/31 (Call 10/01/29)		1,175		1,313,824
Series B-1, 5.00%, 10/01/32 (Call 10/01/29)		1,000		1,116,559
Series B-1, 5.00%, 10/01/33 (Call 10/01/29)		6,310		7,042,123
Series B-1, 5.00%, 12/01/33 (Call 12/01/26)		1,800		1,893,636
Series B-1, 5.00%, 10/01/34 (Call 10/01/29)		2,500		2,786,636
Series B-1, 5.00%, 12/01/35 (Call 12/01/26)		7,815		8,215,217
Series B-1, 5.00%, 10/01/36 (Call 10/01/29)		14,240		15,705,112
Series B-1, 5.00%, 10/01/37 (Call 10/01/27)		3,000		3,179,661
Series B-1, 5.00%, 10/01/38 (Call 10/01/27)		6,455		6,815,723
Series B-1, 5.00%, 10/01/38 (Call 10/01/29)		5,000		5,451,220

S C H E D U L E  O F   I N V E S T M E N T S 55

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series B-1, 5.00%, 12/01/38 (Call 12/01/26)	$	1,500	$	1,564,750
Series B-1, 5.00%, 12/01/41 (Call 12/01/26)		3,000		3,111,152
Series C, 4.00%, 08/01/34 (Call 02/01/28)		1,005		1,044,027
Series C, 4.00%, 08/01/35 (Call 02/01/26)		4,870		4,918,292
Series C, 4.00%, 08/01/36 (Call 08/01/30)		1,000		1,048,880
Series C, 4.00%, 08/01/40 (Call 08/01/30)		1,000		1,020,454
Series C, 5.00%, 08/01/25		4,055		4,162,855
Series C, 5.00%, 08/01/26		2,960		3,098,953
Series C, 5.00%, 08/01/27 (Call 02/01/25)		4,500		4,572,099
Series C, 5.00%, 08/01/28 (Call 02/01/25)		5,165		5,247,289
Series C, 5.00%, 08/01/28 (Call 02/01/26)		895		928,148
Series C, 5.00%, 08/01/28 (Call 02/01/27)		3,200		3,394,932
Series C, 5.00%, 08/01/29 (Call 02/01/26)		7,260		7,522,042
Series C, 5.00%, 08/01/29 (Call 02/01/28)		4,005		4,343,825
Series C, 5.00%, 08/01/30		1,485		1,689,147
Series C, 5.00%, 08/01/32 (Call 02/01/28)		2,435		2,632,892
Series C, 5.00%, 08/01/33 (Call 08/01/30)		3,000		3,411,161
Series C, 5.00%, 08/01/38 (Call 08/01/30)		8,670		9,612,816
Series C, 5.00%, 08/01/42 (Call 08/01/30)		3,225		3,492,454
Series C-1, 5.00%, 08/01/27		10,950		11,726,468
Series C-1, 5.00%, 08/01/28		3,000		3,290,993
Series C-1, 5.00%, 08/01/29		2,000		2,238,130
Series C-1, 5.00%, 08/01/30		6,750		7,677,939
Series C-1, 5.00%, 08/01/31 (Call 08/01/30)		1,500		1,708,289
Series C-1, 5.00%, 08/01/33 (Call 08/01/30)		15,635		17,777,835
Series C-1, 5.00%, 08/01/36 (Call 08/01/30)		2,815		3,151,166
Series D1, 4.00%, 12/01/41 (Call 12/01/28)		3,000		3,018,397
Series D1, 4.00%, 12/01/42 (Call 12/01/28)		5,000		4,985,678
Series D1, 5.00%, 12/01/34 (Call 12/01/28)		5,000		5,470,634
Series D1, 5.00%, 12/01/40 (Call 12/01/28)		4,815		5,156,302
Series D1, 5.00%, 12/01/42 (Call 12/01/28)		4,020		4,280,867
Series D-1, 4.00%, 03/01/36 (Call 03/01/30)		2,700		2,832,271
Series D-1, 4.00%, 03/01/41 (Call 03/01/30)		2,000		2,025,945
Series D-1, 4.25%, 05/01/40 (Call 05/01/32)		2,500		2,612,312
Series D-1, 4.50%, 05/01/49 (Call 05/01/32)		3,625		3,717,242
Series D-1, 5.00%, 03/01/37 (Call 03/01/30)		2,500		2,775,810
Series D-1, 5.00%, 03/01/40 (Call 03/01/30)		3,000		3,275,408
Series D-1, 5.25%, 05/01/40 (Call 05/01/32)		3,500		3,987,520
Series D-1, 5.25%, 05/01/41 (Call 05/01/32)		9,300		10,540,378
Series D-1, 5.25%, 05/01/42 (Call 05/01/32)		8,000		8,990,861
Series D-1, 5.25%, 05/01/43 (Call 05/01/32)		8,500		9,517,836
Series D-1, 5.50%, 05/01/46 (Call 05/01/32)		5,300		5,970,323
Series E, 5.00%, 08/01/24		4,600		4,635,462
Series E, 5.00%, 08/01/25		3,220		3,305,646
Series E, 5.00%, 08/01/28 (Call 08/01/26)		1,900		1,991,746
Series E, 5.00%, 08/01/32 (Call 02/01/29)		1,000		1,103,591
Series E, 5.00%, 08/01/34 (Call 02/01/29)		1,000		1,102,125
Series E-1, 4.00%, 03/01/41 (Call 03/01/28)		2,600		2,613,708
Series E-1, 5.00%, 03/01/37 (Call 03/01/28)		2,500		2,677,439
Series E-1, 5.00%, 03/01/38 (Call 03/01/28)		2,500		2,666,401
Series E-1, 5.00%, 03/01/39 (Call 03/01/28)		2,000		2,126,736
Series E-1, 5.00%, 03/01/44 (Call 03/01/28)		41,965		44,120,385
Series F-1, 3.00%, 03/01/41 (Call 03/01/31)		1,000		865,077
Series F-1, 3.50%, 04/01/46 (Call 04/01/28)		4,000		3,592,832
Series F-1, 5.00%, 03/01/26		1,870		1,944,295
Series F-1, 5.00%, 04/01/34 (Call 04/01/28)		1,000		1,082,595
Series F-1, 5.00%, 06/01/36 (Call 06/01/25)		1,100		1,121,515
Series F-1, 5.00%, 04/01/37 (Call 04/01/28)		7,890		8,457,826
Series F-1, 5.00%, 03/01/39 (Call 03/01/31)		7,500		8,348,294
Series F-1, 5.00%, 04/01/45 (Call 04/01/28)		16,500		17,332,354
Series F-1, 5.00%, 03/01/50 (Call 03/01/31)		18,575		19,783,436

Security	Par (000)		Value
New York (continued)
Series F-3, 5.00%, 12/01/25	$	2,280	$	2,357,345
Series F-5, VRDN, 3.78%, 06/01/44 (Put 02/29/24)(b)		3,800		3,800,000
Series I-A, 4.00%, 04/01/36 (Call 10/01/30)		4,950		5,210,503
Series J, 5.00%, 08/01/24		7,795		7,855,093
Series J, 5.00%, 08/01/25 (Call 08/01/24)		2,170		2,186,199
Series J, 5.00%, 08/01/26		1,075		1,125,464
Series J, 5.00%, 08/01/28 (Call 08/01/24)		2,000		2,010,938
Series J, 5.00%, 08/01/32 (Call 08/01/24)		10,000		10,050,221
Series J-10, 5.00%, 08/01/26		4,470		4,679,837
Series J-5, 5.00%, 08/01/27		2,500		2,677,276
Series L-5, 5.00%, 04/01/34 (Call 04/01/31)		2,000		2,298,756
County of Nassau NY GOL 4.00%, 04/01/53 (Call 04/01/33)		11,000		10,513,560
Series C, 5.00%, 10/01/27		2,600		2,816,357
County of Westchester NY GOL, 4.00%, 12/01/38
(Call 12/01/31)		8,460		8,922,155
Dutchess County Local Development Corp. RB, 5.00%, 07/01/42 (Call 07/01/27)		750		778,382
Hudson Yards Infrastructure Corp. RB 4.00%, 02/15/41 (Call 02/15/32)		7,905		8,065,243
5.00%, 02/15/34 (Call 02/15/32)		5,000		5,858,354
5.00%, 02/15/42 (Call 02/15/27) (BAM-TCRS)		11,000		11,463,819
Series A, 4.00%, 02/15/44 (Call 02/15/27)		17,640		17,459,391
Series A, 4.00%, 02/15/47 (Call 02/15/27) (AGM) .		23,030		22,628,748
Series A, 5.00%, 02/15/26		800		834,049
Series A, 5.00%, 02/15/27		1,005		1,074,032
Series A, 5.00%, 02/15/28 (Call 02/15/27)		1,035		1,100,843
Series A, 5.00%, 02/15/31 (Call 02/15/27)		1,150		1,219,859
Series A, 5.00%, 02/15/33 (Call 02/15/27)		5,000		5,301,087
Series A, 5.00%, 02/15/35 (Call 02/15/27)		1,600		1,694,251
Series A, 5.00%, 02/15/37 (Call 02/15/27)		2,350		2,474,046
Series A, 5.00%, 02/15/38 (Call 02/15/27)		3,000		3,149,319
Series A, 5.00%, 02/15/42 (Call 02/15/27)		7,360		7,659,861
Long Island Power Authority RB 1.00%, 09/01/25 (Call 04/01/24)		7,000		6,665,158
5.00%, 09/01/29		4,180		4,719,587
5.00%, 09/01/33		3,000		3,630,161
5.00%, 09/01/33 (Call 09/01/28)		1,000		1,092,447
5.00%, 09/01/38 (Call 09/01/28)		15,750		16,892,283
5.00%, 09/01/42 (Call 09/01/27)		2,755		2,883,109
5.00%, 09/01/46 (Call 09/01/26)		6,640		6,835,576
5.00%, 09/01/47 (Call 09/01/27)		4,000		4,152,923
5.00%, 09/01/47 (Call 09/01/27) (BAM-TCRS)		23,350		24,281,410
5.00%, 09/01/53 (Call 09/01/33)		1,175		1,291,877
Series A, 3.00%, 09/01/40 (Call 09/01/31)		3,150		2,739,827
Series A, 4.00%, 09/01/32 (Call 09/01/31)		8,000		8,652,553
Series A, 4.00%, 09/01/34 (Call 09/01/28)		5,000		5,255,120
Series A, 4.00%, 09/01/39 (Call 09/01/24) (AGM) .		2,000		2,002,729
Series A, 4.00%, 09/01/41 (Call 09/01/31)		500		508,134
Series A, 5.00%, 09/01/30		9,000		10,356,099
Series A, 5.00%, 09/01/34 (Call 09/01/24)		4,610		4,639,061
Series A, 5.00%, 09/01/44 (Call 09/01/24)		20,040		20,133,262
Series B, 5.00%, 09/01/32 (Call 09/01/26)		3,000		3,154,030
Series B, 5.00%, 09/01/41 (Call 09/01/26)		500		518,707
Series B, 5.00%, 09/01/45 (Call 09/01/25)		6,000		6,075,472
Series B, VRDN, 0.85%, 09/01/50 (Put 03/01/25)(b)		2,500		2,386,832
Series B, VRDN, 1.50%, 09/01/51 (Put 03/01/26)(b)		780		735,083

56 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Metropolitan Transportation Authority RB 4.00%, 11/15/38 (Call 01/02/24)	$	1 ,130	$	1,129,407
5.00%, 11/15/33 (Call 05/15/25)		3,105		3,156,777
5.00%, 11/15/37 (Call 11/15/26)		12,700		13,216,179
5.00%, 11/15/40 (Call 05/15/25)		10,050		10,150,461
5.00%, 11/15/43 (Call 01/02/24)		925		925,156
5.00%, 11/15/44 (Call 01/02/24)		3,075		3,075,446
5.00%, 11/15/46 (Call 05/15/32)		4,000		4,393,534
Series A, 0.00%, 11/15/30(a)		9,645		7,841,680
Series A, 4.00%, 11/15/40 (Call 05/15/32)		5,000		5,124,402
Series A, 5.00%, 11/15/42 (Call 05/15/27)		5,000		5,200,970
Series A, 5.00%, 11/15/47 (Call 05/15/27)		4,770		4,926,151
Series A, 5.25%, 11/15/29 (Call 11/15/26)		4,940		5,246,768
Series A-1, 4.00%, 11/15/42 (Call 05/15/30) (AGM)		2,500		2,487,989
Series A-1, 4.00%, 11/15/44 (Call 05/15/31)		3,500		3,427,385
Series A-1, 4.00%, 11/15/46 (Call 05/15/30)		9,650		9,388,581
Series A-1, 4.00%, 11/15/47 (Call 05/15/31)		5,000		4,832,189
Series A-1, 4.00%, 11/15/52 (Call 05/15/30)		1,035		979,004
Series A-1, 5.00%, 11/15/40 (Call 05/15/25)		3,975		4,014,735
Series A-1, 5.00%, 11/15/51 (Call 05/15/27)		1,500		1,525,130
Series A-1, 5.25%, 11/15/56 (Call 05/15/26)		4,525		4,622,733
Series A-1, 5.25%, 11/15/57 (Call 05/15/27)		2,070		2,122,100
Series A-2, 4.00%, 11/15/42 (Call 05/15/31)		10,000		9,890,124
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		3,000		3,150,015
Series B, 4.00%, 11/15/36 (Call 11/15/26)		3,065		3,075,389
Series B, 4.00%, 11/15/45 (Call 05/15/25)		1,960		1,903,727
Series B, 5.00%, 11/15/25		2,000		2,064,278
Series B, 5.00%, 11/15/26		3,000		3,158,870
Series B, 5.00%, 11/15/27 (Call 11/15/26)		2,380		2,499,012
Series B, 5.00%, 11/15/28		5,810		6,332,423
Series B, 5.00%, 11/15/37 (Call 11/15/26)		2,180		2,262,058
Series B, 5.00%, 11/15/52 (Call 05/15/29)		4,090		4,231,490
Series B, 5.25%, 11/15/44 (Call 05/15/24)		35,845		35,895,907
Series B-1, 5.00%, 11/15/35 (Call 11/15/27)		1,000		1,069,538
Series B-1, 5.00%, 11/15/36 (Call 11/15/26)		15,000		15,656,923
Series B-1, 5.00%, 11/15/46 (Call 11/15/26)		1,895		1,941,424
Series B-1, 5.25%, 11/15/57 (Call 11/15/27)		1,000		1,044,981
Series B-2, 5.00%, 11/15/33 (Call 11/15/27)		6,940		7,455,319
Series B-2, 5.00%, 11/15/38 (Call 11/15/26)		2,745		2,847,950
Series C, 4.00%, 11/15/45 (Call 11/15/29) (AGM)		1,280		1,254,803
Series C, 4.00%, 11/15/46 (Call 11/15/29) (AGM)		3,500		3,421,081
Series C, 4.00%, 11/15/47 (Call 11/15/29) (AGM)		3,500		3,408,756
Series C, 5.00%, 11/15/40 (Call 11/15/29)		4,500		4,790,111
Series C, 5.00%, 11/15/43 (Call 11/15/29) (BAM)		1,000		1,059,550
Series C-1, 4.00%, 11/15/32 (Call 05/15/28)		16,000		16,329,502
Series C-1, 4.00%, 11/15/35 (Call 05/15/28)		2,500		2,537,273
Series C-1, 4.00%, 11/15/37 (Call 05/15/28)		7,500		7,538,728
Series C-1, 4.00%, 11/15/38 (Call 05/15/28)		6,495		6,518,140
Series C-1, 4.75%, 11/15/45 (Call 05/15/30)		8,500		8,742,985
Series C-1, 5.00%, 11/15/25		10,320		10,652,694
Series C-1, 5.00%, 11/15/26		12,250		12,899,245
Series C-1, 5.00%, 11/15/27		6,265		6,717,488
Series C-1, 5.00%, 11/15/27 (Call 11/15/25)		5,000		5,149,230
Series C-1, 5.00%, 11/15/28 (Call 05/15/28)		3,215		3,477,223
Series C-1, 5.00%, 11/15/29 (Call 05/15/28)		4,995		5,388,321
Series C-1, 5.00%, 11/15/31 (Call 05/15/28)		1,200		1,288,512
Series C-1, 5.00%, 11/15/34 (Call 05/15/28)		4,000		4,275,832
Series C-1, 5.00%, 11/15/35 (Call 11/15/25)		480		491,526
Series C-1, 5.00%, 11/15/50 (Call 05/15/30)		28,880		30,197,214
Series C-1, 5.00%, 11/15/56 (Call 11/15/26)		4,370		4,434,298

Security	Par (000)		Value
New York (continued)
Series C-1, 5.25%, 11/15/55 (Call 05/15/30)	$	12,310	$	13,028,708
Series C-2, 0.00%, 11/15/29(a)		1,295		1,074,893
Series C-2, 0.00%, 11/15/33(a)		1,040		741,272
Series D, 4.00%, 11/15/42 (Call 05/15/28)		2,000		1,957,582
Series D, 4.00%, 11/15/46 (Call 05/15/28)		7,000		6,731,720
Series D, 5.00%, 11/15/29 (Call 11/15/26)		1,075		1,125,344
Series D, 5.00%, 11/15/30 (Call 11/15/26)		1,500		1,568,664
Series D, 5.00%, 11/15/32 (Call 05/15/28)		3,000		3,217,246
Series D, 5.00%, 11/15/33 (Call 05/15/28)		1,500		1,606,692
Series D, 5.00%, 11/15/35 (Call 05/15/28)		535		569,800
Series D1, 5.00%, 11/15/43 (Call 11/15/30)		16,750		17,856,349
Series D1, 5.00%, 11/15/44 (Call 11/15/30)		17,000		18,071,117
Series D1, 5.00%, 11/15/45 (Call 11/15/30)		3,500		3,710,321
Series D-1, 5.00%, 11/15/29 (Call 11/15/25)		7,000		7,186,713
Series D-1, 5.00%, 11/15/39 (Call 11/15/24)		5,100		5,129,199
Series D-1, 5.25%, 11/15/44 (Call 11/15/24)		3,030		3,048,131
Series D-1, VRDN, 5.00%, 11/15/34 (Put 11/15/24)(b)		4,000		4,017,371
Series D3, 4.00%, 11/15/50 (Call 11/15/30)		9,000		8,588,294
Series E, 4.00%, 11/15/45 (Call 11/15/30)		10,905		10,641,462
Series F, 5.00%, 11/15/26 (Call 11/15/25)		1,150		1,186,249
Monroe County Industrial Development Corp./NY RB 5.00%, 07/01/34 (Call 07/01/33)		3,000		3,629,331
Series A, 4.00%, 07/01/50 (Call 07/01/30)		32,280		31,334,525
MTA Hudson Rail Yards Trust Obligations RB
Series A, 5.00%, 11/15/51 (Call 03/21/24)		4,000		3,994,039
Series A, 5.00%, 11/15/56 (Call 03/21/24)		10,000		9,880,376
Nassau County Interim Finance Authority RB
Series A, 4.00%, 11/15/33 (Call 05/15/31)		5,290		5,821,709
Series A, 4.00%, 11/15/34 (Call 05/15/31)		2,210		2,419,116
Series A, 4.00%, 11/15/35 (Call 05/15/31)		945		1,025,238
Series A, 5.00%, 11/15/30		2,500		2,900,739
Series A, 5.00%, 11/15/31 (Call 05/15/31)		10,000		11,771,270
Series A, 5.00%, 11/15/32 (Call 05/15/31)		5,015		5,892,842
Series A, 5.00%, 11/15/33 (Call 05/15/31)		5,000		5,871,582
Series A, 5.00%, 11/15/34 (Call 05/15/31)		5,020		5,884,884
Series A, 5.00%, 11/15/35 (Call 05/15/31)		5,180		6,044,604
New York City Industrial Development Agency RB, 4.00%, 03/01/45 (Call 09/01/30)		1,600		1,565,394
New York City Municipal Water Finance Authority RB 3.00%, 06/15/40 (Call 12/15/30)		8,470		7,469,706
4.00%, 06/15/37 (Call 06/15/29)		9,245		9,553,457
4.00%, 06/15/41 (Call 06/15/30)		6,955		7,037,474
4.00%, 06/15/42 (Call 06/15/30)		5,000		5,042,260
4.00%, 06/15/42 (Call 12/15/30)		3,420		3,450,935
4.00%, 06/15/43 (Call 12/15/30)		10,000		10,053,868
4.00%, 06/15/46 (Call 06/15/25)		5,000		4,952,871
4.00%, 06/15/48 (Call 12/15/27)		8,830		8,612,696
4.00%, 06/15/50 (Call 12/15/30)		15,500		15,169,729
4.13%, 06/15/46 (Call 06/15/33)		3,500		3,520,669
4.13%, 06/15/47 (Call 06/15/33)		5,000		5,005,469
5.00%, 06/15/31		4,280		5,016,172
5.00%, 06/15/32 (Call 12/15/25)		7,880		8,150,721
5.00%, 06/15/33 (Call 06/15/27)		3,945		4,220,439
5.00%, 06/15/37 (Call 06/15/28)		2,720		2,930,150
5.00%, 06/15/39 (Call 06/15/29)		5,000		5,435,673
5.00%, 06/15/47 (Call 12/15/32)		2,595		2,856,039
5.00%, 06/15/48 (Call 06/15/31)		9,040		9,792,773
5.00%, 06/15/51 (Call 06/15/31)		5,530		5,949,938
VRDN, 3.72%, 06/15/49 (Put 02/29/24)(b)		13,225		13,225,000

S C H E D U L E  O F   I N V E S T M E N T S 57

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
VRDN, 3.75%, 06/15/44 (Put 02/29/24)(b)	$	53,270	$	53,270,000
VRDN, 3.78%, 06/15/53 (Put 02/29/24)(b)		21,000		21,000,000
Series AA, 4.00%, 06/15/40 (Call 12/15/29)		7,295		7,391,799
Series AA, 4.00%, 06/15/46 (Call 12/15/26)		3,275		3,267,951
Series AA, 5.00%, 06/15/40 (Call 12/15/29)		2,480		2,704,357
Series AA, 5.00%, 06/15/44 (Call 06/15/24)		2,000		2,003,632
Series AA1, VRDN, 3.75%, 06/15/50 (Put 02/29/24)(b)		27,520		27,520,000
Series AA-1, 4.00%, 06/15/51 (Call 06/15/31)		8,250		8,054,548
Series AA2, VRDN, 3.75%, 06/15/50 (Put 02/29/24)(b)		58,045		58,045,000
Series B, VRDN, 3.78%, 06/15/50 (Put 02/29/24)(b)		10,000		10,000,000
Series BB, 4.00%, 06/15/47 (Call 03/21/24)		22,165		21,445,675
Series BB, 4.63%, 06/15/46 (Call 03/21/24)		1,020		1,020,241
Series BB1, 3.00%, 06/15/50 (Call 12/15/30)		8,780		6,900,856
Series BB-1, 3.00%, 06/15/44 (Call 12/15/31)		10,695		8,975,173
Series BB-1, 4.00%, 06/15/45 (Call 12/15/31)		5,450		5,450,323
Series BB-1, 4.00%, 06/15/49 (Call 12/15/29)		12,000		11,737,874
Series BB-1, 5.00%, 06/15/49 (Call 12/15/29)		31,975		34,120,903
Series BB2, 4.00%, 06/15/42 (Call 12/15/30)		12,505		12,618,110
Series BB-2, VRDN, 3.72%, 06/15/35 (Put 02/29/24)(b)		5,985		5,985,000
Series C, 5.00%, 06/15/26 (Call 12/15/24)		2,750		2,785,958
Series CC, 5.00%, 06/15/46 (Call 06/15/26)		14,800		15,233,471
Series CC-1, 4.00%, 06/15/33 (Call 12/15/26)		1,400		1,442,850
Series CC-1, 4.00%, 06/15/49 (Call 12/15/29)		7,930		7,744,616
Series CC-1, 4.00%, 06/15/51 (Call 06/15/31)		1,750		1,708,541
Series CC-1, 5.00%, 06/15/47 (Call 06/15/24)		10,920		10,936,765
Series CC-1, 5.00%, 06/15/48 (Call 06/15/27)		28,230		29,277,553
Series CC-1, 5.00%, 06/15/49 (Call 12/15/29)		1,500		1,600,668
Series CC-2, 4.00%, 06/15/42 (Call 12/15/29)		11,000		11,097,688
Series CC-2, 5.00%, 06/15/25		1,375		1,411,326
Series DD, 5.00%, 06/15/26		11,800		12,409,861
Series DD, 5.00%, 06/15/36 (Call 06/15/24)		9,430		9,463,834
Series DD, 5.00%, 06/15/39 (Call 06/15/24)		1,000		1,002,659
Series DD, 5.00%, 06/15/47 (Call 12/15/26)		19,590		20,297,338
Series DD, 5.25%, 06/15/47 (Call 12/15/26)		7,735		8,096,293
Series DD1, 5.00%, 06/15/48 (Call 12/15/27)		40,855		42,645,058
Series DD-1, 4.00%, 06/15/49 (Call 06/15/28)		3,860		3,763,854
Series DD-1, 5.00%, 06/15/30		2,000		2,302,443
Series DD-2, 5.00%, 06/15/27 (Call 12/15/25)		5,375		5,568,189
Series DD-2, 5.00%, 06/15/40 (Call 12/15/27)		2,500		2,658,115
Series DD-3, 4.00%, 06/15/42 (Call 06/15/30)		4,500		4,538,034
Series EE, 4.00%, 06/15/39 (Call 06/15/32)		6,000		6,223,852
Series EE, 4.00%, 06/15/45 (Call 06/15/32)		5,000		5,000,326
Series EE, 5.00%, 06/15/28		3,520		3,881,061
Series EE, 5.00%, 06/15/30		3,500		4,029,276
Series EE, 5.00%, 06/15/36 (Call 06/15/27)		2,000		2,126,880
Series EE, 5.00%, 06/15/39 (Call 06/15/32)		6,250		7,124,447
Series EE, 5.00%, 06/15/40 (Call 12/15/27)		6,650		7,070,585
Series EE, 5.00%, 06/15/45 (Call 06/15/24)		11,575		11,594,395
Series EE, 5.00%, 06/15/45 (Call 06/15/28)		10,750		11,372,867
Series EE, 5.00%, 06/15/45 (Call 06/15/32)		28,145		31,079,989
Series EE-2, 4.00%, 06/15/40 (Call 06/15/29)		6,500		6,579,475
Series EE-2, 5.00%, 06/15/40 (Call 06/15/29)		2,010		2,177,413
Series FF, 4.00%, 06/15/41 (Call 06/15/30)		1,000		1,011,858
Series FF, 5.00%, 06/15/27 (PR 06/15/25)		1,335		1,369,271
Series FF, 5.00%, 06/15/38 (Call 06/15/28)		1,000		1,073,323
Series FF, 5.00%, 06/15/39 (Call 06/15/25)		4,095		4,170,739
Series FF, 5.00%, 06/15/39 (Call 06/15/28)		5,750		6,162,830

Security	Par (000)		Value
New York (continued)
Series FF, 5.00%, 06/15/40 (Call 06/15/28)	$	7,935	$	8,479,228
Series FF, 5.00%, 06/15/41 (Call 06/15/30)		1,000		1,098,878
Series FF-1, 4.00%, 06/15/49 (Call 06/15/29)		10,000		9,781,562
Series FF-1, 5.00%, 06/15/49 (Call 06/15/29)		3,500		3,716,467
Series FF-2, 4.00%, 06/15/36 (Call 06/15/29)		6,315		6,583,011
Series FF-2, 4.00%, 06/15/41 (Call 06/15/29)		4,590		4,640,953
Series FF-2, 5.00%, 06/15/35 (Call 06/15/29)		26,665		29,543,753
Series GG, 5.00%, 06/15/31 (Call 06/15/25)		2,505		2,564,629
Series GG, 5.00%, 06/15/37 (Call 06/15/25)		1,815		1,853,149
Series GG, 5.00%, 06/15/39 (Call 06/15/25)		5,780		5,873,823
Series GG-1, 5.00%, 06/15/48 (Call 06/15/30)		18,695		20,050,698
Series GG-1, 5.00%, 06/15/50 (Call 06/15/30)		8,445		9,017,297
Series GG-2, 4.00%, 06/15/50 (Call 06/15/30)		11,500		11,254,960
Series GG-2, 5.00%, 06/15/29 (Call 12/15/27)		13,500		14,645,368
New York City Transitional Finance Authority Building Aid Revenue RB 3.00%, 07/15/38 (Call 07/15/31) (SAW)		9,000		8,120,628
3.00%, 07/15/49 (Call 07/15/29)		1,375		1,085,866
5.00%, 05/01/24		2,500		2,506,873
5.00%, 07/15/25 (SAW)		380		389,899
5.00%, 07/15/25 (ETM) (SAW)		2,085		2,138,510
5.00%, 07/15/31 (Call 07/15/27) (SAW)		2,025		2,152,910
5.00%, 07/15/32 (SAW)		1,900		2,261,233
5.00%, 07/15/32 (Call 01/15/26) (SAW)		5,000		5,159,053
5.00%, 11/01/33		8,000		9,636,356
5.00%, 07/15/36 (Call 07/15/25) (SAW)		1,500		1,530,846
5.00%, 11/01/36 (Call 05/01/34)		5,200		6,183,243
Series S-1, 5.00%, 07/15/29 (Call 07/15/27) (SAW)		3,000		3,195,987
Series S-1, 5.00%, 07/15/31 (Call 01/15/25) (SAW)		11,050		11,206,080
Series S-1, 5.00%, 07/15/35 (Call 01/15/25) (SAW)		1,500		1,520,161
Series S-1, 5.00%, 07/15/35 (Call 07/15/27) (SAW)		8,425		8,936,888
Series S-1, 5.00%, 07/15/40 (Call 01/15/25) (SAW)		1,730		1,745,446
Series S-1, 5.00%, 07/15/43 (Call 01/15/25) (SAW)		2,170		2,187,166
Series S-1, 5.00%, 07/15/43 (Call 01/15/26) (SAW)		9,900		10,076,427
Series S-1, 5.00%, 07/15/43 (Call 07/15/28) (SAW)		10,710		11,344,981
Series S-1A, 4.00%, 07/15/34 (Call 07/15/31) (SAW)		1,000		1,069,255
Series S-1A, 4.00%, 07/15/35 (Call 07/15/31) (SAW)		16,175		17,182,609
Series S-1A, 5.00%, 07/15/32 (Call 07/15/31) (SAW)		1,500		1,754,082
Series S-1A, 5.00%, 07/15/33 (Call 07/15/31) (SAW)		6,250		7,284,405
Series S-2, 5.00%, 07/15/33 (Call 07/15/25) (SAW)		2,000		2,045,695
Series S-2, 5.00%, 07/15/35 (Call 07/15/25) (SAW)		1,500		1,533,061
Series S-2, 5.00%, 07/15/40 (Call 07/15/25) (SAW)		6,240		6,333,298
Series S-2A, 4.00%, 07/15/36 (Call 07/15/28) (SAW)		2,000		2,054,486
Series S-2A, 5.00%, 07/15/34 (Call 07/15/28) (SAW)		3,000		3,270,188

58 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series S-2A, 5.00%, 07/15/35 (Call 07/15/28) (SAW)	$	3,000	$	3,260,594
Series S-3, 4.00%, 07/15/38 (Call 07/15/28) (SAW)		2,500		2,525,999
Series S-3, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		8,295		9,093,808
Series S-3, 5.00%, 07/15/34 (Call 07/15/25) (SAW)		7,500		7,669,338
Series S-3, 5.00%, 07/15/35 (Call 07/15/28) (SAW)		5,000		5,434,322
Series S-3, 5.00%, 07/15/36 (Call 07/15/28) (SAW)		5,000		5,409,029
Series S-3, 5.00%, 07/15/37 (Call 07/15/28) (SAW)		1,000		1,077,009
Series S-3, 5.00%, 07/15/43 (Call 07/15/28) (SAW)		6,250		6,620,554
Series S-4A, 5.00%, 07/15/25 (SAW)		1,850		1,898,191
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		2,500		2,740,750
Series S-4A, 5.00%, 07/15/32 (Call 07/15/28) (SAW)		2,750		3,008,232
Series S-4A, 5.00%, 07/15/37 (Call 07/15/28) (SAW)		5,200		5,600,448
New York City Transitional Finance Authority Future Tax Secured Revenue RB 3.00%, 11/01/37 (Call 11/01/30)		2,000		1,882,156
3.00%, 11/01/39 (Call 11/01/30)		2,000		1,789,030
4.00%, 05/01/36 (Call 11/01/30)		10,000		10,527,458
4.00%, 05/01/37 (Call 11/01/30)		4,750		4,949,415
4.00%, 05/01/38 (Call 11/01/30)		9,000		9,263,489
4.00%, 08/01/38 (Call 08/01/32)		1,500		1,551,335
4.00%, 11/01/38 (Call 11/01/30)		11,875		12,196,809
4.00%, 02/01/39 (Call 02/01/31)		3,000		3,059,458
4.00%, 02/01/39 (Call 02/01/32)		2,960		3,026,010
4.00%, 05/01/39 (Call 11/01/30)		3,285		3,349,525
4.00%, 05/01/40 (Call 11/01/30)		6,000		6,067,816
4.00%, 05/01/41 (Call 11/01/30)		2,000		2,014,981
4.00%, 02/01/42 (Call 02/01/31)		5,000		5,013,471
4.00%, 02/01/42 (Call 02/01/32)		4,230		4,242,820
4.00%, 05/01/42 (Call 11/01/30)		7,770		7,798,646
4.00%, 05/01/43 (Call 11/01/30)		5,000		4,990,078
4.00%, 02/01/47 (Call 02/01/32)		26,305		25,667,269
4.00%, 11/01/47 (Call 11/01/30)		8,725		8,498,885
4.00%, 08/01/48 (Call 08/01/32)		14,595		14,175,645
4.00%, 02/01/51 (Call 02/01/33)		1,595		1,536,945
4.00%, 05/01/53 (Call 05/01/33)		3,000		2,861,468
5.00%, 11/01/25		14,775		15,282,629
5.00%, 11/01/26		1,210		1,280,927
5.00%, 08/01/27		2,960		3,187,883
5.00%, 08/01/27 (Call 08/01/24)		1,070		1,076,984
5.00%, 11/01/27		13,540		14,665,450
5.00%, 11/01/28		34,540		38,264,694
5.00%, 11/01/28 (Call 11/01/27)		6,000		6,486,019
5.00%, 11/01/29		24,275		27,447,230
5.00%, 11/01/30		4,000		4,603,287
5.00%, 02/01/31 (Call 04/02/24)		12,255		12,268,922
5.00%, 05/01/31 (Call 11/01/30)		3,500		4,031,605
5.00%, 05/01/32 (Call 05/01/26)		3,380		3,517,632
5.00%, 11/01/32 (Call 11/01/30)		3,035		3,493,201
5.00%, 11/01/32 (Call 05/01/32)		5,025		5,937,798
5.00%, 05/01/33 (Call 05/01/28)		13,990		15,168,744

Security	Par (000)		Value
New York (continued)
5.00%, 11/01/33 (Call 11/01/30)	$	3,055	$	3,514,212
5.00%, 11/01/33 (Call 05/01/31)		2,500		2,899,778
5.00%, 11/01/33 (Call 11/01/31)		3,000		3,510,118
5.00%, 02/01/34 (Call 04/02/24)		10,000		10,011,360
5.00%, 05/01/34 (Call 05/01/26)		3,010		3,130,644
5.00%, 05/01/34 (Call 05/01/33)		6,000		7,181,963
5.00%, 11/01/34 (Call 05/01/29)		4,000		4,434,177
5.00%, 11/01/36 (Call 11/01/30)		16,345		18,469,002
5.00%, 05/01/37 (Call 11/01/30)		11,385		12,797,084
5.00%, 05/01/38 (Call 05/01/33)		1,000		1,156,155
5.00%, 05/01/39 (Call 05/01/27)		11,400		11,954,336
5.00%, 05/01/39 (Call 05/01/33)		2,005		2,307,880
5.00%, 08/01/39 (Call 08/01/32)		8,000		9,121,875
5.00%, 11/01/39 (Call 05/01/33)		16,135		18,572,392
5.00%, 05/01/40 (Call 05/01/26)		3,200		3,300,506
5.00%, 05/01/40 (Call 05/01/33)		2,000		2,283,951
5.00%, 02/01/41 (Call 02/01/24)		5,000		5,005,680
5.00%, 02/01/41 (Call 02/01/32)		3,665		4,091,106
5.00%, 02/01/45 (Call 02/01/33)		20,000		22,092,168
5.00%, 08/01/45 (Call 08/01/31)		16,000		17,429,669
5.00%, 02/01/51 (Call 02/01/32)		10,000		10,700,227
5.25%, 11/01/37 (Call 11/01/32)		5,375		6,303,397
5.25%, 11/01/38 (Call 11/01/32)		1,000		1,165,832
5.25%, 08/01/42 (Call 08/01/32)		6,425		7,297,030
5.25%, 11/01/48 (Call 11/01/32)		7,190		7,944,539
5.50%, 11/01/45 (Call 11/01/32)		7,650		8,774,392
VRDN, 3.72%, 08/01/41 (Put 02/29/24)(b)		21,635		21,635,000
VRDN, 3.72%, 02/01/45 (Put 02/29/24)(b)		17,010		17,010,000
VRDN, 3.75%, 02/01/45 (Put 02/29/24)(b)		112,270		112,270,000
Series A, 5.00%, 08/01/37 (Call 08/01/28)		1,560		1,675,257
Series A-1, 4.00%, 11/01/36 (Call 11/01/31)		5,005		5,281,726
Series A-1, 4.00%, 08/01/41 (Call 08/01/28)		2,000		2,004,139
Series A-1, 5.00%, 11/01/26		2,240		2,371,303
Series A-1, 5.00%, 08/01/29 (Call 08/01/24)		3,040		3,059,594
Series A-1, 5.00%, 08/01/29 (Call 08/01/25)		5,000		5,125,344
Series A-1, 5.00%, 08/01/31 (Call 08/01/25)		1,300		1,331,324
Series A-1, 5.00%, 08/01/34 (Call 08/01/24)		1,000		1,006,201
Series A-1, 5.00%, 08/01/34 (Call 08/01/28)		2,030		2,206,890
Series A-1, 5.00%, 11/01/34 (Call 11/01/31)		5,335		6,219,116
Series A-1, 5.00%, 08/01/35 (Call 08/01/25)		1,670		1,708,385
Series A-1, 5.00%, 11/01/35 (Call 04/02/24)		30,275		30,311,793
Series A-1, 5.00%, 08/01/37 (Call 08/01/25)		2,500		2,552,959
Series A-1, 5.00%, 08/01/38 (Call 08/01/24)		750		753,645
Series A-1, 5.00%, 11/01/38 (Call 04/02/24)		3,725		3,729,527
Series A-1, 5.00%, 08/01/42 (Call 08/01/28)		3,040		3,220,327
Series A2, 5.00%, 05/01/36 (Call 05/01/29)		5,000		5,502,236
Series A2, 5.00%, 05/01/37 (Call 05/01/29)		2,500		2,735,329
Series A2, 5.00%, 05/01/38 (Call 05/01/29)		3,780		4,115,315
Series A-2, 5.00%, 08/01/33 (Call 08/01/27)		3,570		3,816,412
Series A-2, 5.00%, 08/01/35 (Call 08/01/27)		2,165		2,311,687
Series A-3, 4.00%, 05/01/41 (Call 05/01/29)		25,880		26,060,381
Series A-3, 4.00%, 05/01/42 (Call 05/01/29)		10,795		10,847,538
Series A-3, 4.00%, 08/01/42 (Call 08/01/27)		4,750		4,748,180
Series A-3, 4.00%, 05/01/43 (Call 05/01/29)		2,955		2,958,341
Series A-3, 4.00%, 05/01/44 (Call 05/01/29)		11,000		10,946,616
Series A-3, 5.00%, 08/01/40 (Call 08/01/27)		5,000		5,252,170
Series A-3, 5.00%, 08/01/41 (Call 08/01/27)		5,000		5,241,114
Series A4, VRDN, 3.78%, 08/01/39 (Put 02/29/24)(b)		40,000		40,000,000
Series A-4, VRDN, 3.75%, 08/01/45 (Put 03/01/24)(b)		37,585		37,585,000

S C H E D U L E  O F   I N V E S T M E N T S 59

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A-6, 5.00%, 08/01/29	$	5,560	$	6,254,837
Series B-1, 4.00%, 08/01/35 (Call 08/01/27)		1,605		1,646,942
Series B-1, 4.00%, 08/01/37 (Call 08/01/26)		1,080		1,090,190
Series B-1, 4.00%, 08/01/39 (Call 08/01/31)		6,500		6,639,646
Series B-1, 4.00%, 11/01/41 (Call 11/01/29)		1,000		1,008,205
Series B-1, 4.00%, 08/01/42 (Call 08/01/31)		7,710		7,730,893
Series B-1, 4.00%, 11/01/42 (Call 11/01/29)		5,750		5,781,195
Series B-1, 4.00%, 05/01/45 (Call 11/01/30)		5,250		5,166,590
Series B-1, 4.00%, 08/01/45 (Call 08/01/31)		18,165		17,846,466
Series B-1, 4.00%, 11/01/45 (Call 11/01/29)		31,680		31,339,199
Series B-1, 4.00%, 11/01/47 (Call 11/01/29)		4,000		3,914,014
Series B-1, 4.00%, 08/01/48 (Call 08/01/31)		1,750		1,699,718
Series B-1, 5.00%, 11/01/26		1,245		1,317,979
Series B-1, 5.00%, 08/01/28 (Call 08/01/24)		3,415		3,437,150
Series B-1, 5.00%, 08/01/30 (Call 08/01/27)		1,000		1,072,948
Series B-1, 5.00%, 08/01/31 (Call 08/01/26)		3,500		3,663,536
Series B-1, 5.00%, 08/01/32 (Call 08/01/26)		1,760		1,841,399
Series B-1, 5.00%, 08/01/33 (Call 08/01/27)		1,000		1,069,023
Series B-1, 5.00%, 08/01/34 (Call 08/01/24)		4,795		4,824,734
Series B-1, 5.00%, 08/01/34 (Call 08/01/28)		1,000		1,087,138
Series B-1, 5.00%, 11/01/34 (Call 11/01/29)		1,000		1,118,284
Series B-1, 5.00%, 08/01/35 (Call 08/01/24)		7,000		7,042,268
Series B-1, 5.00%, 08/01/35 (Call 08/01/28)		3,000		3,251,477
Series B-1, 5.00%, 11/01/35 (Call 11/01/25)		2,475		2,543,407
Series B-1, 5.00%, 11/01/35 (Call 11/01/29)		8,500		9,453,146
Series B-1, 5.00%, 08/01/36 (Call 08/01/26)		9,000		9,386,400
Series B-1, 5.00%, 11/01/36 (Call 05/01/24)		210		210,429
Series B-1, 5.00%, 08/01/38 (Call 08/01/26)		9,000		9,343,964
Series B-1, 5.00%, 08/01/39 (Call 08/01/24)		3,300		3,314,966
Series B-1, 5.00%, 11/01/40 (Call 05/01/24)		40,140		40,197,541
Series B-1, 5.00%, 08/01/45 (Call 08/01/27)		3,500		3,645,976
Series B-1, 5.25%, 08/01/37 (Call 08/01/28)		3,000		3,252,260
Series B-4, VRDN, 3.75%, 08/01/42 (Put 02/29/24)(b)		20,000		20,000,000
Series C, 5.00%, 11/01/25		2,075		2,146,291
Series C, 5.00%, 11/01/26		4,355		4,610,279
Series C, 5.00%, 11/01/26 (Call 05/01/24)		1,050		1,052,516
Series C, 5.00%, 11/01/27 (Call 05/01/25)		4,005		4,087,255
Series C, 5.00%, 11/01/28 (Call 11/01/25)		1,000		1,030,418
Series C, 5.00%, 11/01/29 (Call 05/01/27)		7,270		7,770,950
Series C-1, 4.00%, 11/01/37 (Call 05/01/29)		11,000		11,330,892
Series C-1, 4.00%, 11/01/38 (Call 05/01/29)		1,000		1,023,269
Series C-1, 4.00%, 11/01/39 (Call 05/01/29)		10,135		10,309,258
Series C-1, 4.00%, 11/01/40 (Call 05/01/29)		18,370		18,562,126
Series C-1, 4.00%, 11/01/42 (Call 05/01/29)		16,540		16,622,513
Series C-3, 4.00%, 05/01/42 (Call 05/01/28)		5,780		5,781,060
Series C-3, 4.00%, 05/01/43 (Call 05/01/28)		5,000		4,963,644
Series C-3, 5.00%, 05/01/39 (Call 05/01/28)		7,015		7,461,291
Series C-3, 5.00%, 05/01/40 (Call 05/01/28)		6,260		6,639,991
Series C-3, 5.00%, 05/01/41 (Call 05/01/28)		2,000		2,115,578
Series C-4, VRDN, 3.75%, 11/01/36(b)		8,520		8,520,000
Series D-1, 5.00%, 02/01/29 (Call 04/02/24)		3,500		3,503,976
Series D-S, 3.00%, 11/01/50 (Call 11/01/30)		3,675		2,884,729
Series D-S, 4.00%, 11/01/39 (Call 11/01/30)		4,000		4,075,443
Series D-S, 4.00%, 11/01/43 (Call 11/01/30)		13,000		12,981,769
Series E-1, 3.00%, 02/01/51 (Call 02/01/31)		2,000		1,551,747
Series E-1, 4.00%, 02/01/40 (Call 02/01/31)		2,500		2,533,252
Series E-1, 4.00%, 02/01/43 (Call 02/01/31)		4,000		3,963,531
Series E-1, 4.00%, 02/01/44 (Call 02/01/27)		2,195		2,170,105
Series E-1, 4.00%, 02/01/46 (Call 02/01/31)		30,580		30,026,970
Series E-1, 4.00%, 02/01/49 (Call 02/01/31)		1,000		969,882

Security	Par (000)		Value
New York (continued)
Series E-1, 5.00%, 02/01/30 (Call 02/01/26)	$	1,440	$	1,491,935
Series E-1, 5.00%, 02/01/31 (Call 02/01/25)		2,250		2,283,621
Series E-1, 5.00%, 02/01/31 (Call 02/01/26)		1,000		1,035,689
Series E-1, 5.00%, 02/01/33 (Call 02/01/25)		1,710		1,735,091
Series E-1, 5.00%, 02/01/33 (Call 02/01/27)		1,000		1,058,021
Series E-1, 5.00%, 02/01/34 (Call 02/01/25)		1,000		1,014,583
Series E-1, 5.00%, 02/01/34 (Call 02/01/26)		5,430		5,618,682
Series E-1, 5.00%, 02/01/34 (Call 02/01/27)		4,595		4,860,217
Series E-1, 5.00%, 02/01/35 (Call 02/01/25)		2,630		2,667,409
Series E-1, 5.00%, 02/01/37 (Call 02/01/26)		5,135		5,293,199
Series E-1, 5.00%, 02/01/37 (Call 02/01/27)		2,685		2,819,999
Series E-1, 5.00%, 02/01/40 (Call 02/01/26)		4,150		4,262,355
Series E-1, 5.00%, 02/01/41 (Call 02/01/25)		15,650		15,826,341
Series E-1, 5.00%, 02/01/43 (Call 02/01/27)		2,820		2,925,150
Series F-1, 4.00%, 05/01/37 (Call 05/01/27)		6,935		7,028,838
Series F-1, 4.00%, 05/01/44 (Call 05/01/27)		1,000		988,345
Series F-1, 4.00%, 02/01/51 (Call 02/01/32)		10,925		10,527,349
Series F-1, 5.00%, 05/01/31 (Call 05/01/27)		5,000		5,327,254
Series F-1, 5.00%, 05/01/32 (Call 05/01/27)		3,250		3,458,695
Series F-1, 5.00%, 05/01/36 (Call 05/01/27)		3,210		3,400,047
Series F-1, 5.00%, 02/01/40 (Call 02/01/32)		1,350		1,518,682
Series F-1, 5.00%, 02/01/43 (Call 02/01/32)		1,000		1,103,822
New York City Transitional Finance Authority RB 4.00%, 02/01/40		16,775		16,775,329
4.38%, 05/01/53 (Call 11/01/33)		25,000		25,070,330
5.00%, 08/01/24		3,640		3,665,989
5.00%, 08/01/27		5,750		6,178,049
5.00%, 11/01/29		8,075		9,130,232
5.00%, 11/01/34 (Call 05/01/34)		10,000		12,141,047
5.00%, 05/01/35 (Call 11/01/33)		5,000		5,997,398
5.00%, 11/01/35 (Call 05/01/34)		10,000		12,042,216
5.00%, 11/01/37 (Call 05/01/34)		7,500		8,810,435
5.00%, 11/01/38 (Call 05/01/34)		7,000		8,167,645
5.00%, 05/01/39 (Call 11/01/33)		1,500		1,737,228
5.00%, 11/01/39 (Call 05/01/34)		5,850		6,816,034
5.00%, 05/01/40 (Call 11/01/33)		2,500		2,871,510
5.00%, 05/01/43 (Call 11/01/33)		3,000		3,369,598
5.25%, 05/01/48 (Call 11/01/33)		6,855		7,643,342
5.50%, 05/01/44 (Call 11/01/33)		2,000		2,338,406
5.50%, 05/01/47 (Call 11/01/33)		2,500		2,875,698
New York Convention Center Development Corp. RB 5.00%, 11/15/40 (Call 11/15/25)		1,500		1,520,855
5.00%, 11/15/45 (Call 11/15/25)		1,000		1,012,147
Series A, 0.00%, 11/15/47(a)		2,500		793,853
Series A, 0.00%, 11/15/55(a)		2,500		508,992
New York Power Authority RB 4.00%, 11/15/37 (Call 11/15/31) (AGM)		500		517,701
4.00%, 11/15/41 (Call 11/15/31) (AGM)		2,000		2,013,146
4.00%, 11/15/47 (Call 11/15/31)		4,000		3,954,742
4.00%, 11/15/52 (Call 11/15/31) (AGM)		12,825		12,507,952
4.00%, 11/15/61 (Call 11/15/31)		5,000		4,788,680
5.00%, 11/15/28 (AGM)		1,000		1,113,942
5.00%, 11/15/32 (Call 11/15/31) (AGM)		1,000		1,176,138
Series A, 3.25%, 11/15/60 (Call 05/15/30)		1,000		774,560
Series A, 4.00%, 11/15/45 (Call 05/15/30)		10,555		10,449,274
Series A, 4.00%, 11/15/50 (Call 05/15/30)		37,950		37,318,573
Series A, 4.00%, 11/15/55 (Call 05/15/30)		9,090		8,765,133
Series A, 4.00%, 11/15/60 (Call 05/15/30)		18,210		17,383,583
New York State Dormitory Authority RB 3.00%, 03/15/51 (Call 03/15/32)		27,350		21,158,275

60 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
4.00%, 07/01/36 (Call 07/01/27)	$	5,000	$	5,101,684
4.00%, 07/01/37 (Call 07/01/28)		14,710		15,013,531
4.00%, 02/15/38 (Call 02/15/30)		2,000		2,057,016
4.00%, 02/15/39 (Call 02/15/30)		4,415		4,508,960
4.00%, 03/15/41 (Call 03/15/31)		3,995		4,036,635
4.00%, 07/01/41 (Call 07/01/28)		1,000		1,001,611
4.00%, 03/15/43 (Call 03/15/31)		10,000		10,019,530
4.00%, 03/15/45 (Call 03/15/32)		5,000		4,938,773
4.00%, 07/01/45 (Call 07/01/29)		10,000		9,918,996
4.00%, 03/15/46 (Call 09/15/30)		4,905		4,826,021
4.00%, 03/15/46 (Call 03/15/32)		11,000		10,822,881
4.00%, 03/15/48 (Call 03/15/32)		7,570		7,380,116
4.00%, 02/15/49 (Call 02/15/30)		3,550		3,447,369
4.00%, 03/15/49 (Call 03/15/32)		4,000		3,882,648
4.00%, 07/01/50 (Call 07/01/29)		5,000		4,791,894
4.00%, 07/01/50 (Call 07/01/30)		1,500		1,467,791
5.00%, 02/15/26		2,570		2,680,959
5.00%, 02/15/26 (ETM)		8,450		8,795,231
5.00%, 03/15/29		7,950		8,882,855
5.00%, 03/15/30		39,170		44,713,671
5.00%, 02/15/31 (Call 02/15/27)		5,000		5,293,559
5.00%, 03/15/31		41,125		47,753,120
5.00%, 03/15/33		5,000		5,989,064
5.00%, 03/15/33 (Call 09/15/25)		4,840		4,959,688
5.00%, 09/15/33 (Call 03/15/33)		14,690		17,654,471
5.00%, 03/15/34 (Call 03/15/33)		17,520		20,949,659
5.00%, 03/15/35 (Call 03/15/32)		14,000		16,393,674
5.00%, 03/15/35 (Call 03/15/33)		18,305		21,877,277
5.00%, 02/15/36 (Call 02/15/27)		1,495		1,575,937
5.00%, 02/15/36 (PR 02/15/27)		5		5,334
5.00%, 03/15/36 (Call 03/15/33)		9,000		10,654,540
5.00%, 03/15/39 (Call 04/01/24)		3,400		3,402,398
5.00%, 03/15/39 (Call 03/15/33)		11,115		12,810,013
5.00%, 07/01/39 (Call 07/01/27)		5,200		5,473,845
5.00%, 03/15/40 (Call 04/01/24)		16,750		16,760,534
5.00%, 03/15/41 (Call 09/15/28)		5,000		5,331,907
5.00%, 07/01/42 (Call 07/01/29)		18,785		20,292,391
5.00%, 03/15/44 (Call 03/15/31)		10,115		11,035,617
5.00%, 10/01/45		3,500		4,233,303
5.00%, 07/01/48 (Call 07/01/25)		8,990		9,113,900
5.00%, 07/01/48 (Call 07/01/28)		715		745,232
5.00%, 07/01/48 (PR 07/01/28)		535		587,470
5.00%, 07/01/49 (Call 07/01/29)		25,540		27,119,067
5.00%, 07/01/50 (Call 07/01/30)		6,500		6,924,458
5.00%, 07/01/51 (Call 07/01/31)		5,000		5,322,207
5.00%, 07/01/53 (Call 07/01/30)		3,500		3,728,902
5.50%, 03/15/28		6,505		7,229,604
Series 1, 5.50%, 07/01/40 (AMBAC)		530		637,846
Series 2015B-B, 5.00%, 03/15/28 (Call 09/15/25)		2,000		2,053,075
Series 2015B-B, 5.00%, 03/15/31 (Call 09/15/25)		1,800		1,845,596
Series 2015B-B, 5.00%, 03/15/32 (Call 09/15/25)		3,130		3,208,344
Series 2015B-B, 5.00%, 03/15/34 (Call 09/15/25)		4,635		4,748,224
Series A, 3.00%, 03/15/41 (Call 09/15/30)		5,000		4,356,417
Series A, 3.00%, 03/15/42 (Call 09/15/30)		4,900		4,204,443
Series A, 3.00%, 03/15/49 (Call 09/15/30)		14,820		11,654,940
Series A, 4.00%, 03/15/32 (Call 03/15/25)		10,000		10,112,926
Series A, 4.00%, 03/15/34 (Call 09/15/30)		15,620		16,647,209
Series A, 4.00%, 03/15/35 (Call 09/15/30)		5,000		5,301,627
Series A, 4.00%, 03/15/37 (Call 09/15/30)		9,750		10,170,280
Series A, 4.00%, 07/01/39 (Call 07/01/26)		5,170		5,191,616
Series A, 4.00%, 07/01/39 (Call 07/01/31)		4,750		4,842,998

Security	Par (000)		Value
New York (continued)
Series A, 4.00%, 03/15/40 (Call 03/15/32)	$	6,155	$	6,263,864
Series A, 4.00%, 07/01/40 (Call 07/01/31)		17,530		17,764,676
Series A, 4.00%, 07/01/41 (Call 07/01/26)		1,000		996,490
Series A, 4.00%, 03/15/42 (Call 03/15/31)		13,515		13,601,326
Series A, 4.00%, 03/15/43 (Call 09/15/28)		5,000		4,975,070
Series A, 4.00%, 03/15/43 (Call 09/15/30)		5,000		5,009,153
Series A, 4.00%, 03/15/44 (Call 09/15/30)		5,000		4,979,852
Series A, 4.00%, 07/01/46 (Call 07/01/31)		3,000		2,975,140
Series A, 4.00%, 03/15/47 (Call 03/15/28)		6,500		6,411,527
Series A, 4.00%, 07/01/47 (Call 07/01/32)		940		893,168
Series A, 4.00%, 03/15/48 (Call 09/15/28)		950		916,436
Series A, 5.00%, 03/15/24		1,800		1,800,996
Series A, 5.00%, 02/15/25		1,640		1,671,880
Series A, 5.00%, 03/15/25		8,005		8,175,897
Series A, 5.00%, 03/15/25 (PR 03/15/24)		10,565		10,570,616
Series A, 5.00%, 03/15/26 (PR 03/15/25)		4,030		4,116,036
Series A, 5.00%, 03/15/27		1,295		1,385,861
Series A, 5.00%, 03/15/27 (PR 03/15/25)		1,365		1,394,141
Series A, 5.00%, 03/15/27 (PR 09/15/26)		2,560		2,706,325
Series A, 5.00%, 02/15/28 (PR 02/15/27)		30,195		32,324,285
Series A, 5.00%, 03/15/28		4,245		4,665,779
Series A, 5.00%, 03/15/28 (ETM)		5		5,469
Series A, 5.00%, 03/15/28 (Call 04/01/24)		2,805		2,808,351
Series A, 5.00%, 03/15/28 (PR 03/15/25)		3,500		3,574,721
Series A, 5.00%, 03/15/29		7,510		8,391,225
Series A, 5.00%, 03/15/29 (Call 04/01/24)		4,780		4,785,673
Series A, 5.00%, 02/15/30 (Call 02/15/27)		4,000		4,240,145
Series A, 5.00%, 03/15/30		10,000		11,415,284
Series A, 5.00%, 03/15/30 (Call 04/01/24)		1,000		1,001,179
Series A, 5.00%, 03/15/30 (Call 03/15/25)		2,700		2,747,373
Series A, 5.00%, 03/15/30 (Call 09/15/26)		5,910		6,212,266
Series A, 5.00%, 10/01/30 (Call 10/01/27) (SAW)		1,000		1,068,216
Series A, 5.00%, 03/15/31 (Call 04/01/24)		6,490		6,497,157
Series A, 5.00%, 03/15/31 (Call 03/15/28)		3,265		3,538,509
Series A, 5.00%, 03/15/31 (Call 03/15/29)		1,200		1,336,352
Series A, 5.00%, 03/15/32 (Call 04/01/24)		6,400		6,406,568
Series A, 5.00%, 03/15/32 (Call 03/15/28)		2,500		2,704,525
Series A, 5.00%, 03/15/32 (Call 09/15/28)		2,315		2,537,775
Series A, 5.00%, 03/15/32 (Call 09/15/30)		6,205		7,111,385
Series A, 5.00%, 03/15/33 (Call 04/01/24)		5,000		5,004,941
Series A, 5.00%, 03/15/33 (Call 03/15/25)		2,140		2,176,458
Series A, 5.00%, 03/15/33 (Call 09/15/26)		6,715		7,009,971
Series A, 5.00%, 03/15/33 (Call 03/15/27)		2,000		2,120,079
Series A, 5.00%, 03/15/33 (Call 09/15/30)		12,500		14,311,044
Series A, 5.00%, 03/15/34 (Call 04/01/24)		2,600		2,602,490
Series A, 5.00%, 03/15/34 (Call 03/15/27)		2,000		2,114,007
Series A, 5.00%, 03/15/34 (Call 03/15/29)		2,040		2,263,643
Series A, 5.00%, 07/01/34 (Call 07/01/27)		3,000		3,196,491
Series A, 5.00%, 03/15/35 (Call 03/15/25)		1,000		1,016,629
Series A, 5.00%, 03/15/35 (Call 03/15/27)		5,000		5,272,037
Series A, 5.00%, 03/15/35 (Call 03/15/31)		10,210		11,778,584
Series A, 5.00%, 03/15/36 (Call 09/15/26)		10,500		10,956,033
Series A, 5.00%, 03/15/36 (Call 03/15/28)		5,005		5,379,754
Series A, 5.00%, 03/15/36 (Call 03/15/29)		7,000		7,716,851
Series A, 5.00%, 03/15/36 (Call 03/15/31)		10,000		11,434,188
Series A, 5.00%, 03/15/37 (Call 03/15/29)		1,505		1,649,676
Series A, 5.00%, 03/15/38 (Call 03/15/29)		12,500		13,626,656
Series A, 5.00%, 03/15/39 (Call 03/15/29)		4,250		4,616,651
Series A, 5.00%, 02/15/40 (Call 08/15/26)		3,000		3,085,282
Series A, 5.00%, 02/15/41 (Call 08/15/26)		2,320		2,382,126
Series A, 5.00%, 03/15/41 (Call 03/15/28)		3,500		3,706,681

S C H E D U L E  O F   I N V E S T M E N T S 61

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 03/15/41 (Call 03/15/32)	$	1,000	$	1,118,601
Series A, 5.00%, 03/15/42 (Call 03/15/27)		1,500		1,555,770
Series A, 5.00%, 03/15/42 (Call 03/15/28)		4,210		4,449,547
Series A, 5.00%, 03/15/43 (Call 03/15/27)		1,000		1,035,885
Series A, 5.00%, 03/15/43 (Call 03/15/29)		2,525		2,709,596
Series A, 5.00%, 03/15/44 (Call 04/01/24)		8,370		8,372,770
Series A, 5.00%, 03/15/44 (Call 03/15/27)		10,000		10,344,156
Series A, 5.00%, 03/15/44 (Call 03/15/28)		9,000		9,483,627
Series A, 5.00%, 03/15/45 (Call 03/15/28)		4,000		4,204,395
Series A, 5.00%, 03/15/45 (Call 09/15/28)		2,300		2,423,909
Series A, 5.00%, 03/15/45 (Call 03/15/29)		9,695		10,367,022
Series A, 5.00%, 03/15/46 (Call 03/15/29)		1,300		1,387,376
Series A, 5.00%, 03/15/47 (Call 03/15/29)		4,780		5,089,907
Series A, 5.00%, 10/01/48		5,500		6,602,765
Series A, 5.00%, 03/15/49 (Call 03/15/31)		5,645		6,045,513
Series A, 5.00%, 07/01/49 (Call 07/01/29)		2,285		2,411,656
Series A, 5.00%, 10/01/50		2,190		2,624,376
Series A, 5.25%, 03/15/39 (Call 09/15/28)		6,100		6,624,303
Series A, 5.75%, 07/01/27 (NPFGC)		305		320,775
Series A-2, 5.00%, 10/01/46		2,000		2,412,823
Series A-2, 5.00%, 10/01/46 (Call 04/01/26)		1,000		1,026,750
Series B, 4.00%, 02/15/44 (Call 08/15/27)		1,425		1,404,659
Series B, 5.00%, 02/15/25		3,715		3,787,215
Series B, 5.00%, 03/15/27 (PR 09/15/25)		5,815		6,001,196
Series B, 5.00%, 02/15/29 (Call 08/15/27)		11,700		12,545,777
Series B, 5.00%, 02/15/31 (Call 02/15/25)		8,930		9,070,919
Series B, 5.00%, 02/15/31 (Call 08/15/27)		2,000		2,139,091
Series B, 5.00%, 02/15/31 (PR 02/15/25)		5		5,094
Series B, 5.00%, 02/15/32 (Call 08/15/27)		1,200		1,283,054
Series B, 5.00%, 02/15/33 (Call 02/15/25)		5,000		5,077,966
Series B, 5.00%, 02/15/33 (Call 08/15/27)		2,000		2,137,178
Series B, 5.00%, 02/15/34 (Call 02/15/25)		6,115		6,209,779
Series B, 5.00%, 02/15/34 (Call 08/15/27)		5,000		5,342,814
Series B, 5.00%, 02/15/34 (PR 02/15/25)		5		5,094
Series B, 5.00%, 02/15/36 (Call 08/15/27)		1,000		1,064,540
Series B, 5.00%, 02/15/37 (Call 02/15/25)		2,850		2,888,576
Series B, 5.00%, 02/15/37 (Call 08/15/27)		6,215		6,593,745
Series B, 5.00%, 02/15/37 (PR 02/15/25)		5		5,094
Series B, 5.00%, 02/15/38 (Call 02/15/25)		1,000		1,012,509
Series B, 5.00%, 02/15/38 (Call 08/15/27)		1,960		2,069,941
Series B, 5.00%, 10/01/38 (Call 04/01/28)		10,700		11,524,109
Series B, 5.00%, 02/15/39 (Call 08/15/27)		2,995		3,154,292
Series B, 5.00%, 02/15/39 (PR 08/15/27)		5		5,396
Series B, 5.00%, 02/15/41 (Call 02/15/25)		3,040		3,072,651
Series B, 5.00%, 02/15/42 (Call 02/15/25)		170		171,747
Series B, 5.00%, 02/15/42 (Call 08/15/27)		1,000		1,046,257
Series B, 5.00%, 07/01/45 (PR 07/01/25)		8,325		8,538,096
Series B, 5.00%, 07/01/50 (Call 07/01/29)		17,920		18,949,744
Series B, 5.50%, 03/15/26 (AMBAC)		1,105		1,162,941
Series B, 5.50%, 03/15/27 (AMBAC)		2,335		2,527,924
Series C, 4.00%, 07/01/49 (Call 07/01/29)		11,000		10,706,293
Series C, 5.00%, 03/15/24		3,250		3,251,728
Series C, 5.00%, 03/15/26		4,000		4,177,199
Series C, 5.00%, 03/15/31 (Call 04/01/24)		1,850		1,852,252
Series C, 5.00%, 03/15/32 (Call 04/01/24)		4,370		4,375,287
Series C, 5.00%, 03/15/33 (Call 04/01/24)		1,000		1,001,202
Series C, 5.00%, 03/15/33 (Call 03/15/28)		10,950		11,838,042
Series C, 5.00%, 03/15/35 (Call 04/01/24)		5,390		5,396,068
Series C, 5.00%, 03/15/37 (Call 04/01/24)		2,000		2,001,793
Series C, 5.00%, 03/15/38 (Call 04/01/24)		1,000		1,000,782
Series C, 5.00%, 03/15/39 (Call 03/15/28)		1,500		1,595,090

Security	Par (000)		Value
New York (continued)
Series C, 5.00%, 03/15/44 (Call 04/01/24)	$	19,100	$	19,106,030
Series D, 3.00%, 02/15/49 (Call 02/15/30)		5,250		4,132,170
Series D, 4.00%, 02/15/37 (Call 02/15/30)		2,500		2,600,544
Series D, 4.00%, 02/15/47 (Call 02/15/30)		63,585		62,291,643
Series D, 5.00%, 02/15/25		2,770		2,821,503
Series D, 5.00%, 02/15/26		5,020		5,223,952
Series D, 5.00%, 02/15/27 (PR 08/15/26)		1,000		1,056,661
Series D, 5.00%, 02/15/28 (PR 08/15/26)		1,535		1,621,974
Series D, 5.00%, 02/15/29		9,705		10,824,643
Series D, 5.00%, 02/15/33 (Call 02/15/30)		2,205		2,498,138
Series D, 5.00%, 02/15/34 (Call 02/15/30)		21,700		24,571,081
Series E, 3.00%, 03/15/41 (Call 03/15/32)		10,250		8,917,974
Series E, 3.25%, 03/15/35 (Call 04/01/24)		25,000		24,624,102
Series E, 4.00%, 02/15/34 (Call 02/15/25)		1,445		1,449,064
Series E, 4.00%, 03/15/37 (Call 03/15/32)		11,000		11,569,657
Series E, 4.00%, 03/15/39 (Call 03/15/32)		11,230		11,542,532
Series E, 4.00%, 03/15/42 (Call 03/15/32)		5,605		5,645,157
Series E, 4.00%, 03/15/44 (Call 03/15/32)		17,500		17,429,482
Series E, 5.00%, 03/15/24		4,125		4,127,283
Series E, 5.00%, 03/15/27		2,000		2,145,767
Series E, 5.00%, 03/15/29 (Call 09/15/28)		5,200		5,694,269
Series E, 5.00%, 03/15/31 (Call 09/15/25)		24,195		24,844,372
Series E, 5.00%, 03/15/32 (Call 09/15/25)		300		308,006
Series E, 5.00%, 03/15/33 (Call 03/15/32)		7,050		8,282,912
Series E, 5.00%, 03/15/34 (Call 09/15/25)		5,000		5,131,932
Series E, 5.00%, 03/15/35 (Call 09/15/28)		10,190		11,076,435
Series E, 5.00%, 03/15/38 (Call 09/15/28)		10,000		10,738,869
Series E, 5.00%, 03/15/40 (Call 09/15/28)		4,000		4,270,260
Series E, 5.00%, 03/15/44 (Call 09/15/28)		9,800		10,385,785
Series E, 5.00%, 03/15/48 (Call 09/15/28)		2,800		2,944,000
Series E, 5.25%, 03/15/33 (Call 09/15/25)		2,305		2,374,707
New York State Environmental Facilities Corp. RB 3.00%, 10/15/50 (Call 10/15/30)		8,725		6,812,367
4.00%, 06/15/47 (Call 06/15/32)		15,000		14,775,549
4.00%, 06/15/49 (Call 06/15/29)		5,670		5,514,059
5.00%, 06/15/24		3,250		3,266,980
5.00%, 06/15/26		2,500		2,630,344
5.00%, 06/15/40 (Call 06/15/25)		1,000		1,016,559
5.00%, 06/15/42 (Call 06/15/27)		5,000		5,280,884
5.00%, 09/15/47 (Call 09/15/32)		5,000		5,498,646
5.00%, 06/15/48 (Call 06/15/28)		11,310		11,921,027
Series A, 4.00%, 06/15/46 (Call 06/15/26)		1,545		1,510,479
Series A, 5.00%, 06/15/41 (Call 06/15/26)		2,050		2,107,460
Series A, 5.00%, 06/15/42 (Call 06/15/27)		2,140		2,260,218
Series A, 5.00%, 06/15/46 (Call 06/15/27)		16,825		17,674,615
Series B, 4.00%, 06/15/49 (Call 06/15/29)		2,500		2,431,243
Series B, 5.00%, 06/15/43 (Call 06/15/28)		10,000		10,621,642
Series E, 5.00%, 06/15/47 (Call 06/15/27)		19,095		20,028,868
New York State Thruway Authority RB 4.00%, 03/15/44 (Call 09/15/32)		40,000		39,893,348
4.00%, 01/01/45 (Call 01/01/30)		4,060		3,993,569
4.00%, 03/15/49 (Call 09/15/32)		6,570		6,387,185
4.00%, 03/15/51 (Call 09/15/32)		21,695		20,996,556
4.13%, 03/15/56 (Call 09/15/32)		8,000		7,764,642
5.00%, 03/15/25		12,490		12,731,088
5.00%, 03/15/27		39,000		41,681,496
5.00%, 03/15/28		5,005		5,471,305
5.00%, 03/15/30		10,000		11,397,243
5.00%, 03/15/31		20,000		23,181,460
5.00%, 01/01/34		5,000		6,037,364
5.00%, 03/15/48 (Call 09/15/32)		62,625		68,319,836

62 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
5.00%, 01/01/49 (Call 01/01/34)	$	1,500	$	1,639,537
5.00%, 03/15/53 (Call 09/15/32)		25,000		26,931,805
5.00%, 03/15/54 (Call 09/15/32)		5,000		5,375,189
5.25%, 01/01/54 (Call 01/01/34)		2,450		2,706,784
Series A, 4.00%, 01/01/56 (Call 01/01/26)		1,000		944,086
Series A, 5.00%, 01/01/41 (Call 01/01/26)		1,005		1,025,810
Series A, 5.00%, 01/01/46 (Call 01/01/26)		5,000		5,081,446
Series A, 5.00%, 01/01/51 (Call 01/01/26)		5,000		5,068,254
Series A, 5.25%, 01/01/56 (Call 01/01/26)		2,480		2,535,577
Series A-1, 4.00%, 03/15/36 (Call 03/15/31)		2,260		2,387,017
Series A-1, 4.00%, 03/15/41 (Call 03/15/31)		7,190		7,260,513
Series A-1, 4.00%, 03/15/45 (Call 03/15/31)		17,080		16,918,444
Series A-1, 4.00%, 03/15/46 (Call 03/15/31)		5,315		5,244,593
Series A-1, 5.00%, 03/15/26		5,000		5,213,180
Series B, 3.00%, 01/01/46 (Call 01/01/30)		2,500		1,970,017
Series B, 4.00%, 01/01/37 (Call 01/01/30)		1,750		1,814,369
Series B, 4.00%, 01/01/38 (Call 01/01/30)		5,500		5,635,832
Series B, 4.00%, 01/01/39 (Call 01/01/30)		3,685		3,745,044
Series B, 4.00%, 01/01/40 (Call 01/01/30) (AGM)		2,000		2,026,735
Series B, 4.00%, 01/01/41 (Call 01/01/30)		2,000		2,005,745
Series B, 4.00%, 01/01/45 (Call 01/01/30)		29,555		29,112,080
Series B, 4.00%, 01/01/50 (Call 01/01/30)		13,500		12,989,469
Series B, 4.00%, 01/01/50 (Call 01/01/30) (AGM)		2,500		2,460,082
Series B, 4.00%, 01/01/53 (Call 01/01/30)		8,250		7,867,853
Series B, 5.00%, 01/01/36 (Call 01/01/30)		2,000		2,217,521
Series J, 5.00%, 01/01/26 (Call 05/14/24)		2,675		2,683,314
Series J, 5.00%, 01/01/41 (Call 05/14/24)		2,000		2,006,216
Series K, 5.00%, 01/01/31 (Call 01/01/25)		4,000		4,055,922
Series K, 5.00%, 01/01/32 (Call 01/01/25)		5,365		5,439,127
Series L, 4.00%, 01/01/36 (Call 01/01/28)		1,000		1,025,346
Series L, 5.00%, 01/01/33 (Call 01/01/28)		1,000		1,081,173
Series N, 3.00%, 01/01/49 (Call 01/01/30)		3,000		2,271,161
Series N, 4.00%, 01/01/43 (Call 01/01/30)		5,660		5,626,062
Series N, 4.00%, 01/01/47 (Call 01/01/30)		4,000		3,910,927
Series O, 4.00%, 01/01/48 (Call 07/01/31)		5,845		5,687,869
Series O, 5.00%, 01/01/33 (Call 07/01/31)		10,000		11,588,497
New York State Urban Development Corp. RB 3.00%, 03/15/40 (Call 09/15/30)		26,835		23,415,419
3.00%, 03/15/48 (Call 09/15/30)		3,000		2,380,615
3.00%, 03/15/50 (Call 09/15/31)		7,730		6,020,418
4.00%, 03/15/34 (Call 09/15/30)		2,500		2,678,251
4.00%, 03/15/37 (Call 09/15/30)		11,000		11,513,734
4.00%, 03/15/39 (Call 09/15/30)		2,000		2,054,702
4.00%, 03/15/42 (Call 09/15/30)		8,025		8,096,109
4.00%, 03/15/44 (Call 09/15/31)		25,475		25,303,069
4.00%, 03/15/46 (Call 09/15/28)		10,285		10,104,754
4.00%, 03/15/49 (Call 09/15/30)		6,900		6,739,440
5.00%, 03/15/25		1,550		1,581,345
5.00%, 03/15/26		4,305		4,489,250
5.00%, 03/15/27		1,115		1,191,999
5.00%, 03/15/27 (PR 03/15/24)		1,000		1,000,491
5.00%, 09/15/27		1,705		1,843,805
5.00%, 09/15/27 (ETM)		1,700		1,839,385
5.00%, 09/15/28		9,005		9,956,676
5.00%, 03/15/29		8,000		8,938,722
5.00%, 03/15/29 (Call 03/15/24)		2,000		2,000,951
5.00%, 03/15/30		14,980		17,100,097
5.00%, 03/15/31		1,750		2,033,273
5.00%, 03/15/32 (Call 09/15/30)		2,500		2,871,666
5.00%, 03/15/33 (Call 09/15/30)		8,000		9,174,602
5.00%, 03/15/34 (Call 03/15/24)		2,300		2,301,093

Security	Par (000)		Value
New York (continued)
5.00%, 03/15/34 (Call 03/15/27)	$	15,000	$	15,806,080
5.00%, 03/15/34 (Call 09/15/33)		31,690		38,052,135
5.00%, 03/15/35 (Call 09/15/28)		7,500		8,189,035
5.00%, 03/15/35 (Call 09/15/33)		16,895		20,149,354
5.00%, 03/15/36 (Call 09/15/30)		31,000		35,018,688
5.00%, 03/15/40 (Call 09/15/32)		10,000		11,279,623
5.00%, 03/15/40 (Call 09/15/33)		10,000		11,451,830
5.00%, 03/15/43 (Call 09/15/30)		17,900		19,437,673
5.00%, 03/15/44 (Call 09/15/30)		1,000		1,082,223
5.00%, 03/15/44 (Call 09/15/32)		24,105		26,607,815
5.00%, 03/15/46 (Call 09/15/32)		10,000		10,935,989
5.00%, 03/15/47 (Call 09/15/30)		16,850		18,029,677
5.00%, 03/15/48 (Call 09/15/32)		10,000		10,840,956
5.00%, 03/15/50 (Call 09/15/30)		20,950		22,221,418
5.00%, 03/15/50 (Call 09/15/32)		15,000		16,145,880
5.00%, 03/15/52 (Call 09/15/33)		11,640		12,738,044
Series A, 4.00%, 03/15/37 (Call 09/15/31)		7,500		7,867,049
Series A, 4.00%, 03/15/39 (Call 09/15/30)		5,440		5,588,789
Series A, 4.00%, 03/15/39 (Call 09/15/31)		3,265		3,355,276
Series A, 4.00%, 03/15/40 (Call 09/15/30)		2,910		2,966,584
Series A, 4.00%, 03/15/42 (Call 09/15/29)		14,540		14,579,166
Series A, 4.00%, 03/15/43 (Call 09/15/29)		1,000		996,330
Series A, 4.00%, 03/15/44 (Call 09/15/29)		5,000		4,959,474
Series A, 4.00%, 03/15/45 (Call 09/15/30)		10,650		10,549,987
Series A, 4.00%, 03/15/45 (Call 09/15/31)		2,250		2,222,448
Series A, 4.00%, 03/15/46 (Call 09/15/29)		2,500		2,459,746
Series A, 4.00%, 03/15/47 (Call 09/15/31)		16,500		16,179,999
Series A, 4.00%, 03/15/49 (Call 09/15/30)		54,995		53,715,288
Series A, 5.00%, 03/15/24		3,540		3,541,838
Series A, 5.00%, 03/15/26		4,510		4,702,288
Series A, 5.00%, 03/15/27		10,000		10,708,685
Series A, 5.00%, 03/15/27 (PR 09/15/25)		10,000		10,308,053
Series A, 5.00%, 03/15/27 (PR 03/15/26)		3,715		3,869,846
Series A, 5.00%, 03/15/30 (Call 03/15/27)		1,500		1,584,035
Series A, 5.00%, 03/15/31 (Call 03/15/26)		2,010		2,085,149
Series A, 5.00%, 03/15/31 (Call 03/15/27)		10,005		10,563,492
Series A, 5.00%, 03/15/32 (Call 09/15/25)		1,000		1,021,725
Series A, 5.00%, 03/15/33 (Call 03/15/27)		1,500		1,581,582
Series A, 5.00%, 03/15/35 (Call 03/15/24)		3,855		3,856,832
Series A, 5.00%, 03/15/35 (Call 09/15/25)		6,525		6,654,052
Series A, 5.00%, 03/15/35 (Call 03/15/27)		2,400		2,526,313
Series A, 5.00%, 03/15/35 (Call 09/15/29)		2,500		2,802,462
Series A, 5.00%, 03/15/36 (Call 09/15/28)		2,465		2,681,850
Series A, 5.00%, 03/15/36 (Call 09/15/29)		1,000		1,114,537
Series A, 5.00%, 03/15/37 (Call 09/15/29)		2,600		2,877,039
Series A, 5.00%, 03/15/37 (Call 09/15/30)		13,385		15,011,899
Series A, 5.00%, 03/15/39 (Call 09/15/29)		2,000		2,188,265
Series A, 5.00%, 03/15/40 (Call 09/15/29)		2,500		2,721,286
Series A, 5.00%, 03/15/41 (Call 09/15/28)		3,660		3,905,696
Series A, 5.00%, 03/15/45 (Call 09/15/28)		2,300		2,436,705
Series C-3, 4.00%, 03/15/47 (Call 09/15/27)		2,000		1,952,350
Series C-3, 5.00%, 03/15/41 (Call 09/15/27)		2,640		2,768,971
Series C-3, 5.00%, 03/15/42 (Call 09/15/27)		1,500		1,570,974
Series E, 3.00%, 03/15/40 (Call 03/15/30)		4,500		3,926,565
Series E, 3.00%, 03/15/50 (Call 03/15/30)		14,975		11,641,224
Series E, 4.00%, 03/15/34 (Call 03/15/30)		5,000		5,331,431
Series E, 4.00%, 03/15/35 (Call 03/15/30)		2,510		2,663,646
Series E, 4.00%, 03/15/36 (Call 03/15/30)		3,500		3,687,015
Series E, 4.00%, 03/15/41 (Call 03/15/30)		19,500		19,740,926
Series E, 4.00%, 03/15/46 (Call 03/15/30)		15,670		15,440,033
Series E, 5.00%, 03/15/25		5,025		5,127,054

S C H E D U L E  O F   I N V E S T M E N T S 63

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series E, 5.00%, 03/15/28	$	3,000	$	3,280,708
Onondaga County Trust for Cultural Resources RB 4.00%, 12/01/49 (Call 12/01/29)		2,500		2,453,578
5.00%, 12/01/43 (Call 12/01/29)		1,000		1,079,154
5.00%, 12/01/45 (Call 12/01/29)		1,500		1,608,889
Port Authority of New York & New Jersey RB 4.00%, 09/01/39 (Call 09/01/29)		2,000		2,035,922
4.00%, 11/01/39 (Call 11/01/29)		2,000		2,036,040
4.00%, 09/01/49 (Call 09/01/29)		14,060		13,865,595
5.00%, 12/01/27		4,310		4,680,327
5.00%, 12/01/28		1,165		1,293,526
5.00%, 12/01/29		3,000		3,401,170
5.00%, 12/01/30		5,135		5,931,924
5.00%, 09/01/31 (Call 09/01/29)		10,295		11,584,621
5.00%, 12/01/31		4,465		5,248,125
5.00%, 12/01/32		4,000		4,783,235
5.00%, 09/01/33 (Call 09/01/29)		1,505		1,690,355
5.00%, 09/01/34 (Call 09/01/29)		5,000		5,604,092
5.00%, 12/01/34 (Call 12/01/33)		4,000		4,809,104
5.00%, 10/15/35 (Call 10/15/25)		10,675		10,974,016
5.00%, 12/01/35 (Call 12/01/33)		1,500		1,790,045
5.00%, 09/01/36 (Call 09/01/29)		3,100		3,442,928
5.00%, 12/01/36 (Call 12/01/33)		5,500		6,502,524
5.00%, 12/01/37 (Call 12/01/33)		2,875		3,364,977
5.00%, 12/01/38 (Call 12/01/33)		4,250		4,939,025
5.00%, 12/01/39 (Call 12/01/33)		1,950		2,260,668
5.00%, 07/15/43 (Call 07/15/33)		9,000		10,118,465
5.00%, 07/15/53 (Call 07/15/33)		10,000		10,892,300
Series 111, 4.00%, 09/01/43 (Call 09/01/28)		23,940		23,992,160
Series 111, 5.00%, 09/01/48 (Call 09/01/28)		13,835		14,583,681
Series 183, 4.00%, 12/15/41 (Call 06/15/24)		1,000		986,649
Series 184, 5.00%, 09/01/36 (Call 09/01/24)		4,770		4,797,752
Series 184, 5.00%, 09/01/39 (Call 09/01/24)		1,915		1,925,677
Series 189, 5.00%, 05/01/27 (Call 05/01/25)		1,205		1,231,498
Series 189, 5.00%, 05/01/40 (Call 05/01/25)		5,000		5,074,511
Series 189, 5.00%, 05/01/45 (Call 05/01/25)		2,000		2,023,676
Series 194, 4.00%, 10/15/45 (Call 10/15/25)		1,000		982,475
Series 194, 5.00%, 10/15/24		570		576,574
Series 194, 5.00%, 10/15/28 (Call 10/15/25)		2,000		2,062,718
Series 194, 5.00%, 10/15/32 (Call 10/15/25)		1,400		1,440,775
Series 194, 5.00%, 10/15/33 (Call 10/15/25)		3,000		3,086,420
Series 194, 5.00%, 10/15/34 (Call 10/15/25)		4,500		4,628,197
Series 194, 5.00%, 10/15/41 (Call 10/15/25)		14,780		15,088,683
Series 194, 5.25%, 10/15/55 (Call 10/15/25)		1,000		1,018,315
Series 198, 5.00%, 11/15/41 (Call 11/15/26)		9,475		9,762,448
Series 198, 5.00%, 11/15/46 (Call 11/15/26)		8,190		8,385,656
Series 198, 5.25%, 11/15/56 (Call 11/15/26)		9,500		9,772,342
Series 200, 5.00%, 10/15/47 (Call 04/15/27)		2,365		2,449,625
Series 200, 5.00%, 04/15/57 (Call 04/15/27)		3,000		3,089,114
Series 205, 5.00%, 11/15/42 (Call 11/15/27)		2,655		2,792,654
Series 205, 5.00%, 05/15/57 (Call 11/15/27)		2,000		2,072,521
Series 209, 5.00%, 07/15/29 (Call 07/15/28)		4,000		4,374,067
Series 209, 5.00%, 07/15/32 (Call 07/15/28)		3,080		3,365,237
Series 209, 5.00%, 07/15/35 (Call 07/15/28)		1,000		1,086,437
Series 217, 4.00%, 11/01/49 (Call 11/01/29)		16,565		16,343,884
Series 217, 5.00%, 11/01/44 (Call 11/01/29)		3,500		3,788,367
Series 222, 4.00%, 07/15/38 (Call 07/15/30)		9,430		9,697,351
Series 222, 5.00%, 07/15/32 (Call 07/15/30)		1,000		1,143,074
Series 224, 4.00%, 07/15/40 (Call 07/15/31)		3,850		3,938,230
Series 224, 4.00%, 07/15/41 (Call 07/15/31)		8,270		8,420,639
Series 224, 4.00%, 07/15/46 (Call 07/15/31)		12,185		12,169,330

Security	Par (000)		Value
New York (continued)
Series 224, 4.00%, 07/15/51 (Call 07/15/31)	$	7,670	$	7,522,922
Series 224, 4.00%, 07/15/61 (Call 07/15/31)		2,500		2,412,970
Series 230, 3.00%, 12/01/31		5,000		4,971,100
Series 230, 3.00%, 12/01/32		3,000		2,956,101
Series 230, 4.00%, 12/01/30		1,500		1,632,445
Series 230, 5.25%, 12/01/52 (Call 12/01/32)		2,500		2,769,267
Series 5, 5.38%, 03/01/28		1,330		1,406,082
Third Series, 6.13%, 06/01/94 (Call 06/01/24)		500		502,005
Sales Tax Asset Receivable Corp. RB Series A, 5.00%, 10/15/25 (PR 10/15/24)		2,000		2,023,196
Series A, 5.00%, 10/15/26 (PR 10/15/24)		4,600		4,653,351
Series A, 5.00%, 10/15/27 (PR 10/15/24)		5,030		5,088,338
Series A, 5.00%, 10/15/28 (PR 10/15/24)		7,860		7,951,161
Series A, 5.00%, 10/15/29 (PR 10/15/24)		5,685		5,750,935
Series A, 5.00%, 10/15/30 (PR 10/15/24)		7,030		7,111,535
Suffolk County Water Authority RB 4.00%, 06/01/31 (Call 06/01/25)		1,035		1,054,030
Series A, 4.00%, 06/01/41 (Call 06/01/28)		3,000		3,030,768
Triborough Bridge & Tunnel Authority RB 4.00%, 11/15/40 (Call 11/15/29)		6,000		6,087,176
4.00%, 05/15/41 (Call 05/15/32)		1,000		1,010,282
4.00%, 11/15/42 (Call 04/01/24)		3,065		3,065,004
4.00%, 05/15/51 (Call 05/15/32)		6,800		6,565,688
4.00%, 11/15/52 (Call 11/15/32)		3,000		2,853,302
4.13%, 05/15/52 (Call 05/15/32)		5,000		4,901,321
4.50%, 05/15/47 (Call 11/15/32)		7,000		7,271,772
4.50%, 05/15/52 (Call 11/15/32)		7,465		7,661,727
5.00%, 08/15/24		7,575		7,631,662
5.00%, 11/15/27 (Call 08/15/27)		11,155		12,040,236
5.00%, 05/15/28		20,335		22,318,978
5.00%, 11/15/28		2,090		2,319,310
5.00%, 11/15/28 (Call 08/15/28)		5,000		5,493,500
5.00%, 05/15/30		9,055		10,346,101
5.00%, 11/15/30 (Call 08/15/30)		5,000		5,751,339
5.00%, 11/15/31		5,000		5,868,732
5.00%, 11/15/32		3,000		3,577,084
5.00%, 11/15/32 (Call 05/15/32)		3,000		3,554,520
5.00%, 11/15/33		5,000		6,040,417
5.00%, 11/15/33 (Call 08/15/33)		2,250		2,715,952
5.00%, 11/15/34 (Call 05/15/33)		3,825		4,595,585
5.00%, 11/15/35 (Call 05/15/33)		3,445		4,101,085
5.00%, 11/15/35 (Call 11/15/33)		5,000		5,997,685
5.00%, 11/15/41 (Call 11/15/33)		5,000		5,693,070
5.00%, 11/15/43 (Call 11/15/33)		4,000		4,497,953
5.00%, 05/15/47 (Call 05/15/34)		16,645		18,438,552
5.00%, 05/15/51 (Call 05/15/34)		40,030		43,881,671
5.00%, 05/15/52		32,725		38,163,947
5.25%, 11/15/40 (Call 11/15/33)		5,000		5,858,156
5.25%, 11/15/42 (Call 11/15/33)		7,750		8,959,160
5.50%, 05/15/52 (Call 11/15/32)		33,750		38,042,959
5.50%, 11/15/57 (Call 11/15/32)		3,000		3,354,529
VRDN, 3.72%, 01/01/35 (Put 11/30/23)(b)		9,500		9,500,000
Series A, 0.00%, 11/15/30(a)		10,800		8,462,809
Series A, 0.00%, 11/15/31(a)		2,000		1,504,421
Series A, 0.00%, 11/15/32(a)		1,800		1,298,278
Series A, 4.00%, 11/15/47 (Call 05/15/28)		3,000		2,931,620
Series A, 4.00%, 11/15/48 (Call 05/15/28)		6,000		5,832,861
Series A, 4.00%, 11/15/54 (Call 11/15/30)		2,805		2,641,731
Series A, 5.00%, 11/15/42 (Call 05/15/27)		1,000		1,044,594
Series A, 5.00%, 11/15/44 (Call 05/15/28)		13,420		14,140,575
Series A, 5.00%, 11/15/45 (Call 05/15/28)		4,100		4,313,902

64 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 11/15/46 (Call 05/15/26)	$	7,900	$	8,047,423
Series A, 5.00%, 11/15/47 (Call 05/15/27)		9,185		9,521,817
Series A, 5.00%, 11/15/49 (Call 05/15/29)		28,080		29,520,563
Series A, 5.00%, 11/15/49 (Call 11/15/30)		7,500		8,037,104
Series A, 5.00%, 11/15/54 (Call 11/15/30)		4,000		4,258,163
Series A-1, 4.00%, 05/15/46 (Call 05/15/31)		4,935		4,827,976
Series A-1, 5.00%, 05/15/51 (Call 05/15/31)		40,800		43,712,834
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/24)(b)		2,885		2,870,521
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/26)(b)		2,885		2,767,437
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/28)(b)		4,165		3,872,875
Series B, 0.00%, 11/15/32(a)		4,745		3,451,750
Series B, 5.00%, 11/15/30		1,000		1,154,274
Series B, 5.00%, 11/15/31		1,000		1,173,746
Series B, 5.00%, 11/15/31 (Call 05/15/27)		1,055		1,123,348
Series B, 5.00%, 11/15/35 (Call 05/15/27)		2,000		2,125,244
Series B, 5.00%, 11/15/36 (Call 05/15/27)		2,175		2,305,308
Series B, 5.00%, 11/15/37 (Call 05/15/27)		2,010		2,124,242
Series B, 5.00%, 11/15/38 (Call 05/15/27)		1,360		1,432,985
Series B-2, VRDN, 5.00%, 05/15/50 (Put 05/15/26)(b)		2,000		2,069,528
Series C, 3.00%, 11/15/45 (Call 11/15/29)		17,745		14,701,498
Series C-1A, 4.00%, 05/15/46 (Call 11/15/31)		8,305		8,124,891
Series C-1A, 5.00%, 05/15/39 (Call 11/15/31)		2,000		2,262,337
Series C-1A, 5.00%, 05/15/51 (Call 11/15/31)		420		451,779
Series C-1B, VRDN, 5.00%, 05/15/51 (Put 05/15/26)(b)		2,500		2,586,910
Series C-2, 3.00%, 05/15/33 (Call 11/15/31)		1,000		989,652
Series C-2, 5.00%, 11/15/42 (Call 11/15/27)		3,715		3,910,248
Series C-3, 3.00%, 05/15/51 (Call 11/15/31)		2,000		1,521,730
Triborough Bridge & Tunnel Authority Sales Tax Revenue RB 4.00%, 05/15/48 (Call 05/15/33)		4,000		3,895,741
4.13%, 05/15/53 (Call 05/15/33)		5,000		4,880,062
4.25%, 05/15/58 (Call 05/15/33)		5,000		4,995,390
4.50%, 05/15/63 (Call 05/15/33)		10,000		10,093,355
5.00%, 05/15/42 (Call 05/15/33)		1,335		1,500,011
5.00%, 05/15/48 (Call 05/15/33)		1,750		1,909,545
5.25%, 05/15/52 (Call 11/15/32)		3,000		3,293,758
5.50%, 05/15/63 (Call 05/15/33)		2,000		2,223,163
Utility Debt Securitization Authority RB 5.00%, 12/15/28 (Call 03/14/24)		3,965		3,966,713
5.00%, 12/15/28 (Call 06/15/26)		8,515		8,924,881
5.00%, 06/15/29 (Call 06/15/27)		2,000		2,152,100
5.00%, 12/15/29 (Call 12/15/27)		3,000		3,260,391
5.00%, 06/15/30 (Call 06/15/28)		3,000		3,305,779
5.00%, 12/15/30 (Call 12/15/28)		1,500		1,668,418
5.00%, 06/15/31 (Call 06/15/29)		3,000		3,379,900
5.00%, 12/15/32 (Call 12/15/25)		1,830		1,894,030
5.00%, 12/15/33 (Call 12/15/25)		4,440		4,594,570
5.00%, 12/15/33 (Call 12/15/31)		5,500		6,490,672
5.00%, 12/15/34 (Call 12/15/32)		6,500		7,788,805
5.00%, 12/15/36 (Call 12/15/25)		2,750		2,843,798
5.00%, 12/15/37 (Call 12/15/25)		5,380		5,551,208
5.00%, 12/15/39 (Call 12/15/27)		8,660		9,247,825
5.00%, 12/15/40 (Call 12/15/27)		10,155		10,827,093
5.00%, 12/15/40 (Call 06/15/34)		5,000		5,802,529
5.00%, 12/15/41 (Call 12/15/27)		8,000		8,515,552
5.00%, 12/15/41 (Call 06/15/34)		3,200		3,687,098

Security	Par (000)		Value
New York (continued)
5.00%, 12/15/49 (Call 12/15/32)	$	21,280	$	23,238,737
5.00%, 12/15/50 (Call 06/15/34)		1,000		1,101,566
5.00%, 09/15/52 (Call 12/15/32)		15,000		16,285,489
Series A, 5.00%, 06/15/28 (Call 06/15/26)		2,085		2,185,364
Series A, 5.00%, 12/15/35 (Call 06/15/26)		2,005		2,092,019
Series B, 5.00%, 12/15/33 (Call 06/15/26)		450		470,037
Series TE, 5.00%, 12/15/30 (Call 03/14/24)		6,730		6,732,907
Series TE, 5.00%, 12/15/35 (Call 03/14/24)		3,000		3,001,296
Series TE, 5.00%, 12/15/41 (Call 03/14/24)		17,285		17,292,467
			8,568,428,735
North Carolina — 1.4%
City of Charlotte NC Airport Revenue RB, 5.00%, 07/01/48 (Call 07/01/33)		2,000		2,204,260
City of Charlotte NC Water & Sewer System Revenue RB 5.00%, 07/01/28		3,005		3,311,363
5.00%, 07/01/31 (Call 07/01/30)		6,875		7,887,551
5.00%, 07/01/40 (Call 07/01/25)		1,000		1,017,013
City of Durham NC GO, 5.00%, 07/01/25		2,325		2,388,183
City of Fayetteville NC Public Works Commission Revenue RB 4.00%, 03/01/51 (Call 03/01/33)		12,070		11,797,782
5.00%, 03/01/29		1,080		1,204,151
5.00%, 03/01/53 (Call 03/01/33)		20,115		21,898,772
City of Greensboro NC GO 5.00%, 10/01/29 (Call 10/01/28)		5,000		5,539,467
5.00%, 04/01/41 (Call 04/01/32)		3,850		4,352,448
5.00%, 04/01/42 (Call 04/01/32)		3,920		4,415,098
5.00%, 04/01/43 (Call 04/01/32)		2,595		2,910,088
City of Raleigh NC Combined Enterprise System Revenue RB 4.00%, 12/01/35 (Call 10/15/25)		8,515		8,597,532
Series A, 4.00%, 03/01/46 (Call 03/01/27)		6,700		6,680,750
City of Winston-Salem NC Water & Sewer System Revenue RB, 2.38%, 06/01/41 (Call 06/01/32)		2,345		1,814,843
County of Durham NC GO 5.00%, 06/01/25		1,205		1,235,306
5.00%, 06/01/26		1,005		1,054,339
5.00%, 06/01/27		1,555		1,671,892
5.00%, 06/01/32		1,695		2,014,528
5.00%, 06/01/34 (Call 06/01/33)		2,300		2,775,029
County of Guilford NC GO, 5.00%, 03/01/25		3,745		3,816,102
County of Mecklenburg NC GO 5.00%, 09/01/24		7,175		7,242,263
5.00%, 09/01/27		9,830		10,630,966
5.00%, 12/01/27		1,670		1,816,604
5.00%, 09/01/33 (Call 09/01/32)		5,000		5,955,136
5.00%, 09/01/34 (Call 09/01/32)		1,685		2,003,610
County of Union NC GO 5.00%, 09/01/35 (Call 09/01/33)		6,060		7,302,159
5.00%, 09/01/36 (Call 09/01/33)		6,720		8,030,149
5.00%, 09/01/37 (Call 09/01/33)		5,360		6,345,181
5.00%, 09/01/38 (Call 09/01/33)		6,280		7,360,944
County of Wake NC GO 5.00%, 05/01/34 (Call 05/01/33)		16,710		20,137,961
Series C, 5.00%, 03/01/25		6,695		6,828,042
County of Wake NC RB, 5.00%, 03/01/24		540		540,000
North Carolina Capital Facilities Finance Agency RB
Series B, 5.00%, 10/01/41 (PR 10/01/25)		11,025		11,349,637
Series B, 5.00%, 07/01/42 (Call 10/01/26)		2,000		2,055,676

S C H E D U L E  O F   I N V E S T M E N T S 65

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Carolina (continued)
North Carolina Municipal Power Agency No. 1 RB
Series A, 5.00%, 01/01/25	$	7,550	$	7,654,315
Series A, 5.00%, 01/01/27 (Call 01/01/26)		2,500		2,586,340
North Carolina Turnpike Authority RB 0.00%, 01/01/44 (Call 01/01/30)(a)		2,340		999,571
0.00%, 01/01/49 (Call 01/01/30)(a)		2,500		818,502
4.00%, 01/01/38 (Call 01/01/28)		12,680		12,963,409
4.00%, 01/01/41 (Call 01/01/29) (AGM)		2,000		2,013,348
4.00%, 01/01/55 (Call 01/01/30)		2,000		1,801,754
4.00%, 01/01/55 (Call 01/01/30) (AGM)		2,000		1,932,837
5.00%, 01/01/40 (Call 01/01/29)		2,000		2,088,753
5.00%, 01/01/44 (Call 01/01/30)		2,000		2,088,441
5.00%, 01/01/49 (Call 01/01/30)		3,800		3,931,849
5.00%, 01/01/49 (Call 01/01/30) (AGM)		2,415		2,536,853
5.00%, 01/01/54 (Call 01/01/34)		3,500		3,751,020
5.00%, 01/01/58 (Call 01/01/34)		3,000		3,202,649
State of North Carolina 1.88%, 06/01/39 (Call 06/01/30)		20,000		14,750,776
5.00%, 05/01/25		14,290		14,619,555
State of North Carolina GO 3.00%, 06/01/35 (Call 06/01/28)		5,000		4,914,057
5.00%, 06/01/28		1,930		2,121,182
5.00%, 06/01/30 (Call 06/01/29)		3,950		4,435,965
Series A, 5.00%, 06/01/25		11,545		11,829,665
Series A, 5.00%, 06/01/26		11,515		12,077,749
Series A, 5.00%, 06/01/27		5,530		5,943,915
Series A, 5.00%, 06/01/27 (Call 06/01/26)		11,075		11,643,025
Series A, 5.00%, 06/01/28 (Call 06/01/26)		5,000		5,264,858
Series B, 5.00%, 06/01/24		17,620		17,695,213
Series B, 5.00%, 06/01/26		12,925		13,556,658
Series B, 5.00%, 06/01/27		1,500		1,612,273
Series B, 5.00%, 06/01/28		11,990		13,187,850
Series B, 5.00%, 06/01/29		1,025		1,152,385
State of North Carolina RB 4.00%, 03/01/34 (Call 03/01/31)		2,000		2,137,560
5.00%, 03/01/24		6,710		6,710,000
5.00%, 03/01/25		3,515		3,580,698
5.00%, 03/01/27		5,125		5,458,848
5.00%, 03/01/28		19,000		20,692,229
5.00%, 03/01/30 (Call 03/01/25)		2,010		2,045,232
5.00%, 03/01/31 (Call 03/01/29)		2,500		2,777,124
5.00%, 03/01/32 (Call 03/01/31)		1,000		1,152,074
5.00%, 03/01/33 (Call 03/01/29)		3,000		3,318,007
Series A, 4.00%, 05/01/33 (Call 05/01/29)		1,000		1,053,465
Series A, 4.00%, 05/01/34 (Call 05/01/29)		4,960		5,221,541
Series A, 5.00%, 05/01/24		1,465		1,469,004
Series A, 5.00%, 05/01/32		7,855		9,271,802
Series B, 3.00%, 05/01/32 (Call 05/01/30)		2,000		1,940,742
Series B, 5.00%, 05/01/24		4,660		4,672,737
Series B, 5.00%, 05/01/25		5,095		5,210,742
Series B, 5.00%, 05/01/26		1,550		1,622,179
Series B, 5.00%, 06/01/26		1,065		1,116,810
Series B, 5.00%, 05/01/27		2,000		2,144,316
Series B, 5.00%, 05/01/28 (Call 05/01/27)		6,500		6,966,569
Series B, 5.00%, 05/01/29		1,500		1,678,086
Series B, 5.00%, 05/01/29 (Call 05/01/27)		1,000		1,070,410
Series B, 5.00%, 05/01/30		10,915		12,449,109
Series B, 5.00%, 05/01/31 (Call 05/01/30)		1,545		1,761,468
Series B, 5.00%, 05/01/33 (Call 05/01/30)		3,110		3,538,439
Series B, 5.00%, 05/01/34 (Call 05/01/30)		2,500		2,842,119
Series C, 5.00%, 05/01/27 (Call 05/01/24)		1,500		1,503,801

Security	Par (000)		Value
North Carolina (continued)
Town of Cary NC GO 4.00%, 09/01/32 (Call 09/01/31)	$	5,710	$	6,258,839
4.00%, 09/01/33 (Call 09/01/31)		3,535		3,872,376
			502,895,918
Ohio — 1.2%
American Municipal Power Inc. RB 4.00%, 02/15/36 (Call 02/15/30)		4,360		4,544,307
4.00%, 02/15/42 (Call 02/15/28)		5,000		4,994,203
5.00%, 02/15/25		2,250		2,287,420
5.00%, 02/15/33 (Call 02/15/30)		2,000		2,227,468
5.00%, 02/15/35 (Call 02/15/30)		12,000		13,340,291
Series A, 5.00%, 02/15/46 (Call 02/15/26)		845		857,828
Cincinnati City School District GO 5.25%, 12/01/25 (NPFGC)		20		20,759
5.25%, 12/01/30 (NPFGC)		1,000		1,153,180
City of Columbus OH GO 4.00%, 02/15/28 (Call 04/01/24)		2,600		2,601,316
4.00%, 04/01/30		9,640		10,287,232
4.00%, 04/01/31		4,680		5,023,358
5.00%, 04/01/24		7,750		7,759,910
5.00%, 08/15/34 (Call 08/15/33)		1,250		1,500,798
Series 1, 5.00%, 07/01/25		1,935		1,986,820
Series 1, 5.00%, 07/01/26		1,645		1,726,982
Series 2017-1, 5.00%, 04/01/24		6,240		6,247,979
Series 3, 5.00%, 02/15/27		1,015		1,083,527
Series A, 5.00%, 04/01/25		3,000		3,063,766
Series A, 5.00%, 04/01/26		4,625		4,827,082
Series A, 5.00%, 04/01/30 (Call 10/01/28)		3,000		3,316,609
City of Columbus OH Sewerage Revenue RB 5.00%, 06/01/28 (PR 12/01/24)		2,150		2,175,621
5.00%, 06/01/30 (Call 06/01/26)		1,565		1,632,515
5.00%, 06/01/32 (Call 06/01/26)		2,525		2,632,813
County of Franklin OH Sales Tax Revenue RB, 5.00%, 06/01/48 (Call 06/01/28)		7,480		7,869,101
County of Hamilton OH Sales Tax Revenue RB
Series A, 4.00%, 12/01/32 (Call 12/01/26)		1,000		1,019,728
Series A, 5.00%, 12/01/30 (Call 12/01/26)		1,000		1,050,134
Miami University/Oxford OH RB, 4.00%, 09/01/45 (Call 09/01/30)		1,500		1,497,314
Northeast Ohio Regional Sewer District RB 3.00%, 11/15/39 (Call 11/15/29)		2,475		2,235,519
4.00%, 11/15/49 (PR 11/15/24)		8,605		8,650,378
5.00%, 11/15/49 (PR 11/15/24)		5,795		5,865,143
Ohio State University (The) RB 4.00%, 12/01/39 (Call 12/01/31)		1,000		1,027,430
4.00%, 12/01/43 (Call 12/01/31)		7,750		7,823,332
4.00%, 12/01/48 (Call 12/01/31)		27,085		26,747,180
5.00%, 12/01/32 (Call 12/01/31)		1,270		1,486,053
5.00%, 12/01/33 (Call 06/01/33)		2,075		2,498,165
Ohio Turnpike & Infrastructure Commission RB
Series A, 4.00%, 02/15/46 (Call 02/15/28)		32,545		32,037,737
Series A, 5.00%, 02/15/33 (Call 02/15/28)		2,000		2,159,096
Series A, 5.00%, 02/15/46 (Call 02/15/31)		5,000		5,408,380
Series A, 5.00%, 02/15/51 (Call 02/15/31)		5,000		5,357,374
Series A-2, 0.00%, 02/15/37(a)		6,880		4,219,989
Series A-2, 0.00%, 02/15/40(a)		2,500		1,294,749
Series A-2, 0.00%, 02/15/41(a)		7,095		3,486,784
Series S, 5.70%, 02/15/34 (Call 02/15/31)		2,145		2,555,364
Ohio University RB, Series A, 5.00%, 12/01/44
(Call 06/01/27)		2,000		2,063,563

66 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Ohio Water Development Authority RB 5.00%, 12/01/27	$	1,915	$	2,078,829
5.00%, 06/01/28 (Call 03/01/28)		2,005		2,186,674
5.00%, 12/01/29 (Call 09/01/29)		10,720		12,083,876
5.00%, 12/01/33 (Call 09/01/33)		25,000		30,151,212
5.00%, 12/01/39 (Call 12/01/29)		5,025		5,518,508
5.00%, 06/01/44 (Call 12/01/29)		5,000		5,411,360
Series A, 5.00%, 12/01/28		1,005		1,115,399
Series A, 5.00%, 06/01/29 (Call 03/01/29)		6,750		7,531,320
Series A, 5.00%, 12/01/35 (Call 06/01/31)		2,000		2,303,722
Series A, 5.00%, 12/01/36 (Call 06/01/31)		1,505		1,721,229
Series A, 5.00%, 12/01/38 (Call 06/01/31)		1,000		1,125,658
Ohio Water Development Authority Water Pollution Control Loan Fund RB 5.00%, 12/01/33 (Call 06/01/30)		1,275		1,450,762
5.00%, 12/01/40 (Call 06/01/33)		7,320		8,392,585
5.00%, 12/01/41 (Call 06/01/33)		5,870		6,696,097
Series A, 5.00%, 06/01/29 (Call 06/01/27)		10,000		10,708,457
Series A, 5.00%, 06/01/32 (Call 06/01/30)		7,480		8,535,076
Series A, 5.00%, 12/01/40 (Call 06/01/30)		6,970		7,674,629
Series A, 5.00%, 12/01/46 (Call 12/01/31)		1,580		1,741,969
Series A, 5.00%, 12/01/50 (Call 06/01/30)		8,780		9,444,018
Series B, 3.00%, 12/01/34 (Call 12/01/29)		1,500		1,479,597
Series B, 5.00%, 12/01/37 (Call 12/01/29)		1,500		1,656,738
Series B, 5.00%, 12/01/44 (Call 12/01/29)		12,815		13,873,306
State of Ohio GO 5.00%, 05/01/24		1,225		1,228,387
5.00%, 03/15/29 (Call 03/15/24)		3,515		3,516,660
5.00%, 09/15/31		2,000		2,336,472
5.00%, 05/01/33 (Call 05/01/25)		5,050		5,154,296
5.00%, 05/01/34 (Call 05/01/25)		5,000		5,102,117
5.00%, 05/01/35 (Call 05/01/25)		4,950		5,048,259
5.00%, 02/01/37 (Call 02/01/26)		5,000		5,161,674
Series A, 5.00%, 09/15/24		2,335		2,358,105
Series A, 5.00%, 06/15/36 (Call 06/15/31)		2,500		2,864,266
Series B, 5.00%, 09/15/24		1,650		1,666,327
Series B, 5.00%, 09/15/25		5,525		5,696,772
Series B, 5.00%, 09/15/26		5,105		5,392,643
Series B, 5.00%, 09/15/27		1,535		1,659,965
Series B, 5.00%, 09/01/28		3,520		3,890,250
Series B, 5.00%, 09/15/29		7,670		8,654,336
Series C, 5.00%, 03/15/26		4,475		4,667,598
Series C, 5.00%, 08/01/26		2,445		2,574,933
Series C, 5.00%, 08/01/27		1,460		1,574,382
Series C, 5.00%, 08/01/28		3,770		4,158,803
Series C, 5.00%, 08/01/28 (ETM)		735		809,833
Series S, 5.00%, 05/01/25		2,045		2,091,456
State of Ohio RB 5.00%, 12/15/28 (Call 06/15/26)		7,510		7,847,267
Series 1, 5.00%, 12/15/29 (Call 06/15/26)		1,000		1,043,334
Upper Arlington City School District GO, Series A, 5.00%, 12/01/48 (PR 12/01/27)		1,000		1,085,550
			440,109,003
Oklahoma — 0.3%
Grand River Dam Authority RB
Series A, 5.00%, 06/01/27 (Call 12/01/26)		2,695		2,838,831
Series A, 5.00%, 06/01/28 (Call 12/01/26)		1,585		1,668,307
Series A, 5.00%, 06/01/29 (Call 12/01/26)		5,365		5,641,195
Series A, 5.00%, 06/01/30 (Call 12/01/26)		1,000		1,049,596
Series A, 5.00%, 06/01/39 (Call 06/01/24)		2,000		2,003,622

Security	Par (000)		Value
Oklahoma (continued)
Oklahoma Municipal Power Authority RB, Series A, 4.00%, 01/01/47 (Call 01/01/31) (AGM)	$	9,000	$	8,864,900
Oklahoma Turnpike Authority RB 4.00%, 01/01/36 (Call 01/01/26)		5,105		5,166,086
5.50%, 01/01/53 (Call 01/01/32)		18,000		20,052,263
Series A, 4.00%, 01/01/47 (Call 01/01/26)		2,000		2,000,552
Series A, 4.00%, 01/01/48 (Call 01/01/27)		3,500		3,499,940
Series A, 5.00%, 01/01/42 (Call 01/01/26)		6,015		6,111,751
Series A, 5.00%, 01/01/43 (Call 01/01/27)		2,355		2,438,496
Series C, 4.00%, 01/01/42 (Call 01/01/27)		2,000		2,006,243
Series C, 5.00%, 01/01/47 (Call 01/01/27)		3,715		3,827,968
Series D, 5.00%, 01/01/25		2,365		2,402,714
Oklahoma Water Resources Board RB 4.00%, 04/01/47 (Call 04/01/31) (OK CERF)		18,250		18,133,167
4.00%, 04/01/48 (Call 04/01/33)		3,000		2,964,439
5.00%, 04/01/51 (Call 04/01/31) (OK CERF)		10,015		10,876,315
Series B, 5.00%, 10/01/51 (Call 10/01/32)		15,250		16,799,060
University of Oklahoma (The) RB, Series C, 4.00%, 07/01/45 (Call 07/01/25)		2,000		2,001,184
			120,346,629
Oregon — 0.8%
City of Portland OR Sewer System Revenue RB 5.00%, 12/01/29		15,240		17,269,223
5.00%, 03/01/31 (Call 09/01/29)		2,625		2,955,950
5.00%, 12/01/34 (Call 06/01/33)		14,725		17,541,745
Series A, 5.00%, 03/01/34 (Call 09/01/29)		7,525		8,437,178
City of Portland OR Water System Revenue RB, 5.00%, 05/01/44 (Call 11/01/29)		1,015		1,092,126
Clackamas & Washington Counties School District No. 3 GO, 5.00%, 06/15/32 (PR 06/15/25) (GTD)		1,000		1,025,036
Clackamas County School District No. 12 North Clackamas GO
Series B, 5.00%, 06/15/33 (Call 06/15/27) (GTD)		1,710		1,825,882
Series B, 5.00%, 06/15/37 (Call 06/15/27) (GTD)		1,480		1,560,317
Clackamas County School District No. 7J Lake Oswego GO, 4.00%, 06/01/39 (Call 06/01/27) (GTD)		6,000		6,065,295
County of Multnomah OR GO 5.00%, 06/15/29		10,000		11,225,608
Series A, 5.00%, 06/15/27		5,200		5,594,287
Series A, 5.00%, 06/15/28		39,990		43,938,237
Hillsboro School District No. 1J GO, 5.00%, 06/15/38 (Call 06/15/27) (GTD)		2,250		2,362,082
Multnomah County School District No. 1 Portland/OR GO 5.00%, 06/15/27 (GTD)		2,540		2,728,448
5.00%, 06/15/29 (GTD)		5,000		5,625,977
Multnomah County School District No. 40 GO, 0.00%, 06/15/51 (Call 06/15/33) (GTD)(a)		15,270		3,866,344
Oregon Health & Science University RB, Series B, 4.00%, 07/01/46 (Call 07/01/26)		2,000		1,968,979
Oregon State Lottery RB
Series C, 5.00%, 04/01/25 (Call 04/01/24)		9,975		9,989,269
Series D, 5.00%, 04/01/27 (Call 04/01/25) (MO)		3,015		3,074,593
Series D, 5.00%, 04/01/29 (Call 04/01/25) (MO)		2,000		2,036,977
Portland Community College District GO, 5.00%, 06/15/29 (Call 06/15/26)		2,400		2,514,280
Salem-Keizer School District No. 24J GO 5.00%, 06/15/36 (Call 06/15/28) (GTD)		1,250		1,352,532
5.00%, 06/15/37 (Call 06/15/28) (GTD)		5,000		5,384,224
5.00%, 06/15/38 (Call 06/15/28) (GTD)		1,000		1,072,494

S C H E D U L E  O F   I N V E S T M E N T S 67

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon (continued)
5.00%, 06/15/39 (Call 06/15/28) (GTD)	$	1,000	$	1,070,143
State of Oregon Department of Transportation RB
Series A, 4.00%, 11/15/42 (Call 11/15/29)		14,000		14,219,332
Series A, 5.00%, 11/15/24		3,130		3,170,064
Series A, 5.00%, 11/15/27 (PR 11/15/24)		4,320		4,375,222
Series A, 5.00%, 11/15/28 (PR 11/15/24)		3,630		3,677,461
Series A, 5.00%, 11/15/29 (PR 11/15/24)		2,000		2,026,149
Series A, 5.00%, 11/15/31 (PR 11/15/24)		19,765		20,023,419
Series A, 5.00%, 11/15/35 (Call 11/15/29)		1,030		1,153,156
Series A, 5.00%, 11/15/36 (Call 11/15/29)		3,600		4,006,483
Series A, 5.00%, 11/15/37 (Call 11/15/29)		2,025		2,240,369
State of Oregon GO 4.00%, 05/01/38 (Call 05/01/31)		5,000		5,238,484
4.00%, 05/01/39 (Call 05/01/31)		3,000		3,118,741
4.00%, 05/01/41 (Call 05/01/31)		4,845		4,991,205
5.00%, 05/01/29		2,755		3,084,916
5.00%, 05/01/30		3,000		3,427,168
5.00%, 05/01/35 (Call 05/01/33)		2,500		2,969,155
5.00%, 05/01/39 (Call 05/01/33)		2,250		2,593,769
5.00%, 06/01/40 (Call 06/01/31)		2,815		3,148,083
5.00%, 05/01/42 (Call 05/01/33)		5,045		5,725,794
5.00%, 05/01/43 (Call 05/01/33)		5,710		6,449,400
5.00%, 08/01/44 (Call 08/01/29)		5,370		5,801,660
5.00%, 05/01/48 (Call 05/01/33)		3,000		3,333,808
Series A, 5.00%, 05/01/42 (Call 05/01/27)		1,150		1,202,881
Series F, 5.00%, 05/01/33 (Call 05/01/26)		7,000		7,284,775
Series K, 5.00%, 11/01/24		1,395		1,412,234
Series L, 5.00%, 08/01/42 (Call 08/01/27)		1,500		1,574,934
Series N, 5.00%, 05/01/24		1,195		1,198,266
Tri-County Metropolitan Transportation District of Oregon RB, Series A, 5.00%, 09/01/48 (PR 09/01/27)		1,000		1,079,397
Washington & Multnomah Counties School District No. 48J Beaverton GO
Series D, 5.00%, 06/15/35 (Call 06/15/27) (GTD)		2,500		2,656,502
Series D, 5.00%, 06/15/36 (Call 06/15/27) (GTD)		2,500		2,643,659
			285,403,712
Pennsylvania — 3.3%
Allegheny County Sanitary Authority RB, 5.00%, 06/01/43 (Call 06/01/28)		7,785		8,223,486
City of Philadelphia PA Airport Revenue RB, Series A, 5.00%, 07/01/47 (Call 07/01/27)		1,000		1,029,850
City of Philadelphia PA GO 5.00%, 02/01/34 (Call 08/01/29)		2,025		2,224,430
5.00%, 02/01/36 (Call 08/01/29)		3,370		3,669,170
5.00%, 05/01/36 (Call 05/01/31)		6,560		7,317,534
Series A, 5.00%, 08/01/26		1,500		1,569,347
Series A, 5.00%, 05/01/35 (Call 05/01/31)		3,565		4,004,239
City of Philadelphia PA Water & Wastewater Revenue RB 4.50%, 09/01/48 (Call 09/01/33) (AGM)		4,755		4,876,296
5.00%, 11/01/30 (Call 11/01/27)		14,700		15,826,458
Series A, 5.00%, 10/01/42 (Call 10/01/27)		26,470		27,684,557
Series A, 5.00%, 07/01/45 (PR 07/01/24)		9,755		9,805,624
Series A, 5.00%, 11/01/45 (Call 11/01/30)		5,395		5,810,269
Series A, 5.00%, 10/01/47 (Call 10/01/27)		18,475		19,140,122
Series A, 5.00%, 10/01/48 (Call 10/01/28)		4,000		4,204,082
Series A, 5.00%, 11/01/50 (Call 11/01/30)		15,680		16,737,133
Series A, 5.00%, 10/01/52 (Call 10/01/27)		1,000		1,029,120
Series B, 5.00%, 11/01/44 (Call 11/01/29)		3,000		3,214,310
Series B, 5.00%, 11/01/49 (Call 11/01/29)		4,000		4,234,310

Security	Par (000)		Value
Pennsylvania (continued)
Series B, 5.00%, 11/01/54 (Call 11/01/29)	$	2,755	$	2,898,139
Series C, 4.00%, 10/01/51 (Call 10/01/31)		10,000		9,377,211
Commonwealth of Pennsylvania GO 4.00%, 09/01/40 (Call 09/01/33)		51,250		52,811,178
4.00%, 09/01/41 (Call 09/01/33)		15,000		15,328,500
4.13%, 10/01/41 (Call 10/01/32)		10,150		10,434,010
5.00%, 05/01/24		6,145		6,161,006
5.00%, 09/01/24		18,230		18,388,424
5.00%, 07/15/25		9,660		9,915,551
5.00%, 07/15/26		40,610		42,664,440
5.00%, 07/15/27		14,985		16,122,342
5.00%, 07/15/28		2,000		2,200,609
5.00%, 09/01/28		11,780		12,997,997
5.00%, 07/15/29		7,400		8,317,215
5.00%, 09/15/29 (Call 09/15/26)		4,000		4,183,648
5.00%, 10/01/31		5,320		6,203,631
5.00%, 10/01/33 (Call 10/01/32)		5,000		5,926,642
5.00%, 10/01/34 (Call 10/01/32)		2,800		3,313,429
5.00%, 09/01/37 (Call 09/01/33)		20,000		23,295,040
5.00%, 10/01/38 (Call 10/01/32)		2,075		2,384,276
5.00%, 10/01/40 (Call 10/01/32)		44,375		50,450,190
5.00%, 10/01/42 (Call 10/01/32)		33,700		37,944,626
First Series, 2.00%, 05/15/38 (Call 05/15/31)		10,000		7,617,372
First Series, 2.00%, 05/15/39 (Call 05/15/31)		10,000		7,324,492
First Series, 3.00%, 05/15/34 (Call 05/15/31)		4,500		4,408,272
First Series, 4.00%, 04/01/29 (Call 03/19/24)		15,000		15,003,522
First Series, 4.00%, 01/01/30 (Call 01/01/27)		3,000		3,078,724
First Series, 4.00%, 04/01/32 (Call 03/19/24)		7,500		7,501,761
First Series, 4.00%, 06/15/33 (Call 06/15/24)		1,000		1,002,068
First Series, 4.00%, 03/15/34 (Call 03/15/25)		2,000		2,010,869
First Series, 4.00%, 03/01/36 (Call 03/01/28)		8,090		8,349,732
First Series, 4.00%, 03/01/37 (Call 03/01/28)		3,000		3,076,097
First Series, 4.00%, 03/01/38 (Call 03/01/28)		4,515		4,605,127
First Series, 5.00%, 06/15/24		2,000		2,009,489
First Series, 5.00%, 07/01/24		2,045		2,056,346
First Series, 5.00%, 08/15/24		1,500		1,511,754
First Series, 5.00%, 09/15/24		4,930		4,976,442
First Series, 5.00%, 08/15/25		9,000		9,254,780
First Series, 5.00%, 09/15/25		1,620		1,668,891
First Series, 5.00%, 01/01/27		3,570		3,792,972
First Series, 5.00%, 01/01/28 (Call 01/01/27)		12,000		12,703,902
First Series, 5.00%, 05/15/28		9,255		10,146,357
First Series, 5.00%, 05/15/30		4,500		5,127,769
First Series, 5.00%, 03/15/31 (Call 03/15/25)		8,400		8,531,144
First Series, 5.00%, 05/15/31		5,020		5,817,181
First Series, 5.00%, 03/01/32 (Call 03/01/28)		4,110		4,453,016
First Series 2020, 5.00%, 05/01/26		1,000		1,045,496
Second Series, 4.00%, 09/15/30 (Call 09/15/26)		5,000		5,105,425
Second Series, 5.00%, 09/15/24		1,635		1,650,402
Second Series, 5.00%, 01/15/25		1,365		1,386,733
Second Series, 5.00%, 09/15/25		1,575		1,622,533
Second Series, 5.00%, 10/15/26 (Call 03/19/24)		1,020		1,020,614
Second Series, 5.00%, 01/15/27		4,705		5,003,774
Second Series, 5.00%, 09/15/27 (Call 09/15/26)		5,475		5,744,083
Second Series, 5.00%, 09/15/28 (Call 09/15/26)		2,410		2,522,445
Second Series, 5.00%, 10/15/29 (Call 03/19/24)		2,400		2,401,444
Second Series, 5.00%, 10/15/30 (Call 03/19/24)		1,000		1,000,602
Second Series, 5.00%, 10/15/31 (Call 03/19/24)		3,450		3,452,076
Second Series, 5.00%, 10/15/32 (Call 03/19/24)		2,500		2,501,505
Series D, 4.00%, 08/15/28 (Call 08/15/25) (AGM)		10,010		10,152,020
Series D, 4.00%, 08/15/33 (Call 08/15/25)		3,000		3,020,194

68 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
County of Allegheny PA GO
Series C-75, 5.00%, 11/01/27 (Call 11/01/26)	$	2,185	$	2,300,922
Series C76, 5.00%, 11/01/41 (Call 11/01/26)		1,500		1,559,666
Series C-78, 4.00%, 11/01/49 (Call 11/01/30)		1,160		1,133,682
County of Montgomery PA GO, Series A, 5.00%, 01/01/39 (Call 01/01/31)		7,175		8,069,012
County of Montgomery PA GOL 5.00%, 07/01/34 (Call 07/01/32)		1,940		2,277,335
5.00%, 07/01/36 (Call 07/01/32)		5,595		6,471,447
5.00%, 10/01/39 (Call 10/01/31)		7,165		8,132,901
Delaware River Joint Toll Bridge Commission RB 5.00%, 07/01/42 (Call 07/01/27)		1,565		1,637,851
5.00%, 07/01/47 (Call 07/01/27)		4,250		4,394,040
Delaware River Port Authority RB 5.00%, 01/01/40 (Call 04/01/24)		1,515		1,516,860
Series A, 5.00%, 01/01/39 (Call 01/01/29)		875		950,204
Series B, 5.00%, 01/01/26		1,870		1,939,698
Delaware Valley Regional Finance Authority RB, Series A, 5.50%, 08/01/28 (AMBAC)		2,730		3,003,462
Lower Merion School District GOL, 5.00%, 11/15/26 (SAW)		5,980		6,339,895
Pennsylvania Higher Educational Facilities Authority RB 4.00%, 08/15/32 (Call 08/15/26)		3,045		3,107,366
4.00%, 08/15/41 (Call 02/15/27)		3,555		3,567,097
4.00%, 02/15/43 (Call 02/15/28)		8,980		8,929,120
5.00%, 02/15/48 (Call 02/15/28)		14,040		14,686,990
Pennsylvania State University (The) RB 5.00%, 09/01/42 (Call 09/01/27)		15,750		16,510,106
5.00%, 09/01/47 (Call 09/01/32)		2,000		2,201,392
5.00%, 09/01/49 (Call 09/01/29)		2,095		2,227,319
5.25%, 09/01/48 (Call 09/01/33)		4,000		4,514,770
5.25%, 09/01/52 (Call 09/01/32)		26,350		29,277,224
5.25%, 09/01/53 (Call 09/01/33)		19,735		22,088,985
Series A, 5.00%, 09/01/47 (Call 09/01/27)		4,650		4,836,649
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series A, 5.00%, 12/01/48 (Call 12/01/28)		1,000		1,050,225
Pennsylvania Turnpike Commission RB 4.75%, 12/01/37 (Call 12/01/26)		2,000		2,065,407
5.00%, 06/01/24		10,025		10,064,370
5.00%, 12/01/25		6,240		6,457,062
5.00%, 12/01/31 (Call 12/01/27)		1,500		1,603,761
5.00%, 12/01/32		6,750		7,924,809
5.00%, 12/01/33 (Call 06/01/33)		8,000		9,412,893
5.00%, 12/01/34 (Call 12/01/24)		3,000		3,028,045
5.00%, 12/01/34 (Call 06/01/33)		2,750		3,225,539
5.00%, 12/01/35 (Call 06/01/33)		1,500		1,748,261
5.00%, 12/01/36 (Call 06/01/33)		1,000		1,153,421
5.00%, 12/01/38 (Call 06/01/33)		1,500		1,696,558
5.00%, 12/01/39 (Call 06/01/33)		875		987,020
5.00%, 12/01/40 (Call 06/01/33)		1,000		1,120,077
5.00%, 12/01/41 (Call 06/01/33)		1,250		1,417,466
5.00%, 12/01/43 (Call 06/01/33)		1,345		1,477,778
5.00%, 12/01/47 (Call 12/01/32)		3,900		4,274,412
5.00%, 12/01/48 (Call 12/01/33)		17,845		19,415,237
5.25%, 12/01/52 (Call 12/01/32)		1,500		1,655,836
Second Series, 5.00%, 12/01/35 (Call 12/01/27)		4,500		4,773,312
Second Series, 5.00%, 12/01/36 (Call 12/01/27)		1,130		1,194,117
Series A, 4.00%, 12/01/43 (Call 12/01/30)		2,000		2,003,803
Series A, 4.00%, 12/01/44 (Call 12/01/30)		10,725		10,719,373

Security	Par (000)		Value
Pennsylvania (continued)
Series A, 4.00%, 12/01/45 (Call 12/01/30)	$	14,595	$	14,471,469
Series A, 4.00%, 12/01/46 (Call 12/01/30)		3,300		3,252,570
Series A, 4.00%, 12/01/49 (Call 12/01/29)		7,430		7,174,738
Series A, 4.00%, 12/01/49 (Call 12/01/29) (AGM)		3,500		3,462,428
Series A, 4.00%, 12/01/50 (Call 12/01/30)		13,545		13,019,308
Series A, 5.00%, 12/01/30 (Call 12/01/26)		3,840		4,041,792
Series A, 5.00%, 12/01/37 (Call 12/01/29)		1,500		1,642,423
Series A, 5.00%, 12/01/39 (Call 12/01/29)		10,000		10,835,691
Series A, 5.00%, 12/01/44 (Call 12/01/24)		6,495		6,546,296
Series A, 5.00%, 12/01/44 (Call 12/01/29)		21,940		23,301,915
Series A-1, 5.00%, 12/01/26 (Call 06/01/25)		1,060		1,082,768
Series A-1, 5.00%, 12/01/38 (Call 12/01/24)		1,500		1,513,616
Series A-1, 5.00%, 12/01/40 (Call 06/01/25)		7,000		7,093,776
Series A-1, 5.00%, 12/01/42 (Call 12/01/27)		2,500		2,627,835
Series A-1, 5.00%, 12/01/46 (Call 06/01/26)		29,975		30,553,416
Series A-2, 5.00%, 12/01/43 (Call 12/01/28)		9,000		9,517,410
Series A-2, 5.00%, 12/01/48 (Call 12/01/28)		8,340		8,758,877
Series B, 4.00%, 12/01/46 (Call 12/01/31)		1,000		985,627
Series B, 4.00%, 12/01/51 (Call 12/01/31)		4,700		4,498,269
Series B, 5.00%, 12/01/40 (Call 12/01/25)		2,000		2,036,935
Series B, 5.00%, 12/01/45 (Call 12/01/25)		8,690		8,809,809
Series B, 5.00%, 12/01/46 (Call 06/01/31)		11,400		12,372,955
Series B, 5.00%, 12/01/50 (Call 12/01/30)		2,000		2,138,523
Series B, 5.00%, 12/01/51 (Call 06/01/31)		15,160		16,256,718
Series B-1, 5.00%, 06/01/42 (Call 06/01/27)		2,000		2,075,053
Series B-2, 5.00%, 06/01/28 (Call 06/01/27)		2,500		2,651,390
Series B-2, 5.00%, 06/01/32 (Call 06/01/27)		2,500		2,646,390
Series C, 5.00%, 12/01/39 (Call 12/01/24)		3,040		3,072,818
Series C, 5.00%, 12/01/44 (Call 12/01/24)		3,000		3,023,693
Series E, 0.00%, 12/01/37 (Call 12/01/35)		2,500		2,452,662
Series E, 6.00%, 12/01/30 (Call 12/01/27)		710		790,812
Series E, 6.38%, 12/01/38 (Call 12/01/27)		11,265		12,439,916
Philadelphia Gas Works Co. RB, 5.00%, 08/01/47 (Call 08/01/27)		1,500		1,540,348
Pittsburgh Water & Sewer Authority RB 5.00%, 09/01/35 (Call 09/01/33) (AGM)		16,000		18,880,502
5.00%, 09/01/36 (Call 09/01/33) (AGM)		5,000		5,842,287
5.00%, 09/01/37 (Call 09/01/33) (AGM)		4,255		4,944,567
5.00%, 09/01/38 (Call 09/01/33) (AGM)		4,000		4,595,471
Series A, 5.00%, 09/01/44 (Call 09/01/29) (AGM)		1,000		1,066,304
School District of Philadelphia (The) GOL, Series A, 5.00%, 09/01/44 (Call 09/01/29) (SAW)		6,555		6,922,869
State Public School Building Authority RB 5.50%, 06/01/28 (AGM, SAW)		470		515,823
Series A, 5.00%, 06/01/31 (Call 12/01/26) (AGM, SAW)		2,000		2,085,800
University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26)		19,435		19,860,574
Upper Merion Area School District/PA GOL
Series A, 4.00%, 01/15/46 (Call 01/15/29) (SAW)		9,000		8,878,084
Series A, 4.00%, 01/15/51 (Call 01/15/29) (SAW)		7,870		7,597,187
			1,233,596,355
Rhode Island — 0.1%
Rhode Island Commerce Corp. RB
Series B, 5.00%, 06/15/26		2,540		2,660,344
Series B, 5.00%, 06/15/27 (Call 06/15/26)		11,855		12,419,494
Series B, 5.00%, 06/15/31 (Call 06/15/26)		2,500		2,592,655

S C H E D U L E  O F   I N V E S T M E N T S 69

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Rhode Island (continued)
Rhode Island Health and Educational Building Corp. RB
Series A, 4.00%, 09/01/37 (Call 09/01/27)	$	4,500	$	4,592,142
Series A, 5.00%, 09/01/29 (Call 09/01/27)		3,490		3,760,357
			26,024,992
South Carolina — 0.4%
City of Columbia SC Waterworks & Sewer System Revenue RB, Series A, 5.00%, 02/01/49 (PR 02/01/29)		2,500		2,778,674
County of Charleston SC GO, 4.00%, 11/01/33 (Call 11/01/27) (SAW)		6,255		6,487,145
County of Charleston South Carolina GO, 4.00%, 11/01/28 (Call 11/01/27) (SAW)		11,800		12,317,809
Greenville County School District RB, 5.00%, 12/01/28		2,500		2,767,551
South Carolina Public Service Authority RB 5.00%, 12/01/38 (Call 03/18/24)		3,020		3,019,126
Series A, 4.00%, 12/01/34 (Call 12/01/31)		2,000		2,046,477
Series A, 4.00%, 12/01/35 (Call 12/01/31)		1,750		1,778,377
Series A, 4.00%, 12/01/38 (Call 06/01/32)		1,000		993,118
Series A, 4.00%, 12/01/40 (Call 12/01/30)		3,000		2,946,354
Series A, 4.00%, 12/01/41 (Call 06/01/32)		2,000		1,958,516
Series A, 4.00%, 12/01/47 (Call 06/01/32)		7,000		6,689,202
Series A, 4.00%, 12/01/52 (Call 06/01/32)		10,000		9,246,758
Series A, 5.00%, 12/01/31		3,000		3,401,856
Series A, 5.00%, 12/01/31 (Call 06/01/26)		2,000		2,065,165
Series A, 5.00%, 12/01/36 (Call 06/01/26)		3,000		3,082,077
Series A, 5.00%, 12/01/37 (Call 06/01/26)		1,365		1,398,865
Series A, 5.00%, 12/01/49 (Call 06/01/24)		2,000		1,994,468
Series A, 5.00%, 12/01/50 (Call 06/01/25)		6,500		6,532,379
Series A, 5.50%, 12/01/54 (Call 06/01/24)		4,000		4,005,117
Series B, 4.00%, 12/01/41 (Call 12/01/31)		2,200		2,154,368
Series B, 4.00%, 12/01/42 (Call 12/01/31)		1,000		976,525
Series B, 4.00%, 12/01/47 (Call 12/01/31)		2,000		1,911,201
Series B, 5.00%, 12/01/46 (Call 12/01/26)		2,000		2,033,136
Series B, 5.00%, 12/01/51 (Call 12/01/31)		2,195		2,287,856
Series B, 5.00%, 12/01/56 (Call 12/01/26)		5,690		5,743,969
Series C, 4.00%, 12/01/45 (Call 12/01/24)		1,500		1,456,271
Series C, 5.00%, 12/01/28 (Call 12/01/24)		1,090		1,095,785
Series C, 5.00%, 12/01/30 (Call 12/01/24)		1,400		1,407,751
Series C, 5.00%, 12/01/46 (Call 12/01/24)		1,500		1,497,906
Series E, 5.00%, 12/01/48 (Call 03/21/24)		6,350		6,336,412
Series E, 5.25%, 12/01/55 (Call 12/01/25)		4,000		4,032,424
South Carolina Transportation Infrastructure Bank RB 5.00%, 10/01/30		10,000		11,419,760
Series A, 5.00%, 10/01/24		1,000		1,010,591
Series B, 3.38%, 10/01/32 (Call 04/01/24)		1,000		984,131
Series B, 3.63%, 10/01/33 (Call 04/01/24)		715		708,354
Series B, 5.00%, 10/01/26		6,925		7,303,628
State of South Carolina GO
Series A, 5.00%, 04/01/24		13,600		13,617,390
Series A, 5.00%, 04/01/25		3,500		3,574,394
			145,060,886
Tennessee — 0.8%
City of Clarksville TN Water Sewer & Gas Revenue RB
Series A, 4.00%, 02/01/51 (Call 02/01/31)		2,000		1,954,915
Series A, 5.00%, 02/01/45 (Call 02/01/31)		1,500		1,643,179

Security	Par (000)		Value
Tennessee (continued)
City of Memphis TN GO, Series A, 5.00%, 04/01/26 (Call 04/01/25)	$	2,085	$	2,129,491
City of Memphis TN GOL 5.00%, 10/01/43 (Call 10/01/31)		8,065		8,894,067
5.00%, 10/01/47 (Call 10/01/31)		1,655		1,803,952
City of Memphis TN Sanitary Sewerage System Revenue RB, Series B, 5.00%, 10/01/45 (Call 10/01/30)		4,200		4,583,661
County of Hamilton Tennessee GO, 5.00%, 04/01/31 (Call 04/01/28)		7,095		7,770,107
County of Montgomery TN GO, 4.00%, 06/01/39 (Call 06/01/30)		1,980		2,026,865
County of Shelby TN GO 4.00%, 04/01/32 (Call 04/01/29)		5,705		6,024,677
5.00%, 04/01/29		4,445		4,964,345
Series A, 5.00%, 03/01/24		1,050		1,050,000
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB
Series A, 5.00%, 05/15/42 (Call 05/15/27)		2,000		2,078,746
Series A, 5.00%, 05/15/46 (Call 05/15/31)		3,485		3,794,105
Metropolitan Government of Nashville & Davidson County TN GO 4.00%, 07/01/34 (Call 07/01/28)		5,180		5,367,707
4.00%, 07/01/36 (Call 07/01/28)		10,000		10,299,744
5.00%, 07/01/24 (Call 03/21/24)		2,275		2,276,681
5.00%, 01/01/25		2,190		2,224,743
5.00%, 07/01/25		2,510		2,577,220
5.00%, 01/01/27		18,240		19,379,216
5.00%, 07/01/27		10,140		10,899,915
5.00%, 01/01/30		2,000		2,268,975
5.00%, 07/01/30 (Call 07/01/28)		5,805		6,375,684
5.00%, 01/01/31		4,160		4,793,053
5.00%, 07/01/32 (Call 07/01/28)		5,085		5,568,059
5.00%, 01/01/36 (Call 01/01/32)		8,930		10,374,368
Series C, 4.00%, 01/01/32 (Call 01/01/31)		8,900		9,567,679
Series C, 5.00%, 01/01/25		12,315		12,510,370
Series C, 5.00%, 01/01/29		21,335		23,711,597
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB 5.00%, 07/01/42 (Call 07/01/27)		21,645		22,529,363
Series B, 5.00%, 07/01/46 (Call 07/01/27)		1,290		1,334,604
Metropolitan Nashville Airport Authority (The) RB
Series A, 5.00%, 07/01/44 (Call 07/01/30)		2,000		2,135,238
Series A, 5.00%, 07/01/49 (Call 07/01/30)		2,000		2,110,830
State of Tennessee GO
Series A, 5.00%, 11/01/26		1,470		1,558,110
Series A, 5.00%, 08/01/28 (PR 08/01/25)		1,595		1,639,650
Series A, 5.00%, 11/01/34 (Call 11/01/31)		4,585		5,369,129
Tennessee State School Bond Authority, 5.00%, 11/01/26 (ST INTERCEPT)		5,670		5,997,871
Tennessee State School Bond Authority RB 5.00%, 11/01/39 (Call 11/01/32) (ST INTERCEPT)		9,655		10,962,008
5.00%, 11/01/40 (Call 11/01/32) (ST INTERCEPT)		10,150		11,455,697
5.00%, 11/01/47 (Call 11/01/32) (ST INTERCEPT)		20,000		22,019,430
Series A, 5.00%, 11/01/47 (Call 11/01/27) (HERBIP)		5,000		5,168,359
Series B, 5.00%, 11/01/25		4,510		4,662,725
Series B, 5.00%, 11/01/27 (ST INTERCEPT)		1,505		1,629,002

70 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee (continued)
Series B, 5.00%, 11/01/40 (PR 11/01/25) (HERBIP)	$	4,025	$	4,160,639
				279,645,776
Texas — 7.0%
Aldine Independent School District GO 4.00%, 02/15/48 (Call 02/15/28) (PSF)		2,000		1,935,997
5.00%, 02/15/45 (Call 02/15/27) (PSF)		4,000		4,125,316
Aledo Independent School District GO, 4.00%, 02/15/45 (Call 02/15/29) (PSF)		1,000		991,065
Austin Community College District GOL 4.00%, 08/01/40 (Call 08/01/25)		1,500		1,502,868
4.00%, 08/01/48 (Call 08/01/27)		3,500		3,497,367
Austin Independent School District GO 2.00%, 08/01/39 (Call 08/01/30) (PSF)		8,920		6,493,679
2.00%, 08/01/39 (Call 08/01/31) (PSF)		16,580		12,070,089
2.00%, 08/01/40 (Call 08/01/30) (PSF)		6,000		4,251,568
2.00%, 08/01/40 (Call 08/01/31) (PSF)		16,885		11,954,021
4.00%, 08/01/32 (Call 08/01/31) (PSF)		10,355		11,186,192
5.00%, 08/01/26 (PSF)		1,350		1,419,806
5.00%, 08/01/27 (PSF)		2,000		2,152,621
5.00%, 08/01/30 (PSF)		5,690		6,497,429
5.00%, 08/01/41 (Call 02/01/33)		13,890		15,692,272
Board of Regents of the University of Texas System RB 5.00%, 08/15/24		5,060		5,101,005
5.00%, 08/15/31		10,000		11,688,174
Series A, 4.00%, 08/15/35 (Call 08/15/31)		14,650		15,486,070
Series A, 4.00%, 08/15/42 (Call 08/15/24)		1,205		1,190,857
Series A, 5.00%, 08/15/28		6,005		6,619,427
Series A, 5.00%, 08/15/30		17,935		20,620,445
Series A, 5.00%, 08/15/33 (Call 08/15/29)		10,100		11,258,555
Series A, 5.00%, 08/15/34 (Call 08/15/29)		1,900		2,115,706
Series B, 5.00%, 08/15/25		4,910		5,049,701
Series B, 5.00%, 08/15/26		2,215		2,331,743
Series B, 5.00%, 08/15/27		10,125		10,914,263
Series B, 5.00%, 08/15/49		10,950		13,083,467
Series C, 5.00%, 08/15/25		2,815		2,895,093
Series D, 5.00%, 08/15/24		2,200		2,217,828
Series E, 5.00%, 08/15/26		8,590		9,042,741
Series F, 5.00%, 08/15/47		2,000		2,394,667
Series J, 5.00%, 08/15/25		1,700		1,748,369
Series J, 5.00%, 08/15/26		3,995		4,205,559
Carrollton-Farmers Branch Independent School District GO, 5.00%, 02/15/48 (Call 02/15/33) (PSF)		30,020		32,865,194
Central Texas Regional Mobility Authority RB 4.00%, 01/01/50 (Call 01/01/30)		4,530		4,321,237
Series A, 5.00%, 01/01/40 (PR 07/01/25)		6,060		6,210,344
Series A, 5.00%, 01/01/45 (PR 07/01/25)		2,500		2,562,023
Series B, 4.00%, 01/01/51 (Call 01/01/31)		1,000		949,489
Series B, 5.00%, 01/01/46 (Call 01/01/31)		1,000		1,055,502
Series E, 5.00%, 01/01/45 (Call 01/01/30)		2,500		2,626,562
Central Texas Turnpike System RB
Series A, 5.00%, 08/15/39 (Call 08/15/30)		20,175		21,996,510
Series B, 0.00%, 08/15/37 (Call 08/15/24)(a)		1,000		549,088
Series B, 5.00%, 08/15/37 (Call 08/15/24)		2,500		2,513,220
Series C, 5.00%, 08/15/33 (Call 08/15/24)		2,000		2,010,734
Series C, 5.00%, 08/15/34 (Call 08/15/24)		1,500		1,507,904
Series C, 5.00%, 08/15/37 (Call 08/15/24)		19,020		19,105,360
Series C, 5.00%, 08/15/42 (Call 08/15/24)		10,250		10,272,317

Security	Par (000)		Value
Texas (continued)
City of Austin TX Electric Utility Revenue RB
Series A, 5.00%, 11/15/45 (Call 11/15/25)	$	16,000	$	16,283,589
Series A, 5.00%, 11/15/45 (Call 11/15/30)		3,905		4,229,037
Series B, 5.00%, 11/15/44 (Call 11/15/29)		3,120		3,351,582
Series B, 5.00%, 11/15/49 (Call 11/15/29)		3,000		3,170,769
City of Austin TX GOL 4.00%, 09/01/31 (Call 09/01/25)		8,275		8,376,451
5.00%, 09/01/28		13,635		15,044,795
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/28		6,000		6,641,472
5.00%, 11/15/29		7,750		8,756,475
5.00%, 11/15/30		2,795		3,209,466
5.00%, 11/15/31		5,880		6,856,845
5.00%, 11/15/32		6,185		7,316,444
5.00%, 11/15/34 (Call 05/15/33)		3,415		4,050,609
5.00%, 11/15/35 (Call 05/15/33)		3,590		4,235,169
5.00%, 11/15/39 (Call 05/15/24)		2,400		2,402,789
5.00%, 11/15/39 (Call 11/15/31)		2,000		2,246,527
5.00%, 11/15/41 (Call 11/15/26)		1,000		1,032,629
Series C, 5.00%, 11/15/45 (Call 11/15/30)		2,000		2,167,198
Series C, 5.00%, 11/15/50 (Call 11/15/30)		2,000		2,130,542
City of Corpus Christi TX Utility System Revenue RB, Series A, 5.00%, 07/15/45 (Call 07/15/25)		2,000		2,028,533
City of Dallas TX GOL, 5.00%, 02/15/27 (Call 04/01/24)		1,500		1,501,161
City of Dallas TX Waterworks & Sewer System Revenue RB 5.00%, 10/01/46 (Call 10/01/27)		2,500		2,612,676
Series A, 5.00%, 10/01/24		3,075		3,107,215
Series A, 5.00%, 10/01/26 (Call 10/01/25)		1,400		1,438,397
Series A, 5.00%, 10/01/29 (Call 10/01/26)		1,375		1,443,782
Series A, 5.00%, 10/01/30 (Call 10/01/26)		3,590		3,765,034
Series A, 5.00%, 10/01/31 (Call 10/01/26)		1,610		1,685,645
Series A, 5.00%, 10/01/32 (Call 10/01/26)		5,510		5,759,141
Series A, 5.00%, 10/01/41 (Call 10/01/26)		5,000		5,112,818
Series C, 3.00%, 10/01/46 (Call 10/01/31)		5,000		4,036,715
Series C, 4.00%, 10/01/49 (Call 10/01/30)		7,900		7,781,430
Series C, 5.00%, 10/01/45 (Call 10/01/30)		2,000		2,170,964
City of Garland TX Electric Utility System Revenue RB 4.00%, 03/01/49 (Call 03/01/29)		1,000		957,479
5.00%, 03/01/44 (Call 03/01/29)		2,000		2,114,992
City of Houston Texas Combined Utility System Revenue RB, Series C, 5.00%, 05/15/26 (Call 05/15/24)		3,000		3,010,299
City of Houston Texas GOL 5.00%, 03/01/28 (Call 03/01/26)		10,000		10,374,728
Series A, 5.00%, 03/01/24		2,000		2,000,000
City of Houston TX Airport System Revenue RB
Series B, 5.00%, 07/01/29 (Call 07/01/28)		3,680		4,028,578
Series B, 5.00%, 07/01/30 (Call 07/01/28)		8,570		9,353,774
Series D, 5.00%, 07/01/37 (Call 07/01/28)		1,500		1,614,207
Series D, 5.00%, 07/01/39 (Call 07/01/28)		1,495		1,598,905
City of Houston TX Combined Utility System Revenue RB
Series A, 5.00%, 11/15/33 (Call 11/15/30)		9,835		11,192,871
Series B, 4.00%, 11/15/37 (Call 11/15/26)		2,000		2,009,496
Series B, 5.00%, 11/15/30 (Call 11/15/26)		5,430		5,704,959
Series B, 5.00%, 11/15/35 (Call 11/15/26)		4,000		4,167,666
Series B, 5.00%, 11/15/42 (Call 11/15/27)		4,000		4,204,125

S C H E D U L E  O F   I N V E S T M E N T S 71

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Series B, 5.00%, 11/15/49 (Call 11/15/29)	$	2,000	$	2,131,741
Series C, 3.00%, 11/15/47 (Call 11/15/30)		1,000		794,989
Series C, 4.00%, 11/15/43 (Call 11/15/30)		1,500		1,486,793
Series C, 5.00%, 05/15/28 (Call 05/15/24)		2,005		2,011,923
Series C, 5.00%, 11/15/45 (Call 11/15/30)		1,000		1,088,567
Series D, 5.00%, 11/15/44 (Call 11/15/24)		2,000		2,011,538
City of Houston TX GOL
Series A, 5.00%, 03/01/25		2,480		2,523,430
Series A, 5.00%, 03/01/26 (Call 04/01/24)		1,540		1,541,852
Series A, 5.00%, 03/01/28 (Call 03/01/27)		1,700		1,804,282
City of San Antonio Texas Electric & Gas Systems Revenue RB 4.00%, 02/01/47 (Call 02/01/27)		3,970		3,799,764
5.00%, 02/01/27		3,100		3,294,268
5.00%, 02/01/35 (Call 02/01/30)		2,000		2,223,391
5.00%, 02/01/47 (Call 02/01/27)		7,500		7,719,133
5.00%, 02/01/47 (Call 08/01/27)		2,500		2,586,480
Series REF, 5.25%, 02/01/25		1,895		1,932,138
City of San Antonio Texas GOL, 5.00%, 08/01/24		3,000		3,022,026
City of San Antonio TX Electric & Gas Systems Revenue RB 5.00%, 02/01/36 (Call 02/01/30)		4,000		4,418,784
5.00%, 02/01/44		1,095		1,095,388
Series 2020, 5.00%, 02/01/49 (Call 02/01/30)		2,000		2,120,891
Series A, 5.00%, 02/01/26		1,755		1,825,255
Series ETM, 5.00%, 02/01/25 (ETM)		1,265		1,285,043
Series REF, 5.00%, 02/01/31 (Call 02/01/26)		2,000		2,073,428
City of San Antonio TX GOL 5.00%, 02/01/25		6,560		6,673,989
5.00%, 08/01/28		4,755		5,226,617
Collin County Community College District GOL 4.00%, 08/15/38 (Call 08/15/29)		2,015		2,051,869
5.00%, 08/15/29 (Call 08/15/27)		11,990		12,821,233
Series A, 5.00%, 08/15/30 (Call 08/15/29)		1,750		1,952,819
Comal Independent School District GO, 4.00%, 02/01/36 (Call 02/01/31) (PSF)		3,250		3,447,593
Conroe Independent School District GO, Series A, 5.00%, 02/15/29 (PSF)		7,685		8,537,575
County of Bexar TX GOL 4.00%, 06/15/39 (Call 06/15/28)		3,905		3,968,300
4.00%, 06/15/40 (Call 06/15/28)		2,125		2,148,444
4.00%, 06/15/41 (Call 06/15/26)		2,035		1,973,489
5.00%, 06/15/38 (PR 06/15/24)		7,670		7,704,845
5.00%, 06/15/43 (PR 06/15/26)		1,250		1,307,878
Series A, 5.00%, 06/15/41 (PR 06/15/26)		3,000		3,128,775
County of Harris Texas Toll Road Revenue RB 4.00%, 08/15/45 (Call 08/15/30)		2,090		2,065,912
Series A, 5.00%, 08/15/31 (Call 02/15/28)		2,000		2,174,983
Series A, 5.00%, 08/15/32 (Call 02/15/28)		3,000		3,261,941
Series A, 5.00%, 08/15/43 (Call 02/15/28)		4,125		4,342,673
County of Harris TX GO
Series A, 5.00%, 10/01/25 (Call 10/01/24)		4,225		4,274,192
Series A, 5.00%, 10/01/27 (Call 10/01/25)		1,725		1,773,114
County of Harris TX RB
Series A, 5.00%, 08/15/31 (Call 08/15/26)		2,000		2,088,757
Series A, 5.00%, 08/15/41 (Call 08/15/26)		3,505		3,618,723
County of Hays TX GOL, 4.00%, 02/15/42
(Call 02/15/27)		2,000		2,000,570
County of Williamson TX GO 4.00%, 02/15/33 (Call 02/15/29)		11,240		11,756,575
5.00%, 02/15/29		1,005		1,115,509

Security	Par (000)		Value
Texas (continued)
County of Williamson TX GOL 4.00%, 02/15/26	$	7,000	$	7,158,066
4.00%, 02/15/27		22,320		23,050,130
5.00%, 02/15/25		5,130		5,224,475
Cypress-Fairbanks Independent School District GO 4.00%, 02/15/31 (Call 02/15/25) (PSF)		1,000		1,004,767
4.00%, 02/15/33 (Call 02/15/25) (PSF)		6,000		6,004,737
4.00%, 02/15/34 (Call 02/15/25) (PSF)		15,000		15,010,459
4.00%, 02/15/38 (Call 02/15/29) (PSF)		2,915		2,962,793
4.00%, 02/15/43 (Call 02/15/28) (PSF)		5,000		5,004,733
5.00%, 02/15/26 (PSF)		5,030		5,234,358
5.00%, 02/15/27 (Call 02/15/26) (PSF)		1,800		1,875,214
5.00%, 02/15/30 (Call 02/15/25) (PSF)		45,000		45,781,920
5.00%, 02/15/31 (PSF)		10,105		11,660,590
Series A, 5.00%, 02/15/26 (PSF)		4,000		4,162,512
Dallas Area Rapid Transit RB 5.00%, 12/01/31 (Call 12/01/29)		7,510		8,474,173
5.00%, 12/01/32 (Call 12/01/29)		5,000		5,633,069
5.00%, 12/01/33 (Call 12/01/29)		2,825		3,178,235
5.25%, 12/01/28		250		279,408
5.25%, 12/01/29 (AMBAC)		1,050		1,199,541
Series A, 5.00%, 12/01/24		2,315		2,344,290
Series A, 5.00%, 12/01/25 (PR 12/01/24)		3,025		3,065,502
Series A, 5.00%, 12/01/46 (PR 12/01/25)		6,700		6,933,064
Series A, 5.00%, 12/01/48 (PR 12/01/25)		12,500		12,934,820
Series B, 4.00%, 12/01/35 (Call 12/01/26)		8,000		8,064,528
Series B, 4.00%, 12/01/51 (Call 12/01/30)		14,405		13,923,290
Dallas Fort Worth International Airport RB 4.00%, 11/01/34 (Call 11/01/30)		9,500		9,993,499
4.00%, 11/01/35 (Call 11/01/30)		2,000		2,095,349
4.00%, 11/01/45 (Call 11/01/30)		7,400		7,288,327
4.00%, 11/01/45 (Call 11/01/32)		11,120		10,952,188
5.00%, 11/01/25		2,720		2,808,979
5.00%, 11/01/26		2,010		2,120,935
5.00%, 11/01/27		2,000		2,157,531
5.00%, 11/01/29		7,000		7,863,667
5.00%, 11/01/36 (Call 11/01/33)		1,000		1,174,528
5.00%, 11/01/39 (Call 11/01/33)		2,750		3,160,147
5.00%, 11/01/40 (Call 11/01/32)		5,000		5,643,931
5.00%, 11/01/43 (Call 11/01/30)		18,380		20,031,279
5.00%, 11/01/47 (Call 11/01/33)		1,750		1,933,272
5.00%, 11/01/50 (Call 11/01/32)		5,000		5,440,144
Series A, 4.00%, 11/01/34 (Call 11/01/30)		250		262,987
Series A, 4.00%, 11/01/35 (Call 11/01/30)		5,160		5,405,999
Series A, 4.00%, 11/01/46 (Call 11/01/30)		2,600		2,558,063
Series A, 5.00%, 11/01/27		1,000		1,078,766
Series A, 5.00%, 11/01/30		1,000		1,142,261
Series A, 5.00%, 11/01/32 (Call 11/01/30)		1,000		1,136,526
Dallas Independent School District, 5.00%, 02/15/25 (PSF-GTD)		3,045		3,099,931
Dallas Independent School District GO 4.00%, 02/15/31 (PR 02/15/25) (PSF)		1,000		1,006,342
4.00%, 02/15/33 (Call 02/15/29) (PSF)		3,000		3,130,853
5.00%, 02/15/34 (Call 02/15/29) (PSF)		5,000		5,520,552
Series A, 4.00%, 02/15/26 (PSF)		4,410		4,503,690
Series A, 5.00%, 02/15/28		1,460		1,592,463
Denton Independent School District GO 5.00%, 08/15/38 (Call 08/15/33) (PSF)		1,000		1,157,411
5.00%, 08/15/48 (Call 08/15/27) (PSF)		3,500		3,632,108
Series A, 4.00%, 08/15/48 (Call 08/15/28) (PSF)		1,500		1,467,813
Series A, 5.00%, 08/15/40 (PR 08/15/25) (PSF)		2,000		2,056,088

72 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Series A, 5.00%, 08/15/45 (PR 08/15/25) (PSF)	$	5,000	$	5,140,220
Fort Bend Independent School District GO, 5.00%, 08/15/30 (Call 08/15/27) (PSF)		3,360		3,576,468
Fort Worth Independent School District GO 5.00%, 02/15/28 (Call 02/15/25) (PSF)		3,115		3,171,468
5.00%, 02/15/28 (PR 02/15/25) (PSF)		385		391,723
5.00%, 02/15/43 (Call 02/15/27) (PSF)		5,000		5,182,092
Frisco Independent School District GO, 4.00%, 08/15/49 (Call 02/15/29) (PSF)		2,285		2,216,883
Grand Parkway Transportation Corp. RB 4.00%, 10/01/49 (Call 04/01/30) (AGM-CR)		9,900		9,635,101
5.00%, 10/01/35 (Call 04/01/28)		7,860		8,468,763
First Series, 3.00%, 10/01/50 (Call 04/01/30)		2,000		1,474,147
First Series, 4.00%, 10/01/45 (Call 04/01/30)		28,400		27,830,606
First Series, 4.00%, 10/01/49 (Call 04/01/30)		25,995		24,771,961
Series A, 5.00%, 10/01/36 (Call 04/01/28)		8,000		8,586,147
Series A, 5.00%, 10/01/38 (Call 04/01/28)		8,000		8,521,208
Series A, 5.00%, 10/01/43 (Call 04/01/28)		11,180		11,781,063
Series A, 5.00%, 10/01/48 (Call 04/01/28)		21,010		21,933,091
Series B, 5.80%, 10/01/45 (Call 10/01/28)		2,000		2,177,739
Grand Prairie Independent School District GO, 4.00%, 02/15/31 (Call 08/15/26)		10,505		10,719,906
Harris County Flood Control District RB, 5.00%, 10/01/26 (Call 10/01/24)		3,470		3,503,574
Harris County-Houston Sports Authority RB
Series A, 0.00%, 11/15/42 (Call 11/15/31) (AGM)(a)		1,250		539,697
Series A, 0.00%, 11/15/50 (Call 11/15/31) (AGM)(a)		2,000		562,537
Series A, 5.00%, 11/15/28 (Call 11/15/24)		1,390		1,402,935
Houston Independent School District GOL 4.00%, 02/15/42 (Call 02/15/27) (PSF)		1,300		1,300,383
5.00%, 02/15/25 (PSF)		2,680		2,728,347
5.00%, 02/15/26 (PSF)		1,175		1,222,738
5.00%, 02/15/28 (Call 02/15/27) (PSF)		1,000		1,063,590
Series A, 5.00%, 02/15/25 (PSF)		2,385		2,428,025
Series A, 5.00%, 02/15/27 (Call 02/15/26) (PSF)		2,255		2,344,872
Series A, 5.00%, 02/15/28 (Call 02/15/26) (PSF)		1,000		1,040,819
Series A, 5.00%, 02/15/30 (Call 02/15/26) (PSF)		5,000		5,205,062
Irving Independent School District GO 5.00%, 02/15/40 (Call 08/15/32) (PSF)		1,100		1,243,286
5.00%, 02/15/41 (Call 08/15/32) (PSF)		6,440		7,244,494
Katy Independent School District GO 4.00%, 02/15/47 (Call 02/15/31)		15,515		15,497,094
4.00%, 02/15/48 (Call 02/15/28) (PSF)		3,650		3,614,737
Klein Independent School District GO 4.00%, 08/01/45 (Call 08/01/33) (PSF)		16,295		16,385,884
5.00%, 08/01/44 (Call 08/01/33) (PSF)		7,230		8,057,914
Lamar Consolidated Independent School District GO, 4.00%, 02/15/50 (Call 02/15/28) (PSF)		3,000		2,935,544
Leander Independent School District GO 5.00%, 02/15/48 (Call 02/15/33) (PSF)		12,000		13,127,771
5.00%, 08/15/52 (Call 08/15/31) (PSF)		11,200		12,003,160
Series A, 5.00%, 08/15/38 (Call 08/15/25) (PSF)		1,075		1,089,411
Series A, 5.00%, 08/15/40 (Call 08/15/25) (PSF)		1,500		1,516,110
Series C, 0.00%, 08/15/46 (PR 08/15/24) (PSF)(a)		70,000		20,977,159
Series D, 0.00%, 08/15/36 (PR 08/15/24) (PSF)(a)		4,000		2,243,978
Lewisville Independent School District GO 5.00%, 08/15/30 (PSF)		11,190		12,808,112

Security	Par (000)		Value
Texas (continued)
5.00%, 08/15/40 (Call 08/15/33)	$	6,000	$	6,843,536
Series A, 4.00%, 08/15/27 (Call 08/15/25) (PSF)		4,965		5,028,495
Series B, 5.00%, 08/15/25		2,600		2,669,507
Series B, 5.00%, 08/15/28 (Call 08/15/25)		6,090		6,229,415
Lower Colorado River Authority RB 5.00%, 05/15/25		1,000		1,020,953
5.00%, 05/15/28		1,000		1,088,823
5.00%, 05/15/39 (Call 05/15/30)		2,000		2,187,549
5.00%, 05/15/40 (Call 05/15/25)		5,760		5,849,685
5.00%, 05/15/41 (Call 05/15/30)		3,500		3,786,478
5.00%, 05/15/43 (Call 05/15/28)		1,000		1,049,480
5.00%, 05/15/45 (Call 05/15/25)		3,130		3,173,223
6.00%, 05/15/52 (Call 05/15/32)		10,000		11,392,774
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue RB, 5.00%, 11/01/28 (PR 11/01/24)		2,000		2,020,262
Midland County Fresh Water Supply District No. 1 RB, Series A, 0.00%, 09/15/34 (PR 09/15/27)(a)		1,250		800,426
North East Independent School District/TX GO, 5.25%, 02/01/27 (PSF)		530		565,973
North Texas Municipal Water District Water System Revenue 5.00%, 09/01/26		15,200		16,029,645
5.00%, 09/01/28		3,500		3,852,511
North Texas Municipal Water District Water System Revenue RB 4.00%, 09/01/46 (Call 09/01/26)		6,000		5,746,461
5.00%, 09/01/27		6,000		6,472,216
North Texas Tollway Authority RB 0.00%, 01/01/36 (AGC)(a)		18,500		12,015,502
4.00%, 01/01/33 (Call 01/01/31)		2,000		2,095,389
4.25%, 01/01/49 (Call 01/01/28)		1,500		1,483,344
5.00%, 01/01/26		4,000		4,140,414
5.00%, 01/01/26 (Call 04/01/24)		260		260,231
5.00%, 01/01/29 (Call 01/01/26)		5,000		5,184,450
5.00%, 01/01/31		8,500		9,679,301
5.00%, 01/01/48 (Call 01/01/28)		1,000		1,037,281
First Series, 0.00%, 01/01/33 (AGC)(a)		38,450		28,373,547
First Series, 0.00%, 01/01/37 (AGC)(a)		3,250		2,004,276
Series A, 4.00%, 01/01/36 (Call 01/01/29)		13,300		13,749,628
Series A, 4.00%, 01/01/37 (Call 01/01/27)		11,240		11,361,820
Series A, 4.00%, 01/01/37 (Call 01/01/29)		7,000		7,200,395
Series A, 4.00%, 01/01/43 (Call 01/01/28)		15,615		15,568,634
Series A, 4.00%, 01/01/44 (Call 01/01/29)		2,030		2,016,124
Series A, 5.00%, 01/01/25 (Call 04/01/24)		2,550		2,554,874
Series A, 5.00%, 01/01/28 (Call 01/01/26)		1,500		1,556,528
Series A, 5.00%, 01/01/30 (Call 01/01/26)		8,385		8,685,019
Series A, 5.00%, 01/01/32 (Call 01/01/25)		16,910		17,127,463
Series A, 5.00%, 01/01/33 (Call 01/01/25)		2,000		2,024,763
Series A, 5.00%, 01/01/34		10,500		12,467,992
Series A, 5.00%, 01/01/34 (Call 01/01/27)		1,000		1,054,838
Series A, 5.00%, 01/01/35		1,000		1,199,537
Series A, 5.00%, 01/01/35 (Call 01/01/27)		1,900		2,000,799
Series A, 5.00%, 01/01/36 (Call 01/01/27)		1,000		1,050,097
Series A, 5.00%, 01/01/38 (Call 01/01/25)		13,455		13,568,035
Series A, 5.00%, 01/01/38 (Call 01/01/29)		21,820		23,672,664
Series A, 5.00%, 01/01/39 (Call 01/01/26)		2,500		2,568,343
Series A, 5.00%, 01/01/39 (Call 01/01/28)		2,500		2,635,885
Series A, 5.00%, 01/01/43 (Call 01/01/28)		26,050		27,280,425
Series A, 5.00%, 01/01/48 (Call 01/01/28)		6,100		6,347,555
Series B, 0.00%, 09/01/37 (PR 09/01/31)(a)		1,620		821,603

S C H E D U L E  O F   I N V E S T M E N T S 73

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Series B, 0.00%, 09/01/43 (PR 09/01/31)(a)	$	2,500	$	808,097
Series B, 3.00%, 01/01/46 (Call 01/01/31)		2,000		1,589,815
Series B, 4.00%, 01/01/39 (Call 01/01/31)		2,500		2,540,631
Series B, 4.00%, 01/01/40 (Call 01/01/31)		4,000		4,039,546
Series B, 4.00%, 01/01/41 (Call 01/01/31)		1,150		1,157,122
Series B, 5.00%, 01/01/26		1,250		1,293,879
Series B, 5.00%, 01/01/27		2,505		2,655,138
Series B, 5.00%, 01/01/28		3,855		4,170,885
Series B, 5.00%, 01/01/29		1,700		1,873,928
Series B, 5.00%, 01/01/29 (Call 01/01/25)		150		152,104
Series B, 5.00%, 01/01/31 (Call 01/01/26)		900		929,416
Series B, 5.00%, 01/01/34 (Call 01/01/25)		4,750		4,809,900
Series B, 5.00%, 01/01/43 (Call 01/01/27)		1,750		1,807,770
Series B, 5.00%, 01/01/48 (Call 01/01/27)		1,750		1,798,146
Series C, 6.75%, 09/01/45 (PR 09/01/31)		500		630,264
Series C, 7.00%, 09/01/43 (PR 09/01/31)		500		627,131
Series D, 0.00%, 01/01/31 (AGC)(a)		965		768,944
Series D, 0.00%, 01/01/34 (AGC)(a)		2,900		2,059,527
Northwest Independent School District GO, 5.00%, 02/15/48 (Call 02/15/32) (PSF)		71,000		77,082,889
Pasadena Independent School District GO, 4.00%, 02/15/44 (Call 02/15/28) (PSF)		1,250		1,252,016
Permanent University Fund - Texas A&M University System RB, 5.00%, 07/01/41 (Call 07/01/32)		17,245		19,263,891
Permanent University Fund - University of Texas System RB 5.00%, 07/01/27		1,000		1,074,942
5.00%, 07/01/29		3,070		3,442,888
Series B, 4.00%, 07/01/41 (Call 07/01/26)		2,515		2,505,111
Series B, 5.00%, 07/01/25 (Call 07/01/24)		2,700		2,717,845
Plano Independent School District GO 5.00%, 02/15/25		17,050		17,357,580
5.00%, 02/15/26 (PSF)		2,475		2,577,945
Port Authority of Houston of Harris County Texas RB, 5.00%, 10/01/48 (Call 10/01/33)		8,620		9,440,161
Richardson Independent School District GO 4.00%, 02/15/46 (Call 02/15/30) (PSF)		2,000		1,971,774
5.00%, 02/15/30 (Call 02/15/28) (PSF)		1,905		2,076,124
5.00%, 02/15/42 (Call 02/15/26) (PSF)		6,930		7,101,579
Round Rock Independent School District GO 5.00%, 08/01/27		3,185		3,419,436
Series A, 3.00%, 08/01/33 (Call 08/01/29) (PSF)		1,950		1,940,372
Series A, 5.00%, 08/01/31 (Call 08/01/29) (PSF)		4,000		4,446,136
San Antonio Independent School District/TX GO, 5.00%, 08/15/48 (Call 08/15/25) (PSF)		6,000		6,075,378
San Antonio Public Facilities Corp. RB, 4.00%, 09/15/42 (Call 04/01/24)		6,600		6,488,291
San Antonio Water System RB 5.00%, 05/15/35 (Call 11/15/26)		1,800		1,886,751
Series A, 4.00%, 05/15/51 (Call 05/15/31)		3,790		3,683,338
Series A, 5.00%, 05/15/48 (Call 05/15/28)		6,720		6,971,165
Series A, 5.00%, 05/15/50 (Call 05/15/30)		6,000		6,383,186
Series B, 4.00%, 05/15/40 (Call 05/15/25)		14,785		14,332,632
Series C, 4.00%, 05/15/50 (Call 05/15/30)		1,000		979,033
Series C, 5.00%, 05/15/33 (Call 11/15/26)		10,500		11,028,232
Series C, 5.00%, 05/15/34 (Call 11/15/26)		1,220		1,280,676
Series C, 5.00%, 05/15/46 (Call 11/15/26)		1,660		1,707,508
San Jacinto Community College District GOL, Series A, 5.00%, 02/15/44 (Call 02/15/29)		3,660		3,860,468
State of Texas GO 4.00%, 10/01/31 (Call 04/01/24)		12,790		12,789,618

Security	Par (000)		Value
Texas (continued)
4.00%, 10/01/33 (PR 04/01/24)	$	1,200	$	1,200,512
5.00%, 10/01/24 (Call 04/01/24)		4,160		4,165,159
5.00%, 10/01/25		16,300		16,825,724
5.00%, 10/01/25 (Call 04/01/24)		4,240		4,245,984
5.00%, 04/01/26 (Call 04/01/24)		3,560		3,560,336
5.00%, 10/01/26 (PR 04/01/24)		1,025		1,026,193
5.00%, 04/01/27 (PR 04/01/24)		2,000		2,002,404
5.00%, 10/01/27 (Call 04/01/24)		3,250		3,250,554
5.00%, 04/01/28 (PR 04/01/24)		2,000		2,002,404
5.00%, 04/01/32 (Call 04/01/26)		2,300		2,387,666
5.00%, 04/01/34 (Call 04/01/26)		16,500		17,115,424
5.00%, 10/01/34 (Call 10/01/27)		32,000		34,090,694
5.00%, 04/01/35 (PR 04/01/24)		1,660		1,661,996
5.00%, 04/01/36 (PR 04/01/24)		1,000		1,001,202
5.00%, 04/01/43 (Call 04/01/26)		3,000		3,088,729
5.00%, 04/01/46 (Call 04/01/26)		3,780		3,881,877
Series A, 4.00%, 10/01/31 (Call 10/01/24)		2,000		2,000,260
Series A, 4.00%, 10/01/44 (Call 10/01/24)		2,000		1,948,760
Series A, 5.00%, 10/01/24		9,530		9,631,476
Series A, 5.00%, 10/01/26 (Call 10/01/24)		3,305		3,312,056
Series A, 5.00%, 10/01/26 (Call 10/01/25)		7,000		7,212,676
Series A, 5.00%, 04/01/27 (Call 04/01/26)		5,890		6,133,800
Series A, 5.00%, 10/01/27 (Call 10/01/25)		2,445		2,519,285
Series A, 5.00%, 10/01/28 (Call 10/01/24)		5,000		5,010,955
Series A, 5.00%, 10/01/28 (Call 10/01/25)		5,105		5,260,898
Series A, 5.00%, 10/01/30 (Call 10/01/27)		2,000		2,140,640
Series A, 5.00%, 10/01/30 (PR 10/01/24)		10,000		10,101,907
Series A, 5.00%, 10/01/31 (Call 10/01/25)		1,000		1,028,825
Series A, 5.00%, 10/01/33 (Call 10/01/27)		34,100		36,393,532
Series A, 5.00%, 10/01/36 (Call 10/01/25)		10,150		10,367,152
Series A, 5.00%, 04/01/44 (Call 04/01/26)		2,045		2,103,831
Series A, 5.00%, 10/01/44 (PR 10/01/24)		15,000		15,152,860
Series B, 5.00%, 10/01/32 (Call 10/01/27)		5,825		6,224,890
Series B, 5.00%, 08/01/40 (Call 08/01/25)		3,000		3,035,494
Series D, 4.00%, 05/15/45 (Call 05/15/25)		2,000		1,987,021
Tarrant County College District GOL, 5.00%, 08/15/26		3,060		3,223,508
Tarrant Regional Water District Water Supply System Revenue RB, 5.00%, 03/01/49 (PR 03/01/24)		25,765		25,765,000
Texas A&M University RB, Series E, 5.00%, 05/15/34 (Call 05/15/27)		5,640		5,982,438
Texas State University System RB
Series A, 5.00%, 03/15/28 (Call 03/15/27)		6,670		7,106,452
Series A, 5.00%, 03/15/31 (Call 03/15/27)		1,900		2,017,897
Texas Transportation Commission GO, VRDN, 0.65%, 10/01/41 (Put 10/01/25)(b)		5,000		4,650,167
Texas Transportation Commission State Highway 249 System RB, 5.00%, 08/01/57 (Call 02/01/29) ..		1,750		1,770,034
Texas Transportation Commission State Highway Fund RB 5.00%, 10/01/33		4,000		4,768,088
First Series, 5.00%, 10/01/26		4,810		5,080,359
Series A, 5.00%, 04/01/24		6,720		6,728,593
Series A, 5.00%, 10/01/24		6,780		6,852,970
Series A, 5.00%, 04/01/25 (Call 04/01/24)		1,305		1,306,917
Series A, 5.00%, 10/01/25		4,050		4,181,891
Series A, 5.00%, 10/01/26		1,260		1,330,822
Series A, 5.00%, 10/01/30 (Call 10/01/26)		5,000		5,212,226
Texas Water Development Board RB 3.00%, 10/15/40 (Call 10/15/30)		3,500		3,055,454

74 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
4.00%, 10/15/33 (Call 10/15/30)	$	3,080	$	3,298,934
4.00%, 08/01/34 (Call 08/01/30)		5,000		5,339,620
4.00%, 10/15/35 (Call 10/15/31)		4,740		5,085,777
4.00%, 04/15/51 (Call 10/15/30)		6,000		5,842,632
4.00%, 10/15/56 (Call 10/15/31)		7,420		7,125,834
4.45%, 10/15/36 (Call 10/15/32)		1,000		1,113,892
4.65%, 10/15/40 (Call 10/15/33)		1,995		2,206,617
4.80%, 10/15/52 (Call 10/15/32)		1,500		1,591,622
4.88%, 10/15/48 (Call 10/15/33)		9,000		9,731,565
5.00%, 08/01/24		4,255		4,288,150
5.00%, 04/15/26		1,380		1,443,632
5.00%, 10/15/26		3,310		3,500,231
5.00%, 08/01/27		1,500		1,615,990
5.00%, 08/01/28		1,110		1,221,552
5.00%, 08/01/30		1,310		1,500,055
5.00%, 10/15/30 (Call 04/15/28)		7,940		8,685,071
5.00%, 10/15/31 (Call 10/15/26)		5,070		5,354,318
5.00%, 08/01/41 (Call 08/01/32)		28,505		32,061,150
5.00%, 08/01/42 (Call 08/01/33)		11,275		12,763,880
5.00%, 10/15/47 (Call 10/15/32)		22,500		24,689,221
5.25%, 10/15/46 (Call 10/15/26)		2,000		2,082,543
Series A, 3.00%, 10/15/33 (Call 10/15/29)		2,000		1,966,565
Series A, 3.00%, 10/15/34 (Call 10/15/29)		2,000		1,959,043
Series A, 3.00%, 10/15/39 (Call 10/15/29)		2,585		2,309,774
Series A, 4.00%, 10/15/32 (Call 10/15/27)		3,475		3,594,658
Series A, 4.00%, 10/15/33 (Call 10/15/27)		2,000		2,065,409
Series A, 4.00%, 10/15/34 (Call 10/15/25)		3,000		3,021,532
Series A, 4.00%, 10/15/34 (Call 10/15/27)		1,000		1,030,984
Series A, 4.00%, 10/15/35 (Call 10/15/27)		2,500		2,568,513
Series A, 4.00%, 10/15/36 (Call 04/15/28)		3,000		3,088,612
Series A, 4.00%, 10/15/36 (Call 10/15/29)		5,775		6,041,737
Series A, 4.00%, 10/15/38 (Call 04/15/28)		9,160		9,334,874
Series A, 4.00%, 10/15/38 (Call 10/15/29)		1,490		1,538,614
Series A, 4.00%, 10/15/44 (Call 10/15/29)		5,000		5,028,015
Series A, 4.00%, 10/15/45 (Call 10/15/25)		4,865		4,691,928
Series A, 4.00%, 10/15/47 (Call 10/15/27)		3,755		3,669,695
Series A, 4.00%, 10/15/49 (Call 10/15/29)		20,445		19,975,319
Series A, 4.00%, 10/15/54 (Call 10/15/29)		1,000		950,005
Series A, 5.00%, 04/15/24		5,920		5,932,148
Series A, 5.00%, 04/15/29 (Call 10/15/27)		1,000		1,077,201
Series A, 5.00%, 10/15/30 (Call 10/15/25)		1,000		1,030,443
Series A, 5.00%, 10/15/31 (Call 10/15/25)		1,000		1,029,805
Series A, 5.00%, 10/15/31 (Call 10/15/27)		1,000		1,074,048
Series A, 5.00%, 10/15/31 (Call 04/15/28)		6,605		7,211,645
Series A, 5.00%, 10/15/40 (Call 10/15/25)		890		908,204
Series A, 5.00%, 10/15/42 (Call 10/15/27)		2,000		2,108,197
Series A, 5.00%, 10/15/43 (Call 04/15/28)		11,750		12,435,452
Series A, 5.00%, 10/15/47 (Call 10/15/27)		2,500		2,611,883
Series B, 4.00%, 10/15/34 (Call 10/15/28)		3,000		3,127,428
Series B, 4.00%, 10/15/36 (Call 10/15/28)		10,000		10,328,725
Series B, 4.00%, 10/15/43 (Call 10/15/28)		12,000		12,020,714
Series B, 5.00%, 04/15/25		5,520		5,639,552
Series B, 5.00%, 04/15/30 (Call 10/15/28)		1,860		2,056,090
Series B, 5.00%, 10/15/32 (Call 10/15/28)		5,820		6,402,702
Series B, 5.00%, 10/15/38 (Call 10/15/28)		2,130		2,297,761
Series B, 5.00%, 04/15/49 (Call 10/15/28)		39,020		41,063,700
Trinity River Authority Central Regional Wastewater System Revenue RB, 5.00%, 08/01/28 (Call 08/01/27)		2,005		2,153,574
Tyler Independent School District GO, 4.00%, 02/15/47 (Call 02/15/27) (PSF)		1,600		1,569,792

Security	Par (000)		Value
Texas (continued)
Waco Educational Finance Corp. RB, 4.00%, 03/01/51 (Call 03/01/31)	$	2,000	$	1,880,525
Wylie Independent School District GO, Series A, 5.00%, 08/15/30 (PSF)		14,960		17,056,461
Ysleta Independent School District GO, 5.00%, 08/15/47 (Call 08/15/26) (PSF)		2,940		3,010,761
				2,574,964,765
Utah — 0.8%
Central Valley Water Reclamation Facility RB,
Series C, 4.00%, 03/01/47 (Call 03/01/31)		2,000		1,982,213
City of Salt Lake City UT Airport Revenue RB
Series B, 5.00%, 07/01/47 (Call 07/01/27)		3,645		3,760,678
Series B, 5.00%, 07/01/48 (Call 07/01/28)		2,000		2,098,476
City of Salt Lake City UT Public Utilities Revenue RB, 5.00%, 02/01/52 (Call 02/01/32)		30,000		32,505,327
Intermountain Power Agency RB 5.00%, 07/01/31		18,170		21,126,737
5.00%, 07/01/37 (Call 07/01/32)		5,000		5,765,819
5.00%, 07/01/41 (Call 07/01/32)		2,000		2,245,962
5.00%, 07/01/43 (Call 07/01/31)		33,585		36,989,008
Series A, 4.00%, 07/01/36 (Call 07/01/31)		2,500		2,633,365
Series A, 5.00%, 07/01/26		3,445		3,616,689
Series A, 5.00%, 07/01/29		1,250		1,401,166
Series A, 5.00%, 07/01/30		2,000		2,285,468
Series A, 5.00%, 07/01/32 (Call 07/01/31)		1,000		1,158,426
Series A, 5.00%, 07/01/33 (Call 07/01/31)		1,250		1,446,901
Series A, 5.00%, 07/01/34 (Call 07/01/31)		1,250		1,444,902
Series A, 5.00%, 07/01/38 (Call 07/01/31)		2,500		2,824,574
Series A, 5.00%, 07/01/39 (Call 07/01/31)		10,000		11,232,585
Series A, 5.00%, 07/01/40 (Call 07/01/31)		2,500		2,785,630
Series A, 5.00%, 07/01/42 (Call 07/01/31)		2,500		2,764,164
State of Utah GO 3.00%, 07/01/34 (Call 01/01/29)		4,120		4,032,094
5.00%, 07/01/24		13,240		13,314,323
5.00%, 07/01/25 (PR 01/01/25)		18,300		18,567,819
5.00%, 07/01/26		5,225		5,485,399
5.00%, 07/01/27 (Call 01/01/27)		1,140		1,212,537
5.00%, 07/01/29 (Call 01/01/29)		4,030		4,491,780
5.00%, 07/01/30 (Call 01/01/29)		5,600		6,239,027
5.00%, 07/01/31 (Call 01/01/29)		13,500		15,028,963
Series B, 5.00%, 07/01/25		6,010		6,165,419
Series B, 5.00%, 07/01/26		11,925		12,519,307
Series B, 5.00%, 07/01/27		24,550		26,397,950
Series B, 5.00%, 07/01/28		1,470		1,616,700
Series B, 5.00%, 07/01/29 (Call 01/01/29)		1,600		1,783,337
University of Utah (The) RB 5.00%, 08/01/27		1,330		1,432,844
5.00%, 08/01/41 (Call 08/01/32)		1,885		2,119,538
5.00%, 08/01/42 (Call 08/01/32)		2,490		2,789,412
Series A, 4.00%, 08/01/51 (Call 08/01/31)		12,000		11,729,472
Utah Transit Authority RB
Series A, 5.00%, 06/15/24		5,540		5,566,440
Series A, 5.00%, 06/15/25		3,630		3,712,073
Series A, 5.00%, 06/15/26 (PR 06/15/25)		3,465		3,551,749
Series A, 5.00%, 06/15/28 (PR 06/15/25)		5,005		5,130,304
Series A, 5.00%, 06/15/29 (PR 06/15/25)		3,010		3,085,357
Series A, 5.00%, 06/15/37 (PR 06/15/25)		4,815		4,935,547
Series A, 5.00%, 06/15/38 (PR 06/15/25)		5,500		5,637,696
				306,613,177

S C H E D U L E  O F   I N V E S T M E N T S 75

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Vermont — 0.0%
University of Vermont & State Agricultural College RB, 5.00%, 10/01/40 (Call 10/01/25)	$	1,000	$	1,013,855
Virginia — 1.9%
Chesapeake Bay Bridge & Tunnel District RB 5.00%, 07/01/46 (Call 07/01/26)		21,350		21,525,640
5.00%, 07/01/51 (Call 07/01/26)		1,500		1,507,424
Series 2016, 5.00%, 07/01/41 (Call 07/01/26) (AGM)		3,000		3,082,856
City of Alexandria VA GO 4.00%, 12/15/43 (Call 12/15/33)		12,750		13,014,350
5.00%, 12/15/30		10,235		11,859,341
5.00%, 12/15/34 (Call 12/15/33)		5,330		6,477,861
5.00%, 12/15/35 (Call 12/15/33)		10,755		12,992,294
5.00%, 12/15/36 (Call 12/15/33)		10,855		12,988,867
5.00%, 12/15/37 (Call 12/15/33)		10,960		12,993,222
5.00%, 12/15/38 (Call 12/15/33)		5,500		6,474,458
Series A, 3.00%, 07/15/46 (Call 07/15/30)		1,000		806,808
City of Norfolk Virginia GO, 5.00%, 08/01/46 (PR 08/01/28) (SAW)		2,755		3,035,495
City of Richmond VA Public Utility Revenue RB 5.00%, 01/15/30 (PR 01/15/26)		1,000		1,039,160
5.00%, 01/15/32 (PR 01/15/26)		2,020		2,099,103
Series A, 5.00%, 01/15/29 (PR 01/15/26)		2,000		2,078,320
Commonwealth of Virginia GO
Series B, 5.00%, 06/01/26 (Call 06/01/25) (SAW)		3,025		3,098,851
Series B, 5.00%, 06/01/27 (Call 06/01/25) (SAW)		2,090		2,144,635
County of Arlington VA GO 4.00%, 06/15/34 (Call 06/15/29)		2,085		2,204,329
5.00%, 06/15/32		8,715		10,335,932
County of Fairfax VA GO 4.00%, 10/01/24 (SAW)		10,140		10,197,024
4.00%, 10/01/30 (SAW)		7,600		8,266,056
4.00%, 10/01/32 (Call 04/01/27) (SAW)		9,900		10,254,920
4.00%, 10/01/40 (Call 04/01/32) (SAW)		3,000		3,103,373
5.00%, 10/01/25 (Call 04/01/25) (SAW)		5,035		5,195,961
5.00%, 10/01/30		11,000		12,712,581
5.00%, 10/01/31		7,085		8,336,437
5.00%, 10/01/31 (Call 04/01/29) (SAW)		5,280		5,903,159
5.00%, 10/01/32		6,715		8,036,912
5.00%, 10/01/32 (Call 04/01/32) (SAW)		4,300		5,098,358
5.00%, 10/01/38 (Call 04/01/30) (SAW)		5,035		5,596,748
Series A, 4.00%, 10/01/24		2,165		2,177,175
Series A, 4.00%, 10/01/27 (Call 04/01/26) (SAW)		7,625		7,809,916
Series A, 5.00%, 10/01/28		5,000		5,547,439
Series A, 5.00%, 10/01/28 (Call 04/01/27) (SAW)		1,800		1,933,388
Series B, 5.00%, 10/01/24 (SAW)		3,670		3,711,389
County of Fairfax VA Sewer Revenue RB 5.00%, 07/15/46 (Call 07/15/31)		7,415		8,177,521
Series A, 4.00%, 07/15/51 (Call 07/15/31)		10,000		9,987,685
County of Fairfax Virginia GO 2.00%, 10/01/38 (Call 04/01/32)		13,630		10,328,461
5.00%, 10/01/36 (Call 04/01/29)		7,305		8,062,892
County of Henrico VA GO, Series A, 5.00%, 08/01/28 (SAW)		1,260		1,390,499
County of Loudoun VA GO, 4.00%, 12/01/31 (Call 12/01/30) (SAW)		3,330		3,604,840
Hampton Roads Sanitation District RB
Series A, 5.00%, 08/01/30 (PR 08/01/26)		2,020		2,120,112
Series A, 5.00%, 08/01/37 (PR 08/01/26)		8,570		8,994,733

Security	Par (000)		Value
Virginia (continued)
Hampton Roads Transportation Accountability Commission RB 5.00%, 07/01/48 (Call 01/01/28)	$	16,855	$	17,588,572
5.00%, 07/01/48 (PR 01/01/28)		4,180		4,552,677
5.00%, 07/01/52 (PR 01/01/28)		10,000		10,891,571
5.50%, 07/01/57 (PR 01/01/28)		11,380		12,600,734
Series A, 4.00%, 07/01/45 (Call 07/01/30)		2,000		2,009,155
Series A, 4.00%, 07/01/60 (Call 07/01/30)		5,005		4,805,713
Series A, 5.00%, 07/01/39 (Call 07/01/30)		5,000		5,540,100
Series A, 5.00%, 07/01/42 (Call 01/01/28)		8,110		8,569,420
Series A, 5.00%, 07/01/60 (Call 07/01/30)		2,000		2,110,129
Northern Virginia Transportation Commission RB, 5.00%, 06/01/47 (Call 06/01/32)		8,000		8,803,463
University of Virginia RB 5.00%, 04/01/38 (Call 04/01/27)		1,000		1,055,688
Series A-2, 5.00%, 04/01/45 (Call 04/01/25)		8,000		8,095,417
Virginia College Building Authority RB 3.00%, 02/01/40 (Call 02/01/31)		2,485		2,193,576
3.00%, 09/01/51 (Call 09/01/31)		7,110		5,543,248
3.50%, 02/01/34 (Call 02/01/32)		2,000		2,040,156
5.00%, 02/01/27		14,160		15,116,941
5.00%, 02/01/28		21,120		23,064,495
5.00%, 02/01/30		18,600		21,159,020
5.00%, 02/01/32		3,015		3,549,033
5.00%, 02/01/34 (Call 02/01/33)		3,500		4,141,455
5.00%, 02/01/35 (Call 02/01/32)		13,000		15,097,420
5.00%, 02/01/38 (Call 02/01/32)		1,790		2,036,173
5.00%, 02/01/39 (Call 02/01/32)		2,000		2,260,889
5.00%, 02/01/40 (Call 02/01/32)		6,955		7,817,561
5.25%, 02/01/41 (Call 02/01/32)		5,000		5,681,141
Series A, 3.00%, 02/01/36 (Call 02/01/29)		5,000		4,864,877
Series A, 4.00%, 02/01/31 (Call 02/01/26)		4,300		4,359,782
Series A, 4.00%, 02/01/32 (Call 02/01/25)		3,000		3,012,676
Series A, 5.00%, 09/01/27 (Call 09/01/26)
(ST INTERCEPT)		4,700		4,923,413
Series C, 5.00%, 02/01/28		575		627,940
Series C, 5.00%, 02/01/30 (Call 02/01/27)		3,800		4,018,815
Series C, 5.00%, 02/01/30 (Call 02/01/29)		2,775		3,089,423
Series C, 5.00%, 02/01/31 (Call 02/01/27)		1,830		1,933,015
Series D, 3.00%, 02/01/27 (Call 02/01/25)
(HERBIP)		2,685		2,658,684
Series E, 5.00%, 02/01/26		4,405		4,585,510
Series E, 5.00%, 02/01/28		1,000		1,092,069
Series E, 5.00%, 02/01/29 (Call 02/01/28)		5,015		5,467,934
Series E, 5.00%, 02/01/30 (Call 02/01/28)		1,815		1,977,244
Series E, 5.00%, 02/01/31 (Call 02/01/28)		1,025		1,115,657
Virginia Commonwealth Transportation Board RB 4.00%, 05/15/33 (Call 05/15/32)		12,360		13,405,588
4.00%, 05/15/35 (Call 05/15/32)		8,000		8,596,759
4.00%, 05/15/41 (Call 05/15/28)		16,050		16,216,392
4.00%, 05/15/42 (Call 05/15/27)		14,260		14,349,075
5.00%, 03/15/24		5,000		5,002,565
5.00%, 09/15/26		3,115		3,288,949
5.00%, 09/15/27		1,110		1,200,756
Series A, 4.00%, 05/15/35 (Call 11/15/27)		1,000		1,033,026
Series A, 4.00%, 05/15/36 (Call 11/15/27)		4,985		5,128,334
Series A, 5.00%, 05/15/26		4,375		4,582,034
Series A, 5.00%, 05/15/27		2,465		2,646,011
Series A, 5.00%, 05/15/30 (Call 11/15/27)		21,035		22,767,611
Series A, 5.00%, 05/15/33 (Call 11/15/27)		2,275		2,444,450

76 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
Virginia Public Building Authority RB
Series A, 5.00%, 08/01/26	$	4,000	$	4,206,832
Series A, 5.00%, 08/01/27		3,015		3,248,139
Series A, 5.00%, 08/01/28 (Call 08/01/27)		1,175		1,264,682
Series A, 5.00%, 08/01/38 (Call 08/01/32)		1,010		1,163,263
Series A-2, 4.00%, 08/01/34 (Call 08/01/31)		2,000		2,147,215
Series B, 5.00%, 08/01/25		1,975		2,031,667
Series C, 4.00%, 08/01/25 (Call 08/01/24)		255		256,117
Series C, 4.00%, 08/01/26 (Call 08/01/24)		3,660		3,676,138
Virginia Public School Authority RB 5.00%, 08/01/26 (Call 08/01/25) (SAW)		1,515		1,555,543
5.00%, 08/01/27 (Call 08/01/25)		5,000		5,134,503
5.00%, 08/01/28 (Call 08/01/25)		1,940		1,992,187
5.00%, 08/01/29 (SAW)		2,685		3,019,101
5.00%, 08/01/47 (Call 08/01/32) (SAW)		6,410		7,071,225
Virginia Resources Authority Clean Water Revolving
Fund RB, 5.00%, 10/01/26 (Call 10/01/24)		26,155		26,415,527
				690,201,000
Washington — 3.7%
Central Puget Sound Regional Transit Authority RB
Series S-1, 5.00%, 11/01/27		1,630		1,766,079
Series S-1, 5.00%, 11/01/28		1,505		1,667,295
Series S-1, 5.00%, 11/01/29 (PR 11/01/25)		3,500		3,615,071
Series S-1, 5.00%, 11/01/31 (PR 11/01/25)		1,250		1,291,097
Series S-1, 5.00%, 11/01/36 (Call 11/01/31)		3,000		3,431,225
Series S-1, 5.00%, 11/01/36 (PR 11/01/25)		4,500		4,647,948
Series S-1, 5.00%, 11/01/45 (PR 11/01/25)		19,870		20,523,272
Series S-1, 5.00%, 11/01/46		3,170		3,755,121
City of Seattle WA GOL
Series A, 5.00%, 06/01/24		1,955		1,963,154
Series A, 5.00%, 12/01/29		5,415		6,120,545
Series A, 5.00%, 12/01/30		7,860		9,048,228
Series A, 5.00%, 09/01/31		6,440		7,509,037
City of Seattle WA Municipal Light & Power Revenue RB 4.00%, 09/01/44 (Call 09/01/24)		4,500		4,418,858
4.00%, 01/01/45 (Call 01/01/28)		13,125		13,130,940
5.00%, 03/01/32		11,735		13,749,436
5.00%, 07/01/43 (Call 07/01/32)		2,360		2,620,271
5.00%, 07/01/47 (Call 07/01/32)		10,000		10,949,982
VRDN, 3.79%, 11/01/46 (Put 11/30/23)(b)		5,500		5,500,000
Series A, 4.00%, 07/01/39 (Call 07/01/31)		3,735		3,849,276
Series A, 4.00%, 06/01/41 (Call 03/21/24)		23,985		23,986,182
Series A, 4.00%, 07/01/41 (Call 07/01/31)		22,145		22,607,771
Series A, 4.00%, 07/01/43 (Call 07/01/31)		12,000		12,151,925
Series A, 4.00%, 05/01/45 (Call 05/01/25)		1,765		1,722,323
Series A, 4.00%, 07/01/51 (Call 07/01/31)		4,865		4,710,297
Series B, 5.00%, 02/01/25		4,570		4,650,647
Series C, 4.00%, 09/01/47 (Call 09/01/27)		3,135		3,077,609
City of Tacoma WA Electric System Revenue RB
Series A, 4.00%, 01/01/42 (Call 03/21/24)		1,000		989,700
Series A, 5.00%, 01/01/38 (Call 05/14/24)		4,400		4,413,589
City of Tacoma WA Sewer Revenue RB, 4.00%, 12/01/51 (Call 12/01/31)		19,440		18,883,017
City of Tacoma WA Water Revenue RB, 4.00%, 12/01/43 (Call 04/23/24)		41,415		41,447,461
County of King WA GOL 5.00%, 01/01/28		3,270		3,556,560
5.00%, 12/01/28		2,515		2,791,273
Series A, 4.00%, 01/01/25		4,010		4,041,221
Series A, 5.00%, 01/01/31		7,000		8,069,970

Security	Par (000)		Value
Washington (continued)
Series A, VRDN, 3.60%, 01/01/46 (Put 02/29/24)(b)	$	49,560	$	49,560,000
County of King WA Sewer Revenue RB 4.00%, 01/01/45 (Call 07/01/33)		14,885		14,925,469
5.00%, 01/01/28		5,000		5,428,660
5.00%, 07/01/40 (PR 01/01/25)		2,220		2,254,309
Series A, 4.00%, 01/01/47 (Call 01/01/30)		3,385		3,363,984
Series A, 4.00%, 01/01/52 (Call 01/01/30)		27,000		26,304,596
Series B, 5.00%, 07/01/25		5,720		5,861,909
Series B, 5.00%, 07/01/27 (Call 07/01/26)		1,780		1,864,985
Series B, 5.00%, 07/01/46 (Call 07/01/26)		3,000		3,068,422
Energy Northwest RB 4.00%, 07/01/42 (Call 07/01/31)		10,360		10,431,634
5.00%, 07/01/26 (Call 07/01/25)		2,170		2,225,357
5.00%, 07/01/27 (Call 07/01/24)		19,025		19,108,238
5.00%, 07/01/28		3,575		3,928,692
5.00%, 07/01/32		5,405		6,379,399
5.00%, 07/01/36 (Call 07/01/32)		13,105		15,189,430
5.00%, 07/01/37 (Call 07/01/32)		21,000		24,166,183
5.00%, 07/01/39 (Call 07/01/33)		8,000		9,171,638
5.00%, 07/01/40 (Call 07/01/31)		5,205		5,792,504
5.00%, 07/01/41 (Call 07/01/31)		12,090		13,393,940
Series A, 4.00%, 07/01/38 (Call 07/01/25)		2,000		2,009,211
Series A, 5.00%, 07/01/26		10,015		10,514,119
Series A, 5.00%, 07/01/27		1,000		1,076,928
Series A, 5.00%, 07/01/28		1,555		1,708,844
Series A, 5.00%, 07/01/28 (Call 07/01/27)		8,110		8,694,104
Series A, 5.00%, 07/01/30 (Call 07/01/24)		2,500		2,510,369
Series A, 5.00%, 07/01/33 (Call 07/01/25)		2,500		2,559,839
Series A, 5.00%, 07/01/34 (Call 07/01/25)		2,000		2,047,347
Series A, 5.00%, 07/01/36 (Call 07/01/30)		1,000		1,127,257
Series A, 5.00%, 07/01/37 (Call 07/01/29)		43,235		47,338,901
Series A, 5.00%, 07/01/38 (Call 07/01/25)		8,045		8,200,767
Series C, 5.00%, 07/01/25		4,835		4,965,756
Series C, 5.00%, 07/01/27		1,000		1,076,928
Series C, 5.00%, 07/01/30 (Call 07/01/28)		5,525		6,052,307
Series C, 5.00%, 07/01/31 (Call 07/01/28)		1,050		1,149,413
Series C-1, 5.00%, 07/01/26 (Call 07/01/24)		2,000		2,008,946
Series C-3, 5.00%, 07/01/28 (Call 07/01/24)		1,000		1,004,245
King & Snohomish Counties School District No. 417 Northshore GO 5.00%, 12/01/35 (Call 06/01/28) (GTD)		1,000		1,086,286
5.00%, 12/01/36 (Call 06/01/28) (GTD)		3,015		3,259,089
King County School District No. 210 Federal Way GO, 3.60%, 12/01/37 (Call 12/01/27) (GTD)		21,945		22,009,398
Pierce County School District No. 10 Tacoma GO, 5.00%, 12/01/39 (PR 12/01/25) (GTD)		2,000		2,071,298
Pierce County School District No. 3 Puyallup GO, 5.00%, 12/01/34 (Call 06/01/27) (GTD)		5,900		6,291,503
Port of Seattle WA GOL, 5.00%, 01/01/42
(Call 01/01/27)		5,280		5,482,921
Port of Seattle WA RB 5.00%, 08/01/30		3,075		3,441,940
5.00%, 08/01/31		2,500		2,838,620
Snohomish County Public Utility District No.1
Electric System Revenue RB, 5.00%, 12/01/40
(Call 12/01/25)		1,000		1,016,281
Spokane County School District No. 81 Spokane
GO, 4.00%, 12/01/39 (Call 06/01/31) (GTD)		2,000		2,045,650
State of Washington GO 4.00%, 07/01/29		53,230		56,896,307

S C H E D U L E  O F   I N V E S T M E N T S 77

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington (continued)
4.00%, 02/01/37 (Call 02/01/32)	$	11,550	$	12,288,470
5.00%, 07/01/25		5,230		5,370,750
5.00%, 08/01/25		26,145		26,898,810
5.00%, 02/01/26		10,000		10,407,889
5.00%, 02/01/29		16,135		17,972,964
5.00%, 08/01/29		6,185		6,961,276
5.00%, 06/01/30		10,560		12,082,034
5.00%, 06/01/31		11,085		12,870,743
5.00%, 08/01/34 (Call 08/01/33)		27,595		32,987,565
5.00%, 08/01/36 (Call 08/01/32)		5,820		6,777,325
5.00%, 02/01/37 (Call 02/01/34)		8,695		10,277,702
5.00%, 02/01/38 (Call 02/01/29)		3,000		3,267,363
5.00%, 02/01/38 (Call 02/01/34)		5,000		5,855,864
5.00%, 07/01/38 (Call 07/01/33)		1,185		1,374,652
5.00%, 02/01/39 (Call 02/01/30)		6,565		7,223,892
5.00%, 07/01/39 (Call 07/01/33)		5,310		6,110,812
5.00%, 07/01/40 (Call 07/01/33)		10,000		11,433,274
5.00%, 08/01/40 (Call 08/01/33)		5,265		6,025,487
5.00%, 06/01/42 (Call 06/01/33)		18,330		20,713,487
5.00%, 08/01/42 (Call 08/01/32)		1,745		1,955,984
5.00%, 06/01/43 (Call 06/01/33)		9,315		10,467,498
5.00%, 02/01/44 (Call 02/01/33)		1,120		1,250,901
5.00%, 06/01/44 (Call 06/01/33)		2,750		3,076,213
5.00%, 02/01/45 (Call 02/01/31)		16,400		17,874,947
5.00%, 02/01/45 (Call 02/01/33)		32,110		35,686,216
5.00%, 06/01/45 (Call 06/01/31)		4,200		4,592,249
5.00%, 06/01/45 (Call 06/01/33)		10,620		11,836,458
5.00%, 08/01/45 (Call 08/01/32)		10,140		11,212,948
5.00%, 08/01/45 (Call 08/01/33)		25,000		27,907,775
5.00%, 08/01/46 (Call 08/01/32)		10,145		11,182,196
5.00%, 08/01/47 (Call 08/01/32)		4,000		4,377,410
5.00%, 08/01/48 (Call 08/01/33)		5,000		5,514,564
5.00%, 02/01/49 (Call 02/01/34)		1,400		1,546,266
5.00%, 06/01/49 (Call 06/01/34)		17,925		19,849,188
Series 2017-A, 5.00%, 08/01/37 (Call 08/01/26)		1,345		1,396,403
Series 2020 A, 5.00%, 08/01/38 (Call 08/01/29)		1,500		1,642,860
Series 2020-A, 5.00%, 08/01/39 (Call 08/01/29)		2,000		2,185,858
Series A, 5.00%, 08/01/40 (Call 08/01/30)		3,000		3,309,252
Series A, 5.00%, 08/01/42 (Call 08/01/27)		3,260		3,407,285
Series A, 5.00%, 08/01/44 (Call 08/01/31)		10,600		11,689,581
Series A-1, 5.00%, 08/01/32 (Call 08/01/25)		2,500		2,564,412
Series B, 5.00%, 07/01/24		1,275		1,282,573
Series B, 5.00%, 07/01/25 (Call 07/01/24)		1,500		1,508,934
Series B, 5.00%, 07/01/26 (Call 07/01/24)		1,050		1,055,689
Series B, 5.00%, 07/01/27 (Call 01/01/26)		1,000		1,035,826
Series B, 5.00%, 07/01/28 (Call 01/01/26)		10,500		10,870,490
Series B, 5.00%, 07/01/29 (Call 01/01/26)		3,210		3,325,582
Series B, 5.00%, 07/01/31 (Call 01/01/26)		1,745		1,807,832
Series B, 5.00%, 07/01/33 (Call 01/01/26)		3,000		3,106,937
Series C, 5.00%, 02/01/28		2,000		2,179,465
Series C, 5.00%, 02/01/29		2,210		2,461,745
Series C, 5.00%, 02/01/30		1,840		2,092,067
Series C, 5.00%, 02/01/31		2,600		3,001,793
Series C, 5.00%, 02/01/34 (Call 02/01/30)		4,560		5,149,121
Series C, 5.00%, 02/01/39 (Call 02/01/28)		1,000		1,065,385
Series C, 5.00%, 02/01/41 (Call 02/01/28)		2,240		2,372,536
Series C, 5.00%, 02/01/41 (Call 02/01/30)		6,040		6,593,487
Series C, 5.00%, 02/01/42 (Call 02/01/28)		14,685		15,522,489
Series C, 5.00%, 02/01/42 (Call 02/01/31)		1,500		1,654,695
Series C, 5.00%, 02/01/46 (Call 02/01/32)		8,385		9,200,935
Series D, 5.00%, 02/01/41 (Call 02/01/27)		2,530		2,631,677

Security	Par (000)		Value
Washington (continued)
Series D, 5.00%, 02/01/42 (Call 02/01/27)	$	1,700	$	1,765,936
Series F, 5.00%, 06/01/35 (Call 06/01/31)		2,325		2,679,435
Series R, 4.00%, 07/01/27		36,300		37,825,086
Series R, 4.00%, 07/01/28		13,315		14,045,919
Series R, 4.00%, 07/01/30		12,785		13,751,109
Series R, 4.00%, 07/01/33 (Call 07/01/32)		10,000		10,850,268
Series R, 4.00%, 02/01/38 (Call 02/01/32)		1,000		1,052,068
Series R-2015-C, 5.00%, 07/01/28 (Call 01/01/25)		1,500		1,522,936
Series R-2015-C, 5.00%, 07/01/29 (Call 01/01/25)		6,455		6,553,172
Series R-2015-C, 5.00%, 07/01/30 (Call 01/01/25)		3,140		3,187,755
Series R-2015-C, 5.00%, 07/01/32 (Call 01/01/25)		2,220		2,253,581
Series R-2015-D, 5.00%, 07/01/31 (Call 01/01/25)		2,240		2,274,802
Series R-2015-D, 5.00%, 07/01/32 (Call 01/01/25)		2,000		2,030,089
Series R-2015E, 5.00%, 07/01/28 (Call 01/01/25)		1,535		1,559,604
Series R-2015E, 5.00%, 07/01/31 (Call 01/01/25)		3,000		3,046,610
Series R-2015E, 5.00%, 07/01/33 (Call 01/01/25)		4,395		4,458,962
Series R-2017A, 5.00%, 08/01/33 (Call 08/01/26)		3,915		4,097,927
Series R-2017A, 5.00%, 08/01/34 (Call 08/01/26)		3,000		3,138,037
Series R-2018-C, 5.00%, 08/01/26		5,680		5,975,058
Series R-2018-C, 5.00%, 08/01/28 (Call 08/01/27)		1,705		1,829,584
Series R-2018-C, 5.00%, 08/01/29 (Call 08/01/27)		6,475		6,935,038
Series R-2018D, 5.00%, 08/01/34 (Call 08/01/27)		7,000		7,464,444
Series R-2018D, 5.00%, 08/01/35 (Call 08/01/27)		3,000		3,193,028
Series R-2018-D, 5.00%, 08/01/27		1,060		1,141,966
Series R-2018-D, 5.00%, 08/01/28 (Call 08/01/27)		1,495		1,604,239
Series R-2018-D, 5.00%, 08/01/32 (Call 08/01/27)		3,000		3,207,094
Series R-2018-D, 5.00%, 08/01/33 (Call 08/01/27)		5,410		5,781,643
Series R-2020C, 5.00%, 07/01/25		2,520		2,587,818
Series R-2020D, 5.00%, 07/01/25		1,550		1,591,714
Series R-2021A, 5.00%, 06/01/40 (Call 06/01/30)		2,205		2,427,065
State of Washington RB, 5.00%, 09/01/24		4,500		4,537,788
University of Washington RB, 5.00%, 07/01/41 (Call 01/01/34)		5,285		6,054,401
Washington State University RB, 5.00%, 04/01/40 (Call 04/01/25)		2,055		2,065,901
				1,371,396,461
West Virginia — 0.1%
State of West Virginia GO 5.00%, 12/01/30 (Call 06/01/29)		5,930		6,632,186
5.00%, 06/01/32 (Call 06/01/31)		2,600		3,011,482
5.00%, 06/01/41 (Call 06/01/29)		2,545		2,751,240
Series A, 5.00%, 12/01/43 (Call 06/01/29)		4,920		5,295,582
Series B, 4.00%, 06/01/42 (Call 06/01/28)		4,895		4,945,636
Series B, 4.00%, 12/01/42 (Call 06/01/28)		3,000		3,024,890
Series B, 5.00%, 12/01/41 (Call 06/01/28)		2,000		2,123,261
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26		1,465		1,540,622
West Virginia Parkways Authority RB 4.00%, 06/01/51 (Call 06/01/31)		1,755		1,683,232
5.00%, 06/01/43 (Call 06/01/28)		3,500		3,691,492

78 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
West Virginia (continued)
5.00%, 06/01/47 (Call 06/01/31)	$	3,500	$	3,788,584
				38,488,207
Wisconsin — 0.9%
State of Wisconsin, 5.00%, 05/01/32		10,000		11,771,447
State of Wisconsin Environmental Improvement
Fund Revenue RB, Series A, 4.00%, 06/01/35
(Call 06/01/30)		3,465		3,660,149
State of Wisconsin GO 5.00%, 05/01/24		17,995		18,044,472
5.00%, 05/01/27		5,420		5,811,096
5.00%, 05/01/27 (Call 11/01/24)		2,095		2,120,065
5.00%, 05/01/27 (Call 05/01/25)		1,750		1,787,879
5.00%, 05/01/27 (PR 11/01/24)		405		409,897
5.00%, 11/01/27 (Call 05/01/27)		1,000		1,071,425
5.00%, 11/01/28 (Call 05/01/27)		6,460		6,921,979
5.00%, 05/01/29		4,000		4,476,951
5.00%, 05/01/31		5,855		6,784,537
5.00%, 11/01/31 (Call 05/01/27)		6,530		6,982,208
5.00%, 05/01/32		5,000		5,883,029
5.00%, 05/01/33		10,000		11,965,409
5.00%, 05/01/34 (Call 05/01/33)		19,650		23,520,930
5.00%, 05/01/36 (Call 05/01/31)		2,755		3,159,206
5.00%, 05/01/36 (Call 05/01/32)		4,575		5,330,076
5.00%, 05/01/40 (Call 05/01/32)		10,810		12,286,706
5.00%, 05/01/41 (Call 05/01/32)		14,825		16,775,934
5.00%, 05/01/42 (Call 05/01/32)		11,790		13,297,508
5.00%, 05/01/43 (Call 05/01/32)		1,545		1,729,737
5.00%, 05/01/44 (Call 05/01/32)		12,475		13,915,718
Series 2, 5.00%, 11/01/25		1,655		1,712,134
Series 2, 5.00%, 11/01/26		3,080		3,262,169
Series 2, 5.00%, 11/01/27 (Call 05/01/27)		3,925		4,205,342
Series 2, 5.00%, 11/01/29 (Call 05/01/26)		2,000		2,086,480
Series 2021-2, 5.00%, 05/01/25		4,240		4,337,782
Series 2021-2, 5.00%, 05/01/28		1,000		1,095,383
Series 3, 4.00%, 11/01/34 (Call 05/01/27)		2,020		2,081,244
Series 3, 5.00%, 11/01/32 (Call 05/01/27)		1,175		1,256,292
Series 3, 5.00%, 11/01/33 (Call 05/01/27)		10,405		11,116,169
Series 4, 5.00%, 05/01/25 (Call 11/01/24)		4,170		4,220,886
Series 4, 5.00%, 05/01/26 (Call 11/01/24)		6,350		6,427,636
Series A, 4.00%, 05/01/39 (Call 05/01/28)		9,635		9,793,161
Series A, 5.00%, 05/01/24		3,260		3,268,962
Series A, 5.00%, 05/01/35 (Call 05/01/31)		5,265		6,071,451
Series B, 4.00%, 05/01/41 (Call 05/01/29)		5,000		5,072,688

Security	Par (000)		Value
Wisconsin (continued)
Series B, 4.00%, 05/01/42 (Call 05/01/29)	$	3,225	$	3,266,025
Series B, 5.00%, 05/01/31 (Call 05/01/29)		7,540		8,438,279
Series B, 5.00%, 05/01/38 (Call 05/01/25)		7,550		7,675,409
Series D, 5.00%, 05/01/37 (PR 05/01/24)		5,000		5,012,943
State of Wisconsin RB 5.00%, 05/01/28 (PR 05/01/27)		2,000		2,142,431
Series A, 5.00%, 05/01/29 (PR 05/01/27)		13,435		14,391,779
Wisconsin Department of Transportation RB 5.00%, 07/01/28 (Call 07/01/27)		5,700		6,124,926
5.00%, 07/01/42 (Call 07/01/33)		4,585		5,193,659
Series 1, 5.00%, 07/01/27		1,000		1,074,612
Series 1, 5.00%, 07/01/28 (Call 07/01/27)		2,000		2,142,502
Series 2, 5.00%, 07/01/26		1,060		1,113,561
Series 2, 5.00%, 07/01/31 (Call 07/01/27)		13,395		14,282,902
Series A, 5.00%, 07/01/36 (Call 07/01/28)		3,025		3,291,544
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/01/41 (Call 11/01/26)		3,075		3,173,790
				321,038,499
Total Long-Term Investments — 99.1% (Cost: $36,656,684,634)				36,470,040,563
	Shares
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Liquidity Funds: MuniCash, 2.97%(c)(d)		3,570,641		3,570,998
Total Short-Term Securities — 0.0% (Cost: $3,570,998)				3,570,998
Total Investments — 99.1% (Cost: $36,660,255,632)				36,473,611,561
Other Assets Less Liabilities — 0.9%				317,545,575
Net Assets — 100.0%			$	36,791,157,136

^(a)  Zero-coupon bond.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	54,836,735	$	—	$	(51,299,131	)(a)	$	41,575	$	(8,181	)	$	3,570,998		3,570,641	$	941,895	$	—

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

S C H E D U L E  O F  I N V E S T M E N T S 79

Schedule of Investments (continued) February 29, 2024 iShares^® National Muni 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	$	—	$	36,470,040,563	$	—	$	36,470,040,563
Short-Term Securities
Money Market Funds		3,570,998		—		—		3,570,998
	$	3,570,998	$	36,470,040,563	$	—	$	36,473,611,561

See notes to financial statements.

80 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
New York — 99.0%
Battery Park City Authority RB 5.00%, 11/01/25	$	2,035	$	2,105,922
5.00%, 11/01/31		1,000		1,184,461
5.00%, 11/01/32		1,000		1,204,566
5.00%, 11/01/42 (Call 11/01/33)		1,230		1,411,381
5.00%, 11/01/44 (Call 11/01/33)		1,000		1,136,317
5.00%, 11/01/48 (Call 11/01/33)		1,300		1,452,409
5.00%, 11/01/53 (Call 11/01/33)		1,335		1,475,361
Series A, 4.00%, 11/01/44 (Call 11/01/29)		2,485		2,497,486
Series A, 5.00%, 11/01/49 (Call 11/01/29)		1,000		1,067,419
Series B, 5.00%, 11/01/38 (Call 11/01/29)		1,000		1,103,051
Series B, 5.00%, 11/01/39 (Call 11/01/29)		715		786,820
Series B, 5.00%, 11/01/40 (Call 11/01/29)		1,000		1,094,678
Series D-2, VRDN, 3.30%, 11/01/38 (Put 02/29/24)(a)		2,930		2,930,000
Buffalo & Fort Erie Public Bridge Authority RB, 5.00%, 01/01/47 (Call 01/01/27)		2,000		2,049,056
Buffalo Municipal Water Finance Authority RB 4.00%, 07/01/51 (Call 07/01/29) (AGM)		1,675		1,637,739
5.00%, 07/01/48 (Call 07/01/26) (AGM)		1,750		1,801,291
City of Albany NY GOL, 4.00%, 03/15/31 (Call 03/15/30) .		1,940		2,071,737
City of New York GO 3.00%, 08/01/50 (Call 08/01/31)		750		578,858
5.00%, 08/01/26		2,000		2,093,887
5.00%, 08/01/27		2,945		3,153,831
5.00%, 08/01/28		825		905,023
5.00%, 08/01/29		4,000		4,476,260
5.00%, 10/01/30 (Call 10/01/29)		1,340		1,506,334
5.00%, 05/01/31		1,450		1,667,921
5.00%, 10/01/31		1,000		1,157,896
5.00%, 03/01/33		750		883,845
5.00%, 08/01/34 (Call 08/01/33)		5,000		5,958,720
5.00%, 10/01/35 (Call 10/01/32)		2,905		3,369,556
5.00%, 09/01/42 (Call 09/01/32)		1,000		1,106,153
5.25%, 09/01/41 (Call 09/01/32)		3,000		3,414,403
5.25%, 03/01/53 (Call 03/01/34)		1,365		1,506,663
Series 1, 5.00%, 08/01/25		1,110		1,139,524
Series A, 5.00%, 08/01/25		200		205,320
Series A, 5.00%, 08/01/26 (Call 08/01/25)		250		256,481
Series A, 5.00%, 08/01/28 (Call 08/01/27)		1,775		1,906,841
Series A-1, 4.00%, 08/01/34 (Call 08/01/30)		2,000		2,130,141
Series A-1, 4.00%, 08/01/40 (Call 08/01/31)		900		920,920
Series A-1, 5.00%, 08/01/33 (Call 08/01/26)		500		522,482
Series A-1, 5.00%, 08/01/37 (Call 08/01/26)		500		519,765
Series A-1, 5.00%, 08/01/41 (Call 08/01/29)		800		862,064
Series B-1, 5.00%, 12/01/33 (Call 12/01/26)		565		594,391
Series B-1, 5.00%, 12/01/41 (Call 12/01/26)		250		259,263
Series C, 5.00%, 08/01/25		665		682,687
Series C, 5.00%, 08/01/28 (Call 02/01/26)		500		518,518
Series C, 5.00%, 08/01/28 (Call 02/01/27)		645		684,291
Series C, 5.00%, 08/01/33 (Call 02/01/25)		250		253,826
Series D, 5.00%, 12/01/35 (Call 12/01/28)		500		545,349
Series D1, 4.00%, 12/01/41 (Call 12/01/28)		1,000		1,006,132
Series D1, 5.00%, 12/01/39 (Call 12/01/28)		1,320		1,418,119
Series D-1, 5.00%, 03/01/40 (Call 03/01/30)		1,120		1,222,819
Series D-1, 5.50%, 05/01/46 (Call 05/01/32)		450		506,914
Series E, 5.00%, 08/01/24		470		473,623
Series E-1, 4.00%, 03/01/41 (Call 03/01/28)		400		402,109
Series F-1, 4.00%, 03/01/38 (Call 03/01/31)		1,000		1,035,166
Series F-1, 5.00%, 06/01/35 (Call 06/01/25)		500		510,392

Security	Par (000)		Value
New York (continued)
Series F-1, 5.00%, 04/01/45 (Call 04/01/28)	$	500	$	525,223
City of Rochester NY GOL, 5.00%, 08/01/31
(Call 08/01/30)		1,000		1,147,116
City of Yonkers NY GOL, Series A, 5.00%, 05/01/33
(Call 11/01/29) (BAM)		280		309,138
County of Albany NY GOL, 4.00%, 04/01/29
(Call 04/01/26)		125		127,803
County of Monroe NY GOL 4.00%, 06/01/30 (Call 06/01/29)		2,145		2,249,616
5.00%, 06/01/24		1,890		1,898,437
5.00%, 06/01/24 (AGM)		565		567,619
5.00%, 06/01/24 (BAM)		220		221,020
Series B, 5.00%, 06/01/26 (AGM)		250		262,162
County of Nassau NY GOL 4.00%, 04/01/39 (Call 04/01/32)		2,515		2,579,082
4.00%, 04/01/53 (Call 04/01/33)		2,000		1,911,556
5.00%, 10/01/25		830		856,381
5.00%, 04/01/37 (Call 04/01/32)		2,000		2,311,996
Series B, 5.00%, 10/01/24		1,000		1,010,476
Series B, 5.00%, 07/01/33 (Call 07/01/28) (AGM)		1,000		1,087,915
Series B, 5.00%, 04/01/49 (Call 04/01/30) (AGM)		1,000		1,067,950
Series C, 5.00%, 10/01/27		975		1,056,134
County of Onondaga NY GOL, 3.00%, 08/15/33
(Call 08/15/29)		100		98,676
County of Suffolk NY GOL 4.00%, 10/15/28 (Call 10/15/27) (BAM)		1,000		1,046,389
5.00%, 02/01/25 (AGM)		1,000		1,016,925
5.00%, 06/15/25 (BAM)		1,115		1,142,614
5.00%, 02/01/26 (AGM)		1,000		1,039,274
Series C, 5.00%, 05/01/25 (Call 05/01/24)		2,575		2,582,508
County of Westchester NY GOL 4.00%, 12/01/34 (Call 12/01/31)		2,000		2,205,883
4.00%, 12/15/35 (Call 12/15/30)		1,000		1,081,874
5.00%, 12/01/26		2,000		2,128,702
5.00%, 12/15/26		1,000		1,065,440
5.00%, 10/15/28		2,000		2,224,604
Series A, 5.00%, 12/01/24		1,000		1,014,200
Series A, 5.00%, 10/15/28		1,000		1,112,302
Series B, 5.00%, 11/15/24		125		126,661
Dutchess County Local Development Corp. RB 5.00%, 07/01/42 (Call 07/01/27)		750		778,382
5.00%, 07/01/52 (Call 07/01/32)		1,000		1,043,500
Erie County Fiscal Stability Authority RB
Series D, 5.00%, 09/01/37 (Call 09/01/27)		445		473,032
Series D, 5.00%, 09/01/38 (Call 09/01/27)		130		137,755
Series D, 5.00%, 09/01/39 (Call 09/01/27)		1,360		1,435,531
Erie County Industrial Development Agency (The) RB 5.00%, 05/01/26 (SAW)		350		365,999
5.00%, 05/01/27 (SAW)		500		534,823
5.00%, 05/01/29 (SAW)		1,000		1,115,649
Hudson Yards Infrastructure Corp. RB 4.00%, 02/15/41 (Call 02/15/32)		1,745		1,780,373
5.00%, 02/15/30 (Call 02/15/27)		1,100		1,167,000
5.00%, 02/15/34 (Call 02/15/32)		1,500		1,757,506
5.00%, 02/15/36 (Call 02/15/27)		2,250		2,377,018
Series A, 4.00%, 02/15/36 (Call 02/15/27)		1,930		1,980,030
Series A, 4.00%, 02/15/47 (Call 02/15/27) (AGM)		1,200		1,179,092
Series A, 5.00%, 02/15/25		550		560,439
Series A, 5.00%, 02/15/26		1,750		1,824,482
Series A, 5.00%, 02/15/29 (Call 02/15/27)		400		424,890
Series A, 5.00%, 02/15/31 (Call 02/15/27)		555		588,715

S C H E D U L E  O F   I N V E S T M E N T S 81

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 02/15/33 (Call 02/15/27)	$	500	$	530,109
Series A, 5.00%, 02/15/35 (Call 02/15/27)		1,400		1,482,469
Series A, 5.00%, 02/15/38 (Call 02/15/27)		500		524,887
Series A, 5.00%, 02/15/39 (Call 02/15/27)		200		209,340
Series A, 5.00%, 02/15/42 (Call 02/15/27)		200		208,148
Series A, 5.00%, 02/15/45 (Call 02/15/27)		650		673,826
Long Island Power Authority RB 4.00%, 09/01/38 (Call 09/01/31)		1,000		1,036,940
5.00%, 09/01/24		1,310		1,321,832
5.00%, 09/01/25		1,125		1,158,382
5.00%, 09/01/26		100		105,508
5.00%, 09/01/33 (Call 09/01/27)		2,650		2,855,438
5.00%, 09/01/33 (Call 09/01/28)		1,465		1,600,435
5.00%, 09/01/35 (Call 09/01/27)		500		538,171
5.00%, 09/01/35 (Call 09/01/31)		1,115		1,297,382
5.00%, 09/01/36 (Call 09/01/27)		1,000		1,072,628
5.00%, 09/01/38 (Call 09/01/28)		250		268,131
5.00%, 09/01/42 (Call 09/01/27)		4,465		4,672,625
5.00%, 09/01/48 (Call 09/01/33)		2,000		2,226,538
Series A, 3.00%, 09/01/36 (Call 09/01/28)		1,950		1,920,510
Series A, 5.00%, 09/01/30		530		609,859
Series A, 5.00%, 09/01/35 (Call 09/01/24)		250		251,564
Series A, 5.00%, 09/01/44 (Call 09/01/24)		1,490		1,496,934
Series B, 5.00%, 09/01/30 (Call 09/01/26)		965		1,016,927
Series B, 5.00%, 09/01/41 (Call 09/01/26)		500		518,707
Series B, 5.00%, 09/01/45 (Call 09/01/25)		750		759,434
Series B, VRDN, 1.50%, 09/01/51 (Put 03/01/26)(a)		80		75,393
Series B, VRDN, 1.65%, 09/01/49 (Put 04/01/24)(a)		600		592,590
Metropolitan Transportation Authority RB 4.00%, 11/15/38 (Call 01/02/24)		25		24,987
4.00%, 11/15/48 (Call 05/15/31)		1,500		1,443,059
5.00%, 11/15/40 (Call 05/15/25)		2,685		2,711,840
5.00%, 11/15/44 (Call 01/02/24)		70		70,010
5.00%, 11/15/46 (Call 05/15/32)		1,000		1,098,383
Series A, 0.00%, 11/15/30(b)		1,035		841,487
Series A, 5.00%, 11/15/27 (Call 05/15/27)		755		802,454
Series A-1, 4.00%, 11/15/43 (Call 05/15/30) (AGM)		1,085		1,071,664
Series A-1, 4.00%, 11/15/44 (Call 05/15/31)		1,500		1,468,879
Series A-1, 4.00%, 11/15/46 (Call 05/15/30)		350		340,519
Series A-1, 4.00%, 11/15/52 (Call 05/15/30)		1,000		945,897
Series A-1, 5.00%, 11/15/40 (Call 05/15/25)		1,330		1,343,295
Series A-1, 5.00%, 11/15/51 (Call 05/15/27)		1,000		1,016,753
Series A-1, 5.25%, 11/15/56 (Call 05/15/26)		200		204,320
Series A-2, 5.00%, 11/15/27 (Call 11/15/26)		500		525,003
Series B, 4.00%, 11/15/36 (Call 11/15/26)		350		351,186
Series B, 5.00%, 11/15/24		500		506,099
Series B, 5.00%, 11/15/25		250		258,059
Series B, 5.00%, 11/15/26		750		789,717
Series B, 5.00%, 11/15/28		1,005		1,095,367
Series B, 5.00%, 11/15/44 (Call 05/15/24)		400		400,296
Series B, 5.00%, 11/15/52 (Call 05/15/29)		1,000		1,034,594
Series B, 5.25%, 11/15/26 (AGM)		1,000		1,060,853
Series B-1, 5.00%, 11/15/35 (Call 11/15/27)		1,000		1,069,537
Series B-1, 5.00%, 11/15/46 (Call 11/15/26)		630		645,434
Series C, 5.00%, 11/15/40 (Call 11/15/29)		500		532,235
Series C-1, 4.00%, 11/15/35 (Call 05/15/28)		2,000		2,029,818
Series C-1, 4.00%, 11/15/38 (Call 05/15/28)		510		511,817
Series C-1, 5.00%, 11/15/25		200		206,448
Series C-1, 5.00%, 11/15/34 (Call 11/15/25)		350		358,695
Series C-1, 5.00%, 11/15/34 (Call 05/15/28)		1,200		1,282,750
Series C-1, 5.25%, 11/15/55 (Call 05/15/30)		1,000		1,058,384

Security	Par (000)		Value
New York (continued)
Series C-2, 0.00%, 11/15/27(b)	$	1,000	$	886,383
Series C-2, 0.00%, 11/15/29(b)		1,000		830,033
Series C-2, 0.00%, 11/15/39(b)		245		129,112
Series D, 4.00%, 11/15/42 (Call 05/15/28)		1,250		1,223,489
Series D, 5.00%, 11/15/30 (Call 11/15/26)		500		522,888
Series D-1, 5.00%, 11/15/39 (Call 11/15/24)		900		905,153
Series D3, 4.00%, 11/15/50 (Call 11/15/30)		1,000		954,255
Monroe County Industrial Development Corp. RB 5.00%, 05/01/30 (Call 05/01/27) (SAW)		485		519,433
5.00%, 05/01/34 (Call 05/01/28) (SAW)		4,350		4,734,922
Monroe County Industrial Development Corp./NY RB 5.00%, 07/01/34 (Call 07/01/33)		2,000		2,419,554
Series A, 4.00%, 07/01/50 (Call 07/01/30)		1,000		970,710
Series C, 4.00%, 07/01/43 (Call 07/01/27)		1,550		1,551,860
Monroe County Industrial Development Corp/NY RB 4.00%, 07/01/36 (Call 07/01/27)		1,900		1,931,449
5.00%, 07/01/25		195		200,043
5.00%, 07/01/28 (Call 07/01/27)		110		118,297
5.00%, 07/01/32 (Call 07/01/27)		280		299,576
MTA Hudson Rail Yards Trust Obligations RB, Series A, 5.00%, 11/15/56 (Call 03/21/24)		1,000		988,038
Nassau County Interim Finance Authority RB 5.00%, 11/15/29		1,500		1,707,602
Series A, 4.00%, 11/15/32 (Call 05/15/31)		1,000		1,103,490
Series A, 4.00%, 11/15/33 (Call 05/15/31)		2,070		2,278,060
Series A, 4.00%, 11/15/35 (Call 05/15/31)		245		265,803
Series A, 5.00%, 11/15/24		1,000		1,014,884
Series A, 5.00%, 11/15/29		500		569,201
Series A, 5.00%, 11/15/31 (Call 05/15/31)		790		929,930
Series A, 5.00%, 11/15/33 (Call 05/15/31)		305		358,167
Series A, 5.00%, 11/15/34 (Call 05/15/31)		540		633,035
Nassau County Sewer & Storm Water Finance Authority RB, Series A, 5.00%, 10/01/24		100		101,093
New York City Municipal Water Finance Authority RB 4.00%, 06/15/37 (Call 06/15/29)		3,000		3,100,094
4.00%, 06/15/42 (Call 12/15/30)		1,500		1,513,568
4.13%, 06/15/46 (Call 06/15/33)		1,500		1,508,858
5.00%, 06/15/25		230		236,076
5.00%, 06/15/28 (Call 12/15/26)		3,700		3,921,118
5.25%, 06/15/46 (Call 06/15/33)		2,915		3,301,335
VRDN, 3.65%, 06/15/49 (Put 02/29/24)(a)		2,650		2,650,000
VRDN, 3.75%, 06/15/43 (Put 02/29/24)(a)		400		400,000
Series AA, 5.00%, 06/15/24		250		251,285
Series AA1, VRDN, 3.75%, 06/15/50 (Put 02/29/24)(a)		950		950,000
Series BB, 4.00%, 06/15/47 (Call 03/21/24)		400		387,019
Series BB, 5.00%, 06/15/46 (Call 06/15/25)		500		505,739
Series BB-1, 3.00%, 06/15/44 (Call 12/15/31)		3,400		2,853,258
Series BB-1, 5.00%, 06/15/46 (Call 06/15/27)		625		649,070
Series BB-2, 5.00%, 06/15/26 (Call 12/15/24)		1,125		1,139,710
Series BB-2, 5.00%, 06/15/32 (Call 06/15/27)		500		534,894
Series CC-1, 4.00%, 06/15/33 (Call 12/15/26)		250		257,652
Series CC-1, 4.00%, 06/15/51 (Call 06/15/31)		3,000		2,928,927
Series CC-1, 5.00%, 06/15/47 (Call 06/15/24)		1,000		1,001,535
Series CC-1, 5.00%, 06/15/48 (Call 06/15/27)		750		777,831
Series CC-2, 5.00%, 06/15/25		810		831,399
Series DD, 5.00%, 06/15/29 (Call 06/15/24)		1,000		1,004,349
Series DD, 5.00%, 06/15/36 (Call 06/15/24)		2,585		2,594,275
Series DD, 5.00%, 06/15/39 (Call 06/15/24)		500		501,330
Series DD, 5.00%, 06/15/47 (Call 12/15/26)		1,500		1,554,161
Series DD-1, 4.00%, 06/15/50 (Call 06/15/30)		500		489,346
Series DD-1, 5.00%, 06/15/30		1,310		1,508,100

82 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series DD-2, 5.00%, 06/15/27 (Call 12/15/25)	$	505	$	523,151
Series DD-3, 4.00%, 06/15/42 (Call 06/15/30)		500		504,226
Series EE, 4.00%, 06/15/39 (Call 06/15/32)		1,305		1,353,688
Series EE, 5.00%, 06/15/31		690		808,682
Series EE, 5.00%, 06/15/36 (Call 06/15/27)		500		531,720
Series EE, 5.00%, 06/15/40 (Call 12/15/27)		300		318,974
Series FF-1, 5.00%, 06/15/49 (Call 06/15/29)		1,070		1,136,177
Series GG, 5.00%, 06/15/37 (Call 06/15/25)		500		510,509
Series GG-2, 4.00%, 06/15/50 (Call 06/15/30)		1,000		978,692
New York City Transitional Finance Authority Building Aid Revenue RB 5.00%, 07/15/30 (SAW)		195		224,348
5.00%, 11/01/33		2,000		2,409,089
5.00%, 11/01/36 (Call 05/01/34)		1,300		1,545,811
5.00%, 11/01/42		400		400,486
Series S-1, 5.00%, 07/15/43 (Call 01/15/25) (SAW)		685		690,419
Series S-1, 5.00%, 07/15/43 (Call 01/15/26) (SAW)		560		569,980
Series S-2, 5.00%, 07/15/40 (Call 07/15/25) (SAW)		500		507,476
Series S-3, 4.00%, 07/15/38 (Call 07/15/28) (SAW)		500		505,200
Series S-3, 4.00%, 07/15/46 (Call 07/15/28) (SAW)		380		371,813
Series S-3, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		500		548,150
Series S-4A, 5.00%, 07/15/27 (SAW)		115		123,998
Series S-4A, 5.00%, 07/15/31 (Call 07/15/28) (SAW)		500		548,150
New York City Transitional Finance Authority Future Tax Secured Revenue RB 4.00%, 05/01/41 (Call 11/01/30)		1,410		1,420,561
4.00%, 02/01/51 (Call 02/01/33)		2,000		1,927,203
5.00%, 11/01/25		500		517,179
5.00%, 11/01/26		1,760		1,863,166
5.00%, 11/01/27		340		368,261
5.00%, 08/01/28		2,220		2,446,025
5.00%, 11/01/28		140		155,097
5.00%, 08/01/30		2,720		3,116,351
5.00%, 11/01/31		1,290		1,508,253
5.00%, 05/01/32 (Call 05/01/26)		500		520,360
5.00%, 11/01/36 (Call 11/01/30)		1,000		1,129,948
5.00%, 05/01/37 (Call 11/01/30)		1,000		1,124,030
5.00%, 11/01/38 (Call 05/01/31)		1,250		1,406,051
5.00%, 05/01/40 (Call 05/01/26)		1,000		1,031,408
5.00%, 02/01/41 (Call 02/01/32)		3,500		3,906,923
5.25%, 11/01/36 (Call 11/01/32)		1,500		1,777,810
5.25%, 11/01/37 (Call 11/01/32)		375		439,772
5.25%, 08/01/42 (Call 08/01/32)		5,000		5,678,622
5.50%, 11/01/45 (Call 11/01/32)		850		974,932
VRDN, 3.75%, 08/01/39 (Put 02/29/24)(a)		525		525,000
VRDN, 3.75%, 02/01/45 (Put 02/29/24)(a)		5,420		5,420,000
VRDN, 3.78%, 11/01/44 (Put 02/29/24)(a)		300		300,000
Series A-1, 4.00%, 11/01/36 (Call 11/01/31)		1,875		1,978,669
Series A-1, 5.00%, 08/01/31 (Call 08/01/24)		340		342,164
Series A-1, 5.00%, 08/01/33 (Call 08/01/24)		325		327,042
Series A-1, 5.00%, 08/01/36 (Call 08/01/25)		1,000		1,021,876
Series A-1, 5.00%, 08/01/36 (Call 08/01/28)		1,000		1,079,354
Series A-1, 5.00%, 11/01/38 (Call 04/02/24)		350		350,425
Series A-2, 5.00%, 08/01/33 (Call 08/01/27)		1,000		1,069,023
Series A-2, 5.00%, 08/01/36 (Call 08/01/27)		1,000		1,064,270
Series A-3, 4.00%, 08/01/43 (Call 08/01/27)		3,400		3,378,402
Series A-4, VRDN, 3.75%, 08/01/45 (Put 03/01/24)(a)		300		300,000
Series B-1, 4.00%, 05/01/45 (Call 11/01/30)		200		196,822
Series B-1, 5.00%, 11/01/28 (Call 11/01/25)		500		515,209
Series B-1, 5.00%, 08/01/29 (Call 08/01/24)		500		503,223
Series B-1, 5.00%, 11/01/29 (Call 11/01/25)		200		206,018

Security	Par (000)		Value
New York (continued)
Series B-1, 5.00%, 08/01/32 (Call 08/01/24)	$	885	$	890,596
Series B-1, 5.00%, 08/01/33 (Call 08/01/24)		1,150		1,157,225
Series B-1, 5.00%, 08/01/33 (Call 08/01/27)		1,000		1,069,023
Series B-1, 5.00%, 08/01/35 (Call 08/01/28)		1,120		1,213,885
Series B-1, 5.00%, 11/01/35 (Call 11/01/25)		1,015		1,043,054
Series B-1, 5.00%, 11/01/35 (Call 11/01/29)		1,535		1,707,127
Series B-1, 5.00%, 11/01/37 (Call 05/01/24)		1,500		1,502,824
Series B-1, 5.00%, 08/01/45 (Call 08/01/27)		1,000		1,041,707
Series B-4, VRDN, 3.75%, 08/01/42 (Put 02/29/24)(a)		400		400,000
Series C, 5.00%, 11/01/26		115		121,741
Series C, 5.00%, 11/01/27 (Call 11/01/25)		500		515,373
Series C, 5.00%, 11/01/29 (Call 05/01/27)		1,000		1,068,906
Series C-1, 4.00%, 11/01/38 (Call 05/01/29)		1,000		1,023,269
Series C-1, 4.00%, 11/01/42 (Call 05/01/29)		2,590		2,602,921
Series C-3, 4.00%, 05/01/44 (Call 05/01/28)		1,085		1,073,825
Series E-1, 5.00%, 02/01/29 (Call 02/01/26)		750		777,756
Series E-1, 5.00%, 02/01/34 (Call 02/01/26)		500		517,374
Series E-1, 5.00%, 02/01/34 (Call 02/01/27)		1,500		1,586,578
Series E-1, 5.00%, 02/01/35 (Call 02/01/25)		940		953,371
Series E-1, 5.00%, 02/01/37 (Call 02/01/27)		200		210,056
Series E-1, 5.00%, 02/01/39 (Call 02/01/26)		500		514,003
Series E-1, 5.00%, 02/01/41 (Call 02/01/25)		1,400		1,415,775
Series F-1, 5.00%, 05/01/36 (Call 05/01/27)		1,000		1,059,205
New York City Transitional Finance Authority RB 5.00%, 05/01/38 (Call 11/01/33)		1,000		1,163,506
5.00%, 05/01/45 (Call 11/01/33)		2,000		2,223,944
New York Convention Center Development Corp. RB 5.00%, 11/15/40 (Call 11/15/25)		250		253,476
Series A, 0.00%, 11/15/48(b)		500		150,007
New York Power Authority RB 5.00%, 11/15/26 (AGM)		505		535,934
5.00%, 11/15/27 (AGM)		505		549,884
5.00%, 11/15/31 (AGM)		1,125		1,327,367
5.00%, 11/15/53 (Call 11/15/33) (AGM)		1,240		1,365,058
Series A, 4.00%, 11/15/50 (Call 05/15/30)		2,500		2,458,404
Series A, 4.00%, 11/15/55 (Call 05/15/30)		1,000		964,261
Series A, 4.00%, 11/15/60 (Call 05/15/30)		800		763,694
New York State Dormitory Authority RB 3.00%, 07/01/41 (Call 07/01/31)		1,750		1,518,825
3.00%, 07/01/45 (Call 07/01/32)		750		595,672
3.00%, 03/15/51 (Call 03/15/31)		1,780		1,377,028
4.00%, 10/01/26		100		103,529
4.00%, 07/01/33 (Call 07/01/27)		465		477,583
4.00%, 07/01/37 (Call 07/01/28)		2,500		2,551,586
4.00%, 07/01/38 (Call 07/01/25)		720		722,020
4.00%, 07/01/41 (Call 07/01/28)		4,000		4,006,444
4.00%, 07/01/42 (Call 07/01/32)		1,165		1,178,131
4.00%, 07/01/43 (Call 07/01/26)		1,265		1,248,222
4.00%, 07/01/45 (Call 07/01/29)		4,145		4,111,424
4.00%, 03/15/46 (Call 03/15/32)		1,000		983,898
4.00%, 07/01/46 (Call 07/01/29)		1,000		971,660
4.00%, 03/15/47 (Call 03/15/32)		2,000		1,958,299
4.00%, 03/15/48 (Call 09/15/30)		2,000		1,949,969
4.00%, 02/15/49 (Call 02/15/30)		1,545		1,500,334
4.00%, 07/01/50 (Call 07/01/30)		2,030		1,986,410
5.00%, 07/01/25		660		678,283
5.00%, 02/15/26		250		260,886
5.00%, 02/15/26 (ETM)		420		437,070
5.00%, 07/01/26		5,000		5,265,366
5.00%, 07/01/26 (Call 07/01/25)		300		307,220
5.00%, 10/01/26 (Call 04/01/24) (AGM)		25		25,029

S C H E D U L E  O F   I N V E S T M E N T S 83

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
5.00%, 07/01/28	$	1,000	$	1,098,075
5.00%, 07/01/28 (Call 07/01/27)		1,330		1,424,522
5.00%, 03/15/29 (Call 09/15/25)		315		323,835
5.00%, 02/15/30		715		715,887
5.00%, 07/01/30		1,000		1,112,444
5.00%, 07/01/30 (Call 07/01/28)		2,190		2,401,832
5.00%, 02/15/31 (Call 02/15/27)		2,025		2,143,891
5.00%, 03/15/31		1,560		1,811,425
5.00%, 07/01/33 (Call 07/01/27)		840		895,815
5.00%, 07/01/33 (Call 07/01/28)		650		711,026
5.00%, 10/01/33		1,475		1,806,796
5.00%, 03/15/34 (Call 09/15/26)		1,000		1,046,161
5.00%, 03/15/34 (Call 03/15/28)		1,000		1,079,817
5.00%, 07/01/35 (Call 07/01/29)		385		429,239
5.00%, 02/15/36 (Call 02/15/27)		500		527,069
5.00%, 03/15/36 (Call 03/15/32)		1,975		2,291,228
5.00%, 03/15/39 (Call 03/15/33)		280		320,986
5.00%, 03/15/45 (Call 03/15/33)		1,000		1,117,278
5.00%, 07/01/45 (Call 07/01/25)		95		95,866
5.00%, 07/01/45 (PR 07/01/25)		5		5,125
5.00%, 07/01/48 (Call 07/01/28)		285		297,051
5.00%, 07/01/48 (PR 07/01/28)		215		236,086
5.00%, 07/01/50 (Call 07/01/30)		2,500		2,663,253
5.00%, 07/01/53 (Call 07/01/30)		1,500		1,598,101
Series 1, 5.50%, 07/01/40 (AMBAC)		400		481,393
Series A, 4.00%, 03/15/35 (Call 09/15/30)		1,000		1,060,325
Series A, 4.00%, 03/15/39 (Call 03/15/31)		1,970		2,018,821
Series A, 4.00%, 07/01/41 (Call 07/01/26)		500		498,245
Series A, 4.00%, 03/15/47 (Call 03/15/28)		500		493,194
Series A, 4.00%, 07/01/47 (Call 07/01/32)		310		294,555
Series A, 5.00%, 03/15/24		180		180,100
Series A, 5.00%, 07/01/26		1,125		1,180,548
Series A, 5.00%, 10/01/26		305		323,629
Series A, 5.00%, 10/01/27		510		555,172
Series A, 5.00%, 03/15/28 (PR 03/15/25)		340		347,259
Series A, 5.00%, 10/01/28		505		562,839
Series A, 5.00%, 02/15/29 (Call 02/15/27)		920		976,174
Series A, 5.00%, 03/15/30 (Call 03/15/25)		400		407,018
Series A, 5.00%, 03/15/31 (Call 03/15/25)		1,000		1,017,240
Series A, 5.00%, 03/15/32 (Call 04/01/24)		340		340,349
Series A, 5.00%, 02/15/33 (Call 08/15/26)		1,500		1,563,327
Series A, 5.00%, 03/15/33 (Call 09/15/26)		500		521,964
Series A, 5.00%, 03/15/33 (Call 03/15/28)		300		324,200
Series A, 5.00%, 03/15/33 (Call 09/15/30)		1,000		1,144,883
Series A, 5.00%, 03/15/34 (Call 03/15/29)		1,000		1,109,629
Series A, 5.00%, 07/01/34 (Call 07/01/27)		3,000		3,196,491
Series A, 5.00%, 03/15/35 (Call 03/15/25)		500		508,315
Series A, 5.00%, 07/01/35 (Call 07/01/29)		1,950		2,165,885
Series A, 5.00%, 03/15/36 (Call 03/15/31)		1,000		1,143,419
Series A, 5.00%, 03/15/37 (Call 03/15/29)		1,000		1,096,130
Series A, 5.00%, 02/15/40 (Call 08/15/26)		500		514,214
Series A, 5.00%, 03/15/40 (Call 03/15/29)		1,000		1,082,107
Series A, 5.00%, 03/15/41 (Call 03/15/27)		350		363,475
Series A, 5.00%, 07/01/41 (Call 07/01/26)		250		257,513
Series A, 5.00%, 03/15/44 (Call 04/01/24)		500		500,166
Series A, 5.00%, 03/15/44 (Call 03/15/27)		105		108,614
Series A, 5.00%, 07/01/46 (Call 01/01/27)		250		253,687
Series A, 5.00%, 10/01/47		300		360,458
Series A, 5.00%, 10/01/48		500		600,251
Series A, 5.00%, 07/01/49 (Call 07/01/29)		500		527,715
Series A, 5.00%, 10/01/50		310		371,487

Security	Par (000)		Value
New York (continued)
Series A, 5.25%, 03/15/39 (Call 09/15/28)	$	725	$	787,315
Series A-2, 5.00%, 10/01/46		225		271,443
Series A-2, 5.00%, 10/01/46 (Call 04/01/26)		720		739,260
Series A-2, VRDN, 3.30%, 07/01/32 (Put 02/29/24)(a)		500		500,000
Series B, 5.00%, 10/01/24		190		192,099
Series B, 5.00%, 10/01/25		2,100		2,170,687
Series B, 5.00%, 02/15/27		420		449,617
Series B, 5.00%, 10/01/27 (Call 04/01/26)		510		534,683
Series B, 5.00%, 02/15/31 (Call 02/15/25)		1,000		1,015,780
Series B, 5.00%, 02/15/31 (Call 08/15/27)		750		802,159
Series B, 5.00%, 02/15/34 (Call 02/15/25)		500		507,750
Series B, 5.00%, 02/15/34 (Call 08/15/27)		1,000		1,068,563
Series B, 5.00%, 02/15/37 (Call 08/15/27)		500		530,470
Series B, 5.00%, 02/15/38 (Call 02/15/25)		500		506,255
Series B, 5.00%, 10/01/38 (Call 04/01/28)		1,000		1,077,019
Series B, 5.00%, 02/15/43 (Call 08/15/27)		1,000		1,044,455
Series B, 5.00%, 07/01/50 (Call 07/01/29)		500		528,732
Series C, 4.00%, 07/01/49 (Call 07/01/29)		500		486,650
Series C, 5.00%, 03/15/35 (Call 04/01/24)		500		500,563
Series C, 5.00%, 03/15/36 (Call 03/15/28)		1,000		1,074,876
Series C, 5.00%, 03/15/38 (Call 03/15/28)		500		533,320
Series D, 5.00%, 02/15/28		1,000		1,091,121
Series D, 5.00%, 02/15/28 (PR 08/15/26)		200		211,332
Series E, 3.00%, 03/15/41 (Call 03/15/32)		2,000		1,740,092
Series E, 4.00%, 03/15/27 (PR 09/15/25)		400		407,281
Series E, 4.00%, 03/15/42 (Call 03/15/32)		825		830,911
Series E, 5.00%, 03/15/31 (Call 09/15/25)		1,000		1,026,839
New York State Environmental Facilities Corp. RB 4.00%, 06/15/42 (Call 06/15/32)		1,000		1,008,637
4.00%, 06/15/45 (Call 06/15/29)		1,095		1,072,127
5.00%, 03/15/24		280		280,152
5.00%, 06/15/24		625		628,265
5.00%, 06/15/25		1,000		1,026,801
5.00%, 08/15/29		165		187,027
5.00%, 09/15/29		500		567,763
5.00%, 06/15/31		125		146,683
5.00%, 08/15/31		300		353,097
5.00%, 06/15/32		500		596,709
5.00%, 09/15/32		500		599,268
5.00%, 06/15/34 (Call 06/15/24)		260		260,984
5.00%, 09/15/34 (Call 09/15/32)		500		595,290
5.00%, 06/15/35 (Call 06/15/28)		365		397,992
5.00%, 09/15/37 (Call 09/15/32)		500		581,804
5.00%, 09/15/47 (Call 09/15/32)		790		868,786
5.00%, 06/15/53 (Call 06/15/33)		2,500		2,731,592
Series A, 5.00%, 06/15/35 (Call 06/15/27)		200		215,016
Series A, 5.00%, 06/15/41 (Call 06/15/26)		1,000		1,028,029
Series A, 5.00%, 08/15/44 (Call 08/15/29)		500		538,518
Series A, 5.00%, 06/15/46 (Call 06/15/27)		835		877,165
Series A, 5.00%, 02/15/49 (Call 08/15/29)		1,200		1,276,378
Series B, 4.00%, 06/15/49 (Call 06/15/29)		500		486,249
Series B, 5.00%, 06/15/24		250		251,306
Series B, 5.00%, 06/15/28		500		552,573
Series B, 5.00%, 06/15/43 (Call 06/15/28)		1,000		1,062,164
Series DD-3, 5.00%, 06/15/29 (Call 06/15/24)		1,345		1,350,698
Series E, 5.00%, 06/15/47 (Call 06/15/27)		3,500		3,671,172
New York State Thruway Authority RB 4.00%, 03/15/40 (Call 03/15/31)		1,500		1,525,497
4.00%, 03/15/52 (Call 03/15/31)		775		748,202
4.00%, 03/15/56 (Call 03/15/31)		3,000		2,856,845
4.13%, 03/15/56 (Call 09/15/32)		2,000		1,941,161

84 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
5.00%, 03/15/54 (Call 09/15/32)	$	500	$	537,519
Series A, 4.00%, 01/01/51 (Call 01/01/26)		585		560,280
Series A, 5.00%, 01/01/31 (Call 01/01/26)		100		103,195
Series A, 5.00%, 01/01/46 (Call 01/01/26)		500		508,145
Series A, 5.00%, 01/01/51 (Call 01/01/26)		600		608,190
Series A, 5.25%, 01/01/56 (Call 01/01/26)		2,765		2,826,964
Series A-1, 4.00%, 03/15/36 (Call 03/15/31)		1,500		1,584,304
Series A-1, 4.00%, 03/15/59 (Call 03/15/31)		1,000		945,101
Series B, 4.00%, 01/01/38 (Call 01/01/30)		1,500		1,537,045
Series B, 4.00%, 01/01/41 (Call 01/01/30)		950		952,729
Series B, 4.00%, 01/01/50 (Call 01/01/30)		2,500		2,405,457
Series J, 5.00%, 01/01/25 (Call 05/14/24)		130		130,404
Series J, 5.00%, 01/01/26 (Call 05/14/24)		100		100,311
Series J, 5.00%, 01/01/27 (Call 05/14/24)		1,970		1,976,123
Series K, 5.00%, 01/01/30 (Call 01/01/25)		465		471,577
Series K, 5.00%, 01/01/31 (Call 01/01/25)		250		253,495
Series K, 5.00%, 01/01/32 (Call 01/01/25)		340		344,698
Series L, 4.00%, 01/01/36 (Call 01/01/28)		500		512,673
Series L, 5.00%, 01/01/25		200		203,173
Series L, 5.00%, 01/01/35 (Call 01/01/28)		810		873,517
Series N, 3.00%, 01/01/49 (Call 01/01/30)		500		378,527
New York State Urban Development Corp. RB 4.00%, 03/15/45 (Call 09/15/30)		2,500		2,476,523
5.00%, 03/15/25		500		510,155
5.00%, 03/15/27		1,000		1,069,058
5.00%, 03/15/31 (Call 09/15/30)		575		661,226
5.00%, 03/15/34 (Call 09/15/33)		1,500		1,803,949
5.00%, 03/15/38 (Call 09/15/30)		2,000		2,228,915
5.00%, 03/15/47 (Call 09/15/30)		1,000		1,070,010
Series A, 4.00%, 03/15/39 (Call 09/15/30)		1,000		1,027,351
Series A, 4.00%, 03/15/40 (Call 09/15/30)		1,000		1,019,444
Series A, 5.00%, 03/15/24		440		440,228
Series A, 5.00%, 03/15/27 (PR 03/15/26)		155		161,461
Series A, 5.00%, 03/15/29 (Call 09/15/25)		750		770,242
Series A, 5.00%, 03/15/29 (Call 03/15/27)		5,530		5,847,602
Series A, 5.00%, 03/15/31 (Call 03/15/26)		400		414,955
Series A, 5.00%, 03/15/32 (Call 03/15/27)		500		527,467
Series A, 5.00%, 03/15/35 (Call 09/15/25)		350		356,922
Series A, 5.00%, 03/15/35 (Call 03/15/26)		200		207,118
Series C-1, 5.00%, 03/15/27		285		304,681
Series C-3, 5.00%, 03/15/39 (Call 09/15/27)		500		526,181
Series E, 3.00%, 03/15/40 (Call 03/15/30)		500		436,285
Series E, 4.00%, 03/15/36 (Call 03/15/30)		1,000		1,053,433
Onondaga County Trust for Cultural Resources RB 4.00%, 12/01/47 (Call 12/01/29)		1,000		993,336
4.00%, 12/01/49 (Call 12/01/29)		500		490,716
5.00%, 12/01/39 (Call 12/01/29)		1,000		1,096,141
5.00%, 12/01/40 (Call 12/01/29)		500		545,485
5.00%, 12/01/43 (Call 12/01/29)		500		539,577
Onondaga County Water Authority RB, Series A, 3.00%, 09/15/44 (Call 09/15/29)		1,000		825,612
Port Authority of New York & New Jersey RB 4.00%, 12/01/28		250		265,668
4.00%, 11/01/39 (Call 11/01/29)		1,750		1,781,535
4.00%, 12/15/40 (Call 06/15/24)		400		395,697
4.00%, 06/15/44 (Call 06/15/24)		250		243,314
4.00%, 09/01/45 (Call 09/01/29)		1,000		1,000,364
5.00%, 07/15/24		125		125,824
5.00%, 07/15/25		750		770,754
5.00%, 05/01/28 (Call 05/01/25)		330		337,143
5.00%, 07/15/29		520		585,009

Security	Par (000)		Value
New York (continued)
5.00%, 09/01/32 (Call 09/01/29)	$	1,000	$	1,124,224
5.00%, 07/15/33 (Call 07/15/30)		500		570,615
5.00%, 09/01/33 (Call 09/01/29)		1,000		1,123,160
5.00%, 09/01/34 (Call 09/01/24)		250		251,503
5.00%, 12/01/39 (Call 12/01/33)		1,300		1,507,112
5.00%, 07/15/53 (Call 07/15/33)		1,145		1,247,168
Series 111, 4.00%, 09/01/43 (Call 09/01/28)		750		751,634
Series 184, 5.00%, 09/01/36 (Call 09/01/24)		400		402,327
Series 194, 5.00%, 10/15/28 (Call 10/15/25)		525		541,463
Series 194, 5.00%, 10/15/29 (Call 10/15/25)		1,000		1,030,560
Series 194, 5.00%, 10/15/34 (Call 10/15/25)		1,000		1,028,488
Series 194, 5.00%, 10/15/41 (Call 10/15/25)		500		510,443
Series 198, 5.00%, 11/15/46 (Call 11/15/26)		1,000		1,023,890
Series 198, 5.25%, 11/15/56 (Call 11/15/26)		500		514,334
Series 200, 5.00%, 04/15/57 (Call 04/15/27)		500		514,852
Series 205, 5.00%, 11/15/25		1,000		1,035,120
Series 209, 5.00%, 07/15/35 (Call 07/15/28)		500		543,218
Series 217, 4.00%, 11/01/49 (Call 11/01/29)		555		547,592
Series 224, 4.00%, 07/15/51 (Call 07/15/31)		1,500		1,471,236
Series 224, 4.00%, 07/15/61 (Call 07/15/31)		1,500		1,447,782
Series 230, 4.00%, 12/01/30		1,500		1,632,445
Series 5, 5.38%, 03/01/28		315		333,019
Sales Tax Asset Receivable Corp. RB
Series A, 5.00%, 10/15/28 (PR 10/15/24)		3,250		3,287,694
Series A, 5.00%, 10/15/29 (PR 10/15/24)		1,570		1,588,209
Series A, 5.00%, 10/15/30 (PR 10/15/24)		1,440		1,456,701
Saratoga County Water Authority RB, 4.00%, 09/01/48 (Call 09/01/26)		4,600		4,521,118
State of New York GO 5.00%, 03/15/24		280		280,147
5.00%, 03/15/30		500		573,783
5.00%, 03/15/32		1,000		1,187,515
5.00%, 03/15/33		500		603,388
5.00%, 03/15/35 (Call 03/15/33)		500		601,620
5.00%, 03/15/36 (Call 03/15/33)		500		597,228
5.00%, 03/15/38 (Call 03/15/33)		500		584,479
5.00%, 03/15/39 (Call 03/15/33)		750		870,280
5.00%, 03/15/41 (Call 03/15/33)		500		572,793
Series A, 5.00%, 03/01/24		810		810,000
Series A, 5.00%, 02/15/25		1,000		1,018,698
Series A, 5.00%, 03/15/27		500		536,039
Series A, 5.00%, 03/15/31		500		584,449
Suffolk County Water Authority RB 4.00%, 06/01/31 (Call 06/01/25)		1,915		1,950,210
5.00%, 06/01/24		275		276,147
Series A, 4.00%, 06/01/39 (Call 06/01/25)		500		501,587
Series A, 4.00%, 06/01/41 (Call 06/01/28)		3,485		3,520,742
Series A, 5.00%, 06/01/25 (Call 06/01/24)		15		15,066
Series B, 3.00%, 06/01/44 (Call 06/01/30)		610		520,452
Syracuse Industrial Development Agency RB
Series A, 4.00%, 05/01/33 (Call 05/01/27) (SAW)		505		523,562
Series A, 5.00%, 05/01/31 (Call 05/01/27) (SAW)		500		535,228
Series A, 5.00%, 05/01/32 (Call 05/01/27) (SAW)		130		138,957
Town of Brookhaven NY GOL 4.00%, 07/15/24		115		115,388
4.00%, 03/15/28 (Call 04/01/24)		250		250,442
5.00%, 05/01/27 (Call 05/01/25)		600		614,599
Town of Hempstead NY GOL 5.00%, 06/15/27 (Call 06/15/26)		125		131,661
5.00%, 06/15/28		1,000		1,103,430

S C H E D U L E  O F   I N V E S T M E N T S 85

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Town of Oyster Bay NY GOL 3.00%, 02/01/25 (AGM)	$	1,370	$	1,366,108
4.00%, 11/01/24 (BAM)		200		201,036
4.00%, 03/01/26		1,195		1,221,851
Series A, 2.00%, 03/01/33 (Call 03/01/28) (AGM)		2,000		1,667,440
Triborough Bridge & Tunnel Authority RB 4.00%, 11/15/31		625		685,954
4.00%, 05/15/51 (Call 05/15/32)		1,000		965,542
5.00%, 11/15/27 (Call 08/15/27)		180		194,284
5.00%, 05/15/28		1,000		1,097,565
5.00%, 11/15/29		1,000		1,134,409
5.00%, 11/15/30		1,000		1,152,940
5.00%, 11/15/32		1,000		1,190,641
5.00%, 11/15/38 (Call 11/15/33)		1,000		1,167,287
5.00%, 11/15/43 (Call 05/15/29)		665		708,539
5.00%, 05/15/52		250		291,550
5.25%, 11/15/42 (Call 11/15/33)		1,000		1,156,021
VRDN, 3.78%, 01/01/32 (Put 11/30/23)(a)		1,000		1,000,000
Series A, 0.00%, 11/15/32(b)		200		144,253
Series A, 4.00%, 11/15/54 (Call 11/15/30)		1,245		1,172,533
Series A, 5.00%, 11/15/40 (Call 05/15/25)		250		253,341
Series A, 5.00%, 11/15/43 (Call 05/15/28)		500		527,914
Series A, 5.00%, 11/15/46 (Call 05/15/26)		1,375		1,400,659
Series A, 5.00%, 11/15/49 (Call 11/15/30)		2,500		2,679,035
Series A, 5.00%, 11/15/56 (Call 05/15/31)		500		533,716
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/24)(a)		190		189,046
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/26)(a)		190		182,258
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/28)(a)		835		776,435
Series B, 0.00%, 11/15/32(b)		700		509,215
Series B, 5.00%, 11/15/24		250		253,287
Series B, 5.00%, 11/15/28		235		260,894
Series B, 5.00%, 11/15/31 (Call 05/15/27)		1,000		1,064,785
Series B, 5.00%, 11/15/35 (Call 05/15/27)		325		345,352
Series B, 5.00%, 11/15/37 (Call 05/15/27)		1,685		1,780,770
Series B, 5.00%, 11/15/38 (Call 05/15/27)		250		263,416
Trust for Cultural Resources of The City of New York (The) RB
Series A, 5.00%, 01/01/34 (Call 01/01/29)		1,000		1,108,584
Series A, 5.00%, 01/01/37 (Call 01/01/29)		500		548,244
Series A, 5.00%, 01/01/38 (Call 01/01/29)		500		543,388
United Nations Development Corp. RB, Series A, 5.00%, 07/01/26		125		131,287
Utility Debt Securitization Authority RB 4.00%, 12/15/35 (Call 06/15/26)		1,455		1,485,778
5.00%, 06/15/27 (Call 06/15/25)		1,745		1,790,662
5.00%, 06/15/28 (Call 06/15/26)		1,000		1,049,415

Security	Par (000)		Value
New York (continued)
5.00%, 12/15/29 (Call 12/15/27)	$	180	$	195,827
5.00%, 12/15/31 (Call 12/15/29)		1,000		1,137,523
5.00%, 12/15/32 (Call 12/15/25)		2,025		2,095,853
5.00%, 12/15/33 (Call 12/15/25)		400		413,925
5.00%, 12/15/33 (Call 12/15/31)		1,500		1,770,183
5.00%, 12/15/34 (Call 12/15/32)		1,000		1,198,278
5.00%, 12/15/35 (Call 12/15/25)		600		620,676
5.00%, 12/15/36 (Call 12/15/25)		150		155,116
5.00%, 12/15/37 (Call 12/15/25)		750		773,867
5.00%, 12/15/39 (Call 12/15/27)		1,200		1,281,454
5.00%, 12/15/41 (Call 06/15/34)		6,000		6,913,309
5.00%, 12/15/45 (Call 06/15/34)		1,000		1,125,257
5.00%, 06/15/53 (Call 06/15/34)		1,000		1,095,473
Series A, 5.00%, 12/15/35 (Call 06/15/26)		1,195		1,246,864
Series TE, 5.00%, 12/15/29 (Call 03/14/24)		1,250		1,250,540
Series TE, 5.00%, 12/15/30 (Call 03/14/24)		750		750,324
Series TE, 5.00%, 12/15/35 (Call 03/14/24)		1,000		1,000,432
Series TE, 5.00%, 12/15/41 (Call 03/14/24)		995		995,430
Western Nassau County Water Authority RB 4.00%, 04/01/46 (Call 04/01/31)		1,145		1,147,500
Series A, 4.00%, 04/01/51 (Call 04/01/31)		1,255		1,230,294
				655,881,198
Total Long-Term Investments — 99.0% (Cost: $662,088,703)				655,881,198
	Shares
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Liquidity Funds: MuniCash, 2.97%(c)(d)		731,683		731,756
Total Short-Term Securities — 0.1% (Cost: $731,756)				731,756
Total Investments — 99.1% (Cost: $662,820,459)				656,612,954
Other Assets Less Liabilities — 0.9%				6,222,175
Net Assets — 100.0%			$	662,835,129

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

^(b)  Zero-coupon bond.

^(c)  Affiliate of the Fund.

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

86 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® New York Muni Bond ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds New York Money Fund Portfolio(a)	$	14,231,522	$	—		$	(14,231,522	)(b)	$	—	$	—	$	—		—	$	95,299	$	—
BlackRock Liquidity Funds: MuniCash		—		731,756	(b)		—			—		—		731,756		731,683		2,020		—
									$	—	$	—	$	731,756			$	97,319	$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments Municipal Debt Obligations	$	—	$	655,881,198	$	—	$	655,881,198
Short-Term Securities Money Market Funds		731,756		—		—		731,756
	$	731,756	$	655,881,198	$	—	$	656,612,954

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 87

Schedule of Investments February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Municipal Debt Obligations
Alabama — 1.3%
Alabama Federal Aid Highway Finance Authority RB 3.10%, 09/01/29 (PR 09/01/24)	$	1,750	$	1,746,665
4.00%, 09/01/31 (PR 09/01/24)		20,000		20,051,780
5.00%, 09/01/30 (PR 09/01/24)		6,015		6,059,643
5.00%, 09/01/33 (PR 09/01/27)		1,250		1,349,246
5.00%, 09/01/34 (PR 09/01/27)		1,250		1,349,246
5.00%, 09/01/36 (PR 09/01/27)		6,840		7,383,072
Series A, 5.00%, 09/01/36 (PR 09/01/26)		15,040		15,834,898
Series B, 5.00%, 09/01/24		650		655,776
Series B, 5.00%, 09/01/25		1,055		1,086,543
Alabama Public School and College Authority RB 3.25%, 06/01/24 (Call 04/01/24)		10		9,991
5.00%, 01/01/27 (Call 07/01/24)		440		442,109
Series A, 5.00%, 11/01/24		5,365		5,431,633
Series A, 5.00%, 11/01/25		5,760		5,958,847
Series A, 5.00%, 11/01/26		1,195		1,265,048
Series A, 5.00%, 11/01/27		12,025		13,020,149
Series B, 5.00%, 01/01/25 (Call 07/01/24)		4,005		4,025,437
Series B, 5.00%, 01/01/26 (Call 07/01/24)		2,475		2,488,812
Auburn Water Works Board RB, 5.00%, 09/01/40 (PR 09/01/25)		2,500		2,569,211
State of Alabama GO, Series A, 5.00%, 08/01/24		95		95,690
Tuscaloosa County Board of Education ST, 4.00%, 02/01/47 (PR 02/01/27)		5,015		5,194,296
Water Works Board of the City of Birmingham (The) RB 5.00%, 01/01/30 (PR 01/01/27)		4,020		4,266,568
Series B, 5.00%, 01/01/32 (PR 01/01/27)		6,945		7,370,974
Series B, 5.00%, 01/01/43 (PR 01/01/27)		9,815		10,417,007
				118,072,641
Alaska — 0.1%
State of Alaska GO, 5.00%, 08/01/27 (Call 08/01/25)		5,460		5,595,470
Arizona — 1.1%
Arizona Department of Transportation State Highway Fund Revenue RB 5.00%, 07/01/24		680		683,884
5.00%, 07/01/25 (PR 07/01/24)		115		115,578
5.00%, 07/01/26 (PR 07/01/24)		370		371,860
5.00%, 07/01/27 (Call 07/01/26)		1,480		1,552,025
Arizona Transportation Board RB 5.00%, 07/01/24		4,885		4,912,900
5.00%, 07/01/26		180		188,846
Series A, 5.00%, 07/01/25		885		908,235
Arizona Water Infrastructure Finance Authority RB,
Series A, 5.00%, 10/01/24		575		580,695
City of Chandler AZ GOL, 5.00%, 07/01/24		4,020		4,044,140
City of Phoenix Arizona GO 4.00%, 07/01/24		895		897,312
5.00%, 07/01/24		450		452,629
5.00%, 07/01/27 (Call 07/01/26)		335		351,921
City of Phoenix Civic Improvement Corp. RB 5.00%, 07/01/25		4,850		4,972,872
5.00%, 07/01/25 (Call 07/01/24)		4,615		4,640,980
5.00%, 07/01/28		2,285		2,513,033
Series A, 5.00%, 07/01/39 (PR 07/01/24)		15,000		15,075,399
Series B, 5.00%, 07/01/24		2,590		2,604,201
Maricopa County Unified School District No. 48 Scottsdale GO, 5.00%, 07/01/27		180		193,252

Security	Par (000)		Value
Arizona (continued)
Maricopa County Unified School District No. 97-Deer Valley/AZ GO, 5.00%, 07/01/24	$	4,800	$	4,825,692
Salt River Project Agricultural Improvement & Power District RB 5.00%, 01/01/25		755		766,978
5.00%, 01/01/26		490		508,884
5.00%, 01/01/28		2,070		2,252,977
Series A, 5.00%, 01/01/25		6,220		6,318,677
Series A, 5.00%, 01/01/26		11,345		11,782,225
Series A, 5.00%, 01/01/27		14,140		15,046,971
Series A, 5.00%, 01/01/29		5,560		6,195,403
Scottsdale Municipal Property Corp. RB, 5.00%, 07/01/36 (PR 07/01/27)		2,000		2,150,546
University of Arizona (The) RB 5.00%, 06/01/26		15		15,730
5.00%, 06/01/27 (Call 06/01/26)		155		162,478
Series A, 5.00%, 06/01/26 (Call 06/01/25)		975		998,501
				96,084,824
Arkansas — 0.1%
State of Arkansas GO 5.00%, 04/01/24 (Call 04/01/24)		2,670		2,673,271
5.00%, 04/01/26 (Call 10/01/24)		360		363,607
University of Arkansas RB 5.00%, 11/01/39 (PR 11/01/24)		1,135		1,148,725
5.00%, 11/01/41 (PR 11/01/24)		825		834,976
				5,020,579
California — 13.3%
Bay Area Toll Authority RB
VRDN, 2.00%, 04/01/53 (Put 04/01/24)(a)		3,000		2,997,036
VRDN, 2.63%, 04/01/45 (Put 10/01/25)(a)		860		842,251
Series F-1, 5.00%, 04/01/54 (PR 04/01/24)		6,200		6,208,402
Series F-1, 5.00%, 04/01/56 (PR 04/01/27)		10,260		11,029,892
Beverly Hills Unified School District CA GO, 5.00%, 08/01/24		610		614,852
California Educational Facilities Authority RB, Series C, 5.25%, 10/01/24		8,195		8,302,294
California Infrastructure & Economic Development Bank RB 5.00%, 10/01/24		1,600		1,617,953
5.00%, 10/01/26		5,005		5,324,868
California State Public Works Board RB 5.00%, 08/01/24		1,500		1,511,380
5.00%, 10/01/24		1,145		1,157,520
5.00%, 10/01/24 (ETM)		65		65,737
5.00%, 05/01/25		1,060		1,084,812
5.00%, 08/01/25		3,000		3,087,335
5.00%, 10/01/25		320		330,571
5.00%, 10/01/25 (ETM)		20		20,683
5.00%, 10/01/26		140		148,084
5.00%, 10/01/26 (ETM)		5		5,300
5.00%, 11/01/26		670		710,159
5.00%, 02/01/28		4,300		4,709,332
5.00%, 06/01/28		9,590		10,584,687
5.25%, 10/01/27 (Call 10/01/24)		1,050		1,060,683
Series A, 5.00%, 09/01/24		295		297,737
Series A, 5.00%, 09/01/25 (Call 09/01/24)		1,265		1,277,210
Series A, 5.00%, 02/01/27		15,800		16,876,936
Series A, 5.00%, 08/01/27		2,450		2,648,602
Series B, 5.00%, 05/01/26		1,040		1,088,876
Series B, 5.00%, 10/01/26 (Call 10/01/24)		600		605,635

88 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series D, 5.00%, 05/01/27	$	7,845	$	8,430,835
Series F, 5.00%, 05/01/24		2,575		2,582,203
Series F, 5.00%, 05/01/25		325		332,607
Series F, 5.00%, 05/01/26 (Call 05/01/25)		290		296,540
California State University RB 5.00%, 11/01/24		2,300		2,330,677
5.00%, 11/01/26 (Call 05/01/26)		345		363,075
Series A, 5.00%, 11/01/24		2,115		2,143,210
Series A, 5.00%, 11/01/25		5,250		5,443,359
Series A, 5.00%, 11/01/28 (PR 11/01/24)		7,010		7,099,361
Series A, 5.00%, 11/01/29 (PR 11/01/24)		1,820		1,843,201
Chino Basin Regional Financing Authority RB, Series B, 4.00%, 11/01/25 (Call 08/01/25)		9,065		9,213,821
City of Long Beach CA Harbor Revenue RB, 4.00%, 05/15/24		435		435,744
City of Los Angeles CA, 5.00%, 06/27/24		12,000		12,069,820
City of Los Angeles CA Wastewater System Revenue RB
5.00%, 06/01/25		90		92,308
5.00%, 06/01/27 (Call 06/01/25)		220		225,908
Series B, 5.00%, 06/01/25		640		656,412
Series B, 5.00%, 06/01/26		690		727,112
City of Los Angeles Department of Airports RB, Series B, 5.00%, 05/15/24		2,145		2,153,006
City of San Francisco CA Public Utilities Commission Water Revenue RB 5.00%, 11/01/24		4,915		4,980,879
5.00%, 11/01/25		5,215		5,407,932
5.00%, 11/01/25 (Call 05/01/25)		1,685		1,728,815
5.00%, 11/01/26		4,655		4,956,234
5.00%, 11/01/28		2,025		2,269,859
Coast Community College District GO, 0.00%, 08/01/33 (Call 08/01/25)(b)		500		341,055
Contra Costa Transportation Authority Sales Tax Revenue RB, 5.00%, 03/01/26		3,290		3,445,449
Corona-Norco Unified School District GO, Series A, 5.00%, 08/01/40 (PR 08/01/25)		795		817,810
East Bay Municipal Utility District Water System Revenue RB
Series B, 5.00%, 06/01/24		850		854,168
Series B, 5.00%, 06/01/25		510		524,340
El Camino Community College District Foundation (The) GO
0.00%, 08/01/27(b)		5,700		5,141,524
Series C, 0.00%, 08/01/26(b)		4,875		4,527,033
Foothill-De Anza Community College District GO 0.00%, 08/01/26 (NPFGC)(b)		1,220		1,136,149
0.00%, 08/01/27		1,250		1,132,460
0.00%, 08/01/27 (NPFGC)(b)		4,000		3,623,873
Fresno Unified School District GO, 4.00%, 08/01/47 (PR 08/01/24)		45		45,181
Las Virgenes Unified School District GO, 0.00%, 09/01/27 (NPFGC)		13,870		12,502,057
Long Beach Unified School District GO 5.00%, 08/01/25		32,000		33,003,299
5.00%, 08/01/27 (Call 08/01/26)		40		42,263
Los Angeles Community College District/CA 5.00%, 08/01/27		10,005		10,867,243
5.00%, 08/01/28		11,375		12,668,779
Los Angeles Community College District/CA GO 4.00%, 08/01/39 (PR 08/01/24)		3,550		3,562,948

Security	Par (000)		Value
California (continued)
5.00%, 08/01/24	$	1,685	$	1,698,954
5.00%, 08/01/25		10,780		11,119,499
Series A, 4.00%, 08/01/32 (PR 08/01/24)		275		276,003
Series A, 4.00%, 08/01/33 (PR 08/01/24)		575		577,097
Series A, 5.00%, 08/01/24		1,280		1,290,600
Series A, 5.00%, 08/01/25 (PR 08/01/24)		285		287,185
Series A, 5.00%, 08/01/27 (PR 08/01/24)		305		307,339
Series C, 5.00%, 08/01/24		240		241,987
Series J, 4.00%, 08/01/24		125		125,532
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue RB 5.00%, 07/01/24		2,250		2,264,761
5.00%, 06/01/27		80		86,611
5.00%, 06/01/27 (Call 06/01/26)		65		68,498
5.00%, 07/01/27		100		108,491
5.00%, 07/01/27 (Call 07/01/26)		10		10,559
5.00%, 07/01/28		2,470		2,747,548
Series A, 5.00%, 06/01/24		6,495		6,525,179
Series A, 5.00%, 07/01/24		625		629,100
Series A, 5.00%, 06/01/25		1,085		1,113,258
Series A, 5.00%, 07/01/25		820		844,338
Series A, 5.00%, 06/01/26		1,190		1,254,004
Series A, 5.00%, 07/01/26		1,275		1,346,514
Los Angeles Department of Water & Power Power System Revenue RB
Series B, 5.00%, 07/01/24		2,070		2,082,836
Series B, 5.00%, 07/01/25 (Call 06/01/25)		980		1,005,949
Los Angeles Department of Water & Power RB 4.00%, 07/01/26 (Call 06/01/26)		2,605		2,686,127
5.00%, 07/01/26 (Call 06/01/26)		4,920		5,188,524
5.00%, 07/01/27		3,605		3,917,139
5.00%, 07/01/27 (Call 01/01/26)		75		78,103
Series A, 5.00%, 07/01/25		9,335		9,598,521
Series A, 5.00%, 07/01/26		205		216,641
Series A, 5.00%, 07/01/27		160		173,854
Los Angeles Department of Water & Power Water System Revenue RB
4.00%, 07/01/26		1,235		1,275,986
5.00%, 07/01/24		25		25,155
5.00%, 07/01/25		20		20,565
5.00%, 07/01/27		160		174,068
5.00%, 07/01/27 (Call 01/01/26)		75		78,158
5.00%, 07/01/28		9,710		10,818,056
VRDN, 3.70%, 07/01/35 (Put 03/01/24)(a)		31,900		31,900,000
VRDN, 3.74%, 07/01/45 (Put 03/01/24)(a)		16,575		16,575,000
Series B, 4.00%, 07/01/27		180		188,969
Series B, 5.00%, 07/01/26 (Call 01/01/26)		590		616,779
Series C, 5.00%, 07/01/25 (Call 07/01/24)		415		417,892
Los Angeles Unified School District/CA GO 5.00%, 07/01/24		85		85,519
5.00%, 07/01/26		650		686,458
5.00%, 07/01/27		2,405		2,610,019
Series A, 5.00%, 07/01/24		33,245		33,447,898
Series A, 5.00%, 07/01/25		6,255		6,429,102
Series A, 5.00%, 07/01/26		3,880		4,097,626
Series A, 5.00%, 07/01/27		140		151,935
Series B, 5.00%, 07/01/24		4,635		4,663,288
Series B, 5.00%, 07/01/27 (Call 07/01/26)		1,095		1,156,792
Series B-1, 5.00%, 07/01/26		105		110,889
Series C, 5.00%, 07/01/24		1,420		1,428,666
Series C, 5.00%, 07/01/25		5,055		5,195,701

S C H E D U L E  O F   I N V E S T M E N T S 89

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
Series C, 5.00%, 07/01/25 (Call 07/01/24)	$	5,100	$	5,128,710
Series C, 5.00%, 07/01/26		2,910		3,073,220
Series C, 5.00%, 07/01/26 (Call 07/01/24)		290		291,250
Series D, 5.00%, 07/01/26 (Call 07/01/24)		160		160,690
Los Rios Community College District GO, Series E, 3.00%, 08/01/25		2,300		2,302,041
Marin Community College District GO, Series A, 5.00%, 08/01/41 (PR 08/01/26)		7,500		7,916,541
Metropolitan Water District of Southern California RB 3.00%, 07/01/27		250		250,464
5.00%, 10/01/24		1,920		1,943,083
5.00%, 10/01/25		1,445		1,497,038
5.00%, 10/01/27		1,075		1,174,850
Series A, 2.25%, 07/01/24		590		586,912
Series A, 2.50%, 07/01/25		595		588,423
Series A, 5.00%, 07/01/24		3,140		3,159,677
Series A, 5.00%, 07/01/25		3,095		3,186,209
Series A, 5.00%, 07/01/26		1,180		1,246,460
Moreno Valley Unified School District/CA GO, 5.00%, 08/01/44 (PR 08/01/25) (AGM)		5,000		5,150,457
Municipal Improvement Corp. of Los Angeles RB, Series B, 5.00%, 11/01/26		1,000		1,062,853
Oakland Unified School District/Alameda County GO, 5.00%, 08/01/40 (PR 08/01/25)		4,000		4,120,366
Orange County Sanitation District RB, 5.00%, 02/01/27.		3,225		3,458,883
Orange County Water District COP, Series A, 4.00%, 02/15/25 (Call 01/15/25)		8,125		8,192,750
Palomar Community College District GO, 5.00%, 08/01/44 (PR 08/01/25)		25,175		25,985,519
Poway Unified School District GO, 0.00%, 08/01/27(b)		5,000		4,503,337
Riverside Community College District GO 0.00%, 08/01/35 (PR 02/01/25)(b)		3,000		1,752,048
0.00%, 08/01/38 (PR 02/01/25)(b)		5,500		2,737,130
0.00%, 08/01/39 (PR 02/01/25)(b)		2,420		1,141,229
Sacramento Municipal Utility District RB 5.00%, 07/01/24		875		880,169
5.00%, 08/15/24		545		549,878
5.00%, 08/15/25		1,950		2,012,209
5.00%, 08/15/26		650		688,535
5.00%, 08/15/27		1,310		1,424,752
Series E, 5.00%, 08/15/24		370		373,312
San Diego Association of Governments RB, 5.00%, 11/15/25 (PR 11/15/24)		330		334,452
San Diego Community College District GO 4.00%, 08/01/32 (PR 08/01/26)		3,660		3,781,853
4.00%, 08/01/41 (PR 08/01/26)		13,060		13,494,810
5.00%, 08/01/41 (PR 08/01/26)		13,000		13,734,490
VRDN, 4.00%, 08/01/32 (PR 08/01/26)		3,200		3,306,539
San Diego County Regional Transportation Commission RB
5.00%, 04/01/28		555		613,637
Series A, 5.00%, 04/01/25		2,135		2,182,889
San Diego Public Facilities Financing Authority RB 5.00%, 05/15/24		2,980		2,990,825
5.00%, 05/15/25		450		461,246
San Diego Unified School District/CA, 5.00%, 06/28/24 .		3,500		3,521,661
San Diego Unified School District/CA GO, 6.00%, 07/01/33 (PR 07/01/24)		7,000		7,064,896
San Francisco Bay Area Rapid Transit District GO, 5.00%, 08/01/25		375		386,599

Security	Par (000)		Value
California (continued)
San Francisco City & County Airport Commission San Francisco International Airport RB
Series D, 5.00%, 05/01/24	$	1,160	$	1,163,189
Series D, 5.00%, 05/01/25		2,320		2,375,373
San Francisco City & County Public Utilities Commission Wastewater Revenue RB 5.00%, 10/01/26		3,000		3,187,091
5.00%, 10/01/27		6,850		7,476,396
San Jose Evergreen Community College District GO, Series C, 4.00%, 09/01/40 (PR 09/01/24)		12,155		12,213,046
San Jose Unified School District GO, Series C, 0.00%, 08/01/27 (NPFGC)(b)		3,000		2,711,522
San Mateo County Community College District GO, 0.00%, 09/01/27 (NPFGC)		1,000		900,754
San Mateo Foster City Public Financing Authority RB, Series B, 5.00%, 08/01/25		27,420		28,206,740
Santa Clara Valley Transportation Authority RB, Series A, 5.00%, 06/01/24		710		713,308
Santa Clara Valley Water District Safe Clean Water Revenue COP, 5.00%, 12/01/26 (Call 11/01/26)		1,200		1,278,016
Santa Monica Community College District GO 0.00%, 08/01/26(b)		500		462,992
0.00%, 08/01/28(b)		1,000		872,020
Series B, 4.00%, 08/01/44 (PR 08/01/24)		31,715		31,837,115
Series C, 0.00%, 08/01/25(b)		1,930		1,843,279
Southern California Public Power Authority RB
VRDN, 3.71%, 07/01/36 (Put 02/29/24)(a)		25,000		25,000,000
Series C, 5.00%, 07/01/24		430		432,835
Southwestern Community College District GO,
Series D, 5.00%, 08/01/44 (PR 08/01/25)		1,000		1,029,391
State of California Department of Water Resources RB 5.00%, 12/01/25		55		57,151
5.00%, 12/01/26		110		117,562
Series AR, 5.00%, 12/01/27 (PR 06/01/24)		5,690		5,715,677
Series AS, 5.00%, 12/01/24		5,620		5,705,620
Series AS, 5.00%, 12/01/25 (Call 12/01/24)		350		354,995
Series AW, 5.00%, 12/01/24		15		15,229
Series AX, 5.00%, 12/01/24		170		172,590
Series AX, 5.00%, 12/01/25		3,115		3,236,833
Series BA, 5.00%, 12/01/25		1,645		1,709,339
Series BB, 5.00%, 12/01/24		5,330		5,411,201
Series BB, 5.00%, 12/01/25		225		233,800
Series BB, 5.00%, 12/01/26		295		315,278
State of California GO 3.00%, 03/01/24		200		200,000
3.00%, 03/01/25		7,000		6,986,395
3.00%, 03/01/26		800		800,742
4.00%, 10/01/24		1,865		1,874,958
4.00%, 11/01/24		220		221,369
4.00%, 04/01/25		3,890		3,932,668
4.00%, 08/01/26		285		293,276
4.00%, 09/01/26		240		247,297
4.00%, 10/01/26		7,525		7,763,980
4.00%, 11/01/26		9,755		10,078,261
4.00%, 09/01/27		5,580		5,839,854
4.00%, 10/01/27		1,225		1,283,627
5.00%, 03/01/24		2,055		2,055,000
5.00%, 04/01/24		1,620		1,622,121
5.00%, 08/01/24		4,230		4,262,265
5.00%, 09/01/24		10,330		10,426,334
5.00%, 09/01/24 (Call 04/01/24)		15		15,019

90 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
California (continued)
5.00%, 10/01/24	$	31,480	$	31,826,009
5.00%, 11/01/24		5,725		5,797,604
5.00%, 12/01/24 (Call 01/02/24)		315		315,420
5.00%, 03/01/25		5,415		5,521,539
5.00%, 04/01/25		25,035		25,580,407
5.00%, 05/01/25 (Call 05/01/24)		180		180,536
5.00%, 08/01/25		8,600		8,849,158
5.00%, 09/01/25		805		829,902
5.00%, 09/01/25 (Call 04/01/24)		25		25,036
5.00%, 10/01/25		34,645		35,784,069
5.00%, 10/01/25 (Call 10/01/24)		1,500		1,515,833
5.00%, 11/01/25		9,660		9,996,664
5.00%, 12/01/25		9,715		10,073,086
5.00%, 12/01/25 (Call 01/02/24)		415		415,537
5.00%, 03/01/26 (Call 03/01/25)		8,905		9,092,489
5.00%, 04/01/26		15,705		16,410,610
5.00%, 08/01/26		9,415		9,917,590
5.00%, 08/01/26 (Call 08/01/25)		510		525,699
5.00%, 09/01/26		11,230		11,854,071
5.00%, 10/01/26		1,985		2,099,619
5.00%, 10/01/26 (Call 10/01/24)		75		75,760
5.00%, 11/01/26		6,280		6,656,415
5.00%, 12/01/26		4,660		4,949,692
5.00%, 04/01/27		6,870		7,360,202
5.00%, 08/01/27		8,630		9,317,828
5.00%, 08/01/27 (Call 08/01/26)		630		664,862
5.00%, 09/01/27		1,230		1,330,651
5.00%, 09/01/27 (Call 09/01/25)		215		221,811
5.00%, 09/01/27 (Call 09/01/26)		2,300		2,431,987
5.00%, 10/01/27		2,235		2,422,577
5.00%, 10/01/27 (Call 04/01/26)		230		241,079
5.00%, 11/01/27		32,370		35,154,962
5.00%, 04/01/28		10,505		11,507,589
5.00%, 08/01/28 (Call 08/01/27)		4,700		5,080,968
5.00%, 10/01/28		14,310		15,850,619
5.00%, 11/01/28		4,840		5,370,923
5.00%, 12/01/28		3,505		3,896,653
5.50%, 02/01/25		1,025		1,047,829
Series A, 5.00%, 10/01/24		685		692,529
Series B, 5.00%, 08/01/24		13,685		13,789,383
Series B, 5.00%, 09/01/24		5,375		5,425,126
Series B, 5.00%, 08/01/25		895		920,930
Series B, 5.00%, 09/01/25		715		737,118
Series B, 5.00%, 11/01/25		8,170		8,454,735
Series B, 5.00%, 08/01/26		355		373,951
Series B, 5.00%, 09/01/26		455		480,285
Series B, 5.00%, 11/01/27		550		597,319
Series B, 5.00%, 11/01/28		11,410		12,661,618
Series C, 5.00%, 08/01/26 (Call 02/01/25)		360		367,193
Series C, 5.00%, 09/01/26 (Call 09/01/25)		285		294,353
Series C, 5.00%, 08/01/27 (Call 02/01/25)		85		86,646
Series C, 5.00%, 08/01/27 (Call 08/01/26)		7,505		7,920,304
University of California RB 4.00%, 05/15/25		10		10,135
5.00%, 05/15/24		1,205		1,209,425
5.00%, 05/15/26 (Call 05/15/25)		375		384,884
5.00%, 05/15/27		10,955		11,847,032
5.00%, 05/15/28		8,015		8,888,041
5.00%, 05/15/29		10,000		11,352,550
5.25%, 05/15/44 (PR 05/15/24)		10,010		10,051,217
Series AM, 5.00%, 05/15/44 (PR 05/15/24)		5,200		5,218,887

Security	Par (000)		Value
California (continued)
Series AO, 5.00%, 05/15/24	$	565	$	567,075
Series AO, 5.00%, 05/15/25		1,550		1,589,107
Series AV, 5.00%, 05/15/26		205		215,553
Series AY, 5.00%, 05/15/24		875		878,213
Series AY, 5.00%, 05/15/26		680		715,005
Series I, 5.00%, 05/15/24		675		677,479
Series I, 5.00%, 05/15/25		445		456,227
Series I, 5.00%, 05/15/26 (Call 05/15/25)		1,060		1,087,940
				1,193,460,593
Colorado — 1.0%
City & County of Denver Colorado Airport System Revenue RB 5.00%, 11/15/25		1,125		1,163,184
5.00%, 11/15/27		3,505		3,794,575
5.00%, 11/15/28		2,950		3,251,650
Series A, 5.00%, 11/15/24		5,445		5,513,563
City & County of Denver Colorado GO 5.00%, 08/01/24		2,570		2,589,393
5.00%, 08/01/25		1,325		1,363,388
5.00%, 08/01/27		10		10,790
Series A, 5.00%, 08/01/26		1,500		1,579,714
Series B, 5.00%, 08/01/26		14,055		14,801,918
Series B, 5.00%, 08/01/27		7,980		8,610,600
City of Aurora Colorado Water Revenue RB, 5.00%, 08/01/41 (PR 08/01/26)		9,460		9,960,463
City of Colorado Springs CO Utilities System Revenue RB, 5.00%, 11/15/28		2,000		2,217,564
City of Colorado Springs Colorado Utilities System Revenue RB
Series A, 5.00%, 11/15/25		905		936,326
Series B, 5.00%, 11/15/25		1,010		1,044,961
Series B, 5.00%, 11/15/26		550		582,658
Denver City & County School District No. 1 GO 5.00%, 12/01/24 (SAW)		890		902,573
5.00%, 12/01/25 (SAW)		335		347,232
Series B, 4.00%, 12/01/26 (SAW)		9,460		9,784,285
E-470 Public Highway Authority RB 0.00%, 09/01/26 (NPFGC)(b)		4,540		4,192,717
0.00%, 09/01/28 (NPFGC)(b)		4,500		3,907,308
Regional Transportation District Sales Tax Revenue RB, 5.00%, 11/01/27		5,000		5,417,421
State of Colorado COP, 5.00%, 03/15/25		225		229,478
University of Colorado RB 5.00%, 06/01/47 (PR 06/01/26)		4,195		4,390,683
VRDN, 2.00%, 06/01/51 (Put 10/15/25)(a)		250		243,318
VRDN, 2.00%, 06/01/51 (Put 10/15/26)(a)		250		239,460
Series C, VRDN, 2.00%, 06/01/54(a)		2,500		2,479,573
				89,554,795
Connecticut — 2.4%
Connecticut State Health & Educational Facilities Authority RB
2.80%, 07/01/57 (Put 02/03/26)(a)		4,000		3,944,376
Series 2015-A, VRDN, 0.38%, 07/01/35 (Put 07/12/24)(a)		3,265		3,215,049
Series V-1, VRDN, 3.50%, 07/01/36 (Put 11/30/23)(a) .		15,980		15,980,000
Hartford County Metropolitan District Clean Water Project Revenue RB, Series A, 5.00%, 11/01/34 (PR 11/01/24)		1,000		1,011,765

S C H E D U L E  O F   I N V E S T M E N T S 91

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Connecticut (continued)
State of Connecticut Clean Water Fund - State Revolving Fund RB
5.00%, 06/01/24	$	25	$	25,107
5.00%, 03/01/25		10		10,195
Series A, 5.00%, 05/01/25		295		301,803
Series B, 5.00%, 06/01/26		480		503,993
State of Connecticut GO 4.00%, 01/15/25		12,335		12,431,354
4.00%, 06/01/27		1,020		1,058,379
5.00%, 02/15/25		7,670		7,808,366
5.00%, 03/01/25		14,405		14,678,492
5.00%, 09/15/25		2,140		2,201,991
5.00%, 11/15/25		30		31,038
5.00%, 01/15/26		9,380		9,741,853
5.00%, 02/15/26		3,075		3,199,931
5.00%, 04/15/26		45		47,009
5.00%, 06/15/26		1,055		1,106,417
5.00%, 04/15/27		180		192,571
5.00%, 06/15/27		1,115		1,197,360
5.00%, 07/15/27		320		344,288
5.00%, 04/15/28		2,705		2,957,963
5.00%, 06/15/28 (Call 06/15/25)		1,300		1,331,873
5.00%, 01/15/29		5,000		5,552,039
5.00%, 03/01/29		3,500		3,897,131
Series 2021 A, 4.00%, 01/15/27		4,575		4,722,345
Series A, 4.00%, 01/15/26		4,100		4,184,288
Series A, 4.00%, 01/15/27		4,595		4,742,989
Series A, 5.00%, 03/15/24		405		405,204
Series A, 5.00%, 04/15/24		1,075		1,077,044
Series A, 5.00%, 01/15/25		6,065		6,163,648
Series A, 5.00%, 04/15/25		5,175		5,286,508
Series A, 5.00%, 01/15/26		1,300		1,350,150
Series B, 3.00%, 06/01/25		1,535		1,532,561
Series B, 4.00%, 06/01/27		8,665		8,991,030
Series B, 5.00%, 04/15/24		15		15,028
Series B, 5.00%, 05/15/24		3,175		3,185,646
Series B, 5.00%, 04/15/25		635		648,683
Series B, 5.00%, 05/15/25		2,635		2,696,465
Series B, 5.00%, 05/15/27 (Call 05/15/26)		105		109,701
Series C, 4.00%, 06/15/24		50		50,105
Series C, 5.00%, 07/15/24		1,070		1,076,861
Series D, 5.00%, 04/15/24		1,385		1,387,633
Series D, 5.00%, 07/15/24		5,560		5,595,651
Series D, 5.00%, 09/15/24		1,000		1,009,631
Series D, 5.00%, 09/15/26		845		891,550
Series D, 5.00%, 09/15/27		1,365		1,474,208
Series E, 5.00%, 09/15/24		1,765		1,781,999
Series E, 5.00%, 10/15/24		185		187,077
Series E, 5.00%, 10/15/26		1,525		1,612,248
Series F, 5.00%, 09/15/24		4,045		4,083,958
Series F, 5.00%, 11/15/25		565		584,557
Series F, 5.00%, 11/15/27 (Call 11/15/25)		8,825		9,119,143
State of Connecticut Special Tax Revenue RB 5.00%, 10/01/24		445		449,357
5.00%, 05/01/25		260		265,488
5.00%, 01/01/26		1,750		1,812,063
5.00%, 09/01/26		125		131,761
5.00%, 10/01/26		145		153,150
5.00%, 05/01/27		145		155,281
5.00%, 07/01/27		1,780		1,913,397
5.00%, 08/01/27 (Call 08/01/25)		20		20,549

Security	Par (000)		Value
Connecticut (continued)
5.00%, 07/01/28	$	3,125	$	3,432,827
Series A, 4.00%, 05/01/24		1,475		1,476,356
Series A, 5.00%, 05/01/24		3,465		3,473,580
Series A, 5.00%, 08/01/24		1,480		1,490,021
Series A, 5.00%, 09/01/24		2,630		2,651,828
Series A, 5.00%, 01/01/25		895		907,952
Series A, 5.00%, 05/01/25		2,395		2,445,555
Series A, 5.00%, 08/01/25		200		205,264
Series A, 5.00%, 09/01/25		2,970		3,053,537
Series A, 5.00%, 09/01/25 (Call 09/01/24)		1,520		1,534,077
Series A, 5.00%, 01/01/26		325		336,526
Series A, 5.00%, 05/01/26		2,415		2,525,390
Series A, 5.00%, 08/01/26 (Call 08/01/25)		710		729,833
Series A, 5.00%, 01/01/27		2,085		2,215,223
Series A, 5.00%, 05/01/27		270		289,143
Series A, 5.00%, 09/01/27 (Call 09/01/26)		240		252,289
Series B, 5.00%, 10/01/25		540		556,153
Series C, 5.00%, 10/01/24		615		621,021
Series C, 5.00%, 10/01/26		10,100		10,667,697
Series D, 5.00%, 11/01/24		510		515,767
Series D, 5.00%, 11/01/26		2,010		2,127,290
University of Connecticut RB 5.00%, 05/01/26		1,075		1,123,218
Series A, 5.00%, 02/15/25		1,035		1,052,893
				215,320,740
Delaware — 1.2%
County of New Castle DE GO 5.00%, 10/01/27 (PR 10/01/25)		10,235		10,560,312
5.00%, 10/01/33 (PR 10/01/25)		5,000		5,158,921
5.00%, 10/01/35 (PR 10/01/25)		3,000		3,095,353
Delaware Transportation Authority RB 5.00%, 07/01/24		1,447		1,454,745
5.00%, 09/01/24		585		590,599
5.00%, 07/01/25		510		523,658
5.00%, 07/01/26		2,495		2,621,071
5.00%, 09/01/26		195		205,210
5.00%, 09/01/28		4,545		4,994,667
State of Delaware GO 5.00%, 03/01/25		13,395		13,661,183
5.00%, 02/01/26		5,015		5,222,408
5.00%, 03/01/26		40		41,739
5.00%, 01/01/27		5,530		5,889,372
5.00%, 02/01/27		6,230		6,649,222
5.00%, 05/01/28		17,295		19,016,370
5.00%, 07/01/28 (PR 07/01/24)		1,000		1,005,189
Series A, 5.00%, 02/01/25		4,325		4,402,885
Series A, 5.00%, 01/01/26		10,815		11,239,643
Series A, 5.00%, 01/01/27		1,625		1,730,602
Series A, 5.00%, 02/01/27		3,025		3,228,555
Series A, 5.00%, 01/01/28		1,985		2,165,764
Series D, 5.00%, 07/01/27 (Call 07/01/26)		1,200		1,262,371
				104,719,839
District of Columbia — 1.6%
District of Columbia GO 4.00%, 02/01/27		160		165,675
5.00%, 02/01/25		185		188,081
5.00%, 06/01/25		70		71,657
5.00%, 06/01/26		45		47,199
5.00%, 06/01/27		3,715		3,991,865
5.00%, 01/01/28		2,355		2,564,067

92 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
District of Columbia (continued)
5.00%, 02/01/28	$	1,225	$	1,336,352
5.00%, 06/01/28		6,750		7,418,642
Series A, 5.00%, 06/01/24		5		5,021
Series A, 5.00%, 10/15/24		90		91,016
Series A, 5.00%, 06/01/25		2,095		2,144,591
Series A, 5.00%, 10/15/25		9,195		9,488,124
Series A, 5.00%, 06/01/26 (Call 06/01/25)		945		967,838
Series A, 5.00%, 10/15/27		3,005		3,256,916
Series B, 5.00%, 06/01/24		1,000		1,004,171
Series B, 5.00%, 06/01/25		325		332,693
Series B, 5.00%, 06/01/26		465		487,725
Series B, 5.00%, 06/01/26 (Call 06/01/25)		1,180		1,208,517
Series D, 4.00%, 02/01/26		4,270		4,356,583
Series D, 5.00%, 06/01/26		20		20,977
Series E, 5.00%, 02/01/26		125		129,838
Series E, 5.00%, 02/01/27		7,885		8,406,456
District of Columbia Income Tax Revenue RB 5.00%, 03/01/24		4,005		4,005,000
5.00%, 05/01/24		210		210,567
5.00%, 12/01/27		10,435		11,343,271
5.00%, 10/01/28		9,870		10,928,104
Series A, 5.00%, 12/01/24		130		131,808
Series A, 5.00%, 03/01/25		830		845,922
Series A, 5.00%, 03/01/26		150		156,315
Series A, 5.00%, 03/01/27		2,460		2,628,287
Series B, 5.00%, 10/01/24		14,480		14,633,356
Series B, 5.00%, 10/01/25		195		201,259
Series B, 5.00%, 10/01/26		17,460		18,463,714
Series C, 5.00%, 10/01/25		5,745		5,929,396
Series C, 5.00%, 05/01/26		915		957,805
Series C, 5.00%, 10/01/26		8,135		8,602,653
Series C, 5.00%, 10/01/27		1,005		1,088,272
District of Columbia RB 5.00%, 12/01/25		1,000		1,033,406
5.00%, 12/01/26		2,880		3,048,843
District of Columbia Water & Sewer Authority RB 5.00%, 10/01/27 (Call 10/01/24)		135		136,183
Series A, 5.00%, 10/01/24		50		50,524
Series B, 5.00%, 10/01/25		195		201,259
Series C, 5.00%, 10/01/25 (Call 10/01/24)		770		777,318
Washington Metropolitan Area Transit Authority Dedicated Revenue RB
5.00%, 07/15/27		1,000		1,076,233
Series A, 5.00%, 07/15/25		6,850		7,030,287
Series A, 5.00%, 07/15/26		680		714,560
Series A, 5.00%, 07/15/27		5,735		6,172,197
				148,050,543
Florida — 1.5%
Central Florida Expressway Authority RB 5.00%, 07/01/26 (AGM)		5,185		5,431,460
Series B, 5.00%, 07/01/26		1,320		1,379,711
County of Miami-Dade FL Aviation Revenue RB, Series B, 5.00%, 10/01/26 (Call 10/01/25)		5,105		5,216,958
County of Miami-Dade FL GO, 5.00%, 07/01/25		2,515		2,579,046
County of Miami-Dade FL Water & Sewer System Revenue RB, 5.00%, 10/01/24		2,440		2,465,702
County of Orange FL Water Utility System Revenue RB, 5.00%, 10/01/27		225		243,723
Florida Department of Environmental Protection RB, 5.00%, 07/01/26 (Call 07/01/25)		125		128,222

Security	Par (000)		Value
Florida (continued)
Orlando Utilities Commission RB, Series A, 5.00%, 10/01/26	$	10,610	$	11,203,652
School Board of Miami-Dade County (The) COP 5.00%, 05/01/27 (Call 05/01/25) (AGM)		1,330		1,355,739
5.00%, 11/01/27 (Call 11/01/24)		3,300		3,335,812
Series B, 5.00%, 05/01/26 (Call 05/01/25)		2,240		2,280,999
School District of Broward County/FL COP 5.00%, 07/01/25		915		936,621
Series A, 5.00%, 07/01/27		700		750,381
State of Florida Department of Transportation Turnpike System Revenue RB
5.00%, 07/01/25		825		845,576
Series C, 5.00%, 07/01/25		5,425		5,560,303
Series C, 5.00%, 07/01/26		5,630		5,905,390
State of Florida GO 5.00%, 07/01/24		980		985,725
5.00%, 06/01/25		4,740		4,856,290
5.00%, 06/01/26		175		183,552
5.00%, 06/01/27		5,035		5,411,865
5.00%, 06/01/27 (Call 06/01/26)		380		397,257
5.00%, 07/01/27		6,045		6,512,030
5.00%, 06/01/28		5,545		6,096,621
Series A, 5.00%, 07/01/24		810		814,732
Series A, 5.00%, 06/01/26 (GTD)		3,765		3,948,999
Series A, 5.00%, 07/01/26		3,185		3,345,936
Series A, 5.00%, 06/01/27		10,505		11,291,289
Series B, 5.00%, 06/01/24		690		692,895
Series B, 5.00%, 06/01/25		10,000		10,245,338
Series B, 5.00%, 06/01/26		715		749,943
Series C, 5.00%, 06/01/24		3,770		3,785,816
Series C, 5.00%, 06/01/25		2,870		2,940,412
Series C, 5.00%, 06/01/26		15,350		16,100,170
Series F, 5.00%, 06/01/26 (Call 06/01/25)		4,035		4,132,017
Series G, 5.00%, 06/01/25		1,000		1,024,534
State of Florida Lottery Revenue RB, Series A, 5.00%, 07/01/24		2,005		2,016,975
				135,151,691
Georgia — 2.9%
Cherokee County Board of Education GO, 5.00%, 08/01/25 (Call 08/01/24) (SAW)		3,245		3,270,284
City of Atlanta GA Department of Aviation RB
Series A, 5.00%, 07/01/25		6,355		6,516,835
Series A, 5.00%, 07/01/26		1,000		1,048,684
Series A, 5.00%, 07/01/28		6,500		7,134,693
City of Atlanta GA GOL 5.00%, 12/01/27 (PR 12/01/24)		4,750		4,818,154
5.00%, 12/01/32 (PR 12/01/24)		5,000		5,071,741
City of Atlanta GA Water & Wastewater Revenue RB 5.00%, 11/01/27 (Call 05/01/25)		2,645		2,704,911
5.75%, 11/01/26 (AGM)		2,305		2,481,700
Series B, 5.00%, 11/01/25		1,025		1,060,385
City of Atlanta Georgia GO, 5.00%, 12/01/27		990		1,073,958
Columbia County School District GO, 5.00%, 10/01/26 (SAW)		145		153,187
County of Forsyth GA GO, 5.00%, 09/01/25		10,110		10,419,753
Forsyth County Water & Sewerage Authority RB, 5.00%, 04/01/41 (PR 04/01/25)		7,750		7,910,593
Georgia Ports Authority RB 5.00%, 07/01/25		2,550		2,616,948
5.00%, 07/01/26		2,235		2,346,386
5.00%, 07/01/27		2,095		2,251,312

S C H E D U L E  O F   I N V E S T M E N T S 93

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Georgia (continued)
Georgia State Road & Tollway Authority RB 5.00%, 06/01/24	$	2,210	$	2,219,056
5.00%, 06/01/25		4,990		5,109,963
Gwinnett County School District GO 5.00%, 02/01/25		4,065		4,136,735
5.00%, 08/01/25		260		267,460
5.00%, 02/01/26 (Call 02/01/25)		2,505		2,550,650
5.00%, 02/01/27 (Call 02/01/25)		1,000		1,017,198
5.00%, 08/01/27		890		962,751
Series B, 5.00%, 08/01/26		7,125		7,513,879
Gwinnett County Water & Sewerage Authority RB 4.00%, 08/01/24		13,405		13,451,714
4.00%, 08/01/25		1,110		1,126,799
5.00%, 08/01/27		3,165		3,415,107
Henry County School District GO, 5.00%, 08/01/26 (SAW)		180		189,393
Metropolitan Atlanta Rapid Transit Authority RB
Series A, 4.00%, 07/01/25		1,910		1,936,519
Series A, 5.25%, 07/01/27 (NPFGC)		1,470		1,587,405
Municipal Electric Authority of Georgia RB, Series A, 5.00%, 01/01/26 (Call 01/01/25)		250		253,080
Private Colleges & Universities Authority RB 5.00%, 04/01/44 (PR 04/01/24)		18,555		18,575,889
Series B, 5.00%, 09/01/25		16,015		16,500,934
State of Georgia GO 4.00%, 07/01/25		80		81,100
5.00%, 07/01/26		5		5,256
5.00%, 07/01/27		38,400		41,366,742
5.00%, 07/01/28		6,110		6,735,560
Series A, 5.00%, 07/01/25		4,960		5,092,179
Series A, 5.00%, 07/01/26		3,160		3,321,863
Series A, 5.00%, 08/01/26		13,990		14,736,811
Series A1, 5.00%, 02/01/25		140		142,458
Series A-1, 5.00%, 08/01/24		1,810		1,823,437
Series A-1, 5.00%, 02/01/25		320		325,618
Series A-1, 5.00%, 02/01/26		530		551,417
Series A-1, 5.00%, 02/01/27		14,895		15,888,668
Series A-2, 5.00%, 02/01/25 (Call 04/01/24)		325		325,425
Series C1, 4.00%, 07/01/25		3,325		3,370,731
Series E, 5.00%, 12/01/24		25		25,351
Series E, 5.00%, 12/01/25		16,290		16,881,982
Series E, 5.00%, 12/01/26		5,405		5,741,006
Series F, 5.00%, 01/01/26		750		778,768
Series F, 5.00%, 01/01/28 (Call 01/01/27)		3,805		4,054,364
				262,942,792
Hawaii — 0.7%
City & County Honolulu Hawaii Wastewater System Revenue RB
4.00%, 07/01/26		1,100		1,128,974
4.00%, 07/01/27 (Call 07/01/25)		5,335		5,399,515
Series A, 5.00%, 07/01/24		305		306,732
City & County of Honolulu Hawaii GO 5.00%, 03/01/26		450		468,944
5.00%, 07/01/26		1,870		1,963,195
Series B, 5.00%, 03/01/25		5,035		5,131,089
Series C, 4.00%, 07/01/26		850		872,389
County of Maui HI GO, 5.00%, 09/01/26		1,300		1,370,313
Honolulu City & County Board of Water Supply RB, 4.00%, 07/01/34 (PR 07/01/24)		2,300		2,305,331
State of Hawaii GO 4.00%, 05/01/24		75		75,088

Security	Par (000)		Value
Hawaii (continued)
5.00%, 08/01/26 (PR 08/01/24)	$	10,000	$	10,072,604
Series EO, 5.00%, 08/01/24		155		156,151
Series EO, 5.00%, 08/01/25 (Call 08/01/24)		2,550		2,570,911
Series EP, 5.00%, 08/01/24		800		805,939
Series EY, 5.00%, 10/01/24		6,120		6,185,516
Series EY, 5.00%, 10/01/26 (Call 10/01/25)		715		736,592
Series EZ, 5.00%, 10/01/25		3,605		3,721,836
Series FE, 5.00%, 10/01/24		435		439,657
Series FE, 5.00%, 10/01/27 (Call 10/01/26)		4,695		4,931,539
Series FH, 5.00%, 10/01/24		1,415		1,430,148
Series FH, 5.00%, 10/01/25		280		289,075
Series FK, 5.00%, 05/01/25		200		204,589
Series FN, 5.00%, 10/01/25		45		46,458
Series FT, 5.00%, 01/01/25		585		594,233
Series FT, 5.00%, 01/01/26		5,475		5,685,010
Series FT, 5.00%, 01/01/27		2,145		2,276,564
Series Fw, 5.00%, 01/01/27		1,175		1,247,069
State of Hawaii State Highway Fund RB, Series B, 5.00%, 01/01/25		450		457,102
				60,872,563
Illinois — 2.8%
Chicago Midway International Airport RB 5.00%, 01/01/28 (BAM)		2,770		3,001,173
5.00%, 01/01/29 (BAM)		3,500		3,873,108
Chicago O’Hare International Airport RB 5.00%, 01/01/26		3,510		3,638,919
Series B, 5.00%, 01/01/26 (Call 01/01/25)		900		910,353
Series E, 5.00%, 01/01/26		510		528,732
Illinois Finance Authority RB 4.00%, 07/01/25		3,110		3,147,104
5.00%, 07/01/24		965		970,165
5.00%, 01/01/25		275		279,025
5.00%, 01/01/26		2,065		2,138,979
5.00%, 07/01/27 (Call 01/01/27)		290		306,020
5.00%, 07/01/28		625		684,152
5.00%, 01/01/29		1,200		1,330,219
Illinois State Toll Highway Authority RB 5.00%, 01/01/25		5,595		5,680,550
5.00%, 01/01/26		10,000		10,372,716
5.00%, 01/01/26 (Call 04/02/24)		15		15,018
5.00%, 01/01/27		3,495		3,704,474
5.00%, 01/01/28		175		189,671
Series A, 5.00%, 01/01/25		1,585		1,609,235
Series B, 5.00%, 01/01/25		3,050		3,096,636
Series B, 5.00%, 01/01/26		1,600		1,659,635
Series B, 5.00%, 01/01/27		215		227,886
Series B, 5.00%, 01/01/27 (Call 07/01/26)		10		10,463
Metropolitan Water Reclamation District of Greater Chicago GO
Series A, 5.00%, 12/01/25		480		495,209
Series A, 5.00%, 12/01/44 (PR 12/01/24)		27,450		27,807,415
Sales Tax Securitization Corp. RB
Series A, 5.00%, 01/01/25		515		521,568
Series A, 5.00%, 01/01/27		2,405		2,544,440
State of Illinois GO 5.00%, 05/01/24		3,000		3,006,332
5.00%, 02/01/25		2,055		2,083,033
5.00%, 02/01/26		6,000		6,181,118
5.00%, 02/01/27		570		597,497
5.00%, 10/01/27		1,600		1,697,526
5.00%, 02/01/28 (Call 02/01/27)		14,800		15,541,977

94 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Illinois (continued)
5.00%, 05/01/28	$	5,300	$	5,682,626
5.50%, 05/01/24		2,745		2,752,928
5.50%, 05/01/25		2,850		2,917,158
6.00%, 05/01/25		4,000		4,116,766
Series A, 5.00%, 03/01/24		2,185		2,185,000
Series A, 5.00%, 11/01/24		6,045		6,103,304
Series A, 5.00%, 12/01/24		2,370		2,395,886
Series A, 5.00%, 03/01/25		1,910		1,939,038
Series A, 5.00%, 03/01/26		950		980,049
Series A, 5.00%, 03/01/28		1,000		1,069,156
Series A, 5.00%, 10/01/28		4,700		5,075,846
Series B, 5.00%, 03/01/24		1,750		1,750,000
Series B, 5.00%, 09/01/24		8,085		8,142,067
Series B, 5.00%, 03/01/25		5,260		5,339,577
Series B, 5.00%, 03/01/26		7,705		7,948,717
Series B, 5.00%, 03/01/27		4,245		4,456,772
Series B, 5.00%, 09/01/27		1,600		1,694,984
Series C, 4.00%, 03/01/24		5,340		5,340,000
Series D, 5.00%, 11/01/24		23,580		23,810,006
Series D, 5.00%, 11/01/25		13,035		13,374,577
Series D, 5.00%, 11/01/26		13,000		13,573,559
Series D, 5.00%, 11/01/27		12,170		12,941,731
Series D, 5.00%, 11/01/28 (Call 11/01/27)		3,825		4,068,093
State of Illinois Sales Tax Revenue RB 5.00%, 06/15/26		435		453,047
5.00%, 06/15/29		5,000		5,522,880
				251,484,115
Indiana — 0.7%
Indiana Finance Authority, 5.00%, 02/01/27		280		298,355
Indiana Finance Authority RB 5.00%, 02/01/25		1,060		1,078,706
5.00%, 02/01/26		185		192,441
5.00%, 02/01/27		2,375		2,530,690
5.00%, 02/01/27 (Call 02/01/25)		1,070		1,088,687
5.00%, 02/01/27 (Call 02/01/26)		150		156,033
5.00%, 10/01/27		1,275		1,373,402
5.00%, 02/01/29 (PR 02/01/26)		3,500		3,638,784
5.00%, 02/01/30 (PR 02/01/26)		3,930		4,085,835
5.00%, 02/01/31 (PR 02/01/25)		5,000		5,081,473
5.00%, 02/01/31 (PR 02/01/26)		3,645		3,789,534
5.00%, 08/01/35 (PR 08/01/26)		9,310		9,782,509
Series 3, 5.00%, 10/01/25		3,680		3,788,359
Series A, 5.00%, 10/01/25 (Call 10/01/24)		1,140		1,151,642
Series A, 5.00%, 02/01/26		10,095		10,501,027
Series B, 5.00%, 02/01/25		2,205		2,243,912
Series B, 5.00%, 02/01/26		1,000		1,040,221
Series C, 5.00%, 12/01/24		1,875		1,900,796
Series C, 5.00%, 12/01/25		1,120		1,159,927
Series C, 5.00%, 02/01/26		460		478,502
Series C, 5.00%, 06/01/27 (Call 12/01/26)		2,090		2,203,236
Series E, 5.00%, 02/01/26		710		738,557
Series E, 5.00%, 02/01/27 (Call 08/01/26)		210		220,562
Indiana University RB, 3.00%, 08/01/24		530		529,053
Purdue University RB 5.00%, 07/01/24		90		90,496
Series EE, 5.00%, 07/01/26		235		246,333
				59,389,072
Iowa — 0.1%
City of Des Moines IA GO, 5.00%, 06/01/26		5,870		6,155,565

Security	Par (000)		Value
Iowa (continued)
Iowa Finance Authority RB 5.00%, 08/01/24	$	700	$	705,254
5.00%, 08/01/25		3,170		3,261,397
5.00%, 08/01/26		1,305		1,372,791
5.00%, 08/01/27		350		377,658
				11,872,665
Kansas — 0.4%
Johnson County Unified School District No. 512 Shawnee Mission GO
4.00%, 10/01/35 (PR 10/01/25)		4,000		4,066,017
5.00%, 10/01/30 (PR 10/01/25)		2,000		2,063,569
5.00%, 10/01/31 (PR 10/01/25)		6,280		6,479,605
5.00%, 10/01/32 (PR 10/01/25)		4,605		4,751,367
5.00%, 10/01/34 (PR 10/01/25)		4,000		4,127,137
Kansas Development Finance Authority RB, Series SRF, 5.00%, 05/01/24		5,000		5,012,140
State of Kansas Department of Transportation RB 5.00%, 09/01/25		1,100		1,131,751
5.00%, 09/01/26 (Call 09/01/25)		1,220		1,254,315
5.00%, 09/01/27 (Call 09/01/25)		6,095		6,269,130
Series A, 5.00%, 09/01/24		180		181,555
Series A, 5.00%, 09/01/25 (Call 09/01/24)		365		368,523
				35,705,109
Kentucky — 0.2%
Kentucky Asset Liability Commission RB, Series A, 5.00%, 09/01/26 (Call 09/01/24)		2,240		2,255,101
Kentucky State Property & Building Commission RB, Series B, 5.00%, 11/01/26 (SAP)		5,290		5,583,355
Kentucky Turnpike Authority RB, Series A, 5.00%, 07/01/26		2,005		2,097,539
Louisville and Jefferson County Metropolitan Sewer District RB, 5.00%, 05/15/25		5,000		5,119,603
Louisville/Jefferson County Metropolitan Government GO, Series A, 5.00%, 04/01/27		4,850		5,182,714
				20,238,312
Louisiana — 0.4%
East Baton Rouge Sewerage Commission RB, Series B, 5.00%, 02/01/39 (PR 02/01/25)		3,365		3,424,079
Louisiana Local Government Environmental Facilities & Community Development Authority RB, 5.00%, 10/01/33 (PR 10/01/24)		5,735		5,790,168
State of Louisiana Gasoline & Fuels Tax Revenue RB 4.00%, 05/01/41 (PR 05/01/25)		5,070		5,118,093
Series B, 5.00%, 05/01/25		775		792,784
State of Louisiana GO 5.00%, 03/01/24		50		50,000
5.00%, 03/01/27		65		69,273
5.00%, 02/01/28		2,500		2,719,474
Series A, 5.00%, 04/01/24		2,880		2,883,661
Series A, 5.00%, 03/01/25		1,700		1,732,945
Series A, 5.00%, 04/01/25		375		382,931
Series A, 5.00%, 03/01/26		1,935		2,011,497
Series A, 5.00%, 09/01/26		95		99,857
Series B, 5.00%, 08/01/25		4,235		4,355,919
Series B, 5.00%, 08/01/26		1,890		1,983,219
Series C, 5.00%, 08/01/24		100		100,742
Series C, 5.00%, 08/01/25 (Call 08/01/24)		1,235		1,244,119
State of Louisiana RB 5.00%, 09/01/24		1,675		1,690,210
5.00%, 09/01/25		750		772,868

S C H E D U L E  O F   I N V E S T M E N T S 95

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Louisiana (continued)
5.00%, 06/15/26 (PR 06/15/24)	$	1,000	$	1,004,543
5.00%, 09/01/26		1,035		1,087,916
5.00%, 09/01/27		135		145,484
5.00%, 09/01/28		1,150		1,266,851
				38,726,633
Maine — 0.5%
Maine Turnpike Authority RB, 5.00%, 07/01/26		1,000		1,049,606
State of Maine GO 3.00%, 06/01/24		1,600		1,597,526
5.00%, 06/01/24		9,765		9,805,492
5.00%, 06/01/25		100		102,429
5.00%, 06/01/26		145		151,925
5.00%, 06/01/27		11,745		12,605,154
5.00%, 06/01/28		4,830		5,302,326
Series B, 5.00%, 06/01/25		2,465		2,524,868
Series B, 5.00%, 06/01/28		3,410		3,743,465
Series D, 5.00%, 06/01/25		10,000		10,242,872
				47,125,663
Maryland — 4.3%
County of Anne Arundel Maryland GOL, 5.00%, 04/01/27		1,760		1,885,044
County of Anne Arundel MD GOL 5.00%, 10/01/24		4,620		4,671,574
5.00%, 10/01/25		5,755		5,948,717
5.00%, 04/01/26		8,300		8,672,911
5.00%, 10/01/26		6,270		6,632,045
5.00%, 10/01/27		5,765		6,246,784
County of Baltimore MD GO 5.00%, 03/01/24		50		50,000
5.00%, 03/01/26		180		187,720
5.00%, 03/01/27		2,025		2,164,735
County of Frederick MD GO 5.00%, 10/01/24		1,160		1,172,484
Series A, 5.00%, 10/01/25		5,395		5,570,691
Series A, 5.00%, 10/01/26		3,100		3,279,002
County of Howard Maryland GO 5.00%, 02/15/25		1,145		1,166,302
5.00%, 02/15/27		1,205		1,286,708
Series A, 5.00%, 08/15/26		505		532,475
Series D, 5.00%, 02/15/26		290		302,006
County of Montgomery MD GO 4.00%, 11/01/26		10		10,329
4.00%, 11/01/27		305		319,885
4.00%, 11/01/32 (PR 11/01/24)		4,575		4,601,969
5.00%, 11/01/25		13,110		13,562,583
5.00%, 08/01/27		9,380		10,124,417
5.00%, 11/01/27		705		765,398
Series A, 4.00%, 11/01/31 (PR 11/01/24)		8,840		8,892,111
Series A, 5.00%, 11/01/24		4,850		4,910,237
Series A, 5.00%, 08/01/25		2,335		2,401,996
Series A, 5.00%, 11/01/25 (PR 11/01/24)		235		237,903
Series A, 5.00%, 11/01/26		2,095		2,220,572
Series B, 4.00%, 11/01/24		8,000		8,047,680
Series B, 5.00%, 11/01/24		2,805		2,839,838
Series B, 5.00%, 11/01/25 (Call 11/01/24)		825		834,555
Series C, 5.00%, 10/01/24		10,000		10,107,625
Series C, 5.00%, 10/01/25		1,515		1,564,337
County of Prince George’s MD GO 5.00%, 09/15/25		540		557,035
Series A, 5.00%, 09/15/24		1,195		1,206,005

Security	Par (000)		Value
Maryland (continued)
County of Prince George’s MD GOL 4.00%, 09/01/25 (Call 09/01/24)	$	65	$	65,351
5.00%, 07/15/25		3,455		3,550,608
5.00%, 07/15/26		11,715		12,326,905
5.00%, 07/15/27		8,500		9,165,060
5.00%, 09/15/27		110		119,071
Series A, 5.00%, 07/15/26		2,510		2,641,104
Series B, 5.00%, 07/15/25		175		179,843
Maryland Stadium Authority RB, 5.00%, 05/01/46 (PR 05/01/26) (ST INTERCEPT)		10,000		10,457,103
Maryland State Transportation Authority RB, 5.00%, 07/01/28		2,000		2,198,609
State of Maryland Department of Transportation RB 4.00%, 09/01/25		3,370		3,420,447
4.00%, 11/01/25 (Call 11/01/24)		1,010		1,016,164
4.00%, 09/01/26		2,610		2,687,447
4.00%, 12/15/27 (Call 03/21/24)		250		250,033
5.00%, 09/01/24		470		474,314
5.00%, 10/01/24		6,880		6,954,439
5.00%, 09/01/25		4,755		4,895,763
5.00%, 10/01/25		6,730		6,941,807
5.00%, 12/01/25		2,690		2,784,966
5.00%, 10/01/26		960		1,014,696
5.00%, 10/01/27 (Call 10/01/26)		10,570		11,181,628
5.00%, 12/01/28		1,725		1,912,863
Series A, 5.00%, 10/01/26		9,545		10,088,823
Series B, 5.00%, 12/01/24		5,725		5,806,298
State of Maryland GO 3.00%, 08/01/27		1,300		1,305,716
4.00%, 06/01/27 (Call 06/01/24)		45		45,014
5.00%, 08/01/27		2,570		2,773,961
5.00%, 03/15/28		10,800		11,827,905
5.00%, 08/01/28		3,535		3,904,231
5.00%, 03/15/29		3,250		3,637,881
First Series, 4.00%, 06/01/25 (Call 06/01/24)		1,180		1,181,486
First Series, 5.00%, 06/01/24		6,100		6,125,890
First Series, 5.00%, 03/15/26		2,010		2,097,318
First Series, 5.00%, 06/01/26 (Call 06/01/24)		475		477,078
First Series, 5.00%, 03/15/27		245		262,141
Second Series, 5.00%, 08/01/27		1,245		1,343,806
Second Series A, 5.00%, 08/01/28		6,695		7,394,294
Second Series B, 5.00%, 08/01/25		3,360		3,455,936
Series A, 5.00%, 03/15/24		1,865		1,865,963
Series A, 5.00%, 03/15/25		11,080		11,303,894
Series A, 5.00%, 08/01/25		590		606,846
Series A, 5.00%, 08/01/26		1,730		1,822,351
Series A, 5.00%, 03/01/27		1,000		1,069,005
Series A, 5.00%, 03/15/27		180		192,593
Series A, 5.00%, 08/01/27		11,350		12,250,761
Series A, 5.00%, 03/15/28		1,565		1,713,951
Series B, 4.00%, 08/01/25		160		162,377
Series B, 5.00%, 08/01/25		2,820		2,900,517
Series B, 5.00%, 08/01/26		4,980		5,245,842
Series C, 3.00%, 08/01/26		19,185		19,244,652
Series C, 5.00%, 08/01/24		1,780		1,793,214
Washington Suburban Sanitary Commission RB 4.00%, 06/01/37 (PR 06/01/24) (GTD)		5,360		5,369,480
4.00%, 06/01/41 (PR 06/01/24) (GTD)		1,000		1,001,769
4.00%, 06/01/42 (PR 06/01/24) (GTD)		2,000		2,003,537
4.00%, 06/01/43 (PR 06/01/24) (GTD)		8,020		8,034,185
4.00%, 06/01/44 (PR 06/01/24) (GTD)		4,100		4,107,252

96 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Maryland (continued)
5.00%, 06/01/24	$	100	$	100,402
5.00%, 06/01/24 (GTD)		175		175,807
5.00%, 06/15/24 (GTD)		175		175,944
5.00%, 12/01/24 (GTD)		5,255		5,329,236
5.00%, 06/01/25 (GTD)		1,515		1,552,355
5.00%, 06/15/25 (GTD)		2,500		2,563,821
5.00%, 12/01/25 (GTD)		2,060		2,134,505
5.00%, 06/01/26		6,475		6,792,882
5.00%, 06/01/26 (GTD)		9,610		10,081,790
5.00%, 06/01/27 (GTD)		3,545		3,811,484
5.00%, 12/01/27 (GTD)		120		130,534
				382,476,621
Massachusetts — 4.7%
Boston Water & Sewer Commission RB 3.50%, 11/01/30 (PR 11/01/24)		4,750		4,762,968
3.50%, 11/01/31 (PR 11/01/24)		4,000		4,010,920
3.50%, 11/01/32 (PR 11/01/24)		5,000		5,013,651
3.75%, 11/01/33 (PR 11/01/24)		5,000		5,021,725
3.75%, 11/01/34 (PR 11/01/24)		5,000		5,021,725
3.75%, 11/01/35 (PR 11/01/24)		5,000		5,021,725
City of Boston MA GO 5.00%, 04/01/24		90		90,123
5.00%, 03/01/25		25		25,514
5.00%, 04/01/26		20		20,998
5.00%, 11/01/27		1,000		1,094,468
Series A, 5.00%, 11/01/24		5,000		5,065,705
Series A, 5.00%, 11/01/25		14,320		14,842,683
Series A, 5.00%, 04/01/26 (Call 04/01/25)		4,000		4,096,053
Series A, 5.00%, 11/01/26		13,645		14,549,786
Series D, 5.00%, 03/01/26		200		209,331
Commonwealth of Massachusetts GOL 4.00%, 07/01/26		205		210,680
5.00%, 09/01/24		35		35,321
5.00%, 09/01/25		1,000		1,030,786
5.00%, 09/01/26 (Call 09/01/25)		4,455		4,603,852
5.00%, 07/01/27		8,435		9,083,884
5.00%, 09/01/27		2,430		2,627,155
5.00%, 03/01/28		2,310		2,526,745
5.00%, 05/01/28		2,000		2,195,738
5.00%, 03/01/29		10,000		11,179,401
Series A, 5.00%, 07/01/24		215		216,263
Series A, 5.00%, 03/01/25		9,105		9,283,243
Series A, 5.00%, 07/01/25		15		15,404
Series A, 5.00%, 01/01/26		1,040		1,080,269
Series A, 5.00%, 03/01/26		3,060		3,191,236
Series B, 5.00%, 07/01/24		6,805		6,844,976
Series B, 5.00%, 07/01/25		2,675		2,746,990
Series B, 5.00%, 11/01/25		2,055		2,126,281
Series B, 5.00%, 07/01/26		2,945		3,094,489
Series B, 5.00%, 07/01/27		3,865		4,162,325
Series B, 5.25%, 09/01/24 (AGM)		9,520		9,623,103
Series B, 5.25%, 09/01/25 (AGM)		5,110		5,292,670
Series C, 5.00%, 08/01/24		1,235		1,244,269
Series C, 5.00%, 10/01/24		270		272,921
Series C, 5.00%, 08/01/25		9,405		9,676,164
Series C, 5.00%, 10/01/25		2,240		2,313,297
Series C, 5.00%, 05/01/26		3,830		4,008,352
Series C, 5.00%, 05/01/27		1,965		2,108,026
Series C, 5.00%, 10/01/27		150		162,482
Series D, 5.00%, 04/01/25		2,015		2,058,044
Series D, 5.00%, 07/01/27		2,475		2,665,396

Security	Par (000)		Value
Massachusetts (continued)
Series E, 3.00%, 12/01/25	$	385	$	384,769
Series E, 3.00%, 12/01/26		500		500,074
Series E, 5.00%, 11/01/24		1,075		1,088,422
Series E, 5.00%, 11/01/25		1,865		1,929,691
Series E, 5.00%, 11/01/25 (AMBAC)		7,430		7,687,721
Series E, 5.00%, 11/01/26		2,560		2,712,089
Series G, 5.00%, 09/01/25		50		51,539
Series H, 5.00%, 12/01/24		2,295		2,327,590
Series HH, 5.00%, 12/01/26		1,195		1,268,636
Commonwealth of Massachusetts Transportation Fund Revenue RB, Series A, 5.00%, 06/01/25		4,225		4,329,697
Massachusetts Bay Transportation Authority Assessment Revenue RB, Series A, 5.00%, 07/01/25		3,515		3,609,133
Massachusetts Bay Transportation Authority Sales Tax Revenue RB
5.00%, 07/01/27 (PR 07/01/25)		1,285		1,318,568
Series A, 5.00%, 07/01/26		6,070		6,386,534
Series A, 5.25%, 07/01/28		9,000		10,028,797
Series A-1, 5.00%, 07/01/24		1,375		1,383,077
Massachusetts Clean Water Trust (The) RB 5.00%, 08/01/24		645		649,841
5.00%, 08/01/25		14,860		15,288,736
5.00%, 02/01/27		8,165		8,731,009
5.00%, 02/01/28		3,105		3,401,791
Series 2017, 5.00%, 08/01/24		245		246,879
Massachusetts Development Finance Agency RB 5.00%, 07/15/24		20		20,132
5.00%, 07/15/27 (Call 07/15/26)		280		295,163
Series A, 5.00%, 10/15/25		11,440		11,846,859
Series A, 5.00%, 10/15/26		12,965		13,740,448
Series U, 5.00%, 07/01/25		1,435		1,473,997
Massachusetts School Building Authority RB 5.00%, 11/15/24		2,005		2,032,333
Series A, 5.00%, 11/15/41 (PR 11/15/25)		4,750		4,909,724
Series A, 5.00%, 11/15/45 (PR 11/15/25)		12,960		13,395,793
Series A, 5.00%, 02/15/49 (PR 02/15/26)		15,360		16,010,981
Series C, 5.00%, 08/15/24		740		746,294
Series C, 5.00%, 08/15/25		265		273,340
Series D, 4.75%, 08/15/32 (PR 08/15/25)		2,285		2,339,419
Massachusetts State College Building Authority RB
Series A, 5.00%, 05/01/38 (PR 05/01/25) (HERBIP)		5,000		5,112,433
Series A, 5.00%, 05/01/41 (PR 05/01/25) (ST HGR ED INTERCEPT PROG)		2,960		3,026,561
Series B, 5.00%, 05/01/44 (PR 05/01/24) (HERBIP) .		3,935		3,945,186
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, 5.00%, 01/01/27		9,900		10,532,225
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue RB, 5.00%, 01/01/27		4,975		5,301,106
Massachusetts Water Resources Authority 5.00%, 08/01/24		55		55,415
5.00%, 08/01/24 (ETM)		115		115,835
5.00%, 08/01/26		255		268,857
5.00%, 08/01/26 (ETM)		745		783,700
Massachusetts Water Resources Authority RB 5.00%, 08/01/24 (ETM)		105		105,762
5.00%, 08/01/25		1,160		1,193,283
5.00%, 08/01/31 (PR 08/01/24)		2,195		2,211,832
5.00%, 08/01/37 (PR 08/01/26)		1,250		1,317,925
Series B, 5.00%, 08/01/40 (PR 08/01/26)		5,080		5,353,612
Series B, 5.25%, 08/01/25 (AGM)		825		851,496

S C H E D U L E  O F   I N V E S T M E N T S 97

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts (continued)
Series B, 5.25%, 08/01/28 (AGM)	$	11,010	$	12,293,758
Series C, 5.00%, 08/01/24		1,440		1,450,866
Series C, 5.00%, 08/01/34 (PR 08/01/26)		10,000		10,538,606
Series C, VRDN, 5.00%, 08/01/40 (PR 08/01/26)		16,155		17,025,118
Series F, 4.00%, 08/01/41 (PR 08/01/24)		6,950		6,974,784
University of Massachusetts Building Authority RB 5.00%, 11/01/27		11,010		11,957,249
Series 1, 5.00%, 11/01/44 (PR 11/01/24)		2,000		2,023,530
Series 2021-1, 5.00%, 11/01/24		175		177,208
				417,552,560
Michigan — 1.1%
Chippewa Valley Schools GO, Series A, 5.00%, 05/01/25 (Q-SBLF)		395		403,429
Great Lakes Water Authority Water Supply System Revenue RB, Series C, 5.00%, 07/01/26		640		668,951
Michigan Finance Authority RB 5.00%, 07/01/26 (Call 07/01/24) (AGM)		7,410		7,448,696
5.00%, 07/01/27 (Call 07/01/24) (NPFGC)		2,000		2,007,970
5.00%, 10/01/27 (Call 10/01/26)		10,225		10,749,474
Series C-3, 5.00%, 07/01/24 (AGM)		1,610		1,617,568
Series C-3, 5.00%, 07/01/25 (Call 07/01/24) (AGM)		335		336,667
Michigan State Building Authority RB 5.00%, 10/15/27		785		848,269
5.00%, 10/15/28		2,810		3,101,006
Series I, 5.00%, 04/15/24		560		560,903
Series I, 5.00%, 04/15/25		1,010		1,031,428
Series I, 5.00%, 04/15/26		1,395		1,456,398
Michigan State University RB 5.00%, 08/15/26		2,455		2,578,442
5.00%, 02/15/28		2,400		2,611,158
5.00%, 08/15/28		3,750		4,122,099
State of Michigan RB 5.00%, 03/15/24		4,215		4,217,176
5.00%, 03/15/25		1,565		1,596,624
5.00%, 03/15/26		8,810		9,173,218
5.00%, 03/15/27		7,580		8,085,200
State of Michigan Trunk Line Revenue RB 5.00%, 11/15/28		1,500		1,661,769
Series A, 5.00%, 11/15/24		1,120		1,134,025
Series B, 5.00%, 11/15/28		11,165		12,369,104
University of Michigan RB
Series A, 5.00%, 04/01/24		990		991,228
Series A, 5.00%, 04/01/25		3,555		3,628,666
Series A, 5.00%, 04/01/26		5,290		5,519,907
Series A, 5.00%, 04/01/42 (PR 04/01/27)		5,110		5,466,798
Series B, VRDN, 3.26%, 04/01/28 (Put 02/29/24)(a)		3,300		3,300,000
Series C, VRDN, 4.00%, 04/01/49 (Call 04/01/24)(a)		1,000		1,000,023
				97,686,196
Minnesota — 3.5%
City of Minneapolis MN GO 3.00%, 12/01/24		45		44,854
3.00%, 12/01/27 (Call 12/01/24)		25		24,872
4.00%, 12/01/24		1,665		1,676,418
4.00%, 12/01/26		2,235		2,308,022
County of Hennepin MN GO 5.00%, 12/01/25		3,930		4,069,421
5.00%, 12/15/27		85		92,195
Series B, 5.00%, 12/15/26		1,660		1,762,196
Series C, 5.00%, 12/15/26		5,365		5,695,290

Security	Par (000)		Value
Minnesota (continued)
Metropolitan Council GO 5.00%, 03/01/25	$	1,815	$	1,850,353
5.00%, 12/01/26		2,780		2,952,062
Series B, 5.00%, 12/01/24		25,070		25,424,156
Series B, 5.00%, 12/01/25		5,215		5,404,514
Series C, 5.00%, 03/01/26		200		208,538
Minnesota Public Facilities Authority State Revolving Fund RB
5.00%, 03/01/24		7,500		7,500,000
5.00%, 03/01/26		1,910		1,987,390
5.00%, 03/01/28		24,110		26,266,900
5.00%, 03/01/29		18,500		20,589,951
State of Minnesota COP, 5.00%, 11/01/28		3,550		3,924,597
State of Minnesota GO 3.00%, 08/01/24		55		54,885
4.00%, 08/01/27 (Call 08/01/26)		3,910		4,026,866
5.00%, 08/01/24		10,210		10,285,795
5.00%, 08/01/25		1,725		1,774,253
5.00%, 08/01/26		5,210		5,486,872
5.00%, 08/01/27		7,750		8,367,690
5.00%, 09/01/27		315		340,776
5.00%, 10/01/27		2,105		2,281,666
5.00%, 08/01/28		45,165		49,922,266
5.00%, 09/01/28		2,900		3,211,537
Series A, 5.00%, 08/01/24		3,050		3,072,642
Series A, 5.00%, 08/01/25		1,950		2,005,677
Series A, 5.00%, 09/01/25		10,000		10,304,904
Series A, 5.00%, 10/01/25		330		340,695
Series A, 5.00%, 08/01/26		3,205		3,375,322
Series A, 5.00%, 09/01/26		14,215		15,001,434
Series A, 5.00%, 08/01/27		45		48,587
Series B, 5.00%, 09/01/24		5,000		5,045,406
Series B, 5.00%, 08/01/25		115		118,284
Series D, 5.00%, 08/01/24		4,330		4,362,144
Series D, 5.00%, 10/01/24		1,630		1,647,450
Series D, 5.00%, 08/01/25		4,420		4,546,201
Series D, 5.00%, 08/01/26		4,715		4,965,567
Series D, 5.00%, 10/01/26		235		248,509
Series D, 5.00%, 08/01/27 (Call 08/01/26)		180		189,828
Series E, 3.00%, 08/01/24		5,040		5,029,475
State of Minnesota RB 5.00%, 03/01/25		25,000		25,472,190
5.00%, 03/01/26		20,000		20,826,148
University of Minnesota RB 5.00%, 08/01/25		55		56,601
5.00%, 10/01/27		20		21,607
Series B, 5.00%, 12/01/25		6,375		6,611,080
				310,824,086
Mississippi — 0.4%
State of Mississippi GO 5.00%, 11/01/32 (PR 11/01/26)		3,185		3,370,855
5.00%, 10/01/33 (PR 10/01/27)		4,005		4,331,147
Series A, 5.00%, 10/01/26		2,645		2,797,052
Series A, 5.00%, 10/01/27		305		329,837
Series A, 5.00%, 10/01/32 (PR 10/01/27)		6,645		7,186,135
Series A, 5.00%, 10/01/34 (PR 10/01/27)		3,040		3,287,562
Series B, 5.00%, 12/01/35 (PR 12/01/26)		1,015		1,075,057
Series B, 5.00%, 11/01/36 (PR 11/01/26)		2,105		2,227,834
Series C, 5.00%, 10/01/24		725		733,218
Series C, 5.00%, 10/01/26 (Call 10/01/25)		205		211,244

98 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mississippi (continued)
Series F, 5.00%, 11/01/32 (PR 11/01/25)	$	7,535	$	7,788,923
				33,338,864
Missouri — 1.8%
City of Springfield MO Public Utility Revenue RB, 5.00%, 08/01/25		10,000		10,252,052
Metropolitan St Louis Sewer District RB 5.00%, 05/01/29 (PR 05/01/25)		1,300		1,329,233
Series A, 5.00%, 05/01/25		550		562,052
Series A, 5.00%, 05/01/26		3,810		3,980,894
Missouri Highway & Transportation Commission RB 5.00%, 05/01/25		29,220		29,866,987
5.00%, 11/01/25		4,775		4,931,204
5.00%, 05/01/26		27,575		28,859,088
5.00%, 11/01/26		5,230		5,539,332
5.00%, 05/01/27		15,000		16,082,370
Series A, 5.00%, 05/01/24		10,060		10,088,142
Series A, 5.00%, 05/01/26		12,890		13,506,839
Series A, 5.00%, 05/01/26 (Call 05/01/24)		1,575		1,579,153
Missouri State Board of Public Buildings GO, 5.00%, 10/01/27		4,160		4,486,955
Missouri State Board of Public Buildings RB, Series B, 5.00%, 10/01/24		15,000		15,160,579
Park Hill School District of Platte County GO, 3.38%, 03/01/37 (PR 03/01/26) (ST AID DIR DEP)		11,400		11,512,496
				157,737,376
Nebraska — 0.2%
Douglas County School District No. 17/NE GO 4.00%, 06/15/32 (PR 06/15/25)		1,965		1,988,468
4.00%, 06/15/33 (PR 06/15/25)		2,010		2,034,006
4.00%, 06/15/34 (PR 06/15/25)		2,050		2,074,483
4.00%, 06/15/35 (PR 06/15/25)		7,000		7,083,601
Nebraska Public Power District RB 5.00%, 01/01/27		785		833,809
5.00%, 07/01/28 (Call 01/01/28)		2,220		2,413,372
Omaha Public Power District RB 5.00%, 02/01/27 (Call 02/01/26)		1,300		1,351,094
Series B, 5.00%, 02/01/31 (PR 08/01/24)		3,405		3,430,277
				21,209,110
Nevada — 1.1%
Clark County School District GOL 5.00%, 06/15/25		6,875		7,041,773
5.00%, 06/15/27		5,245		5,617,058
Series A, 5.00%, 06/15/24		770		773,588
Series B, 5.00%, 06/15/26		7,835		8,199,141
Series D, 5.00%, 06/15/24		200		200,932
County of Clark Department of Aviation RB 5.00%, 07/01/24		1,615		1,623,171
5.00%, 07/01/26		2,065		2,165,533
County of Clark NV GOL
Series A, 5.00%, 06/01/24		150		150,586
Series A, 5.00%, 11/01/24		1,065		1,077,181
Series B, 5.00%, 11/01/27 (Call 11/01/26)		15,030		15,870,843
County of Clark NV RB, 5.00%, 07/01/26		1,470		1,539,874
County of Washoe NV GOL 5.00%, 07/01/26		5,045		5,290,612
5.00%, 07/01/27		1,535		1,648,009
Las Vegas Valley Water District GOL 5.00%, 06/01/24		3,835		3,851,370
Series A, 5.00%, 06/01/25		13,270		13,592,291

Security	Par (000)		Value
Nevada (continued)
Series A, 5.00%, 06/01/26	$	9,825	$	10,294,223
Series B, 5.00%, 06/01/24		3,000		3,012,806
State of Nevada GOL 5.00%, 08/01/25		5,030		5,172,915
5.00%, 05/01/26		120		125,485
Series B, 5.00%, 11/01/25 (Call 05/01/25)		50		51,156
Series B, 5.00%, 11/01/26 (Call 05/01/25)		520		531,315
Series D, 5.00%, 04/01/24		2,115		2,117,672
Series D, 5.00%, 04/01/25		135		137,841
Series D, 5.00%, 04/01/27 (Call 04/01/25)		155		158,143
State of Nevada Highway Improvement Revenue RB 5.00%, 12/01/24		3,830		3,884,105
5.00%, 12/01/25		270		279,859
				94,407,482
New Hampshire — 0.2%
State of New Hampshire GO 5.00%, 02/15/27		2,475		2,639,196
Series C, 5.00%, 12/01/25		2,810		2,912,602
Series D, 5.00%, 12/01/24		10,000		10,144,958
				15,696,756
New Jersey — 3.9%
County of Monmouth NJ GO 5.00%, 01/15/25		7,275		7,403,330
5.00%, 01/15/26		7,125		7,411,728
5.00%, 01/15/28		4,620		5,047,204
Series B, 5.00%, 01/15/26		4,000		4,160,970
Monmouth County Improvement Authority (The) RB,
Series B, 5.00%, 12/01/24 (GTD)		1,500		1,521,190
New Jersey Economic Development Authority 5.00%, 11/01/27		1,235		1,325,719
5.25%, 06/15/27 (Call 06/15/25)		1,065		1,090,756
5.25%, 06/15/27 (PR 06/15/25)		1,235		1,269,767
5.50%, 06/15/32 (PR 12/15/26)		5,000		5,366,363
New Jersey Economic Development Authority RB 5.00%, 06/15/26		3,875		4,041,997
5.00%, 03/01/28		6,035		6,528,143
5.00%, 06/15/28		6,930		7,527,951
5.00%, 06/15/31 (PR 06/15/27)		1,500		1,613,076
5.00%, 06/15/32 (PR 06/15/27)		1,000		1,075,384
Series B, 5.00%, 11/01/25		5,700		5,871,235
Series B, 5.00%, 11/01/26 (SAP)		2,940		3,091,057
Series BBB, 5.50%, 06/15/30 (PR 12/15/26)		13,160		14,124,269
Series D, 5.00%, 06/15/25		1,000		1,022,120
Series N-1, 5.50%, 09/01/24 (AMBAC)		5,850		5,909,460
Series N-1, 5.50%, 09/01/25 (AGM)		3,475		3,598,120
Series WW, 5.25%, 06/15/31 (PR 06/15/25) (SAP)		1,525		1,567,931
Series XX, 4.25%, 06/15/26 (Call 06/15/25)		715		723,078
Series XX, 5.00%, 06/15/25		13,250		13,543,087
New Jersey Educational Facilities Authority RB 5.00%, 07/01/25		1,640		1,684,999
5.00%, 07/01/26		2,045		2,155,904
5.00%, 03/01/27		19,560		20,950,571
5.00%, 03/01/29		4,800		5,385,287
Series A, 5.00%, 07/01/25		4,565		4,690,258
Series B, 5.00%, 07/01/25		2,290		2,352,835
Series B, 5.00%, 07/01/26		355		374,252
Series C, 5.00%, 03/01/24		450		450,000
Series C, 5.00%, 03/01/26		6,770		7,065,705
New Jersey Transportation Trust Fund Authority RB 0.00%, 12/15/27 (BHAC-CR MBIA)(b)		15,925		14,207,255

S C H E D U L E  O F   I N V E S T M E N T S 99

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New Jersey (continued)
5.00%, 06/15/24	$	5,000	$	5,020,759
5.00%, 12/15/24		17,940		18,167,129
5.00%, 12/15/25		6,130		6,330,341
5.00%, 06/15/28		4,920		5,349,488
5.00%, 12/15/28		1,000		1,098,029
Series A, 0.00%, 12/15/26(b)		765		699,487
Series A, 5.00%, 06/15/24		13,080		13,135,780
Series A, 5.00%, 12/15/24		2,125		2,151,796
Series A, 5.00%, 06/15/25		4,125		4,215,654
Series A, 5.00%, 06/15/26		1,055		1,100,466
Series A, 5.00%, 12/15/26		2,085		2,197,862
Series A, 5.00%, 12/15/27		3,500		3,766,596
Series A, 5.00%, 06/15/28 (Call 06/15/26)		3,700		3,863,964
Series A, 5.00%, 12/15/28		3,505		3,848,590
Series A-1, 5.00%, 06/15/24		4,645		4,664,678
Series A-1, 5.00%, 06/15/27 (Call 06/15/26)		1,325		1,385,875
Series AA, 5.00%, 06/15/24		15,000		15,063,591
Series B, 5.00%, 06/15/27		5,755		6,130,083
Series C, 0.00%, 12/15/24 (AMBAC)(b)		1,175		1,143,577
Series C, 0.00%, 12/15/25 (AMBAC)(b)		17,240		16,253,882
Series C, 0.00%, 12/15/26 (AMBAC)(b)		975		892,724
Series D, 5.00%, 12/15/24		610		617,723
New Jersey Turnpike Authority RB 5.00%, 01/01/25		4,525		4,596,786
5.00%, 01/01/27		2,950		3,135,904
Series C, 5.00%, 01/01/25		3,195		3,245,687
Series C-2, 5.50%, 01/01/25 (AMBAC)		3,540		3,610,459
State of New Jersey GO 2.00%, 06/01/24		4,810		4,783,678
5.00%, 06/01/26 (PR 06/01/25)		420		429,425
5.00%, 06/01/32 (PR 06/01/25)		2,355		2,407,849
Series A, 5.00%, 06/01/24		3,640		3,653,762
Series A, 5.00%, 06/01/26		18,670		19,532,603
Series A, 5.00%, 06/01/27		11,940		12,787,530
Series A, 5.00%, 06/01/28		11,150		12,207,453
				351,640,211
New Mexico — 0.7%
New Mexico Finance Authority RB 5.00%, 06/15/26		2,970		3,117,577
5.00%, 06/15/27 (Call 06/15/24)		5,245		5,264,853
Series A, 5.00%, 06/15/24		6,730		6,762,462
Series A, 5.00%, 06/15/25		2,485		2,547,174
Series A, 5.00%, 06/15/26		2,365		2,480,261
Series E, 5.00%, 06/15/24		1,845		1,854,066
State of New Mexico GO 5.00%, 03/01/24		225		225,000
5.00%, 03/01/26		700		729,191
5.50%, 03/01/28		5,275		5,858,926
Series A, 5.00%, 03/01/24		1,050		1,050,000
Series B, 5.00%, 03/01/24		650		650,000
State of New Mexico Severance Tax Permanent Fund RB
5.00%, 07/01/24		4,800		4,827,258
5.00%, 07/01/25		4,765		4,886,344
5.00%, 07/01/26		15,000		15,737,178
Series A, 5.00%, 07/01/26		5,085		5,334,903
				61,325,193

Security	Par (000)		Value
New York — 12.7%
Battery Park City Authority RB 5.00%, 11/01/28	$	2,000	$	2,231,515
Series D-2, VRDN, 3.30%, 11/01/38 (Put 02/29/24)(a).		1,970		1,970,000
City of New York GO 3.00%, 08/01/26		90		89,823
5.00%, 06/01/24		1,200		1,205,298
5.00%, 08/01/26		11,445		11,982,268
5.00%, 09/01/26		1,245		1,305,896
5.00%, 08/01/27		7,040		7,539,209
5.00%, 11/01/27		16,000		17,219,755
5.00%, 03/01/28		1,750		1,902,786
5.00%, 04/01/28		2,035		2,216,857
5.00%, 08/01/28		9,925		10,887,701
5.00%, 10/01/28		1,125		1,238,443
5.00%, 03/01/29		2,750		3,052,022
5.00%, 04/01/29		4,140		4,602,855
VRDN, 3.65%, 03/01/48 (Put 02/29/24)(a)		10,000		10,000,000
VRDN, 3.65%, 09/01/49 (Put 02/29/24)(a)		8,500		8,500,000
VRDN, 3.78%, 12/01/47 (Put 02/29/24)(a)		20,000		20,000,000
Series 1, 5.00%, 08/01/24		850		856,553
Series 1, 5.00%, 08/01/25		895		918,805
Series 1, 5.00%, 08/01/26		2,480		2,596,420
Series A, 5.00%, 08/01/24		1,965		1,980,149
Series A, 5.00%, 08/01/25		1,365		1,401,306
Series A, 5.00%, 08/01/25 (Call 08/01/24)		1,670		1,682,467
Series A, 5.00%, 08/01/26		1,540		1,612,293
Series A, 5.00%, 08/01/27		335		358,755
Series A-1, 5.00%, 08/01/24		7,470		7,527,588
Series A-1, 5.00%, 08/01/25		2,360		2,422,771
Series A-1, 5.00%, 08/01/26		3,630		3,800,405
Series A-1, 5.00%, 08/01/27		12,680		13,579,143
Series B-1, 5.00%, 08/01/24		1,910		1,924,725
Series B-1, 5.00%, 08/01/25		15,420		15,830,141
Series B-1, 5.00%, 10/01/25		675		695,401
Series B-1, 5.00%, 08/01/26		145		151,807
Series B-1, 5.00%, 08/01/27		3,610		3,865,986
Series C, 5.00%, 08/01/24		14,730		14,843,556
Series C, 5.00%, 08/01/25		7,710		7,915,070
Series C, 5.00%, 08/01/26		3,360		3,517,730
Series C-1, 5.00%, 08/01/24		5,345		5,386,206
Series C-1, 5.00%, 08/01/25		6,135		6,298,179
Series E, 5.00%, 08/01/24		2,660		2,680,507
Series E, 5.00%, 08/01/25		7,550		7,750,815
Series E, 5.00%, 08/01/26		2,645		2,769,165
Series F-1, 4.00%, 03/01/25		7,200		7,266,891
Series F-1, 5.00%, 06/01/25		995		1,018,553
Series F-1, 5.00%, 03/01/26		4,025		4,184,914
Series F-1, 5.00%, 03/01/27		2,710		2,876,907
Series J, 5.00%, 08/01/24		585		589,510
Series J, 5.00%, 08/01/26		720		753,799
Series J-10, 5.00%, 08/01/26		830		868,963
Series J-4, 5.00%, 08/01/24		1,825		1,839,069
Hudson Yards Infrastructure Corp. RB
Series A, 5.00%, 02/15/25		1,820		1,854,545
Series A, 5.00%, 02/15/26		520		542,132
Series A, 5.00%, 02/15/27		10,005		10,692,228
Long Island Power Authority RB 0.00%, 12/01/26 (AGM)(b)		1,500		1,362,662
1.00%, 09/01/25 (Call 04/01/24)		8,075		7,688,736
5.00%, 09/01/28		3,340		3,694,310
Series A, 5.00%, 09/01/26		810		854,612

100 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series A, 5.00%, 09/01/27	$	1,800	$	1,945,415
Series B, VRDN, 0.85%, 09/01/50 (Put 03/01/25)(a)		7,000		6,683,128
Series B, VRDN, 1.50%, 09/01/51 (Put 03/01/26)(a)		390		367,541
Series B, VRDN, 1.65%, 09/01/49 (Put 04/01/24)(a)		1,425		1,407,401
Metropolitan Transportation Authority RB 5.00%, 11/15/26		12,795		13,472,578
Series A-1, 5.00%, 11/15/24		2,000		2,024,363
Series A2, 5.00%, 11/15/25		4,850		5,006,353
Series B, 5.00%, 11/15/24		1,600		1,619,516
Series B, 5.00%, 11/15/25		2,275		2,348,286
Series C, 5.00%, 11/15/25 (PR 11/15/24)		2,175		2,202,231
Series C-1, 5.00%, 11/15/24		13,600		13,765,671
Series C-1, 5.00%, 11/15/25		3,530		3,643,799
Series C-1, 5.00%, 11/15/26		9,430		9,929,786
Series D, 5.00%, 11/15/27 (Call 11/15/26)		1,300		1,365,007
Series D-1, VRDN, 5.00%, 11/15/34 (Put 11/15/24)(a) .		5,000		5,021,714
Series F, 5.00%, 11/15/24		1,000		1,012,182
Series F, 5.00%, 11/15/25		1,880		1,940,607
New York City Municipal Water Finance Authority RB 5.00%, 06/15/25		705		723,625
5.00%, 06/15/26 (PR 06/15/25)		55		56,412
5.00%, 06/15/27 (Call 06/15/25)		10		10,248
5.00%, 06/15/27 (Call 12/15/25)		145		150,212
VRDN, 3.65%, 06/15/49 (Put 02/29/24)(a)		10,000		10,000,000
VRDN, 3.78%, 06/15/53 (Put 02/29/24)(a)		13,570		13,570,000
Series AA1, VRDN, 3.75%, 06/15/50 (Put 02/29/24)(a)		26,100		26,100,000
Series BB2, 4.00%, 06/15/24		2,080		2,084,945
Series BB-2, 5.00%, 06/15/26 (Call 12/15/24)		935		947,226
Series CC-2, 5.00%, 06/15/25		860		882,720
Series CC-2, 5.00%, 06/15/27 (Call 12/15/25)		4,300		4,454,551
Series DD, 5.00%, 06/15/25		8,130		8,344,786
Series DD, VRDN, 3.65%, 06/15/43 (Put 02/29/24)(a) .		15,000		15,000,000
New York City Transitional Finance Authority Building Aid Revenue RB
4.00%, 08/01/25		550		557,315
5.00%, 05/01/24		3,405		3,414,361
5.00%, 07/15/24 (SAW)		150		150,913
5.00%, 08/01/24		275		277,053
5.00%, 07/15/25 (SAW)		125		128,256
5.00%, 08/01/25		1,185		1,217,223
5.00%, 11/01/25		1,510		1,561,436
5.00%, 07/15/26 (SAW)		470		494,329
5.00%, 07/15/26 (ETM) (SAW)		1,565		1,640,967
5.00%, 08/01/26		780		819,453
5.00%, 07/15/27 (SAW)		125		134,780
5.00%, 07/15/27 (Call 07/15/25) (SAW)		170		174,411
5.00%, 11/01/28		12,670		14,036,296
Series B-1, 5.00%, 07/15/27 (SAW)		280		301,908
Series S, 4.00%, 07/15/24 (SAW)		310		310,877
Series S-1, 5.00%, 07/15/25 (SAW)		135		138,647
Series S-3, 5.00%, 07/15/24 (SAW)		1,485		1,494,035
Series S-3, 5.00%, 07/15/25 (SAW)		1,285		1,318,473
Series S-3, 5.00%, 07/15/27 (SAW)		205		221,040
Series S-4A, 5.00%, 07/15/27 (SAW)		150		161,736
New York City Transitional Finance Authority Future Tax Secured Revenue RB
5.00%, 05/01/24		480		481,320
5.00%, 11/01/24		17,170		17,383,250
5.00%, 02/01/25		340		346,000
5.00%, 08/01/25		2,120		2,180,827

Security	Par (000)		Value
New York (continued)
5.00%, 11/01/25	$	9,750	$	10,084,983
5.00%, 05/01/26		2,700		2,823,996
5.00%, 08/01/26		350		367,430
5.00%, 11/01/26		32,810		34,733,237
5.00%, 11/01/26 (Call 05/01/24)		6,800		6,816,292
5.00%, 08/01/27		3,020		3,252,503
5.00%, 11/01/27		32,480		35,179,750
5.00%, 11/01/28		5,560		6,159,574
VRDN, 3.72%, 08/01/41 (Put 02/29/24)(a)		4,420		4,420,000
Series A-1, 5.00%, 08/01/24		2,055		2,070,339
Series A-1, 5.00%, 11/01/25		3,180		3,289,256
Series A-1, 5.00%, 11/01/26		10,545		11,163,121
Series A-4, VRDN, 3.75%, 08/01/45 (Put 03/01/24)(a) .		15,000		15,000,000
Series C, 5.00%, 11/01/24		350		354,347
Series C, 5.00%, 11/01/25		1,450		1,499,818
Series C, 5.00%, 11/01/25 (Call 05/01/25)		995		1,016,861
Series C, 5.00%, 11/01/26		525		555,774
Series C, 5.00%, 11/01/26 (Call 05/01/25)		1,600		1,633,228
Series C, 5.00%, 11/01/26 (Call 11/01/25)		3,475		3,582,981
Series C-4, VRDN, 3.75%, 11/01/36(a)		7,580		7,580,000
New York City Transitional Finance Authority RB, 5.00%, 05/01/28		4,000		4,383,187
New York Power Authority RB 5.00%, 11/15/24 (AGM)		1,475		1,494,801
5.00%, 11/15/25 (AGM)		1,450		1,502,146
New York State Dormitory Authority RB 5.00%, 03/15/25		5,755		5,877,862
5.00%, 09/15/25		1,135		1,170,804
5.00%, 10/01/25		2,240		2,315,400
5.00%, 02/15/26		3,735		3,897,386
5.00%, 02/15/26 (ETM)		1,495		1,556,185
5.00%, 03/15/26		30		31,279
5.00%, 03/15/26 (ETM)		265		276,312
5.00%, 02/15/27		220		234,660
5.00%, 02/15/27 (ETM)		4,595		4,902,706
5.00%, 03/15/28		46,375		50,695,656
5.00%, 03/15/29		11,630		12,994,668
Series 1, 5.00%, 03/15/25		1,900		1,938,034
Series 2015, 5.00%, 03/15/26 (PR 09/15/25)		1,340		1,382,907
Series A, 5.00%, 03/15/24		14,495		14,502,882
Series A, 5.00%, 07/01/24		2,010		2,021,742
Series A, 5.00%, 10/01/24 (SAW)		510		515,197
Series A, 5.00%, 02/15/25		485		494,316
Series A, 5.00%, 03/15/25		11,465		11,709,013
Series A, 5.00%, 03/15/25 (PR 03/15/24)		310		310,165
Series A, 5.00%, 03/15/26		5,780		6,027,760
Series A, 5.00%, 03/15/26 (PR 03/15/25)		2,045		2,088,658
Series A, 5.00%, 03/15/27		15,300		16,391,448
Series A, 5.00%, 03/15/28 (Call 09/15/26)		1,210		1,274,914
Series A, 5.00%, 02/15/29 (Call 02/15/27)		10,000		10,610,583
Series B, 5.00%, 02/15/25		280		285,443
Series C, 5.00%, 03/15/24		6,905		6,908,771
Series C, 5.00%, 03/15/25		2,295		2,342,350
Series C, 5.00%, 03/15/25 (PR 03/15/24)		905		905,501
Series C, 5.00%, 03/15/26		525		548,257
Series C, 5.00%, 03/15/27		4,625		4,952,295
Series D, 5.00%, 02/15/25		7,040		7,172,165
Series D, 5.00%, 02/15/26		1,935		2,013,615
Series E, 5.00%, 03/15/24		2,795		2,796,547
Series E, 5.00%, 02/15/25		2,850		2,905,401
Series E, 5.00%, 03/15/25		300		306,405

S C H E D U L E  O F   I N V E S T M E N T S 101

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York (continued)
Series E, 5.00%, 03/15/26	$	14,425	$	15,042,085
Series E, 5.00%, 03/15/26 (PR 09/15/25)		3,095		3,197,397
New York State Environmental Facilities Corp. RB 4.00%, 06/15/26		25		25,743
5.00%, 06/15/24		425		427,220
5.00%, 06/15/25		2,090		2,146,014
5.00%, 09/15/25 (Call 03/15/25)		1,590		1,625,312
5.00%, 06/15/26 (Call 06/15/24)		415		416,875
5.00%, 06/15/27		7,245		7,815,693
New York State Thruway Authority RB 5.00%, 01/01/27 (Call 01/01/26)		500		517,415
5.00%, 01/01/29		3,710		4,121,491
Series A-1, 5.00%, 03/15/25		4,935		5,030,258
Series A-1, 5.00%, 03/15/26		5,140		5,359,149
Series J, 5.00%, 01/01/25 (Call 05/14/24)		2,620		2,628,143
Series L, 5.00%, 01/01/26		1,300		1,350,101
New York State Urban Development Corp. RB 5.00%, 03/15/24		5,235		5,237,719
5.00%, 03/15/25		6,870		7,009,210
5.00%, 03/15/25 (ETM)		25		25,483
5.00%, 03/15/25 (PR 03/15/24)		130		130,064
5.00%, 03/15/26		30,255		31,545,776
5.00%, 03/15/27		4,020		4,297,612
5.00%, 09/15/27		12,595		13,620,364
5.00%, 09/15/27 (ETM)		12,535		13,562,758
5.00%, 09/15/28		33,000		36,487,542
5.00%, 03/15/29		190		212,295
Series A, 5.00%, 03/15/24		8,270		8,274,295
Series A, 5.00%, 03/15/25		940		959,068
Series A, 5.00%, 03/15/28 (PR 03/15/27)		2,615		2,796,897
Series A-2, 5.50%, 03/15/24 (NPFGC)		3,835		3,837,568
Series C-1, 5.00%, 03/15/26		1,100		1,146,900
Series C-1, 5.00%, 03/15/27		11,400		12,187,258
Series E, 5.00%, 03/15/24		4,110		4,111,569
Series E, 5.00%, 03/15/25		5,175		5,280,101
Series E, 5.00%, 03/15/26		10,000		10,426,359
Port Authority of New York & New Jersey RB 4.00%, 12/01/25		355		361,670
4.00%, 12/01/26		415		429,226
4.00%, 12/01/27		665		697,112
4.00%, 12/01/28		1,500		1,594,009
5.00%, 11/15/26		580		614,751
5.00%, 07/15/27		510		549,050
5.00%, 10/15/27 (Call 10/15/25)		345		355,984
5.00%, 12/01/28		5,835		6,478,731
Series 189, 5.00%, 05/01/26 (Call 05/01/25)		215		219,851
Series 194, 5.00%, 10/15/25		1,050		1,084,817
Series 195, 5.00%, 10/15/26 (Call 10/15/25)		270		278,812
Series 205, 5.00%, 11/15/24		710		719,383
Series 205, 5.00%, 11/15/25		1,220		1,262,846
Sales Tax Asset Receivable Corp. RB
Series A, 5.00%, 10/15/24		1,320		1,335,310
Series A, 5.00%, 10/15/25 (PR 10/15/24)		375		379,349
Triborough Bridge & Tunnel Authority RB 4.00%, 05/15/26		5,000		5,128,614
5.00%, 08/15/24		10,000		10,074,801
5.00%, 11/15/24		200		202,949
5.00%, 11/15/27		9,000		9,766,718
5.00%, 11/15/27 (Call 08/15/27)		11,600		12,520,550
5.00%, 05/15/28		3,500		3,841,476
5.00%, 11/15/28		1,475		1,637,061

Security	Par (000)		Value
New York (continued)
5.00%, 11/15/28 (Call 08/15/28)	$	5,000	$	5,493,500
Series A, 5.00%, 11/15/24		675		683,874
Series A, 5.00%, 11/01/25		2,480		2,562,351
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/24)(a) .		1,925		1,915,339
Series A-2, VRDN, 2.00%, 05/15/45 (Put 05/15/26)(a) .		1,950		1,870,538
Series B, 5.00%, 11/15/25		4,410		4,565,621
Series B-2, VRDN, 5.00%, 05/15/50 (Put 05/15/26)(a).		2,000		2,069,528
Series C 1A, 5.00%, 05/15/25		3,500		3,584,555
Series C-1, 5.00%, 11/15/25		5,530		5,725,144
Series C-1, 5.00%, 11/15/26		4,950		5,245,253
Series C-1B, VRDN, 5.00%, 05/15/51 (Put 05/15/26)(a)		2,500		2,586,910
Utility Debt Securitization Authority RB 5.00%, 12/15/26 (Call 12/15/24)		5,000		5,075,848
5.00%, 12/15/27 (Call 12/15/25)		3,500		3,632,970
5.00%, 12/15/28 (Call 06/15/26)		1,565		1,640,333
5.00%, 12/15/28 (Call 12/15/26)		3,000		3,187,179
Series A, 5.00%, 06/15/28 (Call 06/15/26)		4,965		5,203,997
			1,138,172,066
North Carolina — 3.0%
City of Charlotte NC COP, Series B, 5.00%, 12/01/25		2,305		2,387,171
City of Charlotte NC GO
Series A, 5.00%, 07/01/24		420		422,536
Series A, 5.00%, 06/01/26		1,455		1,526,431
City of Charlotte NC Water & Sewer System Revenue RB 5.00%, 07/01/24		225		226,314
5.00%, 07/01/27 (Call 07/01/25)		1,500		1,538,226
City of Greensboro NC GO 5.00%, 10/01/24		560		566,059
5.00%, 10/01/28		2,360		2,616,234
City of Raleigh NC GO 5.00%, 09/01/26		3,095		3,266,995
Series A, 5.00%, 09/01/25		270		278,073
City of Raleigh NC RB, 5.00%, 06/01/25		125		128,036
City of Winston-Salem NC Water & Sewer System Revenue RB, Series A, 5.00%, 06/01/26		5,045		5,291,554
County of Forsyth NC GO, 4.00%, 03/01/26		130		132,870
County of Guilford NC GO 5.00%, 03/01/24		4,410		4,410,000
5.00%, 03/01/25		5,030		5,125,499
5.00%, 05/01/26		70		73,290
Series B, 5.00%, 05/01/27		1,500		1,609,652
County of Guilford North Carolina GO, 5.00%, 03/01/27		1,000		1,069,005
County of Johnston NC GO, 4.00%, 02/01/26		20		20,417
County of Mecklenburg NC GO 5.00%, 03/01/24		1,600		1,600,000
5.00%, 04/01/25		40		40,850
5.00%, 03/01/26		1,150		1,199,321
5.00%, 12/01/26		1,780		1,890,655
5.00%, 04/01/28 (Call 04/01/25)		5,000		5,107,008
Series A, 5.00%, 12/01/24		835		847,104
Series A, 5.00%, 04/01/27		55		58,908
County of Wake NC GO 5.00%, 04/01/24		11,020		11,034,428
5.00%, 03/01/26		80		83,431
5.00%, 04/01/26		5,845		6,107,610
5.00%, 04/01/27		1,245		1,333,454
5.00%, 05/01/27		10,615		11,390,972
5.00%, 05/01/28		2,515		2,762,184

102 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
North Carolina (continued)
Series A, 5.00%, 03/01/24	$	7,170	$	7,170,000
Series A, 5.00%, 03/01/25		360		367,154
Series A, 5.00%, 02/01/27		10,725		11,440,481
Series A, 5.00%, 03/01/27		2,625		2,806,138
Series C, 5.00%, 03/01/24		4,020		4,020,000
Series C, 5.00%, 03/01/25		2,635		2,687,362
County of Wake NC RB, 5.00%, 03/01/26		1,675		1,745,182
North Carolina Capital Facilities Finance Agency RB
Series B, 5.00%, 10/01/41 (PR 10/01/25)		1,480		1,523,579
Series B, 5.00%, 10/01/55 (PR 10/01/25)		14,305		14,726,218
North Carolina Municipal Power Agency No. 1 RB
Series A, 5.00%, 01/01/26		625		645,139
Series A, 5.00%, 01/01/27 (Call 01/01/26)		1,845		1,908,719
North Carolina Turnpike Authority RB, 5.00%, 01/01/25 .		1,000		1,012,754
State of North Carolina GO 5.00%, 06/01/24		7,805		7,838,316
5.00%, 06/01/28		10,335		11,358,764
Series A, 5.00%, 06/01/25		1,320		1,352,547
Series A, 5.00%, 06/01/26		23,500		24,648,469
Series A, 5.00%, 06/01/27		2,235		2,402,288
Series B, 5.00%, 06/01/24		19,450		19,533,024
Series B, 5.00%, 06/01/25		1,395		1,429,397
Series B, 5.00%, 06/01/27		9,760		10,490,526
State of North Carolina RB 4.00%, 05/01/24		1,925		1,927,262
5.00%, 03/01/24		1,805		1,805,000
5.00%, 05/01/24		9,670		9,696,430
5.00%, 03/01/25		4,880		4,971,211
5.00%, 05/01/25 (Call 05/01/24)		5,000		5,015,463
5.00%, 03/01/26		1,815		1,888,899
5.00%, 05/01/26		340		355,833
5.00%, 05/01/27		210		225,153
5.00%, 05/01/28		2,650		2,904,959
Series A, 5.00%, 05/01/24		3,395		3,404,279
Series A, 5.00%, 05/01/26		435		455,257
Series B, 5.00%, 05/01/24		495		496,353
Series B, 5.00%, 06/01/24		6,020		6,045,550
Series B, 5.00%, 05/01/25		10,605		10,845,911
Series B, 5.00%, 06/01/25		3,535		3,621,727
Series B, 5.00%, 05/01/27		875		938,138
Series B, 5.00%, 05/01/28 (Call 05/01/27)		3,830		4,104,917
Series C, 5.00%, 05/01/24		730		731,995
Series C, 5.00%, 05/01/26 (Call 05/01/24)		535		536,350
Series C, 5.00%, 05/01/27 (Call 05/01/24)		120		120,304
Town of Cary North Carolina GO, 5.00%, 09/01/26		4,590		4,845,075
University of North Carolina at Charlotte (The) RB, 5.00%, 04/01/28 (PR 04/01/25)		1,375		1,403,492
			269,589,902
Ohio — 2.5%
American Municipal Power Inc. RB, 5.00%, 02/15/25		1,605		1,631,693
Cincinnati City School District COP, 5.00%, 12/15/29 (PR 12/15/24)		1,550		1,570,632
City of Columbus OH GO 4.00%, 04/01/27		155		161,179
5.00%, 04/01/25		4,760		4,861,176
5.00%, 04/01/26		930		970,635
5.00%, 04/01/27		820		877,757
5.00%, 07/01/27 (Call 07/01/26)		815		855,478
5.00%, 08/15/28		7,040		7,763,443
Series 1, 5.00%, 07/01/25		820		841,960
Series 1, 5.00%, 07/01/26		1,570		1,648,244

Security	Par (000)		Value
Ohio (continued)
Series 2017-1, 5.00%, 04/01/24	$	9,340	$	9,351,943
Series 3, 5.00%, 02/15/27		5,195		5,545,736
Series A, 4.00%, 04/01/25		265		267,851
Series A, 5.00%, 07/01/24		130		130,759
Series A, 5.00%, 04/01/25		3,015		3,079,085
Series A, 5.00%, 04/01/26		3,070		3,204,139
Series A, 5.00%, 04/01/27		3,000		3,211,306
City of Columbus OH GOL, 5.00%, 04/01/28		1,680		1,837,610
County of Cuyahoga Ohio Sales Tax Revenue RB, 5.00%, 12/01/32 (PR 12/01/24)		3,390		3,436,639
County of Hamilton OH Sewer System Revenue RB,
Series A, 5.00%, 12/01/25		1,295		1,341,165
Northeast Ohio Regional Sewer District RB 4.00%, 11/15/49 (PR 11/15/24)		4,525		4,548,863
5.00%, 11/15/31 (PR 11/15/24)		1,200		1,214,525
5.00%, 11/15/32 (PR 11/15/24)		2,640		2,671,955
5.00%, 11/15/39 (PR 11/15/24)		2,240		2,267,113
5.00%, 11/15/49 (PR 11/15/24)		1,655		1,675,032
Ohio State University (The) RB 5.00%, 12/01/25		1,700		1,763,543
5.00%, 12/01/26		905		957,319
Ohio Water Development Authority RB 5.00%, 06/01/24		185		185,790
5.00%, 06/01/25		1,500		1,536,616
5.00%, 06/01/26		1,970		2,064,083
5.00%, 06/01/27 (Call 12/01/26)		150		158,645
5.00%, 06/01/28 (Call 03/01/28)		8,745		9,537,388
5.00%, 12/01/28		2,000		2,219,700
Series A, 5.00%, 06/01/25		1,650		1,690,277
Series B, 5.00%, 12/01/24		1,020		1,034,409
Ohio Water Development Authority Water Pollution Control Loan Fund RB 5.00%, 06/01/27		165		177,084
Series 2015A, 5.00%, 06/01/24		430		431,836
Series 2015-A, 5.00%, 12/01/24		1,690		1,713,874
Series 2015-A, 5.00%, 12/01/25		2,605		2,698,316
Princeton City School District GO 4.00%, 12/01/31 (PR 12/01/24)		3,255		3,273,744
4.00%, 12/01/32 (PR 12/01/24)		3,000		3,017,276
4.00%, 12/01/33 (PR 12/01/24)		4,125		4,148,754
4.00%, 12/01/34 (PR 12/01/24)		2,100		2,112,093
State of Ohio GO 4.00%, 06/15/25		3,375		3,418,655
4.00%, 06/15/26		2,800		2,875,022
5.00%, 05/01/24		75		75,207
5.00%, 06/15/24		1,615		1,623,118
5.00%, 08/01/25		7,325		7,532,098
5.00%, 08/01/25 (ETM)		20		20,560
5.00%, 09/15/25		3,370		3,474,773
5.00%, 03/01/26		45		46,894
5.00%, 05/01/26 (PR 05/01/25)		8,755		8,951,871
5.00%, 08/01/26		5,685		5,983,035
5.00%, 11/01/26 (PR 05/01/25)		5,000		5,114,734
5.00%, 03/01/27		1,870		1,997,369
5.00%, 03/15/27 (Call 03/15/24)		3,335		3,336,575
5.00%, 05/01/27 (PR 05/01/25)		9,815		10,035,707
5.00%, 06/15/27		405		435,444
5.00%, 03/01/28		2,155		2,355,486
5.00%, 05/01/28 (PR 05/01/24)		5,255		5,268,603
Series A, 5.00%, 09/01/24		105		105,959
Series A, 5.00%, 09/15/24		340		343,364

S C H E D U L E  O F   I N V E S T M E N T S 103

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Ohio (continued)
Series A, 5.00%, 12/15/24	$	6,705	$	6,805,142
Series A, 5.00%, 05/01/25		1,420		1,452,258
Series A, 5.00%, 09/15/25		585		603,188
Series A, 5.00%, 05/01/26		6,215		6,505,747
Series A, 5.00%, 06/15/26		280		293,963
Series A, 5.00%, 02/01/38 (PR 02/01/26)		8,020		8,347,127
Series B, 5.00%, 08/01/24		2,110		2,125,836
Series B, 5.00%, 09/15/24		1,080		1,090,686
Series B, 5.00%, 09/15/25		6,030		6,217,472
Series B, 5.00%, 09/15/26		680		718,315
Series C, 5.00%, 08/01/25		3,250		3,341,887
Series C, 5.00%, 03/15/26		3,200		3,337,724
Series C, 5.00%, 08/01/26		235		247,488
Series C, 5.00%, 08/01/27		35		37,742
Series U, 5.00%, 05/01/25		2,665		2,725,540
Series U, 5.00%, 05/01/26		9,160		9,588,519
Series U, 5.00%, 05/01/27		255		273,400
Serise A, 5.00%, 06/15/24		75		75,377
State of Ohio RB 5.00%, 12/15/25		145		150,304
5.00%, 12/15/26		75		79,617
5.00%, 10/01/28		1,100		1,211,421
Series A, 5.00%, 04/01/26		225		234,369
Upper Arlington City School District GO, Series A, 5.00%, 12/01/48 (PR 12/01/27)		4,125		4,477,895
			226,622,156
Oklahoma — 0.2%
Grand River Dam Authority RB, Series A, 5.00%, 06/01/27 (Call 12/01/26)		295		310,744
Oklahoma Capitol Improvement Authority RB, 5.00%, 07/01/25		2,465		2,522,923
Oklahoma Municipal Power Authority RB, Series A, 5.00%, 01/01/26 (AGM)		6,000		6,206,292
Oklahoma Turnpike Authority RB 5.00%, 01/01/26		810		841,364
5.00%, 01/01/28		5,060		5,480,370
Oklahoma Water Resources Board RB 5.00%, 04/01/24		125		125,153
5.00%, 04/01/24 (OK CERF)		250		250,306
5.00%, 04/01/25		140		142,797
5.00%, 04/01/26 (OK CERF)		575		600,005
			16,479,954
Oregon — 1.9%
City of Portland OR GOL, Series A, 5.00%, 06/01/26		2,665		2,795,241
City of Portland OR Sewer System Revenue RB,
Series A, 5.00%, 06/01/26 (Call 06/01/25)		5,350		5,482,910
City of Portland OR Water System Revenue RB,
Series B, 5.00%, 05/01/26		600		627,426
Clackamas & Washington Counties School District No. 3 GO, 5.00%, 06/15/29 (PR 06/15/25) (GTD)		1,200		1,230,043
Multnomah County School District No. 1 Portland/OR GO 5.00%, 06/15/24 (GTD)		13,600		13,667,211
5.00%, 06/15/25 (GTD)		11,300		11,588,470
5.00%, 06/15/28 (GTD)		15,090		16,579,845
Multnomah County School District No. 7 Reynolds, 0.00%, 06/15/36 (PR 06/15/25) (GTD)(b)		8,500		5,028,137
Oregon State Lottery RB 5.00%, 04/01/26 (Call 04/01/24)		1,700		1,702,304
Series A, 5.00%, 04/01/26 (Call 04/01/25) (MO)		1,575		1,606,131

Security	Par (000)		Value
Oregon (continued)
Series C, 5.00%, 04/01/24	$	4,720	$	4,725,855
Series D, 5.00%, 04/01/26 (Call 04/01/25) (MO)		5,595		5,705,588
Portland Community College District GO 5.00%, 06/15/25		1,615		1,655,612
5.00%, 06/15/27 (Call 06/15/26)		175		183,491
State of Oregon Department of Transportation RB
Series A, 5.00%, 11/15/24		1,065		1,078,632
Series A, 5.00%, 11/15/25		690		713,768
Series A, 5.00%, 11/15/25 (Call 11/15/24)		835		846,153
Series A, 5.00%, 11/15/26		1,080		1,144,129
Series A, 5.00%, 11/15/29 (PR 11/15/24)		1,705		1,727,292
Series A, 5.00%, 11/15/30 (PR 11/15/24)		2,340		2,370,595
Series A, 5.00%, 11/15/31 (PR 11/15/24)		2,500		2,532,687
State of Oregon GO 5.00%, 05/01/24		2,090		2,095,713
5.00%, 06/01/24		325		326,379
5.00%, 05/01/25		2,345		2,398,810
5.00%, 08/01/25		25		25,714
5.00%, 05/01/26		4,295		4,492,245
5.00%, 05/01/27		6,165		6,605,979
5.00%, 05/01/27 (Call 05/01/25)		7,140		7,294,547
5.00%, 06/01/27		3,080		3,306,559
5.00%, 05/01/28		8,275		9,067,719
5.00%, 06/01/28		3,630		3,984,978
5.00%, 08/01/40 (PR 08/01/25)		7,005		7,205,010
Series A, 5.00%, 05/01/24		3,845		3,855,509
Series H, 5.00%, 05/01/24		85		85,232
Series I, 5.00%, 08/01/24		330		332,450
Series N, 5.00%, 05/01/26		2,785		2,912,899
Washington & Multnomah Counties School District No. 48J Beaverton GO 5.00%, 06/15/27 (PR 06/15/24) (GTD)		3,850		3,868,034
5.00%, 06/15/28 (PR 06/15/24) (GTD)		5,000		5,023,421
5.00%, 06/15/31 (PR 06/15/24) (GTD)		11,315		11,368,002
5.00%, 06/15/33 (PR 06/15/24) (GTD)		8,045		8,082,684
5.00%, 06/15/34 (PR 06/15/24) (GTD)		8,120		8,158,036
			173,481,440
Pennsylvania — 2.2%
City of Philadelphia PA GO 5.00%, 02/01/28		2,000		2,160,891
Series A, 5.00%, 05/01/24		1,840		1,844,468
Series A, 5.00%, 08/01/24		3,870		3,895,731
Series A, 5.00%, 08/01/25		2,165		2,221,076
City of Philadelphia PA Water & Wastewater Revenue RB 5.00%, 07/01/28 (Call 07/01/25)		2,640		2,693,751
Series A, 5.00%, 07/01/45 (PR 07/01/24)		4,000		4,020,758
Commonwealth of Pennsylvania GO 3.20%, 03/01/29 (Call 03/01/28)		5,000		5,032,781
5.00%, 05/15/24		14,930		14,978,869
5.00%, 05/01/25		5,000		5,110,135
5.00%, 02/01/26		1,170		1,215,508
5.00%, 03/01/27		26,080		27,825,334
5.00%, 05/01/27		200		214,180
5.00%, 10/01/27		14,800		15,999,974
5.00%, 03/01/28		25,220		27,526,213
First Series, 5.00%, 03/15/24		455		455,224
First Series, 5.00%, 06/15/24		1,650		1,657,828
First Series, 5.00%, 07/01/24		1,175		1,181,519
First Series, 5.00%, 08/15/24		2,140		2,156,770
First Series, 5.00%, 09/15/24		1,705		1,721,062

104 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania (continued)
First Series, 5.00%, 02/01/25 (AGM)	$	1,120	$	1,139,260
First Series, 5.00%, 09/15/25		2,540		2,616,657
First Series, 5.00%, 01/01/26		2,590		2,685,596
First Series, 5.00%, 09/15/26		1,035		1,091,757
First Series, 5.00%, 01/01/27		1,640		1,742,429
Second Series, 5.00%, 09/15/24		1,150		1,160,833
Second Series, 5.00%, 10/15/24 (Call 03/19/24)		680		680,409
Second Series, 5.00%, 01/15/25		3,545		3,601,443
Second Series, 5.00%, 09/15/25		1,105		1,138,349
Second Series, 5.00%, 10/15/25 (Call 03/19/24)		485		485,292
County of Montgomery PA GOL 5.00%, 07/01/25		3,190		3,274,591
5.00%, 07/01/26		2,260		2,377,330
Delaware River Port Authority RB
Series B, 5.00%, 01/01/25		700		710,703
Series B, 5.00%, 01/01/26		1,085		1,125,440
Pennsylvania State University (The) RB, Series EE, 5.00%, 03/01/25		770		785,150
Pennsylvania Turnpike Commission RB 5.00%, 12/01/24		500		506,510
5.00%, 06/01/25		3,000		3,069,537
5.00%, 12/01/25		245		253,522
5.00%, 12/01/26		750		790,920
5.00%, 06/01/27 (Call 06/01/26)		19,700		20,505,127
VRDN, 3.30%, 12/01/38 (Put 03/01/24)(a)		3,730		3,730,000
Series A2, 5.00%, 12/01/25		1,300		1,345,221
Series A-2, 5.00%, 12/01/26		935		989,815
Township of Lower Merion PA GO, Series A, 5.00%, 01/15/25		1,380		1,401,617
University of Pittsburgh-of the Commonwealth System of Higher Education RB, 4.00%, 04/15/26 (Call 02/15/26)		13,690		13,989,774
			193,109,354
Rhode Island — 0.1%
Rhode Island Commerce Corp. RB 5.00%, 05/15/28		3,200		3,501,519
Series A, 5.00%, 06/15/24		4,420		4,439,972
			7,941,491
South Carolina — 0.7%
Beaufort County School District/SC GO 5.00%, 03/01/24 (SCSDE)		10,160		10,160,000
5.00%, 03/01/28 (SCSDE)		4,155		4,533,300
Charleston Educational Excellence Finance Corp. RB, 5.00%, 12/01/28		1,545		1,707,439
City of Charleston SC Waterworks & Sewer System Revenue RB 5.00%, 01/01/31 (PR 01/01/25)		1,120		1,137,309
5.00%, 01/01/32 (PR 01/01/25)		2,000		2,030,909
5.00%, 01/01/33 (PR 01/01/25)		4,160		4,224,290
5.00%, 01/01/34 (PR 01/01/25)		2,510		2,548,790
City of Columbia SC Waterworks & Sewer System Revenue RB, 5.00%, 02/01/27		70		74,508
County of Charleston SC GO, 5.00%, 11/01/26		3,000		3,179,023
County of Richland SC GO, Series A, 5.00%, 03/01/27 .		290		310,011
Greenville County School District RB, 5.00%, 12/01/28 .		2,500		2,767,551
South Carolina Public Service Authority RB
Series A, 5.00%, 12/01/26		625		652,881
Series B, 5.00%, 12/01/24		1,000		1,008,690
South Carolina Transportation Infrastructure Bank RB
Series A, 5.00%, 10/01/24		2,425		2,450,683

Security	Par (000)		Value
South Carolina (continued)
Series A, 5.00%, 10/01/25	$	1,645	$	1,697,799
Series B, 5.00%, 10/01/26		8,620		9,091,303
Series-B, 5.00%, 10/01/25		6,365		6,569,296
State of South Carolina GO 5.00%, 04/01/24 (SAW)		25		25,032
Series A, 5.00%, 04/01/24		10,715		10,728,701
			64,897,515
Tennessee — 1.2%
City of Memphis TN Electric System Revenue RB, 5.00%, 12/01/34 (PR 12/01/24)		1,000		1,012,652
City of Memphis TN GO 5.00%, 05/01/24		4,950		4,963,211
5.00%, 06/01/25		6,260		6,412,038
County of Hamilton TN GO 5.00%, 12/01/24		2,435		2,468,859
Series A, 5.00%, 04/01/24		1,940		1,942,436
Series A, 5.00%, 01/01/26		6,960		7,229,493
County of Montgomery TN GO 5.00%, 04/01/25		160		163,401
5.00%, 04/01/27		215		229,749
5.00%, 06/01/27		2,275		2,440,878
County of Shelby TN GO 5.00%, 04/01/25		565		577,130
Series A, 5.00%, 04/01/25		5,520		5,638,508
County of Williamson TN GO, 5.00%, 05/01/27		2,765		2,966,256
County of Wilson TN GO, 5.00%, 04/01/24		1,505		1,506,924
Metropolitan Government of Nashville & Davidson County TN Electric Revenue RB, Series B, 5.00%, 05/15/24		245		245,841
Metropolitan Government of Nashville & Davidson County TN GO 4.00%, 01/01/26		7,725		7,886,290
5.00%, 01/01/26		520		540,040
5.00%, 07/01/26		645		677,294
5.00%, 01/01/27		2,210		2,348,030
5.00%, 07/01/27		2,075		2,230,505
Series C, 5.00%, 01/01/26		5,000		5,192,695
Metropolitan Government of Nashville & Davidson County TN Water & Sewer Revenue RB
Series B, 5.00%, 07/01/24		405		407,326
Series B, 5.00%, 07/01/25		940		964,803
Series B, 5.00%, 07/01/26		1,575		1,653,493
State of Tennessee GO 5.00%, 02/01/25		1,000		1,017,647
5.00%, 08/01/25		1,705		1,753,205
5.00%, 09/01/25		25		25,755
5.00%, 08/01/26		740		779,503
5.00%, 08/01/29 (PR 08/01/25)		3,000		3,083,981
5.00%, 08/01/31 (PR 08/01/25)		3,010		3,094,260
Series A, 5.00%, 08/01/24		475		478,546
Series A, 5.00%, 08/01/25		120		123,393
Series A, 5.00%, 08/01/26		30		31,601
Series A, 5.00%, 09/01/26		2,420		2,554,484
Series A, 5.00%, 11/01/26		2,615		2,771,740
Series A, 5.00%, 08/01/27 (Call 08/01/26)		2,980		3,144,904
Series A, 5.00%, 11/01/27		3,080		3,343,865
Series A, 5.00%, 08/01/28 (PR 08/01/25)		2,230		2,292,426
Series A, 5.00%, 08/01/30 (PR 08/01/25)		1,365		1,403,211
Series B, 5.00%, 08/01/24		20		20,149
Series B, 5.00%, 08/01/27 (Call 08/01/26)		3,060		3,225,663

S C H E D U L E  O F   I N V E S T M E N T S 105

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Tennessee (continued)
Tennessee State School Bond Authority 5.00%, 11/01/24 (ST INTERCEPT)	$	3,440	$	3,480,472
5.00%, 11/01/25 (ST INTERCEPT)		3,845		3,975,206
5.00%, 11/01/27		100		108,276
Tennessee State School Bond Authority RB 5.00%, 11/01/27 (ST INTERCEPT)		6,255		6,774,918
5.00%, 11/01/29 (PR 11/01/25) (ST INTERCEPT)		5,500		5,685,346
			108,866,403
Texas — 8.9%
Alamo Community College District GOL, 5.00%, 02/15/27		3,110		3,312,680
Allen Independent School District GO, 5.00%, 02/15/25 (PSF)		1,170		1,190,777
Arlington Independent School District/Texas GO, 5.00%, 02/15/27 (PSF)		685		729,441
Austin Independent School District GO 5.00%, 08/01/24 (PSF)		500		503,651
5.00%, 08/01/25 (PSF)		1,535		1,578,184
5.00%, 08/01/26 (PSF)		965		1,014,898
5.00%, 08/01/27		1,350		1,455,306
5.00%, 08/01/27 (PSF)		80		86,105
5.00%, 08/01/28 (PSF)		7,975		8,772,972
Board of Regents of the University of Texas System RB 5.00%, 08/15/27		100		107,795
5.00%, 08/15/27 (Call 08/15/26)		155		163,659
5.00%, 08/15/28		245		270,068
Series A, 5.00%, 08/15/28		5,060		5,577,735
Series B, 5.00%, 08/15/25		675		694,205
Series B, 5.00%, 08/15/26		6,940		7,305,777
Series B, VRDN, 3.26%, 08/01/33 (Put 02/29/24)(a)		10,000		10,000,000
Series C, 5.00%, 08/15/24		400		403,241
Series C, 5.00%, 08/15/25		3,230		3,321,901
Series C, 5.00%, 08/15/26		4,990		5,253,001
Series D, 5.00%, 08/15/24		4,635		4,672,561
Series D, 5.00%, 08/15/26		675		710,576
Series E, 5.00%, 08/15/24		205		206,661
Series E, 5.00%, 08/15/26		945		994,807
Series E, 5.00%, 08/15/27		135		145,524
Series I, 5.00%, 08/15/24		2,520		2,540,421
Series J, 5.00%, 08/15/24		3,205		3,230,972
Series J, 5.00%, 08/15/25		385		395,954
Series J, 5.00%, 08/15/26		4,370		4,600,323
Carrollton-Farmers Branch Independent School District GO, 5.00%, 02/15/28		15,135		16,472,542
Central Texas Regional Mobility Authority RB
Series A, 5.00%, 01/01/40 (PR 07/01/25)		5,330		5,462,234
Series A, 5.00%, 01/01/45 (PR 07/01/25)		13,095		13,419,878
Central Texas Turnpike System RB, 0.00%, 08/15/24(b) .		2,505		2,467,435
City of Austin TX Electric Utility Revenue RB, 5.00%, 11/15/26		3,310		3,503,000
City of Austin TX GOL 5.00%, 09/01/24		8,750		8,828,178
5.00%, 09/01/25		525		540,774
5.00%, 09/01/25 (ETM)		5		5,131
5.00%, 09/01/26 (Call 09/01/25)		2,300		2,367,073
City of Austin TX Water & Wastewater System Revenue RB 5.00%, 11/15/26		2,045		2,164,240
5.00%, 11/15/28		1,870		2,069,925
5.00%, 11/15/28 (Call 11/15/27)		1,835		1,983,615

Security	Par (000)		Value
Texas (continued)
City of Dallas TX Waterworks & Sewer System Revenue RB, 5.00%, 10/01/25	$	14,945	$	15,373,436
City of Fort Worth TX Water & Sewer System Revenue RB, Series A, 5.00%, 02/15/26		360		374,765
City of Houston Texas Airport System Revenue RB, Series D, 5.00%, 07/01/25		875		895,217
City of Houston Texas Combined Utility System Revenue RB 0.00%, 12/01/27 (AGM)(b)		2,000		1,772,381
Series C, 5.00%, 05/15/24		3,765		3,776,497
Series C, 5.00%, 11/15/24		1,095		1,107,954
Series C, 5.00%, 05/15/25 (Call 05/15/24)		5,315		5,333,796
Series C, 5.00%, 05/15/26 (Call 05/15/24)		13,500		13,546,344
City of Houston Texas GOL 5.00%, 03/01/27 (PR 03/01/24)		6,000		6,000,000
5.00%, 03/01/28 (Call 03/01/26)		19,700		20,438,214
Series A, 5.00%, 03/01/24		1,055		1,055,000
City of San Antonio Texas GOL 5.00%, 08/01/24		160		161,175
5.00%, 08/01/27		125		134,623
City of San Antonio TX Electric & Gas Systems Revenue RB 5.00%, 02/01/25		1,405		1,429,414
Series A, VRDN, 1.75%, 02/01/33 (Put 12/01/24)(a)		215		211,153
City of San Antonio TX GOL, 5.00%, 08/01/24		2,865		2,886,035
Clear Creek Independent School District GO, 5.00%, 02/15/25 (PSF)		980		997,956
Conroe Independent School District GO 5.00%, 02/15/25 (PSF)		2,165		2,203,649
5.00%, 02/15/26 (PSF)		3,570		3,713,664
5.00%, 02/15/28 (PSF)		9,795		10,660,624
Series A, 5.00%, 02/15/27 (PSF)		5,975		6,362,646
Coppell Independent School District GO, 5.00%, 08/15/25 (PSF)		5,995		6,163,852
County of Collin TX GOL, 5.00%, 02/15/26		2,225		2,316,686
County of Dallas TX GOL, 5.00%, 08/15/25		3,325		3,419,127
County of Harris Texas Toll Road Revenue RB, 5.00%, 08/15/25		3,760		3,864,286
County of Harris TX GO 5.00%, 10/01/24		8,280		8,365,799
Series A, 5.00%, 10/01/25		2,320		2,393,015
County of Harris TX RB, 5.00%, 08/15/26 (Call 08/15/25)		670		686,197
County of Williamson TX GO, 5.00%, 02/15/26		1,505		1,567,308
County of Williamson TX GOL 4.00%, 02/15/26		10,000		10,225,808
4.00%, 02/15/27		5,000		5,163,559
4.00%, 02/15/28		10,000		10,446,155
Cypress-Fairbanks Independent School District GO 5.00%, 02/15/25 (PSF)		2,480		2,525,672
5.00%, 02/15/26 (PSF)		5,180		5,390,453
5.00%, 02/15/27		300		319,463
5.00%, 02/15/27 (PSF)		410		436,600
5.00%, 02/15/27 (Call 02/15/26) (PSF)		1,300		1,354,321
Series A, 5.00%, 02/15/26 (PSF)		3,905		4,063,652
Dallas Area Rapid Transit RB 5.00%, 12/01/25		1,230		1,274,273
5.00%, 12/01/27		7,000		7,593,643
Series A, 5.00%, 12/01/24		350		354,428
Series A, 5.00%, 12/01/26 (PR 12/01/25)		1,340		1,386,613

106 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Dallas College GOL 5.00%, 02/15/27	$	3,000	$	3,191,127
5.00%, 02/15/28		3,020		3,283,342
Dallas Fort Worth International Airport RB 5.00%, 11/01/25		2,525		2,607,600
5.00%, 11/01/26		1,590		1,677,755
5.00%, 11/01/28		7,660		8,436,449
Series A, 5.00%, 11/01/24		3,895		3,940,570
Series A, 5.00%, 11/01/26		630		664,771
Dallas Independent School District GO 4.00%, 02/15/27 (PSF)		7,180		7,427,221
4.00%, 08/15/33 (PR 08/15/24) (PSF)		4,635		4,649,481
5.00%, 02/15/26 (Call 02/15/25) (PSF)		810		825,446
5.00%, 02/15/28 (PSF)		2,075		2,263,260
5.00%, 08/15/32 (PR 08/15/24) (PSF)		4,500		4,533,858
5.00%, 08/15/34 (PR 08/15/24) (PSF)		2,100		2,115,800
Denton Independent School District GO, 5.00%, 08/15/28 (PSF)		750		825,082
Fort Bend Independent School District GO 5.00%, 08/15/25 (PSF)		550		565,333
Series C, 5.00%, 08/15/25 (PSF)		375		385,455
Fort Worth Independent School District GO, 5.00%, 02/15/25 (PSF)		1,045		1,063,655
Grand Parkway Transportation Corp. RB, 5.00%, 10/01/52 (Put 04/01/28)		2,800		2,996,979
Houston Independent School District GOL, 5.00%, 02/15/25 (PSF)		1,675		1,705,217
Irving Independent School District GO, 5.00%, 02/15/25 (PSF)		2,000		2,035,140
Katy Independent School District GO 5.00%, 02/15/28 (Call 02/15/27) (PSF)		5,080		5,404,519
Series B, 5.00%, 02/15/27 (PSF)		2,000		2,128,586
Keller Independent School District/TX GO, 5.00%, 08/15/31 (PR 02/15/25) (PSF)		1,040		1,058,748
Leander Independent School District GO 5.00%, 08/15/25 (PSF)		1,200		1,233,799
Series C, 5.00%, 08/15/24 (PSF)		250		251,948
Lewisville Independent School District GO 5.00%, 08/15/25 (PSF)		3,145		3,234,482
5.00%, 08/15/26 (PSF)		2,640		2,777,861
5.00%, 08/15/26 (Call 08/15/25)		115		117,616
5.00%, 08/15/27		430		463,225
Series B, 5.00%, 08/15/25		7,680		7,885,313
North East Independent School District/TX GO 5.00%, 08/01/24 (PSF)		4,095		4,124,564
5.00%, 08/01/25 (PSF)		2,635		2,702,516
5.25%, 02/01/25 (PSF)		5,000		5,095,731
North Texas Municipal Water District Water System Revenue RB, 4.00%, 09/01/24		17,200		17,257,049
North Texas Tollway Authority RB 5.00%, 01/01/25 (Call 04/01/24)		50		50,060
5.00%, 01/01/26 (Call 04/01/24)		50		50,049
6.50%, 01/01/43 (PR 01/01/25)		13,000		13,333,658
Series A, 5.00%, 01/01/25		2,070		2,099,108
Series A, 5.00%, 01/01/25 (Call 04/01/24)		5,520		5,535,453
Series B, 5.00%, 01/01/26		2,410		2,494,599
Series B, 5.00%, 01/01/26 (Call 01/01/25)		260		263,507
Series B, 5.00%, 01/01/27		2,465		2,612,741
Permanent University Fund - Texas A&M University System RB, 5.00%, 07/01/28		1,850		2,033,029

Security	Par (000)		Value
Texas (continued)
Permanent University Fund - University of Texas System RB 5.00%, 07/01/26 (Call 07/01/25)	$	5,000	$	5,132,601
5.00%, 07/01/27		9,750		10,480,687
5.00%, 07/01/27 (Call 07/01/26)		150		156,794
5.00%, 07/01/28		1,305		1,434,671
5.25%, 07/01/28		1,600		1,775,261
Series B, 5.00%, 07/01/24		1,015		1,020,930
Series B, 5.00%, 07/01/25 (Call 07/01/24)		2,680		2,697,713
Pflugerville Independent School District GO 4.00%, 02/15/29 (Call 02/15/24) (PSF)		2,700		2,700,611
5.00%, 02/15/27 (Call 04/01/24)		9,295		9,305,606
Plano Independent School District GO, 5.00%, 02/15/27 (Call 02/15/26) (PSF)		3,540		3,675,627
Round Rock Independent School District GO 5.00%, 08/01/24		4,050		4,079,239
5.00%, 08/01/24 (PSF)		365		367,680
5.00%, 08/01/31 (PR 08/01/25) (PSF)		3,255		3,341,577
5.00%, 08/01/32 (PR 08/01/25) (PSF)		3,420		3,510,966
5.00%, 08/01/33 (PR 08/01/25) (PSF)		3,590		3,685,487
5.00%, 08/01/34 (PR 08/01/25) (PSF)		3,770		3,870,275
5.00%, 08/01/35 (PR 08/01/25) (PSF)		3,355		3,444,237
Series A, 5.00%, 08/01/27 (PSF)		145		155,918
Series A, 5.00%, 08/01/28 (PSF)		630		691,934
San Antonio Water System RB
Series 2013F, VRDN, 1.00%, 05/01/43 (Put 11/01/26)(a)		2,000		1,818,992
Series A, VRDN, 2.63%, 05/01/49 (Put 05/01/24)(a)		7,000		6,981,689
Spring Branch Independent School District GO 5.00%, 02/01/25 (PSF)		520		529,130
5.00%, 02/01/28 (PSF)		3,150		3,425,316
State of Texas GO 4.00%, 10/01/33 (PR 04/01/24)		195		195,083
5.00%, 04/01/24		10,660		10,673,468
5.00%, 08/01/24		2,720		2,740,081
5.00%, 10/01/24		720		727,667
5.00%, 10/01/24 (Call 04/01/24)		9,315		9,326,552
5.00%, 04/01/25 (Call 04/01/24)		3,535		3,539,705
5.00%, 10/01/25		4,050		4,180,625
5.00%, 04/01/26		7,155		7,469,099
5.00%, 04/01/26 (Call 04/01/24)		8,085		8,085,762
5.00%, 10/01/26 (PR 04/01/24)		7,075		7,083,235
5.00%, 10/01/27 (Call 04/01/24)		505		505,086
5.00%, 10/01/34 (PR 04/01/24)		140		140,163
5.00%, 04/01/44 (PR 04/01/24)		405		405,487
VRDN, 3.40%, 12/01/43(a)		4,995		4,995,000
Series A, 5.00%, 10/01/24		1,115		1,126,873
Series A, 5.00%, 04/01/25		1,250		1,276,302
Series A, 5.00%, 10/01/25 (Call 10/01/24)		17,110		17,298,436
Series A, 5.00%, 10/01/26		2,000		2,112,927
Series A, 5.00%, 10/01/26 (Call 10/01/25)		2,845		2,931,438
Series A, 5.00%, 10/01/27 (Call 10/01/25)		7,045		7,259,043
Series A, 5.00%, 10/01/30 (PR 10/01/24)		19,700		19,900,757
Series A, 5.00%, 10/01/44 (PR 10/01/24)		1,415		1,429,420
State of Texas GOL, Series A, 5.00%, 08/01/25		1,430		1,470,630
Tarrant County College District GOL 5.00%, 08/15/24		800		805,877
5.00%, 08/15/25		3,500		3,597,075

S C H E D U L E  O F   I N V E S T M E N T S 107

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Texas (continued)
Tarrant Regional Water District Water Supply System Revenue RB 5.00%, 03/01/27 (Call 03/01/25)	$	1,390	$	1,413,119
5.00%, 03/01/30 (PR 03/01/24)		8,025		8,025,000
Texas A&M University RB 5.00%, 05/15/25		1,660		1,697,735
5.00%, 05/15/26		3,160		3,304,716
5.00%, 05/15/27		8,805		9,431,976
Series C, 5.00%, 05/15/24		330		331,074
Series C, 5.00%, 05/15/26		255		266,678
Series E, 5.00%, 05/15/24		4,785		4,800,567
Series E, 5.00%, 05/15/25		4,780		4,888,660
Texas Public Finance Authority RB, 5.00%, 02/01/27		2,870		3,044,896
Texas State University System RB
Series A, 5.00%, 03/15/25		4,925		5,014,458
Series A, 5.00%, 03/15/26		565		588,294
Texas Transportation Commission GO, VRDN, 0.65%, 10/01/41 (Put 10/01/25)(a)		5,000		4,650,167
Texas Transportation Commission State Highway Fund RB 5.00%, 04/01/33 (PR 04/01/24)		20,000		20,020,986
5.25%, 04/01/25		175		179,179
First Series, 5.00%, 10/01/24		6,250		6,317,266
First Series, 5.00%, 10/01/25		29,190		30,140,590
First Series, 5.00%, 10/01/26		8,920		9,421,372
Series A, 5.00%, 04/01/24		10,670		10,683,644
Series A, 5.00%, 10/01/24		5,500		5,559,194
Series A, 5.00%, 04/01/25 (Call 04/01/24)		7,050		7,060,355
Series A, 5.00%, 10/01/25		1,505		1,554,011
Texas Water Development Board RB 5.00%, 10/15/24		2,600		2,629,986
5.00%, 08/01/25		1,620		1,665,576
5.00%, 04/15/26		725		758,430
5.00%, 08/01/26		600		631,312
5.00%, 10/15/26		805		851,265
5.00%, 08/01/27		420		452,477
5.00%, 10/15/27		1,860		2,013,252
Series A, 5.00%, 04/15/24		1,945		1,948,991
Series B, 5.00%, 04/15/25		1,060		1,082,957
Series B, 5.00%, 04/15/26		335		350,447
Trinity River Authority Central Regional Wastewater System Revenue RB 5.00%, 08/01/28		2,770		3,044,738
5.00%, 08/01/28 (Call 08/01/27)		3,370		3,619,723
			794,672,198
Utah — 1.2%
Alpine School District/UT GO, 5.00%, 03/15/27 (GTD)		6,000		6,412,538
Central Utah Water Conservancy District GOL, 5.00%, 04/01/25		9,525		9,719,326
Intermountain Power Agency RB 5.00%, 07/01/26		1,000		1,049,837
5.00%, 07/01/28		2,000		2,199,591
Series A, 5.00%, 07/01/27		3,500		3,763,455
State of Utah GO 3.00%, 07/01/25		210		209,666
5.00%, 07/01/24		14,775		14,857,939
5.00%, 07/01/25		5,975		6,129,514
5.00%, 07/01/26		6,835		7,175,637
5.00%, 07/01/27 (Call 01/01/27)		25		26,591
Series B, 5.00%, 07/01/24		9,085		9,135,999
Series B, 5.00%, 07/01/25		7,150		7,334,899

Security	Par (000)		Value
Utah (continued)
Series B, 5.00%, 07/01/26	$	3,000	$	3,149,511
Series B, 5.00%, 07/01/27		8,165		8,779,603
University of Utah (The) RB 5.00%, 08/01/27		1,605		1,729,109
Series A, 5.00%, 08/01/25		1,075		1,105,243
Series B-1, 5.00%, 08/01/26 (SAP)		1,500		1,581,150
Utah Transit Authority RB 5.00%, 06/15/34 (PR 06/15/25)		5,000		5,125,179
Series A, 5.00%, 06/15/26 (PR 06/15/25)		5,035		5,161,055
Series A, 5.00%, 06/15/30 (PR 06/15/25)		4,005		4,105,268
Series A, 5.00%, 06/15/37 (PR 06/15/25)		9,480		9,717,338
Series A, 5.00%, 06/15/38 (PR 06/15/25)		2,385		2,444,710
			110,913,158
Vermont — 0.0%
State of Vermont GO, Series A, 5.00%, 08/15/24		3,325		3,353,131
Virginia — 3.5%
City of Alexandria VA GO 5.00%, 12/15/25		5,195		5,389,603
5.00%, 12/15/27		8,115		8,826,312
Series A, 5.00%, 12/15/25 (SAW)		2,775		2,878,950
City of Harrisonburg VA GO, Series A, 5.00%, 07/15/26 (SAW)		7,165		7,529,154
City of Norfolk Virginia GO, 5.00%, 09/01/31 (PR 03/01/27)		1,600		1,705,175
City of Richmond VA GO, 5.00%, 03/01/24 (SAW)		100		100,000
Commonwealth of Virginia GO 5.00%, 06/01/24		1,010		1,014,311
5.00%, 06/01/25		10,000		10,249,170
5.00%, 06/01/26		10,000		10,487,535
Series B, 5.00%, 06/01/26 (Call 06/01/25) (SAW)		11,810		12,098,323
County of Arlington VA GO 5.00%, 08/15/26		1,710		1,803,867
5.00%, 08/15/27 (Call 08/15/26)		75		79,099
5.00%, 06/15/28		560		617,202
Series B, 5.00%, 08/15/25		1,015		1,044,607
County of Chesterfield VA GO, Series B, 5.00%, 01/01/25		1,790		1,818,397
County of Fairfax VA GO 4.00%, 10/01/25		5,825		5,925,643
4.00%, 10/01/26 (SAW)		1,415		1,459,582
4.00%, 10/01/27		150		157,126
4.00%, 10/01/27 (SAW)		3,750		3,928,161
4.00%, 10/01/33 (PR 10/01/24) (SAW)		5,030		5,052,850
5.00%, 10/01/25 (Call 10/01/24) (SAW)		3,525		3,568,468
5.00%, 10/01/26		5,875		6,214,237
Series A, 4.00%, 10/01/24		8,400		8,447,239
Series A, 4.00%, 10/01/24 (SAW)		4,645		4,671,122
Series A, 4.00%, 10/01/25		2,235		2,273,616
Series A, 4.00%, 10/01/26 (Call 04/01/26) (SAW)		235		241,003
Series A, 5.00%, 10/01/28		460		510,364
Series B, 5.00%, 04/01/24 (SAW)		5,330		5,337,183
Series B, 5.00%, 10/01/24 (SAW)		5,545		5,607,534
County of Henrico VA GO, Series A, 5.00%, 08/01/25 (SAW)		1,470		1,511,767
County of Loudoun VA GO 5.00%, 12/01/26 (SAW)		515		546,594
Series A, 5.00%, 12/01/24 (SAW)		255		258,602
Series A, 5.00%, 12/01/25 (SAW)		9,000		9,328,619
Series B, 5.00%, 12/01/24 (SAW)		4,000		4,056,507
Series B, 5.00%, 12/01/25 (SAW)		95		98,469

108 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Virginia (continued)
County of Prince William Virginia GO 3.50%, 08/01/31 (PR 08/01/24)	$	3,090	$	3,093,431
3.50%, 08/01/32 (PR 08/01/24)		3,090		3,093,431
3.50%, 08/01/33 (PR 08/01/24)		590		590,655
3.75%, 08/01/34 (PR 08/01/24)		3,090		3,096,535
3.75%, 08/01/35 (PR 08/01/24)		3,090		3,096,535
Fairfax County Water Authority RB, 5.25%, 04/01/24		5,615		5,623,216
Hampton Roads Transportation Accountability Commission RB, 5.00%, 07/01/52 (PR 01/01/28)		6,000		6,534,943
Upper Occoquan Sewage Authority RB, 4.00%, 07/01/39 (PR 07/01/25)		1,000		1,012,581
Virginia College Building Authority RB 5.00%, 02/01/25		1,675		1,704,861
5.00%, 02/01/26		8,170		8,504,793
5.00%, 02/01/27		28,055		29,950,765
5.00%, 02/01/27 (Call 02/01/26)		515		534,852
Series A, 5.00%, 02/01/25		865		880,421
Series A, 5.00%, 02/01/26		11,010		11,461,172
Series A, 5.00%, 09/01/27 (PR 09/01/24) (SAW)		1,000		1,008,642
Series B, 5.00%, 09/01/24		125		126,154
Series E, 5.00%, 02/01/25		2,280		2,320,647
Series E, 5.00%, 02/01/26		465		484,055
Virginia Commonwealth Transportation Board RB 5.00%, 03/15/24		1,610		1,610,826
5.00%, 09/15/24		5,670		5,725,506
5.00%, 03/15/25		2,665		2,718,579
5.00%, 05/15/25		20		20,474
5.00%, 09/15/25		825		850,774
5.00%, 03/15/26		410		427,728
5.00%, 05/15/26 (Call 05/15/24)		350		351,390
5.00%, 09/15/26		365		385,383
5.00%, 09/15/27		180		194,717
5.00%, 03/15/28 (Call 09/15/26)		500		526,198
5.00%, 09/15/28		1,415		1,565,820
Series A, 5.00%, 05/15/24		7,525		7,550,682
Series A, 5.00%, 05/15/25		750		767,762
Series A, 5.00%, 05/15/26		655		685,996
Series A, 5.00%, 05/15/27		5,505		5,909,246
Virginia Public Building Authority RB 5.00%, 08/01/27		50		53,866
Series A, 5.00%, 08/01/26		5,500		5,784,393
Series A-1, 5.00%, 08/01/26		9,005		9,470,630
Series B, 5.00%, 08/01/25		440		452,625
Series B, 5.00%, 08/01/26		4,330		4,553,895
Series B, 5.00%, 08/01/26 (Call 08/01/25)		3,050		3,136,304
Series C, 5.00%, 08/01/24		300		302,215
Virginia Public School Authority RB 3.50%, 08/01/32 (PR 08/01/24) (SAW)		4,925		4,930,468
3.50%, 08/01/33 (PR 08/01/24) (SAW)		4,920		4,925,462
3.75%, 08/01/34 (PR 08/01/24) (SAW)		4,920		4,930,405
3.75%, 08/01/35 (PR 08/01/24) (SAW)		4,920		4,930,405
5.00%, 08/01/24 (SAW)		2,410		2,428,186
5.00%, 02/01/25		1,770		1,801,555
5.00%, 03/01/25 (SAW)		125		127,447
5.00%, 08/01/25		2,415		2,483,616
5.00%, 08/01/26		1,360		1,431,298
5.00%, 08/01/26 (SAW)		2,125		2,238,436
5.00%, 04/15/27		2,745		2,937,567
5.00%, 08/01/28		125		137,617
Series 2022, 5.00%, 01/15/27		5,550		5,916,662

Security	Par (000)		Value
Virginia (continued)
Virginia Resources Authority RB, 5.00%, 11/01/28 (Call 11/01/26)	$	1,085	$	1,148,753
			311,366,966
Washington — 4.9%
Central Puget Sound Regional Transit Authority RB 5.00%, 11/01/26		1,260		1,333,525
Series S-1, 5.00%, 11/01/24		1,535		1,553,562
Series S-1, 5.00%, 11/01/25		2,000		2,067,398
Series S-1, 5.00%, 11/01/26		3,885		4,111,703
Series S-1, 5.00%, 11/01/26 (PR 11/01/25)		2,670		2,757,782
Series S-1, 5.00%, 11/01/31 (PR 11/01/25)		6,065		6,264,401
Series S-1, 5.00%, 11/01/35 (PR 11/01/25)		1,990		2,055,426
Series S-1, 5.00%, 11/01/45 (PR 11/01/25)		7,100		7,333,429
Central Puget Sound Regional Transit Authority Sales & Rental Car Taxes Revenue RB
Series S-1, 5.00%, 11/01/30 (PR 11/01/25)		4,190		4,327,756
Series S-1, 5.00%, 11/01/32 (PR 11/01/25)		2,235		2,308,481
Series S-1, VRDN, 5.00%, 11/01/50 (PR 11/01/25)		15,050		15,544,803
City of Seattle WA Drainage & Wastewater Revenue RB 4.00%, 04/01/26		130		133,025
5.00%, 09/01/24		3,425		3,455,936
5.00%, 09/01/25		8,095		8,340,622
5.00%, 04/01/27 (Call 04/01/26)		1,555		1,622,211
City of Seattle WA GOL 4.00%, 09/01/26		2,000		2,060,321
5.00%, 12/01/24		100		101,383
5.00%, 06/01/25		145		148,540
5.00%, 11/01/26		1,380		1,462,351
5.00%, 12/01/26		2,495		2,646,023
Series A, 5.00%, 04/01/24		3,500		3,504,368
City of Seattle WA Municipal Light & Power Revenue RB 5.00%, 09/01/24		365		368,332
5.00%, 07/01/26		5,000		5,245,726
5.00%, 07/01/27		2,905		3,118,870
5.00%, 03/01/28		13,645		14,871,100
VRDN, 3.79%, 11/01/46 (Put 11/30/23)(a)		20,250		20,250,000
Series A, 5.00%, 07/01/26		1,015		1,064,882
Series C, 5.00%, 09/01/26		3,225		3,397,041
City of Seattle WA Water System Revenue RB, 5.00%, 09/01/24		5,910		5,962,803
County of King WA GOL 5.00%, 01/01/29		1,000		1,111,875
5.00%, 07/01/35 (PR 01/01/25)		860		873,291
5.00%, 07/01/36 (PR 01/01/25)		5,780		5,869,326
Series A, 4.00%, 01/01/27		1,705		1,765,888
Series A, VRDN, 3.60%, 01/01/46 (Put 02/29/24)(a)		20,300		20,300,000
County of King WA Sewer Revenue RB 5.00%, 07/01/24		120		120,642
5.00%, 01/01/28		9,310		10,108,165
5.00%, 07/01/40 (PR 01/01/25)		5,010		5,087,426
5.00%, 07/01/47 (PR 01/01/25)		9,050		9,189,861
County of Snohomish WA GOL 5.00%, 12/01/25		2,000		2,071,298
5.00%, 12/01/26		1,500		1,589,570
Energy Northwest RB 4.00%, 07/01/24		55		55,149
5.00%, 07/01/24		15		15,089
5.00%, 07/01/25		9,360		9,613,129
5.00%, 07/01/26 (Call 07/01/25)		20		20,510

S C H E D U L E  O F   I N V E S T M E N T S 109

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Washington (continued)
5.00%, 07/01/27 (Call 07/01/25)	$	310	$	317,908
5.00%, 07/01/28		15,510		17,044,479
Series A, 5.00%, 07/01/24		1,025		1,031,055
Series A, 5.00%, 07/01/25		1,845		1,894,896
Series A, 5.00%, 07/01/26		2,545		2,671,835
Series C, 5.00%, 07/01/25		3,720		3,820,603
Series C-1, 5.00%, 07/01/25 (Call 07/01/24)		800		804,217
Port of Seattle WA RB 5.00%, 08/01/25		1,865		1,913,306
5.00%, 08/01/26		1,175		1,229,043
5.00%, 08/01/27		2,500		2,672,234
State of Washington, 5.00%, 06/01/24		1,640		1,647,121
State of Washington GO 4.00%, 07/01/26		2,500		2,568,693
4.00%, 08/01/26		120		123,456
5.00%, 07/01/24		22,050		22,180,973
5.00%, 08/01/24		10,000		10,075,868
5.00%, 02/01/25		410		417,346
5.00%, 07/01/25		7,480		7,681,303
5.00%, 02/01/26		3,080		3,205,630
5.00%, 07/01/26 (Call 01/01/26)		2,215		2,294,355
5.00%, 08/01/26 (Call 08/01/25)		30		30,777
5.00%, 02/01/27		165		175,721
5.00%, 07/01/27		95		102,151
5.00%, 07/01/27 (Call 01/01/25)		410		416,538
5.00%, 08/01/27		30		32,320
5.00%, 02/01/28		6,270		6,832,622
5.00%, 06/01/28		18,160		19,935,870
5.00%, 08/01/28		33,700		37,131,101
5.00%, 02/01/29		16,885		18,808,397
Series B, 5.00%, 07/01/24		3,500		3,520,790
Series C, 5.00%, 02/01/26		5,175		5,386,082
Series C, 5.00%, 02/01/27		19,030		20,266,491
Series D, 5.00%, 02/01/27		45		47,924
Series E, 5.00%, 06/01/25		1,000		1,025,027
Series R, 4.00%, 07/01/27		5,000		5,210,067
Series R-2008, 5.00%, 02/01/27		5,015		5,340,854
Series R-2015, 5.00%, 07/01/24		1,870		1,881,107
Series R-2015E, 5.00%, 07/01/24		620		623,683
Series R-2017C, 5.00%, 08/01/24		3,035		3,058,026
Series R-2018C, 5.00%, 08/01/24		2,570		2,589,498
Series R-2018C, 5.00%, 08/01/25		700		720,182
Series R-2018D, 5.00%, 08/01/24		985		992,473
Series R-2018D, 5.00%, 08/01/25		975		1,003,111
Series R-2020C, 5.00%, 07/01/25		4,345		4,461,933
Series R-2020D, 5.00%, 07/01/25		4,535		4,657,046
Series R-F, 5.00%, 07/01/25 (Call 01/01/25)		2,000		2,031,097
Series-R-2020D, 5.00%, 07/01/26		5,335		5,600,881
State of Washington RB, 5.00%, 09/01/24		3,765		3,796,616
University of Washington RB
Series B, 5.00%, 06/01/27 (Call 06/01/25)		5,175		5,291,148
Series C, 5.00%, 04/01/24		1,050		1,051,343
			440,818,216
West Virginia — 0.1%
State of West Virginia GO
Series A, 3.00%, 11/01/25		425		423,957
Series A, 5.00%, 06/01/25		530		543,199
Series A, 5.00%, 06/01/28		4,710		5,158,673

Security	Par (000)		Value
West Virginia (continued)
West Virginia Commissioner of Highways RB, Series A, 5.00%, 09/01/26	$	1,045	$	1,098,942
			7,224,771
Wisconsin — 2.2%
Germantown School District GO 4.00%, 04/01/34 (PR 04/01/27)		4,585		4,781,593
4.00%, 04/01/36 (PR 04/01/27)		6,795		7,086,353
4.00%, 04/01/37 (PR 04/01/27)		7,070		7,373,144
State of Wisconsin Clean Water Fund Leveraged Loan Portfolio RB 5.00%, 06/01/30 (PR 06/01/24)		1,805		1,811,385
5.00%, 06/01/31 (PR 06/01/24)		3,000		3,010,612
State of Wisconsin Environmental Improvement Fund Revenue RB
Series A, 5.00%, 06/01/24		1,615		1,621,854
Series A, 5.00%, 06/01/25		2,340		2,397,986
Series A, 5.00%, 06/01/26		1,405		1,474,290
State of Wisconsin GO 5.00%, 05/01/25		100		102,306
5.00%, 05/01/26		1,835		1,919,271
5.00%, 05/01/26 (Call 05/01/25)		160		163,280
5.00%, 05/01/27		4,830		5,178,523
5.00%, 11/01/27 (Call 05/01/27)		1,205		1,291,067
5.00%, 05/01/28		22,700		24,862,790
5.00%, 05/01/29		4,000		4,474,558
5.00%, 05/01/32 (PR 05/01/25)		17,780		18,172,228
5.00%, 05/01/35 (PR 05/01/24)		2,535		2,541,562
Series 1, 5.00%, 11/01/24		1,530		1,549,002
Series 1, 5.00%, 11/01/25 (Call 05/01/25)		3,320		3,394,850
Series 1, 5.00%, 05/01/26		9,185		9,606,814
Series 2, 5.00%, 11/01/24		11,985		12,133,853
Series 2, 5.00%, 11/01/25		4,955		5,126,056
Series 2, 5.00%, 11/01/26		3,995		4,231,287
Series 2, 5.00%, 11/01/27 (Call 05/01/27)		485		519,641
Series 2021-2, 5.00%, 05/01/25		1,350		1,381,134
Series 4, 5.00%, 05/01/25 (Call 11/01/24)		6,230		6,306,024
Series 4, 5.00%, 05/01/26 (Call 11/01/24)		400		404,890
Series A, 5.00%, 05/01/24		9,305		9,330,581
Series B, 5.00%, 05/01/24		1,010		1,012,777
Series B, 5.00%, 05/01/25		2,465		2,521,848
Series B, 5.00%, 05/01/26		5,725		5,987,917
Series C, 5.00%, 05/01/24		110		110,302
State of Wisconsin RB 5.00%, 05/01/28 (PR 05/01/27)		15,180		16,261,050
Series A, 5.00%, 05/01/24		715		716,908
Series A, 5.00%, 05/01/25		165		168,710
Wisconsin Department of Transportation RB 4.00%, 07/01/25 (Call 07/01/24)		11,200		11,237,056
5.00%, 07/01/27 (Call 07/01/24)		5,930		5,964,255
5.00%, 07/01/34 (PR 07/01/24)		165		165,722
Series 1, 5.00%, 07/01/25		605		621,123
Series 1, 5.00%, 07/01/32 (PR 07/01/24)		1,100		1,106,247
Series 1, 5.00%, 07/01/34 (PR 07/01/24)		3,050		3,067,320
Series 1, 5.00%, 07/01/35 (PR 07/01/24)		2,780		2,795,787
Series 2, 5.00%, 07/01/24		520		523,021
Series A, 5.00%, 07/01/24		5,230		5,260,382
			199,767,359
Total Long-Term Investments — 99.5% (Cost: $8,996,707,946)				8,910,559,174

110 2 0 2 4   I S H A R E S  A N N U A L  R E P O R T   T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Short-Term National Muni Bond ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Liquidity Funds: MuniCash, 2.97%(c)(d)		740,658	$	740,732
Total Short-Term Securities — 0.0% (Cost: $740,732)				740,732
Total Investments — 99.5% (Cost: $8,997,448,678)				8,911,299,906
Other Assets Less Liabilities — 0.5%				48,313,255
Net Assets — 100.0%			$	8,959,613,161

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

^(b)  Zero-coupon bond.

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Liquidity Funds: MuniCash	$	28,996,334	$	—	$	(28,281,551	)(a)	$	28,848	$	(2,899	)	$	740,732		740,658	$	592,181	$	—

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments Municipal Debt Obligations	$	—	$	8,910,559,174	$	—	$	8,910,559,174
Short-Term Securities Money Market Funds		740,732		—		—		740,732
	$	740,732	$	8,910,559,174	$	—	$	8,911,299,906

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 111

Statements of Assets and Liabilities

February 29, 2024

	iShares California Muni Bond ETF			iShares National Muni Bond ETF			iShares New York Muni Bond ETF			iShares Short-Term National Muni Bond ETF
ASSETS
Investments, at value — unaffiliated(a)	$	2,745,526,913		$	36,470,040,563		$	655,881,198		$	8,910,559,174
Investments, at value — affiliated(b)		837,046			3,570,998			731,756			740,732
Cash		176			1,450			31			399
Receivables:
Capital shares sold		5,767,288			17			2,694,452			—
Dividends — affiliated		2,716			56,775			1,163			44,827
Interest — unaffiliated		30,789,497			408,651,614			7,718,300			108,138,329
Total assets		2,782,923,636			36,882,321,417			667,026,900			9,019,483,461
LIABILITIES
Payables:
Investments purchased		25,997,010			89,699,057			4,061,097			59,372,455
Investment advisory fees		173,074			1,465,224			130,674			497,845
Total liabilities		26,170,084			91,164,281			4,191,771			59,870,300
Commitments and contingent liabilities
NET ASSETS	$	2,756,753,552		$	36,791,157,136		$	662,835,129		$	8,959,613,161
NET ASSETS CONSIST OF
Paid-in capital	$	2,779,652,486		$	37,272,930,378		$	674,837,011		$	9,072,596,874
Accumulated loss		(22,898,934	)		(481,773,242	)		(12,001,882	)		(112,983,713	)
NET ASSETS	$	2,756,753,552		$	36,791,157,136		$	662,835,129		$	8,959,613,161
NET ASSET VALUE
Shares outstanding		47,800,000			340,900,000			12,300,000			85,250,000
Net asset value	$	57.67		$	107.92		$	53.89		$	105.10
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	2,752,529,157		$	36,656,684,634		$	662,088,703		$	8,996,707,946
(b) Investments, at cost — affiliated	$	837,046		$	3,570,998		$	731,756		$	740,732

See notes to financial statements.

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Statements of Operations

Year Ended February 29, 2024

	iShares California Muni Bond ETF			iShares National Muni Bond ETF			iShares New York Muni Bond ETF			iShares Short-Term National Muni Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	81,198		$	941,895		$	97,319		$	592,181
Interest — unaffiliated		62,945,341			974,684,611			16,547,208			174,164,296
Total investment income		63,026,539			975,626,506			16,644,527			174,756,477
EXPENSES
Investment advisory		5,409,606			22,318,287			1,503,129			6,613,338
Interest expense		—			—			—			1,540
Total expenses		5,409,606			22,318,287			1,503,129			6,614,878
Net investment income		57,616,933			953,308,219			15,141,398			168,141,599
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,248,901	)		(120,770,511	)		(5,573,113	)		(29,189,220	)
Investments — affiliated		2,057			41,575			—			28,848
In-kind redemptions — unaffiliated(a)		—			—			(1,421,676	)		—
		(8,246,844	)		(120,728,936	)		(6,994,789	)		(29,160,372	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		80,457,971			1,004,202,112			24,732,826			161,070,552
Investments — affiliated		(342	)		(8,181	)		—			(2,899	)
		80,457,629			1,004,193,931			24,732,826			161,067,653
Net realized and unrealized gain		72,210,785			883,464,995			17,738,037			131,907,281
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	129,827,718		$	1,836,773,214		$	32,879,435		$	300,048,880

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 113

Statements of Changes in Net Assets

	iShares California Muni Bond ETF						iShares National Muni Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	57,616,933		$	36,575,929		$	953,308,219		$	649,332,815
Net realized loss		(8,246,844	)		(23,272,601	)		(120,728,936	)		(234,052,508	)
Net change in unrealized appreciation (depreciation)		80,457,629			(102,957,155	)		1,004,193,931			(1,295,110,901	)
Net increase (decrease) in net assets resulting from operations		129,827,718			(89,653,827	)		1,836,773,214			(879,830,594	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(54,946,206	)		(35,524,047	)		(934,736,208	)		(615,942,991	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		753,549,855			214,198,363			4,477,425,754			8,719,268,320
NET ASSETS
Total increase in net assets		828,431,367			89,020,489			5,379,462,760			7,223,494,735
Beginning of year		1,928,322,185			1,839,301,696			31,411,694,376			24,188,199,641
End of year	$	2,756,753,552		$	1,928,322,185		$	36,791,157,136		$	31,411,694,376

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares New York Muni Bond ETF						iShares Short-Term National Muni Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	15,141,398		$	11,102,843		$	168,141,599		$	100,089,501
Net realized loss		(6,994,789	)		(1,646,631	)		(29,160,372	)		(10,827,252	)
Net change in unrealized appreciation (depreciation)		24,732,826			(35,182,588	)		161,067,653			(155,601,743	)
Net increase (decrease) in net assets resulting from operations		32,879,435			(25,726,376	)		300,048,880			(66,339,494	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(14,731,768	)		(10,870,385	)		(168,778,991	)		(88,927,775	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		99,564,714			37,618,031			(1,632,405,851	)		3,097,447,632
NET ASSETS
Total increase (decrease) in net assets		117,712,381			1,021,270			(1,501,135,962	)		2,942,180,363
Beginning of year		545,122,748			544,101,478			10,460,749,123			7,518,568,760
End of year	$	662,835,129		$	545,122,748		$	8,959,613,161		$	10,460,749,123

^(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 115

Financial Highlights 

(For a share outstanding throughout each period)

	iShares California Muni Bond ETF
		Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	56.14		$	60.11		$	61.79		$	62.85		$	58.68
Net investment income(a)		1.40			1.12			0.98			1.10			1.25
Net realized and unrealized gain (loss)(b)		1.47			(3.99	)		(1.68	)		(1.05	)		4.16
Net increase (decrease) from investment operations		2.87			(2.87	)		(0.70	)		0.05			5.41
Distributions from net investment income(c)		(1.34	)		(1.10	)		(0.98	)		(1.11	)		(1.24	)
Net asset value, end of year	$	57.67		$	56.14		$	60.11		$	61.79		$	62.85
Total Return(d)
Based on net asset value		5.20	%		(4.78	)%		(1.13	)%		0.06	%		9.30	%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.48	%		1.98	%		1.59	%		1.77	%		2.05	%
Supplemental Data
Net assets, end of year (000)	$	2,756,754		$	1,928,322		$	1,839,302		$	1,708,487		$	1,580,727
Portfolio turnover rate(f)		26	%		17	%		8	%		8	%		9	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares National Muni Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	105.44		$	112.61		$	115.31		$	117.12		$	109.84
Net investment income(a)		2.96			2.41			2.07			2.42			2.75
Net realized and unrealized gain (loss)(b)		2.42			(7.29	)		(2.69	)		(1.79	)		7.27
Net increase (decrease) from investment operations		5.38			(4.88	)		(0.62	)		0.63			10.02
Distributions from net investment income(c)		(2.90	)		(2.29	)		(2.08	)		(2.44	)		(2.74	)
Net asset value, end of year	$	107.92		$	105.44		$	112.61		$	115.31		$	117.12
Total Return(d)
Based on net asset value		5.20	%		(4.32	)%		(0.54	)%		0.55	%		9.21	%
Ratios to Average Net Assets(e)
Total expenses		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income		2.79	%		2.27	%		1.78	%		2.10	%		2.42	%
Supplemental Data
Net assets, end of year (000)	$	36,791,157		$	31,411,694		$	24,188,200		$	20,814,111		$	16,548,522
Portfolio turnover rate(f)		27	%		20	%		9	%		10	%		8	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 117

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares New York Muni Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	52.42		$	56.09		$	57.48		$	58.43		$	55.12
Net investment income(a)		1.33			1.11			1.06			1.15			1.24
Net realized and unrealized gain (loss)(b)		1.43			(3.70	)		(1.39	)		(0.96	)		3.31
Net increase (decrease) from investment operations		2.76			(2.59	)		(0.33	)		0.19			4.55
Distributions from net investment income(c)		(1.29	)		(1.08	)		(1.06	)		(1.14	)		(1.24	)
Net asset value, end of year	$	53.89		$	52.42		$	56.09		$	57.48		$	58.43
Total Return(d)
Based on net asset value		5.36	%		(4.62	)%		(0.57	)%		0.34	%		8.33	%
Ratios to Average Net Assets(e)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.52	%		2.09	%		1.83	%		2.00	%		2.18	%
Supplemental Data
Net assets, end of year (000)	$	662,835		$	545,123		$	544,101		$	497,241		$	487,913
Portfolio turnover rate(f)		31	%		12	%		8	%		5	%		7	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Short-Term National Muni Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	103.57		$	105.52		$	107.39		$	107.38		$	105.70
Net investment income(a)		1.85			1.14			0.70			1.25			1.69
Net realized and unrealized gain (loss)(b)		1.54			(2.09	)		(1.84	)		0.05			1.67
Net increase (decrease) from investment operations		3.39			(0.95	)		(1.14	)		1.30			3.36
Distributions from net investment income(c)		(1.86	)		(1.00	)		(0.73	)		(1.29	)		(1.68	)
Net asset value, end of year	$	105.10		$	103.57		$	105.52		$	107.39		$	107.38
Total Return(d)
Based on net asset value		3.30	%		(0.90	)%		(1.03	)%		1.19	%		3.19	%
Ratios to Average Net Assets(e)
Total expenses		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Net investment income		1.78	%		1.10	%		0.65	%		1.16	%		1.59	%
Supplemental Data
Net assets, end of year (000)	$	8,959,613		$	10,460,749		$	7,518,569		$	4,386,876		$	3,103,353
Portfolio turnover rate(f)		28	%		26	%		16	%		18	%		19	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 119

Notes to Financial Statements

1.  ORGANIZATION

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

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

iShares ETF	Diversification Classification
California Muni Bond		Non-diversified
National Muni Bond		Diversified
New York Muni Bond		Non-diversified
Short-Term National Muni 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. 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.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

• Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain 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.

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Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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.

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 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
California Muni Bond		0.08	%
National Muni Bond		0.05
New York Muni Bond		0.25
Short-Term National Muni Bond		0.07

Effective January 29, 2024, for its investment advisory services to the iShares California Muni Bond ETF, BFA is entitled to an annual investment advisory fee of 0.08%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to January 29, 2024, BFAwas entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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Notes to Financial Statements (continued)

Effective December 15, 2023, for its investment advisory services to the iShares National Muni Bond ETF, BFA is entitled to an annual investment advisory fee of 0.05%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 15, 2023, BFA was entitled to an annual investment advisory fee of 0.07%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 National Muni Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

For year ended February 29, 2024, there were no fees waived by BFA pursuant to these arrangements.

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 08, 2024 (date of conversion for iShares California Muni Bond ETF and iShares Short-Term National Muni Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

Prior to January 26, 2024 (date of conversion for iShares National Muni Bond ETF and iShares New York Muni Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

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

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

For the year ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
California Muni Bond	$	127,638,332	$	59,585,940	$	—
National Muni Bond		756,218,313		730,118,583		—
New York Muni Bond		7,917,719		7,617,107		—
Short-Term National Muni Bond		120,735,080		186,292,847		—

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

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

6. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
California Muni Bond	$	1,394,285,032	$	608,120,665
National Muni Bond		14,140,103,847		9,192,076,388
New York Muni Bond		330,962,683		186,846,597
Short-Term National Muni Bond		2,573,479,500		3,651,143,313

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind  Sales
California Muni Bond	$	7,268,500	$	—
New York Muni Bond		—		21,262,418

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Notes to Financial Statements (continued)

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 February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
New York Muni Bond	$	(1,421,676	)	$	1,421,676

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 02/29/24		Year Ended 02/28/23
California Muni Bond
Tax-exempt income(a)	$	54,449,764	$	35,361,518
Ordinary income(b)		496,442		162,529
	$	54,946,206	$	35,524,047
National Muni Bond
Tax-exempt income(a)	$	930,697,419	$	614,861,904
Ordinary income(b)		4,038,789		1,081,087
	$	934,736,208	$	615,942,991
New York Muni Bond
Tax-exempt income(a)	$	14,665,938	$	10,841,267
Ordinary income(b)		65,830		29,118
	$	14,731,768	$	10,870,385
Short-Term National Muni Bond
Tax-exempt income(a)	$	168,765,887	$	88,927,510
Ordinary income(b)		13,104		265
	$	168,778,991	$	88,927,775

^(a)  The Funds designate these amounts paid during the fiscal year ended February 29, 2024, as exempt-interest dividends.

^(b)  Ordinary income consists primarily of taxable income recognized from market discount. Additionally, all ordinary income distributions are comprised of interest-related dividends and qualified short-term capital gain dividends for non-U.S. residents and are eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations.

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income	Non-expiring Capital Loss Carryforwards	(a)	Net Unrealized Gains (Losses)	(b)	Total
California Muni Bond	$ 6,556,717	$(22,434,768)		$ (7,020,883)		$(22,898,934)
National Muni Bond	91,699,328	(374,742,492)		(198,730,078)		(481,773,242)
New York Muni Bond	1,537,827	(7,332,102)		(6,207,607)		(12,001,882)
Short-Term National Muni Bond	15,519,074	(42,321,909)		(86,180,878)		(112,983,713)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

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Notes to Financial Statements (continued)

As of February 29, 2024, 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)
California Muni Bond	$	2,753,384,842	$	45,010,049	$	(52,030,932	)	$	(7,020,883	)
National Muni Bond		36,672,341,639		456,657,963		(655,388,041	)		(198,730,078	)
New York Muni Bond		662,820,561		7,569,784		(13,777,391	)		(6,207,607	)
Short-Term National Muni Bond		8,997,480,784		21,369,004		(107,549,882	)		(86,180,878	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.

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Notes to Financial Statements (continued)

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

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

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:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
California Muni Bond
Shares sold		15,700,000		$	876,965,299			11,600,000		$	653,045,836
Shares redeemed		(2,250,000	)		(123,415,444	)		(7,850,000	)		(438,847,473	)
		13,450,000		$	753,549,855			3,750,000		$	214,198,363
National Muni Bond
Shares sold		93,500,000		$	9,874,060,822			129,500,000		$	13,679,569,448
Shares redeemed		(50,500,000	)		(5,396,635,068	)		(46,400,000	)		(4,960,301,128	)
		43,000,000		$	4,477,425,754			83,100,000		$	8,719,268,320
New York Muni Bond
Shares sold		4,600,000		$	241,822,270			1,250,000		$	66,503,635
Shares redeemed		(2,700,000	)		(142,257,556	)		(550,000	)		(28,885,604	)
		1,900,000		$	99,564,714			700,000		$	37,618,031
Short-Term National Muni Bond
Shares sold		3,050,000		$	317,876,978			36,650,000		$	3,817,328,649
Shares redeemed		(18,800,000	)		(1,950,282,829	)		(6,900,000	)		(719,881,017	)
		(15,750,000	)	$	(1,632,405,851	)		29,750,000		$	3,097,447,632

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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

10. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the five years in the period ended February 29, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the five years in the period ended February 29, 2024 in conformity with accounting principles generally accepted in the United States of America.

 iShares California Muni Bond ETF

 iShares National Muni Bond ETF

 iShares New York Muni Bond ETF

 iShares Short-Term National Muni Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

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Important Tax Information (unaudited)

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
California Muni Bond	$	496,442
National Muni Bond		4,038,789
New York Muni Bond		65,830
Short-Term National Muni Bond		13,104

For California income tax purposes, the iShares California Muni Bond ETF designates 99.10% of its distributions paid from net investment income during the fiscal year ended February 29, 2024 as California exempt-interest dividends under Section 17145 of the California Revenue and Taxation Code.

I M P O R T A N T  T A X  I N F O R M A T I O N 127

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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares California Muni Bond ETF, iShares National Muni Bond ETF, iShares New York Muni Bond ETF and iShares Short-Term National Muni 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
California Muni Bond	$	1.340620	$	—	$	—	$	1.340620		100	%		—	%		—	%		100	%
National Muni Bond		2.902771		—		—		2.902771		100			—			—			100
Short-Term National Muni Bond		1.857728		—		—		1.857728		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

S U P P L E M E N T A L  I N F O R M A T I O N 129

Trustee and Officer Information (unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

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

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

130 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 131

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.

132 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation

AGC	Assured Guaranty Corp.
AGC-ICC	Assured Guaranty Corp. – Insured Custody Certificate
AGM	Assured Guaranty Municipal Corp.
AGM-CR	AGM Insured Custodial Receipt
AMBAC	Ambac Assurance Corp.
BAM	Build America Mutual Assurance Co.
COP	Certificates of Participation
CR	Custodian Receipt
ETM	Escrowed to Maturity
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
GOL	General Obligation Limited
GTD	Guaranteed
HERBIP	Higher Education Revenue Bond Intercept Program
MO	Moral Obligation
NPFGC	National Public Finance Guarantee Corp.
NPFGC-IBC	National Public Finance Guarantee Corp. — Insured Bond Certificate
PR	Prerefunded
PSF	Permanent School Fund
Q-SBLF	Qualified School Bond Loan Fund
RB	Revenue Bond
SAP	Subject to Appropriations
SAW	State Aid Withholding
SCSDE	South Carolina State Department of Education
ST	Special Tax
TA	Tax Allocation

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 133

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 ICE Data Indices, 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.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-206-0224

FEBRUARY 29, 2024

2024 Annual Report

iShares Trust

· iShares High Yield Systematic Bond ETF | HYDB | Cboe BZX

· iShares Investment Grade Systematic Bond ETF | IGEB | Cboe BZX

· iShares USD Systematic Bond ETF | USBF | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Rob Kapito

President, BlackRock Inc.

Rob Kapito

President, BlackRock Inc.

Total Returns as of February 29, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	13.93%	30.45%
U.S. small cap equities (Russell 2000® Index)	8.97	10.05
International equities (MSCI Europe, Australasia, Far East Index)	9.23	14.41
Emerging market equities (MSCI Emerging Markets Index)	4.93	8.73
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.69	5.22
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	0.58	0.69
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	2.35	3.33
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	4.33	5.42
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	6.18	11.01
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		47
Report of Independent Registered Public Accounting Firm		56
Important Tax Information		57
Statement Regarding Liquidity Risk Management Program		58
Supplemental Information		59
Trustee and Officer Information		60
General Information		62
Glossary of Terms Used in this Report		63

Market Overview

iShares Trust

U.S. Corporate Bond Market Overview

Investment-grade and high yield corporate bonds delivered positive returns during the 12-month period that ended February 29, 2024. The Markit iBoxx USD Liquid Investment Grade and High Yield Indexes, broad measures of U.S. dollar-denominated investment-grade and high yield corporate bond performance, returned 6.27% and 10.40%, respectively. Both categories strongly outperformed the broader domestic investment-grade market, as gauged by the 3.33% return of the Bloomberg U.S. Aggregate Bond Index.

The 12-month gain for the index belies the challenging environment for the bond market through the first eight months of the period. During this time, yields drifted steadily higher (as prices fell) in response to better-than-expected economic growth and continued interest rate increases by the U.S. Federal Reserve (Fed). The Fed raised rates by a quarter-point at its meetings in March, May, and July 2023, moving its benchmark fed funds rate to a range of 5.25% - 5.50%. Although the Fed’s aggressive actions contributed to a decline in inflation, U.S. economic growth remained robust behind persistent strength in the labor market. This trend gave rise to expectations that the central bank would need to keep rates “higher for longer,” fueling a sharp sell-off in the bond market in the span from August through October 2023.

The investment backdrop improved considerably in the final two months of 2023, touching off a rally that helped the fixed-income market quickly recover its earlier losses. The headline Consumer Price Index fell to its lowest levels since early 2021 in the November report, surprising the markets and causing the consensus to shift toward the view that the Fed was in fact finished raising rates. In December, Fed Chairman Jerome Powell provided another positive surprise with his suggestion that rate cuts could begin as early as the first half of 2024. Bond prices moved surged in response, with the credit sectors leading the way amid a pronounced improvement in investor sentiment. While yields crept higher in January and February, broad-based indexes such as the Bloomberg U.S. Aggregate Bond Index finished in positive territory on the strength of their earlier advance.

Corporate bonds were the top-performing segment of the investment-grade market in the 12-month period. According to the Federal Reserve Bank of St. Louis Economic Database, the ICE BofA US Corporate Index Option-Adjusted Spread fell from 130 basis points (1.30 percentage points) to 100 basis points over the course of the period. The decline in yield spreads, which indicates outperformance relative to U.S Treasuries, reflected the backdrop of better-than-expected corporate earnings and investors’ hearty appetite for risk in the latter part of the period. Lower-quality investment-grade corporate bonds outpaced their higher-quality counterparts, which was in part a function of investors’ willingness to take on greater risk in search of higher yields. In this environment, high yield corporate bonds produced strong gains that exceeded those of the investment-grade market. A meaningful contribution from income, together with positive price performance fueled by mounting hopes for a “soft landing” in the economy, provided a firm underpinning for the asset class.

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

Fund Summary as of February 29, 2024   iShares^® High Yield Systematic Bond ETF

Investment Objective

The iShares High Yield Systematic Bond ETF (the “Fund”) (formerly the iShares High Yield Bond Factor ETF) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock High Yield Systematic Bond 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		12.43	%		4.91	%		4.82	%		12.43	%		27.05	%		36.68	%
Fund Market		12.54			4.90			4.82			12.54			27.04			36.72
BlackRock High Yield Systematic Bond Index(a)		13.15			5.35			5.18			13.15			29.74			39.78
Markit iBoxx USD Liquid High Yield Index		10.40			3.48			3.67			10.40			18.68			27.01

^(a)  Index performance through January 25, 2024 reflects the performance of the BlackRock High Yield Defensive Bond Index which terminated on January 25, 2024. Index performance beginning on January 26, 2024 reflects the performance of the BlackRock High Yield Systematic Bond Index, which, effective as of January 26, 2024, replaced the BlackRock High Yield Defensive Bond Index as the underlying index of the fund.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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 (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00		$  1,068.30	$    1.80			$  1,000.00	$  1,023.10	$    1.76		0.35	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of February 29, 2024 (continued)   iShares^® High Yield Systematic Bond ETF

Portfolio Management Commentary

High yield corporate bonds posted strong positive returns during the 12-month reporting period despite market volatility driven by shifting expectations around inflation and Federal Reserve (Fed) interest rate policy. In this vein, the yield on the 10-year Treasury bond began the period at 3.92% and rose more than 100 basis points to 4.98% before declining on an improved outlook for Fed rate cuts, ultimately ending the period at 4.25%. High yield corporate bonds were the best performing segment of the U.S. bond market as credit sentiment remained firm and yield spreads relative to U.S. Treasuries narrowed.

The Fund outperformed the broad market benchmark, the Bloomberg US High Yield Index, for the 12 months. The Fund utilizes a probability of default risk model to assess issuer quality and screens out issuers with a higher probability of default. It then assesses the relative value of securities based on default-adjusted spread risk metrics and tilts the portfolio towards securities which offer higher default-adjusted spreads. For the period, the value factor led positive contributions to relative performance while the quality factor also proved additive.

Relative to the benchmark, the Fund’s largest sector overweights during the period were in finance companies, energy and basic industry, while the largest underweights included capital goods and information technology. Over the reporting period, the Fund increased its holdings within the communications, consumer cyclical and energy sectors, while reducing holdings within the basic industry, finance company and consumer non-cyclical sectors. In terms of relative sector weights, the Fund moved to an underweight in consumer non-cyclicals, decreased the underweight to communications, and decreased the overweight to REITs. As a result of the Fund’s screening process based on probability of default and relative value, the Fund ended the period with an underweight to CCC-rated bonds and an overweight to B-rated bonds. For the majority of the reporting period, the Fund had a “yield to worst” (i.e., yield based on the earliest call date of bonds held) similar to the benchmark.

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of Total Investments	(a)
Baa	1.3	%
Ba	42.7
B	45.0
Caa	6.8
Not Rated	4.2

MATURITY ALLOCATION
Maturity	Percent of Total Investments	(a)
0-1 Year	0.4	%
1-5 Years	56.8
5-10 Years	40.0
10-15 Years	1.2
15-20 Years	1.2
More than 20 Years	0.4

* 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.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024    iShares^® Investment Grade Systematic Bond ETF

Investment Objective

The iShares Investment Grade Systematic Bond ETF (the “Fund”) (formerly the iShares Investment Grade Bond Factor ETF) seeks to track the investment results of an index composed of U.S. dollar denominated investment-grade corporate bonds, as represented by the BlackRock Investment Grade Systematic Bond 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		6.87	%		2.67	%		2.35	%		6.87	%		14.07	%		16.70	%
Fund Market		6.91			2.64			2.37			6.91			13.92			16.84
BlackRock Investment Grade Systematic Bond Index(a)		7.06			2.83			2.52			7.06			15.00			17.94
IBOXX US Dollar Liquid Investment Grade Index		6.27			1.82			1.73			6.27			9.42			12.03

^(a)  Index performance through January 25, 2024 reflects the performance of the BlackRock Investment Grade Enhanced Bond Index which terminated on January 25, 2024. Index performance beginning on January 26, 2024 reflects the performance of the BlackRock Investment Grade Systematic Bond Index, which, effective as of January 26, 2024, replaced the BlackRock Investment Grade Enhanced Bond Index as the underlying index of the fund.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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 (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00		$  1,043.00	$    0.91			$  1,000.00	$  1,024.00	$     0.91		0.18	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of February 29, 2024 (continued)   iShares^® Investment Grade Systematic Bond ETF

Portfolio Management Commentary

Returns for investment-grade corporate bonds were positive during the 12-month reporting period despite market volatility driven by shifting expectations around inflation and Federal Reserve (Fed) interest rate policy. In this vein, the 10-year Treasury bond yield began the period at 3.92% and rose more than 100 basis points to 4.98% before declining on an improved outlook for Fed rate cuts, ultimately ending the period at 4.25%. Corporate bonds were the best performing segment of the investment grade market as credit sentiment remained firm and yield spreads relative to U.S. Treasuries narrowed.

The Fund outperformed the broad market benchmark, the Bloomberg US Corporate Index, for the 12 months. The Fund utilizes a probability of default risk model to assess issuer quality and screen out issuers with higher probability of default. It then gauges the relative value of securities based on default-adjusted spread risk metrics and tilts holdings towards securities which offer higher default-adjusted spreads. For the period, the quality factor detracted from relative performance while the value factor contributed positively.

Relative to the benchmark, the Fund’s largest sector overweights during the period were in information technology and energy, both of which positively impacted performance, while the most significant underweight was to the banking sector. The Fund’s performance also benefited from the slightly lower duration of its holdings relative to the benchmark as longer-term Treasury yields finished the period higher.

During the period, the most significant changes with respect to sector weights included moving to an overweight in consumer cyclicals and reducing the overweights to capital goods and consumer non-cyclicals. The Fund’s largest allocation continued to be to the banking sector based on the probability of default risk model and relative value based on default-adjusted spread risk metrics.

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of   Total Investments(a)
Aaa		2.2%
Aa		2.7
A		21.6
Baa		66.5
Ba		5.3
Not Rated		1.7

MATURITY ALLOCATION
Maturity	Percent of   Total Investments(a)
1-5 Years		18.7%
5-10 Years		55.1
10-15 Years		9.2
15-20 Years		3.0
More than 20 Years		14.0

* 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.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of February 29, 2024    iShares^® USD Systematic Bond ETF

Investment Objective

The iShares USD Systematic Bond ETF (the “Fund”) (formerly the iShares USD Bond Factor ETF) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment grade or high-yield, as represented by the BlackRock USD Systematic Bond 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
	1 Year			Since Inception				1 Year			Since Inception
Fund NAV		4.29	%		(4.19	)%			4.29	%		(9.70	)%
Fund Market		4.31			(4.15	)			4.31			(9.60	)
BlackRock USD Systematic Bond Index(a)		4.46			(4.03	)			4.46			(9.35	)
ICE BofA US Broad Market Index		3.39			(4.09	)			3.39			(9.48	)

^(a)  Index performance through January 25, 2024 reflects the performance of the BlackRock USD Bond Factor Index which terminated on January 25, 2024. Index performance beginning on January 26, 2024 reflects the performance of the BlackRock USD Systematic Index, which, effective as of January 26, 2024, replaced the BlackRock USD Bond Factor Index as the underlying index of the fund.

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was October 12, 2021. The first day of secondary market trading was October 14, 2021.

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 (09/01/23)		Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/23)	Ending Account Value (02/29/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00		$  1,031.40	$    0.86			$  1,000.00	$  1,024.00	$    0.86		0.17	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of February 29, 2024 (continued)   iShares^® USD Systematic Bond ETF

Portfolio Management Commentary

Bond market returns were positive during the 12-month reporting period despite market volatility driven by shifting expectations around inflation and Federal Reserve (Fed) interest rate policy. In this vein, the yield on the 10-year Treasury bond began the period at 3.92% and rose more than 100 basis points to 4.98% before declining on an improved outlook for Fed rate cuts, ultimately ending the period at 4.25%.

Investment grade corporate bonds were the best performing segment of the benchmark Bloomberg US Aggregate Index (“Aggregate Index”) as credit sentiment remained firm and yield spreads relative to U.S. Treasuries narrowed. Returns for Treasuries were positive but lagged those for corporate bonds as longer-term Treasury yields finished the period modestly higher. Securitized assets including mortgage-backed securities, asset backed securities and commercial mortgage-backed securities also finished in positive territory while underperforming corporate bonds. In particular, demand for agency mortgage-backed securities was negatively impacted by the Fed’s post-pandemic balance sheet reduction efforts. In addition, banks curtailed their purchases given extended durations for the sector with the rise in mortgage rates seen since the beginning of the Fed’s hiking cycle along with an inverted yield curve that hurt net interest margins.

The Fund outperformed the Aggregate Index, with positive contributions led by an overweight to corporate bonds. Additionally, a significant underweight to U.S. Treasuries also positively contributed to performance. Within corporate bonds, the Fund’s overweights to the banking, energy, consumer cyclical and communications sectors contributed positively to performance. The Fund generated higher income and price return than the Aggregate Index over the period.

All changes in the Fund’s allocations over the reporting period were driven by the macro and style factor model that informs the Fund’s benchmark index methodology. The Fund utilizes a probability of default risk model to assess issuer quality and screens out issuers with a higher probability of default. It then assesses the relative value of securities based on default-adjusted spread risk metrics and tilts the portfolio towards securities which offer higher default-adjusted spreads. The application of macro, quality and value factors led the Fund to increase its allocation to A-rated securities within corporate bonds. At the sector level, the Fund decreased exposure to Treasuries and increased exposure to industrial issues within its corporate allocation.

Portfolio Information

CREDIT QUALITY ALLOCATION
Moody’s Credit Rating*	Percent of   Total Investments(a)
Aaa		43.6%
Aa		1.8
A		17.9
Baa		29.6
Ba		3.9
B		1.7
Caa		0.3
Not Rated		1.2

MATURITY ALLOCATION
Maturity	Percent of   Total Investments(a)
0-1 Year		0.3%
1-5 Years		33.2
5-10 Years		22.7
10-15 Years		3.7
15-20 Years		7.1
More than 20 Years		33.0

* 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.

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index 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 February 29, 2024 iShares^® High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Corporate Bonds & Notes
Advertising — 0.6%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 03/11/24)(a)	$	3,803	$	3,539,642
Aerospace & Defense — 1.8%
Rolls-Royce PLC 3.63%, 10/14/25 (Call 07/14/25)(a)		731		703,858
5.75%, 10/15/27 (Call 07/15/27)(a)		4,035		4,015,212
Spirit AeroSystems Inc. 4.60%, 06/15/28 (Call 03/15/28)(b)		333		292,314
9.38%, 11/30/29 (Call 11/30/25)(a)		1,277		1,380,889
9.75%, 11/15/30 (Call 11/15/26)(a)(b)		4,208		4,508,270
				10,900,543
Agriculture — 0.7%
Vector Group Ltd., 5.75%, 02/01/29 (Call 04/01/24)(a)		4,353		3,987,880
Airlines — 3.1%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)		4,382		4,149,993
American Airlines Inc., 7.25%, 02/15/28
(Call 02/15/25)(a)(b)		3,420		3,448,464
Azul Secured Finance LLP 10.88%, 05/28/30 (Call 05/28/26)(a)(b)		2,892		2,414,010
11.93%, 08/28/28 (Call 02/28/26)(b)		2,693		2,737,604
Delta Air Lines Inc. 4.38%, 04/19/28 (Call 01/19/28)(b)		1,651		1,582,896
7.38%, 01/15/26 (Call 12/15/25)(b)		24		24,750
United Airlines Inc., 4.63%, 04/15/29
(Call 10/15/28)(a)		4,946		4,562,214
				18,919,931
Alternate Investments — 0.5%
Icahn Enterprises LP/Icahn Enterprises Finance
Corp., 9.75%, 01/15/29 (Call 10/15/28)(a)		2,930		3,061,850
Auto Manufacturers — 1.7%
Allison Transmission Inc., 5.88%, 06/01/29
(Call 06/01/24)(a)(b)		1,101		1,084,511
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25
(Call 11/01/24)(a)(b)		4,201		4,258,780
Jaguar Land Rover Automotive PLC 4.50%, 10/01/27 (Call 07/01/27)(a)		2,278		2,143,735
5.50%, 07/15/29 (Call 07/15/24)(a)(b)		2,220		2,134,406
5.88%, 01/15/28 (Call 04/02/24)(a)(b)		850		836,967
				10,458,399
Banks — 1.0%
Intesa Sanpaolo SpA 4.20%, 06/01/32 (Call 06/01/31),
(1-year CMT + 2.600%)(a)(c)		339		278,067
4.95%, 06/01/42 (Call 06/01/41),
(1-year CMT + 2.750%)(a)(c)		3,431		2,474,915
5.71%, 01/15/26(a)(b)		3,150		3,121,240
				5,874,222
Building Materials — 0.5%
Builders FirstSource Inc., 6.38%, 06/15/32
(Call 06/15/27)(a)(b)		2,891		2,890,543
Chemicals — 3.7%
Chemours Co. (The) 4.63%, 11/15/29 (Call 11/15/24)(a)		3,279		2,696,247
5.75%, 11/15/28 (Call 03/11/24)(a)(b)		1,770		1,552,374

Security	Par     (000)		Value
Chemicals (continued)
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a)	$	2,631	$	2,487,821
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29)(b)		741		704,560
Rain Carbon Inc., 12.25%, 09/01/29
(Call 03/01/26)(a)(b)		1,972		1,972,256
Sasol Financing USA LLC 5.50%, 03/18/31 (Call 03/18/30)		4,076		3,393,370
6.50%, 09/27/28 (Call 06/27/28)(b)		1,524		1,432,139
8.75%, 05/03/29 (Call 03/03/29)(a)		995		995,249
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29
(Call 10/30/24)(a)(b)		3,522		2,990,166
Tronox Inc., 4.63%, 03/15/29 (Call 04/01/24)(a)(b)		4,371		3,868,908
				22,093,090
Coal — 0.5%
SunCoke Energy Inc., 4.88%, 06/30/29
(Call 06/30/24)(a)		2,274		2,040,915
Warrior Met Coal Inc., 7.88%, 12/01/28
(Call 12/01/24)(a)(b)		728		733,991
				2,774,906
Commercial Services — 6.3%
ADT Security Corp. (The) 4.13%, 08/01/29 (Call 08/01/28)(a)(b)		2,182		1,971,984
4.88%, 07/15/32(a)		3,223		2,900,700
Adtalem Global Education Inc., 5.50%, 03/01/28
(Call 04/01/24)(a)(b)		1,194		1,136,485
APX Group Inc. 5.75%, 07/15/29 (Call 07/15/24)(a)(b)		3,064		2,913,652
6.75%, 02/15/27 (Call 04/01/24)(a)		1,928		1,930,641
Avis Budget Car Rental LLC/Avis Budget
Finance Inc., 8.00%, 02/15/31 (Call 11/15/26)(a)		1,616		1,560,128
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a)		2,454		2,141,115
Graham Holdings Co., 5.75%, 06/01/26
(Call 03/11/24)(a)(b)		342		338,500
Korn Ferry, 4.63%, 12/15/27 (Call 04/01/24)(a)		900		850,530
NESCO Holdings II Inc., 5.50%, 04/15/29
(Call 04/15/24)(a)(b)		4,434		4,137,099
Prime Security Services Borrower LLC/Prime
Finance Inc.
5.75%, 04/15/26(a)		3,090		3,066,631
6.25%, 01/15/28 (Call 04/01/24)(a)(b)		2,874		2,835,728
PROG Holdings Inc., 6.00%, 11/15/29
(Call 11/15/24)(a)		2,894		2,659,948
Sabre GLBL Inc. 8.63%, 06/01/27 (Call 03/01/25)(a)		2,182		1,920,521
11.25%, 12/15/27 (Call 06/15/25)(a)		1,817		1,707,980
United Rentals North America Inc., 4.88%, 01/15/28
(Call 03/11/24)(b)		1,738		1,677,683
Upbound Group Inc., 6.38%, 02/15/29
(Call 04/01/24)(a)(b)		1,912		1,830,013
ZipRecruiter Inc., 5.00%, 01/15/30
(Call 01/15/25)(a)(b)		2,754		2,424,291
				38,003,629
Computers — 1.1%
Conduent Business Services LLC/Conduent State &
Local Solutions Inc., 6.00%, 11/01/29
(Call 11/01/24)(a)		2,716		2,492,107
Western Digital Corp., 4.75%, 02/15/26
(Call 11/15/25)		4,529		4,426,257
				6,918,364

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Cosmetics & Personal Care — 0.8%
Coty Inc., 5.00%, 04/15/26 (Call 04/01/24)(a)	$	2,504	$	2,453,920
Coty Inc./HFC Prestige Products Inc./HFC Prestige
International U.S. LLC, 4.75%, 01/15/29
(Call 01/15/25)(a)		2,241		2,098,136
				4,552,056
Diversified Financial Services — 9.8%
Burford Capital Global Finance LLC 6.25%, 04/15/28 (Call 04/15/24)(a)		844		810,690
6.88%, 04/15/30 (Call 04/15/25)(a)		1,376		1,319,984
9.25%, 07/01/31 (Call 07/01/26)(a)(b)		2,861		3,004,050
Coinbase Global Inc., 3.38%, 10/01/28
(Call 10/01/24)(a)(b)		6,017		5,082,265
Credit Acceptance Corp., 9.25%, 12/15/28
(Call 12/15/25)(a)		2,686		2,841,385
Enova International Inc., 11.25%, 12/15/28
(Call 12/15/25)(a)		1,724		1,805,033
goeasy Ltd. 7.63%, 07/01/29 (Call 07/01/26)(a)		1,780		1,779,466
9.25%, 12/01/28 (Call 12/01/25)(a)		2,309		2,450,022
LD Holdings Group LLC 6.13%, 04/01/28 (Call 04/01/24)(a)		3,295		2,689,544
6.50%, 11/01/25 (Call 04/01/24)(a)		2,476		2,291,414
Nationstar Mortgage Holdings Inc. 5.13%, 12/15/30 (Call 12/15/25)(a)(b)		2,662		2,376,117
5.50%, 08/15/28 (Call 04/01/24)(a)(b)		697		657,995
5.75%, 11/15/31 (Call 11/15/26)(a)		2,823		2,586,458
OneMain Finance Corp. 3.88%, 09/15/28 (Call 09/15/24)		485		423,741
5.38%, 11/15/29 (Call 05/15/29)(b)		134		124,344
6.63%, 01/15/28 (Call 07/15/27)		309		307,245
7.13%, 03/15/26		4,113		4,179,803
7.88%, 03/15/30 (Call 12/15/26)		487		495,296
PennyMac Financial Services Inc. 4.25%, 02/15/29 (Call 04/01/24)(a)		909		819,527
5.38%, 10/15/25 (Call 04/01/24)(a)		1,935		1,904,269
5.75%, 09/15/31 (Call 09/15/26)(a)(b)		2,584		2,375,993
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
3.63%, 03/01/29 (Call 04/01/24)(a)(b)		518		459,485
3.88%, 03/01/31 (Call 03/01/26)(a)		5,017		4,307,396
4.00%, 10/15/33 (Call 10/15/27)(a)		1,353		1,123,315
SLM Corp. 3.13%, 11/02/26 (Call 10/02/26)		2,046		1,879,651
4.20%, 10/29/25 (Call 09/29/25)		2,162		2,096,470
Synchrony Financial, 7.25%, 02/02/33
(Call 11/02/32)		3,612		3,510,924
United Wholesale Mortgage LLC 5.50%, 04/15/29 (Call 04/15/24)(a)		3,433		3,204,417
5.75%, 06/15/27 (Call 06/15/24)(a)		2,212		2,145,806
				59,052,105
Electric — 2.6%
Drax Finco PLC, 6.63%, 11/01/25 (Call 03/11/24)(a)		1,818		1,795,275
FirstEnergy Corp., Series C, 3.40%, 03/01/50
(Call 09/01/49)		1,003		670,135
Mercury Chile Holdco LLC, 6.50%, 01/24/27
(Call 04/01/24)(a)(b)		826		771,743
NRG Energy Inc. 3.88%, 02/15/32 (Call 02/15/27)(a)		2,487		2,077,534
5.75%, 01/15/28 (Call 03/18/24)(b)		1,789		1,762,170

Security	Par     (000)		Value
Electric (continued)
PG&E Corp. 5.00%, 07/01/28 (Call 03/11/24)(b)	$	4,287	$	4,088,854
5.25%, 07/01/30 (Call 07/01/25)		1,071		1,006,802
Vistra Operations Co. LLC 5.50%, 09/01/26 (Call 03/11/24)(a)		2,262		2,227,337
5.63%, 02/15/27 (Call 03/11/24)(a)		1,392		1,356,434
				15,756,284
Electrical Components & Equipment — 0.8%
Energizer Holdings Inc. 4.38%, 03/31/29 (Call 04/01/24)(a)(b)		2,692		2,385,058
4.75%, 06/15/28 (Call 04/01/24)(a)		2,808		2,567,489
				4,952,547
Engineering & Construction — 0.7%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)(b)		3,461		3,390,244
Tutor Perini Corp., 6.88%, 05/01/25
(Call 03/18/24)(a)(b)		1,025		1,013,469
				4,403,713
Entertainment — 1.6%
Live Nation Entertainment Inc. 3.75%, 01/15/28 (Call 04/01/24)(a)		935		860,574
6.50%, 05/15/27 (Call 04/01/24)(a)		3,329		3,357,653
Resorts World Las Vegas LLC/RWLV Capital Inc. 4.63%, 04/16/29 (Call 01/16/29)(a)(b)		5,461		4,980,432
8.45%, 07/27/30 (Call 05/27/30)(a)		336		357,813
				9,556,472
Environmental Control — 0.7%
GFL Environmental Inc. 3.50%, 09/01/28 (Call 03/01/28)(a)(b)		3,093		2,803,973
5.13%, 12/15/26 (Call 04/01/24)(a)		1,400		1,369,415
				4,173,388
Food — 0.4%
United Natural Foods Inc., 6.75%, 10/15/28
(Call 04/01/24)(a)		2,828		2,354,960
Gas — 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/27 (Call 02/20/27)		2,484		2,348,363
5.88%, 08/20/26 (Call 05/20/26)(b)		1,221		1,183,313
9.38%, 06/01/28 (Call 06/01/25)(a)		2,212		2,245,180
				5,776,856
Health Care - Products — 1.3%
Bausch & Lomb Corp., 8.38%, 10/01/28
(Call 10/01/25)(a)		4,071		4,254,195
Embecta Corp., 5.00%, 02/15/30 (Call 02/15/27)(a)(b)		2,778		2,214,066
Neogen Food Safety Corp., 8.63%, 07/20/30
(Call 07/20/27)(a)		1,158		1,227,600
				7,695,861
Health Care - Services — 1.4%
DaVita Inc. 3.75%, 02/15/31 (Call 02/15/26)(a)		1,742		1,429,446
4.63%, 06/01/30 (Call 06/01/25)(a)		4,810		4,231,102
Fortrea Holdings Inc., 7.50%, 07/01/30
(Call 07/01/26)(a)		2,418		2,472,405
				8,132,953
Holding Companies - Diversified — 1.4%
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)		4,832		4,540,553

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 (continued) February 29, 2024 iShares^® High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Holding Companies - Diversified (continued)
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)	$	1,330	$	1,122,174
5.25%, 05/15/27 (Call 11/15/26)		2,675		2,456,854
				8,119,581
Home Builders — 1.2%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)(b)		2,672		2,373,097
6.25%, 09/15/27 (Call 04/01/24)(a)		2,758		2,672,080
LGI Homes Inc., 8.75%, 12/15/28 (Call 12/15/25)(a)		1,859		1,948,464
				6,993,641
Insurance — 0.1%
NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)(b)		510		514,131
Internet — 1.0%
Cogent Communications Group Inc., 7.00%, 06/15/27 (Call 06/15/24)(a)		1,663		1,660,705
GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 03/11/24)(a)		3,304		2,880,394
Rakuten Group Inc., 11.25%, 02/15/27(a)		1,397		1,479,322
				6,020,421
Iron & Steel — 1.5%
Cleveland-Cliffs Inc., 5.88%, 06/01/27
(Call 04/01/24)(b)		2,014		1,992,622
Mineral Resources Ltd. 8.00%, 11/01/27 (Call 11/01/24)(a)		649		661,013
8.13%, 05/01/27 (Call 04/01/24)(a)(b)		2,895		2,920,708
8.50%, 05/01/30 (Call 05/01/25)(a)		2,382		2,446,349
U.S. Steel Corp., 6.88%, 03/01/29 (Call 04/01/24)(b)		1,077		1,089,369
				9,110,061
Leisure Time — 4.0%
Carnival Corp. 6.00%, 05/01/29 (Call 11/01/24)(a)(b)		4,164		4,069,115
7.63%, 03/01/26 (Call 03/11/24)(a)		4,725		4,786,473
10.50%, 06/01/30 (Call 06/01/25)(a)(b)		841		917,558
NCL Corp. Ltd. 5.88%, 02/15/27 (Call 03/11/24)(a)		4,265		4,215,191
7.75%, 02/15/29 (Call 11/15/28)(a)(b)		578		592,537
NCL Finance Ltd., 6.13%, 03/15/28
(Call 12/15/27)(a)(b)		2,390		2,331,227
Royal Caribbean Cruises Ltd. 4.25%, 07/01/26 (Call 01/01/26)(a)		2,263		2,179,653
5.50%, 08/31/26 (Call 02/28/26)(a)		4,965		4,908,194
				23,999,948
Lodging — 1.8%
Genting New York LLC/GENNY Capital Inc., 3.30%, 02/15/26 (Call 01/15/26)(a)		2,252		2,100,996
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)		1,288		1,136,173
5.00%, 06/01/29 (Call 06/01/24)(a)		1,936		1,793,685
Travel & Leisure Co. 4.50%, 12/01/29 (Call 09/01/29)(a)(b)		3,192		2,923,297
6.63%, 07/31/26 (Call 04/30/26)(a)		2,476		2,502,246
Wynn Las Vegas LLC/Wynn Las Vegas Capital
Corp., 5.25%, 05/15/27 (Call 02/15/27)(a)(b)		443		433,507
				10,889,904

Security	Par     (000)		Value
Machinery — 0.6%
Vertiv Group Corp., 4.13%, 11/15/28
(Call 11/15/24)(a)	$	3,736	$	3,446,979
Manufacturing — 0.5%
LSB Industries Inc., 6.25%, 10/15/28
(Call 10/15/24)(a)(b)		3,391		3,215,585
Media — 7.9%
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(a)		1,750		1,322,300
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/31 (Call 07/01/25)(a)		1,170		941,075
4.25%, 01/15/34 (Call 01/15/28)(a)		5,358		4,005,951
4.50%, 05/01/32 (Call 05/01/26)		5,486		4,333,965
4.50%, 06/01/33 (Call 06/01/27)(a)(b)		4,091		3,146,990
4.75%, 02/01/32 (Call 02/01/27)(a)		4,161		3,356,991
Directv Financing LLC, 8.88%, 02/01/30
(Call 02/01/26)(a)		2,163		2,177,416
Directv Financing LLC/Directv Financing
Co-Obligor Inc., 5.88%, 08/15/27
(Call 04/01/24)(a)		4,567		4,310,653
GCI LLC, 4.75%, 10/15/28 (Call 03/18/24)(a)		2,682		2,406,478
Nexstar Media Inc. 4.75%, 11/01/28 (Call 03/11/24)(a)(b)		4,918		4,366,940
5.63%, 07/15/27 (Call 03/11/24)(a)(b)		1,342		1,271,786
Sirius XM Radio Inc. 3.88%, 09/01/31 (Call 09/01/26)(a)(b)		1,604		1,325,828
4.13%, 07/01/30 (Call 07/01/25)(a)(b)		2,993		2,575,051
5.50%, 07/01/29 (Call 07/01/24)(a)(b)		4,504		4,259,230
TEGNA Inc. 4.63%, 03/15/28 (Call 04/01/24)(b)		4,866		4,368,695
5.00%, 09/15/29 (Call 09/15/24)		1,594		1,402,720
Townsquare Media Inc., 6.88%, 02/01/26
(Call 04/01/24)(a)(b)		2,230		2,151,302
				47,723,371
Mining — 2.2%
Eldorado Gold Corp., 6.25%, 09/01/29
(Call 09/01/24)(a)		2,711		2,539,042
Endeavour Mining PLC, 5.00%, 10/14/26
(Call 04/02/24)(a)(b)		2,013		1,878,685
Hecla Mining Co., 7.25%, 02/15/28 (Call 03/18/24)		1,803		1,798,646
IAMGOLD Corp., 5.75%, 10/15/28
(Call 04/01/24)(a)(b)		2,538		2,265,216
Stillwater Mining Co. 4.00%, 11/16/26 (Call 04/02/24)(a)(b)		2,914		2,553,684
4.50%, 11/16/29 (Call 11/16/25)(a)(b)		3,018		2,342,783
				13,378,056
Office Furnishings — 0.3%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		2,115		1,990,938
Oil & Gas — 9.2%
Baytex Energy Corp. 8.50%, 04/30/30 (Call 04/30/26)(a)(b)		3,534		3,674,685
8.75%, 04/01/27 (Call 04/01/24)(a)(b)		1,434		1,487,561
Chord Energy Corp., 6.38%, 06/01/26
(Call 04/01/24)(a)		1,063		1,064,329
Civitas Resources Inc. 5.00%, 10/15/26 (Call 04/01/24)(a)(b)		1,031		998,983
8.38%, 07/01/28 (Call 07/01/25)(a)		978		1,023,403
8.75%, 07/01/31 (Call 07/01/26)(a)		4,225		4,493,165
CNX Resources Corp. 6.00%, 01/15/29 (Call 04/01/24)(a)		1,842		1,770,423

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Oil & Gas (continued)
7.38%, 01/15/31 (Call 01/15/26)(a)(b)	$	2,015	$	2,031,389
CVR Energy Inc., 8.50%, 01/15/29 (Call 01/15/26)(a)		2,733		2,750,081
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (Call 10/01/26)(a)		2,441		2,499,638
Energean PLC, 6.50%, 04/30/27 (Call 04/02/24)(a)(b)		1,965		1,787,168
Gulfport Energy Corp., 8.00%, 05/17/26
(Call 05/17/24)(a)		1,004		1,021,733
Harbour Energy PLC, 5.50%, 10/15/26
(Call 04/01/24)(a)		2,026		1,974,641
Ithaca Energy North Sea PLC, 9.00%, 07/15/26
(Call 04/02/24)(a)		2,772		2,792,236
Kosmos Energy Ltd. 7.13%, 04/04/26 (Call 03/11/24)(a)(b)		2,929		2,833,808
7.50%, 03/01/28 (Call 04/01/24)(a)(b)		1,907		1,772,442
Magnolia Oil & Gas Operating LLC/Magnolia Oil &
Gas Finance Corp., 6.00%, 08/01/26
(Call 03/11/24)(a)		633		620,520
Matador Resources Co., 5.88%, 09/15/26
(Call 03/18/24)(b)		2,871		2,842,972
Northern Oil and Gas Inc. 8.13%, 03/01/28 (Call 04/01/24)(a)		3,055		3,093,585
8.75%, 06/15/31 (Call 06/15/26)(a)(b)		1,935		2,022,075
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28 (Call 04/01/24)		1,925		1,872,063
7.88%, 09/15/30 (Call 09/15/26)(a)		2,043		2,093,421
Permian Resources Operating LLC, 8.00%, 04/15/27
(Call 04/15/24)(a)		2,280		2,351,277
Sitio Royalties Operating Partnership LP/Sitio
Finance Corp., 7.88%, 11/01/28 (Call 11/01/25)(a)		2,529		2,584,892
Strathcona Resources Ltd., 6.88%, 08/01/26
(Call 04/01/24)(a)(b)		2,415		2,399,906
Talos Production Inc. 9.00%, 02/01/29 (Call 02/01/26)(a)		618		631,635
9.38%, 02/01/31 (Call 02/01/27)(a)		729		752,994
				55,241,025
Oil & Gas Services — 2.0%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 04/01/24)(a)		919		896,088
6.88%, 04/01/27 (Call 04/01/24)(a)		1,739		1,730,247
Bristow Group Inc., 6.88%, 03/01/28
(Call 04/01/24)(a)(b)		865		846,835
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/24)		2,935		2,931,004
6.88%, 09/01/27 (Call 04/01/24)		1,712		1,703,203
Weatherford International Ltd., 8.63%, 04/30/30
(Call 10/30/24)(a)(b)		3,986		4,132,486
				12,239,863
Packaging & Containers — 0.4%
Graham Packaging Co. Inc., 7.13%, 08/15/28
(Call 04/01/24)(a)		2,585		2,291,060
Pharmaceuticals — 1.1%
Elanco Animal Health Inc., 6.65%, 08/28/28
(Call 05/28/28)(b)		2,985		3,007,252
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 5.13%, 04/30/31 (Call 04/30/26)(a)		4,150		3,557,048
				6,564,300

Security	Par     (000)		Value
Pipelines — 2.2%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.75%, 03/01/27 (Call 03/18/24)(a)	$	2,200	$	2,152,563
EnLink Midstream Partners LP, 4.15%, 06/01/25
(Call 03/01/25)(b)		1,415		1,379,514
EQM Midstream Partners LP, 6.50%, 07/15/48
(Call 01/15/48)		1,545		1,568,232
Global Partners LP/GLP Finance Corp., 8.25%, 01/15/32 (Call 01/15/27)(a)		2,076		2,129,358
New Fortress Energy Inc. 6.50%, 09/30/26 (Call 04/01/24)(a)(b)		4,650		4,489,753
6.75%, 09/15/25 (Call 03/21/24)(a)		1,363		1,355,966
				13,075,386
Real Estate — 2.0%
Anywhere Real Estate Group LLC/Anywhere
Co-Issuer Corp., 7.00%, 04/15/30
(Call 04/15/25)(a)		3,103		2,811,938
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (Call 04/01/24)(a)		3,027		2,981,807
Howard Hughes Corp. (The) 4.13%, 02/01/29 (Call 03/18/24)(a)		3,272		2,904,522
4.38%, 02/01/31 (Call 02/01/26)(a)		2,922		2,489,231
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/30 (Call 04/15/25)(a)		1,505		1,054,151
				12,241,649
Real Estate Investment Trusts — 5.0%
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)(b)		2,598		2,149,016
Brookfield Property REIT Inc./BPR
Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/27 (Call 04/01/24)(a)		1,148		1,009,202
5.75%, 05/15/26 (Call 03/11/24)(a)(b)		3,202		3,088,294
Iron Mountain Inc. 4.50%, 02/15/31 (Call 02/15/26)(a)		744		658,392
5.25%, 03/15/28 (Call 03/11/24)(a)		311		299,740
5.63%, 07/15/32 (Call 07/15/26)(a)		837		777,911
Office Properties Income Trust, 4.50%, 02/01/25
(Call 11/01/24)		3,239		2,623,590
Park Intermediate Holdings LLC/PK Domestic
Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/15/24)(a)		41		37,669
5.88%, 10/01/28 (Call 04/01/24)(a)		2,859		2,779,034
RLJ Lodging Trust LP 3.75%, 07/01/26 (Call 04/01/24)(a)		2,035		1,918,496
4.00%, 09/15/29 (Call 09/15/24)(a)(b)		2,592		2,262,453
Service Properties Trust, 4.75%, 10/01/26
(Call 08/01/26)		2,219		2,052,749
Starwood Property Trust Inc., 4.38%, 01/15/27
(Call 07/15/26)(a)(b)		1,541		1,444,688
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.50%, 02/15/29 (Call 03/11/24)(a)(b)		5,369		4,133,748
10.50%, 02/15/28 (Call 09/15/25)(a)		2,373		2,456,287
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(a)		2,381		2,198,865
				29,890,134
Retail — 6.8%
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a)(b)		2,347		2,034,849
Bath & Body Works Inc. 6.75%, 07/01/36		2,739		2,691,929
6.88%, 11/01/35		4,112		4,114,064

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 (continued) February 29, 2024 iShares^® High Yield Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Retail (continued)
Brinker International Inc., 8.25%, 07/15/30
(Call 06/27/26)(a)(b)	$	1,456	$	1,525,903
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28
(Call 02/15/25)(a)(b)		2,192		2,312,801
FirstCash Inc. 4.63%, 09/01/28 (Call 04/01/24)(a)		2,188		2,023,772
5.63%, 01/01/30 (Call 01/01/25)(a)(b)		2,380		2,254,543
Gap Inc. (The) 3.63%, 10/01/29 (Call 10/01/24)(a)		3,796		3,206,420
3.88%, 10/01/31 (Call 10/01/26)(a)(b)		2,332		1,881,104
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)		3,121		2,457,787
Macy’s Retail Holdings LLC 5.88%, 04/01/29 (Call 04/01/24)(a)(b)		2,344		2,257,436
6.13%, 03/15/32 (Call 03/15/27)(a)		1,202		1,118,786
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(b)		6,211		4,437,759
QVC Inc. 4.38%, 09/01/28 (Call 06/01/28)		3,329		2,730,549
4.75%, 02/15/27 (Call 11/15/26)(b)		3,753		3,382,209
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)(b)		2,842		2,572,010
				41,001,921
Software — 0.7%
MicroStrategy Inc., 6.13%, 06/15/28
(Call 06/15/24)(a)(b)		2,829		2,727,724
ROBLOX Corp., 3.88%, 05/01/30
(Call 11/01/24)(a)(b)		1,892		1,657,071
				4,384,795
Telecommunications — 2.7%
Consolidated Communications Inc., 6.50%, 10/01/28
(Call 03/11/24)(a)(b)		3,932		3,371,690
Frontier Communications Holdings LLC 5.88%, 11/01/29 (Call 11/01/24)		925		792,271
6.75%, 05/01/29 (Call 05/01/24)(a)		5,224		4,690,070
8.63%, 03/15/31 (Call 03/15/26)(a)		2,249		2,279,143
Hughes Satellite Systems Corp. 5.25%, 08/01/26		1,829		1,562,643
6.63%, 08/01/26		5,060		3,334,641
				16,030,458

Security	Par     (000)		Value
Trucking & Leasing — 0.9%
Fortress Transportation and Infrastructure Investors LLC
5.50%, 05/01/28 (Call 05/01/24)(a)	$	4,529	$	4,336,342
6.50%, 10/01/25 (Call 04/01/24)(a)		850		850,411
				5,186,753
Total Long-Term Investments — 98.1%
(Cost: $581,497,087)				589,380,154
	Shares
Short-Term Securities
Money Market Funds — 17.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.50%(d)(e)(f)		104,999,342		105,051,842
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.30%(d)(e)		1,110,000		1,110,000
Total Short-Term Securities — 17.7%
(Cost: $106,148,978)				106,161,842
Total Investments — 115.8%
(Cost: $687,646,065)				695,541,996
Liabilities in Excess of Other Assets — (15.8)%				(95,137,612	)
Net Assets — 100.0%			$	600,404,384

^(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)  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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,449,304	$	80,609,435	(a)	$	—		$	(5,529	)	$	(1,368	)	$	105,051,842		104,999,342	$	327,417	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,280,000		—			(170,000	)(a)		—			—			1,110,000		1,110,000		120,935			—
									$	(5,529	)	$	(1,368	)	$	106,161,842			$	448,352		$	—

^(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.

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® High Yield Systematic Bond ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	589,380,154	$	—	$	589,380,154
Short-Term Securities
Money Market Funds		106,161,842		—		—		106,161,842
	$	106,161,842	$	589,380,154	$	—	$	695,541,996

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 February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds & Notes
Aerospace & Defense — 1.7%
Boeing Co. (The)
3.25%, 02/01/35 (Call 11/01/34)	$	1,251	$	1,005,767
3.60%, 05/01/34 (Call 02/01/34)		2,767		2,325,763
5.15%, 05/01/30 (Call 02/01/30)		2,598		2,554,525
5.71%, 05/01/40 (Call 11/01/39)		410		399,384
HEICO Corp., 5.35%, 08/01/33 (Call 05/01/33)		740		736,223
Northrop Grumman Corp., 4.75%, 06/01/43		629		571,247
RTX Corp.
4.50%, 06/01/42		1,869		1,634,084
4.88%, 10/15/40		405		373,657
				9,600,650
Agriculture — 2.5%
Altria Group Inc.
3.40%, 05/06/30 (Call 02/06/30)		295		265,510
5.38%, 01/31/44(a)		1,451		1,410,185
5.80%, 02/14/39 (Call 08/14/38)		2,197		2,190,852
6.88%, 11/01/33 (Call 08/01/33)		630		680,636
BAT Capital Corp.
2.73%, 03/25/31 (Call 12/25/30)		1,177		970,319
4.74%, 03/16/32 (Call 12/16/31)(a)		255		239,884
6.34%, 08/02/30 (Call 06/02/30)		315		325,300
6.42%, 08/02/33 (Call 05/02/33)(a)		355		365,189
7.08%, 08/02/43 (Call 02/02/43)		649		676,319
7.75%, 10/19/32 (Call 07/19/32)(a)		600		670,554
Philip Morris International Inc.
5.38%, 02/15/33 (Call 11/15/32)		1,435		1,428,128
5.75%, 11/17/32 (Call 08/17/32)		502		512,069
6.38%, 05/16/38		1,959		2,113,664
Reynolds American Inc.
5.70%, 08/15/35 (Call 02/15/35)		707		675,324
5.85%, 08/15/45 (Call 02/15/45)		1,699		1,543,548
				14,067,481
Apparel — 0.6%
Tapestry Inc.
7.70%, 11/27/30 (Call 09/27/30)		2,640		2,799,322
7.85%, 11/27/33 (Call 08/27/33)(a)		490		530,055
				3,329,377
Auto Parts & Equipment — 0.4%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32
(Call 12/01/31)(a)		2,490		2,147,100
Banks — 13.4%
Banco Bilbao Vizcaya Argentaria SA
6.14%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(b)		1,761		1,787,287
7.88%, 11/15/34 (Call 11/15/33), (1-year CMT + 3.300%)(b)		1,200		1,279,265
Bank of America Corp.
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(b)		3,052		2,687,773
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b)		2,999		2,699,779
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)(b)		2,508		2,391,139
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(b)		2,013		1,914,590
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b)		2,859		2,687,422

Security	Par (000)		Value
Banks (continued)
6.10%, 03/17/25 (Call 03/17/25), (3-mo. SOFR + 4.160%)(a)(b)(c)	$	1,486	$	1,484,993
Bank of New York Mellon Corp. (The), Series F, 4.63%, 09/20/26 (Call 09/20/26),
(3-mo. SOFR + 3.393%)(b)(c)		2,966		2,808,731
Citibank NA, 5.86%, 09/29/25 (Call 08/29/25)		595		601,991
Citigroup Inc., 3.30%, 04/27/25		2,304		2,252,672
Goldman Sachs Group Inc. (The), 3.85%, 01/26/27 (Call 01/26/26)		2,790		2,694,382
HSBC Holdings PLC
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(b)		2,946		2,731,607
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)(b)		2,547		2,441,713
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(b)		1,702		1,637,422
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(a)(b)		703		690,815
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(b)		2,026		2,146,288
JPMorgan Chase & Co.
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(b)		3,327		2,675,646
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(b)		3,060		2,684,514
3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(b)		2,670		2,487,614
3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)(b)		483		463,788
Morgan Stanley
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(b)		2,715		2,351,862
3.59%, 07/22/28 (Call 07/22/27)(b)		2,596		2,457,386
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(a)(b)		2,964		2,692,713
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(b)		2,693		2,546,257
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(b)		2,706		2,597,439
PNC Financial Services Group Inc. (The) 5.58%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 1.841%)(a)(b)		2,490		2,503,731
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(b)		2,601		2,669,218
6.88%, 10/20/34 (Call 10/20/33), (1-day SOFR + 2.284%)(b)		374		405,150
Wells Fargo & Co.
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(b)		3,028		2,655,485
3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(b)		388		369,415
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(b)		1,330		1,264,681
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(b)		2,699		2,580,645
5.39%, 04/24/34 (Call 04/24/33), (1-day SOFR + 2.020%)(b)		1,226		1,205,819
5.50%, 01/23/35 (Call 01/23/34), (1-day SOFR + 1.780%)(b)		2,380		2,364,280

18 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Series BB, 3.90%, (Call 03/15/26), (5-year CMT + 3.453%)(b)(c)	$	2,915	$	2,742,846
				74,656,358
Beverages — 1.1%
Anheuser-Busch Companies LLC/Anheuser-Busch
InBev Worldwide Inc., 4.70%, 02/01/36 (Call 08/01/35)(a)		2,303		2,204,225
Anheuser-Busch InBev Worldwide Inc.
5.45%, 01/23/39 (Call 07/23/38)(a)		144		146,437
8.20%, 01/15/39		823		1,060,367
Coca-Cola Co. (The), 2.75%, 06/01/60(a)		4,260		2,702,594
				6,113,623
Biotechnology — 1.9%
Amgen Inc., 4.40%, 05/01/45 (Call 11/01/44)		1,102		940,816
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30)		3,312		2,772,153
Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31)		2,502		2,228,440
Gilead Sciences Inc., 5.65%, 12/01/41 (Call 06/01/41)		1,081		1,101,616
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)		3,156		2,552,984
Royalty Pharma PLC
1.20%, 09/02/25 (Call 08/02/25)		513		480,294
1.75%, 09/02/27 (Call 07/02/27)(a)		493		439,000
2.15%, 09/02/31 (Call 06/02/31)(a)		260		207,510
				10,722,813
Building Materials — 0.5%
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		2,300		1,912,067
Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)		855		868,085
				2,780,152
Chemicals — 1.6%
Dow Chemical Co. (The), 5.55%, 11/30/48 (Call 05/30/48)		1,172		1,141,026
DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38)		1,076		1,063,630
Eastman Chemical Co.
5.63%, 02/20/34 (Call 11/20/33)		2,089		2,073,663
5.75%, 03/08/33 (Call 12/08/32)		661		665,398
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29)		2,135		2,027,835
LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43)		1,044		918,094
LYB International Finance III LLC, 5.63%, 05/15/33 (Call 02/15/33)		724		735,164
				8,624,810
Commercial Services — 1.4%
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)		1,965		1,603,751
Global Payments Inc.
2.90%, 11/15/31 (Call 08/15/31)		2,183		1,821,964
3.20%, 08/15/29 (Call 05/15/29)		1,268		1,129,301
5.30%, 08/15/29 (Call 06/15/29)		591		583,059
Quanta Services Inc.
2.35%, 01/15/32 (Call 10/15/31)		385		308,367
2.90%, 10/01/30 (Call 07/01/30)		2,880		2,496,057
				7,942,499
Computers — 2.5%
Apple Inc., 2.55%, 08/20/60 (Call 02/20/60)(a)		4,612		2,834,893
Booz Allen Hamilton Inc., 5.95%, 08/04/33 (Call 05/04/33)		832		853,438

Security	Par (000)		Value
Computers (continued)
Dell International LLC/EMC Corp.
8.10%, 07/15/36 (Call 01/15/36)	$	2,260	$	2,711,094
8.35%, 07/15/46 (Call 01/15/46)(a)		673		851,463
HP Inc.
3.40%, 06/17/30 (Call 03/17/30)(a)		435		392,007
4.20%, 04/15/32 (Call 01/15/32)		593		547,338
5.50%, 01/15/33 (Call 10/15/32)(a)		1,435		1,439,402
6.00%, 09/15/41(a)		1,161		1,190,289
Leidos Inc.
2.30%, 02/15/31 (Call 11/15/30)		985		807,328
4.38%, 05/15/30 (Call 02/15/30)		1,994		1,876,303
5.75%, 03/15/33 (Call 12/15/32)		253		257,128
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		420		354,477
				14,115,160
Distribution & Wholesale — 0.5%
LKQ Corp.
5.75%, 06/15/28 (Call 05/15/28)(d)		215		217,267
5.75%, 06/15/28 (Call 05/15/28)		1,915		1,935,196
6.25%, 06/15/33 (Call 03/15/33)		732		752,253
				2,904,716
Diversified Financial Services — 3.3%
American Express Co., 3.55%, 09/15/26 (Call 09/15/26), (5-year CMT + 2.854%)(a)(b)(c)		3,244		2,926,809
Ares Management Corp., 6.38%, 11/10/28 (Call 10/10/28)(a)		630		656,532
Capital One Financial Corp.
6.31%, 06/08/29 (Call 06/08/28), (1-day SOFR + 2.640%)(b)		2,270		2,323,647
7.62%, 10/30/31 (Call 10/30/30), (1-day SOFR + 3.070%)(b)		2,490		2,724,913
Charles Schwab Corp. (The)
5.38%, 06/01/25 (Call 06/01/25), (5-year CMT + 4.971%)(a)(b)(c)		1,136		1,120,285
5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(b)		1,427		1,449,128
6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(a)(b)		2,305		2,388,004
LPL Holdings Inc., 6.75%, 11/17/28 (Call 10/17/28)		1,970		2,056,309
Visa Inc., 2.00%, 08/15/50 (Call 02/15/50)(a)		4,600		2,683,749
				18,329,376
Electric — 9.9%
Ameren Illinois Co.
3.85%, 09/01/32 (Call 06/01/32)		675		615,335
4.95%, 06/01/33 (Call 03/01/33)		655		644,773
CenterPoint Energy Houston Electric LLC
4.95%, 04/01/33 (Call 01/01/33)		828		815,826
Series ai., 4.45%, 10/01/32 (Call 07/01/32)		225		214,323
Constellation Energy Generation LLC
5.80%, 03/01/33 (Call 12/01/32)		790		807,451
6.13%, 01/15/34 (Call 10/15/33)		650		678,140
Consumers Energy Co.
3.10%, 08/15/50 (Call 02/15/50)		461		319,710
4.63%, 05/15/33 (Call 11/15/32)		833		804,785
DTE Electric Co.
2.95%, 03/01/50 (Call 09/01/49)		190		126,325
5.20%, 04/01/33 (Call 01/01/33)(a)		830		835,207
Series A, 3.00%, 03/01/32 (Call 12/01/31)		679		586,237
Duke Energy Carolinas LLC
2.85%, 03/15/32 (Call 12/15/31)(a)		739		627,916
3.20%, 08/15/49 (Call 02/15/49)		1,939		1,339,323

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

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric (continued)
4.95%, 01/15/33 (Call 10/15/32)	$	392	$	386,400
Duke Energy Florida LLC
2.40%, 12/15/31 (Call 09/15/31)		1,050		867,498
5.88%, 11/15/33 (Call 08/15/33)(a)		440		460,610
6.20%, 11/15/53 (Call 05/15/53)		199		215,506
Duke Energy Indiana LLC
2.75%, 04/01/50 (Call 10/01/49)		874		544,075
5.40%, 04/01/53 (Call 10/01/52)		671		647,155
Series YYY, 3.25%, 10/01/49 (Call 04/01/49)		425		293,459
Duke Energy Progress LLC
2.00%, 08/15/31 (Call 05/15/31)		1,108		895,708
3.40%, 04/01/32 (Call 01/01/32)		630		557,272
5.25%, 03/15/33 (Call 12/15/32)		576		574,999
Edison International
5.25%, 11/15/28 (Call 10/15/28)		781		776,548
6.95%, 11/15/29 (Call 09/15/29)		580		618,187
Entergy Louisiana LLC
2.35%, 06/15/32 (Call 03/15/32)(a)		710		575,199
4.00%, 03/15/33 (Call 12/15/32)		1,413		1,286,575
4.20%, 09/01/48 (Call 03/01/48)		648		524,150
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		2,741		2,589,201
Georgia Power Co., 4.30%, 03/15/42		380		325,079
Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49)		453		313,859
National Grid PLC
5.60%, 06/12/28 (Call 05/12/28)		670		678,337
5.81%, 06/12/33 (Call 03/12/33)		2,126		2,148,127
Oncor Electric Delivery Co. LLC
3.10%, 09/15/49 (Call 03/15/49)		775		531,998
4.55%, 09/15/32 (Call 06/15/32)		3,025		2,905,946
5.65%, 11/15/33 (Call 08/15/33)		1,477		1,525,788
Pacific Gas and Electric Co.
3.00%, 06/15/28 (Call 04/15/28)		310		281,471
5.90%, 06/15/32 (Call 03/15/32)		767		771,245
6.10%, 01/15/29 (Call 12/15/28)		2,074		2,123,078
6.15%, 01/15/33 (Call 10/15/32)(a)		1,199		1,226,505
6.40%, 06/15/33 (Call 03/15/33)(a)		704		731,956
PPL Electric Utilities Corp., 5.00%, 05/15/33 (Call 02/15/33)		850		844,695
Public Service Co. of Colorado
1.88%, 06/15/31 (Call 12/15/30)		2,670		2,148,943
5.25%, 04/01/53 (Call 10/01/52)		2,400		2,269,491
Public Service Electric & Gas Co.
3.10%, 03/15/32 (Call 12/15/31)(a)		624		544,416
4.65%, 03/15/33 (Call 12/15/32)		727		703,656
5.20%, 08/01/33 (Call 05/01/33)(a)		722		729,504
San Diego Gas & Electric Co.
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		1,347		896,577
Series XXX, 3.00%, 03/15/32 (Call 12/15/31)(a)		164		141,849
Sempra, 4.88%, 10/15/25 (Call 10/15/25), (5-year CMT + 4.550%)(a)(b)(c)		2,286		2,237,891
Southern California Edison Co.
5.20%, 06/01/34 (Call 03/01/34)		345		337,458
5.88%, 12/01/53 (Call 06/01/53)		883		895,584
5.95%, 11/01/32 (Call 08/01/32)(a)		2,239		2,334,622
Southern Co. (The)
4.40%, 07/01/46 (Call 01/01/46)		1,464		1,233,940
Series 21-A, 3.75%, 09/15/51 (Call 06/15/26), (5-year CMT + 2.915%)(b)		1,695		1,589,668
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(b)		2,671		2,564,991

Security	Par (000)		Value
Electric (continued)
Union Electric Co.
2.15%, 03/15/32 (Call 12/15/31)	$	750	$	603,403
2.63%, 03/15/51 (Call 09/15/50)		630		380,481
5.45%, 03/15/53 (Call 09/15/52)		650		637,753
				54,886,204
Electronics — 0.8%
Avnet Inc., 6.25%, 03/15/28 (Call 02/15/28)		705		717,009
TD SYNNEX Corp.
1.75%, 08/09/26 (Call 07/09/26)		1,020		928,945
2.38%, 08/09/28 (Call 06/09/28)		935		813,397
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		2,076		2,169,423
				4,628,774
Engineering & Construction — 0.3%
Jacobs Engineering Group Inc.
5.90%, 03/01/33 (Call 12/01/32)(a)		658		657,741
6.35%, 08/18/28 (Call 07/18/28)		852		879,375
				1,537,116
Food — 1.9%
Conagra Brands Inc.
1.38%, 11/01/27 (Call 09/01/27)		781		679,027
4.85%, 11/01/28 (Call 08/01/28)		591		580,572
5.30%, 11/01/38 (Call 05/01/38)		2,169		2,053,355
J M Smucker Co. (The), 6.20%, 11/15/33 (Call 08/15/33)(a)		2,565		2,711,116
Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)		355		296,617
6.25%, 07/01/33 (Call 04/01/33)		2,710		2,739,008
Sysco Corp., 6.60%, 04/01/50 (Call 10/01/49)(a)		1,260		1,423,858
				10,483,553
Gas — 0.3%
National Fuel Gas Co.
2.95%, 03/01/31 (Call 12/01/30)		415		346,734
5.50%, 01/15/26 (Call 12/15/25)		327		325,828
Southern California Gas Co.
5.20%, 06/01/33 (Call 03/01/33)		763		757,114
5.75%, 06/01/53 (Call 12/01/52)(a)		110		111,212
6.35%, 11/15/52 (Call 05/15/52)		101		111,087
				1,651,975
Health Care - Products — 1.8%
Dentsply Sirona Inc., 3.25%, 06/01/30 (Call 03/01/30)		2,322		2,020,972
HCA Inc., 3.63%, 03/15/32 (Call 12/15/31)		2,270		1,982,972
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)		3,413		2,794,781
STERIS Irish FinCo UnLtd Co.
2.70%, 03/15/31 (Call 12/15/30)		1,130		959,346
3.75%, 03/15/51 (Call 09/15/50)		898		664,283
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)		1,695		1,421,329
				9,843,683
Health Care - Services — 2.6%
Centene Corp.
2.45%, 07/15/28 (Call 05/15/28)(a)		2,767		2,438,651
3.38%, 02/15/30 (Call 02/15/25)		1,370		1,208,542
4.63%, 12/15/29 (Call 12/15/24)		325		307,629
Elevance Health Inc., 4.65%, 01/15/43		683		617,983
HCA Inc.
3.38%, 03/15/29 (Call 01/15/29)		660		601,937
4.13%, 06/15/29 (Call 03/15/29)(a)		2,714		2,555,393
5.13%, 06/15/39 (Call 12/15/38)		205		190,503

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)	$	690	$	622,324
IQVIA Inc.
5.70%, 05/15/28 (Call 04/15/28)		1,710		1,722,414
6.25%, 02/01/29 (Call 01/01/29)		1,085		1,116,325
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)		353		315,066
Universal Health Services Inc.
1.65%, 09/01/26 (Call 08/01/26)		802		729,165
2.65%, 10/15/30 (Call 07/15/30)		2,637		2,201,568
				14,627,500
Holding Companies - Diversified — 2.5%
Ares Capital Corp.
3.88%, 01/15/26 (Call 12/15/25)(a)		2,727		2,616,245
7.00%, 01/15/27		805		821,037
Blackstone Secured Lending Fund
2.85%, 09/30/28 (Call 07/30/28)(a)		1,006		875,486
3.63%, 01/15/26 (Call 12/15/25)		2,174		2,071,291
Blue Owl Capital Corp.
2.88%, 06/11/28 (Call 04/11/28)		510		445,610
3.40%, 07/15/26 (Call 06/15/26)		2,748		2,559,327
FS KKR Capital Corp.
3.13%, 10/12/28 (Call 08/12/28)(a)		2,438		2,105,886
3.40%, 01/15/26 (Call 12/15/25)		1,081		1,022,010
Golub Capital BDC Inc.
2.50%, 08/24/26 (Call 07/24/26)		456		416,136
6.00%, 07/15/29 (Call 06/15/29)		852		827,029
				13,760,057
Home Builders — 0.4%
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		2,698		2,376,272
Insurance — 5.4%
American International Group Inc.
5.13%, 03/27/33 (Call 12/27/32)		1,985		1,957,950
Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(b)		1,459		1,433,330
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/33 (Call 11/28/32)		1,670		1,665,627
Athene Holding Ltd.
4.13%, 01/12/28 (Call 10/12/27)		2,340		2,241,449
5.88%, 01/15/34 (Call 10/15/33)		855		848,191
Brown & Brown Inc.
2.38%, 03/15/31 (Call 12/15/30)		592		484,676
4.20%, 03/17/32 (Call 12/17/31)		830		753,488
CNA Financial Corp.
3.90%, 05/01/29 (Call 02/01/29)		380		356,597
5.50%, 06/15/33 (Call 03/15/33)		682		687,785
Corebridge Financial Inc.
3.90%, 04/05/32 (Call 01/05/32)		3,000		2,640,302
6.05%, 09/15/33 (Call 06/15/33)(d)		675		689,127
Everest Reinsurance Holdings Inc., 3.50%, 10/15/50 (Call 04/15/50)		1,976		1,381,526
Fairfax Financial Holdings Ltd.
3.38%, 03/03/31 (Call 12/03/30)		914		792,347
5.63%, 08/16/32 (Call 05/16/32)		2,056		2,022,080
Fidelity National Financial Inc.
2.45%, 03/15/31 (Call 12/15/30)		535		434,714
3.40%, 06/15/30 (Call 03/15/30)		472		416,501
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31)		991		776,855
Markel Group Inc., 5.00%, 05/20/49 (Call 11/20/48)		394		354,874

Security	Par (000)		Value
Insurance (continued)
MetLife Inc., Series G, 3.85%, (Call 09/15/25), (5-year CMT + 3.576%)(a)(b)(c)	$	2,865	$	2,737,945
Prudential Financial Inc.
3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(b)		1,762		1,539,024
5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)(a)(b)		2,612		2,538,061
Willis North America Inc.
4.65%, 06/15/27 (Call 05/15/27)		1,943		1,906,933
5.35%, 05/15/33 (Call 02/15/33)		1,245		1,223,933
				29,883,315
Internet — 0.9%
Alphabet Inc.
2.05%, 08/15/50 (Call 02/15/50)		160		94,501
2.25%, 08/15/60 (Call 02/15/60)(a)		4,733		2,720,647
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)(a)		2,408		2,001,939
				4,817,087
Iron & Steel — 0.6%
ArcelorMittal SA
6.55%, 11/29/27 (Call 10/29/27)		347		361,398
6.80%, 11/29/32 (Call 08/29/32)(a)		2,602		2,750,681
				3,112,079
Lodging — 1.1%
Las Vegas Sands Corp.
3.50%, 08/18/26 (Call 06/18/26)		922		866,931
3.90%, 08/08/29 (Call 05/08/29)		2,278		2,060,223
Marriott International Inc./MD
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		2,674		2,589,900
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		1,015		866,571
				6,383,625
Machinery — 0.6%
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		690		690,004
Westinghouse Air Brake Technologies Corp., 4.70%, 09/15/28 (Call 06/15/28)		2,757		2,689,446
				3,379,450
Machinery - Diversified — 0.5%
Ingersoll Rand Inc., 5.70%, 08/14/33 (Call 05/14/33)(a)		2,672		2,717,452
Manufacturing — 0.7%
Carlisle Companies Inc., 2.75%, 03/01/30 (Call 12/01/29)		2,326		2,021,481
General Electric Co.
5.88%, 01/14/38		535		568,826
6.75%, 03/15/32		626		695,108
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30)		470		412,263
				3,697,678
Media — 0.8%
Comcast Corp., 1.95%, 01/15/31 (Call 10/15/30)		680		558,654
FactSet Research Systems Inc., 3.45%, 03/01/32 (Call 12/01/31)		120		104,336
Fox Corp.
4.71%, 01/25/29 (Call 10/25/28)(a)		280		273,198
5.48%, 01/25/39 (Call 07/25/38)		2,462		2,299,946
6.50%, 10/13/33 (Call 07/13/33)		500		525,146
Walt Disney Co. (The), 6.65%, 11/15/37		408		462,158
				4,223,438

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

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mining — 1.0%
Freeport-McMoRan Inc., 5.45%, 03/15/43 (Call 09/15/42)(a)	$	1,252	$	1,165,795
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)(a)		1,638		1,508,912
Southern Copper Corp.
5.25%, 11/08/42		205		192,739
5.88%, 04/23/45		1,466		1,457,720
6.75%, 04/16/40(a)		1,070		1,175,706
				5,500,872
Office & Business Equipment — 0.6%
CDW LLC/CDW Finance Corp.
2.67%, 12/01/26 (Call 11/01/26)		313		289,898
3.28%, 12/01/28 (Call 10/01/28)		747		668,251
3.57%, 12/01/31 (Call 09/01/31)		2,579		2,238,340
				3,196,489
Oil & Gas — 2.5%
BP Capital Markets PLC, 4.88%, (Call 03/22/30), (5-year CMT + 4.398%)(a)(b)(c)		2,894		2,731,209
Diamondback Energy Inc., 6.25%, 03/15/33 (Call 12/15/32)(a)		2,219		2,332,871
EQT Corp.
5.70%, 04/01/28 (Call 03/01/28)		670		674,785
5.75%, 02/01/34 (Call 11/01/33)(a)		945		929,512
Occidental Petroleum Corp.
7.50%, 05/01/31		1,265		1,396,994
8.88%, 07/15/30 (Call 01/15/30)		2,204		2,541,964
Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30)(a)		1,215		1,016,470
Valero Energy Corp., 6.63%, 06/15/37(a)		2,283		2,444,895
				14,068,700
Packaging & Containers — 0.5%
Amcor Finance USA Inc.
3.63%, 04/28/26 (Call 01/28/26)		369		355,232
5.63%, 05/26/33 (Call 02/26/33)(a)		590		599,911
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)		2,379		2,009,731
				2,964,874
Pharmaceuticals — 3.3%
AbbVie Inc., 4.50%, 05/14/35 (Call 11/14/34)		1,277		1,216,538
AstraZeneca PLC, 6.45%, 09/15/37		1,922		2,166,517
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		2,923		2,497,276
Cigna Group (The)
4.80%, 08/15/38 (Call 02/15/38)		125		115,930
4.80%, 07/15/46 (Call 01/16/46)		2,346		2,096,498
4.90%, 12/15/48 (Call 06/15/48)		123		110,545
CVS Health Corp.
3.25%, 08/15/29 (Call 05/15/29)(a)		1,103		1,004,620
4.78%, 03/25/38 (Call 09/25/37)		2,177		1,978,262
5.13%, 07/20/45 (Call 01/20/45)		497		452,071
Eli Lilly & Co., 2.25%, 05/15/50 (Call 11/15/49)		4,400		2,660,704
Johnson & Johnson
2.25%, 09/01/50 (Call 03/01/50)		1,935		1,194,473
2.45%, 09/01/60 (Call 03/01/60)		3,923		2,315,414
Zoetis Inc., 4.70%, 02/01/43 (Call 08/01/42)(a)		491		449,289
				18,258,137
Pipelines — 8.4%
Boardwalk Pipelines LP
3.40%, 02/15/31 (Call 11/15/30)		415		366,353
3.60%, 09/01/32 (Call 06/01/32)		689		599,007
5.63%, 08/01/34 (Call 05/01/34)		835		828,295

Security	Par (000)		Value
Pipelines (continued)
Cheniere Corpus Christi Holdings LLC
3.70%, 11/15/29 (Call 05/18/29)	$	580	$	534,878
5.13%, 06/30/27 (Call 01/01/27)		2,497		2,485,664
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 03/11/24)		2,857		2,742,379
Cheniere Energy Partners LP
4.00%, 03/01/31 (Call 03/01/26)(a)		559		498,546
4.50%, 10/01/29 (Call 10/01/24)(a)		2,736		2,562,714
Enbridge Inc.
5.50%, 07/15/77 (Call 07/15/27), (3-mo. SOFR + 3.680%)(b)		3,055		2,840,458
6.25%, 03/01/78 (Call 03/01/28), (3-mo. SOFR + 3.903%)(b)		1,560		1,488,913
Series 20-A, 5.75%, 07/15/80 (Call 04/15/30), (5-year CMT + 5.314%)(a)(b)		588		548,426
Energy Transfer LP
4.95%, 05/15/28 (Call 02/15/28)		1,451		1,432,008
5.25%, 04/15/29 (Call 01/15/29)(a)		2,603		2,592,956
5.75%, 02/15/33 (Call 11/15/32)		1,140		1,147,861
6.55%, 12/01/33 (Call 09/01/33)		515		546,260
Enterprise Products Operating LLC, Series E, 5.25%, 08/16/77 (Call 08/16/27),
(3-mo. SOFR + 3.295%)(b)		3,129		2,968,269
Kinder Morgan Inc.
4.80%, 02/01/33 (Call 11/01/32)		2,095		1,977,311
5.30%, 12/01/34 (Call 06/01/34)(a)		726		707,678
MPLX LP
2.65%, 08/15/30 (Call 05/15/30)		199		169,433
4.50%, 04/15/38 (Call 10/15/37)		994		865,100
5.00%, 03/01/33 (Call 12/01/32)		2,265		2,166,496
ONEOK Inc.
3.10%, 03/15/30 (Call 12/15/29)		810		718,470
3.40%, 09/01/29 (Call 06/01/29)		710		648,306
4.55%, 07/15/28 (Call 04/15/28)		113		110,392
6.05%, 09/01/33 (Call 06/01/33)		2,129		2,194,143
6.10%, 11/15/32 (Call 08/15/32)		970		1,005,638
Plains All American Pipeline LP/PAA Finance Corp., 3.55%, 12/15/29 (Call 09/15/29)(a)		658		596,989
Sabine Pass Liquefaction LLC
4.20%, 03/15/28 (Call 09/15/27)		2,502		2,413,596
4.50%, 05/15/30 (Call 11/15/29)(a)		972		930,120
Targa Resources Corp., 6.15%, 03/01/29 (Call 02/01/29)		1,130		1,164,675
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26)		2,695		2,553,340
Transcanada Trust
5.30%, 03/15/77 (Call 03/15/27), (3 mo. LIBOR US + 3.208%)(b)		3,146		2,892,790
Series 16-A, 5.88%, 08/15/76 (Call 08/15/26), (3 mo. LIBOR US + 4.640%)(b)		1,833		1,757,958
				47,055,422
Real Estate — 0.5%
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		2,714		2,738,894
Real Estate Investment Trusts — 5.6%
American Homes 4 Rent LP, 3.63%, 04/15/32 (Call 01/15/32)		870		759,109
American Tower Corp.
2.90%, 01/15/30 (Call 10/15/29)		1,328		1,163,480
3.80%, 08/15/29 (Call 05/15/29)		1,888		1,747,194

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Real Estate Investment Trusts (continued)
3.95%, 03/15/29 (Call 12/15/28)	$	330	$	309,719
Brixmor Operating Partnership LP
4.05%, 07/01/30 (Call 04/01/30)		1,243		1,143,706
4.13%, 05/15/29 (Call 02/15/29)		1,991		1,861,644
Crown Castle Inc.
3.65%, 09/01/27 (Call 06/01/27)		210		198,289
3.80%, 02/15/28 (Call 11/15/27)		875		824,078
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		858		746,406
Digital Realty Trust LP
3.60%, 07/01/29 (Call 04/01/29)		295		271,772
5.55%, 01/15/28 (Call 12/15/27)		531		536,327
Equinix Inc.
2.15%, 07/15/30 (Call 04/15/30)(a)		2,185		1,811,322
3.20%, 11/18/29 (Call 08/18/29)		1,081		970,832
Extra Space Storage LP, 5.70%, 04/01/28 (Call 03/01/28)		614		622,572
GLP Capital LP/GLP Financing II Inc.
3.25%, 01/15/32 (Call 10/15/31)		2,262		1,876,528
5.30%, 01/15/29 (Call 10/15/28)		1,385		1,343,734
Host Hotels & Resorts LP, Series I, 3.50%, 09/15/30 (Call 06/15/30)		2,242		1,977,033
Invitation Homes Operating Partnership LP
2.00%, 08/15/31 (Call 05/15/31)		1,040		812,339
2.30%, 11/15/28 (Call 09/15/28)		901		788,049
4.15%, 04/15/32 (Call 01/15/32)		870		784,814
Sun Communities Operating LP
2.70%, 07/15/31 (Call 04/15/31)		2,372		1,934,567
4.20%, 04/15/32 (Call 01/15/32)		1,073		953,391
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		1,423		1,363,225
VICI Properties LP
4.75%, 02/15/28 (Call 01/15/28)(a)		2,652		2,568,218
4.95%, 02/15/30 (Call 12/15/29)		511		486,481
Welltower OP LLC
3.10%, 01/15/30 (Call 10/15/29)		1,906		1,700,317
3.85%, 06/15/32 (Call 03/15/32)		470		421,956
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		1,465		1,375,342
				31,352,444
Retail — 1.9%
AutoZone Inc., 6.55%, 11/01/33 (Call 08/01/33)(a)		695		750,804
Darden Restaurants Inc., 6.30%, 10/10/33 (Call 07/10/33)		645		673,736
Dick’s Sporting Goods Inc.
3.15%, 01/15/32 (Call 10/15/31)(a)		2,470		2,069,860
4.10%, 01/15/52 (Call 07/15/51)		1,117		789,623
Dollar General Corp., 5.45%, 07/05/33 (Call 04/05/33)(a)		2,597		2,579,346
Dollar Tree Inc.
2.65%, 12/01/31 (Call 09/01/31)(a)		765		636,710
4.20%, 05/15/28 (Call 02/15/28)		2,380		2,295,436
McDonald’s Corp., 4.70%, 12/09/35 (Call 06/09/35)		614		589,855
Walmart Inc., 2.65%, 09/22/51 (Call 03/22/51)(a)		635		413,545
				10,798,915
Semiconductors — 2.6%
Broadcom Inc., 4.15%, 11/15/30 (Call 08/15/30)		2,094		1,958,988
Marvell Technology Inc.
2.95%, 04/15/31 (Call 01/15/31)		2,100		1,799,912
5.75%, 02/15/29 (Call 01/15/29)(a)		245		249,608
5.95%, 09/15/33 (Call 06/15/33)		656		677,577
Micron Technology Inc.
4.66%, 02/15/30 (Call 11/15/29)		2,024		1,958,034

Security	Par (000)		Value
Semiconductors (continued)
5.88%, 09/15/33 (Call 06/15/33)	$	553	$	563,821
6.75%, 11/01/29 (Call 09/01/29)		934		991,387
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)		575		580,942
NXP BV/NXP Funding LLC/NXP USA Inc.
3.40%, 05/01/30 (Call 02/01/30)		337		302,069
4.30%, 06/18/29 (Call 03/18/29)		2,674		2,553,840
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)(a)		2,480		2,307,090
Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)		700		586,409
				14,529,677
Shipbuilding — 0.2%
Huntington Ingalls Industries Inc.
2.04%, 08/16/28 (Call 06/16/28)(a)		915		795,444
4.20%, 05/01/30 (Call 02/01/30)		362		340,726
				1,136,170
Software — 3.6%
Broadridge Financial Solutions Inc.
2.60%, 05/01/31 (Call 02/01/31)(a)		1,185		992,918
2.90%, 12/01/29 (Call 09/01/29)		1,794		1,582,967
Microsoft Corp.
2.68%, 06/01/60 (Call 12/01/59)		4,175		2,635,001
3.04%, 03/17/62 (Call 09/17/61)(a)		4,283		2,918,873
Oracle Corp.
2.88%, 03/25/31 (Call 12/25/30)		185		159,549
2.95%, 04/01/30 (Call 01/01/30)		1,334		1,183,049
3.90%, 05/15/35 (Call 11/15/34)		655		562,427
4.30%, 07/08/34 (Call 01/08/34)		2,641		2,396,874
5.38%, 07/15/40		2,605		2,493,586
6.25%, 11/09/32 (Call 08/09/32)(a)		1,825		1,927,789
VMware LLC
3.90%, 08/21/27 (Call 05/21/27)		2,679		2,553,728
4.70%, 05/15/30 (Call 02/15/30)		786		756,275
				20,163,036
Telecommunications — 4.9%
AT&T Inc.
4.35%, 03/01/29 (Call 12/01/28)		633		610,866
5.40%, 02/15/34 (Call 11/15/33)		290		290,383
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		2,200		2,595,885
Motorola Solutions Inc.
2.30%, 11/15/30 (Call 08/15/30)		555		457,452
2.75%, 05/24/31 (Call 02/24/31)		810		676,322
4.60%, 05/23/29 (Call 02/23/29)		1,939		1,884,084
Orange SA, 9.00%, 03/01/31		1,962		2,371,641
Rogers Communications Inc., 3.80%, 03/15/32 (Call 12/15/31)		3,097		2,752,356
Sprint Capital Corp.
6.88%, 11/15/28		675		718,006
8.75%, 03/15/32		2,214		2,673,899
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		2,807		2,436,303
T-Mobile USA Inc.
2.40%, 03/15/29 (Call 01/15/29)		355		312,694
2.55%, 02/15/31 (Call 11/15/30)		1,632		1,375,988
2.70%, 03/15/32 (Call 12/15/31)		520		432,788
3.60%, 11/15/60 (Call 05/15/60)(a)		2,830		1,957,498
3.88%, 04/15/30 (Call 01/15/30)		2,674		2,482,049
4.38%, 04/15/40 (Call 10/15/39)		950		832,819
4.50%, 04/15/50 (Call 10/15/49)		241		203,937

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

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Telecommunications (continued)
Verizon Communications Inc.
4.27%, 01/15/36	$	798	$	724,759
4.40%, 11/01/34 (Call 05/01/34)		743		691,084
4.50%, 08/10/33		252		237,813
5.25%, 03/16/37		340		339,480
				27,058,106
Transportation — 0.3%
United Parcel Service Inc., 6.20%, 01/15/38		1,726		1,889,045
Water — 0.1%
Essential Utilities Inc., 5.38%, 01/15/34 (Call 10/15/33)		698		686,431
Total Long-Term Investments — 98.5% (Cost: $551,369,069)				548,740,585
	Shares
Short-Term Securities
Money Market Funds — 8.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		45,571,566		45,594,352

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(e)(f)		2,630,000	$	2,630,000
Total Short-Term Securities — 8.6% (Cost: $48,220,505)				48,224,352
Total Investments — 107.1% (Cost: $599,589,574)				596,964,937
Liabilities in Excess of Other Assets — (7.1)%				(39, 800,366	)
Net Assets — 100.0%			$	557,164,571

^(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)  Perpetual security with no stated maturity date.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,118,282	$	32,482,808	(a)	$	—	$	(5,538	)	$	(1,200	)	$	45,594,352		45,571,566	$	60,961	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,043,000		587,000	(a)		—		—			—			2,630,000		2,630,000		74,768			—
								$	(5,538	)	$	(1,200	)	$	48,224,352			$	135,729		$	—

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

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Corporate Bonds & Notes	$	—	$	548,740,585	$	—	$	548,740,585

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® Investment Grade Systematic Bond ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	48,224,352	$	—	$	—	$	48,224,352
	$	48,224,352	$	548,740,585	$	—	$	596,964,937

See notes to financial statements.

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

Schedule of Investments February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 1.5%
Bank, Series 2017, Class A5, 3.44%, 09/15/60
(Call 09/15/27)	$	40	$	37,636
Commission Mortgage Trust, 2.87%, 08/15/57
(Call 11/15/29)		50		46,504
GS Mortgage Securities Trust, 2.91%, 02/13/53
(Call 01/13/30)		75		66,019
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C23, Class A4, 3.72%, 07/15/50
(Call 06/15/25)		25		24,304
Wells Fargo Commercial Mortgage Trust, 3.79%, 12/15/49 (Call 12/15/26)		10		9,551
				184,014
Total Collaterized Mortgage Obligations — 1.5% (Cost: $212,929)				184,014
Corporate Bonds & Notes
Advertising — 0.0%
Advantage Sales & Marketing Inc., 6.50%, 11/15/28
(Call 03/11/24)(a)		2		1,862
Aerospace & Defense — 1.1%
Boeing Co. (The) 2.20%, 02/04/26 (Call 03/11/24)		43		40,339
3.25%, 02/01/35 (Call 11/01/34)		8		6,432
3.60%, 05/01/34 (Call 02/01/34)		15		12,608
4.88%, 05/01/25 (Call 04/01/25)		10		9,907
5.15%, 05/01/30 (Call 02/01/30)		12		11,799
General Dynamics Corp., 3.25%, 04/01/25
(Call 03/01/25)		10		9,791
HEICO Corp., 5.35%, 08/01/33 (Call 05/01/33)		4		3,980
L3Harris Technologies Inc. 4.40%, 06/15/28
(Call 03/15/28)		15		14,582
Northrop Grumman Corp., 4.75%, 06/01/43		3		2,725
Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)(a)		4		3,980
RTX Corp. 3.95%, 08/16/25 (Call 06/16/25)		10		9,809
4.50%, 06/01/42		11		9,617
4.88%, 10/15/40		3		2,768
Spirit AeroSystems Inc., 9.75%, 11/15/30
(Call 11/15/26)(a)		3		3,214
				141,551
Agriculture — 1.1%
Altria Group Inc. 2.35%, 05/06/25 (Call 04/06/25)		15		14,485
3.40%, 05/06/30 (Call 02/06/30)		2		1,800
4.80%, 02/14/29 (Call 11/14/28)		1		982
5.38%, 01/31/44		8		7,775
5.80%, 02/14/39 (Call 08/14/38)		12		11,966
6.88%, 11/01/33 (Call 08/01/33)		4		4,322
BAT Capital Corp. 2.73%, 03/25/31 (Call 12/25/30)		8		6,595
4.91%, 04/02/30 (Call 01/02/30)		8		7,775
6.34%, 08/02/30 (Call 06/02/30)		2		2,065
6.42%, 08/02/33 (Call 05/02/33)		2		2,057
7.75%, 10/19/32 (Call 07/19/32)		4		4,470
Philip Morris International Inc. 5.00%, 11/17/25		10		9,965
5.38%, 02/15/33 (Call 11/15/32)		22		21,895

Security	Par     (000)		Value
Agriculture (continued)
5.63%, 11/17/29 (Call 09/17/29)	$	1	$	1,024
5.75%, 11/17/32 (Call 08/17/32)		2		2,040
6.38%, 05/16/38		12		12,947
Reynolds American Inc. 4.45%, 06/12/25 (Call 03/12/25)		5		4,923
5.70%, 08/15/35 (Call 02/15/35)		4		3,821
5.85%, 08/15/45 (Call 02/15/45)		11		9,994
Vector Group Ltd., 5.75%, 02/01/29 (Call 04/01/24)(a)		4		3,665
				134,566
Airlines — 0.1%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)		3		2,841
American Airlines Inc., 7.25%, 02/15/28
(Call 02/15/25)(a)		3		3,025
Azul Secured Finance LLP 10.88%, 05/28/30 (Call 05/28/26)(a)		2		1,669
11.93%, 08/28/28 (Call 02/28/26)		2		2,033
Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28)		2		1,918
United Airlines Inc., 4.63%, 04/15/29 (Call 10/15/28)(a)		4		3,690
				15,176
Alternate Investments — 0.1%
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 9.75%, 01/15/29 (Call 10/15/28)(a)		14		14,630
Apparel — 0.2%
Tapestry Inc. 7.70%, 11/27/30 (Call 09/27/30)		15		15,905
7.85%, 11/27/33 (Call 08/27/33)		3		3,245
				19,150
Auto Manufacturers — 1.3%
American Honda Finance Corp. 5.25%, 07/07/26		2		2,015
5.80%, 10/03/25		23		23,218
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25
(Call 11/01/24)(a)		4		4,055
Ford Motor Credit Co. LLC 4.27%, 01/09/27 (Call 11/09/26)		15		14,370
6.95%, 03/06/26 (Call 02/06/26)		30		30,540
General Motors Financial Co. Inc. 5.40%, 04/06/26		30		30,014
6.05%, 10/10/25		5		5,037
Jaguar Land Rover Automotive PLC 4.50%, 10/01/27 (Call 07/01/27)(a)		2		1,882
5.50%, 07/15/29 (Call 07/15/24)(a)		2		1,923
PACCAR Financial Corp., 4.95%, 10/03/25		2		1,998
Toyota Motor Credit Corp. 3.95%, 06/30/25		10		9,846
5.40%, 11/20/26		21		21,213
5.60%, 09/11/25		14		14,121
				160,232
Auto Parts & Equipment — 0.1%
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 (Call 12/01/31)		13		11,210
Banks — 11.8%
Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28
(Call 09/14/27), (1-year CMT + 2.700%)(b)		20		20,299
Banco Santander SA, 5.15%, 08/18/25		20		19,852
Bank of America Corp. 1.20%, 10/24/26 (Call 10/24/25),
(1-day SOFR + 1.010%)(b)		20		18,633
2.88%, 10/22/30 (Call 10/22/29),
(3-mo. SOFR + 1.452%)(b)		10		8,807

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Banks (continued)
3.19%, 07/23/30 (Call 07/23/29),
(3-mo. SOFR + 1.442%)(b)		$    20	$	18,005
3.38%, 04/02/26 (Call 04/02/25),
(1-day SOFR + 1.330%)(b)		20		19,522
3.42%, 12/20/28 (Call 12/20/27),
(3-mo. SOFR + 1.302%)(b)		14		13,079
3.59%, 07/21/28 (Call 07/21/27),
(3-mo. SOFR + 1.632%)(b)		1		948
3.71%, 04/24/28 (Call 04/24/27),
(3-mo. SOFR + 1.774%)(b)		18		17,161
3.82%, 01/20/28 (Call 01/20/27),
(3-mo. SOFR + 1.837%)(b)		17		16,329
3.97%, 03/05/29 (Call 03/05/28),
(3-mo. SOFR + 1.332%)(b)		10		9,511
3.97%, 02/07/30 (Call 02/07/29),
(3-mo. SOFR + 1.472%)(b)		18		16,920
4.27%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.572%)(b)		18		17,294
5.08%, 01/20/27 (Call 01/20/26),
(1-day SOFR + 1.290%)(b)		6		5,962
Series L, 3.95%, 04/21/25		10		9,835
Bank of Montreal 1.25%, 09/15/26		17		15,464
5.30%, 06/05/26		12		12,031
Bank of New York Mellon Corp. (The)
0.75%, 01/28/26 (Call 12/28/25)		14		12,918
Series F, 4.63%, 09/20/26 (Call 09/20/26),
(3-mo. SOFR + 3.393%)(b)(c)		16		15,152
Bank of Nova Scotia (The) 3.45%, 04/11/25		40		39,154
5.35%, 12/07/26		22		22,080
Barclays PLC, 5.30%, 08/09/26 (Call 08/09/25), (1-year CMT + 2.300%)(b)		30		29,808
Canadian Imperial Bank of Commerce, 3.95%, 08/04/25		5		4,902
Citigroup Inc.
2.01%, 01/25/26 (Call 01/25/25),
(1-day SOFR + 0.694%)(b)		28		27,053
3.11%, 04/08/26 (Call 04/08/25),
(1-day SOFR + 2.842%)(b)		28		27,253
3.20%, 10/21/26 (Call 07/21/26)		21		19,941
3.30%, 04/27/25		19		18,577
4.40%, 06/10/25		5		4,926
Cooperatieve Rabobank UA, 4.85%, 01/09/26		20		19,916
Deutsche Bank AG/New York, 6.12%, 07/14/26
(Call 07/14/25), (1-day SOFR + 3.190%)(b)		15		15,032
Goldman Sachs Group Inc. (The) 3.50%, 04/01/25 (Call 03/01/25)		10		9,793
3.81%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.420%)(b)		2		1,888
3.85%, 01/26/27 (Call 01/26/26)		25		24,143
4.22%, 05/01/29 (Call 05/01/28),
(3-mo. SOFR + 1.563%)(b)		17		16,300
5.80%, 08/10/26 (Call 08/10/25),
(1-day SOFR + 1.075%)(b)		25		25,138
HSBC Holdings PLC
3.00%, 03/10/26 (Call 03/10/25),
(1-day SOFR + 1.430%)(b)		40		38,879
3.97%, 05/22/30 (Call 05/22/29),
(3-mo. SOFR + 1.872%)(b)		30		27,817
4.30%, 03/08/26		10		9,801

Security	Par     (000)		Value
Banks (continued)
4.58%, 06/19/29 (Call 06/19/28),
(3-mo. SOFR + 1.796%)(b)		$    50	$	48,103
Intesa Sanpaolo SpA 4.95%, 06/01/42 (Call 06/01/41),
(1-year CMT + 2.750%)(a)(b)		2		1,443
5.71%, 01/15/26(a)		2		1,982
JPMorgan Chase & Co. 1.95%, 02/04/32 (Call 02/04/31),
(1-day SOFR + 1.065%)(b)		18		14,476
2.01%, 03/13/26 (Call 03/13/25),
(3-mo. SOFR + 1.585%)(b)		3		2,892
2.08%, 04/22/26 (Call 04/22/25),
(1-day SOFR + 1.850%)(b)		9		8,659
2.74%, 10/15/30 (Call 10/15/29),
(3-mo. SOFR + 1.510%)(b)		17		14,914
3.70%, 05/06/30 (Call 05/06/29),
(3-mo. SOFR + 1.422%)(b)		18		16,770
3.78%, 02/01/28 (Call 02/01/27),
(3-mo. SOFR + 1.599%)(b)		4		3,841
4.08%, 04/26/26 (Call 04/26/25),
(1-day SOFR + 1.320%)(b)		28		27,547
4.85%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.990%)(b)		19		18,790
Series HH, 4.60%, 02/01/25 (Call 02/01/25),
(3-mo. SOFR + 3.125%)(b)(c)(d)		25		24,337
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)		20		19,438
Lloyds Banking Group PLC, 4.72%, 08/11/26
(Call 08/11/25), (1-year CMT + 1.750%)(b)		20		19,731
Mitsubishi UFJ Financial Group Inc., 3.78%, 03/02/25		45		44,258
Morgan Stanley 2.70%, 01/22/31 (Call 01/22/30),
(1-day SOFR + 1.143%)(b)		15		12,994
3.59%, 07/22/28 (Call 07/22/27)(b)		19		17,986
3.62%, 04/01/31 (Call 04/01/30),
(1-day SOFR + 3.120%)(b)		15		13,627
3.77%, 01/24/29 (Call 01/24/28),
(3-mo. SOFR + 1.402%)(b)		15		14,183
4.00%, 07/23/25		10		9,827
4.43%, 01/23/30 (Call 01/23/29),
(3-mo. SOFR + 1.890%)(b)		10		9,599
5.00%, 11/24/25		40		39,769
6.25%, 08/09/26		34		34,805
PNC Financial Services Group Inc. (The) 5.58%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 1.841%)(b)		36		36,199
6.04%, 10/28/33 (Call 10/28/32),
(1-day SOFR + 2.140%)(b)		15		15,393
Regions Financial Corp., 2.25%, 05/18/25
(Call 04/18/25)		13		12,448
Royal Bank of Canada 3.38%, 04/14/25		2		1,959
4.88%, 01/12/26		10		9,968
5.20%, 07/20/26		20		20,070
Sumitomo Mitsui Financial Group Inc., 5.88%, 07/13/26		40		40,583
Toronto-Dominion Bank (The) 3.77%, 06/06/25		5		4,910
5.53%, 07/17/26		29		29,253
Truist Financial Corp., 4.00%, 05/01/25 (Call 03/01/25)		25		24,551
U.S. Bancorp., 1.45%, 05/12/25 (Call 04/11/25)		20		19,137
UBS AG/London, 5.65%, 09/11/28		10		10,190

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

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Banks (continued)
Wells Fargo & Co. 2.88%, 10/30/30 (Call 10/30/29),
(3-mo. SOFR + 1.432%)(b)	$	15	$	13,155
3.00%, 04/22/26		20		19,080
3.00%, 10/23/26		10		9,454
3.20%, 06/17/27 (Call 06/17/26),
(3-mo. SOFR + 1.432%)(b)		20		19,042
3.55%, 09/29/25		25		24,354
3.91%, 04/25/26 (Call 04/25/25),
(1-day SOFR + 1.320%)(b)		18		17,649
4.90%, 07/25/33 (Call 07/25/32),
(1-day SOFR + 2.100%)(b)		16		15,298
5.39%, 04/24/34 (Call 04/24/33),
(1-day SOFR + 2.020%)(b)		7		6,885
5.50%, 01/23/35 (Call 01/23/34),
(1-day SOFR + 1.780%)(b)		15		14,901
Series BB, 3.90%, (Call 03/15/26),
(5-year CMT + 3.453%)(b)(c)		15		14,114
Wells Fargo Bank NA, 5.25%, 12/11/26 (Call 11/09/26)		20		20,073
Westpac Banking Corp., 5.51%, 11/17/25		15		15,116
				1,483,876
Beverages — 0.7%
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)		9		8,771
4.70%, 02/01/36 (Call 08/01/35)		13		12,442
Anheuser-Busch InBev Worldwide Inc., 8.20%, 01/15/39		5		6,442
Coca-Cola Co. (The), 2.75%, 06/01/60		24		15,226
Constellation Brands Inc., 3.15%, 08/01/29
(Call 05/01/29)		1		907
Keurig Dr Pepper Inc., 4.42%, 05/25/25 (Call 03/25/25)		6		5,934
Molson Coors Beverage Co., 3.00%, 07/15/26
(Call 04/15/26)		18		17,144
PepsiCo Inc., 5.25%, 11/10/25		20		20,082
				86,948
Biotechnology — 0.7%
Amgen Inc. 3.13%, 05/01/25 (Call 02/01/25)		5		4,872
4.40%, 05/01/45 (Call 11/01/44)		6		5,122
Biogen Inc. 2.25%, 05/01/30 (Call 02/01/30)		19		15,903
4.05%, 09/15/25 (Call 06/15/25)		2		1,960
Bio-Rad Laboratories Inc., 3.70%, 03/15/32
(Call 12/15/31)		15		13,360
Gilead Sciences Inc. 3.65%, 03/01/26 (Call 12/01/25)		8		7,768
5.65%, 12/01/41 (Call 06/01/41)		6		6,115
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30
(Call 06/15/30)		17		13,752
Royalty Pharma PLC, 1.20%, 09/02/25 (Call 08/02/25)		19		17,789
				86,641
Building Materials — 0.1%
Builders FirstSource Inc., 6.38%, 06/15/32
(Call 06/15/27)(a)		2		2,000
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)		12		9,976
Fortune Brands Innovations Inc., 5.88%, 06/01/33
(Call 03/01/33)		5		5,076
				17,052

Security	Par     (000)		Value
Chemicals — 0.9%
Celanese U.S. Holdings LLC, 1.40%, 08/05/26
(Call 07/05/26)	$	8	$	7,256
Chemours Co. (The) 4.63%, 11/15/29 (Call 11/15/24)(a)		3		2,467
5.75%, 11/15/28 (Call 03/11/24)(a)		2		1,754
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a)		2		1,891
Dow Chemical Co. (The), 5.55%, 11/30/48
(Call 05/30/48)		6		5,841
DuPont de Nemours Inc. 4.49%, 11/15/25 (Call 09/15/25)		5		4,941
5.32%, 11/15/38 (Call 05/15/38)		6		5,931
Eastman Chemical Co. 5.63%, 02/20/34 (Call 11/20/33)		15		14,890
5.75%, 03/08/33 (Call 12/08/32)		3		3,020
Huntsman International LLC, 4.50%, 05/01/29
(Call 02/01/29)		19		18,046
LYB International Finance BV, 4.88%, 03/15/44
(Call 09/15/43)		6		5,276
LYB International Finance III LLC 1.25%, 10/01/25 (Call 09/01/25)		15		14,017
5.63%, 05/15/33 (Call 02/15/33)		3		3,046
Rain Carbon Inc., 12.25%, 09/01/29 (Call 03/01/26)(a)		2		2,000
Sasol Financing USA LLC 5.50%, 03/18/31 (Call 03/18/30)		4		3,330
6.50%, 09/27/28 (Call 06/27/28)		2		1,880
Sherwin-Williams Co. (The), 4.25%, 08/08/25		7		6,900
SK Invictus Intermediate II Sarl, 5.00%, 10/30/29
(Call 10/30/24)(a)		3		2,547
Tronox Inc., 4.63%, 03/15/29 (Call 04/01/24)(a)(d)		4		3,541
				108,574
Coal — 0.0%
SunCoke Energy Inc., 4.88%, 06/30/29
(Call 06/30/24)(a)		2		1,795
Commercial Services — 0.9%
ADT Security Corp. (The) 4.13%, 08/01/29 (Call 08/01/28)(a)		2		1,808
4.88%, 07/15/32(a)		2		1,800
APX Group Inc. 5.75%, 07/15/29 (Call 07/15/24)(a)		2		1,902
6.75%, 02/15/27 (Call 04/01/24)(a)		2		2,003
Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)		10		9,940
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a)		2		1,745
Equifax Inc. 2.35%, 09/15/31 (Call 06/15/31)		10		8,162
5.10%, 12/15/27 (Call 11/15/27)		12		11,960
Global Payments Inc. 2.15%, 01/15/27 (Call 12/15/26)		2		1,836
2.90%, 11/15/31 (Call 08/15/31)		15		12,519
3.20%, 08/15/29 (Call 05/15/29)		7		6,234
NESCO Holdings II Inc., 5.50%, 04/15/29
(Call 04/15/24)(a)		4		3,732
Prime Security Services Borrower LLC/Prime Finance Inc.
5.75%, 04/15/26(a)		3		2,977
6.25%, 01/15/28 (Call 04/01/24)(a)		2		1,973
PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)(a)		3		2,757
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30)		17		14,734
Sabre GLBL Inc. 8.63%, 06/01/27 (Call 03/01/25)(a)		3		2,640

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Commercial Services (continued)
11.25%, 12/15/27 (Call 06/15/25)(a)	$	2	$	1,880
United Rentals North America Inc., 4.88%, 01/15/28
(Call 03/11/24)		2		1,931
Upbound Group Inc., 6.38%, 02/15/29 (Call 04/01/24)(a)		2		1,914
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)		10		9,823
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a)(d)		5		4,401
				108,671
Computers — 1.7%
Apple Inc. 2.05%, 09/11/26 (Call 07/11/26)		19		17,772
2.55%, 08/20/60 (Call 02/20/60)		24		14,752
3.20%, 05/13/25		43		42,104
3.25%, 02/23/26 (Call 11/23/25)		10		9,702
Booz Allen Hamilton Inc., 5.95%, 08/04/33
(Call 05/04/33)		5		5,129
Conduent Business Services LLC/Conduent State &
Local Solutions Inc., 6.00%, 11/01/29
(Call 11/01/24)(a)		2		1,835
Dell International LLC/EMC Corp. 6.02%, 06/15/26 (Call 03/15/26)		12		12,132
8.10%, 07/15/36 (Call 01/15/36)		12		14,395
8.35%, 07/15/46 (Call 01/15/46)		3		3,795
Hewlett Packard Enterprise Co., 1.75%, 04/01/26
(Call 03/01/26)		15		13,937
HP Inc. 3.40%, 06/17/30 (Call 03/17/30)		2		1,802
4.20%, 04/15/32 (Call 01/15/32)		17		15,691
5.50%, 01/15/33 (Call 10/15/32)(d)		9		9,028
6.00%, 09/15/41		6		6,151
International Business Machines Corp., 4.50%, 02/06/26		20		19,823
Leidos Inc. 2.30%, 02/15/31 (Call 11/15/30)		5		4,098
4.38%, 05/15/30 (Call 02/15/30)		11		10,351
5.75%, 03/15/33 (Call 12/15/32)		1		1,016
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)		2		1,688
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)		6		5,864
				211,065
Cosmetics & Personal Care — 0.0%
Coty Inc., 5.00%, 04/15/26 (Call 04/01/24)(a)		2		1,960
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)		2		1,873
				3,833
Distribution & Wholesale — 0.1%
LKQ Corp. 5.75%, 06/15/28 (Call 05/15/28)		10		10,105
6.25%, 06/15/33 (Call 03/15/33)		4		4,111
				14,216
Diversified Financial Services — 2.2%
AerCap Ireland Capital DAC/AerCap Global Aviation
Trust, 2.45%, 10/29/26 (Call 09/29/26)		15		13,836
Air Lease Corp., 3.38%, 07/01/25 (Call 06/01/25)		10		9,714
Ally Financial Inc., 5.80%, 05/01/25 (Call 04/01/25)		2		1,997
American Express Co. 3.55%, 09/15/26 (Call 09/15/26),
(5-year CMT + 2.854%)(b)(c)		20		18,044
4.99%, 05/01/26 (Call 05/01/25),
(1-day SOFR + 1.000%)(b)		16		15,906
Ameriprise Financial Inc., 3.00%, 04/02/25
(Call 03/02/25)		10		9,745

Security	Par     (000)		Value
Diversified Financial Services (continued)
Burford Capital Global Finance LLC 6.88%, 04/15/30 (Call 04/15/25)(a)	$	2	$	1,919
9.25%, 07/01/31 (Call 07/01/26)(a)		2		2,100
Capital One Financial Corp. 4.25%, 04/30/25 (Call 03/31/25)		20		19,730
6.31%, 06/08/29 (Call 06/08/28),
(1-day SOFR + 2.640%)(b)		13		13,307
7.62%, 10/30/31 (Call 10/30/30),
(1-day SOFR + 3.070%)(b)		15		16,415
Charles Schwab Corp. (The) 1.15%, 05/13/26 (Call 04/13/26)		18		16,512
3.63%, 04/01/25 (Call 01/01/25)		5		4,905
3.85%, 05/21/25 (Call 03/21/25)		6		5,888
5.38%, 06/01/25 (Call 06/01/25),
(5-year CMT + 4.971%)(b)(c)		2		1,972
5.85%, 05/19/34 (Call 05/19/33),
(1-day SOFR + 2.500%)(b)		7		7,109
6.14%, 08/24/34 (Call 08/24/33),
(1-day SOFR + 2.010%)(b)		15		15,540
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)(a)		4		3,379
Credit Acceptance Corp., 9.25%, 12/15/28
(Call 12/15/25)(a)		2		2,116
goeasy Ltd., 9.25%, 12/01/28 (Call 12/01/25)(a)		10		10,611
LD Holdings Group LLC 6.13%, 04/01/28 (Call 04/01/24)(a)		5		4,081
6.50%, 11/01/25 (Call 04/01/24)(a)		2		1,851
LPL Holdings Inc., 6.75%, 11/17/28 (Call 10/17/28)		12		12,526
Nasdaq Inc., 3.85%, 06/30/26 (Call 03/30/26)		2		1,942
Nationstar Mortgage Holdings Inc. 5.13%, 12/15/30 (Call 12/15/25)(a)		2		1,785
5.75%, 11/15/31 (Call 11/15/26)(a)		2		1,832
Nomura Holdings Inc., 5.10%, 07/03/25		10		9,903
OneMain Finance Corp., 7.13%, 03/15/26		4		4,065
PennyMac Financial Services Inc. 5.38%, 10/15/25 (Call 04/01/24)(a)		2		1,968
5.75%, 09/15/31 (Call 09/15/26)(a)		2		1,839
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.88%, 03/01/31 (Call 03/01/26)(a)		3		2,576
SLM Corp. 3.13%, 11/02/26 (Call 10/02/26)		2		1,837
4.20%, 10/29/25 (Call 09/29/25)		2		1,939
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)		2		1,944
United Wholesale Mortgage LLC 5.50%, 04/15/29 (Call 04/15/24)(a)		2		1,867
5.75%, 06/15/27 (Call 06/15/24)(a)		2		1,940
Visa Inc. 2.00%, 08/15/50 (Call 02/15/50)(d)		26		15,169
3.15%, 12/14/25 (Call 09/14/25)		11		10,665
				270,474
Electric — 4.1%
Ameren Corp., 3.65%, 02/15/26 (Call 11/15/25)		2		1,934
Ameren Illinois Co., 4.95%, 06/01/33 (Call 03/01/33)		16		15,750
American Electric Power Co. Inc., 5.70%, 08/15/25		14		14,018
Berkshire Hathaway Energy Co., 4.05%, 04/15/25
(Call 03/15/25)		10		9,858
CenterPoint Energy Houston Electric LLC, 4.95%, 04/01/33 (Call 01/01/33)		5		4,926
CenterPoint Energy Inc., 5.25%, 08/10/26		2		2,001
Constellation Energy Generation LLC 5.60%, 03/01/28 (Call 02/01/28)		12		12,159
5.80%, 03/01/33 (Call 12/01/32)		4		4,088

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 (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Electric (continued)
6.13%, 01/15/34 (Call 10/15/33)	$	4	$	4,173
Consumers Energy Co., 4.63%, 05/15/33
(Call 11/15/32)		5		4,831
Dominion Energy Inc., Series D, 2.85%, 08/15/26
(Call 05/15/26)		15		14,169
Drax Finco PLC, 6.63%, 11/01/25 (Call 03/11/24)(a)		2		1,975
DTE Electric Co., 5.20%, 04/01/33 (Call 01/01/33)		2		2,013
DTE Energy Co., 4.88%, 06/01/28 (Call 05/01/28)		14		13,801
Duke Energy Carolinas LLC 2.55%, 04/15/31 (Call 01/15/31)		4		3,427
2.85%, 03/15/32 (Call 12/15/31)		10		8,497
3.20%, 08/15/49 (Call 02/15/49)		12		8,289
4.95%, 01/15/33 (Call 10/15/32)		10		9,857
Duke Energy Corp., 2.45%, 06/01/30 (Call 03/01/30)		1		855
Duke Energy Florida LLC, 5.88%, 11/15/33
(Call 08/15/33)		12		12,562
Duke Energy Indiana LLC 2.75%, 04/01/50 (Call 10/01/49)		4		2,490
5.40%, 04/01/53 (Call 10/01/52)		7		6,751
Duke Energy Progress LLC, 2.00%, 08/15/31
(Call 05/15/31)		6		4,850
Edison International, 4.70%, 08/15/25		17		16,761
Entergy Corp., 1.90%, 06/15/28 (Call 04/15/28)		10		8,787
Entergy Louisiana LLC 4.00%, 03/15/33 (Call 12/15/32)		8		7,284
4.20%, 09/01/48 (Call 03/01/48)		3		2,427
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26)		19		17,948
Georgia Power Co., 5.00%, 02/23/27 (Call 01/23/27)		13		12,976
Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49)		3		2,079
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)		11		11,115
National Rural Utilities Cooperative Finance Corp., 5.45%, 10/30/25		15		15,049
NextEra Energy Capital Holdings Inc. 4.45%, 06/20/25		2		1,973
5.75%, 09/01/25		30		30,160
NRG Energy Inc. 3.88%, 02/15/32 (Call 02/15/27)(a)		3		2,506
5.75%, 01/15/28 (Call 03/18/24)		5		4,925
Oncor Electric Delivery Co. LLC 3.10%, 09/15/49 (Call 03/15/49)		3		2,059
4.55%, 09/15/32 (Call 06/15/32)		6		5,764
5.65%, 11/15/33 (Call 08/15/33)		10		10,330
Pacific Gas and Electric Co. 3.15%, 01/01/26		2		1,912
4.55%, 07/01/30 (Call 01/01/30)		1		939
4.95%, 06/08/25		10		9,904
5.90%, 06/15/32 (Call 03/15/32)		4		4,022
6.10%, 01/15/29 (Call 12/15/28)		12		12,284
6.15%, 01/15/33 (Call 10/15/32)		7		7,161
6.40%, 06/15/33 (Call 03/15/33)		4		4,159
PG&E Corp., 5.00%, 07/01/28 (Call 03/11/24)		4		3,815
PPL Electric Utilities Corp., 5.00%, 05/15/33
(Call 02/15/33)		15		14,906
Public Service Co. of Colorado 1.88%, 06/15/31 (Call 12/15/30)		10		8,048
5.25%, 04/01/53 (Call 10/01/52)		14		13,239
Public Service Electric & Gas Co. 3.10%, 03/15/32 (Call 12/15/31)		3		2,617
4.65%, 03/15/33 (Call 12/15/32)		15		14,518
San Diego Gas & Electric Co., Series WWW, 2.95%, 08/15/51 (Call 02/15/51)		9		5,991

Security	Par     (000)		Value
Electric (continued)
Sempra, 4.88%, 10/15/25 (Call 10/15/25),
(5-year CMT + 4.550%)(b)(c)	$	14	$	13,705
Southern California Edison Co. 5.88%, 12/01/53 (Call 06/01/53)		5		5,071
5.95%, 11/01/32 (Call 08/01/32)		11		11,470
Southern Co. (The) 4.40%, 07/01/46 (Call 01/01/46)		9		7,586
Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5-year CMT + 2.915%)(b)		10		9,379
Series A, 3.70%, 04/30/30 (Call 01/30/30)		1		922
Series B, 4.00%, 01/15/51 (Call 10/15/25),
(5-year CMT + 3.733%)(b)		16		15,365
Union Electric Co. 2.63%, 03/15/51 (Call 09/15/50)		3		1,812
5.45%, 03/15/53 (Call 09/15/52)		4		3,925
Vistra Operations Co. LLC, 5.50%, 09/01/26
(Call 03/11/24)(a)		2		1,969
WEC Energy Group Inc., 4.75%, 01/09/26
(Call 12/09/25)		9		8,912
Wisconsin Public Service Corp., 5.35%, 11/10/25
(Call 10/10/25)		10		10,018
				509,066
Electrical Components & Equipment — 0.0%
Energizer Holdings Inc. 4.38%, 03/31/29 (Call 04/01/24)(a)		3		2,658
4.75%, 06/15/28 (Call 04/01/24)(a)		2		1,829
				4,487
Electronics — 0.2%
Flex Ltd., 3.75%, 02/01/26 (Call 01/01/26)		6		5,800
Honeywell International Inc., 1.35%, 06/01/25
(Call 05/01/25)		2		1,911
TD SYNNEX Corp. 1.75%, 08/09/26 (Call 07/09/26)		5		4,554
2.38%, 08/09/28 (Call 06/09/28)		5		4,350
Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)		12		12,540
				29,155
Engineering & Construction — 0.2%
AECOM, 5.13%, 03/15/27 (Call 12/15/26)		3		2,939
Jacobs Engineering Group Inc. 5.90%, 03/01/33 (Call 12/01/32)		4		3,998
6.35%, 08/18/28 (Call 07/18/28)		14		14,450
Tutor Perini Corp., 6.88%, 05/01/25 (Call 03/18/24)(a)		2		1,977
				23,364
Entertainment — 0.2%
Live Nation Entertainment Inc., 6.50%, 05/15/27
(Call 04/01/24)(a)		3		3,026
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)		4		3,648
Warnermedia Holdings Inc., 6.41%, 03/15/26
(Call 03/15/24)		16		15,996
				22,670
Environmental Control — 0.0%
GFL Environmental Inc., 3.50%, 09/01/28
(Call 03/01/28)(a)		2		1,813
Food — 0.9%
Conagra Brands Inc. 1.38%, 11/01/27 (Call 09/01/27)		7		6,086
4.60%, 11/01/25 (Call 09/01/25)		5		4,926
4.85%, 11/01/28 (Call 08/01/28)		5		4,912

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Food (continued)
5.30%, 11/01/38 (Call 05/01/38)	$	12	$	11,360
General Mills Inc., 4.00%, 04/17/25 (Call 02/17/25)		10		9,840
J M Smucker Co. (The), 6.20%, 11/15/33
(Call 08/15/33)(d)		14		14,798
Kraft Heinz Foods Co., 3.00%, 06/01/26 (Call 03/01/26)		2		1,908
Pilgrim’s Pride Corp., 6.25%, 07/01/33 (Call 04/01/33)		15		15,161
Sysco Corp. 5.95%, 04/01/30 (Call 01/01/30)		10		10,406
6.60%, 04/01/50 (Call 10/01/49)		7		7,910
Tyson Foods Inc., 3.55%, 06/02/27 (Call 03/02/27)		18		17,060
United Natural Foods Inc., 6.75%, 10/15/28
(Call 04/01/24)(a)		2		1,665
Walmart Inc., 3.90%, 09/09/25		2		1,969
				108,001
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. 5.75%, 05/20/27 (Call 02/20/27)		2		1,891
9.38%, 06/01/28 (Call 06/01/25)(a)		2		2,030
National Fuel Gas Co. 2.95%, 03/01/31 (Call 12/01/30)		3		2,506
5.50%, 01/15/26 (Call 12/15/25)		16		15,943
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)		5		4,691
Southern California Gas Co., 5.20%, 06/01/33
(Call 03/01/33)		4		3,969
				31,030
Health Care - Products — 0.9%
Abbott Laboratories, 2.95%, 03/15/25 (Call 12/15/24)		5		4,891
Bausch & Lomb Corp., 8.38%, 10/01/28
(Call 10/01/25)(a)		4		4,180
Dentsply Sirona Inc., 3.25%, 06/01/30 (Call 03/01/30)		13		11,315
Embecta Corp., 5.00%, 02/15/30 (Call 02/15/27)(a)		2		1,594
HCA Inc. 3.13%, 03/15/27 (Call 02/15/27)		18		16,913
3.63%, 03/15/32 (Call 12/15/31)		15		13,103
Smith & Nephew PLC, 2.03%, 10/14/30
(Call 07/14/30)(d)		19		15,559
STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31
(Call 12/15/30)		6		5,094
Stryker Corp., 1.15%, 06/15/25 (Call 05/15/25)		13		12,333
Zimmer Biomet Holdings Inc. 2.60%, 11/24/31 (Call 08/24/31)		9		7,547
3.55%, 04/01/25 (Call 01/01/25)		15		14,677
				107,206
Health Care - Services — 1.1%
Centene Corp. 2.45%, 07/15/28 (Call 05/15/28)		18		15,864
3.38%, 02/15/30 (Call 02/15/25)		8		7,057
4.63%, 12/15/29 (Call 12/15/24)		1		947
DaVita Inc. 3.75%, 02/15/31 (Call 02/15/26)(a)		2		1,641
4.63%, 06/01/30 (Call 06/01/25)(a)		3		2,639
Elevance Health Inc., 4.65%, 01/15/43		4		3,619
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(a)		2		2,045
HCA Inc. 3.38%, 03/15/29 (Call 01/15/29)		10		9,120
4.13%, 06/15/29 (Call 03/15/29)		17		16,007
Humana Inc., 4.95%, 10/01/44 (Call 04/01/44)		4		3,608
IQVIA Inc., 6.25%, 02/01/29 (Call 01/01/29)		17		17,491
Laboratory Corp. of America Holdings, 1.55%, 06/01/26
(Call 05/01/26)		2		1,844

Security	Par     (000)		Value
Health Care - Services (continued)
UnitedHealth Group Inc. 1.15%, 05/15/26 (Call 04/15/26)	$	16	$	14,735
3.75%, 07/15/25		10		9,812
Universal Health Services Inc. 1.65%, 09/01/26 (Call 08/01/26)		26		23,639
2.65%, 10/15/30 (Call 07/15/30)		15		12,523
				142,591
Holding Companies - Diversified — 1.2%
Ares Capital Corp. 2.88%, 06/15/28 (Call 04/15/28)		20		17,516
3.88%, 01/15/26 (Call 12/15/25)		15		14,391
Blackstone Private Credit Fund, 4.70%, 03/24/25		15		14,767
Blackstone Secured Lending Fund 2.85%, 09/30/28 (Call 07/30/28)		6		5,222
3.63%, 01/15/26 (Call 12/15/25)		14		13,339
Blue Owl Capital Corp. 2.88%, 06/11/28 (Call 04/11/28)		18		15,727
3.40%, 07/15/26 (Call 06/15/26)		19		17,695
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)		4		3,759
FS KKR Capital Corp. 3.13%, 10/12/28 (Call 08/12/28)(d)		20		17,275
3.40%, 01/15/26 (Call 12/15/25)		8		7,563
Goldman Sachs BDC Inc., 2.88%, 01/15/26
(Call 12/15/25)		10		9,530
Golub Capital BDC Inc., 2.50%, 08/24/26
(Call 07/24/26)		10		9,126
				145,910
Home Builders — 0.3%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)		2		1,776
6.25%, 09/15/27 (Call 04/01/24)(a)		2		1,938
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)		15		14,761
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)		15		13,211
				31,686
Home Furnishings — 0.1%
Whirlpool Corp., 3.70%, 05/01/25		14		13,704
Insurance — 1.8%
American International Group Inc. 5.13%, 03/27/33 (Call 12/27/32)		10		9,864
Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3-mo. LIBOR US + 2.868%)(b)		8		7,859
Aon Corp./Aon Global Holdings PLC, 5.35%, 02/28/33
(Call 11/28/32)		9		8,976
Aon Global Ltd., 3.88%, 12/15/25 (Call 09/15/25)		15		14,627
Athene Holding Ltd. 4.13%, 01/12/28 (Call 10/12/27)		14		13,410
5.88%, 01/15/34 (Call 10/15/33)		5		4,960
Berkshire Hathaway Inc., 3.13%, 03/15/26
(Call 12/15/25)		7		6,763
Brown & Brown Inc. 2.38%, 03/15/31 (Call 12/15/30)		3		2,456
4.20%, 03/17/32 (Call 12/17/31)		5		4,539
Chubb INA Holdings Inc., 3.35%, 05/03/26
(Call 02/03/26)		2		1,928
CNA Financial Corp. 4.50%, 03/01/26 (Call 12/01/25)		14		13,776
5.50%, 06/15/33 (Call 03/15/33)		4		4,034

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

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Insurance (continued)
Corebridge Financial Inc. 3.50%, 04/04/25 (Call 03/04/25)	$	13	$	12,697
3.90%, 04/05/32 (Call 01/05/32)		17		14,962
6.05%, 09/15/33 (Call 06/15/33)(a)		3		3,063
Everest Reinsurance Holdings Inc., 3.50%, 10/15/50
(Call 04/15/50)		11		7,691
Fairfax Financial Holdings Ltd. 3.38%, 03/03/31 (Call 12/03/30)		4		3,468
5.63%, 08/16/32 (Call 05/16/32)		11		10,819
Fidelity National Financial Inc. 2.45%, 03/15/31 (Call 12/15/30)		3		2,438
3.40%, 06/15/30 (Call 03/15/30)		3		2,647
First American Financial Corp., 2.40%, 08/15/31
(Call 05/15/31)		5		3,920
Markel Group Inc., 5.00%, 05/20/49 (Call 11/20/48)		2		1,801
MetLife Inc. 3.60%, 11/13/25 (Call 08/13/25)		2		1,952
Series G, 3.85%, (Call 09/15/25),
(5-year CMT + 3.576%)(b)(c)(d)		16		15,290
Prudential Financial Inc. 1.50%, 03/10/26 (Call 02/10/26)		8		7,455
3.70%, 10/01/50 (Call 07/01/30),
(5-year CMT + 3.035%)(b)		9		7,861
5.70%, 09/15/48 (Call 09/15/28),
(3-mo. LIBOR US + 2.665%)(b)		15		14,575
Willis North America Inc. 4.65%, 06/15/27 (Call 05/15/27)		20		19,629
5.35%, 05/15/33 (Call 02/15/33)		5		4,915
				228,375
Internet — 0.6%
Alphabet Inc. 2.00%, 08/15/26 (Call 05/15/26)		13		12,215
2.25%, 08/15/60 (Call 02/15/60)(d)		27		15,520
Amazon.com Inc. 1.00%, 05/12/26 (Call 04/12/26)		28		25,773
3.00%, 04/13/25		2		1,954
Cogent Communications Group Inc., 7.00%, 06/15/27
(Call 06/15/24)(a)		2		1,997
eBay Inc., 1.40%, 05/10/26 (Call 04/10/26)		9		8,301
GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 03/11/24)(a)		2		1,744
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)		13		10,808
				78,312
Iron & Steel — 0.2%
ArcelorMittal SA 6.55%, 11/29/27 (Call 10/29/27)		4		4,166
6.80%, 11/29/32 (Call 08/29/32)		14		14,800
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 04/01/24)		2		1,979
Mineral Resources Ltd. 8.13%, 05/01/27 (Call 04/01/24)(a)		3		3,026
8.50%, 05/01/30 (Call 05/01/25)(a)		2		2,054
U.S. Steel Corp., 6.88%, 03/01/29 (Call 04/01/24)(d)		2		2,023
				28,048
Leisure Time — 0.2%
Carnival Corp. 6.00%, 05/01/29 (Call 11/01/24)(a)(d)		4		3,909
7.63%, 03/01/26 (Call 03/11/24)(a)		5		5,065
10.50%, 06/01/30 (Call 06/01/25)(a)		2		2,182
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 03/11/24)(a)		3		2,965
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)		1		975

Security	Par     (000)		Value
Leisure Time (continued)
Royal Caribbean Cruises Ltd. 4.25%, 07/01/26 (Call 01/01/26)(a)	$	2	$	1,926
5.50%, 08/31/26 (Call 02/28/26)(a)		5		4,943
				21,965
Lodging — 0.4%
Genting New York LLC/GENNY Capital Inc., 3.30%, 02/15/26 (Call 01/15/26)(a)		2		1,866
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)(a)		2		1,853
Las Vegas Sands Corp., 3.90%, 08/08/29
(Call 05/08/29)		15		13,566
Marriott International Inc./MD 5.45%, 09/15/26 (Call 08/15/26)		14		14,062
Series FF, 4.63%, 06/15/30 (Call 03/15/30)		16		15,497
Series HH, 2.85%, 04/15/31 (Call 01/15/31)		6		5,122
Travel & Leisure Co. 4.50%, 12/01/29 (Call 09/01/29)(a)		2		1,832
6.63%, 07/31/26 (Call 04/30/26)(a)		2		2,021
				55,819
Machinery — 0.7%
Caterpillar Financial Services Corp., 4.35%, 05/15/26		22		21,743
CNH Industrial Capital LLC, 1.88%, 01/15/26
(Call 12/15/25)		8		7,497
John Deere Capital Corp. 4.05%, 09/08/25		2		1,972
4.50%, 01/08/27		21		20,838
nVent Finance Sarl, 5.65%, 05/15/33 (Call 02/15/33)		4		4,000
Otis Worldwide Corp., 2.06%, 04/05/25 (Call 03/05/25)		10		9,637
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a)		2		1,845
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/25 (Call 05/15/25)		10		9,698
4.70%, 09/15/28 (Call 06/15/28)		13		12,681
				89,911
Machinery - Diversified — 0.1%
Ingersoll Rand Inc., 5.70%, 08/14/33 (Call 05/14/33)		15		15,255
Manufacturing — 0.4%
Carlisle Companies Inc., 2.75%, 03/01/30
(Call 12/01/29)		13		11,298
General Electric Co. 5.88%, 01/14/38		3		3,190
6.75%, 03/15/32		12		13,325
Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)		16		15,208
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a)		2		1,896
				44,917
Media — 0.9%
CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 01/15/34 (Call 01/15/28)(a)		3		2,243
4.50%, 05/01/32 (Call 05/01/26)		3		2,370
4.50%, 06/01/33 (Call 06/01/27)(a)		7		5,385
4.75%, 02/01/32 (Call 02/01/27)(a)		5		4,034
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.91%, 07/23/25 (Call 04/23/25)		12		11,834
Comcast Corp. 3.30%, 02/01/27 (Call 11/01/26)		16		15,330
5.25%, 11/07/25		22		22,099
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 04/01/24)(a)		4		3,775

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Media (continued)
Fox Corp. 4.71%, 01/25/29 (Call 10/25/28)	$	1	$	976
5.48%, 01/25/39 (Call 07/25/38)		14		13,078
6.50%, 10/13/33 (Call 07/13/33)		2		2,101
GCI LLC, 4.75%, 10/15/28 (Call 03/18/24)(a)		2		1,794
Nexstar Media Inc., 4.75%, 11/01/28 (Call 03/11/24)(a)(d)		4		3,552
Sirius XM Radio Inc. 3.88%, 09/01/31 (Call 09/01/26)(a)		2		1,653
4.13%, 07/01/30 (Call 07/01/25)(a)		3		2,581
5.50%, 07/01/29 (Call 07/01/24)(a)		4		3,783
TEGNA Inc., 4.63%, 03/15/28 (Call 04/01/24)		3		2,693
Walt Disney Co. (The) 1.75%, 01/13/26		17		16,035
6.65%, 11/15/37		2		2,265
				117,581
Mining — 0.4%
BHP Billiton Finance USA Ltd., 4.88%, 02/27/26		9		8,961
Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)(a)		2		1,873
Endeavour Mining PLC, 5.00%, 10/14/26
(Call 04/02/24)(a)		2		1,867
Freeport-McMoRan Inc. 4.63%, 08/01/30 (Call 08/01/25)		3		2,859
5.45%, 03/15/43 (Call 09/15/42)		5		4,656
Hecla Mining Co., 7.25%, 02/15/28 (Call 03/18/24)		2		1,995
IAMGOLD Corp., 5.75%, 10/15/28 (Call 04/01/24)(a)		2		1,785
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41)		9		8,291
Southern Copper Corp. 5.88%, 04/23/45		8		7,955
6.75%, 04/16/40		6		6,593
Stillwater Mining Co. 4.00%, 11/16/26 (Call 04/02/24)(a)		2		1,753
4.50%, 11/16/29 (Call 11/16/25)(a)		2		1,552
				50,140
Office & Business Equipment — 0.3%
CDW LLC/CDW Finance Corp. 2.67%, 12/01/26 (Call 11/01/26)		18		16,671
3.28%, 12/01/28 (Call 10/01/28)		5		4,473
3.57%, 12/01/31 (Call 09/01/31)		14		12,151
				33,295
Office Furnishings — 0.0%
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)		2		1,883
Oil & Gas — 1.8%
Baytex Energy Corp. 8.50%, 04/30/30 (Call 04/30/26)(a)		2		2,080
8.75%, 04/01/27 (Call 04/01/24)(a)		2		2,075
BP Capital Markets America Inc., 3.12%, 05/04/26
(Call 02/04/26)		10		9,611
BP Capital Markets PLC, 4.88%, (Call 03/22/30),
(5-year CMT + 4.398%)(b)(c)		15		14,156
Chevron Corp., 1.55%, 05/11/25 (Call 04/11/25)		5		4,798
Chevron USA Inc., 0.69%, 08/12/25 (Call 07/12/25)		10		9,404
Civitas Resources Inc., 8.75%, 07/01/31
(Call 07/01/26)(a)(d)		5		5,317
CNX Resources Corp., 7.38%, 01/15/31
(Call 01/15/26)(a)		2		2,016
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (Call 10/01/26)(a)		2		2,048
Diamondback Energy Inc., 6.25%, 03/15/33
(Call 12/15/32)		15		15,770

Security	Par     (000)		Value
Oil & Gas (continued)
Energean PLC, 6.50%, 04/30/27 (Call 04/02/24)(a)	$	2	$	1,819
EOG Resources Inc., 4.15%, 01/15/26 (Call 10/15/25)		2		1,969
EQT Corp. 3.90%, 10/01/27 (Call 07/01/27)		8		7,568
5.70%, 04/01/28 (Call 03/01/28)		2		2,014
Exxon Mobil Corp., 3.04%, 03/01/26 (Call 12/01/25)		26		25,086
Gulfport Energy Corp., 8.00%, 05/17/26
(Call 05/17/24)(a)(d)		1		1,018
Harbour Energy PLC, 5.50%, 10/15/26 (Call 04/01/24)(a)		2		1,949
Ithaca Energy North Sea PLC, 9.00%, 07/15/26
(Call 04/02/24)(a)		3		3,022
Kosmos Energy Ltd. 7.13%, 04/04/26 (Call 03/11/24)(a)		2		1,935
7.50%, 03/01/28 (Call 04/01/24)(a)		2		1,859
Marathon Petroleum Corp., 4.70%, 05/01/25
(Call 04/01/25)		2		1,981
Matador Resources Co., 5.88%, 09/15/26
(Call 03/18/24)		3		2,971
Northern Oil and Gas Inc., 8.13%, 03/01/28
(Call 04/01/24)(a)		2		2,025
Occidental Petroleum Corp. 5.55%, 03/15/26 (Call 12/15/25)		2		2,002
5.88%, 09/01/25 (Call 06/01/25)		8		8,019
7.50%, 05/01/31		6		6,626
8.88%, 07/15/30 (Call 01/15/30)		12		13,840
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/28 (Call 04/01/24)		2		1,945
7.88%, 09/15/30 (Call 09/15/26)(a)		2		2,049
Permian Resources Operating LLC, 8.00%, 04/15/27
(Call 04/15/24)(a)		2		2,063
Phillips 66 Co., 3.55%, 10/01/26 (Call 07/01/26)		15		14,394
Pioneer Natural Resources Co. 2.15%, 01/15/31 (Call 10/15/30)		7		5,856
5.10%, 03/29/26		15		14,984
Shell International Finance BV, 3.25%, 05/11/25		5		4,890
Sitio Royalties Operating Partnership LP/Sitio Finance
Corp., 7.88%, 11/01/28 (Call 11/01/25)(a)		2		2,044
Strathcona Resources Ltd., 6.88%, 08/01/26
(Call 04/01/24)(a)		2		1,988
Talos Production Inc., 9.00%, 02/01/29 (Call 02/01/26)(a)		3		3,066
Valero Energy Corp., 6.63%, 06/15/37		12		12,851
				219,108
Oil & Gas Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (Call 04/01/24)(a)		2		1,990
USA Compression Partners LP/USA Compression Finance Corp.
6.88%, 04/01/26 (Call 04/01/24)		2		1,997
6.88%, 09/01/27 (Call 04/01/24)		2		1,990
Weatherford International Ltd., 8.63%, 04/30/30
(Call 10/30/24)(a)		3		3,110
				9,087
Packaging & Containers — 0.3%
Amcor Finance USA Inc. 3.63%, 04/28/26 (Call 01/28/26)		17		16,366
5.63%, 05/26/33 (Call 02/26/33)		3		3,050
Amcor Flexibles North America Inc., 2.69%, 05/25/31
(Call 02/25/31)		13		10,982

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

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Packaging & Containers (continued)
Graham Packaging Co. Inc., 7.13%, 08/15/28
(Call 04/01/24)(a)	$	2	$	1,773
				32,171
Pharmaceuticals — 2.2%
AbbVie Inc. 2.95%, 11/21/26 (Call 09/21/26)		30		28,444
3.60%, 05/14/25 (Call 02/14/25)		10		9,800
4.50%, 05/14/35 (Call 11/14/34)		7		6,669
Astrazeneca Finance LLC, 1.20%, 05/28/26
(Call 04/28/26)		7		6,439
AstraZeneca PLC 3.38%, 11/16/25		5		4,863
6.45%, 09/15/37		11		12,399
Bristol-Myers Squibb Co., 4.90%, 02/22/27
(Call 01/22/27)		12		11,987
Cencora Inc., 2.70%, 03/15/31 (Call 12/15/30)		16		13,670
Cigna Group (The) 1.25%, 03/15/26 (Call 02/15/26)		6		5,543
4.80%, 07/15/46 (Call 01/16/46)		13		11,617
CVS Health Corp. 3.88%, 07/20/25 (Call 04/20/25)		10		9,796
4.30%, 03/25/28 (Call 12/25/27)		20		19,410
4.78%, 03/25/38 (Call 09/25/37)		28		25,444
Elanco Animal Health Inc., 6.65%, 08/28/28
(Call 05/28/28)		2		2,015
Eli Lilly & Co., 2.25%, 05/15/50 (Call 11/15/49)		26		15,722
GlaxoSmithKline Capital Inc., 3.63%, 05/15/25		5		4,913
Johnson & Johnson 2.25%, 09/01/50 (Call 03/01/50)		20		12,346
2.45%, 09/01/60 (Call 03/01/60)		21		12,395
Novartis Capital Corp., 3.00%, 11/20/25 (Call 08/20/25)		2		1,938
Pfizer Inc., 0.80%, 05/28/25 (Call 04/28/25)		2		1,898
Pfizer Investment Enterprises Pte Ltd. 4.45%, 05/19/26 (Call 04/19/26)		17		16,787
4.65%, 05/19/25		8		7,950
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)		15		14,288
Utah Acquisition Sub Inc., 3.95%, 06/15/26
(Call 03/15/26)		19		18,338
Zoetis Inc. 4.70%, 02/01/43 (Call 08/01/42)		2		1,830
5.40%, 11/14/25 (Call 10/14/25)		2		2,004
				278,505
Pipelines — 3.0%
Antero Midstream Partners LP/Antero Midstream
Finance Corp., 5.75%, 03/01/27 (Call 03/18/24)(a)		3		2,935
Boardwalk Pipelines LP 3.40%, 02/15/31 (Call 11/15/30)		2		1,766
3.60%, 09/01/32 (Call 06/01/32)		4		3,477
5.63%, 08/01/34 (Call 05/01/34)		18		17,855
5.95%, 06/01/26 (Call 03/01/26)		2		2,016
Cheniere Corpus Christi Holdings LLC 3.70%, 11/15/29 (Call 05/18/29)		3		2,767
5.13%, 06/30/27 (Call 01/01/27)		16		15,927
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 03/11/24)		15		14,398
Cheniere Energy Partners LP 4.00%, 03/01/31 (Call 03/01/26)		3		2,676
4.50%, 10/01/29 (Call 10/01/24)		16		14,987
Columbia Pipeline Group Inc., 4.50%, 06/01/25
(Call 03/01/25)		2		1,971

Security	Par     (000)		Value
Pipelines (continued)
Enbridge Inc. 4.25%, 12/01/26 (Call 09/01/26)	$	7	$	6,849
5.50%, 07/15/77 (Call 07/15/27),
(3-mo. SOFR + 3.680%)(b)		17		15,806
5.90%, 11/15/26 (Call 10/15/26)		7		7,131
6.25%, 03/01/78 (Call 03/01/28),
(3-mo. SOFR + 3.903%)(b)		9		8,590
Series 20-A, 5.75%, 07/15/80 (Call 04/15/30),
(5-year CMT + 5.314%)(b)		2		1,865
Energy Transfer LP 3.90%, 07/15/26 (Call 04/15/26)		15		14,520
4.95%, 05/15/28 (Call 02/15/28)		10		9,869
5.25%, 04/15/29 (Call 01/15/29)		18		17,930
6.55%, 12/01/33 (Call 09/01/33)		3		3,182
EnLink Midstream Partners LP, 4.15%, 06/01/25
(Call 03/01/25)		2		1,950
Enterprise Products Operating LLC, Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. SOFR + 3.295%)(b)		17		16,127
EQM Midstream Partners LP, 6.50%, 07/15/48
(Call 01/15/48)		2		2,030
Kinder Morgan Inc. 4.30%, 06/01/25 (Call 03/01/25)		5		4,927
4.30%, 03/01/28 (Call 12/01/27)		15		14,550
4.80%, 02/01/33 (Call 11/01/32)		12		11,326
5.30%, 12/01/34 (Call 06/01/34)		4		3,899
MPLX LP 4.50%, 04/15/38 (Call 10/15/37)		6		5,222
4.88%, 06/01/25 (Call 03/01/25)		13		12,884
5.00%, 03/01/33 (Call 12/01/32)		15		14,348
New Fortress Energy Inc., 6.50%, 09/30/26
(Call 04/01/24)(a)		4		3,862
ONEOK Inc. 3.10%, 03/15/30 (Call 12/15/29)		5		4,435
3.40%, 09/01/29 (Call 06/01/29)		3		2,739
4.55%, 07/15/28 (Call 04/15/28)		13		12,700
6.05%, 09/01/33 (Call 06/01/33)		10		10,306
6.10%, 11/15/32 (Call 08/15/32)		5		5,184
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/29 (Call 09/15/29)		4		3,629
4.65%, 10/15/25 (Call 07/15/25)		2		1,974
Sabine Pass Liquefaction LLC 4.20%, 03/15/28 (Call 09/15/27)		17		16,399
4.50%, 05/15/30 (Call 11/15/29)		4		3,828
Targa Resources Corp., 6.15%, 03/01/29 (Call 02/01/29)		5		5,153
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.88%, 02/01/31 (Call 02/01/26)		16		15,159
TransCanada PipeLines Ltd., 4.25%, 05/15/28
(Call 02/15/28)		1		963
Transcanada Trust 5.30%, 03/15/77 (Call 03/15/27),
(3 mo. LIBOR US + 3.208%)(b)		13		11,954
Series 16-A, 5.88%, 08/15/76 (Call 08/15/26),
(3 mo. LIBOR US + 4.640%)(b)		10		9,591
Williams Companies Inc. (The) 3.75%, 06/15/27 (Call 03/15/27)		18		17,226
4.00%, 09/15/25 (Call 06/15/25)		2		1,961
				380,843
Real Estate — 0.2%
Anywhere Real Estate Group LLC/Anywhere Co-Issuer
Corp., 7.00%, 04/15/30 (Call 04/15/25)(a)		5		4,531
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34)		15		15,138

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Real Estate (continued)
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (Call 04/01/24)(a)	$	5	$	4,925
Howard Hughes Corp. (The) 4.13%, 02/01/29 (Call 03/18/24)(a)		3		2,663
4.38%, 02/01/31 (Call 02/01/26)(a)		2		1,704
				28,961
Real Estate Investment Trusts — 2.9%
American Homes 4 Rent LP, 3.63%, 04/15/32
(Call 01/15/32)		5		4,363
American Tower Corp. 2.75%, 01/15/27 (Call 11/15/26)		26		24,201
3.80%, 08/15/29 (Call 05/15/29)		17		15,732
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)		2		1,654
AvalonBay Communities Inc., 3.50%, 11/15/25
(Call 08/15/25)		2		1,943
Boston Properties LP 2.75%, 10/01/26 (Call 07/01/26)		13		12,033
3.20%, 01/15/25 (Call 10/15/24)		2		1,955
Brixmor Operating Partnership LP 3.85%, 02/01/25 (Call 11/01/24)		10		9,809
4.05%, 07/01/30 (Call 04/01/30)		6		5,521
4.13%, 05/15/29 (Call 02/15/29)		12		11,220
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 03/11/24)(a)		4		3,858
Crown Castle Inc. 3.80%, 02/15/28 (Call 11/15/27)		15		14,127
4.45%, 02/15/26 (Call 11/15/25)		5		4,906
CubeSmart LP, 2.25%, 12/15/28 (Call 10/15/28)		5		4,350
Digital Realty Trust LP 3.60%, 07/01/29 (Call 04/01/29)		2		1,842
3.70%, 08/15/27 (Call 05/15/27)		5		4,770
5.55%, 01/15/28 (Call 12/15/27)		4		4,040
Equinix Inc. 1.45%, 05/15/26 (Call 04/15/26)		13		11,962
2.15%, 07/15/30 (Call 04/15/30)		10		8,290
3.20%, 11/18/29 (Call 08/18/29)		6		5,388
Extra Space Storage LP 3.50%, 07/01/26 (Call 04/01/26)		2		1,915
5.70%, 04/01/28 (Call 03/01/28)		10		10,140
GLP Capital LP/GLP Financing II Inc. 3.25%, 01/15/32 (Call 10/15/31)		6		4,978
5.25%, 06/01/25 (Call 03/01/25)		10		9,909
5.30%, 01/15/29 (Call 10/15/28)		8		7,762
Host Hotels & Resorts LP
Series F, 4.50%, 02/01/26 (Call 11/01/25)		7		6,846
Series I, 3.50%, 09/15/30 (Call 06/15/30)		13		11,464
Invitation Homes Operating Partnership LP 2.00%, 08/15/31 (Call 05/15/31)		6		4,687
2.30%, 11/15/28 (Call 09/15/28)		10		8,746
4.15%, 04/15/32 (Call 01/15/32)		5		4,510
Iron Mountain Inc., 5.63%, 07/15/32 (Call 07/15/26)(a)		2		1,859
Office Properties Income Trust, 4.50%, 02/01/25
(Call 11/01/24)		5		4,050
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 04/01/24)(a)		3		2,916
Realty Income Corp., 4.45%, 09/15/26 (Call 06/15/26)		13		12,654
RLJ Lodging Trust LP 3.75%, 07/01/26 (Call 04/01/24)(a)		2		1,885

Security	Par     (000)		Value
Real Estate Investment Trusts (continued)
4.00%, 09/15/29 (Call 09/15/24)(a)	$	2	$	1,746
Service Properties Trust, 4.75%, 10/01/26
(Call 08/01/26)		2		1,850
Simon Property Group LP 3.25%, 11/30/26 (Call 08/30/26)		13		12,392
3.38%, 12/01/27 (Call 09/01/27)		8		7,546
Sun Communities Operating LP 2.70%, 07/15/31 (Call 04/15/31)		13		10,603
4.20%, 04/15/32 (Call 01/15/32)		5		4,443
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC
6.50%, 02/15/29 (Call 03/11/24)(a)(d)		5		3,850
10.50%, 02/15/28 (Call 09/15/25)(a)		2		2,070
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)		8		7,664
VICI Properties LP 4.75%, 02/15/28 (Call 01/15/28)		20		19,368
4.95%, 02/15/30 (Call 12/15/29)		3		2,856
Welltower OP LLC 3.10%, 01/15/30 (Call 10/15/29)		12		10,705
3.85%, 06/15/32 (Call 03/15/32)		2		1,796
4.25%, 04/15/28 (Call 01/15/28)		20		19,347
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29)		10		9,388
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(a)		2		1,847
				363,756
Retail — 1.5%
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a)		2		1,734
AutoZone Inc., 6.55%, 11/01/33 (Call 08/01/33)		4		4,321
Bath & Body Works Inc. 6.75%, 07/01/36		2		1,966
6.88%, 11/01/35		7		7,003
Brinker International Inc., 8.25%, 07/15/30
(Call 06/27/26)(a)		2		2,096
Darden Restaurants Inc., 6.30%, 10/10/33
(Call 07/10/33)		4		4,178
Dick’s Sporting Goods Inc., 3.15%, 01/15/32
(Call 10/15/31)		30		25,140
Dollar General Corp., 5.45%, 07/05/33 (Call 04/05/33)(d)		15		14,898
Dollar Tree Inc. 4.00%, 05/15/25 (Call 03/15/25)		5		4,911
4.20%, 05/15/28 (Call 02/15/28)		15		14,467
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28
(Call 02/15/25)(a)		2		2,110
FirstCash Inc. 4.63%, 09/01/28 (Call 04/01/24)(a)		2		1,850
5.63%, 01/01/30 (Call 01/01/25)(a)		2		1,895
Gap Inc. (The) 3.63%, 10/01/29 (Call 10/01/24)(a)		4		3,379
3.88%, 10/01/31 (Call 10/01/26)(a)		2		1,613
Home Depot Inc. (The), 2.70%, 04/15/25 (Call 03/15/25)		10		9,743
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)		2		1,575
Lowe’s Companies Inc., 4.00%, 04/15/25
(Call 03/15/25)		10		9,857
Macy’s Retail Holdings LLC, 5.88%, 04/01/29
(Call 04/01/24)(a)		2		1,926
McDonald’s Corp. 1.45%, 09/01/25 (Call 08/01/25)		21		19,879
3.30%, 07/01/25 (Call 06/01/25)		2		1,953
4.70%, 12/09/35 (Call 06/09/35)		3		2,882
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)		5		3,572
QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)		4		3,281

S C H E D U L E  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Retail (continued)
4.75%, 02/15/27 (Call 11/15/26)	$	4	$	3,605
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25)		2		1,981
Starbucks Corp., 2.45%, 06/15/26 (Call 03/15/26)		2		1,888
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)		5		4,525
Target Corp., 2.25%, 04/15/25 (Call 03/15/25)		10		9,687
Walmart Inc. 2.65%, 09/22/51 (Call 03/22/51)		11		7,164
3.55%, 06/26/25 (Call 04/26/25)		10		9,826
				184,905
Semiconductors — 1.0%
Broadcom Inc. 3.15%, 11/15/25 (Call 10/15/25)		10		9,648
3.42%, 04/15/33 (Call 01/15/33)(a)		1		854
4.00%, 04/15/29 (Call 02/15/29)(a)		8		7,575
4.15%, 11/15/30 (Call 08/15/30)		10		9,355
4.75%, 04/15/29 (Call 01/15/29)		8		7,848
Marvell Technology Inc. 2.95%, 04/15/31 (Call 01/15/31)		13		11,142
5.95%, 09/15/33 (Call 06/15/33)		4		4,132
Microchip Technology Inc., 4.25%, 09/01/25
(Call 04/01/24)		2		1,963
Micron Technology Inc. 4.66%, 02/15/30 (Call 11/15/29)		13		12,576
6.75%, 11/01/29 (Call 09/01/29)		5		5,307
NXP BV/NXP Funding LLC/NXP USA Inc. 3.40%, 05/01/30 (Call 02/01/30)		2		1,793
4.30%, 06/18/29 (Call 03/18/29)		29		27,697
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24)		13		12,094
QUALCOMM Inc., 3.45%, 05/20/25 (Call 02/20/25)		5		4,899
Skyworks Solutions Inc. 1.80%, 06/01/26 (Call 05/01/26)		5		4,610
3.00%, 06/01/31 (Call 03/01/31)		3		2,513
				124,006
Shipbuilding — 0.1%
Huntington Ingalls Industries Inc. 2.04%, 08/16/28 (Call 06/16/28)		10		8,693
3.84%, 05/01/25 (Call 04/01/25)		10		9,799
				18,492
Software — 2.0%
Broadridge Financial Solutions Inc. 2.60%, 05/01/31 (Call 02/01/31)		2		1,676
2.90%, 12/01/29 (Call 09/01/29)		10		8,824
Fiserv Inc., 3.85%, 06/01/25 (Call 03/01/25)		10		9,799
Microsoft Corp. 2.40%, 08/08/26 (Call 05/08/26)		15		14,206
2.68%, 06/01/60 (Call 12/01/59)		22		13,885
3.04%, 03/17/62 (Call 09/17/61)		28		19,082
3.13%, 11/03/25 (Call 08/03/25)		8		7,776
3.30%, 02/06/27 (Call 11/06/26)		10		9,659
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)		3		2,893
Oracle Corp. 1.65%, 03/25/26 (Call 02/25/26)		27		25,076
2.50%, 04/01/25 (Call 03/01/25)		10		9,681
2.80%, 04/01/27 (Call 02/01/27)		18		16,789
2.95%, 04/01/30 (Call 01/01/30)		9		7,982
3.25%, 11/15/27 (Call 08/15/27)		16		15,006
3.90%, 05/15/35 (Call 11/15/34)		2		1,717
4.30%, 07/08/34 (Call 01/08/34)		15		13,613
5.38%, 07/15/40		17		16,273

Security	Par     (000)		Value
Software (continued)
6.25%, 11/09/32 (Call 08/09/32)	$	9	$	9,507
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)		3		2,627
Roper Technologies Inc., 1.00%, 09/15/25
(Call 08/15/25)		10		9,368
VMware LLC 1.40%, 08/15/26 (Call 07/15/26)		14		12,726
3.90%, 08/21/27 (Call 05/21/27)		15		14,299
4.50%, 05/15/25 (Call 04/15/25)		5		4,946
4.70%, 05/15/30 (Call 02/15/30)		5		4,811
				252,221
Telecommunications — 2.0%
AT&T Inc. 1.70%, 03/25/26 (Call 03/11/24)		21		19,530
5.54%, 02/20/26 (Call 03/11/24)		2		1,999
Cisco Systems Inc., 2.50%, 09/20/26 (Call 06/20/26)		17		16,042
Consolidated Communications Inc., 6.50%, 10/01/28
(Call 03/11/24)(a)		3		2,572
Deutsche Telekom International Finance BV, 8.75%, 06/15/30		10		11,799
Frontier Communications Holdings LLC, 6.75%, 05/01/29 (Call 05/01/24)(a)		7		6,284
Hughes Satellite Systems Corp. 5.25%, 08/01/26		5		4,272
6.63%, 08/01/26(d)		5		3,295
Motorola Solutions Inc. 2.30%, 11/15/30 (Call 08/15/30)		3		2,473
2.75%, 05/24/31 (Call 02/24/31)		5		4,175
4.60%, 05/23/29 (Call 02/23/29)		11		10,688
Orange SA, 9.00%, 03/01/31		10		12,088
Rogers Communications Inc., 3.80%, 03/15/32
(Call 12/15/31)		18		15,997
Sprint Capital Corp. 6.88%, 11/15/28		10		10,637
8.75%, 03/15/32		12		14,493
TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)		15		13,019
T-Mobile USA Inc. 1.50%, 02/15/26 (Call 01/15/26)		3		2,787
2.25%, 02/15/26 (Call 03/11/24)		5		4,711
2.40%, 03/15/29 (Call 01/15/29)		2		1,762
2.55%, 02/15/31 (Call 11/15/30)		15		12,647
3.50%, 04/15/25 (Call 03/15/25)		6		5,866
3.60%, 11/15/60 (Call 05/15/60)		16		11,067
3.75%, 04/15/27 (Call 02/15/27)		10		9,585
3.88%, 04/15/30 (Call 01/15/30)		17		15,780
4.38%, 04/15/40 (Call 10/15/39)		3		2,630
Verizon Communications Inc. 0.85%, 11/20/25 (Call 10/20/25)		10		9,283
1.45%, 03/20/26 (Call 02/20/26)		5		4,636
4.27%, 01/15/36		4		3,633
4.40%, 11/01/34 (Call 05/01/34)		8		7,441
Vodafone Group PLC, 4.13%, 05/30/25		5		4,920
				246,111
Toys, Games & Hobbies — 0.1%
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)		15		14,242
Transportation — 0.3%
Burlington Northern Santa Fe LLC, 3.00%, 04/01/25
(Call 01/01/25)		7		6,841
Ryder System Inc., 3.35%, 09/01/25 (Call 08/01/25)		5		4,848
Union Pacific Corp., 3.75%, 07/15/25 (Call 05/15/25)		10		9,812

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)		Value
Transportation (continued)
United Parcel Service Inc. 3.90%, 04/01/25 (Call 03/01/25)		$    2	$	1,973
6.20%, 01/15/38		15		16,417
				39,891
Trucking & Leasing — 0.0%
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)(a)		3		2,872
Total Corporate Bonds & Notes — 56.0% (Cost: $7,020,763)				7,022,877
U.S. Government & Agency Obligations
Mortgage-Backed Securities — 28.6%
Freddie Mac Multifamily Structured Pass
Through Certificates
Series K081, Class A2, 3.90%, 08/25/28
(Call 12/25/28)(b)		30		28,988
Series K108, Class A2, 1.52%, 03/25/30
(Call 03/25/30)		16		13,386
Series K123, Class A2, 1.62%, 12/25/30
(Call 01/25/31)		47		38,380
Government National Mortgage Association 2.00%, 03/20/54(e)		100		81,379
2.50%, 03/20/54(e)		175		148,098
3.00%, 08/20/51		44		38,792
3.00%, 02/20/52		68		59,303
3.50%, 03/20/49		25		23,182
3.50%, 03/20/54(e)		71		64,213
4.00%, 03/20/54(e)		75		69,795
4.50%, 03/20/49		23		22,031
4.50%, 08/20/52		27		25,576
5.00%, 04/20/53		19		18,890
5.00%, 03/20/54(e)		25		24,418
5.50%, 12/20/52		17		17,418
5.50%, 07/20/53		9		9,021
5.50%, 03/20/54(e)		25		24,833
6.50%, 11/20/53		4		4,028
6.50%, 03/20/54(e)		25		25,339
Uniform Mortgage-Backed Securities 1.50%, 03/01/36		3		2,364
1.50%, 02/01/37		59		50,699
1.50%, 03/01/37		45		38,424
1.50%, 07/01/51		19		14,589
1.50%, 11/01/51		23		17,514
1.50%, 03/13/54(e)		25		18,649
2.00%, 11/01/35		59		52,917
2.00%, 03/18/39(e)		133		116,981
2.00%, 08/01/50		284		225,385
2.00%, 10/01/50		24		19,365
2.00%, 12/01/51		23		18,164
2.00%, 02/01/52		25		19,838
2.00%, 03/01/52		458		362,056
2.50%, 03/18/39(e)		75		67,990
2.50%, 09/01/51		164		135,532
2.50%, 11/01/51		41		34,333
2.50%, 01/01/52		173		142,354
2.50%, 03/13/54(e)		150		123,227
3.00%, 03/18/39(e)		50		46,324
3.00%, 12/01/49		93		80,871
3.00%, 03/13/54(e)		250		213,804

Security	Par     (000)		Value
Mortgage-Backed Securities (continued)
3.50%, 03/18/39(e)		$    25	$	23,651
3.50%, 05/01/50		20		17,889
3.50%, 06/01/50		10		9,187
3.50%, 07/01/50		16		14,586
3.50%, 03/13/54(e)		200		177,912
4.00%, 08/01/37		1		826
4.00%, 09/01/37		2		1,529
4.00%, 11/01/37		2		2,412
4.00%, 02/01/38		1		922
4.00%, 11/01/38		1		916
4.00%, 03/18/39(e)		25		24,077
4.00%, 05/01/52		25		22,804
4.00%, 02/01/53		46		43,228
4.00%, 03/13/54(e)		97		89,238
4.50%, 08/01/52		11		10,016
4.50%, 11/01/52		14		13,214
4.50%, 12/01/52		23		22,181
4.50%, 08/01/53		12		11,101
4.50%, 03/13/54(e)		75		70,990
5.00%, 03/01/54(e)		125		121,211
5.50%, 01/01/53		24		23,571
5.50%, 05/01/53		24		24,073
5.50%, 03/13/54(e)		60		59,350
6.00%, 01/01/53		5		4,705
6.00%, 06/01/53		1		967
6.00%, 07/01/53		16		15,978
6.00%, 08/01/53		17		17,598
6.00%, 09/01/53		18		17,870
6.00%, 11/01/53		19		19,671
6.00%, 12/01/53		3		3,011
6.00%, 02/01/54		2		2,007
6.00%, 03/13/54(e)		25		25,104
6.00%, 04/11/54(e)		25		25,100
6.50%, 10/01/53		3		3,041
6.50%, 11/01/53		3		2,954
6.50%, 12/01/53		12		11,985
6.50%, 01/01/54		14		14,147
6.50%, 02/01/54		14		14,402
6.50%, 03/13/54(e)		75		76,311
				3,578,185
U.S. Government Obligations — 13.9%
U.S. Treasury Note/Bond 1.13%, 08/15/40		67		40,938
1.38%, 11/15/40		206		130,826
1.38%, 08/15/50		176		92,596
1.63%, 11/15/50		178		99,628
1.75%, 08/15/41		165		109,886
1.88%, 02/15/32		59		49,544
1.88%, 02/15/41		141		97,301
1.88%, 02/15/51		79		47,292
1.88%, 11/15/51		151		89,725
2.25%, 08/15/46		39		26,490
2.50%, 02/15/45		80		57,987
2.50%, 02/15/46		38		27,274
2.50%, 05/15/46		38		27,198
3.00%, 11/15/45		95		74,861
3.50%, 02/15/33		170		160,364
3.63%, 05/15/53		70		61,245
4.00%, 11/15/42		209		195,097
4.13%, 11/15/32		240		237,459

S C H E D U L E  O F  I N V E S T M E N T S 37

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF (Percentages shown are based on Net Assets)

Security	Par     (000)			Value
U.S. Government Obligations (continued)
4.13%, 08/15/53		$   125		$	119,668
					1,745,379
Total U.S. Government & Agency Obligations — 42.5% (Cost: $5,617,323)					5,323,564
Total Long-Term Investments — 100.0% (Cost: $12,851,015)					12,530,455
	Shares
Short-Term Securities
Money Market Funds — 15.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(f)(g)		1,739,241			1,740,110
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(f)(g)(h)		259,582			259,582
Total Short-Term Securities — 15.9% (Cost: $1,998,954)					1,999,692
Total Investments Before TBA Sales Commitments — 115.9% (Cost: $14,849,969)					14,530,147
	Par (000)
TBA Sales Commitments(e)
Mortgage-Backed Securities — (2.5)%
Government National Mortgage Association
2.00%, 03/20/54		(75	)		(61,034	)
4.00%, 03/20/54		(25	)		(23,265	)

Security	Par (000)			Value
Mortgage-Backed Securities (continued)
Uniform Mortgage-Backed Securities 2.00%, 03/18/39		(25	)	$	(22,051	)
2.50%, 03/13/54		(25	)		(20,538	)
3.00%, 03/13/54		(50	)		(42,761	)
3.50%, 03/13/54		(50	)		(44,478	)
4.00%, 03/18/39		(25	)		(24,077	)
4.50%, 03/13/54		(25	)		(23,663	)
6.00%, 03/13/54		(25	)		(25,104	)
6.50%, 03/13/54		(25	)		(25,437	)
Total TBA Sales Commitments — (2.5)% (Proceeds: $(312,252))					(312,408	)
Total Investments, Net of TBA Sales Commitments — 113.4% (Cost: $14,537,717)					14,217,739
Liabilities in Excess of Other Assets — (13.4)%					(1,684,900	)
Net Assets — 100.0%				$	12,532,839

^(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)  Perpetual security with no stated maturity date.

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

^(e)  Represents or includes a TBA transaction.

^(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 year ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 02/28/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/29/24		Shares Held at 02/29/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,172,145	$	—		$	(431,851	)(a)	$	288	$	(472	)	$	1,740,110		1,739,241	$	88,756		$	1
BlackRock Cash Funds: Treasury, SL Agency Shares		126,506		133,076	(a)		—			—		—			259,582		259,582		5,710	(b)		—
									$	288	$	(472	)	$	1,999,692			$	94,466		$	1

^(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.

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) February 29, 2024 iShares^® USD Systematic Bond ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 29, 2024, 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	$	—	$	—	$	16	$	—	$	—	$	—	$	16

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Average notional value of contracts — long $ 0^(a)

^(a)  Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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
Collaterized Mortgage Obligations	$	—	$	184,014		$	—	$	184,014
Corporate Bonds & Notes		—		7,022,877			—		7,022,877
U.S. Government & Agency Obligations		—		5,323,564			—		5,323,564
Short-Term Securities
Money Market Funds		1,999,692		—			—		1,999,692
Liabilities
Investments
TBA Sales Commitments		—		(312,408	)		—		(312,408	)
	$	1,999,692	$	12,218,047		$	—	$	14,217,739

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 39

Statements of Assets and Liabilities

February 29, 2024

	iShares High Yield Systematic Bond ETF			iShares Investment Grade Systematic Bond ETF			iShares USD Systematic Bond ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	589,380,154		$	548,740,585		$	12,530,455
Investments, at value — affiliated(c)		106,161,842			48,224,352			1,999,692
Cash		6,433			2,469			9
Foreign currency, at value(d)		269			—			—
Receivables:
Investments sold		23,335,247			32,122,275			519,782
Securities lending income — affiliated		30,380			10,176			57
TBA sales commitments		—			—			312,252
Capital shares sold		109,716			369,272			—
Dividends — affiliated		3,247			8,913			8,037
Interest — unaffiliated		10,243,049			6,864,877			101,690
From custodian		3,299,559			—			10,191
Total assets		732,569,896			636,342,919			15,482,165
LIABILITIES
Collateral on securities loaned, at value		105,057,154			45,598,229			159,582
TBA sales commitments, at value(e)		—			—			312,408
Payables:
Investments purchased		26,603,333			33,502,895			2,475,678
Investment advisory fees		157,304			77,224			1,658
Due to custodian		347,721			—			—
Total liabilities		132,165,512			79,178,348			2,949,326
Commitments and contingent liabilities
NET ASSETS	$	600,404,384		$	557,164,571		$	12,532,839
NET ASSETS CONSIST OF
Paid-in capital	$	606,066,439		$	577,894,572		$	15,600,945
Accumulated loss		(5,662,055	)		(20,730,001	)		(3,068,106	)
NET ASSETS	$	600,404,384		$	557,164,571		$	12,532,839
NET ASSET VALUE
Shares outstanding		13,000,000			12,550,000			150,000
Net asset value	$	46.18		$	44.40		$	83.55
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	581,497,087		$	551,369,069		$	12,851,015
(b) Securities loaned, at value	$	101,073,223		$	42,923,592		$	140,828
(c) Investments, at cost — affiliated	$	106,148,978		$	48,220,505		$	1,998,954
(d) Foreign currency, at cost	$	242		$	—		$	—
(e) Proceeds from TBA sales commitments	$	—		$	—		$	312,252

See notes to financial statements.

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended February 29, 2024

	iShares High Yield Systematic Bond ETF			iShares Investment Grade Systematic Bond ETF			iShares USD Systematic Bond ETF
INVESTMENT INCOME
Dividends — affiliated	$	120,935		$	74,768		$	93,859
Interest — unaffiliated		19,122,289			15,789,427			486,642
Securities lending income — affiliated — net		327,417			60,961			607
Other income — unaffiliated		400			—			—
Total investment income		19,571,041			15,925,156			581,108
EXPENSES
Investment advisory		851,373			547,459			22,475
Total expenses		851,373			547,459			22,475
Less:
Investment advisory fees waived		—			—			(1,576	)
Total expenses after fees waived		851,373			547,459			20,899
Net investment income		18,719,668			15,377,697			560,209
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,693,015	)		(7,600,499	)		(600,301	)
Investments — affiliated		(5,529	)		(5,538	)		288
Capital gain distributions from underlying funds — affiliated		—			—			1
Futures contracts		—			—			16
In-kind redemptions — unaffiliated(a)		408,438			130,155			—
		(4,290,106	)		(7,475,882	)		(599,996	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		16,408,558			12,925,476			564,500
Investments — affiliated		(1,368	)		(1,200	)		(472	)
Foreign currency translations		5			—			—
		16,407,195			12,924,276			564,028
Net realized and unrealized gain (loss)		12,117,089			5,448,394			(35,968	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	30,836,757		$	20,826,091		$	524,241

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares High Yield Systematic Bond ETF						iShares Investment Grade Systematic Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	18,719,668		$	7,368,573		$	15,377,697		$	6,466,133
Net realized loss		(4,290,106	)		(11,636,097	)		(7,475,882	)		(12,729,043	)
Net change in unrealized appreciation (depreciation)		16,407,195			(3,713,812	)		12,924,276			(10,147,353	)
Net increase (decrease) in net assets resulting from operations		30,836,757			(7,981,336	)		20,826,091			(16,410,263	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(15,975,592	)		(7,711,884	)		(13,906,003	)		(6,064,177	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		450,927,980			(24,604,285	)		314,784,680			95,924,836
NET ASSETS
Total increase (decrease) in net assets		465,789,145			(40,297,505	)		321,704,768			73,450,396
Beginning of year		134,615,239			174,912,744			235,459,803			162,009,407
End of year	$	600,404,384		$	134,615,239		$	557,164,571		$	235,459,803

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

See notes to financial statements.

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares USD Systematic Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	560,209		$	499,798
Net realized loss		(599,996	)		(2,155,687	)
Net change in unrealized appreciation (depreciation)		564,028			(289,682	)
Net increase (decrease) in net assets resulting from operations		524,241			(1,945,571	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(557,041	)		(482,791	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		—			(4,233,961	)
NET ASSETS
Total decrease in net assets		(32,800	)		(6,662,323	)
Beginning of year		12,565,639			19,227,962
End of year	$	12,532,839		$	12,565,639

^(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 43

Financial Highlights

(For a share outstanding throughout each period)

	iShares High Yield Systematic Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	44.14		$	49.27		$	51.32		$	49.43		$	49.03
Net investment income(a)		3.44			2.66			2.23			2.90			2.88
Net realized and unrealized gain (loss)(b)		1.80			(5.00	)		(1.90	)		1.97			0.39
Net increase (decrease) from investment operations		5.24			(2.34	)		0.33			4.87			3.27
Distributions from net investment income(c)		(3.20	)		(2.79	)		(2.38	)		(2.98	)		(2.87	)
Net asset value, end of year	$	46.18		$	44.14		$	49.27		$	51.32		$	49.43
Total Return(d)
Based on net asset value		12.43	%		(4.73	)%		0.63	%		10.38	%		6.78	%
Ratios to Average Net Assets(e)
Total expenses		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%
Net investment income		7.70	%		5.89	%		4.37	%		5.97	%		5.77	%
Supplemental Data
Net assets, end of year (000)	$	600,404		$	134,615		$	174,913		$	79,541		$	39,545
Portfolio turnover rate(f)		67	%		60	%		67	%		67	%		46	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Investment Grade Systematic Bond ETF
	Year Ended 02/29/24			Year Ended 02/28/23			Year Ended 02/28/22			Year Ended 02/28/21			Year Ended 02/29/20
Net asset value, beginning of year	$	43.60		$	49.85		$	53.69		$	53.44		$	48.32
Net investment income(a)		2.22			1.70			1.36			1.56			1.88
Net realized and unrealized gain (loss)(b)		0.70			(6.35	)		(3.19	)		0.76			6.14
Net increase (decrease) from investment operations		2.92			(4.65	)		(1.83	)		2.32			8.02
Distributions(c)
From net investment income		(2.12	)		(1.59	)		(1.39	)		(1.59	)		(1.85	)
From net realized gain		—			(0.01	)		(0.62	)		(0.48	)		(1.05	)
Total distributions		(2.12	)		(1.60	)		(2.01	)		(2.07	)		(2.90	)
Net asset value, end of year	$	44.40		$	43.60		$	49.85		$	53.69		$	53.44
Total Return(d)
Based on net asset value		6.87	%		(9.35	)%		(3.57	)%		4.41	%		16.96	%
Ratios to Average Net Assets(e)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		5.06	%		3.80	%		2.57	%		2.90	%		3.67	%
Supplemental Data
Net assets, end of year (000)	$	557,165		$	235,460		$	162,009		$	158,379		$	93,520
Portfolio turnover rate(f)		76	%		87	%		59	%		46	%		75	%

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares USD Systematic Bond ETF
		Year Ended 02/29/24			Year Ended 02/28/23			Period From 10/12/21 to 02/28/22	(a)
Net asset value, beginning of period	$	83.77		$	96.14		$	100.00
Net investment income(b)		3.73			2.62			0.54
Net realized and unrealized loss(c)		(0.24	)		(12.51	)		(3.96	)
Net increase (decrease) from investment operations		3.49			(9.89	)		(3.42	)
Distributions from net investment income(d)		(3.71	)		(2.48	)		(0.44	)
Net asset value, end of period	$	83.55		$	83.77		$	96.14
Total Return(e)
Based on net asset value		4.29	%		(10.34	)%		(3.43	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.18	%		0.18	%		0.18	%(h)
Total expenses after fees waived		0.17	%		0.16	%		0.16	%(h)
Net investment income		4.49	%		3.02	%		1.43	%(h)
Supplemental Data
Net assets, end of period (000)	$	12,533		$	12,566		$	19,228
Portfolio turnover rate(i)(j)		380	%		519	%		243	%

^(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, if any.

^(j)  Includes mortgage dollar roll transactions (“MDRs”).

See notes to financial statements.

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

iShares 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
High Yield Systematic Bond	Diversified
Investment Grade Systematic Bond	Diversified
USD Systematic Bond	Non-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. 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.

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.

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Notes to Financial Statements (continued)

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.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

For mortgage pass-through securities (the “Mortgage Assets”) there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are

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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.

TBA Commitments: TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

To mitigate counterparty risk, a fund enters into a two-way collateral agreement for TBA transactions with certain counterparties. Under such agreement, the “in-the-money” party of a TBA transaction may at any time require the other party to pledge collateral assets (in the form of cash or securities) to offset any loss the in-the-money party would incur upon cancellation of the TBA transaction. A party is in-the-money if they are the buyer and the market value of the TBA transaction increases or if they are the seller and the market value of the TBA transaction decreases. Cash collateral received from the counterparty may be reinvested in money market funds, including those managed by the Funds’ investment adviser, or its affiliates. Such collateral, if any, is noted in the Schedule of Investments and the obligation to return the collateral is presented as a liability in the Statements of Assets and Liabilities. Securities pledged as collateral by a fund, if any, are noted in the Schedule of Investments.

Mortgage Dollar Roll Transactions: Certain Funds may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

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

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

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

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

Notes to Financial Statements (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair  Value	(a)		Net Amount
High Yield Systematic Bond
Barclays Bank PLC	$	18,274,151	$	(18,274,151	)	$	—		$	—
BMO Capital Markets Corp.		1,985,236		(1,985,236	)		—			—
BNP Paribas SA		1,144,954		(1,144,954	)		—			—
BofA Securities, Inc.		11,542,997		(11,542,997	)		—			—
Citigroup Global Markets, Inc.		20,900		(20,900	)		—			—
Goldman Sachs & Co. LLC		16,323,596		(16,323,596	)		—			—
J.P. Morgan Securities LLC		20,714,639		(20,714,639	)		—			—
Jefferies LLC		3,630,826		(3,630,826	)		—			—
Morgan Stanley		4,041,690		(4,041,690	)		—			—
Pershing LLC		2,750,448		(2,750,448	)		—			—
RBC Capital Markets LLC		8,458,789		(8,458,789	)		—			—
Scotia Capital (USA), Inc.		2,623,708		(2,623,708	)		—			—
State Street Bank & Trust Co.		6,298,417		(6,298,417	)		—			—
Toronto-Dominion Bank (The)		1,299,761		(1,299,761	)		—			—
UBS Securities LLC		126,095		(126,095	)		—			—
Wells Fargo Bank N.A		311,990		(311,990	)		—			—
Wells Fargo Securities LLC		1,525,026		(1,525,026	)		—			—
	$	101,073,223	$	(101,073,223	)	$	—		$	—
Investment Grade Systematic Bond
Barclays Bank PLC	$	6,063,102	$	(6,063,102	)	$	—		$	—
BMO Capital Markets Corp.		2,076,937		(2,076,937	)		—			—
BNP Paribas SA		234,135		(234,135	)		—			—
BofA Securities, Inc.		4,301,666		(4,301,666	)		—			—
Citigroup Global Markets, Inc.		429,212		(429,212	)		—			—
J.P. Morgan Securities LLC		5,068,024		(5,068,024	)		—			—
Jefferies LLC		4,098,902		(4,098,902	)		—			—
Morgan Stanley		4,084,487		(4,084,487	)		—			—
RBC Capital Markets LLC		7,788,828		(7,788,828	)		—			—
State Street Bank & Trust Co.		4,053,662		(4,053,662	)		—			—
TD Securities (USA) LLC		161,466		(161,466	)		—			—
Toronto-Dominion Bank (The)		2,137,849		(2,137,849	)		—			—
UBS Securities LLC		633,030		(633,030	)		—			—
Wells Fargo Bank N.A		1,012,331		(1,012,331	)		—			—
Wells Fargo Securities LLC		779,961		(779,961	)		—			—
	$	42,923,592	$	(42,923,592	)	$	—		$	—
USD Systematic Bond
Barclays Bank PLC	$	32,103	$	(32,103	)	$	—		$	—
BMO Capital Markets Corp.		12,684		(12,684	)		—			—
BNP Paribas SA		17,525		(17,525	)		—			—
BofA Securities, Inc.		37,285		(37,285	)		—			—
Goldman Sachs & Co. LLC		1,977		(1,977	)		—			—
J.P. Morgan Securities LLC		14,753		(14,753	)		—			—
Jefferies LLC		1,007		(1,007	)		—			—
Morgan Stanley		7,946		(7,946	)		—			—
UBS Securities LLC		15,548		(15,548	)		—			—
	$	140,828	$	(140,828	)	$	—		$	—

^(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.

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Notes to Financial Statements (continued)

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.

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:

iShares ETF	Investment Advisory Fees
High Yield Systematic Bond		0.35	%
Investment Grade Systematic Bond		0.18
USD Systematic Bond		0.18

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 USD Systematic Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through June 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to investments by the Fund in other funds advised by BFA or its affiliates.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
USD Systematic Bond	$	1,576

Distributor: BlackRock Investments, LLC (“BRIL”), 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.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Prior to January 08, 2024 (date of conversion for iShares Investment Grade Systematic Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

Prior to January 26, 2024 (date of conversion for iShares High Yield Systematic Bond ETF and iShares USD Systematic Bond ETF), ETF Services were performed by State Street Bank and Trust Company.

Index Provider: BlackRock Index Services, LLC, an affiliate of BFA, created, sponsors and publishes the underlying index used by each Fund. Each Fund uses its underlying index at no charge pursuant to a license agreement between BlackRock Index Services, LLC (or one or more of its affiliates) and the Trust, on behalf of 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

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 51

Notes to Financial Statements (continued)

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
High Yield Systematic Bond	$	83,923
Investment Grade Systematic Bond		19,887
USD Systematic Bond		146

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

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

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

7. PURCHASES AND SALES

For the year ended February 29, 2024, purchases and sales of investments, including mortgage dollar rolls and excluding short-term securities and in-kind transactions, were as follows:

	U.S. Government Securities				Other Securities
iShares ETF	Purchases		Sales		Purchases		Sales
High Yield Systematic Bond	$	—	$	—	$	171,336,734	$	168,348,534
Investment Grade Systematic Bond		—		—		233,501,139		232,699,628
USD Systematic Bond		38,645,188		39,450,266		8,256,411		7,694,049

For the year ended February 29, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
High Yield Systematic Bond	$	458,872,614	$	17,098,718
Investment Grade Systematic Bond		330,724,155		20,977,633

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 February 29, 2024, 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.

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Notes to Financial Statements (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of February 29, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated  Earnings (Loss)
High Yield Systematic Bond	$	354,370	$	(354,370)
Investment Grade Systematic Bond		100,289		(100,289)

The tax character of distributions paid was as follows:

iShares ETF		Year Ended 02/29/24		Year Ended 02/28/23
High Yield Systematic Bond
Ordinary income	$	15,975,592	$	7,711,884
Investment Grade Systematic Bond
Ordinary income	$	13,906,003	$	6,024,813
Long-term capital gains		—		39,364
	$	13,906,003	$	6,064,177
USD Systematic Bond
Ordinary income	$	557,041	$	482,791

As of February 29, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
High Yield Systematic Bond	$	3,620,953	$	(16,666,884	)	$	7,383,876		$	(5,662,055	)
Investment Grade Systematic Bond		2,400,725		(20,183,666	)		(2,947,060	)		(20,730,001	)
USD Systematic Bond		49,752		(2,545,136	)		(572,722	)		(3,068,106	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments and TBA transactions.

As of February 29, 2024, 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)
High Yield Systematic Bond	$	688,158,147	$	10,567,050	$	(3,183,201	)	$	7,383,849
Investment Grade Systematic Bond		599,911,997		4,110,430		(7,057,490	)		(2,947,060	)
USD Systematic Bond		15,102,713		133,652		(706,374	)		(572,722	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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 53

Notes to Financial Statements (continued)

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.

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

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

With exchange-traded futures, 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.

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

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

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 period of historically low interest rates that ended in March 2022. The Federal Reserve has recently raised the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

The Funds invest a significant portion of their assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S.

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 02/29/24						Year Ended 02/28/23
iShares ETF	Shares			Amount			Shares			Amount
High Yield Systematic Bond
Shares sold		10,350,000		$	468,613,448			700,000		$	31,145,415
Shares redeemed		(400,000	)		(17,685,468	)		(1,200,000	)		(55,749,700	)
		9,950,000		$	450,927,980			(500,000	)	$	(24,604,285	)
Investment Grade Systematic Bond
Shares sold		7,650,000		$	336,423,949			2,150,000		$	95,924,836
Shares redeemed		(500,000	)		(21,639,269	)		—			—
		7,150,000		$	314,784,680			2,150,000		$	95,924,836
USD Systematic Bond
Shares redeemed		—		$	—			(50,000	)	$	(4,233,961	)

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. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

11. SUBSEQUENT EVENTS

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of February 29, 2024, the related statements of operations for the year ended February 29, 2024, the statements of changes in net assets for each of the two years in the period ended February 29, 2024, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 29, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 29, 2024 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

iShares High Yield Systematic Bond ETF

iShares Investment Grade Systematic Bond ETF

iShares USD Systematic Bond ETF

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 19, 2024

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

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Important Tax Information(unaudited)

The Fund hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended February 29, 2024:

iShares ETF	Federal Obligation Interest
High Yield Systematic Bond	$	19,645
Investment Grade Systematic Bond		11,619
USD Systematic Bond		89,838

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

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended February 29, 2024:

iShares ETF	Interest Dividends
High Yield Systematic Bond	$	18,489,210
Investment Grade Systematic Bond		14,527,126
USD Systematic Bond		549,856

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended February 29, 2024:

iShares ETF	Interest-Related Dividends
High Yield Systematic Bond	$	15,496,638
Investment Grade Systematic Bond		12,736,726
USD Systematic Bond		508,200

I M P O R T A N T  T A X  I N F O R M A T I O N 57

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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares High Yield Systematic Bond ETF, iShares Investment Grade Systematic Bond ETF and iShares USD Systematic 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 8, 2023 (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, 2022 through September 30, 2023 (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, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

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 utilized for liquidity classifications. 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 ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

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.

February 29, 2024

	Total Cumulative Distributions for the Fiscal Year									% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
High Yield Systematic Bond	$	3.195313	$	—	$	—	$	3.195313			100	%		—	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

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

S U P P L E M E N T A L  I N F O R M A T I O N 59

Trustee and Officer Information(unaudited)

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 401 funds as of February 29, 2024. With the exception of Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).

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

Independent Trustees
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name  (Year of   Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year     of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2023).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Aaron Wasserman (1974)	Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, of BlackRock, Inc. (since 2023); Director, of BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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

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.

62 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate
TBA	To-Be-Announced

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

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 affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-208-0224

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty-three series of the registrant for which the fiscal year-end is February 29, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $314,550 for the fiscal year ended February 28, 2023 and $314,550 for the fiscal year ended February 29, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended February 28, 2023 and February 29, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $223,100 for the fiscal year ended February 28, 2023 and $223,100 for the fiscal year ended February 29, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended February 28, 2023 and February 29, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $223,100 for the fiscal year ended February 28, 2023 and $223,100 for the fiscal year ended February 29, 2024.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

(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 Trust

By: /s/ Jessica Tan

Jessica Tan, President (Principal Executive Officer)

Date:   April 19, 2024

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/ Jessica Tan

Jessica Tan, President (Principal Executive Officer)

Date:   April 19, 2024

By: /s/ Trent Walker

Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date:   April 19, 2024

EX-99.CERT

EX-99.CERT

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS

I, Jessica Tan, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty-three series: iShares 0-3 Month Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares Agency Bond ETF, iShares California Muni Bond ETF, iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF, iShares Government/Credit Bond ETF, iShares High Yield Systematic Bond ETF (Formerly, iShares High Yield Bond Factor ETF), iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares Investment Grade Systematic Bond ETF (Formerly, iShares Investment Grade Bond Factor ETF), iShares MBS ETF, iShares National Muni Bond ETF, iShares New York Muni Bond ETF, iShares Short Treasury Bond ETF, iShares Short-Term National Muni Bond ETF and iShares USD Systematic Bond ETF (Formerly, iShares USD Bond Factor ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 19, 2024		/s/ Jessica Tan	President (Principal Executive Officer)
			Jessica Tan [Signature]	[Title]

EX-99.CERT

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS

I, Trent Walker, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty-three series: iShares 0-3 Month Treasury Bond ETF, iShares 10-20 Year Treasury Bond ETF, iShares 1-3 Year Treasury Bond ETF, iShares 20+ Year Treasury Bond ETF, iShares 25+ Year Treasury STRIPS Bond ETF, iShares 3-7 Year Treasury Bond ETF, iShares 7-10 Year Treasury Bond ETF, iShares Agency Bond ETF, iShares California Muni Bond ETF, iShares Core 10+ Year USD Bond ETF, iShares Core 5-10 Year USD Bond ETF, iShares Government/Credit Bond ETF, iShares High Yield Systematic Bond ETF (Formerly, iShares High Yield Bond Factor ETF), iShares iBoxx $ High Yield Corporate Bond ETF, iShares iBoxx $ Investment Grade Corporate Bond ETF, iShares Intermediate Government/Credit Bond ETF, iShares Investment Grade Systematic Bond ETF (Formerly, iShares Investment Grade Bond Factor ETF), iShares MBS ETF, iShares National Muni Bond ETF, iShares New York Muni Bond ETF, iShares Short Treasury Bond ETF, iShares Short-Term National Muni Bond ETF and iShares USD Systematic Bond ETF (Formerly, iShares USD Bond Factor ETF);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 19, 2024		/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
			Trent Walker [Signature]	[Title]

EX-99.906 CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 14(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Jessica Tan, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended February 29, 2024 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	April 19, 2024		/s/ Jessica Tan	President (Principal Executive Officer)
			Jessica Tan [Signature]	[Title]
Date:	April 19, 2024		/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
			Trent Walker [Signature]	[Title]