NPORT-EX 2 NPORT_2QAB_69479336_0124.htm

Schedule of Investments (unaudited) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Collaterized Mortgage Obligations          
           
Mortgage-Backed Securities — 64.4%          
Bank          
3.30%, 05/15/64 (Call 05/15/31)  $500   $342,405 
3.74%, 02/15/52 (Call 02/15/29)   600    566,178 
3.92%, 04/15/65(a)   500    464,321 
4.26%, 05/15/61 (Call 05/15/28)(a)   1,010    981,548 
5.20%, 02/15/56 (Call 02/15/33)   500    511,924 
Series 2017, Class A5, 3.44%, 09/15/60          
(Call 09/15/27)   220    208,754 
Series 2017-BNK4, Class AS, 3.78%, 05/15/50          
(Call 04/15/27)   500    460,354 
Series 2017-BNK4, Class ASB, 3.42%, 05/15/50          
(Call 04/15/27)   183    178,679 
Series 2017-BNK4, Class C, 4.37%, 05/15/50          
(Call 04/15/27)(a)   485    379,426 
Series 2017-BNK7, Class B, 3.95%, 09/15/60          
(Call 09/15/27)   550    482,073 
Series 2017-BNK8, Class A3, 3.23%, 11/15/50          
(Call 11/15/27)   683    640,956 
Series 2018-BN14, Class A3, 3.97%, 09/15/60          
(Call 09/15/28)   600    573,137 
Series 2018-BN14, Class AS, 4.48%, 09/15/60          
(Call 09/15/28)(a)   500    467,580 
Series 2018-BN15, Class A3, 4.14%, 11/15/61          
(Call 11/15/28)   490    471,398 
Series 2018-BN15, Class A4, 4.41%, 11/15/61          
(Call 11/15/28)(a)   1,015    993,899 
Series 2019-BN16, Class AS, 4.27%, 02/15/52          
(Call 02/15/29)   262    251,080 
Series 2019-BN19, Class A3, 3.18%, 08/15/61          
(Call 07/15/29)   1,797    1,597,352 
Series 2019-BN20, Class A2, 2.76%, 09/15/62          
(Call 10/15/29)   412    366,819 
Series 2019-BN20, Class B, 3.40%, 09/15/62          
(Call 10/15/29)(a)   1,000    802,546 
Series 2019-BN21, Class A4, 2.60%, 10/17/52          
(Call 10/15/29)   987    883,775 
Series 2019-BN21, Class A5, 2.85%, 10/17/52          
(Call 10/15/29)   500    446,266 
Series 2020-BN25, Class A3, 2.39%, 01/15/63          
(Call 02/15/30)   494    465,810 
Series 2020-BN26, Class B, 2.91%, 03/15/63          
(Call 03/15/30)(a)   250    201,044 
Series 2020-BN28, Class A4, 1.84%, 03/15/63          
(Call 10/15/30)   500    415,910 
Series 2020-BN29, Class C, 3.14%, 11/15/53          
(Call 12/15/30)(a)   520    371,034 
Series 2020-BN30, Class ABS, 1.67%, 12/15/53   240    212,049 
Series 2021-BN32, Class AS, 2.64%, 04/15/54          
(Call 04/15/31)   1,075    932,025 
Series 2021-BN34, Class A5, 2.44%, 06/15/63          
(Call 07/15/31)   244    199,606 
Series 2021-BN34, Class AS, 2.57%, 06/15/63          
(Call 07/15/31)   500    397,932 
Series 2022-BNK40, Class AS, 3.51%, 03/15/64          
(Call 03/15/32)(a)   1,000    869,820 
Series 21-BN36, Class A5, 2.47%, 09/15/64          
(Call 10/15/31)   750    637,559 
Series2017-BNK4, Class A4, 3.63%, 05/15/50          
(Call 04/15/27)   1,000    946,066 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
BANK, 2.04%, 02/15/54 (Call 02/15/31)  $1,500   $1,248,783 
Bank of America Merrill Lynch Commercial          
Mortgage Trust          
Series 2016-UB10, Class A4, 3.17%, 07/15/49          
(Call 02/15/31)   800    758,660 
Series 2016-UB10, Class B, 3.79%, 07/15/49          
(Call 02/15/31)   250    229,660 
Series 2017-BNK3, Class A4, 3.57%, 02/15/50          
(Call 02/15/27)   1,000    957,547 
Bank5          
6.26%, 04/15/56 (Call 04/15/28)(a)   2,500    2,610,418 
6.66%, 07/15/56(a)   1,500    1,599,592 
Barclays Commercial Mortgage Trust          
Series 2019-C5, 2.81%, 11/15/52 (Call 11/15/29)   1,000    904,537 
Series 2019-C5, Class A4, 3.06%, 11/15/52          
(Call 11/15/29)   1,000    911,296 
BBCMS Mortgage Trust          
2.95%, 02/15/55 (Call 02/15/32)(a)   1,500    1,306,299 
5.45%, 09/15/55 (Call 09/15/32)(a)   847    680,997 
5.58%, 07/15/56   2,500    2,638,335 
5.71%, 12/15/55 (Call 12/15/32)(a)   1,000    1,061,683 
5.72%, 02/15/57   180    181,883 
5.87%, 02/15/57   1,630    1,696,677 
6.55%, 04/15/56 (Call 04/15/33)(a)   250    250,027 
6.80%, 11/15/56   1,000    1,149,760 
Series 2018-C2, Class C, 5.13%, 12/15/51          
(Call 12/15/28)(a)   250    210,393 
Series 2019-C4, Class A5, 2.92%, 08/15/52          
(Call 08/15/29)   1,000    905,440 
Series 2020-C6, Class A4, 2.64%, 02/15/53          
(Call 02/15/30)   1,500    1,328,047 
Series 2020-C7, Class A5, 2.04%, 04/15/53          
(Call 04/15/30)   1,000    851,658 
Series 2020-C7, Class AS, 2.44%, 04/15/53          
(Call 04/15/30)   300    249,013 
Series 2020-C8, Class A5, 2.04%, 10/15/53          
(Call 10/15/30)   1,000    840,604 
Series 2021-C11, Class A5, 2.32%, 09/15/54   1,500    1,263,734 
Series 2021-C12, Class A4, 2.42%, 11/15/54   1,000    856,726 
Series 2021-C12, Class C, 3.21%, 11/15/54(a)   500    332,136 
Series 2022-C14, Class AS, 3.35%, 02/15/55          
(Call 02/15/32)(a)   250    216,792 
Series 2022-C15, Class A5, 3.66%, 04/15/55          
(Call 04/15/32)(a)   1,640    1,499,177 
Series 2022-C17, Class A4, 4.17%, 09/15/55          
(Call 09/15/32)   1,000    954,187 
BBCMS Trust          
Series 2021-C10, Class A5, 2.49%, 07/15/54          
(Call 07/15/31)   500    430,215 
Series 2021-C10, Class B, 2.49%, 07/15/54          
(Call 07/15/31)   1,000    769,362 
Series 2021-C10, Class C, 2.84%, 07/15/54          
(Call 07/15/31)   500    320,787 
Benchmark Mortgage Trust          
2.58%, 03/15/54 (Call 03/15/31)   1,000    834,495 
2.67%, 12/15/54 (Call 12/15/31)   2,000    1,704,746 
3.12%, 08/15/52 (Call 08/15/29)   660    604,840 
3.20%, 01/15/55(a)   500    379,899 
3.46%, 03/15/55 (Call 03/15/32)   1,000    892,460 
4.59%, 05/15/55 (Call 05/15/32)(a)   2,750    2,585,895 

1

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2018-B1, Class AM, 3.88%, 01/15/51          
(Call 01/15/28)(a)  $500   $453,514 
Series 2018-B2, Class C, 4.43%, 02/15/51          
(Call 02/15/28)(a)   500    410,286 
Series 2018-B3, Class A4, 3.76%, 04/10/51          
(Call 04/10/28)   700    670,013 
Series 2018-B4, Class ASB, 4.06%, 07/15/51          
(Call 07/15/28)(a)   421    413,151 
Series 2018-B4, Class C, 4.65%, 07/15/51          
(Call 07/15/28)(a)   400    334,448 
Series 2018-B5, Class B, 4.57%, 07/15/51          
(Call 08/15/28)   500    459,976 
Series 2018-B7, Class A4, 4.51%, 05/15/53          
(Call 11/15/28)(a)   1,500    1,459,294 
Series 2018-B7, Class B, 5.00%, 05/15/53          
(Call 11/15/28)(a)   400    362,437 
Series 2018-B8, Class A4, 3.96%, 01/15/52          
(Call 12/15/28)   1,000    968,278 
Series 2018-B8, Class AS, 4.53%, 01/15/52          
(Call 12/15/28)(a)   563    532,607 
Series 2019-B10, Class A3, 3.46%, 03/15/62          
(Call 03/15/29)   800    745,492 
Series 2019-B10, Class AM, 3.98%, 03/15/62          
(Call 03/15/29)   600    546,551 
Series 2019-B11, Class AS, 3.78%, 05/15/52          
(Call 06/15/29)   500    436,741 
Series 2019-B13, Class C, 3.84%, 08/15/57          
(Call 10/15/29)(a)   500    405,847 
Series 2019-B14, Class A5, 3.05%, 12/15/62          
(Call 11/15/29)   2,000    1,814,774 
Series 2019-B9, Class C, 4.97%, 03/15/52          
(Call 02/15/29)(a)   250    199,825 
Series 2020-B16, Class A5, 2.73%, 02/15/53          
(Call 02/15/30)   990    876,551 
Series 2020-B16, Class AM, 2.94%, 02/15/53          
(Call 02/15/30)(a)   1,000    858,311 
Series 2020-B17, Class C, 3.37%, 03/15/53          
(Call 03/15/30)(a)   250    185,697 
Series 2020-B18 AM, Class AM, 2.34%, 07/15/53          
(Call 08/15/30)   430    344,684 
Series 2020-B20, Class B, 2.53%, 10/15/53          
(Call 10/15/30)   500    385,773 
Series 2020-B21, Class A5, 2.25%, 12/17/53          
(Call 12/15/30)   500    409,289 
Series 2020-IG1, Class A3, 2.69%, 09/15/43          
(Call 01/15/30)   750    613,563 
Series 2021-B23, Class AS, 2.27%, 02/15/54          
(Call 02/15/31)   500    387,738 
Series 2021-B24, Class A4, 2.26%, 03/15/54          
(Call 03/15/31)   1,000    837,022 
Series 2021-B25, Class A5, 2.58%, 04/15/54          
(Call 04/15/31)   1,000    816,396 
Series 2021-B26, Class AM, 2.83%, 06/15/54          
(Call 06/15/31)   500    396,433 
Series 2021-B27, Class A2, 2.02%, 07/15/54          
(Call 07/15/31)   1,000    932,319 
Series 2021-B27, Class A5, 2.39%, 07/15/54          
(Call 07/15/31)   1,000    816,236 
Series 2021-B27, Class AS, 2.51%, 07/15/54          
(Call 07/15/31)   500    398,082 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2021-B29, Class A5, 2.39%, 09/15/54          
(Call 10/15/31)  $830   $697,474 
Series 2022-B34, Class A5, 3.79%, 04/15/55          
(Call 04/15/32)(a)   1,500    1,336,081 
Series 2023-B38, Class A2, 5.63%, 04/15/56          
(Call 04/15/33)   2,000    2,044,480 
Serise 2020-B17, Class A2, 2.21%, 03/15/53          
(Call 03/15/30)   1,000    944,539 
Serise 2020-B17, Class A5, 2.29%, 03/15/53          
(Call 03/15/30)   1,500    1,276,079 
BMO Mortgage Trust          
5.31%, 09/15/54 (Call 10/15/32)   1,000    1,025,844 
5.74%, 02/15/57   2,000    2,074,804 
5.77%, 06/15/56 (Call 06/15/33)   750    798,171 
6.67%, 12/15/56(a)   1,000    1,094,209 
Cantor Commercial Real Estate Lending, 3.01%,          
01/15/53 (Call 12/15/29)   1,000    881,378 
CD Mortgage Trust          
Series 2017-CD3, Class A4, 3.63%, 02/10/50          
(Call 02/10/27)   1,730    1,616,192 
Series 2017-CD3, Class AS, 3.83%, 02/10/50          
(Call 02/10/27)   750    645,367 
Series 2017-CD3, Class C, 4.69%, 02/10/50          
(Call 02/10/27)(a)   300    139,766 
Series 2017-CD4, Class A4, 3.51%, 05/10/50          
(Call 05/10/27)(a)   1,000    943,511 
Series 2017-CD5, Class A4, 3.43%, 08/15/50          
(Call 07/15/27)   750    709,070 
Series 2018-CD7, Class ASB, 4.21%, 08/15/51          
(Call 08/15/28)   499    491,220 
Series 2019-CD8, Class A4, 2.91%, 08/15/57          
(Call 08/15/29)   1,000    897,090 
CFCRE Commercial Mortgage Trust          
Series 2016-C3, Class A3, 3.87%, 01/10/48          
(Call 01/10/26)   500    483,402 
Series 2016-C4, Class A4, 3.28%, 05/10/58          
(Call 05/10/26)   1,650    1,571,534 
Series 2017-C8, Class B, 4.20%, 06/15/50          
(Call 05/15/27)(a)   750    671,415 
Citigroup Commercial Mortgage Trust          
2.94%, 05/10/49 (Call 06/10/26)   2,000    1,911,847 
Series 2014-GC23, Class C, 4.57%, 07/10/47          
(Call 07/10/24)(a)   250    235,002 
Series 2015-GC29, Class C, 4.28%, 04/10/48          
(Call 04/10/25)(a)   250    239,486 
Series 2015-GC31, Class A4, 3.76%, 06/10/48          
(Call 06/10/25)   750    726,331 
Series 2015-GC35, Class AAB, 3.61%, 11/10/48          
(Call 11/10/25)   158    155,868 
Series 2015-P1, Class A5, 3.72%, 09/15/48          
(Call 05/15/26)   356    346,548 
Series 2016-C1, Class A4, 3.21%, 05/10/49          
(Call 06/10/26)   874    832,896 
Series 2016-P3, Class A4, 3.33%, 04/15/49          
(Call 04/15/26)   75    71,579 
Series 2017-C4, Class A3, 3.21%, 10/12/50          
(Call 11/12/27)   847    794,601 
Series 2017-P8, Class A3, 3.20%, 09/15/50          
(Call 09/15/27)   885    832,571 
Series 2018-B2, Class A4, 4.01%, 03/10/51          
(Call 03/10/28)   600    577,630 

2

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2018-C5, Class A4, 4.23%, 06/10/51          
(Call 06/10/28)(a)  $1,000   $966,931 
Series 2018-C6, Class A4, 4.41%, 11/10/51          
(Call 11/10/28)   1,199    1,123,028 
Series 2019-C7, Class A4, 3.10%, 12/15/72          
(Call 12/15/29)   1,000    901,554 
Series 2019-GC41, Class AS, 3.02%, 08/10/56          
(Call 08/10/29)   750    654,456 
Series 2019-GC43, Class A2, 2.98%, 11/10/52          
(Call 11/10/29)   863    844,695 
Series 2019-GC43, Class A4, 3.04%, 11/10/52          
(Call 11/10/29)   750    666,340 
Series 2020-GC46, Class A5, 2.72%, 02/15/53          
(Call 02/15/30)   1,000    872,407 
Series 2020-GC46, Class AS, 2.92%, 02/15/53          
(Call 02/15/30)(a)   500    426,494 
Series 2020-GC46, Class B, 3.15%, 02/15/53          
(Call 02/15/30)(a)   234    194,983 
Commission Mortgage Trust          
Series 2014-CR14, Class C, 4.45%, 02/10/47          
(Call 02/10/24)(a)   200    184,754 
Series 2014-CR17, Class B, 4.38%, 05/10/47          
(Call 05/10/24)   292    273,566 
Series 2014-CR18, Class AM, 4.10%, 07/15/47          
(Call 07/15/24)   300    297,180 
Series 2014-UBS4, Class A4, 3.42%, 08/10/47          
(Call 07/10/29)   237    235,294 
Series 2015-CR22, Class AM, 3.60%, 03/10/48          
(Call 03/10/25)(a)   200    190,431 
Series 2015-CR22, Class C, 4.20%, 03/10/48          
(Call 03/10/25)(a)   300    280,164 
Series 2015-CR23, Class A4, 3.50%, 05/10/48          
(Call 05/10/25)   500    487,253 
Series 2015-CR24, Class A4, 3.43%, 08/10/48          
(Call 06/10/26)   925    899,364 
Series 2015-CR24, Class B, 4.49%, 08/10/48          
(Call 06/10/26)(a)   750    720,122 
Series 2015-CR25, Class A4, 3.76%, 08/10/48          
(Call 08/10/25)   750    728,267 
Series 2015-CR25, Class B, 4.67%, 08/10/48          
(Call 08/10/25)(a)   300    286,448 
Series 2015-DC1, Class A5, 3.35%, 02/10/48          
(Call 02/10/25)   750    730,278 
Series 2015-LC21, Class A4, 3.71%, 07/10/48          
(Call 01/10/26)   500    486,370 
Series 2016-DC2, Class A4, 3.50%, 02/10/49          
(Call 02/10/26)   324    313,594 
Series 2016-DC2, Class C, 4.81%, 02/10/49          
(Call 02/10/26)(a)   250    225,368 
Series 2017-COR2, Class C, 4.74%, 09/10/50          
(Call 09/10/27)(a)   750    671,621 
Series 2018-COR3, Class A3, 4.23%, 05/10/51          
(Call 05/10/28)   750    711,959 
Series 2018-COR3, Class B, 4.66%, 05/10/51          
(Call 05/10/28)(a)   500    423,089 
Series 2018-COR3, Class C, 4.71%, 05/10/51          
(Call 05/10/28)(a)   500    318,924 
Series 2019-GC44, Class A5, 2.95%, 08/15/57          
(Call 11/15/29)   1,000    894,062 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
CSAIL Commercial Mortgage Trust          
Series 2015-C1, Class A4, 3.51%, 04/15/50          
(Call 03/15/25)  $500   $488,120 
Series 2015-C2, Class A4, 3.50%, 06/15/57          
(Call 05/15/25)   500    486,198 
Series 2015-C3, Class A4, 3.72%, 08/15/48          
(Call 08/15/25)   1,900    1,841,076 
Series 2015-C4, Class D, 3.71%, 11/15/48          
(Call 11/15/25)(a)   250    211,277 
Series 2016-C5, Class C, 4.80%, 11/15/48          
(Call 11/15/25)(a)   750    694,269 
Series 2016-C6, Class C, 5.08%, 01/15/49          
(Call 05/15/26)(a)   350    309,642 
Series 2016-C7, Class A4, 3.21%, 11/15/49          
(Call 11/15/26)   193    184,718 
Series 2016-C7, Class A5, 3.50%, 11/15/49          
(Call 11/15/26)   115    109,280 
Series 2016-C7, Class AS, 3.96%, 11/15/49          
(Call 11/15/26)(a)   1,000    923,794 
Series 2017-CX9, Class A5, 3.45%, 09/15/50          
(Call 09/15/27)   1,000    927,660 
Series 2018-CX11, Class A5, 4.03%, 04/15/51          
(Call 04/15/28)(a)   1,000    959,019 
Series 2019-C15, Class A3, 3.78%, 03/15/52          
(Call 02/15/29)   1,400    1,309,497 
Series 2019-C15, Class B, 4.48%, 03/15/52          
(Call 02/15/29)   1,000    900,702 
Series 2019-C17, Class A5, 3.02%, 09/15/52          
(Call 09/15/29)   2,000    1,785,050 
Series 2019-C18, Class ASB, 2.87%, 12/15/52          
(Call 12/15/29)   500    468,821 
Series 2020-C19, Class A3, 2.56%, 03/15/53          
(Call 03/15/30)   1,500    1,280,577 
DBGS Mortgage Trust, Series 2018-C1, Class A4,          
4.47%, 10/15/51 (Call 10/15/28)   1,400    1,323,478 
DBJPM Mortgage Trust          
Series 2016-C1, Class ASB, 3.04%, 05/10/49          
(Call 04/10/26)   242    237,015 
Series 2016-C1, Class C, 3.47%, 05/10/49          
(Call 04/10/26)(a)   468    387,408 
Federal Home Loan Mortgage Corp. Multifamily          
Structured Pass-Through Certificates          
2.24%, 10/25/31 (Call 11/25/31)(a)   1,000    855,677 
3.60%, 02/25/28 (Call 07/25/28)   2,750    2,660,908 
3.70%, 05/25/30   938    914,881 
3.78%, 01/25/32   992    955,823 
3.78%, 11/25/32 (Call 11/25/32)(a)   3,000    2,841,527 
3.90%, 04/25/28 (Call 05/25/28)   2,000    1,955,205 
3.92%, 09/25/28 (Call 10/25/28)(a)   2,000    1,953,851 
4.05%, 07/25/33   1,000    963,442 
4.20%, 05/25/33   1,500    1,462,714 
4.22%, 04/25/30   2,000    1,963,339 
4.28%, 07/25/30   2,000    1,981,415 
4.35%, 01/25/33 (Call 02/25/33)(a)   2,000    1,973,595 
4.41%, 03/25/30 (Call 07/25/30)   1,000    998,609 
4.43%, 02/25/33 (Call 02/25/33)(a)   2,000    1,985,085 
4.50%, 07/25/33(a)   2,000    1,994,567 
4.65%, 08/25/28(a)   2,000    2,018,411 
4.74%, 08/25/28   1,000    1,012,259 
4.82%, 06/25/28   1,000    1,012,859 
4.90%, 10/25/33   2,000    2,054,272 

3

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
5.00%, 11/25/28  $2,500   $2,555,796 
Federal National Mortgage Association          
1.76%, 11/25/31(a)   947    839,564 
2.00%, 12/25/31(a)   1,000    832,974 
2.35%, 02/25/31   971    869,527 
2.68%, 06/25/32(a)   1,000    869,160 
Series 2016-M10, Class AV2, 3.00%, 11/25/45   500    399,970 
Series 2016-M5, Class A2, 2.47%, 04/25/26   1,761    1,685,495 
Series 2017-M1, Class A2, 2.50%, 10/25/26(a)   732    694,824 
Series 2017-M14, Class A2, 2.91%, 11/25/27(a)   1,347    1,275,528 
Series 2018-M14, Class A2, 3.70%, 08/25/28(a)   407    394,542 
Series 2019-M12, Class A2, 2.89%, 06/25/29(a)   1,154    1,072,859 
Series 2019-M25, Class A2, 2.33%, 11/25/29(a)   1,690    1,519,735 
Series 2020-M1, Class A1, 2.15%, 10/25/29   1,283    1,213,783 
Series 2020-M1, Class A2, 2.44%, 10/25/29   2,530    2,277,584 
Series 2020-M14, Class A2, 1.78%, 05/25/30   974    840,431 
Series 2020-M20, Class A2, 1.44%, 10/25/29   250    212,116 
Series 2020-M5, Class A3, 2.19%, 01/25/30   1,000    882,665 
Series 2020-M8, Class A2, 1.82%, 02/25/30   98    85,547 
Series 2021-M19, Class A2, 1.80%, 10/25/31(a)   2,000    1,651,147 
Series 2021-M4, Class A2, 1.51%, 02/25/31(a)   2,500    2,049,460 
Series 2022-M3, Class A2, 1.76%, 11/25/31(a)   2,000    1,639,358 
Series 2022-M4, Class A2, 2.29%, 05/25/30(a)   1,800    1,595,169 
Series2019-M6, Class A2, 3.45%, 01/01/29   409    394,450 
Federal National Mortgage Association-Aces, 4.19%,          
07/25/28   1,000    991,448 
Freddie Mac Multifamily Structured Pass          
Through Certificates          
2.05%, 11/25/28 (Call 12/25/28)(a)   1,000    900,408 
2.35%, 11/25/31 (Call 12/25/31)(a)   1,110    954,437 
3.53%, 08/25/32 (Call 09/25/32)   1,000    931,103 
3.80%, 10/25/32 (Call 11/25/32)(a)   1,000    948,672 
3.82%, 12/25/32 (Call 01/25/33)(a)   1,000    949,620 
4.25%, 04/25/33 (Call 04/25/33)   2,000    1,958,174 
GS Mortgage Securities Trust          
Series 2014-GC20, Class B, 4.53%, 04/10/47          
(Call 04/10/24)(a)   250    248,234 
Series 2014-GC24, Class AAB, 3.65%, 09/10/47          
(Call 09/10/24)   50    49,617 
Series 2015-GC30, Class AAB, 3.12%, 05/10/50          
(Call 05/10/25)   79    77,854 
Series 2015-GC30, Class AS, 3.78%, 05/10/50          
(Call 05/10/25)(a)   500    482,896 
Series 2015-GC32, Class A3, 3.50%, 07/10/48          
(Call 07/10/25)   489    473,488 
Series 2015-GS1, Class A3, 3.73%, 11/10/48          
(Call 11/10/25)   1,500    1,450,034 
Series 2016-GS3, Class A4, 2.85%, 10/10/49          
(Call 10/10/26)   2,530    2,377,820 
Series 2016-GS4, Class A4, 3.44%, 11/10/49          
(Call 11/10/26)(a)   39    37,114 
Series 2017-GS7, Class A3, 3.17%, 08/10/50          
(Call 08/10/27)   1,000    925,721 
Series 2017-GS7, Class B, 3.88%, 08/10/50          
(Call 08/10/27)   500    454,471 
Series 2019-GC38, Class A4, 3.97%, 02/10/52          
(Call 02/10/29)   750    714,017 
Series 2019-GC40, Class A4, 3.16%, 07/10/52          
(Call 07/10/29)   1,131    1,031,687 
Series 2019-GSA1, Class C, 3.93%, 11/10/52          
(Call 11/10/29)(a)   500    403,776 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2020-GC45, Class A4, 2.66%, 02/13/53          
(Call 01/13/30)  $775   $682,799 
JP Morgan Chase Commercial Mortgage          
Securities Trust          
Series 2015-JP1, Class A4, 3.65%, 01/15/49          
(Call 12/15/25)   927    895,553 
Series 2016-JP3, Class AS, 3.14%, 08/15/49          
(Call 09/15/26)   1,000    871,042 
Series 2016-JP3, Class B, 3.40%, 08/15/49          
(Call 09/15/26)(a)   108    91,954 
Series 2016-JP4, Class A4, 3.65%, 12/15/49          
(Call 04/15/27)(a)   1,090    1,034,772 
JPMBB Commercial Mortgage Securities Trust          
Series 2013-C17, Class C, 4.85%, 01/15/47          
(Call 02/15/24)(a)   100    88,904 
Series 2014-C18, Class B, 4.79%, 02/15/47          
(Call 01/15/29)(a)   225    215,746 
Series 2014-C21, Class ASB, 3.43%, 08/15/47          
(Call 07/15/24)   7    7,415 
Series 2014-C25, Class B, 4.35%, 11/15/47          
(Call 11/15/24)(a)   185    169,723 
Series 2015-C27, Class AS, 3.63%, 02/15/48          
(Call 09/15/26)   500    475,873 
Series 2015-C28, Class A3, 2.91%, 10/15/48          
(Call 04/15/25)   590    577,176 
Series 2015-C29, Class ASB, 3.30%, 05/15/48          
(Call 03/15/26)   109    107,347 
Series 2015-C29, Class B, 4.12%, 05/15/48          
(Call 03/15/26)(a)   250    235,982 
Series 2015-C30, Class AS, 4.23%, 07/15/48          
(Call 07/15/25)(a)   635    599,150 
Series 2015-C31, Class A3, 3.80%, 08/15/48          
(Call 08/15/25)   909    879,502 
Series 2016-C1, Class A5, 3.58%, 03/17/49          
(Call 02/15/26)   822    791,056 
Series 2016-C1, Class B, 4.86%, 03/17/49          
(Call 02/15/26)(a)   450    421,382 
Series 2016-C1, Class C, 4.86%, 03/17/49          
(Call 02/15/26)(a)   400    363,949 
JPMCC Commercial Mortgage Securities Trust          
Series 2017-JP5, Class AS, 3.88%, 03/15/50          
(Call 04/15/27)(a)   650    607,229 
Series 2017-JP5, Class ASB, 3.55%, 03/15/50          
(Call 04/15/27)   84    81,669 
Series 2017-JP6, Class A5, 3.49%, 07/15/50          
(Call 06/15/27)   300    280,002 
Series 2017-JP6, Class AS, 3.74%, 07/15/50          
(Call 06/15/27)   400    359,718 
Series 2019-COR5, Class A2, 3.15%, 06/13/52          
(Call 06/13/29)   293    291,476 
Series 2019-COR5, Class A4, 3.39%, 06/13/52          
(Call 06/13/29)   1,200    1,081,374 
JPMDB Commercial Mortgage Securities Trust          
Series 2016-C2, Class A4, 3.14%, 06/15/49          
(Call 05/15/26)   1,000    939,223 
Series 2016-C2, Class B, 3.99%, 06/15/49          
(Call 05/15/26)(a)   750    589,907 
Series 2017-C5, Class A5, 3.69%, 03/15/50          
(Call 08/15/27)   1,100    1,047,265 
Series 2018-C8, Class A3, 3.94%, 06/15/51          
(Call 06/15/28)   519    492,139 

4

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2019-COR6, Class A4, 3.06%, 11/13/52          
(Call 11/13/29)  $955   $818,701 
Series 2020-COR7, Class A5, 2.18%, 05/13/53          
(Call 04/13/30)   539    421,782 
Morgan Stanley Bank of America Merrill Lynch Trust          
2.60%, 09/15/49 (Call 10/15/26)   623    592,150 
Series 2015-C20, Class AS, 3.61%, 02/15/48          
(Call 11/15/26)   500    480,007 
Series 2015-C21, Class A4, 3.34%, 03/15/48          
(Call 03/15/31)   901    872,563 
Series 2015-C22, Class A4, 3.31%, 04/15/48          
(Call 04/15/25)   700    679,047 
Series 2015-C22, Class C, 4.34%, 04/15/48          
(Call 04/15/25)(a)   250    225,200 
Series 2015-C23, Class A3, 3.45%, 07/15/50          
(Call 06/15/25)   717    697,509 
Series 2015-C24, Class A3, 3.48%, 05/15/48          
(Call 08/15/25)   308    299,321 
Series 2015-C24, Class A4, 3.73%, 05/15/48          
(Call 08/15/25)   950    922,114 
Series 2015-C25, Class ASB, 3.38%, 10/15/48          
(Call 09/15/25)   175    172,230 
Series 2016-C28, Class A4, 3.54%, 01/15/49          
(Call 02/15/28)   1,000    957,086 
Series 2016-C30, Class A5, 2.86%, 09/15/49          
(Call 10/15/26)   500    467,252 
Series 2016-C32, Class A4, 3.72%, 12/15/49          
(Call 01/15/27)   1,400    1,335,180 
Series 2016-C32, Class ASB, 3.51%, 12/15/49          
(Call 01/15/27)   190    185,643 
Series 2017-C33, Class A5, 3.60%, 05/15/50          
(Call 05/15/27)   1,100    1,049,169 
Series 2017-C34, Class A4, 3.54%, 11/15/52          
(Call 10/15/27)   1,000    946,684 
Morgan Stanley Capital I Trust          
Series 2015-MS1, Class A4, 3.78%, 05/15/48          
(Call 07/15/25)(a)   500    486,259 
Series 2015-UBS8, Class AS, 4.11%, 12/15/48          
(Call 12/15/25)   250    234,686 
Series 2016-UB11, Class A4, 2.78%, 08/15/49          
(Call 08/15/26)   1,275    1,191,399 
Series 2016-UB12, Class A3, 3.34%, 12/15/49          
(Call 12/15/26)   983    921,274 
Series 2017-H1, Class A5, 3.53%, 06/15/50          
(Call 06/15/27)   1,000    946,505 
Series 2018-H3, Class A4, 3.91%, 07/15/51          
(Call 07/15/28)   500    479,102 
Series 2019-H7, Class A4, 3.26%, 07/15/52          
(Call 07/15/29)   1,000    913,960 
Series 2020-HR8, Class A4, 2.04%, 07/15/53          
(Call 08/15/30)   1,120    943,201 
Series 2020-L4, Class A3, 2.70%, 02/15/53          
(Call 02/15/30)   500    440,338 
Series 2021-L5, Class ASB, 2.43%, 05/15/54          
(Call 05/15/31)   145    129,309 
Series 2021-L6, Class A2, 2.13%, 06/15/54          
(Call 07/15/31)(a)   1,500    1,384,634 
Series 2021-L7, Class A5, 2.57%, 10/15/54          
(Call 10/15/31)   1,000    844,088 
MSWF Commercial Mortgage Trust, 5.75%, 05/15/56          
(Call 06/15/33)   730    774,018 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
SG Commercial Mortgage Securities Trust, Series          
2016-C5, Class A4, 3.06%, 10/10/48          
(Call 07/10/26)  $1,000   $942,473 
UBS Commercial Mortgage Trust          
Series 2017-C1, Class A4, 3.54%, 11/15/50          
(Call 12/15/27)(a)   1,510    1,427,311 
Series 2017-C2, Class A4, 3.49%, 08/15/50          
(Call 08/15/27)   1,000    945,236 
Series 2017-C6, Class AS, 3.93%, 12/15/50          
(Call 12/15/27)(a)   500    462,428 
Series 2017-C7, Class A4, 3.68%, 12/15/50          
(Call 01/15/33)   1,000    944,543 
Series 2018-C08, Class A4, 3.98%, 02/15/51          
(Call 02/15/28)   1,325    1,257,948 
Series 2018-C15, Class B, 4.92%, 12/15/51          
(Call 01/15/29)(a)   750    680,362 
Series 2019-C16, Class AS, 3.89%, 04/15/52          
(Call 04/15/29)   1,592    1,425,099 
Series 2019-C17, Class A4, 2.92%, 10/15/52          
(Call 10/15/29)   1,000    894,171 
Wells Fargo Commercial Mortgage Trust          
2.65%, 08/15/49 (Call 08/15/26)   1,000    931,575 
4.00%, 04/15/55 (Call 04/15/32)(a)   500    469,464 
4.15%, 08/15/51 (Call 08/15/28)   623    599,481 
Series 2015-C27, Class A5, 3.45%, 02/15/48          
(Call 03/15/25)   1,000    972,724 
Series 2015-C27, Class B, 4.14%, 02/15/48          
(Call 03/15/25)(a)   330    309,924 
Series 2015-C28, Class AS, 3.87%, 05/15/48          
(Call 05/15/25)(a)   250    239,277 
Series 2015-C30, Class ASB, 3.41%, 09/15/58          
(Call 08/15/25)   132    130,418 
Series 2015-C31, Class A4, 3.70%, 11/15/48          
(Call 11/15/25)   500    483,417 
Series 2015-C31, Class C, 4.75%, 11/15/48          
(Call 11/15/25)(a)   450    415,271 
Series 2015-LC20, Class B, 3.72%, 04/15/50          
(Call 04/15/25)   750    713,659 
Series 2015-LC22, Class A4, 3.84%, 09/15/58          
(Call 09/15/25)   1,000    970,627 
Series 2016-C33, Class A4, 3.43%, 03/15/59          
(Call 04/15/26)   1,000    958,513 
Series 2016-C34, Class A4, 3.10%, 06/15/49          
(Call 05/15/26)   1,000    949,904 
Series 2016-C36, Class AS, 3.42%, 11/15/59          
(Call 10/15/26)   500    455,608 
Series 2016-LC24, Class A4, 2.94%, 10/15/49          
(Call 09/15/26)   1,680    1,584,844 
Series 2016-LC25, Class B, 4.48%, 12/15/59          
(Call 11/15/26)(a)   198    179,806 
Series 2016-NXS4, Class A4, 3.72%, 12/15/48          
(Call 11/15/25)   1,920    1,866,176 
Series 2016-NXS6, Class B, 3.81%, 11/15/49          
(Call 10/15/26)   500    446,694 
Series 2017-C38, Class A4, 3.19%, 07/15/50          
(Call 06/15/27)   459    433,662 
Series 2017-C38, Class A5, 3.45%, 07/15/50          
(Call 06/15/27)   1,000    946,630 
Series 2017-C39, Class A5, 3.42%, 09/15/50          
(Call 08/15/27)   1,000    942,578 

5

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2017-C39, Class C, 4.12%, 09/15/50          
(Call 08/15/27)  $500   $437,920 
Series 2017-C42, Class B, 4.00%, 12/15/50          
(Call 12/15/27)(a)   500    429,142 
Series 2018-C44, Class A4, 3.95%, 05/15/51          
(Call 05/15/28)   1,250    1,197,036 
Series 2018-C45, Class AS, 4.41%, 06/15/51          
(Call 07/15/28)(a)   350    330,164 
Series 2018-C46, Class AS, 4.38%, 08/15/51          
(Call 08/15/28)   500    466,530 
Series 2018-C47, Class A4, 4.44%, 09/15/61          
(Call 10/15/28)   1,250    1,225,096 
Series 2018-C48, Class A5, 4.30%, 01/15/52          
(Call 12/15/28)   1,010    983,259 
Series 2019-C49, Class C, 4.87%, 03/15/52          
(Call 02/15/29)(a)   665    609,316 
Series 2019-C50, Class A5, 3.73%, 05/15/52          
(Call 05/15/29)   750    702,878 
Series 2019-C51, Class AS, 3.58%, 06/15/52          
(Call 06/15/29)   492    437,272 
Series 2020-C56, Class ASB, 2.42%, 06/15/53          
(Call 04/15/30)   500    456,120 
Series 2020-C56, Class B, 3.86%, 06/15/53          
(Call 04/15/30)(a)   345    293,314 
Series 2020-C56, Class C, 3.86%, 06/15/53          
(Call 04/15/30)(a)   800    606,656 
Series 2020-C57, Class A4, 2.12%, 08/15/53          
(Call 08/15/30)   919    781,464 
Series 2021-C59, Class A5, 2.63%, 04/15/54          
(Call 04/15/31)   2,000    1,715,845 
Series 2021-C59, Class ASB, 2.30%, 04/15/54          
(Call 04/15/31)   459    415,899 
WFRBS Commercial Mortgage Trust          
Series 2013-C14, Class B, 3.84%, 06/15/46          
(Call 02/15/24)(a)   500    396,683 
Series 2014-C24, Class A5, 3.61%, 11/15/47          
(Call 11/15/24)   100    97,997 
         274,732,861 
Total Collaterized Mortgage Obligations — 64.4%          
(Cost: $298,219,843)       274,732,861 
           
U.S. Government & Agency Obligations          
           
Mortgage-Backed Securities — 32.8%          
Federal National Mortgage Association          
Series 2013-M6, Class 1A2, 3.49%, 02/25/43(a)   132    126,009 
Series 2014-M11, Class 2A, 3.40%, 08/25/26(a)   545    529,751 
Series 2014-M4, Class A2, 3.35%, 03/25/24(a)   124    123,746 
Series 2015-M11, Class A2, 2.94%, 04/25/25(a)   697    680,923 
Series 2015-M13, Class A2, 2.79%, 06/25/25(a)   668    649,918 
Series 2015-M2, Class A, 2.62%, 12/25/24   275    269,635 
Series 2016-M6, Class A2, 2.49%, 05/25/26   248    236,815 
Series 2016-M9, Class A2, 2.29%, 06/25/26   1,888    1,796,998 
Series 2017, Class A2, 3.06%, 09/25/27(a)   898    858,927 
Series 2017-M11, Class A2, 2.98%, 08/25/29   960    895,674 
Series 2017-M3, Class A2, 2.55%, 12/25/26(a)   630    597,609 
Series 2017-M4, Class A2, 2.64%, 12/25/26(a)   675    641,105 
Series 2017-M7, Class A2, 2.96%, 02/25/27(a)   861    826,329 
Series 2017-M8, Class A2, 3.06%, 05/25/27(a)   1,084    1,041,106 
Series 2018-M1, Class A2, 3.09%, 12/25/27(a)   696    664,551 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series 2018-M10, Class A2, 3.47%, 07/25/28(a)  $2,382   $2,293,235 
Series 2018-M13, Class A2, 3.86%, 09/25/30(a)   77    74,175 
Series 2018-M7, Class A2, 3.13%, 03/25/28(a)   726    692,273 
Series 2019-M1, Class A2, 3.67%, 09/25/28(a)   869    841,848 
Series 2019-M2, Class A2, 3.75%, 11/25/28(a)   1,810    1,756,555 
Series 2019-M4, Class A2, 3.61%, 02/25/31   1,145    1,079,951 
Series 2019-M5, Class A2, 3.27%, 02/25/29   2,386    2,275,341 
Series 2019-M7, Class A2, 3.14%, 04/25/29   2,477    2,340,480 
Series 2019-M9, Class A2, 2.94%, 06/25/29   3,134    2,942,032 
Series 2020-M5, Class A2, 2.21%, 01/25/30   2,285    2,034,726 
Series 2021-M17, Class A2, 1.71%, 07/25/31(a)   2,000    1,654,987 
Series 2022-M1, Class A2, 1.72%, 10/25/31(a)   2,000    1,638,196 
Freddie Mac Multifamily Structured Pass          
Through Certificates          
1.31%, 05/25/30 (Call 06/25/30)   1,000    830,662 
2.03%, 09/25/28 (Call 10/25/28)   1,150    1,037,510 
2.25%, 01/25/32 (Call 02/25/32)   165    140,455 
2.45%, 04/25/32 (Call 05/25/32)   1,000    860,642 
2.58%, 05/25/32 (Call 06/25/32)   1,250    1,085,237 
2.92%, 06/25/32 (Call 07/25/32)   650    578,958 
3.00%, 06/25/32 (Call 06/25/32)(a)   2,350    2,105,053 
3.50%, 07/25/32 (Call 08/25/32)(a)   1,750    1,626,601 
Class A1, 2.55%, 05/25/31 (Call 02/25/32)   996    912,986 
Class A2, 2.25%, 02/25/32 (Call 02/25/32)   1,500    1,277,070 
Series 158, Class A2, 3.90%, 12/25/30          
(Call 11/25/33)(a)   905    872,811 
Series K047, Class A2, 3.33%, 05/25/25          
(Call 05/25/25)(a)   1,000    979,482 
Series K048, Class A1, 2.69%, 12/25/24          
(Call 08/25/25)   66    65,013 
Series K048, Class A2, 3.28%, 06/25/25          
(Call 08/25/25)(a)   1,000    978,665 
Series K049, Class A2, 3.01%, 07/25/25          
(Call 08/25/25)   1,800    1,753,288 
Series K051, Class A2, 3.31%, 09/25/25          
(Call 10/25/25)   1,630    1,591,522 
Series K052, Class A2, 3.15%, 11/25/25          
(Call 01/25/26)   400    389,488 
Series K055, Class A2, 2.67%, 03/25/26          
(Call 04/25/26)   500    480,901 
Series K056, Class A1, 2.20%, 07/25/25          
(Call 06/25/26)   77    75,226 
Series K057, Class A2, 2.57%, 07/25/26          
(Call 08/25/26)   725    693,592 
Series K058, Class A2, 2.65%, 08/25/26          
(Call 09/25/26)   1,527    1,459,279 
Series K059, Class A2, 3.12%, 09/25/26          
(Call 10/25/26)(a)   530    512,103 
Series K061, Class A2, 3.35%, 11/25/26          
(Call 12/25/26)(a)   1,296    1,258,149 
Series K063, Class A2, 3.43%, 01/25/27          
(Call 02/25/27)(a)   1,345    1,307,684 
Series K064, Class A1, 2.89%, 10/25/26          
(Call 05/25/27)   463    449,918 
Series K064, Class A2, 3.22%, 03/25/27          
(Call 05/25/27)   325    314,018 
Series K065, Class A2, 3.24%, 04/25/27          
(Call 07/25/27)   1,285    1,240,771 
Series K066, Class A2, 3.12%, 06/25/27          
(Call 07/25/27)   1,000    960,692 

6

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series K067, Class A2, 3.19%, 07/25/27          
(Call 09/25/27)  $600   $576,802 
Series K070, Class A2, 3.30%, 11/25/27          
(Call 12/25/27)(a)   1,541    1,482,996 
Series K073, Class A2, 3.35%, 01/25/28          
(Call 10/25/28)   1,000    962,078 
Series K074, Class A1, 3.60%, 09/25/27          
(Call 07/25/28)   317    312,379 
Series K075, Class A2, 3.65%, 02/25/28          
(Call 05/25/28)(a)   1,000    971,951 
Series K076, Class A1, 3.73%, 12/25/27          
(Call 05/25/28)   811    796,760 
Series K077, Class A2, 3.85%, 05/25/28          
(Call 05/25/28)(a)   1,000    978,500 
Series K078, Class A2, 3.85%, 06/25/28          
(Call 10/25/28)   1,640    1,604,908 
Series K079, Class A2, 3.93%, 06/25/28          
(Call 07/25/28)   1,100    1,079,076 
Series K081, Class A2, 3.90%, 08/25/28          
(Call 12/25/28)(a)   1,500    1,468,720 
Series K082, Class A2, 3.92%, 09/25/28          
(Call 10/25/28)(a)   1,310    1,283,541 
Series K083, Class A2, 4.05%, 09/25/28          
(Call 10/25/28)(a)   1,100    1,083,298 
Series K085, Class A2, 4.06%, 10/25/28          
(Call 11/25/28)(a)   1,000    984,555 
Series K086, Class A2, 3.86%, 11/25/28          
(Call 11/25/28)(a)   1,725    1,685,294 
Series K088, Class A1, 3.48%, 09/25/28          
(Call 04/25/29)   293    285,555 
Series K088, Class A2, 3.69%, 01/25/29          
(Call 04/25/29)   1,010    979,230 
Series K089, Class A1, 3.34%, 10/25/28          
(Call 04/25/29)   798    775,031 
Series K089, Class A2, 3.56%, 01/25/29          
(Call 04/25/29)   1,400    1,349,465 
Series K091, Class A2, 3.51%, 03/25/29          
(Call 10/25/29)   1,017    976,856 
Series K092, Class A2, 3.30%, 04/25/29          
(Call 07/25/29)   1,010    959,540 
Series K094, Class A2, 2.90%, 06/25/29          
(Call 11/25/29)   420    390,469 
Series K095, Class A2, 2.79%, 06/25/29          
(Call 01/25/30)   675    624,092 
Series K097, Class A1, 2.16%, 05/25/29          
(Call 12/25/29)   924    864,947 
Series K098, Class A2, 2.43%, 08/25/29          
(Call 08/25/29)   500    452,120 
Series K100, Class A2, 2.67%, 09/25/29          
(Call 10/25/29)   1,000    913,766 
Series K101, Class A2, 2.52%, 10/25/29          
(Call 01/25/30)   250    226,398 
Series K102, Class A1, 2.18%, 05/25/29          
(Call 04/25/30)   896    837,879 
Series K103, Class A2, 2.65%, 11/25/29          
(Call 06/25/30)   1,220    1,111,265 
Series K105, Class A2, 1.87%, 01/25/30          
(Call 06/25/30)   1,485    1,289,318 
Series K106, Class A1, 1.78%, 10/25/29          
(Call 02/25/30)   878    803,583 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series K106, Class A2, 2.07%, 01/25/30          
(Call 02/25/30)  $1,250   $1,097,221 
Series K107, Class A2, 1.64%, 01/25/30          
(Call 02/25/30)   1,250    1,072,021 
Series K108, Class A2, 1.52%, 03/25/30          
(Call 03/25/30)   2,153    1,826,957 
Series K109, Class A2, 1.56%, 04/25/30          
(Call 04/25/30)   3,000    2,541,011 
Series K110, Class A1, 1.02%, 09/25/29          
(Call 05/25/30)   954    840,973 
Series K110, Class A2, 1.48%, 04/25/30          
(Call 05/25/30)   1,640    1,384,076 
Series K111, Class A2, 1.35%, 05/25/30          
(Call 07/25/30)   1,500    1,250,948 
Series K115, Class A2, 1.38%, 06/25/30          
(Call 07/25/30)   1,250    1,040,239 
Series K116, Class A2, 1.38%, 07/25/30          
(Call 09/25/30)   2,025    1,681,939 
Series K117, Class A2, 1.41%, 08/25/30          
(Call 10/25/30)   1,500    1,245,113 
Series K118, Class A1, 0.79%, 03/25/30          
(Call 09/25/30)   1,818    1,599,140 
Series K118, Class A2, 1.49%, 09/25/30          
(Call 09/25/30)   1,500    1,249,853 
Series K119, Class A2, 1.57%, 09/25/30          
(Call 10/25/30)   2,000    1,673,265 
Series K120, Class A2, 1.50%, 10/25/30          
(Call 10/25/30)   2,200    1,827,472 
Series K123, Class A2, 1.62%, 12/25/30          
(Call 01/25/31)   600    501,225 
Series K124, Class A2, 1.66%, 12/25/30          
(Call 01/25/31)   300    250,714 
Series K125, Class A2, 1.85%, 01/25/31          
(Call 01/25/31)   1,000    845,484 
Series K126, Class A2, 2.07%, 01/25/31          
(Call 05/25/31)   1,116    959,207 
Series K127, Class A2, 2.11%, 01/25/31          
(Call 02/25/31)   1,740    1,497,158 
Series K128, Class A2, 2.02%, 03/25/31          
(Call 03/25/31)   1,000    854,880 
Series K130, Class A2, 1.72%, 06/25/31          
(Call 07/25/31)   1,500    1,247,260 
Series K131, Class A2, 1.85%, 07/25/31          
(Call 09/25/31)   1,000    838,163 
Series K132, Class A2, 2.02%, 08/25/31          
(Call 12/25/31)   1,000    843,616 
Series K133, Class A2, 2.10%, 09/25/31          
(Call 10/25/31)   1,000    847,196 
Series K135, Class A1, 1.61%, 10/25/30          
(Call 11/25/31)   1,183    1,039,538 
Series K135, CLASS A2, 2.15%, 10/25/31          
(Call 11/25/31)(a)   1,800    1,530,628 
Series K136, Class A2, 2.13%, 11/25/31          
(Call 12/25/31)   2,000    1,693,103 
Series K139, Class A2, 2.59%, 01/25/32          
(Call 02/25/32)(a)   750    655,614 
Series K142, Class A2, 2.40%, 03/25/32          
(Call 03/25/32)   1,000    859,159 
Series K150, 3.71%, 09/25/32 (Call 10/25/32)(a)   2,000    1,885,769 
Series K1510, Class A2, 3.72%, 01/25/31          
(Call 01/25/34)   250    237,479 

7

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series K1510, Class A3, 3.79%, 01/25/34          
(Call 01/25/34)  $500   $469,988 
Series K-1511, Class A2, 3.47%, 03/25/31          
(Call 04/25/34)   500    465,411 
Series K-1512, Class A2, 2.99%, 05/25/31          
(Call 10/25/34)   730    664,831 
Series K-1512, Class A3, 3.06%, 04/25/34          
(Call 10/25/34)   450    387,253 
Series K-1513, Class A3, 2.80%, 08/25/34          
(Call 12/25/34)   1,015    851,822 
Series K-1516, Class A2, 1.72%, 05/25/35          
(Call 10/25/35)   1,825    1,355,036 
Series K-1517, Class A2, 1.72%, 07/25/35          
(Call 08/25/35)   500    373,539 
Series K-1518, Class A2, 1.86%, 10/25/35          
(Call 10/25/35)   500    375,133 
Series K152, Class A1, 2.83%, 05/25/30          
(Call 04/25/31)   1,044    984,405 
Series K152, Class A2, 3.08%, 01/25/31          
(Call 04/25/31)   250    229,743 
Series K-1520, Class A2, 2.44%, 02/25/36          
(Call 04/25/36)   1,000    792,979 
Series K-1521, Class A2, 2.18%, 08/25/36          
(Call 09/25/36)   1,000    762,135 
Series K153, Class A3, 3.12%, 10/25/31          
(Call 02/25/32)(a)   500    455,913 
Series K154, Class A3, 3.46%, 11/25/32          
(Call 12/25/32)(a)   345    319,277 
Series K155, Class A1, 3.75%, 11/25/29          
(Call 05/25/33)   426    417,186 
Series K156, Class A3, 3.70%, 06/25/33          
(Call 07/25/33)(a)   500    468,653 
Series K157, Class A2, 3.99%, 05/25/33          
(Call 09/25/33)(a)   826    801,995 
Series K159, Class A1, 3.95%, 12/25/29          
(Call 11/25/33)   1,159    1,144,107 
Series K159, Class A2, 3.95%, 11/25/30          
(Call 11/25/33)(a)   833    806,236 
Series K729, Class A1, 2.95%, 02/25/24          
(Call 11/25/24)   0    4 
Series K734, Class A2, 3.21%, 02/25/26          
(Call 07/25/26)   1,000    973,846 
Series K735, Class A2, 2.86%, 05/25/26          
(Call 06/25/26)   489    471,683 

 

Security  Par
(000)		   Value 
         
Mortgage-Backed Securities (continued)          
Series K737, Class AM, 2.10%, 10/25/26          
(Call 12/25/26)  $300   $280,907 
Series K740, Class A2, 1.47%, 09/25/27          
(Call 10/25/27)   1,400    1,264,717 
Series K741, Class A2, 1.60%, 12/25/27          
(Call 12/25/27)   1,120    1,011,054 
Series K742, Class A2, 1.76%, 03/25/28          
(Call 04/25/28)   1,000    903,596 
Series K742, Class AM, 1.37%, 04/25/28          
(Call 04/25/28)   1,400    1,235,588 
Series KS03, Class A4, 3.16%, 05/25/25          
(Call 08/25/25)(a)   1,000    981,149 
         139,675,650 
U.S. Government Obligations — 1.4%          
U.S. Treasury Note/Bond, 4.38%, 11/30/30   6,000    6,162,188 
           
Total U.S. Government & Agency Obligations — 34.2%      
(Cost: $159,138,535)       145,837,838 
           
Total Long-Term Investments — 98.6%          
(Cost: $457,358,378)       420,570,699 
           
    Shares      
Short-Term Securities          
           
Money Market Funds — 2.6%          
BlackRock Cash Funds: Treasury, SL Agency Shares,          
5.32%(b)(c)   11,050,000    11,050,000 
           
Total Short-Term Securities — 2.6%          
(Cost: $11,050,000)       11,050,000 
           
Total Investments — 101.2%          
(Cost: $468,408,378)       431,620,699 
           
Liabilities in Excess of Other Assets — (1.2)%       (5,301,990)
           
Net Assets — 100.0%      $426,318,709 

 

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

(b)Affiliate of the Fund.

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

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
10/31/23		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
01/31/24		   Shares
Held at
01/31/24		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Treasury, SL Agency Shares  $3,810,000   $7,240,000(a)  $    —   $—   $—   $11,050,000    11,050,000   $52,770   $   — 

 

(a)Represents net amount purchased (sold).

 

8

 

Schedule of Investments (unaudited) (continued) iShares® CMBS ETF
January 31, 2024  

 

Fair Value Hierarchy as of Period End

 

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

 

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

 

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

 

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

 

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

 

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

 

   Level 1   Level 2   Level 3   Total 
Assets                    
Investments                    
Long-Term Investments                    
Collaterized Mortgage Obligations  $—   $274,732,861   $—   $274,732,861 
U.S. Government & Agency Obligations   —    145,837,838    —    145,837,838 
Short-Term Securities                    
Money Market Funds   11,050,000    —    —    11,050,000 
   $11,050,000   $420,570,699   $—   $431,620,699 

 

9