LOGO

  AUGUST 31, 2023

 

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

 

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,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

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 decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening 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, U.S. inflation-linked bonds, U.S. mortgage-backed securities, 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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023

 

 
    

 

6-Month

 

   

 

 12-Month

 

 
   

U.S. large cap equities
(S&P 500® Index)

    14.50%        15.94%  
   

U.S. small cap equities
(Russell 2000® Index)

    0.99           4.65    
   

International equities
(MSCI Europe, Australasia, Far East Index)

    4.75           17.92    
   

Emerging market equities
(MSCI Emerging Markets Index)

    3.62           1.25    
   

3-month Treasury bills
(ICE BofA 3-Month U.S. Treasury Bill Index)

    2.47           4.25    
   

U.S. Treasury securities
(ICE BofA 10-Year U.S. Treasury Index)

    0.11           (4.71)   
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

    0.95           (1.19)   
   

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

    1.04           1.70    
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    4.55           7.19    

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

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   6

Disclosure of Expenses

   6

Schedules of Investments

   7

Financial Statements

  

Statements of Assets and Liabilities

   54

Statements of Operations

   55

Statements of Changes in Net Assets

   56

Financial Highlights

   57

Notes to Financial Statements

   59

Board Review and Approval of Investment Advisory Contract

   66

Supplemental Information

   70

General Information

   71

Glossary of Terms Used in this Report

   72

 

 

 


Fund Summary as of August 31, 2023    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  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    3.94     6.45     2.32     3.36        6.45     12.17     39.16

Fund Market

    4.07       7.01       2.29       3.31          7.01       11.97       38.44  

Index

    4.22       7.05       2.81       3.86                7.05       14.89       45.98  

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

(03/01/23)

      

Ending

  Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/23)

      

Ending

  Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $  1,000.00        $  1,039.40          $   2.51         $  1,000.00        $  1,022.70          $   2.49          0.49

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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

 

CREDIT QUALITY ALLOCATION

 

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    0.1

Baa

    2.0  

Ba

    41.9  

B

    44.0  

Caa

    10.2  

Ca

    0.9  

Not Rated

    0.9  

MATURITY ALLOCATION

 

 

   

Maturity

   

Percent of

Total Investments

 

(a) 

0-1 Year

    0.2

1-5 Years

    53.1  

5-10 Years

    44.7  

10-15 Years

    0.7  

More than 20 Years

    1.3  
  *

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.

 

 

 

4  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023    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  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    2.29     0.65     1.41     2.63        0.65     7.23     29.61

Fund Market

    2.25       0.95       1.42       2.63          0.95       7.30       29.69  

Index

    2.37       0.78       1.52       2.79                0.78       7.84       31.63  

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

(03/01/23)

      

Ending

  Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/23)

      

Ending

  Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $  1,000.00        $  1,022.90          $   0.71         $  1,000.00        $  1,024.40          $   0.71          0.14

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (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

 

CREDIT QUALITY ALLOCATION

 

 

   

Moody’s Credit Rating*

   

Percent of

Total Investments

 

(a) 

Aaa

    2.8

Aa

    4.8  

A

    47.9  

Baa

    42.1  

Ba

    2.0  

Not Rated

    0.4  

MATURITY ALLOCATION

 

 

   

Maturity

   

Percent of

Total Investments

 

(a) 

1-5 Years

    19.5

5-10 Years

    36.4  

10-15 Years

    7.7  

15-20 Years

    8.9  

More than 20 Years

    27.5  
  *

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.

 

 

 

F U N D   S U M M A R Y

  5


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

Disclosure of Expenses

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

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

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

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

 

 

6  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.9%            

Clear Channel Outdoor Holdings Inc.

   

5.13%, 08/15/27 (Call 10/02/23)(a)(b)

  $  18,951     $ 16,819,012  

7.50%, 06/01/29 (Call 06/01/24)(a)(b)

    16,795       12,547,664  

7.75%, 04/15/28 (Call 04/15/24)(a)(b)

    15,239       11,930,461  

9.00%, 09/15/28(a)

    3,575       3,565,097  

Lamar Media Corp.

   

3.63%, 01/15/31 (Call 01/15/26)(b)

    8,784       7,362,561  

3.75%, 02/15/28 (Call 09/18/23)(b)

    9,541       8,689,466  

4.00%, 02/15/30 (Call 02/15/25)(b)

    8,175       7,167,687  

4.88%, 01/15/29 (Call 01/15/24)(b)

    6,299       5,882,085  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(a)(b)

    8,447       6,965,758  

4.63%, 03/15/30 (Call 03/15/25)(a)(b)

    8,191       6,681,436  

5.00%, 08/15/27 (Call 09/11/23)(a)(b)

    10,277       9,300,685  

6.25%, 06/15/25 (Call 10/02/23)(a)(b)

    6,750       6,642,506  

Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a)(b)

    17,546       14,727,674  

Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 09/11/23)(a)(b)

    15,104       11,847,578  
   

 

 

 
       130,129,670  
Aerospace & Defense — 2.8%            

Bombardier Inc.

   

6.00%, 02/15/28 (Call 02/15/24)(a)

    12,028       11,228,098  

7.13%, 06/15/26 (Call 10/03/23)(a)

    19,213       18,904,262  

7.50%, 02/01/29 (Call 02/01/26)(a)(b)

    12,637       12,377,152  

7.88%, 04/15/27 (Call 10/03/23)(a)(b)

    29,711       29,636,723  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)(b)

    10,992       9,452,351  

5.13%, 10/01/24 (Call 07/01/24)

    12,656       12,529,440  

6.88%, 05/01/25 (Call 04/01/25)

    7,787       7,834,734  

Rolls-Royce PLC

   

3.63%, 10/14/25 (Call 07/14/25)(a)

    16,088       15,162,940  

5.75%, 10/15/27 (Call 07/15/27)(a)

    16,889       16,407,209  

Spirit AeroSystems Inc.

   

4.60%, 06/15/28 (Call 03/15/28)(b)

    11,189       9,077,636  

7.50%, 04/15/25 (Call 10/02/23)(a)(b)

    18,748       18,513,650  

9.38%, 11/30/29 (Call 11/30/25)(a)(b)

    15,103       15,750,013  

TransDigm Inc.

   

4.63%, 01/15/29 (Call 01/15/24)(b)

    19,318       17,304,892  

4.88%, 05/01/29 (Call 05/01/24)(b)

    12,215       10,985,459  

5.50%, 11/15/27 (Call 10/02/23)

    43,201       41,040,950  

6.25%, 03/15/26 (Call 10/02/23)(a)

    67,175       66,640,146  

6.38%, 06/15/26 (Call 09/17/23)

    10,733       10,731,199  

6.75%, 08/15/28 (Call 02/15/25)(a)(b)

    33,107       33,198,110  

6.88%, 12/15/30(a)

    10,975       11,043,594  

7.50%, 03/15/27 (Call 10/02/23)

    8,857       8,884,801  

TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 09/17/23)

    8,288       8,426,306  

Triumph Group Inc.

   

7.75%, 08/15/25 (Call 10/02/23)(b)

    9,020       8,498,734  

9.00%, 03/15/28 (Call 03/15/25)(a)

    19,600       19,712,126  
   

 

 

 
      413,340,525  
Agriculture — 0.3%            

Darling Ingredients Inc.

   

5.25%, 04/15/27 (Call 09/11/23)(a)(b)

    7,663       7,461,367  

6.00%, 06/15/30 (Call 06/15/25)(a)(b)

    16,243       15,830,822  
Security  

Par

(000)

    Value  
Agriculture (continued)            

Vector Group Ltd.

   

5.75%, 02/01/29 (Call 02/01/24)(a)

  $  13,936     $ 12,106,900  

10.50%, 11/01/26 (Call 10/02/23)(a)(b)

    8,306       8,340,913  
   

 

 

 
      43,740,002  
Airlines — 2.2%            

Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)

    19,528       17,990,170  

American Airlines Group Inc., 3.75%, 03/01/25(a)(b)

    8,460       8,105,237  

American Airlines Inc.

   

7.25%, 02/15/28 (Call 02/15/25)(a)(b)

    12,126       11,913,189  

11.75%, 07/15/25(a)

    36,123       39,554,685  

American Airlines Inc./AAdvantage Loyalty IP Ltd.

   

5.50%, 04/20/26(a)

    43,414       42,523,956  

5.75%, 04/20/29(a)

    48,140       46,023,834  

Delta Air Lines Inc.

   

2.90%, 10/28/24 (Call 09/28/24)

    13,698       13,255,281  

3.75%, 10/28/29 (Call 07/28/29)(b)

    9,455       8,399,255  

4.38%, 04/19/28 (Call 01/19/28)(b)

    8,574       8,068,563  

7.38%, 01/15/26 (Call 12/15/25)(b)

    14,780       15,212,863  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b)

    19,765       18,290,455  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a)(b)

    17,035       17,056,619  

United Airlines Inc.

   

4.38%, 04/15/26 (Call 10/15/25)(a)

    32,415       30,470,100  

4.63%, 04/15/29 (Call 10/15/28)(a)

    32,035       28,476,872  

VistaJet Malta Finance PLC/Vista Management Holding Inc.

   

6.38%, 02/01/30 (Call 02/01/25)(a)(b)

    15,957       12,969,052  

7.88%, 05/01/27 (Call 05/01/24)(a)(b)

    7,728       6,993,840  

9.50%, 06/01/28(a)(b)

    7,665       7,070,962  
   

 

 

 
       332,374,933  
Apparel — 0.2%            

Hanesbrands Inc.

   

4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    14,582       13,599,028  

9.00%, 02/15/31 (Call 02/15/26)(a)(b)

    10,093       10,119,191  
   

 

 

 
      23,718,219  
Auto Manufacturers — 3.4%            

Allison Transmission Inc.

   

3.75%, 01/30/31 (Call 01/30/26)(a)

    16,575       13,844,766  

4.75%, 10/01/27 (Call 09/11/23)(a)

    6,444       6,054,713  

5.88%, 06/01/29 (Call 06/01/24)(a)(b)

    7,896       7,627,389  

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)

    16,691       16,962,229  

Ford Motor Co.

   

3.25%, 02/12/32 (Call 11/12/31)(b)

    31,703       24,747,996  

4.35%, 12/08/26 (Call 09/08/26)(b)

    19,173       18,505,868  

6.10%, 08/19/32 (Call 05/19/32)(b)

    22,716       21,686,965  

9.63%, 04/22/30 (Call 01/22/30)(b)

    5,218       6,037,008  

Ford Motor Credit Co. LLC

   

2.30%, 02/10/25 (Call 01/10/25)

    16,194       15,212,867  

2.70%, 08/10/26 (Call 07/10/26)

    17,859       15,988,552  

2.90%, 02/16/28 (Call 12/16/27)

    9,322       7,937,590  

2.90%, 02/10/29 (Call 12/10/28)(b)

    8,941       7,382,584  

3.38%, 11/13/25 (Call 10/13/25)(b)

    26,576       24,748,900  

3.63%, 06/17/31 (Call 03/17/31)(b)

    12,149       9,859,589  

3.66%, 09/08/24

    9,610       9,333,328  

3.82%, 11/02/27 (Call 08/02/27)

    9,374       8,388,558  

4.00%, 11/13/30 (Call 08/13/30)(b)

    21,292       18,043,905  

 

 

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

  7


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

4.06%, 11/01/24 (Call 10/01/24)

  $  18,443     $ 17,832,537  

4.13%, 08/04/25

    16,748       15,990,823  

4.13%, 08/17/27 (Call 06/17/27)

    15,498       14,093,777  

4.27%, 01/09/27 (Call 11/09/26)

    11,101       10,283,411  

4.39%, 01/08/26

    14,290       13,539,075  

4.54%, 08/01/26 (Call 06/01/26)

    9,112       8,583,802  

4.69%, 06/09/25 (Call 04/09/25)(b)

    7,276       7,017,065  

4.95%, 05/28/27 (Call 04/28/27)(b)

    18,450       17,298,130  

5.11%, 05/03/29 (Call 02/03/29)(b)

    18,978       17,533,300  

5.13%, 06/16/25 (Call 05/16/25)(b)

    20,843       20,327,223  

6.80%, 05/12/28 (Call 04/12/28)(b)

    19,726       19,718,208  

6.95%, 03/06/26 (Call 02/06/26)(b)

    16,096       16,136,240  

6.95%, 06/10/26 (Call 05/10/26)(b)

    11,099       11,132,731  

7.20%, 06/10/30(b)

    11,434       11,615,334  

7.35%, 11/04/27 (Call 10/04/27)(b)

    19,341       19,712,734  

7.35%, 03/06/30 (Call 01/06/30)(b)

    14,859       15,119,033  

Jaguar Land Rover Automotive PLC

   

4.50%, 10/01/27 (Call 07/01/27)(a)

    8,426       7,394,342  

5.50%, 07/15/29 (Call 07/15/24)(a)

    7,951       6,904,069  

5.88%, 01/15/28 (Call 01/15/24)(a)

    11,080       10,185,927  

7.75%, 10/15/25 (Call 10/02/23)(a)

    10,715       10,753,023  

Nissan Motor Acceptance Corp., 2.75%, 03/09/28 (Call 01/09/28)(a)

    378       318,487  

Nissan Motor Co. Ltd., 4.81%, 09/17/30 (Call 06/17/30)(a)

    274       241,808  
   

 

 

 
       504,093,886  
Auto Parts & Equipment — 1.8%            

Adient Global Holdings Ltd.

   

4.88%, 08/15/26 (Call 10/02/23)(a)(b)

    13,455       12,944,636  

7.00%, 04/15/28 (Call 04/15/25)(a)(b)

    8,285       8,367,778  

8.25%, 04/15/31 (Call 04/15/26)(a)(b)

    8,674       8,893,391  

American Axle & Manufacturing Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    10,154       8,362,022  

6.50%, 04/01/27 (Call 10/02/23)(b)

    7,503       7,118,471  

6.88%, 07/01/28 (Call 09/11/23)(b)

    6,782       6,216,042  

Clarios Global LP, 6.75%, 05/15/25 (Call 10/03/23)(a)(b)

    6,666       6,674,332  

Clarios Global LP/Clarios U.S. Finance Co.

   

6.25%, 05/15/26 (Call 10/02/23)(a)(b)

    15,213       15,096,563  

6.75%, 05/15/28(a)(b)

    12,478       12,484,124  

8.50%, 05/15/27 (Call 10/02/23)(a)(b)

    28,282       28,611,061  

Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 10/02/23)(a)

    201       196,955  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)(b)

    6,691       5,541,077  

5.38%, 11/15/27 (Call 09/11/23)(b)

    6,425       6,114,137  

5.63%, 06/15/28 (Call 09/11/23)(b)

    6,603       6,188,015  

Goodyear Tire & Rubber Co. (The)

   

4.88%, 03/15/27 (Call 12/15/26)(b)

    11,061       10,435,003  

5.00%, 05/31/26 (Call 10/02/23)(b)

    14,687       14,150,190  

5.00%, 07/15/29 (Call 04/15/29)(b)

    14,035       12,472,624  

5.25%, 04/30/31 (Call 01/30/31)(b)

    8,451       7,400,879  

5.25%, 07/15/31 (Call 04/15/31)(b)

    9,330       8,035,462  

5.63%, 04/30/33 (Call 01/30/33)(b)

    6,864       5,889,312  

9.50%, 05/31/25 (Call 09/18/23)(b)

    12,346       12,617,921  

Tenneco Inc., 8.00%, 11/17/28
(Call 11/17/24)(a)

    27,375       22,481,719  

ZF North America Capital Inc.

   

4.75%, 04/29/25(a)

    18,018       17,504,595  

6.88%, 04/14/28 (Call 03/14/28)(a)

    9,569       9,540,405  
Security  

Par

(000)

    Value  
Auto Parts & Equipment (continued)            

7.13%, 04/14/30 (Call 02/14/30)(a)(b)

  $  10,070     $ 10,192,854  
   

 

 

 
      263,529,568  
Banks — 0.8%            

Freedom Mortgage Corp.

   

6.63%, 01/15/27(a)

    8,942       7,832,338  

7.63%, 05/01/26 (Call 10/02/23)(a)

    8,329       7,662,680  

8.13%, 11/15/24 (Call 10/02/23)(a)

    6,232       6,204,241  

8.25%, 04/15/25 (Call 10/02/23)(a)(b)

    9,012       8,894,159  

Intesa Sanpaolo SpA

   

4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(b)(c)

    12,034       9,169,042  

5.02%, 06/26/24(a)

    658       640,521  

5.71%, 01/15/26(a)(b)

    24,292       23,307,545  

UniCredit SpA

   

5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(b)(c)

    23,304       20,204,822  

5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(c)

    16,358       15,055,259  

7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(b)(c)

    19,381       18,578,161  
   

 

 

 
      117,548,768  
Building Materials — 1.2%            

Builders FirstSource Inc.

   

4.25%, 02/01/32 (Call 08/01/26)(a)(b)

    20,471       17,380,288  

5.00%, 03/01/30 (Call 03/01/25)(a)(b)

    9,006       8,280,116  

6.38%, 06/15/32 (Call 06/15/27)(a)(b)

    11,058       10,789,844  

Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)(b)

    11,048       11,020,380  

Emerald Debt Merger Sub LLC, 6.63%, 12/15/30 (Call 06/15/26)(a)(b)

    37,603       36,944,948  

Jeld-Wen Inc.

   

4.63%, 12/15/25 (Call 10/02/23)(a)(b)

    782       756,585  

4.88%, 12/15/27 (Call 10/02/23)(a)(b)

    742       662,028  

SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)(b)

    17,306       16,572,456  

Standard Industries Inc./NJ

   

3.38%, 01/15/31 (Call 07/15/25)(a)(b)

    17,744       14,115,579  

4.38%, 07/15/30 (Call 07/15/25)(a)(b)

    25,551       21,893,247  

4.75%, 01/15/28 (Call 10/02/23)(a)(b)

    15,563       14,326,812  

5.00%, 02/15/27 (Call 10/02/23)(a)

    12,375       11,738,718  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 09/11/23)(a)(b)

    11,188       10,454,112  
   

 

 

 
       174,935,113  
Chemicals — 1.8%            

ASP Unifrax Holdings Inc.

   

5.25%, 09/30/28 (Call 09/30/24)(a)(b)

    12,576       8,488,800  

7.50%, 09/30/29 (Call 09/30/24)(a)(b)

    5,997       3,118,440  

Avient Corp.

   

5.75%, 05/15/25 (Call 10/02/23)(a)(b)

    11,301       11,159,738  

7.13%, 08/01/30 (Call 08/01/25)(a)(b)

    11,729       11,703,196  

Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)

    11,605       9,835,238  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 10/02/23)(a)(b)

    7,957       7,494,499  

Chemours Co. (The)

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    9,292       7,723,975  

5.38%, 05/15/27 (Call 02/15/27)(b)

    8,024       7,542,560  

5.75%, 11/15/28 (Call 11/15/23)(a)(b)

    12,394       11,123,615  

 

 

8  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

Methanex Corp.

   

5.13%, 10/15/27 (Call 04/15/27)

  $  11,338     $ 10,637,425  

5.25%, 12/15/29 (Call 09/15/29)

    11,417       10,352,755  

NOVA Chemicals Corp.

   

4.25%, 05/15/29 (Call 05/15/24)(a)(b)

    9,039       7,329,782  

4.88%, 06/01/24 (Call 03/03/24)(a)

    753       739,597  

5.00%, 05/01/25 (Call 01/31/25)(a)(b)

    7,820       7,425,403  

5.25%, 06/01/27 (Call 03/03/27)(a)(b)

    16,243       14,438,403  

Olin Corp.

   

5.00%, 02/01/30 (Call 02/01/24)(b)

    8,172       7,468,009  

5.13%, 09/15/27 (Call 10/02/23)(b)

    7,909       7,546,404  

5.63%, 08/01/29 (Call 08/01/24)(b)

    10,025       9,616,181  

Olympus Water U.S. Holding Corp.

   

4.25%, 10/01/28 (Call 10/01/24)(a)

    11,909       9,829,556  

6.25%, 10/01/29 (Call 10/01/24)(a)(b)

    5,956       4,725,661  

9.75%, 11/15/28 (Call 06/01/25)(a)(b)

    25,145       25,155,478  

SCIH Salt Holdings Inc.

   

4.88%, 05/01/28 (Call 05/01/24)(a)(b)

    17,205       15,456,542  

6.63%, 05/01/29 (Call 05/01/24)(a)(b)

    11,432       10,060,160  

Tronox Inc., 4.63%, 03/15/29
(Call 03/15/24)(a)(b)

    17,008       13,946,560  

Valvoline Inc.

   

3.63%, 06/15/31 (Call 06/15/26)(a)(b)

    8,367       6,679,784  

4.25%, 02/15/30 (Call 02/15/25)(a)(b)

    6,037       5,933,156  

WR Grace Holdings LLC

   

4.88%, 06/15/27 (Call 10/02/23)(a)(b)

    11,893       11,079,257  

5.63%, 08/15/29 (Call 08/15/24)(a)(b)

    18,881       15,954,445  
   

 

 

 
       272,564,619  
Commercial Services — 4.3%            

ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)(b)

    16,317       14,256,979  

Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)

    9,498       8,987,483  

Albion Financing 2 Sarl, 8.75%, 04/15/27 (Call 10/15/23)(a)(b)

    7,246       6,739,988  

Allied Universal Holdco LLC/Allied Universal Finance Corp.

   

6.00%, 06/01/29 (Call 06/01/24)(a)(b)

    16,113       12,324,431  

6.63%, 07/15/26 (Call 10/02/23)(a)

    31,735       30,178,398  

9.75%, 07/15/27 (Call 10/02/23)(a)(b)

    15,525       14,214,379  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a)

    31,689       26,879,052  

APX Group Inc.

   

5.75%, 07/15/29 (Call 07/15/24)(a)(b)

    13,141       11,334,112  

6.75%, 02/15/27 (Call 10/02/23)(a)(b)

    9,086       8,812,936  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.

   

4.75%, 04/01/28 (Call 04/01/24)(a)(b)

    8,042       7,301,332  

5.38%, 03/01/29 (Call 03/01/24)(a)(b)

    10,142       9,333,175  

5.75%, 07/15/27 (Call 09/11/23)(a)(b)

    6,038       5,788,744  

Block Inc.

   

2.75%, 06/01/26 (Call 05/01/26)(b)

    15,365       13,942,751  

3.50%, 06/01/31 (Call 03/01/31)(b)

    16,686       13,688,527  

Brink’s Co. (The)

   

4.63%, 10/15/27 (Call 10/02/23)(a)(b)

    10,342       9,584,448  

5.50%, 07/15/25 (Call 10/02/23)(a)(b)

    5,564       5,477,990  

Garda World Security Corp.

   

4.63%, 02/15/27 (Call 10/02/23)(a)(b)

    8,678       8,019,290  

6.00%, 06/01/29 (Call 06/01/24)(a)

    8,111       6,605,387  

7.75%, 02/15/28 (Call 02/15/25)(a)(b)

    6,658       6,647,447  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

9.50%, 11/01/27 (Call 10/03/23)(a)

  $ 9,379     $ 9,079,341  

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(a)

    10,324       9,059,310  

3.75%, 10/01/30 (Call 10/01/25)(a)

    12,889       11,135,258  

4.50%, 07/01/28 (Call 10/02/23)(a)

     12,277       11,453,213  

Grand Canyon University

   

4.13%, 10/01/24

    7,519       7,154,329  

5.13%, 10/01/28 (Call 08/01/28)(b)

    5,942       5,387,441  

Herc Holdings Inc., 5.50%, 07/15/27 (Call 10/02/23)(a)(b)

    19,838       19,100,274  

Hertz Corp. (The)

   

4.63%, 12/01/26 (Call 12/01/23)(a)(b)

    8,174       7,394,936  

5.00%, 12/01/29 (Call 12/01/24)(a)(b)

    16,294       13,406,573  

MPH Acquisition Holdings LLC

   

5.50%, 09/01/28 (Call 09/01/24)(a)

    15,967       13,565,180  

5.75%, 11/01/28 (Call 11/01/23)(a)(b)

    16,305       12,220,777  

Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a)

    41,898       39,174,630  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 09/18/23)(a)

    7,611       7,555,820  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

3.38%, 08/31/27 (Call 08/31/26)(a)(b)

    14,935       13,278,310  

5.75%, 04/15/26(a)(b)

    22,252       21,847,904  

6.25%, 01/15/28 (Call 10/02/23)(a)(b)

    20,304       19,339,560  

Sabre GLBL Inc.

   

7.38%, 09/01/25 (Call 10/02/23)(a)(b)

    12,678       12,549,635  

11.25%, 12/15/27 (Call 06/15/25)(a)(b)

    8,573       8,179,328  

Service Corp. International/U.S.

   

3.38%, 08/15/30 (Call 08/15/25)(b)

    13,309       11,032,229  

4.00%, 05/15/31 (Call 05/15/26)(b)

    12,773       10,825,117  

4.63%, 12/15/27 (Call 10/02/23)(b)

    9,256       8,742,303  

5.13%, 06/01/29 (Call 06/01/24)(b)

    11,607       10,974,102  

Sotheby’s, 7.38%, 10/15/27 (Call 09/11/23)(a)(b)

    13,052       11,877,320  

United Rentals North America Inc.

   

3.75%, 01/15/32 (Call 07/15/26)

    12,348       10,372,320  

3.88%, 11/15/27 (Call 09/11/23)(b)

    12,247       11,343,784  

3.88%, 02/15/31 (Call 08/15/25)(b)

    17,500       14,962,500  

4.00%, 07/15/30 (Call 07/15/25)(b)

    11,907       10,403,741  

4.88%, 01/15/28 (Call 09/11/23)(b)

    26,767       25,462,109  

5.25%, 01/15/30 (Call 01/15/25)(b)

    11,871       11,287,118  

5.50%, 05/15/27 (Call 10/02/23)(b)

    6,959       6,815,055  

Verscend Escrow Corp., 9.75%, 08/15/26 (Call 10/02/23)(a)

    18,277       18,162,769  

Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 10/02/23)(a)(b)

    8,631       7,875,788  
   

 

 

 
       631,134,923  
Computers — 1.4%            

Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)

    31,720       27,734,572  

NCR Corp.

   

5.00%, 10/01/28 (Call 10/02/23)(a)

    10,083       9,257,034  

5.13%, 04/15/29 (Call 04/15/24)(a)

    19,023       17,337,880  

5.25%, 10/01/30 (Call 10/01/25)(a)

    6,947       6,227,686  

5.75%, 09/01/27 (Call 09/11/23)(a)(b)

    7,822       7,875,776  

6.13%, 09/01/29 (Call 09/01/24)(a)(b)

    6,877       7,058,381  

Presidio Holdings Inc.

   

4.88%, 02/01/27 (Call 10/02/23)(a)(b)

    8,740       8,172,424  

8.25%, 02/01/28 (Call 10/02/23)(a)(b)

    8,372       8,107,759  

 

 

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

  9


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers (continued)            

Seagate HDD Cayman

   

4.09%, 06/01/29 (Call 03/01/29)(b)

  $ 8,089     $ 7,098,097  

4.75%, 01/01/25(b)

    8,860       8,644,702  

4.88%, 06/01/27 (Call 03/01/27)(b)

    8,202       7,856,450  

8.25%, 12/15/29 (Call 07/15/26)(a)(b)

    8,470       8,877,793  

8.50%, 07/15/31 (Call 07/15/26)(a)(b)

    7,880       8,233,182  

9.63%, 12/01/32 (Call 12/01/27)(a)

     11,627       12,865,656  

Vericast Corp., 11.00%, 09/15/26 (Call 10/02/23)(a)

    20,509        21,399,949  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    903       729,547  

3.10%, 02/01/32 (Call 11/01/31)

    171       127,430  

4.75%, 02/15/26 (Call 11/15/25)

    35,704       33,986,395  
   

 

 

 
      201,590,713  
Cosmetics & Personal Care — 0.4%            

Coty Inc.

   

5.00%, 04/15/26 (Call 10/02/23)(a)(b)

    14,685       14,129,613  

6.50%, 04/15/26 (Call 10/02/23)(a)(b)

    5,868       5,853,858  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)

    7,416       6,804,588  

Coty Inc./HFC Prestige Products Inc/HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (Call 07/16/26)(a)

    11,864       11,870,763  

Edgewell Personal Care Co.

   

4.13%, 04/01/29 (Call 04/01/24)(a)(b)

    7,381       6,391,503  

5.50%, 06/01/28 (Call 10/02/23)(a)(b)

    11,573       10,932,681  
   

 

 

 
      55,983,006  
Distribution & Wholesale — 0.4%            

American Builders & Contractors Supply Co. Inc.

   

3.88%, 11/15/29 (Call 11/15/24)(a)(b)

    6,199       5,338,889  

4.00%, 01/15/28 (Call 10/02/23)(a)

    11,515       10,407,449  

H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b)

    19,843       17,324,489  

Ritchie Bros Holdings Inc.

   

6.75%, 03/15/28 (Call 03/15/25)(a)(b)

    9,099       9,173,046  

7.75%, 03/15/31 (Call 03/15/26)(a)(b)

    13,176       13,600,706  

Wesco Aircraft Holdings Inc.

   

8.50%, 11/15/24 (Call 10/02/23)(a)

    9,458       416,152  

9.00%, 11/15/26 (Call 10/02/23)(a)(b)

    13,501       1,235,341  
   

 

 

 
      57,496,072  
Diversified Financial Services — 3.6%            

AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24), (5-year CMT + 4.535%)(b)(c)

    11,631       11,281,343  

AG Issuer LLC, 6.25%, 03/01/28 (Call 10/02/23)(a)(b)

    7,704       7,391,020  

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)

    8,318       8,557,505  

Ally Financial Inc.

   

5.75%, 11/20/25 (Call 10/21/25)(b)

    16,920       16,401,568  

6.70%, 02/14/33 (Call 11/16/32)(b)

    7,969       7,214,915  

Burford Capital Global Finance LLC

   

6.25%, 04/15/28 (Call 04/15/24)(a)

    6,147       5,691,903  

9.25%, 07/01/31(a)

    7,020       7,098,975  

Coinbase Global Inc.

   

3.38%, 10/01/28 (Call 10/01/24)(a)(b)

    15,416       11,281,208  

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    14,929       10,067,371  

Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a)(b)

    10,437       4,209,451  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

GGAM Finance Ltd.

   

8.00%, 06/15/28 (Call 12/15/27)(a)(b)

  $ 9,987     $ 10,111,044  

7.75%, 05/15/26 (Call 11/15/25)(a)(b)

    6,987       7,017,859  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)

    15,427       13,188,157  

LD Holdings Group LLC

   

6.13%, 04/01/28 (Call 04/01/24)(a)(b)

    7,994       5,240,567  

6.50%, 11/01/25 (Call 10/02/23)(a)(b)

    8,291       6,997,900  

Midcap Financial Issuer Trust

   

5.63%, 01/15/30 (Call 01/15/25)(a)(b)

    6,413       5,074,286  

6.50%, 05/01/28 (Call 05/01/24)(a)

     15,149       13,643,189  

Nationstar Mortgage Holdings Inc.

   

5.13%, 12/15/30 (Call 12/15/25)(a)(b)

    9,692       8,240,623  

5.50%, 08/15/28 (Call 10/02/23)(a)(b)

    13,401       12,183,806  

5.75%, 11/15/31 (Call 11/15/26)(a)

    9,107       7,851,145  

6.00%, 01/15/27 (Call 10/02/23)(a)(b)

    9,026       8,646,321  

Navient Corp.

   

4.88%, 03/15/28 (Call 06/15/27)

    8,088       7,019,009  

5.00%, 03/15/27 (Call 09/15/26)

    10,885       9,914,276  

5.50%, 03/15/29 (Call 06/15/28)

    11,851       10,159,645  

5.88%, 10/25/24

    7,529       7,431,984  

6.75%, 06/25/25(b)

    7,963       7,912,435  

6.75%, 06/15/26(b)

    8,056       7,912,925  

9.38%, 07/25/30 (Call 10/25/29)

    8,471       8,508,865  

NFP Corp.

   

4.88%, 08/15/28 (Call 10/02/23)(a)(b)

    8,175       7,318,894  

6.88%, 08/15/28 (Call 10/02/23)(a)

    33,349        29,388,806  

OneMain Finance Corp.

   

3.50%, 01/15/27 (Call 01/15/24)

    12,366       10,768,313  

3.88%, 09/15/28 (Call 09/15/24)(b)

    9,342       7,660,440  

4.00%, 09/15/30 (Call 09/15/25)(b)

    13,504       10,513,809  

5.38%, 11/15/29 (Call 05/15/29)(b)

    11,749       10,162,885  

6.63%, 01/15/28 (Call 07/15/27)(b)

    12,083       11,408,079  

6.88%, 03/15/25

    20,355       20,253,225  

7.13%, 03/15/26

    25,631       25,257,923  

9.00%, 01/15/29 (Call 07/15/25)(b)

    8,633       8,818,610  

PennyMac Financial Services Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(a)(b)

    10,292       8,526,922  

5.38%, 10/15/25 (Call 10/02/23)(a)(b)

    10,396       10,029,749  

5.75%, 09/15/31 (Call 09/15/26)(a)(b)

    7,697       6,469,867  

PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)(b)

    6,927       6,338,205  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.

   

2.88%, 10/15/26 (Call 10/15/23)(a)

    18,365       16,349,809  

3.63%, 03/01/29 (Call 03/01/24)(a)(b)

    12,060       10,251,259  

3.88%, 03/01/31 (Call 03/01/26)(a)(b)

    20,201       16,479,370  

4.00%, 10/15/33 (Call 10/15/27)(a)(b)

    13,466       10,677,135  

SLM Corp.

   

3.13%, 11/02/26 (Call 10/02/26)

    7,336       6,529,040  

4.20%, 10/29/25 (Call 09/29/25)(b)

    7,601       7,148,436  

Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32)(b)

    12,207       11,221,094  

United Wholesale Mortgage LLC

   

5.50%, 11/15/25 (Call 10/02/23)(a)(b)

    12,564       12,069,517  

5.50%, 04/15/29 (Call 04/15/24)(a)

    10,769       9,342,107  

5.75%, 06/15/27 (Call 06/15/24)(a)

    7,967       7,355,931  
   

 

 

 
      526,588,720  

 

 

10  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric — 2.7%            

Calpine Corp.

   

3.75%, 03/01/31 (Call 03/01/26)(a)

  $  13,862     $ 11,540,115  

4.50%, 02/15/28 (Call 10/02/23)(a)(b)

    19,216       17,802,723  

4.63%, 02/01/29 (Call 02/01/24)(a)(b)

    10,556       9,155,743  

5.00%, 02/01/31 (Call 02/01/26)(a)

    13,283       11,217,493  

5.13%, 03/15/28 (Call 10/02/23)(a)(b)

    22,051       20,079,272  

5.25%, 06/01/26 (Call 10/02/23)(a)

    6,359       6,229,603  

Clearway Energy Operating LLC

   

3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    14,895       12,247,712  

4.75%, 03/15/28 (Call 09/11/23)(a)(b)

    14,550       13,436,925  

DPL Inc.

   

4.13%, 07/01/25 (Call 04/01/25)(b)

    6,701       6,413,695  

4.35%, 04/15/29 (Call 01/15/29)(b)

    6,867       5,940,573  

Edison International, 8.13%, 06/15/53 (Call 03/15/28), (5-year CMT + 3.864%)(b)(c)

    8,287       8,361,583  

Electricite de France SA, 9.13%, (Call 03/15/33),
(5-year CMT + 5.411%)(a)(c)(d)

    24,263       25,305,096  

Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26), (3-mo. LIBOR US + 5.440%)(b)(c)

    18,603       17,975,149  

FirstEnergy Corp.

   

2.65%, 03/01/30 (Call 12/01/29)(b)

    9,639       8,058,447  

Series B, 2.25%, 09/01/30 (Call 06/01/30)(b)

    7,516       5,964,035  

Series B, 4.15%, 07/15/27 (Call 04/15/27)

    23,140       21,838,375  

NextEra Energy Operating Partners LP

   

3.88%, 10/15/26 (Call 07/15/26)(a)(b)

    7,933       7,344,471  

4.25%, 07/15/24 (Call 04/15/24)(a)

    501       490,329  

4.25%, 09/15/24 (Call 07/15/24)(a)

    218       213,807  

4.50%, 09/15/27 (Call 06/15/27)(a)

    9,164       8,503,505  

NRG Energy Inc.

   

3.38%, 02/15/29 (Call 02/15/24)(a)

    7,534       6,211,369  

3.63%, 02/15/31 (Call 02/15/26)(a)(b)

    14,870       11,576,344  

3.88%, 02/15/32 (Call 02/15/27)(a)

    17,060       13,200,175  

5.25%, 06/15/29 (Call 06/15/24)(a)(b)

    12,008       10,808,786  

5.75%, 01/15/28 (Call 09/18/23)(b)

    13,354       12,636,222  

PG&E Corp.

   

5.00%, 07/01/28 (Call 09/11/23)(b)

    16,781       15,437,946  

5.25%, 07/01/30 (Call 07/01/25)(b)

    16,396       14,530,955  

Talen Energy Supply LLC, 8.63%, 06/01/30(a)

    18,944       19,725,440  

Vistra Operations Co. LLC

   

4.38%, 05/01/29 (Call 05/01/24)(a)(b)

    20,546       18,132,872  

5.00%, 07/31/27 (Call 09/11/23)(a)

    20,564       19,355,248  

5.50%, 09/01/26 (Call 09/11/23)(a)

    15,486       14,937,021  

5.63%, 02/15/27 (Call 09/11/23)(a)

    19,882       19,136,425  
   

 

 

 
       393,807,454  
Electrical Components & Equipment — 0.4%  

Energizer Holdings Inc.

   

4.38%, 03/31/29 (Call 10/02/23)(a)(b)

    13,227       11,328,925  

4.75%, 06/15/28 (Call 10/02/23)(a)(b)

    9,510       8,431,645  

WESCO Distribution Inc.

   

7.13%, 06/15/25 (Call 10/02/23)(a)(b)

    22,145       22,268,875  

7.25%, 06/15/28 (Call 10/02/23)(a)(b)

    21,464       21,787,033  
   

 

 

 
      63,816,478  
Electronics — 0.6%            

Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a)

    31,215       27,697,850  

Sensata Technologies BV

   

4.00%, 04/15/29 (Call 04/15/24)(a)(b)

    16,502       14,493,707  

5.00%, 10/01/25(a)

    11,486       11,225,383  

5.63%, 11/01/24(a)(b)

    5,166       5,119,076  
Security  

Par

(000)

    Value  
Electronics (continued)            

5.88%, 09/01/30 (Call 09/01/25)(a)(b)

  $ 7,741     $ 7,292,641  

Sensata Technologies Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    12,264       10,253,930  

4.38%, 02/15/30 (Call 11/15/29)(a)

    7,133       6,304,599  
   

 

 

 
       82,387,186  
Energy - Alternate Sources — 0.1%            

TerraForm Power Operating LLC

   

4.75%, 01/15/30 (Call 01/15/25)(a)(b)

    10,959       9,413,781  

5.00%, 01/31/28 (Call 07/31/27)(a)(b)

    11,741       10,672,569  
   

 

 

 
      20,086,350  
Engineering & Construction — 0.1%            

Brand Industrial Services Inc., 10.38%, 08/01/30(a)(b)

    9,150       9,435,846  
   

 

 

 
Entertainment — 3.3%            

AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(b)

    14,780       10,068,875  

Caesars Entertainment Inc.

   

4.63%, 10/15/29 (Call 10/15/24)(a)(b)

    19,039       16,684,510  

6.25%, 07/01/25 (Call 09/11/23)(a)

     53,227       52,871,710  

7.00%, 02/15/30 (Call 02/15/26)(a)(b)

    31,781       31,943,878  

8.13%, 07/01/27 (Call 10/02/23)(a)(b)

    27,815       28,266,994  

Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 09/11/23)(a)

    14,402       14,402,000  

CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)(b)

    19,293       17,942,490  

Cedar Fair LP, 5.25%, 07/15/29
(Call 07/15/24)(b)

    7,661       6,894,900  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op

   

5.38%, 04/15/27 (Call 10/02/23)(b)

    8,276       7,800,130  

5.50%, 05/01/25 (Call 10/02/23)(a)

    13,652       13,549,610  

Churchill Downs Inc.

   

4.75%, 01/15/28 (Call 10/02/23)(a)(b)

    11,538       10,632,267  

5.50%, 04/01/27 (Call 10/02/23)(a)(b)

    9,192       8,863,058  

6.75%, 05/01/31(a)(b)

    9,434       9,228,999  

Cinemark USA Inc.

   

5.25%, 07/15/28 (Call 07/15/24)(a)(b)

    12,648       11,225,606  

5.88%, 03/15/26 (Call 10/02/23)(a)(b)

    7,076       6,813,657  

International Game Technology PLC

   

4.13%, 04/15/26 (Call 10/02/23)(a)(b)

    12,348       11,684,542  

5.25%, 01/15/29 (Call 01/15/24)(a)(b)

    12,534       11,842,540  

6.25%, 01/15/27 (Call 07/15/26)(a)(b)

    11,834       11,739,505  

6.50%, 02/15/25 (Call 08/15/24)(a)(b)

    7,497       7,519,369  

Light & Wonder International Inc.

   

7.00%, 05/15/28 (Call 10/02/23)(a)(b)

    11,555       11,540,787  

7.25%, 11/15/29 (Call 11/15/24)(a)(b)

    9,131       9,161,991  

Live Nation Entertainment Inc.

   

3.75%, 01/15/28 (Call 01/15/24)(a)(b)

    7,185       6,435,856  

4.75%, 10/15/27 (Call 10/02/23)(a)(b)

    14,655       13,652,598  

4.88%, 11/01/24 (Call 10/02/23)(a)(b)

    7,435       7,310,592  

6.50%, 05/15/27 (Call 10/02/23)(a)(b)

    18,014       18,021,566  

Mohegan Gaming & Entertainment

   

7.88%, 10/15/24 (Call 09/18/23)(a)(b)

    1,643       1,637,249  

8.00%, 02/01/26 (Call 10/02/23)(a)(b)

    18,784       17,502,321  

Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(b)

    6,662       6,595,380  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.

   

5.63%, 09/01/29 (Call 09/01/24)(a)(b)

    11,326       9,029,653  

5.88%, 09/01/31 (Call 09/01/26)(a)(b)

    11,229       8,632,294  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

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., 8.45%, 07/27/30 (Call 05/27/30)(a)(b)

  $ 7,015     $ 6,888,730  

Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a)(b)

    14,998       12,231,619  

Six Flags Entertainment Corp.

   

5.50%, 04/15/27 (Call 10/02/23)(a)(b)

    8,090       7,623,062  

7.25%, 05/15/31 (Call 05/15/26)(a)(b)

     13,293       12,744,664  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 10/02/23)(a)(b)

    78       78,149  

WMG Acquisition Corp.

   

3.00%, 02/15/31 (Call 02/15/26)(a)(b)

    12,002       9,767,348  

3.75%, 12/01/29 (Call 12/01/24)(a)(b)

    8,641       7,533,152  

3.88%, 07/15/30 (Call 07/15/25)(a)(b)

    8,450       7,328,262  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

   

5.13%, 10/01/29 (Call 07/01/29)(a)(b)

    12,830       11,457,592  

7.13%, 02/15/31 (Call 11/15/30)(a)(b)

    9,345       9,186,883  
   

 

 

 
       484,334,388  
Environmental Control — 0.8%            

Clean Harbors Inc.

   

4.88%, 07/15/27 (Call 10/02/23)(a)(b)

    8,874       8,471,342  

6.38%, 02/01/31 (Call 02/01/26)(a)(b)

    7,881       7,836,748  

Covanta Holding Corp.

   

4.88%, 12/01/29 (Call 12/01/24)(a)(b)

    12,137       10,437,062  

5.00%, 09/01/30 (Call 09/01/25)(b)

    6,521       5,545,458  

GFL Environmental Inc.

   

3.50%, 09/01/28 (Call 03/01/28)(a)(b)

    11,555       10,207,629  

3.75%, 08/01/25 (Call 10/03/23)(a)

    12,581       11,943,143  

4.00%, 08/01/28 (Call 09/11/23)(a)(b)

    12,205       10,873,142  

4.25%, 06/01/25 (Call 10/03/23)(a)(b)

    8,190       7,913,822  

4.38%, 08/15/29 (Call 08/15/24)(a)(b)

    8,161       7,210,325  

4.75%, 06/15/29 (Call 06/15/24)(a)(b)

    11,791       10,674,864  

5.13%, 12/15/26 (Call 10/03/23)(a)(b)

    7,374       7,135,952  

Madison IAQ LLC

   

4.13%, 06/30/28 (Call 06/30/24)(a)(b)

    11,233       9,936,057  

5.88%, 06/30/29 (Call 06/30/24)(a)(b)

    16,574       13,927,326  

Stericycle Inc.

   

3.88%, 01/15/29 (Call 11/15/23)(a)(b)

    949       831,561  

5.38%, 07/15/24 (Call 09/18/23)(a)

    106       105,515  
   

 

 

 
      123,049,946  
Food — 2.3%            

Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC

   

3.25%, 03/15/26 (Call 10/02/23)(a)(b)

    11,648       10,840,211  

3.50%, 03/15/29 (Call 10/02/23)(a)(b)

    22,187       19,210,503  

4.63%, 01/15/27 (Call 10/02/23)(a)

    21,810       20,639,021  

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    15,886       14,569,051  

5.88%, 02/15/28 (Call 10/02/23)(a)(b)

    12,308       11,959,991  

6.50%, 02/15/28 (Call 02/15/25)(a)

    11,960       11,900,200  

7.50%, 03/15/26 (Call 10/02/23)(a)

    8,606       8,746,073  

B&G Foods Inc.

   

5.25%, 04/01/25 (Call 10/02/23)(b)

    14,107       13,807,226  

5.25%, 09/15/27 (Call 10/02/23)(b)

    8,311       7,355,235  

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(a)(b)

    15,874       13,967,215  

4.38%, 01/31/32 (Call 01/31/27)(a)(b)

    12,015       10,433,225  

4.88%, 05/15/28 (Call 11/15/27)(a)(b)

    8,028       7,582,446  
Security  

Par

(000)

    Value  
Food (continued)            

Performance Food Group Inc.

   

4.25%, 08/01/29 (Call 08/01/24)(a)(b)

  $  16,895     $ 14,867,600  

5.50%, 10/15/27 (Call 10/02/23)(a)

    16,683       16,057,388  

Pilgrim’s Pride Corp.

   

3.50%, 03/01/32 (Call 09/01/26)

    13,442       10,832,370  

4.25%, 04/15/31 (Call 04/15/26)

    15,576       13,463,505  

5.88%, 09/30/27 (Call 10/02/23)(a)(b)

    13,351       13,206,676  

6.25%, 07/01/33(b)

    15,617       15,497,374  

Post Holdings Inc.

   

4.50%, 09/15/31 (Call 09/15/26)(a)(b)

    19,276       16,589,407  

4.63%, 04/15/30 (Call 04/15/25)(a)(b)

    23,531       20,843,289  

5.50%, 12/15/29 (Call 12/15/24)(a)

    19,139       17,727,499  

5.63%, 01/15/28 (Call 09/18/23)(a)(b)

    14,956       14,320,370  

5.75%, 03/01/27 (Call 09/18/23)(a)

    6,976       6,813,459  

U.S. Foods Inc.

   

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    8,265       7,355,850  

4.75%, 02/15/29 (Call 02/15/24)(a)(b)

    14,064       12,794,865  

6.25%, 04/15/25 (Call 09/11/23)(a)

    14,503       14,551,150  
   

 

 

 
       345,931,199  
Food Service — 0.4%            

Aramark Services Inc.

   

5.00%, 04/01/25 (Call 10/02/23)(a)(b)

    8,260       8,160,192  

5.00%, 02/01/28 (Call 10/02/23)(a)(b)

    16,747       15,615,238  

6.38%, 05/01/25 (Call 10/02/23)(a)

    21,605       21,645,384  

TKC Holdings Inc.

   

6.88%, 05/15/28 (Call 05/15/24)(a)(b)

    6,925       6,263,039  

10.50%, 05/15/29 (Call 05/15/24)(a)(b)

    10,078       8,378,975  
   

 

 

 
      60,062,828  
Forest Products & Paper — 0.1%            

Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b)

    14,353       11,750,083  
   

 

 

 
Gas — 0.3%            

AmeriGas Partners LP/AmeriGas Finance Corp.

   

5.50%, 05/20/25 (Call 02/20/25)(b)

    12,104       11,877,050  

5.75%, 05/20/27 (Call 02/20/27)(b)

    9,097       8,414,725  

5.88%, 08/20/26 (Call 05/20/26)(b)

    11,057       10,517,971  

9.38%, 06/01/28 (Call 06/01/25)(a)(b)

    7,994       8,194,090  
   

 

 

 
      39,003,836  
Health Care - Products — 1.1%            

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(a)(b)

    13,391       11,727,360  

4.63%, 07/15/28 (Call 10/02/23)(a)(b)

    24,566       22,811,619  

Hologic Inc.

   

3.25%, 02/15/29 (Call 10/02/23)(a)(b)

    15,962       13,894,793  

4.63%, 02/01/28 (Call 10/02/23)(a)(b)

    6,673       6,288,190  

Mozart Debt Merger Sub Inc.

   

3.88%, 04/01/29 (Call 10/01/24)(a)(b)

    70,267       61,220,124  

5.25%, 10/01/29 (Call 10/01/24)(a)(b)

    39,047       34,654,213  

Teleflex Inc.

   

4.25%, 06/01/28 (Call 10/02/23)(a)

    8,199       7,517,116  

4.63%, 11/15/27 (Call 09/18/23)(b)

    8,313       7,845,913  
   

 

 

 
      165,959,328  
Health Care - Services — 4.4%            

Catalent Pharma Solutions Inc.

   

3.13%, 02/15/29 (Call 02/15/24)(a)(b)

    8,649       7,281,161  

3.50%, 04/01/30 (Call 04/01/25)(a)(b)

    10,255       8,656,509  

5.00%, 07/15/27 (Call 10/02/23)(a)

    8,673       8,098,414  

 

 

12  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Charles River Laboratories International Inc.

   

3.75%, 03/15/29 (Call 03/15/24)(a)(b)

  $ 8,224     $ 7,243,124  

4.00%, 03/15/31 (Call 03/15/26)(a)(b)

    7,286       6,326,525  

4.25%, 05/01/28 (Call 09/18/23)(a)(b)

    8,272       7,579,220  

CHS/Community Health Systems Inc.

   

4.75%, 02/15/31 (Call 02/15/26)(a)(b)

     16,634       12,467,637  

5.25%, 05/15/30 (Call 05/15/25)(a)(b)

    23,108       18,193,159  

5.63%, 03/15/27 (Call 12/15/23)(a)(b)

    30,055       26,448,400  

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    13,612       11,431,145  

6.13%, 04/01/30 (Call 04/01/25)(a)(b)

    19,855       11,394,908  

6.88%, 04/01/28 (Call 09/18/23)(a)(b)

    12,248       7,424,475  

6.88%, 04/15/29 (Call 04/15/24)(a)(b)

    21,668       13,198,250  

8.00%, 03/15/26 (Call 10/02/23)(a)(b)

    33,306       32,514,982  

8.00%, 12/15/27 (Call 09/18/23)(a)(b)

    11,303       10,863,652  

DaVita Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    23,413       18,642,601  

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    43,191       37,028,940  

Encompass Health Corp.

   

4.50%, 02/01/28 (Call 10/02/23)(b)

    13,068       12,136,905  

4.63%, 04/01/31 (Call 04/01/26)

    5,631       4,939,411  

4.75%, 02/01/30 (Call 02/01/25)(b)

    12,782       11,662,361  

IQVIA Inc.

   

5.00%, 10/15/26 (Call 10/02/23)(a)(b)

    16,399       15,871,808  

5.00%, 05/15/27 (Call 10/02/23)(a)

    17,242       16,604,563  

6.50%, 05/15/30 (Call 05/15/26)(a)

    9,626       9,709,960  

Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 10/02/23)(a)(b)

    9,153       7,880,458  

Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)

    7,663       5,242,450  

LifePoint Health Inc., 9.88%, 08/15/30(a)(b)

    11,405       11,262,437  

ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b)

    7,924       5,841,256  

ModivCare Inc., 5.88%, 11/15/25 (Call 10/02/23)(a)(b)

    9,374       8,893,583  

Molina Healthcare Inc.

   

3.88%, 11/15/30 (Call 08/17/30)(a)(b)

    10,548       9,005,179  

3.88%, 05/15/32 (Call 02/15/32)(a)(b)

    11,186       9,280,912  

4.38%, 06/15/28 (Call 10/02/23)(a)

    13,329       12,228,478  

Radiology Partners Inc., 9.25%, 02/01/28 (Call 10/02/23)(a)(b)

    9,583       3,761,328  

RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 10/02/23)(a)(b)

    22,282       20,753,678  

RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 10/02/23)(a)(b)

    10,586       8,151,220  

Select Medical Corp., 6.25%, 08/15/26 (Call 10/02/23)(a)(b)

    20,832       20,641,283  

Tenet Healthcare Corp.

   

4.25%, 06/01/29 (Call 06/01/24)

    21,155       18,907,281  

4.38%, 01/15/30 (Call 12/01/24)(b)

    22,692       20,160,142  

4.63%, 06/15/28 (Call 09/18/23)

    9,642       8,917,128  

4.88%, 01/01/26 (Call 09/18/23)

    32,719       31,716,981  

5.13%, 11/01/27 (Call 09/18/23)

    23,799       22,638,799  

6.13%, 10/01/28 (Call 10/02/23)(b)

    40,211       38,668,506  

6.13%, 06/15/30 (Call 06/15/25)(b)

    32,118       31,139,901  

6.25%, 02/01/27 (Call 09/18/23)

    23,406       23,067,996  

6.75%, 05/15/31 (Call 05/15/26)(a)

    21,697       21,617,444  
   

 

 

 
       655,494,550  
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)

  $  14,875     $ 13,641,665  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

   

4.38%, 02/01/29 (Call 08/01/28)(b)

    12,177       9,605,096  

4.75%, 09/15/24 (Call 06/15/24)

    15,734       15,231,456  

5.25%, 05/15/27 (Call 11/15/26)(b)

    22,777       19,986,817  

6.25%, 05/15/26 (Call 10/02/23)(b)

    20,909       19,454,779  

6.38%, 12/15/25 (Call 10/02/23)(b)

    11,640       11,067,661  
   

 

 

 
       88,987,474  
Home Builders — 0.6%            

Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a)(b)

    6,235       5,345,078  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC

   

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    7,324       6,097,917  

6.25%, 09/15/27 (Call 10/03/23)(a)(b)

    8,729       8,047,071  

Century Communities Inc.

   

3.88%, 08/15/29 (Call 02/15/29)(a)

    7,888       6,773,426  

6.75%, 06/01/27 (Call 10/02/23)(b)

    8,158       8,132,710  

Mattamy Group Corp.

   

4.63%, 03/01/30 (Call 03/01/25)(a)(b)

    9,641       8,516,099  

5.25%, 12/15/27 (Call 10/02/23)(a)(b)

    7,895       7,443,505  

Meritage Homes Corp.

   

3.88%, 04/15/29 (Call 10/15/28)(a)(b)

    6,815       5,944,043  

6.00%, 06/01/25 (Call 03/01/25)

    6,313       6,305,898  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(a)(b)

    7,448       6,861,204  

5.75%, 01/15/28 (Call 10/15/27)(a)(b)

    6,847       6,627,040  

5.88%, 06/15/27 (Call 03/15/27)(a)(b)

    7,513       7,381,748  
   

 

 

 
      83,475,739  
Home Furnishings — 0.1%            

Tempur Sealy International Inc.

   

3.88%, 10/15/31 (Call 10/15/26)(a)

    12,402       9,978,575  

4.00%, 04/15/29 (Call 04/15/24)(a)(b)

    13,197       11,340,446  
   

 

 

 
      21,319,021  
Household Products & Wares — 0.2%            

Central Garden & Pet Co.

   

4.13%, 10/15/30 (Call 10/15/25)(b)

    7,784       6,695,018  

4.13%, 04/30/31 (Call 04/30/26)(a)(b)

    6,263       5,322,861  

Kronos Acquisition Holdings Inc./KIK Custom Products Inc.

   

5.00%, 12/31/26 (Call 10/02/23)(a)(b)

    7,317       6,813,499  

7.00%, 12/31/27 (Call 12/31/23)(a)(b)

    8,529       7,547,455  

Spectrum Brands Inc., 3.88%, 03/15/31 (Call 03/15/26)(a)(b)

    7,561       6,339,067  
   

 

 

 
      32,717,900  
Housewares — 0.5%            

Newell Brands Inc.

   

4.70%, 04/01/26 (Call 01/01/26)

    32,036       30,702,021  

4.88%, 06/01/25 (Call 05/01/25)(b)

    7,917       7,676,284  

6.38%, 09/15/27 (Call 06/15/27)(b)

    8,010       7,856,849  

6.63%, 09/15/29 (Call 06/15/29)(b)

    8,561       8,476,931  

Scotts Miracle-Gro Co. (The)

   

4.00%, 04/01/31 (Call 04/01/26)(b)

    7,467       5,856,965  

4.38%, 02/01/32 (Call 08/01/26)(b)

    6,378       5,034,857  

4.50%, 10/15/29 (Call 10/15/24)

    7,026       5,881,916  
   

 

 

 
      71,485,823  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance — 1.5%            

Acrisure LLC/Acrisure Finance Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(a)(b)

  $  11,137     $ 9,616,344  

6.00%, 08/01/29 (Call 08/01/24)(a)

    7,780       6,741,908  

7.00%, 11/15/25 (Call 10/02/23)(a)(b)

    15,136       14,651,715  

10.13%, 08/01/26 (Call 10/02/23)(a)(b)

    6,427       6,617,132  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

   

4.25%, 10/15/27 (Call 10/15/23)(a)

    10,419       9,505,788  

5.88%, 11/01/29 (Call 11/01/24)(a)(b)

    7,435       6,612,317  

6.75%, 10/15/27 (Call 10/02/23)(a)(b)

    21,064       19,917,328  

6.75%, 04/15/28 (Call 04/15/25)(a)

    18,892       18,634,935  

AssuredPartners Inc.

   

5.63%, 01/15/29 (Call 12/15/23)(a)

    8,864       7,702,816  

7.00%, 08/15/25 (Call 10/02/23)(a)

    7,961       7,881,390  

Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(c)

    285       224,067  

Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26),
(5-year CMT + 3.796%)(a)(b)(c)

    11,649       8,430,964  

GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 10/02/23)(a)(b)

    7,769       7,689,141  

Hub International Ltd.

   

5.63%, 12/01/29 (Call 12/01/24)(a)(b)

    8,440       7,458,592  

7.00%, 05/01/26 (Call 09/11/23)(a)(b)

    26,546       26,491,076  

HUB International Ltd., 7.25%, 06/15/30 (Call 06/15/26)(a)

    34,236       34,848,482  

Jones Deslauriers Insurance Management Inc., 8.50%, 03/15/30 (Call 03/15/26)(a)(b)

    11,795       11,970,746  

Liberty Mutual Group Inc.

   

4.13%, 12/15/51 (Call 09/15/26), (5-year CMT + 3.315%)(a)(b)(c)

    7,482       6,041,715  

4.30%, 02/01/61 (Call 02/01/26)(a)(b)

    12,211       7,478,383  
   

 

 

 
      218,514,839  
Internet — 1.5%            

Arches Buyer Inc.

   

4.25%, 06/01/28 (Call 12/01/23)(a)(b)

    14,442       12,568,728  

6.13%, 12/01/28 (Call 12/01/23)(a)(b)

    8,449       7,229,739  

Gen Digital Inc., 5.00%, 04/15/25 (Call 09/11/23)(a)

    15,516       15,234,748  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.

   

3.50%, 03/01/29 (Call 03/01/24)(a)(b)

    13,011       11,137,676  

5.25%, 12/01/27 (Call 10/02/23)(a)

    10,026       9,599,895  

Match Group Holdings II LLC

   

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    8,499       6,922,521  

4.13%, 08/01/30 (Call 05/01/25)(a)(b)

    8,256       7,113,768  

4.63%, 06/01/28 (Call 10/02/23)(a)(b)

    8,005       7,385,573  

5.00%, 12/15/27 (Call 10/02/23)(a)

    6,709       6,291,844  

NortonLifeLock Inc.

   

6.75%, 09/30/27 (Call 09/30/24)(a)

    14,818       14,861,061  

7.13%, 09/30/30 (Call 09/30/25)(a)(b)

    9,467       9,509,642  

Rakuten Group Inc.

   

5.13%, (Call 04/22/26), (5-year CMT + 4.578%)(a)(b)(c)(d)

    12,153       8,310,866  

6.25%, (Call 04/22/31), (5-year CMT + 4.956%)(a)(b)(c)(d)

    15,476       7,891,279  

10.25%, 11/30/24(a)(b)

    13,916       14,002,975  

Uber Technologies Inc.

   

4.50%, 08/15/29 (Call 08/15/24)(a)(b)

    23,589        21,607,524  

6.25%, 01/15/28 (Call 09/15/23)(a)(b)

    9,060       8,983,056  

7.50%, 05/15/25 (Call 10/02/23)(a)(b)

    14,903       15,060,882  

7.50%, 09/15/27 (Call 09/21/23)(a)

    18,654       19,027,080  
Security  

Par

(000)

    Value  
Internet (continued)            

8.00%, 11/01/26 (Call 10/02/23)(a)

  $  22,187     $ 22,603,006  
   

 

 

 
       225,341,863  
Iron & Steel — 0.4%            

ATI Inc., 7.25%, 08/15/30(b)

    2,895       2,920,331  

Cleveland-Cliffs Inc.

   

5.88%, 06/01/27 (Call 10/02/23)(b)

    8,963       8,638,315  

6.75%, 03/15/26 (Call 10/02/23)(a)(b)

    12,555       12,564,416  

6.75%, 04/15/30(a)

    12,121       11,561,798  

Mineral Resources Ltd.

   

8.00%, 11/01/27 (Call 11/01/24)(a)

    9,654       9,658,862  

8.13%, 05/01/27 (Call 10/02/23)(a)(b)

    10,905       10,908,975  

8.50%, 05/01/30 (Call 05/01/25)(a)(b)

    9,810       9,906,527  
   

 

 

 
      66,159,224  
Leisure Time — 1.1%            

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a)(b)

    32,167       35,066,373  

Life Time Inc.

   

5.75%, 01/15/26 (Call 10/02/23)(a)

    14,266       13,909,350  

8.00%, 04/15/26 (Call 10/02/23)(a)(b)

    8,204       8,188,002  

NCL Corp. Ltd.

   

3.63%, 12/15/24 (Call 09/11/23)(a)(b)

    10,452       9,981,660  

5.88%, 03/15/26 (Call 12/15/25)(a)(b)

    22,855       21,512,269  

5.88%, 02/15/27 (Call 02/15/24)(a)

    15,091       14,614,879  

7.75%, 02/15/29 (Call 11/15/28)(a)(b)

    10,145       9,637,750  

8.38%, 02/01/28 (Call 02/01/25)(a)(b)

    8,650       8,926,908  

NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b)

    8,052       7,251,833  

Viking Cruises Ltd.

   

5.88%, 09/15/27 (Call 10/02/23)(a)

    12,559       11,700,503  

7.00%, 02/15/29 (Call 02/15/24)(a)(b)

    8,037       7,615,057  

9.13%, 07/15/31 (Call 07/15/26)(a)(b)

    11,067       11,429,859  

VOC Escrow Ltd., 5.00%, 02/15/28 (Call 10/02/23)(a)(b)

    10,057       9,328,144  
   

 

 

 
      169,162,587  
Lodging — 3.2%            

Boyd Gaming Corp.

   

4.75%, 12/01/27 (Call 09/11/23)(b)

    16,015       15,028,402  

4.75%, 06/15/31 (Call 06/15/26)(a)(b)

    14,435       12,679,415  

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(a)(b)

    23,603       19,766,096  

3.75%, 05/01/29 (Call 05/01/24)(a)(b)

    12,770       11,251,775  

4.00%, 05/01/31 (Call 05/01/26)(a)(b)

    16,917       14,675,498  

4.88%, 01/15/30 (Call 01/15/25)(b)

    16,050       14,963,415  

5.38%, 05/01/25 (Call 09/11/23)(a)(b)

    4,683       4,641,555  

5.75%, 05/01/28 (Call 10/02/23)(a)(b)

    7,631       7,487,919  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(a)

    8,162       6,882,117  

5.00%, 06/01/29 (Call 06/01/24)(a)(b)

    13,869       12,291,401  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 09/18/23)

    8,604       8,302,860  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)

    7,994       7,541,899  

3.20%, 08/08/24 (Call 07/08/24)

    13,318       12,898,616  

3.50%, 08/18/26 (Call 06/18/26)

    15,519       14,335,676  

3.90%, 08/08/29 (Call 05/08/29)(b)

    12,077       10,591,529  

Melco Resorts Finance Ltd.

   

4.88%, 06/06/25 (Call 10/02/23)(a)(b)

    15,522       14,732,505  

5.25%, 04/26/26 (Call 10/02/23)(a)(b)

    7,900       7,351,796  

 

 

14  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Lodging (continued)            

5.38%, 12/04/29 (Call 12/04/24)(a)(b)

  $  18,080     $ 15,153,049  

5.63%, 07/17/27 (Call 10/02/23)(a)(b)

    8,753       7,898,291  

5.75%, 07/21/28 (Call 10/02/23)(a)(b)

    13,688       12,067,454  

MGM China Holdings Ltd.

   

4.75%, 02/01/27 (Call 02/01/24)(a)(b)

    11,867       10,733,702  

5.25%, 06/18/25 (Call 09/11/23)(a)

    8,577       8,243,782  

5.88%, 05/15/26 (Call 09/11/23)(a)(b)

    12,018       11,501,995  

MGM Resorts International

   

4.63%, 09/01/26 (Call 06/01/26)

    6,288       5,925,380  

4.75%, 10/15/28 (Call 07/15/28)(b)

    11,961       10,855,804  

5.50%, 04/15/27 (Call 01/15/27)

    11,143       10,658,976  

5.75%, 06/15/25 (Call 03/15/25)

    10,908       10,747,012  

6.75%, 05/01/25 (Call 10/02/23)(b)

    11,263       11,293,615  

Station Casinos LLC

   

4.50%, 02/15/28 (Call 10/02/23)(a)(b)

    10,081       9,022,495  

4.63%, 12/01/31 (Call 06/01/31)(a)(b)

    7,868       6,480,976  

Studio City Finance Ltd.

   

5.00%, 01/15/29 (Call 01/15/24)(a)(b)

    17,363       13,221,925  

6.00%, 07/15/25 (Call 10/02/23)(a)(b)

    7,976       7,589,164  

6.50%, 01/15/28 (Call 10/02/23)(a)(b)

    7,909       6,677,668  

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(a)(b)

    10,253       8,791,948  

6.00%, 04/01/27 (Call 01/01/27)

    6,300       6,092,793  

6.63%, 07/31/26 (Call 04/30/26)(a)(b)

    10,649       10,558,650  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

   

5.25%, 05/15/27 (Call 02/15/27)(a)(b)

    15,123       14,310,139  

5.50%, 03/01/25 (Call 12/01/24)(a)(b)

    10,620       10,500,525  

Wynn Macau Ltd.

   

4.88%, 10/01/24 (Call 09/11/23)(a)(b)

    9,429       9,211,583  

5.13%, 12/15/29 (Call 12/15/24)(a)(b)

    14,842       12,151,516  

5.50%, 01/15/26 (Call 10/02/23)(a)(b)

    16,482       15,506,266  

5.50%, 10/01/27 (Call 10/02/23)(a)(b)

    12,188       10,977,122  

5.63%, 08/26/28 (Call 09/11/23)(a)(b)

    21,370       18,883,600  
   

 

 

 
       470,477,904  
Machinery — 0.5%            

Chart Industries Inc.

   

7.50%, 01/01/30 (Call 01/01/26)(a)(b)

    23,520       24,115,291  

9.50%, 01/01/31 (Call 01/01/26)(a)(b)

    7,476       8,040,438  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 10/02/23)(a)

    10,194       9,935,965  

TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 10/02/23)(a)

    5,715       5,335,191  

TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 10/02/23)(a)

    23,637       22,130,732  
   

 

 

 
      69,557,617  
Manufacturing — 0.2%            

FXI Holdings Inc.

   

12.25%, 11/15/26(a)(b)

    7,614       6,852,600  

12.25%, 11/15/26 (Call 10/02/23)(a)(b)

    13,026       11,602,910  

Hillenbrand Inc., 5.75%, 06/15/25 (Call 09/11/23)

    6,256       6,216,900  
   

 

 

 
      24,672,410  
Media — 10.1%            

Altice Financing SA

   

5.00%, 01/15/28 (Call 10/02/23)(a)(b)

    18,708       15,175,112  

5.75%, 08/15/29 (Call 08/15/24)(a)

    32,623       25,576,432  

AMC Networks Inc.

   

4.25%, 02/15/29 (Call 02/15/24)(b)

    15,427       9,927,676  

4.75%, 08/01/25 (Call 10/02/23)(b)

    13,043       12,211,509  
Security  

Par

(000)

    Value  
Media (continued)            

Audacy Capital Corp.

   

6.50%, 05/01/27 (Call 09/18/23)(a)

  $ 4,001     $ 40,010  

6.75%, 03/31/29 (Call 03/31/24)(a)

    5,123       51,230  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 02/01/31 (Call 07/01/25)(a)(b)

    47,567       39,004,940  

4.25%, 01/15/34 (Call 01/15/28)(a)

    29,749       22,800,526  

4.50%, 08/15/30 (Call 02/15/25)(a)(b)

    43,060       36,278,050  

4.50%, 05/01/32 (Call 05/01/26)

    46,014       37,317,354  

4.50%, 06/01/33 (Call 06/01/27)(a)(b)

    27,673       21,854,198  

4.75%, 03/01/30 (Call 09/01/24)(a)

    47,725       41,068,794  

4.75%, 02/01/32 (Call 02/01/27)(a)(b)

    18,961       15,721,964  

5.00%, 02/01/28 (Call 09/18/23)(a)(b)

    38,153       35,185,349  

5.13%, 05/01/27 (Call 10/02/23)(a)

    51,077       48,052,220  

5.38%, 06/01/29 (Call 06/01/24)(a)(b)

    22,549       20,542,364  

5.50%, 05/01/26 (Call 10/02/23)(a)(b)

    11,080       10,816,542  

6.38%, 09/01/29 (Call 09/01/25)(a)(b)

    22,841       21,636,740  

7.38%, 03/01/31 (Call 03/01/26)(a)(b)

    17,217       17,108,533  

CSC Holdings LLC

   

3.38%, 02/15/31 (Call 02/15/26)(a)

    15,753       10,733,043  

4.13%, 12/01/30 (Call 12/01/25)(a)(b)

    17,522       12,440,620  

4.50%, 11/15/31 (Call 11/15/26)(a)

    23,956       17,008,760  

4.63%, 12/01/30 (Call 12/01/25)(a)(b)

    37,244       19,448,444  

5.00%, 11/15/31 (Call 11/15/26)(a)(b)

    8,427       4,535,833  

5.38%, 02/01/28 (Call 10/02/23)(a)

    16,017       13,180,657  

5.50%, 04/15/27 (Call 10/02/23)(a)

    20,228       17,396,080  

5.75%, 01/15/30 (Call 01/15/25)(a)

    35,585       19,639,717  

6.50%, 02/01/29 (Call 02/01/24)(a)(b)

     27,862        23,035,655  

7.50%, 04/01/28 (Call 09/11/23)(a)(b)

    16,663       10,545,150  

11.25%, 05/15/28 (Call 05/15/25)(a)(b)

    15,377       15,146,345  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27
(Call 10/02/23)(a)(b)

    58,875       52,104,375  

DISH DBS Corp.

   

5.25%, 12/01/26 (Call 06/01/26)(a)(b)

    44,395       37,448,514  

5.75%, 12/01/28 (Call 12/01/27)(a)

    40,249       31,307,415  

5.88%, 11/15/24

    30,012       27,877,847  

7.38%, 07/01/28 (Call 09/11/23)(b)

    16,278       10,173,750  

7.75%, 07/01/26

    32,405       24,213,016  

5.13%, 06/01/29

    24,122       13,025,880  

DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a)

    55,911       56,749,665  

Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b)

    19,379       13,530,224  

Gray Television Inc.

   

4.75%, 10/15/30 (Call 10/15/25)(a)(b)

    13,102       9,162,032  

5.88%, 07/15/26 (Call 10/02/23)(a)(b)

    11,394       10,428,928  

7.00%, 05/15/27 (Call 09/11/23)(a)(b)

    12,743       11,475,655  

iHeartCommunications Inc.

   

4.75%, 01/15/28 (Call 10/02/23)(a)(b)

    7,949       6,120,730  

5.25%, 08/15/27 (Call 09/18/23)(a)(b)

    11,689       9,248,921  

6.38%, 05/01/26 (Call 09/18/23)

    12,602       10,995,664  

8.38%, 05/01/27 (Call 09/18/23)(b)

    16,492       11,379,388  

LCPR Senior Secured Financing DAC

   

5.13%, 07/15/29 (Call 07/15/24)(a)

    13,026       10,985,803  

6.75%, 10/15/27 (Call 10/02/23)(a)

    18,955       17,841,394  

McGraw-Hill Education Inc.

   

5.75%, 08/01/28 (Call 08/01/24)(a)(b)

    14,522       12,960,885  

8.00%, 08/01/29 (Call 08/01/24)(a)

    10,840       9,635,242  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

News Corp.

   

3.88%, 05/15/29 (Call 05/15/24)(a)

  $  15,818     $  13,900,226  

5.13%, 02/15/32 (Call 02/15/27)(a)(b)

    8,078       7,369,156  

Nexstar Media Inc.

   

4.75%, 11/01/28 (Call 11/01/23)(a)(b)

    15,837       13,908,845  

5.63%, 07/15/27 (Call 09/11/23)(a)

    28,531       26,818,664  

Paramount Global

   

6.25%, 02/28/57 (Call 02/28/27), (3-mo. LIBOR US + 3.899%)(c)

    9,918       7,808,970  

6.38%, 03/30/62 (Call 03/30/27), (5-year CMT + 3.999%)(b)(c)

    15,130       12,482,250  

Radiate Holdco LLC/Radiate Finance Inc.

   

4.50%, 09/15/26 (Call 10/02/23)(a)(b)

    14,790       11,506,620  

6.50%, 09/15/28 (Call 10/02/23)(a)

    15,638       8,522,710  

Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(b)

    8,443       6,754,484  

Scripps Escrow Inc., 5.88%, 07/15/27 (Call 10/02/23)(a)(b)

    6,852       5,515,860  

Sinclair Television Group Inc.

   

4.13%, 12/01/30 (Call 12/01/25)(a)(b)

    12,370       7,855,980  

5.50%, 03/01/30 (Call 12/01/24)(a)(b)

    7,708       4,123,780  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 10/02/23)(a)(b)

    15,238       13,743,152  

3.88%, 09/01/31 (Call 09/01/26)(a)(b)

    25,049       19,467,770  

4.00%, 07/15/28 (Call 07/15/24)(a)(b)

    32,576       28,157,880  

4.13%, 07/01/30 (Call 07/01/25)(a)(b)

    23,875       19,427,684  

5.00%, 08/01/27 (Call 10/02/23)(a)(b)

    23,090       21,288,980  

5.50%, 07/01/29 (Call 07/01/24)(a)

    20,042       18,020,965  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 10/02/23)(b)

    15,239       13,649,911  

4.75%, 03/15/26 (Call 10/02/23)(a)(b)

    8,443       8,105,280  

5.00%, 09/15/29 (Call 09/15/24)(b)

    16,297       14,341,360  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 09/11/23)(a)

    15,000       13,700,625  

Univision Communications Inc.

   

4.50%, 05/01/29 (Call 05/01/24)(a)(b)

    17,088       14,665,776  

5.13%, 02/15/25 (Call 09/11/23)(a)(b)

    16,820       16,588,725  

6.63%, 06/01/27 (Call 09/11/23)(a)(b)

    24,606       23,775,547  

7.38%, 06/30/30 (Call 06/30/25)(a)(b)

    14,429       13,960,058  

8.00%, 08/15/28 (Call 08/15/25)(a)(b)

    6,220       6,204,450  

UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)

    19,945       16,454,625  

UPC Holding BV, 5.50%, 01/15/28 (Call 09/11/23)(a)(b)

    7,247       6,455,628  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(a)(b)

    8,180       7,037,949  

5.13%, 04/15/27 (Call 10/03/23)(a)(b)

    10,124       9,690,865  

5.38%, 06/15/24 (Call 03/15/24)(a)

    291       289,485  

Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)

    14,319       11,580,491  

Virgin Media Secured Finance PLC

   

4.50%, 08/15/30 (Call 08/15/25)(a)(b)

    14,901       12,542,491  

5.50%, 05/15/29 (Call 05/15/24)(a)(b)

    22,358       20,261,938  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 10/02/23)(a)

    8,446       7,461,457  

VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)

    24,156       19,670,552  

Ziggo Bond Co. BV

   

5.13%, 02/28/30 (Call 02/15/25)(a)

    8,469       6,563,475  

6.00%, 01/15/27 (Call 10/02/23)(a)(b)

    10,122       9,413,460  
Security  

Par

(000)

    Value  
Media (continued)            

Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)

  $  15,862     $ 13,345,843  
   

 

 

 
       1,492,579,142  
Mining — 0.8%            

Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a)(b)

    7,147       6,136,414  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(a)(b)

    22,537       18,846,566  

4.50%, 09/15/27 (Call 06/15/27)(a)

    10,309       9,511,083  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(a)(b)

    11,003       10,205,283  

6.13%, 04/15/32 (Call 01/15/32)(a)(b)

    12,607       11,709,733  

Kaiser Aluminum Corp.

   

4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    9,000       7,251,375  

4.63%, 03/01/28 (Call 10/02/23)(a)(b)

    8,472       7,480,534  

Novelis Corp.

   

3.25%, 11/15/26 (Call 11/15/23)(a)

    12,242       11,040,754  

3.88%, 08/15/31 (Call 08/15/26)(a)(b)

    10,986       9,096,251  

4.75%, 01/30/30 (Call 01/30/25)(a)(b)

    24,177       21,631,162  
   

 

 

 
      112,909,155  
Office & Business Equipment — 0.2%            

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(a)(b)

    12,098       11,506,408  

5.50%, 08/15/28 (Call 07/15/28)(a)(b)

    12,781       11,087,517  
   

 

 

 
      22,593,925  
Oil & Gas — 5.7%            

Antero Resources Corp.

   

5.38%, 03/01/30 (Call 03/01/25)(a)(b)

    9,588       8,968,836  

7.63%, 02/01/29 (Call 02/01/24)(a)(b)

    6,770       6,923,756  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.

   

5.88%, 06/30/29 (Call 09/01/24)(a)(b)

    6,623       6,045,474  

7.00%, 11/01/26 (Call 10/02/23)(a)(b)

    10,554       10,496,164  

8.25%, 12/31/28 (Call 02/01/24)(a)(b)

    8,571       8,581,714  

Baytex Energy Corp.

   

8.50%, 04/30/30(a)(b)

    13,474       13,659,267  

8.75%, 04/01/27 (Call 10/03/23)(a)(b)

    7,647       7,817,255  

Callon Petroleum Co.

   

7.50%, 06/15/30 (Call 06/15/25)(a)(b)

    10,166       10,055,089  

8.00%, 08/01/28 (Call 08/01/24)(a)(b)

    10,401       10,534,727  

Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/02/23)(a)(b)

    5,549       5,697,832  

Chesapeake Energy Corp.

   

5.50%, 02/01/26 (Call 10/02/23)(a)(b)

    7,870       7,691,941  

5.88%, 02/01/29 (Call 02/05/24)(a)(b)

    7,610       7,286,787  

6.75%, 04/15/29 (Call 04/15/24)(a)(b)

    14,656       14,540,939  

Citgo Holding Inc., 9.25%, 08/01/24 (Call 09/20/23)(a)

    15,440       15,443,088  

CITGO Petroleum Corp.

   

6.38%, 06/15/26 (Call 10/02/23)(a)

    10,064       9,850,140  

7.00%, 06/15/25 (Call 10/02/23)(a)(b)

    17,640       17,484,988  

Civitas Resources Inc.

   

5.00%, 10/15/26 (Call 10/15/23)(a)(b)

    6,026       5,709,635  

8.38%, 07/01/28 (Call 07/01/25)(a)

    22,199       22,914,918  

8.75%, 07/01/31 (Call 07/01/26)(a)(b)

    22,034       22,805,190  

CNX Resources Corp.

   

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    7,936       7,564,992  

7.38%, 01/15/31 (Call 01/15/26)(a)(b)

    7,962       7,922,190  

 

 

16  

2 0 2 3I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a)(b)

  $  10,810     $  10,418,138  

Comstock Resources Inc.

   

5.88%, 01/15/30 (Call 01/15/25)(a)(b)

    15,170       13,392,557  

6.75%, 03/01/29 (Call 03/01/24)(a)(b)

    19,030       17,778,500  

Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)

    11,506       11,759,017  

CrownRock LP/CrownRock Finance Inc.

   

5.00%, 05/01/29 (Call 05/01/24)(a)(b)

    6,033       5,594,668  

5.63%, 10/15/25 (Call 10/02/23)(a)(b)

    18,473       18,149,722  

CVR Energy Inc.

   

5.25%, 02/15/25 (Call 09/18/23)(a)(b)

    9,310       9,059,484  

5.75%, 02/15/28 (Call 09/18/23)(a)(b)

    6,935       6,313,069  

Earthstone Energy Holdings LLC

   

8.00%, 04/15/27 (Call 04/15/24)(a)

    8,965       9,144,300  

9.88%, 07/15/31 (Call 07/15/26)(a)(b)

    7,956       8,721,765  

Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 10/02/23)(a)(b)

    15,983       15,617,788  

Energian Israel Finance Ltd.

   

4.88%, 03/30/26 (Call 12/30/25)(a)

    9,884       9,287,989  

5.38%, 03/30/28 (Call 09/30/27)(a)

    9,904       9,021,270  

5.88%, 03/30/31 (Call 09/30/30)(a)

    9,660       8,544,891  

8.50%, 09/30/33(a)(e)

    12,029       12,196,624  

Hilcorp Energy I LP/Hilcorp Finance Co.

   

5.75%, 02/01/29 (Call 02/01/24)(a)

    8,805       8,186,449  

6.00%, 04/15/30 (Call 04/15/25)(a)

    7,773       7,177,070  

6.00%, 02/01/31 (Call 02/01/26)(a)

    8,912       8,165,992  

6.25%, 11/01/28 (Call 11/01/23)(a)(b)

    9,270       8,926,141  

6.25%, 04/15/32 (Call 05/15/27)(a)(b)

    7,637       6,987,855  

Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 10/02/23)(a)

    10,986       10,849,133  

Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 10/02/23)(b)

    7,579       7,610,031  

Leviathan Bond Ltd.

   

6.13%, 06/30/25 (Call 03/30/25)(a)

    9,430       9,239,043  

6.50%, 06/30/27 (Call 12/30/26)(a)

    9,961       9,644,539  

6.75%, 06/30/30 (Call 12/30/29)(a)

    8,171       7,676,205  

Matador Resources Co.

   

5.88%, 09/15/26 (Call 09/18/23)(b)

    11,376       11,098,994  

6.88%, 04/15/28(a)(b)

    8,194       8,179,851  

MEG Energy Corp.

   

5.88%, 02/01/29 (Call 02/01/24)(a)(b)

    10,298       9,843,961  

7.13%, 02/01/27 (Call 10/03/23)(a)(b)

    7,724       7,818,613  

Moss Creek Resources Holdings Inc.

   

7.50%, 01/15/26 (Call 10/02/23)(a)(b)

    11,098       10,631,884  

10.50%, 05/15/27 (Call 10/02/23)(a)(b)

    8,202       8,140,485  

Murphy Oil Corp.

   

5.88%, 12/01/27 (Call 09/18/23)(b)

    8,869       8,735,332  

6.38%, 07/15/28 (Call 07/15/24)

    7,082       7,073,006  

Nabors Industries Inc.

   

5.75%, 02/01/25 (Call 11/01/24)(b)

    7,974       7,842,429  

7.38%, 05/15/27 (Call 05/15/24)(a)(b)

    11,970       11,700,675  

Nabors Industries Ltd., 7.25%, 01/15/26 (Call 10/02/23)(a)

    9,790       9,449,798  

Northern Oil and Gas Inc.

   

8.13%, 03/01/28 (Call 03/01/24)(a)

    10,488       10,513,276  

8.75%, 06/15/31(a)(b)

    7,606       7,776,514  

Occidental Petroleum Corp., 8.88%, 07/15/30 (Call 01/15/30)

    109       124,963  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Parkland Corp.

   

4.50%, 10/01/29 (Call 10/01/24)(a)(b)

  $  11,941     $ 10,561,764  

4.63%, 05/01/30 (Call 05/01/25)(a)(b)

    12,820       11,295,488  

5.88%, 07/15/27 (Call 10/03/23)(a)(b)

    7,665       7,414,738  

PBF Holding Co. LLC/PBF Finance Corp.

   

6.00%, 02/15/28 (Call 10/02/23)

    13,132       12,444,540  

7.25%, 06/15/25 (Call 09/13/23)(b)

    10,425       10,444,171  

7.88%, 09/15/30 (Call 09/15/26)(a)

    3,410       3,393,121  

Puma International Financing SA

   

5.00%, 01/24/26 (Call 09/11/23)(a)

    8,160       7,545,450  

5.13%, 10/06/24 (Call 09/11/23)(a)

    1,753       1,738,044  

Range Resources Corp.

   

4.75%, 02/15/30 (Call 02/15/25)(a)

    7,780       7,029,230  

4.88%, 05/15/25 (Call 02/15/25)(b)

    11,594       11,323,311  

8.25%, 01/15/29 (Call 01/15/24)(b)

    9,163       9,494,975  

SM Energy Co.

   

6.50%, 07/15/28 (Call 07/15/24)(b)

    6,071       5,961,965  

6.63%, 01/15/27 (Call 10/02/23)(b)

    5,953       5,899,853  

6.75%, 09/15/26 (Call 10/02/23)(b)

    6,116       6,069,029  

Southwestern Energy Co.

   

4.75%, 02/01/32 (Call 02/01/27)(b)

    18,306       16,207,523  

5.38%, 02/01/29 (Call 02/01/24)(b)

    9,997       9,485,260  

5.38%, 03/15/30 (Call 03/15/25)(b)

    18,501       17,321,561  

Sunoco LP/Sunoco Finance Corp.

   

4.50%, 05/15/29 (Call 05/15/24)(b)

    12,316       11,119,747  

4.50%, 04/30/30 (Call 04/30/25)(b)

    12,185       10,836,242  

5.88%, 03/15/28 (Call 10/02/23)

    6,797       6,623,538  

6.00%, 04/15/27 (Call 10/02/23)(b)

    9,631       9,531,226  

Transocean Inc.

   

7.50%, 01/15/26 (Call 09/11/23)(a)(b)

    8,668       8,559,650  

8.00%, 02/01/27 (Call 09/11/23)(a)(b)

    9,246       9,014,850  

8.75%, 02/15/30 (Call 02/15/26)(a)(b)

    15,771       16,148,822  

11.50%, 01/30/27 (Call 09/11/23)(a)

    11,086       11,670,010  

Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 10/02/23)(a)(b)

    6,103       6,065,658  

Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a)(b)

    8,344       8,553,643  
   

 

 

 
       848,140,352  
Oil & Gas Services — 0.6%            

Archrock Partners LP/Archrock Partners Finance Corp.

   

6.25%, 04/01/28 (Call 10/02/23)(a)(b)

    13,122       12,546,895  

6.88%, 04/01/27 (Call 10/02/23)(a)(b)

    7,702       7,560,765  

USA Compression Partners LP/USA Compression Finance Corp.

   

6.88%, 04/01/26 (Call 10/02/23)

    11,948       11,786,344  

6.88%, 09/01/27 (Call 10/02/23)

    12,437       12,104,351  

Valaris Ltd., 8.38%, 04/30/30(a)(b)

    16,440       16,744,962  

Weatherford International Ltd.

   

6.50%, 09/15/28 (Call 09/15/24)(a)(b)

    379       380,253  

8.63%, 04/30/30 (Call 10/30/24)(a)(b)

    25,791       26,382,645  
   

 

 

 
      87,506,215  
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)

    8,958       7,582,947  

4.00%, 09/01/29 (Call 05/15/24)(a)(b)

    16,584       13,482,792  

6.00%, 06/15/27 (Call 06/15/24)(a)

    9,805       9,559,343  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® iBoxx $ High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Packaging & Containers (continued)            

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

4.13%, 08/15/26 (Call 09/12/23)(a)

  $  19,339