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AUGUST 31, 2023 |
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2023 Semi-Annual Report (Unaudited)
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iShares Trust
· iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca
· iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of August 31, 2023
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||||||||
6-Month
|
12-Month
|
|||||||
U.S.
large cap equities |
14.50% | 15.94% | ||||||
U.S.
small cap equities |
0.99 | 4.65 | ||||||
International
equities |
4.75 | 17.92 | ||||||
Emerging
market equities |
3.62 | 1.25 | ||||||
3-month
Treasury bills |
2.47 | 4.25 | ||||||
U.S.
Treasury securities |
0.11 | (4.71) | ||||||
U.S.
investment grade bonds |
0.95 | (1.19) | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
1.04 | 1.70 | ||||||
U.S.
high yield bonds |
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.
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2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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6 | ||
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7 | ||
Financial Statements |
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54 | ||
55 | ||
56 | ||
57 | ||
59 | ||
66 | ||
70 | ||
71 | ||
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) |
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Ending Account Value (08/31/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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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
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| |||
Moody’s Credit Rating* |
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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
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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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of 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) |
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Ending Account Value (08/31/23) |
|
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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.
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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
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Advertising — 0.9% | ||||||||
Clear Channel Outdoor Holdings Inc. |
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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. |
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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 | ||||||
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|
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130,129,670 | ||||||||
Aerospace & Defense — 2.8% | ||||||||
Bombardier Inc. |
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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. |
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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 |
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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. |
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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 E O 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 |
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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) 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 |
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 E O 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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) 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), |
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 |
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 E O 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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) 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 E O 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), |
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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) 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 |
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 E O 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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) 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 E O 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 | $ | 18,012,925 | ||||
5.25%, 04/30/25 (Call 10/02/23)(a) |
12,506 | 12,224,615 | ||||||
5.25%, 08/15/27 (Call 10/02/23)(a)(b) |
27,932 | 23,946,662 | ||||||
Ball Corp. |
||||||||
2.88%, 08/15/30 (Call 05/15/30)(b) |
20,356 | 16,590,140 | ||||||
3.13%, 09/15/31 (Call 06/15/31)(b) |
14,355 | 11,657,456 | ||||||
4.88%, 03/15/26 (Call 12/15/25)(b) |
12,466 | 12,099,811 | ||||||
5.25%, 07/01/25 |
13,878 | 13,710,848 | ||||||
6.00%, 06/15/29 (Call 05/15/26)(b) |
15,708 | 15,492,015 | ||||||
6.88%, 03/15/28 (Call 11/15/24)(b) |
12,270 | 12,454,050 | ||||||
Berry Global Inc., 5.63%, 07/15/27 (Call 10/02/23)(a)(b) |
7,906 | 7,704,049 | ||||||
Clydesdale Acquisition Holdings Inc. |
||||||||
6.63%, 04/15/29 (Call 04/15/25)(a)(b) |
7,938 | 7,544,134 | ||||||
8.75%, 04/15/30 (Call 04/15/25)(a) |
16,617 | 15,025,922 | ||||||
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(b) |
7,589 | 7,128,120 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
6,109 | 5,744,496 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 10/02/23)(b) |
14,171 | 13,639,588 | ||||||
Graphic Packaging International LLC |
||||||||
3.50%, 03/15/28(a)(b) |
7,000 | 6,265,050 | ||||||
3.75%, 02/01/30 (Call 08/01/29)(a)(b) |
5,900 | 5,046,017 | ||||||
LABL Inc. |
||||||||
5.88%, 11/01/28 (Call 11/01/24)(a)(b) |
7,996 | 7,278,759 | ||||||
6.75%, 07/15/26 (Call 09/11/23)(a) |
11,189 | 10,937,248 | ||||||
8.25%, 11/01/29 (Call 11/01/24)(a) |
7,005 | 5,849,175 | ||||||
10.50%, 07/15/27 (Call 09/11/23)(a)(b) |
11,217 | 10,689,305 | ||||||
Mauser Packaging Solutions Holding Co. |
||||||||
7.88%, 08/15/26 (Call 08/15/24)(a)(b) |
42,150 | 41,433,450 | ||||||
9.25%, 04/15/27 (Call 10/15/24)(a)(b) |
21,354 | 19,314,236 | ||||||
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b) |
6,250 | 5,675,563 | ||||||
Owens-Brockway Glass Container Inc. |
||||||||
6.63%, 05/13/27 (Call 10/02/23)(a)(b) |
9,684 | 9,581,156 | ||||||
7.25%, 05/15/31(a)(b) |
10,912 | 10,991,580 | ||||||
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b) |
15,149 | 13,555,022 | ||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(b) |
8,138 | 7,264,422 | ||||||
Sealed Air Corp. |
||||||||
4.00%, 12/01/27 (Call 09/01/27)(a)(b) |
6,422 | 5,886,817 | ||||||
5.00%, 04/15/29 (Call 04/15/25)(a)(b) |
6,683 | 6,190,129 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
6,301 | 6,233,354 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) |
6,026 | 5,935,610 | ||||||
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)(a)(b) |
11,685 | 11,476,189 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 09/18/23)(b) |
8,938 | 8,194,358 | ||||||
Trivium Packaging Finance BV |
||||||||
5.50%, 08/15/26 (Call 10/02/23)(a)(b) |
16,769 | 15,815,962 | ||||||
8.50%, 08/15/27 (Call 09/11/23)(a)(b) |
11,042 | 10,514,987 | ||||||
|
|
|||||||
447,728,302 |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals — 2.8% | ||||||||
AdaptHealth LLC |
||||||||
4.63%, 08/01/29 (Call 02/01/24)(a) |
$ | 7,766 | $ | 6,330,843 | ||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) |
9,048 | 7,480,283 | ||||||
Bausch Health Americas Inc. |
||||||||
8.50%, 01/31/27 (Call 10/03/23)(a)(b) |
9,116 | 5,070,775 | ||||||
9.25%, 04/01/26 (Call 10/02/23)(a)(b) |
10,777 | 9,849,878 | ||||||
Bausch Health Companies Inc. |
||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) |
24,951 | 14,783,467 | ||||||
5.00%, 01/30/28 (Call 09/18/23)(a)(b) |
6,493 | 2,933,213 | ||||||
5.00%, 02/15/29 (Call 02/15/24)(a)(b) |
6,816 | 2,883,168 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) |
12,018 | 5,141,451 | ||||||
5.25%, 02/15/31 (Call 02/15/26)(a)(b) |
6,973 | 2,976,164 | ||||||
5.50%, 11/01/25 (Call 10/03/23)(a) |
26,305 | 23,660,295 | ||||||
5.75%, 08/15/27 (Call 09/18/23)(a) |
7,755 | 4,890,497 | ||||||
6.13%, 02/01/27 (Call 02/01/24)(a)(b) |
15,296 | 10,057,120 | ||||||
6.25%, 02/15/29 (Call 02/15/24)(a)(b) |
12,728 | 5,568,500 | ||||||
9.00%, 12/15/25 (Call 10/03/23)(a)(b) |
14,815 | 13,592,762 | ||||||
11.00%, 09/30/28(a)(b) |
27,605 | 19,703,069 | ||||||
14.00%, 10/15/30 (Call 10/15/25)(a)(b) |
3 | 1,808 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 10/02/23)(a)(b) |
9,634 | 9,270,413 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b) |
9,596 | 7,128,101 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)(b) |
25,226 | 22,607,793 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV |
||||||||
4.13%, 04/30/28 (Call 04/30/24)(a) |
34,236 | 30,987,688 | ||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) |
31,778 | 27,074,443 | ||||||
Owens & Minor Inc. |
||||||||
4.50%, 03/31/29 (Call 03/31/24)(a)(b) |
8,726 | 7,395,285 | ||||||
6.63%, 04/01/30 (Call 04/01/25)(a)(b) |
9,454 | 8,622,311 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
3.90%, 12/15/24 (Call 09/15/24) |
11,188 | 10,812,643 | ||||||
4.38%, 03/15/26 (Call 12/15/25) |
12,466 | 11,853,919 | ||||||
4.65%, 06/15/30 (Call 03/15/30) |
12,880 | 11,398,800 | ||||||
Prestige Brands Inc. |
||||||||
3.75%, 04/01/31 (Call 04/01/26)(a)(b) |
9,067 | 7,546,201 | ||||||
5.13%, 01/15/28 (Call 10/02/23)(a)(b) |
6,005 | 5,693,022 | ||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||
3.15%, 10/01/26(b) |
52,815 | 47,734,498 | ||||||
4.75%, 05/09/27 (Call 02/09/27)(b) |
14,487 | 13,541,344 | ||||||
5.13%, 05/09/29 (Call 02/09/29)(b) |
15,945 | 14,749,125 | ||||||
6.00%, 04/15/24 (Call 01/15/24) |
288 | 286,480 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) |
20,013 | 20,008,557 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(b) |
6,651 | 6,680,360 | ||||||
7.88%, 09/15/29 (Call 06/15/29)(b) |
9,948 | 10,368,402 | ||||||
8.13%, 09/15/31 (Call 06/15/31)(b) |
8,586 | 9,094,577 | ||||||
|
|
|||||||
417,777,255 | ||||||||
Pipelines — 4.9% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
11,879 | 11,129,647 | ||||||
5.75%, 03/01/27 (Call 09/18/23)(a)(b) |
10,409 | 10,085,488 | ||||||
5.75%, 01/15/28 (Call 09/18/23)(a) |
10,614 | 10,171,927 | ||||||
7.88%, 05/15/26 (Call 09/18/23)(a)(b) |
8,925 | 9,082,973 | ||||||
Buckeye Partners LP |
||||||||
3.95%, 12/01/26 (Call 09/01/26)(b) |
8,758 | 8,069,446 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) |
8,240 | 7,922,183 | ||||||
4.13%, 12/01/27 (Call 09/01/27)(b) |
5,788 | 5,239,240 |
18 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
4.50%, 03/01/28 (Call 12/01/27)(a) |
$ | 7,198 | $ | 6,532,185 | ||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b) |
21,883 | 20,028,416 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||
5.63%, 05/01/27 (Call 09/18/23)(a) |
9,936 | 9,637,920 | ||||||
5.75%, 04/01/25 (Call 10/02/23)(b) |
7,381 | 7,313,107 | ||||||
6.00%, 02/01/29 (Call 02/01/24)(a)(b) |
11,818 | 11,520,157 | ||||||
7.38%, 02/01/31 (Call 02/01/26)(a)(b) |
9,367 | 9,642,468 | ||||||
8.00%, 04/01/29 (Call 04/01/24)(a)(b) |
6,535 | 6,762,543 | ||||||
DT Midstream Inc. |
||||||||
4.13%, 06/15/29 (Call 06/15/24)(a)(b) |
18,009 | 15,907,890 | ||||||
4.38%, 06/15/31 (Call 06/15/26)(a)(b) |
15,791 | 13,611,605 | ||||||
EnLink Midstream LLC |
||||||||
5.38%, 06/01/29 (Call 03/01/29)(b) |
7,907 | 7,545,694 | ||||||
5.63%, 01/15/28 (Call 07/15/27)(a)(b) |
8,907 | 8,627,667 | ||||||
6.50%, 09/01/30 (Call 03/01/30)(a)(b) |
15,946 | 15,958,119 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 (Call 03/01/25) |
6,609 | 6,372,398 | ||||||
4.85%, 07/15/26 (Call 04/15/26)(b) |
7,948 | 7,649,288 | ||||||
EQM Midstream Partners LP |
||||||||
4.13%, 12/01/26 (Call 09/01/26)(b) |
6,790 | 6,321,490 | ||||||
4.50%, 01/15/29 (Call 07/15/28)(a)(b) |
12,732 | 11,549,356 | ||||||
4.75%, 01/15/31 (Call 07/15/30)(a)(b) |
18,005 | 15,909,562 | ||||||
5.50%, 07/15/28 (Call 04/15/28)(b) |
12,949 | 12,359,432 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a) |
6,513 | 6,445,699 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a)(b) |
14,004 | 13,915,215 | ||||||
7.50%, 06/01/27 (Call 06/01/24)(a) |
8,365 | 8,438,194 | ||||||
7.50%, 06/01/30 (Call 12/01/29)(a)(b) |
7,458 | 7,644,605 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||
6.50%, 10/01/25 (Call 10/02/23)(b) |
8,999 | 8,882,013 | ||||||
7.75%, 02/01/28 (Call 10/02/23)(b) |
10,507 | 10,236,576 | ||||||
8.00%, 01/15/27 (Call 01/15/24) |
15,929 | 15,743,746 | ||||||
8.88%, 04/15/30 (Call 04/15/26)(b) |
8,297 | 8,261,240 | ||||||
Hess Midstream Operations LP |
||||||||
4.25%, 02/15/30 (Call 02/15/25)(a)(b) |
11,221 | 9,832,401 | ||||||
5.13%, 06/15/28 (Call 10/02/23)(a)(b) |
8,900 | 8,386,766 | ||||||
5.50%, 10/15/30 (Call 10/15/25)(a) |
6,134 | 5,731,794 | ||||||
5.63%, 02/15/26 (Call 10/02/23)(a)(b) |
12,060 | 11,769,354 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
18,980 | 17,129,450 | ||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(b) |
16,114 | 15,606,570 | ||||||
New Fortress Energy Inc. |
||||||||
6.50%, 09/30/26 (Call 10/02/23)(a) |
24,277 | 22,547,264 | ||||||
6.75%, 09/15/25 (Call 09/21/23)(a)(b) |
19,762 | 19,095,033 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 10/02/23)(a) |
31,072 | 30,955,480 | ||||||
NuStar Logistics LP |
||||||||
5.63%, 04/28/27 (Call 01/28/27)(b) |
9,187 | 8,902,203 | ||||||
5.75%, 10/01/25 (Call 07/01/25)(b) |
8,552 | 8,383,098 | ||||||
6.00%, 06/01/26 (Call 03/01/26) |
7,407 | 7,286,838 | ||||||
6.38%, 10/01/30 (Call 04/01/30)(b) |
9,010 | 8,701,408 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/25 (Call 04/15/25)(a) |
6,491 | 6,141,297 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a)(b) |
9,548 | 8,723,912 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26 (Call 10/15/23)(a)(b)(f) |
12,463 | 12,057,953 |
Security |
Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
||||||||
5.50%, 01/15/28 (Call 10/02/23)(a) |
$ | 11,736 | $ | 10,892,220 | ||||
6.00%, 03/01/27 (Call 10/02/23)(a)(b) |
7,192 | 6,882,960 | ||||||
6.00%, 12/31/30 (Call 12/31/25)(a)(b) |
11,506 | 10,335,034 | ||||||
6.00%, 09/01/31 (Call 09/01/26)(a) |
7,462 | 6,631,529 | ||||||
7.50%, 10/01/25 (Call 10/02/23)(a)(b) |
10,124 | 10,165,171 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 11/01/33 (Call 05/01/33)(a)(b) |
20,399 | 16,574,188 | ||||||
6.25%, 01/15/30 (Call 10/15/29)(a)(b) |
15,648 | 15,230,959 | ||||||
3.88%, 08/15/29 (Call 02/15/29)(a) |
20,290 | 17,549,535 | ||||||
4.13%, 08/15/31 (Call 02/15/31)(a) |
19,828 | 16,834,854 | ||||||
Venture Global LNG Inc. |
||||||||
8.13%, 06/01/28 (Call 06/01/25)(a)(b) |
35,279 | 35,599,273 | ||||||
8.38%, 06/01/31 (Call 06/01/26)(a)(b) |
36,336 | 36,694,818 | ||||||
|
|
|||||||
719,158,851 | ||||||||
Real Estate — 0.6% | ||||||||
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a)(b) |
22,326 | 20,205,211 | ||||||
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 10/02/23)(a)(b) |
8,987 | 8,548,758 | ||||||
Cushman and Wakefield U.S. Borrower LLC, 8.88%, 09/01/31(a) |
3,318 | 3,349,314 | ||||||
Howard Hughes Corp. (The) |
||||||||
4.13%, 02/01/29 (Call 02/01/24)(a) |
10,317 | 8,528,290 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a)(b) |
10,278 | 8,183,857 | ||||||
5.38%, 08/01/28 (Call 10/02/23)(a) |
12,847 | 11,652,229 | ||||||
Kennedy-Wilson Inc. |
||||||||
4.75%, 03/01/29 (Call 03/01/24)(b) |
9,798 | 7,839,576 | ||||||
4.75%, 02/01/30 (Call 09/01/24)(b) |
9,123 | 7,024,071 | ||||||
5.00%, 03/01/31 (Call 03/01/26)(b) |
9,097 | 6,942,194 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. |
||||||||
5.25%, 04/15/30 (Call 04/15/25)(a)(b) |
744 | 515,555 | ||||||
5.75%, 01/15/29 (Call 01/15/24)(a)(b) |
653 | 467,711 | ||||||
|
|
|||||||
83,256,766 | ||||||||
Real Estate Investment Trusts — 3.6% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
||||||||
4.50%, 04/01/27 (Call 10/02/23)(a) |
12,552 | 10,480,920 | ||||||
5.75%, 05/15/26 (Call 09/11/23)(a)(b) |
15,320 | 14,056,100 | ||||||
Diversified Healthcare Trust |
||||||||
4.38%, 03/01/31 (Call 09/01/30)(b) |
7,767 | 5,867,968 | ||||||
4.75%, 02/15/28 (Call 08/15/27)(b) |
8,204 | 6,269,907 | ||||||
9.75%, 06/15/25 (Call 09/18/23)(b) |
7,499 | 7,390,800 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC |
||||||||
3.38%, 06/15/26 (Call 03/15/26)(a)(b) |
16,324 | 14,722,207 | ||||||
6.00%, 04/15/25 (Call 10/02/23)(a)(b) |
6,054 | 5,963,190 | ||||||
Iron Mountain Inc. |
||||||||
4.50%, 02/15/31 (Call 02/15/26)(a)(b) |
16,766 | 14,389,587 | ||||||
4.88%, 09/15/27 (Call 09/11/23)(a)(b) |
15,209 | 14,264,141 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a)(b) |
16,129 | 14,556,003 | ||||||
5.00%, 07/15/28 (Call 09/11/23)(a)(b) |
7,542 | 6,998,750 | ||||||
5.25%, 03/15/28 (Call 09/11/23)(a)(b) |
13,179 | 12,355,312 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a)(b) |
20,694 | 18,693,395 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) |
9,096 | 8,161,504 | ||||||
7.00%, 02/15/29(a)(b) |
15,688 | 15,649,408 | ||||||
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a) |
11,665 | 10,060,372 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
||||||||
4.25%, 02/01/27 (Call 10/02/23)(a)(b) |
$ | 10,403 | $ | 9,391,887 | ||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) |
10,383 | 8,721,720 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
3.50%, 03/15/31 (Call 03/15/26)(b) |
21,269 | 13,820,639 | ||||||
4.63%, 08/01/29 (Call 08/01/24)(b) |
15,134 | 10,947,046 | ||||||
5.00%, 10/15/27 (Call 10/02/23)(b) |
22,343 | 17,635,330 | ||||||
5.25%, 08/01/26 (Call 10/02/23)(b) |
8,019 | 6,830,919 | ||||||
Office Properties Income Trust |
||||||||
3.45%, 10/15/31 (Call 07/15/31)(b) |
6,614 | 3,278,670 | ||||||
4.50%, 02/01/25 (Call 11/01/24)(b) |
10,695 | 9,536,533 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
||||||||
4.88%, 05/15/29 (Call 05/15/24)(a)(b) |
11,988 | 10,442,404 | ||||||
5.88%, 10/01/28 (Call 10/02/23)(a)(b) |
11,189 | 10,355,755 | ||||||
7.50%, 06/01/25 (Call 10/02/23)(a)(b) |
10,821 | 10,884,405 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||
4.50%, 02/15/29 (Call 02/15/24)(a) |
9,421 | 8,269,754 | ||||||
4.75%, 10/15/27 (Call 10/02/23)(b) |
11,338 | 10,518,829 | ||||||
7.25%, 07/15/28(a)(b) |
6,625 | 6,671,784 | ||||||
RLJ Lodging Trust LP |
||||||||
3.75%, 07/01/26 (Call 10/02/23)(a)(b) |
7,633 | 7,015,528 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) |
7,317 | 6,114,573 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/29 (Call 02/01/24)(b) |
24,164 | 20,690,425 | ||||||
3.88%, 02/15/27 (Call 09/11/23)(b) |
23,244 | 21,514,182 | ||||||
Service Properties Trust |
||||||||
3.95%, 01/15/28 (Call 07/15/27) |
6,619 | 5,245,756 | ||||||
4.35%, 10/01/24 (Call 09/01/24) |
12,003 | 11,553,676 | ||||||
4.38%, 02/15/30 (Call 08/15/29)(b) |
6,077 | 4,618,520 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
7,021 | 6,091,771 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) |
6,033 | 5,221,562 | ||||||
4.95%, 10/01/29 (Call 07/01/29) |
7,068 | 5,562,034 | ||||||
5.50%, 12/15/27 (Call 09/15/27) |
7,357 | 6,497,408 | ||||||
7.50%, 09/15/25 (Call 06/15/25) |
12,597 | 12,452,786 | ||||||
Starwood Property Trust Inc. |
||||||||
3.63%, 07/15/26 (Call 01/15/26)(a)(b) |
6,072 | 5,441,352 | ||||||
3.75%, 12/31/24 (Call 09/30/24)(a)(b) |
6,477 | 6,206,520 | ||||||
4.38%, 01/15/27 (Call 07/15/26)(a)(b) |
7,881 | 7,014,957 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) |
7,463 | 7,245,387 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)(b). |
11,386 | 7,517,948 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |
||||||||
4.75%, 04/15/28 (Call 04/15/24)(a)(b) |
8,320 | 7,005,232 | ||||||
6.50%, 02/15/29 (Call 02/15/24)(a)(b) |
17,843 | 12,177,847 | ||||||
10.50%, 02/15/28 (Call 09/15/25)(a) |
41,710 | 41,596,132 | ||||||
XHR LP |
||||||||
4.88%, 06/01/29 (Call 06/01/24)(a)(b) |
7,286 | 6,321,971 | ||||||
6.38%, 08/15/25 (Call 09/11/23)(a)(b) |
8,274 | 8,200,568 | ||||||
|
|
|||||||
538,491,374 | ||||||||
Retail — 4.9% | ||||||||
1011778 BC ULC/New Red Finance Inc. |
||||||||
3.50%, 02/15/29 (Call 02/15/24)(a)(b) |
12,165 | 10,669,465 | ||||||
3.88%, 01/15/28 (Call 10/02/23)(a)(b) |
25,384 | 23,082,590 | ||||||
4.00%, 10/15/30 (Call 10/15/25)(a)(b) |
47,139 | 39,801,343 | ||||||
4.38%, 01/15/28 (Call 10/03/23)(a)(b) |
12,799 | 11,771,346 | ||||||
5.75%, 04/15/25 (Call 10/03/23)(a)(b) |
5,757 | 5,724,421 |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Asbury Automotive Group Inc. |
||||||||
4.50%, 03/01/28 (Call 09/11/23)(b) |
$ | 6,898 | $ | 6,334,520 | ||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
12,616 | 11,133,278 | ||||||
4.75%, 03/01/30 (Call 03/01/25)(b) |
6,900 | 6,078,037 | ||||||
5.00%, 02/15/32 (Call 11/15/26)(a)(b) |
9,824 | 8,408,263 | ||||||
Bath & Body Works Inc. |
||||||||
5.25%, 02/01/28(b) |
8,170 | 7,834,989 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) |
15,816 | 15,480,384 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) |
8,061 | 8,122,264 | ||||||
Beacon Roofing Supply Inc., 6.50%, 08/01/30 (Call 08/01/26)(a)(b) |
9,721 | 9,607,945 | ||||||
Carvana Co. |
||||||||
4.88%, 09/01/29 (Call 09/01/24)(a) |
14,389 | 8,666,974 | ||||||
5.50%, 04/15/27 (Call 04/15/24)(a) |
10,215 | 7,546,331 | ||||||
5.63%, 10/01/25 (Call 09/11/23)(a) |
8,618 | 7,529,977 | ||||||
5.88%, 10/01/28 (Call 10/02/23)(a) |
9,360 | 5,637,060 | ||||||
10.25%, 05/01/30 (Call 05/01/27)(a) |
60,040 | 47,261,687 | ||||||
eG Global Finance PLC |
||||||||
6.75%, 02/07/25 (Call 09/11/23)(a) |
12,213 | 11,999,272 | ||||||
8.50%, 10/30/25 (Call 10/02/23)(a)(b) |
10,559 | 10,490,074 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||
5.38%, 04/01/26 (Call 10/02/23)(a) |
9,935 | 9,348,546 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a) |
13,889 | 12,239,681 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |
||||||||
4.63%, 01/15/29 (Call 01/15/25)(a) |
15,519 | 13,429,910 | ||||||
6.75%, 01/15/30 (Call 01/15/25)(a)(b) |
20,417 | 16,847,359 | ||||||
FirstCash Inc. |
||||||||
4.63%, 09/01/28 (Call 10/02/23)(a) |
7,337 | 6,523,327 | ||||||
5.63%, 01/01/30 (Call 01/01/25)(a)(b) |
8,482 | 7,715,180 | ||||||
Gap Inc. (The) |
||||||||
3.63%, 10/01/29 (Call 10/01/24)(a)(b) |
11,460 | 8,715,330 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a)(b) |
12,051 | 8,736,975 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 10/02/23)(a)(b) |
10,551 | 10,193,019 | ||||||
Kohl’s Corp., 4.63%, 05/01/31 (Call 02/01/31)(b) |
8,194 | 6,032,832 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a)(b) |
13,231 | 11,643,787 | ||||||
LCM Investments Holdings II LLC |
||||||||
4.88%, 05/01/29 (Call 05/01/24)(a)(b) |
16,052 | 13,945,657 | ||||||
8.25%, 08/01/31 (Call 08/01/26)(a) |
8,513 | 8,523,641 | ||||||
Lithia Motors Inc. |
||||||||
3.88%, 06/01/29 (Call 06/01/24)(a)(b) |
13,286 | 11,395,801 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a) |
9,112 | 7,753,932 | ||||||
4.63%, 12/15/27 (Call 10/02/23)(a)(b) |
6,621 | 6,152,013 | ||||||
Macy’s Retail Holdings LLC |
||||||||
5.88%, 04/01/29 (Call 04/01/24)(a)(b) |
7,578 | 6,849,148 | ||||||
5.88%, 03/15/30 (Call 03/15/25)(a)(b) |
6,340 | 5,547,500 | ||||||
6.13%, 03/15/32 (Call 03/15/27)(a)(b) |
7,014 | 6,014,505 | ||||||
Michaels Companies Inc. (The) |
||||||||
5.25%, 05/01/28 (Call 11/01/23)(a)(b) |
13,723 | 11,437,846 | ||||||
7.88%, 05/01/29 (Call 05/01/24)(a)(b) |
20,531 | 14,221,140 | ||||||
Murphy Oil USA Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
7,859 | 6,585,842 | ||||||
4.75%, 09/15/29 (Call 09/15/24) |
7,891 | 7,236,836 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 10/02/23)(a) |
17,552 | 16,729,982 |
20 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Nordstrom Inc. |
||||||||
4.25%, 08/01/31 (Call 05/01/31)(b) |
$ | 6,967 | $ | 5,244,967 | ||||
4.38%, 04/01/30 (Call 01/01/30)(b) |
8,293 | 6,598,077 | ||||||
Penske Automotive Group Inc. |
||||||||
3.50%, 09/01/25 (Call 09/11/23)(b) |
7,597 | 7,244,246 | ||||||
3.75%, 06/15/29 (Call 06/15/24)(b) |
9,008 | 7,719,685 | ||||||
PetSmart Inc./PetSmart Finance Corp. |
||||||||
4.75%, 02/15/28 (Call 02/15/24)(a) |
19,121 | 17,137,196 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) |
19,120 | 18,254,820 | ||||||
QVC Inc. |
||||||||
4.38%, 09/01/28 (Call 06/01/28)(b) |
7,633 | 4,293,881 | ||||||
4.45%, 02/15/25 (Call 11/15/24)(b) |
10,375 | 9,316,024 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
8,819 | 5,827,217 | ||||||
Rite Aid Corp. |
||||||||
7.50%, 07/01/25 (Call 10/02/23)(a)(b) |
358 | 227,330 | ||||||
8.00%, 11/15/26 (Call 10/02/23)(a)(b) |
9,936 | 6,309,360 | ||||||
Sonic Automotive Inc. |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
10,611 | 9,063,067 | ||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) |
7,595 | 6,324,319 | ||||||
SRS Distribution Inc. |
||||||||
4.63%, 07/01/28 (Call 07/01/24)(a)(b) |
11,335 | 10,136,295 | ||||||
6.00%, 12/01/29 (Call 12/01/24)(a)(b) |
13,518 | 11,617,736 | ||||||
6.13%, 07/01/29 (Call 07/01/24)(a)(b) |
6,835 | 5,976,524 | ||||||
Staples Inc. |
||||||||
7.50%, 04/15/26 (Call 10/02/23)(a) |
31,954 | 26,362,050 | ||||||
10.75%, 04/15/27 (Call 10/02/23)(a)(b) |
15,923 | 8,752,343 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (Call 06/01/26)(a) |
9,885 | 8,495,540 | ||||||
Yum! Brands Inc. |
||||||||
3.63%, 03/15/31 (Call 12/15/30)(b) |
16,946 | 14,339,197 | ||||||
4.63%, 01/31/32 (Call 10/01/26)(b) |
18,618 | 16,660,503 | ||||||
4.75%, 01/15/30 (Call 10/15/29)(a) |
12,522 | 11,487,965 | ||||||
5.38%, 04/01/32 (Call 04/01/27)(b) |
15,497 | 14,545,019 | ||||||
|
|
|||||||
728,933,370 | ||||||||
Semiconductors — 0.3% | ||||||||
Entegris Escrow Corp. |
||||||||
4.75%, 04/15/29 (Call 01/15/29)(a) |
25,133 | 23,349,311 | ||||||
5.95%, 06/15/30 (Call 06/15/25)(a)(b) |
13,860 | 13,266,822 | ||||||
Entegris Inc. |
||||||||
3.63%, 05/01/29 (Call 05/01/24)(a)(b) |
5,736 | 4,918,964 | ||||||
4.38%, 04/15/28 (Call 09/11/23)(a)(b) |
6,796 | 6,219,321 | ||||||
|
|
|||||||
47,754,418 | ||||||||
Software — 2.4% | ||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/11/23)(a) |
13,845 | 12,770,490 | ||||||
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29(a) |
4,040 | 4,066,260 | ||||||
Clarivate Science Holdings Corp. |
||||||||
3.88%, 07/01/28 (Call 06/30/24)(a)(b) |
14,566 | 12,806,379 | ||||||
4.88%, 07/01/29 (Call 06/30/24)(a)(b) |
14,566 | 12,646,565 | ||||||
Cloud Software Group Inc. |
||||||||
6.50%, 03/31/29 (Call 09/30/25)(a) |
64,162 | 57,424,990 | ||||||
9.00%, 09/30/29(a)(b) |
61,226 | 54,636,986 | ||||||
Fair Isaac Corp. |
||||||||
4.00%, 06/15/28 (Call 09/18/23)(a) |
14,301 | 13,067,539 | ||||||
5.25%, 05/15/26 (Call 02/15/26)(a) |
7,043 | 6,862,963 | ||||||
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b) |
37,321 | 32,415,528 |
Security |
Par (000) |
Value | ||||||
Software (continued) | ||||||||
Open Text Corp. |
||||||||
3.88%, 02/15/28 (Call 10/03/23)(a)(b) |
$ | 14,026 | $ | 12,483,140 | ||||
3.88%, 12/01/29 (Call 12/01/24)(a)(b) |
13,236 | 11,216,958 | ||||||
Open Text Holdings Inc. |
||||||||
4.13%, 02/15/30 (Call 02/15/25)(a)(b) |
14,015 | 12,132,319 | ||||||
4.13%, 12/01/31 (Call 12/01/26)(a)(b) |
10,261 | 8,516,630 | ||||||
PTC Inc. |
||||||||
3.63%, 02/15/25 (Call 10/02/23)(a) |
6,429 | 6,205,046 | ||||||
4.00%, 02/15/28 (Call 10/02/23)(a)(b) |
8,448 | 7,761,600 | ||||||
Rackspace Technology Global Inc. |
||||||||
3.50%, 02/15/28 (Call 02/15/24)(a)(b) |
7,126 | 3,366,691 | ||||||
5.38%, 12/01/28 (Call 12/01/23)(a)(b) |
6,023 | 1,788,831 | ||||||
ROBLOX
Corp., 3.88%, 05/01/30 |
16,553 | 13,738,990 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 10/02/23)(a) |
31,103 | 29,937,882 | ||||||
Twilio Inc. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(b) |
8,708 | 7,475,295 | ||||||
3.88%, 03/15/31 (Call 03/15/26)(b) |
7,994 | 6,667,396 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 10/02/23)(a) |
27,088 | 22,172,882 | ||||||
|
|
|||||||
350,161,360 | ||||||||
Telecommunications — 5.0% | ||||||||
Altice France Holding SA |
||||||||
6.00%, 02/15/28 (Call 10/02/23)(a)(b) |
17,741 | 7,739,511 | ||||||
10.50%, 05/15/27 (Call 09/11/23)(a) |
25,115 | 13,562,100 | ||||||
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a) |
32,076 | 23,174,910 | ||||||
Altice France SA/France |
||||||||
5.13%, 01/15/29 (Call 10/02/23)(a) |
7,242 | 5,134,578 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a) |
40,028 | 28,315,407 | ||||||
5.50%, 01/15/28 (Call 10/02/23)(a) |
17,155 | 12,855,972 | ||||||
8.13%, 02/01/27 (Call 09/11/23)(a) |
27,277 | 23,042,246 | ||||||
British Telecommunications PLC |
||||||||
4.25%, 11/23/81 (Call 11/23/26), (5-year CMT + 2.985%)(a)(c) |
8,706 | 7,714,710 | ||||||
4.88%, 11/23/81 (Call 08/23/31), (5-year CMT + 3.493%)(a)(b)(c) |
7,547 | 6,187,964 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 09/11/23)(a)(b) |
19,893 | 18,475,624 | ||||||
CommScope Inc. |
||||||||
4.75%, 09/01/29 (Call 09/01/24)(a)(b) |
20,316 | 15,115,307 | ||||||
6.00%, 03/01/26 (Call 10/02/23)(a)(b) |
24,650 | 22,327,231 | ||||||
7.13%, 07/01/28 (Call 10/02/23)(a)(b) |
11,095 | 6,225,127 | ||||||
8.25%, 03/01/27 (Call 10/02/23)(a)(b) |
14,836 | 9,828,850 | ||||||
CommScope Technologies LLC |
||||||||
5.00%, 03/15/27 (Call 09/11/23)(a)(b) |
11,826 | 6,563,430 | ||||||
6.00%, 06/15/25 (Call 09/11/23)(a) |
20,589 | 18,838,935 | ||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 09/12/23)(a)(b) |
34,107 | 32,422,854 | ||||||
Consolidated Communications Inc. |
||||||||
5.00%, 10/01/28 (Call 10/01/23)(a)(b) |
6,082 | 4,492,122 | ||||||
6.50%, 10/01/28 (Call 10/01/23)(a)(b) |
12,173 | 9,342,778 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.00%, 05/01/28 (Call 05/01/24)(a) |
23,694 | 20,316,247 | ||||||
5.88%, 10/15/27 (Call 10/15/23)(a)(b) |
16,916 | 15,393,560 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(b) |
11,736 | 8,659,493 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) |
15,421 | 11,400,283 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) |
15,463 | 11,990,474 | ||||||
8.63%, 03/15/31 (Call 03/15/26)(a)(b) |
11,899 | 11,459,728 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
|
||||||||
Telecommunications (continued) | ||||||||
8.75%, 05/15/30 (Call 05/15/25)(a)(b) |
$ | 19,398 | $ | 18,853,533 | ||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/26(b) |
11,718 | 10,771,420 | ||||||
6.63%, 08/01/26(b) |
12,162 | 10,550,535 | ||||||
Iliad Holding SASU |
||||||||
6.50%, 10/15/26 (Call 10/15/23)(a) |
18,801 | 17,907,953 | ||||||
7.00%, 10/15/28 (Call 10/15/24)(a) |
15,221 | 14,155,530 | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b) |
48,411 | 44,550,223 | ||||||
Level 3 Financing Inc. |
||||||||
3.40%, 03/01/27 (Call 01/01/27)(a)(b) |
10,769 | 9,936,233 | ||||||
3.63%, 01/15/29 (Call 01/15/24)(a)(b) |
13,560 | 8,068,200 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a)(b) |
14,434 | 8,573,796 | ||||||
3.88%, 11/15/29 (Call 08/15/29)(a)(b) |
11,648 | 10,340,512 | ||||||
4.25%, 07/01/28 (Call 10/02/23)(a)(b) |
19,542 | 12,752,718 | ||||||
4.63%, 09/15/27 (Call 10/02/23)(a) |
15,520 | 11,678,800 | ||||||
10.50%, 05/15/30 (Call 05/15/26)(a)(b) |
14,580 | 14,798,700 | ||||||
Lumen Technologies Inc. |
||||||||
4.00%, 02/15/27 (Call 10/02/23)(a)(b) |
20,424 | 12,905,415 | ||||||
4.50%, 01/15/29 (Call 01/15/24)(a)(b) |
5,890 | 1,887,745 | ||||||
5.13%, 12/15/26 (Call 10/02/23)(a)(b) |
7,230 | 3,776,258 | ||||||
Rogers
Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), |
12,674 | 11,464,774 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a) |
164 | 161,745 | ||||||
ViaSat Inc. |
||||||||
5.63%, 09/15/25 (Call 09/11/23)(a)(b) |
10,489 | 9,925,216 | ||||||
5.63%, 04/15/27 (Call 09/11/23)(a)(b) |
9,358 | 8,394,126 | ||||||
6.50%, 07/15/28 (Call 10/02/23)(a)(b) |
6,125 | 4,785,156 | ||||||
Vmed O2 UK Financing I PLC |
||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) |
21,935 | 17,978,867 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
22,390 | 18,686,965 | ||||||
Vodafone Group PLC |
||||||||
3.25%, 06/04/81 (Call 06/04/26), (5-year CMT + 2.447%)(b)(c) |
7,688 | 6,784,660 | ||||||
4.13%, 06/04/81 (Call 03/04/31), (5-year CMT + 2.767%)(b)(c) |
16,066 | 12,552,526 | ||||||
7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c) |
32,521 | 32,703,931 | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 10/02/23)(a)(b) |
23,185 | 18,784,487 | ||||||
Zayo Group Holdings Inc. |
||||||||
4.00%, 03/01/27 (Call 10/02/23)(a)(b) |
23,309 | 17,430,237 | ||||||
6.13%, 03/01/28 (Call 10/02/23)(a)(b) |
17,506 | 11,353,418 | ||||||
|
|
|||||||
733,093,120 | ||||||||
Transportation — 0.0% | ||||||||
XPO Inc., 7.13%, 06/01/31(a)(b) |
7,747 | 7,778,763 | ||||||
|
|
|||||||
Trucking & Leasing — 0.3% | ||||||||
AerCap
Global Aviation Trust, 6.50%, 06/15/45
(Call 06/15/25), |
8,663 | 8,530,482 | ||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
5.50%, 05/01/28 (Call 05/01/24)(a) |
15,438 | 14,349,042 |
Security |
Par/ Shares (000) |
Value | ||||||
|
||||||||
Trucking & Leasing (continued) | ||||||||
6.50%, 10/01/25 (Call 10/02/23)(a)(b) |
$ | 10,340 | $ | 10,209,889 | ||||
9.75%, 08/01/27 (Call 09/11/23)(a)(b) |
7,130 | 7,429,935 | ||||||
|
|
|||||||
40,519,348 | ||||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 97.7% |
|
14,424,142,326 | ||||||
|
|
|||||||
Fixed Rate Loan Interests |
||||||||
Diversified Financial Services — 0.0% | ||||||||
Curo Group Holdings Corp., Term Loan, (6.00% Cash + 12.00% PIK), 18.00%, 08/02/27 |
2,659 | 2,553,089 | ||||||
|
|
|||||||
Total
Fixed Rate Loan Interests — 0.0% |
|
2,553,089 | ||||||
|
|
|||||||
Total
Long-Term Investments — 97.7% |
|
14,426,695,415 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 20.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(g)(h)(i) |
2,900,470 | 2,901,339,730 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(g)(h) |
117,640 | 117,640,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 20.5% |
|
3,018,979,730 | ||||||
|
|
|||||||
Total
Investments — 118.2% |
|
17,445,675,145 | ||||||
Liabilities in Excess of Other Assets — (18.2)% |
|
(2,684,723,770 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 14,760,951,375 | |||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) |
Perpetual security with no stated maturity date. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) |
Affiliate of the Fund. |
(h) |
Annualized 7-day yield as of period end. |
(i) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
22 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ High Yield Corporate Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 02/28/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/23 |
Shares Held at 08/31/23 (000) |
Income |
Capital Gain Distributions from Underlying Funds |
|
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 2,768,669,414 | $ | 133,417,131 | (a) | $ | — | $ | 165,671 | $ | (912,486 | ) | $ | 2,901,339,730 | 2,900,470 | $ | 10,614,758 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
93,650,000 | 23,990,000 | (a) | — | — | — | 117,640,000 | 117,640 | 1,700,448 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 165,671 | $ | (912,486 | ) | $ | 3,018,979,730 | $ | 12,315,206 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 14,424,142,326 | $ | — | $ | 14,424,142,326 | ||||||||
Fixed Rate Loan Interests |
— | 2,553,089 | — | 2,553,089 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
3,018,979,730 | — | — | 3,018,979,730 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,018,979,730 | $ | 14,426,695,415 | $ | — | $ | 17,445,675,145 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.0% | ||||||||
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31)(a) |
$ | 1,940 | $ | 1,587,675 | ||||
|
|
|||||||
Aerospace & Defense — 2.3% | ||||||||
Boeing Co. (The) |
||||||||
2.70%, 02/01/27 (Call 12/01/26)(a) |
10,714 | 9,801,056 | ||||||
2.95%, 02/01/30 (Call 11/01/29) |
8,550 | 7,405,522 | ||||||
3.20%, 03/01/29 (Call 12/01/28) |
11,535 | 10,370,108 | ||||||
3.25%, 02/01/28 (Call 12/01/27) |
10,589 | 9,703,110 | ||||||
3.25%, 02/01/35 (Call 11/01/34) |
7,891 | 6,339,289 | ||||||
3.60%, 05/01/34 (Call 02/01/34)(a) |
9,438 | 7,988,435 | ||||||
3.63%, 02/01/31 (Call 11/01/30) |
14,021 | 12,512,276 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) |
16,638 | 12,091,264 | ||||||
3.90%, 05/01/49 (Call 11/01/48)(a) |
9,507 | 7,105,896 | ||||||
3.95%, 08/01/59 (Call 02/01/59)(a) |
7,236 | 5,170,356 | ||||||
5.04%, 05/01/27 (Call 03/01/27)(a) |
21,489 | 21,240,359 | ||||||
5.15%, 05/01/30 (Call 02/01/30) |
45,154 | 44,361,534 | ||||||
5.71%, 05/01/40 (Call 11/01/39)(a) |
32,403 | 31,467,195 | ||||||
5.81%, 05/01/50 (Call 11/01/49) |
56,344 | 54,782,280 | ||||||
5.93%, 05/01/60 (Call 11/01/59) |
36,092 | 34,750,583 | ||||||
General Dynamics Corp. |
||||||||
3.50%, 04/01/27 (Call 02/01/27) |
7,703 | 7,332,729 | ||||||
3.63%, 04/01/30 (Call 01/01/30) |
11,851 | 11,033,586 | ||||||
3.75%, 05/15/28 (Call 02/15/28) |
11,478 | 10,963,348 | ||||||
4.25%, 04/01/40 (Call 10/01/39) |
4,391 | 3,911,740 | ||||||
4.25%, 04/01/50 (Call 10/01/49) |
8,496 | 7,463,778 | ||||||
L3Harris Technologies Inc. |
||||||||
4.40%, 06/15/28 (Call 03/15/28) |
11,460 | 11,020,296 | ||||||
4.40%, 06/15/28 (Call 03/15/28)(a) |
10,849 | 10,432,739 | ||||||
5.40%, 01/15/27 |
10,800 | 10,826,191 | ||||||
5.40%, 07/31/33 (Call 04/30/33) |
12,804 | 12,821,984 | ||||||
Lockheed Martin Corp. |
||||||||
2.80%, 06/15/50 (Call 12/15/49) |
7,244 | 4,883,356 | ||||||
3.80%, 03/01/45 (Call 09/01/44)(a) |
8,911 | 7,291,394 | ||||||
3.90%, 06/15/32 (Call 03/15/32)(a) |
8,918 | 8,285,870 | ||||||
4.07%, 12/15/42 |
15,336 | 13,295,403 | ||||||
4.09%, 09/15/52 (Call 03/15/52) |
14,469 | 12,146,193 | ||||||
4.15%, 06/15/53 (Call 12/15/52) |
8,607 | 7,252,267 | ||||||
4.70%, 05/15/46 (Call 11/15/45) |
13,676 | 12,801,286 | ||||||
4.75%, 02/15/34 (Call 11/15/33) |
10,426 | 10,282,705 | ||||||
5.10%, 11/15/27 (Call 10/15/27)(a) |
9,432 | 9,530,988 | ||||||
5.25%, 01/15/33 (Call 10/15/32)(a) |
8,735 | 8,955,091 | ||||||
5.70%, 11/15/54 (Call 05/15/54)(a) |
9,359 | 10,032,190 | ||||||
5.90%, 11/15/63 (Call 05/15/63)(a) |
7,405 | 8,121,032 | ||||||
Northrop Grumman Corp. |
||||||||
3.20%, 02/01/27 (Call 11/01/26)(a) |
6,512 | 6,150,398 | ||||||
3.25%, 01/15/28 (Call 10/15/27)(a) |
22,453 | 20,926,932 | ||||||
4.03%, 10/15/47 (Call 04/15/47)(a) |
21,492 | 17,671,374 | ||||||
4.40%, 05/01/30 (Call 02/01/30) |
9,562 | 9,204,729 | ||||||
4.70%, 03/15/33 (Call 12/15/32)(a) |
8,097 | 7,848,969 | ||||||
4.75%, 06/01/43 |
10,771 | 9,778,279 | ||||||
4.95%, 03/15/53 (Call 09/15/52)(a) |
11,196 | 10,485,858 | ||||||
5.25%, 05/01/50 (Call 11/01/49)(a) |
9,621 | 9,432,055 | ||||||
RTX Corp. |
||||||||
1.90%, 09/01/31 (Call 06/01/31) |
8,450 | 6,627,537 | ||||||
2.25%, 07/01/30 (Call 04/01/30) |
11,526 | 9,589,189 | ||||||
2.38%, 03/15/32 (Call 12/15/31) |
8,870 | 7,139,434 | ||||||
2.82%, 09/01/51 (Call 03/01/51) |
11,843 | 7,394,825 | ||||||
3.03%, 03/15/52 (Call 09/15/51)(a) |
12,268 | 8,033,365 |
Security |
Par (000) |
Value | ||||||
Aerospace & Defense (continued) | ||||||||
3.13%, 05/04/27 (Call 02/04/27) |
$ | 11,176 | $ | 10,409,262 | ||||
3.13%, 07/01/50 (Call 01/01/50)(a) |
9,831 | 6,667,031 | ||||||
3.50%, 03/15/27 (Call 12/15/26) |
12,414 | 11,732,019 | ||||||
3.75%, 11/01/46 (Call 05/01/46) |
11,719 | 8,901,895 | ||||||
4.13%, 11/16/28 (Call 08/16/28) |
30,259 | 28,889,880 | ||||||
4.15%, 05/15/45 (Call 11/16/44) |
10,204 | 8,300,941 | ||||||
4.35%, 04/15/47 (Call 10/15/46) |
10,852 | 9,123,302 | ||||||
4.45%, 11/16/38 (Call 05/16/38) |
8,732 | 7,734,583 | ||||||
4.50%, 06/01/42(a) |
37,952 | 33,085,719 | ||||||
4.63%, 11/16/48 (Call 05/16/48)(a) |
17,950 | 15,763,799 | ||||||
5.15%, 02/27/33 (Call 11/27/32)(a) |
13,762 | 13,606,550 | ||||||
5.38%, 02/27/53 (Call 08/27/52)(a) |
13,022 | 12,663,855 | ||||||
|
|
|||||||
770,935,209 | ||||||||
Agriculture — 1.6% | ||||||||
Altria Group Inc. |
||||||||
2.45%, 02/04/32 (Call 11/04/31) |
18,018 | 14,059,946 | ||||||
3.40%, 05/06/30 (Call 02/06/30) |
7,139 | 6,273,396 | ||||||
3.40%, 02/04/41 (Call 08/04/40) |
16,319 | 11,111,824 | ||||||
3.70%, 02/04/51 (Call 08/04/50) |
13,063 | 8,518,966 | ||||||
3.88%, 09/16/46 (Call 03/16/46) |
15,980 | 11,004,287 | ||||||
4.00%, 02/04/61 (Call 08/04/60)(a) |
10,145 | 6,859,092 | ||||||
4.25%, 08/09/42 |
10,772 | 8,152,548 | ||||||
4.80%, 02/14/29 (Call 11/14/28)(a) |
15,981 | 15,478,537 | ||||||
5.38%, 01/31/44(a) |
18,841 | 17,492,331 | ||||||
5.80%, 02/14/39 (Call 08/14/38) |
21,260 | 20,668,273 | ||||||
5.95%, 02/14/49 (Call 08/14/48)(a) |
25,550 | 23,764,063 | ||||||
Archer-Daniels-Midland Co. |
||||||||
2.70%, 09/15/51 (Call 03/15/51) |
1,775 | 1,148,714 | ||||||
2.90%, 03/01/32 (Call 12/01/31)(a) |
7,161 | 6,180,071 | ||||||
3.25%, 03/27/30 (Call 12/27/29)(a) |
9,119 | 8,295,607 | ||||||
BAT Capital Corp. |
||||||||
2.26%, 03/25/28 (Call 01/25/28)(a) |
22,578 | 19,420,401 | ||||||
2.73%, 03/25/31 (Call 12/25/30) |
11,044 | 8,744,872 | ||||||
3.22%, 09/06/26 (Call 07/06/26)(a) |
8,205 | 7,674,162 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) |
11,065 | 10,264,792 | ||||||
3.73%, 09/25/40 (Call 03/25/40)(a) |
7,841 | 5,400,257 | ||||||
3.98%, 09/25/50 (Call 03/25/50)(a) |
9,651 | 6,371,009 | ||||||
4.39%, 08/15/37 (Call 02/15/37) |
25,381 | 20,083,320 | ||||||
4.54%, 08/15/47 (Call 02/15/47) |
25,370 | 18,460,349 | ||||||
4.70%, 04/02/27 (Call 02/02/27) |
12,210 | 11,834,021 | ||||||
4.74%, 03/16/32 (Call 12/16/31)(a) |
8,511 | 7,704,035 | ||||||
4.76%, 09/06/49 (Call 03/06/49) |
9,911 | 7,342,072 | ||||||
4.91%, 04/02/30 (Call 01/02/30)(a) |
6,413 | 6,043,125 | ||||||
6.34%, 08/02/30 (Call 06/02/30) |
3,267 | 3,288,138 | ||||||
6.42%, 08/02/33 (Call 05/02/33)(a) |
13,794 | 13,771,072 | ||||||
7.08%, 08/02/43 (Call 02/02/43)(a) |
2,267 | 2,253,462 | ||||||
7.08%, 08/02/53 (Call 02/02/53)(a) |
8,734 | 8,559,014 | ||||||
BAT International Finance PLC |
||||||||
4.45%, 03/16/28 (Call 02/16/28) |
15,025 | 14,250,687 | ||||||
5.93%, 02/02/29 |
3,193 | 3,180,992 | ||||||
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)(a) |
9,909 | 8,280,025 | ||||||
Philip Morris International Inc. |
||||||||
1.75%, 11/01/30 (Call 08/01/30) |
6,163 | 4,832,840 | ||||||
2.10%, 05/01/30 (Call 02/01/30) |
9,074 | 7,438,608 | ||||||
3.38%, 08/15/29 (Call 05/15/29)(a) |
8,552 | 7,691,952 | ||||||
3.88%, 08/21/42(a) |
11,706 | 9,143,774 | ||||||
4.13%, 03/04/43(a) |
12,315 | 9,789,122 | ||||||
4.25%, 11/10/44 |
4,043 | 3,270,474 | ||||||
4.38%, 11/15/41 |
10,548 | 8,719,414 |
24 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
4.88%, 02/15/28 (Call 01/15/28) |
$ | 17,712 | $ | 17,482,516 | ||||
4.88%, 11/15/43 |
2,562 | 2,247,738 | ||||||
5.13%, 11/17/27 (Call 10/17/27) |
16,906 | 16,862,856 | ||||||
5.13%, 02/15/30 (Call 12/15/29) |
21,958 | 21,719,734 | ||||||
5.38%, 02/15/33 (Call 11/15/32) |
22,758 | 22,479,808 | ||||||
5.63%, 11/17/29 (Call 09/17/29) |
12,658 | 12,845,002 | ||||||
5.75%, 11/17/32 (Call 08/17/32) |
14,442 | 14,655,184 | ||||||
6.38%, 05/16/38(a) |
18,176 | 19,487,304 | ||||||
Reynolds American Inc. |
||||||||
5.70%, 08/15/35 (Call 02/15/35) |
7,826 | 7,231,719 | ||||||
5.85%, 08/15/45 (Call 02/15/45)(a) |
22,196 | 19,168,088 | ||||||
|
|
|||||||
546,999,593 | ||||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co., 5.13%, 06/15/27 (Call 04/15/27)(a) |
22,013 | 21,739,521 | ||||||
|
|
|||||||
Apparel — 0.2% | ||||||||
NIKE Inc. |
||||||||
2.38%, 11/01/26 (Call 08/01/26) |
6,195 | 5,747,040 | ||||||
2.75%, 03/27/27 (Call 01/27/27)(a) |
8,055 | 7,530,740 | ||||||
2.85%, 03/27/30 (Call 12/27/29)(a) |
18,677 | 16,664,574 | ||||||
3.25%, 03/27/40 (Call 09/27/39)(a) |
4,201 | 3,381,277 | ||||||
3.38%, 03/27/50 (Call 09/27/49)(a) |
11,253 | 8,689,051 | ||||||
3.88%, 11/01/45 (Call 05/01/45)(a) |
5,178 | 4,427,684 | ||||||
VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a) |
10,489 | 8,706,728 | ||||||
|
|
|||||||
55,147,094 | ||||||||
Auto Manufacturers — 1.4% | ||||||||
American Honda Finance Corp. |
||||||||
1.30%, 09/09/26(a) |
1,728 | 1,542,929 | ||||||
2.00%, 03/24/28(a) |
1,521 | 1,330,976 | ||||||
5.13%, 07/07/28 |
11,710 | 11,716,006 | ||||||
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)(a) |
4,615 | 3,703,064 | ||||||
General Motors Co. |
||||||||
4.20%, 10/01/27 (Call 07/01/27)(a) |
11,913 | 11,221,033 | ||||||
5.00%, 10/01/28 (Call 07/01/28)(a) |
10,359 | 10,041,695 | ||||||
5.00%, 04/01/35(a) |
1,279 | 1,138,015 | ||||||
5.15%, 04/01/38 (Call 10/01/37) |
4,554 | 3,976,010 | ||||||
5.20%, 04/01/45(a) |
13,720 | 11,264,552 | ||||||
5.40%, 10/15/29 (Call 08/15/29)(a) |
17,320 | 16,730,995 | ||||||
5.40%, 04/01/48 (Call 10/01/47)(a) |
7,921 | 6,580,386 | ||||||
5.60%, 10/15/32 (Call 07/15/32)(a) |
18,827 | 18,086,847 | ||||||
5.95%, 04/01/49 (Call 10/01/48)(a) |
10,562 | 9,452,093 | ||||||
6.25%, 10/02/43 |
15,101 | 14,168,251 | ||||||
6.60%, 04/01/36 (Call 10/01/35) |
7,158 | 7,186,145 | ||||||
6.75%, 04/01/46 (Call 10/01/45)(a) |
7,592 | 7,470,145 | ||||||
6.80%, 10/01/27 (Call 08/01/27) |
14,113 | 14,551,141 | ||||||
General Motors Financial Co. Inc. |
||||||||
2.35%, 02/26/27 (Call 01/26/27)(a) |
13,850 | 12,317,680 | ||||||
2.35%, 01/08/31 (Call 10/08/30) |
10,618 | 8,254,656 | ||||||
2.40%, 04/10/28 (Call 02/10/28) |
13,868 | 11,975,472 | ||||||
2.40%, 10/15/28 (Call 08/15/28) |
13,201 | 11,176,079 | ||||||
2.70%, 08/20/27 (Call 06/20/27) |
13,434 | 11,947,768 | ||||||
2.70%, 06/10/31 (Call 03/10/31) |
10,784 | 8,510,951 | ||||||
3.10%, 01/12/32 (Call 10/12/31)(a) |
13,241 | 10,598,028 | ||||||
3.60%, 06/21/30 (Call 03/21/30) |
10,931 | 9,392,887 | ||||||
4.00%, 10/06/26 (Call 07/06/26) |
8,155 | 7,709,465 | ||||||
4.30%, 04/06/29 (Call 02/06/29) |
12,015 | 10,982,997 | ||||||
4.35%, 01/17/27 (Call 10/17/26)(a) |
9,044 | 8,607,823 | ||||||
5.00%, 04/09/27 (Call 03/09/27) |
17,571 | 17,113,293 | ||||||
5.80%, 06/23/28 (Call 05/23/28) |
9,577 | 9,503,216 |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
5.85%, 04/06/30 (Call 02/06/30) |
$ | 8,695 | $ | 8,512,513 | ||||
6.00%, 01/09/28 (Call 12/09/27) |
13,786 | 13,824,200 | ||||||
6.40%, 01/09/33 (Call 10/09/32)(a) |
9,180 | 9,206,016 | ||||||
Honda Motor Co. Ltd. |
||||||||
2.53%, 03/10/27 (Call 02/10/27)(a) |
18,564 | 17,059,265 | ||||||
2.97%, 03/10/32 (Call 12/10/31)(a) |
12,363 | 10,805,002 | ||||||
Mercedes-Benz Finance North America LLC, 8.50%, 01/18/31(a) |
23,222 | 28,283,516 | ||||||
Toyota Motor Credit Corp. |
||||||||
1.90%, 01/13/27(a) |
6,773 | 6,128,979 | ||||||
1.90%, 04/06/28(a) |
11,863 | 10,455,347 | ||||||
2.15%, 02/13/30(a) |
14,738 | 12,524,879 | ||||||
3.05%, 03/22/27(a) |
19,719 | 18,495,744 | ||||||
3.20%, 01/11/27(a) |
8,777 | 8,287,778 | ||||||
3.38%, 04/01/30 |
8,700 | 7,930,933 | ||||||
4.45%, 06/29/29(a) |
6,351 | 6,222,509 | ||||||
4.55%, 09/20/27 |
12,781 | 12,583,719 | ||||||
4.63%, 01/12/28(a) |
13,343 | 13,211,958 | ||||||
|
|
|||||||
471,782,956 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Aptiv PLC |
||||||||
3.10%, 12/01/51 (Call 06/01/51) |
12,398 | 7,531,904 | ||||||
3.25%, 03/01/32 (Call 12/01/31)(a) |
6,555 | 5,548,874 | ||||||
4.15%, 05/01/52 (Call 11/01/51) |
7,665 | 5,693,815 | ||||||
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)(a) |
6,347 | 5,750,582 | ||||||
|
|
|||||||
24,525,175 | ||||||||
Banks — 23.2% | ||||||||
Banco Bilbao Vizcaya Argentaria SA, 6.14%, 09/14/28 (Call 09/14/27), (1-year CMT + 2.700%)(a)(b) |
1,522 | 1,528,430 | ||||||
Banco Santander SA |
||||||||
1.72%, 09/14/27 (Call 09/14/26), (1-year CMT + 0.900%)(b) |
20,571 | 18,078,922 | ||||||
2.75%, 12/03/30 |
9,977 | 7,735,562 | ||||||
2.96%, 03/25/31(a) |
1,942 | 1,600,497 | ||||||
3.31%, 06/27/29(a) |
3,715 | 3,287,854 | ||||||
3.49%, 05/28/30 |
5,207 | 4,508,907 | ||||||
3.80%, 02/23/28 |
16,578 | 15,185,198 | ||||||
4.18%, 03/24/28 (Call 03/24/27), (1-year CMT + 2.000%)(b) |
25,374 | 23,770,038 | ||||||
4.25%, 04/11/27 |
15,654 | 14,804,639 | ||||||
4.38%, 04/12/28 |
16,657 | 15,656,451 | ||||||
5.29%, 08/18/27 |
22,849 | 22,358,818 | ||||||
5.59%, 08/08/28 |
17,620 | 17,476,756 | ||||||
6.92%, 08/08/33 |
11,242 | 11,229,453 | ||||||
Bank of America Corp. |
||||||||
1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(b) |
24,577 | 19,384,364 | ||||||
1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(b) |
21,640 | 16,955,156 | ||||||
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(b) |
26,301 | 22,425,340 | ||||||
2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(b) |
32,809 | 25,880,733 | ||||||
2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(b) |
31,225 | 25,966,292 | ||||||
2.55%, 02/04/28 (Call 02/04/27), (1-day SOFR + 1.050%)(b) |
20,424 | 18,459,836 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(b) |
$ | 29,514 | $ | 23,639,120 | ||||
2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(b) |
27,119 | 22,536,700 | ||||||
2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(a)(b) |
43,066 | 29,655,932 | ||||||
2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(b) |
40,001 | 32,708,098 | ||||||
2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(b) |
8,867 | 5,661,629 | ||||||
2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(b) |
17,147 | 14,698,959 | ||||||
2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(b) |
33,697 | 27,680,724 | ||||||
2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(b) |
17,390 | 11,395,723 | ||||||
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b) |
22,378 | 19,619,184 | ||||||
3.25%, 10/21/27 (Call 10/21/26)(a) |
22,625 | 21,073,868 | ||||||
3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(b) |
32,447 | 24,263,727 | ||||||
3.42%, 12/20/28 (Call 12/20/27), (3-mo. SOFR + 1.302%)(b) |
52,999 | 48,583,346 | ||||||
3.59%, 07/21/28 (Call 07/21/27), (3-mo. SOFR + 1.632%)(b) |
18,965 | 17,644,353 | ||||||
3.71%, 04/24/28 (Call 04/24/27), (3-mo. SOFR + 1.774%)(b) |
18,024 | 16,867,396 | ||||||
3.82%, 01/20/28 (Call 01/20/27), (3-mo. SOFR + 1.837%)(b) |
22,669 | 21,375,264 | ||||||
3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)(b) |
10,740 | 8,411,107 | ||||||
3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(b) |
23,130 | 21,591,214 | ||||||
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b) |
26,830 | 24,716,676 | ||||||
4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(b) |
12,280 | 10,301,023 | ||||||
4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(b) |
47,605 | 38,269,369 | ||||||
4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(b) |
10,593 | 9,184,938 | ||||||
4.25%, 10/22/26 |
5,300 | 5,089,014 | ||||||
4.27%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.572%)(b) |
26,539 | 25,024,730 | ||||||
4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(a)(b) |
22,858 | 19,363,485 | ||||||
4.38%, 04/27/28 (Call 04/27/27), (1-day SOFR + 1.580%)(b) |
20,466 | 19,624,567 | ||||||
4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(b) |
16,815 | 14,340,180 | ||||||
4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(b) |
34,542 | 31,976,327 | ||||||
4.95%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.040%)(b) |
26,720 | 26,154,696 | ||||||
5.00%, 01/21/44(a) |
18,340 | 17,358,032 | ||||||
5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(b) |
44,397 | 42,668,736 | ||||||
5.20%, 04/25/29 (Call 04/25/28), (1-day SOFR + 1.630%)(b) |
31,555 | 31,043,620 | ||||||
5.29%, 04/25/34, |
42,843 | 41,777,533 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
5.88%, 02/07/42 |
$ | 16,311 | $ | 16,826,757 | ||||
6.11%, 01/29/37(a) |
18,145 | 18,686,714 | ||||||
6.20%, 11/10/28 (Call 11/10/27), (1-day SOFR + 1.990%)(b) |
19,009 | 19,438,744 | ||||||
7.75%, 05/14/38 |
16,525 | 19,327,010 | ||||||
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a) |
19,615 | 18,591,111 | ||||||
Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(b) |
18,366 | 15,017,403 | ||||||
Series N, 3.48%, 03/13/52 (Call 03/13/51), (1-day SOFR + 1.650%)(b) |
8,316 | 5,986,255 | ||||||
Bank of America NA, 6.00%, 10/15/36(a) |
12,563 | 13,192,661 | ||||||
Bank of Montreal |
||||||||
1.25%, 09/15/26(a) |
2,076 | 1,840,055 | ||||||
2.65%, 03/08/27 |
7,530 | 6,871,684 | ||||||
5.20%, 02/01/28 (Call 01/01/28) |
5,080 | 5,042,073 | ||||||
Series H, 4.70%, 09/14/27 (Call 08/14/27)(a) |
6,455 | 6,299,336 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
2.05%, 01/26/27 (Call 12/26/26)(a) |
1,955 | 1,764,448 | ||||||
3.25%, 05/16/27 (Call 02/16/27) |
1,618 | 1,517,284 | ||||||
3.30%, 08/23/29 (Call 05/23/29)(a) |
980 | 873,793 | ||||||
3.40%, 01/29/28 (Call 10/29/27)(a) |
1,770 | 1,648,722 | ||||||
3.85%, 04/28/28(a) |
1,617 | 1,535,898 | ||||||
Bank of Nova Scotia (The) |
||||||||
1.30%, 09/15/26 |
1,242 | 1,100,274 | ||||||
1.95%, 02/02/27 |
1,565 | 1,402,643 | ||||||
2.45%, 02/02/32 |
2,028 | 1,641,921 | ||||||
4.85%, 02/01/30(a) |
14,099 | 13,677,149 | ||||||
5.25%, 06/12/28 |
15,520 | 15,381,734 | ||||||
Barclays PLC |
||||||||
2.28%, 11/24/27 (Call 11/24/26), (1-year CMT + 1.050%)(b) |
21,996 | 19,544,766 | ||||||
2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(b) |
1,963 | 1,565,567 | ||||||
2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(b) |
8,108 | 6,352,712 | ||||||
2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(b) |
10,095 | 7,880,929 | ||||||
3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(b) |
6,322 | 4,308,666 | ||||||
4.34%, 01/10/28 (Call 01/10/27)(a) |
17,760 | 16,739,546 | ||||||
4.84%, 05/09/28 (Call 05/07/27) |
22,620 | 20,943,906 | ||||||
4.95%, 01/10/47(a) |
12,833 | 11,028,353 | ||||||
4.97%, 05/16/29 (Call 05/16/28), (3-mo. LIBOR US + 1.902%)(a)(b) |
19,248 | 18,289,234 | ||||||
5.25%, 08/17/45(a) |
13,961 | 12,508,073 | ||||||
5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(b) |
19,507 | 19,027,565 | ||||||
5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(a)(b) |
8,251 | 7,901,606 | ||||||
6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(b) |
17,816 | 17,603,140 | ||||||
7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)(b) |
15,670 | 15,623,634 | ||||||
7.39%, 11/02/28 (Call 11/02/27), (1-year CMT + 3.300%)(b) |
18,045 | 18,786,254 | ||||||
7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(a)(b) |
18,365 | 19,692,969 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
3.45%, 04/07/27 |
3,038 | 2,837,635 | ||||||
3.60%, 04/07/32 (Call 03/07/32)(a) |
2,182 | 1,943,763 |
26 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
5.00%, 04/28/28 (Call 03/28/28)(a) |
$ | 8,129 | $ | 7,958,150 | ||||
Citigroup Inc. |
||||||||
2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(b) |
19,112 | 15,161,844 | ||||||
2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(b) |
29,418 | 23,702,212 | ||||||
2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(b) |
40,227 | 33,230,861 | ||||||
2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(b) |
28,712 | 24,062,132 | ||||||
2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(a)(b) |
10,695 | 7,307,925 | ||||||
2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(a)(b) |
27,440 | 23,599,421 | ||||||
3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(b) |
32,147 | 26,492,147 | ||||||
3.07%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.280%)(b) |
26,857 | 24,654,213 | ||||||
3.20%, 10/21/26 (Call 07/21/26)(a) |
8,845 | 8,247,501 | ||||||
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(b) |
22,619 | 20,835,110 | ||||||
3.67%, 07/24/28 (Call 07/24/27), (3-mo. SOFR + 1.652%)(b) |
26,618 | 24,730,217 | ||||||
3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(b) |
30,574 | 26,573,707 | ||||||
3.88%, 01/24/39 (Call 01/24/38), (3-mo. SOFR + 1.430%)(b) |
1,904 | 1,556,791 | ||||||
3.89%, 01/10/28 (Call 01/10/27), (3-mo. SOFR + 1.825%)(b) |
29,684 | 28,039,002 | ||||||
3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(b) |
31,925 | 29,408,649 | ||||||
4.08%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.454%)(b) |
21,775 | 20,405,444 | ||||||
4.13%, 07/25/28 |
22,344 | 20,810,373 | ||||||
4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(b) |
8,650 | 7,189,916 | ||||||
4.30%, 11/20/26 |
6,468 | 6,207,017 | ||||||
4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(b) |
44,238 | 41,039,062 | ||||||
4.45%, 09/29/27 |
39,049 | 37,257,182 | ||||||
4.65%, 07/30/45 |
9,868 | 8,456,002 | ||||||
4.65%, 07/23/48 (Call 06/23/48) |
26,224 | 22,572,935 | ||||||
4.66%, 05/24/28 (Call 05/24/27), (1-day SOFR + 1.887%)(b) |
16,826 | 16,366,245 | ||||||
4.75%, 05/18/46 |
20,585 | 17,120,555 | ||||||
4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(a)(b) |
26,026 | 24,716,429 | ||||||
5.30%, 05/06/44(a) |
10,448 | 9,372,780 | ||||||
5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(a)(b) |
12,419 | 11,762,707 | ||||||
5.88%, 01/30/42 |
12,252 | 12,419,426 | ||||||
6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(a)(b) |
27,956 | 29,122,707 | ||||||
6.63%, 06/15/32(a) |
12,017 | 12,486,336 | ||||||
6.68%, 09/13/43 |
10,035 | 10,551,623 | ||||||
8.13%, 07/15/39 |
22,917 | 28,499,808 | ||||||
Citizens Bank NA, 4.58%, 08/09/28 (Call 08/09/27), (1-day SOFR + 2.000%)(b) |
2,894 | 2,699,683 | ||||||
Citizens Financial Group Inc., 3.25%, 04/30/30 (Call 01/30/30)(a) |
1,441 | 1,206,427 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Cooperatieve Rabobank UA |
||||||||
5.25%, 05/24/41 |
$ | 27,086 | $ | 27,563,686 | ||||
5.25%, 08/04/45(a) |
11,167 | 10,225,382 | ||||||
5.75%, 12/01/43 |
6,929 | 6,753,063 | ||||||
Credit Suisse AG/New York |
||||||||
5.00%, 07/09/27 |
7,220 | 7,040,583 | ||||||
7.50%, 02/15/28 |
21,081 | 22,548,870 | ||||||
Deutsche Bank AG/New York NY |
||||||||
2.31%, 11/16/27 (Call 11/16/26), (1-day SOFR + 1.219%)(b) |
22,999 | 20,162,865 | ||||||
2.55%, 01/07/28 (Call 01/07/27), (1-day SOFR + 1.318%)(b) |
19,343 | 17,092,815 | ||||||
3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(b) |
2,065 | 1,642,558 | ||||||
3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(b) |
8,056 | 6,753,903 | ||||||
6.72%, 01/18/29 (Call 01/18/28), (1-day SOFR + 3.180%)(b) |
21,518 | 21,791,619 | ||||||
Discover Bank, 4.65%, 09/13/28 (Call 06/13/28) |
9,849 | 9,044,840 | ||||||
Fifth Third Bancorp. |
||||||||
2.55%, 05/05/27 (Call 04/05/27) |
1,929 | 1,725,717 | ||||||
4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(b) |
3,126 | 2,921,871 | ||||||
6.34%, 07/27/29 (Call 07/27/28), (1-day SOFR + 2.340%)(a)(b) |
6,199 | 6,273,672 | ||||||
6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(a)(b) |
3,600 | 3,629,358 | ||||||
8.25%, 03/01/38 |
18,961 | 21,402,286 | ||||||
Goldman Sachs Capital I, 6.35%, 02/15/34(a) |
10,583 | 10,593,127 | ||||||
Goldman Sachs Group Inc., |
||||||||
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(b) |
32,802 | 28,945,574 | ||||||
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(b) |
45,728 | 40,696,365 | ||||||
1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(b) |
27,840 | 21,667,763 | ||||||
2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(b) |
42,482 | 33,533,642 | ||||||
2.60%, 02/07/30 (Call 11/07/29) |
19,516 | 16,468,233 | ||||||
2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(b) |
39,394 | 31,899,433 | ||||||
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(b) |
33,634 | 30,396,277 | ||||||
2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(b) |
31,729 | 25,443,038 | ||||||
2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(b) |
11,588 | 7,978,471 | ||||||
3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(a)(b) |
42,047 | 34,956,396 | ||||||
3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(a)(b) |
21,831 | 15,663,018 | ||||||
3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(b) |
18,996 | 14,008,870 | ||||||
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(b) |
35,860 | 33,525,708 | ||||||
3.69%, 06/05/28 (Call 06/05/27), (3-mo. SOFR + 1.772%)(b) |
28,413 | 26,594,057 | ||||||
3.80%, 03/15/30 (Call 12/15/29)(a) |
24,071 | 21,886,335 | ||||||
3.81%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.420%)(b) |
26,763 | 24,755,553 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.85%, 01/26/27 (Call 01/26/26) |
$ | 18,876 | $ | 17,886,433 | ||||
4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.645%)(b) |
20,213 | 16,799,663 | ||||||
4.22%, 05/01/29 (Call 05/01/28), (3-mo. SOFR + 1.563%)(b) |
37,348 | 35,145,021 | ||||||
4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(b) |
8,343 | 7,199,252 | ||||||
4.48%, 08/23/28 (Call 08/23/27), (1-day SOFR + 1.725%)(b) |
28,906 | 27,815,154 | ||||||
4.75%, 10/21/45 (Call 04/21/45) |
15,651 | 14,070,764 | ||||||
4.80%, 07/08/44 (Call 01/08/44) |
16,415 | 14,608,316 | ||||||
5.15%, 05/22/45(a) |
22,045 | 20,264,699 | ||||||
5.95%, 01/15/27(a) |
7,097 | 7,159,486 | ||||||
6.13%, 02/15/33(a) |
13,689 | 14,476,870 | ||||||
6.25%, 02/01/41(a) |
30,357 | 31,915,808 | ||||||
6.75%, 10/01/37 |
70,782 | 75,103,928 | ||||||
HSBC Holdings PLC |
||||||||
2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(b) |
24,243 | 20,823,612 | ||||||
2.21%, 08/17/29 (Call 08/17/28), (1-day SOFR + 1.285%)(a)(b) |
23,571 | 19,749,999 | ||||||
2.25%, 11/22/27 (Call 11/22/26), (1-day SOFR + 1.100%)(b) |
29,039 | 25,901,827 | ||||||
2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(b) |
15,566 | 12,328,588 | ||||||
2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(b) |
29,747 | 23,747,351 | ||||||
2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(b) |
16,462 | 13,577,830 | ||||||
2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(b) |
17,730 | 14,080,148 | ||||||
3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(b) |
32,422 | 29,178,266 | ||||||
4.04%, 03/13/28 (Call 03/13/27), (3-mo. SOFR + 1.808%)(b) |
27,718 | 26,032,776 | ||||||
4.58%, 06/19/29 (Call 06/19/28), (3-mo. SOFR + 1.796%)(b) |
30,975 | 29,191,525 | ||||||
4.76%, 06/09/28 (Call 06/09/27), (1-day SOFR + 2.110%)(a)(b) |
26,060 | 24,982,351 | ||||||
4.95%, 03/31/30(a) |
28,819 | 27,711,601 | ||||||
5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(b) |
23,927 | 23,345,117 | ||||||
5.25%, 03/14/44(a) |
8,931 | 7,831,107 | ||||||
5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(a)(b) |
24,594 | 23,476,171 | ||||||
6.10%, 01/14/42(a) |
10,827 | 11,282,247 | ||||||
6.16%, 03/09/29 (Call 03/09/28), (1-day SOFR + 1.970%)(b) |
22,146 | 22,298,338 | ||||||
6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(a)(b) |
22,020 | 22,247,357 | ||||||
6.33%, 03/09/44 (Call 03/09/43), (1-day SOFR + 2.650%)(b) |
29,903 | 30,141,572 | ||||||
6.50%, 05/02/36(a) |
15,829 | 16,122,709 | ||||||
6.50%, 09/15/37(a) |
16,861 | 17,298,067 | ||||||
6.50%, 09/15/37 |
3,767 | 3,672,965 | ||||||
6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)(b) |
8,800 | 8,621,608 | ||||||
6.80%, 06/01/38(a) |
7,641 | 7,866,578 | ||||||
7.39%, 11/03/28 (Call 11/03/27), (1-day SOFR + 3.350%)(b) |
24,649 | 25,901,036 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Huntington Bancshares Inc. |
||||||||
2.55%, 02/04/30 (Call 11/04/29) |
$ | 3,097 | $ | 2,525,320 | ||||
4.44%, 08/04/28 (Call 08/04/27), (1-day SOFR + 1.970%)(a)(b) |
4,464 | 4,201,876 | ||||||
6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)(b) |
3,118 | 3,136,281 | ||||||
Huntington National Bank (The) |
||||||||
4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(a)(b) |
3,106 | 2,938,990 | ||||||
5.65%, 01/10/30 (Call 11/10/29)(a) |
5,899 | 5,738,760 | ||||||
ING Groep NV |
||||||||
2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(a)(b) |
1,608 | 1,312,877 | ||||||
3.95%, 03/29/27 |
24,920 | 23,620,434 | ||||||
4.02%, 03/28/28 (Call 03/28/27), (1-day SOFR + 1.830%)(b) |
21,752 | 20,477,985 | ||||||
4.05%, 04/09/29 |
5,357 | 4,977,250 | ||||||
4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(a)(b) |
2,615 | 2,351,534 | ||||||
4.55%, 10/02/28 |
6,484 | 6,214,956 | ||||||
JPMorgan Chase & Co. |
||||||||
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(b) |
31,362 | 27,705,429 | ||||||
1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(b) |
15,860 | 12,387,298 | ||||||
1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(b) |
32,404 | 25,508,199 | ||||||
2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(b) |
20,733 | 17,783,766 | ||||||
2.18%, 06/01/28 (Call 06/01/27), (1-day SOFR + 1.890%)(b) |
17,483 | 15,529,838 | ||||||
2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(b) |
26,188 | 21,959,379 | ||||||
2.53%, 11/19/41 (Call 11/19/40), (3-mo. SOFR + 1.510%)(b) |
17,966 | 12,085,804 | ||||||
2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(b) |
28,536 | 23,000,390 | ||||||
2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(b) |
34,786 | 28,480,102 | ||||||
2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(b) |
38,024 | 32,617,151 | ||||||
2.95%, 10/01/26 (Call 07/01/26)(a) |
5,727 | 5,348,791 | ||||||
2.95%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.170%)(b) |
19,317 | 17,724,593 | ||||||
2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(b) |
35,513 | 29,461,226 | ||||||
3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(a)(b) |
14,426 | 10,639,090 | ||||||
3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(a)(b) |
23,350 | 15,794,739 | ||||||
3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)(b) |
19,570 | 14,352,579 | ||||||
3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(b) |
34,701 | 24,320,987 | ||||||
3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(b) |
23,041 | 21,234,046 | ||||||
3.54%, 05/01/28 (Call 05/01/27), (3-mo. SOFR + 1.642%)(b) |
25,823 | 24,108,079 | ||||||
3.63%, 12/01/27 (Call 12/01/26)(a) |
13,279 | 12,480,438 |
28 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(b) |
$ | 27,820 | $ | 25,388,894 | ||||
3.78%, 02/01/28 (Call 02/01/27), (3-mo. SOFR + 1.599%)(b) |
29,259 | 27,625,189 | ||||||
3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(b) |
15,694 | 13,206,041 | ||||||
3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(b) |
17,885 | 14,022,725 | ||||||
3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(b) |
35,674 | 28,253,034 | ||||||
4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(b) |
24,290 | 22,783,541 | ||||||
4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(b) |
14,961 | 12,046,099 | ||||||
4.13%, 12/15/26 |
12,533 | 12,048,645 | ||||||
4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(b) |
26,261 | 24,803,662 | ||||||
4.25%, 10/01/27(a) |
17,494 | 16,909,412 | ||||||
4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(b) |
19,743 | 16,529,896 | ||||||
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(b) |
30,977 | 29,784,667 | ||||||
4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(a)(b) |
27,190 | 25,909,791 | ||||||
4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(a)(b) |
30,287 | 28,632,176 | ||||||
4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(b) |
19,655 | 18,741,267 | ||||||
4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(b) |
20,000 | 18,675,284 | ||||||
4.85%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.990%)(b) |
35,888 | 35,140,701 | ||||||
4.85%, 02/01/44 |
11,121 | 10,207,710 | ||||||
4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(b) |
44,140 | 42,423,108 | ||||||
4.95%, 06/01/45(a) |
17,405 | 15,840,310 | ||||||
5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(b) |
27,935 | 27,760,627 | ||||||
5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(b) |
44,277 | 43,711,445 | ||||||
5.40%, 01/06/42(a) |
14,688 | 14,585,614 | ||||||
5.50%, 10/15/40(a) |
14,698 | 14,784,898 | ||||||
5.60%, 07/15/41 |
19,179 | 19,426,426 | ||||||
5.63%, 08/16/43(a) |
13,415 | 13,355,394 | ||||||
6.40%, 05/15/38 |
25,300 | 27,652,197 | ||||||
KeyBank
NA, 5.00%, 01/26/33 |
6,290 | 5,468,429 | ||||||
KeyBank NA/Cleveland OH |
||||||||
4.90%, 08/08/32(a) |
4,569 | 3,768,900 | ||||||
5.85%, 11/15/27 (Call 10/16/27)(a) |
9,465 | 9,158,102 | ||||||
KeyCorp |
||||||||
2.25%, 04/06/27(a) |
7,853 | 6,750,638 | ||||||
2.55%, 10/01/29(a) |
4,354 | 3,444,972 | ||||||
4.10%, 04/30/28(a) |
7,487 | 6,710,543 | ||||||
4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(b) |
3,867 | 3,328,756 | ||||||
Lloyds Banking Group PLC |
||||||||
3.57%, 11/07/28 (Call 11/07/27), (3-mo. LIBOR US + 1.205%)(a)(b) |
31,739 | 28,824,788 | ||||||
3.75%, 01/11/27 |
9,166 | 8,621,812 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.75%, 03/18/28 (Call 03/18/27), (1-year CMT + 1.800%)(b) |
$ | 20,750 | $ | 19,306,945 | ||||
4.34%, 01/09/48 |
14,116 | 10,508,840 | ||||||
4.38%, 03/22/28 |
17,911 | 16,957,250 | ||||||
4.55%, 08/16/28(a) |
11,640 | 11,043,689 | ||||||
4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(a)(b) |
4,310 | 3,989,200 | ||||||
5.30%, 12/01/45(a) |
3,846 | 3,400,308 | ||||||
5.87%, 03/06/29 (Call 03/06/28), (1-year CMT + 1.700%)(b) |
26,423 | 26,202,365 | ||||||
M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(b) |
5,579 | 5,078,032 | ||||||
Manufacturers & Traders Trust Co., 4.70%, 01/27/28 (Call 12/27/27) |
10,663 | 9,963,462 | ||||||
Mitsubishi UFJ Financial Group Inc. |
||||||||
1.64%, 10/13/27 (Call 10/13/26), (1-year CMT + 0.670%)(b) |
20,404 | 18,107,401 | ||||||
2.05%, 07/17/30 |
14,111 | 11,350,733 | ||||||
2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(b) |
16,522 | 13,089,300 | ||||||
2.34%, 01/19/28 (Call 01/19/27), (1-year CMT + 0.830%)(b) |
22,695 | 20,359,483 | ||||||
2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(b) |
7,171 | 5,732,346 | ||||||
2.56%, 02/25/30(a) |
11,044 | 9,283,821 | ||||||
2.76%, 09/13/26(a) |
1,058 | 975,134 | ||||||
2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(b) |
9,247 | 7,565,293 | ||||||
3.20%, 07/18/29 |
16,629 | 14,692,704 | ||||||
3.29%, 07/25/27(a) |
14,346 | 13,339,477 | ||||||
3.68%, 02/22/27(a) |
12,737 | 12,107,647 | ||||||
3.74%, 03/07/29 |
14,808 | 13,716,510 | ||||||
3.75%, 07/18/39 |
12,912 | 10,631,217 | ||||||
3.96%, 03/02/28(a) |
15,557 | 14,781,420 | ||||||
4.05%, 09/11/28(a) |
9,174 | 8,714,829 | ||||||
4.08%, 04/19/28 (Call 04/19/27), (1-year CMT + 1.300%)(b) |
12,715 | 12,079,883 | ||||||
5.02%, 07/20/28 (Call 07/20/27), (1-year CMT + 1.950%)(b) |
19,884 | 19,452,267 | ||||||
5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(b) |
12,030 | 11,680,507 | ||||||
5.35%, 09/13/28 (Call 09/13/27), (1-year CMT + 1.900%)(b) |
19,957 | 19,776,930 | ||||||
5.41%, 04/19/34, (1-year CMT + 1.970%)(a)(b) |
8,714 | 8,583,750 | ||||||
5.42%, 02/22/29 (Call 02/22/28), (1-year CMT + 1.380%)(b) |
16,257 | 16,169,874 | ||||||
5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(b) |
12,210 | 12,072,694 | ||||||
5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)(a)(b) |
5,758 | 5,721,532 | ||||||
Mizuho Financial Group Inc. |
||||||||
1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(a)(b) |
3,454 | 2,696,077 | ||||||
2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(b) |
8,827 | 7,021,317 | ||||||
2.56%, 09/13/31(a) |
7,733 | 6,019,234 | ||||||
2.84%, 09/13/26(a) |
2,346 | 2,162,020 | ||||||
3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(a)(b) |
5,968 | 5,157,505 | ||||||
3.17%, 09/11/27(a) |
14,261 | 13,063,424 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.02%, 03/05/28(a) |
$ | 16,366 | $ | 15,424,842 | ||||
4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(a)(b) |
8,904 | 8,318,321 | ||||||
5.41%, 09/13/28 (Call 09/13/27), (1-year CMT + 2.050%)(b) |
12,197 | 12,097,063 | ||||||
5.67%, 05/27/29 (Call 05/27/28), (1-year CMT + 1.500%)(b) |
15,929 | 15,897,499 | ||||||
5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(b) |
4,329 | 4,294,157 | ||||||
5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(b) |
6,771 | 6,755,813 | ||||||
5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(b) |
14,625 | 14,480,038 | ||||||
5.78%, 07/06/29 (Call 07/06/28), (1-year CMT + 1.650%)(b) |
17,395 | 17,417,981 | ||||||
Morgan Stanley |
||||||||
1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(b) |
33,962 | 26,092,719 | ||||||
1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(b) |
31,947 | 24,635,197 | ||||||
2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(a)(b) |
39,709 | 31,127,504 | ||||||
2.48%, 01/21/28 (Call 01/21/27), (1-day SOFR + 1.000%)(b) |
21,696 | 19,571,352 | ||||||
2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(b) |
31,164 | 24,808,959 | ||||||
2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(b) |
37,604 | 31,672,499 | ||||||
2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(b) |
17,139 | 10,845,228 | ||||||
2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(b) |
31,061 | 25,413,352 | ||||||
3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(b) |
16,299 | 12,003,390 | ||||||
3.59%, 07/22/28 (Call 07/22/27), (3-mo. LIBOR US + 1.340%)(b) |
30,614 | 28,328,050 | ||||||
3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(a)(b) |
33,884 | 30,089,954 | ||||||
3.63%, 01/20/27(a) |
14,889 | 14,058,883 | ||||||
3.77%, 01/24/29 (Call 01/24/28), (3-mo. SOFR + 1.402%)(b) |
31,549 | 29,260,906 | ||||||
3.95%, 04/23/27 |
23,082 | 21,764,348 | ||||||
3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)(b) |
14,670 | 12,216,319 | ||||||
4.21%, 04/20/28 (Call 04/20/27), (1-day SOFR + 1.610%)(b) |
26,829 | 25,626,154 | ||||||
4.30%, 01/27/45 |
22,374 | 18,937,213 | ||||||
4.35%, 09/08/26 |
3,683 | 3,544,857 | ||||||
4.38%, 01/22/47 |
20,576 | 17,567,931 | ||||||
4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(b) |
30,155 | 28,574,399 | ||||||
4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(b) |
3,069 | 2,688,495 | ||||||
4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(b) |
24,369 | 23,050,596 | ||||||
5.12%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.730%)(b) |
25,503 | 24,995,411 | ||||||
5.16%, 04/20/29 (Call 04/20/28), (1-day SOFR + 1.590%)(b) |
26,730 | 26,190,776 | ||||||
5.25%, 04/21/34, (1-day SOFR + 1.870%)(b) |
37,508 | 36,347,863 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(a)(b) |
$ | 14,985 | $ | 14,716,350 | ||||
5.45%, 07/20/29 (Call 07/20/28), (1-day SOFR + 1.630%)(b) |
10,098 | 10,035,074 | ||||||
5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)(b) |
18,821 | 18,921,099 | ||||||
6.30%, 10/18/28 (Call 10/18/27), (1-day SOFR + 2.240%)(b) |
21,730 | 22,261,983 | ||||||
6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(b) |
33,252 | 34,754,831 | ||||||
6.38%, 07/24/42(a) |
27,077 | 29,520,705 | ||||||
7.25%, 04/01/32(a) |
15,878 | 18,069,229 | ||||||
National Australia Bank Ltd./New York |
||||||||
3.91%, 06/09/27 |
5,654 | 5,407,387 | ||||||
4.90%, 06/13/28(a) |
13,959 | 13,780,470 | ||||||
4.94%, 01/12/28 |
852 | 844,707 | ||||||
NatWest Group PLC |
||||||||
3.07%, 05/22/28 (Call 05/22/27), (1-year CMT + 2.550%)(b) |
12,580 | 11,346,869 | ||||||
4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(b) |
11,470 | 10,547,810 | ||||||
4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(b) |
27,102 | 25,824,260 | ||||||
5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(a)(b) |
19,102 | 18,190,775 | ||||||
5.52%, 09/30/28 (Call 09/30/27), (1-year CMT + 2.270%)(a)(b) |
16,796 | 16,496,432 | ||||||
5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(a)(b) |
13,376 | 13,258,983 | ||||||
6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(a)(b) |
3,508 | 3,492,270 | ||||||
Northern Trust Corp. |
||||||||
1.95%, 05/01/30 (Call 02/01/30)(a) |
8,564 | 7,056,479 | ||||||
4.00%, 05/10/27 (Call 04/10/27)(a) |
10,659 | 10,235,003 | ||||||
6.13%, 11/02/32 (Call 08/02/32)(a) |
8,576 | 8,761,254 | ||||||
PNC Bank NA |
||||||||
2.70%, 10/22/29 |
10,062 | 8,411,288 | ||||||
3.10%, 10/25/27 (Call 09/25/27) |
10,416 | 9,493,601 | ||||||
4.05%, 07/26/28 |
15,030 | 13,884,123 | ||||||
PNC Financial Services Group Inc. (The) |
||||||||
2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(a)(b) |
4,140 | 3,333,122 | ||||||
2.55%, 01/22/30 (Call 10/24/29)(a) |
22,371 | 18,768,797 | ||||||
3.15%, 05/19/27 (Call 04/19/27)(a) |
8,995 | 8,331,861 | ||||||
3.45%, 04/23/29 (Call 01/23/29) |
17,584 | 15,899,407 | ||||||
5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(a)(b) |
12,055 | 11,420,790 | ||||||
5.35%, 12/02/28 (Call 12/02/27), (1-day SOFR + 1.630%)(a)(b) |
11,975 | 11,768,814 | ||||||
5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(b) |
18,400 | 18,247,606 | ||||||
5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)(a)(b) |
10,884 | 11,003,064 | ||||||
6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(b) |
11,739 | 11,907,252 | ||||||
Royal Bank of Canada |
||||||||
1.40%, 11/02/26 |
4,967 | 4,401,013 | ||||||
2.30%, 11/03/31 |
13,210 | 10,626,688 | ||||||
3.63%, 05/04/27 |
10,930 | 10,304,796 | ||||||
3.88%, 05/04/32 |
8,364 | 7,575,387 |
30 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.24%, 08/03/27 |
$ | 10,991 | $ | 10,561,427 | ||||
4.90%, 01/12/28(a) |
6,777 | 6,678,962 | ||||||
5.00%, 02/01/33 |
15,638 | 15,149,872 | ||||||
5.00%, 05/02/33(a) |
9,852 | 9,535,667 | ||||||
5.20%, 08/01/28 |
14,676 | 14,596,116 | ||||||
6.00%, 11/01/27 |
10,871 | 11,128,629 | ||||||
Santander Holdings USA Inc. |
||||||||
2.49%, 01/06/28 (Call 01/06/27), (1-day SOFR + 1.249%)(b) |
10,653 | 9,344,681 | ||||||
3.24%, 10/05/26 (Call 08/05/26) |
2,762 | 2,529,031 | ||||||
4.40%, 07/13/27 (Call 04/14/27)(a) |
11,286 | 10,688,049 | ||||||
6.50%, 03/09/29 (Call 03/09/28), (1-day SOFR + 2.356%)(b) |
10,679 | 10,605,705 | ||||||
Santander UK Group Holdings PLC |
||||||||
2.47%, 01/11/28 (Call 01/11/27), (1-day SOFR + 1.220%)(b) |
5,291 | 4,655,683 | ||||||
3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(b) |
3,623 | 3,275,088 | ||||||
6.53%, 01/10/29 (Call 01/10/28), (1-day SOFR + 2.600%)(b) |
6,023 | 6,067,436 | ||||||
State Street Corp. |
||||||||
2.20%, 03/03/31(a) |
2,492 | 1,984,209 | ||||||
2.40%, 01/24/30(a) |
1,513 | 1,286,419 | ||||||
Sumitomo Mitsui Financial Group Inc. |
||||||||
1.40%, 09/17/26(a) |
5,886 | 5,206,791 | ||||||
1.90%, 09/17/28 |
25,628 | 21,550,690 | ||||||
2.13%, 07/08/30 |
20,243 | 16,309,979 | ||||||
2.14%, 09/23/30 |
2,982 | 2,358,519 | ||||||
2.22%, 09/17/31(a) |
4,037 | 3,186,331 | ||||||
2.75%, 01/15/30(a) |
18,912 | 16,087,304 | ||||||
2.93%, 09/17/41(a) |
1,521 | 1,051,857 | ||||||
3.01%, 10/19/26 |
9,885 | 9,165,420 | ||||||
3.04%, 07/16/29 |
29,973 | 26,184,371 | ||||||
3.35%, 10/18/27(a) |
5,750 | 5,290,996 | ||||||
3.36%, 07/12/27(a) |
16,732 | 15,528,805 | ||||||
3.45%, 01/11/27(a) |
5,882 | 5,503,581 | ||||||
3.54%, 01/17/28 |
5,803 | 5,355,691 | ||||||
3.94%, 07/19/28(a) |
7,813 | 7,295,803 | ||||||
5.52%, 01/13/28(a) |
34,970 | 34,952,644 | ||||||
5.71%, 01/13/30 |
18,636 | 18,731,936 | ||||||
5.77%, 01/13/33 |
15,432 | 15,650,739 | ||||||
5.80%, 07/13/28(a) |
10,892 | 11,020,428 | ||||||
6.18%, 07/13/43 |
11,366 | 11,443,508 | ||||||
Toronto-Dominion Bank (The) |
||||||||
1.25%, 09/10/26 |
2,197 | 1,946,733 | ||||||
1.95%, 01/12/27(a) |
5,368 | 4,824,163 | ||||||
2.00%, 09/10/31 |
4,279 | 3,384,870 | ||||||
2.80%, 03/10/27 |
11,985 | 10,994,766 | ||||||
3.20%, 03/10/32 |
12,591 | 10,717,343 | ||||||
4.11%, 06/08/27 |
16,506 | 15,758,471 | ||||||
4.46%, 06/08/32 |
17,836 | 16,594,693 | ||||||
4.69%, 09/15/27 |
15,124 | 14,744,977 | ||||||
5.16%, 01/10/28 |
13,170 | 13,045,079 | ||||||
5.52%, 07/17/28 |
20,100 | 20,174,575 | ||||||
Truist Bank |
||||||||
2.25%, 03/11/30 (Call 12/11/29) |
11,209 | 8,885,833 | ||||||
3.80%, 10/30/26 (Call 09/30/26) |
6,407 | 5,917,015 | ||||||
Truist Financial Corp. |
||||||||
1.13%, 08/03/27 (Call 06/03/27)(a) |
9,690 | 8,195,878 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.89%, 06/07/29 (Call 06/07/28), (1-day SOFR + 0.862%)(a)(b) |
$ | 15,729 | $ | 13,164,780 | ||||
1.95%, 06/05/30 (Call 03/05/30)(a) |
7,674 | 6,106,398 | ||||||
4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(a)(b) |
11,562 | 10,909,525 | ||||||
4.87%, 01/26/29 (Call 01/26/28), (1-day SOFR + 1.435%)(b) |
25,878 | 24,831,605 | ||||||
5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(a)(b) |
9,227 | 8,652,475 | ||||||
5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(a)(b) |
12,888 | 12,767,151 | ||||||
6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(a)(b) |
2,535 | 2,552,322 | ||||||
U.S. Bancorp |
||||||||
1.38%, 07/22/30 (Call 04/22/30) |
10,153 | 7,692,480 | ||||||
2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(b) |
17,454 | 15,582,449 | ||||||
2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(b) |
10,229 | 8,145,991 | ||||||
3.00%, 07/30/29 (Call 04/30/29) |
1,962 | 1,680,348 | ||||||
3.90%, 04/26/28 (Call 03/24/28) |
12,961 | 12,166,521 | ||||||
4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(a)(b) |
21,399 | 20,440,862 | ||||||
4.65%, 02/01/29 (Call 02/01/28), (1-day SOFR + 1.230%)(a)(b) |
17,542 | 16,746,993 | ||||||
4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(a)(b) |
19,684 | 18,259,522 | ||||||
5.78%, 06/12/29 (Call 06/12/28), (1-day SOFR + 2.020%)(b) |
14,987 | 14,897,448 | ||||||
5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(b) |
15,331 | 15,314,030 | ||||||
5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(a)(b) |
17,679 | 17,607,826 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27) |
16,153 | 14,981,885 | ||||||
UBS Group AG, 4.88%, 05/15/45 |
20,288 | 17,976,722 | ||||||
Wachovia Corp., 5.50%, 08/01/35 |
10,477 | 10,088,606 | ||||||
Wells Fargo & Co. |
||||||||
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(a)(b) |
29,202 | 25,981,008 | ||||||
2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(b) |
32,834 | 27,402,380 | ||||||
2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(a)(b) |
34,311 | 29,375,658 | ||||||
3.00%, 10/23/26 |
6,880 | 6,374,427 | ||||||
3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(b) |
38,030 | 27,194,877 | ||||||
3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(a)(b) |
38,660 | 32,551,565 | ||||||
3.53%, 03/24/28 (Call 03/24/27), (1-day SOFR + 1.510%)(b) |
36,677 | 34,118,126 | ||||||
3.58%, 05/22/28 (Call 05/22/27), (3-mo. SOFR + 1.572%)(b) |
26,556 | 24,643,092 | ||||||
3.90%, 05/01/45 |
25,306 | 19,821,522 | ||||||
4.15%, 01/24/29 (Call 10/24/28) |
23,861 | 22,439,340 | ||||||
4.30%, 07/22/27 |
22,127 | 21,192,579 | ||||||
4.40%, 06/14/46 |
22,357 | 17,716,279 | ||||||
4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(b) |
28,011 | 26,170,890 | ||||||
4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(b) |
35,195 | 29,713,509 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.65%, 11/04/44 |
$ | 22,083 | $ | 18,162,839 | ||||
4.75%, 12/07/46 |
22,654 | 18,783,868 | ||||||
4.81%, 07/25/28 (Call 07/25/27), (1-day SOFR + 1.980%)(b) |
26,322 | 25,522,559 | ||||||
4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(b) |
40,943 | 38,549,910 | ||||||
4.90%, 11/17/45(a) |
21,440 | 18,285,235 | ||||||
5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(b) |
57,316 | 51,512,463 | ||||||
5.38%, 11/02/43 |
21,383 | 19,585,793 | ||||||
5.39%, 04/24/34, (1-day SOFR + 2.020%)(b) |
36,793 | 35,799,383 | ||||||
5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(b) |
45,745 | 45,093,756 | ||||||
5.57%, 07/25/29 (Call 07/25/28), (1-day SOFR + 1.740%)(b) |
42,899 | 42,728,481 | ||||||
5.61%, 01/15/44 |
27,273 | 25,679,640 | ||||||
Wells Fargo Bank NA |
||||||||
5.85%, 02/01/37(a) |
11,080 | 10,935,355 | ||||||
6.60%, 01/15/38(a) |
15,816 | 16,697,453 | ||||||
Westpac Banking Corp. |
||||||||
1.95%, 11/20/28 |
17,562 | 15,095,433 | ||||||
2.15%, 06/03/31 |
8,072 | 6,607,411 | ||||||
2.65%, 01/16/30(a) |
7,897 | 6,903,671 | ||||||
2.96%, 11/16/40(a) |
10,365 | 6,713,029 | ||||||
3.13%, 11/18/41 |
7,603 | 4,973,499 | ||||||
3.35%, 03/08/27 |
14,196 | 13,388,872 | ||||||
3.40%, 01/25/28(a) |
12,063 | 11,331,413 | ||||||
4.04%, 08/26/27(a) |
10,780 | 10,464,414 | ||||||
4.42%, 07/24/39 |
8,237 | 6,638,508 | ||||||
5.46%, 11/18/27 |
19,774 | 20,052,315 | ||||||
|
|
|||||||
7,713,907,332 | ||||||||
Beverages — 2.7% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |
||||||||
4.70%, 02/01/36 (Call 08/01/35) |
55,761 | 53,333,071 | ||||||
4.90%, 02/01/46 (Call 08/01/45) |
100,947 | 93,794,259 | ||||||
Anheuser-Busch InBev Finance Inc. |
||||||||
4.63%, 02/01/44 |
10,719 | 9,723,684 | ||||||
4.90%, 02/01/46 (Call 08/01/45) |
15,719 | 14,437,375 | ||||||
Anheuser-Busch InBev Worldwide Inc. |
||||||||
3.50%, 06/01/30 (Call 03/01/30)(a) |
16,604 | 15,257,387 | ||||||
4.00%, 04/13/28 (Call 01/13/28) |
22,947 | 22,108,764 | ||||||
4.35%, 06/01/40 (Call 12/01/39) |
12,342 | 11,039,937 | ||||||
4.38%, 04/15/38 (Call 10/15/37) |
15,502 | 14,176,182 | ||||||
4.44%, 10/06/48 (Call 04/06/48) |
17,364 | 15,198,589 | ||||||
4.50%, 06/01/50 (Call 12/01/49)(a) |
17,657 | 15,752,461 | ||||||
4.60%, 04/15/48 (Call 10/15/47) |
22,493 | 20,211,967 | ||||||
4.75%, 01/23/29 (Call 10/23/28) |
42,851 | 42,421,072 | ||||||
4.75%, 04/15/58 (Call 10/15/57) |
9,422 | 8,418,022 | ||||||
4.90%, 01/23/31 (Call 10/23/30)(a) |
7,303 | 7,326,378 | ||||||
4.95%, 01/15/42 |
17,114 | 16,285,770 | ||||||
5.45%, 01/23/39 (Call 07/23/38) |
20,347 | 20,648,020 | ||||||
5.55%, 01/23/49 (Call 07/23/48) |
40,865 | 41,733,357 | ||||||
5.80%, 01/23/59 (Call 07/23/58) |
20,670 | 21,655,942 | ||||||
8.20%, 01/15/39 |
11,590 | 14,780,049 | ||||||
Coca-Cola Co. (The) |
||||||||
1.00%, 03/15/28(a) |
15,186 | 13,003,927 | ||||||
1.38%, 03/15/31 |
13,587 | 10,728,673 | ||||||
1.45%, 06/01/27(a) |
14,660 | 13,088,744 | ||||||
1.50%, 03/05/28 |
8,096 | 7,097,160 |
Security |
Par (000) |
Value | ||||||
Beverages (continued) | ||||||||
1.65%, 06/01/30 |
$ | 18,599 | $ | 15,333,092 | ||||
2.00%, 03/05/31 |
7,254 | 6,025,721 | ||||||
2.13%, 09/06/29(a) |
10,662 | 9,297,468 | ||||||
2.25%, 01/05/32(a) |
20,009 | 16,787,167 | ||||||
2.50%, 06/01/40 |
9,844 | 7,099,727 | ||||||
2.50%, 03/15/51(a) |
12,728 | 8,211,850 | ||||||
2.60%, 06/01/50 |
15,793 | 10,467,348 | ||||||
2.75%, 06/01/60(a) |
9,153 | 5,938,130 | ||||||
2.88%, 05/05/41 |
7,823 | 5,901,105 | ||||||
3.00%, 03/05/51(a) |
15,768 | 11,370,232 | ||||||
3.38%, 03/25/27(a) |
9,108 | 8,726,251 | ||||||
3.45%, 03/25/30(a) |
11,185 | 10,396,529 | ||||||
Constellation Brands Inc. |
||||||||
2.25%, 08/01/31 (Call 05/01/31)(a) |
10,235 | 8,231,509 | ||||||
3.15%, 08/01/29 (Call 05/01/29) |
7,830 | 6,992,905 | ||||||
4.90%, 05/01/33 |
6,447 | 6,211,329 | ||||||
Diageo Capital PLC |
||||||||
2.00%, 04/29/30 (Call 01/29/30) |
10,882 | 9,077,698 | ||||||
2.13%, 04/29/32 (Call 01/29/32) |
8,805 | 7,073,914 | ||||||
2.38%, 10/24/29 (Call 07/24/29) |
9,791 | 8,454,377 | ||||||
5.30%, 10/24/27 (Call 09/24/27) |
6,207 | 6,277,474 | ||||||
5.50%, 01/24/33 (Call 10/24/32) |
8,706 | 9,048,905 | ||||||
Keurig Dr Pepper Inc. |
||||||||
3.20%, 05/01/30 (Call 02/01/30) |
5,364 | 4,721,318 | ||||||
3.80%, 05/01/50 (Call 11/01/49) |
5,345 | 4,043,126 | ||||||
3.95%, 04/15/29 (Call 02/15/29)(a) |
11,579 | 10,904,795 | ||||||
4.05%, 04/15/32 (Call 01/15/32)(a) |
9,328 | 8,548,027 | ||||||
4.50%, 04/15/52 (Call 10/15/51)(a) |
11,187 | 9,524,369 | ||||||
4.60%, 05/25/28 (Call 02/25/28)(a) |
11,338 | 11,068,566 | ||||||
Molson Coors Beverage Co. |
||||||||
4.20%, 07/15/46 (Call 01/15/46)(a) |
14,543 | 11,496,463 | ||||||
5.00%, 05/01/42(a) |
15,914 | 14,387,354 | ||||||
PepsiCo Inc. |
||||||||
1.40%, 02/25/31 (Call 11/25/30)(a) |
11,001 | 8,761,955 | ||||||
1.63%, 05/01/30 (Call 02/01/30) |
11,872 | 9,790,012 | ||||||
1.95%, 10/21/31 (Call 07/21/31) |
14,431 | 11,791,863 | ||||||
2.38%, 10/06/26 (Call 07/06/26)(a) |
1,234 | 1,156,213 | ||||||
2.63%, 07/29/29 (Call 04/29/29)(a) |
9,692 | 8,682,434 | ||||||
2.63%, 10/21/41 (Call 04/21/41) |
6,059 | 4,394,735 | ||||||
2.75%, 03/19/30 (Call 12/19/29) |
15,659 | 13,948,442 | ||||||
2.75%, 10/21/51 (Call 04/21/51) |
9,487 | 6,408,925 | ||||||
2.88%, 10/15/49 (Call 04/15/49) |
7,067 | 4,987,137 | ||||||
3.00%, 10/15/27 (Call 07/15/27)(a) |
18,500 | 17,391,182 | ||||||
3.45%, 10/06/46 (Call 04/06/46)(a) |
10,331 | 8,191,122 | ||||||
3.60%, 02/18/28 (Call 01/18/28) |
8,966 | 8,592,464 | ||||||
3.63%, 03/19/50 (Call 09/19/49) |
7,684 | 6,170,911 | ||||||
3.90%, 07/18/32 (Call 04/18/32)(a) |
16,388 | 15,535,121 | ||||||
4.45%, 02/15/33 (Call 11/15/32)(a) |
4,747 | 4,723,466 | ||||||
4.45%, 04/14/46 (Call 10/14/45)(a) |
9,214 | 8,560,157 | ||||||
|
|
|||||||
892,923,678 | ||||||||
Biotechnology — 2.0% | ||||||||
Amgen Inc. |
||||||||
1.65%, 08/15/28 (Call 06/15/28)(a) |
13,270 | 11,320,890 | ||||||
2.00%, 01/15/32 (Call 10/15/31)(a) |
12,531 | 9,835,126 | ||||||
2.20%, 02/21/27 (Call 12/21/26) |
13,941 | 12,687,856 | ||||||
2.30%, 02/25/31 (Call 11/25/30) |
13,405 | 11,070,814 | ||||||
2.45%, 02/21/30 (Call 11/21/29) |
11,291 | 9,601,285 | ||||||
2.77%, 09/01/53 (Call 03/01/53)(a) |
8,004 | 4,781,170 | ||||||
2.80%, 08/15/41 (Call 02/15/41) |
13,923 | 9,596,630 | ||||||
3.00%, 02/22/29 (Call 12/22/28) |
9,232 | 8,354,137 |
32 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Biotechnology (continued) | ||||||||
3.00%, 01/15/52 (Call 07/15/51)(a) |
$ | 15,782 | $ | 10,181,784 | ||||
3.15%, 02/21/40 (Call 08/21/39)(a) |
22,475 | 16,741,621 | ||||||
3.20%, 11/02/27 (Call 08/02/27) |
10,194 | 9,481,454 | ||||||
3.35%, 02/22/32 (Call 11/22/31) |
12,622 | 11,007,222 | ||||||
3.38%, 02/21/50 (Call 08/21/49)(a) |
24,082 | 16,887,816 | ||||||
4.05%, 08/18/29 (Call 06/18/29) |
11,695 | 11,050,452 | ||||||
4.20%, 03/01/33 (Call 12/01/32) |
7,179 | 6,609,710 | ||||||
4.20%, 02/22/52 (Call 08/22/51) |
11,268 | 8,963,003 | ||||||
4.40%, 05/01/45 (Call 11/01/44) |
24,120 | 20,184,383 | ||||||
4.40%, 02/22/62 (Call 08/22/61) |
11,732 | 9,283,753 | ||||||
4.56%, 06/15/48 (Call 12/15/47) |
16,268 | 13,871,820 | ||||||
4.66%, 06/15/51 (Call 12/15/50)(a) |
35,453 | 30,524,923 | ||||||
4.88%, 03/01/53 (Call 09/01/52) |
10,725 | 9,484,824 | ||||||
5.15%, 03/02/28 (Call 02/02/28) |
35,993 | 35,971,530 | ||||||
5.25%, 03/02/30 (Call 01/02/30) |
26,834 | 26,804,153 | ||||||
5.25%, 03/02/33 (Call 12/02/32) |
41,323 | 41,126,179 | ||||||
5.60%, 03/02/43 (Call 09/02/42) |
28,653 | 28,024,537 | ||||||
5.65%, 03/02/53 (Call 09/02/52) |
42,804 | 42,411,171 | ||||||
5.75%, 03/02/63 (Call 09/02/62) |
28,291 | 27,881,935 | ||||||
Biogen Inc. |
||||||||
2.25%, 05/01/30 (Call 02/01/30) |
13,197 | 10,853,690 | ||||||
3.15%, 05/01/50 (Call 11/01/49) |
14,066 | 9,143,675 | ||||||
5.20%, 09/15/45 (Call 03/15/45) |
10,032 | 9,438,742 | ||||||
Gilead Sciences Inc. |
||||||||
1.20%, 10/01/27 (Call 08/01/27) |
7,901 | 6,796,848 | ||||||
1.65%, 10/01/30 (Call 07/01/30)(a) |
9,546 | 7,665,096 | ||||||
2.60%, 10/01/40 (Call 04/01/40)(a) |
13,808 | 9,627,393 | ||||||
2.80%, 10/01/50 (Call 04/01/50)(a) |
18,296 | 11,774,303 | ||||||
2.95%, 03/01/27 (Call 12/01/26) |
12,085 | 11,276,621 | ||||||
4.00%, 09/01/36 (Call 03/01/36)(a) |
1,232 | 1,090,210 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(a) |
19,949 | 16,668,700 | ||||||
4.50%, 02/01/45 (Call 08/01/44) |
19,830 | 17,421,480 | ||||||
4.60%, 09/01/35 (Call 03/01/35) |
2,411 | 2,286,236 | ||||||
4.75%, 03/01/46 (Call 09/01/45) |
23,535 | 21,389,119 | ||||||
4.80%, 04/01/44 (Call 10/01/43)(a) |
19,893 | 18,247,310 | ||||||
5.65%, 12/01/41 (Call 06/01/41) |
12,636 | 12,871,004 | ||||||
Regeneron Pharmaceuticals Inc. |
||||||||
1.75%, 09/15/30 (Call 06/15/30) |
13,391 | 10,666,017 | ||||||
2.80%, 09/15/50 (Call 03/15/50) |
5,060 | 3,138,379 | ||||||
Royalty Pharma PLC |
||||||||
1.75%, 09/02/27 (Call 07/02/27) |
9,215 | 7,948,364 | ||||||
2.20%, 09/02/30 (Call 06/02/30)(a) |
9,734 | 7,758,034 | ||||||
3.30%, 09/02/40 (Call 03/02/40)(a) |
7,723 | 5,302,399 | ||||||
3.55%, 09/02/50 (Call 03/02/50)(a) |
10,987 | 7,179,686 | ||||||
|
|
|||||||
662,283,484 | ||||||||
Building Materials — 0.3% | ||||||||
Carrier Global Corp. |
||||||||
2.49%, 02/15/27 (Call 12/15/26) |
10,788 | 9,814,801 | ||||||
2.70%, 02/15/31 (Call 11/15/30)(a) |
7,996 | 6,710,834 | ||||||
2.72%, 02/15/30 (Call 11/15/29) |
21,744 | 18,620,959 | ||||||
3.38%, 04/05/40 (Call 10/05/39) |
13,878 | 10,430,781 | ||||||
3.58%, 04/05/50 (Call 10/05/49) |
21,508 | 15,396,097 | ||||||
Martin Marietta Materials Inc. |
||||||||
2.40%, 07/15/31 (Call 04/15/31) |
9,167 | 7,414,566 | ||||||
3.20%, 07/15/51 (Call 01/15/51) |
2,866 | 1,910,725 | ||||||
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a) |
10,029 | 9,354,375 |
Security |
Par (000) |
Value | ||||||
Building Materials (continued) | ||||||||
Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30) |
$ | 6,968 | $ | 6,241,491 | ||||
|
|
|||||||
85,894,629 | ||||||||
Chemicals — 1.1% | ||||||||
Air Products and Chemicals Inc. |
||||||||
2.05%, 05/15/30 (Call 02/15/30)(a) |
11,594 | 9,792,759 | ||||||
2.70%, 05/15/40 (Call 11/15/39)(a) |
5,160 | 3,750,231 | ||||||
2.80%, 05/15/50 (Call 11/15/49)(a) |
7,744 | 5,283,445 | ||||||
Celanese U.S. Holdings LLC |
||||||||
6.17%, 07/15/27 (Call 06/15/27) |
22,225 | 22,240,202 | ||||||
6.33%, 07/15/29 (Call 05/15/29) |
6,988 | 6,949,904 | ||||||
6.35%, 11/15/28 (Call 10/15/28)(a) |
10,414 | 10,435,112 | ||||||
6.38%, 07/15/32 (Call 04/15/32) |
11,545 | 11,429,125 | ||||||
6.55%, 11/15/30 (Call 09/15/30) |
11,880 | 11,888,533 | ||||||
6.70%, 11/15/33 (Call 08/15/33) |
6,851 | 6,880,224 | ||||||
CF Industries Inc. |
||||||||
4.95%, 06/01/43 |
8,860 | 7,480,989 | ||||||
5.15%, 03/15/34 |
11,598 | 10,930,781 | ||||||
5.38%, 03/15/44 |
3,811 | 3,370,403 | ||||||
Dow Chemical Co. (The) |
||||||||
2.10%, 11/15/30 (Call 08/15/30) |
9,100 | 7,423,490 | ||||||
3.60%, 11/15/50 (Call 05/15/50)(a) |
10,652 | 7,598,359 | ||||||
4.38%, 11/15/42 (Call 05/15/42) |
17,974 | 14,846,382 | ||||||
5.25%, 11/15/41 (Call 05/15/41) |
10,502 | 9,814,424 | ||||||
5.55%, 11/30/48 (Call 05/30/48) |
5,986 | 5,685,953 | ||||||
6.90%, 05/15/53 (Call 11/15/52)(a) |
6,985 | 7,763,599 | ||||||
7.38%, 11/01/29 |
14,627 | 16,064,906 | ||||||
DuPont de Nemours Inc. |
||||||||
4.73%, 11/15/28 (Call 08/15/28)(a) |
26,870 | 26,523,667 | ||||||
5.32%, 11/15/38 (Call 05/15/38)(a) |
12,109 | 11,881,934 | ||||||
5.42%, 11/15/48 (Call 05/15/48)(a) |
24,162 | 23,333,640 | ||||||
Eastman Chemical Co., 4.65%, 10/15/44 (Call 04/15/44)(a) |
6,729 | 5,482,904 | ||||||
Ecolab Inc. |
||||||||
2.70%, 11/01/26 (Call 08/01/26)(a) |
3,809 | 3,568,530 | ||||||
2.70%, 12/15/51 (Call 06/15/51)(a) |
4,396 | 2,774,185 | ||||||
International Flavors & Fragrances Inc., 5.00%, 09/26/48 (Call 03/26/48)(a) |
3,781 | 3,002,419 | ||||||
LYB International Finance BV |
||||||||
4.88%, 03/15/44 (Call 09/15/43) |
9,308 | 7,876,854 | ||||||
5.25%, 07/15/43 |
7,637 | 6,791,926 | ||||||
LYB International Finance III LLC |
||||||||
3.38%, 10/01/40 (Call 04/01/40) |
6,218 | 4,463,112 | ||||||
3.63%, 04/01/51 (Call 10/01/50)(a) |
10,320 | 6,950,915 | ||||||
4.20%, 10/15/49 (Call 04/15/49) |
9,063 | 6,740,029 | ||||||
4.20%, 05/01/50 (Call 11/01/49) |
8,546 | 6,329,555 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) |
14,403 | 11,323,931 | ||||||
Nutrien Ltd. |
||||||||
4.20%, 04/01/29 (Call 01/01/29) |
10,348 | 9,738,694 | ||||||
4.90%, 03/27/28 (Call 02/27/28)(a) |
9,281 | 9,051,722 | ||||||
5.00%, 04/01/49 (Call 10/01/48)(a) |
4,554 | 3,949,960 | ||||||
5.80%, 03/27/53 (Call 09/27/52)(a) |
10,919 | 10,665,995 | ||||||
Sherwin-Williams Co. (The) |
||||||||
2.95%, 08/15/29 (Call 05/15/29) |
11,044 | 9,727,270 | ||||||
3.45%, 06/01/27 (Call 03/01/27)(a) |
19,268 | 18,169,061 | ||||||
4.50%, 06/01/47 (Call 12/01/46)(a) |
12,256 | 10,439,671 | ||||||
|
|
|||||||
378,414,795 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Commercial Services — 0.7% | ||||||||
Automatic Data Processing Inc. |
||||||||
1.25%, 09/01/30 (Call 06/01/30)(a) |
$ | 10,652 | $ | 8,477,740 | ||||
1.70%, 05/15/28 (Call 03/15/28) |
5,296 | 4,637,717 | ||||||
Equifax Inc. |
||||||||
2.35%, 09/15/31 (Call 06/15/31) |
12,324 | 9,678,131 | ||||||
5.10%, 12/15/27 (Call 11/15/27) |
6,062 | 5,992,774 | ||||||
Global Payments Inc. |
||||||||
2.15%, 01/15/27 (Call 12/15/26) |
1,813 | 1,617,968 | ||||||
2.90%, 05/15/30 (Call 02/15/30)(a) |
13,603 | 11,504,250 | ||||||
2.90%, 11/15/31 (Call 08/15/31)(a) |
7,621 | 6,244,096 | ||||||
3.20%, 08/15/29 (Call 05/15/29)(a) |
18,530 | 16,161,392 | ||||||
4.15%, 08/15/49 (Call 02/15/49)(a) |
4,336 | 3,165,809 | ||||||
5.40%, 08/15/32 (Call 05/15/32)(a) |
10,968 | 10,748,381 | ||||||
5.95%, 08/15/52 (Call 02/15/52)(a) |
6,692 | 6,381,247 | ||||||
Massachusetts Institute of Technology, 5.60%, 07/01/2111(a) |
8,299 | 8,895,461 | ||||||
PayPal Holdings Inc. |
||||||||
2.30%, 06/01/30 (Call 03/01/30)(a) |
11,637 | 9,793,734 | ||||||
2.65%, 10/01/26 (Call 08/01/26) |
2,400 | 2,235,771 | ||||||
2.85%, 10/01/29 (Call 07/01/29)(a) |
20,329 | 17,967,408 | ||||||
3.25%, 06/01/50 (Call 12/01/49)(a) |
5,438 | 3,866,278 | ||||||
4.40%, 06/01/32 (Call 03/01/32)(a) |
10,473 | 10,007,500 | ||||||
5.05%, 06/01/52 (Call 12/01/51)(a) |
8,296 | 8,041,387 | ||||||
Quanta Services Inc., 2.90%, 10/01/30 (Call 07/01/30) |
18,027 | 15,192,379 | ||||||
RELX Capital Inc. |
||||||||
3.00%, 05/22/30 (Call 02/22/30)(a) |
7,653 | 6,727,643 | ||||||
4.00%, 03/18/29 (Call 12/18/28)(a) |
14,088 | 13,387,684 | ||||||
S&P Global Inc. |
||||||||
2.45%, 03/01/27 (Call 02/01/27) |
8,670 | 7,993,423 | ||||||
2.70%, 03/01/29 (Call 01/01/29)(a) |
15,604 | 13,953,527 | ||||||
2.90%, 03/01/32 (Call 12/01/31)(a) |
16,191 | 13,864,439 | ||||||
3.70%, 03/01/52 (Call 09/01/51) |
2,538 | 1,975,218 | ||||||
4.25%, 05/01/29 (Call 02/01/29)(a) |
12,567 | 12,102,598 | ||||||
|
|
|||||||
230,613,955 | ||||||||
Computers — 2.7% | ||||||||
Apple Inc. |
||||||||
1.25%, 08/20/30 (Call 05/20/30) |
13,121 | 10,555,329 | ||||||
1.40%, 08/05/28 (Call 06/05/28) |
27,209 | 23,381,877 | ||||||
1.65%, 05/11/30 (Call 02/11/30) |
17,132 | 14,302,991 | ||||||
1.65%, 02/08/31 (Call 11/08/30) |
28,077 | 23,017,746 | ||||||
1.70%, 08/05/31 (Call 05/05/31)(a) |
8,974 | 7,312,126 | ||||||
2.05%, 09/11/26 (Call 07/11/26) |
1,862 | 1,720,506 | ||||||
2.20%, 09/11/29 (Call 06/11/29)(a) |
17,044 | 14,908,037 | ||||||
2.38%, 02/08/41 (Call 08/08/40)(a) |
19,295 | 13,760,422 | ||||||
2.40%, 08/20/50 (Call 02/20/50)(a) |
14,214 | 9,137,540 | ||||||
2.55%, 08/20/60 (Call 02/20/60)(a) |
18,451 | 11,577,386 | ||||||
2.65%, 05/11/50 (Call 11/11/49) |
28,073 | 18,634,571 | ||||||
2.65%, 02/08/51 (Call 08/08/50)(a) |
32,217 | 21,363,431 | ||||||
2.70%, 08/05/51 (Call 02/05/51)(a) |
20,245 | 13,474,940 | ||||||
2.80%, 02/08/61 (Call 08/08/60) |
18,114 | 11,617,575 | ||||||
2.85%, 08/05/61 (Call 02/05/61) |
13,710 | 8,906,629 | ||||||
2.90%, 09/12/27 (Call 06/12/27)(a) |
22,587 | 21,144,355 | ||||||
2.95%, 09/11/49 (Call 03/11/49) |
17,850 | 12,723,664 | ||||||
3.00%, 06/20/27 (Call 03/20/27)(a) |
14,665 | 13,822,909 | ||||||
3.00%, 11/13/27 (Call 08/13/27)(a) |
16,849 | 15,825,678 | ||||||
3.20%, 05/11/27 (Call 02/11/27)(a) |
15,004 | 14,260,345 | ||||||
3.25%, 08/08/29 (Call 06/08/29) |
10,577 | 9,847,493 | ||||||
3.35%, 02/09/27 (Call 11/09/26)(a) |
5,996 | 5,731,808 | ||||||
3.35%, 08/08/32 (Call 05/08/32)(a) |
13,859 | 12,716,231 |
Security |
Par (000) |
Value | ||||||
Computers (continued) | ||||||||
3.45%, 02/09/45 |
$ | 23,477 | $ | 18,956,154 | ||||
3.75%, 09/12/47 (Call 03/12/47) |
11,718 | 9,755,639 | ||||||
3.75%, 11/13/47 (Call 05/13/47) |
15,756 | 13,102,395 | ||||||
3.85%, 05/04/43 |
32,712 | 28,311,565 | ||||||
3.85%, 08/04/46 (Call 02/04/46)(a) |
21,730 | 18,387,357 | ||||||
3.95%, 08/08/52 (Call 02/08/52)(a) |
19,747 | 16,678,772 | ||||||
4.00%, 05/10/28 (Call 04/10/28)(a) |
12,336 | 12,041,303 | ||||||
4.10%, 08/08/62 (Call 02/08/62) |
13,620 | 11,397,611 | ||||||
4.25%, 02/09/47 (Call 08/09/46)(a) |
12,724 | 11,604,611 | ||||||
4.30%, 05/10/33 (Call 02/10/33)(a) |
9,887 | 9,700,935 | ||||||
4.38%, 05/13/45 |
22,132 | 20,320,967 | ||||||
4.45%, 05/06/44(a) |
12,689 | 12,060,303 | ||||||
4.50%, 02/23/36 (Call 08/23/35)(a) |
6,309 | 6,308,392 | ||||||
4.65%, 02/23/46 (Call 08/23/45) |
40,867 | 38,965,953 | ||||||
4.85%, 05/10/53 (Call 11/10/52)(a) |
14,209 | 14,010,257 | ||||||
Dell International LLC/EMC Corp. |
||||||||
3.38%, 12/15/41 (Call 06/15/41)(c) |
10,008 | 7,030,312 | ||||||
3.45%, 12/15/51 (Call 06/15/51)(a)(c) |
11,755 | 7,654,033 | ||||||
4.90%, 10/01/26 (Call 08/01/26) |
7,213 | 7,085,609 | ||||||
5.25%, 02/01/28 (Call 01/01/28)(a) |
12,399 | 12,368,994 | ||||||
5.30%, 10/01/29 (Call 07/01/29) |
24,205 | 23,901,503 | ||||||
5.75%, 02/01/33 (Call 11/01/32)(a) |
10,735 | 10,726,627 | ||||||
6.20%, 07/15/30 (Call 04/15/30) |
11,980 | 12,325,143 | ||||||
8.10%, 07/15/36 (Call 01/15/36) |
5,880 | 6,755,879 | ||||||
8.35%, 07/15/46 (Call 01/15/46) |
8,683 | 10,643,727 | ||||||
Hewlett Packard Enterprise Co. |
||||||||
6.20%, 10/15/35 (Call 04/15/35) |
2,578 | 2,672,096 | ||||||
6.35%, 10/15/45 (Call 04/15/45)(a) |
15,401 | 15,778,181 | ||||||
HP Inc. |
||||||||
2.65%, 06/17/31 (Call 03/17/31) |
10,827 | 8,766,809 | ||||||
3.00%, 06/17/27 (Call 04/17/27)(a) |
7,397 | 6,802,740 | ||||||
4.00%, 04/15/29 (Call 02/15/29)(a) |
12,501 | 11,654,734 | ||||||
4.75%, 01/15/28 (Call 12/15/27) |
6,437 | 6,270,586 | ||||||
5.50%, 01/15/33 (Call 10/15/32)(a) |
9,263 | 8,988,372 | ||||||
6.00%, 09/15/41(a) |
16,611 | 16,341,176 | ||||||
International Business Machines Corp. |
||||||||
1.70%, 05/15/27 (Call 03/15/27)(a) |
16,273 | 14,404,321 | ||||||
1.95%, 05/15/30 (Call 02/15/30)(a) |
15,610 | 12,876,252 | ||||||
2.95%, 05/15/50 (Call 11/15/49)(a) |
7,289 | 4,707,943 | ||||||
3.50%, 05/15/29 |
32,563 | 30,028,869 | ||||||
4.00%, 06/20/42(a) |
13,475 | 11,084,093 | ||||||
4.15%, 07/27/27 (Call 06/27/27) |
10,214 | 9,870,818 | ||||||
4.15%, 05/15/39 |
18,924 | 16,204,839 | ||||||
4.25%, 05/15/49 |
29,098 | 23,996,972 | ||||||
4.40%, 07/27/32 (Call 04/27/32)(a) |
7,090 | 6,766,069 | ||||||
4.50%, 02/06/28 (Call 01/06/28)(a) |
10,697 | 10,465,588 | ||||||
4.75%, 02/06/33 (Call 11/06/32)(a) |
7,908 | 7,706,316 | ||||||
4.90%, 07/27/52 (Call 01/27/52)(a) |
7,570 | 6,864,349 | ||||||
Leidos Inc. |
||||||||
2.30%, 02/15/31 (Call 11/15/30) |
10,786 | 8,566,978 | ||||||
4.38%, 05/15/30 (Call 02/15/30) |
6,256 | 5,777,333 | ||||||
5.75%, 03/15/33 (Call 12/15/32)(a) |
1,002 | 995,786 | ||||||
|
|
|||||||
897,428,850 | ||||||||
Cosmetics & Personal Care — 0.7% | ||||||||
GSK Consumer Healthcare Capital U.S. LLC |
||||||||
3.38%, 03/24/27 (Call 02/24/27)(a) |
20,299 | 19,070,176 | ||||||
3.38%, 03/24/29 (Call 01/24/29)(a) |
10,086 | 9,215,853 | ||||||
3.63%, 03/24/32 (Call 12/24/31) |
21,880 | 19,415,583 | ||||||
4.00%, 03/24/52 (Call 09/24/51)(a) |
2,789 | 2,234,085 |
34 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Cosmetics & Personal Care (continued) | ||||||||
Kenvue Inc. |
||||||||
4.90%, 03/22/33 (Call 12/22/32)(a)(c) |
$ | 13,142 | $ | 13,075,082 | ||||
5.00%, 03/22/30 (Call 01/22/30)(c) |
11,017 | 11,032,467 | ||||||
5.05%, 03/22/28 (Call 02/22/28)(c) |
12,120 | 12,158,070 | ||||||
5.05%, 03/22/53 (Call 09/22/52)(a)(c) |
16,432 | 16,084,075 | ||||||
5.10%, 03/22/43 (Call 09/22/42)(c) |
3,560 | 3,490,063 | ||||||
5.20%, 03/22/63 (Call 09/22/62)(c) |
10,204 | 9,996,162 | ||||||
Procter & Gamble Co. (The) |
||||||||
1.20%, 10/29/30 |
13,144 | 10,508,314 | ||||||
1.90%, 02/01/27(a) |
10,539 | 9,637,218 | ||||||
1.95%, 04/23/31 |
11,344 | 9,516,800 | ||||||
2.30%, 02/01/32(a) |
8,525 | 7,301,339 | ||||||
2.45%, 11/03/26 |
3,195 | 2,990,490 | ||||||
2.85%, 08/11/27(a) |
9,208 | 8,614,123 | ||||||
3.00%, 03/25/30 |
13,626 | 12,449,459 | ||||||
4.05%, 01/26/33(a) |
9,043 | 8,780,004 | ||||||
Unilever Capital Corp. |
||||||||
1.75%, 08/12/31 (Call 05/12/31) |
2,209 | 1,767,535 | ||||||
2.13%, 09/06/29 (Call 06/06/29)(a) |
8,710 | 7,585,205 | ||||||
2.90%, 05/05/27 (Call 02/05/27) |
9,367 | 8,747,720 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) |
13,361 | 12,700,531 | ||||||
5.90%, 11/15/32(a) |
15,316 | 16,580,849 | ||||||
|
|
|||||||
232,951,203 | ||||||||
Diversified Financial Services — 2.7% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
||||||||
2.45%, 10/29/26 (Call 09/29/26)(a) |
19,263 | 17,333,150 | ||||||
3.00%, 10/29/28 (Call 08/29/28) |
37,320 | 32,340,881 | ||||||
3.30%, 01/30/32 (Call 10/30/31)(a) |
33,684 | 27,376,243 | ||||||
3.40%, 10/29/33 (Call 07/29/33)(a) |
22,097 | 17,540,400 | ||||||
3.65%, 07/21/27 (Call 04/21/27) |
12,553 | 11,550,908 | ||||||
3.85%, 10/29/41 (Call 04/29/41)(a) |
18,729 | 13,894,996 | ||||||
5.75%, 06/06/28 (Call 05/06/28)(a) |
12,216 | 12,100,810 | ||||||
Air Lease Corp. |
||||||||
2.20%, 01/15/27 (Call 12/15/26) |
5,975 | 5,340,784 | ||||||
2.88%, 01/15/32 (Call 10/15/31)(a) |
3,543 | 2,838,723 | ||||||
3.13%, 12/01/30 (Call 09/01/30) |
2,923 | 2,435,227 | ||||||
Ally Financial Inc. |
||||||||
2.20%, 11/02/28 (Call 09/02/28)(a) |
2,596 | 2,096,997 | ||||||
4.75%, 06/09/27 (Call 05/09/27)(a) |
2,161 | 2,026,170 | ||||||
6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(b) |
1,000 | 997,490 | ||||||
7.10%, 11/15/27 (Call 10/15/27)(a) |
1,489 | 1,511,973 | ||||||
8.00%, 11/01/31(a) |
30,817 | 31,866,935 | ||||||
American Express Co. |
||||||||
1.65%, 11/04/26 (Call 10/04/26)(a) |
2,902 | 2,588,735 | ||||||
2.55%, 03/04/27 (Call 02/01/27) |
9,922 | 9,024,627 | ||||||
3.30%, 05/03/27 (Call 04/03/27) |
9,979 | 9,299,964 | ||||||
4.05%, 05/03/29 (Call 03/03/29)(a) |
3,011 | 2,862,167 | ||||||
4.05%, 12/03/42(a) |
15,975 | 13,604,868 | ||||||
5.28%, 07/27/29 (Call 07/27/28), (1-day SOFR + 1.280%)(b) |
11,700 | 11,583,407 | ||||||
5.85%, 11/05/27 (Call 10/05/27) |
8,125 | 8,301,088 | ||||||
Ameriprise Financial Inc., 5.15%, 05/15/33 (Call 02/15/33) |
7,880 | 7,709,715 | ||||||
Brookfield Finance Inc. |
||||||||
3.50%, 03/30/51 (Call 09/30/50)(a) |
6,905 | 4,502,996 | ||||||
3.90%, 01/25/28 (Call 10/25/27) |
11,871 | 11,096,392 | ||||||
4.35%, 04/15/30 (Call 01/15/30) |
10,068 | 9,264,499 | ||||||
4.70%, 09/20/47 (Call 03/20/47)(a) |
8,890 | 7,305,799 |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
4.85%, 03/29/29 (Call 12/29/28) |
$ | 13,320 | $ | 12,748,232 | ||||
Capital One Financial Corp. |
||||||||
3.65%, 05/11/27 (Call 04/11/27) |
8,202 | 7,631,192 | ||||||
3.75%, 03/09/27 (Call 02/09/27)(a) |
11,087 | 10,317,971 | ||||||
3.80%, 01/31/28 (Call 12/31/27) |
12,200 | 11,179,857 | ||||||
6.31%, 06/08/29 (Call 06/08/28), (1-day SOFR + 2.640%)(b) |
1,485 | 1,484,658 | ||||||
6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(b) |
1,680 | 1,658,389 | ||||||
Charles Schwab Corp. (The) |
||||||||
1.65%, 03/11/31 (Call 12/11/30)(a) |
7,215 | 5,498,439 | ||||||
1.95%, 12/01/31 (Call 09/01/31)(a) |
7,712 | 5,914,132 | ||||||
2.00%, 03/20/28 (Call 01/20/28)(a) |
13,948 | 12,008,673 | ||||||
2.30%, 05/13/31 (Call 02/13/31)(a) |
7,605 | 6,099,186 | ||||||
2.45%, 03/03/27 (Call 02/03/27)(a) |
14,205 | 12,786,466 | ||||||
2.90%, 03/03/32 (Call 12/03/31)(a) |
7,178 | 5,902,767 | ||||||
6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(b) |
1,465 | 1,487,978 | ||||||
CME Group Inc. |
||||||||
2.65%, 03/15/32 (Call 12/15/31) |
5,536 | 4,641,362 | ||||||
5.30%, 09/15/43 (Call 03/15/43) |
7,649 | 7,769,504 | ||||||
Discover Financial Services |
||||||||
4.10%, 02/09/27 (Call 11/09/26) |
7,235 | 6,716,321 | ||||||
6.70%, 11/29/32 (Call 08/29/32) |
2,020 | 2,009,324 | ||||||
Intercontinental Exchange Inc. |
||||||||
1.85%, 09/15/32 (Call 06/15/32)(a) |
11,925 | 9,082,745 | ||||||
2.10%, 06/15/30 (Call 03/15/30)(a) |
14,891 | 12,294,787 | ||||||
2.65%, 09/15/40 (Call 03/15/40)(a) |
11,275 | 7,853,123 | ||||||
3.00%, 06/15/50 (Call 12/15/49) |
13,605 | 9,113,387 | ||||||
3.00%, 09/15/60 (Call 03/15/60)(a) |
13,419 | 8,308,534 | ||||||
4.00%, 09/15/27 (Call 08/15/27)(a) |
16,614 | 15,919,309 | ||||||
4.25%, 09/21/48 (Call 03/21/48) |
11,414 | 9,585,225 | ||||||
4.35%, 06/15/29 (Call 04/15/29)(a) |
14,955 | 14,349,339 | ||||||
4.60%, 03/15/33 (Call 12/15/32)(a) |
14,410 | 13,762,171 | ||||||
4.95%, 06/15/52 (Call 12/15/51) |
18,084 | 16,826,386 | ||||||
5.20%, 06/15/62 (Call 12/15/61)(a) |
10,246 | 9,687,366 | ||||||
Jefferies Financial Group Inc. |
||||||||
2.63%, 10/15/31 (Call 07/15/31)(a) |
8,635 | 6,725,166 | ||||||
4.15%, 01/23/30 |
14,811 | 13,339,832 | ||||||
4.85%, 01/15/27(a) |
6,108 | 5,942,419 | ||||||
5.88%, 07/21/28 (Call 06/21/28) |
12,677 | 12,542,134 | ||||||
Mastercard Inc. |
||||||||
2.00%, 11/18/31 (Call 08/18/31) |
10,371 | 8,422,832 | ||||||
2.95%, 11/21/26 (Call 08/21/26) |
5,017 | 4,729,417 | ||||||
2.95%, 06/01/29 (Call 03/01/29)(a) |
13,825 | 12,535,555 | ||||||
3.30%, 03/26/27 (Call 01/26/27) |
9,411 | 8,949,522 | ||||||
3.35%, 03/26/30 (Call 12/26/29) |
20,579 | 18,911,780 | ||||||
3.65%, 06/01/49 (Call 12/01/48) |
2,926 | 2,346,795 | ||||||
3.85%, 03/26/50 (Call 09/26/49) |
12,316 | 10,214,743 | ||||||
4.85%, 03/09/33 (Call 12/09/32) |
8,102 | 8,140,876 | ||||||
4.88%, 03/09/28 (Call 02/09/28)(a) |
7,022 | 7,047,295 | ||||||
Nasdaq Inc. |
||||||||
5.35%, 06/28/28 (Call 05/28/28) |
15,026 | 15,027,726 | ||||||
5.55%, 02/15/34 (Call 11/15/33) |
14,123 | 14,109,969 | ||||||
5.95%, 08/15/53 (Call 02/15/53) |
8,449 | 8,399,883 | ||||||
6.10%, 06/28/63 (Call 12/28/62) |
8,682 | 8,568,673 | ||||||
Nomura Holdings Inc. |
||||||||
2.17%, 07/14/28(a) |
13,348 | 11,232,831 | ||||||
2.33%, 01/22/27(a) |
6,262 | 5,566,163 | ||||||
2.61%, 07/14/31 |
12,481 | 9,805,532 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
2.68%, 07/16/30(a) |
$ | 12,933 | $ | 10,510,938 | ||||
3.00%, 01/22/32 |
8,196 | 6,548,653 | ||||||
3.10%, 01/16/30(a) |
18,087 | 15,353,929 | ||||||
6.07%, 07/12/28 |
7,962 | 7,981,720 | ||||||
6.18%, 01/18/33(a) |
5,100 | 5,174,576 | ||||||
Raymond James Financial Inc. |
||||||||
3.75%, 04/01/51 (Call 10/01/50) |
8,492 | 6,137,517 | ||||||
4.95%, 07/15/46 |
7,827 | 6,823,957 | ||||||
Synchrony Financial |
||||||||
2.88%, 10/28/31 (Call 07/28/31)(a) |
2,475 | 1,837,870 | ||||||
3.95%, 12/01/27 (Call 09/01/27)(a) |
2,353 | 2,100,893 | ||||||
Visa Inc. |
||||||||
1.10%, 02/15/31 (Call 11/15/30)(a) |
10,932 | 8,504,490 | ||||||
1.90%, 04/15/27 (Call 02/15/27)(a) |
11,557 | 10,473,468 | ||||||
2.00%, 08/15/50 (Call 02/15/50)(a) |
20,318 | 11,985,157 | ||||||
2.05%, 04/15/30 (Call 01/15/30) |
18,641 | 15,815,707 | ||||||
2.70%, 04/15/40 (Call 10/15/39) |
10,723 | 7,976,498 | ||||||
2.75%, 09/15/27 (Call 06/15/27) |
4,418 | 4,101,046 | ||||||
3.65%, 09/15/47 (Call 03/15/47)(a) |
11,019 | 8,983,136 | ||||||
4.15%, 12/14/35 (Call 06/14/35) |
12,376 | 11,668,853 | ||||||
4.30%, 12/14/45 (Call 06/14/45) |
37,623 | 33,970,958 | ||||||
|
|
|||||||
889,541,276 | ||||||||
Electric — 3.3% | ||||||||
AES Corp. (The) |
||||||||
2.45%, 01/15/31 (Call 10/15/30)(a) |
19,409 | 15,402,225 | ||||||
5.45%, 06/01/28 (Call 05/01/28)(a) |
11,397 | 11,193,675 | ||||||
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30) |
3,060 | 2,701,670 | ||||||
American Electric Power Co. Inc., 5.63%, 03/01/33 (Call 12/01/32) |
5,328 | 5,333,861 | ||||||
Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29) |
13,076 | 11,903,169 | ||||||
Berkshire Hathaway Energy Co. |
||||||||
2.85%, 05/15/51 (Call 11/15/50) |
15,042 | 9,283,435 | ||||||
3.70%, 07/15/30 (Call 04/15/30) |
3,800 | 3,456,790 | ||||||
3.80%, 07/15/48 (Call 01/15/48) |
8,331 | 6,143,077 | ||||||
4.25%, 10/15/50 (Call 04/15/50) |
8,126 | 6,351,469 | ||||||
4.45%, 01/15/49 (Call 07/15/48) |
9,912 | 8,116,076 | ||||||
4.50%, 02/01/45 (Call 08/01/44) |
8,084 | 6,769,395 | ||||||
4.60%, 05/01/53 (Call 11/01/52)(a) |
10,068 | 8,283,346 | ||||||
5.15%, 11/15/43 (Call 05/15/43) |
8,157 | 7,502,200 | ||||||
6.13%, 04/01/36 |
19,305 | 20,198,986 | ||||||
Commonwealth
Edison Co., 4.00%, 03/01/48 |
7,976 | 6,404,078 | ||||||
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47)(a) |
3,508 | 2,864,831 | ||||||
Consolidated Edison Co. of New York Inc. |
||||||||
2.40%, 06/15/31 (Call 03/15/31)(a) |
3,463 | 2,872,070 | ||||||
3.60%, 06/15/61 (Call 12/15/60)(a) |
14,805 | 10,230,005 | ||||||
4.45%, 03/15/44 (Call 09/15/43) |
1,263 | 1,075,178 | ||||||
4.63%, 12/01/54 (Call 06/01/54) |
2,034 | 1,715,632 | ||||||
Series 20B,
3.95%, 04/01/50 |
14,766 | 11,637,098 | ||||||
Constellation Energy Generation LLC |
||||||||
5.60%, 03/01/28 (Call 02/01/28) |
6,270 | 6,316,564 | ||||||
5.60%, 06/15/42 (Call 12/15/41)(a) |
8,804 | 8,298,739 | ||||||
6.25%, 10/01/39(a) |
9,868 | 9,996,962 | ||||||
Dominion Energy Inc. |
||||||||
5.38%, 11/15/32 (Call 08/15/32)(a) |
6,340 | 6,241,621 | ||||||
Series C, 2.25%, 08/15/31 (Call 05/15/31) |
17,286 | 13,768,723 | ||||||
Series C, 3.38%, 04/01/30 (Call 01/01/30)(a) |
13,413 | 11,836,105 | ||||||
DTE Energy Co., 4.88%, 06/01/28 (Call 05/01/28) |
6,011 | 5,877,888 |
Security |
Par (000) |
Value | ||||||
Electric (continued) | ||||||||
Duke Energy Carolinas LLC |
||||||||
3.20%, 08/15/49 (Call 02/15/49)(a) |
$ | 7,609 | $ | 5,229,086 | ||||
4.95%, 01/15/33 (Call 10/15/32) |
9,058 | 8,922,281 | ||||||
5.30%, 02/15/40 |
8,094 | 7,866,594 | ||||||
5.35%, 01/15/53 (Call 07/15/52) |
9,277 | 8,999,269 | ||||||
Duke Energy Corp. |
||||||||
2.45%, 06/01/30 (Call 03/01/30) |
5,256 | 4,368,662 | ||||||
2.55%, 06/15/31 (Call 03/15/31) |
7,917 | 6,465,969 | ||||||
2.65%, 09/01/26 (Call 06/01/26)(a) |
2,104 | 1,946,520 | ||||||
3.15%, 08/15/27 (Call 05/15/27)(a) |
11,654 | 10,743,380 | ||||||
3.30%, 06/15/41 (Call 12/15/40)(a) |
7,681 | 5,511,598 | ||||||
3.50%, 06/15/51 (Call 12/15/50) |
8,134 | 5,601,521 | ||||||
3.75%, 09/01/46 (Call 03/01/46)(a) |
15,365 | 11,222,773 | ||||||
4.30%, 03/15/28 (Call 02/15/28) |
12,001 | 11,537,809 | ||||||
4.50%, 08/15/32 (Call 05/15/32)(a) |
12,944 | 12,048,117 | ||||||
5.00%, 08/15/52 (Call 02/15/52)(a) |
11,825 | 10,347,203 | ||||||
Duke Energy Florida LLC, 6.40%, 06/15/38 |
11,981 | 12,871,684 | ||||||
Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45) |
10,423 | 8,140,272 | ||||||
Entergy Corp., 2.95%, 09/01/26 (Call 06/01/26) |
816 | 758,229 | ||||||
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48) |
4,540 | 3,643,751 | ||||||
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) |
6,121 | 5,336,712 | ||||||
Eversource Energy |
||||||||
5.13%, 05/15/33 (Call 02/15/33) |
5,024 | 4,859,153 | ||||||
5.45%, 03/01/28 (Call 02/01/28) |
10,426 | 10,458,113 | ||||||
Exelon Corp. |
||||||||
4.05%, 04/15/30 (Call 01/15/30)(a) |
9,281 | 8,580,193 | ||||||
4.45%, 04/15/46 (Call 10/15/45) |
7,022 | 5,781,841 | ||||||
4.70%, 04/15/50 (Call 10/15/49) |
8,256 | 7,016,339 | ||||||
5.15%, 03/15/28 (Call 02/15/28)(a) |
8,663 | 8,605,959 | ||||||
5.30%, 03/15/33 (Call 12/15/32) |
4,050 | 4,004,933 | ||||||
Florida Power & Light Co. |
||||||||
2.45%, 02/03/32 (Call 11/03/31)(a) |
13,863 | 11,501,233 | ||||||
2.88%, 12/04/51 (Call 06/04/51)(a) |
12,352 | 8,065,199 | ||||||
3.15%, 10/01/49 (Call 04/01/49) |
8,919 | 6,223,218 | ||||||
3.95%, 03/01/48 (Call 09/01/47) |
10,576 | 8,589,553 | ||||||
4.40%, 05/15/28 (Call 03/15/28)(a) |
10,521 | 10,293,422 | ||||||
4.80%, 05/15/33 (Call 02/15/33) |
5,466 | 5,331,506 | ||||||
5.05%, 04/01/28 (Call 03/01/28)(a) |
10,321 | 10,364,967 | ||||||
5.10%, 04/01/33 (Call 01/01/33)(a) |
7,612 | 7,610,839 | ||||||
5.30%, 04/01/53 (Call 10/01/52)(a) |
8,048 | 7,981,471 | ||||||
Georgia Power Co. |
||||||||
4.30%, 03/15/42(a) |
13,443 | 11,250,706 | ||||||
4.65%, 05/16/28 (Call 03/16/28) |
7,788 | 7,598,439 | ||||||
4.95%, 05/17/33 (Call 11/17/32) |
7,454 | 7,210,742 | ||||||
5.13%, 05/15/52 (Call 11/15/51)(a) |
8,213 | 7,630,911 | ||||||
Series A, 3.25%, 03/15/51 (Call 09/15/50) |
6,318 | 4,305,620 | ||||||
MidAmerican Energy Co. |
||||||||
3.65%, 04/15/29 (Call 01/15/29) |
11,394 | 10,609,721 | ||||||
4.25%, 07/15/49 (Call 01/15/49)(a) |
10,733 | 8,809,084 | ||||||
National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33) |
3,781 | 3,787,686 | ||||||
NextEra Energy Capital Holdings Inc. |
||||||||
1.88%, 01/15/27 (Call 12/15/26) |
8,932 | 7,987,712 | ||||||
1.90%, 06/15/28 (Call 04/15/28) |
25,733 | 22,099,886 | ||||||
2.25%, 06/01/30 (Call 03/01/30) |
18,534 | 15,237,202 | ||||||
2.44%, 01/15/32 (Call 10/15/31) |
9,986 | 8,007,689 | ||||||
2.75%, 11/01/29 (Call 08/01/29) |
5,722 | 4,953,142 | ||||||
3.55%, 05/01/27 (Call 02/01/27)(a) |
19,633 | 18,519,053 | ||||||
4.63%, 07/15/27 (Call 06/15/27) |
15,784 | 15,379,191 |
36 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electric (continued) | ||||||||
4.90%, 02/28/28 (Call 01/28/28) |
$ | 14,121 | $ | 13,861,384 | ||||
5.00%, 07/15/32 (Call 04/15/32)(a) |
8,960 | 8,650,838 | ||||||
5.05%, 02/28/33 (Call 11/28/32)(a) |
9,260 | 8,959,344 | ||||||
5.25%, 02/28/53 (Call 08/28/52) |
11,954 | 11,077,391 | ||||||
Northern States Power Co./MN, 5.10%, 05/15/53 (Call 11/15/52)(a) |
7,758 | 7,325,070 | ||||||
Pacific Gas and Electric Co. |
||||||||
2.10%, 08/01/27 (Call 06/01/27)(a) |
10,656 | 9,207,383 | ||||||
2.50%, 02/01/31 (Call 11/01/30)(a) |
19,131 | 14,915,002 | ||||||
3.00%, 06/15/28 (Call 04/15/28) |
8,683 | 7,558,874 | ||||||
3.25%, 06/01/31 (Call 03/01/31) |
8,257 | 6,705,261 | ||||||
3.30%, 12/01/27 (Call 09/01/27) |
11,483 | 10,283,542 | ||||||
3.30%, 08/01/40 (Call 02/01/40)(a) |
11,688 | 7,826,280 | ||||||
3.50%, 08/01/50 (Call 02/01/50)(a) |
19,093 | 12,013,560 | ||||||
3.75%, 07/01/28 |
7,626 | 6,858,451 | ||||||
3.95%, 12/01/47 (Call 06/01/47)(a) |
8,645 | 5,761,060 | ||||||
4.50%, 07/01/40 (Call 01/01/40) |
19,330 | 14,864,374 | ||||||
4.55%, 07/01/30 (Call 01/01/30) |
28,637 | 25,746,367 | ||||||
4.95%, 07/01/50 (Call 01/01/50) |
30,500 | 23,566,029 | ||||||
6.10%, 01/15/29 (Call 12/15/28) |
6,090 | 6,019,403 | ||||||
6.15%, 01/15/33 (Call 10/15/32) |
7,098 | 6,908,322 | ||||||
6.40%, 06/15/33 (Call 03/15/33) |
8,657 | 8,538,770 | ||||||
6.70%, 04/01/53 (Call 10/01/52) |
8,976 | 8,737,588 | ||||||
6.75%, 01/15/53 (Call 07/15/52) |
12,540 | 12,175,575 | ||||||
PacifiCorp |
||||||||
2.90%, 06/15/52 (Call 12/15/51) |
11,342 | 6,673,371 | ||||||
5.35%, 12/01/53 (Call 06/01/53) |
10,124 | 8,713,668 | ||||||
5.50%, 05/15/54 (Call 11/15/53) |
12,438 | 11,000,292 | ||||||
PPL Electric Utilities Corp., 5.25%, 05/15/53 (Call 11/15/52) |
6,804 | 6,587,150 | ||||||
Public Service Co. of Colorado |
||||||||
1.88%, 06/15/31 (Call 12/15/30) |
3,387 | 2,665,112 | ||||||
5.25%, 04/01/53 (Call 10/01/52) |
8,518 | 7,837,839 | ||||||
Public Service Enterprise Group Inc., 2.45%, 11/15/31 (Call 08/15/31) |
2,053 | 1,651,710 | ||||||
San Diego Gas & Electric Co. |
||||||||
5.35%, 04/01/53 (Call 10/01/52) |
4,338 | 4,200,445 | ||||||
Series VVV, 1.70%, 10/01/30 (Call 07/01/30) |
2,381 | 1,897,010 | ||||||
Series WWW, 2.95%, 08/15/51 (Call 02/15/51)(a) |
12,236 | 7,945,710 | ||||||
Sempra Energy |
||||||||
3.25%, 06/15/27 (Call 03/15/27) |
5,113 | 4,730,149 | ||||||
3.40%, 02/01/28 (Call 11/01/27) |
9,256 | 8,565,352 | ||||||
3.80%, 02/01/38 (Call 08/01/37) |
12,033 | 9,793,043 | ||||||
4.00%, 02/01/48 (Call 08/01/47) |
2,546 | 1,948,424 | ||||||
6.00%, 10/15/39 |
11,608 | 11,570,333 | ||||||
Southern California Edison Co. |
||||||||
3.65%, 02/01/50 (Call 08/01/49)(a) |
11,782 | 8,504,719 | ||||||
4.00%, 04/01/47 (Call 10/01/46) |
18,349 | 14,203,855 | ||||||
4.65%, 10/01/43 (Call 04/01/43) |
8,315 | 7,136,061 | ||||||
5.85%, 11/01/27 (Call 10/01/27)(a) |
6,269 | 6,418,666 | ||||||
5.95%, 11/01/32 (Call 08/01/32) |
3,785 | 3,924,923 | ||||||
Series 20A,
2.95%, 02/01/51 |
5,123 | 3,239,892 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) |
13,327 | 10,487,772 | ||||||
Southern Co. (The) |
||||||||
4.40%, 07/01/46 (Call 01/01/46) |
22,025 | 18,130,108 | ||||||
4.85%, 06/15/28 (Call 04/15/28) |
6,282 | 6,154,350 | ||||||
5.20%, 06/15/33 (Call 12/15/32)(a) |
6,614 | 6,434,894 | ||||||
Series A, 3.70%, 04/30/30 (Call 01/30/30) |
6,795 | 6,148,562 | ||||||
Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(b) |
15,401 | 14,352,654 |
Security |
Par (000) |
Value | ||||||
Electric (continued) | ||||||||
Virginia Electric & Power Co. |
||||||||
2.45%, 12/15/50 (Call 06/15/50) |
$ | 9,550 | $ | 5,502,534 | ||||
2.95%, 11/15/51 (Call 05/15/51)(a) |
5,665 | 3,619,826 | ||||||
5.00%, 04/01/33 (Call 01/01/33)(a) |
4,414 | 4,291,548 | ||||||
5.45%, 04/01/53 (Call 10/01/52)(a) |
10,737 | 10,397,681 | ||||||
Series A, 3.50%, 03/15/27 (Call 12/15/26) |
5,969 | 5,647,986 | ||||||
Xcel Energy Inc., 5.45%, 08/15/33 (Call 02/15/33) |
759 | 746,943 | ||||||
|
|
|||||||
1,110,673,471 | ||||||||
Electrical Components & Equipment — 0.1% | ||||||||
Emerson Electric Co. |
||||||||
0.88%, 10/15/26 (Call 09/15/26)(a) |
5,087 | 4,502,322 | ||||||
2.00%, 12/21/28 (Call 10/21/28)(a) |
12,779 | 11,112,582 | ||||||
2.20%, 12/21/31 (Call 09/21/31)(a) |
10,763 | 8,847,662 | ||||||
2.80%, 12/21/51 (Call 06/21/51) |
7,571 | 4,896,128 | ||||||
|
|
|||||||
29,358,694 | ||||||||
Electronics — 0.3% | ||||||||
Amphenol Corp. |
||||||||
2.20%, 09/15/31 (Call 06/15/31)(a) |
8,023 | 6,486,525 | ||||||
2.80%, 02/15/30 (Call 11/15/29) |
11,393 | 9,934,933 | ||||||
Honeywell International Inc. |
||||||||
1.10%, 03/01/27 (Call 02/01/27)(a) |
9,668 | 8,559,783 | ||||||
1.75%, 09/01/31 (Call 06/01/31)(a) |
16,443 | 13,074,775 | ||||||
1.95%, 06/01/30 (Call 03/01/30) |
11,033 | 9,190,905 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) |
6,838 | 6,385,658 | ||||||
2.70%, 08/15/29 (Call 05/15/29)(a) |
8,497 | 7,573,395 | ||||||
2.80%, 06/01/50 (Call 12/01/49)(a) |
4,516 | 3,204,856 | ||||||
4.25%, 01/15/29 (Call 12/15/28) |
8,565 | 8,317,912 | ||||||
4.50%, 01/15/34 (Call 10/15/33) |
11,963 | 11,538,286 | ||||||
5.00%, 02/15/33 (Call 11/15/32)(a) |
10,449 | 10,526,783 | ||||||
|
|
|||||||
94,793,811 | ||||||||
Entertainment — 0.6% | ||||||||
Warnermedia Holdings Inc. |
||||||||
3.76%, 03/15/27 (Call 02/15/27)(a) |
32,702 | 30,666,677 | ||||||
4.05%, 03/15/29 (Call 01/15/29)(a) |
17,593 | 16,148,891 | ||||||
4.28%, 03/15/32 (Call 12/15/31)(a) |
47,459 | 41,822,508 | ||||||
5.05%, 03/15/42 (Call 09/15/41) |
43,027 | 35,318,614 | ||||||
5.14%, 03/15/52 (Call 09/15/51) |
73,000 | 58,209,550 | ||||||
5.39%, 03/15/62 (Call 09/15/61) |
25,981 | 20,603,169 | ||||||
|
|
|||||||
202,769,409 | ||||||||
Environmental Control — 0.3% | ||||||||
Republic Services Inc. |
||||||||
1.75%, 02/15/32 (Call 11/15/31)(a) |
8,383 | 6,472,209 | ||||||
3.95%, 05/15/28 (Call 02/15/28) |
8,809 | 8,390,560 | ||||||
5.00%, 04/01/34 (Call 01/01/34) |
9,064 | 8,914,923 | ||||||
Waste Connections Inc. |
||||||||
2.95%, 01/15/52 (Call 07/15/51)(a) |
3,650 | 2,390,885 | ||||||
4.20%, 01/15/33 (Call 10/15/32)(a) |
9,544 | 8,825,408 | ||||||
Waste Management Inc. |
||||||||
1.50%, 03/15/31 (Call 12/15/30)(a) |
8,837 | 6,883,513 | ||||||
3.15%, 11/15/27 (Call 08/15/27)(a) |
8,448 | 7,881,094 | ||||||
4.15%, 04/15/32 (Call 01/15/32)(a) |
10,710 | 10,050,786 | ||||||
4.63%, 02/15/30 (Call 12/15/29) |
7,214 | 7,056,654 | ||||||
4.88%, 02/15/29 (Call 01/15/29) |
11,045 | 10,971,404 | ||||||
4.88%, 02/15/34 (Call 11/15/33) |
10,681 | 10,404,258 | ||||||
|
|
|||||||
88,241,694 | ||||||||
Food — 1.1% | ||||||||
Campbell Soup Co., 4.15%, 03/15/28 |
||||||||
(Call 12/15/27)(a) |
10,318 | 9,830,526 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Food (continued) | ||||||||
Conagra Brands Inc. |
||||||||
1.38%, 11/01/27 (Call 09/01/27)(a) |
$ | 10,558 | $ | 8,975,439 | ||||
4.85%, 11/01/28 (Call 08/01/28)(a) |
12,296 | 11,960,752 | ||||||
5.30%, 11/01/38 (Call 05/01/38) |
7,618 | 7,025,713 | ||||||
5.40%, 11/01/48 (Call 05/01/48)(a) |
11,346 | 10,296,383 | ||||||
General Mills Inc. |
||||||||
2.88%, 04/15/30 (Call 01/15/30) |
7,885 | 6,895,763 | ||||||
3.20%, 02/10/27 (Call 11/10/26)(a) |
5,398 | 5,073,749 | ||||||
4.20%, 04/17/28 (Call 01/17/28) |
17,976 | 17,243,485 | ||||||
4.95%, 03/29/33 (Call 12/29/32)(a) |
11,461 | 11,169,015 | ||||||
Hormel Foods Corp. |
||||||||
1.70%, 06/03/28 (Call 04/03/28) |
7,700 | 6,664,598 | ||||||
1.80%, 06/11/30 (Call 03/11/30)(a) |
9,752 | 8,065,720 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |
||||||||
2.50%, 01/15/27 (Call 12/15/26) |
5,392 | 4,857,194 | ||||||
3.63%, 01/15/32 (Call 01/15/27)(a) |
8,920 | 7,323,498 | ||||||
4.38%, 02/02/52 (Call 08/02/51) |
5,454 | 3,860,778 | ||||||
5.13%, 02/01/28 (Call 01/01/28) |
114 | 110,777 | ||||||
5.75%, 04/01/33 (Call 01/01/33) |
10,114 | 9,687,042 | ||||||
6.50%, 12/01/52 (Call 06/01/52) |
10,000 | 9,496,444 | ||||||
Kraft Heinz Foods Co. |
||||||||
3.88%, 05/15/27 (Call 02/15/27) |
13,855 | 13,233,049 | ||||||
4.38%, 06/01/46 (Call 12/01/45) |
30,486 | 25,179,366 | ||||||
4.88%, 10/01/49 (Call 04/01/49)(a) |
15,752 | 13,969,521 | ||||||
5.00%, 06/04/42 |
18,717 | 17,089,096 | ||||||
5.20%, 07/15/45 (Call 01/15/45) |
20,814 | 19,208,090 | ||||||
5.50%, 06/01/50 (Call 12/01/49)(a) |
9,156 | 8,858,121 | ||||||
6.88%, 01/26/39 |
11,019 | 12,118,013 | ||||||
Kroger Co. (The) |
||||||||
2.65%, 10/15/26 (Call 07/15/26)(a) |
1,227 | 1,136,353 | ||||||
3.95%, 01/15/50 (Call 07/15/49)(a) |
4,013 | 3,102,095 | ||||||
4.45%, 02/01/47 (Call 08/01/46)(a) |
6,298 | 5,243,188 | ||||||
McCormick & Co. Inc./MD, 3.40%, 08/15/27 (Call 05/15/27) |
6,348 | 5,953,095 | ||||||
Mondelez International Inc. |
||||||||
2.63%, 03/17/27 (Call 02/17/27) |
6,493 | 5,968,577 | ||||||
2.63%, 09/04/50 (Call 03/04/50) |
5,568 | 3,482,177 | ||||||
2.75%, 04/13/30 (Call 01/13/30)(a) |
7,757 | 6,705,519 | ||||||
3.00%, 03/17/32 (Call 12/17/31)(a) |
7,660 | 6,549,975 | ||||||
Sysco Corp. |
||||||||
3.15%, 12/14/51 (Call 06/14/51)(a) |
5,512 | 3,649,517 | ||||||
3.25%, 07/15/27 (Call 04/15/27)(a) |
6,611 | 6,165,210 | ||||||
5.95%, 04/01/30 (Call 01/01/30)(a) |
9,921 | 10,273,509 | ||||||
6.60%, 04/01/50 (Call 10/01/49)(a) |
10,557 | 11,598,212 | ||||||
Tyson Foods Inc. |
||||||||
3.55%, 06/02/27 (Call 03/02/27)(a) |
13,630 | 12,798,119 | ||||||
4.35%, 03/01/29 (Call 12/01/28) |
9,582 | 9,064,240 | ||||||
4.55%, 06/02/47 (Call 12/02/46) |
5,623 | 4,505,240 | ||||||
5.10%, 09/28/48 (Call 03/28/48) |
16,892 | 14,646,384 | ||||||
|
|
|||||||
359,033,542 | ||||||||
Gas — 0.2% | ||||||||
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44) |
4,199 | 3,432,210 | ||||||
CenterPoint Energy Resources Corp., 5.25%, 03/01/28 (Call 02/01/28)(a) |
4,592 | 4,585,907 | ||||||
NiSource Inc. |
||||||||
1.70%, 02/15/31 (Call 11/15/30)(a) |
14,016 | 10,836,041 | ||||||
2.95%, 09/01/29 (Call 06/01/29)(a) |
13,049 | 11,485,145 | ||||||
3.49%, 05/15/27 (Call 02/15/27) |
11,425 | 10,718,952 |
Security |
Par (000) |
Value | ||||||
Gas (continued) | ||||||||
3.60%, 05/01/30 (Call 02/01/30) |
$ | 14,967 | $ | 13,412,571 | ||||
3.95%, 03/30/48 (Call 09/30/47) |
5,735 | 4,389,215 | ||||||
4.38%, 05/15/47 (Call 11/15/46) |
8,303 | 6,785,278 | ||||||
4.80%, 02/15/44 (Call 08/15/43)(a) |
8,537 | 7,445,736 | ||||||
5.25%, 03/30/28 (Call 02/29/28) |
6,938 | 6,908,284 | ||||||
|
|
|||||||
79,999,339 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Regal Rexnord Corp. |
||||||||
6.05%, 04/15/28 (Call 03/15/28)(c) |
14,003 | 13,849,107 | ||||||
6.30%, 02/15/30 (Call 12/15/29)(c) |
12,557 | 12,482,396 | ||||||
6.40%, 04/15/33 (Call 01/15/33)(a)(c) |
11,905 | 11,802,040 | ||||||
Stanley Black & Decker Inc. |
||||||||
2.30%, 03/15/30 (Call 12/15/29)(a) |
11,548 | 9,562,838 | ||||||
2.75%, 11/15/50 (Call 05/15/50) |
4,941 | 2,874,851 | ||||||
|
|
|||||||
50,571,232 | ||||||||
Health Care - Products — 1.0% | ||||||||
Abbott Laboratories |
||||||||
3.75%, 11/30/26 (Call 08/30/26)(a) |
4,948 | 4,798,872 | ||||||
4.75%, 11/30/36 (Call 05/30/36) |
10,833 | 10,754,916 | ||||||
4.90%, 11/30/46 (Call 05/30/46) |
27,713 | 26,988,433 | ||||||
Baxter International Inc. |
||||||||
1.92%, 02/01/27 (Call 01/01/27) |
9,144 | 8,127,593 | ||||||
2.27%, 12/01/28 (Call 10/01/28) |
13,672 | 11,718,181 | ||||||
2.54%, 02/01/32 (Call 11/01/31)(a) |
16,500 | 13,242,296 | ||||||
3.13%, 12/01/51 (Call 06/01/51)(a) |
5,966 | 3,789,569 | ||||||
Boston Scientific Corp., 2.65%, 06/01/30 (Call 03/01/30)(a) |
11,709 | 10,051,196 | ||||||
Danaher Corp. |
||||||||
2.60%, 10/01/50 (Call 04/01/50)(a) |
7,145 | 4,550,309 | ||||||
2.80%, 12/10/51 (Call 06/10/51)(a) |
10,548 | 6,939,517 | ||||||
DH Europe Finance II Sarl |
||||||||
2.60%, 11/15/29 (Call 08/15/29)(a) |
7,384 | 6,488,954 | ||||||
3.25%, 11/15/39 (Call 05/15/39) |
6,074 | 4,814,011 | ||||||
3.40%, 11/15/49 (Call 05/15/49)(a) |
5,534 | 4,138,482 | ||||||
GE HealthCare Technologies Inc. |
||||||||
5.65%, 11/15/27 (Call 10/15/27) |
18,163 | 18,381,855 | ||||||
5.86%, 03/15/30 (Call 01/15/30) |
16,773 | 16,987,820 | ||||||
5.91%, 11/22/32 (Call 08/22/32)(a) |
20,087 | 20,602,603 | ||||||
6.38%, 11/22/52 (Call 05/22/52) |
7,523 | 8,076,269 | ||||||
HCA Inc. |
||||||||
3.13%, 03/15/27 (Call 02/15/27) |
10,542 | 9,759,663 | ||||||
3.63%, 03/15/32 (Call 12/15/31) |
20,304 | 17,475,978 | ||||||
Medtronic Global Holdings SCA |
||||||||
4.25%, 03/30/28 (Call 02/29/28) |
10,667 | 10,377,628 | ||||||
4.50%, 03/30/33 (Call 12/30/32)(a) |
13,046 | 12,617,366 | ||||||
Medtronic Inc. |
||||||||
4.38%, 03/15/35 |
12,359 | 11,696,753 | ||||||
4.63%, 03/15/45(a) |
14,565 | 13,642,861 | ||||||
Revvity Inc., 3.30%, 09/15/29 (Call 06/15/29) |
9,064 | 8,061,670 | ||||||
Stryker Corp. |
||||||||
1.95%, 06/15/30 (Call 03/15/30) |
9,541 | 7,885,691 | ||||||
4.63%, 03/15/46 (Call 09/15/45)(a) |
5,138 | 4,555,606 | ||||||
Thermo Fisher Scientific Inc. |
||||||||
2.00%, 10/15/31 (Call 07/15/31)(a) |
10,765 | 8,684,505 | ||||||
2.60%, 10/01/29 (Call 07/01/29) |
6,287 | 5,517,157 | ||||||
2.80%, 10/15/41 (Call 04/15/41) |
4,199 | 3,021,742 | ||||||
4.10%, 08/15/47 (Call 02/15/47) |
5,304 | 4,553,308 | ||||||
4.98%, 08/10/30 (Call 06/10/30) |
12,130 | 12,102,609 | ||||||
5.09%, 08/10/33 (Call 05/10/33) |
13,751 | 13,805,591 |
38 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Health Care - Products (continued) | ||||||||
Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)(a) |
$ | 8,201 | $ | 6,673,885 | ||||
|
|
|||||||
330,882,889 | ||||||||
Health Care - Services — 3.1% | ||||||||
Aetna Inc. |
||||||||
3.88%, 08/15/47 (Call 02/15/47) |
5,918 | 4,426,112 | ||||||
6.63%, 06/15/36 |
12,318 | 13,209,749 | ||||||
Ascension Health |
||||||||
3.95%, 11/15/46(a) |
3,518 | 2,870,614 | ||||||
Series B, 2.53%, 11/15/29 (Call 08/15/29) |
8,105 | 7,010,151 | ||||||
Centene Corp. |
||||||||
2.45%, 07/15/28 (Call 05/15/28) |
23,111 | 19,804,283 | ||||||
2.50%, 03/01/31 (Call 12/01/30)(a) |
20,643 | 16,474,425 | ||||||
2.63%, 08/01/31 (Call 05/01/31)(a) |
10,926 | 8,710,163 | ||||||
3.00%, 10/15/30 (Call 07/15/30) |
19,319 | 16,095,994 | ||||||
3.38%, 02/15/30 (Call 02/15/25) |
19,505 | 16,702,943 | ||||||
4.25%, 12/15/27 (Call 09/18/23)(a) |
24,790 | 23,229,928 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(a) |
35,359 | 32,512,600 | ||||||
CommonSpirit Health |
||||||||
3.35%, 10/01/29 (Call 04/01/29)(a) |
6,324 | 5,642,629 | ||||||
4.19%, 10/01/49 (Call 04/01/49) |
1,560 | 1,235,840 | ||||||
Elevance Health Inc. |
||||||||
2.25%, 05/15/30 (Call 02/15/30)(a) |
11,140 | 9,309,995 | ||||||
2.55%, 03/15/31 (Call 12/15/30) |
8,810 | 7,364,127 | ||||||
2.88%, 09/15/29 (Call 06/15/29)(a) |
8,313 | 7,342,962 | ||||||
3.13%, 05/15/50 (Call 11/15/49) |
10,546 | 7,122,554 | ||||||
3.60%, 03/15/51 (Call 09/15/50) |
12,909 | 9,491,167 | ||||||
3.65%, 12/01/27 (Call 09/01/27) |
16,053 | 15,129,381 | ||||||
3.70%, 09/15/49 (Call 03/15/49) |
8,079 | 6,035,265 | ||||||
4.10%, 03/01/28 (Call 12/01/27)(a) |
11,993 | 11,471,662 | ||||||
4.38%, 12/01/47 (Call 06/01/47) |
14,111 | 11,885,320 | ||||||
4.55%, 03/01/48 (Call 09/01/47) |
9,381 | 8,080,858 | ||||||
4.63%, 05/15/42 |
10,714 | 9,507,560 | ||||||
4.65%, 01/15/43 |
13,479 | 11,963,999 | ||||||
4.65%, 08/15/44 (Call 02/15/44) |
8,506 | 7,425,661 | ||||||
4.75%, 02/15/33 (Call 11/15/32)(a) |
8,723 | 8,446,987 | ||||||
5.13%, 02/15/53 (Call 08/15/52) |
12,187 | 11,482,304 | ||||||
6.10%, 10/15/52 (Call 04/15/52)(a) |
7,008 | 7,446,388 | ||||||
HCA Inc. |
||||||||
2.38%, 07/15/31 (Call 04/15/31) |
8,621 | 6,808,273 | ||||||
3.50%, 09/01/30 (Call 03/01/30) |
26,714 | 23,350,347 | ||||||
3.50%, 07/15/51 (Call 01/15/51)(a) |
17,077 | 11,366,569 | ||||||
4.13%, 06/15/29 (Call 03/15/29) |
20,725 | 19,141,090 | ||||||
4.50%, 02/15/27 (Call 08/15/26) |
13,551 | 13,099,380 | ||||||
4.63%, 03/15/52 (Call 09/15/51) |
21,174 | 17,006,745 | ||||||
5.13%, 06/15/39 (Call 12/15/38) |
10,433 | 9,417,483 | ||||||
5.20%, 06/01/28 (Call 05/01/28) |
11,253 | 11,095,375 | ||||||
5.25%, 06/15/49 (Call 12/15/48) |
21,789 | 19,009,009 | ||||||
5.38%, 09/01/26 (Call 03/01/26) |
2,203 | 2,185,728 | ||||||
5.50%, 06/01/33 (Call 03/01/33)(a) |
12,330 | 12,112,393 | ||||||
5.50%, 06/15/47 (Call 12/15/46) |
15,922 | 14,383,024 | ||||||
5.63%, 09/01/28 (Call 03/01/28)(a) |
13,712 | 13,683,068 | ||||||
5.88%, 02/01/29 (Call 08/01/28) |
9,816 | 9,870,386 | ||||||
5.90%, 06/01/53 (Call 12/01/52) |
11,652 | 11,163,208 | ||||||
Humana Inc. |
||||||||
1.35%, 02/03/27 (Call 01/03/27) |
9,512 | 8,363,721 | ||||||
2.15%, 02/03/32 (Call 11/03/31) |
7,918 | 6,210,299 | ||||||
3.70%, 03/23/29 (Call 02/23/29) |
8,900 | 8,235,589 | ||||||
4.95%, 10/01/44 (Call 04/01/44) |
2,029 | 1,810,069 | ||||||
5.50%, 03/15/53 (Call 09/15/52) |
9,890 | 9,521,301 |
Security |
Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
5.88%, 03/01/33 (Call 12/01/32) |
$ | 4,961 | $ | 5,133,554 | ||||
Kaiser Foundation Hospitals |
||||||||
4.15%, 05/01/47 (Call 11/01/46) |
10,939 | 9,323,309 | ||||||
Series 2019, 3.27%, 11/01/49 (Call 05/01/49)(a) |
4,396 | 3,152,766 | ||||||
Series 2021, 2.81%, 06/01/41 (Call 12/01/40) |
15,239 | 10,819,338 | ||||||
Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a) |
7,871 | 5,324,870 | ||||||
Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44) |
4,848 | 4,144,052 | ||||||
Providence St Joseph Health Obligated Group, Series 21A, 2.70%, 10/01/51 (Call 04/01/51) |
195 | 113,959 | ||||||
Quest Diagnostics Inc., 2.95%, 06/30/30 (Call 03/30/30) |
8,284 | 7,190,248 | ||||||
UnitedHealth Group Inc. |
||||||||
2.00%, 05/15/30 |
11,657 | 9,726,991 | ||||||
2.30%, 05/15/31 (Call 02/15/31) |
14,498 | 12,111,503 | ||||||
2.75%, 05/15/40 (Call 11/15/39)(a) |
13,365 | 9,633,039 | ||||||
2.88%, 08/15/29(a) |
10,699 | 9,603,412 | ||||||
2.90%, 05/15/50 (Call 11/15/49) |
15,316 | 10,162,181 | ||||||
2.95%, 10/15/27(a) |
8,348 | 7,743,677 | ||||||
3.05%, 05/15/41 (Call 11/15/40) |
16,382 | 12,223,415 | ||||||
3.13%, 05/15/60 (Call 11/15/59)(a) |
8,953 | 5,893,267 | ||||||
3.25%, 05/15/51 (Call 11/15/50) |
24,278 | 17,225,918 | ||||||
3.45%, 01/15/27 |
8,535 | 8,155,512 | ||||||
3.50%, 08/15/39 (Call 02/15/39)(a) |
15,606 | 12,708,581 | ||||||
3.70%, 08/15/49 (Call 02/15/49) |
14,669 | 11,363,975 | ||||||
3.75%, 10/15/47 (Call 04/15/47)(a) |
11,991 | 9,445,469 | ||||||
3.85%, 06/15/28(a) |
11,451 | 10,954,787 | ||||||
3.88%, 12/15/28(a) |
8,445 | 8,079,514 | ||||||
3.88%, 08/15/59 (Call 02/15/59) |
13,857 | 10,709,474 | ||||||
4.00%, 05/15/29 (Call 03/15/29)(a) |
7,975 | 7,618,729 | ||||||
4.20%, 05/15/32 (Call 02/15/32) |
15,042 | 14,203,254 | ||||||
4.20%, 01/15/47 (Call 07/15/46) |
9,971 | 8,446,746 | ||||||
4.25%, 01/15/29 (Call 12/15/28)(a) |
12,199 | 11,828,548 | ||||||
4.25%, 03/15/43 (Call 09/15/42) |
9,218 | 8,072,242 | ||||||
4.25%, 06/15/48 (Call 12/15/47) |
15,277 | 12,904,131 | ||||||
4.45%, 12/15/48 (Call 06/15/48) |
12,112 | 10,590,173 | ||||||
4.50%, 04/15/33 (Call 01/15/33) |
12,650 | 12,178,017 | ||||||
4.63%, 07/15/35(a) |
2,062 | 1,995,016 | ||||||
4.75%, 07/15/45(a) |
20,874 | 19,396,378 | ||||||
4.75%, 05/15/52 (Call 11/15/51) |
22,117 | 20,168,282 | ||||||
4.95%, 05/15/62 (Call 11/15/61) |
9,207 | 8,456,210 | ||||||
5.05%, 04/15/53 (Call 10/15/52) |
22,025 | 21,004,731 | ||||||
5.20%, 04/15/63 (Call 10/15/62)(a) |
17,832 | 17,094,847 | ||||||
5.25%, 02/15/28 (Call 01/15/28)(a) |
11,324 | 11,545,392 | ||||||
5.30%, 02/15/30 (Call 12/15/29) |
11,676 | 11,914,760 | ||||||
5.35%, 02/15/33 (Call 11/15/32)(a) |
18,193 | 18,663,691 | ||||||
5.80%, 03/15/36(a) |
9,023 | 9,540,225 | ||||||
5.88%, 02/15/53 (Call 08/15/52) |
21,000 | 22,395,675 | ||||||
6.05%, 02/15/63 (Call 08/15/62) |
14,794 | 16,060,034 | ||||||
6.88%, 02/15/38 |
10,021 | 11,634,668 | ||||||
Universal Health Services Inc., 2.65%, 10/15/30 (Call 07/15/30)(a) |
8,125 | 6,510,882 | ||||||
|
|
|||||||
1,038,430,120 | ||||||||
Holding Companies - Diversified — 0.1% | ||||||||
Ares Capital Corp., 2.88%, 06/15/28 (Call 04/15/28) |
12,949 | 10,919,507 | ||||||
Blackstone Private Credit Fund |
||||||||
2.63%, 12/15/26 (Call 11/15/26)(a) |
7,578 | 6,520,675 | ||||||
3.25%, 03/15/27 (Call 02/15/27) |
11,028 | 9,605,976 | ||||||
Blue Owl Capital Corp., 2.88%, 06/11/28 (Call 04/11/28) |
7,597 | 6,283,877 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Holding Companies - Diversified (continued) | ||||||||
FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)(a) |
$ | 9,350 | $ | 7,647,458 | ||||
|
|
|||||||
40,977,493 | ||||||||
Household Products & Wares — 0.0% | ||||||||
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29) |
7,027 | 6,355,782 | ||||||
|
|
|||||||
Insurance — 1.7% | ||||||||
Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)(a) |
5,842 | 5,726,181 | ||||||
American International Group Inc. |
||||||||
4.38%, 06/30/50 (Call 12/30/49) |
9,378 | 7,740,455 | ||||||
4.75%, 04/01/48 (Call 10/01/47) |
10,971 | 9,629,875 | ||||||
4.80%, 07/10/45 (Call 01/10/45) |
6,706 | 5,898,598 | ||||||
5.13%, 03/27/33 (Call 12/27/32)(a) |
4,808 | 4,649,657 | ||||||
Aon Corp. |
||||||||
2.80%, 05/15/30 (Call 02/15/30) |
13,387 | 11,503,301 | ||||||
3.75%, 05/02/29 (Call 02/02/29) |
13,137 | 12,234,124 | ||||||
Aon Global Ltd. |
||||||||
3.90%, 02/28/52 (Call 08/28/51) |
7,005 | 5,364,023 | ||||||
5.35%, 02/28/33 (Call 11/28/32)(a) |
4,963 | 4,952,222 | ||||||
Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49) |
3,713 | 2,678,999 | ||||||
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a) |
12,834 | 11,980,690 | ||||||
Berkshire Hathaway Finance Corp. |
||||||||
1.45%, 10/15/30 (Call 07/15/30) |
5,250 | 4,224,595 | ||||||
2.30%, 03/15/27 (Call 02/15/27) |
4,873 | 4,514,701 | ||||||
2.50%, 01/15/51 (Call 07/15/50)(a) |
9,891 | 6,141,071 | ||||||
2.85%, 10/15/50 (Call 04/15/50)(a) |
20,168 | 13,521,200 | ||||||
2.88%, 03/15/32 (Call 12/15/31)(a) |
7,915 | 6,909,072 | ||||||
3.85%, 03/15/52 (Call 09/15/51) |
28,245 | 22,457,927 | ||||||
4.20%, 08/15/48 (Call 02/15/48) |
23,157 | 20,146,678 | ||||||
4.25%, 01/15/49 (Call 07/15/48)(a) |
21,018 | 18,465,074 | ||||||
5.75%, 01/15/40(a) |
10,923 | 11,786,909 | ||||||
Berkshire Hathaway Inc., 4.50%, 02/11/43(a) |
17,828 | 16,702,461 | ||||||
Brighthouse Financial Inc. |
||||||||
3.70%, 06/22/27 (Call 03/22/27)(a) |
4,162 | 3,855,107 | ||||||
4.70%, 06/22/47 (Call 12/22/46)(a) |
2,922 | 2,178,626 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37(a) |
11,432 | 12,161,895 | ||||||
Chubb INA Holdings Inc. |
||||||||
1.38%, 09/15/30 (Call 06/15/30)(a) |
6,086 | 4,783,620 | ||||||
3.05%, 12/15/61 (Call 06/15/61)(a) |
8,252 | 5,331,648 | ||||||
4.35%, 11/03/45 (Call 05/03/45) |
7,624 | 6,663,684 | ||||||
Corebridge Financial Inc. |
||||||||
3.65%, 04/05/27 (Call 03/05/27)(a) |
13,768 | 12,949,568 | ||||||
3.85%, 04/05/29 (Call 02/05/29) |
10,082 | 9,225,698 | ||||||
3.90%, 04/05/32 (Call 01/05/32) |
10,311 | 9,022,604 | ||||||
4.40%, 04/05/52 (Call 10/05/51) |
8,791 | 6,787,232 | ||||||
Equitable Holdings Inc. |
||||||||
4.35%, 04/20/28 (Call 01/20/28) |
16,979 | 16,068,375 | ||||||
5.00%, 04/20/48 (Call 10/20/47)(a) |
15,832 | 13,290,299 | ||||||
Everest Reinsurance Holdings Inc. |
||||||||
3.13%, 10/15/52 (Call 04/15/52)(a) |
9,300 | 5,914,076 | ||||||
3.50%, 10/15/50 (Call 04/15/50) |
5,240 | 3,593,144 | ||||||
Fairfax Financial Holdings Ltd., 5.63%, 08/16/32 (Call 05/16/32) |
4,848 | 4,682,335 | ||||||
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)(a) |
2,320 | 1,690,271 |
Security |
Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
Manulife Financial Corp. |
||||||||
3.70%, 03/16/32 (Call 12/16/31)(a) |
$ | 9,985 | $ | 8,938,206 | ||||
5.38%, 03/04/46(a) |
3,447 | 3,312,561 | ||||||
Marsh & McLennan Companies Inc. |
||||||||
2.25%, 11/15/30 (Call 08/15/30)(a) |
4,053 | 3,345,235 | ||||||
4.38%, 03/15/29 (Call 12/15/28) |
17,121 | 16,559,707 | ||||||
4.90%, 03/15/49 (Call 09/15/48) |
11,331 | 10,392,554 | ||||||
MetLife Inc. |
||||||||
4.05%, 03/01/45 |
8,549 | 6,960,391 | ||||||
4.13%, 08/13/42(a) |
10,963 | 9,057,492 | ||||||
4.55%, 03/23/30 (Call 12/23/29)(a) |
10,107 | 9,826,766 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) |
6,228 | 5,465,092 | ||||||
4.88%, 11/13/43 |
8,162 | 7,433,851 | ||||||
5.00%, 07/15/52 (Call 01/15/52)(a) |
9,268 | 8,453,034 | ||||||
5.25%, 01/15/54 (Call 07/15/53)(a) |
11,179 | 10,623,226 | ||||||
5.38%, 07/15/33 (Call 04/15/33)(a) |
8,475 | 8,436,539 | ||||||
5.70%, 06/15/35(a) |
15,718 | 16,092,731 | ||||||
5.88%, 02/06/41(a) |
9,795 | 10,053,680 | ||||||
6.38%, 06/15/34 |
13,218 | 14,193,662 | ||||||
Progressive Corp. (The), 4.13%, 04/15/47 (Call 10/15/46) |
3,833 | 3,191,776 | ||||||
Prudential Financial Inc. |
||||||||
3.70%, 03/13/51 (Call 09/13/50)(a) |
15,200 | 11,357,460 | ||||||
3.91%, 12/07/47 (Call 06/07/47) |
8,720 | 6,759,112 | ||||||
3.94%, 12/07/49 (Call 06/07/49) |
10,398 | 7,986,798 | ||||||
4.35%, 02/25/50 (Call 08/25/49) |
9,804 | 8,145,697 | ||||||
4.60%, 05/15/44 |
8,697 | 7,668,449 | ||||||
5.70%, 12/14/36 |
12,737 | 13,006,399 | ||||||
Travelers Companies Inc. (The) |
||||||||
3.05%, 06/08/51 (Call 12/08/50)(a) |
2,202 | 1,522,165 | ||||||
5.35%, 11/01/40(a) |
7,041 | 7,000,221 | ||||||
6.25%, 06/15/37(a) |
12,987 | 14,140,885 | ||||||
Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52) |
8,203 | 8,317,794 | ||||||
Willis North America Inc. |
||||||||
4.65%, 06/15/27 (Call 05/15/27) |
8,824 | 8,546,551 | ||||||
5.35%, 05/15/33 (Call 02/15/33) |
5,168 | 4,983,690 | ||||||
|
|
|||||||
577,197,719 | ||||||||
Internet — 2.4% | ||||||||
Alphabet Inc. |
||||||||
0.80%, 08/15/27 (Call 06/15/27)(a) |
8,416 | 7,301,183 | ||||||
1.10%, 08/15/30 (Call 05/15/30)(a) |
25,880 | 20,750,597 | ||||||
1.90%, 08/15/40 (Call 02/15/40)(a) |
6,681 | 4,472,767 | ||||||
2.05%, 08/15/50 (Call 02/15/50)(a) |
18,226 | 10,900,812 | ||||||
2.25%, 08/15/60 (Call 02/15/60)(a) |
19,607 | 11,446,510 | ||||||
Amazon.com Inc. |
||||||||
1.20%, 06/03/27 (Call 04/03/27) |
15,075 | 13,282,049 | ||||||
1.50%, 06/03/30 (Call 03/03/30) |
20,426 | 16,621,988 | ||||||
1.65%, 05/12/28 (Call 03/12/28) |
25,790 | 22,539,021 | ||||||
2.10%, 05/12/31 (Call 02/12/31) |
31,085 | 25,782,651 | ||||||
2.50%, 06/03/50 (Call 12/03/49)(a) |
28,166 | 17,932,436 | ||||||
2.70%, 06/03/60 (Call 12/03/59) |
22,542 | 13,837,073 | ||||||
2.88%, 05/12/41 (Call 11/12/40) |
23,136 | 17,316,799 | ||||||
3.10%, 05/12/51 (Call 11/12/50)(a) |
35,285 | 25,177,291 | ||||||
3.15%, 08/22/27 (Call 05/22/27) |
37,370 | 35,158,126 | ||||||
3.25%, 05/12/61 (Call 11/12/60) |
19,442 | 13,474,179 | ||||||
3.30%, 04/13/27 (Call 03/13/27) |
17,242 | 16,408,160 | ||||||
3.45%, 04/13/29 (Call 02/13/29) |
15,262 | 14,363,988 | ||||||
3.60%, 04/13/32 (Call 01/13/32)(a) |
24,174 | 22,228,554 | ||||||
3.88%, 08/22/37 (Call 02/22/37)(a) |
19,875 | 17,834,756 |
40 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Internet (continued) | ||||||||
3.95%, 04/13/52 (Call 10/13/51)(a) |
$ | 27,706 | $ | 23,089,781 | ||||
4.05%, 08/22/47 (Call 02/22/47) |
37,158 | 32,008,837 | ||||||
4.10%, 04/13/62 (Call 10/13/61)(a) |
14,389 | 11,878,853 | ||||||
4.25%, 08/22/57 (Call 02/22/57)(a) |
24,568 | 21,253,025 | ||||||
4.55%, 12/01/27 (Call 11/01/27) |
17,665 | 17,599,802 | ||||||
4.65%, 12/01/29 (Call 10/01/29) |
16,895 | 16,818,155 | ||||||
4.70%, 12/01/32 (Call 09/01/32)(a) |
22,041 | 21,891,648 | ||||||
4.80%, 12/05/34 (Call 06/05/34)(a) |
6,230 | 6,259,504 | ||||||
4.95%, 12/05/44 (Call 06/05/44) |
18,163 | 17,840,035 | ||||||
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)(a) |
18,638 | 18,220,022 | ||||||
eBay Inc. |
||||||||
2.60%, 05/10/31 (Call 02/10/31)(a) |
4,554 | 3,766,186 | ||||||
2.70%, 03/11/30 (Call 12/11/29)(a) |
13,905 | 11,882,224 | ||||||
3.60%, 06/05/27 (Call 03/05/27)(a) |
3,334 | 3,143,982 | ||||||
3.65%, 05/10/51 (Call 11/10/50) |
1,043 | 741,137 | ||||||
4.00%, 07/15/42 (Call 01/15/42)(a) |
15,335 | 12,004,707 | ||||||
Expedia Group Inc. |
||||||||
3.25%, 02/15/30 (Call 11/15/29)(a) |
13,894 | 12,107,564 | ||||||
3.80%, 02/15/28 (Call 11/15/27)(a) |
9,186 | 8,561,325 | ||||||
4.63%, 08/01/27 (Call 05/01/27) |
4,741 | 4,599,217 | ||||||
Meta Platforms Inc. |
||||||||
3.50%, 08/15/27 (Call 07/15/27) |
26,348 | 25,114,924 | ||||||
3.85%, 08/15/32 (Call 05/15/32) |
34,012 | 31,229,852 | ||||||
4.45%, 08/15/52 (Call 02/15/52) |
30,386 | 25,713,399 | ||||||
4.60%, 05/15/28 (Call 04/15/28) |
16,416 | 16,277,981 | ||||||
4.65%, 08/15/62 (Call 02/15/62) |
11,709 | 9,940,268 | ||||||
4.80%, 05/15/30 (Call 03/15/30)(a) |
10,948 | 10,864,821 | ||||||
4.95%, 05/15/33 (Call 02/15/33) |
17,611 | 17,515,899 | ||||||
5.60%, 05/15/53 (Call 11/15/52) |
28,045 | 28,129,668 | ||||||
5.75%, 05/15/63 (Call 11/15/62) |
19,419 | 19,584,446 | ||||||
Netflix Inc. |
||||||||
4.38%, 11/15/26 |
4,385 | 4,264,495 | ||||||
4.88%, 04/15/28 |
11,286 | 11,122,917 | ||||||
5.88%, 11/15/28 |
12,359 | 12,706,288 | ||||||
6.38%, 05/15/29(a) |
1,408 | 1,482,242 | ||||||
|
|
|||||||
784,442,144 | ||||||||
Iron & Steel — 0.1% | ||||||||
ArcelorMittal SA |
||||||||
6.55%, 11/29/27 (Call 10/29/27) |
14,167 | 14,526,342 | ||||||
6.80%, 11/29/32 (Call 08/29/32) |
11,405 | 11,723,884 | ||||||
|
|
|||||||
26,250,226 | ||||||||
Lodging — 0.2% | ||||||||
Marriott International Inc./MD |
||||||||
4.90%, 04/15/29 (Call 03/15/29)(a) |
11,052 | 10,759,359 | ||||||
5.00%, 10/15/27 (Call 09/15/27) |
5,876 | 5,819,611 | ||||||
Series FF, 4.63%, 06/15/30 (Call 03/15/30) |
10,294 | 9,735,799 | ||||||
Series GG, 3.50%, 10/15/32 (Call 07/15/32) |
10,142 | 8,619,929 | ||||||
Series HH, 2.85%, 04/15/31 (Call 01/15/31) |
7,533 | 6,265,511 | ||||||
Sands China Ltd., 5.65%, 08/08/28 (Call 05/08/28)(a) |
18,868 | 17,817,618 | ||||||
|
|
|||||||
59,017,827 | ||||||||
Machinery — 0.5% | ||||||||
Caterpillar Financial Services Corp., 1.10%, 09/14/27(a) |
8,894 | 7,688,557 | ||||||
Caterpillar Inc. |
||||||||
2.60%, 04/09/30 (Call 01/09/30)(a) |
10,393 | 9,139,905 | ||||||
3.25%, 09/19/49 (Call 03/19/49)(a) |
3,345 | 2,520,143 | ||||||
3.25%, 04/09/50 (Call 10/09/49)(a) |
5,844 | 4,422,336 |
Security |
Par (000) |
Value | ||||||
Machinery (continued) | ||||||||
3.80%, 08/15/42(a) |
$ | 22,796 | $ | 19,301,068 | ||||
5.20%, 05/27/41 |
10,594 | 10,715,366 | ||||||
Deere & Co. |
||||||||
3.75%, 04/15/50 (Call 10/15/49)(a) |
2,122 | 1,810,722 | ||||||
3.90%, 06/09/42 (Call 12/09/41)(a) |
19,534 | 17,049,574 | ||||||
John Deere Capital Corp. |
||||||||
4.15%, 09/15/27(a) |
13,228 | 12,923,801 | ||||||
4.70%, 06/10/30 |
9,441 | 9,323,990 | ||||||
4.75%, 01/20/28 |
12,627 | 12,574,637 | ||||||
4.95%, 07/14/28 |
6,344 | 6,358,029 | ||||||
Otis Worldwide Corp. |
||||||||
2.57%, 02/15/30 (Call 11/15/29) |
19,976 | 17,086,218 | ||||||
3.11%, 02/15/40 (Call 08/15/39) |
1,430 | 1,075,246 | ||||||
5.25%, 08/16/28 (Call 07/16/28) |
4,998 | 5,031,452 | ||||||
Westinghouse Air Brake Technologies Corp. |
||||||||
3.45%, 11/15/26 (Call 08/15/26) |
5,075 | 4,773,746 | ||||||
4.95%, 09/15/28 (Call 06/15/28) |
15,426 | 14,911,329 | ||||||
|
|
|||||||
156,706,119 | ||||||||
Manufacturing — 0.5% | ||||||||
3M Co. |
||||||||
2.38%, 08/26/29 (Call 05/26/29)(a) |
10,598 | 9,129,237 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) |
9,421 | 8,675,454 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) |
9,071 | 6,270,889 | ||||||
3.38%, 03/01/29 (Call 12/01/28)(a) |
10,322 | 9,455,189 | ||||||
4.00%, 09/14/48 (Call 03/14/48)(a) |
9,607 | 7,811,925 | ||||||
Eaton Corp. |
||||||||
4.15%, 03/15/33 (Call 12/15/32)(a) |
12,754 | 12,017,703 | ||||||
4.15%, 11/02/42 |
7,913 | 6,856,129 | ||||||
GE Capital International Funding Co. Unlimited Co., |
||||||||
4.42%, 11/15/35(a) |
7,668 | 7,090,028 | ||||||
General Electric Co. |
||||||||
5.88%, 01/14/38(a) |
12,308 | 12,958,293 | ||||||
6.75%, 03/15/32(a) |
13,604 | 15,149,262 | ||||||
Illinois Tool Works Inc. |
||||||||
2.65%, 11/15/26 (Call 08/15/26) |
8,103 | 7,592,041 | ||||||
3.90%, 09/01/42 (Call 03/01/42)(a) |
9,656 | 8,303,096 | ||||||
Parker-Hannifin Corp. |
||||||||
3.25%, 06/14/29 (Call 03/14/29) |
11,437 | 10,343,902 | ||||||
4.00%, 06/14/49 (Call 12/14/48)(a) |
6,181 | 5,013,494 | ||||||
4.25%, 09/15/27 (Call 08/15/27)(a) |
12,883 | 12,504,564 | ||||||
4.50%, 09/15/29 (Call 07/15/29)(a) |
11,970 | 11,569,593 | ||||||
Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)(a) |
11,225 | 9,368,274 | ||||||
|
|
|||||||
160,109,073 | ||||||||
Media — 4.0% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||
2.25%, 01/15/29 (Call 11/15/28) |
5,784 | 4,805,809 | ||||||
2.30%, 02/01/32 (Call 11/01/31) |
14,153 | 10,682,812 | ||||||
2.80%, 04/01/31 (Call 01/01/31) |
10,762 | 8,661,429 | ||||||
3.50%, 06/01/41 (Call 12/01/40)(a) |
18,445 | 12,203,015 | ||||||
3.50%, 03/01/42 (Call 09/01/41) |
17,397 | 11,368,670 | ||||||
3.70%, 04/01/51 (Call 10/01/50)(a) |
23,379 | 14,511,130 | ||||||
3.75%, 02/15/28 (Call 11/15/27) |
10,567 | 9,668,946 | ||||||
3.85%, 04/01/61 (Call 10/01/60)(a) |
15,466 | 9,224,993 | ||||||
3.90%, 06/01/52 (Call 12/01/51)(a) |
27,398 | 17,518,289 | ||||||
3.95%, 06/30/62 (Call 12/30/61) |
13,133 | 7,903,551 | ||||||
4.20%, 03/15/28 (Call 12/15/27)(a) |
11,883 | 11,056,909 | ||||||
4.40%, 04/01/33 (Call 01/01/33)(a) |
4,887 | 4,302,839 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
4.40%, 12/01/61 (Call 06/01/61) |
$ | 10,695 | $ | 7,030,730 | ||||
4.80%, 03/01/50 (Call 09/01/49) |
30,328 | 22,376,587 | ||||||
5.05%, 03/30/29 (Call 12/30/28) |
17,157 | 16,337,184 | ||||||
5.13%, 07/01/49 (Call 01/01/49) |
14,806 | 11,389,333 | ||||||
5.25%, 04/01/53 (Call 10/01/52)(a) |
17,819 | 14,064,676 | ||||||
5.38%, 04/01/38 (Call 10/01/37) |
3,656 | 3,093,367 | ||||||
5.38%, 05/01/47 (Call 11/01/46) |
26,890 | 21,402,579 | ||||||
5.50%, 04/01/63 (Call 10/01/62) |
8,589 | 6,741,982 | ||||||
5.75%, 04/01/48 (Call 10/01/47) |
26,383 | 22,225,657 | ||||||
6.38%, 10/23/35 (Call 04/23/35) |
18,715 | 18,152,481 | ||||||
6.48%, 10/23/45 (Call 04/23/45) |
36,461 | 33,477,079 | ||||||
Comcast Corp. |
||||||||
1.50%, 02/15/31 (Call 11/15/30) |
13,109 | 10,250,018 | ||||||
1.95%, 01/15/31 (Call 10/15/30)(a) |
12,925 | 10,458,630 | ||||||
2.35%, 01/15/27 (Call 10/15/26)(a) |
7,147 | 6,557,966 | ||||||
2.45%, 08/15/52 (Call 02/15/52)(a) |
17,118 | 9,992,513 | ||||||
2.65%, 02/01/30 (Call 11/01/29) |
11,813 | 10,274,024 | ||||||
2.65%, 08/15/62 (Call 02/15/62)(a) |
1,623 | 926,631 | ||||||
2.80%, 01/15/51 (Call 07/15/50) |
20,451 | 12,964,637 | ||||||
2.89%, 11/01/51 (Call 05/01/51)(a) |
54,068 | 34,561,861 | ||||||
2.94%, 11/01/56 (Call 05/01/56) |
58,570 | 36,385,699 | ||||||
2.99%, 11/01/63 (Call 05/01/63)(a) |
36,605 | 22,107,041 | ||||||
3.15%, 02/15/28 (Call 11/15/27) |
13,758 | 12,765,891 | ||||||
3.20%, 07/15/36 (Call 01/15/36)(a) |
6,445 | 5,219,057 | ||||||
3.25%, 11/01/39 (Call 05/01/39) |
16,866 | 12,963,843 | ||||||
3.30%, 02/01/27 (Call 11/01/26) |
10,203 | 9,663,650 | ||||||
3.30%, 04/01/27 (Call 02/01/27) |
6,395 | 6,033,890 | ||||||
3.40%, 04/01/30 (Call 01/01/30) |
12,924 | 11,787,944 | ||||||
3.40%, 07/15/46 (Call 01/15/46)(a) |
17,746 | 12,959,980 | ||||||
3.45%, 02/01/50 (Call 08/01/49)(a) |
20,235 | 14,753,780 | ||||||
3.55%, 05/01/28 (Call 02/01/28)(a) |
7,047 | 6,660,558 | ||||||
3.75%, 04/01/40 (Call 10/01/39) |
18,568 | 15,264,677 | ||||||
3.90%, 03/01/38 (Call 09/01/37) |
9,015 | 7,685,883 | ||||||
3.97%, 11/01/47 (Call 05/01/47) |
23,040 | 18,434,716 | ||||||
4.00%, 08/15/47 (Call 02/15/47) |
12,113 | 9,699,388 | ||||||
4.00%, 03/01/48 (Call 09/01/47)(a) |
13,524 | 10,874,916 | ||||||
4.00%, 11/01/49 (Call 05/01/49)(a) |
22,201 | 17,652,655 | ||||||
4.05%, 11/01/52 (Call 05/01/52) |
13,135 | 10,486,872 | ||||||
4.15%, 10/15/28 (Call 07/15/28) |
34,383 | 33,141,567 | ||||||
4.20%, 08/15/34 (Call 02/15/34) |
6,051 | 5,528,968 | ||||||
4.25%, 10/15/30 (Call 07/15/30) |
11,577 | 11,009,098 | ||||||
4.25%, 01/15/33 |
22,385 | 20,989,306 | ||||||
4.40%, 08/15/35 (Call 02/15/35) |
4,669 | 4,325,388 | ||||||
4.55%, 01/15/29 (Call 12/15/28) |
5,924 | 5,799,116 | ||||||
4.60%, 10/15/38 (Call 04/15/38) |
11,858 | 10,871,023 | ||||||
4.60%, 08/15/45 (Call 02/15/45) |
9,662 | 8,480,999 | ||||||
4.65%, 02/15/33 (Call 11/15/32)(a) |
14,370 | 14,009,829 | ||||||
4.70%, 10/15/48 (Call 04/15/48)(a) |
21,929 | 19,760,829 | ||||||
4.80%, 05/15/33 (Call 02/15/33) |
6,402 | 6,258,422 | ||||||
4.95%, 10/15/58 (Call 04/15/58)(a) |
4,297 | 3,950,385 | ||||||
5.35%, 11/15/27 (Call 10/15/27) |
6,454 | 6,541,436 | ||||||
5.35%, 05/15/53 (Call 11/15/52) |
18,366 | 17,960,897 | ||||||
5.50%, 11/15/32 (Call 08/15/32) |
8,164 | 8,377,321 | ||||||
5.50%, 05/15/64 (Call 11/15/63) |
15,122 | 14,753,804 | ||||||
5.65%, 06/15/35 |
9,208 | 9,538,848 | ||||||
7.05%, 03/15/33 |
12,651 | 14,416,544 | ||||||
Discovery Communications LLC |
||||||||
3.63%, 05/15/30 (Call 02/15/30) |
2,337 | 2,051,990 | ||||||
3.95%, 03/20/28 (Call 12/20/27)(a) |
9,481 | 8,817,833 | ||||||
4.00%, 09/15/55 (Call 03/15/55) |
17,731 | 11,558,016 |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
4.13%, 05/15/29 (Call 02/15/29) |
$ | 461 | $ | 423,787 | ||||
4.65%, 05/15/50 (Call 11/15/49) |
7,351 | 5,488,651 | ||||||
5.20%, 09/20/47 (Call 03/20/47)(a) |
14,088 | 11,396,779 | ||||||
5.30%, 05/15/49 (Call 11/15/48) |
4,667 | 3,796,979 | ||||||
Fox Corp. |
||||||||
4.71%, 01/25/29 (Call 10/25/28)(a) |
23,014 | 22,206,779 | ||||||
5.48%, 01/25/39 (Call 07/25/38) |
8,849 | 8,008,849 | ||||||
5.58%, 01/25/49 (Call 07/25/48) |
14,856 | 13,228,914 | ||||||
Paramount Global |
||||||||
4.20%, 05/19/32 (Call 02/19/32)(a) |
10,521 | 8,780,778 | ||||||
4.38%, 03/15/43 |
18,283 | 12,582,423 | ||||||
4.95%, 01/15/31 (Call 10/15/30)(a) |
13,489 | 12,044,118 | ||||||
4.95%, 05/19/50 (Call 11/19/49)(a) |
5,680 | 4,148,538 | ||||||
5.85%, 09/01/43 (Call 03/01/43)(a) |
13,071 | 10,834,905 | ||||||
6.88%, 04/30/36 |
15,287 | 14,711,665 | ||||||
7.88%, 07/30/30(a) |
14,235 | 15,016,277 | ||||||
Time Warner Cable Enterprises LLC, 8.38%, 07/15/33 |
11,488 | 12,785,233 | ||||||
Time Warner Cable LLC |
||||||||
4.50%, 09/15/42 (Call 03/15/42) |
13,794 | 10,082,464 | ||||||
5.50%, 09/01/41 (Call 03/01/41) |
14,321 | 11,696,778 | ||||||
5.88%, 11/15/40 (Call 05/15/40) |
13,716 | 11,917,078 | ||||||
6.55%, 05/01/37 |
16,542 | 15,713,444 | ||||||
6.75%, 06/15/39 |
16,018 | 15,499,041 | ||||||
7.30%, 07/01/38(a) |
15,644 | 15,813,964 | ||||||
TWDC Enterprises 18 Corp. |
||||||||
2.95%, 06/15/27(a) |
10,368 | 9,716,311 | ||||||
4.13%, 06/01/44(a) |
10,770 | 9,058,623 | ||||||
Walt Disney Co. (The) |
||||||||
2.00%, 09/01/29 (Call 06/01/29)(a) |
26,208 | 22,227,964 | ||||||
2.20%, 01/13/28(a) |
14,850 | 13,379,354 | ||||||
2.65%, 01/13/31(a) |
27,310 | 23,417,538 | ||||||
2.75%, 09/01/49 (Call 03/01/49)(a) |
21,943 | 14,065,329 | ||||||
3.50%, 05/13/40 (Call 11/13/39) |
17,208 | 13,739,430 | ||||||
3.60%, 01/13/51 (Call 07/13/50) |
29,186 | 21,923,216 | ||||||
3.80%, 03/22/30(a) |
20,787 | 19,457,308 | ||||||
3.80%, 05/13/60 (Call 11/13/59)(a) |
5,974 | 4,530,875 | ||||||
4.63%, 03/23/40 (Call 09/23/39)(a) |
7,002 | 6,479,965 | ||||||
4.70%, 03/23/50 (Call 09/23/49)(a) |
18,178 | 16,605,367 | ||||||
6.20%, 12/15/34(a) |
10,599 | 11,495,430 | ||||||
6.40%, 12/15/35 |
11,763 | 12,847,745 | ||||||
6.65%, 11/15/37(a) |
14,039 | 15,810,368 | ||||||
|
|
|||||||
1,324,660,653 | ||||||||
Mining — 0.7% | ||||||||
Barrick North America Finance LLC |
||||||||
5.70%, 05/30/41 |
11,781 | 11,661,148 | ||||||
5.75%, 05/01/43(a) |
7,908 | 7,896,672 | ||||||
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39 |
11,590 | 11,771,093 | ||||||
BHP Billiton Finance USA Ltd. |
||||||||
4.13%, 02/24/42(a) |
12,503 | 10,909,268 | ||||||
4.75%, 02/28/28 (Call 01/28/28) |
12,487 | 12,373,590 | ||||||
4.90%, 02/28/33 (Call 11/28/32)(a) |
7,924 | 7,810,802 | ||||||
5.00%, 09/30/43 |
19,219 | 18,545,918 | ||||||
Freeport-McMoRan Inc. |
||||||||
4.63%, 08/01/30 (Call 08/01/25)(a) |
11,454 | 10,590,678 | ||||||
5.40%, 11/14/34 (Call 05/14/34)(a) |
9,990 | 9,488,690 | ||||||
5.45%, 03/15/43 (Call 09/15/42)(a) |
18,087 | 16,242,994 | ||||||
Newmont Corp. |
||||||||
2.25%, 10/01/30 (Call 07/01/30)(a) |
10,658 | 8,667,010 |
42 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Mining (continued) | ||||||||
2.60%, 07/15/32 (Call 04/15/32) |
$ | 10,105 | $ | 8,123,767 | ||||
4.88%, 03/15/42 (Call 09/15/41)(a) |
13,012 | 11,671,440 | ||||||
6.25%, 10/01/39 |
11,461 | 11,916,781 | ||||||
Rio Tinto Alcan Inc., 6.13%, 12/15/33 |
10,105 | 10,733,798 | ||||||
Rio Tinto Finance USA Ltd. |
||||||||
2.75%, 11/02/51 (Call 05/02/51) |
7,306 | 4,543,998 | ||||||
5.20%, 11/02/40 |
11,958 | 11,664,125 | ||||||
7.13%, 07/15/28 |
14,468 | 15,772,992 | ||||||
Rio Tinto Finance USA PLC |
||||||||
4.13%, 08/21/42 (Call 02/21/42)(a) |
7,966 | 6,776,831 | ||||||
5.13%, 03/09/53 (Call 09/09/52) |
14,014 | 13,487,717 | ||||||
|
|
|||||||
220,649,312 | ||||||||
Office & Business Equipment — 0.0% | ||||||||
CDW LLC/CDW Finance Corp. |
||||||||
2.67%, 12/01/26 (Call 11/01/26) |
2,399 | 2,178,852 | ||||||
3.57%, 12/01/31 (Call 09/01/31) |
11,212 | 9,472,695 | ||||||
|
|
|||||||
11,651,547 | ||||||||
Oil & Gas — 4.1% | ||||||||
BP Capital Markets America Inc. |
||||||||
1.75%, 08/10/30 (Call 05/10/30)(a) |
11,079 | 8,970,726 | ||||||
2.72%, 01/12/32 (Call 10/12/31)(a) |
20,041 | 16,775,634 | ||||||
2.77%, 11/10/50 (Call 05/10/50) |
17,463 | 10,987,093 | ||||||
2.94%, 06/04/51 (Call 12/04/50)(a) |
25,229 | 16,464,925 | ||||||
3.00%, 02/24/50 (Call 08/24/49) |
21,505 | 14,331,895 | ||||||
3.00%, 03/17/52 (Call 09/17/51)(a) |
14,966 | 9,791,616 | ||||||
3.02%, 01/16/27 (Call 10/16/26)(a) |
8,470 | 7,953,813 | ||||||
3.06%, 06/17/41 (Call 12/17/40) |
15,753 | 11,563,605 | ||||||
3.38%, 02/08/61 (Call 08/08/60)(a) |
21,476 | 14,406,359 | ||||||
3.63%, 04/06/30 (Call 01/06/30)(a) |
14,007 | 12,937,285 | ||||||
3.94%, 09/21/28 (Call 06/21/28)(a) |
12,948 | 12,353,697 | ||||||
4.23%, 11/06/28 (Call 08/06/28)(a) |
22,485 | 21,686,852 | ||||||
4.81%, 02/13/33 (Call 11/13/32)(a) |
23,733 | 22,972,372 | ||||||
4.89%, 09/11/33 (Call 06/11/33)(a) |
10,968 | 10,660,629 | ||||||
BP Capital Markets PLC |
||||||||
3.28%, 09/19/27 (Call 06/19/27)(a) |
18,363 | 17,290,450 | ||||||
3.72%, 11/28/28 (Call 08/28/28) |
8,880 | 8,344,840 | ||||||
Canadian Natural Resources Ltd. |
||||||||
3.85%, 06/01/27 (Call 03/01/27)(a) |
16,619 | 15,729,024 | ||||||
4.95%, 06/01/47 (Call 12/01/46) |
2,086 | 1,808,574 | ||||||
6.25%, 03/15/38(a) |
22,140 | 22,321,389 | ||||||
Cenovus Energy Inc. |
||||||||
3.75%, 02/15/52 (Call 08/15/51)(a) |
2,092 | 1,476,623 | ||||||
5.40%, 06/15/47 (Call 12/15/46) |
4,283 | 3,840,138 | ||||||
6.75%, 11/15/39(a) |
21,491 | 22,284,802 | ||||||
Chevron Corp. |
||||||||
2.00%, 05/11/27 (Call 03/11/27) |
12,143 | 11,010,010 | ||||||
2.24%, 05/11/30 (Call 02/11/30) |
15,416 | 13,201,035 | ||||||
3.08%, 05/11/50 (Call 11/11/49) |
4,180 | 2,966,156 | ||||||
Chevron USA Inc. |
||||||||
1.02%, 08/12/27 (Call 06/12/27)(a) |
9,073 | 7,877,892 | ||||||
2.34%, 08/12/50 (Call 02/12/50)(a) |
1,930 | 1,172,730 | ||||||
ConocoPhillips Co. |
||||||||
3.76%, 03/15/42 (Call 09/15/41) |
7,363 | 5,963,644 | ||||||
3.80%, 03/15/52 (Call 09/15/51)(a) |
11,538 | 8,879,367 | ||||||
4.03%, 03/15/62 (Call 09/15/61) |
20,370 | 15,649,420 | ||||||
4.30%, 11/15/44 (Call 05/15/44) |
6,607 | 5,682,259 | ||||||
5.05%, 09/15/33 (Call 06/15/33) |
10,696 | 10,624,867 | ||||||
5.30%, 05/15/53 (Call 11/15/52) |
13,745 | 13,388,455 | ||||||
5.55%, 03/15/54 (Call 09/15/53) |
7,641 | 7,654,858 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
6.50%, 02/01/39 |
$ | 16,221 | $ | 18,037,557 | ||||
6.95%, 04/15/29 |
16,892 | 18,574,906 | ||||||
Continental Resources Inc./OK, 4.38%, 01/15/28 (Call 10/15/27) |
13,189 | 12,408,777 | ||||||
Devon Energy Corp. |
||||||||
4.75%, 05/15/42 (Call 11/15/41) |
15,240 | 12,704,777 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(a) |
2,135 | 1,819,041 | ||||||
5.60%, 07/15/41 (Call 01/15/41)(a) |
18,984 | 17,606,546 | ||||||
Diamondback Energy Inc. |
||||||||
3.13%, 03/24/31 (Call 12/24/30)(a) |
12,236 | 10,517,609 | ||||||
3.25%, 12/01/26 (Call 10/01/26) |
5,235 | 4,925,136 | ||||||
3.50%, 12/01/29 (Call 09/01/29)(a) |
12,246 | 11,069,601 | ||||||
4.25%, 03/15/52 (Call 09/15/51)(a) |
6,361 | 4,766,637 | ||||||
6.25%, 03/15/33 (Call 12/15/32) |
13,530 | 13,977,245 | ||||||
EOG Resources Inc. |
||||||||
4.38%, 04/15/30 (Call 01/15/30)(a) |
5,807 | 5,637,264 | ||||||
4.95%, 04/15/50 (Call 10/15/49)(a) |
1,927 | 1,823,389 | ||||||
EQT Corp. |
||||||||
3.90%, 10/01/27 (Call 07/01/27)(a) |
15,787 | 14,757,111 | ||||||
7.00%, 02/01/30 (Call 11/01/29)(a) |
7,401 | 7,755,145 | ||||||
Equinor ASA |
||||||||
2.38%, 05/22/30 (Call 02/22/30) |
2,435 | 2,092,282 | ||||||
3.13%, 04/06/30 (Call 01/06/30)(a) |
9,149 | 8,284,335 | ||||||
3.25%, 11/18/49 (Call 05/18/49) |
4,895 | 3,480,489 | ||||||
3.63%, 09/10/28 (Call 06/10/28)(a) |
2,631 | 2,498,914 | ||||||
3.70%, 04/06/50 (Call 10/06/49) |
7,508 | 5,789,676 | ||||||
3.95%, 05/15/43 |
6,658 | 5,564,202 | ||||||
4.80%, 11/08/43 |
2,740 | 2,527,172 | ||||||
5.10%, 08/17/40(a) |
6,683 | 6,516,520 | ||||||
Exxon Mobil Corp. |
||||||||
2.44%, 08/16/29 (Call 05/16/29) |
13,480 | 11,892,079 | ||||||
2.61%, 10/15/30 (Call 07/15/30) |
18,381 | 15,926,252 | ||||||
3.00%, 08/16/39 (Call 02/16/39)(a) |
9,611 | 7,394,687 | ||||||
3.10%, 08/16/49 (Call 02/16/49) |
17,279 | 12,137,400 | ||||||
3.29%, 03/19/27 (Call 01/19/27) |
11,616 | 11,085,623 | ||||||
3.45%, 04/15/51 (Call 10/15/50)(a) |
30,113 | 22,352,398 | ||||||
3.48%, 03/19/30 (Call 12/19/29) |
18,202 | 16,850,622 | ||||||
3.57%, 03/06/45 (Call 09/06/44)(a) |
13,218 | 10,305,445 | ||||||
4.11%, 03/01/46 (Call 09/01/45) |
27,572 | 23,407,382 | ||||||
4.23%, 03/19/40 (Call 09/19/39) |
21,597 | 19,281,873 | ||||||
4.33%, 03/19/50 (Call 09/19/49) |
28,825 | 24,942,532 | ||||||
Hess Corp. |
||||||||
4.30%, 04/01/27 (Call 01/01/27)(a) |
13,963 | 13,434,354 | ||||||
5.60%, 02/15/41(a) |
17,762 | 16,677,603 | ||||||
6.00%, 01/15/40 |
10,122 | 9,920,285 | ||||||
Marathon Oil Corp. |
||||||||
4.40%, 07/15/27 (Call 04/15/27) |
13,619 | 12,986,979 | ||||||
6.60%, 10/01/37(a) |
14,278 | 14,383,420 | ||||||
Marathon Petroleum Corp. |
||||||||
4.75%, 09/15/44 (Call 03/15/44)(a) |
2,022 | 1,679,925 | ||||||
6.50%, 03/01/41 (Call 09/01/40) |
19,088 | 19,478,558 | ||||||
Occidental Petroleum Corp. |
||||||||
6.13%, 01/01/31 (Call 07/01/30)(a) |
13,224 | 13,361,953 | ||||||
6.45%, 09/15/36(a) |
16,152 | 16,528,752 | ||||||
6.60%, 03/15/46 (Call 09/15/45)(a) |
10,055 | 10,325,873 | ||||||
6.63%, 09/01/30 (Call 03/01/30)(a) |
18,309 | 18,920,828 | ||||||
7.50%, 05/01/31(a) |
7,134 | 7,745,391 | ||||||
8.88%, 07/15/30 (Call 01/15/30) |
6,088 | 6,979,588 | ||||||
Ovintiv Inc., 6.50%, 08/15/34(a) |
6,202 | 6,287,285 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Phillips 66 |
||||||||
2.15%, 12/15/30 (Call 09/15/30)(a) |
$ | 6,267 | $ | 5,072,875 | ||||
3.30%, 03/15/52 (Call 09/15/51)(a) |
4,234 | 2,821,771 | ||||||
3.90%, 03/15/28 (Call 12/15/27)(a) |
8,043 | 7,614,205 | ||||||
4.65%, 11/15/34 (Call 05/15/34) |
6,983 | 6,545,970 | ||||||
4.88%, 11/15/44 (Call 05/15/44) |
10,240 | 9,231,824 | ||||||
5.88%, 05/01/42(a) |
18,756 | 19,122,342 | ||||||
Phillips 66 Co., 4.95%, 12/01/27 (Call 11/01/27)(a) |
11,536 | 11,391,883 | ||||||
Pioneer Natural Resources Co. |
||||||||
1.90%, 08/15/30 (Call 05/15/30)(a) |
9,651 | 7,784,925 | ||||||
2.15%, 01/15/31 (Call 10/15/30)(a) |
7,812 | 6,334,242 | ||||||
Shell International Finance BV |
||||||||
2.38%, 11/07/29 (Call 08/07/29)(a) |
16,891 | 14,676,847 | ||||||
2.50%, 09/12/26 |
2,814 | 2,620,140 | ||||||
2.75%, 04/06/30 (Call 01/06/30) |
16,547 | 14,588,406 | ||||||
3.00%, 11/26/51 (Call 05/26/51) |
12,688 | 8,474,535 | ||||||
3.13%, 11/07/49 (Call 05/07/49) |
14,803 | 10,284,090 | ||||||
3.25%, 04/06/50 (Call 10/06/49)(a) |
22,616 | 16,008,770 | ||||||
3.75%, 09/12/46 |
13,666 | 10,688,460 | ||||||
3.88%, 11/13/28 (Call 08/13/28)(a) |
13,958 | 13,387,183 | ||||||
4.00%, 05/10/46 |
23,794 | 19,472,079 | ||||||
4.13%, 05/11/35(a) |
12,304 | 11,210,483 | ||||||
4.38%, 05/11/45 |
30,282 | 26,181,947 | ||||||
4.55%, 08/12/43 |
14,520 | 12,991,950 | ||||||
5.50%, 03/25/40 |
11,391 | 11,608,886 | ||||||
6.38%, 12/15/38(a) |
30,134 | 33,170,522 | ||||||
Suncor Energy Inc. |
||||||||
3.75%, 03/04/51 (Call 09/04/50)(a) |
2,109 | 1,491,222 | ||||||
4.00%, 11/15/47 (Call 05/15/47) |
3,869 | 2,880,260 | ||||||
6.50%, 06/15/38 |
17,389 | 17,777,507 | ||||||
6.80%, 05/15/38(a) |
13,633 | 14,221,704 | ||||||
6.85%, 06/01/39 |
10,001 | 10,439,269 | ||||||
TotalEnergies Capital International SA |
||||||||
2.83%, 01/10/30 (Call 10/10/29)(a) |
13,754 | 12,206,012 | ||||||
2.99%, 06/29/41 (Call 12/29/40) |
6,779 | 4,960,013 | ||||||
3.13%, 05/29/50 (Call 11/29/49)(a) |
22,693 | 15,691,107 | ||||||
3.39%, 06/29/60 (Call 12/29/59)(a) |
7,701 | 5,326,782 | ||||||
3.45%, 02/19/29 (Call 11/19/28)(a) |
15,135 | 14,105,236 | ||||||
3.46%, 07/12/49 (Call 01/12/49) |
8,546 | 6,345,380 | ||||||
TotalEnergies Capital SA, 3.88%, 10/11/28 |
13,729 | 13,094,923 | ||||||
Valero Energy Corp. |
||||||||
3.65%, 12/01/51 (Call 06/01/51) |
5,286 | 3,605,639 | ||||||
6.63%, 06/15/37(a) |
19,462 | 20,662,062 | ||||||
7.50%, 04/15/32(a) |
9,238 | 10,353,654 | ||||||
|
|
|||||||
1,360,889,557 | ||||||||
Oil & Gas Services — 0.3% | ||||||||
Baker Hughes Holdings LLC, 5.13%, 09/15/40(a) |
15,642 | 14,741,196 | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc. |
||||||||
3.34%, 12/15/27 (Call 09/15/27) |
16,762 | 15,556,765 | ||||||
4.08%, 12/15/47 (Call 06/15/47) |
4,760 | 3,779,554 | ||||||
Halliburton Co. |
||||||||
2.92%, 03/01/30 (Call 12/01/29)(a) |
9,146 | 7,977,985 | ||||||
4.75%, 08/01/43 (Call 02/01/43)(a) |
10,467 | 9,042,522 | ||||||
4.85%, 11/15/35 (Call 05/15/35) |
12,659 | 11,879,978 | ||||||
5.00%, 11/15/45 (Call 05/15/45)(a) |
18,200 | 16,376,282 | ||||||
6.70%, 09/15/38(a) |
12,509 | 13,735,714 | ||||||
7.45%, 09/15/39(a) |
13,413 | 15,639,555 |
Security |
Par (000) |
Value | ||||||
Oil & Gas Services (continued) | ||||||||
Schlumberger Investment SA, 2.65%, 06/26/30 (Call 03/26/30)(a) |
$ | 10,174 | $ | 8,799,663 | ||||
|
|
|||||||
117,529,214 | ||||||||
Packaging & Containers — 0.0% | ||||||||
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)(a) |
8,233 | 6,702,822 | ||||||
WRKCo Inc., 4.90%, 03/15/29 (Call 12/15/28)(a) |
11,302 | 10,881,380 | ||||||
|
|
|||||||
17,584,202 | ||||||||
Pharmaceuticals — 7.5% | ||||||||
AbbVie Inc. |
||||||||
2.95%, 11/21/26 (Call 09/21/26)(a) |
18,516 | 17,327,249 | ||||||
3.20%, 11/21/29 (Call 08/21/29) |
55,408 | 49,957,958 | ||||||
4.05%, 11/21/39 (Call 05/21/39) |
43,073 | 36,872,538 | ||||||
4.25%, 11/14/28 (Call 08/14/28) |
21,729 | 21,012,145 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a) |
60,086 | 50,508,490 | ||||||
4.30%, 05/14/36 (Call 11/14/35)(a) |
7,043 | 6,430,308 | ||||||
4.40%, 11/06/42 |
29,610 | 25,794,879 | ||||||
4.45%, 05/14/46 (Call 11/14/45) |
22,910 | 19,788,831 | ||||||
4.50%, 05/14/35 (Call 11/14/34) |
20,405 | 19,206,312 | ||||||
4.55%, 03/15/35 (Call 09/15/34)(a) |
14,078 | 13,324,323 | ||||||
4.70%, 05/14/45 (Call 11/14/44) |
30,696 | 27,522,773 | ||||||
4.75%, 03/15/45 (Call 09/15/44) |
10,239 | 9,175,584 | ||||||
4.85%, 06/15/44 (Call 12/15/43) |
12,418 | 11,347,655 | ||||||
4.88%, 11/14/48 (Call 05/14/48)(a) |
19,849 | 18,293,630 | ||||||
Astrazeneca Finance LLC |
||||||||
1.75%, 05/28/28 (Call 03/28/28) |
14,218 | 12,333,317 | ||||||
2.25%, 05/28/31 (Call 02/28/31)(a) |
7,547 | 6,286,694 | ||||||
4.88%, 03/03/28 (Call 02/03/28) |
11,931 | 11,888,917 | ||||||
AstraZeneca PLC |
||||||||
1.38%, 08/06/30 (Call 05/06/30) |
12,772 | 10,154,191 | ||||||
3.00%, 05/28/51 (Call 11/28/50) |
2,658 | 1,872,752 | ||||||
3.13%, 06/12/27 (Call 03/12/27) |
7,543 | 7,060,573 | ||||||
4.00%, 01/17/29 (Call 10/17/28) |
10,828 | 10,345,798 | ||||||
4.00%, 09/18/42(a) |
13,475 | 11,568,603 | ||||||
4.38%, 11/16/45 |
7,971 | 7,086,614 | ||||||
4.38%, 08/17/48 (Call 02/17/48) |
2,177 | 1,943,847 | ||||||
6.45%, 09/15/37 |
34,821 | 39,176,623 | ||||||
Becton Dickinson and Co. |
||||||||
1.96%, 02/11/31 (Call 11/11/30) |
10,462 | 8,414,165 | ||||||
2.82%, 05/20/30 (Call 02/20/30) |
8,363 | 7,234,620 | ||||||
3.70%, 06/06/27 (Call 03/06/27) |
20,621 | 19,554,195 | ||||||
4.67%, 06/06/47 (Call 12/06/46) |
14,729 | 13,040,095 | ||||||
4.69%, 02/13/28 (Call 01/13/28) |
11,289 | 11,083,396 | ||||||
4.69%, 12/15/44 (Call 06/15/44)(a) |
4,540 | 4,018,005 | ||||||
Bristol-Myers Squibb Co. |
||||||||
1.13%, 11/13/27 (Call 09/13/27)(a) |
11,038 | 9,577,955 | ||||||
1.45%, 11/13/30 (Call 08/13/30) |
11,253 | 8,919,001 | ||||||
2.35%, 11/13/40 (Call 05/13/40)(a) |
11,573 | 7,797,316 | ||||||
2.55%, 11/13/50 (Call 05/13/50) |
17,699 | 10,825,597 | ||||||
2.95%, 03/15/32 (Call 12/15/31)(a) |
17,369 | 15,059,524 | ||||||
3.40%, 07/26/29 (Call 04/26/29)(a) |
24,223 | 22,397,797 | ||||||
3.55%, 03/15/42 (Call 09/15/41)(a) |
14,104 | 11,202,070 | ||||||
3.70%, 03/15/52 (Call 09/15/51)(a) |
21,561 | 16,571,720 | ||||||
3.90%, 02/20/28 (Call 11/20/27)(a) |
13,943 | 13,377,261 | ||||||
3.90%, 03/15/62 (Call 09/15/61) |
9,773 | 7,398,316 | ||||||
4.13%, 06/15/39 (Call 12/15/38) |
21,520 | 19,009,516 | ||||||
4.25%, 10/26/49 (Call 04/26/49) |
38,134 | 32,181,759 | ||||||
4.35%, 11/15/47 (Call 05/15/47) |
13,197 | 11,373,259 | ||||||
4.55%, 02/20/48 (Call 08/20/47) |
14,599 | 12,928,106 |
44 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27) |
$ | 11,062 | $ | 10,359,431 | ||||
Cencora Inc. |
||||||||
2.70%, 03/15/31 (Call 12/15/30) |
10,292 | 8,661,226 | ||||||
3.45%, 12/15/27 (Call 09/15/27)(a) |
6,293 | 5,908,629 | ||||||
Cigna Group (The) |
||||||||
2.38%, 03/15/31 (Call 12/15/30) |
14,978 | 12,326,916 | ||||||
2.40%, 03/15/30 (Call 12/15/29) |
17,332 | 14,597,780 | ||||||
3.20%, 03/15/40 (Call 09/15/39)(a) |
10,093 | 7,504,926 | ||||||
3.40%, 03/01/27 (Call 12/01/26) |
13,466 | 12,658,435 | ||||||
3.40%, 03/15/50 (Call 09/15/49) |
13,941 | 9,738,964 | ||||||
3.40%, 03/15/51 (Call 09/15/50)(a) |
16,907 | 11,821,253 | ||||||
3.88%, 10/15/47 (Call 04/15/47) |
10,658 | 8,114,145 | ||||||
4.38%, 10/15/28 (Call 07/15/28) |
38,036 | 36,610,704 | ||||||
4.80%, 08/15/38 (Call 02/15/38) |
19,460 | 17,899,843 | ||||||
4.80%, 07/15/46 (Call 01/16/46) |
14,324 | 12,637,514 | ||||||
4.90%, 12/15/48 (Call 06/15/48)(a) |
30,570 | 27,274,844 | ||||||
5.40%, 03/15/33 (Call 12/15/32) |
8,123 | 8,149,110 | ||||||
CVS Health Corp. |
||||||||
1.30%, 08/21/27 (Call 06/21/27) |
22,539 | 19,399,829 | ||||||
1.75%, 08/21/30 (Call 05/21/30) |
12,241 | 9,699,803 | ||||||
1.88%, 02/28/31 (Call 11/28/30)(a) |
14,360 | 11,254,630 | ||||||
2.13%, 09/15/31 (Call 06/15/31)(a) |
11,432 | 9,004,139 | ||||||
2.70%, 08/21/40 (Call 02/21/40) |
13,171 | 8,821,916 | ||||||
3.25%, 08/15/29 (Call 05/15/29) |
18,720 | 16,737,528 | ||||||
3.63%, 04/01/27 (Call 02/01/27) |
8,527 | 8,075,289 | ||||||
3.75%, 04/01/30 (Call 01/01/30) |
14,164 | 12,866,527 | ||||||
4.13%, 04/01/40 (Call 10/01/39)(a) |
10,819 | 8,782,810 | ||||||
4.25%, 04/01/50 (Call 10/01/49) |
9,880 | 7,789,510 | ||||||
4.30%, 03/25/28 (Call 12/25/27) |
49,906 | 47,916,907 | ||||||
4.78%, 03/25/38 (Call 09/25/37) |
49,248 | 44,126,050 | ||||||
5.00%, 01/30/29 (Call 12/30/28) |
12,549 | 12,354,902 | ||||||
5.05%, 03/25/48 (Call 09/25/47) |
80,302 | 70,368,329 | ||||||
5.13%, 02/21/30 (Call 12/21/29) |
14,068 | 13,800,445 | ||||||
5.13%, 07/20/45 (Call 01/20/45) |
35,390 | 31,492,510 | ||||||
5.25%, 01/30/31 (Call 11/30/30)(a) |
8,358 | 8,300,787 | ||||||
5.25%, 02/21/33 (Call 11/21/32)(a) |
20,155 | 19,715,595 | ||||||
5.30%, 06/01/33 (Call 03/01/33)(a) |
13,625 | 13,332,507 | ||||||
5.30%, 12/05/43 (Call 06/05/43) |
8,773 | 8,038,144 | ||||||
5.63%, 02/21/53 (Call 08/21/52) |
14,014 | 13,256,326 | ||||||
5.88%, 06/01/53 (Call 12/01/52) |
13,728 | 13,364,828 | ||||||
6.00%, 06/01/63 (Call 12/01/62) |
8,924 | 8,728,918 | ||||||
Eli Lilly & Co. |
||||||||
2.25%, 05/15/50 (Call 11/15/49)(a) |
12,576 | 7,752,137 | ||||||
2.50%, 09/15/60 (Call 03/15/60) |
4,891 | 2,912,247 | ||||||
3.38%, 03/15/29 (Call 12/15/28) |
9,900 | 9,255,905 | ||||||
3.95%, 03/15/49 (Call 09/15/48) |
4,910 | 4,228,971 | ||||||
4.70%, 02/27/33 (Call 11/27/32) |
11,284 | 11,264,623 | ||||||
4.88%, 02/27/53 (Call 08/27/52)(a) |
12,529 | 12,320,241 | ||||||
4.95%, 02/27/63 (Call 08/27/62) |
12,168 | 11,873,286 | ||||||
GlaxoSmithKline Capital Inc. |
||||||||
3.88%, 05/15/28 |
17,271 | 16,649,360 | ||||||
6.38%, 05/15/38(a) |
33,145 | 37,577,020 | ||||||
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a) |
9,454 | 8,793,242 | ||||||
Johnson & Johnson |
||||||||
0.95%, 09/01/27 (Call 07/01/27)(a) |
16,171 | 14,110,483 | ||||||
1.30%, 09/01/30 (Call 06/01/30)(a) |
16,069 | 13,043,392 | ||||||
2.10%, 09/01/40 (Call 03/01/40)(a) |
9,417 | 6,438,350 | ||||||
2.25%, 09/01/50 (Call 03/01/50)(a) |
9,115 | 5,738,768 |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
2.45%, 09/01/60 (Call 03/01/60)(a) |
$ | 10,563 | $ | 6,476,294 | ||||
2.90%, 01/15/28 (Call 10/15/27)(a) |
16,489 | 15,457,468 | ||||||
2.95%, 03/03/27 (Call 12/03/26)(a) |
10,459 | 9,908,899 | ||||||
3.40%, 01/15/38 (Call 07/15/37) |
7,203 | 6,107,021 | ||||||
3.50%, 01/15/48 (Call 07/15/47)(a) |
6,164 | 5,006,300 | ||||||
3.55%, 03/01/36 (Call 09/01/35) |
6,549 | 5,768,386 | ||||||
3.63%, 03/03/37 (Call 09/03/36) |
14,308 | 12,660,032 | ||||||
3.70%, 03/01/46 (Call 09/01/45) |
17,764 | 14,740,564 | ||||||
3.75%, 03/03/47 (Call 09/03/46) |
9,163 | 7,740,789 | ||||||
4.38%, 12/05/33 (Call 06/05/33) |
6,014 | 5,938,337 | ||||||
5.95%, 08/15/37 |
10,443 | 11,539,710 | ||||||
Merck & Co. Inc. |
||||||||
1.45%, 06/24/30 (Call 03/24/30) |
13,695 | 11,058,514 | ||||||
1.70%, 06/10/27 (Call 05/10/27) |
13,440 | 12,040,106 | ||||||
1.90%, 12/10/28 (Call 10/10/28)(a) |
8,872 | 7,708,507 | ||||||
2.15%, 12/10/31 (Call 09/10/31)(a) |
25,191 | 20,579,014 | ||||||
2.35%, 06/24/40 (Call 12/24/39) |
11,648 | 8,120,930 | ||||||
2.45%, 06/24/50 (Call 12/24/49) |
14,039 | 8,718,905 | ||||||
2.75%, 12/10/51 (Call 06/10/51)(a) |
21,308 | 13,979,375 | ||||||
2.90%, 12/10/61 (Call 06/10/61)(a) |
14,156 | 8,857,258 | ||||||
3.40%, 03/07/29 (Call 12/07/28) |
16,904 | 15,747,548 | ||||||
3.70%, 02/10/45 (Call 08/10/44) |
19,042 | 15,516,332 | ||||||
3.90%, 03/07/39 (Call 09/07/38)(a) |
11,709 | 10,241,154 | ||||||
4.00%, 03/07/49 (Call 09/07/48) |
16,309 | 13,760,883 | ||||||
4.15%, 05/18/43(a) |
16,051 | 14,109,108 | ||||||
4.30%, 05/17/30 (Call 03/17/30) |
7,794 | 7,530,271 | ||||||
4.50%, 05/17/33 (Call 02/17/33)(a) |
10,735 | 10,458,968 | ||||||
4.90%, 05/17/44 (Call 11/17/43) |
9,470 | 9,166,564 | ||||||
5.00%, 05/17/53 (Call 11/17/52) |
17,370 | 16,952,924 | ||||||
5.15%, 05/17/63 (Call 11/17/62) |
11,514 | 11,231,967 | ||||||
Mylan Inc. |
||||||||
4.55%, 04/15/28 (Call 01/15/28) |
7,732 | 7,283,584 | ||||||
5.20%, 04/15/48 (Call 10/15/47)(a) |
9,348 | 7,244,764 | ||||||
Novartis Capital Corp. |
||||||||
2.00%, 02/14/27 (Call 12/14/26) |
9,968 | 9,107,127 | ||||||
2.20%, 08/14/30 (Call 05/14/30) |
15,652 | 13,330,331 | ||||||
2.75%, 08/14/50 (Call 02/14/50)(a) |
7,420 | 5,075,702 | ||||||
3.10%, 05/17/27 (Call 02/17/27) |
12,609 | 11,927,180 | ||||||
4.00%, 11/20/45 (Call 05/20/45) |
7,398 | 6,363,981 | ||||||
4.40%, 05/06/44 |
16,072 | 14,827,653 | ||||||
Pfizer Inc. |
||||||||
1.70%, 05/28/30 (Call 02/28/30) |
14,909 | 12,266,878 | ||||||
1.75%, 08/18/31 (Call 05/18/31) |
12,380 | 9,944,816 | ||||||
2.55%, 05/28/40 (Call 11/28/39) |
17,003 | 12,200,844 | ||||||
2.63%, 04/01/30 (Call 01/01/30) |
11,510 | 10,099,749 | ||||||
2.70%, 05/28/50 (Call 11/28/49)(a) |
19,140 | 12,960,586 | ||||||
3.00%, 12/15/26(a) |
7,692 | 7,288,707 | ||||||
3.45%, 03/15/29 (Call 12/15/28) |
19,399 | 18,227,489 | ||||||
3.60%, 09/15/28 (Call 06/15/28)(a) |
13,373 | 12,742,315 | ||||||
3.90%, 03/15/39 (Call 09/15/38) |
11,968 | 10,355,643 | ||||||
4.00%, 12/15/36 |
1,977 | 1,788,079 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) |
19,227 | 16,469,666 | ||||||
4.13%, 12/15/46 |
15,191 | 13,140,323 | ||||||
4.20%, 09/15/48 (Call 03/15/48)(a) |
13,305 | 11,741,890 | ||||||
4.30%, 06/15/43 |
15,007 | 13,473,104 | ||||||
4.40%, 05/15/44(a) |
16,547 | 15,037,445 | ||||||
7.20%, 03/15/39 |
34,205 | 41,217,644 | ||||||
Pfizer Investment Enterprises Pte Ltd. |
||||||||
4.45%, 05/19/28 (Call 04/19/28) |
39,035 | 38,284,993 | ||||||
4.65%, 05/19/30 (Call 03/19/30) |
764 | 752,401 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.75%, 05/19/33 (Call 02/19/33) |
$ | 53,732 | $ | 52,848,318 | ||||
5.11%, 05/19/43 (Call 11/19/42) |
10,369 | 10,097,704 | ||||||
5.30%, 05/19/53 (Call 11/19/52) |
100,616 | 100,302,631 | ||||||
5.34%, 05/19/63 (Call 11/19/62) |
9,943 | 9,780,465 | ||||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26) |
3,155 | 2,963,131 | ||||||
Takeda Pharmaceutical Co. Ltd. |
||||||||
2.05%, 03/31/30 (Call 12/31/29) |
24,426 | 20,097,559 | ||||||
3.03%, 07/09/40 (Call 01/09/40)(a) |
11,675 | 8,477,485 | ||||||
3.18%, 07/09/50 (Call 01/09/50)(a) |
17,454 | 11,714,215 | ||||||
3.38%, 07/09/60 (Call 01/09/60)(a) |
9,935 | 6,456,012 | ||||||
5.00%, 11/26/28 (Call 08/26/28)(a) |
18,819 | 18,655,139 | ||||||
Utah Acquisition Sub Inc., 5.25%, 06/15/46 (Call 12/15/45) |
9,321 | 7,349,713 | ||||||
Viatris Inc. |
||||||||
2.30%, 06/22/27 (Call 04/22/27) |
10,082 | 8,837,989 | ||||||
2.70%, 06/22/30 (Call 03/22/30)(a) |
14,972 | 12,139,492 | ||||||
3.85%, 06/22/40 (Call 12/22/39)(a) |
14,343 | 9,986,163 | ||||||
4.00%, 06/22/50 (Call 12/22/49)(a) |
20,181 | 13,369,477 | ||||||
Wyeth LLC |
||||||||
5.95%, 04/01/37 |
28,176 | 30,226,520 | ||||||
6.50%, 02/01/34 |
12,246 | 13,677,894 | ||||||
Zoetis Inc. |
||||||||
2.00%, 05/15/30 (Call 02/15/30) |
7,913 | 6,519,089 | ||||||
3.00%, 09/12/27 (Call 06/12/27)(a) |
6,543 | 6,089,151 | ||||||
4.70%, 02/01/43 (Call 08/01/42) |
7,998 | 7,219,367 | ||||||
5.60%, 11/16/32 (Call 08/16/32)(a) |
8,161 | 8,413,140 | ||||||
|
|
|||||||
2,507,189,927 | ||||||||
Pipelines — 3.7% | ||||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
3.70%, 11/15/29 (Call 05/18/29)(a) |
13,668 | 12,445,190 | ||||||
5.13%, 06/30/27 (Call 01/01/27) |
18,584 | 18,388,829 | ||||||
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23) |
17,270 | 16,257,978 | ||||||
Cheniere Energy Partners LP |
||||||||
3.25%, 01/31/32 (Call 01/31/27)(a) |
11,145 | 9,174,118 | ||||||
4.00%, 03/01/31 (Call 03/01/26) |
13,537 | 11,958,893 | ||||||
4.50%, 10/01/29 (Call 10/01/24) |
12,564 | 11,604,110 | ||||||
5.95%, 06/30/33 (Call 12/30/32)(a)(c) |
13,551 | 13,538,480 | ||||||
Enbridge Inc. |
||||||||
2.50%, 08/01/33 (Call 05/01/33)(a) |
9,842 | 7,642,707 | ||||||
3.13%, 11/15/29 (Call 08/15/29)(a) |
9,805 | 8,666,635 | ||||||
3.40%, 08/01/51 (Call 02/01/51)(a) |
9,579 | 6,414,457 | ||||||
4.25%, 12/01/26 (Call 09/01/26) |
5,796 | 5,588,307 | ||||||
5.50%, 12/01/46 (Call 06/01/46)(a) |
2,365 | 2,193,524 | ||||||
5.70%, 03/08/33 (Call 12/08/32)(a) |
22,195 | 22,200,666 | ||||||
Energy Transfer LP |
||||||||
3.75%, 05/15/30 (Call 02/15/30) |
14,028 | 12,541,164 | ||||||
4.00%, 10/01/27 (Call 07/01/27) |
9,128 | 8,575,491 | ||||||
4.95%, 05/15/28 (Call 02/15/28) |
8,457 | 8,218,985 | ||||||
4.95%, 06/15/28 (Call 03/15/28) |
10,235 | 9,915,444 | ||||||
5.00%, 05/15/50 (Call 11/15/49)(a) |
21,915 | 18,009,863 | ||||||
5.15%, 03/15/45 (Call 09/15/44) |
11,229 | 9,419,440 | ||||||
5.25%, 04/15/29 (Call 01/15/29) |
13,302 | 12,990,768 | ||||||
5.30%, 04/15/47 (Call 10/15/46) |
9,335 | 7,925,433 | ||||||
5.35%, 05/15/45 (Call 11/15/44) |
9,087 | 7,766,292 | ||||||
5.40%, 10/01/47 (Call 04/01/47) |
15,538 | 13,354,445 | ||||||
5.50%, 06/01/27 (Call 03/01/27) |
11,726 | 11,661,479 | ||||||
5.55%, 02/15/28 (Call 01/15/28)(a) |
11,541 | 11,501,156 | ||||||
5.75%, 02/15/33 (Call 11/15/32)(a) |
15,700 | 15,614,583 |
Security |
Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
6.00%, 06/15/48 (Call 12/15/47) |
$ | 10,723 | $ | 9,896,967 | ||||
6.13%, 12/15/45 (Call 06/15/45) |
10,705 | 10,037,015 | ||||||
6.25%, 04/15/49 (Call 10/15/48)(a) |
17,676 | 16,875,928 | ||||||
6.50%, 02/01/42 (Call 08/01/41)(a) |
10,311 | 10,253,734 | ||||||
Enterprise Products Operating LLC |
||||||||
2.80%, 01/31/30 (Call 10/31/29) |
10,677 | 9,262,815 | ||||||
3.13%, 07/31/29 (Call 04/30/29) |
12,304 | 11,034,267 | ||||||
3.20%, 02/15/52 (Call 08/15/51)(a) |
10,468 | 7,043,778 | ||||||
3.30%, 02/15/53 (Call 08/15/52)(a) |
12,967 | 8,843,564 | ||||||
3.70%, 01/31/51 (Call 07/31/50) |
10,926 | 7,998,229 | ||||||
3.95%, 01/31/60 (Call 07/31/59) |
11,390 | 8,407,232 | ||||||
4.15%, 10/16/28 (Call 07/16/28) |
10,577 | 10,107,132 | ||||||
4.20%, 01/31/50 (Call 07/31/49) |
13,812 | 11,019,205 | ||||||
4.25%, 02/15/48 (Call 08/15/47) |
14,091 | 11,475,913 | ||||||
4.45%, 02/15/43 (Call 08/15/42) |
12,997 | 11,013,027 | ||||||
4.80%, 02/01/49 (Call 08/01/48) |
13,637 | 11,938,707 | ||||||
4.85%, 08/15/42 (Call 02/15/42) |
9,019 | 8,087,453 | ||||||
4.85%, 03/15/44 (Call 09/15/43) |
15,519 | 13,838,095 | ||||||
4.90%, 05/15/46 (Call 11/15/45)(a) |
10,244 | 9,094,675 | ||||||
5.10%, 02/15/45 (Call 08/15/44) |
12,251 | 11,256,793 | ||||||
5.35%, 01/31/33 (Call 10/31/32)(a) |
8,703 | 8,731,051 | ||||||
5.95%, 02/01/41(a) |
9,363 | 9,525,476 | ||||||
Kinder Morgan Energy Partners LP |
||||||||
5.50%, 03/01/44 (Call 09/01/43) |
7,682 | 6,850,774 | ||||||
6.95%, 01/15/38(a) |
17,038 | 18,227,879 | ||||||
Kinder Morgan Inc. |
||||||||
2.00%, 02/15/31 (Call 11/15/30)(a) |
3,640 | 2,861,079 | ||||||
3.60%, 02/15/51 (Call 08/15/50) |
11,201 | 7,523,242 | ||||||
4.30%, 03/01/28 (Call 12/01/27) |
15,896 | 15,144,569 | ||||||
4.80%, 02/01/33 (Call 11/01/32)(a) |
6,790 | 6,324,391 | ||||||
5.05%, 02/15/46 (Call 08/15/45) |
8,605 | 7,238,617 | ||||||
5.20%, 06/01/33 (Call 03/01/33)(a) |
13,430 | 12,867,400 | ||||||
5.20%, 03/01/48 (Call 09/01/47) |
6,976 | 6,009,303 | ||||||
5.30%, 12/01/34 (Call 06/01/34) |
2,071 | 1,970,388 | ||||||
5.45%, 08/01/52 (Call 02/01/52)(a) |
8,445 | 7,533,192 | ||||||
5.55%, 06/01/45 (Call 12/01/44)(a) |
19,710 | 17,882,043 | ||||||
7.75%, 01/15/32 |
14,395 | 16,057,687 | ||||||
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49) |
6,386 | 4,501,753 | ||||||
MPLX LP |
||||||||
2.65%, 08/15/30 (Call 05/15/30) |
14,980 | 12,427,197 | ||||||
4.00%, 03/15/28 (Call 12/15/27)(a) |
14,153 | 13,291,555 | ||||||
4.13%, 03/01/27 (Call 12/01/26) |
13,845 | 13,272,113 | ||||||
4.50%, 04/15/38 (Call 10/15/37) |
14,818 | 12,518,015 | ||||||
4.70%, 04/15/48 (Call 10/15/47) |
15,829 | 12,692,447 | ||||||
4.80%, 02/15/29 (Call 11/15/28) |
7,187 | 6,933,607 | ||||||
4.95%, 09/01/32 (Call 06/01/32) |
11,615 | 10,968,125 | ||||||
4.95%, 03/14/52 (Call 09/14/51) |
15,432 | 12,710,723 | ||||||
5.00%, 03/01/33 (Call 12/01/32) |
10,804 | 10,200,641 | ||||||
5.20%, 03/01/47 (Call 09/01/46) |
10,117 | 8,698,000 | ||||||
5.50%, 02/15/49 (Call 08/15/48) |
15,856 | 14,113,730 | ||||||
ONEOK Inc. |
||||||||
3.10%, 03/15/30 (Call 12/15/29) |
5,200 | 4,462,863 | ||||||
3.40%, 09/01/29 (Call 06/01/29) |
4,412 | 3,899,729 | ||||||
4.55%, 07/15/28 (Call 04/15/28) |
5,830 | 5,559,022 | ||||||
5.20%, 07/15/48 (Call 01/15/48) |
6,871 | 5,874,670 | ||||||
5.55%, 11/01/26 (Call 10/01/26) |
10,475 | 10,474,988 | ||||||
5.65%, 11/01/28 (Call 10/01/28) |
10,475 | 10,486,845 | ||||||
6.05%, 09/01/33 (Call 06/01/33) |
10,525 | 10,590,845 | ||||||
6.10%, 11/15/32 (Call 08/15/32) |
5,958 | 6,058,687 |
46 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
6.63%, 09/01/53 (Call 03/01/53)(a) |
$ | 15,115 | $ | 15,251,667 | ||||
Plains All American Pipeline LP/PAA Finance Corp. |
||||||||
3.55%, 12/15/29 (Call 09/15/29)(a) |
10,404 | 9,157,759 | ||||||
3.80%, 09/15/30 (Call 06/15/30) |
7,038 | 6,231,725 | ||||||
4.50%, 12/15/26 (Call 09/15/26) |
6,255 | 6,049,988 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
4.20%, 03/15/28 (Call 09/15/27) |
15,690 | 14,845,674 | ||||||
4.50%, 05/15/30 (Call 11/15/29)(a) |
19,941 | 18,760,240 | ||||||
5.00%, 03/15/27 (Call 09/15/26) |
16,796 | 16,511,647 | ||||||
Targa Resources Corp. |
||||||||
4.00%, 01/15/32 (Call 07/15/26) |
11,291 | 9,772,567 | ||||||
4.20%, 02/01/33 (Call 11/01/32)(a) |
9,243 | 8,157,552 | ||||||
4.88%, 02/01/31 (Call 02/01/26) |
10,335 | 9,512,185 | ||||||
4.95%, 04/15/52 (Call 10/15/51) |
6,250 | 5,070,187 | ||||||
5.20%, 07/01/27 (Call 06/01/27)(a) |
7,922 | 7,848,405 | ||||||
5.50%, 03/01/30 (Call 03/01/25) |
8,693 | 8,349,762 | ||||||
6.13%, 03/15/33 (Call 12/15/32)(a) |
10,239 | 10,416,730 | ||||||
6.50%, 07/15/27 (Call 10/02/23) |
12,593 | 12,665,410 | ||||||
6.50%, 02/15/53 (Call 08/15/52) |
6,234 | 6,225,759 | ||||||
TransCanada PipeLines Ltd. |
||||||||
2.50%, 10/12/31 (Call 07/12/31)(a) |
10,845 | 8,636,620 | ||||||
4.10%, 04/15/30 (Call 01/15/30) |
12,698 | 11,634,885 | ||||||
4.25%, 05/15/28 (Call 02/15/28)(a) |
18,679 | 17,796,356 | ||||||
4.63%, 03/01/34 (Call 12/01/33) |
8,262 | 7,472,701 | ||||||
4.88%, 05/15/48 (Call 11/15/47) |
3,891 | 3,303,579 | ||||||
5.10%, 03/15/49 (Call 09/15/48)(a) |
5,777 | 5,065,504 | ||||||
6.10%, 06/01/40(a) |
12,745 | 12,614,085 | ||||||
6.20%, 10/15/37 |
18,621 | 18,823,576 | ||||||
7.63%, 01/15/39(a) |
17,342 | 19,682,379 | ||||||
Western Midstream Operating LP |
||||||||
4.05%, 02/01/30 (Call 11/01/29)(a) |
13,577 | 12,128,507 | ||||||
5.25%, 02/01/50 (Call 08/01/49) |
11,126 | 9,034,312 | ||||||
6.15%, 04/01/33 (Call 01/01/33)(a) |
6,781 | 6,761,391 | ||||||
Williams Companies Inc. (The) |
||||||||
2.60%, 03/15/31 (Call 12/15/30) |
17,478 | 14,354,926 | ||||||
3.50%, 11/15/30 (Call 08/15/30)(a) |
12,496 | 11,073,617 | ||||||
3.75%, 06/15/27 (Call 03/15/27)(a) |
18,877 | 17,775,765 | ||||||
4.65%, 08/15/32 (Call 05/15/32)(a) |
9,599 | 9,020,843 | ||||||
4.85%, 03/01/48 (Call 09/01/47)(a) |
4,727 | 4,030,531 | ||||||
5.10%, 09/15/45 (Call 03/15/45) |
6,342 | 5,569,538 | ||||||
5.30%, 08/15/28 (Call 07/15/28) |
570 | 567,305 | ||||||
5.30%, 08/15/52 (Call 02/15/52)(a) |
8,842 | 7,958,034 | ||||||
5.65%, 03/15/33 (Call 12/15/32)(a) |
8,023 | 8,071,014 | ||||||
6.30%, 04/15/40(a) |
15,018 | 15,361,029 | ||||||
|
|
|||||||
1,217,099,366 | ||||||||
Real Estate — 0.0% | ||||||||
CBRE Services Inc., 5.95%, 08/15/34 (Call 05/15/34) |
7,908 | 7,826,066 | ||||||
|
|
|||||||
Real Estate Investment Trusts — 1.9% | ||||||||
Alexandria Real Estate Equities Inc. |
||||||||
1.88%, 02/01/33 (Call 11/01/32) |
8,504 | 6,279,177 | ||||||
2.00%, 05/18/32 (Call 02/18/32)(a) |
15,806 | 11,992,829 | ||||||
2.95%, 03/15/34 (Call 12/15/33)(a) |
13,668 | 10,811,708 | ||||||
3.00%, 05/18/51 (Call 11/18/50)(a) |
4,192 | 2,520,918 | ||||||
3.38%, 08/15/31 (Call 05/15/31) |
2,912 | 2,510,347 | ||||||
3.55%, 03/15/52 (Call 09/15/51) |
11,485 | 7,818,181 | ||||||
American Tower Corp. |
||||||||
1.88%, 10/15/30 (Call 07/15/30) |
5,368 | 4,183,744 | ||||||
2.10%, 06/15/30 (Call 03/15/30) |
5,894 | 4,708,678 |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
2.75%, 01/15/27 (Call 11/15/26)(a) |
$ | 9,066 | $ | 8,282,914 | ||||
2.90%, 01/15/30 (Call 10/15/29) |
6,312 | 5,383,528 | ||||||
2.95%, 01/15/51 (Call 07/15/50)(a) |
8,694 | 5,262,727 | ||||||
3.10%, 06/15/50 (Call 12/15/49)(a) |
6,531 | 4,080,903 | ||||||
3.38%, 10/15/26 (Call 07/15/26)(a) |
5,705 | 5,341,726 | ||||||
3.55%, 07/15/27 (Call 04/15/27) |
11,351 | 10,530,429 | ||||||
3.80%, 08/15/29 (Call 05/15/29)(a) |
18,447 | 16,774,872 | ||||||
5.55%, 07/15/33 (Call 04/15/33) |
9,192 | 9,091,886 | ||||||
5.65%, 03/15/33 (Call 12/15/32)(a) |
8,228 | 8,195,591 | ||||||
Boston Properties LP |
||||||||
2.45%, 10/01/33 (Call 07/01/33)(a) |
14,237 | 10,064,150 | ||||||
2.55%, 04/01/32 (Call 01/01/32)(a) |
11,628 | 8,714,269 | ||||||
2.75%, 10/01/26 (Call 07/01/26) |
5,331 | 4,808,620 | ||||||
3.25%, 01/30/31 (Call 10/30/30) |
11,834 | 9,649,050 | ||||||
3.40%, 06/21/29 (Call 03/21/29) |
14,813 | 12,671,698 | ||||||
4.50%, 12/01/28 (Call 09/01/28) |
14,469 | 13,370,739 | ||||||
6.50%, 01/15/34 (Call 10/15/33)(a) |
6,491 | 6,476,606 | ||||||
6.75%, 12/01/27 (Call 11/01/27) |
6,834 | 6,986,024 | ||||||
Brixmor Operating Partnership LP |
||||||||
4.05%, 07/01/30 (Call 04/01/30)(a) |
7,609 | 6,884,562 | ||||||
4.13%, 05/15/29 (Call 02/15/29) |
8,048 | 7,322,576 | ||||||
Crown Castle Inc. |
||||||||
2.90%, 04/01/41 (Call 10/01/40)(a) |
1,935 | 1,303,820 | ||||||
3.25%, 01/15/51 (Call 07/15/50)(a) |
8,839 | 5,733,441 | ||||||
5.00%, 01/11/28 (Call 12/11/27)(a) |
15,473 | 15,186,759 | ||||||
5.10%, 05/01/33 |
7,494 | 7,203,596 | ||||||
Crown Castle International Corp. |
||||||||
2.10%, 04/01/31 (Call 01/01/31)(a) |
9,263 | 7,287,311 | ||||||
2.25%, 01/15/31 (Call 10/15/30)(a) |
10,990 | 8,825,512 | ||||||
2.50%, 07/15/31 (Call 04/15/31)(a) |
7,534 | 6,070,602 | ||||||
2.90%, 03/15/27 (Call 02/15/27) |
14,720 | 13,515,651 | ||||||
3.30%, 07/01/30 (Call 04/01/30)(a) |
6,630 | 5,770,659 | ||||||
3.65%, 09/01/27 (Call 06/01/27) |
17,535 | 16,349,476 | ||||||
3.80%, 02/15/28 (Call 11/15/27) |
15,537 | 14,444,095 | ||||||
Digital Realty Trust LP |
||||||||
3.60%, 07/01/29 (Call 04/01/29)(a) |
8,331 | 7,515,168 | ||||||
3.70%, 08/15/27 (Call 05/15/27) |
10,304 | 9,594,687 | ||||||
5.55%, 01/15/28 (Call 12/15/27)(a) |
9,822 | 9,793,855 | ||||||
Equinix Inc. |
||||||||
2.15%, 07/15/30 (Call 04/15/30) |
6,399 | 5,166,256 | ||||||
2.50%, 05/15/31 (Call 02/15/31) |
15,370 | 12,453,017 | ||||||
3.20%, 11/18/29 (Call 08/18/29)(a) |
15,832 | 13,884,833 | ||||||
3.90%, 04/15/32 (Call 01/15/32) |
16,043 | 14,285,998 | ||||||
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44)(a) |
6,156 | 5,214,533 | ||||||
GLP Capital LP/GLP Financing II Inc. |
||||||||
3.25%, 01/15/32 (Call 10/15/31) |
4,322 | 3,483,414 | ||||||
5.30%, 01/15/29 (Call 10/15/28) |
9,589 | 9,073,570 | ||||||
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30)(a) |
9,970 | 7,680,127 | ||||||
Healthpeak Properties Inc., 3.00%, 01/15/30 (Call 10/15/29)(a) |
7,225 | 6,255,294 | ||||||
Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)(a) |
8,151 | 7,873,767 | ||||||
Prologis LP |
||||||||
1.25%, 10/15/30 (Call 07/15/30)(a) |
14,716 | 11,299,916 | ||||||
2.25%, 04/15/30 (Call 01/15/30) |
10,517 | 8,835,649 | ||||||
4.75%, 06/15/33 (Call 03/15/33)(a) |
2,493 | 2,390,063 | ||||||
4.88%, 06/15/28 (Call 05/15/28) |
7,580 | 7,499,881 | ||||||
5.13%, 01/15/34 (Call 10/15/33)(a) |
7,166 | 7,057,907 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
5.25%, 06/15/53 (Call 12/15/52) |
$ | 9,613 | $ | 9,164,970 | ||||
Realty Income Corp. |
||||||||
3.25%, 01/15/31 (Call 10/15/30) |
10,625 | 9,193,474 | ||||||
5.63%, 10/13/32 (Call 07/13/32)(a) |
7,969 | 7,970,948 | ||||||
Simon Property Group LP |
||||||||
1.75%, 02/01/28 (Call 11/01/27)(a) |
8,332 | 7,149,484 | ||||||
2.45%, 09/13/29 (Call 06/13/29)(a) |
12,913 | 10,936,829 | ||||||
2.65%, 07/15/30 (Call 04/15/30)(a) |
7,359 | 6,195,777 | ||||||
3.25%, 11/30/26 (Call 08/30/26)(a) |
6,340 | 5,950,564 | ||||||
3.25%, 09/13/49 (Call 03/13/49)(a) |
12,009 | 7,846,505 | ||||||
3.38%, 06/15/27 (Call 03/15/27) |
6,022 | 5,610,738 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) |
8,141 | 7,533,147 | ||||||
3.80%, 07/15/50 (Call 01/15/50)(a) |
7,228 | 5,210,204 | ||||||
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a) |
7,494 | 7,038,850 | ||||||
VICI Properties LP |
||||||||
4.75%, 02/15/28 (Call 01/15/28) |
7,610 | 7,248,411 | ||||||
4.95%, 02/15/30 (Call 12/15/29)(a) |
12,041 | 11,328,742 | ||||||
5.13%, 05/15/32 (Call 02/15/32)(a) |
13,857 | 12,867,339 | ||||||
5.63%, 05/15/52 (Call 11/15/51) |
5,198 | 4,577,249 | ||||||
Welltower OP LLC |
||||||||
2.80%, 06/01/31 (Call 03/01/31) |
8,655 | 7,132,530 | ||||||
3.10%, 01/15/30 (Call 10/15/29) |
7,439 | 6,459,499 | ||||||
4.25%, 04/15/28 (Call 01/15/28)(a) |
8,992 | 8,509,797 | ||||||
Weyerhaeuser Co. |
||||||||
4.00%, 11/15/29 (Call 08/15/29) |
9,435 | 8,663,511 | ||||||
4.00%, 04/15/30 (Call 01/15/30)(a) |
8,859 | 8,101,403 | ||||||
|
|
|||||||
626,457,280 | ||||||||
Retail — 3.2% | ||||||||
AutoZone Inc. |
||||||||
4.00%, 04/15/30 (Call 01/15/30)(a) |
11,139 | 10,312,249 | ||||||
4.75%, 08/01/32 (Call 05/01/32)(a) |
4,952 | 4,739,665 | ||||||
Costco Wholesale Corp. |
||||||||
1.38%, 06/20/27 (Call 04/20/27) |
10,267 | 9,079,987 | ||||||
1.60%, 04/20/30 (Call 01/20/30) |
21,396 | 17,646,028 | ||||||
1.75%, 04/20/32 (Call 01/20/32)(a) |
6,010 | 4,769,844 | ||||||
3.00%, 05/18/27 (Call 02/18/27)(a) |
8,376 | 7,916,054 | ||||||
Dollar General Corp. |
||||||||
3.50%, 04/03/30 (Call 01/03/30)(a) |
13,065 | 11,607,470 | ||||||
5.45%, 07/05/33 (Call 04/05/33)(a) |
10,707 | 10,405,590 | ||||||
Dollar Tree Inc. |
||||||||
2.65%, 12/01/31 (Call 09/01/31) |
4,707 | 3,797,487 | ||||||
4.20%, 05/15/28 (Call 02/15/28) |
8,787 | 8,351,077 | ||||||
Home Depot Inc. (The) |
||||||||
1.38%, 03/15/31 (Call 12/15/30) |
10,959 | 8,575,804 | ||||||
1.50%, 09/15/28 (Call 07/15/28) |
12,490 | 10,683,327 | ||||||
1.88%, 09/15/31 (Call 06/15/31)(a) |
9,266 | 7,453,196 | ||||||
2.13%, 09/15/26 (Call 06/15/26)(a) |
2,761 | 2,542,794 | ||||||
2.38%, 03/15/51 (Call 09/15/50) |
12,839 | 7,624,820 | ||||||
2.50%, 04/15/27 (Call 02/15/27)(a) |
6,982 | 6,455,274 | ||||||
2.70%, 04/15/30 (Call 01/15/30)(a) |
15,261 | 13,407,759 | ||||||
2.75%, 09/15/51 (Call 03/15/51)(a) |
12,716 | 8,184,110 | ||||||
2.80%, 09/14/27 (Call 06/14/27)(a) |
10,566 | 9,823,581 | ||||||
2.88%, 04/15/27 (Call 03/15/27)(a) |
7,976 | 7,497,350 | ||||||
2.95%, 06/15/29 (Call 03/15/29)(a) |
18,478 | 16,782,520 | ||||||
3.13%, 12/15/49 (Call 06/15/49)(a) |
15,533 | 10,855,088 | ||||||
3.25%, 04/15/32 (Call 01/15/32)(a) |
11,159 | 9,897,621 | ||||||
3.30%, 04/15/40 (Call 10/15/39) |
14,724 | 11,588,175 | ||||||
3.35%, 04/15/50 (Call 10/15/49) |
16,732 | 12,210,652 | ||||||
3.50%, 09/15/56 (Call 03/15/56)(a) |
2,132 | 1,558,577 |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
3.63%, 04/15/52 (Call 10/15/51)(a) |
$ | 16,043 | $ | 12,148,940 | ||||
3.90%, 12/06/28 (Call 09/06/28)(a) |
11,762 | 11,309,168 | ||||||
3.90%, 06/15/47 (Call 12/15/46) |
13,922 | 11,316,984 | ||||||
4.20%, 04/01/43 (Call 10/01/42)(a) |
12,846 | 11,191,911 | ||||||
4.25%, 04/01/46 (Call 10/01/45) |
17,222 | 14,741,169 | ||||||
4.40%, 03/15/45 (Call 09/15/44)(a) |
12,255 | 10,725,523 | ||||||
4.50%, 09/15/32 (Call 06/15/32)(a) |
11,578 | 11,301,129 | ||||||
4.50%, 12/06/48 (Call 06/06/48) |
16,660 | 14,848,237 | ||||||
4.88%, 02/15/44 (Call 08/15/43) |
11,937 | 11,248,454 | ||||||
4.95%, 09/15/52 (Call 03/15/52)(a) |
11,062 | 10,535,855 | ||||||
5.88%, 12/16/36(a) |
31,728 | 34,019,368 | ||||||
5.95%, 04/01/41 (Call 10/01/40) |
11,676 | 12,457,154 | ||||||
Lowe’s Companies Inc. |
||||||||
1.30%, 04/15/28 (Call 02/15/28)(a) |
12,780 | 10,812,280 | ||||||
1.70%, 09/15/28 (Call 07/15/28)(a) |
12,626 | 10,750,353 | ||||||
1.70%, 10/15/30 (Call 07/15/30)(a) |
16,062 | 12,758,813 | ||||||
2.63%, 04/01/31 (Call 01/01/31)(a) |
13,270 | 11,122,690 | ||||||
2.80%, 09/15/41 (Call 03/15/41) |
13,857 | 9,508,593 | ||||||
3.00%, 10/15/50 (Call 04/15/50)(a) |
20,193 | 12,808,719 | ||||||
3.10%, 05/03/27 (Call 02/03/27)(a) |
17,043 | 15,872,930 | ||||||
3.35%, 04/01/27 (Call 03/01/27)(a) |
9,213 | 8,674,323 | ||||||
3.65%, 04/05/29 (Call 01/05/29)(a) |
14,551 | 13,504,585 | ||||||
3.70%, 04/15/46 (Call 10/15/45) |
15,139 | 11,294,029 | ||||||
3.75%, 04/01/32 (Call 01/01/32)(a) |
13,411 | 12,039,166 | ||||||
4.05%, 05/03/47 (Call 11/03/46) |
16,923 | 13,226,540 | ||||||
4.25%, 04/01/52 (Call 10/01/51) |
17,811 | 14,061,667 | ||||||
4.45%, 04/01/62 (Call 10/01/61) |
10,842 | 8,453,898 | ||||||
4.50%, 04/15/30 (Call 01/15/30)(a) |
13,867 | 13,341,915 | ||||||
5.00%, 04/15/33 (Call 01/15/33)(a) |
13,181 | 12,879,423 | ||||||
5.15%, 07/01/33 (Call 04/01/33)(a) |
8,904 | 8,798,786 | ||||||
5.63%, 04/15/53 (Call 10/15/52)(a) |
16,623 | 16,120,563 | ||||||
5.80%, 09/15/62 (Call 03/15/62) |
6,126 | 5,928,577 | ||||||
McDonald’s Corp. |
||||||||
2.13%, 03/01/30 (Call 12/01/29) |
10,955 | 9,237,449 | ||||||
2.63%, 09/01/29 (Call 06/01/29)(a) |
11,422 | 10,114,748 | ||||||
3.50%, 03/01/27 (Call 12/01/26)(a) |
6,302 | 5,996,847 | ||||||
3.50%, 07/01/27 (Call 05/01/27)(a) |
9,096 | 8,634,469 | ||||||
3.60%, 07/01/30 (Call 04/01/30) |
10,029 | 9,227,087 | ||||||
3.63%, 09/01/49 (Call 03/01/49) |
21,277 | 15,984,785 | ||||||
3.80%, 04/01/28 (Call 01/01/28)(a) |
9,008 | 8,605,324 | ||||||
4.20%, 04/01/50 (Call 10/01/49) |
7,577 | 6,281,582 | ||||||
4.45%, 03/01/47 (Call 09/01/46) |
10,930 | 9,458,343 | ||||||
4.45%, 09/01/48 (Call 03/01/48) |
8,012 | 6,942,687 | ||||||
4.60%, 09/09/32 (Call 06/09/32)(a) |
3,266 | 3,186,566 | ||||||
4.70%, 12/09/35 (Call 06/09/35) |
1,630 | 1,555,102 | ||||||
4.88%, 12/09/45 (Call 06/09/45) |
18,539 | 17,106,386 | ||||||
5.15%, 09/09/52 (Call 03/09/52)(a) |
7,790 | 7,460,695 | ||||||
5.45%, 08/14/53 (Call 02/14/53) |
7,850 | 7,838,497 | ||||||
6.30%, 10/15/37 |
11,800 | 12,786,777 | ||||||
6.30%, 03/01/38 |
10,444 | 11,323,330 | ||||||
O’Reilly Automotive Inc. |
||||||||
3.60%, 09/01/27 (Call 06/01/27)(a) |
2,146 | 2,033,385 | ||||||
4.70%, 06/15/32 (Call 03/15/32)(a) |
8,459 | 8,067,739 | ||||||
Starbucks Corp. |
||||||||
2.25%, 03/12/30 (Call 12/12/29)(a) |
9,095 | 7,660,890 | ||||||
2.55%, 11/15/30 (Call 08/15/30)(a) |
11,401 | 9,669,239 | ||||||
3.00%, 02/14/32 (Call 11/14/31)(a) |
6,935 | 5,951,402 | ||||||
3.50%, 11/15/50 (Call 05/15/50) |
13,722 | 9,938,368 | ||||||
3.55%, 08/15/29 (Call 05/15/29)(a) |
11,121 | 10,308,035 | ||||||
4.00%, 11/15/28 (Call 08/15/28)(a) |
10,239 | 9,807,212 |
48 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
4.45%, 08/15/49 (Call 02/15/49)(a) |
$ | 10,150 | $ | 8,619,510 | ||||
4.50%, 11/15/48 (Call 05/15/48) |
9,012 | 7,691,308 | ||||||
Target Corp. |
||||||||
1.95%, 01/15/27 (Call 12/15/26)(a) |
3,918 | 3,576,076 | ||||||
2.35%, 02/15/30 (Call 11/15/29)(a) |
9,604 | 8,266,551 | ||||||
2.95%, 01/15/52 (Call 07/15/51) |
6,691 | 4,452,552 | ||||||
3.38%, 04/15/29 (Call 01/15/29)(a) |
12,529 | 11,730,017 | ||||||
4.00%, 07/01/42(a) |
14,707 | 12,777,562 | ||||||
4.50%, 09/15/32 (Call 06/15/32)(a) |
8,434 | 8,138,088 | ||||||
4.80%, 01/15/53 (Call 07/15/52)(a) |
10,100 | 9,265,587 | ||||||
TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26) |
2,417 | 2,229,775 | ||||||
Walgreens Boots Alliance Inc. |
||||||||
4.10%, 04/15/50 (Call 10/15/49) |
2,341 | 1,599,442 | ||||||
4.80%, 11/18/44 (Call 05/18/44)(a) |
5,533 | 4,323,497 | ||||||
Walmart Inc. |
||||||||
2.50%, 09/22/41 (Call 03/22/41) |
11,713 | 8,346,288 | ||||||
2.65%, 09/22/51 (Call 03/22/51)(a) |
17,766 | 11,970,354 | ||||||
3.70%, 06/26/28 (Call 03/26/28)(a) |
15,436 | 14,879,674 | ||||||
3.90%, 04/15/28 (Call 03/15/28)(a) |
9,427 | 9,133,900 | ||||||
4.05%, 06/29/48 (Call 12/29/47) |
17,153 | 15,082,918 | ||||||
4.10%, 04/15/33 |
11,350 | 10,794,354 | ||||||
4.15%, 09/09/32 (Call 06/09/32)(a) |
5,191 | 5,030,280 | ||||||
4.50%, 09/09/52 (Call 03/09/52) |
10,347 | 9,623,463 | ||||||
4.50%, 04/15/53 |
18,120 | 16,822,059 | ||||||
5.25%, 09/01/35 |
17,955 | 18,761,759 | ||||||
6.20%, 04/15/38(a) |
9,509 | 10,706,963 | ||||||
6.50%, 08/15/37 |
7,233 | 8,329,775 | ||||||
|
|
|||||||
1,058,896,537 | ||||||||
Semiconductors — 3.5% | ||||||||
Analog Devices Inc. |
||||||||
1.70%, 10/01/28 (Call 08/01/28) |
11,005 | 9,439,947 | ||||||
2.10%, 10/01/31 (Call 07/01/31) |
10,539 | 8,609,093 | ||||||
2.80%, 10/01/41 (Call 04/01/41) |
1,710 | 1,217,865 | ||||||
2.95%, 10/01/51 (Call 04/01/51) |
6,050 | 4,064,515 | ||||||
3.50%, 12/05/26 (Call 09/05/26)(a) |
2,210 | 2,116,321 | ||||||
Applied Materials Inc. |
||||||||
1.75%, 06/01/30 (Call 03/01/30) |
11,520 | 9,489,201 | ||||||
2.75%, 06/01/50 (Call 12/01/49)(a) |
1,767 | 1,197,763 | ||||||
3.30%, 04/01/27 (Call 01/01/27) |
7,014 | 6,659,214 | ||||||
4.35%, 04/01/47 (Call 10/01/46) |
2,473 | 2,222,461 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. |
||||||||
3.50%, 01/15/28 (Call 10/15/27) |
11,850 | 10,936,611 | ||||||
3.88%, 01/15/27 (Call 10/15/26) |
13,642 | 12,957,573 | ||||||
Broadcom Inc. |
||||||||
1.95%, 02/15/28 (Call 12/15/27)(a)(c) |
9,659 | 8,382,934 | ||||||
2.45%, 02/15/31 (Call 11/15/30)(c) |
31,028 | 25,025,633 | ||||||
2.60%, 02/15/33 (Call 11/15/32)(c) |
20,894 | 16,147,633 | ||||||
3.14%, 11/15/35 (Call 08/15/35)(c) |
34,042 | 25,978,727 | ||||||
3.19%, 11/15/36 (Call 08/15/36)(c) |
29,660 | 22,321,861 | ||||||
3.42%, 04/15/33 (Call 01/15/33)(c) |
25,162 | 20,790,455 | ||||||
3.46%, 09/15/26 (Call 07/15/26) |
1,118 | 1,058,980 | ||||||
3.47%, 04/15/34 (Call 01/15/34)(c) |
35,444 | 28,934,064 | ||||||
3.50%, 02/15/41 (Call 08/15/40)(c) |
27,594 | 20,210,351 | ||||||
3.75%, 02/15/51 (Call 08/15/50)(a)(c) |
15,802 | 11,291,287 | ||||||
4.00%, 04/15/29 (Call 02/15/29)(a)(c) |
9,773 | 9,018,758 | ||||||
4.11%, 09/15/28 (Call 06/15/28)(a) |
12,188 | 11,473,795 | ||||||
4.15%, 11/15/30 (Call 08/15/30) |
22,181 | 20,269,406 | ||||||
4.15%, 04/15/32 (Call 01/15/32)(c) |
12,542 | 11,237,413 | ||||||
4.30%, 11/15/32 (Call 08/15/32)(a) |
23,441 | 21,177,797 |
Security |
Par (000) |
Value | ||||||
Semiconductors (continued) | ||||||||
4.75%, 04/15/29 (Call 01/15/29) |
$ | 16,707 | $ | 16,116,884 | ||||
4.93%, 05/15/37 (Call 02/15/37)(c) |
26,911 | 24,226,717 | ||||||
Intel Corp. |
||||||||
1.60%, 08/12/28 (Call 06/12/28) |
12,614 | 10,838,413 | ||||||
2.00%, 08/12/31 (Call 05/12/31) |
11,363 | 9,182,373 | ||||||
2.45%, 11/15/29 (Call 08/15/29) |
19,638 | 17,051,389 | ||||||
2.80%, 08/12/41 (Call 02/12/41)(a) |
8,555 | 5,931,139 | ||||||
3.05%, 08/12/51 (Call 02/12/51) |
13,967 | 9,022,146 | ||||||
3.10%, 02/15/60 (Call 08/15/59) |
11,180 | 6,930,279 | ||||||
3.15%, 05/11/27 (Call 02/11/27)(a) |
12,716 | 11,909,540 | ||||||
3.20%, 08/12/61 (Call 02/12/61)(a) |
9,021 | 5,640,895 | ||||||
3.25%, 11/15/49 (Call 05/15/49) |
22,057 | 14,991,801 | ||||||
3.73%, 12/08/47 (Call 06/08/47) |
20,770 | 15,704,155 | ||||||
3.75%, 03/25/27 (Call 01/25/27) |
12,712 | 12,198,166 | ||||||
3.75%, 08/05/27 (Call 07/05/27) |
12,362 | 11,823,011 | ||||||
3.90%, 03/25/30 (Call 12/25/29) |
16,180 | 15,134,054 | ||||||
4.00%, 08/05/29 (Call 06/05/29) |
8,846 | 8,425,977 | ||||||
4.00%, 12/15/32(a) |
8,611 | 7,968,538 | ||||||
4.10%, 05/19/46 (Call 11/19/45)(a) |
13,995 | 11,394,450 | ||||||
4.10%, 05/11/47 (Call 11/11/46)(a) |
11,209 | 9,136,759 | ||||||
4.15%, 08/05/32 (Call 05/05/32)(a) |
13,235 | 12,434,529 | ||||||
4.60%, 03/25/40 (Call 09/25/39)(a) |
9,345 | 8,479,135 | ||||||
4.75%, 03/25/50 (Call 09/25/49) |
24,120 | 21,153,006 | ||||||
4.80%, 10/01/41(a) |
10,279 | 9,382,485 | ||||||
4.88%, 02/10/28 (Call 01/10/28) |
17,783 | 17,675,038 | ||||||
4.90%, 07/29/45 (Call 01/29/45)(a) |
8,442 | 8,157,957 | ||||||
4.90%, 08/05/52 (Call 02/05/52) |
18,792 | 16,930,374 | ||||||
4.95%, 03/25/60 (Call 09/25/59)(a) |
8,404 | 7,541,321 | ||||||
5.05%, 08/05/62 (Call 02/05/62) |
8,469 | 7,516,780 | ||||||
5.13%, 02/10/30 (Call 12/10/29) |
13,400 | 13,438,017 | ||||||
5.20%, 02/10/33 (Call 11/10/32)(a) |
19,773 | 19,766,311 | ||||||
5.63%, 02/10/43 (Call 08/10/42) |
10,815 | 10,754,198 | ||||||
5.70%, 02/10/53 (Call 08/10/52)(a) |
20,466 | 20,246,140 | ||||||
5.90%, 02/10/63 (Call 08/10/62)(a) |
13,214 | 13,234,302 | ||||||
KLA Corp. |
||||||||
3.30%, 03/01/50 (Call 08/28/49) |
6,436 | 4,619,281 | ||||||
4.10%, 03/15/29 (Call 12/15/28)(a) |
11,506 | 11,039,963 | ||||||
4.65%, 07/15/32 (Call 04/15/32)(a) |
11,171 | 10,965,002 | ||||||
4.95%, 07/15/52 (Call 01/15/52) |
13,432 | 12,679,498 | ||||||
5.25%, 07/15/62 (Call 01/15/62)(a) |
7,514 | 7,281,393 | ||||||
Lam Research Corp. |
||||||||
1.90%, 06/15/30 (Call 03/15/30) |
6,583 | 5,443,206 | ||||||
2.88%, 06/15/50 (Call 12/15/49)(a) |
3,074 | 2,046,597 | ||||||
4.00%, 03/15/29 (Call 12/15/28) |
15,167 | 14,553,084 | ||||||
4.88%, 03/15/49 (Call 09/15/48)(a) |
2,058 | 1,923,946 | ||||||
Marvell Technology Inc. |
||||||||
2.45%, 04/15/28 (Call 02/15/28)(a) |
2,071 | 1,818,440 | ||||||
2.95%, 04/15/31 (Call 01/15/31) |
8,911 | 7,440,764 | ||||||
Micron Technology Inc. |
||||||||
2.70%, 04/15/32 (Call 01/15/32) |
18,794 | 14,819,464 | ||||||
4.19%, 02/15/27 (Call 12/15/26) |
2,745 | 2,617,711 | ||||||
4.66%, 02/15/30 (Call 11/15/29)(a) |
10,325 | 9,675,553 | ||||||
5.88%, 02/09/33 (Call 11/09/32) |
2,384 | 2,356,798 | ||||||
5.88%, 09/15/33 |
3,513 | 3,444,801 | ||||||
6.75%, 11/01/29 (Call 09/01/29) |
16,439 | 17,115,728 | ||||||
NVIDIA Corp. |
||||||||
1.55%, 06/15/28 (Call 04/15/28) |
17,733 | 15,388,607 | ||||||
2.00%, 06/15/31 (Call 03/15/31)(a) |
13,760 | 11,394,173 | ||||||
2.85%, 04/01/30 (Call 01/01/30)(a) |
18,186 | 16,324,739 | ||||||
3.20%, 09/16/26 (Call 06/16/26)(a) |
2,599 | 2,480,309 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Semiconductors (continued) | ||||||||
3.50%, 04/01/40 (Call 10/01/39) |
$ | 6,526 | $ | 5,416,073 | ||||
3.50%, 04/01/50 (Call 10/01/49) |
13,453 | 10,588,338 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. |
||||||||
2.50%, 05/11/31 (Call 02/11/31)(a) |
14,311 | 11,580,113 | ||||||
2.65%, 02/15/32 (Call 11/15/31) |
12,756 | 10,223,775 | ||||||
3.25%, 05/11/41 (Call 11/11/40)(a) |
5,372 | 3,819,764 | ||||||
3.40%, 05/01/30 (Call 02/01/30) |
13,971 | 12,274,110 | ||||||
4.30%, 06/18/29 (Call 03/18/29) |
12,128 | 11,351,274 | ||||||
5.00%, 01/15/33 (Call 10/15/32)(a) |
9,974 | 9,483,264 | ||||||
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24) |
10,766 | 9,750,336 | ||||||
QUALCOMM Inc. |
||||||||
1.30%, 05/20/28 (Call 02/20/28) |
7,175 | 6,112,304 | ||||||
1.65%, 05/20/32 (Call 02/20/32)(a) |
15,556 | 12,081,465 | ||||||
2.15%, 05/20/30 (Call 02/20/30)(a) |
14,487 | 12,306,817 | ||||||
3.25%, 05/20/27 (Call 02/20/27)(a) |
16,927 | 15,992,239 | ||||||
3.25%, 05/20/50 (Call 11/20/49)(a) |
10,558 | 7,699,345 | ||||||
4.30%, 05/20/47 (Call 11/20/46)(a) |
17,950 | 15,549,622 | ||||||
4.50%, 05/20/52 (Call 11/20/51) |
11,241 | 9,799,956 | ||||||
4.65%, 05/20/35 (Call 11/20/34)(a) |
3,614 | 3,536,016 | ||||||
4.80%, 05/20/45 (Call 11/20/44) |
17,458 | 16,446,391 | ||||||
6.00%, 05/20/53 (Call 11/20/52)(a) |
12,264 | 13,183,837 | ||||||
Texas Instruments Inc. |
||||||||
1.75%, 05/04/30 (Call 02/04/30) |
7,777 | 6,485,345 | ||||||
2.25%, 09/04/29 (Call 06/04/29) |
12,073 | 10,504,536 | ||||||
3.88%, 03/15/39 (Call 09/15/38) |
4,678 | 4,031,976 | ||||||
4.15%, 05/15/48 (Call 11/15/47) |
6,848 | 5,946,807 | ||||||
4.90%, 03/14/33 (Call 12/14/32) |
12,282 | 12,340,634 | ||||||
5.05%, 05/18/63 (Call 11/18/62) |
13,302 | 12,728,294 | ||||||
|
|
|||||||
1,157,227,625 | ||||||||
Software — 3.3% | ||||||||
Activision Blizzard Inc. |
||||||||
2.50%, 09/15/50 (Call 03/15/50) |
6,411 | 4,072,773 | ||||||
3.40%, 09/15/26 (Call 06/15/26)(a) |
785 | 750,156 | ||||||
Adobe Inc. |
||||||||
2.15%, 02/01/27 (Call 12/01/26) |
1,709 | 1,570,419 | ||||||
2.30%, 02/01/30 (Call 11/01/29) |
16,038 | 13,919,661 | ||||||
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)(a) |
10,760 | 8,736,990 | ||||||
Broadridge Financial Solutions Inc. |
||||||||
2.60%, 05/01/31 (Call 02/01/31)(a) |
11,198 | 9,141,624 | ||||||
2.90%, 12/01/29 (Call 09/01/29)(a) |
9,611 | 8,290,199 | ||||||
Fidelity National Information Services Inc. |
||||||||
1.65%, 03/01/28 (Call 01/01/28)(a) |
3,069 | 2,630,599 | ||||||
2.25%, 03/01/31 (Call 12/01/30)(a) |
15,422 | 12,449,750 | ||||||
3.10%, 03/01/41 (Call 09/01/40) |
4,359 | 3,029,572 | ||||||
5.10%, 07/15/32 (Call 04/15/32)(a) |
6,312 | 6,180,301 | ||||||
Fiserv Inc. |
||||||||
2.25%, 06/01/27 (Call 04/01/27)(a) |
11,824 | 10,600,772 | ||||||
2.65%, 06/01/30 (Call 03/01/30) |
10,970 | 9,231,743 | ||||||
3.50%, 07/01/29 (Call 04/01/29) |
29,486 | 26,897,014 | ||||||
4.20%, 10/01/28 (Call 07/01/28) |
11,774 | 11,233,915 | ||||||
4.40%, 07/01/49 (Call 01/01/49)(a) |
17,425 | 14,202,912 | ||||||
5.45%, 03/02/28 (Call 02/02/28) |
11,198 | 11,273,562 | ||||||
5.60%, 03/02/33 (Call 12/02/32) |
9,267 | 9,317,155 | ||||||
5.63%, 08/21/33 (Call 05/21/33) |
7,141 | 7,194,615 | ||||||
Microsoft Corp. |
||||||||
2.53%, 06/01/50 (Call 12/01/49) |
66,952 | 44,156,036 | ||||||
2.68%, 06/01/60 (Call 12/01/59)(a) |
36,350 | 23,331,109 | ||||||
2.92%, 03/17/52 (Call 09/17/51) |
65,976 | 46,725,510 | ||||||
3.04%, 03/17/62 (Call 09/17/61) |
20,595 | 14,219,964 | ||||||
3.30%, 02/06/27 (Call 11/06/26) |
6,974 | 6,700,736 |
Security |
Par (000) |
Value | ||||||
Software (continued) | ||||||||
3.45%, 08/08/36 (Call 02/08/36) |
$ | 17,914 | $ | 15,935,986 | ||||
3.50%, 02/12/35 (Call 08/12/34)(a) |
15,265 | 13,894,070 | ||||||
3.70%, 08/08/46 (Call 02/08/46) |
21,735 | 18,424,823 | ||||||
4.10%, 02/06/37 (Call 08/06/36) |
9,522 | 9,049,733 | ||||||
4.25%, 02/06/47 (Call 08/06/46) |
13,842 | 12,836,923 | ||||||
4.45%, 11/03/45 (Call 05/03/45)(a) |
13,627 | 12,925,667 | ||||||
4.50%, 02/06/57 (Call 08/06/56) |
9,516 | 8,937,199 | ||||||
Oracle Corp. |
||||||||
2.30%, 03/25/28 (Call 01/25/28) |
21,574 | 18,984,766 | ||||||
2.80%, 04/01/27 (Call 02/01/27) |
24,325 | 22,346,473 | ||||||
2.88%, 03/25/31 (Call 12/25/30) |
31,402 | 26,544,933 | ||||||
2.95%, 04/01/30 (Call 01/01/30) |
31,906 | 27,637,290 | ||||||
3.25%, 11/15/27 (Call 08/15/27) |
29,413 | 27,258,468 | ||||||
3.60%, 04/01/40 (Call 10/01/39)(a) |
30,289 | 22,896,621 | ||||||
3.60%, 04/01/50 (Call 10/01/49)(a) |
46,131 | 31,781,879 | ||||||
3.65%, 03/25/41 (Call 09/25/40)(a) |
23,253 | 17,533,532 | ||||||
3.80%, 11/15/37 (Call 05/15/37) |
17,000 | 13,681,867 | ||||||
3.85%, 07/15/36 (Call 01/15/36) |
12,771 | 10,565,247 | ||||||
3.85%, 04/01/60 (Call 10/01/59) |
34,263 | 23,205,703 | ||||||
3.90%, 05/15/35 (Call 11/15/34) |
12,948 | 11,022,720 | ||||||
3.95%, 03/25/51 (Call 09/25/50) |
33,904 | 24,715,307 | ||||||
4.00%, 07/15/46 (Call 01/15/46) |
30,729 | 23,023,356 | ||||||
4.00%, 11/15/47 (Call 05/15/47) |
23,908 | 17,812,856 | ||||||
4.10%, 03/25/61 (Call 09/25/60)(a) |
14,937 | 10,601,274 | ||||||
4.13%, 05/15/45 (Call 11/15/44) |
20,478 | 15,795,843 | ||||||
4.30%, 07/08/34 (Call 01/08/34) |
17,558 | 15,748,529 | ||||||
4.38%, 05/15/55 (Call 11/15/54)(a) |
12,655 | 9,693,668 | ||||||
4.50%, 05/06/28 (Call 04/06/28)(a) |
9,935 | 9,637,813 | ||||||
4.50%, 07/08/44 (Call 01/08/44) |
11,251 | 9,197,975 | ||||||
4.65%, 05/06/30 (Call 03/06/30) |
9,178 | 8,819,973 | ||||||
4.90%, 02/06/33 (Call 11/06/32) |
17,301 | 16,527,834 | ||||||
5.38%, 07/15/40 |
22,745 | 21,139,226 | ||||||
5.55%, 02/06/53 (Call 08/06/52) |
24,319 | 22,599,455 | ||||||
6.13%, 07/08/39 |
13,429 | 13,498,970 | ||||||
6.15%, 11/09/29 (Call 09/09/29) |
12,904 | 13,424,981 | ||||||
6.25%, 11/09/32 (Call 08/09/32)(a) |
22,590 | 23,666,176 | ||||||
6.50%, 04/15/38 |
13,607 | 14,342,148 | ||||||
6.90%, 11/09/52 (Call 05/09/52) |
25,229 | 27,395,957 | ||||||
Roper Technologies Inc. |
||||||||
1.75%, 02/15/31 (Call 11/15/30)(a) |
11,109 | 8,708,769 | ||||||
4.20%, 09/15/28 (Call 06/15/28) |
11,637 | 11,101,022 | ||||||
salesforce.com Inc. |
||||||||
1.50%, 07/15/28 (Call 05/15/28)(a) |
12,222 | 10,509,589 | ||||||
1.95%, 07/15/31 (Call 04/15/31) |
16,330 | 13,302,495 | ||||||
2.70%, 07/15/41 (Call 01/15/41)(a) |
7,255 | 5,171,885 | ||||||
2.90%, 07/15/51 (Call 01/15/51)(a) |
16,298 | 10,872,047 | ||||||
3.05%, 07/15/61 (Call 01/15/61)(a) |
12,846 | 8,292,133 | ||||||
3.70%, 04/11/28 (Call 01/11/28) |
16,577 | 15,884,615 | ||||||
VMware Inc. |
||||||||
1.80%, 08/15/28 (Call 06/15/28) |
10,404 | 8,708,200 | ||||||
2.20%, 08/15/31 (Call 05/15/31) |
14,152 | 11,012,980 | ||||||
3.90%, 08/21/27 (Call 05/21/27) |
12,471 | 11,757,207 | ||||||
4.70%, 05/15/30 (Call 02/15/30) |
9,458 | 8,906,535 | ||||||
Workday Inc. |
||||||||
3.50%, 04/01/27 (Call 03/01/27) |
4,118 | 3,888,617 | ||||||
3.70%, 04/01/29 (Call 02/01/29) |
9,958 | 9,195,869 | ||||||
3.80%, 04/01/32 (Call 01/01/32)(a) |
13,284 | 11,776,277 | ||||||
|
|
|||||||
1,098,050,568 |
50 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Telecommunications — 6.7% | ||||||||
AT&T Inc. |
||||||||
1.65%, 02/01/28 (Call 12/01/27) |
$ | 22,613 | $ | 19,320,493 | ||||
2.25%, 02/01/32 (Call 11/01/31) |
21,852 | 17,043,566 | ||||||
2.30%, 06/01/27 (Call 04/01/27) |
23,089 | 20,670,238 | ||||||
2.55%, 12/01/33 (Call 09/01/33) |
39,027 | 29,717,866 | ||||||
2.75%, 06/01/31 (Call 03/01/31) |
26,579 | 21,945,502 | ||||||
3.30%, 02/01/52 (Call 08/01/51)(a) |
10,339 | 6,701,987 | ||||||
3.50%, 06/01/41 (Call 12/01/40)(a) |
25,027 | 18,353,561 | ||||||
3.50%, 09/15/53 (Call 03/15/53) |
80,106 | 52,714,258 | ||||||
3.55%, 09/15/55 (Call 03/15/55)(a) |
76,255 | 49,764,463 | ||||||
3.65%, 06/01/51 (Call 12/01/50) |
31,904 | 21,853,130 | ||||||
3.65%, 09/15/59 (Call 03/15/59) |
68,500 | 44,283,127 | ||||||
3.80%, 02/15/27 (Call 11/15/26) |
8,631 | 8,201,163 | ||||||
3.80%, 12/01/57 (Call 06/01/57) |
59,399 | 39,999,702 | ||||||
3.85%, 06/01/60 (Call 12/01/59)(a) |
13,992 | 9,542,086 | ||||||
4.10%, 02/15/28 (Call 11/15/27) |
14,990 | 14,224,828 | ||||||
4.25%, 03/01/27 (Call 12/01/26) |
13,637 | 13,143,691 | ||||||
4.30%, 02/15/30 (Call 11/15/29)(a) |
29,914 | 27,865,863 | ||||||
4.30%, 12/15/42 (Call 06/15/42)(a) |
14,186 | 11,453,732 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) |
27,711 | 26,224,452 | ||||||
4.35%, 06/15/45 (Call 12/15/44) |
12,780 | 10,044,529 | ||||||
4.50%, 05/15/35 (Call 11/15/34) |
26,321 | 23,372,440 | ||||||
4.50%, 03/09/48 (Call 09/09/47) |
17,331 | 13,809,658 | ||||||
4.55%, 03/09/49 (Call 09/09/48) |
9,171 | 7,354,395 | ||||||
4.75%, 05/15/46 (Call 11/15/45) |
18,549 | 15,479,450 | ||||||
4.85%, 03/01/39 (Call 09/01/38)(a) |
9,670 | 8,586,186 | ||||||
5.25%, 03/01/37 (Call 09/01/36) |
9,307 | 8,804,428 | ||||||
5.40%, 02/15/34 (Call 11/15/33) |
27,210 | 26,417,547 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(a) |
8,664 | 8,307,308 | ||||||
Bell Telephone Co. of Canada or Bell Canada (The) |
||||||||
3.65%, 08/15/52 (Call 02/15/52) |
8,445 | 6,023,704 | ||||||
4.46%, 04/01/48 (Call 10/01/47) |
6,269 | 5,148,393 | ||||||
5.10%, 05/11/33 (Call 02/11/33)(a) |
12,082 | 11,641,304 | ||||||
British Telecommunications PLC, 9.13%, 12/15/30(a) |
39,028 | 47,537,372 | ||||||
Cisco Systems Inc. |
||||||||
2.50%, 09/20/26 (Call 06/20/26)(a) |
2,349 | 2,198,692 | ||||||
5.50%, 01/15/40 |
25,439 | 26,353,870 | ||||||
5.90%, 02/15/39(a) |
23,893 | 25,840,831 | ||||||
Corning Inc. |
||||||||
4.38%, 11/15/57 (Call 05/15/57)(a) |
6,897 | 5,580,004 | ||||||
5.45%, 11/15/79 (Call 05/19/79) |
11,901 | 10,601,852 | ||||||
Deutsche Telekom International Finance BV, 8.75%, 06/15/30 |
53,288 | 62,837,593 | ||||||
Motorola Solutions Inc. |
||||||||
2.30%, 11/15/30 (Call 08/15/30)(a) |
7,765 | 6,192,167 | ||||||
2.75%, 05/24/31 (Call 02/24/31) |
9,776 | 7,917,163 | ||||||
4.60%, 05/23/29 (Call 02/23/29)(a) |
11,423 | 11,006,604 | ||||||
Orange SA |
||||||||
5.38%, 01/13/42 |
17,234 | 16,547,816 | ||||||
5.50%, 02/06/44 (Call 08/06/43) |
1,178 | 1,149,074 | ||||||
9.00%, 03/01/31(a) |
39,892 | 48,348,701 | ||||||
Rogers Communications Inc. |
||||||||
3.20%, 03/15/27 (Call 02/15/27)(a) |
14,693 | 13,575,762 | ||||||
3.70%, 11/15/49 (Call 05/15/49)(a) |
8,960 | 6,053,925 | ||||||
3.80%, 03/15/32 (Call 12/15/31) |
21,722 | 18,582,339 | ||||||
4.30%, 02/15/48 (Call 08/15/47)(a) |
7,697 | 5,750,336 | ||||||
4.35%, 05/01/49 (Call 11/01/48)(a) |
11,195 | 8,443,968 | ||||||
4.50%, 03/15/42 (Call 09/15/41)(a) |
6,799 | 5,472,019 | ||||||
4.55%, 03/15/52 (Call 09/15/51)(a) |
21,119 | 16,316,121 |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
5.00%, 03/15/44 (Call 09/15/43) |
$ | 9,428 | $ | 8,023,978 | ||||
Sprint Capital Corp. |
||||||||
6.88%, 11/15/28 |
20,521 | 21,669,762 | ||||||
8.75%, 03/15/32 |
31,557 | 37,628,703 | ||||||
Telefonica Emisiones SA |
||||||||
4.10%, 03/08/27(a) |
8,922 | 8,496,675 | ||||||
4.67%, 03/06/38 |
5,776 | 4,770,383 | ||||||
4.90%, 03/06/48 |
13,716 | 10,916,036 | ||||||
5.21%, 03/08/47(a) |
22,955 | 19,151,063 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(a) |
11,809 | 10,281,848 | ||||||
7.05%, 06/20/36(a) |
28,626 | 30,541,057 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30 |
21,421 | 24,413,182 | ||||||
TELUS Corp. |
||||||||
3.40%, 05/13/32 (Call 02/13/32) |
5,486 | 4,615,756 | ||||||
4.60%, 11/16/48 (Call 05/16/48)(a) |
1,516 | 1,246,778 | ||||||
T-Mobile USA Inc. |
||||||||
2.05%, 02/15/28 (Call 12/15/27) |
19,903 | 17,382,180 | ||||||
2.25%, 11/15/31 (Call 08/15/31) |
10,595 | 8,393,024 | ||||||
2.55%, 02/15/31 (Call 11/15/30) |
23,826 | 19,635,831 | ||||||
2.63%, 02/15/29 (Call 02/15/24) |
8,045 | 6,966,367 | ||||||
2.70%, 03/15/32 (Call 12/15/31) |
10,447 | 8,507,054 | ||||||
2.88%, 02/15/31 (Call 02/15/26) |
8,925 | 7,512,960 | ||||||
3.00%, 02/15/41 (Call 08/15/40) |
29,613 | 20,866,946 | ||||||
3.30%, 02/15/51 (Call 08/15/50)(a) |
33,260 | 22,275,280 | ||||||
3.38%, 04/15/29 (Call 04/15/24) |
19,777 | 17,726,896 | ||||||
3.40%, 10/15/52 (Call 04/15/52) |
32,881 | 22,221,499 | ||||||
3.50%, 04/15/31 (Call 04/15/26) |
23,096 | 20,153,108 | ||||||
3.60%, 11/15/60 (Call 05/15/60) |
11,156 | 7,463,097 | ||||||
3.75%, 04/15/27 (Call 02/15/27) |
39,087 | 37,040,155 | ||||||
3.88%, 04/15/30 (Call 01/15/30) |
65,301 | 59,542,869 | ||||||
4.38%, 04/15/40 (Call 10/15/39)(a) |
22,918 | 19,677,344 | ||||||
4.50%, 04/15/50 (Call 10/15/49)(a) |
33,490 | 27,625,734 | ||||||
4.75%, 02/01/28 (Call 09/11/23)(a) |
18,055 | 17,555,147 | ||||||
4.80%, 07/15/28 (Call 06/15/28)(a) |
8,129 | 7,942,944 | ||||||
4.95%, 03/15/28 (Call 02/15/28) |
10,455 | 10,306,276 | ||||||
5.05%, 07/15/33 (Call 04/15/33) |
24,993 | 24,113,391 | ||||||
5.20%, 01/15/33 (Call 10/15/32) |
12,539 | 12,284,671 | ||||||
5.65%, 01/15/53 (Call 07/15/52) |
20,266 | 19,726,219 | ||||||
5.75%, 01/15/54 (Call 07/15/53)(a) |
12,899 | 12,751,090 | ||||||
5.80%, 09/15/62 (Call 03/15/62) |
2,648 | 2,575,219 | ||||||
Verizon Communications Inc. |
||||||||
1.50%, 09/18/30 (Call 06/18/30)(a) |
14,429 | 11,267,010 | ||||||
1.68%, 10/30/30 (Call 07/30/30) |
9,299 | 7,276,996 | ||||||
1.75%, 01/20/31 (Call 10/20/30) |
21,238 | 16,534,771 | ||||||
2.10%, 03/22/28 (Call 01/22/28)(a) |
26,072 | 22,760,249 | ||||||
2.36%, 03/15/32 (Call 12/15/31) |
43,345 | 34,294,083 | ||||||
2.55%, 03/21/31 (Call 12/21/30)(a) |
35,570 | 29,266,157 | ||||||
2.65%, 11/20/40 (Call 05/20/40) |
32,446 | 21,631,975 | ||||||
2.85%, 09/03/41 (Call 03/03/41) |
14,854 | 10,108,876 | ||||||
2.88%, 11/20/50 (Call 05/20/50) |
33,676 | 20,634,521 | ||||||
2.99%, 10/30/56 (Call 04/30/56) |
38,786 | 23,143,052 | ||||||
3.00%, 03/22/27 (Call 01/22/27)(a) |
3,740 | 3,477,247 | ||||||
3.00%, 11/20/60 (Call 05/20/60) |
17,028 | 9,990,942 | ||||||
3.15%, 03/22/30 (Call 12/22/29) |
16,140 | 14,157,940 | ||||||
3.40%, 03/22/41 (Call 09/22/40) |
40,159 | 29,824,326 | ||||||
3.55%, 03/22/51 (Call 09/22/50) |
50,703 | 35,503,711 | ||||||
3.70%, 03/22/61 (Call 09/22/60)(a) |
33,829 | 22,998,257 | ||||||
3.88%, 02/08/29 (Call 11/08/28) |
17,963 | 16,767,848 | ||||||
3.88%, 03/01/52 (Call 09/01/51)(a) |
17,961 | 13,377,270 | ||||||
4.00%, 03/22/50 (Call 09/22/49)(a) |
15,339 | 11,700,979 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
4.02%, 12/03/29 (Call 09/03/29) |
$ | 40,387 | $ | 37,584,417 | ||||
4.13%, 03/16/27 |
29,201 | 28,127,370 | ||||||
4.13%, 08/15/46(a) |
11,487 | 9,125,474 | ||||||
4.33%, 09/21/28(a) |
48,398 | 46,298,621 | ||||||
4.40%, 11/01/34 (Call 05/01/34)(a) |
14,594 | 13,220,119 | ||||||
4.50%, 08/10/33 |
19,481 | 18,003,756 | ||||||
4.52%, 09/15/48(a) |
15,118 | 12,667,567 | ||||||
4.81%, 03/15/39 |
14,047 | 12,737,484 | ||||||
4.86%, 08/21/46(a) |
26,989 | 23,740,234 | ||||||
5.01%, 08/21/54(a) |
1,533 | 1,356,455 | ||||||
5.05%, 05/09/33 (Call 02/09/33)(a) |
15,522 | 15,070,929 | ||||||
5.25%, 03/16/37 |
6,245 | 6,086,689 | ||||||
6.55%, 09/15/43(a) |
9,289 | 10,340,448 | ||||||
Vodafone Group PLC |
||||||||
4.25%, 09/17/50 |
10,949 | 8,432,837 | ||||||
4.38%, 05/30/28(a) |
2,168 | 2,129,245 | ||||||
4.38%, 02/19/43 |
21,365 | 17,369,341 | ||||||
4.88%, 06/19/49(a) |
17,805 | 15,087,929 | ||||||
5.25%, 05/30/48(a) |
7,311 | 6,615,269 | ||||||
6.15%, 02/27/37 |
24,775 | 25,315,739 | ||||||
|
|
|||||||
2,220,345,914 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) |
9,313 | 8,449,937 | ||||||
|
|
|||||||
Transportation — 1.9% | ||||||||
Burlington Northern Santa Fe LLC |
||||||||
3.30%, 09/15/51 (Call 03/15/51) |
10,070 | 7,241,248 | ||||||
3.55%, 02/15/50 (Call 08/15/49) |
6,704 | 5,124,329 | ||||||
3.90%, 08/01/46 (Call 02/01/46) |
6,957 | 5,565,367 | ||||||
4.05%, 06/15/48 (Call 12/15/47) |
7,938 | 6,524,736 | ||||||
4.13%, 06/15/47 (Call 12/15/46) |
7,359 | 6,129,075 | ||||||
4.15%, 04/01/45 (Call 10/01/44) |
10,303 | 8,682,309 | ||||||
4.15%, 12/15/48 (Call 06/15/48) |
6,811 | 5,678,959 | ||||||
4.45%, 03/15/43 (Call 09/15/42) |
10,735 | 9,489,595 | ||||||
4.45%, 01/15/53 (Call 07/15/52) |
9,931 | 8,840,549 | ||||||
4.55%, 09/01/44 (Call 03/01/44) |
8,118 | 7,265,009 | ||||||
4.90%, 04/01/44 (Call 10/01/43)(a) |
9,160 | 8,610,870 | ||||||
5.20%, 04/15/54 (Call 10/15/53) |
18,025 | 17,724,291 | ||||||
5.75%, 05/01/40 (Call 11/01/39) |
8,109 | 8,392,319 | ||||||
Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)(a) |
7,884 | 7,279,192 | ||||||
Canadian Pacific Railway Co. |
||||||||
1.75%, 12/02/26 (Call 11/02/26) |
5,395 | 4,848,465 | ||||||
2.45%, 12/02/31 (Call 09/02/31)(a) |
14,279 | 12,665,404 | ||||||
3.00%, 12/02/41 (Call 06/02/41)(a) |
8,536 | 7,079,574 | ||||||
3.10%, 12/02/51 (Call 06/02/51)(a) |
17,881 | 12,123,456 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115)(a) |
7,466 | 7,732,504 | ||||||
CSX Corp. |
||||||||
3.25%, 06/01/27 (Call 03/01/27)(a) |
11,215 | 10,557,989 | ||||||
3.80%, 03/01/28 (Call 12/01/27) |
7,912 | 7,532,548 | ||||||
3.80%, 11/01/46 (Call 05/01/46)(a) |
6,706 | 5,240,806 | ||||||
4.10%, 11/15/32 (Call 08/15/32)(a) |
9,884 | 9,280,609 | ||||||
4.10%, 03/15/44 (Call 09/15/43)(a) |
9,020 | 7,498,632 | ||||||
4.25%, 03/15/29 (Call 12/15/28)(a) |
12,864 | 12,440,162 | ||||||
4.30%, 03/01/48 (Call 09/01/47) |
6,904 | 5,833,542 | ||||||
4.50%, 11/15/52 (Call 05/15/52)(a) |
11,303 | 9,779,458 | ||||||
FedEx Corp. |
||||||||
2.40%, 05/15/31 (Call 02/15/31)(a) |
6,950 | 5,740,038 | ||||||
3.10%, 08/05/29 (Call 05/05/29)(a) |
14,759 | 13,232,809 | ||||||
3.25%, 05/15/41 (Call 11/15/40)(a) |
7,831 | 5,695,039 |
Security |
Par/ Shares (000) |
Value | ||||||
Transportation (continued) | ||||||||
4.05%, 02/15/48 (Call 08/15/47) |
$ | 10,257 | $ | 7,996,823 | ||||
4.25%, 05/15/30 (Call 02/15/30)(a) |
4,287 | 4,070,209 | ||||||
4.40%, 01/15/47 (Call 07/15/46) |
8,600 | 7,074,855 | ||||||
4.55%, 04/01/46 (Call 10/01/45) |
12,052 | 10,097,034 | ||||||
4.75%, 11/15/45 (Call 05/15/45) |
11,985 | 10,328,479 | ||||||
4.95%, 10/17/48 (Call 04/17/48) |
7,798 | 6,964,165 | ||||||
5.10%, 01/15/44 |
6,936 | 6,317,707 | ||||||
5.25%, 05/15/50 (Call 11/15/49)(a) |
11,965 | 11,115,807 | ||||||
Norfolk Southern Corp. |
||||||||
3.05%, 05/15/50 (Call 11/15/49)(a) |
5,635 | 3,755,761 | ||||||
3.16%, 05/15/55 (Call 11/15/54) |
2,351 | 1,543,678 | ||||||
4.55%, 06/01/53 (Call 12/01/52)(a) |
8,107 | 7,001,504 | ||||||
5.35%, 08/01/54(a) |
13,372 | 12,969,820 | ||||||
Union Pacific Corp. |
||||||||
2.38%, 05/20/31 (Call 02/20/31) |
10,379 | 8,694,873 | ||||||
2.40%, 02/05/30 (Call 11/05/29)(a) |
8,873 | 7,640,943 | ||||||
2.80%, 02/14/32 (Call 12/15/31)(a) |
12,704 | 10,848,967 | ||||||
2.95%, 03/10/52 (Call 09/10/51) |
8,025 | 5,363,989 | ||||||
2.97%, 09/16/62 (Call 03/16/62) |
11,644 | 7,167,790 | ||||||
3.20%, 05/20/41 (Call 11/20/40) |
10,716 | 8,153,316 | ||||||
3.25%, 02/05/50 (Call 08/05/49) |
17,752 | 12,853,428 | ||||||
3.50%, 02/14/53 (Call 08/14/52)(a) |
14,556 | 10,829,804 | ||||||
3.70%, 03/01/29 (Call 12/01/28)(a) |
6,516 | 6,178,686 | ||||||
3.75%, 02/05/70 (Call 08/05/69)(a) |
4,569 | 3,325,128 | ||||||
3.80%, 10/01/51 (Call 04/01/51) |
11,502 | 9,102,943 | ||||||
3.80%, 04/06/71 (Call 10/06/70) |
10,316 | 7,547,975 | ||||||
3.84%, 03/20/60 (Call 09/20/59) |
19,642 | 15,003,082 | ||||||
3.95%, 09/10/28 (Call 06/10/28)(a) |
11,861 | 11,424,697 | ||||||
4.50%, 01/20/33 (Call 10/20/32)(a) |
9,367 | 9,096,389 | ||||||
United Parcel Service Inc. |
||||||||
3.05%, 11/15/27 (Call 08/15/27)(a) |
13,746 | 12,881,892 | ||||||
3.40%, 03/15/29 (Call 12/15/28)(a) |
9,156 | 8,572,754 | ||||||
3.75%, 11/15/47 (Call 05/15/47)(a) |
10,928 | 8,824,965 | ||||||
4.25%, 03/15/49 (Call 09/15/48) |
6,557 | 5,650,634 | ||||||
4.45%, 04/01/30 (Call 01/01/30)(a) |
8,651 | 8,522,219 | ||||||
4.88%, 03/03/33 (Call 12/03/32) |
9,305 | 9,295,650 | ||||||
5.05%, 03/03/53 (Call 09/03/52) |
11,708 | 11,427,295 | ||||||
5.30%, 04/01/50 (Call 10/01/49)(a) |
11,346 | 11,443,401 | ||||||
6.20%, 01/15/38 |
20,462 | 22,840,401 | ||||||
Walmart Inc. |
||||||||
1.05%, 09/17/26 (Call 08/17/26)(a) |
2,155 | 1,931,816 | ||||||
1.50%, 09/22/28 (Call 07/22/28)(a) |
18,325 | 15,838,761 | ||||||
1.80%, 09/22/31 (Call 06/22/31)(a) |
28,597 | 23,395,626 | ||||||
3.95%, 09/09/27 (Call 08/09/27)(a) |
13,511 | 13,198,991 | ||||||
|
|
|||||||
626,121,140 | ||||||||
Water — 0.1% | ||||||||
American Water Capital Corp. |
||||||||
3.75%, 09/01/47 (Call 03/01/47) |
8,868 | 6,914,899 | ||||||
4.45%, 06/01/32 (Call 03/01/32)(a) |
11,145 | 10,592,997 | ||||||
6.59%, 10/15/37(a) |
9,080 | 10,063,094 | ||||||
|
|
|||||||
27,570,990 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.3% |
|
32,680,686,844 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 7.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(d)(e)(f) |
2,213,214 | 2,213,877,473 |
52 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) August 31, 2023 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Shares (000) |
Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e) |
171,060 | $ | 171,060,000 | |||||
|
|
|||||||
Total
Short-Term Securities — 7.2% |
|
2,384,937,473 | ||||||
|
|
|||||||
Total
Investments — 105.5% |
|
35,065,624,317 | ||||||
Liabilities in Excess of Other Assets — (5.5)% |
|
(1,829,136,526 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 33,236,487,791 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 02/28/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/23 |
Shares Held at 08/31/23 (000) |
Income |
Capital Gain Distributions from Underlying Funds |
| ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 2,485,025,395 | $ | — | $ | (270,425,625 | )(a) | $ | 104,648 | $ | (826,945 | ) | $ | 2,213,877,473 | 2,213,214 | $ | 4,692,231 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
722,044,000 | — | (550,984,000 | )(a) | — | — | 171,060,000 | 171,060 | 6,237,158 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 104,648 | $ | (826,945 | ) | $ | 2,384,937,473 | $ | 10,929,389 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 32,680,686,844 | $ | — | $ | 32,680,686,844 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,384,937,473 | — | — | 2,384,937,473 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,384,937,473 | $ | 32,680,686,844 | $ | — | $ | 35,065,624,317 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
53 |
Statements of Assets and Liabilities (unaudited)
August 31, 2023
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|||||||
ASSETS |
||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 14,426,695,415 | $ | 32,680,686,844 | ||||
Investments, at value — affiliated(c) |
3,018,979,730 | 2,384,937,473 | ||||||
Cash |
507,398 | — | ||||||
Foreign currency, at value(d) |
28,767 | — | ||||||
Receivables: |
||||||||
Investments sold |
272,372 | 195,937,242 | ||||||
Securities lending income — affiliated |
1,622,505 | 805,537 | ||||||
Capital shares sold |
58,265,580 | 5,391,622 | ||||||
Dividends — affiliated |
396,862 | 915,850 | ||||||
Interest — unaffiliated |
242,353,176 | 409,982,898 | ||||||
|
|
|
|
|||||
Total assets |
17,749,121,805 | 35,678,657,466 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Bank overdraft |
— | 267,321 | ||||||
Collateral on securities loaned, at value |
2,900,066,927 | 2,212,772,953 | ||||||
Payables: |
||||||||
Investments purchased |
81,363,568 | 222,160,751 | ||||||
Capital shares redeemed |
919,361 | 2,928,455 | ||||||
Investment advisory fees |
5,820,574 | 4,040,195 | ||||||
|
|
|
|
|||||
Total liabilities |
2,988,170,430 | 2,442,169,675 | ||||||
|
|
|
|
|||||
Commitments and contingent liabilities |
||||||||
NET ASSETS |
$ | 14,760,951,375 | $ | 33,236,487,791 | ||||
|
|
|
|
|||||
NET ASSETS CONSIST OF |
||||||||
Paid-in capital |
$ | 18,182,796,372 | $ | 40,282,301,745 | ||||
Accumulated loss |
(3,421,844,997 | ) | (7,045,813,954 | ) | ||||
|
|
|
|
|||||
NET ASSETS |
$ | 14,760,951,375 | $ | 33,236,487,791 | ||||
|
|
|
|
|||||
NET ASSETVALUE |
||||||||
Shares outstanding |
196,400,000 | 313,300,000 | ||||||
|
|
|
|
|||||
Net asset value |
$ | 75.16 | $ | 106.09 | ||||
|
|
|
|
|||||
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|||||
Par value |
None | None | ||||||
|
|
|
|
|||||
(a) Investments, at cost — unaffiliated |
$ | 15,912,505,058 | $ | 38,171,148,402 | ||||
(b) Securities loaned, at value |
$ | 2,794,189,029 | $ | 2,140,147,033 | ||||
(c) Investments, at cost — affiliated |
$ | 3,017,719,994 | $ | 2,383,802,903 | ||||
(d) Foreign currency, at cost |
$ | 27,828 | $ | — |
See notes to financial statements.
54 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended August 31, 2023
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|||||||
INVESTMENT INCOME |
||||||||
Dividends — affiliated |
$ | 1,700,448 | $ | 6,237,158 | ||||
Interest — unaffiliated |
434,569,785 | 718,729,379 | ||||||
Securities lending income — affiliated — net |
10,614,758 | 4,692,231 | ||||||
Other income — unaffiliated |
258,961 | 48,636 | ||||||
|
|
|
|
|||||
Total investment income |
447,143,952 | 729,707,404 | ||||||
|
|
|
|
|||||
EXPENSES |
||||||||
Investment advisory |
35,422,187 | 24,790,344 | ||||||
|
|
|
|
|||||
Total expenses |
35,422,187 | 24,790,344 | ||||||
|
|
|
|
|||||
Net investment income |
411,721,765 | 704,917,060 | ||||||
|
|
|
|
|||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
Net realized gain (loss) from: |
||||||||
Investments — unaffiliated |
(77,749,057 | ) | (344,412,934 | ) | ||||
Investments — affiliated |
165,671 | 104,648 | ||||||
Foreign currency transactions |
20 | — | ||||||
In-kind redemptions — unaffiliated(a) |
(109,467,937 | ) | (335,980,106 | ) | ||||
|
|
|
|
|||||
(187,051,303 | ) | (680,288,392 | ) | |||||
|
|
|
|
|||||
Net change in unrealized appreciation (depreciation) on: |
||||||||
Investments — unaffiliated |
284,525,372 | 713,725,593 | ||||||
Investments — affiliated |
(912,486 | ) | (826,945 | ) | ||||
Foreign currency translations |
463 | — | ||||||
|
|
|
|
|||||
283,613,349 | 712,898,648 | |||||||
|
|
|
|
|||||
Net realized and unrealized gain |
96,562,046 | 32,610,256 | ||||||
|
|
|
|
|||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 508,283,811 | $ | 737,527,316 | ||||
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
55 |
Statements of Changes in Net Assets
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|||||||||||||||
|
|
|
|
|||||||||||||
Six Months Ended 08/31/23 (unaudited) |
Year Ended 02/28/23 |
Six Months Ended 08/31/23 (unaudited) |
Year Ended 02/28/23 |
|||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 411,721,765 | $ | 762,314,046 | $ | 704,917,060 | $ | 1,174,187,682 | ||||||||
Net realized loss |
(187,051,303 | ) | (524,650,069 | ) | (680,288,392 | ) | (1,803,697,569 | ) | ||||||||
Net change in unrealized appreciation (depreciation) |
283,613,349 | (898,098,573 | ) | 712,898,648 | (3,480,607,272 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
508,283,811 | (660,434,596 | ) | 737,527,316 | (4,110,117,159 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(429,412,672 | ) | (787,964,633 | ) | (705,742,363 | ) | (1,139,836,897 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
1,978,868,501 | (2,518,162,682 | ) | (147,177,640 | ) | 2,779,402,728 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase (decrease) in net assets |
2,057,739,640 | (3,966,561,911 | ) | (115,392,687 | ) | (2,470,551,328 | ) | |||||||||
Beginning of period |
12,703,211,735 | 16,669,773,646 | 33,351,880,478 | 35,822,431,806 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 14,760,951,375 | $ | 12,703,211,735 | $ | 33,236,487,791 | $ | 33,351,880,478 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
56 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares iBoxx $ High Yield Corporate Bond ETF | ||||||||||||||||||||||||||||
Six Months Ended 08/31/23 (unaudited) |
Year Ended 02/28/23 |
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 74.51 | $ | 83.47 | $ | 86.84 | $ | 85.71 | $ | 85.71 | $ | 86.13 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
2.14 | 3.88 | 3.06 | 3.84 | 4.19 | 4.46 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.74 | (8.87 | ) | (2.95 | ) | 1.50 | 0.18 | (0.36 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
2.88 | (4.99 | ) | 0.11 | 5.34 | 4.37 | 4.10 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(c) |
(2.23 | ) | (3.97 | ) | (3.48 | ) | (4.21 | ) | (4.37 | ) | (4.52 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 75.16 | $ | 74.51 | $ | 83.47 | $ | 86.84 | $ | 85.71 | $ | 85.71 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
3.94 | %(e) | (5.99 | )% | 0.11 | % | 6.56 | % | 5.14 | % | 4.95 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.49 | %(g) | 0.49 | % | 0.48 | % | 0.48 | % | 0.49 | % | 0.49 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
5.71 | %(g) | 5.10 | % | 3.52 | % | 4.59 | % | 4.83 | % | 5.25 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 14,760,951 | $ | 12,703,212 | $ | 16,669,774 | $ | 22,473,704 | $ | 13,456,300 | $ | 15,341,864 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
4 | % | 31 | % | 19 | % | 20 | % | 20 | % | 14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBoxx $ Investment Grade Corporate Bond ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 08/31/23 (unaudited) |
Year Ended 02/28/23 |
Year Ended 02/28/22 |
Year Ended 02/28/21 |
Year Ended 02/29/20 |
Year Ended 02/28/19 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 105.81 | $ | 124.51 | $ | 132.40 | $ | 132.27 | $ | 115.89 | $ | 117.11 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
2.15 | 3.73 | 2.92 | 3.55 | 4.17 | 4.15 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.28 | (18.85 | ) | (7.79 | ) | 0.18 | 16.40 | (1.20 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
2.43 | (15.12 | ) | (4.87 | ) | 3.73 | 20.57 | 2.95 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(c) |
(2.15 | ) | (3.58 | ) | (3.02 | ) | (3.60 | ) | (4.19 | ) | (4.17 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 106.09 | $ | 105.81 | $ | 124.51 | $ | 132.40 | $ | 132.27 | $ | 115.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
2.29 | %(e) | (12.23 | )% | (3.76 | )% | 2.83 | % | 18.03 | % | 2.64 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.14 | %(g) | 0.14 | % | 0.14 | % | 0.14 | % | 0.14 | % | 0.15 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
3.99 | %(g) | 3.40 | % | 2.21 | % | 2.66 | % | 3.35 | % | 3.62 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 33,236,488 | $ | 33,351,880 | $ | 35,822,432 | $ | 46,207,378 | $ | 33,106,758 | $ | 32,519,973 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
7 | % | 27 | % | 14 | % | 14 | % | 13 | % | 10 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
58 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification |
|||
iBoxx $ High Yield Corporate Bond |
Diversified | |||
iBoxx $ Investment Grade Corporate Bond |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
Notes to Financial Statements (unaudited) (continued)
• |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.
60 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
iBoxx $ High Yield Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 199,042,741 | $ | (199,042,741 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
79,111,147 | (79,111,147 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
31,498,640 | (31,498,640 | ) | — | — | |||||||||||
BNP Paribas SA |
507,449,423 | (507,449,423 | ) | — | — | |||||||||||
BofA Securities, Inc. |
86,880,049 | (86,880,049 | ) | — | — | |||||||||||
Citadel Clearing LLC |
90,905,037 | (90,905,037 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
51,651,179 | (51,651,179 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
3,769,161 | (3,769,161 | ) | — | — | |||||||||||
Deutsche Bank Securities, Inc. |
109,943,743 | (109,943,743 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
453,000,884 | (453,000,884 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
397,855,240 | (397,855,240 | ) | — | — | |||||||||||
Jefferies LLC |
32,900,240 | (32,900,240 | ) | — | — | |||||||||||
Mitsubishi UFJ Securities Holdings Co., Ltd. |
24,101,898 | (24,101,898 | ) | — | — | |||||||||||
Morgan Stanley |
176,615,101 | (176,615,101 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
29,696,297 | (29,696,297 | ) | — | — | |||||||||||
Pershing LLC |
8,049,058 | (8,049,058 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
155,221,111 | (155,221,111 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
64,500,955 | (64,500,955 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
198,230,881 | (198,230,881 | ) | — | — | |||||||||||
TD Securities (USA) LLC |
310,376 | (310,376 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
51,268,033 | (51,268,033 | ) | — | — | |||||||||||
UBS AG |
1,155,256 | (1,155,256 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
8,522,475 | (8,522,475 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
32,510,104 | (32,510,104 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,794,189,029 | $ | (2,794,189,029 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
iBoxx $ Investment Grade Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 261,193,118 | $ | (261,193,118 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
99,123,658 | (99,123,658 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
27,465,487 | (27,465,487 | ) | — | — | |||||||||||
BNP Paribas SA |
482,209,531 | (482,209,531 | ) | — | — | |||||||||||
BofA Securities, Inc. |
104,188,358 | (104,188,358 | ) | — | — | |||||||||||
Citadel Clearing LLC |
25,358,604 | (25,358,604 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
69,304,656 | (69,304,656 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
35,040 | (35,040 | ) | — | — | |||||||||||
Deutsche Bank Securities, Inc. |
70,903,541 | (70,903,541 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
216,828,914 | (216,828,914 | ) | — | — | |||||||||||
HSBC Securities (USA), Inc. |
32,838,875 | (32,838,875 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
237,787,154 | (237,787,154 | ) | — | — | |||||||||||
Jefferies LLC |
9,962,185 | (9,962,185 | ) | — | — | |||||||||||
Mitsubishi UFJ Securities Holdings Co., Ltd. |
22,146,835 | (22,146,835 | ) | — | — | |||||||||||
Morgan Stanley |
120,241,274 | (120,241,274 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
21,410,279 | (21,410,279 | ) | — | — | |||||||||||
Pershing LLC |
46,046,890 | (46,046,890 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
88,180,526 | (88,180,526 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
33,808,973 | (33,808,973 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
97,861,972 | (97,861,972 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
12,402,594 | (12,402,594 | ) | — | — | |||||||||||
UBS AG |
8,069,155 | (8,069,155 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
14,495,517 | (14,495,517 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
38,283,897 | (38,283,897 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,140,147,033 | $ | (2,140,147,033 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to the iShares iBoxx $ High Yield Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
|
||||
Aggregate Average Daily Net Assets |
Investment Advisory Fees | |||
|
||||
First $19 billion |
0.5000% | |||
Over $19 billion, up to and including $33 billion |
0.4750 | |||
Over $33 billion, up to and including $47 billion |
0.4513 | |||
Over $47 billion |
0.4287 | |||
|
For its investment advisory services to the iShares iBoxx $ Investment Grade Corporate Bond ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
|
||||
Aggregate Average Daily Net Assets |
Investment Advisory Fees | |||
|
||||
First $121 billion |
0.1500% | |||
Over $121 billion, up to and including $181 billion |
0.1425 | |||
Over $181 billion, up to and including $231 billion |
0.1354 | |||
Over $231 billion, up to and including $281 billion |
0.1287 | |||
Over $281 billion |
0.1222 | |||
|
62 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
|
||||
iShares ETF |
Amounts | |||
|
||||
iBoxx $ High Yield Corporate Bond |
$ | 2,923,513 | ||
iBoxx $ Investment Grade Corporate Bond |
1,535,662 | |||
|
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. |
PURCHASES AND SALES |
For the six months ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
|
||||||||
iShares ETF |
Purchases | Sales | ||||||
|
||||||||
iBoxx $ High Yield Corporate Bond |
$ | 923,120,173 | $ | 576,172,140 | ||||
iBoxx $ Investment Grade Corporate Bond |
2,690,943,636 | 2,421,523,820 | ||||||
|
For the six months ended August 31, 2023, in-kind transactions were as follows:
|
||||||||
iShares ETF |
|
In-kind Purchases |
|
|
In-kind Sales |
| ||
|
||||||||
iBoxx $ High Yield Corporate Bond |
$ | 27,486,265,391 | $ | 25,945,502,763 | ||||
iBoxx $ Investment Grade Corporate Bond |
25,333,617,418 | 25,377,411,117 | ||||||
|
7. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of February 28, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
|
||||
iShares ETF |
|
Non-Expiring Capital Loss Carryforwards(a) |
| |
|
||||
iBoxx $ High Yield Corporate Bond |
$ | (1,735,059,098) | ||
iBoxx $ Investment Grade Corporate Bond |
(973,210,854) | |||
|
(a) |
Amounts available to offset future realized capital gains. |
As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
||||||||||||||||
iShares ETF |
Tax Cost | |
Gross Unrealized Appreciation |
|
|
Gross Unrealized Depreciation |
|
|
Net Unrealized Appreciation (Depreciation) |
| ||||||
|
||||||||||||||||
iBoxx $ High Yield Corporate Bond |
$ | 19,010,933,093 | $ | 86,425,696 | $ | (1,651,683,644 | ) | $ | (1,565,257,948) | |||||||
iBoxx $ Investment Grade Corporate Bond |
40,575,455,629 | 18,133,206 | (5,527,964,518 | ) | (5,509,831,312) | |||||||||||
|
8. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
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Notes to Financial Statements (unaudited) (continued)
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
9. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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Six Months Ended 08/31/23 |
Year Ended 02/28/23 |
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iShares ETF |
Shares | Amount | Shares | Amount | ||||||||||||||||
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iBoxx $ High Yield Corporate Bond |
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Shares sold |
381,700,000 | $ | 28,411,140,718 | 592,200,000 | $ | 44,736,203,918 | ||||||||||||||
Shares redeemed |
(355,800,000 | ) | (26,432,272,217 | ) | (621,400,000 | ) | (47,254,366,600 | ) | ||||||||||||
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25,900,000 | $ | 1,978,868,501 | (29,200,000 | ) | $ | (2,518,162,682 | ) | |||||||||||||
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iBoxx $ Investment Grade Corporate Bond |
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Shares sold |
241,100,000 | $ | 25,834,626,739 | 401,600,000 | $ | 44,125,796,480 | ||||||||||||||
Shares redeemed |
(243,000,000 | ) | (25,981,804,379 | ) | (374,100,000 | ) | (41,346,393,752 | ) | ||||||||||||
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(1,900,000 | ) | $ | (147,177,640 | ) | 27,500,000 | $ | 2,779,402,728 | |||||||||||||
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
10. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
Board Review and Approval of Investment Advisory Contract
iShares iBoxx $ High Yield Corporate Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
67 |
Board Review and Approval of Investment Advisory Contract (continued)
iShares iBoxx $ Investment Grade Corporate Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
CMT | Constant Maturity Treasury | |
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Markit Indices Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-204-0823