LOGO

  AUGUST 31, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares ESG Aware 1-5 Year USD Corporate Bond ETF | SUSB | NASDAQ

·  

iShares ESG Aware U.S. Aggregate Bond ETF | EAGG | NYSE Arca

·  

iShares ESG Aware USD Corporate Bond ETF | SUSC | NASDAQ


The Markets in Review

Dear Shareholder,

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

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

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

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

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023
     6-Month   12-Month
   

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

  14.50%   15.94%
   

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

  0.99   4.65
   

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

  4.75   17.92
   

Emerging market equities (MSCI Emerging Markets Index)

  3.62   1.25
   

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

  2.47   4.25
   

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

  0.11   (4.71)
   

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

  0.95   (1.19)
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

  1.04   1.70
   

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

  4.55   7.19
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     7  

Disclosure of Expenses

     7  

Schedules of Investments

     8  

Financial Statements

  

Statements of Assets and Liabilities

     119  

Statements of Operations

     120  

Statements of Changes in Net Assets

     121  

Financial Highlights

     123  

Notes to Financial Statements

     126  

Board Review and Approval of Investment Advisory Contract

     134  

Supplemental Information

     137  

General Information

     138  

Glossary of Terms Used in this Report

     139  

 

 

 


Fund Summary as of August 31, 2023    iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

 

Investment Objective

The iShares ESG Aware 1-5 Year USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds having remaining maturities between one and five years and issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    2.12      2.12      1.64      1.42       2.12      8.45      9.05

Fund Market

    2.14        2.30        1.58        1.43         2.30        8.17        9.11  

Index

    2.15        2.20        1.84        1.64               2.20        9.56        10.50  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,021.20        $ 0.61             $ 1,000.00        $ 1,024.50        $ 0.61        0.12

 

  (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

    2.1%  

Aa

    3.1     

A

    49.4     

Baa

    43.7     

Ba

    0.7     

Not Rated

    1.0     

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

1-2 Years

    24.1%  

2-3 Years

    26.3     

3-4 Years

    23.0     

4-5 Years

    22.3     

5-6 Years

    3.8     

6-7 Years

    0.3     

8-9 Years

    0.1     

21-22 Years

    0.1     

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of August 31, 2023    iShares® ESG Aware U.S. Aggregate Bond ETF

 

Investment Objective

The iShares ESG Aware U.S. Aggregate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade bonds from issuers generally evaluated for favorable environmental, social and governance practices while seeking to exhibit risk and return characteristics similar to those of the broad U.S. dollar-denominated investment-grade bond market, as represented by the Bloomberg MSCI US Aggregate ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    0.93      (1.27 )%       0.71       (1.27 )%       3.53

Fund Market

    0.97        (1.17      0.73         (1.17      3.60  

Index

    0.96        (1.19      0.82               (1.19      4.06  

The inception date of the Fund was October 18, 2018. The first day of secondary market trading was October 23, 2018.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,009.30        $ 0.45             $ 1,000.00        $ 1,024.70        $ 0.46          0.09

 

  (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

    59.3%  

Aa

    8.4     

A

    11.6     

Baa

    12.7     

Ba

    0.3     

Not Rated

    7.7     

PORTFOLIO COMPOSITION

 

   
Investment Type    
Percent of
Total Investments
 
(a) 

U.S. Government & Agency Obligations

    69.7

Corporate Bonds & Notes

    26.4  

Foreign Government Obligations

    3.4  

Collaterized Mortgage Obligations

    0.9  

Asset-Backed Securities

    0.4  

Municipal Debt Obligations

    (b) 

TBA Sales Commitments

    (0.8
  *

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.

 
  (b) 

Rounds to less than 0.1%.

 

 

 

F U N D S U M M A R Y

  5


Fund Summary as of August 31, 2023    iShares® ESG Aware USD Corporate Bond ETF

 

Investment Objective

The iShares ESG Aware USD Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds issued by companies that have positive environmental, social and governance characteristics while seeking to exhibit risk and return characteristics similar to those of the parent index of such index, as represented by the Bloomberg MSCI US Corporate ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    1.99      0.71      1.26      1.07       0.71      6.48      6.73

Fund Market

    2.11        1.03        1.23        1.08         1.03        6.29        6.83  

Index

    2.04        0.90        1.55        1.35               0.90        7.98        8.59  

The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.

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

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,019.90        $ 0.91             $ 1,000.00        $ 1,024.20        $ 0.92          0.18

 

  (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

    2.2%  

Aa

    4.4     

A

    45.7     

Baa

    45.6     

Ba

    1.3     

Not Rated

    0.8     

MATURITY ALLOCATION

 

   
Maturity    
Percent of
Total Investments
 
(a) 

1-5 Years

    36.9%  

5-10 Years

    27.1     

10-15 Years

    7.8     

15-20 Years

    5.7     

More than 20 Years

    22.5     

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3I 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


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

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

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

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

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

 

 

A B O U T F U N D P E R F O R M A N C E  / D I S C L O S U R E O F E X P E N S E S

  7


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

 

Aerospace & Defense — 0.3%  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

  $  1,020     $ 958,535  

4.95%, 08/15/25 (Call 05/15/25)

    10       9,735  

L3Harris Technologies Inc.

   

3.83%, 04/27/25 (Call 01/27/25)

    748       727,976  

3.85%, 12/15/26 (Call 09/15/26)

    75       71,613  

5.40%, 01/15/27

    540       541,280  

RTX Corp.

   

2.65%, 11/01/26 (Call 08/01/26)(a)

    15       13,914  

3.13%, 05/04/27 (Call 02/04/27)

    15       13,979  

3.50%, 03/15/27 (Call 12/15/26)

    65       61,370  

3.95%, 08/16/25 (Call 06/16/25)

    63       61,257  
   

 

 

 
       2,459,659  
Agriculture — 0.9%            

Archer-Daniels-Midland Co., 2.50%, 08/11/26
(Call 05/11/26)

    35       32,855  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    4,686       4,339,517  

3.25%, 08/15/26 (Call 05/15/26)

    3,080       2,899,574  

3.75%, 09/25/27 (Call 06/25/27)

    250       235,327  
   

 

 

 
      7,507,273  
Airlines — 0.0%            

Southwest Airlines Co., 5.13%, 06/15/27
(Call 04/15/27)

    20       19,750  
   

 

 

 
Apparel — 0.4%            

NIKE Inc., 2.40%, 03/27/25 (Call 02/27/25)

    388       371,510  

PVH Corp., 4.63%, 07/10/25 (Call 06/10/25)

    1,007       974,011  

Ralph Lauren Corp., 3.75%, 09/15/25
(Call 07/15/25)(a)

    333       322,550  

Tapestry Inc.

   

4.13%, 07/15/27 (Call 04/15/27)

    10       9,337  

4.25%, 04/01/25 (Call 01/01/25)

    70       68,060  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    585       552,117  

2.80%, 04/23/27 (Call 02/23/27)(a)

    775       703,956  
   

 

 

 
      3,001,541  
Auto Manufacturers — 1.9%            

American Honda Finance Corp.

   

1.00%, 09/10/25(a)

    270       247,493  

1.20%, 07/08/25

    204       189,094  

1.30%, 09/09/26

    35       31,231  

2.30%, 09/09/26

    55       50,555  

2.35%, 01/08/27

    45       41,185  

4.70%, 01/12/28

    2,050       2,023,739  

4.75%, 01/12/26

    60       59,404  

5.00%, 05/23/25

    220       218,051  

5.13%, 07/07/28

    775       775,721  

5.25%, 07/07/26

    275       275,440  

Series A, 4.60%, 04/17/25

    385       380,068  

Cummins Inc.,
0.75%, 09/01/25 (Call 08/01/25)

    2,590       2,371,508  

General Motors Co.

   

4.00%, 04/01/25(a)

    610       593,225  

6.80%, 10/01/27 (Call 08/01/27)

    15       15,463  

General Motors Financial Co. Inc.

   

1.50%, 06/10/26 (Call 05/10/26)

    75       66,576  

2.35%, 02/26/27 (Call 01/26/27)

    950       844,721  

2.70%, 08/20/27 (Call 06/20/27)

    60       53,362  

2.75%, 06/20/25 (Call 05/20/25)

    165       155,867  

2.90%, 02/26/25 (Call 01/26/25)

    1,007       961,937  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

4.00%, 01/15/25 (Call 10/15/24)

  $ 320     $ 311,091  

4.00%, 10/06/26 (Call 07/06/26)

    75       70,873  

4.30%, 07/13/25 (Call 04/13/25)

    97       94,214  

4.35%, 04/09/25 (Call 02/09/25)

    1,127       1,100,504  

4.35%, 01/17/27 (Call 10/17/26)

    115       109,416  

5.00%, 04/09/27 (Call 03/09/27)

     1,165       1,134,628  

5.80%, 06/23/28 (Call 05/23/28)

    135       133,869  

6.00%, 01/09/28 (Call 12/09/27)

    425       425,969  

PACCAR Financial Corp.

   

1.80%, 02/06/25

    30       28,554  

4.45%, 03/30/26(a)

    60       59,476  

Toyota Motor Credit Corp.

   

1.15%, 08/13/27

    560       484,478  

1.80%, 02/13/25

    318       302,304  

1.90%, 01/13/27(a)

    170       153,779  

2.00%, 10/07/24

    27       26,007  

3.00%, 04/01/25

    698       673,689  

3.05%, 03/22/27

    165       154,846  

3.20%, 01/11/27

    170       160,458  

3.40%, 04/14/25(a)

    167       162,165  

4.45%, 05/18/26

    475       468,488  

4.55%, 09/20/27

    870       856,724  

5.00%, 08/14/26

    200       199,932  
   

 

 

 
       16,466,104  
Auto Parts & Equipment — 0.1%            

Aptiv PLC, 2.40%, 02/18/25 (Call 09/11/23)

    150       142,832  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)(a)

    640       579,942  

3.38%, 03/15/25 (Call 12/15/24)(a)

    294       283,769  

Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)(a)

    40       37,462  
   

 

 

 
      1,044,005  
Banks — 33.2%            

Banco Bilbao Vizcaya Argentaria SA

   

1.13%, 09/18/25(a)

    7,743       7,063,319  

6.14%, 09/14/28 (Call 09/14/27),
(1-year CMT + 2.700%)(b)

    790       793,199  

Banco Santander SA

   

1.72%, 09/14/27 (Call 09/14/26),
(1-year CMT + 0.900%)(b)

    315       276,728  

1.85%, 03/25/26

    1,612       1,456,781  

2.75%, 05/28/25

    325       307,603  

3.80%, 02/23/28

    400       366,252  

4.18%, 03/24/28 (Call 03/24/27),
(1-year CMT + 2.000%)(b)

    1,195       1,119,476  

4.25%, 04/11/27

    1,165       1,101,566  

5.18%, 11/19/25

    442       432,148  

5.59%, 08/08/28

    400       396,508  

Bank of America Corp.

   

0.98%, 09/25/25 (Call 09/25/24),
(1-day SOFR + 0.910%)(b)

    400       378,620  

1.20%, 10/24/26 (Call 10/24/25),
(1-day SOFR + 1.010%)(b)

    160       145,008  

1.32%, 06/19/26 (Call 06/19/25),
(1-day SOFR + 1.150%)(b)

    400       368,000  

1.53%, 12/06/25 (Call 12/06/24),
(1-day SOFR + 0.650%)(b)

    5       4,729  

1.73%, 07/22/27 (Call 07/22/26),
(1-day SOFR + 0.960%)(b)

    2,406       2,153,081  

 

 

8  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.02%, 02/13/26 (Call 02/13/25),
(3-mo. SOFR + 0.902%)(b)

  $  4,550     $  4,291,696  

2.09%, 06/14/29 (Call 06/14/28),
(1-day SOFR + 1.060%)(b)

    800       682,056  

2.46%, 10/22/25 (Call 10/22/24),
(3-mo. SOFR + 1.132%)(b)

    865       831,282  

2.55%, 02/04/28 (Call 02/04/27),
(1-day SOFR + 1.050%)(b)

    685       619,658  

3.09%, 10/01/25 (Call 10/01/24),
(3-mo. SOFR + 1.352%)(b)

    363       351,740  

3.25%, 10/21/27 (Call 10/21/26)

    40       37,261  

3.37%, 01/23/26 (Call 01/23/25),
(3-mo. SOFR + 1.072%)(b)

    672       647,734  

3.38%, 04/02/26 (Call 04/02/25),
(1-day SOFR + 1.330%)(b)

    300       288,372  

3.42%, 12/20/28 (Call 12/20/27),
(3-mo. SOFR + 1.302%)(b)

    2,070       1,897,134  

3.50%, 04/19/26(a)

    69       65,656  

3.56%, 04/23/27 (Call 04/23/26),
(3-mo. SOFR + 1.322%)(b)

    345       326,863  

3.59%, 07/21/28 (Call 07/21/27),
(3-mo. SOFR + 1.632%)(b)

    1,030       958,054  

3.71%, 04/24/28 (Call 04/24/27),
(3-mo. SOFR + 1.774%)(b)

    2,245       2,100,804  

3.82%, 01/20/28 (Call 01/20/27),
(3-mo. SOFR + 1.837%)(b)

    1,725       1,625,881  

3.88%, 08/01/25

    66       64,219  

4.00%, 01/22/25

    274       267,172  

4.25%, 10/22/26(a)

    130       124,729  

4.27%, 07/23/29 (Call 07/23/28),
(3-mo. SOFR + 1.572%)(b)

    500       471,675  

4.38%, 04/27/28 (Call 04/27/27),
(1-day SOFR + 1.580%)(b)

    1,440       1,380,917  

4.45%, 03/03/26

    180       174,996  

4.83%, 07/22/26 (Call 07/22/25),
(1-day SOFR + 1.750%)(b)

    35       34,345  

4.95%, 07/22/28 (Call 07/22/27),
(1-day SOFR + 2.040%)(b)

    1,000       978,780  

5.08%, 01/20/27 (Call 01/20/26),
(1-day SOFR + 1.290%)(b)

    450       444,087  

5.20%, 04/25/29 (Call 04/25/28),
(1-day SOFR + 1.630%)(b)

    1,500       1,476,510  

6.20%, 11/10/28 (Call 11/10/27),
(1-day SOFR + 1.990%)(b)

    1,340       1,371,477  

6.22%, 09/15/26

    15       15,323  

Series L, 3.95%, 04/21/25

    882       854,323  

Series L, 4.18%, 11/25/27 (Call 11/25/26)

    1,360       1,290,722  

Series N, 1.66%, 03/11/27 (Call 03/11/26),
(1-day SOFR + 0.910%)(b)

    908       820,160  

Bank of Montreal

   

0.95%, 01/22/27 (Call 01/22/26),
(1-day SOFR + 0.603%)(b)

    2,420       2,171,853  

1.25%, 09/15/26

    1,375       1,218,305  

1.50%, 01/10/25

    180       170,307  

1.85%, 05/01/25

    212       199,170  

2.65%, 03/08/27

    75       68,452  

3.70%, 06/07/25

    80       77,311  

3.80%, 12/15/32 (Call 12/15/27),
(5-year USD Swap + 1.432%)(b)

    45       39,742  

5.20%, 02/01/28 (Call 01/01/28)

    1,275       1,264,698  
Security  

Par

(000)

    Value  
Banks (continued)            

5.30%, 06/05/26

  $ 190     $ 189,297  

Series H, 4.70%, 09/14/27 (Call 08/14/27)

    40       39,030  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

    165       148,856  

1.05%, 10/15/26 (Call 09/15/26)(a)

    50       43,988  

1.60%, 04/24/25 (Call 03/24/25)

     1,880        1,765,752  

1.65%, 07/14/28 (Call 05/14/28)

    1,000       853,970  

2.05%, 01/26/27 (Call 12/26/26)(a)

    50       45,166  

2.10%, 10/24/24

    603       581,250  

2.45%, 08/17/26 (Call 05/17/26)

    20       18,519  

2.80%, 05/04/26 (Call 02/04/26)

    140       131,443  

3.40%, 01/29/28 (Call 10/29/27)(a)

    30       27,962  

3.44%, 02/07/28 (Call 02/07/27),
(3-mo. SOFR + 1.331%)(b)

    45       42,379  

3.85%, 04/28/28(a)

    1,240       1,180,207  

3.95%, 11/18/25 (Call 10/18/25)

    110       106,351  

3.99%, 06/13/28 (Call 06/13/27),
(1-day SOFR + 1.151%)(a)(b)

    20       19,108  

4.54%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.168%)(b)

    500       485,410  

4.95%, 04/26/27 (Call 04/26/26),
(1-day SOFR + 1.026%)(b)

    505       496,955  

5.80%, 10/25/28 (Call 10/25/27),
(1-day SOFR + 1.802%)(b)

    165       166,878  

Series G, 3.00%, 02/24/25 (Call 01/24/25)

    250       240,860  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    4,625       4,147,006  

1.30%, 06/11/25(a)

    1,656       1,533,887  

1.30%, 09/15/26

    3,830       3,391,733  

1.35%, 06/24/26

    1,855       1,657,572  

1.45%, 01/10/25

    70       66,203  

1.95%, 02/02/27

    120       107,309  

2.20%, 02/03/25

    2,314       2,204,687  

2.70%, 08/03/26

    1,320       1,226,465  

2.95%, 03/11/27

    220       202,937  

3.45%, 04/11/25

    70       67,612  

4.50%, 12/16/25

    50       48,460  

4.75%, 02/02/26

    750       736,890  

5.25%, 06/12/28

    210       208,127  

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26),

   

(3-mo. SOFR + 2.090%)(a)(b)

    100       77,008  

Barclays PLC

   

2.28%, 11/24/27 (Call 11/24/26),
(1-year CMT + 1.050%)(b)

    2,305       2,047,693  

2.85%, 05/07/26 (Call 05/07/25),
(1-day SOFR + 2.714%)(b)

    800       756,176  

3.65%, 03/16/25

    305       294,288  

4.38%, 01/12/26

    1,460       1,407,338  

4.84%, 05/09/28 (Call 05/07/27)

    400       370,392  

4.97%, 05/16/29 (Call 05/16/28),
(3-mo. LIBOR US + 1.902%)(b)

    800       759,872  

5.20%, 05/12/26

    980       951,649  

5.30%, 08/09/26 (Call 08/09/25),
(1-year CMT + 2.300%)(b)

    50       49,244  

5.83%, 05/09/27 (Call 05/09/26),
(1-day SOFR + 2.210%)(b)

    905       897,136  

7.39%, 11/02/28 (Call 11/02/27),
(1-year CMT + 3.300%)(b)

    300       312,372  

BNP Paribas SA, 4.25%, 10/15/24

    740       724,297  

BPCE SA, 3.38%, 12/02/26

    175       163,170  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

  $ 775     $ 706,606  

1.00%, 10/18/24

    40       37,947  

1.25%, 06/22/26

    210       187,207  

2.25%, 01/28/25

    1,788        1,705,198  

3.30%, 04/07/25

    230       221,649  

3.45%, 04/07/27

    130       121,420  

3.95%, 08/04/25

    140       135,642  

5.00%, 04/28/28

    330       323,228  

5.14%, 04/28/25

    325       322,371  

5.61%, 07/17/26

    160       160,389  

Citigroup Inc.

   

1.12%, 01/28/27 (Call 01/28/26),
(1-day SOFR + 0.765%)(b)

     3,155       2,826,754  

1.28%, 11/03/25 (Call 11/03/24),
(1-day SOFR + 0.528%)(b)

    82       77,560  

1.46%, 06/09/27 (Call 06/09/26),
(1-day SOFR + 0.770%)(b)

    1,465       1,304,509  

2.01%, 01/25/26 (Call 01/25/25),
(1-day SOFR + 0.694%)(b)

    30       28,387  

3.07%, 02/24/28 (Call 02/24/27),
(1-day SOFR + 1.280%)(b)

    1,395       1,281,001  

3.11%, 04/08/26 (Call 04/08/25),
(1-day SOFR + 2.842%)(b)

    1,327       1,269,952  

3.20%, 10/21/26 (Call 07/21/26)

    55       51,291  

3.29%, 03/17/26 (Call 03/17/25),
(1-day SOFR + 1.528%)(b)

    70       67,250  

3.30%, 04/27/25

    518       500,419  

3.40%, 05/01/26

    110       104,095  

3.52%, 10/27/28 (Call 10/27/27),
(3-mo. SOFR + 1.412%)(b)

    945       871,205  

3.67%, 07/24/28 (Call 07/24/27),
(3-mo. SOFR + 1.652%)(b)

    190       176,715  

3.70%, 01/12/26

    2,045       1,960,603  

3.88%, 03/26/25

    205       198,666  

3.89%, 01/10/28 (Call 01/10/27),
(3-mo. SOFR + 1.825%)(b)

    1,225       1,157,233  

4.08%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.454%)(b)

    500       468,815  

4.13%, 07/25/28

    400       373,076  

4.30%, 11/20/26

    50       47,976  

4.40%, 06/10/25

    833       812,242  

4.45%, 09/29/27(a)

    1,110       1,061,060  

4.60%, 03/09/26

    150       145,992  

4.66%, 05/24/28 (Call 05/24/27),
(1-day SOFR + 1.887%)(b)

    715       696,160  

5.50%, 09/13/25

    417       414,711  

Citizens Bank NA

   

2.25%, 04/28/25 (Call 03/28/25)

    250       231,803  

4.58%, 08/09/28 (Call 08/09/27),
(1-day SOFR + 2.000%)(b)

    500       466,010  

Citizens Financial Group Inc., 2.85%, 07/27/26

   

(Call 04/27/26)

    2       1,813  

Comerica Bank, 4.00%, 07/27/25

    265       248,432  

Cooperatieve Rabobank UA, 4.38%, 08/04/25

    250       242,335  

Cooperatieve Rabobank UA/New York,
3.38%, 05/21/25

    30       28,947  

Credit Suisse AG/New York

   

2.95%, 04/09/25

    240       227,950  

3.70%, 02/21/25

    1,920       1,852,109  

5.00%, 07/09/27

    900       876,879  
Security  

Par

(000)

    Value  
Banks (continued)            

7.50%, 02/15/28

  $  1,240     $  1,326,217  

Deutsche Bank AG

   

4.10%, 01/13/26(a)

    560       536,043  

4.50%, 04/01/25

    45       43,315  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26

    185       167,956  

2.13%, 11/24/26 (Call 11/24/25),
(1-day SOFR + 1.870%)(b)

    1,595       1,446,649  

2.31%, 11/16/27 (Call 11/16/26),
(1-day SOFR + 1.219%)(b)

    710       622,358  

2.55%, 01/07/28 (Call 01/07/27),
(1-day SOFR + 1.318%)(b)

    780       688,662  

3.96%, 11/26/25 (Call 11/26/24),
(1-day SOFR + 2.581%)(b)

    2,210       2,132,650  

4.10%, 01/13/26

    923       877,856  

6.72%, 01/18/29 (Call 01/18/28),
(1-day SOFR + 3.180%)(b)

    190       192,138  

7.15%, 07/13/27 (Call 07/13/26),
(1-day SOFR + 2.520%)(b)

    400       405,788  

Discover Bank

   

3.45%, 07/27/26 (Call 04/27/26)

    55       50,371  

4.25%, 03/13/26

    5       4,752  

Fifth Third Bancorp

   

1.71%, 11/01/27 (Call 11/01/26),
(1-day SOFR + 0.685%)(b)

    5       4,345  

4.06%, 04/25/28 (Call 04/25/27),
(1-day SOFR + 1.355%)(a)(b)

    10       9,346  

6.34%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 2.340%)(b)

    680       687,997  

First Horizon Corp., 4.00%, 05/26/25
(Call 04/26/25)(a)

    177       167,290  

Goldman Sachs Group Inc.,

   

0.86%, 02/12/26 (Call 02/12/25),
(1-day SOFR + 0.609%)(b)

    70       64,959  

1.09%, 12/09/26 (Call 12/09/25),
(1-day SOFR + 0.789%)(b)

    160       143,600  

1.43%, 03/09/27 (Call 03/09/26),
(1-day SOFR + 0.798%)(b)

    2,372       2,126,474  

1.54%, 09/10/27 (Call 09/10/26),
(1-day SOFR + 0.818%)(b)

    1,545       1,363,323  

1.95%, 10/21/27 (Call 10/21/26),
(1-day SOFR + 0.913%)(b)

    3,220       2,865,220  

2.64%, 02/24/28 (Call 02/24/27),
(1-day SOFR + 1.114%)(b)

    1,720       1,556,101  

3.50%, 01/23/25 (Call 10/23/24)

    166       160,839  

3.50%, 04/01/25 (Call 03/01/25)

    164       158,294  

3.50%, 11/16/26 (Call 11/16/25)

    85       79,901  

3.62%, 03/15/28 (Call 03/15/27),
(1-day SOFR + 1.846%)(b)

    1,180       1,103,748  

3.69%, 06/05/28 (Call 06/05/27),
(3-mo. SOFR + 1.772%)(b)

    1,035       968,905  

3.75%, 05/22/25 (Call 02/22/25)

    131       126,593  

3.75%, 02/25/26 (Call 11/25/25)

    25       23,966  

3.81%, 04/23/29 (Call 04/23/28),
(3-mo. SOFR + 1.420%)(b)

    700       647,514  

3.85%, 01/26/27 (Call 01/26/26)

    115       109,129  

4.22%, 05/01/29 (Call 05/01/28),
(3-mo. SOFR + 1.563%)(b)

    980       922,445  

4.25%, 10/21/25

    130       126,044  

4.48%, 08/23/28 (Call 08/23/27),
(1-day SOFR + 1.725%)(b)

    215       206,858  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.80%, 08/10/26 (Call 08/10/25),
(1-day SOFR + 1.075%)(b)

  $ 500     $ 498,300  

5.95%, 01/15/27

    130       131,269  

HSBC Holdings PLC

   

1.59%, 05/24/27 (Call 05/24/26),
(1-day SOFR + 1.290%)(b)

    2,970       2,640,449  

1.65%, 04/18/26 (Call 04/18/25),
(1-day SOFR + 1.538%)(b)

    695       647,288  

2.10%, 06/04/26 (Call 06/04/25),
(1-day SOFR + 1.929%)(b)

    1,265       1,179,005  

2.21%, 08/17/29 (Call 08/17/28),
(1-day SOFR + 1.285%)(b)

    1,000       837,570  

2.25%, 11/22/27 (Call 11/22/26),
(1-day SOFR + 1.100%)(b)

    490       436,659  

2.63%, 11/07/25 (Call 11/07/24),
(3-mo. SOFR + 1.401%)(b)

    755       723,939  

3.90%, 05/25/26

     2,972        2,830,265  

4.04%, 03/13/28 (Call 03/13/27),
(3-mo. SOFR + 1.808%)(b)

    345       323,810  

4.18%, 12/09/25 (Call 12/09/24),
(1-day SOFR + 1.510%)(b)

    200       194,868  

4.25%, 08/18/25

    429       413,629  

4.29%, 09/12/26 (Call 09/12/25),
(3-mo. SOFR + 1.609%)(b)

    1,445       1,393,457  

4.30%, 03/08/26

    365       352,740  

4.38%, 11/23/26(a)

    540       514,377  

4.58%, 06/19/29 (Call 06/19/28),
(3-mo. SOFR + 1.796%)(b)

    1,200       1,132,740  

4.76%, 06/09/28 (Call 06/09/27),
(1-day SOFR + 2.110%)(b)

    550       527,400  

5.89%, 08/14/27 (Call 08/14/26),
(1-day SOFR + 1.570%)(b)

    700       697,865  

6.16%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 1.970%)(b)

    250       251,678  

7.34%, 11/03/26 (Call 11/03/25),
(1-day SOFR + 3.030%)(b)

    270       277,792  

7.39%, 11/03/28 (Call 11/03/27),
(1-day SOFR + 3.350%)(b)

    545       572,473  

Huntington Bancshares Inc.

   

4.00%, 05/15/25 (Call 04/15/25)(a)

    595       573,146  

4.44%, 08/04/28 (Call 08/04/27),
(1-day SOFR + 1.970%)(a)(b)

    325       305,656  

Huntington National Bank (The), 4.55%, 05/17/28

   

(Call 05/17/27), (1-day SOFR + 1.650%)(b)

    1,925       1,821,647  

ING Groep NV

   

1.73%, 04/01/27 (Call 04/01/26),
(1-day SOFR + 1.005%)(b)

    2,390       2,149,829  

3.87%, 03/28/26 (Call 03/28/25),
(1-day SOFR + 1.640%)(b)

    200       193,676  

3.95%, 03/29/27

    495       469,587  

4.02%, 03/28/28 (Call 03/28/27),
(1-day SOFR + 1.830%)(b)

    310       291,710  

JPMorgan Chase & Co.

   

1.04%, 02/04/27 (Call 02/04/26),
(3-mo. SOFR + 0.695%)(a)(b)

    685       612,143  

1.05%, 11/19/26 (Call 11/19/25),
(1-day SOFR + 0.800%)(b)

    240       216,535  

1.47%, 09/22/27 (Call 09/22/26),
(1-day SOFR + 0.765%)(b)

    2,645       2,336,038  
Security  

Par

(000)

    Value  
Banks (continued)            

1.56%, 12/10/25 (Call 12/10/24),
(1-day SOFR + 0.605%)(b)

  $ 32     $ 30,223  

1.58%, 04/22/27 (Call 04/22/26),
(1-day SOFR + 0.885%)(b)

    3,015        2,707,500  

2.01%, 03/13/26 (Call 03/13/25),
(3-mo. SOFR + 1.585%)(b)

    2,605       2,457,427  

2.08%, 04/22/26 (Call 04/22/25),
(1-day SOFR + 1.850%)(b)

     3,672       3,454,654  

2.18%, 06/01/28 (Call 06/01/27),
(1-day SOFR + 1.890%)(b)

    100       88,807  

2.30%, 10/15/25 (Call 10/15/24),
(1-day SOFR + 1.160%)(b)

    249       238,833  

2.60%, 02/24/26 (Call 02/24/25),
(1-day SOFR + 0.915%)(b)

    15       14,324  

2.95%, 10/01/26 (Call 07/01/26)(a)

    5       4,669  

2.95%, 02/24/28 (Call 02/24/27),
(1-day SOFR + 1.170%)(b)

    460       421,880  

3.13%, 01/23/25 (Call 10/23/24)

    239       231,240  

3.20%, 06/15/26 (Call 03/15/26)

    110       104,213  

3.30%, 04/01/26 (Call 01/01/26)

    25       23,748  

3.54%, 05/01/28 (Call 05/01/27),
(3-mo. SOFR + 1.642%)(b)

    195       182,091  

3.78%, 02/01/28 (Call 02/01/27),
(3-mo. SOFR + 1.599%)(b)

    2,185       2,063,143  

3.88%, 09/10/24

    6       5,878  

3.90%, 07/15/25 (Call 04/15/25)

    106       103,004  

3.96%, 01/29/27 (Call 01/29/26),
(3-mo. SOFR + 1.507%)(b)

    80       76,943  

4.08%, 04/26/26 (Call 04/26/25),
(1-day SOFR + 1.320%)(b)

    115       112,130  

4.13%, 12/15/26

    70       67,366  

4.32%, 04/26/28 (Call 04/26/27),
(1-day SOFR + 1.560%)(b)

    3,270       3,144,857  

4.85%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.990%)(b)

    1,875       1,837,612  

5.30%, 07/24/29, (1-day SOFR + 1.450%)(b)

    1,390       1,382,063  

7.63%, 10/15/26(a)

    30       31,891  

7.75%, 07/15/25

    35       36,397  

8.00%, 04/29/27(a)

    195       213,872  

KeyCorp, 4.10%, 04/30/28

    740       664,446  

Lloyds Bank PLC, 3.50%, 05/14/25

    700       671,860  

Lloyds Banking Group PLC

   

1.63%, 05/11/27 (Call 05/11/26),
(1-year CMT + 0.850%)(b)

    560       500,052  

2.44%, 02/05/26 (Call 02/05/25),
(1-year CMT + 1.000%)(b)

    2,220       2,105,426  

3.51%, 03/18/26 (Call 03/18/25),
(1-year CMT + 1.600%)(b)

    20       19,233  

3.57%, 11/07/28 (Call 11/07/27),
(3-mo. LIBOR US + 1.205%)(b)

    395       358,577  

3.75%, 03/18/28 (Call 03/18/27),
(1-year CMT + 1.800%)(b)

    85       79,062  

4.45%, 05/08/25

    345       336,630  

4.55%, 08/16/28

    300       284,451  

4.58%, 12/10/25

    1,452       1,397,521  

4.65%, 03/24/26

    2,885       2,784,487  

5.87%, 03/06/29 (Call 03/06/28),
(1-year CMT + 1.700%)(b)

    305       302,792  

5.99%, 08/07/27 (Call 08/07/26),
(1-year CMT + 1.480%)(b)

    600       599,370  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Mitsubishi UFJ Financial Group Inc.

   

1.41%, 07/17/25

  $ 200     $ 184,706  

1.64%, 10/13/27 (Call 10/13/26),
(1-year CMT + 0.670%)(b)

    55       48,748  

2.19%, 02/25/25

     1,500        1,423,500  

2.34%, 01/19/28 (Call 01/19/27),
(1-year CMT + 0.830%)(b)

    570       511,347  

3.29%, 07/25/27(a)

    525       487,846  

3.78%, 03/02/25

    133       129,122  

3.85%, 03/01/26

    50       48,001  

3.96%, 03/02/28

    695       661,598  

4.08%, 04/19/28 (Call 04/19/27),
(1-year CMT + 1.300%)(b)

    960       911,962  

5.02%, 07/20/28 (Call 07/20/27),
(1-year CMT + 1.950%)(b)

    570       558,155  

5.24%, 04/19/29, (1-year CMT + 1.700%)(b)

    335       330,501  

5.35%, 09/13/28 (Call 09/13/27),
(1-year CMT + 1.900%)(b)

    410       406,322  

5.42%, 02/22/29 (Call 02/22/28),
(1-year CMT + 1.380%)(a)(b)

    430       427,902  

5.54%, 04/17/26 (Call 04/17/25),
(1-year CMT + 1.500%)(b)

    200       199,022  

5.72%, 02/20/26 (Call 02/20/25),
(1-year CMT + 1.080%)(b)

    405       404,044  

Mizuho Financial Group Inc.

   

1.23%, 05/22/27 (Call 05/22/26),
(1-year CMT + 0.670%)(b)

    650       575,081  

1.55%, 07/09/27 (Call 07/09/26),
(1-year CMT + 0.750%)(b)

    70       62,151  

2.23%, 05/25/26 (Call 05/25/25),
(3-mo. SOFR + 1.092%)(b)

    1,375       1,285,762  

2.84%, 09/13/26

    15       13,803  

4.02%, 03/05/28

    725       683,515  

5.41%, 09/13/28 (Call 09/13/27),
(1-year CMT + 2.050%)(b)

    65       64,371  

5.67%, 05/27/29 (Call 05/27/28),
(1-year CMT + 1.500%)(b)

    295       294,248  

5.78%, 07/06/29 (Call 07/06/28),
(1-year CMT + 1.650%)(b)

    800       800,944  

Morgan Stanley

   

0.99%, 12/10/26 (Call 12/10/25),
(1-day SOFR + 0.720%)(b)

    3,522       3,158,001  

1.16%, 10/21/25 (Call 10/21/24),
(1-day SOFR + 0.560%)(b)

    52       49,041  

1.51%, 07/20/27 (Call 07/20/26),
(1-day SOFR + 0.858%)(b)

    2,485       2,205,984  

1.59%, 05/04/27 (Call 05/04/26),
(1-day SOFR + 0.879%)(b)

    3,705       3,321,458  

2.19%, 04/28/26 (Call 04/28/25),
(1-day SOFR + 1.990%)(b)

    1,683       1,586,800  

2.48%, 01/21/28 (Call 01/21/27),
(1-day SOFR + 1.000%)(b)

    1,760       1,587,590  

2.63%, 02/18/26 (Call 02/18/25),
(1-day SOFR + 0.940%)(b)

    405       385,856  

3.13%, 07/27/26

    1,935       1,811,276  

3.59%, 07/22/28 (Call 07/22/27),
(3-mo. LIBOR US + 1.340%)(b)

    230       212,695  

3.63%, 01/20/27

    55       51,956  

3.70%, 10/23/24

    2,002       1,958,957  
Security  

Par

(000)

    Value  
Banks (continued)            

3.77%, 01/24/29 (Call 01/24/28),
(3-mo. SOFR + 1.402%)(b)

  $  2,020     $  1,872,843  

3.88%, 01/27/26

    2,581       2,483,800  

3.95%, 04/23/27(a)

    350       329,903  

4.00%, 07/23/25

    919       891,742  

4.21%, 04/20/28 (Call 04/20/27),
(1-day SOFR + 1.610%)(b)

    770       735,412  

4.35%, 09/08/26

    330       317,780  

4.68%, 07/17/26 (Call 07/17/25),
(1-day SOFR + 1.669%)(b)

    330       323,054  

5.00%, 11/24/25

    908       893,890  

5.12%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.730%)(b)

    325       318,386  

5.16%, 04/20/29 (Call 04/20/28),
(1-day SOFR + 1.590%)(b)

    635       622,871  

5.45%, 07/20/29 (Call 07/20/28),
(1-day SOFR + 1.630%)(b)

    205       203,778  

6.25%, 08/09/26

    225       229,815  

6.30%, 10/18/28 (Call 10/18/27),
(1-day SOFR + 2.240%)(b)

    65       66,599  

Series I, 0.86%, 10/21/25 (Call 10/21/24),
(1-day SOFR + 0.745%)(b)

    658       619,171  

Morgan Stanley Bank NA, 4.75%, 04/21/26

    350       345,688  

National Australia Bank Ltd./New York

   

3.91%, 06/09/27

    250       239,025  

4.90%, 06/13/28

    500       493,990  

National Bank of Canada, 5.25%, 01/17/25

    1,950       1,941,361  

NatWest Group PLC

   

1.64%, 06/14/27 (Call 06/14/26),
(1-year CMT + 0.900%)(b)

    1,970       1,749,774  

3.07%, 05/22/28 (Call 05/22/27),
(1-year CMT + 2.550%)(b)

    1,300       1,172,483  

3.75%, 11/01/29 (Call 11/01/24),
(5-year CMT + 2.100%)(b)

    571       543,866  

4.80%, 04/05/26

    1,160       1,129,689  

5.52%, 09/30/28 (Call 09/30/27),
(1-year CMT + 2.270%)(b)

    205       201,310  

5.85%, 03/02/27 (Call 03/02/26),
(1-year CMT + 1.350%)(b)

    435       432,477  

Northern Trust Corp.

   

3.38%, 05/08/32 (Call 05/08/27),
(3-mo. LIBOR US + 1.131%)(b)

    15       13,382  

3.95%, 10/30/25

    398       385,161  

PNC Bank NA

   

2.95%, 02/23/25 (Call 01/24/25)

    270       259,151  

3.10%, 10/25/27 (Call 09/25/27)

    495       451,702  

3.25%, 06/01/25 (Call 05/02/25)

    277       264,873  

3.30%, 10/30/24 (Call 09/30/24)

    259       251,639  

3.88%, 04/10/25 (Call 03/10/25)

    2,202       2,129,158  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)

    45       39,925  

2.20%, 11/01/24 (Call 10/02/24)

    673       645,844  

2.60%, 07/23/26 (Call 05/23/26)

    110       102,194  

3.15%, 05/19/27 (Call 04/19/27)

    530       490,690  

4.76%, 01/26/27 (Call 01/26/26),
(1-day SOFR + 1.085%)(b)

    480       471,005  

5.35%, 12/02/28 (Call 12/02/27),
(1-day SOFR + 1.630%)(a)(b)

    1,350       1,328,035  

5.58%, 06/12/29, (1-day SOFR + 1.841%)(b)

    958       949,943  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.81%, 06/12/26 (Call 06/12/25),
(1-day SOFR + 1.322%)(b)

  $ 458     $ 457,524  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    500       414,530  

2.25%, 05/18/25 (Call 04/18/25)

    825       771,078  

Royal Bank of Canada

   

0.88%, 01/20/26

    160       143,992  

1.15%, 06/10/25

     1,078       998,034  

1.15%, 07/14/26

    115       102,249  

1.20%, 04/27/26

    45       40,336  

1.40%, 11/02/26

    45       39,858  

2.05%, 01/21/27

    60       54,013  

2.25%, 11/01/24

    830       797,987  

3.63%, 05/04/27

    35       32,995  

4.24%, 08/03/27

    25       24,043  

4.65%, 01/27/26

    95       93,259  

4.88%, 01/12/26

    160       158,027  

4.90%, 01/12/28(a)

    1,580        1,556,663  

4.95%, 04/25/25

    765       756,486  

5.20%, 07/20/26

    460       458,013  

5.20%, 08/01/28

    975       969,033  

6.00%, 11/01/27

    130       133,033  

Santander Holdings USA Inc.

   

2.49%, 01/06/28 (Call 01/06/27),
(1-day SOFR + 1.249%)(b)

    2,820       2,471,476  

3.24%, 10/05/26 (Call 08/05/26)

    90       82,427  

3.45%, 06/02/25 (Call 05/02/25)

    485       462,554  

4.50%, 07/17/25 (Call 04/17/25)

    300       292,677  

6.50%, 03/09/29 (Call 03/09/28),
(1-day SOFR + 2.356%)(b)

    410       408,155  

6.57%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 2.700%)(b)

    172       171,221  

Santander UK Group Holdings PLC

   

1.53%, 08/21/26 (Call 08/21/25),
(1-year CMT + 1.250%)(b)

    200       181,350  

1.67%, 06/14/27 (Call 06/14/26),
(1-day SOFR + 0.989%)(b)

    200       175,948  

2.47%, 01/11/28 (Call 01/11/27),
(1-day SOFR + 1.220%)(b)

    2,365       2,080,727  

6.53%, 01/10/29 (Call 01/10/28),
(1-day SOFR + 2.600%)(b)

    200       201,546  

State Street Corp.

   

2.35%, 11/01/25 (Call 11/01/24),
(1-day SOFR + 0.940%)(b)

    2,537       2,435,723  

2.90%, 03/30/26 (Call 03/30/25),
(1-day SOFR + 2.600%)(b)

    10       9,571  

3.30%, 12/16/24

    943       915,464  

3.55%, 08/18/25

    2,650       2,557,912  

5.10%, 05/18/26 (Call 05/18/25),
(1-day SOFR + 1.130%)(b)

    320       317,168  

5.82%, 11/04/28 (Call 11/04/27),
(1-day SOFR + 1.715%)(b)

    45       45,684  

Sumitomo Mitsui Banking Corp., 3.65%, 07/23/25

    260       250,120  

Sumitomo Mitsui Financial Group Inc.

   

1.40%, 09/17/26

    200       177,022  

1.47%, 07/08/25

    1,650       1,528,378  

2.17%, 01/14/27

    200       179,412  

2.35%, 01/15/25

    1,910       1,823,687  

2.63%, 07/14/26

    55       50,747  

3.01%, 10/19/26

    40       37,072  
Security  

Par

(000)

    Value  
Banks (continued)            

3.35%, 10/18/27(a)

  $ 545     $ 501,236  

3.36%, 07/12/27

    125       115,934  

3.45%, 01/11/27

    30       28,080  

3.54%, 01/17/28

    70       64,607  

3.94%, 07/19/28

    700       654,255  

5.52%, 01/13/28

     1,575        1,572,574  

5.80%, 07/13/28

    400       404,888  

5.88%, 07/13/26

    385       387,911  

Synchrony Financial, 5.63%, 08/23/27 (Call 07/23/27)

    520       492,487  

Toronto-Dominion Bank (The)

   

0.75%, 09/11/25

    15       13,678  

0.75%, 01/06/26

    30       26,939  

1.15%, 06/12/25

    1,209       1,121,190  

1.20%, 06/03/26

    495       441,401  

1.25%, 09/10/26

    3,690       3,270,299  

1.45%, 01/10/25

    35       33,166  

1.95%, 01/12/27

    20       17,964  

2.80%, 03/10/27

    310       284,289  

3.63%, 09/15/31 (Call 09/15/26),
(5-year USD Swap + 2.205%)(a)(b)

    830       774,672  

3.77%, 06/06/25

    40       38,828  

4.11%, 06/08/27

    175       167,052  

5.52%, 07/17/28

    475       476,938  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    50       46,639  

2.15%, 12/06/24 (Call 11/05/24)

    244       232,952  

2.64%, 09/17/29 (Call 09/17/24),
(5-year CMT + 1.150%)(b)

    606       563,574  

3.63%, 09/16/25 (Call 08/16/25)

    250       236,933  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)

    75       63,410  

1.20%, 08/05/25 (Call 07/03/25)

    60       55,042  

1.27%, 03/02/27 (Call 03/02/26),
(1-day SOFR + 0.609%)(b)

    615       548,605  

1.89%, 06/07/29 (Call 06/07/28),
(1-day SOFR + 0.862%)(b)

    915       763,769  

2.85%, 10/26/24 (Call 09/26/24)

    69       66,579  

3.70%, 06/05/25 (Call 05/05/25)

    94       90,587  

4.00%, 05/01/25 (Call 03/01/25)

    157       152,142  

4.87%, 01/26/29 (Call 01/26/28),
(1-day SOFR + 1.435%)(b)

    520       498,550  

6.05%, 06/08/27, (1-day SOFR + 2.050%)(b)

    260       259,839  

U.S. Bancorp

   

1.45%, 05/12/25 (Call 04/11/25)

    50       46,774  

3.90%, 04/26/28 (Call 03/24/28)

    495       464,671  

4.65%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 1.230%)(b)

    1,045       997,181  

5.78%, 06/12/29 (Call 06/12/28),
(1-day SOFR + 2.020%)(b)

    1,000       997,580  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)

    142       135,065  

2.80%, 01/27/25 (Call 12/27/24)(a)

    117       112,336  

UBS Group AG

   

3.75%, 03/26/25

    464       448,071  

4.55%, 04/17/26

    610       590,321  

Wells Fargo & Co.

   

2.39%, 06/02/28 (Call 06/02/27),
(1-day SOFR + 2.100%)(b)

    4,790       4,260,034  

3.00%, 10/23/26

    60       55,560  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.53%, 03/24/28 (Call 03/24/27),
(1-day SOFR + 1.510%)(b)

  $ 235     $ 218,712  

3.58%, 05/22/28 (Call 05/22/27),
(3-mo. SOFR + 1.572%)(b)

    819       760,196  

4.30%, 07/22/27

    300       287,271  

4.81%, 07/25/28 (Call 07/25/27),
(1-day SOFR + 1.980%)(b)

     2,800        2,716,672  

5.57%, 07/25/29 (Call 07/25/28),
(1-day SOFR + 1.740%)(b)

    460       457,948  

Westpac Banking Corp.

   

1.15%, 06/03/26

    135       121,333  

2.35%, 02/19/25(a)

    345       330,972  

2.85%, 05/13/26

    120       113,083  

2.89%, 02/04/30 (Call 02/04/25),
(5-year CMT + 1.350%)(b)

    1,381       1,304,354  

3.35%, 03/08/27

    110       103,849  

4.32%, 11/23/31 (Call 11/23/26),
(5-year USD ICE Swap + 2.236%)(b)

    155       144,689  
   

 

 

 
      284,631,400  
Beverages — 3.4%            

Anheuser-Busch InBev Worldwide Inc., 3.65%, 02/01/26 (Call 11/01/25)

    245       236,756  

Brown-Forman Corp., 3.50%, 04/15/25 (Call 02/15/25)

    70       67,950  

Coca-Cola Co. (The)

   

1.45%, 06/01/27

    2,540       2,267,890  

2.90%, 05/25/27

    135       126,915  

3.38%, 03/25/27

    1,900       1,818,718  

Constellation Brands Inc., 4.35%, 05/09/27 (Call 04/09/27)

    55       53,230  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    5,210       4,810,341  

2.13%, 10/24/24 (Call 09/24/24)

    4,920       4,734,910  

5.20%, 10/24/25

    500       500,125  

5.30%, 10/24/27 (Call 09/24/27)

    2,230       2,258,209  

Keurig Dr Pepper Inc.

   

2.55%, 09/15/26 (Call 06/15/26)

    65       59,998  

3.40%, 11/15/25 (Call 08/15/25)

    30       28,695  

3.43%, 06/15/27 (Call 03/15/27)(a)

    1,710       1,605,553  

4.42%, 05/25/25 (Call 03/25/25)

    296       290,160  

Molson Coors Beverage Co., 3.00%, 07/15/26 (Call 04/15/26)

    6,204       5,813,086  

PepsiCo Inc.

   

2.25%, 03/19/25 (Call 02/19/25)

    290       277,573  

2.38%, 10/06/26 (Call 07/06/26)(a)

    160       149,824  

2.63%, 03/19/27 (Call 01/19/27)

    980       913,223  

2.75%, 04/30/25 (Call 01/30/25)

    296       284,657  

2.85%, 02/24/26 (Call 11/24/25)

    40       38,089  

3.50%, 07/17/25 (Call 04/17/25)

    1,626       1,580,147  

4.45%, 05/15/28 (Call 04/15/28)(a)

    500       497,955  

4.55%, 02/13/26 (Call 01/13/26)

    385       382,713  
   

 

 

 
      28,796,717  
Biotechnology — 1.1%            

Amgen Inc.

   

1.90%, 02/21/25 (Call 01/21/25)

    652       619,961  

2.20%, 02/21/27 (Call 12/21/26)

    25       22,715  

2.60%, 08/19/26 (Call 05/19/26)(a)

    20       18,595  

3.13%, 05/01/25 (Call 02/01/25)

    461       443,321  

5.15%, 03/02/28 (Call 02/02/28)

    1,995       1,992,586  

5.25%, 03/02/25

    1,090       1,085,378  

Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25)

    150       145,862  
Security  

Par

(000)

    Value  
Biotechnology (continued)            

Biogen Inc., 4.05%, 09/15/25 (Call 06/15/25)

  $ 917     $ 889,435  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

     2,590       2,227,011  

2.95%, 03/01/27 (Call 12/01/26)

    915       852,606  

3.50%, 02/01/25 (Call 11/01/24)

    394       383,496  

3.65%, 03/01/26 (Call 12/01/25)

    495       476,061  

Illumina Inc., 5.75%, 12/13/27 (Call 11/13/27)

    45       44,921  
   

 

 

 
       9,201,948  
Building Materials — 2.2%            

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    310       294,922  

2.49%, 02/15/27 (Call 12/15/26)

    1,725       1,569,302  

Fortune Brands Home & Security Inc., 4.00%, 06/15/25 (Call 03/15/25)

    2,978       2,880,977  

Johnson Controls International PLC, 3.90%, 02/14/26 (Call 11/14/25)

    4,297       4,138,269  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    60       55,301  

1.70%, 08/01/27 (Call 06/01/27)

    1,065       931,151  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    907       856,752  

4.20%, 12/01/24 (Call 09/01/24)

    419       410,586  

Trane Technologies Global Holding Co. Ltd., 3.75%, 08/21/28 (Call 05/21/28)

    2,000       1,877,640  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

    1,255       1,201,361  

3.55%, 11/01/24 (Call 08/01/24)(a)

    4,923       4,813,857  

Vulcan Materials Co., 4.50%, 04/01/25 (Call 01/01/25)

    65       63,885  
   

 

 

 
      19,094,003  
Chemicals — 1.8%            

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    35       30,559  

6.05%, 03/15/25

    49       49,037  

6.17%, 07/15/27 (Call 06/15/27)

    895       896,038  

Eastman Chemical Co., 3.80%, 03/15/25 (Call 12/15/24)

    45       43,770  

Ecolab Inc.

   

1.65%, 02/01/27 (Call 01/01/27)

    5,870       5,261,809  

2.70%, 11/01/26 (Call 08/01/26)

    4,105       3,842,731  

3.25%, 12/01/27 (Call 09/01/27)

    1,470       1,378,566  

5.25%, 01/15/28 (Call 12/15/27)(a)

    555       562,315  

EIDP Inc., 1.70%, 07/15/25 (Call 06/15/25)

    104       96,983  

Linde Inc./CT, 2.65%, 02/05/25 (Call 11/05/24)

    635       610,591  

LYB International Finance II BV, 3.50%, 03/02/27
(Call 12/02/26)

    50       47,133  

Nutrien Ltd.

   

3.00%, 04/01/25 (Call 01/01/25)

    75       71,857  

4.00%, 12/15/26 (Call 09/15/26)

    260       248,394  

4.90%, 03/27/28 (Call 02/27/28)

    770       752,706  

PPG Industries Inc., 1.20%, 03/15/26 (Call 02/15/26)

    1,126       1,015,731  

Sherwin-Williams Co. (The)

   

3.45%, 08/01/25 (Call 05/01/25)

    165       158,836  

3.45%, 06/01/27 (Call 03/01/27)

    5       4,713  
   

 

 

 
      15,071,769  
Commercial Services — 1.4%            

Automatic Data Processing Inc.

   

1.70%, 05/15/28 (Call 03/15/28)

    500       437,695  

3.38%, 09/15/25 (Call 06/15/25)

    8,097       7,833,524  

Block Financial LLC

   

2.50%, 07/15/28 (Call 05/15/28)

    150       128,537  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

5.25%, 10/01/25 (Call 07/01/25)

  $ 337     $ 332,049  

Moody’s Corp., 3.75%, 03/24/25 (Call 02/24/25)

    75       73,017  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

     3,044       2,851,741  

2.65%, 10/01/26 (Call 08/01/26)

    95       88,494  

Quanta Services Inc., 0.95%, 10/01/24 (Call 10/02/23)

    50       47,394  

S&P Global Inc., 2.45%, 03/01/27 (Call 02/01/27)

    305       281,277  
   

 

 

 
       12,073,728  
Computers — 2.1%            

Apple Inc.

   

1.20%, 02/08/28 (Call 12/08/27)

    1,500       1,295,595  

4.00%, 05/10/28

    460       449,319  

Dell International LLC/EMC Corp.

   

4.90%, 10/01/26 (Call 08/01/26)

    325       318,994  

6.02%, 06/15/26 (Call 03/15/26)(a)

    355       358,607  

DXC Technology Co., 1.80%, 09/15/26
(Call 08/15/26)(a)

    105       92,171  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)

    1,057       964,227  

4.90%, 10/15/25 (Call 07/15/25)

    2,603       2,567,990  

5.25%, 07/01/28

    100       99,155  

HP Inc.

   

2.20%, 06/17/25 (Call 05/17/25)

    1,998       1,883,235  

3.00%, 06/17/27 (Call 04/17/27)(a)

    195       179,238  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    65       57,559  

2.20%, 02/09/27 (Call 01/09/27)

    15       13,644  

3.30%, 05/15/26(a)

    660       629,099  

3.30%, 01/27/27

    100       94,496  

3.45%, 02/19/26

    4,680       4,486,248  

4.50%, 02/06/26

    385       378,740  

4.50%, 02/06/28 (Call 01/06/28)

    185       181,157  

7.00%, 10/30/25

    2,270       2,349,654  

Leidos Inc., 3.63%, 05/15/25 (Call 04/15/25)

    496       477,906  

Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)

    715       681,252  
   

 

 

 
      17,558,286  
Cosmetics & Personal Care — 0.5%            

Colgate-Palmolive Co.

   

3.10%, 08/15/27 (Call 07/15/27)

    2,205       2,096,602  

4.60%, 03/01/28 (Call 02/01/28)

    24       24,083  

4.80%, 03/02/26

    124       124,128  

Procter & Gamble Co. (The)

   

2.80%, 03/25/27

    10       9,379  

2.85%, 08/11/27

    20       18,735  

Unilever Capital Corp.

   

2.90%, 05/05/27 (Call 02/05/27)

    80       74,669  

3.10%, 07/30/25

    102       98,373  

3.38%, 03/22/25 (Call 01/22/25)

    200       194,400  

3.50%, 03/22/28 (Call 12/22/27)

    1,920       1,824,307  
   

 

 

 
      4,464,676  
Distribution & Wholesale — 0.5%            

LKQ Corp., 5.75%, 06/15/28 (Call 05/15/28)(c)

    1,215       1,205,377  

WW Grainger Inc., 1.85%, 02/15/25 (Call 01/15/25)

    3,161       3,003,962  
   

 

 

 
      4,209,339  
Diversified Financial Services — 5.5%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.75%, 01/30/26 (Call 12/30/25)

    2,135       1,933,435  

2.45%, 10/29/26 (Call 09/29/26)

    1,500       1,349,280  

3.50%, 01/15/25 (Call 11/15/24)

    779       751,945  

3.88%, 01/23/28 (Call 10/23/27)

    550       506,154  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

4.45%, 10/01/25 (Call 08/01/25)

  $ 575     $ 556,813  

4.45%, 04/03/26 (Call 02/03/26)

    230       221,623  

5.75%, 06/06/28 (Call 05/06/28)(a)

    310       306,953  

6.50%, 07/15/25 (Call 06/15/25)

    652       655,019  

Affiliated Managers Group Inc., 3.50%, 08/01/25

    50       47,710  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    195       174,441  

2.20%, 01/15/27 (Call 12/15/26)

    750       670,020  

2.30%, 02/01/25 (Call 01/01/25)

    715       677,198  

2.88%, 01/15/26 (Call 12/15/25)(a)

    598       558,885  

3.25%, 03/01/25 (Call 01/01/25)

    679       650,563  

3.38%, 07/01/25 (Call 06/01/25)

    86       81,974  

3.63%, 04/01/27 (Call 01/01/27)

    110       102,207  

5.30%, 02/01/28 (Call 01/01/28)

     1,415       1,390,577  

Aircastle Ltd., 4.25%, 06/15/26 (Call 04/15/26)

    1,270        1,204,912  

Ally Financial Inc.

   

4.63%, 03/30/25

    263       254,324  

4.75%, 06/09/27 (Call 05/09/27)(a)

    675       631,868  

5.80%, 05/01/25 (Call 04/01/25)(a)

    15       14,775  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    100       89,189  

2.55%, 03/04/27 (Call 02/01/27)

    460       418,269  

3.00%, 10/30/24 (Call 09/29/24)

    1,915       1,859,197  

3.13%, 05/20/26 (Call 04/20/26)

    868       820,494  

3.30%, 05/03/27 (Call 04/03/27)

    450       419,283  

3.63%, 12/05/24 (Call 11/04/24)

    364       354,456  

4.20%, 11/06/25 (Call 10/06/25)

    352       342,788  

5.28%, 07/27/29 (Call 07/27/28),
(1-day SOFR + 1.280%)(b)

    585       578,600  

5.39%, 07/28/27 (Call 07/28/26),
(1-day SOFR + 0.970%)(b)

    180       178,981  

5.85%, 11/05/27 (Call 10/05/27)

    950       969,997  

American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27)

    70       65,339  

Ameriprise Financial Inc.

   

3.00%, 04/02/25 (Call 03/02/25)

    1,054       1,013,358  

3.70%, 10/15/24

    44       43,046  

Brookfield Finance Inc.

   

3.90%, 01/25/28 (Call 10/25/27)

    110       102,791  

4.25%, 06/02/26 (Call 03/02/26)

    157       151,026  

Capital One Financial Corp.

   

1.88%, 11/02/27 (Call 11/02/26),
(1-day SOFR + 0.855%)(b)

    175       153,430  

3.75%, 03/09/27 (Call 02/09/27)

    165       153,534  

4.93%, 05/10/28 (Call 05/10/27),
(1-day SOFR + 2.057%)(b)

    1,575       1,514,063  

5.47%, 02/01/29 (Call 02/01/28),
(1-day SOFR + 2.080%)(b)

    1,275       1,235,411  

6.31%, 06/08/29 (Call 06/08/28),
(1-day SOFR + 2.640%)(b)

    270       269,854  

Cboe Global Markets Inc., 3.65%, 01/12/27
(Call 10/12/26)

    640       612,128  

Charles Schwab Corp. (The)

   

2.00%, 03/20/28 (Call 01/20/28)

    950       818,368  

2.45%, 03/03/27 (Call 02/03/27)

    55       49,515  

3.00%, 03/10/25 (Call 12/10/24)

    83       79,569  

3.85%, 05/21/25 (Call 03/21/25)

    102       98,836  

4.20%, 03/24/25 (Call 02/24/25)

    354       345,787  

5.88%, 08/24/26 (Call 07/24/26)(a)

    180       181,060  

CME Group Inc., 3.00%, 03/15/25
(Call 12/15/24)(a)

    604       583,603  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

  $ 520     $ 498,493  

3.95%, 11/06/24 (Call 08/06/24)

    188       183,022  

4.10%, 02/09/27 (Call 11/09/26)

    260       241,137  

Eaton Vance Corp., 3.50%, 04/06/27 (Call 01/06/27)

     1,255       1,178,746  

Franklin Resources Inc., 2.85%, 03/30/25

    570       546,755  

Intercontinental Exchange Inc.

   

3.10%, 09/15/27 (Call 06/15/27)

    5       4,629  

4.00%, 09/15/27 (Call 08/15/27)

    205       196,415  

Invesco Finance PLC, 3.75%, 01/15/26

    448       431,088  

Janus Henderson U.S. Holdings Inc.,
4.88%, 08/01/25 (Call 05/01/25)

    2,435       2,385,204  

Legg Mason Inc., 4.75%, 03/15/26

    480       471,912  

Mastercard Inc., 2.00%, 03/03/25
(Call 02/03/25)(a)

    340       324,761  

Nasdaq Inc.

   

3.85%, 06/30/26 (Call 03/30/26)

    30       28,869  

5.35%, 06/28/28

    1,215       1,214,733  

5.65%, 06/28/25

    85       85,105  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    2,015       1,786,741  

1.85%, 07/16/25

    1,155       1,067,566  

2.17%, 07/14/28

    500       420,455  

2.33%, 01/22/27

    2,105       1,865,535  

2.65%, 01/16/25

    430       410,891  

5.71%, 01/09/26

    200       198,558  

5.84%, 01/18/28

    200       199,598  

6.07%, 07/12/28

    385       386,763  

ORIX Corp.

   

3.25%, 12/04/24

    235       227,116  

3.70%, 07/18/27

    75       70,838  

5.00%, 09/13/27

    5       4,943  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    35       34,139  

4.88%, 03/15/27 (Call 09/15/26)

    490       463,516  

6.63%, 03/15/25 (Call 09/15/24)

    760       759,308  

Synchrony Financial

   

3.70%, 08/04/26 (Call 05/04/26)

    210       191,291  

3.95%, 12/01/27 (Call 09/01/27)

    1,340       1,196,017  

4.50%, 07/23/25 (Call 04/23/25)

    845       806,029  

Voya Financial Inc., 3.65%, 06/15/26(a)

    37       34,945  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)(a)

    1,007       900,631  

2.85%, 01/10/25 (Call 12/10/24)

    1,776       1,701,763  
   

 

 

 
       46,760,160  
Electric — 5.7%            

AEP Texas Inc., 3.95%, 06/01/28 (Call 03/01/28)

    1,455       1,366,753  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    4,133       3,988,014  

3.20%, 04/15/25 (Call 03/15/25)

    7,591       7,267,775  

Baltimore Gas & Electric Co., 2.40%, 08/15/26
(Call 05/15/26)

    5       4,628  

Commonwealth Edison Co., 2.55%, 06/15/26
(Call 03/15/26)

    50       46,715  

Connecticut Light & Power Co. (The)

   

Series A, 0.75%, 12/01/25 (Call 11/01/25)(a)

    45       40,777  

Series A, 3.20%, 03/15/27 (Call 12/15/26)

    320       300,922  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

    104       100,999  

4.95%, 04/15/25 (Call 03/15/25)

    153       150,700  

5.75%, 06/15/27 (Call 04/15/27)

    640       641,498  
Security  

Par

(000)

    Value  
Electric (continued)            

Enel Americas SA, 4.00%, 10/25/26 (Call 07/25/26)

  $  1,150     $  1,088,222  

Eversource Energy

   

2.90%, 03/01/27 (Call 02/01/27)

    2,295       2,113,305  

4.60%, 07/01/27 (Call 06/01/27)

    45       43,788  

5.45%, 03/01/28 (Call 02/01/28)

    135       135,487  

Series H, 3.15%, 01/15/25 (Call 10/15/24)

    173       167,533  

Series Q, 0.80%, 08/15/25 (Call 07/15/25)

    156       142,344  

Series U, 1.40%, 08/15/26 (Call 07/15/26)

    3,065       2,728,862  

Exelon Corp.

   

3.40%, 04/15/26 (Call 01/15/26)

    137       130,258  

3.95%, 06/15/25 (Call 03/15/25)

    534       518,199  

5.15%, 03/15/28 (Call 02/15/28)

    730       725,189  

Florida Power & Light Co.

   

2.85%, 04/01/25 (Call 03/01/25)

    3,956       3,805,039  

3.13%, 12/01/25 (Call 06/01/25)

    108       103,448  

4.40%, 05/15/28 (Call 03/15/28)(a)

    180       176,089  

4.45%, 05/15/26 (Call 04/15/26)

    145       142,719  

5.05%, 04/01/28 (Call 03/01/28)

    140       140,766  

Fortis Inc./Canada, 3.06%, 10/04/26
(Call 07/04/26)

    2,170       2,014,259  

Iberdrola International BV, 5.81%, 03/15/25

    790       791,580  

ITC Holdings Corp., 3.25%, 06/30/26 (Call 03/30/26)

    3,225       3,045,464  

National Grid PLC, 5.60%, 06/12/28 (Call 05/12/28)

    2,290       2,295,450  

National Rural Utilities Cooperative Finance Corp.
5.05%, 09/15/28

    225       224,577  

5.25%, 04/20/46 (Call 04/20/26),
(3-mo. LIBOR US + 3.630%)(a)(b)

    15       14,251  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

    2,115       1,890,916  

1.90%, 06/15/28 (Call 04/15/28)

    1,155       992,572  

3.55%, 05/01/27 (Call 02/01/27)

    105       98,963  

3.80%, 03/15/82 (Call 03/15/27),
(5-year CMT + 2.547%)(b)

    330       279,193  

4.63%, 07/15/27 (Call 06/15/27)

    60       58,499  

4.90%, 02/28/28 (Call 01/28/28)

    595       585,242  

NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27)

    425       398,166  

Oncor Electric Delivery Co. LLC, 2.95%, 04/01/25
(Call 01/01/25)

    2,335       2,241,810  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)

    55       47,374  

3.30%, 12/01/27 (Call 09/01/27)

    320       285,315  

5.45%, 06/15/27 (Call 05/15/27)

    965       941,647  

PECO Energy Co., 3.15%, 10/15/25 (Call 07/15/25)

    75       71,927  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)

    107       97,147  

2.25%, 09/15/26 (Call 06/15/26)

    45       41,477  

3.00%, 05/15/25 (Call 02/15/25)(a)

    37       35,606  

3.00%, 05/15/27 (Call 02/15/27)

    10       9,370  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    520       474,817  

5.85%, 11/15/27 (Call 10/15/27)

    3,920       3,994,715  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

    105       97,731  

4.95%, 08/15/28 (Call 07/15/28)

    400       396,672  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    30       27,719  

4.13%, 04/01/52 (Call 01/01/27),
(5-year CMT + 2.868%)(b)

    505       408,858  

5.40%, 08/01/26

    275       275,432  

Southern California Edison Co.

   

4.90%, 06/01/26 (Call 05/01/26)

    180       178,945  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

5.30%, 03/01/28 (Call 02/01/28)

  $ 70     $ 70,302  

Series E, 3.70%, 08/01/25 (Call 06/01/25)

    150       144,974  
   

 

 

 
       48,600,999  
Electrical Components & Equipment — 0.0%            

Emerson Electric Co., 3.15%, 06/01/25 (Call 03/01/25)

    149       143,925  
   

 

 

 
Electronics — 1.1%            

Agilent Technologies Inc., 3.05%, 09/22/26 (Call 06/22/26)

    810       756,986  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    389       376,793  

3.55%, 10/01/27 (Call 07/01/27)

    365       337,964  

Amphenol Corp., 2.05%, 03/01/25
(Call 02/01/25)(a)

    225       213,921  

Avnet Inc.

   

4.63%, 04/15/26 (Call 01/15/26)

    125       120,985  

6.25%, 03/15/28 (Call 02/15/28)

    240       241,879  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    1,405       1,341,649  

4.75%, 06/15/25 (Call 03/15/25)

    167       163,668  

Fortive Corp., 3.15%, 06/15/26 (Call 03/15/26)

    60       56,404  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    40       35,396  

1.35%, 06/01/25 (Call 05/01/25)

     2,995       2,805,746  

2.50%, 11/01/26 (Call 08/01/26)

    10       9,332  

Hubbell Inc., 3.15%, 08/15/27 (Call 05/15/27)

    10       9,276  

Jabil Inc., 4.25%, 05/15/27 (Call 04/15/27)

    45       43,013  

Keysight Technologies Inc.

   

4.55%, 10/30/24 (Call 07/30/24)

    824       810,816  

4.60%, 04/06/27 (Call 01/06/27)

    100       97,783  

Legrand France SA, 8.50%, 02/15/25

    375       390,585  

Trimble Inc., 4.75%, 12/01/24 (Call 09/01/24)

    575       565,921  

Vontier Corp., 1.80%, 04/01/26 (Call 03/01/26)

    843       757,823  
   

 

 

 
      9,135,940  
Environmental Control — 0.0%            

Republic Services Inc., 3.20%, 03/15/25 (Call 12/15/24)

    213       205,862  

Waste Management Inc., 3.13%, 03/01/25
(Call 12/01/24)(a)

    60       58,137  
   

 

 

 
      263,999  
Food — 3.1%            

Campbell Soup Co.

   

3.30%, 03/19/25 (Call 12/19/24)

    218       210,180  

3.95%, 03/15/25 (Call 01/15/25)

    242       235,720  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    885       751,666  

4.60%, 11/01/25 (Call 09/01/25)

    45       44,047  

5.30%, 10/01/26

    240       239,042  

General Mills Inc.

   

3.20%, 02/10/27 (Call 11/10/26)

    5,210       4,896,879  

4.00%, 04/17/25 (Call 02/17/25)

    1,008       982,306  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    170       157,828  

3.20%, 08/21/25 (Call 05/21/25)

    15       14,481  

Ingredion Inc., 3.20%, 10/01/26 (Call 07/01/26)

    1,875       1,769,231  

JM Smucker Co. (The), 3.50%, 03/15/25

    242       234,508  

Kellogg Co.

   

3.25%, 04/01/26

    8,722       8,299,506  

3.40%, 11/15/27 (Call 08/15/27)

    2,015       1,872,721  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    107       100,864  

3.88%, 05/15/27 (Call 02/15/27)

    255       243,586  
Security  

Par

(000)

    Value  
Food (continued)            

Kroger Co. (The)

   

2.65%, 10/15/26 (Call 07/15/26)

  $ 185     $ 171,092  

3.50%, 02/01/26 (Call 11/01/25)

    215       205,340  

3.70%, 08/01/27 (Call 05/01/27)

    1,735       1,647,452  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    180       162,004  

3.40%, 08/15/27 (Call 05/15/27)

     2,545       2,383,571  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    1,689       1,579,688  

2.63%, 03/17/27 (Call 02/17/27)

    5       4,596  
   

 

 

 
       26,206,308  
Forest Products & Paper — 0.0%            

Fibria Overseas Finance Ltd., 5.50%, 01/17/27(a)

    15       14,983  
   

 

 

 
Gas — 0.2%            

National Fuel Gas Co.

   

5.20%, 07/15/25 (Call 04/15/25)

    115       113,059  

5.50%, 01/15/26 (Call 12/15/25)

    1,384       1,368,167  

5.50%, 10/01/26

    150       148,665  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)

    68       63,181  

3.20%, 06/15/25 (Call 03/15/25)(a)

    90       86,626  

Series TT, 2.60%, 06/15/26 (Call 03/15/26)

    345       322,026  
   

 

 

 
      2,101,724  
Hand & Machine Tools — 0.0%            

Stanley Black & Decker Inc., 4.00%, 03/15/60

   

(Call 03/15/25), (5-year CMT + 2.657%)(b)

    344       271,292  
   

 

 

 
Health Care - Products — 0.2%            

Baxter International Inc., 1.92%, 02/01/27 (Call 01/01/27)

    50       44,477  

Danaher Corp., 3.35%, 09/15/25 (Call 06/15/25)

    47       45,363  

DH Europe Finance II Sarl, 2.20%, 11/15/24

   

(Call 10/15/24)

    400       384,700  

HCA Inc., 3.13%, 03/15/27

    1,020       937,319  
   

 

 

 
      1,411,859  
Health Care - Services — 2.0%            

Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)

    246       239,609  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    980       838,302  

4.25%, 12/15/27 (Call 09/18/23)

    585       546,893  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    1,350       1,225,679  

2.38%, 01/15/25 (Call 12/15/24)

    660       631,171  

3.35%, 12/01/24 (Call 10/01/24)

    348       338,531  

3.65%, 12/01/27 (Call 09/01/27)

    1,995       1,880,248  

4.10%, 03/01/28 (Call 12/01/27)

    700       670,390  

4.90%, 02/08/26 (Call 02/08/24)

    500       493,515  

HCA Inc.

   

4.50%, 02/15/27 (Call 08/15/26)

    1,040       1,005,118  

5.20%, 06/01/28

    245       241,310  

5.25%, 04/15/25

    432       428,319  

5.25%, 06/15/26 (Call 12/15/25)

    95       93,831  

5.38%, 02/01/25

    255       253,381  

5.38%, 09/01/26 (Call 03/01/26)

    372       369,221  

5.88%, 02/15/26 (Call 08/15/25)

    395       395,517  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    100       87,983  

3.95%, 03/15/27 (Call 12/15/26)

    95       91,210  

4.50%, 04/01/25 (Call 03/01/25)

    557       548,795  

5.75%, 03/01/28 (Call 02/01/28)

    200       203,626  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Health Care - Services (continued)

   

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

  $ 117     $ 105,274  

2.30%, 12/01/24 (Call 11/01/24)

    113       108,052  

3.60%, 02/01/25 (Call 11/01/24)

    148       143,542  

3.60%, 09/01/27 (Call 06/01/27)

    115       108,994  

Quest Diagnostics Inc.

   

3.45%, 06/01/26 (Call 03/01/26)

    375       357,986  

3.50%, 03/30/25 (Call 12/30/24)

    430       415,965  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)(a)

     1,010       969,590  

1.15%, 05/15/26 (Call 04/15/26)

    20       18,079  

1.25%, 01/15/26

    5       4,574  

2.95%, 10/15/27

    1,420       1,316,723  

3.10%, 03/15/26

    95       90,748  

3.38%, 04/15/27

    55       52,127  

3.45%, 01/15/27

    60       57,238  

3.75%, 07/15/25

    308       300,118  

3.85%, 06/15/28

    1,850       1,770,543  

5.25%, 02/15/28 (Call 01/15/28)

    1,030       1,050,003  
   

 

 

 
       17,452,205  
Holding Companies - Diversified — 0.1%            

Morgan Stanley Direct Lending Fund, 4.50%, 02/11/27 (Call 01/11/27)

    590       550,995  
   

 

 

 
Home Builders — 0.0%            

Toll Brothers Finance Corp., 4.88%, 03/15/27 (Call 12/15/26)

    65       63,149  
   

 

 

 
Home Furnishings — 0.0%            

Harman International Industries Inc., 4.15%, 05/15/25 (Call 02/15/25)

    25       24,337  

Leggett & Platt Inc., 3.50%, 11/15/27 (Call 08/15/27)

    315       290,402  

Whirlpool Corp., 3.70%, 05/01/25

    17       16,480  
   

 

 

 
      331,219  
Household Products & Wares — 0.5%            

Church & Dwight Co. Inc., 3.15%, 08/01/27 (Call 05/01/27)

    15       14,112  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    3,765       3,251,040  

2.75%, 02/15/26

    190       181,043  

3.05%, 08/15/25

    455       437,578  
   

 

 

 
      3,883,773  
Insurance — 0.6%            

Aegon NV, 5.50%, 04/11/48 (Call 04/11/28),
(6-mo. LIBOR US + 3.540%)(b)

    400       376,140  

American International Group Inc., 2.50%, 06/30/25 (Call 05/30/25)

    21       19,877  

Aon Corp., 8.21%, 01/01/27

    435       457,563  

Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)

    300       280,215  

Chubb INA Holdings Inc., 3.15%, 03/15/25

    85       82,238  

CNO Financial Group Inc., 5.25%, 05/30/25 (Call 02/28/25)

    313       306,715  

Equitable Holdings Inc., 4.35%, 04/20/28 (Call 01/20/28)

    300       283,926  

First American Financial Corp., 4.60%, 11/15/24(a)

    15       14,730  

Lincoln National Corp.

   

3.35%, 03/09/25(a)

    25       23,983  

3.80%, 03/01/28 (Call 12/01/27)(a)

    250       229,247  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)

    65       59,530  
Security  

Par

(000)

    Value  

Insurance (continued)

   

4.06%, 02/24/32 (Call 02/24/27),
(5-year USD ICE Swap + 1.647%)(b)

  $ 75     $ 70,217  

4.15%, 03/04/26

    42       40,815  

Marsh & McLennan Companies Inc.

   

3.50%, 03/10/25 (Call 12/10/24)

    366       355,456  

3.75%, 03/14/26 (Call 12/14/25)

    50       48,309  

MetLife Inc., 3.00%, 03/01/25

    407       392,637  

Munich Re America Corp., Series B, 7.45%, 12/15/26(a)

    50       53,353  

Principal Financial Group Inc., 3.40%, 05/15/25 (Call 02/15/25)(a)

    51       49,109  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    60       54,896  

3.88%, 03/27/28 (Call 12/27/27)

    990       943,925  

4.50%, 09/15/47 (Call 09/15/27),
(3-mo. LIBOR US + 2.380%)(b)

    105       94,336  

5.38%, 05/15/45 (Call 05/15/25),
(3-mo. LIBOR US + 3.031%)(b)

    735       718,852  
   

 

 

 
       4,956,069  
Internet — 0.4%            

Alibaba Group Holding Ltd., 3.40%, 12/06/27
(Call 09/06/27)

    880       817,485  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    1,020       947,060  

1.20%, 06/03/27 (Call 04/03/27)

    50       44,013  

3.15%, 08/22/27 (Call 05/22/27)

    95       89,339  

3.80%, 12/05/24 (Call 09/05/24)

    38       37,316  

4.55%, 12/01/27 (Call 11/01/27)

     1,205       1,199,674  

Booking Holdings Inc., 3.65%, 03/15/25 (Call 12/15/24)

    28       27,313  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    185       166,755  

1.90%, 03/11/25 (Call 02/11/25)

    363       343,823  

3.60%, 06/05/27 (Call 03/05/27)

    180       169,860  
   

 

 

 
      3,842,638  
Iron & Steel — 0.2%            

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    188       176,855  

4.30%, 05/23/27 (Call 04/23/27)

    190       184,262  

Reliance Steel & Aluminum Co., 1.30%, 08/15/25 (Call 07/15/25)

    153       140,641  

Steel Dynamics Inc.

   

2.40%, 06/15/25 (Call 05/15/25)

    209       196,792  

2.80%, 12/15/24 (Call 11/15/24)

    265       255,304  

5.00%, 12/15/26 (Call 10/02/23)

    1,060       1,037,390  
   

 

 

 
      1,991,244  
Leisure Time — 0.0%            

Harley-Davidson Inc., 3.50%, 07/28/25 (Call 04/28/25)(a)

    380       364,766  
   

 

 

 
Lodging — 0.3%            

Hyatt Hotels Corp.

   

4.85%, 03/15/26 (Call 12/15/25)

    307       300,796  

5.38%, 04/23/25 (Call 03/23/25)

    240       237,919  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)

    404       392,021  

3.75%, 10/01/25 (Call 07/01/25)

    97       93,511  

Series EE, 5.75%, 05/01/25 (Call 04/01/25)(a)

    456       456,771  

Series R, 3.13%, 06/15/26 (Call 03/15/26)

    110       103,321  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Lodging (continued)

   

Sands China Ltd.

   

2.80%, 03/08/27 (Call 02/08/27)

  $ 500     $ 435,325  

5.65%, 08/08/28 (Call 05/08/28)

     1,000       943,710  
   

 

 

 
      2,963,374  
Machinery — 1.7%            

Caterpillar Financial Services Corp.

   

1.10%, 09/14/27

    20       17,303  

1.45%, 05/15/25

    72       67,529  

1.70%, 01/08/27

    55       49,821  

2.15%, 11/08/24

    71       68,359  

3.25%, 12/01/24

    76       74,059  

3.60%, 08/12/27

    15       14,345  

4.35%, 05/15/26

    200       196,792  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    1,885       1,686,245  

1.88%, 01/15/26 (Call 12/15/25)

    1,860       1,708,075  

3.95%, 05/23/25

    765       743,052  

4.55%, 04/10/28 (Call 03/10/28)

    275       265,947  

CNH Industrial NV, 3.85%, 11/15/27 (Call 08/15/27)

    1,830       1,727,831  

Deere & Co., 2.75%, 04/15/25 (Call 03/15/25)

    80       77,058  

John Deere Capital Corp.

   

1.70%, 01/11/27(a)

    5       4,508  

1.75%, 03/09/27

    20       17,964  

2.05%, 01/09/25

    37       35,489  

2.35%, 03/08/27

    35       32,108  

2.80%, 09/08/27(a)

    10       9,253  

3.40%, 09/11/25

    75       72,459  

3.45%, 03/13/25

    29       28,253  

4.15%, 09/15/27

    35       34,149  

4.75%, 06/08/26

    220       218,781  

4.95%, 06/06/25

    185       184,179  

4.95%, 07/14/28

    1,305       1,309,398  

Series MTN, 4.90%, 03/03/28

    1,495       1,497,840  

Oshkosh Corp., 4.60%, 05/15/28 (Call 02/15/28)(a)

    870       849,503  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    371       351,619  

5.25%, 08/16/28 (Call 07/16/28)

    160       161,090  

Rockwell Automation Inc., 2.88%, 03/01/25
(Call 12/01/24)(a)

    80       77,234  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    185       176,464  

3.45%, 11/15/26 (Call 08/15/26)

    40       37,651  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    577       506,340  

3.25%, 11/01/26 (Call 08/01/26)(a)

    2,088       1,964,871  
   

 

 

 
       14,265,569  
Manufacturing — 1.3%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    2,721       2,584,079  

2.25%, 09/19/26 (Call 06/19/26)(a)

    390       358,940  

2.65%, 04/15/25 (Call 03/15/25)(a)

    2,876       2,743,071  

2.88%, 10/15/27 (Call 07/15/27)(a)

    2,505       2,306,805  

3.00%, 08/07/25(a)

    2,379       2,282,056  

Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)

    188       182,198  

Parker-Hannifin Corp., 3.30%, 11/21/24 (Call 08/21/24)

    63       61,224  

Teledyne Technologies Inc., 1.60%, 04/01/26
(Call 03/01/26)

    420       382,860  
Security  

Par

(000)

    Value  

Manufacturing (continued)

   

Textron Inc.

   

3.65%, 03/15/27 (Call 12/15/26)

  $ 30     $ 28,228  

3.88%, 03/01/25 (Call 12/01/24)(a)

    181       176,243  
   

 

 

 
      11,105,704  
Media — 0.5%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.75%, 02/15/28 (Call 11/15/27)

    560       511,930  

4.91%, 07/23/25 (Call 04/23/25)

    73       71,694  

Comcast Corp.

   

2.35%, 01/15/27 (Call 10/15/26)

    15       13,754  

3.38%, 08/15/25 (Call 05/15/25)

    76       73,464  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    133       127,981  

3.90%, 11/15/24 (Call 08/15/24)

    16       15,581  

3.95%, 06/15/25 (Call 03/15/25)

    50       48,363  

FactSet Research Systems Inc., 2.90%, 03/01/27 (Call 02/01/27)

    520       479,502  

Fox Corp., 3.05%, 04/07/25 (Call 03/07/25)

    503       483,630  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)(a)

    1,060       955,177  

4.00%, 01/15/26 (Call 10/15/25)

    70       67,205  

4.75%, 05/15/25 (Call 04/15/25)

    274       268,528  

TWDC Enterprises 18 Corp.

   

2.95%, 06/15/27(a)

    40       37,510  

3.15%, 09/17/25

    263       252,456  

Walt Disney Co. (The)

   

2.20%, 01/13/28

    50       45,013  

3.35%, 03/24/25

    781       758,023  

3.70%, 03/23/27(a)

    40       38,533  
   

 

 

 
      4,248,344  
Mining — 0.0%            

Kinross Gold Corp., 4.50%, 07/15/27 (Call 04/15/27)

    25       24,090  
   

 

 

 
Office & Business Equipment — 0.2%            

CDW LLC/CDW Finance Corp., 2.67%, 12/01/26 (Call 11/01/26)

     1,725        1,568,267  
   

 

 

 
Oil & Gas — 1.4%            

BP Capital Markets America Inc., 3.80%, 09/21/25 (Call 07/21/25)

    203       197,618  

BP Capital Markets PLC, 3.28%, 09/19/27 (Call 06/19/27)

    45       42,374  

Chevron Corp., 1.55%, 05/11/25 (Call 04/11/25)

    1,296       1,219,290  

Chevron USA Inc., 1.02%, 08/12/27 (Call 06/12/27)

    10       8,681  

Devon Energy Corp., 5.85%, 12/15/25 (Call 09/15/25)

    625       627,844  

EQT Corp.

   

3.90%, 10/01/27 (Call 07/01/27)

    1,045       977,441  

6.13%, 02/01/25 (Call 01/01/25)(a)

    12       11,978  

Exxon Mobil Corp.

   

2.71%, 03/06/25 (Call 12/06/24)

    436       420,548  

2.99%, 03/19/25 (Call 02/19/25)

    891       862,684  

Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)

    2,875       2,765,779  

Marathon Oil Corp., 4.40%, 07/15/27 (Call 04/15/27)

    45       42,905  

Marathon Petroleum Corp.

   

4.70%, 05/01/25 (Call 04/01/25)

    444       436,310  

5.13%, 12/15/26 (Call 09/15/26)

    145       144,327  

Ovintiv Inc.

   

5.38%, 01/01/26 (Call 10/01/25)

    1,800       1,786,680  

5.65%, 05/15/28 (Call 04/15/28)

    1,070       1,063,376  

 

 

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® ESG Aware 1-5 Year USD Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

  $ 264     $ 239,577  

3.85%, 04/09/25 (Call 03/09/25)

    21       20,437  

3.90%, 03/15/28 (Call 12/15/27)

    600       568,260  

Shell International Finance BV

   

2.50%, 09/12/26

    100       92,996  

2.88%, 05/10/26

    70       66,382  

TotalEnergies Capital International SA, 2.43%, 01/10/25 (Call 10/10/24)

    233       224,111  

Valero Energy Corp., 3.40%, 09/15/26 (Call 06/15/26)

    40       37,820  
   

 

 

 
       11,857,418  
Oil & Gas Services — 0.3%            

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

     1,860       1,681,849  

3.34%, 12/15/27 (Call 09/15/27)

    15       13,915  

Halliburton Co., 3.80%, 11/15/25 (Call 08/15/25)

    246       239,751  

Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25)

    705       651,970  
   

 

 

 
      2,587,485  
Packaging & Containers — 0.2%            

Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26)

    1,125       1,066,275  

Amcor Flexibles North America Inc., 4.00%, 05/17/25 (Call 04/17/25)

    140       135,797  

WRKCo Inc.

   

3.38%, 09/15/27 (Call 06/15/27)

    5       4,611  

3.75%, 03/15/25 (Call 01/15/25)

    180       174,638  

4.65%, 03/15/26 (Call 01/15/26)

    5       4,864  
   

 

 

 
      1,386,185  
Pharmaceuticals — 2.7%            

Astrazeneca Finance LLC

   

1.20%, 05/28/26 (Call 04/28/26)

    1,680       1,516,335  

1.75%, 05/28/28 (Call 03/28/28)

    1,300       1,127,308  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)(a)

    3,637       3,257,188  

3.13%, 06/12/27 (Call 03/12/27)

    10       9,368  

3.38%, 11/16/25

    5,035       4,837,225  

Becton Dickinson and Co.

   

3.70%, 06/06/27 (Call 03/06/27)

    20       18,971  

3.73%, 12/15/24 (Call 09/15/24)

    125       122,001  

4.69%, 02/13/28 (Call 01/13/28)

    185       181,761  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)

    15       14,046  

3.75%, 09/15/25 (Call 06/15/25)

    505       487,628  

Cencora Inc., 3.25%, 03/01/25 (Call 12/01/24)

    166       160,623  

Cigna Group (The)

   

1.25%, 03/15/26 (Call 02/15/26)(a)

    177       159,907  

3.05%, 10/15/27 (Call 07/15/27)

    1,165       1,073,501  

3.25%, 04/15/25 (Call 01/15/25)

    260       250,424  

3.40%, 03/01/27 (Call 12/01/26)

    5       4,698  

4.13%, 11/15/25 (Call 09/15/25)

    131       127,546  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    5       4,303  

3.63%, 04/01/27 (Call 02/01/27)

    50       47,321  

3.88%, 07/20/25 (Call 04/20/25)

    199       193,024  

4.10%, 03/25/25 (Call 01/25/25)

    741       725,565  

4.30%, 03/25/28 (Call 12/25/27)

    2,185       2,099,960  

5.00%, 02/20/26 (Call 01/20/26)

    270       267,975  

Eli Lilly & Co., 2.75%, 06/01/25 (Call 03/01/25)

    292       280,516  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

GlaxoSmithKline Capital Inc., 3.63%, 05/15/25

  $ 350     $ 341,226  

Johnson & Johnson, 0.95%, 09/01/27 (Call 07/01/27)

    15       13,075  

Mead Johnson Nutrition Co., 4.13%, 11/15/25 (Call 08/15/25)

    555       540,370  

Merck & Co. Inc.

   

1.70%, 06/10/27 (Call 05/10/27)

    45       40,341  

2.75%, 02/10/25 (Call 11/10/24)

    235       227,186  

4.05%, 05/17/28(a)

    245       239,012  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    93       88,493  

2.00%, 02/14/27 (Call 12/14/26)

    55       50,188  

3.10%, 05/17/27 (Call 02/17/27)

    60       56,714  

Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28 (Call 04/19/28)

    865       848,366  

Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)

    55       51,620  

Utah Acquisition Sub Inc., 3.95%, 06/15/26 (Call 03/15/26)

    50       47,233  

Viatris Inc., 2.30%, 06/22/27 (Call 04/22/27)

    665       581,556  

Zoetis Inc.

   

3.00%, 09/12/27 (Call 06/12/27)

     3,265       3,036,156  

4.50%, 11/13/25 (Call 08/13/25)

    145       142,719  
   

 

 

 
       23,271,449