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OCTOBER 31, 2023 |
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2023 Annual Report
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iShares Trust
· iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca
· iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX
· iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ
· iShares Fallen Angels USD Bond ETF | FALN | NASDAQ
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid 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 benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several 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.
While we favor an overweight position in 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 Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. 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, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2023 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
1.39% | 10.14% | ||
U.S.
small cap equities |
(5.29) | (8.56) | ||
International
equities |
(7.88) | 14.40 | ||
Emerging
market equities |
(4.78) | 10.80 | ||
3-month Treasury bills |
2.63 | 4.77 | ||
U.S.
Treasury securities |
(9.70) | (3.25) | ||
U.S.
investment grade bonds |
(6.13) | 0.36 | ||
Tax-exempt municipal
bonds |
(4.65) | 2.64 | ||
U.S.
high yield bonds |
0.02 | 6.23 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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iShares Trust
U.S. Bond Market Overview
The U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.
Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.
In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.
The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.
Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.
4 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 | iShares® 0-5 Year High Yield Corporate Bond ETF |
Investment Objective
The iShares 0-5 Year High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx® USD Liquid High Yield 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
5.69 | % | 2.86 | % | 3.17 | % | 5.69 | % | 15.16 | % | 36.61 | % | ||||||||||||||||
Fund Market |
5.84 | 2.89 | 3.16 | 5.84 | 15.29 | 36.56 | ||||||||||||||||||||||
Index |
5.90 | 3.25 | 3.48 | 5.90 | 17.31 | 40.75 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 1,007.70 | $ 1.52 | $ 1,000.00 | $ 1,023.70 | $ 1.53 | 0.30% |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of October 31, 2023 (continued) | iShares® 0-5 Year High Yield Corporate Bond ETF |
Portfolio Management Commentary
Short-term high yield bonds produced a solid gain in the 12-month period ended October 31, 2023. The category was helped by the contribution its above-average income provided to total returns. In addition, its lower interest-rate sensitivity in relation to the broader market was a positive attribute in an environment of rising yields.
Short-term high yield bonds slightly outperformed the larger high yield market. Although short-term issues held up slightly better than longer-term securities in a time of rising rates, the advantage was offset by the category’s slightly lower income.
Despite the short-lived regional banking crisis in March, financials were the strongest performer among the three major sectors in the Index. Finance companies performed particularly well, as did brokerage/asset management firms. The industrials sector also delivered healthy gain. Within industrials, energy issues—which were boosted by the positive impact rising oil prices had on the finances of companies in the industry—contributed to the sector’s strong showing. In addition, economically sensitive issues in the materials and consumer-related categories generated robust returns as the recession investors were anticipating in late 2022 failed to materialize. Utilities were the weakest of the three sectors, but the effect on overall Index returns was relatively limited due to the category’s small weighting.
Lower-rated bonds in the Index outperformed higher-rated issues, largely as a result of investors’ healthy appetite for risk and the fact that credit trends, more than interest-rate movements, are generally the key driver of returns in this area.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
Moody’s Credit Rating* | |
Percent
of Total Investments |
(a) | |
Baa |
1.8 | % | ||
Ba |
38.7 | |||
B |
47.4 | |||
Caa |
10.7 | |||
Ca |
0.3 | |||
C |
0.1 | |||
Not Rated |
1.0 |
MATURITY ALLOCATION |
| |||
Maturity | |
Percent
of Total Investments |
(a) | |
0-1 Year |
4.6 | % | ||
1-2 Years |
14.8 | |||
2-3 Years |
25.6 | |||
3-4 Years |
24.7 | |||
4-5 Years |
30.2 | |||
6-7 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. |
6 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 | iShares® Broad USD High Yield Corporate Bond ETF |
Investment Objective
The iShares Broad USD HighYield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the ICE BofA U.S. High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
5.80 | % | 2.81 | % | 2.42 | % | 5.80 | % | 14.85 | % | 15.48 | % | ||||||||||||||||
Fund Market |
6.02 | 2.83 | 2.44 | 6.02 | 14.95 | 15.63 | ||||||||||||||||||||||
Index |
5.81 | 2.86 | 2.52 | 5.81 | 15.16 | 16.18 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was October 25, 2017. The first day of secondary market trading was October 26, 2017.
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US High Yield Constrained Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 999.30 | $ 0.76 | $ 1,000.00 | $ 1,024.40 | $ 0.77 | 0.15 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 2023 (continued) | iShares® Broad USD High Yield Corporate Bond ETF |
Portfolio Management Commentary
High yield corporate bonds delivered a solid gain in the annual period, as gauged by the 5.11% return for the ICE BofA US High Yield Constrained Index. Expectations that central banks were nearing the end of their rate-hiking cycles helped fuel positive investor sentiment, as did mounting hopes that the U.S. economy would avoid a recession. These developments contributed to a decline in credit spreads over the course of the period. Together with the contribution from income, the compression in spreads outweighed the headwind from rising yields in the government bond market.
The Fund returned 7.97% at net asset value. The industrials sector, the largest sector in the Index, generated a robust gain. Consumer cyclicals were the top-performing industry in the category. On the other hand, the transportation and communications industries lagged. The financials sector also produced a positive return and outpaced industrials thanks to relative strength in the brokerage/asset management/exchanges and finance companies categories. Utilities logged a modest gain in the period, but the effect on the Index was minimal due to the sector’s small weighting.
Lower-rated bonds in the Index outperformed higher-rated issues, largely as a result of investors’ healthy appetite for risk and the fact that credit trends, more than interest-rate movements, are generally the key driver of returns in this area.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
Moody’s Credit Rating* | |
Percent
of Total Investments |
(a) | |
Baa |
1.7 | % | ||
Ba |
38.7 | |||
B |
46.6 | |||
Caa |
11.3 | |||
Ca |
0.4 | |||
Not Rated |
1.3 |
MATURITY ALLOCATION |
| |||
Maturity | |
Percent
of Total Investments |
(a) | |
0-1 Year |
0.1 | % | ||
1-5 Years |
54.0 | |||
5-10 Years |
42.5 | |||
10-15 Years |
1.3 | |||
15-20 Years |
0.4 | |||
More than 20 Years |
1.7 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
8 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 | iShares® ESG Advanced High Yield Corporate Bond ETF |
Investment Objective
The iShares ESG Advanced HighYield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated high yield corporate bonds from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US High Yield Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||
Fund NAV |
3.70 | % | 2.14 | % | 3.29 | % | 3.70 | % | 11.15 | % | 27.02 | % | ||||||||||||||
Fund Market |
4.25 | 2.09 | 3.32 | 4.25 | 10.90 | 27.30 | ||||||||||||||||||||
Index |
3.91 | 2.36 | 3.56 | 3.91 | 12.39 | 29.45 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.
Index performance through September 14, 2020 reflects the performance of the Markit iBoxx USD Liquid High Yield ex-Oil & Gas Index. Index performance beginning on September 15, 2020 reflects the performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 989.50 | $ 1.76 | $ 1,000.00 | $ 1,023.40 | $ 1.79 | 0.35% |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 Management Commentary
High yield corporate bonds posted a solid gain and strongly outpaced the investment-grade market in the annual period. Income made a substantial contribution to total returns, and credit spreads relative to U.S. Treasuries experienced a modest tightening. Together, these factors outweighed the headwind from rising government bond yields. The general strength in investors’ appetite for risk, which was fueled in part by better-than-expected economic growth, also supported returns. High yield further benefited from its lower interest rate sensitivity at a time of rising rates.
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 2023 (continued) | iShares® ESG Advanced High Yield Corporate Bond ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
|
||||
Moody’s Credit Rating* | |
Percent
of Total Investments(a) |
| |
|
||||
Baa |
1.5% | |||
Ba |
46.1 | |||
B |
42.4 | |||
Caa |
8.0 | |||
Ca |
0.6 | |||
Not Rated |
1.4 | |||
|
MATURITY ALLOCATION |
| |||
|
||||
Maturity | |
Percent
of Total Investments(a) |
| |
|
||||
1-5 Years |
49.2% | |||
5-10 Years |
47.2 | |||
10-15 Years |
1.5 | |||
15-20 Years |
0.2 | |||
More than 20 Years |
1.9 | |||
|
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
10 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 | iShares® Fallen Angels USD Bond ETF |
Investment Objective
The iShares Fallen Angels USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade, as represented by the Bloomberg U.S. High Yield Fallen Angel 3% Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
7.06 | % | 4.02 | % | 5.26 | % | 7.06 | % | 21.76 | % | 45.96 | % | ||||||||||||||||
Fund Market |
7.47 | 4.00 | 5.24 | 7.47 | 21.66 | 45.77 | ||||||||||||||||||||||
Index |
7.01 | 4.64 | 5.75 | 7.01 | 25.47 | 51.08 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/23) |
|
|
Ending Account Value (10/31/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 1,005.50 | $ 1.26 | $ 1,000.00 | $ 1,023.90 | $ 1.28 | 0.25% |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of October 31, 2023 (continued) | iShares® Fallen Angels USD Bond ETF |
Portfolio Management Commentary
High yield corporate bonds registered a gain and outpaced the investment-grade market in the annual period. Several factors played a role in the category’s positive return, including its above-average yield, lower degree of interest rate sensitivity, and the positive sentiment associated with better-than-expected economic growth. The asset class was further helped by gains for both equities and crude oil, as well as the fact that the overall default rate—while ticking up—remained below the historical average. Fallen angel bonds (i.e., bonds of companies formerly rated as investment grade that have moved into high yield territory due to downgrades of their credit ratings) finished slightly ahead of the broader market.
Industrials, which make up the vast majority of the Index, were the strongest performer of the three major sectors. Within industrials, metals & mining issues delivered particularly robust returns, as did the transportation and energy industries. Capital goods and communications issues also contributed to the sector’s outperformance. The utilities sector, while performing well in absolute terms, trailed the Index. Financials also lagged, primarily as a result of weakness in the banking industry.
In terms of credit quality, the highest-rated category in the Index—bonds rated Baa by Moody’s—was the leading performer. This represented a contrast to the broader high yield market, where higher-rated issuers generally lagged their lower-quality counterparts.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
|
||||
Moody’s Credit Rating* | Percent
of Total Investments(a) |
|||
|
||||
Baa |
12.6% | |||
Ba |
58.7 | |||
B |
19.5 | |||
Caa |
4.4 | |||
C |
0.5 | |||
Not Rated |
4.3 |
MATURITY ALLOCATION |
| |||
|
||||
Maturity | Percent
of Total Investments(a) |
|||
|
||||
0-1 Year |
2.2% | |||
1-5 Years |
44.5 | |||
5-10 Years |
24.5 | |||
10-15 Years |
13.6 | |||
15-20 Years |
3.8 | |||
More than 20 Years |
11.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
13 |
October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.9% | ||||||||
Clear Channel International BV, 6.63%, 08/01/25 (Call 11/13/23)(a)(b) |
$ | 2,760 | $ | 2,697,900 | ||||
Clear
Channel Outdoor Holdings Inc. |
9,465 | 8,404,683 | ||||||
7.75%, 04/15/28 (Call 04/15/24)(a)(b) |
7,450 | 5,678,763 | ||||||
9.00%, 09/15/28 (Call 09/15/25)(b) |
5,790 | 5,635,407 | ||||||
Lamar Media Corp., 3.75%, 02/15/28 (Call 11/16/23)(b) |
4,430 | 3,942,146 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||
5.00%, 08/15/27 (Call 11/13/23)(a)(b) |
4,806 | 4,265,325 | ||||||
6.25%, 06/15/25 (Call 12/01/23)(a) |
3,169 | 3,127,169 | ||||||
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 12/01/23)(a) |
3,146 | 2,729,344 | ||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 11/13/23)(a)(b) |
7,555 | 5,881,775 | ||||||
|
|
|||||||
42,362,512 | ||||||||
Aerospace & Defense — 3.0% | ||||||||
Bombardier
Inc. |
5,750 | 5,100,090 | ||||||
7.13%, 06/15/26 (Call 12/01/23)(a) |
9,065 | 8,718,518 | ||||||
7.50%, 03/15/25 (Call 12/01/23)(a)(b) |
3,370 | 3,365,033 | ||||||
7.88%, 04/15/27 (Call 12/01/23)(a) |
14,249 | 13,695,793 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/13/23)(a)(b) |
3,740 | 3,470,408 | ||||||
Moog
Inc., |
3,690 | 3,301,258 | ||||||
Rolls-Royce PLC |
||||||||
3.63%, 10/14/25 (Call 07/14/25)(a) |
7,476 | 7,058,590 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) |
7,395 | 7,013,233 | ||||||
Spirit AeroSystems Inc. |
||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) |
5,230 | 4,137,092 | ||||||
7.50%, 04/15/25 (Call 12/01/23)(a) |
9,365 | 9,341,587 | ||||||
TransDigm Inc. |
||||||||
5.50%, 11/15/27 (Call 12/01/23)(b) |
19,750 | 18,383,300 | ||||||
6.25%, 03/15/26 (Call 12/01/23)(a) |
34,700 | 33,907,105 | ||||||
6.75%, 08/15/28 (Call 02/15/25)(a) |
4,700 | 4,553,125 | ||||||
7.50%, 03/15/27 (Call 12/01/23)(b) |
4,359 | 4,353,194 | ||||||
Triumph Group Inc. |
||||||||
7.75%, 08/15/25 (Call 12/01/23)(b) |
3,687 | 3,502,650 | ||||||
9.00%, 03/15/28 (Call 03/15/25)(a) |
9,075 | 8,789,421 | ||||||
|
|
|||||||
138,690,397 | ||||||||
Agriculture — 0.2% | ||||||||
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 11/13/23)(a)(b) |
3,650 | 3,470,175 | ||||||
Vector Group Ltd., 10.50%, 11/01/26 (Call 12/01/23)(a) |
4,246 | 4,242,221 | ||||||
|
|
|||||||
7,712,396 | ||||||||
Airlines — 2.4% | ||||||||
Air
Canada, |
8,887 | 8,087,170 | ||||||
Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)(a) |
4,162 | 3,766,610 | ||||||
American Airlines Group Inc., 3.75%, 03/01/25(a) |
4,138 | 3,863,894 | ||||||
American
Airlines Inc. |
6,040 | 5,624,750 | ||||||
11.75%, 07/15/25(a)(b) |
17,604 | 18,649,237 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a) |
20,789 | 20,205,476 | ||||||
Delta Air Lines Inc. 2.90%, 10/28/24 (Call 09/28/24)(b) |
7,414 | 7,126,708 |
Security | Par (000) |
Value | ||||||
Airlines (continued) | ||||||||
4.38%, 04/19/28 (Call 01/19/28)(b) |
$ | 4,000 | $ | 3,658,773 | ||||
7.38%, 01/15/26 (Call 12/15/25)(b) |
6,316 | 6,378,844 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b) |
8,904 | 6,558,241 | ||||||
Spirit
Loyalty Cayman Ltd./Spirit IP Cayman Ltd. |
3,761 | 2,773,294 | ||||||
8.00%, 09/20/25 (Call 11/14/23)(a) |
4,436 | 3,271,550 | ||||||
United Airlines Holdings Inc., 4.88%, 01/15/25(b) |
2,684 | 2,602,477 | ||||||
United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)(a) |
15,088 | 13,987,833 | ||||||
VistaJet Malta Finance PLC/Vista Management |
||||||||
Holding
Inc. |
3,891 | 2,996,070 | ||||||
9.50%, 06/01/28 (Call 06/01/25)(a)(b) |
3,780 | 2,891,700 | ||||||
|
|
|||||||
112,442,627 | ||||||||
Apparel — 0.3% | ||||||||
Hanesbrands Inc., 4.88%, 05/15/26 (Call 02/15/26)(a)(b) |
6,795 | 6,242,906 | ||||||
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)(b) |
4,468 | 4,068,248 | ||||||
William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/23)(a) |
3,681 | 3,512,558 | ||||||
|
|
|||||||
13,823,712 | ||||||||
Auto Manufacturers — 3.7% | ||||||||
Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/13/23)(a) |
2,970 | 2,710,125 | ||||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a) |
8,748 | 8,649,585 | ||||||
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26) |
5,200 | 4,900,480 | ||||||
Ford
Motor Credit Co. LLC |
6,665 | 6,296,959 | ||||||
2.70%, 08/10/26 (Call 07/10/26) |
7,891 | 7,076,728 | ||||||
2.90%, 02/16/28 (Call 12/16/27) |
3,780 | 3,218,103 | ||||||
3.37%, 11/17/23(b) |
5,235 | 5,228,150 | ||||||
3.38%, 11/13/25 (Call 10/13/25) |
11,066 | 10,330,111 | ||||||
3.66%, 09/08/24 |
4,399 | 4,282,756 | ||||||
3.81%, 01/09/24 (Call 12/01/23) |
4,103 | 4,082,895 | ||||||
3.82%, 11/02/27 (Call 08/02/27) |
4,060 | 3,623,956 | ||||||
4.06%, 11/01/24 (Call 10/01/24) |
7,703 | 7,498,871 | ||||||
4.13%, 08/04/25 |
7,611 | 7,260,894 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
6,705 | 6,093,839 | ||||||
4.27%, 01/09/27 (Call 11/09/26)(b) |
4,879 | 4,513,563 | ||||||
4.39%, 01/08/26 |
6,458 | 6,128,642 | ||||||
4.54%, 08/01/26 (Call 06/01/26)(b) |
4,256 | 3,997,980 | ||||||
4.69%, 06/09/25 (Call 04/09/25) |
3,081 | 2,977,787 | ||||||
4.95%, 05/28/27 (Call 04/28/27) |
7,792 | 7,317,922 | ||||||
5.13%, 06/16/25 (Call 05/16/25)(b) |
8,880 | 8,637,487 | ||||||
5.58%, 03/18/24 (Call 02/18/24) |
8,116 | 8,078,261 | ||||||
6.80%, 05/12/28 (Call 04/12/28)(b) |
7,900 | 7,880,250 | ||||||
6.95%, 03/06/26 (Call 02/06/26) |
6,760 | 6,777,576 | ||||||
6.95%, 06/10/26 (Call 05/10/26) |
4,950 | 4,962,979 | ||||||
7.35%, 11/04/27 (Call 10/04/27) |
7,881 | 7,974,587 | ||||||
Jaguar
Land Rover Automotive PLC |
3,595 | 3,122,213 | ||||||
5.88%, 01/15/28 (Call 01/15/24)(a)(b) |
3,530 | 3,179,206 | ||||||
7.75%, 10/15/25 (Call 12/01/23)(a) |
5,336 | 5,330,899 | ||||||
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/23)(a) |
4,050 | 3,857,625 |
14 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
Mclaren Finance PLC, 7.50%, 08/01/26 (Call 12/01/23)(a) |
$ | 4,946 | $ | 4,249,937 | ||||
PM General Purchaser LLC, 9.50%, 10/01/28 (Call 12/01/23)(a) |
62 | 58,280 | ||||||
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)(a)(b) |
2,325 | 1,917,305 | ||||||
|
|
|||||||
172,215,951 | ||||||||
Auto Parts & Equipment — 1.9% | ||||||||
Adient
Global Holdings Ltd. |
5,957 | 5,546,563 | ||||||
7.00%, 04/15/28 (Call 04/15/25)(a)(b) |
3,725 | 3,661,124 | ||||||
American
Axle & Manufacturing Inc. |
3,674 | 3,461,079 | ||||||
6.88%, 07/01/28 (Call 11/13/23)(b) |
2,955 | 2,622,284 | ||||||
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/23)(a) |
3,283 | 3,255,423 | ||||||
Clarios
Global LP/Clarios U.S. Finance Co. |
6,641 | 6,481,470 | ||||||
6.75%, 05/15/28 (Call 05/15/25)(a)(b) |
5,850 | 5,678,747 | ||||||
8.50%, 05/15/27 (Call 12/04/23)(a)(b) |
14,764 | 14,529,990 | ||||||
Dana
Inc. |
2,954 | 2,715,258 | ||||||
5.63%, 06/15/28 (Call 11/13/23)(b) |
2,980 | 2,700,625 | ||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 12/01/23)(a)(b) |
3,700 | 3,455,763 | ||||||
Goodyear
Tire & Rubber Co. (The) |
5,273 | 4,853,955 | ||||||
5.00%, 05/31/26 (Call 12/01/23)(b) |
6,945 | 6,566,647 | ||||||
9.50%, 05/31/25 (Call 11/16/23) |
6,155 | 6,224,244 | ||||||
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24) |
2,950 | 2,695,992 | ||||||
ZF
North America Capital Inc. |
8,416 | 8,109,365 | ||||||
6.88%, 04/14/28 (Call 03/14/28)(a) |
4,430 | 4,291,474 | ||||||
|
|
|||||||
86,850,003 | ||||||||
Banks — 0.9% | ||||||||
Freedom
Mortgage Corp. |
4,205 | 3,637,325 | ||||||
7.63%, 05/01/26 (Call 12/01/23)(a) |
4,181 | 3,841,991 | ||||||
12.00%, 10/01/28 (Call 10/01/25)(a) |
3,560 | 3,567,476 | ||||||
Intesa
Sanpaolo SpA |
14,956 | 14,676,845 | ||||||
5.71%, 01/15/26(a)(b) |
11,405 | 10,805,728 | ||||||
Popular Inc., 7.25%, 03/13/28 (Call 02/13/28)(b) |
3,150 | 3,107,191 | ||||||
|
|
|||||||
39,636,556 | ||||||||
Building Materials — 0.9% | ||||||||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (Call 10/15/25)(b) |
1,905 | 1,800,225 | ||||||
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)(b) |
5,285 | 4,919,014 | ||||||
Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)(a) |
3,879 | 3,678,989 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 12/01/23)(b) |
7,325 | 6,622,166 | ||||||
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 12/01/23)(a)(b) |
2,968 | 2,743,669 | ||||||
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/01/23)(a)(b) |
2,940 | 2,504,505 | ||||||
Masonite International Corp., 5.38%, 02/01/28 (Call 12/01/23)(a)(b) |
3,700 | 3,407,561 |
Security | Par (000) |
Value | ||||||
Building Materials (continued) | ||||||||
New Enterprise Stone & Lime Co. Inc., 5.25%, 07/15/28 (Call 07/15/24)(a) |
$ | 4,325 | $ | 3,827,055 | ||||
Standard
Industries Inc./NJ |
7,540 | 6,750,235 | ||||||
5.00%, 02/15/27 (Call 12/01/23)(a) |
6,292 | 5,815,482 | ||||||
|
|
|||||||
42,068,901 | ||||||||
Chemicals — 2.2% | ||||||||
Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)(a) |
4,457 | 4,375,049 | ||||||
ASP Unifrax Holdings Inc, 5.25%, 09/30/28 (Call 09/30/24)(a) |
5,975 | 4,028,430 | ||||||
Avient Corp., 5.75%, 05/15/25 (Call 12/01/23)(a) |
4,818 | 4,723,085 | ||||||
Axalta Coating Systems LLC/Axalta Coating |
||||||||
Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 12/04/23)(a)(b) |
3,791 | 3,491,056 | ||||||
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)(b) |
3,832 | 3,462,423 | ||||||
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a) |
3,556 | 3,138,170 | ||||||
Element Solutions Inc., 3.88%, 09/01/28 (Call 12/01/23)(a) |
6,175 | 5,254,369 | ||||||
GPD Companies Inc., 10.13%, 04/01/26 (Call 12/01/23)(a)(b) |
3,672 | 3,323,160 | ||||||
Herens Holdco Sarl, 4.75%, 05/15/28 (Call 05/15/24)(a)(b) |
2,700 | 2,088,693 | ||||||
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 12/01/23)(a) |
3,525 | 3,282,723 | ||||||
INEOS Finance PLC, 6.75%, 05/15/28 (Call 02/15/25)(a)(b) |
3,275 | 3,063,108 | ||||||
INEOS Quattro Finance 2 PLC, 3.38%, 01/15/26 (Call 12/01/23)(a)(b) |
3,653 | 3,488,615 | ||||||
Mativ Holdings Inc., 6.88%, 10/01/26 (Call 12/01/23)(a) |
2,560 | 2,304,000 | ||||||
Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27) |
5,556 | 5,059,877 | ||||||
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 11/13/23)(a) |
3,050 | 2,668,423 | ||||||
NOVA
Chemicals Corp. |
7,820 | 7,684,714 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a) |
3,682 | 3,471,723 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a)(b) |
7,995 | 6,773,044 | ||||||
Olin Corp., 5.13%, 09/15/27 (Call 12/01/23) |
3,860 | 3,548,741 | ||||||
Olympus Water U.S. Holding Corp., 4.25%, 10/01/28 (Call 10/01/24)(a) |
5,545 | 4,415,206 | ||||||
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)(a) |
3,521 | 2,992,850 | ||||||
SCIH Salt Holdings Inc., 4.88%, 05/01/28 (Call 05/01/24)(a)(b) |
8,600 | 7,458,854 | ||||||
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 12/01/23)(a) |
5,740 | 5,082,885 | ||||||
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)(a) |
2,550 | 2,247,277 | ||||||
WR Grace Holdings LLC, 4.88%, 06/15/27 (Call 12/01/23)(a) |
5,889 | 5,272,422 | ||||||
|
|
|||||||
102,698,897 | ||||||||
Commercial Services — 5.0% | ||||||||
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a) |
3,050 | 2,788,096 | ||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 12/01/23)(a) |
4,236 | 3,918,300 | ||||||
Albion Financing 2 Sarl, 8.75%, 04/15/27 (Call 12/01/23)(a) |
3,357 | 3,058,731 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
Allied Universal Holdco LLC/Allied Universal |
||||||||
Finance
Corp. |
$ | 14,659 | $ | 13,684,176 | ||||
9.75%, 07/15/27 (Call 12/01/23)(a)(b) |
7,940 | 6,913,199 | ||||||
Allied Universal Holdco LLC/Allied Universal |
||||||||
Finance
Corp./Atlas Luxco 4 Sarl |
9,450 | 7,763,175 | ||||||
4.63%, 06/01/28 (Call 06/01/24)(a)(b) |
6,075 | 4,945,354 | ||||||
AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/23)(a) |
3,685 | 3,302,635 | ||||||
Aptim Corp., 7.75%, 06/15/25 (Call 11/16/23)(a) |
3,910 | 3,587,586 | ||||||
APX
Group Inc., |
4,474 | 4,307,567 | ||||||
Avis Budget Car Rental LLC/Avis Budget |
||||||||
Finance
Inc. |
3,797 | 3,261,370 | ||||||
5.75%, 07/15/27 (Call 11/13/23)(a)(b) |
3,146 | 2,886,927 | ||||||
5.75%, 07/15/27 (Call 12/01/23)(a)(b) |
2,791 | 2,549,792 | ||||||
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)(b) |
7,935 | 7,144,261 | ||||||
Brink’s
Co. (The) |
4,440 | 4,012,095 | ||||||
5.50%, 07/15/25 (Call 12/01/23)(a) |
2,945 | 2,863,750 | ||||||
Cimpress PLC, 7.00%, 06/15/26 (Call 11/16/23)(b) |
4,050 | 3,770,044 | ||||||
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24) |
4,915 | 4,990,773 | ||||||
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)(a)(b) |
5,600 | 4,438,000 | ||||||
Garda
World Security Corp. |
4,333 | 3,860,161 | ||||||
7.75%, 02/15/28 (Call 02/15/25)(a) |
3,010 | 2,882,075 | ||||||
9.50%, 11/01/27 (Call 12/01/23)(a) |
4,514 | 4,074,935 | ||||||
Gartner
Inc., |
3,225 | 2,902,532 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 (Call 11/13/23)(a)(b) |
2,925 | 2,804,501 | ||||||
Grand Canyon University, 4.13%, 10/01/24 |
3,991 | 3,797,636 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/23)(a)(b) |
8,880 | 8,358,300 | ||||||
Hertz Corp. (The), 4.63%, 12/01/26 (Call 12/01/23)(a)(b) |
3,701 | 3,110,351 | ||||||
Korn
Ferry, |
2,950 | 2,692,059 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 12/01/23)(a) |
2,912 | 2,784,236 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 09/01/28 (Call 09/01/24)(a) |
8,125 | 6,801,641 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/23)(a) |
4,072 | 4,006,000 | ||||||
Prime Security Services Borrower LLC/Prime |
||||||||
Finance
Inc. |
7,791 | 6,852,184 | ||||||
5.25%, 04/15/24(a) |
4,833 | 4,805,814 | ||||||
5.75%, 04/15/26(a) |
10,355 | 10,044,350 | ||||||
6.25%, 01/15/28 (Call 12/01/23)(a)(b) |
9,869 | 9,158,827 | ||||||
Sabre GLBL Inc., 11.25%, 12/15/27 (Call 06/15/25)(a)(b) |
4,145 | 3,672,988 | ||||||
Sabre Global Inc., 8.63%, 06/01/27 (Call 03/01/25)(a) |
6,368 | 5,250,894 | ||||||
Service Corp. International/U.S., 4.63%, 12/15/27 (Call 12/01/23)(b) |
4,110 | 3,798,902 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/23)(a) |
3,361 | 3,104,724 | ||||||
Sotheby’s, |
5,685 | 5,078,126 |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
United
Rentals North America Inc. |
$ | 5,650 | $ | 5,182,236 | ||||
4.88%, 01/15/28 (Call 11/13/23) |
12,580 | 11,683,675 | ||||||
5.50%, 05/15/27 (Call 12/01/23) |
3,830 | 3,694,421 | ||||||
Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/23)(a) |
8,130 | 8,087,697 | ||||||
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 12/01/23)(a) |
6,395 | 5,923,369 | ||||||
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 12/01/23)(a) |
3,700 | 3,283,454 | ||||||
|
|
|||||||
227,881,919 | ||||||||
Computers — 1.2% | ||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)(a) |
2,950 | 2,423,868 | ||||||
ASGN
Inc., |
4,072 | 3,631,206 | ||||||
NCR Corp., 5.00%, 10/01/28 (Call 12/01/23)(a) |
3,800 | 3,282,250 | ||||||
Presidio
Holdings Inc. |
3,909 | 3,569,324 | ||||||
8.25%, 02/01/28 (Call 12/01/23)(a) |
3,875 | 3,675,518 | ||||||
Science Applications International Corp., 4.88%, 04/01/28 (Call 12/01/23)(a) |
3,000 | 2,694,000 | ||||||
Seagate
HDD Cayman |
4,030 | 3,933,672 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) |
3,711 | 3,479,062 | ||||||
Unisys
Corp., |
3,597 | 2,649,190 | ||||||
Vericast Corp., 11.00%, 09/15/26 (Call 12/01/23)(a) |
9,177 | 9,705,069 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) |
17,539 | 16,444,714 | ||||||
|
|
|||||||
55,487,873 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty
Inc. |
6,695 | 6,404,325 | ||||||
6.50%, 04/15/26 (Call 12/01/23)(a) |
3,496 | 3,443,560 | ||||||
Edgewell Personal Care Co., 5.50%, 06/01/28 (Call 12/01/23)(a) |
5,550 | 5,064,098 | ||||||
|
|
|||||||
14,911,983 | ||||||||
Distribution & Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 12/01/23)(a) |
5,230 | 4,689,689 | ||||||
BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 12/01/23)(a) |
4,894 | 4,478,679 | ||||||
G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/23)(a)(b) |
2,968 | 2,945,146 | ||||||
Ritchie Bros Holdings Inc., 6.75%, 03/15/28 (Call 03/15/25)(a) |
4,048 | 3,975,502 | ||||||
Wesco
Aircraft Holdings Inc. |
5,855 | 222,490 | ||||||
9.00%, 11/15/26 (Call 12/01/23)(a)(b) |
9,112 | 728,960 | ||||||
|
|
|||||||
17,040,466 | ||||||||
Diversified Financial Services — 4.4% | ||||||||
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/23)(a)(b) |
2,608 | 2,598,634 | ||||||
AG Issuer LLC, 6.25%, 03/01/28 (Call 12/01/23)(a)(b) |
3,755 | 3,468,429 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a) |
3,806 | 3,808,474 | ||||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b) |
7,823 | 7,482,293 | ||||||
Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)(a) |
3,050 | 2,781,798 |
16 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)(a) |
$ | 3,090 | $ | 2,738,123 | ||||
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)(a) |
1,817 | 1,326,410 | ||||||
Credit
Acceptance Corp. |
3,445 | 3,320,426 | ||||||
6.63%, 03/15/26 (Call 11/13/23)(b) |
2,936 | 2,781,860 | ||||||
Enova International Inc., 8.50%, 09/15/25 (Call 12/01/23)(a) |
2,761 | 2,612,941 | ||||||
Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/23)(a) |
2,580 | 2,137,611 | ||||||
GGAM
Finance Ltd. |
4,650 | 4,584,907 | ||||||
7.75%, 05/15/26 (Call 11/15/25)(a) |
2,940 | 2,909,012 | ||||||
goeasy
Ltd., |
4,190 | 4,106,200 | ||||||
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)(a) |
2,950 | 2,019,644 | ||||||
Home Point Capital Inc., 5.00%, 02/01/26 (Call 12/01/23)(a) |
3,692 | 3,424,330 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) |
7,435 | 5,898,185 | ||||||
LD
Holdings Group LLC |
2,290 | 1,283,068 | ||||||
6.50%, 11/01/25 (Call 12/01/23)(a) |
4,045 | 3,268,562 | ||||||
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28 (Call 05/01/25)(a) |
3,790 | 3,776,583 | ||||||
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)(a) |
7,625 | 6,498,025 | ||||||
Nationstar
Mortgage Holdings Inc. |
6,500 | 5,757,781 | ||||||
6.00%, 01/15/27 (Call 12/01/23)(a) |
4,467 | 4,155,108 | ||||||
Navient
Corp. |
3,755 | 3,103,508 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(b) |
5,304 | 4,634,812 | ||||||
5.88%, 10/25/24 |
4,210 | 4,117,146 | ||||||
6.13%, 03/25/24(b) |
6,862 | 6,827,690 | ||||||
6.75%, 06/25/25(b) |
3,722 | 3,629,402 | ||||||
6.75%, 06/15/26(b) |
3,937 | 3,732,104 | ||||||
NFP
Corp. |
4,395 | 3,861,117 | ||||||
6.88%, 08/15/28 (Call 12/01/23)(a) |
15,500 | 13,246,997 | ||||||
OneMain
Finance Corp. |
5,915 | 4,998,175 | ||||||
3.88%, 09/15/28 (Call 09/15/24) |
4,450 | 3,530,596 | ||||||
6.13%, 03/15/24 (Call 12/01/23)(b) |
5,785 | 5,760,699 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) |
6,250 | 5,710,938 | ||||||
6.88%, 03/15/25(b) |
9,789 | 9,654,127 | ||||||
7.13%, 03/15/26 |
12,336 | 11,978,555 | ||||||
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)(a) |
2,951 | 2,689,099 | ||||||
PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 12/01/23)(a) |
4,779 | 4,534,968 | ||||||
PHH Mortgage Corp., 7.88%, 03/15/26 (Call 12/01/23)(a) |
2,761 | 2,388,747 | ||||||
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a)(b) |
3,030 | 2,492,175 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 12/01/23)(a) |
8,919 | 7,762,301 |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
SLM
Corp. |
$ | 3,694 | $ | 3,229,480 | ||||
4.20%, 10/29/25 (Call 09/29/25) |
3,694 | 3,443,116 | ||||||
United
Wholesale Mortgage LLC |
5,931 | 5,645,434 | ||||||
5.75%, 06/15/27 (Call 06/15/24)(a) |
3,681 | 3,349,452 | ||||||
|
|
|||||||
203,059,042 | ||||||||
Electric — 2.4% | ||||||||
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)(a) |
2,560 | 2,207,360 | ||||||
Calpine
Corp. |
9,585 | 8,672,029 | ||||||
5.13%, 03/15/28 (Call 12/01/23)(a) |
10,675 | 9,553,698 | ||||||
5.25%, 06/01/26 (Call 12/01/23)(a) |
3,120 | 2,999,880 | ||||||
Clearway Energy Operating LLC, 4.75%, 03/15/28 (Call 11/13/23)(a) |
6,360 | 5,676,300 | ||||||
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)(b) |
3,090 | 2,913,870 | ||||||
Drax Finco PLC, 6.63%, 11/01/25 (Call 11/13/23)(a) |
3,680 | 3,560,833 | ||||||
FirstEnergy Corp., Series B, 4.15%, 07/15/27 (Call 04/15/27) |
11,437 | 10,591,977 | ||||||
NextEra
Energy Operating Partners LP |
3,825 | 3,477,116 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a) |
5,693 | 5,584,548 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a) |
5 | 4,721 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) |
4,060 | 3,632,685 | ||||||
NRG
Energy Inc. |
6,060 | 5,679,629 | ||||||
6.63%, 01/15/27 (Call 11/16/23) |
2,744 | 2,663,052 | ||||||
Pattern Energy Operations LP/Pattern Energy |
||||||||
Operations Inc., 4.50%, 08/15/28 (Call 12/01/23)(a) |
5,230 | 4,557,618 | ||||||
PG&E
Corp., |
6,517 | 5,904,792 | ||||||
Pike Corp., 5.50%, 09/01/28 (Call 12/01/23)(a) |
5,575 | 4,766,625 | ||||||
Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/23)(a) |
2,610 | 2,515,248 | ||||||
Vistra
Operations Co. LLC |
9,673 | 8,890,696 | ||||||
5.50%, 09/01/26 (Call 11/13/23)(a) |
7,815 | 7,430,076 | ||||||
5.63%, 02/15/27 (Call 11/13/23)(a) |
10,051 | 9,460,504 | ||||||
|
|
|||||||
110,743,257 | ||||||||
Electrical Components & Equipment — 0.5% | ||||||||
Energizer Holdings Inc., 4.75%, 06/15/28 (Call 12/01/23)(a) |
4,450 | 3,812,537 | ||||||
WESCO
Distribution Inc. |
11,631 | 11,635,362 | ||||||
7.25%, 06/15/28 (Call 12/01/23)(a)(b) |
5,525 | 5,494,935 | ||||||
|
|
|||||||
20,942,834 | ||||||||
Electronics — 0.3% | ||||||||
Likewize Corp., 9.75%, 10/15/25 (Call 11/13/23)(a)(b) |
3,090 | 3,065,328 | ||||||
Sensata
Technologies BV |
5,141 | 4,996,452 | ||||||
5.63%, 11/01/24(a) |
3,507 | 3,473,662 | ||||||
|
|
|||||||
11,535,442 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/23)(a)(b) |
5,837 | 4,100,492 | ||||||
Sunnova Energy Corp. 5.88%, 09/01/26 (Call 12/01/23)(a)(b) |
3,056 | 2,495,010 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Energy - Alternate Sources (continued) | ||||||||
11.75%, 10/01/28 (Call 04/01/28)(b) |
$ | 2,790 | $ | 2,378,475 | ||||
TerraForm
Power Operating LLC, |
5,181 | 4,721,329 | ||||||
|
|
|||||||
13,695,306 | ||||||||
Engineering & Construction — 0.5% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
7,398 | 6,980,087 | ||||||
Artera
Services LLC, 9.03%, 12/04/25 |
7,327 | 6,612,618 | ||||||
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 12/01/23)(a) |
2,728 | 2,571,140 | ||||||
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)(b) |
2,000 | 1,810,033 | ||||||
Tutor
Perini Corp., 6.88%, 05/01/25 |
3,790 | 3,259,400 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 12/01/23)(a) |
2,875 | 2,468,906 | ||||||
|
|
|||||||
23,702,184 | ||||||||
Entertainment — 3.6% | ||||||||
Affinity
Gaming, 6.88%, 12/15/27 |
4,040 | 3,282,500 | ||||||
Caesars
Entertainment Inc. |
25,236 | 24,825,915 | ||||||
8.13%, 07/01/27 (Call 12/01/23)(a)(b) |
13,547 | 13,455,558 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/13/23)(a) |
7,617 | 7,498,407 | ||||||
Cedar
Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium
Op |
3,745 | 3,465,061 | ||||||
5.50%, 05/01/25 (Call 12/01/23)(a) |
7,747 | 7,599,270 | ||||||
Churchill
Downs Inc. |
5,195 | 4,670,461 | ||||||
5.50%, 04/01/27 (Call 12/01/23)(a)(b) |
4,670 | 4,385,276 | ||||||
Cinemark
USA Inc. |
3,801 | 3,304,678 | ||||||
5.88%, 03/15/26 (Call 12/01/23)(a)(b) |
3,196 | 3,044,456 | ||||||
International
Game Technology PLC |
5,925 | 5,584,312 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a) |
5,655 | 5,514,120 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a) |
4,229 | 4,186,921 | ||||||
Light &
Wonder International Inc., |
5,165 | 5,044,371 | ||||||
Live
Nation Entertainment Inc. |
3,940 | 3,450,576 | ||||||
4.75%, 10/15/27 (Call 12/01/23)(a)(b) |
7,355 | 6,722,213 | ||||||
4.88%, 11/01/24 (Call 12/01/23)(a)(b) |
4,566 | 4,457,923 | ||||||
6.50%, 05/15/27 (Call 12/01/23)(a) |
9,310 | 9,056,582 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a) |
2,931 | 2,782,252 | ||||||
Mohegan
Gaming & Entertainment |
5,774 | 5,596,449 | ||||||
8.00%, 02/01/26 (Call 12/01/23)(a) |
8,746 | 8,035,387 | ||||||
Motion
Bondco DAC, 6.63%, 11/15/27 |
3,025 | 2,693,763 | ||||||
Odeon
Finco PLC, 12.75%, 11/01/27 |
2,974 | 2,949,465 | ||||||
Penn Entertainment Inc., 5.63%, 01/15/27 (Call 12/01/23)(a)(b) |
3,021 | 2,762,224 | ||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/13/23)(a) |
2,646 | 2,462,103 | ||||||
Six
Flags Entertainment Corp., |
3,701 | 3,354,216 |
Security | Par (000) |
Value | ||||||
Entertainment (continued) | ||||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/23)(a)(b) |
$ | 2,648 | $ | 2,631,450 | ||||
Speedway
Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 |
2,575 | 2,294,097 | ||||||
Universal
Entertainment Corp., |
5,665 | 5,863,275 | ||||||
Vail
Resorts Inc., 6.25%, 05/15/25 |
4,595 | 4,551,623 | ||||||
|
|
|||||||
165,524,904 | ||||||||
Environmental Control — 0.8% | ||||||||
Clean Harbors Inc., 4.88%, 07/15/27 |
||||||||
(Call 12/01/23)(a) |
4,010 | 3,739,995 | ||||||
Enviri
Corp., 5.75%, 07/31/27 |
3,521 | 2,995,096 | ||||||
GFL
Environmental Inc. |
200 | 171,107 | ||||||
3.75%, 08/01/25 (Call 12/01/23)(a) |
6,032 | 5,709,773 | ||||||
4.00%, 08/01/28 (Call 11/14/23)(a) |
6,050 | 5,207,173 | ||||||
4.25%, 06/01/25 (Call 12/01/23)(a) |
3,925 | 3,771,415 | ||||||
5.13%, 12/15/26 (Call 12/01/23)(a) |
3,718 | 3,524,645 | ||||||
Madison
IAQ LLC, 4.13%, 06/30/28 |
5,250 | 4,383,750 | ||||||
Stericycle
Inc., 5.38%, 07/15/24 |
5,041 | 4,977,030 | ||||||
Waste
Pro USA Inc., 5.50%, 02/15/26 |
3,675 | 3,381,845 | ||||||
|
|
|||||||
37,861,829 | ||||||||
Food — 1.6% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
3.25%, 03/15/26 (Call 12/01/23)(a) |
5,786 | 5,362,899 | ||||||
4.63%, 01/15/27 (Call 12/01/23)(a) |
10,172 | 9,544,011 | ||||||
5.88%, 02/15/28 (Call 12/01/23)(a) |
5,565 | 5,314,575 | ||||||
6.50%, 02/15/28 (Call 02/15/25)(a)(b) |
5,535 | 5,434,805 | ||||||
7.50%, 03/15/26 (Call 12/01/23)(a) |
4,859 | 4,937,959 | ||||||
B&G
Foods Inc. |
1,925 | 1,848,000 | ||||||
5.25%, 09/15/27 (Call 12/01/23)(b) |
4,082 | 3,360,722 | ||||||
8.00%, 09/15/28 (Call 09/15/25)(b) |
4,090 | 3,986,135 | ||||||
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 11/13/23)(a)(b) |
4,021 | 3,958,423 | ||||||
Lamb Weston Holdings Inc., 4.88%, 05/15/28 (Call 11/15/27)(a)(b) |
3,675 | 3,385,594 | ||||||
Performance
Food Group Inc., |
7,840 | 7,327,133 | ||||||
Post
Holdings Inc. |
6,985 | 6,490,345 | ||||||
5.75%, 03/01/27 (Call 11/16/23)(a) |
3,383 | 3,219,221 | ||||||
Sigma
Holdco BV, 7.88%, 05/15/26 |
3,624 | 3,017,109 | ||||||
TreeHouse
Foods Inc., 4.00%, 09/01/28 |
3,700 | 3,026,138 | ||||||
U.S.
Foods Inc., 6.88%, 09/15/28 |
3,445 | 3,380,406 | ||||||
United Natural Foods Inc., 6.75%, 10/15/28 (Call 12/01/23)(a) |
899 | 703,468 | ||||||
|
|
|||||||
74,296,943 | ||||||||
Food Service — 0.3% | ||||||||
Aramark
Services Inc. |
4,918 | 4,801,198 | ||||||
5.00%, 02/01/28 (Call 12/01/23)(a)(b) |
8,645 | 7,931,787 |
18 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Food Service (continued) | ||||||||
TKC
Holdings Inc., 6.88%, 05/15/28 |
$ | 3,125 | $ | 2,695,383 | ||||
|
|
|||||||
15,428,368 | ||||||||
Gas — 0.4% | ||||||||
AmeriGas
Partners LP/AmeriGas Finance Corp. |
5,715 | 5,474,484 | ||||||
5.75%, 05/20/27 (Call 02/20/27)(b) |
3,892 | 3,579,503 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) |
5,160 | 4,838,790 | ||||||
9.38%, 06/01/28 (Call 06/01/25)(a)(b) |
3,870 | 3,837,392 | ||||||
|
|
|||||||
17,730,169 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Werner
FinCo LP/Werner FinCo Inc., |
2,950 | 2,968,008 | ||||||
|
|
|||||||
Health Care - Products — 0.6% | ||||||||
Avantor
Funding Inc., 4.63%, 07/15/28 |
10,625 | 9,469,531 | ||||||
Bausch &
Lomb Escrow Corp., |
8,985 | 8,922,255 | ||||||
Hologic
Inc., 4.63%, 02/01/28 |
2,935 | 2,673,051 | ||||||
Teleflex
Inc. |
2,625 | 2,323,788 | ||||||
4.63%, 11/15/27 (Call 11/16/23) |
3,939 | 3,613,048 | ||||||
|
|
|||||||
27,001,673 | ||||||||
Health Care - Services — 3.6% | ||||||||
Acadia Healthcare Co. Inc., 5.50%, 07/01/28 (Call 12/01/23)(a)(b) |
3,300 | 3,044,250 | ||||||
Akumin
Escrow Inc., 7.50%, 08/01/28 |
2,528 | 1,994,693 | ||||||
Akumin
Inc., 7.00%, 11/01/25 |
3,536 | 3,001,512 | ||||||
Catalent
Pharma Solutions Inc., |
3,706 | 3,302,973 | ||||||
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 11/16/23)(a) |
3,700 | 3,296,515 | ||||||
CHS/Community
Health Systems Inc. |
14,384 | 11,580,486 | ||||||
8.00%, 03/15/26 (Call 12/01/23)(a)(b) |
15,744 | 14,361,099 | ||||||
8.00%, 12/15/27 (Call 11/16/23)(a)(b) |
5,205 | 4,424,250 | ||||||
Encompass
Health Corp. |
6,010 | 5,418,195 | ||||||
5.75%, 09/15/25 (Call 12/01/23) |
2,585 | 2,529,530 | ||||||
Heartland
Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28 |
5,205 | 4,996,175 | ||||||
IQVIA
Inc. |
7,801 | 7,457,756 | ||||||
5.00%, 05/15/27 (Call 12/01/23)(a) |
8,035 | 7,570,657 | ||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 12/01/23)(a)(b) |
4,526 | 3,739,608 | ||||||
ModivCare
Inc., 5.88%, 11/15/25 |
3,669 | 3,484,057 | ||||||
Molina
Healthcare Inc., 4.38%, 06/15/28 |
5,929 | 5,302,008 | ||||||
Prime
Healthcare Services Inc., |
6,490 | 5,921,923 | ||||||
Quorum Health Corp., 11.63%, 04/15/23(d) |
2,653 | — | ||||||
RegionalCare
Hospital Partners Holdings Inc./LifePoint Health Inc., |
10,766 | 10,039,295 | ||||||
RP
Escrow Issuer LLC, 5.25%, 12/15/25 |
5,937 | 4,230,112 |
Security | Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
Select
Medical Corp., 6.25%, 08/15/26 |
$ | 9,071 | $ | 8,838,556 | ||||
Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 12/01/23)(a) |
5 | 4,906 | ||||||
Tenet
Healthcare Corp. |
4,975 | 4,429,586 | ||||||
4.88%, 01/01/26 (Call 11/16/23) |
16,419 | 15,755,837 | ||||||
5.13%, 11/01/27 (Call 11/16/23) |
11,425 | 10,555,843 | ||||||
6.13%, 10/01/28 (Call 12/01/23)(b) |
4,000 | 3,705,000 | ||||||
6.25%, 02/01/27 (Call 11/16/23)(b) |
11,539 | 11,099,116 | ||||||
U.S.
Acute Care Solutions LLC, |
5,369 | 4,573,418 | ||||||
|
|
|||||||
164,657,356 | ||||||||
Holding Companies - Diversified — 0.9% | ||||||||
Benteler
International, Class A, |
3,700 | 3,731,940 | ||||||
Icahn
Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.75%, 09/15/24 (Call 06/15/24) |
8,481 | 8,147,306 | ||||||
5.25%, 05/15/27 (Call 11/15/26) |
11,207 | 9,610,002 | ||||||
6.25%, 05/15/26 (Call 12/01/23) |
9,273 | 8,462,772 | ||||||
6.38%, 12/15/25 (Call 12/01/23) |
5,573 | 5,231,790 | ||||||
Stena AB, 7.00%, 02/01/24(a)(b) |
3,302 | 3,295,891 | ||||||
Stena
International SA, 6.13%, 02/01/25 |
2,826 | 2,780,812 | ||||||
|
|
|||||||
41,260,513 | ||||||||
Home Builders — 0.8% | ||||||||
Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 11/16/23) |
2,626 | 2,346,144 | ||||||
Brookfield
Residential Properties Inc./Brookfield Residential U.S. LLC, |
4,433 | 3,874,211 | ||||||
Century Communities Inc., 6.75%, 06/01/27 (Call 12/01/23)(b) |
3,670 | 3,545,229 | ||||||
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/01/23)(a)(b) |
3,491 | 3,252,351 | ||||||
Forestar
Group Inc., 3.85%, 05/15/26 |
2,936 | 2,630,656 | ||||||
M/I
Homes Inc., 4.95%, 02/01/28 |
2,950 | 2,646,796 | ||||||
Mattamy
Group Corp., 5.25%, 12/15/27 |
3,685 | 3,308,715 | ||||||
Meritage
Homes Corp., 6.00%, 06/01/25 |
1,355 | 1,327,900 | ||||||
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 12/01/23)(b) |
3,325 | 2,932,484 | ||||||
Taylor
Morrison Communities Inc. |
3,355 | 3,057,719 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a) |
3,750 | 3,515,625 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) |
3,891 | 3,858,331 | ||||||
Tri
Pointe Homes Inc., 5.70%, 06/15/28 |
2,600 | 2,322,223 | ||||||
|
|
|||||||
38,618,384 | ||||||||
Household Products & Wares — 0.1% | ||||||||
Kronos
Acquisition Holdings Inc./KIK Custom Products Inc. |
||||||||
5.00%, 12/31/26 (Call 12/01/23)(a) |
3,512 | 3,178,360 | ||||||
7.00%, 12/31/27 (Call 12/31/23)(a) |
3,884 | 3,311,110 | ||||||
|
|
|||||||
6,489,470 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Housewares — 0.6% | ||||||||
CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/23)(a)(b) |
$ | 5,257 | $ | 5,018,674 | ||||
Newell
Brands Inc. |
3,771 | 3,602,113 | ||||||
5.20%, 04/01/26 (Call 01/01/26)(b) |
14,949 | 14,095,306 | ||||||
6.38%, 09/15/27 (Call 06/15/27)(b) |
3,686 | 3,450,870 | ||||||
|
|
|||||||
26,166,963 | ||||||||
Insurance — 1.4% | ||||||||
Acrisure
LLC/Acrisure Finance Inc. |
7,216 | 7,001,685 | ||||||
10.13%, 08/01/26 (Call 12/01/23)(a)(b) |
3,129 | 3,146,400 | ||||||
Alliant
Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
4.25%, 10/15/27 (Call 12/01/23)(a) |
5,705 | 5,020,400 | ||||||
6.75%, 10/15/27 (Call 12/01/23)(a)(b) |
10,178 | 9,276,399 | ||||||
6.75%, 04/15/28 (Call 04/15/25)(a) |
9,550 | 9,072,500 | ||||||
AssuredPartners
Inc., 7.00%, 08/15/25 |
3,695 | 3,627,625 | ||||||
GTCR
AP Finance Inc., 8.00%, 05/15/27 |
3,488 | 3,394,468 | ||||||
Hub
International Ltd., 7.00%, 05/01/26 |
12,717 | 12,327,224 | ||||||
MGIC
Investment Corp., 5.25%, 08/15/28 |
4,790 | 4,415,183 | ||||||
NMI
Holdings Inc., 7.38%, 06/01/25 |
3,271 | 3,278,087 | ||||||
USI
Inc./NY, 6.88%, 05/01/25 |
4,700 | 4,660,896 | ||||||
|
|
|||||||
65,220,867 | ||||||||
Internet — 2.3% | ||||||||
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(a) |
2,575 | 2,027,813 | ||||||
ANGI
Group LLC, 3.88%, 08/15/28 |
3,685 | 2,763,750 | ||||||
Arches
Buyer Inc., 4.25%, 06/01/28 |
7,035 | 5,830,256 | ||||||
Cablevision
Lightpath LLC |
3,316 | 2,703,606 | ||||||
5.63%, 09/15/28 (Call 11/13/23)(a) |
3,100 | 2,323,727 | ||||||
Cogent
Communications Group Inc. |
3,671 | 3,334,811 | ||||||
7.00%, 06/15/27 (Call 06/15/24)(a)(b) |
3,311 | 3,143,132 | ||||||
EquipmentShare.com Inc., 9.00%, 05/15/28 |
||||||||
(Call 05/15/25)(a)(b) |
7,840 | 7,396,060 | ||||||
Gen
Digital Inc., 5.00%, 04/15/25 |
8,439 | 8,199,628 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27 (Call 12/01/23)(a) |
4,455 | 4,181,775 | ||||||
GrubHub
Holdings Inc., 5.50%, 07/01/27 |
170 | 125,306 | ||||||
ION
Trading Technologies Sarl, |
3,335 | 2,768,050 | ||||||
Match
Group Holdings II LLC |
3,664 | 3,275,689 | ||||||
5.00%, 12/15/27 (Call 12/01/23)(a)(b) |
3,425 | 3,160,796 | ||||||
Millennium Escrow Corp., 6.63%, 08/01/26 (Call 12/01/23)(a) |
5,820 | 4,313,619 | ||||||
Northwest
Fiber LLC/Northwest Fiber Finance Sub Inc., |
2,566 | 2,292,614 | ||||||
NortonLifeLock
Inc., 6.75%, 09/30/27 |
6,733 | 6,564,675 |
Security | Par (000) |
Value | ||||||
Internet (continued) | ||||||||
Rakuten
Group Inc., 10.25%, 11/30/24 |
$ | 8,000 | $ | 8,100,000 | ||||
TripAdvisor
Inc., 7.00%, 07/15/25 |
3,655 | 3,623,019 | ||||||
Uber
Technologies Inc. |
3,780 | 3,642,738 | ||||||
7.50%, 05/15/25 (Call 12/01/23)(a) |
7,454 | 7,478,430 | ||||||
7.50%, 09/15/27 (Call 11/21/23)(a) |
9,006 | 9,028,515 | ||||||
8.00%, 11/01/26 (Call 12/01/23)(a) |
11,124 | 11,202,424 | ||||||
|
|
|||||||
107,480,433 | ||||||||
Iron & Steel — 0.7% | ||||||||
Allegheny Technologies Inc., 5.88%, 12/01/27 (Call 12/01/23)(b) |
2,545 | 2,360,488 | ||||||
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 12/01/23)(a) |
4,231 | 4,068,673 | ||||||
Carpenter Technology Corp., 6.38%, 07/15/28 (Call 12/01/23)(b) |
3,000 | 2,845,860 | ||||||
Cleveland-Cliffs
Inc. |
4,099 | 3,905,199 | ||||||
6.75%, 03/15/26 (Call 12/01/23)(a) |
6,120 | 6,075,502 | ||||||
Mineral
Resources Ltd. |
4,750 | 4,589,878 | ||||||
8.13%, 05/01/27 (Call 12/01/23)(a) |
5,645 | 5,491,742 | ||||||
9.25%, 10/01/28 (Call 10/01/25)(a) |
1,900 | 1,900,000 | ||||||
|
|
|||||||
31,237,342 | ||||||||
Leisure Time — 1.6% | ||||||||
Acushnet
Co., 7.38%, 10/15/28 |
430 | 430,538 | ||||||
Carnival
Holdings Bermuda Ltd., |
15,260 | 16,270,975 | ||||||
Constellation
Merger Sub Inc., |
3,128 | 2,650,667 | ||||||
Life
Time Inc. |
6,865 | 6,653,496 | ||||||
8.00%, 04/15/26 (Call 12/01/23)(a)(b) |
3,566 | 3,476,850 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)(a)(b) |
2,707 | 2,462,463 | ||||||
NCL
Corp. Ltd. |
4,744 | 4,489,010 | ||||||
5.88%, 03/15/26 (Call 12/15/25)(a)(b) |
10,732 | 9,631,970 | ||||||
5.88%, 02/15/27 (Call 02/15/24)(a) |
7,817 | 7,200,992 | ||||||
8.38%, 02/01/28 (Call 02/01/25)(a) |
4,610 | 4,557,561 | ||||||
NCL
Finance Ltd., 6.13%, 03/15/28 |
3,975 | 3,329,301 | ||||||
Viking
Cruises Ltd., 5.88%, 09/15/27 |
6,176 | 5,563,958 | ||||||
VOC
Escrow Ltd., 5.00%, 02/15/28 |
5,075 | 4,551,544 | ||||||
|
|
|||||||
71,269,325 | ||||||||
Lodging — 3.8% | ||||||||
Boyd
Gaming Corp., 4.75%, 12/01/27 |
7,445 | 6,796,243 | ||||||
Full
House Resorts Inc., 8.25%, 02/15/28 |
3,325 | 2,793,000 | ||||||
Genting
New York LLC, 3.30%, 02/15/26 |
3,861 | 3,447,492 | ||||||
Hilton
Domestic Operating Co. Inc. |
3,745 | 3,686,180 | ||||||
5.75%, 05/01/28 (Call 12/01/23)(a) |
3,555 | 3,406,069 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/23) |
4,590 | 4,332,756 |
20 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Lodging (continued) | ||||||||
Las
Vegas Sands Corp. |
$ | 3,765 | $ | 3,553,219 | ||||
3.20%, 08/08/24 (Call 07/08/24) |
13,094 | 12,742,099 | ||||||
3.50%, 08/18/26 (Call 06/18/26) |
7,840 | 7,196,493 | ||||||
Melco
Resorts Finance Ltd. |
7,755 | 7,300,411 | ||||||
5.25%, 04/26/26 (Call 12/01/23)(a)(b) |
3,687 | 3,372,435 | ||||||
5.63%, 07/17/27 (Call 12/01/23)(a)(b) |
4,621 | 4,035,650 | ||||||
5.75%, 07/21/28 (Call 12/01/23)(a) |
6,425 | 5,430,048 | ||||||
MGM
China Holdings Ltd. |
5,736 | 5,036,679 | ||||||
5.25%, 06/18/25 (Call 11/14/23)(a) |
3,821 | 3,636,711 | ||||||
5.38%, 05/15/24 (Call 11/14/23)(a)(b) |
6,109 | 6,021,725 | ||||||
5.88%, 05/15/26 (Call 11/14/23)(a)(b) |
5,935 | 5,554,418 | ||||||
MGM
Resorts International |
3,060 | 2,845,800 | ||||||
4.75%, 10/15/28 (Call 07/15/28)(b) |
3,254 | 2,842,467 | ||||||
5.50%, 04/15/27 (Call 01/15/27)(b) |
5,162 | 4,813,565 | ||||||
5.75%, 06/15/25 (Call 03/15/25) |
5,314 | 5,197,207 | ||||||
6.75%, 05/01/25 (Call 12/01/23) |
5,638 | 5,607,160 | ||||||
Station
Casinos LLC, 4.50%, 02/15/28 |
5,074 | 4,369,429 | ||||||
Studio
City Co. Ltd., 7.00%, 02/15/27 |
2,619 | 2,425,849 | ||||||
Studio
City Finance Ltd. |
3,750 | 3,533,125 | ||||||
6.50%, 01/15/28 (Call 12/01/23)(a)(b) |
3,715 | 3,067,197 | ||||||
Travel
+ Leisure Co. |
2,979 | 2,781,641 | ||||||
6.60%, 10/01/25 (Call 07/01/25) |
2,556 | 2,511,909 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a) |
5,011 | 4,860,169 | ||||||
Wyndham
Hotels & Resorts Inc., |
3,745 | 3,290,919 | ||||||
Wynn
Las Vegas LLC/Wynn Las Vegas Capital Corp. |
6,735 | 6,239,304 | ||||||
5.50%, 03/01/25 (Call 12/01/24)(a)(b) |
6,643 | 6,522,097 | ||||||
Wynn
Macau Ltd. |
4,909 | 4,769,093 | ||||||
5.50%, 01/15/26 (Call 12/01/23)(a) |
7,980 | 7,390,811 | ||||||
5.50%, 10/01/27 (Call 12/01/23)(a)(b) |
5,986 | 5,215,272 | ||||||
5.63%, 08/26/28 (Call 11/14/23)(a)(b) |
8,600 | 7,199,539 | ||||||
|
|
|||||||
173,824,181 | ||||||||
Machinery — 0.4% | ||||||||
BWX
Technologies Inc., 4.13%, 06/30/28 |
2,975 | 2,625,586 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/23)(a) |
4,811 | 4,502,911 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 12/01/23)(a) |
3,055 | 2,768,385 | ||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 12/01/23)(a) |
11,814 | 10,765,508 | ||||||
|
|
|||||||
20,662,390 | ||||||||
Machinery - Diversified — 0.1% | ||||||||
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/28 (Call 09/01/25) |
3,700 | 3,615,455 | ||||||
|
|
|||||||
Manufacturing — 0.8% | ||||||||
Amsted
Industries Inc., 5.63%, 07/01/27 |
2,951 | 2,726,068 |
Security | Par (000) |
Value | ||||||
Manufacturing (continued) | ||||||||
Calderys
Financing LLC, 11.25%, 06/01/28 |
$ | 4,400 | $ | 4,444,000 | ||||
EnPro
Industries Inc., 5.75%, 10/15/26 |
2,555 | 2,415,561 | ||||||
FXI
Holdings Inc. |
3,736 | 3,076,596 | ||||||
12.25%, 11/15/26 (Call 12/01/23)(a)(b) |
5,761 | 4,808,995 | ||||||
Gates
Global LLC/Gates Corp., |
4,164 | 4,073,627 | ||||||
Hillenbrand
Inc. |
2,730 | 2,614,931 | ||||||
5.75%, 06/15/25 (Call 11/13/23) |
3,000 | 2,947,875 | ||||||
LSB
Industries Inc., 6.25%, 10/15/28 |
2,769 | 2,455,183 | ||||||
Trinity
Industries Inc. |
3,513 | 3,412,001 | ||||||
7.75%, 07/15/28 (Call 07/15/25)(a) |
2,945 | 2,908,188 | ||||||
|
|
|||||||
35,883,025 | ||||||||
Media — 7.5% | ||||||||
Altice
Financing SA, 5.00%, 01/15/28 |
8,910 | 7,195,315 | ||||||
AMC
Networks Inc. |
5,918 | 5,370,585 | ||||||
5.00%, 04/01/24 (Call 12/01/23) |
3,381 | 3,337,377 | ||||||
CCO
Holdings LLC/CCO Holdings Capital Corp. |
19,045 | 17,045,275 | ||||||
5.13%, 05/01/27 (Call 12/01/23)(a) |
24,601 | 22,660,771 | ||||||
5.50%, 05/01/26 (Call 12/01/23)(a) |
5,520 | 5,290,920 | ||||||
CSC
Holdings LLC |
5,662 | 5,293,970 | ||||||
5.38%, 02/01/28 (Call 12/01/23)(a) |
7,600 | 6,051,500 | ||||||
5.50%, 04/15/27 (Call 12/01/23)(a) |
10,105 | 8,440,201 | ||||||
7.50%, 04/01/28 (Call 11/13/23)(a)(b) |
2,490 | 1,593,600 | ||||||
11.25%, 05/15/28 (Call 05/15/25)(a) |
8,240 | 7,848,600 | ||||||
Cumulus
Media New Holdings Inc., |
2,926 | 2,102,819 | ||||||
Directv
Financing LLC/Directv Financing Co-Obligor Inc., 5.88%,
08/15/27 |
27,851 | 24,369,625 | ||||||
DISH
DBS Corp. |
20,978 | 16,946,028 | ||||||
5.88%, 11/15/24 |
15,714 | 14,417,595 | ||||||
7.38%, 07/01/28 (Call 11/13/23) |
5,926 | 3,319,449 | ||||||
7.75%, 07/01/26 |
15,200 | 10,179,288 | ||||||
DISH
Network Corp., 11.75%, 11/15/27 |
26,070 | 25,738,911 | ||||||
GCI LLC, 4.75%, 10/15/28 (Call 11/16/23)(a) |
1,958 | 1,681,433 | ||||||
Gray
Television Inc. |
5,196 | 4,620,613 | ||||||
7.00%, 05/15/27 (Call 11/13/23)(a)(b) |
5,561 | 4,685,142 | ||||||
iHeartCommunications
Inc. |
3,730 | 2,638,975 | ||||||
5.25%, 08/15/27 (Call 11/16/23)(a)(b) |
5,670 | 4,153,275 | ||||||
6.38%, 05/01/26 (Call 11/16/23)(b) |
5,920 | 4,824,800 | ||||||
8.38%, 05/01/27 (Call 11/16/23)(b) |
7,600 | 4,654,240 | ||||||
LCPR
Senior Secured Financing DAC, |
8,630 | 7,810,150 | ||||||
McGraw-Hill Education Inc., 5.75%, 08/01/28 (Call 08/01/24)(a) |
6,675 | 5,628,694 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/23)(a) |
$ | 2,581 | $ | 2,369,358 | ||||
Nexstar
Media Inc., 5.63%, 07/15/27 |
13,305 | 11,975,298 | ||||||
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 12/01/23)(a) |
6,691 | 5,114,221 | ||||||
Scripps
Escrow Inc., 5.88%, 07/15/27 |
3,271 | 2,445,072 | ||||||
Sirius
XM Radio Inc. |
7,648 | 6,858,497 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a) |
14,875 | 12,643,750 | ||||||
5.00%, 08/01/27 (Call 12/01/23)(a)(b) |
11,215 | 10,284,884 | ||||||
TEGNA
Inc. |
7,410 | 6,391,125 | ||||||
4.75%, 03/15/26 (Call 12/01/23)(a) |
4,050 | 3,799,406 | ||||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 11/13/23)(a) |
7,400 | 6,501,594 | ||||||
Townsquare
Media Inc., 6.88%, 02/01/26 |
3,906 | 3,618,470 | ||||||
Univision
Communications Inc. |
9,692 | 9,451,871 | ||||||
6.63%, 06/01/27 (Call 11/13/23)(a) |
11,344 | 10,326,443 | ||||||
8.00%, 08/15/28 (Call 08/15/25)(a)(b) |
3,785 | 3,586,489 | ||||||
UPC
Holding BV, 5.50%, 01/15/28 |
3,350 | 2,933,344 | ||||||
Urban
One Inc., 7.38%, 02/01/28 |
5,475 | 4,542,443 | ||||||
Videotron
Ltd. |
4,421 | 4,118,438 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a) |
4,490 | 4,456,325 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 12/01/23)(a) |
3,450 | 2,932,500 | ||||||
Ziggo
Bond Co. BV, 6.00%, 01/15/27 |
4,621 | 4,227,865 | ||||||
|
|
|||||||
346,476,544 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 11/16/23)(a)(b) |
2,569 | 2,411,120 | ||||||
|
|
|||||||
Mining — 0.6% | ||||||||
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 11/13/23)(a)(b) |
3,707 | 3,488,361 | ||||||
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)(a) |
4,853 | 4,359,438 | ||||||
Hecla
Mining Co., 7.25%, 02/15/28 |
3,700 | 3,542,698 | ||||||
Kaiser
Aluminum Corp., 4.63%, 03/01/28 |
3,800 | 3,168,250 | ||||||
New
Gold Inc., 7.50%, 07/15/27 |
2,962 | 2,780,375 | ||||||
Novelis
Corp., 3.25%, 11/15/26 |
5,544 | 4,941,090 | ||||||
Perenti
Finance Pty Ltd., 6.50%, 10/07/25 |
3,348 | 3,260,982 | ||||||
Taseko
Mines Ltd., 7.00%, 02/15/26 |
2,941 | 2,680,869 | ||||||
|
|
|||||||
28,222,063 | ||||||||
Office & Business Equipment — 0.3% | ||||||||
Pitney
Bowes Inc., 6.88%, 03/15/27 |
2,851 | 2,359,972 |
Security | Par (000) |
Value | ||||||
Office & Business Equipment (continued) | ||||||||
Xerox
Holdings Corp. |
$ | 5,540 | $ | 5,104,907 | ||||
5.50%, 08/15/28 (Call 07/15/28)(a) |
5,725 | 4,422,562 | ||||||
|
|
|||||||
11,887,441 | ||||||||
Oil & Gas — 6.5% | ||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 12/01/23)(a) |
5,569 | 5,536,282 | ||||||
Ascent
Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 |
4,440 | 4,292,212 | ||||||
Baytex
Energy Corp., 8.75%, 04/01/27 |
3,470 | 3,496,025 | ||||||
Berry
Petroleum Co. LLC, 7.00%, 02/15/26 |
2,929 | 2,811,840 | ||||||
California Resources Corp., 7.13%, 02/01/26 (Call 12/01/23)(a)(b) |
4,841 | 4,858,347 | ||||||
Callon
Petroleum Co., 8.00%, 08/01/28 |
4,850 | 4,777,250 | ||||||
Calumet
Specialty Products Partners LP/Calumet Finance Corp., 11.00%,
04/15/25 |
4,340 | 4,366,528 | ||||||
Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/23)(a) |
2,575 | 2,526,075 | ||||||
Chesapeake
Energy Corp., 5.50%, 02/01/26 |
3,651 | 3,545,048 | ||||||
CITGO
Petroleum Corp. |
5,227 | 5,128,883 | ||||||
7.00%, 06/15/25 (Call 12/01/23)(a) |
8,725 | 8,559,400 | ||||||
Civitas
Resources Inc. |
2,943 | 2,750,739 | ||||||
8.38%, 07/01/28 (Call 07/01/25)(a) |
10,465 | 10,530,406 | ||||||
CNX
Resources Corp., 7.25%, 03/14/27 |
2,536 | 2,494,156 | ||||||
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)(b) |
6,055 | 6,121,353 | ||||||
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 12/01/23)(a) |
9,137 | 9,011,152 | ||||||
CVR
Energy Inc. |
4,853 | 4,744,875 | ||||||
5.75%, 02/15/28 (Call 11/16/23)(a)(b) |
3,025 | 2,713,778 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a) |
4,046 | 4,105,967 | ||||||
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)(a)(b) |
5,250 | 5,118,750 | ||||||
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 12/01/23)(a)(b) |
7,900 | 7,579,260 | ||||||
Energian
Israel Finance Ltd. |
4,615 | 4,063,738 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(a) |
4,825 | 3,947,611 | ||||||
Ensign
Drilling Inc., 9.25%, 04/15/24 |
3,213 | 3,211,233 | ||||||
Gulfport
Energy Corp., 8.00%, 05/17/26 |
20 | 19,910 | ||||||
Gulfport Energy Operating Corp., 8.00%, 05/17/26 (Call 05/17/24)(a) |
4,083 | 4,064,627 | ||||||
Harbour
Energy PLC, 5.50%, 10/15/26 |
3,751 | 3,491,496 | ||||||
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 12/01/23)(a) |
5,530 | 5,336,450 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 12/01/23)(a) |
4,631 | 4,456,522 |
22 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Laredo
Petroleum Inc. |
$ | 4,013 | $ | 4,033,065 | ||||
10.13%, 01/15/28 (Call 12/01/23) |
5,160 | 5,169,675 | ||||||
Leviathan
Bond Ltd. |
4,536 | 4,212,369 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(a) |
4,430 | 3,900,670 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/13/23)(a) |
2,958 | 2,824,890 | ||||||
Matador
Resources Co. |
5,149 | 4,961,941 | ||||||
6.88%, 04/15/28 (Call 04/15/25)(a)(b) |
3,820 | 3,735,005 | ||||||
MEG
Energy Corp., 7.13%, 02/01/27 |
4,645 | 4,685,644 | ||||||
Moss
Creek Resources Holdings Inc. |
5,177 | 4,956,053 | ||||||
10.50%, 05/15/27 (Call 12/01/23)(a)(b) |
3,672 | 3,630,690 | ||||||
Murphy
Oil Corp. |
4,205 | 4,041,320 | ||||||
6.38%, 07/15/28 (Call 07/15/24)(b) |
3,320 | 3,207,701 | ||||||
Nabors
Industries Inc. |
4,076 | 3,960,053 | ||||||
7.38%, 05/15/27 (Call 05/15/24)(a)(b) |
5,367 | 5,017,555 | ||||||
Nabors
Industries Ltd. |
4,165 | 3,892,539 | ||||||
7.50%, 01/15/28 (Call 12/01/23)(a)(b) |
2,885 | 2,543,488 | ||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/23)(a) |
6,790 | 6,741,384 | ||||||
Northern
Oil and Gas Inc., 8.13%, 03/01/28 |
5,265 | 5,186,183 | ||||||
Oasis
Petroleum Inc., 6.38%, 06/01/26 |
2,926 | 2,874,795 | ||||||
Parkland
Corp., 5.88%, 07/15/27 |
3,686 | 3,529,345 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 12/01/23)(b) |
6,400 | 5,903,509 | ||||||
PDC
Energy Inc., 5.75%, 05/15/26 |
2,100 | 2,091,075 | ||||||
Petrofac Ltd., 9.75%, 11/15/26 (Call 12/01/23)(a) |
4,475 | 3,048,907 | ||||||
Puma International Financing SA, 5.00%, 01/24/26 (Call 11/13/23)(a) |
5,567 | 5,006,918 | ||||||
Range
Resources Corp., 4.88%, 05/15/25 |
5,642 | 5,486,845 | ||||||
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (Call 11/01/25) |
1,720 | 1,700,650 | ||||||
SM
Energy Co. |
3,025 | 2,907,997 | ||||||
6.63%, 01/15/27 (Call 12/01/23)(b) |
3,110 | 3,031,450 | ||||||
6.75%, 09/15/26 (Call 12/01/23) |
3,091 | 3,036,011 | ||||||
Southwestern
Energy Co., 5.70%, 01/23/25 |
3,299 | 3,248,261 | ||||||
Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 12/01/23)(a)(b) |
3,710 | 3,445,440 | ||||||
Sunoco
LP/Sunoco Finance Corp. |
3,105 | 2,935,611 | ||||||
6.00%, 04/15/27 (Call 12/01/23)(b) |
4,480 | 4,308,136 | ||||||
7.00%, 09/15/28 (Call 09/15/25)(a)(b) |
3,680 | 3,589,564 | ||||||
Talos
Production Inc., 12.00%, 01/15/26 |
5,368 | 5,579,750 | ||||||
Transocean
Inc. |
2,933 | 2,863,341 | ||||||
7.50%, 01/15/26 (Call 11/14/23)(a) |
4,498 | 4,308,454 | ||||||
8.00%, 02/01/27 (Call 11/13/23)(a) |
4,753 | 4,461,356 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
11.50%, 01/30/27 (Call 11/13/23)(a) |
$ | 5,500 | $ | 5,723,465 | ||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/23)(a) |
2,501 | 2,450,490 | ||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a) |
4,095 | 4,099,709 | ||||||
Viper Energy Partners LP, 5.38%, 11/01/27 (Call 12/01/23)(a) |
3,163 | 2,988,213 | ||||||
|
|
|||||||
298,979,430 | ||||||||
Oil & Gas Services — 0.8% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. |
||||||||
6.25%, 04/01/28 (Call 12/01/23)(a) |
6,475 | 6,013,656 | ||||||
6.88%, 04/01/27 (Call 12/01/23)(a) |
3,666 | 3,533,572 | ||||||
Bristow
Group Inc., 6.88%, 03/01/28 |
3,025 | 2,801,906 | ||||||
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b) |
3,796 | 3,352,551 | ||||||
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/23)(a)(b) |
2,811 | 2,731,402 | ||||||
Enerflex
Ltd., 9.00%, 10/15/27 |
4,629 | 4,200,817 | ||||||
KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 11/13/23)(a) |
4,231 | 4,258,036 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||
6.88%, 04/01/26 (Call 12/01/23) |
5,345 | 5,175,350 | ||||||
6.88%, 09/01/27 (Call 12/01/23)(b) |
5,801 | 5,539,955 | ||||||
|
|
|||||||
37,607,245 | ||||||||
Packaging & Containers — 3.5% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
||||||||
3.25%, 09/01/28 (Call 05/15/24)(a) |
4,450 | 3,621,188 | ||||||
6.00%, 06/15/27 (Call 06/15/24)(a) |
4,460 | 4,220,275 | ||||||
Ardagh
Packaging Finance PLC/Ardagh Holdings USA Inc. |
9,074 | 8,007,805 | ||||||
5.25%, 04/30/25 (Call 12/04/23)(a) |
5,189 | 4,974,954 | ||||||
5.25%, 08/15/27 (Call 12/01/23)(a)(b) |
13,541 | 9,851,077 | ||||||
Ball
Corp. |
8,031 | 8,014,605 | ||||||
4.88%, 03/15/26 (Call 12/15/25) |
5,574 | 5,351,479 | ||||||
5.25%, 07/01/25 |
7,697 | 7,578,851 | ||||||
6.88%, 03/15/28 (Call 11/15/24)(b) |
5,575 | 5,570,470 | ||||||
Berry
Global Inc., 5.63%, 07/15/27 |
3,685 | 3,515,748 | ||||||
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 12/01/23)(a) |
3,385 | 3,069,725 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
2,928 | 2,756,590 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/23) |
6,515 | 6,248,564 | ||||||
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 12/01/23)(a) |
3,775 | 2,896,142 | ||||||
Graphic Packaging International LLC, 3.50%, 03/15/28(a)(b) |
3,625 | 3,150,207 | ||||||
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/23)(a) |
5,075 | 4,157,542 | ||||||
LABL
Inc. |
5,182 | 4,771,650 | ||||||
10.50%, 07/15/27 (Call 11/13/23)(a)(b) |
5,126 | 4,421,175 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Packaging & Containers (continued) | ||||||||
Mauser
Packaging Solutions Holding Co. |
$ | 20,395 | $ | 19,094,819 | ||||
9.25%, 04/15/27 (Call 10/15/24)(a)(b) |
9,988 | 8,291,110 | ||||||
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 12/01/23)(a)(b) |
4,519 | 4,293,050 | ||||||
Pactiv
Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc. |
7,700 | 6,781,313 | ||||||
4.38%, 10/15/28 (Call 10/15/24)(a) |
2,058 | 1,757,018 | ||||||
Sealed
Air Corp. |
3,139 | 2,769,076 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
3,578 | 3,510,999 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) |
2,946 | 2,858,380 | ||||||
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)(a) |
5,757 | 5,476,346 | ||||||
Silgan
Holdings Inc., 4.13%, 02/01/28 |
4,250 | 3,776,656 | ||||||
Trivium
Packaging Finance BV |
7,785 | 7,061,773 | ||||||
8.50%, 08/15/27 (Call 11/13/23)(a)(b) |
5,191 | 4,334,485 | ||||||
|
|
|||||||
162,183,072 | ||||||||
Pharmaceuticals — 2.9% | ||||||||
AdaptHealth
LLC, 6.13%, 08/01/28 |
2,575 | 2,127,964 | ||||||
Bausch Health Americas Inc., 9.25%, 04/01/26 (Call 12/01/23)(a)(b) |
6,005 | 5,288,829 | ||||||
Bausch
Health Companies Inc. |
13,300 | 11,471,250 | ||||||
6.13%, 02/01/27 (Call 02/01/24)(a) |
7,625 | 4,231,875 | ||||||
9.00%, 12/15/25 (Call 12/01/23)(a)(b) |
7,455 | 6,530,589 | ||||||
11.00%, 09/30/28(a)(b) |
13,190 | 8,005,388 | ||||||
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)(a) |
3,684 | 3,290,616 | ||||||
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)(b) |
4,150 | 3,967,369 | ||||||
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a) |
5,300 | 4,438,750 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/23)(a) |
4,428 | 4,148,992 | ||||||
Organon &
Co./Organon Foreign Debt |
15,542 | 13,424,797 | ||||||
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/23)(a) |
3,441 | 2,313,728 | ||||||
Perrigo
Finance Unlimited Co. |
5,705 | 5,526,719 | ||||||
4.38%, 03/15/26 (Call 12/15/25) |
5,161 | 4,842,582 | ||||||
PRA
Health Sciences Inc., 2.88%, 07/15/26 |
3,659 | 3,348,973 | ||||||
Prestige
Brands Inc., 5.13%, 01/15/28 |
2,935 | 2,705,982 | ||||||
Teva
Pharmaceutical Finance Netherlands |
25,527 | 22,512,517 | ||||||
4.75%, 05/09/27 (Call 02/09/27)(b) |
7,576 | 6,866,750 | ||||||
6.00%, 04/15/24 (Call 01/15/24) |
7,102 | 7,050,510 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) |
9,605 | 9,184,781 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(b) |
3,400 | 3,369,059 | ||||||
|
|
|||||||
134,648,020 |
Security |
Par (000) |
Value | ||||||
Pipelines — 4.8% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||
5.75%, 03/01/27 (Call 11/16/23)(a) |
$ | 5,082 | $ | 4,849,456 | ||||
5.75%, 01/15/28 (Call 11/16/23)(a)(b) |
5,115 | 4,795,312 | ||||||
7.88%, 05/15/26 (Call 11/16/23)(a) |
4,422 | 4,453,945 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/01/23)(a)(b) |
4,453 | 4,461,817 | ||||||
Buckeye
Partners LP |
4,506 | 4,091,088 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) |
3,713 | 3,535,890 | ||||||
4.13%, 12/01/27 (Call 09/01/27) |
3,057 | 2,649,211 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a)(b) |
3,755 | 3,275,299 | ||||||
Crestwood
Midstream Partners LP/Crestwood Midstream Finance Corp. |
4,450 | 4,280,366 | ||||||
5.75%, 04/01/25 (Call 12/01/23) |
4,020 | 3,969,750 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(a) |
3,050 | 2,776,229 | ||||||
EnLink Midstream LLC, 5.63%, 01/15/28 (Call 07/15/27)(a)(b) |
3,800 | 3,587,723 | ||||||
EnLink
Midstream Partners LP |
3,345 | 3,203,841 | ||||||
4.85%, 07/15/26 (Call 04/15/26) |
3,636 | 3,451,473 | ||||||
EQM
Midstream Partners LP |
3,766 | 3,487,278 | ||||||
5.50%, 07/15/28 (Call 04/15/28) |
1,750 | 1,629,845 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a) |
3,535 | 3,452,369 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a)(b) |
7,056 | 6,861,778 | ||||||
7.50%, 06/01/27 (Call 06/01/24)(a) |
4,086 | 4,051,678 | ||||||
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a)(b) |
4,476 | 4,388,522 | ||||||
Genesis
Energy LP/Genesis Energy Finance Corp. |
4,295 | 4,199,808 | ||||||
7.75%, 02/01/28 (Call 12/01/23) |
5,225 | 4,911,500 | ||||||
8.00%, 01/15/27 (Call 01/15/24) |
7,869 | 7,554,240 | ||||||
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 11/16/23)(b) |
2,936 | 2,767,180 | ||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (Call 12/01/23)(a) |
6,150 | 5,851,786 | ||||||
Hess
Midstream Operations LP |
2,245 | 2,078,987 | ||||||
5.63%, 02/15/26 (Call 12/01/23)(a) |
6,286 | 6,106,391 | ||||||
Holly
Energy Partners LP/Holly Energy Finance Corp. |
3,700 | 3,403,471 | ||||||
6.38%, 04/15/27 (Call 04/15/24)(a) |
3,170 | 3,083,142 | ||||||
Howard
Midstream Energy Partners LLC |
2,937 | 2,785,561 | ||||||
8.88%, 07/15/28 (Call 07/15/25)(a)(b) |
4,175 | 4,211,009 | ||||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/28 (Call 08/15/25)(a)(b) |
3,025 | 2,957,946 | ||||||
New
Fortress Energy Inc. |
11,524 | 10,313,980 | ||||||
6.75%, 09/15/25 (Call 11/21/23)(a) |
9,660 | 8,959,650 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 12/01/23)(a) |
15,751 | 15,376,914 | ||||||
Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/23)(a) |
3,863 | 3,664,337 |
24 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
NuStar
Logistics LP |
$ | 4,190 | $ | 3,960,283 | ||||
5.75%, 10/01/25 (Call 07/01/25) |
4,420 | 4,280,957 | ||||||
6.00%, 06/01/26 (Call 03/01/26) |
3,754 | 3,630,306 | ||||||
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)(a) |
3,072 | 2,906,880 | ||||||
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)(a) |
3,455 | 3,310,268 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26 (Call 12/01/23)(a)(c) |
5,850 | 5,616,000 | ||||||
Tallgrass
Energy Partners LP/Tallgrass Energy Finance Corp. |
6,005 | 5,284,400 | ||||||
6.00%, 03/01/27 (Call 12/01/23)(a) |
3,271 | 2,998,608 | ||||||
7.50%, 10/01/25 (Call 12/01/23)(a) |
4,585 | 4,520,467 | ||||||
Venture Global LNG Inc., 8.13%, 06/01/28 (Call 06/01/25)(a)(b) |
17,165 | 16,641,467 | ||||||
|
|
|||||||
218,628,408 | ||||||||
Real Estate — 0.4% | ||||||||
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (Call 12/01/23)(a)(b) |
4,800 | 4,385,400 | ||||||
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/23)(a)(b) |
4,623 | 4,364,020 | ||||||
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 12/01/23)(a) |
5,735 | 5,047,517 | ||||||
Newmark Group Inc., 6.13%, 11/15/23 |
4,608 | 4,597,171 | ||||||
|
|
|||||||
18,394,108 | ||||||||
Real Estate Investment Trusts — 4.1% | ||||||||
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b) |
2,990 | 2,488,129 | ||||||
Brandywine
Operating Partnership LP |
3,525 | 2,927,368 | ||||||
4.10%, 10/01/24 (Call 07/01/24)(b) |
2,925 | 2,815,988 | ||||||
7.80%, 03/15/28 (Call 02/15/28)(b) |
2,700 | 2,434,369 | ||||||
Brookfield
Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
5,778 | 4,806,122 | ||||||
5.75%, 05/15/26 (Call 11/13/23)(a) |
7,315 | 6,690,710 | ||||||
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a)(b) |
3,050 | 2,566,632 | ||||||
Diversified
Healthcare Trust |
3,725 | 2,713,812 | ||||||
9.75%, 06/15/25 (Call 11/16/23) |
4,048 | 3,926,560 | ||||||
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a) |
3,795 | 2,866,916 | ||||||
HAT
Holdings I LLC/HAT Holdings II LLC |
7,697 | 6,754,118 | ||||||
6.00%, 04/15/25 (Call 12/01/23)(a)(b) |
3,171 | 3,076,726 | ||||||
Iron
Mountain Inc. |
7,435 | 6,795,144 | ||||||
5.00%, 07/15/28 (Call 11/13/23)(a) |
4,030 | 3,606,850 | ||||||
5.25%, 03/15/28 (Call 11/13/23)(a) |
6,230 | 5,699,827 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 12/01/23)(a) |
5,330 | 4,659,086 | ||||||
MPT
Operating Partnership LP/MPT Finance Corp. |
10,594 | 8,193,135 | ||||||
5.25%, 08/01/26 (Call 12/01/23)(b) |
3,685 | 3,169,100 |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Necessity Retail REIT Inc./American Finance Operating Partner LP (The), 4.50%, 09/30/28 (Call 06/30/28)(a)(b) |
$ | 135 | $ | 101,081 | ||||
New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/23)(a) |
4,051 | 3,845,915 | ||||||
Office
Properties Income Trust |
3,031 | 2,843,836 | ||||||
4.50%, 02/01/25 (Call 11/01/24) |
4,981 | 4,294,967 | ||||||
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
4,775 | 4,289,430 | ||||||
7.50%, 06/01/25 (Call 12/01/23)(a) |
5,051 | 5,006,602 | ||||||
RHP
Hotel Properties LP/RHP Finance Corp. |
5,235 | 4,757,306 | ||||||
7.25%, 07/15/28 (Call 07/15/25) |
3,070 | 2,984,664 | ||||||
RLJ Lodging Trust LP, 3.75%, 07/01/26 (Call 12/01/23)(a)(b) |
3,664 | 3,304,846 | ||||||
SBA Communications Corp., 3.88%, 02/15/27 (Call 11/13/23)(b) |
11,400 | 10,359,750 | ||||||
Service
Properties Trust |
2,955 | 2,205,169 | ||||||
4.35%, 10/01/24 (Call 09/01/24) |
6,593 | 6,321,039 | ||||||
4.50%, 03/15/25 (Call 09/15/24) |
2,884 | 2,693,656 | ||||||
4.65%, 03/15/24 (Call 12/01/23)(b) |
2,855 | 2,817,742 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
3,400 | 2,880,933 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) |
3,066 | 2,556,278 | ||||||
5.25%, 02/15/26 (Call 08/15/25)(b) |
2,754 | 2,457,945 | ||||||
5.50%, 12/15/27 (Call 09/15/27) |
3,381 | 2,856,342 | ||||||
7.50%, 09/15/25 (Call 06/15/25)(b) |
6,217 | 6,040,333 | ||||||
Starwood
Property Trust Inc. |
3,060 | 2,693,136 | ||||||
3.75%, 12/31/24 (Call 09/30/24)(a) |
3,484 | 3,290,809 | ||||||
4.38%, 01/15/27 (Call 07/15/26)(a)(b) |
3,786 | 3,251,701 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) |
4,376 | 4,194,484 | ||||||
Uniti
Group LP/Uniti Group Finance Inc./CSL Capital LLC |
4,350 | 3,471,844 | ||||||
10.50%, 02/15/28 (Call 09/15/25)(a) |
19,370 | 18,648,806 | ||||||
XHR LP, 6.38%, 08/15/25 (Call 11/13/23)(a)(b) |
3,700 | 3,593,625 | ||||||
|
|
|||||||
187,952,831 | ||||||||
Retail — 3.6% | ||||||||
1011778
BC ULC/New Red Finance Inc. |
11,875 | 10,603,261 | ||||||
4.38%, 01/15/28 (Call 12/01/23)(a)(b) |
5,920 | 5,313,200 | ||||||
5.75%, 04/15/25 (Call 12/01/23)(a)(b) |
3,651 | 3,618,327 | ||||||
Academy
Ltd., 6.00%, 11/15/27 |
2,965 | 2,786,477 | ||||||
Asbury Automotive Group Inc., 4.50%, 03/01/28 (Call 11/13/23) |
3,006 | 2,659,318 | ||||||
Bath & Body Works Inc., 5.25%, 02/01/28(b) |
3,675 | 3,371,384 | ||||||
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b) |
2,980 | 2,907,288 | ||||||
CEC Entertainment LLC, 6.75%, 05/01/26 (Call 12/01/23)(a) |
4,826 | 4,510,428 | ||||||
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 12/01/23)(a) |
3,213 | 3,190,509 | ||||||
eG
Global Finance PLC |
5,329 | 5,251,430 | ||||||
8.50%, 10/30/25 (Call 12/01/23)(a) |
4,330 | 4,257,136 | ||||||
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28 (Call 02/15/25)(a)(b) |
4,200 | 4,240,110 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 12/01/23)(a) |
$ | 4,806 | $ | 4,501,059 | ||||
FirstCash Inc., 4.63%, 09/01/28 (Call 12/01/23)(a) |
4,200 | 3,685,675 | ||||||
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 12/01/23)(a) |
5,570 | 4,790,200 | ||||||
Guitar Center Inc., 8.50%, 01/15/26 (Call 11/13/23)(a)(b) |
4,074 | 3,437,862 | ||||||
IRB
Holding Corp., 7.00%, 06/15/25 |
5,555 | 5,537,548 | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 12/01/23)(a) |
2,950 | 2,522,250 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/23)(a) |
5,575 | 5,272,974 | ||||||
Kohl’s
Corp., 4.25%, 07/17/25 |
2,610 | 2,469,060 | ||||||
Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/01/23)(a)(b) |
2,950 | 2,655,673 | ||||||
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 12/01/23)(a)(b) |
6,076 | 5,480,207 | ||||||
Michaels Companies Inc. (The), 5.25%, 05/01/28 (Call 11/13/23)(a)(b) |
6,300 | 4,535,775 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 12/01/23)(a) |
8,286 | 7,745,604 | ||||||
Nordstrom
Inc., 4.00%, 03/15/27 |
2,611 | 2,303,283 | ||||||
Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 11/13/23)(b) |
4,044 | 3,851,910 | ||||||
PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28 (Call 02/15/24)(a)(b) |
8,950 | 7,919,919 | ||||||
QVC
Inc. |
4,757 | 4,093,922 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
4,275 | 2,426,062 | ||||||
4.85%, 04/01/24 |
3,808 | 3,653,490 | ||||||
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/23) |
5,054 | 4,885,230 | ||||||
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 12/01/23)(a)(b) |
2,556 | 2,541,942 | ||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/23)(a) |
5,362 | 5,000,065 | ||||||
SRS Distribution Inc., 4.63%, 07/01/28 (Call 07/01/24)(a)(b) |
4,875 | 4,263,077 | ||||||
Staples
Inc., 7.50%, 04/15/26 |
15,210 | 12,396,150 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 (Call 12/01/23) . |
2,566 | 2,431,285 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 12/01/23)(a) |
3,325 | 2,894,861 | ||||||
|
|
|||||||
164,003,951 | ||||||||
Semiconductors — 0.3% | ||||||||
Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/23)(a)(b) |
3,840 | 3,729,600 | ||||||
ams-OSRAM AG, 7.00%, 07/31/25 (Call 12/01/23)(a) |
3,286 | 3,231,292 | ||||||
Entegris
Inc., 4.38%, 04/15/28 |
3,000 | 2,672,595 | ||||||
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 12/01/23)(a) |
5,300 | 4,544,750 | ||||||
|
|
|||||||
14,178,237 | ||||||||
Software — 1.8% | ||||||||
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 12/01/23)(a) |
2,970 | 2,838,726 | ||||||
Alteryx
Inc., 8.75%, 03/15/28 |
3,310 | 3,268,625 |
Security | Par (000) |
Value | ||||||
Software (continued) | ||||||||
Boxer
Parent Co. Inc. |
$ | 4,420 | $ | 4,354,879 | ||||
9.13%, 03/01/26 (Call 11/13/23)(a) |
2,554 | 2,538,038 | ||||||
Camelot Finance SA, 4.50%, 11/01/26 (Call 12/01/23)(a) |
5,481 | 5,060,607 | ||||||
CDK Global Inc., 4.88%, 06/01/27 (Call 12/01/23) |
15 | 10,984 | ||||||
Clarivate Science Holdings Corp., 3.88%, 07/01/28 (Call 06/30/24)(a) |
7,035 | 6,079,999 | ||||||
Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)(a) |
3,450 | 2,859,188 | ||||||
Fair
Isaac Corp. |
6,494 | 5,775,872 | ||||||
5.25%, 05/15/26 (Call 02/15/26)(a) |
3,113 | 2,995,671 | ||||||
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)(a) |
2,250 | 1,894,005 | ||||||
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b) |
3,825 | 3,461,625 | ||||||
Open Text Corp., 3.88%, 02/15/28 (Call 12/01/23)(a) |
6,890 | 5,965,017 | ||||||
PTC
Inc. |
3,997 | 3,846,166 | ||||||
4.00%, 02/15/28 (Call 12/01/23)(a) |
3,750 | 3,336,281 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/23)(a)(b) |
15,381 | 14,438,914 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/23)(a) |
13,399 | 10,953,682 | ||||||
West Technology Group LLC, 8.50%, 04/10/27 (Call 12/01/23)(a)(b) |
3,434 | 2,963,542 | ||||||
|
|
|||||||
82,641,821 | ||||||||
Telecommunications — 3.7% | ||||||||
Altice France Holding SA, 10.50%, 05/15/27 (Call 11/13/23)(a) |
11,000 | 5,967,500 | ||||||
Altice
France SA/France |
8,850 | 6,571,125 | ||||||
8.13%, 02/01/27 (Call 11/13/23)(a) |
13,619 | 11,454,430 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/13/23)(a) |
9,075 | 7,734,622 | ||||||
CommScope
Inc. |
11,435 | 9,605,400 | ||||||
8.25%, 03/01/27 (Call 12/01/23)(a)(b) |
1,400 | 572,775 | ||||||
CommScope Technologies LLC, 6.00%, 06/15/25 (Call 11/13/23)(a)(b) |
9,807 | 5,884,200 | ||||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 11/13/23)(a)(b) |
15,761 | 14,672,703 | ||||||
Consolidated
Communications Inc. |
3,000 | 2,250,000 | ||||||
6.50%, 10/01/28 (Call 11/13/23)(a) |
3,738 | 2,962,365 | ||||||
Frontier
Communications Holdings LLC |
11,675 | 10,069,687 | ||||||
5.88%, 10/15/27 (Call 12/01/23)(a)(b) |
8,580 | 7,818,525 | ||||||
Hughes
Satellite Systems Corp. |
5,700 | 5,124,585 | ||||||
6.63%, 08/01/26(b) |
5,671 | 4,796,929 | ||||||
Iliad Holding SASU, 6.50%, 10/15/26 (Call 11/13/23)(a) |
9,216 | 8,605,440 | ||||||
Level 3
Financing Inc. |
5,585 | 5,159,144 | ||||||
4.25%, 07/01/28 (Call 12/01/23)(a) |
7,975 | 4,505,875 | ||||||
4.63%, 09/15/27 (Call 12/01/23)(a) |
7,850 | 5,289,919 | ||||||
10.50%, 05/15/30 (Call 05/15/26)(a) |
2,564 | 2,557,334 |
26 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
Lumen Technologies Inc., 4.00%, 02/15/27 (Call 12/01/23)(a) |
$ | 9,402 | $ | 6,341,649 | ||||
Telecom
Italia SpA/Milano, 5.30%, |
11,580 | 11,381,072 | ||||||
ViaSat
Inc. |
5,216 | 4,845,612 | ||||||
5.63%, 04/15/27 (Call 11/13/23)(a) |
4,446 | 3,883,803 | ||||||
6.50%, 07/15/28 (Call 12/01/23)(a)(b) |
2,955 | 2,094,800 | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 12/01/23)(a)(b) |
10,400 | 8,104,200 | ||||||
Zayo
Group Holdings Inc. |
11,043 | 8,309,857 | ||||||
6.13%, 03/01/28 (Call 12/01/23)(a)(b) |
8,030 | 5,299,800 | ||||||
|
|
|||||||
171,863,351 | ||||||||
Transportation — 0.3% | ||||||||
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 11/16/23)(a)(b) |
5,675 | 5,008,187 | ||||||
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 12/01/23)(a)(b) |
4,570 | 4,283,461 | ||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 (Call 11/15/24)(a)(b) |
2,613 | 2,609,734 | ||||||
|
|
|||||||
11,901,382 | ||||||||
Trucking & Leasing — 0.5% | ||||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
5.50%, 05/01/28 (Call 05/01/24)(a) |
7,725 | 7,025,405 | ||||||
6.50%, 10/01/25 (Call 12/01/23)(a) |
4,786 | 4,725,616 | ||||||
9.75%, 08/01/27 (Call 11/13/23)(a) |
2,911 | 2,992,356 | ||||||
NAC Aviation 29 DAC, 4.75%, 06/30/26 (Call 11/06/23)(b) |
6,743 | 6,122,566 | ||||||
|
|
|||||||
20,865,943 | ||||||||
Water — 0.1% | ||||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 12/01/23)(a) |
2,923 | 2,787,959 | ||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 98.0% |
4,500,332,782 | |||||||
|
|
Security |
Shares |
Value |
||||||
Common Stocks |
||||||||
Health Care Technology — 0.0% |
||||||||
Quincy Health LLC(d)(e) |
25,958 | $ | — | |||||
|
|
|||||||
Total
Common Stocks — 0.0% |
— | |||||||
|
|
|||||||
Total
Long-Term Investments — 98.0% |
|
4,500,332,782 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 14.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(f)(g)(h) |
636,441,409 | 636,695,986 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(f)(g) |
31,090,000 | 31,090,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 14.5% |
667,785,986 | |||||||
|
|
|||||||
Total
Investments — 112.5% |
5,168,118,768 | |||||||
Liabilities in Excess of Other Assets — (12.5)% |
|
(573,775,421 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,594,343,347 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Non-income producing security. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain from Funds |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 1,015,499,020 | $ | — | $ | (379,577,821 | )(a) | $ | 303,333 | $ | 471,454 | $ | 636,695,986 | 636,441,409 | $ | 7,848,501 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
57,659,000 | — | (26,569,000 | )(a) | — | — | 31,090,000 | 31,090,000 | 1,655,332 | 46 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 303,333 | $ | 471,454 | $ | 667,785,986 | $ | 9,503,833 | $ | 46 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) October 31, 2023 |
iShares® 0-5 Year High Yield Corporate Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 4,500,332,782 | $ | — | $ | 4,500,332,782 | ||||||||
Common Stocks |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
667,785,986 | — | — | 667,785,986 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 667,785,986 | $ | 4,500,332,782 | $ | — | $ | 5,168,118,768 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
28 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.8% | ||||||||
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b) |
$ | 6,324 | $ | 5,154,060 | ||||
Clear Channel International BV, 6.63%, 08/01/25 (Call 11/13/23)(a)(b) |
2,840 | 2,776,820 | ||||||
Clear
Channel Outdoor Holdings Inc. |
9,468 | 8,415,118 | ||||||
7.50%, 06/01/29 (Call 06/01/24)(a)(b) |
8,202 | 5,970,118 | ||||||
7.75%, 04/15/28 (Call 04/15/24)(a)(b) |
7,784 | 5,950,714 | ||||||
9.00%, 09/15/28 (Call 09/15/25)(b) |
5,665 | 5,517,597 | ||||||
Lamar
Media Corp. |
4,095 | 3,310,029 | ||||||
3.75%, 02/15/28 (Call 11/16/23)(b) |
4,317 | 3,823,662 | ||||||
4.00%, 02/15/30 (Call 02/15/25)(b) |
4,056 | 3,431,782 | ||||||
4.88%, 01/15/29 (Call 01/15/24)(b) |
3,299 | 3,024,721 | ||||||
Outfront
Media Capital LLC/Outfront Media Capital Corp. |
3,864 | 3,147,576 | ||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) |
3,855 | 3,093,637 | ||||||
5.00%, 08/15/27 (Call 11/13/23)(a)(b) |
4,941 | 4,388,991 | ||||||
6.25%, 06/15/25 (Call 12/01/23)(a) |
2,805 | 2,766,347 | ||||||
Stagwell
Global LLC, 5.63%, 08/15/29 |
8,526 | 7,046,654 | ||||||
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 12/01/23)(a) |
3,185 | 2,773,657 | ||||||
Terrier Media Buyer Inc., 8.88%, 12/15/27 (Call 11/13/23)(a)(b) |
6,798 | 5,251,455 | ||||||
|
|
|||||||
75,842,938 | ||||||||
Aerospace & Defense — 2.1% | ||||||||
Bombardier
Inc. |
5,670 | 5,017,260 | ||||||
7.13%, 06/15/26 (Call 12/01/23)(a) |
9,489 | 9,130,184 | ||||||
7.45%, 05/01/34(a)(b) |
3,893 | 4,360,160 | ||||||
7.50%, 03/15/25 (Call 12/01/23)(a) |
2,782 | 2,778,918 | ||||||
7.50%, 02/01/29 (Call 02/01/26)(a)(b) |
5,931 | 5,493,656 | ||||||
7.88%, 04/15/27 (Call 12/01/23)(a)(b) |
14,331 | 13,786,036 | ||||||
Moog Inc., 4.25%, 12/15/27 (Call 12/01/23)(a) |
4,139 | 3,684,780 | ||||||
Rolls-Royce
PLC |
7,452 | 6,964,329 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) |
7,952 | 7,535,115 | ||||||
Spirit
AeroSystems Inc. |
2,333 | 2,155,366 | ||||||
4.60%, 06/15/28 (Call 03/15/28)(b) |
5,562 | 4,400,409 | ||||||
7.50%, 04/15/25 (Call 12/01/23)(a) |
8,952 | 8,929,922 | ||||||
9.38%, 11/30/29 (Call 11/30/25)(a)(b) |
6,895 | 7,080,687 | ||||||
TransDigm
Inc. |
9,383 | 8,090,398 | ||||||
4.88%, 05/01/29 (Call 05/01/24) |
5,832 | 5,052,748 | ||||||
5.50%, 11/15/27 (Call 12/01/23) |
20,354 | 18,948,648 | ||||||
6.25%, 03/15/26 (Call 12/01/23)(a) |
34,279 | 33,452,401 | ||||||
6.75%, 08/15/28 (Call 02/15/25)(a) |
16,095 | 15,627,977 | ||||||
6.88%, 12/15/30 (Call 08/18/26)(a) |
11,875 | 11,466,025 | ||||||
7.50%, 03/15/27 (Call 12/01/23) |
4,629 | 4,623,334 | ||||||
Triumph
Group Inc. |
3,232 | 3,070,400 | ||||||
9.00%, 03/15/28 (Call 03/15/25)(a) |
9,726 | 9,446,265 | ||||||
|
|
|||||||
191,095,018 | ||||||||
Agriculture — 0.3% | ||||||||
Darling
Ingredients Inc. |
4,092 | 3,893,395 |
Security | Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
6.00%, 06/15/30 (Call 06/15/25)(a)(b) |
$ | 7,807 | $ | 7,324,523 | ||||
Turning Point Brands Inc., 5.63%, 02/15/26 (Call 11/13/23)(a) |
1,916 | 1,757,930 | ||||||
Vector
Group Ltd. |
6,800 | 5,762,437 | ||||||
10.50%, 11/01/26 (Call 12/01/23)(a) |
3,898 | 3,900,885 | ||||||
|
|
|||||||
22,639,170 | ||||||||
Airlines — 1.7% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
8,919 | 8,115,060 | ||||||
Allegiant
Travel Co., 7.25%, 08/15/27 |
4,120 | 3,728,600 | ||||||
American Airlines Group Inc., 3.75%, 03/01/25(a) |
3,623 | 3,380,302 | ||||||
American
Airlines Inc. |
5,760 | 5,355,778 | ||||||
11.75%, 07/15/25(a)(b) |
15,197 | 16,101,206 | ||||||
American
Airlines Inc./AAdvantage Loyalty |
23,600 | 22,950,191 | ||||||
5.75%, 04/20/29(a) |
23,753 | 21,426,057 | ||||||
Delta
Air Lines Inc. |
2,195 | 2,106,403 | ||||||
3.75%, 10/28/29 (Call 07/28/29)(b) |
3,502 | 2,977,803 | ||||||
4.38%, 04/19/28 (Call 01/19/28)(b) |
3,118 | 2,863,945 | ||||||
7.38%, 01/15/26 (Call 12/15/25)(b) |
5,717 | 5,773,884 | ||||||
Hawaiian
Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., |
9,549 | 7,055,464 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 11/14/23)(a) |
8,812 | 6,498,849 | ||||||
United Airlines Holdings Inc., 4.88%, 01/15/25 |
2,294 | 2,223,008 | ||||||
United
Airlines Inc. |
15,928 | 14,775,044 | ||||||
4.63%, 04/15/29 (Call 10/15/28)(a) |
15,069 | 12,728,833 | ||||||
VistaJet
Malta Finance PLC/Vista Management Holding Inc. |
8,222 | 5,483,189 | ||||||
7.88%, 05/01/27 (Call 05/01/24)(a)(b) |
3,670 | 2,822,524 | ||||||
9.50%, 06/01/28 (Call 06/01/25)(a)(b) |
3,700 | 2,834,836 | ||||||
|
|
|||||||
149,200,976 | ||||||||
Apparel — 0.4% | ||||||||
Crocs
Inc. |
2,627 | 1,996,409 | ||||||
4.25%, 03/15/29 (Call 03/15/24)(a)(b) |
2,609 | 2,139,380 | ||||||
Hanesbrands
Inc. |
6,856 | 6,299,395 | ||||||
9.00%, 02/15/31 (Call 02/15/26)(a)(b) |
4,960 | 4,604,096 | ||||||
Kontoor
Brands Inc., 4.13%, 11/15/29 |
3,332 | 2,742,608 | ||||||
Levi
Strauss & Co., 3.50%, 03/01/31 |
4,042 | 3,146,953 | ||||||
Under
Armour Inc., 3.25%, 06/15/26 |
4,490 | 4,089,216 | ||||||
William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/23)(a) |
3,788 | 3,589,212 | ||||||
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a)(b) |
4,089 | 3,048,747 | ||||||
|
|
|||||||
31,656,016 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Auto Manufacturers — 2.5% | ||||||||
Allison
Transmission Inc. |
$ | 7,763 | $ | 6,153,093 | ||||
4.75%, 10/01/27 (Call 11/13/23)(a) |
3,047 | 2,778,753 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) |
3,801 | 3,523,649 | ||||||
Aston
Martin Capital Holdings Ltd., |
9,475 | 9,371,462 | ||||||
Ford Holdings LLC, 9.30%, 03/01/30 |
1,366 | 1,463,642 | ||||||
Ford
Motor Co. |
11,887 | 8,971,700 | ||||||
4.35%, 12/08/26 (Call 09/08/26) |
6,992 | 6,589,994 | ||||||
4.75%, 01/15/43(b) |
9,567 | 6,645,542 | ||||||
5.29%, 12/08/46 (Call 06/08/46)(b) |
6,163 | 4,477,443 | ||||||
6.10%, 08/19/32 (Call 05/19/32)(b) |
8,105 | 7,496,712 | ||||||
6.63%, 10/01/28(b) |
2,142 | 2,116,703 | ||||||
7.40%, 11/01/46(b) |
1,905 | 1,787,552 | ||||||
7.45%, 07/16/31(b) |
5,190 | 5,236,745 | ||||||
9.63%, 04/22/30 (Call 01/22/30)(b) |
2,195 | 2,447,551 | ||||||
Ford
Motor Credit Co. LLC |
5,780 | 5,458,109 | ||||||
2.70%, 08/10/26 (Call 07/10/26)(b) |
7,140 | 6,399,837 | ||||||
2.90%, 02/16/28 (Call 12/16/27) |
3,557 | 3,025,812 | ||||||
2.90%, 02/10/29 (Call 12/10/28)(b) |
3,310 | 2,706,785 | ||||||
3.38%, 11/13/25 (Call 10/13/25)(b) |
10,220 | 9,537,330 | ||||||
3.63%, 06/17/31 (Call 03/17/31) |
4,630 | 3,657,701 | ||||||
3.82%, 11/02/27 (Call 08/02/27) |
3,546 | 3,161,275 | ||||||
4.00%, 11/13/30 (Call 08/13/30) |
7,834 | 6,452,767 | ||||||
4.06%, 11/01/24 (Call 10/01/24) |
6,925 | 6,741,491 | ||||||
4.13%, 08/04/25 |
6,491 | 6,186,807 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
5,865 | 5,324,880 | ||||||
4.27%, 01/09/27 (Call 11/09/26) |
4,277 | 3,957,139 | ||||||
4.39%, 01/08/26 |
5,719 | 5,421,052 | ||||||
4.54%, 08/01/26 (Call 06/01/26) |
3,575 | 3,362,224 | ||||||
4.69%, 06/09/25 (Call 04/09/25)(b) |
2,732 | 2,639,047 | ||||||
4.95%, 05/28/27 (Call 04/28/27) |
7,255 | 6,805,163 | ||||||
5.11%, 05/03/29 (Call 02/03/29)(b) |
6,850 | 6,234,574 | ||||||
5.13%, 06/16/25 (Call 05/16/25) |
8,135 | 7,915,465 | ||||||
6.80%, 05/12/28 (Call 04/12/28)(b) |
7,175 | 7,154,497 | ||||||
6.95%, 03/06/26 (Call 02/06/26)(b) |
6,080 | 6,090,495 | ||||||
6.95%, 06/10/26 (Call 05/10/26) |
4,280 | 4,290,700 | ||||||
7.20%, 06/10/30 (Call 04/10/30) |
4,060 | 4,057,239 | ||||||
7.35%, 11/04/27 (Call 10/04/27) |
7,160 | 7,247,158 | ||||||
7.35%, 03/06/30 (Call 01/06/30) |
5,450 | 5,473,282 | ||||||
Jaguar
Land Rover Automotive PLC |
3,941 | 3,398,681 | ||||||
5.50%, 07/15/29 (Call 07/15/24)(a) |
2,865 | 2,469,576 | ||||||
5.88%, 01/15/28 (Call 01/15/24)(a)(b) |
3,660 | 3,294,150 | ||||||
7.75%, 10/15/25 (Call 12/01/23)(a) |
5,286 | 5,289,558 | ||||||
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/23)(a) |
4,234 | 4,037,167 | ||||||
Mclaren Finance PLC, 7.50%, 08/01/26 (Call 12/01/23)(a) |
4,795 | 4,099,725 | ||||||
PM
General Purchaser LLC, 9.50%, 10/01/28 |
4,575 | 4,300,500 | ||||||
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)(a)(b) |
3,263 | 2,700,133 | ||||||
|
|
|||||||
227,950,860 | ||||||||
Auto Parts & Equipment — 1.7% | ||||||||
Adient
Global Holdings Ltd. |
6,036 | 5,621,421 | ||||||
7.00%, 04/15/28 (Call 04/15/25)(a) |
3,785 | 3,725,576 | ||||||
8.25%, 04/15/31 (Call 04/15/26)(a)(b) |
3,763 | 3,662,428 |
Security | Par (000) |
Value | ||||||
Auto Parts & Equipment (continued) | ||||||||
American
Axle & Manufacturing Inc. |
$ | 4,550 | $ | 3,594,109 | ||||
6.50%, 04/01/27 (Call 12/01/23)(b) |
3,833 | 3,613,040 | ||||||
6.88%, 07/01/28 (Call 11/13/23)(b) |
3,048 | 2,716,652 | ||||||
Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/23)(a) |
3,154 | 3,128,966 | ||||||
Clarios
Global LP/Clarios U.S. Finance Co. |
7,330 | 7,165,712 | ||||||
6.75%, 05/15/28 (Call 05/15/25)(a)(b) |
5,674 | 5,531,356 | ||||||
8.50%, 05/15/27 (Call 12/04/23)(a)(b) |
12,143 | 11,955,692 | ||||||
Cooper-Standard Automotive Inc. |
||||||||
5.63%, 05/15/27 (Call 01/31/25), (10.63% PIK)(a)(c) |
2,844 | 1,882,953 | ||||||
13.50%, 03/31/27 (Call 01/31/25), (4.5% PIK)(a)(c) |
4,401 | 4,511,785 | ||||||
Dana
Inc. |
3,155 | 2,497,119 | ||||||
4.50%, 02/15/32 (Call 02/15/27) |
2,775 | 2,173,103 | ||||||
5.38%, 11/15/27 (Call 11/13/23)(b) |
2,964 | 2,726,880 | ||||||
5.63%, 06/15/28 (Call 11/13/23)(b) |
2,984 | 2,704,250 | ||||||
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 12/01/23)(a)(b) |
4,043 | 3,792,193 | ||||||
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)(a)(b) |
5,287 | 4,158,357 | ||||||
Goodyear
Tire & Rubber Co. (The) |
5,284 | 4,860,136 | ||||||
5.00%, 05/31/26 (Call 12/01/23)(b) |
7,314 | 6,917,635 | ||||||
5.00%, 07/15/29 (Call 04/15/29)(b) |
6,562 | 5,643,470 | ||||||
5.25%, 04/30/31 (Call 01/30/31)(b) |
4,272 | 3,513,230 | ||||||
5.25%, 07/15/31 (Call 04/15/31)(b) |
4,645 | 3,782,748 | ||||||
5.63%, 04/30/33 (Call 01/30/33) |
3,445 | 2,762,539 | ||||||
9.50%, 05/31/25 (Call 11/16/23) |
4,047 | 4,093,540 | ||||||
IHO Verwaltungs GmbH |
||||||||
4.75%,
09/15/26 (Call 11/13/23), |
3,746 | 3,481,270 | ||||||
6.00%, 05/15/27 (Call 11/13/23), (6.75% PIK)(a)(b)(c) |
3,401 | 3,164,665 | ||||||
6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(a)(b)(c) |
2,962 | 2,578,729 | ||||||
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)(a)(b) |
4,700 | 3,738,709 | ||||||
Tenneco
Inc., 8.00%, 11/17/28 |
14,950 | 11,997,375 | ||||||
Titan
International Inc., 7.00%, 04/30/28 |
3,309 | 3,023,663 | ||||||
ZF
North America Capital Inc. |
7,732 | 7,460,187 | ||||||
6.88%, 04/14/28 (Call 03/14/28)(a) |
4,760 | 4,612,668 | ||||||
7.13%, 04/14/30 (Call 02/14/30)(a)(b) |
5,165 | 5,010,381 | ||||||
|
|
|||||||
151,802,537 | ||||||||
Banks — 0.9% | ||||||||
Dresdner
Funding Trust I, |
7,383 | 7,706,006 | ||||||
Freedom
Mortgage Corp. |
4,241 | 3,670,548 | ||||||
7.63%, 05/01/26 (Call 12/01/23)(a) |
4,015 | 3,694,949 | ||||||
12.00%, 10/01/28 (Call 10/01/25)(a) |
6,160 | 6,179,703 | ||||||
12.25%, 10/01/30 (Call 10/01/26)(a) |
3,950 | 3,951,296 | ||||||
Intesa Sanpaolo SpA |
||||||||
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(d) |
5,765 | 4,097,723 |
30 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Banks (continued) | ||||||||
4.95%, 06/01/42 (Call 06/01/41), (1-year CMT + 2.750%)(a)(b)(d) |
$ | 5,720 | $ | 3,354,779 | ||||
5.71%, 01/15/26(a) |
11,673 | 11,074,050 | ||||||
Standard Chartered PLC, 7.01%, (Call 07/30/37), (3-mo. LIBOR US + 1.460%)(a)(b)(d)(e) |
5,590 | 5,129,975 | ||||||
Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26), (5-year CMT + 3.150%)(b)(d) |
2,881 | 2,377,135 | ||||||
UniCredit SpA |
||||||||
5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(d) |
11,583 | 9,502,375 | ||||||
5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(d) |
7,745 | 6,967,834 | ||||||
7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(b)(d) |
10,125 | 9,395,529 | ||||||
Valley
National Bancorp., 3.00%, 06/15/31 |
2,100 | 1,680,116 | ||||||
Western
Alliance Bancorp., 3.00%, 06/15/31 |
4,465 | 3,411,260 | ||||||
|
|
|||||||
82,193,278 | ||||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings Inc., 4.38%, 04/30/29 |
6,243 | 5,267,281 | ||||||
Triton
Water Holdings Inc., 6.25%, 04/01/29 |
5,817 | 4,794,283 | ||||||
|
|
|||||||
10,061,564 | ||||||||
Biotechnology — 0.0% | ||||||||
Emergent
BioSolutions Inc., 3.88%, 08/15/28 |
3,226 | 1,268,544 | ||||||
|
|
|||||||
Building Materials — 1.5% | ||||||||
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (Call 10/15/25)(b) |
4,050 | 3,829,275 | ||||||
Boise
Cascade Co., 4.88%, 07/01/30 |
3,298 | 2,837,039 | ||||||
Builders FirstSource Inc. |
||||||||
4.25%, 02/01/32 (Call 08/01/26)(a)(b) |
10,062 | 8,007,913 | ||||||
5.00%, 03/01/30 (Call 03/01/25)(a) |
4,333 | 3,781,268 | ||||||
6.38%, 06/15/32 (Call 06/15/27)(a)(b) |
5,570 | 5,098,058 | ||||||
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)(b) |
5,553 | 5,185,003 | ||||||
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 12/01/23)(a) |
2,461 | 1,799,241 | ||||||
CP
Atlas Buyer Inc., 7.00%, 12/01/28 |
3,863 | 2,944,301 | ||||||
Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)(a) |
3,870 | 3,664,827 | ||||||
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30 (Call 06/15/26)(a) |
17,459 | 16,607,874 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 12/01/23)(b) |
8,059 | 7,277,816 | ||||||
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 12/01/23)(a) |
2,941 | 2,714,548 | ||||||
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/01/23)(a)(b) |
2,926 | 2,480,204 | ||||||
Knife
River Holding Co., 7.75%, 05/01/31 |
3,380 | 3,367,404 | ||||||
Louisiana-Pacific
Corp., 3.63%, 03/15/29 |
2,605 | 2,145,673 | ||||||
Masonite
International Corp. 3.50%, 02/15/30 |
2,961 | 2,344,587 |
Security | Par (000) |
Value | ||||||
Building Materials (continued) | ||||||||
5.38%, 02/01/28 (Call 12/01/23)(a) |
$ | 3,710 | $ | 3,416,576 | ||||
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30 (Call 02/01/25)(a)(b) |
3,738 | 2,967,037 | ||||||
New Enterprise Stone & Lime Co. Inc., 5.25%, 07/15/28 (Call 07/15/24)(a)(b) |
4,330 | 3,821,188 | ||||||
Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30 (Call 04/15/25)(a)(b) |
4,421 | 3,900,905 | ||||||
PGT
Innovations Inc., 4.38%, 10/01/29 |
4,325 | 4,037,712 | ||||||
SRM
Escrow Issuer LLC, 6.00%, 11/01/28 |
8,183 | 7,565,893 | ||||||
Standard Industries Inc./NJ |
||||||||
3.38%, 01/15/31 (Call 07/15/25)(a) |
8,410 | 6,363,987 | ||||||
4.38%, 07/15/30 (Call 07/15/25)(a) |
12,295 | 10,045,294 | ||||||
4.75%, 01/15/28 (Call 12/01/23)(a)(b) |
7,645 | 6,841,507 | ||||||
5.00%, 02/15/27 (Call 12/01/23)(a) |
6,506 | 6,013,344 | ||||||
Summit Materials LLC/Summit Materials Finance Corp. |
||||||||
5.25%, 01/15/29 (Call 11/13/23)(a) |
5,533 | 5,009,965 | ||||||
6.50%, 03/15/27 (Call 11/13/23)(a) |
2,390 | 2,324,269 | ||||||
Victors
Merger Corp., 6.38%, 05/15/29 |
3,856 | 2,352,160 | ||||||
|
|
|||||||
138,744,868 | ||||||||
Chemicals — 2.5% | ||||||||
Cerdia
Finanz GmbH, 10.50%, 02/15/27 |
4,568 | 4,490,664 | ||||||
Ashland Inc. |
||||||||
3.38%, 09/01/31 (Call 06/01/31)(a) |
3,337 | 2,558,063 | ||||||
6.88%, 05/15/43 (Call 02/15/43) |
2,178 | 2,044,311 | ||||||
ASP Unifrax Holdings Inc |
||||||||
5.25%, 09/30/28 (Call 09/30/24)(a) |
6,190 | 4,181,016 | ||||||
7.50%, 09/30/29 (Call 09/30/24)(a)(b) |
3,005 | 1,607,675 | ||||||
Avient Corp. |
||||||||
5.75%, 05/15/25 (Call 12/01/23)(a) |
4,765 | 4,669,206 | ||||||
7.13%, 08/01/30 (Call 08/01/25)(a)(b) |
5,540 | 5,329,987 | ||||||
Axalta
Coating Systems LLC, 3.38%, 02/15/29 |
5,587 | 4,592,325 | ||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 12/04/23)(a)(b) |
4,377 | 4,030,957 | ||||||
Cheever
Escrow Issuer LLC, 7.13%, 10/01/27 |
2,345 | 2,159,083 | ||||||
Chemours Co. (The) |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
4,755 | 3,672,660 | ||||||
5.38%, 05/15/27 (Call 02/15/27)(b) |
3,692 | 3,335,410 | ||||||
5.75%, 11/15/28 (Call 11/15/23)(a)(b) |
6,244 | 5,280,862 | ||||||
Cornerstone
Chemical Co., 10.25%, 09/01/27 |
3,247 | 2,761,556 | ||||||
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a) |
4,138 | 3,651,785 | ||||||
Element
Solutions Inc., 3.88%, 09/01/28 |
6,014 | 5,117,033 | ||||||
EverArc
Escrow Sarl, 5.00%, 10/30/29 |
5,007 | 3,780,701 | ||||||
GPD
Companies Inc., 10.13%, 04/01/26 |
3,809 | 3,430,511 | ||||||
HB Fuller Co. |
||||||||
4.00%, 02/15/27 (Call 11/15/26) |
2,291 | 2,068,040 | ||||||
4.25%, 10/15/28 (Call 12/01/23)(b) |
2,248 | 1,947,487 | ||||||
Herens
Holdco Sarl, 4.75%, 05/15/28 |
2,600 | 2,013,890 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 12/01/23)(a)(b) |
$ | 3,553 | $ | 3,319,568 | ||||
INEOS
Finance PLC, 6.75%, 05/15/28 |
3,767 | 3,517,381 | ||||||
INEOS Quattro Finance 2 PLC, 3.38%, 01/15/26 (Call 12/01/23)(a) |
3,705 | 3,538,275 | ||||||
Ingevity
Corp., 3.88%, 11/01/28 |
4,213 | 3,420,259 | ||||||
Innophos
Holdings Inc., 9.38%, 02/15/28 |
2,336 | 2,197,918 | ||||||
Iris
Holdings Inc., 10.00%, 12/15/28 |
2,950 | 2,140,858 | ||||||
LSF11
A5 HoldCo LLC, 6.63%, 10/15/29 |
2,819 | 2,286,940 | ||||||
Mativ
Holdings Inc., 6.88%, 10/01/26 |
2,592 | 2,332,800 | ||||||
Methanex Corp. |
||||||||
4.25%, 12/01/24 (Call 09/01/24) |
1,886 | 1,841,599 | ||||||
5.13%, 10/15/27 (Call 04/15/27) |
5,903 | 5,400,902 | ||||||
5.25%, 12/15/29 (Call 09/15/29) |
5,609 | 4,959,930 | ||||||
5.65%, 12/01/44 (Call 06/01/44)(b) |
2,348 | 1,725,411 | ||||||
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 11/13/23)(a) |
2,988 | 2,612,349 | ||||||
NOVA Chemicals Corp. |
||||||||
4.25%, 05/15/29 (Call 05/15/24)(a)(b) |
4,404 | 3,257,136 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a) |
3,554 | 3,356,618 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a) |
8,460 | 7,145,863 | ||||||
Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)(a)(b) |
2,864 | 2,484,491 | ||||||
Olin Corp. |
||||||||
5.00%, 02/01/30 (Call 02/01/24)(b) |
3,965 | 3,424,801 | ||||||
5.13%, 09/15/27 (Call 12/01/23)(b) |
3,821 | 3,503,152 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) |
5,336 | 4,851,477 | ||||||
Olympus Water U.S. Holding Corp. |
||||||||
4.25%, 10/01/28 (Call 10/01/24)(a)(b) |
6,190 | 4,939,249 | ||||||
6.25%, 10/01/29 (Call 10/01/24)(a)(b) |
3,005 | 2,253,750 | ||||||
9.75%, 11/15/28 (Call 06/01/25)(a) |
13,115 | 12,809,433 | ||||||
Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 12/01/23)(a)(b) |
2,116 | 931,040 | ||||||
Rain
Carbon Inc., 12.25%, 09/01/29 |
3,330 | 3,388,275 | ||||||
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)(a)(b) |
3,542 | 3,010,700 | ||||||
SCIH Salt Holdings Inc. |
||||||||
4.88%, 05/01/28 (Call 05/01/24)(a)(b) |
8,423 | 7,272,226 | ||||||
6.63%, 05/01/29 (Call 05/01/24)(a)(b) |
5,534 | 4,638,741 | ||||||
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 12/01/23)(a) |
5,795 | 5,140,316 | ||||||
SPCM SA |
||||||||
3.13%, 03/15/27 (Call 03/15/24)(a) |
2,885 | 2,552,897 | ||||||
3.38%, 03/15/30 (Call 03/15/25)(a) |
2,650 | 2,119,281 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.13%, 04/01/29 (Call 04/01/24)(a)(b) |
3,241 | 1,364,693 | ||||||
Tronox
Inc., 4.63%, 03/15/29 |
8,311 | 6,546,845 | ||||||
Valvoline Inc. |
||||||||
3.63%, 06/15/31 (Call 06/15/26)(a) |
4,298 | 3,266,480 | ||||||
4.25%, 02/15/30 (Call 02/15/25)(a)(b) |
3,306 | 3,238,465 |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)(a)(b) |
$ | 5,865 | $ | 4,667,917 | ||||
WR Grace Holdings LLC |
||||||||
4.88%, 06/15/27 (Call 12/01/23)(a) |
5,730 | 5,147,593 | ||||||
5.63%, 08/15/29 (Call 08/15/24)(a) |
9,116 | 7,064,900 | ||||||
7.38%, 03/01/31 (Call 03/01/26)(a) |
2,670 | 2,473,141 | ||||||
|
|
|||||||
222,866,892 | ||||||||
Coal — 0.1% | ||||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/23)(a)(b) |
1,974 | 1,959,195 | ||||||
Conuma Resources Ltd., 13.13%, 05/01/28 (Call 05/01/26)(a)(b) |
1,850 | 1,710,537 | ||||||
SunCoke
Energy Inc., 4.88%, 06/30/29 |
3,771 | 3,156,327 | ||||||
|
|
|||||||
6,826,059 | ||||||||
Commercial Services — 4.7% | ||||||||
ADT Security Corp. (The) |
||||||||
4.13%, 08/01/29 (Call 08/01/28)(a)(b) |
8,437 | 7,235,993 | ||||||
4.88%, 07/15/32(a)(b) |
5,461 | 4,568,181 | ||||||
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a) |
3,180 | 2,895,707 | ||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 12/01/23)(a) |
4,155 | 3,843,375 | ||||||
Albion
Financing 2 Sarl, 8.75%, 04/15/27 |
3,515 | 3,210,917 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. |
||||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) |
7,367 | 5,322,658 | ||||||
6.63%, 07/15/26 (Call 12/01/23)(a) |
15,090 | 14,131,782 | ||||||
9.75%, 07/15/27 (Call 12/01/23)(a)(b) |
8,193 | 7,116,654 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a) |
15,280 | 12,478,962 | ||||||
Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 12/01/23)(a)(b) |
2,668 | 2,386,697 | ||||||
AMN Healthcare Inc. |
||||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
2,589 | 2,144,161 | ||||||
4.63%, 10/01/27 (Call 12/01/23)(a)(b) |
3,648 | 3,273,861 | ||||||
APi
Escrow Corp., 4.75%, 10/15/29 |
2,330 | 1,992,689 | ||||||
APi
Group DE Inc., 4.13%, 07/15/29 |
2,469 | 2,013,672 | ||||||
Aptim Corp., 7.75%, 06/15/25 (Call 11/16/23)(a) |
3,617 | 3,301,670 | ||||||
APX Group Inc. |
||||||||
5.75%, 07/15/29 (Call 07/15/24)(a)(b) |
6,088 | 5,061,342 | ||||||
6.75%, 02/15/27 (Call 12/01/23)(a) |
4,544 | 4,386,823 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
||||||||
4.75%, 04/01/28 (Call 04/01/24)(a)(b) |
3,721 | 3,192,881 | ||||||
5.38%, 03/01/29 (Call 03/01/24)(a)(b) |
4,692 | 4,018,739 | ||||||
5.75%, 07/15/27 (Call 11/13/23)(a)(b) |
3,562 | 3,268,304 | ||||||
5.75%, 07/15/27 (Call 12/01/23)(a) |
2,606 | 2,386,045 | ||||||
Block Inc. |
||||||||
2.75%, 06/01/26 (Call 05/01/26) |
7,623 | 6,840,586 | ||||||
3.50%, 06/01/31 (Call 03/01/31)(b) |
8,327 | 6,426,401 | ||||||
Brink’s Co. (The) |
||||||||
4.63%, 10/15/27 (Call 12/01/23)(a) |
4,563 | 4,126,597 | ||||||
5.50%, 07/15/25 (Call 12/01/23)(a) |
3,688 | 3,588,896 |
32 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
Carriage
Services Inc., 4.25%, 05/15/29 |
$ | 2,951 | $ | 2,413,770 | ||||
Cimpress
PLC, 7.00%, 06/15/26 |
4,258 | 3,940,438 | ||||||
CoreCivic Inc. |
||||||||
4.75%, 10/15/27 (Call 07/15/27)(b) |
1,816 | 1,577,650 | ||||||
8.25%, 04/15/26 (Call 04/15/24) |
4,940 | 5,001,398 | ||||||
CoreLogic
Inc., 4.50%, 05/01/28 |
5,936 | 4,704,280 | ||||||
CPI
CG Inc., 8.63%, 03/15/26 |
2,111 | 2,005,450 | ||||||
Deluxe
Corp., 8.00%, 06/01/29 |
3,761 | 2,975,891 | ||||||
Garda World Security Corp. |
||||||||
4.63%, 02/15/27 (Call 12/01/23)(a) |
4,280 | 3,817,311 | ||||||
6.00%, 06/01/29 (Call 06/01/24)(a) |
3,902 | 2,974,548 | ||||||
7.75%, 02/15/28 (Call 02/15/25)(a)(b) |
2,870 | 2,760,022 | ||||||
9.50%, 11/01/27 (Call 12/01/23)(a) |
4,815 | 4,375,378 | ||||||
Gartner Inc. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) |
2,845 | 2,402,481 | ||||||
3.75%, 10/01/30 (Call 10/01/25)(a) |
3,934 | 3,256,131 | ||||||
4.50%, 07/01/28 (Call 12/01/23)(a) |
3,945 | 3,549,389 | ||||||
GEO
Group Inc. (The), 10.50%, 06/30/28 |
1,471 | 1,467,323 | ||||||
Graham
Holdings Co., 5.75%, 06/01/26 |
2,995 | 2,882,688 | ||||||
Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28) |
2,887 | 2,554,418 | ||||||
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31 (Call 01/15/27)(a) |
16,580 | 16,370,263 | ||||||
Herc
Holdings Inc., 5.50%, 07/15/27 |
9,398 | 8,833,941 | ||||||
Hertz Corp. (The) |
||||||||
4.63%, 12/01/26 (Call 12/01/23)(a)(b) |
3,648 | 3,055,653 | ||||||
5.00%, 12/01/29 (Call 12/01/24)(a)(b) |
8,123 | 5,831,537 | ||||||
Korn
Ferry, 4.63%, 12/15/27 |
2,916 | 2,652,304 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 12/01/23)(a)(b) |
2,945 | 2,808,634 | ||||||
Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/23)(a)(b) |
2,182 | 2,077,072 | ||||||
Metis
Merger Sub LLC, 6.50%, 05/15/29 |
5,584 | 4,562,947 | ||||||
Mobius Merger Sub Inc., 9.00%, 06/01/30 (Call 06/01/26)(a) |
3,990 | 3,576,381 | ||||||
MPH Acquisition Holdings LLC |
||||||||
5.50%, 09/01/28 (Call 09/01/24)(a)(b) |
8,255 | 7,017,586 | ||||||
5.75%, 11/01/28 (Call 12/01/23)(a)(b) |
7,826 | 5,833,657 | ||||||
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a) |
20,015 | 17,664,210 | ||||||
NESCO
Holdings II Inc., 5.50%, 04/15/29 |
7,170 | 6,148,275 | ||||||
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)(a)(b) |
2,836 | 2,279,874 | ||||||
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)(a) |
4,091 | 1,940,689 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/23)(a) |
3,572 | 3,509,670 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) |
7,500 | 6,594,086 |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
5.75%, 04/15/26(a) |
$ | 10,272 | $ | 9,964,948 | ||||
6.25%, 01/15/28 (Call 12/01/23)(a)(b) |
10,117 | 9,381,521 | ||||||
PROG
Holdings Inc., 6.00%, 11/15/29 |
4,430 | 3,754,425 | ||||||
Rent-A-Center
Inc./TX, 6.38%, 02/15/29 |
3,478 | 2,991,080 | ||||||
RR Donnelley & Sons Co., 8.50%, 04/15/29(a) |
25 | 17,906 | ||||||
Sabre
GLBL Inc., 11.25%, 12/15/27 |
4,180 | 3,722,230 | ||||||
Sabre
Global Inc., 8.63%, 06/01/27 |
6,594 | 5,468,758 | ||||||
Service Corp. International/U.S. |
||||||||
3.38%, 08/15/30 (Call 08/15/25)(b) |
6,425 | 5,146,971 | ||||||
4.00%, 05/15/31 (Call 05/15/26)(b) |
6,169 | 4,993,250 | ||||||
4.63%, 12/15/27 (Call 12/01/23) |
4,190 | 3,875,582 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) |
5,570 | 5,096,550 | ||||||
Shift4
Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 |
3,571 | 3,298,711 | ||||||
Signal
Parent Inc., 6.13%, 04/01/29 |
2,435 | 1,387,950 | ||||||
Sotheby’s, 7.38%, 10/15/27 (Call 11/13/23)(a)(b) |
5,709 | 5,098,624 | ||||||
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)(b) |
2,429 | 1,936,861 | ||||||
TriNet Group Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a) |
4,137 | 3,416,106 | ||||||
7.13%, 08/15/31 (Call 08/15/26)(a)(b) |
3,110 | 3,006,810 | ||||||
United Rentals North America Inc. |
||||||||
3.75%, 01/15/32 (Call 07/15/26) |
5,737 | 4,561,534 | ||||||
3.88%, 11/15/27 (Call 11/13/23) |
5,810 | 5,332,932 | ||||||
3.88%, 02/15/31 (Call 08/15/25)(b) |
8,490 | 6,987,730 | ||||||
4.00%, 07/15/30 (Call 07/15/25)(b) |
5,725 | 4,810,927 | ||||||
4.88%, 01/15/28 (Call 11/13/23) |
12,827 | 11,900,598 | ||||||
5.25%, 01/15/30 (Call 01/15/25) |
5,758 | 5,257,824 | ||||||
5.50%, 05/15/27 (Call 12/01/23)(b) |
3,430 | 3,313,654 | ||||||
Verscend
Escrow Corp., 9.75%, 08/15/26 |
8,772 | 8,707,401 | ||||||
VT
Topco Inc., 8.50%, 08/15/30 |
3,965 | 3,868,214 | ||||||
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 12/01/23)(a)(b) |
6,486 | 5,999,550 | ||||||
Williams
Scotsman Inc., 7.38%, 10/01/31 |
3,830 | 3,767,266 | ||||||
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 12/01/23)(a) |
3,880 | 3,446,895 | ||||||
WW
International Inc., 4.50%, 04/15/29 |
4,136 | 2,585,000 | ||||||
ZipRecruiter
Inc., 5.00%, 01/15/30 |
4,471 | 3,491,985 | ||||||
|
|
|||||||
419,218,731 | ||||||||
Computers — 1.4% | ||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)(a)(b) |
3,132 | 2,568,240 | ||||||
ASGN
Inc., 4.63%, 05/15/28 |
4,093 | 3,624,289 | ||||||
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b) |
15,502 | 12,401,222 | ||||||
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a) |
4,042 | 3,331,947 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Computers (continued) | ||||||||
Crane NXT Co., 4.20%, 03/15/48 (Call 09/15/47) |
$ | 2,650 | $ | 1,604,289 | ||||
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)(b) |
6,002 | 5,016,883 | ||||||
KBR
Inc., 4.75%, 09/30/28 |
1,768 | 1,540,194 | ||||||
NCR Atleos Escrow Corp., 9.50%, 04/01/29 (Call 10/01/26)(a) |
10,570 | 10,361,031 | ||||||
NCR Corp. |
||||||||
5.00%, 10/01/28 (Call 12/01/23)(a) |
5,082 | 4,387,800 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a) |
9,324 | 8,017,865 | ||||||
5.25%, 10/01/30 (Call 10/01/25)(a) |
3,364 | 2,785,766 | ||||||
Presidio Holdings Inc. |
||||||||
4.88%, 02/01/27 (Call 12/01/23)(a) |
4,101 | 3,757,304 | ||||||
8.25%, 02/01/28 (Call 12/01/23)(a) |
4,226 | 3,999,163 | ||||||
Science Applications International Corp., 4.88%, 04/01/28 (Call 12/01/23)(a) |
3,155 | 2,815,117 | ||||||
Seagate HDD Cayman |
||||||||
4.09%, 06/01/29 (Call 03/01/29)(b) |
3,973 | 3,425,287 | ||||||
4.13%, 01/15/31 (Call 10/15/30) |
1,956 | 1,549,789 | ||||||
4.75%, 01/01/25 |
3,206 | 3,136,073 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) |
3,937 | 3,697,461 | ||||||
5.75%, 12/01/34 (Call 06/01/34) |
3,671 | 3,106,945 | ||||||
8.25%, 12/15/29 (Call 07/15/26)(a)(b) |
3,760 | 3,821,013 | ||||||
8.50%, 07/15/31 (Call 07/15/26)(a)(b) |
3,875 | 3,943,056 | ||||||
9.63%, 12/01/32 (Call 12/01/27)(a) |
5,816 | 6,199,736 | ||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 11/13/23)(a) |
2,007 | 1,955,910 | ||||||
Unisys Corp., 6.88%, 11/01/27 (Call 12/01/23)(a)(b) |
3,592 | 2,631,140 | ||||||
Vericast Corp., 11.00%, 09/15/26 (Call 12/01/23)(a) |
9,744 | 10,304,293 | ||||||
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(a)(b) |
2,640 | 2,089,030 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25) |
17,675 | 16,573,570 | ||||||
|
|
|||||||
128,644,413 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty Inc. |
||||||||
5.00%, 04/15/26 (Call 12/01/23)(a) |
7,036 | 6,721,983 | ||||||
6.50%, 04/15/26 (Call 12/01/23)(a) |
3,481 | 3,428,785 | ||||||
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC |
||||||||
4.75%, 01/15/29 (Call 01/15/25)(a)(b) |
3,740 | 3,310,760 | ||||||
6.63%, 07/15/30 (Call 07/16/26)(a)(b) |
5,954 | 5,672,506 | ||||||
Edgewell Personal Care Co. |
||||||||
4.13%, 04/01/29 (Call 04/01/24)(a)(b) |
3,772 | 3,154,335 | ||||||
5.50%, 06/01/28 (Call 12/01/23)(a)(b) |
5,569 | 5,082,632 | ||||||
Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 12/01/23)(a)(b) |
2,675 | 818,550 | ||||||
|
|
|||||||
28,189,551 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
American Builders & Contractors Supply Co. Inc. |
||||||||
3.88%, 11/15/29 (Call 11/15/24)(a)(b) |
3,037 | 2,529,792 | ||||||
4.00%, 01/15/28 (Call 12/01/23)(a) |
5,531 | 4,964,939 | ||||||
BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 12/01/23)(a) |
4,945 | 4,535,752 | ||||||
G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/23)(a)(b) |
2,821 | 2,795,195 |
Security | Par (000) |
Value | ||||||
Distribution & Wholesale (continued) | ||||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a)(b) |
$ | 10,191 | $ | 8,632,140 | ||||
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)(a)(b) |
2,308 | 1,852,170 | ||||||
Ritchie Bros Holdings Inc. |
||||||||
6.75%, 03/15/28 (Call 03/15/25)(a) |
4,268 | 4,182,547 | ||||||
7.75%, 03/15/31 (Call 03/15/26)(a)(b) |
6,475 | 6,491,187 | ||||||
Wesco Aircraft Holdings Inc. |
||||||||
8.50%, 11/15/24 (Call 12/01/23)(a) |
2,840 | 99,400 | ||||||
9.00%, 11/15/26 (Call 12/01/23)(a)(b) |
4,347 | 412,965 | ||||||
Windsor Holdings III LLC, 8.50%, 06/15/30 (Call 06/15/26)(a)(b) |
6,167 | 6,003,368 | ||||||
|
|
|||||||
42,499,455 | ||||||||
Diversified Financial Services — 3.6% | ||||||||
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/23)(a)(b) |
3,110 | 3,092,143 | ||||||
AG Issuer LLC, 6.25%, 03/01/28 (Call 12/01/23)(a) |
3,818 | 3,514,919 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a) |
3,650 | 3,666,553 | ||||||
Ally Financial Inc. |
||||||||
5.75%, 11/20/25 (Call 10/21/25)(b) |
8,318 | 7,945,913 | ||||||
6.70%, 02/14/33 (Call 11/16/32)(b) |
3,830 | 3,219,346 | ||||||
Aretec Escrow Issuer 2 Inc., 10.00%, 08/15/30 (Call 08/15/26)(a) |
1,650 | 1,668,563 | ||||||
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)(a)(b) |
3,181 | 2,698,747 | ||||||
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)(a) |
2,616 | 2,282,269 | ||||||
Brightsphere Investment Group Inc., 4.80%, 07/27/26 |
2,117 | 1,915,885 | ||||||
Burford Capital Global Finance LLC |
||||||||
6.25%, 04/15/28 (Call 04/15/24)(a)(b) |
3,120 | 2,823,600 | ||||||
6.88%, 04/15/30 (Call 04/15/25)(a) |
2,650 | 2,385,000 | ||||||
9.25%, 07/01/31 (Call 07/01/26)(a) |
3,025 | 2,985,675 | ||||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)(a) |
3,574 | 3,153,316 | ||||||
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)(a)(b) |
3,035 | 2,162,437 | ||||||
Coinbase Global Inc. |
||||||||
3.38%, 10/01/28 (Call 10/01/24)(a)(b) |
7,428 | 5,453,963 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a)(b) |
5,951 | 4,045,878 | ||||||
Credit Acceptance Corp. |
||||||||
5.13%, 12/31/24 (Call 11/13/23)(a) |
2,737 | 2,646,146 | ||||||
6.63%, 03/15/26 (Call 11/13/23)(b) |
3,187 | 3,026,061 | ||||||
Curo Group Holdings Corp., 7.50%, 08/01/28 (Call 08/01/24)(a) |
5,270 | 2,068,475 | ||||||
Enova International Inc., 8.50%, 09/15/25 (Call 12/01/23)(a) |
2,789 | 2,623,448 | ||||||
Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/23)(a) |
2,824 | 2,315,607 | ||||||
Forward
Air Corp., 9.50%, 10/15/31 |
5,515 | 5,377,125 | ||||||
GGAM Finance Ltd. |
||||||||
8.00%, 06/15/28 (Call 12/15/27)(a) |
4,842 | 4,776,220 | ||||||
7.75%, 05/15/26 (Call 11/15/25)(a) |
3,210 | 3,184,384 | ||||||
goeasy Ltd. |
||||||||
4.38%, 05/01/26 (Call 11/14/23)(a)(b) |
2,677 | 2,418,667 | ||||||
5.38%, 12/01/24 (Call 12/01/23)(a)(b) |
3,787 | 3,712,040 |
34 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)(a)(b) |
$ | 3,252 | $ | 2,210,238 | ||||
Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/15/24)(a)(b) |
2,293 | 1,955,803 | ||||||
Home Point Capital Inc., 5.00%, 02/01/26 (Call 12/01/23)(a)(b) |
3,980 | 3,699,400 | ||||||
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)(a)(b) |
4,640 | 3,953,927 | ||||||
Jefferies
Finance LLC/JFIN Co-Issuer Corp., |
7,490 | 5,977,664 | ||||||
Jefferson
Capital Holdings LLC, |
2,267 | 1,979,707 | ||||||
LD Holdings Group LLC |
||||||||
6.13%, 04/01/28 (Call 04/01/24)(a) |
4,572 | 2,515,599 | ||||||
6.50%, 11/01/25 (Call 12/01/23)(a)(b) |
3,913 | 3,147,307 | ||||||
LFS Topco LLC, 5.88%, 10/15/26 (Call 12/01/23)(a)(b) |
2,439 | 2,056,547 | ||||||
Macquarie Airfinance Holdings Ltd. |
||||||||
8.13%, 03/30/29 (Call 09/30/25)(a) |
4,235 | 4,171,687 | ||||||
8.38%, 05/01/28 (Call 05/01/25)(a)(b) |
4,115 | 4,101,626 | ||||||
Midcap Financial Issuer Trust |
||||||||
5.63%, 01/15/30 (Call 01/15/25)(a) |
2,940 | 2,262,244 | ||||||
6.50%, 05/01/28 (Call 05/01/24)(a) |
7,734 | 6,553,866 | ||||||
Nationstar Mortgage Holdings Inc. |
||||||||
5.13%, 12/15/30 (Call 12/15/25)(a)(b) |
4,832 | 3,909,980 | ||||||
5.50%, 08/15/28 (Call 12/01/23)(a)(b) |
6,608 | 5,839,490 | ||||||
5.75%, 11/15/31 (Call 11/15/26)(a)(b) |
4,655 | 3,876,917 | ||||||
6.00%, 01/15/27 (Call 12/01/23)(a) |
4,552 | 4,231,175 | ||||||
Navient Corp. |
||||||||
4.88%, 03/15/28 (Call 06/15/27) |
3,634 | 2,984,698 | ||||||
5.00%, 03/15/27 (Call 09/15/26) |
5,422 | 4,762,305 | ||||||
5.50%, 03/15/29 (Call 06/15/28) |
5,793 | 4,692,330 | ||||||
5.63%, 08/01/33(b) |
4,495 | 3,043,325 | ||||||
5.88%, 10/25/24 |
1,750 | 1,708,786 | ||||||
6.75%, 06/25/25(b) |
3,730 | 3,638,055 | ||||||
6.75%, 06/15/26 |
3,769 | 3,571,127 | ||||||
9.38%, 07/25/30 (Call 10/25/29)(b) |
3,940 | 3,712,288 | ||||||
11.50%, 03/15/31 (Call 03/15/27) |
3,075 | 3,069,157 | ||||||
NFP Corp. |
||||||||
4.88%, 08/15/28 (Call 12/01/23)(a) |
3,980 | 3,484,761 | ||||||
6.88%, 08/15/28 (Call 12/01/23)(a) |
15,931 | 13,603,637 | ||||||
7.50%, 10/01/30 (Call 10/01/25)(a)(b) |
2,660 | 2,518,421 | ||||||
8.50%, 10/01/31 (Call 10/01/26)(a) |
2,880 | 2,831,750 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/27 (Call 01/15/24) |
5,722 | 4,835,090 | ||||||
3.88%, 09/15/28 (Call 09/15/24) |
4,717 | 3,729,495 | ||||||
4.00%, 09/15/30 (Call 09/15/25) |
6,430 | 4,703,548 | ||||||
5.38%, 11/15/29 (Call 05/15/29)(b) |
5,968 | 4,907,106 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) |
5,805 | 5,281,136 | ||||||
6.88%, 03/15/25(b) |
9,062 | 8,940,518 | ||||||
7.13%, 03/15/26(b) |
12,336 | 11,980,697 | ||||||
9.00%, 01/15/29 (Call 07/15/25)(b) |
3,800 | 3,698,018 | ||||||
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)(a)(b) |
3,291 | 2,998,924 | ||||||
PennyMac Financial Services Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) |
5,015 | 4,096,473 | ||||||
5.38%, 10/15/25 (Call 12/01/23)(a) |
5,005 | 4,766,312 | ||||||
5.75%, 09/15/31 (Call 09/15/26)(a)(b) |
3,602 | 2,936,844 | ||||||
PHH Mortgage Corp., 7.88%, 03/15/26 (Call 12/01/23)(a)(b) |
2,930 | 2,527,125 |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
PRA Group Inc. |
||||||||
5.00%, 10/01/29 (Call 10/01/24)(a)(b) |
$ | 2,922 | $ | 1,938,680 | ||||
7.38%, 09/01/25 (Call 12/01/23)(a)(b) |
2,333 | 2,181,355 | ||||||
8.38%, 02/01/28 (Call 02/01/25)(a)(b) |
3,100 | 2,553,625 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |
||||||||
2.88%, 10/15/26 (Call 12/01/23)(a) |
8,956 | 7,796,825 | ||||||
3.63%, 03/01/29 (Call 03/01/24)(a) |
5,971 | 4,852,591 | ||||||
3.88%, 03/01/31 (Call 03/01/26)(a) |
9,581 | 7,408,987 | ||||||
4.00%, 10/15/33 (Call 10/15/27)(a)(b) |
6,618 | 4,864,230 | ||||||
SLM Corp. |
||||||||
3.13%, 11/02/26 (Call 10/02/26) |
3,761 | 3,269,596 | ||||||
4.20%, 10/29/25 (Call 09/29/25)(b) |
3,858 | 3,587,938 | ||||||
StoneX Group Inc., 8.63%, 06/15/25 (Call 12/01/23)(a)(b) |
2,754 | 2,760,885 | ||||||
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32) |
5,795 | 4,914,214 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/25 (Call 12/01/23)(a) |
6,269 | 5,958,582 | ||||||
5.50%, 04/15/29 (Call 04/15/24)(a)(b) |
5,561 | 4,657,337 | ||||||
5.75%, 06/15/27 (Call 06/15/24)(a) |
4,129 | 3,757,101 | ||||||
World Acceptance Corp., 7.00%, 11/01/26 (Call 12/01/23)(a)(b) |
2,115 | 1,713,150 | ||||||
|
|
|||||||
328,842,579 | ||||||||
Electric — 2.7% | ||||||||
Algonquin Power & Utilities Corp., 4.75%, 01/18/82 (Call 01/18/27), |
||||||||
(5-year CMT + 3.249%)(b)(d) |
5,780 | 4,562,963 | ||||||
Atlantica Sustainable Infrastructure PLC, |
||||||||
4.13%, 06/15/28 (Call 06/15/25)(a) |
3,265 | 2,819,559 | ||||||
Calpine Corp. |
||||||||
3.75%, 03/01/31 (Call 03/01/26)(a)(b) |
6,837 | 5,447,790 | ||||||
4.50%, 02/15/28 (Call 12/01/23)(a) |
9,481 | 8,549,003 | ||||||
4.63%, 02/01/29 (Call 02/01/24)(a) |
5,072 | 4,284,001 | ||||||
5.00%, 02/01/31 (Call 02/01/26)(a) |
6,710 | 5,412,138 | ||||||
5.13%, 03/15/28 (Call 12/01/23)(a)(b) |
10,744 | 9,615,148 | ||||||
5.25%, 06/01/26 (Call 12/01/23)(a) |
3,379 | 3,234,042 | ||||||
Clearway Energy Operating LLC |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
7,227 | 5,635,242 | ||||||
3.75%, 01/15/32 (Call 01/15/27)(a)(b) |
2,658 | 2,013,330 | ||||||
4.75%, 03/15/28 (Call 11/13/23)(a)(b) |
6,874 | 6,136,062 | ||||||
DPL Inc. |
||||||||
4.13%, 07/01/25 (Call 04/01/25)(b) |
3,209 | 3,019,821 | ||||||
4.35%, 04/15/29 (Call 01/15/29)(b) |
2,903 | 2,367,835 | ||||||
Drax
Finco PLC, 6.63%, 11/01/25 |
3,974 | 3,824,975 | ||||||
Edison
International, 8.13%, 06/15/53 |
3,768 | 3,633,280 | ||||||
Electricite
de France SA, 9.13%, |
11,515 | 11,818,639 | ||||||
Emera
Inc., Series 16-A, 6.75%, 06/15/76 |
8,916 | 8,384,937 | ||||||
FirstEnergy Corp. |
||||||||
2.05%, 03/01/25 (Call 02/01/25) |
2,145 | 2,013,794 | ||||||
2.65%, 03/01/30 (Call 12/01/29)(b) |
4,738 | 3,821,592 | ||||||
Series A, 1.60%, 01/15/26 (Call 12/15/25) |
2,325 | 2,092,681 | ||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) |
3,484 | 2,688,292 | ||||||
Series B, 4.15%, 07/15/27 (Call 04/15/27) |
11,680 | 10,810,908 | ||||||
Series C, 3.40%, 03/01/50 (Call 09/01/49) |
6,205 | 3,752,522 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
Series C, 5.10%, 07/15/47 (Call 01/15/47) |
$ | 4,513 | $ | 3,742,279 | ||||
Series C, 7.38%, 11/15/31(b) |
3,580 | 3,860,973 | ||||||
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(a)(b) |
3,104 | 2,534,948 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%, 10/15/26 (Call 07/15/26)(a) |
3,960 | 3,600,508 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a) |
6 | 5,924 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
4,042 | 3,619,186 | ||||||
NRG Energy Inc. |
||||||||
3.38%, 02/15/29 (Call 02/15/24)(a) |
3,880 | 3,157,921 | ||||||
3.63%, 02/15/31 (Call 02/15/26)(a) |
8,021 | 6,052,942 | ||||||
3.88%, 02/15/32 (Call 02/15/27)(a) |
8,523 | 6,333,995 | ||||||
5.25%, 06/15/29 (Call 06/15/24)(a) |
5,825 | 5,139,167 | ||||||
5.75%, 01/15/28 (Call 11/16/23) |
6,510 | 6,093,935 | ||||||
6.63%, 01/15/27 (Call 11/16/23) |
2,810 | 2,727,201 | ||||||
Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 12/01/23)(a)(b) |
5,091 | 4,437,711 | ||||||
PG&E Corp. |
||||||||
5.00%, 07/01/28 (Call 11/13/23)(b) |
7,901 | 7,157,873 | ||||||
5.25%, 07/01/30 (Call 07/01/25)(b) |
8,011 | 7,016,843 | ||||||
Pike Corp., 5.50%, 09/01/28 (Call 12/01/23)(a) |
5,491 | 4,695,903 | ||||||
Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a) |
9,080 | 9,226,270 | ||||||
Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/23)(a)(b) |
2,614 | 2,512,905 | ||||||
TransAlta Corp. |
||||||||
6.50%, 03/15/40(b) |
2,198 | 1,937,111 | ||||||
7.75%, 11/15/29 (Call 11/15/25) |
3,145 | 3,129,001 | ||||||
Vistra Operations Co. LLC |
||||||||
4.38%, 05/01/29 (Call 05/01/24)(a) |
9,960 | 8,459,974 | ||||||
5.00%, 07/31/27 (Call 11/13/23)(a) |
10,018 | 9,164,330 | ||||||
5.50%, 09/01/26 (Call 11/13/23)(a) |
7,910 | 7,525,357 | ||||||
5.63%, 02/15/27 (Call 11/13/23)(a)(b) |
10,077 | 9,482,592 | ||||||
7.75%, 10/15/31 (Call 10/15/26)(a) |
8,820 | 8,513,239 | ||||||
|
|
|||||||
246,066,642 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
Energizer Holdings Inc. |
||||||||
4.38%, 03/31/29 (Call 12/01/23)(a)(b) |
5,944 | 4,852,221 | ||||||
4.75%, 06/15/28 (Call 12/01/23)(a) |
4,360 | 3,724,047 | ||||||
6.50%, 12/31/27 (Call 08/31/24)(a)(b) |
2,184 | 2,035,867 | ||||||
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(a)(b) |
2,502 | 2,215,679 | ||||||
WESCO Distribution Inc. |
||||||||
7.13%, 06/15/25 (Call 12/01/23)(a) |
10,970 | 10,963,627 | ||||||
7.25%, 06/15/28 (Call 12/01/23)(a) |
10,196 | 10,131,256 | ||||||
|
|
|||||||
33,922,697 | ||||||||
Electronics — 0.6% | ||||||||
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(a) |
3,050 | 2,520,062 | ||||||
II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)(a)(b) |
7,924 | 6,724,069 | ||||||
Imola Merger Corp., 4.75%, 05/15/29 (Call 05/15/24)(a) |
15,259 | 13,302,691 | ||||||
Likewize Corp., 9.75%, 10/15/25 (Call 11/13/23)(a) |
3,410 | 3,386,942 | ||||||
Sensata Technologies BV |
||||||||
4.00%, 04/15/29 (Call 04/15/24)(a)(b) |
7,947 | 6,755,803 | ||||||
5.00%, 10/01/25(a) |
5,135 | 4,992,597 | ||||||
5.63%, 11/01/24(a) |
2,655 | 2,628,524 | ||||||
5.88%, 09/01/30 (Call 09/01/25)(a) |
3,750 | 3,424,999 | ||||||
Sensata Technologies Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) |
5,764 | 4,613,200 |
Security | Par (000) |
Value | ||||||
Electronics (continued) | ||||||||
4.38%, 02/15/30 (Call 11/15/29)(a) |
$ | 3,536 | $ | 2,988,691 | ||||
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(a) |
4,060 | 3,329,159 | ||||||
|
|
|||||||
54,666,737 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/23)(a)(b) |
5,928 | 4,164,420 | ||||||
Sunnova Energy Corp. |
||||||||
5.88%, 09/01/26 (Call 12/01/23)(a)(b) |
3,154 | 2,554,835 | ||||||
11.75%, 10/01/28 (Call 04/01/28)(b) |
3,055 | 2,606,006 | ||||||
TerraForm Power Operating LLC |
||||||||
4.75%, 01/15/30 (Call 01/15/25)(a) |
5,281 | 4,462,445 | ||||||
5.00%, 01/31/28 (Call 07/31/27)(a) |
5,502 | 5,040,492 | ||||||
Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b) |
3,843 | 3,483,816 | ||||||
|
|
|||||||
22,312,014 | ||||||||
Engineering & Construction — 0.8% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
7,687 | 7,257,304 | ||||||
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a)(b) |
3,400 | 2,966,500 | ||||||
Artera Services LLC, 9.03%, 12/04/25 (Call 12/01/23)(a)(b) |
7,613 | 6,851,700 | ||||||
ATP Tower Holdings LLC/Andean Tower Partners Colombia SAS/Andean Telecom Par, 4.05%, 04/27/26 (Call 12/01/23)(a)(b) |
2,737 | 2,338,767 | ||||||
Brand Industrial Services Inc., 10.38%, 08/01/30 (Call 08/01/26)(a) |
10,447 | 10,368,648 | ||||||
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 12/01/23)(a)(b) |
2,897 | 2,739,287 | ||||||
Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(a)(b) |
4,425 | 2,949,594 | ||||||
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b) |
4,122 | 3,556,214 | ||||||
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28)(b) |
4,740 | 4,297,805 | ||||||
Global Infrastructure Solutions Inc. |
||||||||
5.63%, 06/01/29 (Call 06/01/24)(a)(b) |
3,274 | 2,619,200 | ||||||
7.50%, 04/15/32 (Call 04/15/27)(a) |
2,255 | 1,844,240 | ||||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)(a)(b) |
2,520 | 2,060,100 | ||||||
INNOVATE Corp., 8.50%, 02/01/26 (Call 11/13/23)(a)(b) |
2,615 | 2,004,480 | ||||||
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)(a)(b) |
2,450 | 2,330,024 | ||||||
TopBuild Corp. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(a) |
2,925 | 2,438,193 | ||||||
4.13%, 02/15/32 (Call 10/15/26)(a)(b) |
3,768 | 2,980,865 | ||||||
Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/23)(a)(b) |
3,607 | 3,102,020 | ||||||
VM Consolidated Inc., 5.50%, 04/15/29 (Call 04/15/24)(a)(b) |
2,800 | 2,479,596 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 12/01/23)(a)(b) |
3,726 | 3,199,703 | ||||||
|
|
|||||||
68,384,240 | ||||||||
Entertainment — 3.6% | ||||||||
Affinity
Gaming, 6.88%, 12/15/27 |
4,193 | 3,417,656 | ||||||
Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%, 02/15/28 (Call 12/01/23)(a)(b) |
4,578 | 2,384,246 | ||||||
AMC
Entertainment Holdings Inc. |
7,581 | 5,309,271 |
36 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Entertainment (continued) | ||||||||
10.00%, 06/15/26 (Call 11/13/23)(a)(b) |
$ | 11,185 | $ | 8,556,788 | ||||
Banijay Entertainment SASU, 8.13%, 05/01/29 (Call 11/01/25)(a)(b) |
3,160 | 3,080,961 | ||||||
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(a) |
5,475 | 4,766,873 | ||||||
Caesars Entertainment Inc. |
||||||||
4.63%, 10/15/29 (Call 10/15/24)(a)(b) |
9,672 | 7,948,706 | ||||||
6.25%, 07/01/25 (Call 11/13/23)(a) |
26,591 | 26,162,547 | ||||||
7.00%, 02/15/30 (Call 02/15/26)(a)(b) |
15,355 | 14,819,003 | ||||||
8.13%, 07/01/27 (Call 12/01/23)(a)(b) |
12,143 | 12,032,183 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/13/23)(a) |
7,888 | 7,761,940 | ||||||
CCM Merger Inc., 6.38%, 05/01/26 (Call 12/01/23)(a)(b) |
2,090 | 1,978,347 | ||||||
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a)(b) |
9,427 | 8,422,127 | ||||||
Cedar
Fair LP, 5.25%, 07/15/29 |
4,034 | 3,474,230 | ||||||
Cedar
Fair LP/Canada’s Wonderland Co./Magnum Management |
||||||||
5.38%, 04/15/27 (Call 12/01/23)(b) |
3,762 | 3,483,434 | ||||||
5.50%, 05/01/25 (Call 12/01/23)(a) |
7,247 | 7,102,884 | ||||||
6.50%, 10/01/28 (Call 11/16/23)(b) |
2,225 | 2,059,414 | ||||||
Churchill Downs Inc. |
||||||||
4.75%, 01/15/28 (Call 12/01/23)(a) |
5,239 | 4,691,656 | ||||||
5.50%, 04/01/27 (Call 12/01/23)(a)(b) |
4,439 | 4,163,550 | ||||||
6.75%, 05/01/31 (Call 05/01/26)(a) |
4,510 | 4,160,475 | ||||||
Cinemark USA Inc. |
||||||||
5.25%, 07/15/28 (Call 07/15/24)(a) |
5,900 | 5,095,696 | ||||||
5.88%, 03/15/26 (Call 12/01/23)(a)(b) |
3,116 | 2,958,730 | ||||||
8.75%, 05/01/25 (Call 12/01/23)(a) |
28 | 28,295 | ||||||
Empire Resorts Inc., 7.75%, 11/01/26 (Call 12/01/23)(a)(b) |
2,225 | 1,804,217 | ||||||
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(a)(b) |
3,272 | 2,749,396 | ||||||
Golden Entertainment Inc., 7.63%, 04/15/26 (Call 12/01/23)(a)(b) |
2,293 | 2,293,002 | ||||||
International Game Technology PLC |
||||||||
4.13%, 04/15/26 (Call 12/01/23)(a) |
6,414 | 6,035,510 | ||||||
5.25%, 01/15/29 (Call 01/15/24)(a)(b) |
5,872 | 5,342,816 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a) |
6,195 | 6,037,689 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a) |
3,396 | 3,373,324 | ||||||
Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)(a) |
3,946 | 3,354,100 | ||||||
Light & Wonder International Inc. |
||||||||
7.00%, 05/15/28 (Call 12/01/23)(a) |
5,392 | 5,256,059 | ||||||
7.25%, 11/15/29 (Call 11/15/24)(a) |
3,912 | 3,793,740 | ||||||
7.50%, 09/01/31 (Call 09/01/26)(a)(b) |
4,412 | 4,308,003 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a) |
5,854 | 3,852,166 | ||||||
Live Nation Entertainment Inc. |
||||||||
3.75%, 01/15/28 (Call 01/15/24)(a)(b) |
3,761 | 3,287,114 | ||||||
4.75%, 10/15/27 (Call 12/01/23)(a)(b) |
7,822 | 7,147,822 | ||||||
4.88%, 11/01/24 (Call 12/01/23)(a)(b) |
3,871 | 3,788,700 | ||||||
5.63%, 03/15/26 (Call 12/01/23)(a) |
2,389 | 2,287,925 | ||||||
6.50%, 05/15/27 (Call 12/01/23)(a) |
9,285 | 9,058,779 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a) |
2,950 | 2,759,130 | ||||||
Midwest Gaming Borrower LLC, 4.88%, 05/01/29 (Call 05/01/24)(a)(b) |
5,825 | 4,849,313 |
Security | Par (000) |
Value | ||||||
Entertainment (continued) | ||||||||
Mohegan Gaming & Entertainment |
||||||||
7.88%, 10/15/24 (Call 11/16/23)(a)(b) |
$ | 785 | $ | 760,469 | ||||
8.00%, 02/01/26 (Call 12/01/23)(a) |
9,382 | 8,619,713 | ||||||
Motion Bondco DAC, 6.63%, 11/15/27 (Call 12/01/23)(a)(b) |
3,645 | 3,262,275 | ||||||
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a)(b) |
2,965 | 2,953,162 | ||||||
Ontario Gaming GTA LP, 8.00%, 08/01/30 (Call 08/01/25)(a)(b) |
3,325 | 3,250,311 | ||||||
Penn Entertainment Inc., 5.63%, 01/15/27 (Call 12/01/23)(a)(b) |
3,065 | 2,796,098 | ||||||
Penn National Gaming Inc., 4.13%, 07/01/29 (Call 07/01/24)(a)(b) |
3,599 | 2,796,279 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |
||||||||
5.63%, 09/01/29 (Call 09/01/24)(a)(b) |
5,751 | 4,044,103 | ||||||
5.88%, 09/01/31 (Call 09/01/26)(a)(b) |
5,694 | 3,866,084 | ||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/13/23)(a)(b) |
2,520 | 2,344,860 | ||||||
Resorts World Las Vegas LLC, 4.63%, 04/06/31 (Call 01/06/31)(a) |
2,745 | 1,935,225 | ||||||
Resorts World Las Vegas LLC/RWLV Capital Inc. |
||||||||
4.63%, 04/16/29 (Call 01/16/29)(a) |
8,025 | 6,163,601 | ||||||
8.45%, 07/27/30 (Call 05/27/30)(a) |
3,000 | 2,759,200 | ||||||
Scientific
Games Holdings LP/Scientific Games U.S. FinCo Inc.,
6.63%, 03/01/30 |
6,146 | 5,285,560 | ||||||
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(a)(b) |
5,848 | 5,093,783 | ||||||
Six Flags Entertainment Corp. |
||||||||
5.50%, 04/15/27 (Call 12/01/23)(a)(b) |
4,553 | 4,144,915 | ||||||
7.25%, 05/15/31 (Call 05/15/26)(a)(b) |
5,986 | 5,507,120 | ||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/23)(a)(b) |
2,486 | 2,468,847 | ||||||
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 12/01/23)(a)(b) |
2,512 | 2,241,960 | ||||||
Universal Entertainment Corp., 8.75%, 12/11/24 (Call 12/11/23)(a)(b)(f) |
5,400 | 5,589,000 | ||||||
Vail
Resorts Inc., 6.25%, 05/15/25 |
4,213 | 4,187,006 | ||||||
WMG Acquisition Corp. |
||||||||
3.00%, 02/15/31 (Call 02/15/26)(a)(b) |
6,045 | 4,692,688 | ||||||
3.75%, 12/01/29 (Call 12/01/24)(a)(b) |
4,016 | 3,370,950 | ||||||
3.88%, 07/15/30 (Call 07/15/25)(a)(b) |
4,000 | 3,324,633 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
||||||||
5.13%, 10/01/29 (Call 07/01/29)(a)(b) |
5,815 | 4,959,064 | ||||||
7.13%, 02/15/31 (Call 11/15/30)(a)(b) |
4,675 | 4,353,463 | ||||||
|
|
|||||||
326,008,186 | ||||||||
Environmental Control — 0.8% | ||||||||
Clean Harbors Inc. |
||||||||
4.88%, 07/15/27 (Call 12/01/23)(a) |
4,359 | 4,063,441 | ||||||
5.13%, 07/15/29 (Call 07/15/24)(a) |
2,303 | 2,071,375 | ||||||
6.38%, 02/01/31 (Call 02/01/26)(a)(b) |
4,235 | 4,025,209 | ||||||
Covanta Holding Corp. |
||||||||
4.88%, 12/01/29 (Call 12/01/24)(a) |
6,016 | 4,692,480 | ||||||
5.00%, 09/01/30 (Call 09/01/25)(b) |
3,033 | 2,346,061 | ||||||
Enviri
Corp., 5.75%, 07/31/27 |
3,553 | 3,003,178 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Environmental Control (continued) | ||||||||
GFL Environmental Inc. |
||||||||
3.50%, 09/01/28 (Call 03/01/28)(a) |
$ | 5,957 | $ | 5,100,596 | ||||
3.75%, 08/01/25 (Call 12/01/23)(a)(b) |
5,760 | 5,447,650 | ||||||
4.00%, 08/01/28 (Call 11/14/23)(a)(b) |
5,877 | 5,057,681 | ||||||
4.25%, 06/01/25 (Call 12/01/23)(a) |
3,682 | 3,539,353 | ||||||
4.38%, 08/15/29 (Call 08/15/24)(a)(b) |
4,297 | 3,664,495 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) |
5,763 | 5,044,942 | ||||||
5.13%, 12/15/26 (Call 12/01/23)(a)(b) |
3,718 | 3,527,971 | ||||||
Madison IAQ LLC |
||||||||
4.13%, 06/30/28 (Call 06/30/24)(a) |
5,338 | 4,459,796 | ||||||
5.88%, 06/30/29 (Call 06/30/24)(a) |
8,337 | 6,458,135 | ||||||
Stericycle Inc., 3.88%, 01/15/29 (Call 11/16/23)(a) |
3,701 | 3,144,562 | ||||||
Waste Pro USA Inc., 5.50%, 02/15/26 (Call 12/01/23)(a) |
3,982 | 3,660,274 | ||||||
|
|
|||||||
69,307,199 | ||||||||
Food — 2.1% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
3.25%, 03/15/26 (Call 12/01/23)(a)(b) |
5,858 | 5,410,974 | ||||||
3.50%, 03/15/29 (Call 12/01/23)(a) |
10,054 | 8,572,050 | ||||||
4.63%, 01/15/27 (Call 12/01/23)(a) |
10,278 | 9,632,658 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a) |
7,463 | 6,663,082 | ||||||
5.88%, 02/15/28 (Call 12/01/23)(a) |
6,071 | 5,815,404 | ||||||
6.50%, 02/15/28 (Call 02/15/25)(a)(b) |
5,730 | 5,625,673 | ||||||
7.50%, 03/15/26 (Call 12/01/23)(a) |
4,607 | 4,680,253 | ||||||
Aragvi Finance International DAC, 8.45%, 04/29/26 (Call 04/29/24)(a) |
1,100 | 745,382 | ||||||
B&G Foods Inc. |
||||||||
5.25%, 04/01/25 (Call 12/01/23)(b) |
2,850 | 2,735,613 | ||||||
5.25%, 09/15/27 (Call 12/01/23)(b) |
4,144 | 3,410,555 | ||||||
8.00%, 09/15/28 (Call 09/15/25)(b) |
4,380 | 4,268,274 | ||||||
C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)(a)(b) |
3,177 | 2,458,204 | ||||||
Chobani LLC/Chobani Finance Corp. Inc. |
||||||||
4.63%, 11/15/28 (Call 12/01/23)(a)(b) |
3,348 | 2,894,586 | ||||||
7.50%, 04/15/25 (Call 11/13/23)(a)(b) |
3,525 | 3,463,132 | ||||||
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/13/23)(a)(b) |
2,469 | 567,870 | ||||||
Ingles Markets Inc., 4.00%, 06/15/31 (Call 06/15/26)(a) |
2,630 | 2,090,850 | ||||||
Lamb Weston Holdings Inc. |
||||||||
4.13%, 01/31/30 (Call 01/31/25)(a)(b) |
7,831 | 6,643,214 | ||||||
4.38%, 01/31/32 (Call 01/31/27)(a)(b) |
5,474 | 4,529,010 | ||||||
4.88%, 05/15/28 (Call 11/15/27)(a) |
4,055 | 3,744,327 | ||||||
Performance Food Group Inc. |
||||||||
4.25%, 08/01/29 (Call 08/01/24)(a) |
7,794 | 6,576,386 | ||||||
5.50%, 10/15/27 (Call 12/01/23)(a) |
8,008 | 7,488,075 | ||||||
6.88%, 05/01/25 (Call 12/01/23)(a) |
1,703 | 1,694,485 | ||||||
Pilgrim’s Pride Corp. |
||||||||
3.50%, 03/01/32 (Call 09/01/26) |
6,808 | 5,186,334 | ||||||
4.25%, 04/15/31 (Call 04/15/26) |
7,989 | 6,581,020 | ||||||
6.25%, 07/01/33 (Call 04/01/33)(b) |
7,735 | 7,108,441 | ||||||
6.88%, 05/15/34 (Call 02/15/34) |
1,706 | 1,614,214 | ||||||
Post Holdings Inc. |
||||||||
4.50%, 09/15/31 (Call 09/15/26)(a)(b) |
8,036 | 6,502,210 | ||||||
4.63%, 04/15/30 (Call 04/15/25)(a)(b) |
10,611 | 8,885,528 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a)(b) |
9,330 | 8,320,623 | ||||||
5.63%, 01/15/28 (Call 11/16/23)(a) |
7,350 | 6,830,869 | ||||||
5.75%, 03/01/27 (Call 11/16/23)(a) |
3,594 | 3,426,185 | ||||||
Safeway Inc., 7.25%, 02/01/31 |
2,437 | 2,449,185 |
Security | Par (000) |
Value | ||||||
Food (continued) | ||||||||
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 12/01/23)(a)(b) |
$ | 2,262 | $ | 2,265,913 | ||||
Sigma Holdco BV, 7.88%, 05/15/26 (Call 11/13/23)(a)(b) |
3,767 | 3,151,962 | ||||||
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)(a)(b) |
6,301 | 5,118,427 | ||||||
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 11/16/23) |
3,721 | 3,027,057 | ||||||
U.S. Foods Inc. |
||||||||
4.63%, 06/01/30 (Call 06/01/25)(a)(b) |
3,767 | 3,216,665 | ||||||
4.75%, 02/15/29 (Call 02/15/24)(a) |
7,067 | 6,234,205 | ||||||
6.88%, 09/15/28 (Call 09/15/25)(b) |
3,990 | 3,899,680 | ||||||
7.25%, 01/15/32 (Call 09/15/26)(a)(b) |
3,490 | 3,425,915 | ||||||
United
Natural Foods Inc., 6.75%, 10/15/28 |
4,142 | 3,259,257 | ||||||
|
|
|||||||
190,213,747 | ||||||||
Food Service — 0.2% | ||||||||
Aramark Services Inc. |
||||||||
5.00%, 04/01/25 (Call 12/01/23)(a) |
3,995 | 3,905,164 | ||||||
5.00%, 02/01/28 (Call 12/01/23)(a)(b) |
9,540 | 8,749,596 | ||||||
TKC Holdings Inc. |
||||||||
6.88%, 05/15/28 (Call 05/15/24)(a) |
3,667 | 3,171,955 | ||||||
10.50%, 05/15/29 (Call 05/15/24)(a)(b) |
5,268 | 4,213,103 | ||||||
|
|
|||||||
20,039,818 | ||||||||
Forest Products & Paper — 0.2% | ||||||||
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28 (Call 02/04/24)(a) |
2,558 | 2,086,868 | ||||||
Domtar
Corp., 6.75%, 10/01/28 |
4,808 | 3,912,569 | ||||||
Glatfelter
Corp., 4.75%, 11/15/29 |
3,895 | 2,559,132 | ||||||
Mercer International Inc. |
||||||||
5.13%, 02/01/29 (Call 02/01/24)(b) |
6,906 | 5,415,186 | ||||||
5.50%, 01/15/26 (Call 12/01/23) |
2,192 | 2,038,560 | ||||||
|
|
|||||||
16,012,315 | ||||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||
5.50%, 05/20/25 (Call 02/20/25) |
5,159 | 4,944,988 | ||||||
5.75%, 05/20/27 (Call 02/20/27)(b) |
3,943 | 3,623,758 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) |
5,103 | 4,783,808 | ||||||
9.38%, 06/01/28 (Call 06/01/25)(a)(b) |
3,987 | 3,940,139 | ||||||
|
|
|||||||
17,292,693 | ||||||||
Hand & Machine Tools — 0.1% | ||||||||
Werner FinCo LP/Werner FinCo Inc. |
||||||||
11.50%, 06/15/28 (Call 06/15/25)(a)(b) |
3,100 | 3,130,163 | ||||||
14.50%, 10/15/28(a)(b) |
1,992 | 1,623,548 | ||||||
|
|
|||||||
4,753,711 | ||||||||
Health Care - Products — 1.1% | ||||||||
Avantor Funding Inc. |
||||||||
3.88%, 11/01/29 (Call 11/01/24)(a)(b) |
7,115 | 5,954,801 | ||||||
4.63%, 07/15/28 (Call 12/01/23)(a)(b) |
11,893 | 10,586,073 | ||||||
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (Call 10/01/25)(a) |
10,985 | 10,910,851 | ||||||
Embecta
Corp., 5.00%, 02/15/30 |
4,010 | 3,184,221 | ||||||
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(a) |
2,880 | 2,971,497 |
38 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Health Care - Products (continued) | ||||||||
Hologic Inc. |
||||||||
3.25%, 02/15/29 (Call 12/01/23)(a) |
$ | 7,100 | $ | 5,960,588 | ||||
4.63%, 02/01/28 (Call 12/01/23)(a) |
2,975 | 2,705,471 | ||||||
Mozart Debt Merger Sub Inc. |
||||||||
3.88%, 04/01/29 (Call 10/01/24)(a) |
34,812 | 29,394,058 | ||||||
5.25%, 10/01/29 (Call 10/01/24)(a)(b) |
19,279 | 16,410,705 | ||||||
Teleflex Inc. |
||||||||
4.25%, 06/01/28 (Call 12/01/23)(a) |
3,772 | 3,328,794 | ||||||
4.63%, 11/15/27 (Call 11/16/23) |
3,648 | 3,337,920 | ||||||
|
|
|||||||
94,744,979 | ||||||||
Health Care - Services — 4.2% | ||||||||
Acadia Healthcare Co. Inc. |
||||||||
5.00%, 04/15/29 (Call 12/01/23)(a)(b) |
3,546 | 3,161,666 | ||||||
5.50%, 07/01/28 (Call 12/01/23)(a)(b) |
3,604 | 3,327,182 | ||||||
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)(a) |
2,540 | 2,082,800 | ||||||
Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)(a)(b) |
2,633 | 2,082,018 | ||||||
Akumin
Inc., 7.00%, 11/01/25 |
3,460 | 2,923,700 | ||||||
Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)(a)(b) |
2,068 | 827,200 | ||||||
Catalent Pharma Solutions Inc. |
||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) |
4,917 | 3,865,991 | ||||||
3.50%, 04/01/30 (Call 04/01/25)(a)(b) |
5,068 | 3,978,380 | ||||||
5.00%, 07/15/27 (Call 12/01/23)(a) |
3,944 | 3,519,428 | ||||||
Charles River Laboratories International Inc. |
||||||||
3.75%, 03/15/29 (Call 03/15/24)(a) |
3,927 | 3,314,663 | ||||||
4.00%, 03/15/31 (Call 03/15/26)(a) |
3,945 | 3,219,889 | ||||||
4.25%, 05/01/28 (Call 11/16/23)(a) |
4,042 | 3,591,479 | ||||||
CHS/Community Health Systems Inc. |
||||||||
4.75%, 02/15/31 (Call 02/15/26)(a)(b) |
8,257 | 5,534,214 | ||||||
5.25%, 05/15/30 (Call 05/15/25)(a)(b) |
12,017 | 8,533,921 | ||||||
5.63%, 03/15/27 (Call 12/15/23)(a)(b) |
14,995 | 12,182,443 | ||||||
6.00%, 01/15/29 (Call 01/15/24)(a) |
7,082 | 5,364,615 | ||||||
6.13%, 04/01/30 (Call 04/01/25)(a)(b) |
9,530 | 3,692,875 | ||||||
6.88%, 04/01/28 (Call 11/16/23)(a) |
5,764 | 2,492,930 | ||||||
6.88%, 04/15/29 (Call 04/15/24)(a)(b) |
10,533 | 4,349,181 | ||||||
8.00%, 03/15/26 (Call 12/01/23)(a)(b) |
16,398 | 14,988,685 | ||||||
8.00%, 12/15/27 (Call 11/16/23)(a)(b) |
5,336 | 4,525,835 | ||||||
DaVita Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
11,935 | 8,578,943 | ||||||
4.63%, 06/01/30 (Call 06/01/25)(a) |
21,328 | 16,714,970 | ||||||
Encompass Health Corp. |
||||||||
4.50%, 02/01/28 (Call 12/01/23) |
6,013 | 5,420,900 | ||||||
4.63%, 04/01/31 (Call 04/01/26) |
3,091 | 2,573,060 | ||||||
4.75%, 02/01/30 (Call 02/01/25) |
6,161 | 5,324,175 | ||||||
5.75%, 09/15/25 (Call 12/01/23) |
2,187 | 2,126,002 | ||||||
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(a)(b) |
4,600 | 4,439,000 | ||||||
Global Medical Response Inc., 6.50%, 10/01/25 (Call 12/01/23)(a)(g)(h) |
4,355 | 2,765,425 | ||||||
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(a) |
4,798 | 4,109,964 | ||||||
Heartland Dental LLC/Heartland Dental Finance Corp. |
||||||||
8.50%, 05/01/26 (Call 12/01/23)(a)(b) |
2,247 | 2,045,171 | ||||||
10.50%, 04/30/28 (Call 05/15/25)(a) |
5,892 | 5,662,978 | ||||||
IQVIA Inc. |
||||||||
5.00%, 10/15/26 (Call 12/01/23)(a) |
8,561 | 8,161,350 | ||||||
5.00%, 05/15/27 (Call 12/01/23)(a) |
8,807 | 8,285,483 |
Security | Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
6.50%, 05/15/30 (Call 05/15/26)(a)(b) |
$ | 3,719 | $ | 3,607,430 | ||||
Kedrion
SpA, 6.50%, 09/01/29 |
5,950 | 4,953,375 | ||||||
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 12/01/23)(a)(b) |
4,672 | 3,863,324 | ||||||
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a) |
3,920 | 2,374,925 | ||||||
LifePoint Health Inc. |
||||||||
9.88%, 08/15/30 (Call 08/15/26) |
6,235 | 5,634,881 | ||||||
11.00%, 10/15/30 (Call 10/15/26)(a) |
6,400 | 6,022,897 | ||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b) |
4,202 | 3,062,376 | ||||||
ModivCare Inc., 5.88%, 11/15/25 (Call 12/01/23)(a)(b) |
3,698 | 3,494,610 | ||||||
Molina Healthcare Inc. |
||||||||
3.88%, 11/15/30 (Call 08/17/30)(a)(b) |
4,715 | 3,845,647 | ||||||
3.88%, 05/15/32 (Call 02/15/32)(a) |
5,498 | 4,320,105 | ||||||
4.38%, 06/15/28 (Call 12/01/23)(a) |
6,508 | 5,792,227 | ||||||
Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(a)(b) |
2,964 | 2,556,272 | ||||||
Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/23)(a) |
6,703 | 6,099,732 | ||||||
Quorum Health Corp., 11.63%, 04/15/23(i) |
1,183 | — | ||||||
Radiology Partners Inc., 9.25%, 02/01/28 (Call 12/01/23)(a) |
4,611 | 1,734,123 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/23)(a)(b) |
10,392 | 9,716,371 | ||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/01/23)(a)(b) |
5,929 | 4,224,413 | ||||||
Select
Medical Corp., 6.25%, 08/15/26 |
9,368 | 9,111,500 | ||||||
Star Parent Inc., 9.00%, 10/01/30 (Call 10/01/26)(a)(b) |
8,160 | 8,097,855 | ||||||
Surgery Center Holdings Inc., 10.00%, 04/15/27 (Call 12/01/23)(a)(b) |
2,291 | 2,286,820 | ||||||
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/23)(a)(b) |
5,499 | 4,357,958 | ||||||
Tenet Healthcare Corp. |
||||||||
4.25%, 06/01/29 (Call 06/01/24) |
10,616 | 9,084,877 | ||||||
4.38%, 01/15/30 (Call 12/01/24) |
12,000 | 10,150,892 | ||||||
4.63%, 06/15/28 (Call 11/16/23)(b) |
4,611 | 4,102,166 | ||||||
4.88%, 01/01/26 (Call 11/16/23) |
15,984 | 15,319,130 | ||||||
5.13%, 11/01/27 (Call 11/16/23) |
11,333 | 10,461,688 | ||||||
6.13%, 10/01/28 (Call 12/01/23)(b) |
19,558 | 18,140,045 | ||||||
6.13%, 06/15/30 (Call 06/15/25)(b) |
15,312 | 14,171,568 | ||||||
6.25%, 02/01/27 (Call 11/16/23) |
11,169 | 10,710,478 | ||||||
6.75%, 05/15/31 (Call 05/15/26)(a)(b) |
10,510 | 9,980,645 | ||||||
6.88%, 11/15/31(b) |
2,858 | 2,634,851 | ||||||
Toledo Hospital (The) |
||||||||
6.02%, 11/15/48 |
2,500 | 1,665,625 | ||||||
Series B, 5.33%, 11/15/28 |
2,200 | 1,683,000 | ||||||
U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 12/01/23)(a) |
5,606 | 4,769,384 | ||||||
|
|
|||||||
381,797,706 | ||||||||
Holding Companies - Diversified — 0.5% | ||||||||
Benteler International, Class A, 10.50%, 05/15/28 (Call 05/15/25)(a)(b) |
3,638 | 3,664,316 | ||||||
Compass Group Diversified Holdings LLC |
||||||||
5.00%, 01/15/32 (Call 01/15/27)(a)(b) |
2,303 | 1,810,942 | ||||||
5.25%, 04/15/29 (Call 04/15/24)(a) |
7,706 | 6,580,485 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Holding Companies - Diversified (continued) | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.38%, 02/01/29 (Call 08/01/28) |
$ | 5,765 | $ | 4,439,209 | ||||
5.25%, 05/15/27 (Call 11/15/26) |
11,369 | 9,734,706 | ||||||
6.25%, 05/15/26 (Call 12/01/23)(b) |
9,789 | 8,947,848 | ||||||
6.38%, 12/15/25 (Call 12/01/23) |
5,786 | 5,443,173 | ||||||
Stena International SA, 6.13%, 02/01/25 (Call 11/13/23)(a)(b) |
1,950 | 1,911,000 | ||||||
|
|
|||||||
42,531,679 | ||||||||
Home Builders — 1.0% | ||||||||
Adams Homes Inc., 9.25%, 10/15/28 (Call 10/15/25)(a) |
1,925 | 1,860,477 | ||||||
Ashton Woods USA LLC/Ashton Woods Finance Co. |
||||||||
4.63%, 08/01/29 (Call 08/01/24)(a)(b) |
2,608 | 2,110,344 | ||||||
4.63%, 04/01/30 (Call 04/01/25)(a)(b) |
3,041 | 2,354,656 | ||||||
6.63%, 01/15/28 (Call 12/01/23)(a) |
2,059 | 1,883,985 | ||||||
Beazer Homes USA Inc. |
||||||||
5.88%, 10/15/27 (Call 11/16/23)(b) |
2,567 | 2,291,048 | ||||||
7.25%, 10/15/29 (Call 10/15/24)(b) |
2,603 | 2,374,727 | ||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |
||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) |
3,801 | 2,890,494 | ||||||
5.00%, 06/15/29 (Call 06/15/24)(a) |
2,596 | 2,026,148 | ||||||
6.25%, 09/15/27 (Call 12/01/23)(a) |
5,270 | 4,585,000 | ||||||
Century Communities Inc. |
||||||||
3.88%, 08/15/29 (Call 02/15/29)(a)(b) |
3,807 | 3,072,095 | ||||||
6.75%, 06/01/27 (Call 12/01/23) |
3,566 | 3,442,466 | ||||||
Dream Finders Homes Inc., 8.25%, 08/15/28 (Call 08/15/25)(a)(b) |
2,550 | 2,522,817 | ||||||
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/01/23)(a)(b) |
3,815 | 3,545,697 | ||||||
Forestar Group Inc. |
||||||||
3.85%, 05/15/26 (Call 12/01/23)(a)(b) |
3,002 | 2,672,010 | ||||||
5.00%, 03/01/28 (Call 12/01/23)(a)(b) |
2,269 | 1,991,248 | ||||||
Installed Building Products Inc., 5.75%, 02/01/28 (Call 11/16/23)(a)(b) |
2,276 | 2,053,383 | ||||||
KB Home |
||||||||
4.00%, 06/15/31 (Call 12/15/30) |
2,924 | 2,283,078 | ||||||
4.80%, 11/15/29 (Call 05/15/29)(b) |
2,202 | 1,907,945 | ||||||
6.88%, 06/15/27 (Call 12/15/26)(b) |
2,205 | 2,188,143 | ||||||
7.25%, 07/15/30 (Call 07/15/25) |
2,757 | 2,646,720 | ||||||
LGI
Homes Inc., 4.00%, 07/15/29 |
2,339 | 1,789,831 | ||||||
M/I Homes Inc. |
||||||||
3.95%, 02/15/30 (Call 08/15/29)(b) |
2,461 | 1,957,627 | ||||||
4.95%, 02/01/28 (Call 11/16/23) |
3,033 | 2,711,894 | ||||||
Mattamy Group Corp. |
||||||||
4.63%, 03/01/30 (Call 03/01/25)(a) |
4,481 | 3,658,550 | ||||||
5.25%, 12/15/27 (Call 12/01/23)(a)(b) |
4,071 | 3,657,632 | ||||||
Meritage Homes Corp. |
||||||||
5.13%, 06/06/27 (Call 12/06/26) |
832 | 786,240 | ||||||
6.00%, 06/01/25 (Call 03/01/25)(b) |
829 | 812,818 | ||||||
Shea Homes LP/Shea Homes Funding Corp. |
||||||||
4.75%, 02/15/28 (Call 12/01/23) |
3,270 | 2,873,944 | ||||||
4.75%, 04/01/29 (Call 04/01/24) |
2,394 | 2,020,939 | ||||||
Taylor Morrison Communities Inc. |
||||||||
5.13%, 08/01/30 (Call 02/01/30)(a) |
4,222 | 3,548,184 | ||||||
5.75%, 01/15/28 (Call 10/15/27)(a) |
3,250 | 2,949,865 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a) |
3,745 | 3,510,938 |
Security | Par (000) |
Value | ||||||
Home Builders (continued) | ||||||||
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)(a)(b) |
$ | 3,795 | $ | 3,058,959 | ||||
Tri Pointe Homes Inc. |
||||||||
5.25%, 06/01/27 (Call 12/01/26) |
2,219 | 2,008,195 | ||||||
5.70%, 06/15/28 (Call 12/15/27)(b) |
2,576 | 2,293,543 | ||||||
Winnebago Industries Inc., 6.25%, 07/15/28 (Call 12/01/23)(a) |
2,735 | 2,571,803 | ||||||
|
|
|||||||
90,913,443 | ||||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International Inc. |
||||||||
3.88%, 10/15/31 (Call 10/15/26)(a) |
6,410 | 4,800,312 | ||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
6,384 | 5,237,393 | ||||||
|
|
|||||||
10,037,705 | ||||||||
Household Products & Wares — 0.3% | ||||||||
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)(b) |
4,644 | 3,853,781 | ||||||
Central Garden & Pet Co. |
||||||||
4.13%, 10/15/30 (Call 10/15/25)(b) |
3,814 | 3,110,714 | ||||||
4.13%, 04/30/31 (Call 04/30/26)(a) |
3,139 | 2,497,128 | ||||||
5.13%, 02/01/28 (Call 12/01/23)(b) |
2,145 | 1,980,646 | ||||||
Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |
||||||||
5.00%, 12/31/26 (Call 12/01/23)(a)(b) |
3,500 | 3,165,931 | ||||||
7.00%, 12/31/27 (Call 12/31/23)(a) |
3,886 | 3,304,020 | ||||||
Spectrum Brands Inc. |
||||||||
3.88%, 03/15/31 (Call 03/15/26)(a)(b) |
3,998 | 3,200,159 | ||||||
5.00%, 10/01/29 (Call 10/01/24)(a)(b) |
2,223 | 1,994,231 | ||||||
5.50%, 07/15/30 (Call 07/15/25)(a) |
2,259 | 2,016,158 | ||||||
|
|
|||||||
25,122,768 | ||||||||
Housewares — 0.5% | ||||||||
CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/23)(a)(b) |
6,011 | 5,745,314 | ||||||
Newell Brands Inc. |
||||||||
4.88%, 06/01/25 (Call 05/01/25) |
3,644 | 3,496,683 | ||||||
5.20%, 04/01/26 (Call 01/01/26)(b) |
15,036 | 14,196,286 | ||||||
6.38%, 09/15/27 (Call 06/15/27)(b) |
3,929 | 3,679,563 | ||||||
6.38%, 04/01/36 (Call 10/01/35) |
3,250 | 2,549,067 | ||||||
6.50%, 04/01/46 (Call 10/01/45)(b) |
5,007 | 3,516,129 | ||||||
6.63%, 09/15/29 (Call 06/15/29)(b) |
3,925 | 3,610,822 | ||||||
Scotts Miracle-Gro Co. (The) |
||||||||
4.00%, 04/01/31 (Call 04/01/26)(b) |
3,699 | 2,751,705 | ||||||
4.38%, 02/01/32 (Call 08/01/26)(b) |
3,044 | 2,230,948 | ||||||
4.50%, 10/15/29 (Call 10/15/24)(b) |
3,278 | 2,589,620 | ||||||
5.25%, 12/15/26 (Call 11/16/23)(b) |
1,816 | 1,684,340 | ||||||
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (Call 10/01/24)(a)(b) |
4,980 | 2,950,023 | ||||||
|
|
|||||||
49,000,500 | ||||||||
Insurance — 1.6% | ||||||||
Acrisure LLC/Acrisure Finance Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) |
5,286 | 4,334,357 | ||||||
6.00%, 08/01/29 (Call 08/01/24)(a) |
4,020 | 3,242,752 | ||||||
7.00%, 11/15/25 (Call 12/01/23)(a)(b) |
7,194 | 6,974,828 | ||||||
10.13%, 08/01/26 (Call 12/01/23)(a)(b) |
2,866 | 2,884,265 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
4.25%, 10/15/27 (Call 12/01/23)(a) |
5,737 | 5,043,741 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(a)(b) |
3,451 | 2,865,153 | ||||||
6.75%, 10/15/27 (Call 12/01/23)(a) |
10,482 | 9,572,791 | ||||||
6.75%, 04/15/28 (Call 04/15/25)(a) |
9,614 | 9,135,659 |
40 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
AmWINS Group Inc., 4.88%, 06/30/29 (Call 06/30/24)(a)(b) |
$ | 6,339 | $ | 5,426,452 | ||||
Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28), (3-mo. LIBOR US + 4.135%)(d) |
2,940 | 2,815,891 | ||||||
AssuredPartners Inc. |
||||||||
5.63%, 01/15/29 (Call 12/15/23)(a)(b) |
4,453 | 3,777,617 | ||||||
7.00%, 08/15/25 (Call 12/01/23)(a) |
3,952 | 3,876,485 | ||||||
BroadStreet Partners Inc., 5.88%, 04/15/29 (Call 04/15/24)(a)(b) |
5,730 | 4,995,712 | ||||||
Constellation Insurance Inc., 6.80%, 01/24/30 (Call 10/24/29)(a) |
3,340 | 2,857,514 | ||||||
Genworth Holdings Inc., 6.50%, 06/15/34 |
1,914 | 1,661,750 | ||||||
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26), (5-year CMT + 3.796%)(a)(d) |
5,851 | 4,070,936 | ||||||
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/23)(a)(b) |
3,738 | 3,639,713 | ||||||
Hub International Ltd. |
||||||||
5.63%, 12/01/29 (Call 12/01/24)(a)(b) |
4,134 | 3,560,289 | ||||||
7.00%, 05/01/26 (Call 11/13/23)(a) |
12,606 | 12,270,826 | ||||||
HUB International Ltd., 7.25%, 06/15/30 (Call 06/15/26)(a) |
16,700 | 16,290,182 | ||||||
Jones Deslauriers Insurance Management Inc. |
||||||||
8.50%, 03/15/30 (Call 03/15/26)(a) |
5,760 | 5,658,587 | ||||||
10.50%, 12/15/30 (Call 12/15/25)(a)(b) |
2,225 | 2,208,407 | ||||||
Liberty Mutual Group Inc. |
||||||||
4.13%, 12/15/51
(Call 09/15/26), |
3,545 | 2,814,411 | ||||||
4.30%, 02/01/61 (Call 02/01/26)(a) |
5,985 | 3,119,552 | ||||||
7.80%, 03/07/87(a) |
3,547 | 3,410,007 | ||||||
MGIC Investment Corp., 5.25%, 08/15/28 (Call 11/16/23) |
5,505 | 5,060,060 | ||||||
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) |
2,827 | 2,829,925 | ||||||
Ohio National Financial Services Inc., 6.63%, 05/01/31(a)(b) |
1,930 | 1,671,502 | ||||||
Ryan Specialty Group LLC, 4.38%, 02/01/30 (Call 02/01/25)(a)(b) |
3,308 | 2,833,403 | ||||||
USI
Inc./NY, 6.88%, 05/01/25 |
4,419 | 4,378,610 | ||||||
|
|
|||||||
143,281,377 | ||||||||
Internet — 1.8% | ||||||||
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(a) |
2,700 | 2,126,250 | ||||||
ANGI Group LLC, 3.88%, 08/15/28 (Call 11/13/23)(a)(b) |
3,709 | 2,781,724 | ||||||
Arches Buyer Inc. |
||||||||
4.25%, 06/01/28 (Call 12/01/23)(a) |
7,869 | 6,517,884 | ||||||
6.13%, 12/01/28 (Call 12/01/23)(a)(b) |
3,972 | 3,208,264 | ||||||
Cablevision Lightpath LLC |
||||||||
3.88%, 09/15/27 (Call 11/13/23)(a) |
3,336 | 2,713,716 | ||||||
5.63%, 09/15/28 (Call 11/13/23)(a)(b) |
3,155 | 2,360,847 | ||||||
Cars.com Inc., 6.38%, 11/01/28 (Call 12/01/23)(a)(b) |
3,232 | 2,876,480 | ||||||
Cogent Communications Group Inc. |
||||||||
3.50%, 05/01/26 (Call 02/01/26)(a) |
3,727 | 3,373,855 | ||||||
7.00%, 06/15/27 (Call 06/15/24)(a) |
4,296 | 4,059,720 | ||||||
EquipmentShare.com Inc., 9.00%, 05/15/28 (Call 05/15/25)(a) |
8,320 | 7,820,800 | ||||||
Gen Digital Inc., 5.00%, 04/15/25 (Call 11/13/23)(a) |
7,822 | 7,572,791 |
Security | Par (000) |
Value | ||||||
Internet (continued) | ||||||||
Getty Images Inc., 9.75%, 03/01/27 (Call 11/16/23)(a)(b) |
$ | 2,060 | $ | 2,025,969 | ||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a) |
6,539 | 5,489,167 | ||||||
5.25%, 12/01/27 (Call 12/01/23)(a) |
4,574 | 4,286,442 | ||||||
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 11/13/23)(a)(b) |
4,137 | 3,043,177 | ||||||
ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)(a) |
3,350 | 2,780,500 | ||||||
Match Group Holdings II LLC |
||||||||
3.63%, 10/01/31 (Call 10/01/26)(a)(b) |
4,158 | 3,191,265 | ||||||
4.13%, 08/01/30 (Call 05/01/25)(a)(b) |
3,674 | 2,985,234 | ||||||
4.63%, 06/01/28 (Call 12/01/23)(a)(b) |
3,677 | 3,301,542 | ||||||
5.00%, 12/15/27 (Call 12/01/23)(a) |
3,357 | 3,096,278 | ||||||
5.63%, 02/15/29 (Call 02/15/24)(a)(b) |
2,662 | 2,402,886 | ||||||
Millennium Escrow Corp., 6.63%, 08/01/26 (Call 12/01/23)(a) |
6,336 | 4,703,726 | ||||||
Newfold Digital Holdings Group Inc. |
||||||||
6.00%, 02/15/29 (Call 02/15/24)(a)(b) |
4,776 | 3,138,063 | ||||||
11.75%, 10/15/28 (Call 10/15/25)(a) |
1,910 | 1,929,291 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc. |
||||||||
4.75%, 04/30/27 (Call 12/01/23)(a) |
2,615 | 2,333,888 | ||||||
6.00%, 02/15/28 (Call 02/15/24)(a) |
2,332 | 1,923,900 | ||||||
10.75%, 06/01/28 (Call 12/01/23)(a)(b) |
1,899 | 1,810,208 | ||||||
NortonLifeLock Inc. |
||||||||
6.75%, 09/30/27 (Call 09/30/24)(a) |
7,007 | 6,820,550 | ||||||
7.13%, 09/30/30 (Call 09/30/25)(a)(b) |
4,919 | 4,785,453 | ||||||
Rakuten Group Inc. |
||||||||
5.13%, (Call 04/22/26), |
5,855 | 4,174,363 | ||||||
6.25%, (Call 04/22/31), |
7,635 | 4,665,994 | ||||||
10.25%, 11/30/24 (Call 11/28/23)(a)(b) |
7,275 | 7,347,847 | ||||||
Shutterfly Finance LLC, 8.50%, 10/01/27 (Call 06/09/25), (4.25% PIK)(a)(b)(c) |
4,958 | 3,321,927 | ||||||
TripAdvisor Inc., 7.00%, 07/15/25 (Call 11/13/23)(a)(b) |
3,547 | 3,511,533 | ||||||
Uber Technologies Inc. |
||||||||
4.50%, 08/15/29 (Call 08/15/24)(a)(b) |
11,632 | 10,258,664 | ||||||
6.25%, 01/15/28 (Call 11/13/23)(a)(b) |
3,758 | 3,617,075 | ||||||
7.50%, 05/15/25 (Call 12/01/23)(a) |
7,686 | 7,695,539 | ||||||
7.50%, 09/15/27 (Call 11/21/23)(a) |
9,067 | 9,089,776 | ||||||
Ziff
Davis Inc., 4.63%, 10/15/30 |
3,639 | 3,046,639 | ||||||
|
|
|||||||
162,189,227 | ||||||||
Iron & Steel — 0.9% | ||||||||
Allegheny Technologies Inc. |
||||||||
4.88%, 10/01/29 (Call 10/01/24) |
2,444 | 2,081,355 | ||||||
5.13%, 10/01/31 (Call 10/01/26) |
2,736 | 2,257,200 | ||||||
5.88%, 12/01/27 (Call 12/01/23)(b) |
2,607 | 2,418,696 | ||||||
ATI Inc., 7.25%, 08/15/30 (Call 08/15/26) |
3,235 | 3,114,270 | ||||||
Baffinland
Iron Mines Corp./Baffinland Iron Mines LP, |
4,365 | 4,195,752 | ||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 12/01/23)(a)(b) |
5,709 | 5,639,236 | ||||||
Carpenter Technology Corp. |
||||||||
6.38%, 07/15/28 (Call 12/01/23)(b) |
2,992 | 2,845,960 | ||||||
7.63%, 03/15/30 (Call 03/15/25)(b) |
2,515 | 2,482,807 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Iron & Steel (continued) | ||||||||
Cleveland-Cliffs Inc. |
||||||||
4.63%, 03/01/29 (Call 03/01/24)(a) |
$ | 2,765 | $ | 2,383,160 | ||||
4.88%, 03/01/31 (Call 03/01/26)(a)(b) |
2,250 | 1,855,840 | ||||||
5.88%, 06/01/27 (Call 12/01/23)(b) |
4,266 | 4,064,546 | ||||||
6.75%, 03/15/26 (Call 12/01/23)(a) |
6,345 | 6,308,688 | ||||||
6.75%, 04/15/30 (Call 04/15/26)(a)(b) |
5,995 | 5,558,501 | ||||||
Commercial Metals Co. |
||||||||
3.88%, 02/15/31 (Call 02/15/26)(b) |
2,078 | 1,684,459 | ||||||
4.13%, 01/15/30 (Call 01/15/25)(b) |
2,322 | 1,959,680 | ||||||
4.38%, 03/15/32 (Call 03/15/27)(b) |
2,200 | 1,769,259 | ||||||
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 12/01/23)(a)(b) |
2,183 | 2,155,713 | ||||||
Mineral Resources Ltd. |
||||||||
8.00%, 11/01/27 (Call 11/01/24)(a) |
4,765 | 4,604,372 | ||||||
8.13%, 05/01/27 (Call 12/01/23)(a) |
5,258 | 5,115,248 | ||||||
8.50%, 05/01/30 (Call 05/01/25)(a) |
5,126 | 4,907,687 | ||||||
9.25%, 10/01/28 (Call 10/01/25)(a) |
8,510 | 8,510,000 | ||||||
TMS International Corp./DE, 6.25%, 04/15/29 (Call 04/15/24)(a)(b) |
2,649 | 2,089,935 | ||||||
U.S. Steel Corp. |
||||||||
6.65%, 06/01/37(b) |
2,087 | 1,988,026 | ||||||
6.88%, 03/01/29 (Call 03/01/24)(b) |
3,546 | 3,444,995 | ||||||
|
|
|||||||
83,435,385 | ||||||||
Leisure Time — 2.8% | ||||||||
Acushnet
Co., 7.38%, 10/15/28 |
2,665 | 2,669,850 | ||||||
Carnival Corp. |
||||||||
4.00%, 08/01/28 (Call 05/01/28)(a)(b) |
18,924 | 16,460,470 | ||||||
5.75%, 03/01/27 (Call 12/01/26)(a) |
24,610 | 21,973,334 | ||||||
6.00%, 05/01/29 (Call 11/01/24)(a)(b) |
15,585 | 13,166,154 | ||||||
7.00%, 08/15/29 (Call 08/15/26)(a)(b) |
3,900 | 3,824,107 | ||||||
7.63%, 03/01/26 (Call 03/01/24)(a)(b) |
10,970 | 10,667,148 | ||||||
9.88%, 08/01/27 (Call 02/01/24)(a)(b) |
5,851 | 6,098,497 | ||||||
10.50%, 06/01/30 (Call 06/01/25)(a)(b) |
7,604 | 7,715,193 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a)(b) |
15,525 | 16,552,975 | ||||||
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/23)(a)(b) |
2,984 | 2,528,642 | ||||||
Life Time Inc. |
||||||||
5.75%, 01/15/26 (Call 12/01/23)(a) |
7,318 | 7,086,664 | ||||||
8.00%, 04/15/26 (Call 12/01/23)(a)(b) |
4,237 | 4,131,075 | ||||||
Lindblad Expeditions Holdings Inc., 9.00%, 05/15/28 (Call 05/15/25)(a)(b) |
1,900 | 1,827,707 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)(a)(b) |
2,673 | 2,435,985 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)(a)(b) |
3,880 | 3,007,000 | ||||||
NCL Corp. Ltd. |
||||||||
3.63%, 12/15/24 (Call 11/14/23)(a)(b) |
4,129 | 3,905,875 | ||||||
5.88%, 03/15/26 (Call 12/15/25)(a)(b) |
10,930 | 9,809,675 | ||||||
5.88%, 02/15/27 (Call 02/15/24)(a) |
7,675 | 7,064,600 | ||||||
7.75%, 02/15/29 (Call 11/15/28)(a)(b) |
4,723 | 4,122,186 | ||||||
8.13%, 01/15/29 (Call 01/15/26)(a) |
6,040 | 5,901,044 | ||||||
8.38%, 02/01/28 (Call 02/01/25)(a) |
4,712 | 4,668,032 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b) |
4,007 | 3,350,801 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
3.70%, 03/15/28 (Call 12/15/27)(b) |
3,641 | 3,103,134 | ||||||
4.25%, 07/01/26 (Call 01/01/26)(a)(b) |
5,342 | 4,912,506 | ||||||
5.38%, 07/15/27 (Call 10/15/26)(a)(b) |
7,506 | 6,917,347 | ||||||
5.50%, 08/31/26 (Call 02/28/26)(a) |
8,334 | 7,864,629 |
Security | Par (000) |
Value | ||||||
Leisure Time (continued) | ||||||||
5.50%, 04/01/28 (Call 10/01/27)(a) |
$ | 11,425 | $ | 10,417,905 | ||||
7.25%, 01/15/30 (Call 12/15/25)(a)(b) |
5,187 | 5,116,842 | ||||||
7.50%, 10/15/27 |
2,212 | 2,178,721 | ||||||
8.25%, 01/15/29 (Call 04/01/25)(a) |
7,515 | 7,703,789 | ||||||
9.25%, 01/15/29 (Call 04/01/25)(a)(b) |
7,490 | 7,818,354 | ||||||
11.50%, 06/01/25 (Call 11/07/23)(a)(b) |
3,815 | 4,031,852 | ||||||
11.63%, 08/15/27 (Call 08/15/24)(a)(b) |
9,926 | 10,765,392 | ||||||
Viking Cruises Ltd. |
||||||||
5.88%, 09/15/27 (Call 12/01/23)(a) |
6,466 | 5,825,219 | ||||||
6.25%, 05/15/25 (Call 12/01/23)(a)(b) |
1,679 | 1,633,386 | ||||||
7.00%, 02/15/29 (Call 02/15/24)(a)(b) |
3,697 | 3,345,785 | ||||||
9.13%, 07/15/31 (Call 07/15/26)(a)(b) |
5,588 | 5,490,210 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (Call 02/15/24)(a)(b) |
2,605 | 2,308,681 | ||||||
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)(b) |
3,635 | 3,381,750 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 12/01/23)(a) |
5,130 | 4,608,908 | ||||||
|
|
|||||||
256,391,424 | ||||||||
Lodging — 1.7% | ||||||||
Boyd Gaming Corp. |
||||||||
4.75%, 12/01/27 (Call 11/13/23)(b) |
7,692 | 6,999,682 | ||||||
4.75%, 06/15/31 (Call 06/15/26)(a) |
7,478 | 6,205,983 | ||||||
Full House Resorts Inc., 8.25%, 02/15/28 (Call 02/15/24)(a)(b) |
3,128 | 2,633,870 | ||||||
Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)(a) |
3,946 | 3,521,373 | ||||||
Hilton Domestic Operating Co. Inc. |
||||||||
3.63%, 02/15/32 (Call 08/15/26)(a) |
11,597 | 9,167,119 | ||||||
3.75%, 05/01/29 (Call 05/01/24)(a) |
6,026 | 5,187,153 | ||||||
4.00%, 05/01/31 (Call 05/01/26)(a) |
8,423 | 6,975,643 | ||||||
4.88%, 01/15/30 (Call 01/15/25) |
7,566 | 6,792,193 | ||||||
5.38%, 05/01/25 (Call 11/13/23)(a) |
3,629 | 3,567,495 | ||||||
5.75%, 05/01/28 (Call 12/01/23)(a)(b) |
3,869 | 3,706,832 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |
||||||||
4.88%, 07/01/31 (Call 07/01/26)(a)(b) |
3,895 | 3,084,386 | ||||||
5.00%, 06/01/29 (Call 06/01/24)(a) |
6,741 | 5,645,573 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/23)(b) |
4,477 | 4,222,403 | ||||||
Las Vegas Sands Corp. |
||||||||
2.90%, 06/25/25 (Call 05/25/25) |
3,835 | 3,601,037 | ||||||
3.50%, 08/18/26 (Call 06/18/26) |
7,845 | 7,181,631 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(b) |
6,162 | 5,320,242 | ||||||
Marriott Ownership Resorts Inc. |
||||||||
4.50%, 06/15/29 (Call 06/15/24)(a)(b) |
4,162 | 3,420,082 | ||||||
4.75%, 01/15/28 (Call 12/01/23)(b) |
2,876 | 2,472,852 | ||||||
MGM Resorts International |
||||||||
4.63%, 09/01/26 (Call 06/01/26)(b) |
3,196 | 2,970,010 | ||||||
4.75%, 10/15/28 (Call 07/15/28)(b) |
5,846 | 5,101,125 | ||||||
5.50%, 04/15/27 (Call 01/15/27) |
5,140 | 4,795,375 | ||||||
5.75%, 06/15/25 (Call 03/15/25) |
5,171 | 5,056,580 | ||||||
6.75%, 05/01/25 (Call 12/01/23) |
5,469 | 5,439,418 | ||||||
Station Casinos LLC |
||||||||
4.50%, 02/15/28 (Call 12/01/23)(a) |
5,203 | 4,493,446 | ||||||
4.63%, 12/01/31 (Call 06/01/31)(a)(b) |
4,385 | 3,462,221 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/23)(a) |
1,702 | 1,629,733 |
42 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Lodging (continued) | ||||||||
Travel + Leisure Co. |
||||||||
4.50%, 12/01/29 (Call 09/01/29)(a)(b) |
$ | 4,805 | $ | 3,960,209 | ||||
4.63%, 03/01/30 (Call 12/01/29)(a)(b) |
2,656 | 2,174,321 | ||||||
6.00%, 04/01/27 (Call 01/01/27) |
2,952 | 2,757,153 | ||||||
6.60%, 10/01/25 (Call 07/01/25) |
2,458 | 2,404,038 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a) |
5,210 | 5,083,605 | ||||||
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 12/01/23)(a) |
4,070 | 3,591,978 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
||||||||
5.25%, 05/15/27 (Call 02/15/27)(a) |
7,125 | 6,581,857 | ||||||
5.50%, 03/01/25 (Call 12/01/24)(a) |
7,021 | 6,893,108 | ||||||
|
|
|||||||
156,099,726 | ||||||||
Machinery — 0.8% | ||||||||
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(a)(b) |
2,602 | 2,234,467 | ||||||
BWX Technologies Inc. |
||||||||
4.13%, 06/30/28 (Call 12/01/23)(a)(b) |
3,436 | 3,023,628 | ||||||
4.13%, 04/15/29 (Call 04/15/24)(a)(b) |
2,970 | 2,539,350 | ||||||
Chart Industries Inc. |
||||||||
7.50%, 01/01/30 (Call 01/01/26)(a)(b) |
11,265 | 11,062,066 | ||||||
9.50%, 01/01/31 (Call 01/01/26)(a)(b) |
3,925 | 4,042,612 | ||||||
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a)(b) |
4,023 | 2,949,020 | ||||||
GrafTech Global Enterprises Inc., 9.88%, 12/15/28 (Call 12/15/25)(a)(b) |
3,535 | 3,165,550 | ||||||
Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 11/13/23), (13.75% PIK)(a)(b)(c) |
3,228 | 3,106,950 | ||||||
Manitowoc Co. Inc. (The), 9.00%, 04/01/26 (Call 11/16/23)(a)(b) |
2,518 | 2,468,159 | ||||||
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(a) |
3,383 | 2,892,465 | ||||||
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(a) |
2,302 | 1,369,690 | ||||||
SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(a)(b) |
4,164 | 3,817,597 | ||||||
Terex
Corp., 5.00%, 05/15/29 |
4,729 | 4,139,514 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/23)(a) |
4,859 | 4,519,417 | ||||||
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 12/01/23)(a) |
3,001 | 2,706,604 | ||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 12/01/23)(a) |
12,016 | 10,939,934 | ||||||
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a)(b) |
6,625 | 5,790,282 | ||||||
|
|
|||||||
70,767,305 | ||||||||
Machinery - Diversified — 0.0% | ||||||||
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/28 (Call 09/01/25) |
4,105 | 4,006,069 | ||||||
|
|
|||||||
Manufacturing — 0.4% | ||||||||
Amsted Industries Inc. |
||||||||
4.63%, 05/15/30 (Call 05/15/25)(a) |
3,026 | 2,441,182 | ||||||
5.63%, 07/01/27 (Call 12/01/23)(a) |
3,250 | 2,990,604 | ||||||
Calderys Financing LLC, 11.25%, 06/01/28 (Call 06/01/25)(a) |
4,128 | 4,164,120 | ||||||
EnPro Industries Inc., 5.75%, 10/15/26 (Call 12/01/23) |
2,734 | 2,589,884 | ||||||
FXI Holdings Inc. |
||||||||
12.25%, 11/15/26 (Call 11/16/23)(a) |
3,810 | 3,162,300 | ||||||
12.25%, 11/15/26 (Call 12/01/23)(a) |
5,900 | 4,884,049 |
Security | Par (000) |
Value | ||||||
Manufacturing (continued) | ||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/23)(a)(b) |
$ | 4,360 | $ | 4,270,184 | ||||
Hillenbrand Inc. |
||||||||
3.75%, 03/01/31 (Call 03/01/26) |
2,671 | 2,086,002 | ||||||
5.00%, 09/15/26 (Call 07/15/26) |
2,948 | 2,827,309 | ||||||
5.75%, 06/15/25 (Call 11/13/23) |
2,676 | 2,622,302 | ||||||
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a)(b) |
4,275 | 3,792,403 | ||||||
Trinity Industries Inc., 7.75%, 07/15/28 (Call 07/15/25)(a) |
3,015 | 2,977,313 | ||||||
|
|
|||||||
38,807,652 | ||||||||
Media — 8.0% | ||||||||
Altice Financing SA |
||||||||
5.00%, 01/15/28 (Call 12/01/23)(a)(b) |
9,081 | 7,385,275 | ||||||
5.75%, 08/15/29 (Call 08/15/24)(a) |
16,011 | 12,381,431 | ||||||
AMC Networks Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(b) |
7,629 | 4,687,179 | ||||||
4.75%, 08/01/25 (Call 12/01/23)(b) |
6,284 | 5,723,514 | ||||||
Audacy Capital Corp. |
||||||||
6.50%, 05/01/27 (Call 11/16/23)(a) |
2,719 | 33,987 | ||||||
6.75%, 03/31/29 (Call 03/31/24)(a) |
2,981 | 37,262 | ||||||
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 12/01/23)(a) |
2,053 | 1,354,980 | ||||||
Block Communications Inc., 4.88%, 03/01/28 (Call 12/01/23)(a)(b) |
2,772 | 2,276,117 | ||||||
Cable
One Inc., 4.00%, 11/15/30 |
5,401 | 4,023,745 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
4.25%, 02/01/31 (Call 07/01/25)(a)(b) |
23,050 | 17,937,459 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a) |
15,480 | 11,181,246 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a) |
21,228 | 17,021,360 | ||||||
4.50%, 05/01/32 (Call 05/01/26) |
22,326 | 17,090,482 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a) |
13,532 | 10,094,405 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a) |
23,480 | 19,369,189 | ||||||
4.75%, 02/01/32 (Call 02/01/27)(a) |
9,235 | 7,208,472 | ||||||
5.00%, 02/01/28 (Call 11/16/23)(a) |
19,460 | 17,473,859 | ||||||
5.13%, 05/01/27 (Call 12/01/23)(a) |
24,958 | 22,978,748 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a) |
11,350 | 9,934,423 | ||||||
5.50%, 05/01/26 (Call 12/01/23)(a) |
5,972 | 5,695,240 | ||||||
6.38%, 09/01/29 (Call 09/01/25)(a)(b) |
11,347 | 10,384,752 | ||||||
7.38%, 03/01/31 (Call 03/01/26)(a)(b) |
8,390 | 7,928,725 | ||||||
CSC Holdings LLC |
||||||||
3.38%, 02/15/31 (Call 02/15/26)(a) |
7,675 | 4,908,733 | ||||||
4.13%, 12/01/30 (Call 12/01/25)(a) |
8,318 | 5,572,745 | ||||||
4.50%, 11/15/31 (Call 11/15/26)(a) |
11,725 | 7,743,831 | ||||||
4.63%, 12/01/30 (Call 12/01/25)(a)(b) |
18,060 | 9,158,621 | ||||||
5.00%, 11/15/31 (Call 11/15/26)(a)(b) |
3,805 | 1,945,647 | ||||||
5.38%, 02/01/28 (Call 12/01/23)(a) |
7,510 | 5,980,478 | ||||||
5.50%, 04/15/27 (Call 12/01/23)(a) |
9,861 | 8,240,154 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a) |
17,390 | 9,097,919 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a) |
13,627 | 10,774,753 | ||||||
7.50%, 04/01/28 (Call 11/13/23)(a)(b) |
8,198 | 5,254,328 | ||||||
11.25%, 05/15/28 (Call 05/15/25)(a)(b) |
8,270 | 7,888,047 | ||||||
Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/23)(a)(b) |
2,924 | 2,090,660 | ||||||
Directv
Financing LLC/Directv Financing Co-Obligor Inc.,
5.88%, 08/15/27 |
29,052 | 25,456,379 | ||||||
DISH DBS Corp. |
||||||||
5.25%, 12/01/26 (Call 06/01/26)(a) |
21,323 | 17,200,214 | ||||||
5.75%, 12/01/28 (Call 12/01/27)(a) |
19,341 | 14,046,401 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
5.88%, 11/15/24(b) |
$ | 15,207 | $ | 13,952,662 | ||||
7.38%, 07/01/28 (Call 11/13/23) |
7,769 | 4,387,448 | ||||||
7.75%, 07/01/26 |
15,563 | 10,428,313 | ||||||
5.13%, 06/01/29(b) |
11,668 | 6,009,020 | ||||||
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a) |
26,976 | 26,721,347 | ||||||
Gannett Holdings LLC, 6.00%, 11/01/26 (Call 12/01/23)(a)(b) |
2,794 | 2,346,960 | ||||||
GCI LLC, 4.75%, 10/15/28 (Call 11/16/23)(a) |
4,649 | 3,989,307 | ||||||
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a)(b) |
10,459 | 6,591,799 | ||||||
Gray Television Inc. |
||||||||
4.75%, 10/15/30 (Call 10/15/25)(a)(b) |
6,186 | 3,966,080 | ||||||
5.88%, 07/15/26 (Call 12/01/23)(a)(b) |
5,436 | 4,840,939 | ||||||
7.00%, 05/15/27 (Call 11/13/23)(a)(b) |
5,552 | 4,707,652 | ||||||
iHeartCommunications Inc. |
||||||||
4.75%, 01/15/28 (Call 12/01/23)(a)(b) |
3,754 | 2,654,009 | ||||||
5.25%, 08/15/27 (Call 11/16/23)(a)(b) |
5,801 | 4,251,797 | ||||||
6.38%, 05/01/26 (Call 11/16/23)(b) |
6,013 | 4,901,220 | ||||||
8.38%, 05/01/27 (Call 11/16/23)(b) |
7,185 | 4,404,233 | ||||||
LCPR Senior Secured Financing DAC |
||||||||
5.13%, 07/15/29 (Call 07/15/24)(a) |
6,995 | 5,447,885 | ||||||
6.75%, 10/15/27 (Call 12/01/23)(a) |
8,677 | 7,852,685 | ||||||
Liberty Interactive LLC |
||||||||
8.25%, 02/01/30 |
3,665 | 940,160 | ||||||
8.50%, 07/15/29 |
2,062 | 542,203 | ||||||
McGraw-Hill Education Inc. |
||||||||
5.75%, 08/01/28 (Call 08/01/24)(a) |
6,858 | 5,779,922 | ||||||
8.00%, 08/01/29 (Call 08/01/24)(a)(b) |
4,697 | 3,870,140 | ||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/23)(a) |
2,782 | 2,524,665 | ||||||
News Corp. |
||||||||
3.88%, 05/15/29 (Call 05/15/24)(a) |
7,977 | 6,828,152 | ||||||
5.13%, 02/15/32 (Call 02/15/27)(a) |
3,680 | 3,177,864 | ||||||
Nexstar Media Inc. |
||||||||
4.75%, 11/01/28 (Call 11/13/23)(a)(b) |
7,454 | 6,260,537 | ||||||
5.63%, 07/15/27 (Call 11/13/23)(a) |
13,717 | 12,344,758 | ||||||
Paramount Global |
||||||||
6.25%, 02/28/57
(Call 02/28/27), |
4,976 | 3,570,280 | ||||||
6.38%, 03/30/62
(Call 03/30/27), |
7,616 | 5,604,919 | ||||||
Radiate Holdco LLC/Radiate Finance Inc. |
||||||||
4.50%, 09/15/26 (Call 12/01/23)(a) |
6,829 | 5,221,720 | ||||||
6.50%, 09/15/28 (Call 12/01/23)(a) |
7,387 | 3,656,565 | ||||||
Scripps Escrow II Inc. |
||||||||
3.88%, 01/15/29 (Call 01/15/24)(a)(b) |
4,256 | 3,230,815 | ||||||
5.38%, 01/15/31 (Call 01/15/26)(a)(b) |
3,052 | 1,895,048 | ||||||
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/23)(a)(b) |
3,104 | 2,320,240 | ||||||
Sinclair Television Group Inc. |
||||||||
4.13%, 12/01/30 (Call 12/01/25)(a) |
5,718 | 3,613,147 | ||||||
5.13%, 02/15/27 (Call 11/16/23)(a)(b) |
2,054 | 1,612,390 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a)(b) |
3,767 | 2,045,104 | ||||||
Sirius XM Radio Inc. |
||||||||
3.13%, 09/01/26 (Call 12/01/23)(a)(b) |
7,474 | 6,702,459 | ||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) |
11,673 | 8,791,955 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a) |
15,244 | 12,963,989 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a) |
11,713 | 9,300,298 | ||||||
5.00%, 08/01/27 (Call 12/01/23)(a) |
11,155 | 10,228,019 |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) |
$ | 9,762 | $ | 8,649,852 | ||||
Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 11/13/23)(a) |
2,497 | 1,535,655 | ||||||
TEGNA Inc. |
||||||||
4.63%, 03/15/28 (Call 12/01/23)(b) |
7,438 | 6,415,275 | ||||||
4.75%, 03/15/26 (Call 12/01/23)(a) |
4,346 | 4,055,395 | ||||||
5.00%, 09/15/29 (Call 09/15/24) |
8,568 | 7,175,700 | ||||||
Townsquare Media Inc., 6.88%, 02/01/26 (Call 12/01/23)(a)(b) |
3,784 | 3,498,149 | ||||||
Univision Communications Inc. |
||||||||
4.50%, 05/01/29 (Call 05/01/24)(a)(b) |
8,029 | 6,382,364 | ||||||
5.13%, 02/15/25 (Call 11/13/23)(a) |
7,574 | 7,395,822 | ||||||
6.63%, 06/01/27 (Call 11/13/23)(a) |
11,559 | 10,557,951 | ||||||
7.38%, 06/30/30 (Call 06/30/25)(a)(b) |
6,948 | 6,117,772 | ||||||
8.00%, 08/15/28 (Call 08/15/25)(a)(b) |
3,815 | 3,602,587 | ||||||
UPC
Broadband Finco BV, 4.88%, 07/15/31 |
9,809 | 7,831,702 | ||||||
UPC
Holding BV, 5.50%, 01/15/28 |
3,315 | 2,892,337 | ||||||
Urban
One Inc., 7.38%, 02/01/28 |
5,520 | 4,538,657 | ||||||
Videotron Ltd. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a)(b) |
3,914 | 3,298,719 | ||||||
5.13%, 04/15/27 (Call 12/01/23)(a) |
4,408 | 4,102,526 | ||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b) |
7,225 | 5,680,176 | ||||||
Virgin Media Secured Finance PLC |
||||||||
4.50%, 08/15/30 (Call 08/15/25)(a)(b) |
6,935 | 5,718,324 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a) |
11,506 | 10,188,532 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 12/01/23)(a) |
4,110 | 3,489,659 | ||||||
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a) |
11,877 | 9,011,377 | ||||||
Ziggo Bond Co. BV |
||||||||
5.13%, 02/28/30 (Call 02/15/25)(a) |
3,865 | 2,816,017 | ||||||
6.00%, 01/15/27 (Call 12/01/23)(a)(b) |
4,853 | 4,446,172 | ||||||
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)(b) |
7,694 | 6,142,878 | ||||||
|
|
|||||||
723,583,063 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Advanced Drainage Systems Inc. |
||||||||
5.00%, 09/30/27 (Call 11/16/23)(a)(b) |
2,599 | 2,423,567 | ||||||
6.38%, 06/15/30 (Call 07/15/25)(a)(b) |
3,727 | 3,518,917 | ||||||
Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/23)(b) |
2,621 | 2,273,718 | ||||||
Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)(a)(b) |
3,748 | 3,178,341 | ||||||
|
|
|||||||
11,394,543 | ||||||||
Mining — 1.1% | ||||||||
Arsenal AIC Parent LLC, 8.00%, 10/01/30 (Call 10/01/26)(a)(b) |
5,460 | 5,391,750 | ||||||
Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)(a)(b) |
1,927 | 1,818,245 | ||||||
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)(a)(b) |
2,553 | 2,125,372 | ||||||
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 11/13/23)(a)(b) |
4,010 | 3,777,219 | ||||||
Constellium SE |
||||||||
3.75%, 04/15/29 (Call 04/15/24)(a)(b) |
4,120 | 3,391,549 | ||||||
5.63%, 06/15/28 (Call 11/13/23)(a)(b) |
2,590 | 2,367,486 | ||||||
5.88%, 02/15/26 (Call 12/01/23)(a) |
1,873 | 1,795,130 |
44 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Mining (continued) | ||||||||
Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)(a)(b) |
$ | 3,785 | $ | 3,245,598 | ||||
FMG Resources August 2006 Pty Ltd. |
||||||||
4.38%, 04/01/31 (Call 01/01/31)(a) |
11,861 | 9,559,014 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
4,722 | 4,251,736 | ||||||
FMG Resources August Pty. Ltd. |
||||||||
5.88%, 04/15/30 (Call 01/15/30)(a) |
5,328 | 4,781,338 | ||||||
6.13%, 04/15/32 (Call 01/15/32)(a) |
6,005 | 5,300,187 | ||||||
Hecla Mining Co., 7.25%, 02/15/28 (Call 11/16/23)(b) |
3,665 | 3,499,164 | ||||||
Hudbay Minerals Inc. |
||||||||
4.50%, 04/01/26 (Call 12/01/23)(a)(b) |
4,539 | 4,224,513 | ||||||
6.13%, 04/01/29 (Call 04/01/24)(a)(b) |
4,804 | 4,298,655 | ||||||
IAMGOLD Corp., 5.75%, 10/15/28 (Call 12/01/23)(a)(b) |
3,304 | 2,602,660 | ||||||
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/23)(a) |
2,030 | 2,012,237 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.50%, 06/01/31 (Call 06/01/26)(a)(b) |
4,291 | 3,170,637 | ||||||
4.63%, 03/01/28 (Call 12/01/23)(a)(b) |
3,778 | 3,148,085 | ||||||
New
Gold Inc., 7.50%, 07/15/27 |
2,820 | 2,646,091 | ||||||
Novelis Corp. |
||||||||
3.25%, 11/15/26 (Call 12/01/23)(a) |
5,795 | 5,158,372 | ||||||
3.88%, 08/15/31 (Call 08/15/26)(a)(b) |
5,752 | 4,492,313 | ||||||
4.75%, 01/30/30 (Call 01/30/25)(a) |
12,522 | 10,624,596 | ||||||
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/23)(a)(b) |
3,340 | 3,252,325 | ||||||
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 12/01/23)(a)(b) |
3,001 | 2,722,224 | ||||||
|
|
|||||||
99,656,496 | ||||||||
Office & Business Equipment — 0.2% | ||||||||
Pitney Bowes Inc. |
||||||||
6.88%, 03/15/27 (Call 03/15/24)(a)(b) |
2,880 | 2,383,978 | ||||||
7.25%, 03/15/29 (Call 03/15/24)(a)(b) |
2,733 | 2,049,750 | ||||||
Xerox Corp. |
||||||||
4.80%, 03/01/35 |
1,967 | 1,193,256 | ||||||
6.75%, 12/15/39 |
2,576 | 1,676,867 | ||||||
Xerox Holdings Corp. |
||||||||
5.00%, 08/15/25 (Call 07/15/25)(a) |
5,895 | 5,423,059 | ||||||
5.50%, 08/15/28 (Call 07/15/28)(a) |
5,777 | 4,461,830 | ||||||
|
|
|||||||
17,188,740 | ||||||||
Office Furnishings — 0.1% | ||||||||
Interface
Inc., 5.50%, 12/01/28 |
2,319 | 1,949,607 | ||||||
Steelcase
Inc., 5.13%, 01/18/29 |
3,613 | 3,183,768 | ||||||
|
|
|||||||
5,133,375 | ||||||||
Oil & Gas — 6.2% | ||||||||
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 12/01/23)(a) |
5,994 | 5,954,080 | ||||||
Antero Resources Corp. |
||||||||
5.38%, 03/01/30 (Call 03/01/25)(a) |
4,495 | 4,101,777 | ||||||
7.63%, 02/01/29 (Call 02/01/24)(a) |
3,357 | 3,398,905 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
||||||||
5.88%, 06/30/29 (Call 09/01/24)(a)(b) |
3,044 | 2,689,087 | ||||||
7.00%, 11/01/26 (Call 12/01/23)(a)(b) |
4,200 | 4,055,893 | ||||||
8.25%, 12/31/28 (Call 02/01/24)(a)(b) |
3,842 | 3,814,984 | ||||||
9.00%, 11/01/27 (Call 11/01/26)(a)(b) |
1,519 | 1,917,738 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Baytex Energy Corp. |
||||||||
8.50%, 04/30/30 (Call 04/30/26)(a) |
$ | 6,189 | $ | 6,129,875 | ||||
8.75%, 04/01/27 (Call 12/01/23)(a)(b) |
3,314 | 3,340,088 | ||||||
Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 12/01/23)(a) |
3,170 | 3,043,200 | ||||||
California Resources Corp., 7.13%, 02/01/26 (Call 12/01/23)(a)(b) |
4,270 | 4,286,013 | ||||||
Callon Petroleum Co. |
||||||||
6.38%, 07/01/26 (Call 12/01/23)(b) |
2,591 | 2,530,329 | ||||||
7.50%, 06/15/30 (Call 06/15/25)(a)(b) |
5,174 | 5,011,349 | ||||||
8.00%, 08/01/28 (Call 08/01/24)(a)(b) |
5,177 | 5,115,738 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp. |
||||||||
8.13%, 01/15/27 (Call 01/15/24)(a)(b) |
2,775 | 2,591,422 | ||||||
9.75%, 07/15/28 (Call 07/15/25)(a)(b) |
2,760 | 2,576,109 | ||||||
11.00%, 04/15/25 (Call 12/01/23)(a)(b) |
3,158 | 3,163,719 | ||||||
Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/23)(a)(b) |
2,687 | 2,636,323 | ||||||
Chesapeake Energy Corp. |
||||||||
5.50%, 02/01/26 (Call 12/01/23)(a) |
4,163 | 4,041,351 | ||||||
5.88%, 02/01/29 (Call 02/05/24)(a) |
3,849 | 3,623,877 | ||||||
6.75%, 04/15/29 (Call 04/15/24)(a)(b) |
7,156 | 7,001,837 | ||||||
CITGO Petroleum Corp. |
||||||||
6.38%, 06/15/26 (Call 12/01/23)(a) |
5,208 | 5,116,634 | ||||||
7.00%, 06/15/25 (Call 12/01/23)(a)(b) |
8,185 | 8,042,787 | ||||||
8.38%, 01/15/29 (Call 10/15/25)(a) |
8,520 | 8,437,881 | ||||||
Civitas Resources Inc. |
||||||||
5.00%, 10/15/26 (Call 12/01/23)(a) |
3,195 | 2,989,452 | ||||||
8.38%, 07/01/28 (Call 07/01/25)(a) |
10,929 | 10,996,335 | ||||||
8.63%, 11/01/30 (Call 11/01/26)(a) |
3,315 | 3,374,093 | ||||||
8.75%, 07/01/31 (Call 07/01/26)(a) |
11,099 | 11,201,850 | ||||||
CNX Resources Corp. |
||||||||
6.00%, 01/15/29 (Call 01/15/24)(a)(b) |
3,748 | 3,436,752 | ||||||
7.25%, 03/14/27 (Call 12/01/23)(a)(b) |
2,742 | 2,698,467 | ||||||
7.38%, 01/15/31 (Call 01/15/26)(a)(b) |
3,734 | 3,567,747 | ||||||
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a) |
5,220 | 4,858,416 | ||||||
Comstock Resources Inc. |
||||||||
5.88%, 01/15/30 (Call 01/15/25)(a) |
7,432 | 6,354,435 | ||||||
6.75%, 03/01/29 (Call 03/01/24)(a) |
9,337 | 8,496,878 | ||||||
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a) |
6,295 | 6,340,079 | ||||||
CrownRock LP/CrownRock Finance Inc. |
||||||||
5.00%, 05/01/29 (Call 05/01/24)(a)(b) |
3,467 | 3,270,074 | ||||||
5.63%, 10/15/25 (Call 12/01/23)(a) |
6,917 | 6,803,371 | ||||||
CVR Energy Inc. |
||||||||
5.25%, 02/15/25 (Call 11/16/23)(a) |
4,388 | 4,304,496 | ||||||
5.75%, 02/15/28 (Call 11/16/23)(a) |
3,126 | 2,808,586 | ||||||
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (Call 10/01/26)(a)(b) |
4,695 | 4,576,237 | ||||||
Earthstone Energy Holdings LLC |
||||||||
8.00%, 04/15/27 (Call 04/15/24)(a) |
4,175 | 4,235,350 | ||||||
9.88%, 07/15/31 (Call 07/15/26)(a) |
3,812 | 4,105,108 | ||||||
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)(a)(b) |
5,924 | 5,775,900 | ||||||
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 12/01/23)(a) |
6,884 | 6,603,752 | ||||||
Energean
PLC, 6.50%, 04/30/27 |
3,393 | 2,822,637 |
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
EnQuest
PLC, 11.63%, 11/01/27 |
$ | 2,275 | $ | 2,138,945 | ||||
Global Marine Inc., 7.00%, 06/01/28 |
2,242 | 1,877,675 | ||||||
Gran Tierra Energy Inc., 9.50%, 10/15/29 (Call 10/15/26)(a)(b) |
2,685 | 2,306,173 | ||||||
Greenfire Resources Ltd., 12.00%, 10/01/28 (Call 10/01/25)(a)(b) |
2,575 | 2,562,125 | ||||||
Gulfport Energy Operating Corp., 8.00%, 05/17/26 (Call 05/17/24)(a)(b) |
3,625 | 3,618,596 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26 (Call 12/01/23)(a) |
3,691 | 3,419,016 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. |
||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) |
4,788 | 4,310,541 | ||||||
6.00%, 04/15/30 (Call 04/15/25)(a) |
3,913 | 3,473,884 | ||||||
6.00%, 02/01/31 (Call 02/01/26)(a)(b) |
4,965 | 4,349,208 | ||||||
6.25%, 11/01/28 (Call 12/01/23)(a) |
4,573 | 4,275,493 | ||||||
6.25%, 04/15/32 (Call 05/15/27)(a) |
3,897 | 3,403,256 | ||||||
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 12/01/23)(a) |
5,377 | 5,205,474 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 12/01/23)(a)(b) |
4,889 | 4,693,587 | ||||||
Laredo Petroleum Inc. |
||||||||
7.75%, 07/31/29 (Call 07/31/24)(a)(b) |
2,211 | 2,001,964 | ||||||
9.50%, 01/15/25 (Call 12/01/23) |
3,223 | 3,238,019 | ||||||
10.13%, 01/15/28 (Call 12/01/23) |
5,565 | 5,579,667 | ||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/13/23)(a) |
3,357 | 3,222,720 | ||||||
Matador Resources Co. |
||||||||
5.88%, 09/15/26 (Call 11/16/23)(b) |
5,609 | 5,404,798 | ||||||
6.88%, 04/15/28 (Call 04/15/25)(a)(b) |
3,880 | 3,802,315 | ||||||
MEG Energy Corp. |
||||||||
5.88%, 02/01/29 (Call 02/01/24)(a) |
4,611 | 4,308,904 | ||||||
7.13%, 02/01/27 (Call 12/01/23)(a)(b) |
2,639 | 2,657,951 | ||||||
Moss Creek Resources Holdings Inc. |
||||||||
7.50%, 01/15/26 (Call 12/01/23)(a) |
5,154 | 4,923,131 | ||||||
10.50%, 05/15/27 (Call 12/01/23)(a) |
3,095 | 3,060,012 | ||||||
Murphy Oil Corp. |
||||||||
5.88%, 12/01/27 (Call 11/16/23)(b) |
4,119 | 3,960,836 | ||||||
5.88%, 12/01/42 (Call 06/01/42) |
2,401 | 1,844,694 | ||||||
6.38%, 07/15/28 (Call 07/15/24) |
3,324 | 3,219,182 | ||||||
7.05%, 05/01/29(b) |
2,130 | 2,088,530 | ||||||
Nabors Industries Inc. |
||||||||
5.75%, 02/01/25 (Call 11/01/24) |
3,471 | 3,366,870 | ||||||
7.38%, 05/15/27 (Call 05/15/24)(a)(b) |
5,325 | 4,950,703 | ||||||
Nabors Industries Ltd. |
||||||||
7.25%, 01/15/26 (Call 12/01/23)(a) |
4,564 | 4,287,741 | ||||||
7.50%, 01/15/28 (Call 12/01/23)(a)(b) |
2,899 | 2,560,397 | ||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/23)(a) |
6,230 | 6,167,224 | ||||||
Noble Finance II LLC, 8.00%, 04/15/30 (Call 04/15/26)(a)(b) |
4,458 | 4,455,276 | ||||||
Northern Oil and Gas Inc. |
||||||||
8.13%, 03/01/28 (Call 03/01/24)(a) |
5,246 | 5,180,582 | ||||||
8.75%, 06/15/31 (Call 06/15/26)(a) |
3,690 | 3,671,360 | ||||||
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 12/01/23)(a)(b) |
3,115 | 3,058,120 | ||||||
Parkland Corp. |
||||||||
4.50%, 10/01/29 (Call 10/01/24)(a) |
5,977 | 5,140,818 | ||||||
4.63%, 05/01/30 (Call 05/01/25)(a)(b) |
6,195 | 5,281,238 | ||||||
5.88%, 07/15/27 (Call 12/01/23)(a) |
3,770 | 3,609,603 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
PBF Holding Co. LLC/PBF Finance Corp. |
||||||||
6.00%, 02/15/28 (Call 12/01/23)(b) |
$ | 6,742 | $ | 6,197,936 | ||||
7.88%, 09/15/30 (Call 09/15/26)(a)(b) |
3,990 | 3,850,385 | ||||||
PDC Energy Inc., 5.75%, 05/15/26 (Call 12/01/23) |
4,654 | 4,634,221 | ||||||
Permian Resources Operating LLC |
||||||||
5.38%, 01/15/26 (Call 12/01/23)(a)(b) |
2,284 | 2,192,827 | ||||||
7.00%, 01/15/32 (Call 01/15/27)(a)(b) |
3,805 | 3,688,540 | ||||||
7.75%, 02/15/26 (Call 02/15/24)(a) |
2,303 | 2,300,933 | ||||||
Petrofac Ltd., 9.75%, 11/15/26 (Call 12/01/23)(a) |
4,440 | 3,021,509 | ||||||
Precision Drilling Corp. |
||||||||
6.88%, 01/15/29 (Call 01/15/25)(a)(b) |
3,235 | 2,995,297 | ||||||
7.13%, 01/15/26 (Call 11/16/23)(a)(b) |
2,667 | 2,627,715 | ||||||
Range Resources Corp. |
||||||||
4.75%, 02/15/30 (Call 02/15/25)(a)(b) |
4,140 | 3,676,941 | ||||||
4.88%, 05/15/25 (Call 02/15/25) |
5,088 | 4,948,080 | ||||||
8.25%, 01/15/29 (Call 01/15/24) |
4,646 | 4,744,674 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)(a) |
5,650 | 5,099,597 | ||||||
Seadrill Finance Ltd., 8.38%, 08/01/30 (Call 08/01/26)(a)(b) |
4,585 | 4,586,467 | ||||||
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (Call 11/01/25) |
4,210 | 4,152,744 | ||||||
SM Energy Co. |
||||||||
5.63%, 06/01/25 (Call 12/01/23) |
2,538 | 2,470,472 | ||||||
6.50%, 07/15/28 (Call 07/15/24) |
2,975 | 2,864,077 | ||||||
6.63%, 01/15/27 (Call 12/01/23)(b) |
3,031 | 2,945,323 | ||||||
6.75%, 09/15/26 (Call 12/01/23) |
3,157 | 3,100,837 | ||||||
Southwestern Energy Co. |
||||||||
4.75%, 02/01/32 (Call 02/01/27)(b) |
8,616 | 7,409,651 | ||||||
5.38%, 02/01/29 (Call 02/01/24)(b) |
5,323 | 4,917,272 | ||||||
5.38%, 03/15/30 (Call 03/15/25)(b) |
9,377 | 8,601,027 | ||||||
5.70%, 01/23/25 (Call 10/23/24) |
2,797 | 2,763,335 | ||||||
8.38%, 09/15/28 (Call 11/16/23)(b) |
2,372 | 2,449,161 | ||||||
Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 12/01/23)(a)(b) |
3,619 | 3,338,528 | ||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||
4.50%, 05/15/29 (Call 05/15/24) |
6,036 | 5,228,577 | ||||||
4.50%, 04/30/30 (Call 04/30/25) |
6,521 | 5,569,744 | ||||||
5.88%, 03/15/28 (Call 12/01/23) |
3,122 | 2,953,388 | ||||||
6.00%, 04/15/27 (Call 12/01/23) |
4,203 | 4,047,037 | ||||||
7.00%, 09/15/28 (Call 09/15/25)(a)(b) |
3,885 | 3,780,957 | ||||||
Talos Production Inc., 12.00%, 01/15/26 (Call 11/16/23)(b) |
4,656 | 4,837,654 | ||||||
Teine
Energy Ltd., 6.88%, 04/15/29 |
3,065 | 2,838,956 | ||||||
Transocean Aquila Ltd., 8.00%, 09/30/28 (Call 09/30/25)(a) |
3,015 | 2,970,860 | ||||||
Transocean Inc. |
||||||||
6.80%, 03/15/38(b) |
4,653 | 3,321,311 | ||||||
7.25%, 11/01/25 (Call 11/14/23)(a) |
2,780 | 2,712,641 | ||||||
7.50%, 01/15/26 (Call 11/14/23)(a) |
4,305 | 4,123,587 | ||||||
7.50%, 04/15/31 |
3,091 | 2,497,528 | ||||||
8.00%, 02/01/27 (Call 11/13/23)(a) |
4,595 | 4,313,051 | ||||||
8.75%, 02/15/30 (Call 02/15/26)(a) |
8,941 | 8,915,023 | ||||||
11.50%, 01/30/27 (Call 11/13/23)(a) |
5,284 | 5,498,689 | ||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/23)(a) |
3,203 | 3,138,450 |
46 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a) |
$ | 4,109 | $ | 4,125,641 | ||||
Valaris Ltd., 8.38%, 04/30/30 (Call 04/30/26)(a)(b) |
8,705 | 8,541,781 | ||||||
Vermilion Energy Inc. |
||||||||
5.63%, 03/15/25 (Call 12/01/23)(a)(b) |
2,145 | 2,091,375 | ||||||
6.88%, 05/01/30 (Call 05/01/25)(a)(b) |
2,947 | 2,749,197 | ||||||
Viper Energy Partners LP |
||||||||
5.38%, 11/01/27 (Call 12/01/23)(a) |
3,175 | 3,009,106 | ||||||
7.38%, 11/01/31 (Call 11/01/26)(a)(b) |
3,100 | 3,092,250 | ||||||
Vital Energy Inc., 9.75%, 10/15/30 (Call 10/15/26) |
3,805 | 3,729,020 | ||||||
W&T Offshore Inc., 11.75%, 02/01/26 (Call 08/01/24)(a) |
1,970 | 2,028,331 | ||||||
|
|
|||||||
554,609,342 | ||||||||
Oil & Gas Services — 0.6% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. |
||||||||
6.25%, 04/01/28 (Call 12/01/23)(a) |
6,269 | 5,822,334 | ||||||
6.88%, 04/01/27 (Call 12/01/23)(a) |
3,732 | 3,587,783 | ||||||
Bristow
Group Inc., 6.88%, 03/01/28 |
3,416 | 3,164,070 | ||||||
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b) |
3,675 | 3,243,592 | ||||||
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/23)(a)(b) |
2,494 | 2,412,945 | ||||||
Enerflex Ltd., 9.00%, 10/15/27 (Call 10/15/24)(a)(b) |
4,632 | 4,215,120 | ||||||
Oceaneering International Inc., 6.00%, 02/01/28 (Call 11/01/27)(b) |
2,217 | 2,034,098 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||
6.88%, 04/01/26 (Call 12/01/23) |
5,568 | 5,407,107 | ||||||
6.88%, 09/01/27 (Call 12/01/23) |
5,500 | 5,269,591 | ||||||
Weatherford International Ltd. |
||||||||
6.50%, 09/15/28 (Call 09/15/24)(a)(b) |
2,521 | 2,533,988 | ||||||
8.63%, 04/30/30 (Call 10/30/24)(a)(b) |
11,988 | 12,113,622 | ||||||
Welltec International ApS, 8.25%, 10/15/26 (Call 11/13/23)(a) |
2,131 | 2,152,310 | ||||||
|
|
|||||||
51,956,560 | ||||||||
Packaging & Containers — 2.8% | ||||||||
ARD
Finance SA, 6.50%, 06/30/27 |
7,010 | 4,081,078 | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
||||||||
3.25%, 09/01/28 (Call 05/15/24)(a) |
4,770 | 3,884,802 | ||||||
4.00%, 09/01/29 (Call 05/15/24)(a)(b) |
8,229 | 6,172,320 | ||||||
6.00%, 06/15/27 (Call 06/15/24)(a) |
4,586 | 4,333,855 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||
4.13%, 08/15/26 (Call 11/13/23)(a) |
9,561 | 8,437,582 | ||||||
5.25%, 04/30/25 (Call 12/04/23)(a) |
5,161 | 4,971,954 | ||||||
5.25%, 08/15/27 (Call 12/01/23)(a) |
6,313 | 4,588,789 | ||||||
5.25%, 08/15/27 (Call 12/01/23)(a)(b) |
7,775 | 5,651,486 | ||||||
Ball Corp. |
||||||||
2.88%, 08/15/30 (Call 05/15/30) |
10,172 | 7,934,692 | ||||||
3.13%, 09/15/31 (Call 06/15/31)(b) |
6,315 | 4,888,620 | ||||||
4.88%, 03/15/26 (Call 12/15/25)(b) |
5,846 | 5,614,165 | ||||||
5.25%, 07/01/25 |
7,419 | 7,303,240 |
Security | Par (000) |
Value | ||||||
Packaging & Containers (continued) | ||||||||
6.00%, 06/15/29 (Call 05/15/26)(b) |
$ | 7,790 | $ | 7,469,292 | ||||
6.88%, 03/15/28 (Call 11/15/24) |
5,960 | 5,942,344 | ||||||
Berry Global Inc. |
||||||||
4.50%, 02/15/26 (Call 12/01/23)(a)(b) |
2,097 | 1,975,341 | ||||||
5.63%, 07/15/27 (Call 12/01/23)(a)(b) |
4,008 | 3,825,745 | ||||||
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 12/01/23)(a)(b) |
3,293 | 2,975,774 | ||||||
Clearwater Paper Corp. |
||||||||
4.75%, 08/15/28 (Call 11/16/23)(a)(b) |
2,017 | 1,780,063 | ||||||
5.38%, 02/01/25(a)(b) |
1,910 | 1,927,190 | ||||||
Clydesdale Acquisition Holdings Inc. |
||||||||
6.63%, 04/15/29 (Call 04/15/25)(a) |
3,740 | 3,397,406 | ||||||
8.75%, 04/15/30 (Call 04/15/25)(a)(b) |
8,564 | 6,826,191 | ||||||
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30)(b) |
3,755 | 3,393,581 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
2,936 | 2,775,709 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/23) |
6,675 | 6,418,793 | ||||||
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26(b) |
2,985 | 3,029,924 | ||||||
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 12/01/23)(a) |
3,792 | 2,905,184 | ||||||
Graphic Packaging International LLC |
||||||||
3.50%, 03/15/28(a)(b) |
3,306 | 2,860,766 | ||||||
3.50%, 03/01/29 (Call 09/01/28)(a)(b) |
2,630 | 2,184,794 | ||||||
3.75%, 02/01/30 (Call 08/01/29)(a)(b) |
3,015 | 2,465,971 | ||||||
4.75%, 07/15/27 (Call 04/15/27)(a)(b) |
2,161 | 2,012,194 | ||||||
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/23)(a) |
5,205 | 4,265,706 | ||||||
LABL Inc. |
||||||||
5.88%, 11/01/28 (Call 11/01/24)(a)(b) |
3,957 | 3,348,596 | ||||||
6.75%, 07/15/26 (Call 11/13/23)(a) |
5,571 | 5,120,919 | ||||||
8.25%, 11/01/29 (Call 11/01/24)(a) |
3,485 | 2,587,613 | ||||||
9.50%, 11/01/28 (Call 11/01/25)(a)(b) |
2,150 | 2,077,895 | ||||||
10.50%, 07/15/27 (Call 11/13/23)(a)(b) |
5,248 | 4,543,174 | ||||||
Mauser Packaging Solutions Holding Co. |
||||||||
7.88%, 08/15/26 (Call 08/15/24)(a) |
21,558 | 20,191,631 | ||||||
9.25%, 04/15/27 (Call 10/15/24)(a)(b) |
10,439 | 8,693,695 | ||||||
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b) |
2,968 | 2,525,501 | ||||||
Owens-Brockway Glass Container Inc. |
||||||||
6.38%, 08/15/25(a) |
2,444 | 2,384,513 | ||||||
6.63%, 05/13/27 (Call 12/01/23)(a)(b) |
5,194 | 4,934,300 | ||||||
7.25%, 05/15/31 (Call 05/15/26)(a) |
5,017 | 4,590,555 | ||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc. |
||||||||
4.00%, 10/15/27 (Call 12/01/23)(a)(b) |
7,540 | 6,578,075 | ||||||
4.38%, 10/15/28 (Call 10/15/24)(a)(b) |
3,826 | 3,254,502 | ||||||
Sealed Air Corp. |
||||||||
4.00%, 12/01/27 (Call 09/01/27)(a)(b) |
3,250 | 2,856,856 | ||||||
5.00%, 04/15/29 (Call 04/15/25)(a)(b) |
3,094 | 2,743,866 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
2,796 | 2,739,965 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a)(b) |
2,859 | 2,765,534 | ||||||
6.88%, 07/15/33(a) |
3,507 | 3,287,813 | ||||||
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)(a) |
5,900 | 5,615,733 | ||||||
Silgan
Holdings Inc., 4.13%, 02/01/28 |
4,546 | 4,014,548 | ||||||
Trident TPI Holdings Inc., 12.75%, 12/31/28 (Call 12/31/25)(a) |
4,881 | 4,987,796 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Packaging & Containers (continued) | ||||||||
TriMas
Corp., 4.13%, 04/15/29 |
$ | 3,184 | $ | 2,644,431 | ||||
Trivium Packaging Finance BV |
||||||||
5.50%, 08/15/26 (Call 12/01/23)(a)(b) |
8,318 | 7,540,131 | ||||||
8.50%, 08/15/27 (Call 11/13/23)(a)(b) |
5,635 | 4,701,912 | ||||||
|
|
|||||||
251,024,105 | ||||||||
Pharmaceuticals — 1.9% | ||||||||
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(a) |
4,165 | 3,460,186 | ||||||
AdaptHealth LLC |
||||||||
4.63%, 08/01/29 (Call 02/01/24)(a)(b) |
3,800 | 2,840,500 | ||||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) |
4,554 | 3,449,655 | ||||||
6.13%, 08/01/28 (Call 11/13/23)(a)(b) |
2,762 | 2,267,695 | ||||||
Bausch Health Americas Inc. |
||||||||
8.50%, 01/31/27 (Call 12/01/23)(a)(b) |
4,745 | 2,123,387 | ||||||
9.25%, 04/01/26 (Call 12/01/23)(a)(b) |
5,555 | 4,868,243 | ||||||
Bausch Health Companies Inc. |
||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) |
12,276 | 6,123,147 | ||||||
5.00%, 01/30/28 (Call 11/16/23)(a)(b) |
3,275 | 1,201,741 | ||||||
5.00%, 02/15/29 (Call 02/15/24)(a)(b) |
1,325 | 464,465 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) |
7,655 | 2,650,544 | ||||||
5.25%, 02/15/31 (Call 02/15/26)(a)(b) |
3,500 | 1,225,000 | ||||||
5.50%, 11/01/25 (Call 12/01/23)(a)(b) |
12,542 | 10,817,475 | ||||||
5.75%, 08/15/27 (Call 11/16/23)(a)(b) |
3,971 | 2,064,920 | ||||||
6.13%, 02/01/27 (Call 02/01/24)(a)(b) |
8,020 | 4,473,877 | ||||||
6.25%, 02/15/29 (Call 02/15/24)(a)(b) |
7,695 | 2,811,214 | ||||||
7.25%, 05/30/29 (Call 05/30/24)(a)(b) |
300 | 112,500 | ||||||
9.00%, 12/15/25 (Call 12/01/23)(a)(b) |
7,199 | 6,244,431 | ||||||
11.00%, 09/30/28(a)(b) |
14,151 | 8,632,110 | ||||||
14.00%, 10/15/30 (Call 10/15/25)(a)(b) |
3,157 | 1,700,226 | ||||||
BellRing Brands Inc., 7.00%, 03/15/30 (Call 03/15/27)(a)(b) |
6,707 | 6,514,174 | ||||||
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)(a) |
3,895 | 3,454,813 | ||||||
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)(b) |
6,301 | 6,017,455 | ||||||
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a)(b) |
5,380 | 4,519,200 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., |
||||||||
7.88%, 09/01/25 (Call 12/01/23)(a) |
4,450 | 4,187,739 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) |
4,698 | 3,206,385 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) |
12,430 | 10,809,980 | ||||||
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)(a) |
4,562 | 3,812,703 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV |
||||||||
4.13%, 04/30/28 (Call 04/30/24)(a) |
16,200 | 13,992,914 | ||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) |
15,398 | 12,024,560 | ||||||
Owens & Minor Inc. |
||||||||
4.50%, 03/31/29 (Call 03/31/24)(a)(b) |
3,647 | 2,926,137 | ||||||
6.63%, 04/01/30 (Call 04/01/25)(a)(b) |
4,182 | 3,654,421 | ||||||
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/23)(a) |
3,506 | 2,354,980 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
3.90%, 12/15/24 (Call 09/15/24) |
4,950 | 4,800,932 | ||||||
4.38%, 03/15/26 (Call 12/15/25) |
5,331 | 5,004,561 | ||||||
4.65%, 06/15/30 (Call 03/15/30) |
5,888 | 4,916,792 | ||||||
4.90%, 12/15/44 (Call 06/15/44) |
2,275 | 1,551,695 |
Security | Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 12/01/23)(a)(b) |
$ | 3,635 | $ | 3,322,899 | ||||
Prestige Brands Inc. |
||||||||
3.75%, 04/01/31 (Call 04/01/26)(a)(b) |
4,429 | 3,517,733 | ||||||
5.13%, 01/15/28 (Call 12/01/23)(a)(b) |
2,947 | 2,717,046 | ||||||
|
|
|||||||
170,838,435 | ||||||||
Pipelines — 5.0% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
5,717 | 5,191,310 | ||||||
5.75%, 03/01/27 (Call 11/16/23)(a) |
4,902 | 4,685,198 | ||||||
5.75%, 01/15/28 (Call 11/16/23)(a) |
5,178 | 4,854,330 | ||||||
7.88%, 05/15/26 (Call 11/16/23)(a) |
4,566 | 4,598,204 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp. |
||||||||
6.63%, 07/15/26 (Call 12/01/23)(a)(b) |
2,303 | 2,256,940 | ||||||
7.63%, 12/15/25 (Call 12/01/23)(a) |
4,727 | 4,733,745 | ||||||
Buckeye Partners LP |
||||||||
3.95%, 12/01/26 (Call 09/01/26) |
4,408 | 4,017,539 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) |
3,619 | 3,446,374 | ||||||
4.13%, 12/01/27 (Call 09/01/27) |
3,078 | 2,674,166 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a) |
3,790 | 3,297,300 | ||||||
5.60%, 10/15/44 (Call 04/15/44) |
2,313 | 1,552,601 | ||||||
5.85%, 11/15/43 (Call 05/15/43)(b) |
3,035 | 2,144,774 | ||||||
CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)(a) |
2,967 | 2,444,444 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, |
||||||||
5.50%, 06/15/31 (Call 06/15/26)(a)(b) |
10,505 | 9,136,731 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||
5.63%, 05/01/27 (Call 11/16/23)(a)(b) |
4,842 | 4,657,423 | ||||||
5.75%, 04/01/25 (Call 12/01/23) |
3,637 | 3,591,537 | ||||||
6.00%, 02/01/29 (Call 02/01/24)(a)(b) |
5,498 | 5,319,315 | ||||||
7.38%, 02/01/31 (Call 02/01/26)(a) |
4,905 | 4,944,289 | ||||||
8.00%, 04/01/29 (Call 04/01/24)(a)(b) |
3,417 | 3,492,550 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(a) |
3,054 | 2,779,140 | ||||||
DT Midstream Inc. |
||||||||
4.13%, 06/15/29 (Call 06/15/24)(a) |
9,021 | 7,756,338 | ||||||
4.38%, 06/15/31 (Call 06/15/26)(a) |
7,410 | 6,153,706 | ||||||
EnLink Midstream LLC |
||||||||
5.38%, 06/01/29 (Call 03/01/29) |
3,778 | 3,456,754 | ||||||
5.63%, 01/15/28 (Call 07/15/27)(a)(b) |
4,457 | 4,202,618 | ||||||
6.50%, 09/01/30 (Call 03/01/30)(a)(b) |
7,961 | 7,641,521 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 (Call 03/01/25)(b) |
3,076 | 2,958,543 | ||||||
4.85%, 07/15/26 (Call 04/15/26) |
3,732 | 3,508,143 | ||||||
5.05%, 04/01/45 (Call 10/01/44) |
3,340 | 2,394,431 | ||||||
5.45%, 06/01/47 (Call 12/01/46) |
3,724 | 2,799,368 | ||||||
5.60%, 04/01/44 (Call 10/01/43)(b) |
2,836 | 2,229,805 | ||||||
EQM Midstream Partners LP |
||||||||
4.13%, 12/01/26 (Call 09/01/26) |
3,719 | 3,449,854 | ||||||
4.50%, 01/15/29 (Call 07/15/28)(a) |
6,232 | 5,464,940 | ||||||
4.75%, 01/15/31 (Call 07/15/30)(a) |
8,763 | 7,378,469 | ||||||
5.50%, 07/15/28 (Call 04/15/28) |
6,336 | 5,913,145 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a) |
3,038 | 2,970,960 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a) |
6,695 | 6,507,567 | ||||||
6.50%, 07/15/48 (Call 01/15/48)(b) |
4,276 | 3,615,645 | ||||||
7.50%, 06/01/27 (Call 06/01/24)(a) |
3,595 | 3,560,415 | ||||||
7.50%, 06/01/30 (Call 12/01/29)(a) |
3,840 | 3,767,562 |
48 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a)(b) |
$ | 4,736 | $ | 4,603,209 | ||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||
6.25%, 05/15/26 (Call 12/01/23) |
2,733 | 2,604,661 | ||||||
6.50%, 10/01/25 (Call 12/01/23) |
4,545 | 4,440,206 | ||||||
7.75%, 02/01/28 (Call 12/01/23) |
5,286 | 4,977,374 | ||||||
8.00%, 01/15/27 (Call 01/15/24) |
7,921 | 7,606,154 | ||||||
8.88%, 04/15/30 (Call 04/15/26) |
3,760 | 3,634,814 | ||||||
Global Partners LP/GLP Finance Corp. |
||||||||
6.88%, 01/15/29 (Call 01/15/24)(b) |
2,867 | 2,530,277 | ||||||
7.00%, 08/01/27 (Call 11/16/23) |
2,975 | 2,804,116 | ||||||
Harvest Midstream I LP, 7.50%, 09/01/28 (Call 12/01/23)(a) |
6,051 | 5,733,643 | ||||||
Hess Midstream Operations LP |
||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) |
6,273 | 5,367,655 | ||||||
5.13%, 06/15/28 (Call 12/01/23)(a) |
4,588 | 4,236,366 | ||||||
5.50%, 10/15/30 (Call 10/15/25)(a) |
3,010 | 2,732,495 | ||||||
5.63%, 02/15/26 (Call 12/01/23)(a) |
6,357 | 6,156,368 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp. |
||||||||
5.00%, 02/01/28 (Call 11/16/23)(a) |
3,959 | 3,664,787 | ||||||
6.38%, 04/15/27 (Call 04/15/24)(a) |
3,022 | 2,925,562 | ||||||
Howard Midstream Energy Partners LLC |
||||||||
6.75%, 01/15/27 (Call 01/15/24)(a) |
2,973 | 2,809,780 | ||||||
8.88%, 07/15/28 (Call 07/15/25)(a)(b) |
4,195 | 4,217,346 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
9,465 | 7,915,106 | ||||||
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)(b) |
7,927 | 7,273,416 | ||||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/15/28 (Call 08/15/25)(a)(b) |
3,050 | 2,973,843 | ||||||
New Fortress Energy Inc. |
||||||||
6.50%, 09/30/26 (Call 12/01/23)(a) |
11,713 | 10,491,297 | ||||||
6.75%, 09/15/25 (Call 11/21/23)(a) |
9,728 | 9,024,998 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 12/01/23)(a) |
15,674 | 15,300,661 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp. |
||||||||
6.13%, 03/01/25 (Call 12/01/23) |
2,136 | 2,085,009 | ||||||
7.50%, 04/15/26 (Call 12/01/23) |
2,337 | 2,218,587 | ||||||
Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/23)(a) |
3,960 | 3,742,200 | ||||||
NuStar Logistics LP |
||||||||
5.63%, 04/28/27 (Call 01/28/27) |
4,013 | 3,783,587 | ||||||
5.75%, 10/01/25 (Call 07/01/25) |
4,462 | 4,318,265 | ||||||
6.00%, 06/01/26 (Call 03/01/26) |
3,846 | 3,710,853 | ||||||
6.38%, 10/01/30 (Call 04/01/30)(b) |
4,625 | 4,278,125 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/25 (Call 04/15/25)(a) |
2,917 | 2,760,313 | ||||||
4.80%, 05/15/30 (Call 02/15/30)(a) |
2,716 | 2,283,212 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a) |
4,599 | 4,053,229 | ||||||
6.88%, 04/15/40(a) |
3,728 | 3,102,865 | ||||||
7.50%, 07/15/38(a) |
1,908 | 1,763,660 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. |
||||||||
5.75%, 04/15/25 (Call 12/01/23)(b) |
1,835 | 1,718,733 | ||||||
9.00%, 10/15/26 (Call 12/01/23)(a)(f) |
6,231 | 5,981,760 |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
||||||||
5.50%, 01/15/28 (Call 12/01/23)(a) |
$ | 5,618 | $ | 4,921,652 | ||||
6.00%, 03/01/27 (Call 12/01/23)(a)(b) |
3,242 | 2,966,092 | ||||||
6.00%, 12/31/30 (Call 12/31/25)(a)(b) |
5,678 | 4,779,930 | ||||||
6.00%, 09/01/31 (Call 09/01/26)(a) |
3,516 | 2,958,609 | ||||||
7.50%, 10/01/25 (Call 12/01/23)(a) |
4,735 | 4,664,690 | ||||||
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 11/16/23)(b) |
2,308 | 1,967,570 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 11/01/33 (Call 05/01/33)(a) |
9,455 | 7,144,652 | ||||||
6.25%, 01/15/30 (Call 10/15/29)(a) |
7,740 | 7,301,590 | ||||||
3.88%, 08/15/29 (Call 02/15/29)(a) |
10,139 | 8,437,456 | ||||||
4.13%, 08/15/31 (Call 02/15/31)(a) |
9,745 | 7,835,046 | ||||||
Venture Global LNG Inc. |
||||||||
8.13%, 06/01/28 (Call 06/01/25)(a) |
17,357 | 16,850,541 | ||||||
8.38%, 06/01/31 (Call 06/01/26)(a) |
17,450 | 16,651,750 | ||||||
9.50%, 02/01/29 (Call 11/01/28)(a) |
14,167 | 14,392,821 | ||||||
9.88%, 02/01/32 (Call 02/01/27)(a) |
11,375 | 11,534,120 | ||||||
|
|
|||||||
447,778,745 | ||||||||
Real Estate — 0.6% | ||||||||
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a) |
11,014 | 9,065,569 | ||||||
Cushman & Wakefield U.S. Borrower LLC |
||||||||
6.75%, 05/15/28 (Call 12/01/23)(a)(b) |
4,764 | 4,345,101 | ||||||
8.88%, 09/01/31 (Call 09/01/26)(a)(b) |
3,490 | 3,308,834 | ||||||
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/23)(a)(b) |
4,933 | 4,633,038 | ||||||
Greystar Real Estate Partners LLC, 7.75%, 09/01/30 (Call 09/01/26)(a)(b) |
3,090 | 3,035,925 | ||||||
Howard Hughes Corp. (The) |
||||||||
4.13%, 02/01/29 (Call 02/01/24)(a) |
5,071 | 4,069,477 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a)(b) |
4,941 | 3,761,069 | ||||||
5.38%, 08/01/28 (Call 12/01/23)(a) |
5,720 | 5,028,509 | ||||||
Hunt Companies Inc., 5.25%, 04/15/29 (Call 04/15/24)(a) |
5,160 | 4,068,418 | ||||||
Kennedy-Wilson Inc. |
||||||||
4.75%, 03/01/29 (Call 03/01/24) |
4,450 | 3,348,625 | ||||||
4.75%, 02/01/30 (Call 09/01/24) |
4,612 | 3,366,760 | ||||||
5.00%, 03/01/31 (Call 03/01/26)(b) |
4,599 | 3,299,783 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. |
||||||||
5.25%, 04/15/30 (Call 04/15/25)(a)(b) |
901 | 560,995 | ||||||
5.75%, 01/15/29 (Call 01/15/24)(a)(b) |
1,960 | 1,235,179 | ||||||
|
|
|||||||
53,127,282 | ||||||||
Real Estate Investment Trusts — 3.2% | ||||||||
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)(b) |
4,226 | 3,234,815 | ||||||
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b) |
3,335 | 2,773,171 | ||||||
Brandywine Operating Partnership LP |
||||||||
3.95%, 11/15/27 (Call 08/15/27)(b) |
3,775 | 3,129,236 | ||||||
4.55%, 10/01/29 (Call 07/01/29)(b) |
2,575 | 1,969,736 | ||||||
7.80%, 03/15/28 (Call 02/15/28)(b) |
2,600 | 2,344,239 | ||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
||||||||
4.50%, 04/01/27 (Call 12/01/23)(a) |
5,622 | 4,689,872 | ||||||
5.75%, 05/15/26 (Call 11/13/23)(a) |
7,360 | 6,739,195 |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a)(b) |
$ | 3,015 | $ | 2,533,008 | ||||
Diversified Healthcare Trust |
||||||||
4.38%, 03/01/31 (Call 09/01/30) |
3,813 | 2,623,781 | ||||||
4.75%, 02/15/28 (Call 08/15/27)(b) |
3,703 | 2,685,963 | ||||||
9.75%, 06/15/25 (Call 11/16/23) |
3,635 | 3,526,180 | ||||||
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a)(b) |
3,773 | 2,856,514 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC |
||||||||
3.38%, 06/15/26 (Call 03/15/26)(a)(b) |
7,733 | 6,806,728 | ||||||
3.75%, 09/15/30(a)(b) |
2,800 | 2,009,821 | ||||||
6.00%, 04/15/25 (Call 12/01/23)(a)(b) |
2,967 | 2,883,034 | ||||||
Iron Mountain Inc. |
||||||||
4.50%, 02/15/31 (Call 02/15/26)(a) |
8,561 | 7,002,754 | ||||||
4.88%, 09/15/27 (Call 11/13/23)(a) |
7,681 | 7,021,413 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a) |
7,775 | 6,772,502 | ||||||
5.00%, 07/15/28 (Call 11/13/23)(a) |
3,906 | 3,495,393 | ||||||
5.25%, 03/15/28 (Call 11/13/23)(a)(b) |
6,217 | 5,686,326 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a) |
10,142 | 8,803,998 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) |
4,499 | 3,843,381 | ||||||
7.00%, 02/15/29 (Call 08/15/25)(a) |
7,835 | 7,590,165 | ||||||
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)(b) |
5,742 | 4,698,434 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
||||||||
4.25%, 02/01/27 (Call 12/01/23)(a) |
4,702 | 4,107,599 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a) |
4,915 | 3,951,669 | ||||||
5.25%, 10/01/25 (Call 11/16/23)(a)(b) |
2,539 | 2,413,505 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
3.50%, 03/15/31 (Call 03/15/26) |
10,015 | 6,071,618 | ||||||
4.63%, 08/01/29 (Call 08/01/24)(b) |
6,864 | 4,752,163 | ||||||
5.00%, 10/15/27 (Call 12/01/23)(b) |
11,194 | 8,642,289 | ||||||
5.25%, 08/01/26 (Call 12/01/23)(b) |
3,905 | 3,362,256 | ||||||
Necessity Retail REIT Inc./American Finance Operating Partner LP (The), 4.50%, 09/30/28 (Call 06/30/28)(a) |
3,757 | 2,813,054 | ||||||
New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/23)(a)(b) |
4,130 | 3,908,976 | ||||||
Office Properties Income Trust |
||||||||
2.40%, 02/01/27 (Call 01/01/27)(b) |
2,620 | 1,461,908 | ||||||
2.65%, 06/15/26 (Call 05/15/26) |
2,365 | 1,554,929 | ||||||
3.45%, 10/15/31 (Call 07/15/31)(b) |
3,030 | 1,484,700 | ||||||
4.50%, 02/01/25 (Call 11/01/24) |
4,990 | 4,266,450 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
||||||||
4.88%, 05/15/29 (Call 05/15/24)(a) |
5,615 | 4,686,249 | ||||||
5.88%, 10/01/28 (Call 12/01/23)(a)(b) |
5,520 | 4,969,104 | ||||||
7.50%, 06/01/25 (Call 12/01/23)(a) |
4,845 | 4,795,573 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||
4.50%, 02/15/29 (Call 02/15/24)(a) |
4,592 | 3,908,664 | ||||||
4.75%, 10/15/27 (Call 12/01/23) |
5,684 | 5,164,482 | ||||||
7.25%, 07/15/28 (Call 07/15/25)(b) |
3,025 | 2,932,310 | ||||||
RLJ Lodging Trust LP |
||||||||
3.75%, 07/01/26 (Call 12/01/23)(a) |
4,030 | 3,626,825 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) |
3,710 | 3,023,650 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/29 (Call 02/01/24)(b) |
11,816 | 9,769,510 | ||||||
3.88%, 02/15/27 (Call 11/13/23) |
11,741 | 10,692,470 |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Service Properties Trust |
||||||||
3.95%, 01/15/28 (Call 07/15/27)(b) |
$ | 3,033 | $ | 2,267,735 | ||||
4.35%, 10/01/24 (Call 09/01/24) |
4,694 | 4,499,555 | ||||||
4.38%, 02/15/30 (Call 08/15/29) |
3,015 | 2,080,139 | ||||||
4.50%, 03/15/25 (Call 09/15/24) |
2,580 | 2,409,720 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
3,386 | 2,879,060 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) |
3,032 | 2,524,612 | ||||||
4.95%, 10/01/29 (Call 07/01/29) |
3,276 | 2,362,287 | ||||||
5.25%, 02/15/26 (Call 08/15/25)(b) |
2,616 | 2,339,620 | ||||||
5.50%, 12/15/27 (Call 09/15/27) |
3,465 | 2,925,334 | ||||||
7.50%, 09/15/25 (Call 06/15/25)(b) |
5,951 | 5,781,818 | ||||||
Starwood Property Trust Inc. |
||||||||
3.63%, 07/15/26 (Call 01/15/26)(a)(b) |
3,110 | 2,746,347 | ||||||
3.75%, 12/31/24 (Call 09/30/24)(a) |
2,875 | 2,716,875 | ||||||
4.38%, 01/15/27 (Call 07/15/26)(a)(b) |
3,730 | 3,200,004 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) |
3,654 | 3,496,499 | ||||||
Uniti
Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC,
6.00%, 01/15/30 |
5,320 | 3,225,427 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |
||||||||
4.75%, 04/15/28 (Call 04/15/24)(a) |
4,338 | 3,505,853 | ||||||
6.50%, 02/15/29 (Call 02/15/24)(a)(b) |
8,538 | 5,544,642 | ||||||
10.50%, 02/15/28 (Call 09/15/25)(a) |
20,545 | 19,783,890 | ||||||
XHR LP |
||||||||
4.88%, 06/01/29 (Call 06/01/24)(a)(b) |
3,729 | 3,154,991 | ||||||
6.38%, 08/15/25 (Call 11/13/23)(a) |
3,452 | 3,348,438 | ||||||
|
|
|||||||
288,872,458 | ||||||||
Retail — 5.0% | ||||||||
1011778 BC ULC/New Red Finance Inc. |
||||||||
3.50%, 02/15/29 (Call 02/15/24)(a)(b) |
5,765 | 4,928,927 | ||||||
3.88%, 01/15/28 (Call 12/01/23)(a) |
11,737 | 10,478,764 | ||||||
4.00%, 10/15/30 (Call 10/15/25)(a) |
22,265 | 18,235,532 | ||||||
4.38%, 01/15/28 (Call 12/01/23)(a) |
5,662 | 5,097,961 | ||||||
5.75%, 04/15/25 (Call 12/01/23)(a) |
3,453 | 3,424,789 | ||||||
99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 12/01/23)(a)(b) |
2,400 | 840,000 | ||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/23)(a)(b) |
2,317 | 2,346,755 | ||||||
Academy
Ltd., 6.00%, 11/15/27 |
2,873 | 2,704,585 | ||||||
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a)(b) |
3,330 | 2,699,964 | ||||||
Asbury Automotive Group Inc. |
||||||||
4.50%, 03/01/28 (Call 11/13/23) |
2,937 | 2,602,358 | ||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
6,324 | 5,349,419 | ||||||
4.75%, 03/01/30 (Call 03/01/25) |
3,279 | 2,782,556 | ||||||
5.00%, 02/15/32 (Call 11/15/26)(a)(b) |
4,507 | 3,655,451 | ||||||
At Home Group Inc. |
||||||||
4.88%, 07/15/28 (Call 12/01/23)(a)(b) |
2,157 | 733,380 | ||||||
7.13%, 07/15/29 (Call 07/15/24)(a) |
3,727 | 718,211 | ||||||
Bath & Body Works Inc. |
||||||||
5.25%, 02/01/28 |
3,771 | 3,457,812 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) |
7,353 | 6,807,374 | ||||||
6.69%, 01/15/27(b) |
2,284 | 2,207,654 | ||||||
6.75%, 07/01/36(b) |
4,619 | 3,984,223 | ||||||
6.88%, 11/01/35(b) |
6,738 | 5,945,960 | ||||||
6.95%, 03/01/33(b) |
2,391 | 2,067,600 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) |
3,864 | 3,773,457 | ||||||
9.38%, 07/01/25(a) |
2,353 | 2,423,374 |
50 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
BCPE
Ulysses Intermediate Inc., 7.75%, 04/01/27
(Call 12/01/23), |
$ | 2,949 | $ | 2,501,342 | ||||
Beacon Roofing Supply Inc. |
||||||||
4.13%, 05/15/29 (Call 05/15/24)(a) |
2,430 | 2,039,973 | ||||||
4.50%, 11/15/26 (Call 12/01/23)(a)(b) |
2,198 | 2,048,272 | ||||||
6.50%, 08/01/30 (Call 08/01/26)(a) |
4,660 | 4,449,594 | ||||||
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)(a)(b) |
2,582 | 2,239,144 | ||||||
BlueLinx Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)(a)(b) |
2,385 | 2,007,132 | ||||||
Brinker International Inc., 8.25%, 07/15/30 (Call 06/27/26)(a)(b) |
2,600 | 2,514,018 | ||||||
Carrols Restaurant Group Inc., 5.88%, 07/01/29 (Call 07/01/24)(a) |
2,466 | 2,001,274 | ||||||
CEC Entertainment LLC, 6.75%, 05/01/26 (Call 12/01/23)(a) |
5,705 | 5,328,075 | ||||||
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 12/01/23)(a) |
4,029 | 3,998,782 | ||||||
eG Global Finance PLC |
||||||||
6.75%, 02/07/25 (Call 11/13/23)(a)(b) |
5,008 | 4,954,915 | ||||||
8.50%, 10/30/25 (Call 12/01/23)(a) |
4,577 | 4,502,624 | ||||||
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28 (Call 02/15/25)(a)(b) |
4,509 | 4,550,257 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||
5.38%, 04/01/26 (Call 12/01/23)(a) |
4,830 | 4,520,785 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a) |
6,275 | 5,537,649 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc. |
||||||||
4.63%, 01/15/29 (Call 01/15/25)(a) |
7,500 | 6,302,475 | ||||||
6.75%, 01/15/30 (Call 01/15/25)(a)(b) |
9,737 | 7,738,490 | ||||||
FirstCash Inc. |
||||||||
4.63%, 09/01/28 (Call 12/01/23)(a) |
4,112 | 3,606,646 | ||||||
5.63%, 01/01/30 (Call 01/01/25)(a) |
4,170 | 3,712,027 | ||||||
Foot
Locker Inc., 4.00%, 10/01/29 |
3,363 | 2,471,906 | ||||||
Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)(a) |
3,001 | 2,475,495 | ||||||
Gap Inc. (The) |
||||||||
3.63%, 10/01/29 (Call 10/01/24)(a)(b) |
5,782 | 4,417,599 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a)(b) |
5,679 | 4,078,309 | ||||||
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 12/01/23)(a) |
5,606 | 4,825,350 | ||||||
Guitar Center Inc., 8.50%, 01/15/26 (Call 11/13/23)(a)(b) |
4,109 | 3,459,851 | ||||||
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)(a)(b) |
2,612 | 2,141,840 | ||||||
IRB Holding Corp., 7.00%, 06/15/25 (Call 12/01/23)(a) |
5,425 | 5,384,472 | ||||||
Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 12/01/23)(a) |
3,086 | 2,609,844 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/23)(a) |
6,042 | 5,709,992 | ||||||
Kohl’s Corp. |
||||||||
4.25%, 07/17/25 (Call 04/17/25)(b) |
2,440 | 2,278,910 | ||||||
4.63%, 05/01/31 (Call 02/01/31)(b) |
3,925 | 2,683,836 | ||||||
5.55%, 07/17/45 (Call 01/17/45)(b) |
3,185 | 1,847,300 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 (Call 01/15/24)(a) |
6,726 | 5,313,540 |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
LCM Investments Holdings II LLC |
||||||||
4.88%, 05/01/29 (Call 05/01/24)(a)(b) |
$ | 7,463 | $ | 6,253,827 | ||||
8.25%, 08/01/31 (Call 08/01/26)(a)(b) |
3,940 | 3,748,425 | ||||||
Lithia Motors Inc. |
||||||||
3.88%, 06/01/29 (Call 06/01/24)(a)(b) |
6,000 | 4,962,600 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a)(b) |
4,904 | 3,970,496 | ||||||
4.63%, 12/15/27 (Call 12/01/23)(a)(b) |
2,941 | 2,653,246 | ||||||
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 12/01/23)(a)(b) |
6,473 | 5,842,388 | ||||||
Macy’s Retail Holdings LLC |
||||||||
4.30%, 02/15/43 (Call 08/15/42) |
1,864 | 1,022,050 | ||||||
4.50%, 12/15/34 (Call 06/15/34)(b) |
2,845 | 1,906,150 | ||||||
5.13%, 01/15/42 (Call 07/15/41)(b) |
2,027 | 1,248,429 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a)(b) |
3,849 | 3,393,278 | ||||||
5.88%, 03/15/30 (Call 03/15/25)(a)(b) |
3,185 | 2,694,470 | ||||||
6.13%, 03/15/32 (Call 03/15/27)(a)(b) |
3,311 | 2,734,422 | ||||||
Marks & Spencer PLC, 7.13%, 12/01/37(a)(b) |
2,280 | 2,052,178 | ||||||
Michaels Companies Inc. (The) |
||||||||
5.25%, 05/01/28 (Call 11/13/23)(a)(b) |
6,480 | 4,695,149 | ||||||
7.88%, 05/01/29 (Call 05/01/24)(a) |
9,706 | 5,411,095 | ||||||
Murphy Oil USA Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
3,670 | 2,948,374 | ||||||
4.75%, 09/15/29 (Call 09/15/24) |
3,719 | 3,292,687 | ||||||
5.63%, 05/01/27 (Call 12/01/23) |
2,207 | 2,133,220 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 12/01/23)(a) |
9,202 | 8,607,681 | ||||||
Nordstrom Inc. |
||||||||
4.00%, 03/15/27 (Call 12/15/26)(b) |
2,571 | 2,269,602 | ||||||
4.25%, 08/01/31 (Call 05/01/31)(b) |
3,365 | 2,465,132 | ||||||
4.38%, 04/01/30 (Call 01/01/30)(b) |
3,785 | 2,937,974 | ||||||
5.00%, 01/15/44 (Call 07/15/43)(b) |
7,504 | 4,509,716 | ||||||
6.95%, 03/15/28(b) |
2,202 | 2,072,633 | ||||||
Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)(a)(b) |
3,277 | 2,688,639 | ||||||
Park River Holdings Inc. |
||||||||
5.63%, 02/01/29 (Call 02/01/24)(a)(b) |
2,565 | 1,871,862 | ||||||
6.75%, 08/01/29 (Call 08/01/24)(a)(b) |
2,180 | 1,655,827 | ||||||
Patrick Industries Inc. |
||||||||
4.75%, 05/01/29 (Call 05/01/24)(a)(b) |
2,692 | 2,184,517 | ||||||
7.50%, 10/15/27 (Call 12/01/23)(a)(b) |
2,329 | 2,218,373 | ||||||
Penske Automotive Group Inc. |
||||||||
3.50%, 09/01/25 (Call 11/13/23)(b) |
3,913 | 3,713,805 | ||||||
3.75%, 06/15/29 (Call 06/15/24) |
4,055 | 3,345,531 | ||||||
PetSmart Inc./PetSmart Finance Corp. |
||||||||
4.75%, 02/15/28 (Call 02/15/24)(a) |
9,446 | 8,358,564 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) |
9,295 | 8,557,370 | ||||||
QVC Inc. |
||||||||
4.38%, 09/01/28 (Call 06/01/28)(b) |
3,908 | 1,980,201 | ||||||
4.45%, 02/15/25 (Call 11/15/24) |
4,291 | 3,695,987 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
4,483 | 2,546,223 | ||||||
5.45%, 08/15/34 (Call 02/15/34)(b) |
3,148 | 1,332,497 | ||||||
5.95%, 03/15/43(b) |
2,386 | 990,190 | ||||||
Rite
Aid Corp., 8.00%, 11/15/26 |
5,860 | 4,027,930 | ||||||
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/23)(b) |
5,055 | 4,886,469 | ||||||
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 12/01/23)(a) |
2,567 | 2,551,914 | ||||||
Sonic Automotive Inc. |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
5,453 | 4,539,375 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) |
$ | 3,735 | $ | 2,974,281 | ||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/23)(a) |
5,754 | 5,353,126 | ||||||
SRS Distribution Inc. |
||||||||
4.63%, 07/01/28 (Call 07/01/24)(a) |
5,395 | 4,706,294 | ||||||
6.00%, 12/01/29 (Call 12/01/24)(a)(b) |
6,365 | 5,298,862 | ||||||
6.13%, 07/01/29 (Call 07/01/24)(a) |
3,318 | 2,778,825 | ||||||
Staples Inc. |
||||||||
7.50%, 04/15/26 (Call 12/01/23)(a) |
15,319 | 12,495,609 | ||||||
10.75%, 04/15/27 (Call 12/01/23)(a) |
7,340 | 4,043,231 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp. |
||||||||
5.00%, 06/01/31 (Call 06/01/26)(a) |
4,881 | 4,042,951 | ||||||
5.88%, 03/01/27 (Call 12/01/23) |
2,615 | 2,477,713 | ||||||
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a) |
4,865 | 4,149,504 | ||||||
Victoria’s Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)(a)(b) |
4,560 | 3,352,268 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 12/01/23)(a) |
4,720 | 4,119,002 | ||||||
White Cap Parent LLC, 8.25%, 03/15/26 (Call 12/01/23), (9.00% PIK)(a)(b)(c) |
2,400 | 2,252,258 | ||||||
Yum! Brands Inc. |
||||||||
3.63%, 03/15/31 (Call 12/15/30)(b) |
7,857 | 6,380,059 | ||||||
4.63%, 01/31/32 (Call 10/01/26) |
8,397 | 7,154,896 | ||||||
4.75%, 01/15/30 (Call 10/15/29)(a) |
6,670 | 5,937,701 | ||||||
5.35%, 11/01/43 (Call 05/01/43)(b) |
1,928 | 1,633,980 | ||||||
5.38%, 04/01/32 (Call 04/01/27)(b) |
7,645 | 6,872,162 | ||||||
6.88%, 11/15/37(b) |
2,555 | 2,522,317 | ||||||
|
|
|||||||
455,033,359 | ||||||||
Semiconductors — 0.4% | ||||||||
Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/23)(a)(b) |
4,033 | 3,925,367 | ||||||
ams-OSRAM AG, 7.00%, 07/31/25 (Call 12/01/23)(a) |
3,698 | 3,629,330 | ||||||
Entegris Escrow Corp. |
||||||||
4.75%, 04/15/29 (Call 01/15/29)(a) |
12,348 | 11,058,179 | ||||||
5.95%, 06/15/30 (Call 06/15/25)(a)(b) |
6,895 | 6,307,840 | ||||||
Entegris Inc. |
||||||||
3.63%, 05/01/29 (Call 05/01/24)(a)(b) |
2,991 | 2,501,358 | ||||||
4.38%, 04/15/28 (Call 11/13/23)(a) |
2,885 | 2,573,997 | ||||||
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 12/01/23)(a) |
5,450 | 4,681,986 | ||||||
Synaptics
Inc., 4.00%, 06/15/29 |
3,114 | 2,569,050 | ||||||
|
|
|||||||
37,247,107 | ||||||||
Software — 2.5% | ||||||||
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 12/01/23)(a) |
3,111 | 2,978,045 | ||||||
Alteryx
Inc., 8.75%, 03/15/28 |
3,455 | 3,411,802 | ||||||
Boxer Parent Co. Inc. |
||||||||
7.13%, 10/02/25 (Call 12/01/23)(a) |
4,834 | 4,768,523 | ||||||
9.13%, 03/01/26 (Call 11/13/23)(a) |
2,654 | 2,637,413 | ||||||
Camelot Finance SA, 4.50%, 11/01/26 (Call 12/01/23)(a) |
5,435 | 5,024,056 | ||||||
Capstone Borrower Inc., 8.00%, 06/15/30 (Call 06/15/26)(a)(b) |
3,275 | 3,176,750 |
Security | Par (000) |
Value | ||||||
Software (continued) | ||||||||
Castle U.S. Holding Crop., 9.50%, 02/15/28 (Call 12/01/23)(a)(b) |
$ | 2,019 | $ | 1,054,928 | ||||
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a)(b) |
5,965 | 5,730,504 | ||||||
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 (Call 06/15/25)(a) |
5,785 | 5,714,033 | ||||||
Clarivate Science Holdings Corp. |
||||||||
3.88%, 07/01/28 (Call 06/30/24)(a)(b) |
7,314 | 6,279,822 | ||||||
4.88%, 07/01/29 (Call 06/30/24)(a)(b) |
7,400 | 6,241,050 | ||||||
Cloud Software Group Inc. |
||||||||
6.50%, 03/31/29 (Call 09/30/25)(a) |
30,700 | 26,952,994 | ||||||
9.00%, 09/30/29 (Call 09/30/25)(a) |
29,659 | 25,257,160 | ||||||
Consensus Cloud Solutions Inc. |
||||||||
6.00%, 10/15/26 (Call 12/01/23)(a)(b) |
2,385 | 2,209,018 | ||||||
6.50%, 10/15/28 (Call 10/15/26)(a)(b) |
3,989 | 3,305,884 | ||||||
CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/03/23)(a) |
4,617 | 1,338,930 | ||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)(a)(b) |
3,731 | 3,209,779 | ||||||
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(a)(b). |
4,657 | 3,924,754 | ||||||
Fair Isaac Corp. |
||||||||
4.00%, 06/15/28 (Call 11/16/23)(a)(b) |
6,939 | 6,179,096 | ||||||
5.25%, 05/15/26 (Call 02/15/26)(a) |
3,100 | 2,983,161 | ||||||
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)(a) |
2,745 | 2,304,456 | ||||||
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b) |
3,888 | 3,518,640 | ||||||
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a) |
18,041 | 14,743,933 | ||||||
Open Text Corp. |
||||||||
3.88%, 02/15/28 (Call 12/01/23)(a) |
6,703 | 5,825,409 | ||||||
3.88%, 12/01/29 (Call 12/01/24)(a) |
6,542 | 5,349,922 | ||||||
Open Text Holdings Inc. |
||||||||
4.13%, 02/15/30 (Call 02/15/25)(a) |
6,924 | 5,737,219 | ||||||
4.13%, 12/01/31 (Call 12/01/26)(a)(b) |
5,036 | 3,955,875 | ||||||
PTC Inc. |
||||||||
3.63%, 02/15/25 (Call 12/01/23)(a) |
3,384 | 3,262,066 | ||||||
4.00%, 02/15/28 (Call 12/01/23)(a) |
3,831 | 3,396,862 | ||||||
Rackspace Technology Global Inc. |
||||||||
3.50%, 02/15/28 (Call 02/15/24)(a)(b) |
3,955 | 1,733,622 | ||||||
5.38%, 12/01/28 (Call 12/01/23)(a) |
1,990 | 581,917 | ||||||
RingCentral Inc., 8.50%, 08/15/30 (Call 08/15/26)(a) |
3,225 | 3,063,750 | ||||||
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) |
7,374 | 5,983,337 | ||||||
Rocket Software Inc., 6.50%, 02/15/29 (Call 02/15/24)(a)(b) |
4,318 | 3,522,063 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/23)(a) |
15,148 | 14,212,948 | ||||||
Twilio Inc. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(b) |
3,894 | 3,237,285 | ||||||
3.88%, 03/15/31 (Call 03/15/26)(b) |
3,904 | 3,116,309 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/23)(a) |
13,525 | 11,071,871 | ||||||
West Technology Group LLC, 8.50%, 04/10/27 (Call 12/01/23)(a) |
3,088 | 2,655,680 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b) |
5,195 | 4,288,815 | ||||||
|
|
|||||||
223,939,681 |
52 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Telecommunications — 4.7% | ||||||||
Altice France Holding SA |
||||||||
6.00%, 02/15/28 (Call 12/01/23)(a)(b) |
$ | 8,475 | $ | 3,716,760 | ||||
10.50%, 05/15/27 (Call 11/13/23)(a) |
12,122 | 6,595,584 | ||||||
Altice France SA/France |
||||||||
5.13%, 01/15/29 (Call 12/01/23)(a) |
3,695 | 2,550,118 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a) |
19,285 | 13,203,695 | ||||||
5.50%, 01/15/28 (Call 12/01/23)(a) |
8,510 | 6,323,162 | ||||||
5.50%, 10/15/29 (Call 10/15/24)(a) |
15,499 | 10,661,771 | ||||||
8.13%, 02/01/27 (Call 11/13/23)(a) |
13,478 | 11,361,485 | ||||||
British Telecommunications PLC |
||||||||
4.25%, 11/23/81
(Call 11/23/26), |
4,135 | 3,604,894 | ||||||
4.88%, 11/23/81
(Call 08/23/31), |
4,085 | 3,295,290 | ||||||
C&W Senior Financing DAC, 6.88%, 09/15/27 (Call 11/13/23)(a) |
9,473 | 8,144,885 | ||||||
Ciena
Corp., 4.00%, 01/31/30 |
3,208 | 2,673,034 | ||||||
CommScope Inc. |
||||||||
4.75%, 09/01/29 (Call 09/01/24)(a) |
9,755 | 6,657,787 | ||||||
6.00%, 03/01/26 (Call 12/01/23)(a)(b) |
11,759 | 9,877,329 | ||||||
7.13%, 07/01/28 (Call 12/01/23)(a)(b) |
5,308 | 1,990,500 | ||||||
8.25%, 03/01/27 (Call 12/01/23)(a)(b) |
7,340 | 3,046,100 | ||||||
CommScope Technologies LLC |
||||||||
5.00%, 03/15/27 (Call 11/13/23)(a)(b) |
5,811 | 2,138,622 | ||||||
6.00%, 06/15/25 (Call 11/13/23)(a)(b) |
9,315 | 5,589,000 | ||||||
Connect Finco Sarl/Connect U.S. Finco LLC, |
||||||||
6.75%, 10/01/26 (Call 11/13/23)(a) |
16,541 | 15,425,081 | ||||||
Consolidated Communications Inc. |
||||||||
5.00%, 10/01/28 (Call 11/13/23)(a)(b) |
3,007 | 2,265,203 | ||||||
6.50%, 10/01/28 (Call 11/13/23)(a)(b) |
5,957 | 4,703,051 | ||||||
Embarq Corp., 8.00%, 06/01/36(b) |
9,271 | 5,052,695 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.00%, 05/01/28 (Call 05/01/24)(a) |
11,961 | 10,327,013 | ||||||
5.88%, 10/15/27 (Call 12/01/23)(a) |
8,797 | 8,019,944 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(b) |
5,787 | 4,349,614 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) |
7,671 | 5,774,279 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) |
7,612 | 6,023,402 | ||||||
8.63%, 03/15/31 (Call 03/15/26)(a) |
5,858 | 5,507,715 | ||||||
8.75%, 05/15/30 (Call 05/15/25)(a)(b) |
9,050 | 8,622,407 | ||||||
Frontier Florida LLC, Series E, 6.86%, 02/01/28(b) |
2,337 | 2,135,498 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/26 |
6,108 | 5,492,741 | ||||||
6.63%, 08/01/26(b) |
5,661 | 4,797,572 | ||||||
Iliad Holding SASU |
||||||||
6.50%, 10/15/26 (Call 11/13/23)(a) |
9,642 | 9,009,982 | ||||||
7.00%, 10/15/28 (Call 10/15/24)(a) |
6,445 | 5,832,418 | ||||||
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)(b) |
23,772 | 20,872,550 | ||||||
Level 3 Financing Inc. |
||||||||
3.40%, 03/01/27 (Call 01/01/27)(a) |
5,755 | 5,328,451 | ||||||
3.63%, 01/15/29 (Call 01/15/24)(a) |
6,295 | 3,214,825 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a) |
6,709 | 3,410,961 | ||||||
3.88%, 11/15/29 (Call 08/15/29)(a) |
5,530 | 4,924,755 | ||||||
4.25%, 07/01/28 (Call 12/01/23)(a) |
8,924 | 5,046,281 | ||||||
4.63%, 09/15/27 (Call 12/01/23)(a) |
7,504 | 4,990,160 | ||||||
10.50%, 05/15/30 (Call 05/15/26)(a) |
6,910 | 6,915,414 | ||||||
LogMeIn
Inc., 5.50%, 09/01/27 |
7,190 | 3,749,372 |
Security | Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
Lumen Technologies Inc. |
||||||||
4.00%, 02/15/27 (Call 12/01/23)(a) |
$ | 11,623 | $ | 7,845,525 | ||||
4.50%, 01/15/29 (Call 01/15/24)(a) |
3,083 | 844,465 | ||||||
5.13%, 12/15/26 (Call 12/01/23)(a) |
800 | 392,883 | ||||||
Series P, 7.60%, 09/15/39 |
2,663 | 772,270 | ||||||
Series U, 7.65%, 03/15/42 |
2,165 | 606,200 | ||||||
Millicom International Cellular SA |
||||||||
4.50%, 04/27/31 (Call 04/27/26)(a)(b) |
6,192 | 4,670,471 | ||||||
5.13%, 01/15/28 (Call 12/01/23)(a)(b) |
3,471 | 2,998,896 | ||||||
6.25%, 03/25/29 (Call 03/25/24)(a)(b) |
5,200 | 4,519,029 | ||||||
Qwest Corp., 7.25%, 09/15/25 |
1,737 | 1,662,975 | ||||||
Rogers Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + 3.590%)(a)(d) |
5,875 | 5,168,382 | ||||||
Sable International Finance Ltd., 5.75%, 09/07/27 (Call 12/01/23)(a)(b) |
4,396 | 3,983,575 | ||||||
Telecom Italia Capital SA |
||||||||
6.00%, 09/30/34 |
7,739 | 6,369,304 | ||||||
6.38%, 11/15/33 |
7,737 | 6,597,462 | ||||||
7.20%, 07/18/36(b) |
7,747 | 6,698,151 | ||||||
7.72%, 06/04/38 |
7,926 | 6,996,756 | ||||||
Telesat Canada/Telesat LLC |
||||||||
4.88%, 06/01/27 (Call 11/16/23)(a)(b) |
3,143 | 1,862,228 | ||||||
5.63%, 12/06/26 (Call 12/06/23)(a)(b) |
3,975 | 2,537,203 | ||||||
6.50%, 10/15/27 (Call 11/16/23)(a)(b) |
2,726 | 1,308,480 | ||||||
U.S. Cellular Corp., 6.70%, 12/15/33(b) |
4,552 | 4,319,802 | ||||||
Viasat Inc., 7.50%, 05/30/31 (Call 05/30/26)(a) |
6,030 | 3,946,936 | ||||||
ViaSat Inc. |
||||||||
5.63%, 09/15/25 (Call 11/13/23)(a) |
5,336 | 4,957,091 | ||||||
5.63%, 04/15/27 (Call 11/13/23)(a) |
4,357 | 3,803,748 | ||||||
6.50%, 07/15/28 (Call 12/01/23)(a)(b) |
3,073 | 2,178,450 | ||||||
Viavi Solutions Inc., 3.75%, 10/01/29 (Call 10/01/24)(a)(b) |
3,197 | 2,488,491 | ||||||
Vmed O2 UK Financing I PLC |
||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) |
10,630 | 8,361,844 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
10,642 | 8,565,808 | ||||||
Vodafone Group PLC |
||||||||
3.25%, 06/04/81
(Call 06/04/26), |
3,810 | 3,344,502 | ||||||
4.13%, 06/04/81
(Call 03/04/31), |
7,270 | 5,495,333 | ||||||
5.13%, 06/04/81
(Call 12/04/50), |
7,261 | 4,612,660 | ||||||
7.00%, 04/04/79
(Call 01/04/29), |
16,252 | 15,714,415 | ||||||
Windstream
Escrow LLC/Windstream Escrow Finance Corp.,
7.75%, 08/15/28 |
11,111 | 8,810,876 | ||||||
Zayo Group Holdings Inc. |
||||||||
4.00%, 03/01/27 (Call 12/01/23)(a)(b) |
11,744 | 8,839,035 | ||||||
6.13%, 03/01/28 (Call 12/01/23)(a)(b) |
8,392 | 5,559,267 | ||||||
|
|
|||||||
420,053,913 | ||||||||
Textiles — 0.0% | ||||||||
Eagle
Intermediate Global Holding BV/Eagle U.S. Finance LLC,
7.50%, 05/01/25 |
4,938 | 3,283,770 | ||||||
|
|
|||||||
Transportation — 0.3% | ||||||||
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 11/16/23)(a)(b) |
4,449 | 3,926,242 | ||||||
Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)(a)(b) |
2,305 | 1,695,728 |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Transportation (continued) | ||||||||
Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)(a)(b) |
$ | 2,050 | $ | 2,037,476 | ||||
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(a)(b) |
4,554 | 3,665,970 | ||||||
Rand Parent LLC, 8.50%, 02/15/30 (Call 02/15/26)(a)(b) |
6,594 | 6,021,615 | ||||||
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 12/01/23)(a)(b) |
4,710 | 4,388,422 | ||||||
XPO CNW Inc., 6.70%, 05/01/34 |
2,311 | 2,137,444 | ||||||
XPO Escrow Sub LLC, 7.50%, 11/15/27 (Call 11/15/24)(a) |
2,555 | 2,554,310 | ||||||
XPO
Inc., 7.13%, 06/01/31 |
3,068 | 2,988,984 | ||||||
|
|
|||||||
29,416,191 | ||||||||
Trucking & Leasing — 0.2% | ||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. SOFR + 4.562%)(a)(d) . |
3,618 | 3,549,209 | ||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
5.50%, 05/01/28 (Call 05/01/24)(a) |
7,698 | 6,999,889 | ||||||
6.50%, 10/01/25 (Call 12/01/23)(a) |
5,105 | 5,054,536 | ||||||
9.75%, 08/01/27 (Call 11/13/23)(a)(b) |
3,138 | 3,228,218 | ||||||
|
|
|||||||
18,831,852 | ||||||||
Water — 0.0% | ||||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 12/01/23)(a) |
3,050 | 2,909,547 | ||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 97.7% |
8,803,528,957 | |||||||
|
|
|||||||
Fixed Rate Loan Interests |
||||||||
Diversified Financial Services — 0.0% |
||||||||
Curo Group Holdings Corp., Term Loan, (6.00% Cash + 12.00% PIK), 18.00%, 08/02/27(c) |
1,683 | 1,573,404 | ||||||
|
|
|||||||
Total
Fixed Rate Loan Interests — 0.0% |
1,573,404 | |||||||
|
|
|||||||
Shares | ||||||||
Common Stocks |
||||||||
Health Care Technology — 0.0% |
||||||||
Quincy Health LLC(h)(i) |
11,575 | — | ||||||
|
|
Security | Shares | Value | ||||||
Professional Services — 0.0% | ||||||||
Affinion Group Inc.(i) |
3,506 | $ | — | |||||
|
|
|||||||
Total
Common Stocks — 0.0% |
— | |||||||
|
|
|||||||
Total
Long-Term Investments — 97.7% |
|
8,805,102,361 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 17.9% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(j)(k)(l) |
1,557,473,253 | 1,558,096,242 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(j)(k) |
55,170,000 | 55,170,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 17.9% |
|
1,613,266,242 | ||||||
|
|
|||||||
Total
Investments — 115.6% |
10,418,368,603 | |||||||
Liabilities in Excess of Other Assets — (15.6)% |
|
(1,402,234,522 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 9,016,134,081 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(d) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) |
Perpetual security with no stated maturity date. |
(f) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(g) |
Issuer filed for bankruptcy and/or is in default. |
(h) |
Non-income producing security. |
(i) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(j) |
Affiliate of the Fund. |
(k) |
Annualized 7-day yield as of period end. |
(l) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
54 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Broad USD High Yield Corporate Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 1,604,262,705 | $ | — | $ | (47,280,454 | )(a) | $ | 159,132 | $ | 954,859 | $ | 1,558,096,242 | 1,557,473,253 | $ | 14,776,153 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
157,140,000 | — | (101,970,000 | )(a) | — | — | 55,170,000 | 55,170,000 | 2,918,008 | 155 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 159,132 | $ | 954,859 | $ | 1,613,266,242 | $ | 17,694,161 | $ | 155 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 8,803,528,957 | $ | — | $ | 8,803,528,957 | ||||||||
Fixed Rate Loan Interests |
— | 1,573,404 | — | 1,573,404 | ||||||||||||
Common Stocks |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
1,613,266,242 | — | — | 1,613,266,242 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,613,266,242 | $ | 8,805,102,361 | $ | — | $ | 10,418,368,603 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 1.4% | ||||||||
Advantage
Sales & Marketing Inc., |
$ | 185 | $ | 150,661 | ||||
Clear Channel Outdoor Holdings Inc. |
||||||||
5.13%, 08/15/27 (Call 12/01/23)(a)(b) |
290 | 257,636 | ||||||
7.50%, 06/01/29 (Call 06/01/24)(a)(b) |
235 | 171,260 | ||||||
7.75%, 04/15/28 (Call 04/15/24)(a) |
245 | 187,729 | ||||||
9.00%, 09/15/28 (Call 09/15/25)(b) |
160 | 155,853 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||
4.25%, 01/15/29 (Call 01/15/24)(a) |
125 | 101,866 | ||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) |
105 | 84,716 | ||||||
5.00%, 08/15/27 (Call 11/13/23)(a)(b) |
155 | 138,084 | ||||||
6.25%, 06/15/25 (Call 12/01/23)(a) |
85 | 83,909 | ||||||
Stagwell
Global LLC, 5.63%, 08/15/29 |
245 | 202,453 | ||||||
|
|
|||||||
1,534,167 | ||||||||
Aerospace & Defense — 3.3% | ||||||||
Howmet Aerospace Inc. |
||||||||
3.00%, 01/15/29 (Call 11/15/28) |
165 | 139,113 | ||||||
5.90%, 02/01/27 |
135 | 133,163 | ||||||
5.95%, 02/01/37 |
150 | 137,282 | ||||||
6.88%, 05/01/25 (Call 04/01/25) |
135 | 135,570 | ||||||
Spirit AeroSystems Inc. |
||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) |
165 | 130,759 | ||||||
7.50%, 04/15/25 (Call 12/01/23)(a) |
270 | 269,305 | ||||||
9.38%, 11/30/29 (Call 11/30/25)(a)(b) |
210 | 215,726 | ||||||
TransDigm Inc. |
||||||||
4.63%, 01/15/29 (Call 01/15/24) |
220 | 189,547 | ||||||
4.88%, 05/01/29 (Call 05/01/24) |
140 | 121,510 | ||||||
5.50%, 11/15/27 (Call 12/01/23) |
460 | 428,620 | ||||||
6.25%, 03/15/26 (Call 12/01/23)(a) |
710 | 694,202 | ||||||
6.75%, 08/15/28 (Call 02/15/25)(a) |
380 | 369,309 | ||||||
6.88%, 12/15/30 (Call 08/18/26)(a)(b) |
250 | 241,842 | ||||||
7.50%, 03/15/27 (Call 12/01/23) |
90 | 89,858 | ||||||
Triumph Group Inc. |
||||||||
7.75%, 08/15/25 (Call 12/01/23)(b) |
115 | 109,259 | ||||||
9.00%, 03/15/28 (Call 03/15/25)(a) |
275 | 266,158 | ||||||
|
|
|||||||
3,671,223 | ||||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients Inc. |
||||||||
5.25%, 04/15/27 (Call 11/13/23)(a) |
125 | 118,979 | ||||||
6.00%, 06/15/30 (Call 06/15/25)(a)(b) |
212 | 197,552 | ||||||
|
|
|||||||
316,531 | ||||||||
Airlines — 0.7% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
275 | 250,344 | ||||||
Allegiant
Travel Co., 7.25%, 08/15/27 |
120 | 109,092 | ||||||
Hawaiian
Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., |
280 | 206,832 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 11/14/23)(a) |
265 | 195,901 | ||||||
|
|
|||||||
762,169 | ||||||||
Apparel — 0.6% | ||||||||
Hanesbrands Inc. |
||||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) |
195 | 179,256 | ||||||
9.00%, 02/15/31 (Call 02/15/26)(a)(b) |
150 | 139,469 |
Security | Par (000) |
Value | ||||||
Apparel (continued) | ||||||||
Kontoor
Brands Inc., 4.13%, 11/15/29 |
$ | 99 | $ | 81,959 | ||||
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26) |
145 | 131,997 | ||||||
Wolverine
World Wide Inc., 4.00%, 08/15/29 |
130 | 96,805 | ||||||
|
|
|||||||
629,486 | ||||||||
Auto Manufacturers — 0.3% | ||||||||
Aston
Martin Capital Holdings Ltd., |
275 | 273,281 | ||||||
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)(a) |
100 | 82,821 | ||||||
|
|
|||||||
356,102 | ||||||||
Auto Parts & Equipment — 1.2% | ||||||||
Adient Global Holdings Ltd. |
||||||||
4.88%, 08/15/26 (Call 12/01/23)(a) |
200 | 186,244 | ||||||
7.00%, 04/15/28 (Call 04/15/25)(a) |
110 | 108,715 | ||||||
8.25%, 04/15/31 (Call 04/15/26)(a)(b) |
100 | 97,721 | ||||||
American Axle & Manufacturing Inc. |
||||||||
5.00%, 10/01/29 (Call 10/01/24)(b) |
135 | 106,529 | ||||||
6.50%, 04/01/27 (Call 12/01/23)(b) |
130 | 122,620 | ||||||
6.88%, 07/01/28 (Call 11/13/23) |
80 | 71,124 | ||||||
Dana Inc. |
||||||||
4.25%, 09/01/30 (Call 05/01/26) |
95 | 75,335 | ||||||
5.38%, 11/15/27 (Call 11/13/23)(b) |
110 | 101,156 | ||||||
5.63%, 06/15/28 (Call 11/13/23)(b) |
85 | 77,016 | ||||||
Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)(a) |
425 | 341,063 | ||||||
|
|
|||||||
1,287,523 | ||||||||
Banks — 0.8% | ||||||||
Dresdner
Funding Trust I, 8.15%, 06/30/31 |
225 | 235,330 | ||||||
Intesa Sanpaolo SpA |
||||||||
4.20%,
06/01/32 (Call 06/01/31), |
175 | 124,744 | ||||||
4.95%,
06/01/42 (Call 06/01/41), |
200 | 118,131 | ||||||
5.71%, 01/15/26(a) |
200 | 189,840 | ||||||
Pacific
Western Bank, 3.25%, 05/01/31 |
100 | 73,996 | ||||||
Western
Alliance Bancorp., 3.00%, 06/15/31 |
150 | 115,241 | ||||||
|
|
|||||||
857,282 | ||||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings Inc., 4.38%, 04/30/29 |
185 | 156,368 | ||||||
|
|
|||||||
Building Materials — 1.4% | ||||||||
Boise
Cascade Co., 4.88%, 07/01/30 |
80 | 68,811 | ||||||
Builders FirstSource Inc. |
||||||||
4.25%, 02/01/32 (Call 08/01/26)(a)(b) |
305 | 242,790 | ||||||
5.00%, 03/01/30 (Call 03/01/25)(a) |
135 | 118,069 | ||||||
6.38%, 06/15/32 (Call 06/15/27)(a)(b) |
145 | 132,895 | ||||||
Camelot
Return Merger Sub Inc., |
180 | 168,065 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 12/01/23) |
230 | 207,745 | ||||||
James
Hardie International Finance DAC, |
100 | 92,709 | ||||||
Jeld-Wen
Inc., 4.88%, 12/15/27 |
75 | 63,921 | ||||||
Knife
River Holding Co., 7.75%, 05/01/31 |
100 | 99,647 |
56 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Building Materials (continued) | ||||||||
Masonite International Corp., 5.38%, 02/01/28 (Call 12/01/23)(a) |
$ | 100 | $ | 92,107 | ||||
PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)(a)(b) |
150 | 139,990 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 11/13/23)(a) |
150 | 136,009 | ||||||
|
|
|||||||
1,562,758 | ||||||||
Chemicals — 1.5% | ||||||||
Avient Corp. |
||||||||
5.75%, 05/15/25 (Call 12/01/23)(a) |
155 | 151,759 | ||||||
7.13%, 08/01/30 (Call 08/01/25)(a)(b) |
170 | 164,267 | ||||||
Axalta
Coating Systems LLC, 3.38%, 02/15/29 |
150 | 123,633 | ||||||
Axalta
Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, |
125 | 115,120 | ||||||
Element Solutions Inc., 3.88%, 09/01/28 (Call 12/01/23)(a)(b) |
170 | 144,675 | ||||||
Ingevity
Corp., 3.88%, 11/01/28 |
120 | 98,275 | ||||||
Methanex Corp. |
||||||||
5.13%, 10/15/27 (Call 04/15/27) |
170 | 155,240 | ||||||
5.25%, 12/15/29 (Call 09/15/29) |
150 | 132,891 | ||||||
Rain Carbon Inc., 12.25%, 09/01/29 (Call 03/01/26)(a) . |
100 | 101,753 | ||||||
Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)(a) |
119 | 101,065 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.13%, 04/01/29 (Call 04/01/24)(a) |
110 | 46,352 | ||||||
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b) |
260 | 204,139 | ||||||
Valvoline Inc., 3.63%, 06/15/31 (Call 06/15/26)(a) |
125 | 95,067 | ||||||
|
|
|||||||
1,634,236 | ||||||||
Commercial Services — 6.5% | ||||||||
ADT Security Corp. (The) |
||||||||
4.13%, 08/01/29 (Call 08/01/28)(a)(b) |
235 | 201,647 | ||||||
4.88%, 07/15/32(a) |
160 | 133,799 | ||||||
AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/23)(a) |
115 | 103,139 | ||||||
APX Group Inc. |
||||||||
5.75%, 07/15/29 (Call 07/15/24)(a)(b) |
190 | 158,687 | ||||||
6.75%, 02/15/27 (Call 12/01/23)(a) |
135 | 130,405 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
||||||||
4.75%, 04/01/28 (Call 04/01/24)(a)(b) |
105 | 90,499 | ||||||
5.38%, 03/01/29 (Call 03/01/24)(a)(b) |
130 | 111,416 | ||||||
5.75%, 07/15/27 (Call 11/13/23)(a) |
100 | 91,794 | ||||||
Block Inc. |
||||||||
2.75%, 06/01/26 (Call 05/01/26) |
220 | 198,102 | ||||||
3.50%, 06/01/31 (Call 03/01/31)(b) |
235 | 181,824 | ||||||
Brink’s Co. (The) |
||||||||
4.63%, 10/15/27 (Call 12/01/23)(a) |
143 | 129,572 | ||||||
5.50%, 07/15/25 (Call 12/01/23)(a) |
95 | 92,620 | ||||||
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)(a)(b) |
85 | 69,506 | ||||||
Cimpress PLC, 7.00%, 06/15/26 (Call 11/16/23) |
150 | 138,754 | ||||||
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a) |
95 | 75,186 | ||||||
Gartner Inc. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) |
89 | 75,134 | ||||||
3.75%, 10/01/30 (Call 10/01/25)(a) |
128 | 106,395 | ||||||
4.50%, 07/01/28 (Call 12/01/23)(a) |
112 | 100,815 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27 (Call 12/01/23)(a)(b) |
280 | 263,450 |
Security |
Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
Hertz Corp. (The) |
||||||||
4.63%, 12/01/26 (Call 12/01/23)(a)(b) |
$ | 110 | $ | 92,845 | ||||
5.00%, 12/01/29 (Call 12/01/24)(a)(b) |
230 | 165,343 | ||||||
Korn Ferry, 4.63%, 12/15/27 (Call 12/01/23)(a) |
100 | 91,273 | ||||||
Mobius Merger Sub Inc., 9.00%, 06/01/30 (Call 06/01/26)(a) |
100 | 89,460 | ||||||
MPH Acquisition Holdings LLC |
||||||||
5.50%, 09/01/28 (Call 09/01/24)(a) |
250 | 208,825 | ||||||
5.75%, 11/01/28 (Call 12/01/23)(a)(b) |
225 | 167,825 | ||||||
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a) |
200 | 171,918 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/23)(a) |
129 | 127,067 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) |
225 | 198,962 | ||||||
5.75%, 04/15/26(a) |
320 | 310,576 | ||||||
6.25%, 01/15/28 (Call 12/01/23)(a)(b) |
295 | 273,827 | ||||||
Sabre GLBL Inc., 11.25%, 12/15/27 (Call 06/15/25)(a) |
110 | 97,888 | ||||||
Sabre Global Inc., 8.63%, 06/01/27 (Call 03/01/25)(a) |
200 | 166,342 | ||||||
Service Corp. International/U.S. |
||||||||
3.38%, 08/15/30 (Call 08/15/25)(b) |
185 | 148,169 | ||||||
4.00%, 05/15/31 (Call 05/15/26) |
170 | 137,683 | ||||||
4.63%, 12/15/27 (Call 12/01/23) |
135 | 125,105 | ||||||
5.13%, 06/01/29 (Call 06/01/24) |
185 | 170,191 | ||||||
Sotheby’s, 7.38%, 10/15/27 (Call 11/13/23)(a) |
200 | 178,636 | ||||||
TriNet Group Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a)(b) |
100 | 82,687 | ||||||
7.13%, 08/15/31 (Call 08/15/26)(a) |
95 | 92,054 | ||||||
United Rentals North America Inc. |
||||||||
3.75%, 01/15/32 (Call 07/15/26) |
170 | 135,256 | ||||||
3.88%, 11/15/27 (Call 11/13/23) |
170 | 156,373 | ||||||
3.88%, 02/15/31 (Call 08/15/25) |
250 | 205,390 | ||||||
4.00%, 07/15/30 (Call 07/15/25) |
175 | 147,097 | ||||||
4.88%, 01/15/28 (Call 11/13/23) |
380 | 353,047 | ||||||
5.25%, 01/15/30 (Call 01/15/25) |
175 | 160,041 | ||||||
5.50%, 05/15/27 (Call 12/01/23)(b) |
105 | 101,344 | ||||||
Williams Scotsman Inc., 7.38%, 10/01/31 (Call 10/01/26)(a) |
110 | 108,490 | ||||||
Williams
Scotsman International Inc., |
101 | 89,777 | ||||||
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b) |
125 | 78,107 | ||||||
ZipRecruiter
Inc., 5.00%, 01/15/30 |
119 | 92,862 | ||||||
|
|
|||||||
7,177,204 | ||||||||
Computers — 1.8% | ||||||||
ASGN Inc., 4.63%, 05/15/28 (Call 12/01/23)(a) |
135 | 119,883 | ||||||
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a) |
470 | 375,834 | ||||||
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) |
185 | 155,459 | ||||||
NCR Corp. |
||||||||
5.00%, 10/01/28 (Call 12/01/23)(a) |
160 | 138,219 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a) |
265 | 227,953 | ||||||
5.25%, 10/01/30 (Call 10/01/25)(a) |
100 | 82,801 | ||||||
Seagate HDD Cayman |
||||||||
4.09%, 06/01/29 (Call 03/01/29)(b) |
100 | 86,473 | ||||||
4.75%, 01/01/25 |
120 | 117,473 | ||||||
4.88%, 06/01/27 (Call 03/01/27) |
100 | 93,938 | ||||||
5.75%, 12/01/34 (Call 06/01/34) |
100 | 84,401 | ||||||
8.25%, 12/15/29 (Call 07/15/26)(a)(b) |
125 | 127,254 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Computers (continued) | ||||||||
8.50%, 07/15/31 (Call 07/15/26)(a)(b) |
$ | 110 | $ | 112,025 | ||||
9.63%, 12/01/32 (Call 12/01/27)(a) |
186 | 199,246 | ||||||
Unisys
Corp., 6.88%, 11/01/27 |
115 | 84,915 | ||||||
|
|
|||||||
2,005,874 | ||||||||
Cosmetics & Personal Care — 0.7% | ||||||||
Coty Inc. |
||||||||
5.00%, 04/15/26 (Call 12/01/23)(a) |
200 | 191,577 | ||||||
6.50%, 04/15/26 (Call 12/01/23)(a) |
100 | 98,630 | ||||||
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC |
||||||||
4.75%, 01/15/29 (Call 01/15/25)(a) |
125 | 110,609 | ||||||
6.63%, 07/15/30 (Call 07/16/26)(a) |
175 | 167,516 | ||||||
Edgewell Personal Care Co. |
||||||||
4.13%, 04/01/29 (Call 04/01/24)(a) |
125 | 104,920 | ||||||
5.50%, 06/01/28 (Call 12/01/23)(a) |
165 | 150,610 | ||||||
|
|
|||||||
823,862 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a) |
275 | 233,000 | ||||||
Ritchie Bros Holdings Inc. |
||||||||
6.75%, 03/15/28 (Call 03/15/25)(a) |
140 | 137,965 | ||||||
7.75%, 03/15/31 (Call 03/15/26)(a) |
185 | 185,707 | ||||||
|
|
|||||||
556,672 | ||||||||
Diversified Financial Services — 4.6% | ||||||||
Ally Financial Inc. |
||||||||
5.75%, 11/20/25 (Call 10/21/25)(b) |
255 | 243,700 | ||||||
6.70%, 02/14/33 (Call 11/16/32) |
100 | 84,124 | ||||||
Burford Capital Global Finance LLC |
||||||||
6.25%, 04/15/28 (Call 04/15/24)(a) |
100 | 91,177 | ||||||
9.25%, 07/01/31 (Call 07/01/26)(a) |
75 | 74,182 | ||||||
Coinbase Global Inc. |
||||||||
3.38%, 10/01/28 (Call 10/01/24)(a) |
235 | 172,773 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a) |
155 | 105,415 | ||||||
Credit Acceptance Corp. |
||||||||
5.13%, 12/31/24 (Call 11/13/23)(a) |
100 | 96,759 | ||||||
6.63%, 03/15/26 (Call 11/13/23)(b) |
85 | 80,904 | ||||||
Forward Air Corp., 9.50%, 10/15/31 (Call 10/15/26)(a) |
45 | 43,868 | ||||||
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/23)(a) |
135 | 132,499 | ||||||
Nationstar Mortgage Holdings Inc. |
||||||||
5.13%, 12/15/30 (Call 12/15/25)(a) |
155 | 125,969 | ||||||
5.50%, 08/15/28 (Call 12/01/23)(a) |
208 | 183,699 | ||||||
5.75%, 11/15/31 (Call 11/15/26)(a) |
130 | 107,629 | ||||||
6.00%, 01/15/27 (Call 12/01/23)(a) |
120 | 111,685 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/27 (Call 01/15/24)(b) |
165 | 139,681 | ||||||
3.88%, 09/15/28 (Call 09/15/24) |
140 | 111,238 | ||||||
4.00%, 09/15/30 (Call 09/15/25) |
205 | 150,152 | ||||||
5.38%, 11/15/29 (Call 05/15/29) |
165 | 136,286 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) |
175 | 160,043 | ||||||
6.88%, 03/15/25 |
295 | 291,261 | ||||||
7.13%, 03/15/26(b) |
380 | 369,289 | ||||||
9.00%, 01/15/29 (Call 07/15/25)(b) |
115 | 112,165 | ||||||
PennyMac Financial Services Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) |
135 | 110,243 | ||||||
5.38%, 10/15/25 (Call 12/01/23)(a) |
160 | 152,309 | ||||||
5.75%, 09/15/31 (Call 09/15/26)(a)(b) |
130 | 106,549 | ||||||
PRA
Group Inc., 8.38%, 02/01/28 |
75 | 61,716 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |
||||||||
2.88%, 10/15/26 (Call 12/01/23)(a) |
270 | 235,246 | ||||||
3.63%, 03/01/29 (Call 03/01/24)(a) |
165 | 134,157 |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.88%, 03/01/31 (Call 03/01/26)(a) |
$ | 300 | $ | 231,907 | ||||
4.00%, 10/15/33 (Call 10/15/27)(a) |
185 | 136,030 | ||||||
SLM Corp. |
||||||||
3.13%, 11/02/26 (Call 10/02/26)(b) |
110 | 96,113 | ||||||
4.20%, 10/29/25 (Call 09/29/25) |
130 | 121,340 | ||||||
Synchrony Financial, 7.25%, 02/02/33 (Call 11/02/32) |
160 | 135,833 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/25 (Call 12/01/23)(a) |
185 | 176,312 | ||||||
5.50%, 04/15/29 (Call 04/15/24)(a) |
145 | 121,303 | ||||||
5.75%, 06/15/27 (Call 06/15/24)(a) |
125 | 113,924 | ||||||
|
|
|||||||
5,057,480 | ||||||||
Electrical Components & Equipment — 0.8% | ||||||||
Energizer Holdings Inc. |
||||||||
4.38%, 03/31/29 (Call 12/01/23)(a)(b) |
170 | 139,460 | ||||||
4.75%, 06/15/28 (Call 12/01/23)(a) |
145 | 124,555 | ||||||
WESCO Distribution Inc. |
||||||||
7.13%, 06/15/25 (Call 12/01/23)(a) |
340 | 340,493 | ||||||
7.25%, 06/15/28 (Call 12/01/23)(a) |
295 | 293,403 | ||||||
|
|
|||||||
897,911 | ||||||||
Electronics — 1.0% | ||||||||
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(a) |
75 | 61,982 | ||||||
II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)(a)(b) |
215 | 182,658 | ||||||
Sensata Technologies BV |
||||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
220 | 187,098 | ||||||
5.00%, 10/01/25(a) |
145 | 141,184 | ||||||
5.63%, 11/01/24(a) |
100 | 99,139 | ||||||
5.88%, 09/01/30 (Call 09/01/25)(a) |
125 | 114,172 | ||||||
Sensata Technologies Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
160 | 128,082 | ||||||
4.38%, 02/15/30 (Call 11/15/29)(a) |
110 | 92,795 | ||||||
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(a) |
125 | 102,692 | ||||||
|
|
|||||||
1,109,802 | ||||||||
Energy - Alternate Sources — 0.1% | ||||||||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/23)(a)(b) |
150 | 105,406 | ||||||
|
|
|||||||
Engineering & Construction — 0.7% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
230 | 216,879 | ||||||
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a) |
95 | 83,069 | ||||||
Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(a) |
150 | 102,412 | ||||||
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b) |
120 | 103,607 | ||||||
TopBuild Corp. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(a) |
100 | 83,648 | ||||||
4.13%, 02/15/32 (Call 10/15/26)(a) |
100 | 79,296 | ||||||
Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/23)(a) |
100 | 86,021 | ||||||
|
|
|||||||
754,932 | ||||||||
Entertainment — 2.2% | ||||||||
AMC Entertainment Holdings Inc. |
||||||||
7.50%, 02/15/29 (Call 02/15/25)(a)(b) |
225 | 157,921 | ||||||
10.00%, 06/15/26 (Call 11/13/23)(a) |
335 | 253,256 | ||||||
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b) |
109 | 93,968 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |
||||||||
5.38%, 04/15/27 (Call 12/01/23) |
120 | 111,132 | ||||||
5.50%, 05/01/25 (Call 12/01/23)(a) |
240 | 235,370 | ||||||
Cinemark USA Inc. |
||||||||
5.25%, 07/15/28 (Call 07/15/24)(a) |
185 | 161,061 |
58 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Entertainment (continued) | ||||||||
5.88%, 03/15/26 (Call 12/01/23)(a)(b) |
$ | 100 | $ | 95,326 | ||||
Lions
Gate Capital Holdings LLC, |
170 | 111,664 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a) |
95 | 89,751 | ||||||
Motion Bondco DAC, 6.63%, 11/15/27 (Call 12/01/23)(a)(b) |
100 | 89,492 | ||||||
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a) |
75 | 75,169 | ||||||
SeaWorld
Parks & Entertainment Inc., |
175 | 152,421 | ||||||
Six Flags Entertainment Corp. |
||||||||
5.50%, 04/15/27 (Call 12/01/23)(a) |
110 | 100,122 | ||||||
7.25%, 05/15/31 (Call 05/15/26)(a)(b) |
185 | 170,247 | ||||||
Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/23)(a) |
150 | 149,136 | ||||||
WMG Acquisition Corp. |
||||||||
3.00%, 02/15/31 (Call 02/15/26)(a) |
175 | 135,966 | ||||||
3.75%, 12/01/29 (Call 12/01/24)(a) |
125 | 104,920 | ||||||
3.88%, 07/15/30 (Call 07/15/25)(a) |
130 | 108,416 | ||||||
|
|
|||||||
2,395,338 | ||||||||
Environmental Control — 0.4% | ||||||||
Clean Harbors Inc. |
||||||||
4.88%, 07/15/27 (Call 12/01/23)(a) |
129 | 120,397 | ||||||
6.38%, 02/01/31 (Call 02/01/26)(a) |
125 | 118,980 | ||||||
Covanta Holding Corp. |
||||||||
4.88%, 12/01/29 (Call 12/01/24)(a) |
160 | 125,173 | ||||||
5.00%, 09/01/30 (Call 09/01/25) |
100 | 77,943 | ||||||
|
|
|||||||
442,493 | ||||||||
Food — 2.2% | ||||||||
B&G Foods Inc. |
||||||||
5.25%, 09/15/27 (Call 12/01/23)(b) |
134 | 110,285 | ||||||
8.00%, 09/15/28 (Call 09/15/25)(b) |
120 | 117,012 | ||||||
Lamb Weston Holdings Inc. |
||||||||
4.13%, 01/31/30 (Call 01/31/25)(a) |
235 | 199,717 | ||||||
4.38%, 01/31/32 (Call 01/31/27)(a)(b) |
165 | 136,395 | ||||||
4.88%, 05/15/28 (Call 11/15/27)(a) |
105 | 96,743 | ||||||
Post Holdings Inc. |
||||||||
4.50%, 09/15/31 (Call 09/15/26)(a) |
250 | 202,927 | ||||||
4.63%, 04/15/30 (Call 04/15/25)(a) |
325 | 272,697 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a) |
290 | 257,229 | ||||||
5.63%, 01/15/28 (Call 11/16/23)(a)(b) |
232 | 215,487 | ||||||
5.75%, 03/01/27 (Call 11/16/23)(a) |
93 | 88,721 | ||||||
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 11/16/23) |
125 | 102,676 | ||||||
U.S. Foods Inc. |
||||||||
4.63%, 06/01/30 (Call 06/01/25)(a) |
110 | 93,988 | ||||||
4.75%, 02/15/29 (Call 02/15/24)(a) |
205 | 180,611 | ||||||
6.88%, 09/15/28 (Call 09/15/25) |
115 | 112,929 | ||||||
7.25%, 01/15/32 (Call 09/15/26)(a) |
120 | 117,895 | ||||||
United Natural Foods Inc., 6.75%, 10/15/28 (Call 12/01/23)(a) |
98 | 76,577 | ||||||
|
|
|||||||
2,381,889 | ||||||||
Food Service — 0.3% | ||||||||
Aramark Services Inc. |
||||||||
5.00%, 04/01/25 (Call 12/01/23)(a)(b) |
150 | 146,770 | ||||||
5.00%, 02/01/28 (Call 12/01/23)(a) |
255 | 233,894 | ||||||
|
|
|||||||
380,664 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
Domtar
Corp., 6.75%, 10/01/28 |
160 | 130,412 | ||||||
Glatfelter
Corp., 4.75%, 11/15/29 |
100 | 65,625 |
Security |
Par (000) |
Value | ||||||
Forest Products & Paper (continued) | ||||||||
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b) |
$ | 190 | $ | 149,021 | ||||
|
|
|||||||
345,058 | ||||||||
Health Care - Products — 1.0% | ||||||||
Avantor Funding Inc. |
||||||||
3.88%, 11/01/29 (Call 11/01/24)(a)(b) |
180 | 150,585 | ||||||
4.63%, 07/15/28 (Call 12/01/23)(a) |
365 | 325,531 | ||||||
Embecta
Corp., 5.00%, 02/15/30 |
125 | 99,218 | ||||||
Hologic Inc. |
||||||||
3.25%, 02/15/29 (Call 12/01/23)(a) |
235 | 197,338 | ||||||
4.63%, 02/01/28 (Call 12/01/23)(a) |
85 | 77,617 | ||||||
Teleflex Inc. |
||||||||
4.25%, 06/01/28 (Call 12/01/23)(a) |
115 | 101,691 | ||||||
4.63%, 11/15/27 (Call 11/16/23) |
110 | 101,007 | ||||||
|
|
|||||||
1,052,987 | ||||||||
Health Care - Services — 5.0% | ||||||||
Acadia Healthcare Co. Inc. |
||||||||
5.00%, 04/15/29 (Call 12/01/23)(a) |
105 | 94,069 | ||||||
5.50%, 07/01/28 (Call 12/01/23)(a)(b) |
115 | 106,286 | ||||||
Catalent Pharma Solutions Inc. |
||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) |
115 | 91,042 | ||||||
3.50%, 04/01/30 (Call 04/01/25)(a) |
155 | 121,701 | ||||||
5.00%, 07/15/27 (Call 12/01/23)(a) |
120 | 107,199 | ||||||
Charles River Laboratories International Inc. |
||||||||
3.75%, 03/15/29 (Call 03/15/24)(a) |
120 | 101,672 | ||||||
4.00%, 03/15/31 (Call 03/15/26)(a)(b) |
125 | 102,066 | ||||||
4.25%, 05/01/28 (Call 11/16/23)(a) |
114 | 101,460 | ||||||
CHS/Community Health Systems Inc. |
||||||||
4.75%, 02/15/31 (Call 02/15/26)(a)(b) |
250 | 168,150 | ||||||
5.25%, 05/15/30 (Call 05/15/25)(a) |
350 | 248,581 | ||||||
5.63%, 03/15/27 (Call 12/15/23)(a) |
440 | 359,460 | ||||||
6.00%, 01/15/29 (Call 01/15/24)(a) |
200 | 151,546 | ||||||
6.13%, 04/01/30 (Call 04/01/25)(a) |
275 | 106,597 | ||||||
6.88%, 04/01/28 (Call 11/16/23)(a) |
185 | 79,689 | ||||||
6.88%, 04/15/29 (Call 04/15/24)(a) |
315 | 129,069 | ||||||
8.00%, 03/15/26 (Call 12/01/23)(a) |
490 | 448,225 | ||||||
8.00%, 12/15/27 (Call 11/16/23)(a)(b) |
150 | 127,428 | ||||||
DaVita Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
350 | 251,728 | ||||||
4.63%, 06/01/30 (Call 06/01/25)(a) |
635 | 497,854 | ||||||
Encompass Health Corp. |
||||||||
4.50%, 02/01/28 (Call 12/01/23) |
175 | 157,764 | ||||||
4.63%, 04/01/31 (Call 04/01/26) |
85 | 70,756 | ||||||
4.75%, 02/01/30 (Call 02/01/25)(b) |
195 | 169,194 | ||||||
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(a)(b) |
125 | 120,829 | ||||||
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(a) |
143 | 122,667 | ||||||
IQVIA Inc. |
||||||||
5.00%, 10/15/26 (Call 12/01/23)(a) |
225 | 214,526 | ||||||
5.00%, 05/15/27 (Call 12/01/23)(a) |
250 | 235,694 | ||||||
6.50%, 05/15/30 (Call 05/15/26)(a) |
125 | 121,272 | ||||||
ModivCare
Inc., 5.88%, 11/15/25 |
110 | 104,740 | ||||||
Molina Healthcare Inc. |
||||||||
3.88%, 11/15/30 (Call 08/17/30)(a) |
155 | 126,462 | ||||||
3.88%, 05/15/32 (Call 02/15/32)(a) |
160 | 126,203 | ||||||
4.38%, 06/15/28 (Call 12/01/23)(a) |
185 | 165,162 | ||||||
Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(a)(b) |
85 | 73,366 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 12/01/23)(a)(b) |
$ | 285 | $ | 277,264 | ||||
|
|
|||||||
5,479,721 | ||||||||
Holding Companies - Diversified — 0.2% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a) |
220 | 188,156 | ||||||
|
|
|||||||
Home Builders — 0.5% | ||||||||
Century Communities Inc. |
||||||||
3.88%, 08/15/29 (Call 02/15/29)(a) |
120 | 96,881 | ||||||
6.75%, 06/01/27 (Call 12/01/23) |
110 | 106,144 | ||||||
Taylor Morrison Communities Inc. |
||||||||
5.13%, 08/01/30 (Call 02/01/30)(a) |
115 | 96,905 | ||||||
5.75%, 01/15/28 (Call 10/15/27)(a) |
91 | 82,801 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a) |
125 | 117,186 | ||||||
Thor Industries Inc., 4.00%, 10/15/29 (Call 10/15/24)(a)(b) |
125 | 101,939 | ||||||
|
|
|||||||
601,856 | ||||||||
Home Furnishings — 0.3% | ||||||||
Tempur Sealy International Inc. |
||||||||
3.88%, 10/15/31 (Call 10/15/26)(a) |
195 | 146,126 | ||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
180 | 147,632 | ||||||
|
|
|||||||
293,758 | ||||||||
Household Products & Wares — 0.3% | ||||||||
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(a)(b) |
140 | 116,106 | ||||||
Central Garden & Pet Co. |
||||||||
4.13%, 10/15/30 (Call 10/15/25)(b) |
120 | 97,778 | ||||||
4.13%, 04/30/31 (Call 04/30/26)(a) |
85 | 67,793 | ||||||
Spectrum Brands Inc., 3.88%, 03/15/31 (Call 03/15/26)(a)(b) |
125 | 100,304 | ||||||
|
|
|||||||
381,981 | ||||||||
Housewares — 0.8% | ||||||||
Newell Brands Inc. |
||||||||
4.88%, 06/01/25 (Call 05/01/25) |
125 | 120,046 | ||||||
5.20%, 04/01/26 (Call 01/01/26) |
470 | 443,469 | ||||||
6.38%, 09/15/27 (Call 06/15/27)(b) |
95 | 88,975 | ||||||
6.38%, 04/01/36 (Call 10/01/35)(b) |
98 | 76,933 | ||||||
6.50%, 04/01/46 (Call 10/01/45)(b) |
165 | 115,792 | ||||||
6.63%, 09/15/29 (Call 06/15/29) |
100 | 92,074 | ||||||
|
|
|||||||
937,289 | ||||||||
Insurance — 0.6% | ||||||||
Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28), (3-mo. LIBOR US + 4.135%)(c) |
95 | 91,038 | ||||||
Liberty Mutual Group Inc. |
||||||||
4.13%,
12/15/51 (Call 09/15/26), |
100 | 79,596 | ||||||
4.30%, 02/01/61 (Call 02/01/26)(a) |
180 | 93,789 | ||||||
7.80%, 03/07/87(a) |
105 | 100,806 | ||||||
MGIC Investment Corp., 5.25%, 08/15/28 (Call 11/16/23) |
155 | 143,069 | ||||||
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) |
100 | 100,184 | ||||||
|
|
|||||||
608,482 | ||||||||
Internet — 1.9% | ||||||||
Cablevision Lightpath LLC |
||||||||
3.88%, 09/15/27 (Call 11/13/23)(a) |
85 | 69,338 | ||||||
5.63%, 09/15/28 (Call 11/13/23)(a) |
100 | 75,001 | ||||||
Cars.com
Inc., 6.38%, 11/01/28 |
100 | 89,005 | ||||||
Cogent Communications Group Inc. |
||||||||
3.50%, 05/01/26 (Call 02/01/26)(a) |
110 | 100,268 |
Security |
Par (000) |
Value | ||||||
Internet (continued) | ||||||||
7.00%, 06/15/27 (Call 06/15/24)(a) |
$ | 104 | $ | 99,434 | ||||
Gen
Digital Inc., 5.00%, 04/15/25 |
250 | 243,159 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a) |
200 | 168,205 | ||||||
5.25%, 12/01/27 (Call 12/01/23)(a) |
140 | 132,155 | ||||||
GrubHub
Holdings Inc., 5.50%, 07/01/27 |
105 | 77,464 | ||||||
NortonLifeLock Inc. |
||||||||
6.75%, 09/30/27 (Call 09/30/24)(a) |
195 | 189,996 | ||||||
7.13%, 09/30/30 (Call 09/30/25)(a)(b) |
135 | 131,396 | ||||||
Rakuten Group Inc. |
||||||||
5.13%,
(Call 04/22/26), |
175 | 127,631 | ||||||
6.25%,
(Call 04/22/31), |
225 | 142,327 | ||||||
10.25%, 11/30/24 (Call 11/28/23)(a) |
235 | 238,059 | ||||||
TripAdvisor
Inc., 7.00%, 07/15/25 |
110 | 109,253 | ||||||
Ziff
Davis Inc., 4.63%, 10/15/30 |
115 | 96,268 | ||||||
|
|
|||||||
2,088,959 | ||||||||
Iron & Steel — 1.2% | ||||||||
ATI Inc., 7.25%, 08/15/30 (Call 08/15/26)(b) |
95 | 91,500 | ||||||
Carpenter Technology Corp., 6.38%, 07/15/28 (Call 12/01/23) |
85 | 80,754 | ||||||
Cleveland-Cliffs Inc. |
||||||||
5.88%, 06/01/27 (Call 12/01/23) |
110 | 104,918 | ||||||
6.75%, 03/15/26 (Call 12/01/23)(a) |
200 | 199,225 | ||||||
6.75%, 04/15/30 (Call 04/15/26)(a)(b) |
180 | 167,094 | ||||||
Mineral Resources Ltd. |
||||||||
8.00%, 11/01/27 (Call 11/01/24)(a) |
130 | 125,991 | ||||||
8.13%, 05/01/27 (Call 12/01/23)(a) |
175 | 170,006 | ||||||
8.50%, 05/01/30 (Call 05/01/25)(a) |
150 | 144,320 | ||||||
9.25%, 10/01/28 (Call 10/01/25)(a) |
270 | 269,551 | ||||||
|
|
|||||||
1,353,359 | ||||||||
Leisure Time — 3.2% | ||||||||
Life Time Inc. |
||||||||
5.75%, 01/15/26 (Call 12/01/23)(a) |
235 | 227,719 | ||||||
8.00%, 04/15/26 (Call 12/01/23)(a)(b) |
100 | 97,610 | ||||||
NCL Corp. Ltd. |
||||||||
3.63%, 12/15/24 (Call 11/14/23)(a) |
135 | 127,701 | ||||||
5.88%, 03/15/26 (Call 12/15/25)(a)(b) |
325 | 292,215 | ||||||
5.88%, 02/15/27 (Call 02/15/24)(a) |
235 | 216,319 | ||||||
7.75%, 02/15/29 (Call 11/15/28)(a) |
150 | 130,892 | ||||||
8.13%, 01/15/29 (Call 01/15/26)(a) |
190 | 185,743 | ||||||
8.38%, 02/01/28 (Call 02/01/25)(a) |
145 | 143,278 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b) |
105 | 87,728 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
3.70%, 03/15/28 (Call 12/15/27)(b) |
120 | 102,291 | ||||||
4.25%, 07/01/26 (Call 01/01/26)(a) |
155 | 142,632 | ||||||
5.38%, 07/15/27 (Call 10/15/26)(a) |
217 | 200,002 | ||||||
5.50%, 08/31/26 (Call 02/28/26)(a) |
215 | 203,221 | ||||||
5.50%, 04/01/28 (Call 10/01/27)(a) |
360 | 328,280 | ||||||
7.25%, 01/15/30 (Call 12/15/25)(a) |
160 | 158,135 | ||||||
8.25%, 01/15/29 (Call 04/01/25)(a) |
225 | 230,789 | ||||||
9.25%, 01/15/29 (Call 04/01/25)(a)(b) |
225 | 235,192 | ||||||
11.50%, 06/01/25 (Call 11/07/23)(a) |
118 | 124,810 | ||||||
11.63%, 08/15/27 (Call 08/15/24)(a) |
290 | 314,565 | ||||||
|
|
|||||||
3,549,122 |
60 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Lodging — 2.1% | ||||||||
Hilton
Domestic Operating Co. Inc. |
$ | 355 | $ | 280,603 | ||||
3.75%, 05/01/29 (Call 05/01/24)(a)(b) |
180 | 155,139 | ||||||
4.00%, 05/01/31 (Call 05/01/26)(a) |
250 | 206,563 | ||||||
4.88%, 01/15/30 (Call 01/15/25) |
247 | 221,782 | ||||||
5.38%, 05/01/25 (Call 11/13/23)(a) |
105 | 103,328 | ||||||
5.75%, 05/01/28 (Call 12/01/23)(a) |
110 | 105,509 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.88%, 07/01/31 (Call 07/01/26)(a) |
125 | 99,225 | ||||||
5.00%, 06/01/29 (Call 06/01/24)(a) |
185 | 155,671 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/23) |
135 | 127,485 | ||||||
Marriott
Ownership Resorts Inc., |
130 | 106,563 | ||||||
Studio
City Finance Ltd. |
250 | 179,159 | ||||||
6.00%, 07/15/25 (Call 12/01/23)(a) |
90 | 84,822 | ||||||
6.50%, 01/15/28 (Call 12/01/23)(a) |
125 | 102,280 | ||||||
Travel
+ Leisure Co. |
150 | 123,656 | ||||||
6.00%, 04/01/27 (Call 01/01/27) |
100 | 93,353 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a) |
150 | 146,009 | ||||||
|
|
|||||||
2,291,147 | ||||||||
Machinery — 1.0% | ||||||||
Chart
Industries Inc. |
335 | 329,145 | ||||||
9.50%, 01/01/31 (Call 01/01/26)(a)(b) |
100 | 103,027 | ||||||
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a) |
110 | 80,744 | ||||||
GrafTech
Global Enterprises Inc., |
100 | 89,502 | ||||||
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(a)(b) |
111 | 95,103 | ||||||
SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(a)(b) |
100 | 91,543 | ||||||
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(a) |
145 | 127,595 | ||||||
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a) |
195 | 170,456 | ||||||
|
|
|||||||
1,087,115 | ||||||||
Manufacturing — 0.3% | ||||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/23)(a)(b) |
125 | 122,155 | ||||||
Hillenbrand Inc., 5.75%, 06/15/25 (Call 11/13/23) |
100 | 98,166 | ||||||
Trinity Industries Inc., 7.75%, 07/15/28 (Call 07/15/25)(a) |
105 | 103,694 | ||||||
|
|
|||||||
324,015 | ||||||||
Media — 10.8% | ||||||||
Cable
One Inc., 4.00%, 11/15/30 |
160 | 119,320 | ||||||
CCO
Holdings LLC/CCO Holdings Capital Corp. |
60 | 46,685 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a) |
175 | 126,347 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a) |
375 | 279,751 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a) |
500 | 412,560 | ||||||
4.75%, 02/01/32 (Call 02/01/27)(a)(b) |
350 | 273,230 | ||||||
5.13%, 05/01/27 (Call 12/01/23)(a) |
275 | 252,987 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a) |
75 | 65,640 | ||||||
5.50%, 05/01/26 (Call 12/01/23)(a) |
50 | 47,839 | ||||||
6.38%, 09/01/29 (Call 09/01/25)(a)(b) |
500 | 458,600 | ||||||
7.38%, 03/01/31 (Call 03/01/26)(a) |
150 | 141,752 | ||||||
CSC
Holdings LLC |
200 | 128,111 |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
4.13%, 12/01/30 (Call 12/01/25)(a) |
$ | 225 | $ | 150,754 | ||||
4.50%, 11/15/31 (Call 11/15/26)(a) |
300 | 198,177 | ||||||
4.63%, 12/01/30 (Call 12/01/25)(a) |
475 | 240,161 | ||||||
5.00%, 11/15/31 (Call 11/15/26)(a) |
100 | 51,315 | ||||||
5.38%, 02/01/28 (Call 12/01/23)(a) |
225 | 179,218 | ||||||
5.50%, 04/15/27 (Call 12/01/23)(a) |
275 | 229,620 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a) |
475 | 249,347 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a) |
375 | 296,126 | ||||||
7.50%, 04/01/28 (Call 11/13/23)(a)(b) |
225 | 144,915 | ||||||
11.25%, 05/15/28 (Call 05/15/25)(a) |
200 | 190,830 | ||||||
Gray
Escrow II Inc., 5.38%, 11/15/31 |
290 | 181,861 | ||||||
Gray
Television Inc. |
195 | 125,109 | ||||||
5.88%, 07/15/26 (Call 12/01/23)(a)(b) |
175 | 155,899 | ||||||
7.00%, 05/15/27 (Call 11/13/23)(a)(b) |
160 | 134,884 | ||||||
iHeartCommunications
Inc. |
120 | 84,925 | ||||||
5.25%, 08/15/27 (Call 11/16/23)(a)(b) |
160 | 117,312 | ||||||
6.38%, 05/01/26 (Call 11/16/23) |
195 | 158,913 | ||||||
8.38%, 05/01/27 (Call 11/16/23)(b) |
220 | 134,792 | ||||||
Liberty Interactive LLC, 8.25%, 02/01/30 |
125 | 32,566 | ||||||
McGraw-Hill
Education Inc. |
205 | 172,875 | ||||||
8.00%, 08/01/29 (Call 08/01/24)(a) |
175 | 145,243 | ||||||
Nexstar
Media Inc. |
235 | 197,756 | ||||||
5.63%, 07/15/27 (Call 11/13/23)(a) |
380 | 341,873 | ||||||
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(b) |
110 | 83,440 | ||||||
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/23)(a)(b) |
100 | 74,779 | ||||||
Sinclair
Television Group Inc. |
185 | 116,190 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a)(b) |
100 | 54,254 | ||||||
Sirius
XM Radio Inc. |
230 | 206,416 | ||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) |
345 | 259,543 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a) |
455 | 386,801 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a) |
346 | 274,693 | ||||||
5.00%, 08/01/27 (Call 12/01/23)(a) |
345 | 316,770 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a) |
285 | 252,613 | ||||||
TEGNA
Inc. |
235 | 203,549 | ||||||
4.75%, 03/15/26 (Call 12/01/23)(a) |
120 | 112,540 | ||||||
5.00%, 09/15/29 (Call 09/15/24)(b) |
245 | 205,713 | ||||||
Telenet
Finance Luxembourg Notes Sarl, |
200 | 176,178 | ||||||
Univision
Communications Inc. |
245 | 194,805 | ||||||
5.13%, 02/15/25 (Call 11/13/23)(a) |
231 | 225,687 | ||||||
6.63%, 06/01/27 (Call 11/13/23)(a) |
345 | 315,125 | ||||||
7.38%, 06/30/30 (Call 06/30/25)(a) |
205 | 180,774 | ||||||
8.00%, 08/15/28 (Call 08/15/25)(a) |
105 | 99,333 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) |
305 | 242,158 | ||||||
UPC Holding BV, 5.50%, 01/15/28 (Call 11/13/23)(a) |
110 | 96,131 | ||||||
Videotron
Ltd. |
130 | 109,692 | ||||||
5.13%, 04/15/27 (Call 12/01/23)(a) |
130 | 122,468 |
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a) |
$ | 200 | $ | 157,251 | ||||
Virgin
Media Secured Finance PLC |
200 | 164,842 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a) |
325 | 287,749 | ||||||
VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a) |
350 | 265,960 | ||||||
Ziggo
Bond Co. BV |
100 | 72,828 | ||||||
6.00%, 01/15/27 (Call 12/01/23)(a) |
160 | 146,471 | ||||||
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a) |
225 | 179,947 | ||||||
|
|
|||||||
11,851,993 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Advanced
Drainage Systems Inc., |
110 | 104,238 | ||||||
|
|
|||||||
Mining — 1.4% | ||||||||
Compass
Minerals International Inc., |
120 | 113,064 | ||||||
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a) |
125 | 102,824 | ||||||
FMG
Resources August 2006 Pty Ltd. |
345 | 278,084 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
135 | 121,456 | ||||||
FMG
Resources August Pty. Ltd. |
170 | 152,364 | ||||||
6.13%, 04/15/32 (Call 01/15/32)(a)(b) |
170 | 150,170 | ||||||
Hecla Mining Co., 7.25%, 02/15/28 (Call 11/16/23) |
125 | 120,113 | ||||||
Kaiser
Aluminum Corp. |
110 | 81,278 | ||||||
4.63%, 03/01/28 (Call 12/01/23)(a) |
125 | 104,217 | ||||||
New
Gold Inc., 7.50%, 07/15/27 |
100 | 94,143 | ||||||
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/23)(a) |
100 | 97,684 | ||||||
Taseko Mines Ltd., 7.00%, 02/15/26 (Call 12/01/23)(a)(b) |
95 | 86,639 | ||||||
|
|
|||||||
1,502,036 | ||||||||
Office & Business Equipment — 0.3% | ||||||||
Xerox
Holdings Corp. |
190 | 174,786 | ||||||
5.50%, 08/15/28 (Call 07/15/28)(a) |
160 | 123,633 | ||||||
|
|
|||||||
298,419 | ||||||||
Office Furnishings — 0.1% | ||||||||
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) |
90 | 79,288 | ||||||
|
|
|||||||
Packaging & Containers — 3.5% | ||||||||
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance
PLC |
150 | 122,494 | ||||||
4.00%, 09/01/29 (Call 05/15/24)(a)(b) |
250 | 187,477 | ||||||
6.00%, 06/15/27 (Call 06/15/24)(a) |
125 | 118,265 | ||||||
Ardagh
Packaging Finance PLC/Ardagh Holdings USA Inc. |
275 | 242,720 | ||||||
5.25%, 08/15/27 (Call 12/01/23)(a) |
425 | 309,328 | ||||||
Ball
Corp. |
290 | 226,064 | ||||||
3.13%, 09/15/31 (Call 06/15/31)(b) |
210 | 162,375 | ||||||
4.88%, 03/15/26 (Call 12/15/25) |
160 | 154,135 | ||||||
5.25%, 07/01/25(b) |
245 | 241,202 | ||||||
6.00%, 06/15/29 (Call 05/15/26)(b) |
220 | 210,709 | ||||||
6.88%, 03/15/28 (Call 11/15/24) |
160 | 159,749 |
Security |
Par (000) |
Value | ||||||
Packaging & Containers (continued) | ||||||||
Berry
Global Inc., 5.63%, 07/15/27 |
$ | 110 | $ | 105,122 | ||||
Cascades
Inc./Cascades USA Inc., |
85 | 77,004 | ||||||
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a)(b) |
80 | 68,055 | ||||||
Owens-Brockway
Glass Container Inc. |
140 | 133,184 | ||||||
7.25%, 05/15/31 (Call 05/15/26)(a) |
165 | 150,987 | ||||||
Sealed
Air Corp. |
85 | 75,589 | ||||||
5.00%, 04/15/29 (Call 04/15/25)(a)(b) |
105 | 93,510 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
110 | 108,104 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a) |
75 | 73,011 | ||||||
6.88%, 07/15/33(a)(b) |
110 | 103,652 | ||||||
Sealed
Air Corp./Sealed Air Corp. US, |
170 | 161,692 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/23) |
140 | 124,649 | ||||||
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(a) |
100 | 83,808 | ||||||
Trivium
Packaging Finance BV |
250 | 226,898 | ||||||
8.50%, 08/15/27 (Call 11/13/23)(a) |
150 | 125,247 | ||||||
|
|
|||||||
3,845,030 | ||||||||
Pharmaceuticals — 4.1% | ||||||||
180
Medical Inc., 3.88%, 10/15/29 |
110 | 91,982 | ||||||
AdaptHealth
LLC |
120 | 89,722 | ||||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) |
120 | 91,289 | ||||||
Bausch
Health Americas Inc. |
155 | 69,641 | ||||||
9.25%, 04/01/26 (Call 12/01/23)(a) |
175 | 153,936 | ||||||
Bausch
Health Companies Inc. |
360 | 178,823 | ||||||
5.00%, 01/30/28 (Call 11/16/23)(a)(b) |
100 | 36,811 | ||||||
5.00%, 02/15/29 (Call 02/15/24)(a) |
110 | 38,522 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a) |
175 | 60,637 | ||||||
5.25%, 02/15/31 (Call 02/15/26)(a)(b) |
100 | 35,000 | ||||||
5.50%, 11/01/25 (Call 12/01/23)(a) |
375 | 324,527 | ||||||
5.75%, 08/15/27 (Call 11/16/23)(a) |
100 | 53,049 | ||||||
6.13%, 02/01/27 (Call 02/01/24)(a) |
220 | 122,581 | ||||||
6.25%, 02/15/29 (Call 02/15/24)(a)(b) |
200 | 72,778 | ||||||
9.00%, 12/15/25 (Call 12/01/23)(a) |
225 | 196,523 | ||||||
11.00%, 09/30/28(a) |
410 | 250,062 | ||||||
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)(b) |
175 | 167,368 | ||||||
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a)(b) |
165 | 138,280 | ||||||
Herbalife
Nutrition Ltd./HLF Financing Inc., |
130 | 122,308 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b) |
145 | 99,025 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) |
360 | 312,903 | ||||||
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)(a) |
100 | 83,906 | ||||||
Organon &
Co./Organon Foreign Debt Co.-Issuer BV |
485 | 418,990 | ||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) |
450 | 351,627 | ||||||
Owens &
Minor Inc. |
100 | 80,620 | ||||||
6.63%, 04/01/30 (Call 04/01/25)(a)(b) |
140 | 122,910 |
62 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
Perrigo
Finance Unlimited Co. |
$ | 175 | $ | 169,975 | ||||
4.38%, 03/15/26 (Call 12/15/25) |
150 | 140,839 | ||||||
4.65%, 06/15/30 (Call 03/15/30) |
175 | 146,170 | ||||||
PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 12/01/23)(a) |
125 | 114,784 | ||||||
Prestige
Brands Inc. |
125 | 99,434 | ||||||
5.13%, 01/15/28 (Call 12/01/23)(a) |
100 | 92,344 | ||||||
|
|
|||||||
4,527,366 | ||||||||
Real Estate — 1.1% | ||||||||
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a) |
357 | 280,452 | ||||||
Cushman &
Wakefield U.S. Borrower LLC |
160 | 146,010 | ||||||
8.88%, 09/01/31 (Call 09/01/26)(a)(b) |
80 | 75,878 | ||||||
Howard
Hughes Corp. (The) |
135 | 109,496 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a)(b) |
160 | 122,924 | ||||||
5.38%, 08/01/28 (Call 12/01/23)(a) |
180 | 158,397 | ||||||
Kennedy-Wilson
Inc. |
145 | 110,013 | ||||||
4.75%, 02/01/30 (Call 09/01/24) |
125 | 91,063 | ||||||
5.00%, 03/01/31 (Call 03/01/26)(b) |
150 | 107,600 | ||||||
Realogy
Group LLC/Realogy Co-Issuer
Corp. |
13 | 8,125 | ||||||
5.75%, 01/15/29 (Call 01/15/24)(a) |
11 | 6,953 | ||||||
|
|
|||||||
1,216,911 | ||||||||
Real Estate Investment Trusts — 6.0% | ||||||||
Apollo
Commercial Real Estate Finance Inc., |
124 | 95,040 | ||||||
Brandywine
Operating Partnership LP, |
100 | 83,000 | ||||||
Brookfield
Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
170 | 141,674 | ||||||
5.75%, 05/15/26 (Call 11/13/23)(a) |
210 | 192,372 | ||||||
CTR
Partnership LP/CareTrust Capital Corp., |
100 | 84,698 | ||||||
HAT
Holdings I LLC/HAT Holdings II LLC |
240 | 211,377 | ||||||
6.00%, 04/15/25 (Call 12/01/23)(a)(b) |
90 | 87,467 | ||||||
Iron
Mountain Inc. |
259 | 212,047 | ||||||
4.88%, 09/15/27 (Call 11/13/23)(a)(b) |
245 | 224,776 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a)(b) |
220 | 191,726 | ||||||
5.00%, 07/15/28 (Call 11/13/23)(a) |
105 | 94,053 | ||||||
5.25%, 03/15/28 (Call 11/13/23)(a) |
200 | 183,087 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a)(b) |
295 | 256,151 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) |
130 | 111,068 | ||||||
7.00%, 02/15/29 (Call 08/15/25)(a) |
220 | 213,510 | ||||||
Iron
Mountain Information Management Services Inc., 5.00%, 07/15/32 |
175 | 143,332 | ||||||
Ladder
Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
150 | 131,713 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a) |
150 | 120,894 | ||||||
MPT
Operating Partnership LP/MPT Finance Corp. |
315 | 191,600 |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
4.63%, 08/01/29 (Call 08/01/24) |
$ | 195 | $ | 135,508 | ||||
5.00%, 10/15/27 (Call 12/01/23)(b) |
320 | 247,900 | ||||||
5.25%, 08/01/26 (Call 12/01/23)(b) |
120 | 103,493 | ||||||
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
163 | 136,707 | ||||||
5.88%, 10/01/28 (Call 12/01/23)(a) |
175 | 157,611 | ||||||
7.50%, 06/01/25 (Call 12/01/23)(a) |
155 | 153,726 | ||||||
RHP
Hotel Properties LP/RHP Finance Corp. |
120 | 102,178 | ||||||
4.75%, 10/15/27 (Call 12/01/23) |
166 | 150,989 | ||||||
7.25%, 07/15/28 (Call 07/15/25) |
100 | 97,513 | ||||||
RLJ
Lodging Trust LP |
125 | 112,801 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a) |
100 | 81,553 | ||||||
SBA
Communications Corp. |
345 | 286,004 | ||||||
3.88%, 02/15/27 (Call 11/13/23)(b) |
345 | 314,631 | ||||||
Starwood
Property Trust Inc. |
85 | 74,995 | ||||||
3.75%, 12/31/24 (Call 09/30/24)(a) |
105 | 99,325 | ||||||
4.38%, 01/15/27 (Call 07/15/26)(a)(b) |
100 | 86,219 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) |
125 | 120,057 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a) |
170 | 104,335 | ||||||
Uniti
Group LP/Uniti Group Finance Inc./CSL Capital LLC |
135 | 108,670 | ||||||
6.50%, 02/15/29 (Call 02/15/24)(a) |
260 | 168,791 | ||||||
10.50%, 02/15/28 (Call 09/15/25)(a) |
580 | 558,850 | ||||||
XHR
LP |
125 | 106,811 | ||||||
6.38%, 08/15/25 (Call 11/13/23)(a) |
120 | 116,882 | ||||||
|
|
|||||||
6,595,134 | ||||||||
Retail — 6.0% | ||||||||
1011778
BC ULC/New Red Finance Inc. |
185 | 158,596 | ||||||
3.88%, 01/15/28 (Call 12/01/23)(a) |
360 | 321,681 | ||||||
4.00%, 10/15/30 (Call 10/15/25)(a) |
655 | 536,869 | ||||||
4.38%, 01/15/28 (Call 12/01/23)(a) |
160 | 144,073 | ||||||
5.75%, 04/15/25 (Call 12/01/23)(a) |
125 | 123,927 | ||||||
Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30) |
125 | 101,406 | ||||||
Asbury
Automotive Group Inc. |
85 | 75,461 | ||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
170 | 143,698 | ||||||
4.75%, 03/01/30 (Call 03/01/25) |
110 | 93,104 | ||||||
5.00%, 02/15/32 (Call 11/15/26)(a)(b) |
140 | 113,742 | ||||||
Bath &
Body Works Inc. |
125 | 115,131 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) |
225 | 207,320 | ||||||
6.75%, 07/01/36(b) |
150 | 129,589 | ||||||
6.88%, 11/01/35(b) |
215 | 189,707 | ||||||
7.50%, 06/15/29 (Call 06/15/24)(b) |
100 | 97,770 | ||||||
Beacon Roofing Supply Inc., 6.50%, 08/01/30 (Call 08/01/26)(a) |
135 | 128,966 | ||||||
Carvana Co. |
||||||||
12.00%,
12/01/28 (Call 08/15/24), |
222 | 165,917 | ||||||
13.00%, 06/01/30 (Call 08/15/25)(a)(b) |
358 | 266,237 | ||||||
14.00%, 06/01/31 (Call 08/15/28)(a)(b) |
384 | 287,311 |
S C H E D U L E O F I N V E S T M E N T S |
63 |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 12/01/23)(a) |
$ | 104 | $ | 103,240 | ||||
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(a) |
100 | 73,536 | ||||||
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 12/01/23)(a) |
180 | 155,240 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/23)(a) |
155 | 146,886 | ||||||
Lithia
Motors Inc. |
170 | 140,667 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a) |
135 | 109,319 | ||||||
4.63%, 12/15/27 (Call 12/01/23)(a) |
100 | 90,293 | ||||||
Michaels
Companies Inc. (The) |
190 | 136,835 | ||||||
7.88%, 05/01/29 (Call 05/01/24)(a) |
310 | 172,868 | ||||||
Nordstrom
Inc. |
85 | 62,244 | ||||||
4.38%, 04/01/30 (Call 01/01/30)(b) |
120 | 93,166 | ||||||
5.00%, 01/15/44 (Call 07/15/43)(b) |
235 | 141,303 | ||||||
Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)(a)(b) |
95 | 78,594 | ||||||
Penske
Automotive Group Inc. |
125 | 119,109 | ||||||
3.75%, 06/15/29 (Call 06/15/24) |
125 | 103,019 | ||||||
QVC
Inc. |
125 | 63,066 | ||||||
4.45%, 02/15/25 (Call 11/15/24) |
125 | 107,692 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
115 | 65,477 | ||||||
Rite
Aid Corp., 8.00%, 11/15/26 |
210 | 145,653 | ||||||
Sally
Holdings LLC/Sally Capital Inc., |
160 | 154,637 | ||||||
Sonic
Automotive Inc. |
150 | 124,992 | ||||||
4.88%, 11/15/31 (Call 11/15/26)(a)(b) |
110 | 87,638 | ||||||
Yum!
Brands Inc. |
245 | 199,016 | ||||||
4.63%, 01/31/32 (Call 10/01/26) |
255 | 216,640 | ||||||
4.75%, 01/15/30 (Call 10/15/29)(a) |
170 | 152,036 | ||||||
5.38%, 04/01/32 (Call 04/01/27) |
235 | 211,175 | ||||||
|
|
|||||||
6,654,846 | ||||||||
Semiconductors — 0.6% | ||||||||
ams-OSRAM AG, 7.00%, 07/31/25 (Call 12/01/23)(a) |
110 | 107,679 | ||||||
Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)(a) |
205 | 187,525 | ||||||
Entegris
Inc. |
110 | 91,984 | ||||||
4.38%, 04/15/28 (Call 11/13/23)(a) |
80 | 71,394 | ||||||
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 12/01/23)(a) |
150 | 128,735 | ||||||
Synaptics
Inc., 4.00%, 06/15/29 |
100 | 83,138 | ||||||
|
|
|||||||
670,455 | ||||||||
Software — 3.0% | ||||||||
ACI Worldwide Inc., 5.75%, 08/15/26 (Call 12/01/23)(a) |
85 | 81,360 | ||||||
Alteryx Inc., 8.75%, 03/15/28 (Call 03/15/25)(a) |
100 | 98,732 | ||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 11/13/23)(a) |
235 | 209,592 | ||||||
Camelot Finance SA, 4.50%, 11/01/26 (Call 12/01/23)(a) |
175 | 162,332 | ||||||
Central
Parent Inc./CDK Global Inc., |
165 | 158,374 |
Security |
Par (000) |
Value | ||||||
Software (continued) | ||||||||
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 (Call 06/15/25)(a) |
$ | 35 | $ | 34,718 | ||||
Clarivate
Science Holdings Corp. |
205 | 176,726 | ||||||
4.88%, 07/01/29 (Call 06/30/24)(a) |
210 | 177,059 | ||||||
Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)(a)(b) |
100 | 82,860 | ||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)(a)(b) |
115 | 98,984 | ||||||
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(a)(b) |
135 | 113,622 | ||||||
Fair
Isaac Corp. |
205 | 182,310 | ||||||
5.25%, 05/15/26 (Call 02/15/26)(a) |
110 | 106,051 | ||||||
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a) |
120 | 108,659 | ||||||
Open
Text Corp. |
205 | 178,410 | ||||||
3.88%, 12/01/29 (Call 12/01/24)(a)(b) |
190 | 155,754 | ||||||
Open
Text Holdings Inc. |
220 | 182,469 | ||||||
4.13%, 12/01/31 (Call 12/01/26)(a) |
142 | 111,814 | ||||||
Playtika Holding Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) |
145 | 116,887 | ||||||
PTC
Inc. |
109 | 105,274 | ||||||
4.00%, 02/15/28 (Call 12/01/23)(a) |
125 | 111,367 | ||||||
Rackspace
Technology Global Inc. |
125 | 54,889 | ||||||
5.38%, 12/01/28 (Call 12/01/23)(a) |
125 | 36,731 | ||||||
RingCentral
Inc., 8.50%, 08/15/30 |
100 | 95,020 | ||||||
Twilio
Inc. |
110 | 91,657 | ||||||
3.88%, 03/15/31 (Call 03/15/26)(b) |
125 | 99,800 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b) |
145 | 119,693 | ||||||
|
|
|||||||
3,251,144 | ||||||||
Telecommunications — 8.2% | ||||||||
Altice
France SA/France |
115 | 79,440 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a) |
600 | 411,019 | ||||||
5.50%, 01/15/28 (Call 12/01/23)(a) |
250 | 185,761 | ||||||
5.50%, 10/15/29 (Call 10/15/24)(a) |
465 | 320,883 | ||||||
8.13%, 02/01/27 (Call 11/13/23)(a) |
375 | 316,880 | ||||||
Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(a) |
85 | 70,828 | ||||||
CommScope
Inc. |
280 | 191,073 | ||||||
6.00%, 03/01/26 (Call 12/01/23)(a)(b) |
340 | 285,633 | ||||||
7.13%, 07/01/28 (Call 12/01/23)(a)(b) |
150 | 57,344 | ||||||
8.25%, 03/01/27 (Call 12/01/23)(a)(b) |
235 | 97,608 | ||||||
CommScope
Technologies LLC |
165 | 62,999 | ||||||
6.00%, 06/15/25 (Call 11/13/23)(a)(b) |
291 | 175,506 | ||||||
Consolidated
Communications Inc. |
75 | 56,475 | ||||||
6.50%, 10/01/28 (Call 11/13/23)(a)(b) |
180 | 142,662 | ||||||
Frontier
Communications Holdings LLC |
355 | 307,565 | ||||||
5.88%, 10/15/27 (Call 12/01/23)(a) |
255 | 232,364 | ||||||
5.88%, 11/01/29 (Call 11/01/24) |
185 | 139,339 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) |
225 | 169,422 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) |
220 | 174,186 | ||||||
8.63%, 03/15/31 (Call 03/15/26)(a) |
175 | 164,614 |
64 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
8.75%, 05/15/30 (Call 05/15/25)(a)(b) |
$ | 275 | $ | 262,077 | ||||
Intelsat
Jackson Holdings SA, 6.50%, 03/15/30 |
700 | 616,022 | ||||||
Level 3
Financing Inc. |
180 | 167,402 | ||||||
3.63%, 01/15/29 (Call 01/15/24)(a) |
185 | 94,852 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a) |
220 | 111,746 | ||||||
3.88%, 11/15/29 (Call 08/15/29)(a) |
170 | 155,592 | ||||||
4.25%, 07/01/28 (Call 12/01/23)(a) |
290 | 163,773 | ||||||
4.63%, 09/15/27 (Call 12/01/23)(a) |
225 | 151,535 | ||||||
10.50%, 05/15/30 (Call 05/15/26)(a) |
213 | 213,183 | ||||||
Lumen
Technologies Inc. |
310 | 211,193 | ||||||
4.50%, 01/15/29 (Call 01/15/24)(a) |
90 | 24,860 | ||||||
5.13%, 12/15/26 (Call 12/01/23)(a) |
52 | 25,178 | ||||||
Rogers
Communications Inc., 5.25%, 03/15/82 |
159 | 139,827 | ||||||
Telecom Italia Capital SA 6.00%, 09/30/34 |
245 | 201,581 | ||||||
6.38%, 11/15/33 |
230 | 196,639 | ||||||
7.20%, 07/18/36 |
225 | 195,608 | ||||||
7.72%, 06/04/38 |
225 | 198,753 | ||||||
U.S. Cellular Corp., 6.70%, 12/15/33(b) |
110 | 104,684 | ||||||
Viavi
Solutions Inc., 3.75%, 10/01/29 |
100 | 79,054 | ||||||
Vmed
O2 UK Financing I PLC 4.25%, 01/31/31 |
325 | 256,251 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
325 | 261,600 | ||||||
Vodafone Group PLC |
||||||||
3.25%,
06/04/81 (Call 06/04/26), |
125 | 109,904 | ||||||
4.13%,
06/04/81 (Call 03/04/31), |
220 | 166,514 | ||||||
5.13%,
06/04/81 (Call 12/04/50), |
205 | 132,008 | ||||||
7.00%,
04/04/79 (Call 01/04/29), |
460 | 445,119 | ||||||
Windstream
Escrow LLC/Windstream Escrow Finance Corp.,
7.75%, 08/15/28 |
315 | 249,596 | ||||||
Zayo
Group Holdings Inc. |
360 | 270,997 | ||||||
6.13%, 03/01/28 (Call 12/01/23)(a) |
245 | 161,685 | ||||||
|
|
|||||||
9,008,834 |
Security |
Par (000) |
Value | ||||||
Transportation — 0.1% | ||||||||
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 11/16/23)(a)(b) |
$ | 135 | $ | 119,129 | ||||
|
|
|||||||
Trucking & Leasing — 0.1% | ||||||||
AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25), (3-mo. SOFR + 4.562%)(a)(c) |
125 | 122,606 | ||||||
|
|
|||||||
Total
Long-Term Investments — 97.5% |
107,287,806 | |||||||
|
|
|||||||
Shares | ||||||||
Short-Term Securities |
||||||||
Money Market Funds — 25.2% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(f)(g)(h) |
26,692,533 | 26,703,210 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(f)(g) |
1,040,000 | 1,040,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 25.2% |
|
27,743,210 | ||||||
|
|
|||||||
Total
Investments — 122.7% |
|
135,031,016 | ||||||
Liabilities in Excess of Other Assets — (22.7)% |
|
(24,987,404 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 110,043,612 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) |
Perpetual security with no stated maturity date. |
(e) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
65 |
Schedule of Investments (continued) October 31, 2023 |
iShares® ESG Advanced High Yield Corporate Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at 10/31/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 27,818,631 | $ | — | $ | (1,131,372 | )(a) | $ | 691 | $ | 15,260 | $ | 26,703,210 | 26,692,533 | $ | 183,260 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,105,000 | — | (1,065,000 | )(a) | — | — | 1,040,000 | 1,040,000 | 44,834 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 691 | $ | 15,260 | $ | 27,743,210 | $ | 228,094 | $ | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 107,287,806 | $ | — | $ | 107,287,806 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
27,743,210 | — | — | 27,743,210 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 27,743,210 | $ | 107,287,806 | $ | — | $ | 135,031,016 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
66 |
2 0 2 3 I S H A R E S A N 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 October 31, 2023 |
iShares® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Aerospace & Defense — 6.1% | ||||||||
Bombardier Inc., 7.45%, 05/01/34(a)(b) |
$ | 8,902 | $ | 9,964,351 | ||||
Howmet
Aerospace Inc. |
3,000 | 2,959,735 | ||||||
5.90%, 02/01/27 |
10,836 | 10,688,538 | ||||||
5.95%, 02/01/37 |
8,979 | 8,217,722 | ||||||
6.75%, 01/15/28(b) |
5,071 | 5,083,773 | ||||||
6.88%, 05/01/25 (Call 04/01/25) |
8,875 | 8,912,482 | ||||||
Rolls-Royce
PLC, 3.63%, 10/14/25 |
17,073 | 16,060,440 | ||||||
Spirit
AeroSystems Inc. |
5,285 | 4,886,108 | ||||||
4.60%, 06/15/28 (Call 03/15/28)(b) |
12,732 | 10,089,810 | ||||||
|
|
|||||||
76,862,959 | ||||||||
Airlines — 2.3% | ||||||||
American Airlines Pass Through Trust |
||||||||
Series 2013-1, Class A, 4.00%, 01/15/27 |
3,665 | 3,394,640 | ||||||
Series 2014-1, Class A, 3.70%, 04/01/28(b) |
264 | 235,982 | ||||||
Delta
Air Lines Inc. |
6,187 | 5,935,077 | ||||||
3.75%, 10/28/29 (Call 07/28/29)(b) |
8,346 | 7,095,542 | ||||||
4.38%, 04/19/28 (Call 01/19/28)(b) |
7,237 | 6,639,753 | ||||||
Hawaiian
Airlines Pass Through Certificates, |
2,801 | 2,493,628 | ||||||
U.S. Airways Pass Through Trust |
||||||||
Series 2012-2, Class A, 4.63%, 12/03/26 |
510 | 479,553 | ||||||
Series 2013-1, Class A, 3.95%, 05/15/27 |
514 | 481,516 | ||||||
United Airlines Pass Through Trust, Series A, 3.10%, 04/07/30 |
2,447 | 2,009,437 | ||||||
|
|
|||||||
28,765,128 | ||||||||
Apparel — 0.8% | ||||||||
Under
Armour Inc., 3.25%, 06/15/26 |
10,620 | 9,667,649 | ||||||
|
|
|||||||
Auto Manufacturers — 2.4% | ||||||||
Ford Holdings LLC, 9.30%, 03/01/30(b) |
825 | 883,852 | ||||||
Ford
Motor Co. |
3,837 | 3,616,501 | ||||||
6.38%, 02/01/29(b) |
536 | 510,579 | ||||||
6.63%, 10/01/28(b) |
1,229 | 1,216,736 | ||||||
7.45%, 07/16/31(b) |
2,736 | 2,763,222 | ||||||
Ford
Motor Credit Co. LLC |
1,901 | 1,695,352 | ||||||
4.06%, 11/01/24 (Call 10/01/24)(b) |
2,200 | 2,143,086 | ||||||
4.13%, 08/04/25 |
3,540 | 3,375,522 | ||||||
4.27%, 01/09/27 (Call 11/09/26)(b) |
2,388 | 2,206,662 | ||||||
4.39%, 01/08/26 |
3,516 | 3,332,502 | ||||||
4.54%, 08/01/26 (Call 06/01/26) |
2,321 | 2,182,192 | ||||||
4.69%, 06/09/25 (Call 04/09/25) |
2,468 | 2,383,404 | ||||||
5.11%, 05/03/29 (Call 02/03/29)(b) |
3,769 | 3,417,843 | ||||||
|
|
|||||||
29,727,453 | ||||||||
Auto Parts & Equipment — 1.6% | ||||||||
Goodyear Tire & Rubber Co. (The), 7.00%, 03/15/28(b) |
2,596 | 2,567,423 | ||||||
ZF North America Capital Inc., 4.75%, 04/29/25(a) |
17,994 | 17,385,050 | ||||||
|
|
|||||||
19,952,473 | ||||||||
Banks — 6.2% | ||||||||
Associated
Banc-Corp, 4.25%, 01/15/25 |
1,945 | 1,869,704 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)(a) |
$ | 18,093 | $ | 18,923,652 | ||||
Pacific
Western Bank, 3.25%, 05/01/31 |
6,980 | 5,164,917 | ||||||
UniCredit SpA |
||||||||
5.86%,
06/19/32 (Call 06/19/27), |
17,808 | 16,062,593 | ||||||
7.30%,
04/02/34 (Call 04/02/29), |
22,243 | 20,660,320 | ||||||
Valley
National Bancorp., 3.00%, 06/15/31 |
5,116 | 4,092,264 | ||||||
Western
Alliance Bancorp., 3.00%, 06/15/31 |
10,470 | 8,043,794 | ||||||
Western
Alliance Bank, 5.25%, 06/01/30 |
3,925 | 3,393,838 | ||||||
|
|
|||||||
78,211,082 | ||||||||
Chemicals — 2.0% | ||||||||
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26) |
5,234 | 4,752,698 | ||||||
Methanex
Corp. |
4,860 | 4,757,124 | ||||||
5.25%, 12/15/29 (Call 09/15/29) |
12,717 | 11,266,527 | ||||||
5.65%, 12/01/44 (Call 06/01/44)(b) |
5,310 | 3,902,293 | ||||||
|
|
|||||||
24,678,642 | ||||||||
Commercial Services — 1.3% | ||||||||
Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31 (Call 08/24/31)(a)(b) |
4,875 | 4,033,810 | ||||||
United
Rentals North America Inc., |
13,240 | 12,178,723 | ||||||
|
|
|||||||
16,212,533 | ||||||||
Computers — 3.3% | ||||||||
Crane
NXT Co. |
8,118 | 4,978,709 | ||||||
6.55%, 11/15/36(b) |
1,374 | 1,296,247 | ||||||
Seagate
HDD Cayman |
8,982 | 7,767,027 | ||||||
4.13%, 01/15/31 (Call 10/15/30) |
4,857 | 3,876,765 | ||||||
4.75%, 01/01/25(b) |
7,765 | 7,601,515 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) |
8,863 | 8,325,748 | ||||||
5.75%, 12/01/34 (Call 06/01/34)(b) |
8,853 | 7,471,988 | ||||||
|
|
|||||||
41,317,999 | ||||||||
Diversified Financial Services — 1.0% | ||||||||
Brightsphere Investment Group Inc., 4.80%, 07/27/26(b) |
4,797 | 4,360,065 | ||||||
Navient
Corp. |
10,518 | 7,166,135 | ||||||
11.50%, 03/15/31 (Call 03/15/27) |
670 | 668,727 | ||||||
|
|
|||||||
12,194,927 | ||||||||
Electric — 3.5% | ||||||||
FirstEnergy
Corp. |
2,401 | 2,253,157 | ||||||
2.65%, 03/01/30 (Call 12/01/29)(b) |
5,077 | 4,096,580 | ||||||
Series A, 1.60%, 01/15/26 (Call 12/15/25) |
2,538 | 2,281,043 | ||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30)(b) |
3,807 | 2,937,138 | ||||||
Series B, 4.15%, 07/15/27 (Call 04/15/27) |
12,689 | 11,753,740 | ||||||
Series C, 3.40%, 03/01/50 (Call 09/01/49) |
7,191 | 4,343,041 | ||||||
Series C, 5.10%, 07/15/47 (Call 01/15/47) |
6,060 | 5,027,745 | ||||||
Series C, 7.38%, 11/15/31(b) |
5,321 | 5,727,754 | ||||||
Panoche Energy Center LLC, 6.89%, 07/31/29(a) |
683 | 679,321 |
S C H E D U L E O F I N V E S T M E N T S |
67 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electric (continued) | ||||||||
TransAlta Corp., 6.50%, 03/15/40(b) |
$ | 5,386 | $ | 4,778,922 | ||||
|
|
|||||||
43,878,441 | ||||||||
Energy - Alternate Sources — 0.8% | ||||||||
Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b) |
11,455 | 10,434,738 | ||||||
|
|
|||||||
Engineering & Construction — 1.1% | ||||||||
Fluor
Corp. |
4,294 | 4,139,466 | ||||||
4.25%, 09/15/28 (Call 06/15/28)(b) |
10,520 | 9,549,321 | ||||||
|
|
|||||||
13,688,787 | ||||||||
Entertainment — 1.4% | ||||||||
Resorts
World Las Vegas LLC |
18,045 | 13,826,481 | ||||||
4.63%, 04/06/31 (Call 01/06/31)(a) |
6,050 | 4,300,787 | ||||||
|
|
|||||||
18,127,268 | ||||||||
Food — 0.4% | ||||||||
Safeway Inc., 7.25%, 02/01/31(b) |
4,624 | 4,663,013 | ||||||
|
|
|||||||
Health Care - Services — 1.4% | ||||||||
Tenet Healthcare Corp., 6.88%, 11/15/31(b) |
6,311 | 5,823,680 | ||||||
Toledo
Hospital (The) |
4,762 | 2,824,609 | ||||||
6.02%, 11/15/48 |
6,980 | 4,667,082 | ||||||
Series B, 5.33%, 11/15/28 |
5,583 | 4,293,449 | ||||||
|
|
|||||||
17,608,820 | ||||||||
Housewares — 3.0% | ||||||||
Newell
Brands Inc. |
2,575 | 2,481,649 | ||||||
5.20%, 04/01/26 (Call 01/01/26)(b) |
25,927 | 24,463,465 | ||||||
6.38%, 04/01/36 (Call 10/01/35)(b) |
5,518 | 4,331,777 | ||||||
6.50%, 04/01/46 (Call 10/01/45)(b) |
8,727 | 6,124,329 | ||||||
|
|
|||||||
37,401,220 | ||||||||
Insurance — 2.4% | ||||||||
Constellation
Insurance Inc., 6.80%, 01/24/30 |
7,568 | 6,702,016 | ||||||
Genworth Holdings Inc., 6.50%, 06/15/34 |
4,841 | 4,206,059 | ||||||
Liberty
Mutual Group Inc., 7.80%, |
7,916 | 7,599,858 | ||||||
Ohio National Financial Services Inc., 6.63%, 05/01/31(a)(b) |
4,363 | 3,790,592 | ||||||
Provident Financing Trust I, 7.41%, 03/15/38(b) |
3,234 | 3,183,889 | ||||||
Wilton RE Ltd., 6.00%, (Call 10/22/30), (5-year CMT + 5.266%)(a)(b)(c)(e) |
4,925 | 4,303,427 | ||||||
|
|
|||||||
29,785,841 | ||||||||
Iron & Steel — 0.8% | ||||||||
Allegheny Ludlum LLC, 6.95%, 12/15/25(b) |
2,619 | 2,607,422 | ||||||
Cliffs Natural Resources Inc., 6.25%, 10/01/40(b) |
4,096 | 3,382,383 | ||||||
U.S. Steel Corp., 6.65%, 06/01/37(b) |
4,813 | 4,626,161 | ||||||
|
|
|||||||
10,615,966 | ||||||||
Leisure Time — 2.2% | ||||||||
Carnival Corp., 6.65%, 01/15/28(b) |
3,489 | 2,952,947 | ||||||
Carnival PLC, 7.88%, 06/01/27(b) |
3,350 | 3,411,455 | ||||||
Royal
Caribbean Cruises Ltd. |
8,801 | 7,502,196 | ||||||
7.50%, 10/15/27(b) |
5,309 | 5,228,010 | ||||||
11.50%, 06/01/25 (Call 11/07/23)(a)(b) |
7,950 | 8,408,814 | ||||||
|
|
|||||||
27,503,422 | ||||||||
Lodging — 4.6% | ||||||||
Genting
New York LLC, 3.30%, 02/15/26 |
9,310 | 8,329,171 |
Security |
Par (000) |
Value | ||||||
Lodging (continued) | ||||||||
Las
Vegas Sands Corp. |
$ | 8,533 | $ | 8,055,107 | ||||
3.20%, 08/08/24 (Call 07/08/24)(b) |
1,750 | 1,702,874 | ||||||
3.50%, 08/18/26 (Call 06/18/26) |
17,503 | 16,101,564 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(b) |
13,137 | 11,354,438 | ||||||
Travel
+ Leisure Co. |
7,057 | 6,587,920 | ||||||
6.60%, 10/01/25 (Call 07/01/25)(b) |
6,131 | 6,022,293 | ||||||
|
|
|||||||
58,153,367 | ||||||||
Manufacturing — 0.7% | ||||||||
Hillenbrand Inc., 5.00%, 09/15/26 (Call 07/15/26) |
6,592 | 6,350,933 | ||||||
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) |
3,000 | 2,911,111 | ||||||
|
|
|||||||
9,262,044 | ||||||||
Media — 0.9% | ||||||||
Belo
Corp. |
4,187 | 3,997,031 | ||||||
7.75%, 06/01/27(b) |
3,531 | 3,474,776 | ||||||
Liberty
Interactive LLC |
7,800 | 2,032,134 | ||||||
8.50%, 07/15/29 |
4,802 | 1,257,057 | ||||||
Warner Media LLC, 7.63%, 04/15/31(b) |
710 | 721,390 | ||||||
|
|
|||||||
11,482,388 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Worthington Industries Inc., 4.30%, 08/01/32 (Call 05/01/32) |
1,687 | 1,285,488 | ||||||
|
|
|||||||
Office & Business Equipment — 0.5% | ||||||||
Xerox
Corp. |
4,412 | 2,710,558 | ||||||
6.75%, 12/15/39 |
6,409 | 4,172,876 | ||||||
|
|
|||||||
6,883,434 | ||||||||
Office Furnishings — 0.6% | ||||||||
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) |
8,003 | 7,050,483 | ||||||
|
|
|||||||
Oil & Gas — 3.0% | ||||||||
Global Marine Inc., 7.00%, 06/01/28 |
4,686 | 3,923,660 | ||||||
Murphy
Oil Corp. |
6,128 | 4,714,944 | ||||||
7.05%, 05/01/29 |
4,411 | 4,336,309 | ||||||
Patterson-UTI Energy Inc. |
1,500 | 1,328,644 | ||||||
5.15%, 11/15/29 (Call 08/15/29) |
1,500 | 1,339,216 | ||||||
Southwestern
Energy Co., |
6,311 | 6,237,924 | ||||||
Transocean Inc. 6.80%, 03/15/38(b) |
11,011 | 7,856,306 | ||||||
7.50%, 04/15/31(b) |
7,163 | 5,782,315 | ||||||
9.35%, 12/15/41 |
3,094 | 2,533,996 | ||||||
|
|
|||||||
38,053,314 | ||||||||
Packaging & Containers — 1.6% | ||||||||
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26(b) |
6,259 | 6,352,705 | ||||||
Pactiv
LLC |
3,792 | 3,754,558 | ||||||
8.38%, 04/15/27(b) |
3,068 | 3,009,553 | ||||||
Sealed Air Corp., 6.88%, 07/15/33(a)(b) |
8,003 | 7,541,118 | ||||||
|
|
|||||||
20,657,934 | ||||||||
Pharmaceuticals — 3.2% | ||||||||
Owens & Minor Inc., 4.38%, 12/15/24 (Call 09/15/24)(b) |
4,035 | 3,888,189 |
68 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
Perrigo
Finance Unlimited Co. |
$ | 11,050 | $ | 10,732,724 | ||||
4.38%, 03/15/26 (Call 12/15/25)(b) |
11,911 | 11,183,574 | ||||||
4.65%, 06/15/30 (Call 03/15/30) |
12,761 | 10,658,751 | ||||||
4.90%, 12/15/44 (Call 06/15/44) |
5,172 | 3,539,824 | ||||||
|
|
|||||||
40,003,062 | ||||||||
Pipelines — 9.9% | ||||||||
Buckeye
Partners LP |
10,519 | 9,592,668 | ||||||
4.13%, 12/01/27 (Call 09/01/27) |
7,030 | 6,110,623 | ||||||
4.35%, 10/15/24 (Call 07/15/24) |
3,000 | 2,885,147 | ||||||
5.60%, 10/15/44 (Call 04/15/44) |
5,236 | 3,516,120 | ||||||
5.85%, 11/15/43 (Call 05/15/43) |
7,482 | 5,289,794 | ||||||
6.75%, 08/15/33(b) |
2,436 | 2,113,706 | ||||||
EnLink
Midstream Partners LP |
7,381 | 7,098,077 | ||||||
4.85%, 07/15/26 (Call 04/15/26) |
8,617 | 8,122,330 | ||||||
5.05%, 04/01/45 (Call 10/01/44) |
8,151 | 5,901,116 | ||||||
5.45%, 06/01/47 (Call 12/01/46) |
8,344 | 6,266,746 | ||||||
5.60%, 04/01/44 (Call 10/01/43) |
6,386 | 5,031,855 | ||||||
EQM
Midstream Partners LP |
8,800 | 8,173,692 | ||||||
5.50%, 07/15/28 (Call 04/15/28) |
15,400 | 14,379,613 | ||||||
6.50%, 07/15/48 (Call 01/15/48)(b) |
9,924 | 8,374,317 | ||||||
Rockies
Express Pipeline LLC |
7,006 | 6,629,892 | ||||||
4.80%, 05/15/30 (Call 02/15/30)(a) |
6,156 | 5,156,391 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a) |
9,997 | 8,835,635 | ||||||
6.88%, 04/15/40(a) |
9,128 | 7,602,942 | ||||||
7.50%, 07/15/38(a) |
4,412 | 4,050,023 | ||||||
|
|
|||||||
125,130,687 | ||||||||
Real Estate Investment Trusts — 6.7% | ||||||||
Brandywine
Operating Partnership LP |
8,170 | 6,781,113 | ||||||
4.55%, 10/01/29 (Call 07/01/29)(b) |
6,250 | 4,789,051 | ||||||
7.80%, 03/15/28 (Call 02/15/28)(b) |
6,160 | 5,557,817 | ||||||
Diversified Healthcare Trust, 4.75%, 02/15/28 (Call 08/15/27)(b) |
8,434 | 6,143,738 | ||||||
Office
Properties Income Trust |
6,130 | 3,424,565 | ||||||
2.65%, 06/15/26 (Call 05/15/26)(b) |
5,283 | 3,479,486 | ||||||
3.45%, 10/15/31 (Call 07/15/31)(b) |
7,277 | 3,620,161 | ||||||
4.50%, 02/01/25 (Call 11/01/24)(b) |
10,192 | 8,806,313 | ||||||
Service
Properties Trust |
6,626 | 4,951,514 | ||||||
4.35%, 10/01/24 (Call 09/01/24) |
7,178 | 6,881,772 | ||||||
4.38%, 02/15/30 (Call 08/15/29)(b) |
6,604 | 4,548,820 | ||||||
4.50%, 03/15/25 (Call 09/15/24)(b) |
4,380 | 4,089,513 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
7,367 | 6,260,521 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) |
6,591 | 5,498,745 | ||||||
4.95%, 10/01/29 (Call 07/01/29)(b) |
7,038 | 5,071,962 | ||||||
5.25%, 02/15/26 (Call 08/15/25)(b) |
4,735 | 4,237,117 | ||||||
|
|
|||||||
84,142,208 | ||||||||
Retail — 11.0% | ||||||||
Advance
Auto Parts Inc. |
6,107 | 4,950,648 | ||||||
3.50%, 03/15/32 (Call 12/15/31)(b) |
6,310 | 4,670,267 | ||||||
3.90%, 04/15/30 (Call 01/15/30)(b) |
9,025 | 7,321,535 | ||||||
5.90%, 03/09/26(b) |
5,215 | 5,061,912 | ||||||
5.95%, 03/09/28 (Call 02/09/28) |
5,235 | 4,895,153 |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Bath &
Body Works Inc. |
$ | 6,257 | $ | 5,437,176 | ||||
7.60%, 07/15/37 |
3,925 | 3,350,839 | ||||||
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b) |
3,500 | 3,414,261 | ||||||
Kohl’s
Corp. |
6,152 | 5,762,843 | ||||||
4.63%, 05/01/31 (Call 02/01/31)(b) |
9,027 | 6,173,118 | ||||||
5.55%, 07/17/45 (Call 01/17/45)(b) |
7,696 | 4,408,096 | ||||||
Macy’s
Retail Holdings LLC |
4,428 | 2,425,343 | ||||||
4.50%, 12/15/34 (Call 06/15/34)(b) |
6,446 | 4,363,376 | ||||||
5.13%, 01/15/42 (Call 07/15/41)(b) |
4,205 | 2,589,021 | ||||||
6.38%, 03/15/37(b) |
3,628 | 2,699,143 | ||||||
6.70%, 07/15/34(a) |
3,154 | 2,419,583 | ||||||
Marks & Spencer PLC, 7.13%, 12/01/37(a)(b) |
5,236 | 4,760,305 | ||||||
Nordstrom
Inc. |
6,156 | 5,442,779 | ||||||
4.25%, 08/01/31 (Call 05/01/31)(b) |
7,686 | 5,628,336 | ||||||
4.38%, 04/01/30 (Call 01/01/30)(b) |
9,053 | 7,028,559 | ||||||
5.00%, 01/15/44 (Call 07/15/43)(b) |
17,411 | 10,469,065 | ||||||
6.95%, 03/15/28(b) |
5,284 | 5,024,331 | ||||||
QVC
Inc. |
10,552 | 9,090,954 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
10,386 | 5,913,464 | ||||||
5.45%, 08/15/34 (Call 02/15/34)(b) |
6,819 | 2,877,473 | ||||||
5.95%, 03/15/43(b) |
5,337 | 2,182,822 | ||||||
Yum!
Brands Inc. |
4,799 | 4,091,483 | ||||||
6.88%, 11/15/37(b) |
5,821 | 5,761,317 | ||||||
|
|
|||||||
138,213,202 | ||||||||
Telecommunications — 11.4% | ||||||||
Embarq Corp., 8.00%, 06/01/36 |
24,370 | 13,380,352 | ||||||
Frontier Florida LLC, Series E, 6.86%, 02/01/28(b) |
5,386 | 4,946,054 | ||||||
Frontier North Inc., Series G, 6.73%, 02/15/28 |
3,488 | 3,225,544 | ||||||
Level 3
Financing Inc. |
12,449 | 11,577,692 | ||||||
3.88%, 11/15/29 (Call 08/15/29)(a) |
12,355 | 11,307,893 | ||||||
Lumen Technologies Inc. |
||||||||
Series G, 6.88%, 01/15/28 |
4,076 | 1,483,370 | ||||||
Series P, 7.60%, 09/15/39 |
5,898 | 1,586,090 | ||||||
Series U, 7.65%, 03/15/42 |
4,897 | 1,293,015 | ||||||
Qwest Corp., 7.25%, 09/15/25 |
4,221 | 4,044,991 | ||||||
Rogers
Communications Inc., 5.25%, 03/15/82 (Call 03/15/27), (5-year CMT + |
13,537 | 11,904,672 | ||||||
Telecom
Italia Capital SA |
10,692 | 8,797,159 | ||||||
6.38%, 11/15/33(b) |
10,679 | 9,130,036 | ||||||
7.20%, 07/18/36(b) |
10,691 | 9,294,423 | ||||||
7.72%, 06/04/38(b) |
10,692 | 9,444,762 | ||||||
U.S. Cellular Corp., 6.70%, 12/15/33(b) |
9,643 | 9,176,996 | ||||||
Vodafone Group PLC, 7.00%, 04/04/79 (Call 01/04/29), (5-year USD Swap + 4.873%)(c) |
34,125 | 33,021,033 | ||||||
|
|
|||||||
143,614,082 | ||||||||
Transportation — 0.4% | ||||||||
XPO CNW Inc., 6.70%, 05/01/34 |
5,236 | 4,856,208 | ||||||
|
|
|||||||
Total
Long-Term Investments — 98.6% |
1,240,086,262 | |||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
69 |
Schedule of Investments (continued) October 31, 2023 |
iShares® Fallen Angels USD Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities |
||||||||
Money Market Funds — 13.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(f)(g)(h) |
165,160,447 | $ | 165,226,512 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(f)(g) |
4,440,000 | 4,440,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 13.5% |
|
169,666,512 | ||||||
|
|
|||||||
Total
Investments — 112.1% |
|
1,409,752,774 | ||||||
Liabilities in Excess of Other Assets — (12.1)% |
|
(151,719,830 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 1,258,032,944 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) |
Perpetual security with no stated maturity date. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/23 |
Shares Held at |
Income | Capital Gain from |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 240,104,458 | $ | — | $ | (74,996,415 | )(a) | $ | 4,516 | $ | 113,953 | $ | 165,226,512 | 165,160,447 | $ | 2,662,724 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
11,360,000 | — | (6,920,000 | )(a) | — | — | 4,440,000 | 4,440,000 | 422,767 | 4 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 4,516 | $ | 113,953 | $ | 169,666,512 | $ | 3,085,491 | $ | 4 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
70 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2023 |
iShares® Fallen Angels USD Bond ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 1,240,086,262 | $ | — | $ | 1,240,086,262 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
169,666,512 | — | — | 169,666,512 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 169,666,512 | $ | 1,240,086,262 | $ | — | $ | 1,409,752,774 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
71 |
Statements of Assets and Liabilities
October 31, 2023
iShares 0-5 Year High
Yield ETF |
iShares Broad USD High |
iShares ESG Advanced High Yield |
iShares Fallen Angels USD |
|||||||||||||||||||||
|
||||||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 4,500,332,782 | $ | 8,805,102,361 | $ | 107,287,806 | $ | 1,240,086,262 | ||||||||||||||||
Investments, at value — affiliated(c) |
667,785,986 | 1,613,266,242 | 27,743,210 | 169,666,512 | ||||||||||||||||||||
Cash |
— | — | 932 | — | ||||||||||||||||||||
Foreign currency, at value(d) |
7,459 | 316 | 85 | — | ||||||||||||||||||||
Receivables: |
||||||||||||||||||||||||
Investments sold |
14,940,383 | 30,793,435 | 314,801 | 15,833,512 | ||||||||||||||||||||
Securities lending income — affiliated |
445,315 | 1,086,533 | 16,797 | 151,155 | ||||||||||||||||||||
Capital shares sold |
— | 9,548,611 | — | 423,053 | ||||||||||||||||||||
Dividends — affiliated |
126,409 | 214,458 | 3,454 | 22,845 | ||||||||||||||||||||
Interest — unaffiliated |
80,051,687 | 156,248,242 | 1,809,514 | 20,146,069 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total assets |
5,263,690,021 | 10,616,260,198 | 137,176,599 | 1,446,329,408 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Bank overdraft |
123,427 | 2,308,631 | — | 4,808 | ||||||||||||||||||||
Collateral on securities loaned, at value |
636,398,963 | 1,558,090,289 | 26,703,338 | 165,403,645 | ||||||||||||||||||||
Payables: |
||||||||||||||||||||||||
Investments purchased |
31,626,198 | 37,704,890 | 396,055 | 22,635,630 | ||||||||||||||||||||
Capital shares redeemed |
— | 899,515 | — | — | ||||||||||||||||||||
Investment advisory fees |
1,198,086 | 1,122,792 | 33,594 | 252,381 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total liabilities |
669,346,674 | 1,600,126,117 | 27,132,987 | 188,296,464 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Commitments and contingent liabilities |
||||||||||||||||||||||||
NET ASSETS |
$ | 4,594,343,347 | $ | 9,016,134,081 | $ | 110,043,612 | $ | 1,258,032,944 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETS CONSIST OF |
||||||||||||||||||||||||
Paid-in capital |
$ | 5,343,291,908 | $ | 10,385,126,004 | $ | 134,846,806 | $ | 1,614,333,499 | ||||||||||||||||
Accumulated loss |
(748,948,561 | ) | (1,368,991,923 | ) | (24,803,194 | ) | (356,300,555 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETS |
$ | 4,594,343,347 | $ | 9,016,134,081 | $ | 110,043,612 | $ | 1,258,032,944 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETVALUE |
||||||||||||||||||||||||
Shares outstanding |
113,600,000 | 264,350,000 | 2,600,000 | 51,350,000 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value |
$ | 40.44 | $ | 34.11 | $ | 42.32 | $ | 24.50 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Par value |
None | None | None | None | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
(a) Investments, at cost — unaffiliated |
$ | 4,781,351,749 | $ | 9,942,444,253 | $ | 123,652,285 | $ | 1,466,527,142 | ||||||||||||||||
(b) Securities loaned, at value |
$ | 609,807,229 | $ | 1,490,664,238 | $ | 25,673,149 | $ | 160,504,210 | ||||||||||||||||
(c) Investments, at cost — affiliated |
$ | 667,384,934 | $ | 1,612,450,885 | $ | 27,728,438 | $ | 169,569,038 | ||||||||||||||||
(d) Foreign currency, at cost |
$ | 7,511 | $ | 303 | $ | 84 | $ | — |
See notes to financial statements.
72 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended October 31, 2023
iShares Yield Corporate Bond ETF |
iShares Bond ETF |
iShares ESG |
iShares ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | — | $ | 123 | $ | — | $ | — | ||||||||
Dividends — affiliated |
1,655,332 | 2,918,008 | 44,834 | 422,767 | ||||||||||||
Interest — unaffiliated |
381,025,672 | 597,660,405 | 7,090,680 | 80,095,985 | ||||||||||||
Securities lending income — affiliated — net |
7,848,501 | 14,776,153 | 183,260 | 2,662,724 | ||||||||||||
Other income — unaffiliated |
321,015 | 162,091 | — | 40,063 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
390,850,520 | 615,516,780 | 7,318,774 | 83,221,539 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
17,438,660 | 19,925,977 | 410,572 | 3,739,527 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
17,438,660 | 19,925,977 | 410,572 | 3,739,527 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
— | (6,345,900 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
17,438,660 | 13,580,077 | 410,572 | 3,739,527 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
373,411,860 | 601,936,703 | 6,908,202 | 79,482,012 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(105,126,772 | ) | (151,480,873 | ) | (5,700,356 | ) | (73,145,299 | ) | ||||||||
Investments — affiliated |
303,333 | 159,132 | 691 | 4,516 | ||||||||||||
Capital gain distributions from underlying funds — affiliated |
46 | 155 | — | 4 | ||||||||||||
In-kind redemptions — unaffiliated(a) |
2,200,835 | 17,271,841 | (1,928,840 | ) | (75,352,970 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
(102,622,558 | ) | (134,049,745 | ) | (7,628,505 | ) | (148,493,749 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
76,742,518 | 24,334,523 | 5,232,061 | 183,325,451 | ||||||||||||
Investments — affiliated |
471,454 | 954,859 | 15,260 | 113,953 | ||||||||||||
Foreign currency translations |
27 | 10 | 4 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
77,213,999 | 25,289,392 | 5,247,325 | 183,439,404 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(25,408,559 | ) | (108,760,353 | ) | (2,381,180 | ) | 34,945,655 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 348,003,301 | $ | 493,176,350 | $ | 4,527,022 | $ | 114,427,667 | ||||||||
|
|
|
|
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
73 |
Statements of Changes in Net Assets
iShares 0-5 Year High Yield Corporate Bond ETF |
iShares Broad USD High Yield Corporate Bond ETF |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 373,411,860 | $ | 250,577,380 | $ | 601,936,703 | $ | 418,328,397 | ||||||||||||
Net realized loss |
(102,622,558 | ) | (96,499,442 | ) | (134,049,745 | ) | (83,795,851 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) |
77,213,999 | (431,949,722 | ) | 25,289,392 | (1,319,700,751 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
348,003,301 | (277,871,784 | ) | 493,176,350 | (985,168,205 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(379,354,244 | ) | (261,375,036 | ) | (605,921,384 | ) | (421,560,670 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(2,351,453,187 | ) | 2,082,548,001 | 1,014,220,228 | 1,212,745,159 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(2,382,804,130 | ) | 1,543,301,181 | 901,475,194 | (193,983,716 | ) | ||||||||||||||
Beginning of year |
6,977,147,477 | 5,433,846,296 | 8,114,658,887 | 8,308,642,603 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 4,594,343,347 | $ | 6,977,147,477 | $ | 9,016,134,081 | $ | 8,114,658,887 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
74 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares ESG Advanced High Yield Corporate Bond |
iShares Fallen Angels USD Bond ETF |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 6,908,202 | $ | 6,613,501 | $ | 79,482,012 | $ | 137,236,959 | ||||||||||||
Net realized loss |
(7,628,505 | ) | (6,038,734 | ) | (148,493,749 | ) | (273,682,803 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) |
5,247,325 | (21,947,624 | ) | 183,439,404 | (489,170,671 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
4,527,022 | (21,372,857 | ) | 114,427,667 | (625,616,515 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(7,071,781 | ) | (7,441,004 | ) | (84,879,810 | ) | (143,208,910 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(17,376,606 | ) | 34,212,910 | (448,987,577 | ) | (2,230,203,270 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase (decrease) in net assets |
(19,921,365 | ) | 5,399,049 | (419,439,720 | ) | (2,999,028,695 | ) | |||||||||||||
Beginning of year |
129,964,977 | 124,565,928 | 1,677,472,664 | 4,676,501,359 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of year |
$ | 110,043,612 | $ | 129,964,977 | $ | 1,258,032,944 | $ | 1,677,472,664 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
75 |
(For a share outstanding throughout each period)
iShares 0-5 Year High Yield Corporate Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 40.83 | $ | 45.51 | $ | 43.75 | $ | 46.20 | $ | 46.19 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
2.64 | 2.10 | 2.09 | 2.26 | 2.55 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(0.36 | ) | (4.58 | ) | 1.90 | (2.36 | ) | 0.01 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
2.28 | (2.48 | ) | 3.99 | (0.10 | ) | 2.56 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(2.67 | ) | (2.20 | ) | (2.23 | ) | (2.35 | ) | (2.55 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 40.44 | $ | 40.83 | $ | 45.51 | $ | 43.75 | $ | 46.20 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
5.69 | % | (5.55 | )% | 9.25 | % | (0.10 | )% | 5.71 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
6.42 | % | 4.90 | % | 4.59 | % | 5.15 | % | 5.54 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 4,594,343 | $ | 6,977,147 | $ | 5,433,846 | $ | 4,904,298 | $ | 3,349,716 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
26 | % | 23 | % | 39 | % | 45 | % | 31 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
76 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Broad USD High Yield Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||||||
10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | 10/31/19 | (a) | |||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 34.49 | $ | 41.21 | $ | 39.34 | $ | 40.61 | $ | 39.80 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income(b) |
2.32 | 2.03 | 2.02 | 2.21 | 2.52 | |||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.34 | ) | (6.68 | ) | 1.97 | (1.23 | ) | 0.74 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
1.98 | (4.65 | ) | 3.99 | 0.98 | 3.26 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Distributions from net investment income(d) |
(2.36 | ) | (2.07 | ) | (2.12 | ) | (2.25 | ) | (2.45 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net asset value, end of year |
$ | 34.11 | $ | 34.49 | $ | 41.21 | $ | 39.34 | $ | 40.61 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
5.80 | % | (11.59 | )% | 10.31 | % | 2.61 | % | 8.48 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | 0.22 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.16 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net investment income |
6.65 | % | 5.42 | % | 4.91 | % | 5.67 | % | 6.23 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 9,016,134 | $ | 8,114,659 | $ | 8,308,643 | $ | 6,194,074 | $ | 2,595,057 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Portfolio turnover rate(g) |
13 | % | 12 | % | 24 | % | 21 | % | 19 | % | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares ESG Advanced High Yield Corporate Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 43.32 | $ | 51.90 | $ | 51.03 | $ | 51.81 | $ | 49.54 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
2.57 | 2.13 | 1.97 | 2.41 | 2.88 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(0.95 | ) | (8.21 | ) | 1.18 | (0.73 | ) | 2.34 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
1.62 | (6.08 | ) | 3.15 | 1.68 | 5.22 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
From net investment income |
(2.62 | ) | (2.21 | ) | (2.07 | ) | (2.46 | ) | (2.95 | ) | ||||||||||
From net realized gain |
— | (0.29 | ) | (0.21 | ) | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(2.62 | ) | (2.50 | ) | (2.28 | ) | (2.46 | ) | (2.95 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 42.32 | $ | 43.32 | $ | 51.90 | $ | 51.03 | $ | 51.81 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
3.70 | % | (12.03 | )% | 6.25 | % | 3.42 | % | 10.88 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.47 | % | 0.50 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
5.89 | % | 4.53 | % | 3.78 | % | 4.78 | % | 5.70 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 110,044 | $ | 129,965 | $ | 124,566 | $ | 61,235 | $ | 23,316 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
28 | % | 23 | % | 43 | % | 85 | % | 24 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
78 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Fallen Angels USD Bond ETF | ||||||||||||||||||||
|
|
|||||||||||||||||||
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 24.21 | $ | 30.04 | $ | 27.29 | $ | 26.58 | $ | 25.90 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.32 | 1.10 | 1.06 | 1.54 | 1.50 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.37 | (5.79 | ) | 2.83 | 0.65 | 0.67 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
1.69 | (4.69 | ) | 3.89 | 2.19 | 2.17 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions from net investment income(c) |
(1.40 | ) | (1.14 | ) | (1.14 | ) | (1.48 | ) | (1.49 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 24.50 | $ | 24.21 | $ | 30.04 | $ | 27.29 | $ | 26.58 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
7.06 | % | (15.88 | )% | 14.45 | % | 8.68 | % | 8.70 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets(e) |
||||||||||||||||||||
Total expenses |
0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
5.31 | % | 4.02 | % | 3.57 | % | 5.84 | % | 5.73 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,258,033 | $ | 1,677,473 | $ | 4,676,501 | $ | 321,971 | $ | 143,525 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
26 | % | 26 | % | 21 | % | 51 | % | 23 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
79 |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification |
|||
0-5 Year High Yield Corporate Bond |
Diversified | |||
Broad USD High Yield Corporate Bond |
Diversified | |||
ESG Advanced High Yield Corporate Bond |
Diversified | |||
Fallen Angels USD Bond |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
80 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
81 |
Notes to Financial Statements (continued)
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty
|
|
Securities Loaned at Value
|
|
|
Cash Collateral Received
|
(a)
|
|
Non-Cash Collateral Received, at Fair Value
|
(a)
|
|
Net Amount
|
| ||||
|
||||||||||||||||
0-5 Year High Yield Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 82,866,851 | $ | (82,866,851 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
18,291,773 | (18,291,773 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
8,049,288 | (8,049,288 | ) | — | — | |||||||||||
BNP Paribas SA |
87,002,243 | (87,002,243 | ) | — | — | |||||||||||
BofA Securities, Inc. |
17,959,574 | (17,959,574 | ) | — | — | |||||||||||
Citadel Clearing LLC |
15,335,531 | (15,335,531 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
9,212,585 | (9,212,585 | ) | — | — | |||||||||||
Deutsche Bank Securities, Inc. |
15,468,970 | (15,468,970 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
115,258,594 | (115,258,594 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
74,430,016 | (74,430,016 | ) | — | — | |||||||||||
Jefferies LLC |
13,274,633 | (13,274,633 | ) | — | — | |||||||||||
Mitsubishi UFJ Securities Holdings Co., Ltd. |
409,141 | (409,141 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
7,246,786 | (7,246,786 | ) | — | — | |||||||||||
Pershing LLC |
2,147,244 | (2,147,244 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
44,432,091 | (44,432,091 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
14,776,978 | (14,776,978 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
59,038,467 | (59,038,467 | ) | — | — | |||||||||||
TD Securities (USA) LLC |
2,673,196 | (2,673,196 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
6,810,264 | (6,810,264 | ) | — | — | |||||||||||
Wells Fargo Bank N.A |
3,494,072 | (3,494,072 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
11,628,932 | (11,628,932 | ) | — | — | |||||||||||
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|
|||||||||
$ | 609,807,229 | $ | (609,807,229 | ) | $ | — | $ | — | ||||||||
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|
|||||||||
Broad USD High Yield Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 153,668,215 | $ | (153,668,215 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
48,478,122 | (48,478,122 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
30,643,724 | (30,643,724 | ) | — | — | |||||||||||
BNP Paribas SA |
34,427,426 | (34,427,426 | ) | — | — | |||||||||||
BofA Securities, Inc. |
33,192,847 | (33,192,847 | ) | — | — | |||||||||||
Citadel Clearing LLC |
26,117,588 | (26,117,588 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
25,698,424 | (25,698,424 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
91,911 | (91,911 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
295,164,203 | (295,164,203 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
212,449,461 | (212,449,461 | ) | — | — | |||||||||||
Jefferies LLC |
44,190,023 | (44,190,023 | ) | — | — | |||||||||||
Morgan Stanley |
159,320,787 | (159,320,787 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
18,597,045 | (18,597,045 | ) | — | — | |||||||||||
Pershing LLC |
9,819,770 | (9,819,770 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
160,682,885 | (160,682,885 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
47,165,183 | (47,165,183 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
144,514,650 | (144,514,650 | ) | — | — | |||||||||||
TD Securities (USA) LLC |
5,965,087 | (5,965,087 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
17,962,572 | (17,962,572 | ) | — | — | |||||||||||
UBS AG |
1,860,187 | (1,860,187 | ) | — | — | |||||||||||
UBS Securities LLC |
168,800 | (168,800 | ) | — | — | |||||||||||
Wells Fargo Bank N.A |
7,523,035 | (7,523,035 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
12,962,293 | (12,962,293 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,490,664,238 | $ | (1,490,664,238 | ) | $ | — | $ | — | ||||||||
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|
|
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82 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
|
||||||||||||||||
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
ESG Advanced High Yield Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 1,168,594 | $ | (1,168,594 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
1,486,951 | (1,486,951 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
240,405 | (240,405 | ) | — | — | |||||||||||
BNP Paribas SA |
6,767,937 | (6,767,937 | ) | — | — | |||||||||||
Citadel Clearing LLC |
907,030 | (907,030 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
406,974 | (406,974 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
4,666,173 | (4,666,173 | ) | — | — | |||||||||||
Jefferies LLC |
772,437 | (772,437 | ) | — | — | |||||||||||
Morgan Stanley |
3,294,448 | (3,294,448 | ) | — | — | |||||||||||
Pershing LLC |
204,817 | (204,817 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
1,621,305 | (1,621,305 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
350,718 | (350,718 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
3,650,121 | (3,650,121 | ) | — | — | |||||||||||
TD Securities (USA) LLC |
35,843 | (35,843 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
99,396 | (99,396 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 25,673,149 | $ | (25,673,149 | ) | $ | — | $ | — | ||||||||
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|
|
|
|
|
|
|
|||||||||
Fallen Angels USD Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 20,172,667 | $ | (20,172,667 | ) | $ | — | $ | — | |||||||
BMO Capital Markets Corp. |
925,193 | (925,193 | ) | — | — | |||||||||||
BNP Paribas SA |
27,363,414 | (27,363,414 | ) | — | — | |||||||||||
BofA Securities, Inc. |
9,361,715 | (9,361,715 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
736,403 | (736,403 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
20,360,020 | (20,360,020 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
26,422,315 | (26,422,315 | ) | — | — | |||||||||||
Jefferies LLC |
6,844,357 | (6,844,357 | ) | — | — | |||||||||||
Morgan Stanley |
7,013,960 | (7,013,960 | ) | — | — | |||||||||||
Pershing LLC |
1,095,158 | (1,095,158 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
4,480,461 | (4,480,461 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
3,361,290 | (3,361,290 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
27,238,314 | (27,238,314 | ) | — | — | |||||||||||
UBS AG |
1,642,783 | (1,642,783 | ) | — | — | |||||||||||
UBS Securities LLC |
154,949 | (154,949 | ) | — | — | |||||||||||
Wells Fargo Bank N.A |
2,397,978 | (2,397,978 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
933,233 | (933,233 | ) | — | — | |||||||||||
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|
|
|
|
|
|
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|||||||||
$ | 160,504,210 | $ | (160,504,210 | ) | $ | — | $ | — | ||||||||
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|
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(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
N O T E S T O F I N A N C I A L S T A T E M E N T S |
83 |
Notes to Financial Statements (continued)
For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
0-5 Year High Yield Corporate Bond |
0.30% | |||
Broad USD High Yield Corporate Bond |
0.22 | |||
ESG Advanced High Yield Corporate Bond |
0.35 | |||
Fallen Angels USD Bond |
0.25 |
Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Broad USD High Yield Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through February 29, 2024 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.15% of average daily net assets.
This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts Waived | |||
Broad USD High Yield Corporate Bond |
$ | 6,345,900 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
0-5 Year High Yield Corporate Bond |
$ | 2,028,654 | ||
Broad USD High Yield Corporate Bond |
3,824,567 | |||
ESG Advanced High Yield Corporate Bond |
49,773 | |||
Fallen Angels USD Bond |
644,502 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
84 |
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Notes to Financial Statements (continued)
6. |
PURCHASES AND SALES |
For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
0-5 Year High Yield Corporate Bond |
$ | 1,623,355,297 | $ | 1,489,285,830 | ||||
Broad USD High Yield Corporate Bond |
1,190,330,594 | 1,101,358,062 | ||||||
ESG Advanced High Yield Corporate Bond |
32,141,419 | 33,648,425 | ||||||
Fallen Angels USD Bond |
377,776,754 | 381,535,513 |
For the year ended October 31, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales | ||||||
0-5 Year High Yield Corporate Bond |
$ | 1,616,229,030 | $ | 3,941,023,124 | ||||
Broad USD High Yield Corporate Bond |
6,459,507,752 | 5,498,896,320 | ||||||
ESG Advanced High Yield Corporate Bond |
10,670,457 | 27,295,839 | ||||||
Fallen Angels USD Bond |
805,289,974 | 1,233,460,236 |
7. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
0-5 Year High Yield Corporate Bond |
$ | 2,197,579 | $ | (2,197,579) | ||||
Broad USD High Yield Corporate Bond |
17,077,717 | (17,077,717) | ||||||
ESG Advanced High Yield Corporate Bond |
(1,948,511 | ) | 1,948,511 | |||||
Fallen Angels USD Bond |
(75,874,677 | ) | 75,874,677 |
The tax character of distributions paid was as follows:
|
||||||||
iShares ETF | Year
Ended 10/31/23 |
Year
Ended 10/31/22 |
||||||
|
||||||||
0-5 Year High Yield Corporate Bond |
||||||||
Ordinary income |
$ | 379,354,244 | $ | 261,375,036 | ||||
|
|
|
|
|||||
Broad USD High Yield Corporate Bond |
||||||||
Ordinary income |
$ | 605,921,384 | $ | 421,560,670 | ||||
|
|
|
|
|||||
ESG Advanced High Yield Corporate Bond |
||||||||
Ordinary income |
$ | 7,071,781 | $ | 7,263,731 | ||||
Long-term capital gains |
— | 177,273 | ||||||
|
|
|
|
|||||
$ | 7,071,781 | $ | 7,441,004 | |||||
|
|
|
|
|||||
Fallen Angels USD Bond |
||||||||
Ordinary income |
$ | 84,879,810 | $ | 143,208,910 | ||||
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
85 |
Notes to Financial Statements (continued)
As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF |
|
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
Total | ||||||
0-5 Year High Yield Corporate Bond |
$ | 26,457,134 | $ | (478,344,192 | ) | $ | (297,061,503 | ) | $ | (748,948,561 | ) | |||||
Broad USD High Yield Corporate Bond |
51,265,755 | (256,378,152 | ) | (1,163,879,526 | ) | (1,368,991,923 | ) | |||||||||
ESG Advanced High Yield Corporate Bond |
637,634 | (8,652,800 | ) | (16,788,028 | ) | (24,803,194 | ) | |||||||||
Fallen Angels USD Bond |
5,988,780 | (131,458,495 | ) | (230,830,840 | ) | (356,300,555 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities, the classification of investments and the accrual of income on securities in default. |
As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net
Unrealized Appreciation (Depreciation) | ||||||||||||
0-5 Year High Yield Corporate Bond |
$ | 5,465,180,219 | $ | 25,087,565 | $ | (322,149,016 | ) | $ | (297,061,451) | |||||||
Broad USD High Yield Corporate Bond |
11,582,225,339 | 35,694,105 | (1,199,550,841 | ) | (1,163,856,736) | |||||||||||
ESG Advanced High Yield Corporate Bond |
151,819,044 | 646,316 | (17,434,344 | ) | (16,788,028) | |||||||||||
Fallen Angels USD Bond |
1,640,583,614 | 5,338,777 | (236,169,617 | ) | (230,830,840) |
8. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by
86 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
9. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
| |||||||||||
|
|
|
|
|||||||||||||
iShares ETF |
Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
0-5 Year High Yield Corporate Bond |
||||||||||||||||
Shares sold |
41,500,000 | $ | 1,711,024,847 | 97,100,000 | $ | 4,016,331,811 | ||||||||||
Shares redeemed |
(98,800,000 | ) | (4,062,478,034 | ) | (45,600,000 | ) | (1,933,783,810 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(57,300,000 | ) | $ | (2,351,453,187 | ) | 51,500,000 | $ | 2,082,548,001 | |||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
87 |
Notes to Financial Statements (continued)
|
||||||||||||||||
|
Year Ended 10/31/23 |
|
|
Year Ended 10/31/22 |
| |||||||||||
|
|
|
|
|||||||||||||
iShares ETF |
Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Broad USD High Yield Corporate Bond |
||||||||||||||||
Shares sold |
189,850,000 | $ | 6,630,541,378 | 148,650,000 | $ | 5,434,474,901 | ||||||||||
Shares redeemed |
(160,800,000 | ) | (5,616,321,150 | ) | (114,950,000 | ) | (4,221,729,742 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
29,050,000 | $ | 1,014,220,228 | 33,700,000 | $ | 1,212,745,159 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
ESG Advanced High Yield Corporate Bond |
||||||||||||||||
Shares sold |
250,000 | $ | 10,893,485 | 1,400,000 | $ | 69,430,603 | ||||||||||
Shares redeemed |
(650,000 | ) | (28,270,091 | ) | (800,000 | ) | (35,217,693 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(400,000 | ) | $ | (17,376,606 | ) | 600,000 | $ | 34,212,910 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Fallen Angels USD Bond |
||||||||||||||||
Shares sold |
33,100,000 | $ | 825,571,750 | 24,050,000 | $ | 674,034,410 | ||||||||||
Shares redeemed |
(51,050,000 | ) | (1,274,559,327 | ) | (110,450,000 | ) | (2,904,237,680 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(17,950,000 | ) | $ | (448,987,577 | ) | (86,400,000 | ) | $ | (2,230,203,270 | ) | |||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
10. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
88 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the four funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations for the year ended October 31, 2023, the statements of changes in net assets for each of the two years in the period ended October 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2023 and each of the financial highlights for each of the five years in the period ended October 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
iShares 0-5 Year High Yield Corporate Bond ETF iShares Broad USD High Yield Corporate Bond ETF iShares ESG Advanced High Yield Corporate Bond ETF iShares Fallen Angels USD Bond ETF
|
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2023
We have served as the auditor of one or more BlackRock investment companies since 2000.
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
89 |
Important Tax Information (unaudited)
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:
iShares ETF |
Federal Obligation Interest |
|||
0-5 Year High Yield Corporate Bond |
$ | 1,002,020 | ||
Broad USD High Yield Corporate Bond |
1,807,785 | |||
ESG Advanced High Yield Corporate Bond |
26,899 | |||
Fallen Angels USD Bond |
260,187 |
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:
iShares ETF | Interest Dividends | |||
0-5 Year High Yield Corporate Bond |
$ | 371,290,575 | ||
Broad USD High Yield Corporate Bond |
593,670,098 | |||
ESG Advanced High Yield Corporate Bond |
6,888,449 | |||
Fallen Angels USD Bond |
78,620,025 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:
iShares ETF |
Interest-Related Dividends |
|||
0-5 Year High Yield Corporate Bond |
$ | 298,495,923 | ||
Broad USD High Yield Corporate Bond |
504,337,565 | |||
ESG Advanced High Yield Corporate Bond |
5,793,988 | |||
Fallen Angels USD Bond |
61,876,178 |
90 |
2 0 2 3 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Board Review and Approval of Investment Advisory Contract
iShares 0-5 Year High Yield Corporate Bond ETF, iSharesESG Advanced High Yield Corporate Bond ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Board Review and Approval of Investment Advisory Contract (continued)
iShares Broad USD High Yield Corporate Bond ETF, iShares Fallen Angels USD Bond ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA
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Board Review and Approval of Investment Advisory Contract (continued)
and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
October 31, 2023
Total Cumulative Distributions for the Fiscal Year |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year |
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0-5 Year High Yield Corporate Bond |
$ | 2.672007 | $ | — | $ | — | $ | 2.672007 | 100 | % | — | % | — | % | 100 | % |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.
Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time.All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
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Supplemental Information (unaudited) (continued)
Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.44 million. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Fund.
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
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Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (1957) |
Trustee (since 2009). | President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (1970) |
Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
(a) |
Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
(b) |
Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Independent Trustees | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (1955) |
Trustee (since 2005); Independent Board Chair (since 2022). | Chief Investment Officer, Santa Clara University (since 2002). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). | |||
Jane D. Carlin (1956) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). |
Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Trustee and Officer Information (unaudited) (continued)
Independent Trustees (continued) | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (1949) | Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (1959) | Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||
John E. Martinez (1961) | Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (1964) | Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Officers | ||||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||||
Dominik Rohé (1973) |
President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||||
Trent Walker (1974) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||||
Aaron Wasserman (1974) |
Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||||
Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||||
Rachel Aguirre (1982) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | ||||
Jennifer Hsui (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). |
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Trustee and Officer Information (unaudited) (continued)
Officers (continued) | ||||
Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
James Mauro (1970) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). |
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
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T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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Glossary of Terms Used in this Report
Portfolio Abbreviation
CMT | Constant Maturity Treasury | |
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-1020-1023
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