LOGO

  OCTOBER 31, 2023

 

 

 

  

  

2023 Annual Report

 

 

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


The Markets in Review

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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

    1.39%   10.14%
   

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

  (5.29)       (8.56)   
   

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

  (7.88)    14.40  
   

Emerging market equities
(MSCI Emerging Markets Index)

  (4.78)    10.80  
   

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

  2.63      4.77  
   

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

  (9.70)     (3.25) 
   

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

  (6.13)       0.36  
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (4.65)       2.64  
   

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

    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.

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     13  

Disclosure of Expenses

     13  

Schedules of Investments

     14  

Financial Statements

  

Statements of Assets and Liabilities

     72  

Statements of Operations

     73  

Statements of Changes in Net Assets

     74  

Financial Highlights

     76  

Notes to Financial Statements

     80  

Report of Independent Registered Public Accounting Firm

     89  

Important Tax Information

     90  

Board Review and Approval of Investment Advisory Contract

     91  

Supplemental Information

     95  

Trustee and Officer Information

     97  

General Information

     100  

Glossary of Terms Used in this Report

     101  

 

 

 


Market Overview

 

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)

 

LOGO

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)

 

LOGO

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)

 

LOGO

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)

 

LOGO

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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

  13


Schedule of Investments

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.
5.13%, 08/15/27 (Call 12/01/23)(a)(b)

    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.
6.00%, 02/15/28 (Call 02/15/24)(a)

    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.,
4.25%, 12/15/27 (Call 12/01/23)(a)

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

    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.
7.25%, 02/15/28 (Call 02/15/25)(a)(b)

    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.
8.00%, 09/20/25 (Call 11/14/23)(a)(b)

    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.
7.88%, 05/01/27 (Call 05/01/24)(a)(b)

    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
2.30%, 02/10/25 (Call 01/10/25)

    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
4.50%, 10/01/27 (Call 07/01/27)(a)

    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.
4.88%, 08/15/26 (Call 12/01/23)(a)(b)

    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.
6.50%, 04/01/27 (Call 12/01/23)(b)

    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.
6.25%, 05/15/26 (Call 12/04/23)(a)

    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.
5.38%, 11/15/27 (Call 11/13/23)(b)

    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)
4.88%, 03/15/27 (Call 12/15/26)(b)

    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.
4.75%, 04/29/25(a)

    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.
6.63%, 01/15/27 (Call 01/15/24)

    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
5.02%, 06/26/24(a)(b)

    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
4.75%, 01/15/28 (Call 12/01/23)(a)

    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.
4.88%, 06/01/24 (Call 03/03/24)(a)

    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.
6.63%, 07/15/26 (Call 12/01/23)(a)

  $     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
4.63%, 06/01/28 (Call 06/01/24)(a)

    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.,
6.75%, 02/15/27 (Call 12/01/23)(a)

    4,474       4,307,567  

Avis Budget Car Rental LLC/Avis Budget

   

Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)

    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)
4.63%, 10/15/27 (Call 12/01/23)(a)

    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.
4.63%, 02/15/27 (Call 12/01/23)(a)

    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.,
4.50%, 07/01/28 (Call 12/01/23)(a)

    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,
4.63%, 12/15/27 (Call 12/01/23)(a)(b)

    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.
3.38%, 08/31/27 (Call 08/31/26)(a)(b)

    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,
7.38%, 10/15/27 (Call 11/13/23)(a)(b)

    5,685       5,078,126  
Security   Par
(000)
    Value  
Commercial Services (continued)            

United Rentals North America Inc.
3.88%, 11/15/27 (Call 11/13/23)

  $ 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.,
4.63%, 05/15/28 (Call 12/01/23)(a)(b)

    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.
4.88%, 02/01/27 (Call 12/01/23)(a)

    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
4.75%, 01/01/25

    4,030       3,933,672  

4.88%, 06/01/27 (Call 03/01/27)(b)

    3,711       3,479,062  

Unisys Corp.,
6.88%, 11/01/27 (Call 12/01/23)(a)(b)

    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.
5.00%, 04/15/26 (Call 12/01/23)(a)

    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.
8.50%, 11/15/24 (Call 12/01/23)(a)

    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.
5.13%, 12/31/24 (Call 11/13/23)(a)(b)

    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.
8.00%, 06/15/28 (Call 12/15/27)(a)

    4,650       4,584,907  

7.75%, 05/15/26 (Call 11/15/25)(a)

    2,940       2,909,012  

goeasy Ltd.,
5.38%, 12/01/24 (Call 12/01/23)(a)

    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
6.13%, 04/01/28 (Call 04/01/24)(a)

    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.
5.50%, 08/15/28 (Call 12/01/23)(a)(b)

    6,500       5,757,781  

6.00%, 01/15/27 (Call 12/01/23)(a)

    4,467       4,155,108  

Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)

    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.
4.88%, 08/15/28 (Call 12/01/23)(a)

    4,395       3,861,117  

6.88%, 08/15/28 (Call 12/01/23)(a)

        15,500           13,246,997  

OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)(b)

    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.
3.13%, 11/02/26 (Call 10/02/26)

  $ 3,694     $ 3,229,480  

4.20%, 10/29/25 (Call 09/29/25)

    3,694       3,443,116  

United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 12/01/23)(a)

    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.
4.50%, 02/15/28 (Call 12/01/23)(a)

    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
3.88%, 10/15/26 (Call 07/15/26)(a)

    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.
5.75%, 01/15/28 (Call 11/16/23)

    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.,
5.00%, 07/01/28 (Call 11/13/23)(b)

    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
5.00%, 07/31/27 (Call 11/13/23)(a)

    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.
7.13%, 06/15/25 (Call 12/01/23)(a)

    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
5.00%, 10/01/25(a)

    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,
5.00%, 01/31/28 (Call 07/31/27)(a)(b)

    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
(Call 12/01/23)(a)

    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
(Call 11/16/23)(a)(b)

    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
(Call 12/01/23)(a)

    4,040       3,282,500  

Caesars Entertainment Inc.
6.25%, 07/01/25 (Call 11/13/23)(a)

        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
5.38%, 04/15/27 (Call 12/01/23)(b)

    3,745       3,465,061  

5.50%, 05/01/25 (Call 12/01/23)(a)

    7,747       7,599,270  

Churchill Downs Inc.
4.75%, 01/15/28 (Call 12/01/23)(a)

    5,195       4,670,461  

5.50%, 04/01/27 (Call 12/01/23)(a)(b)

    4,670       4,385,276  

Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)

    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
4.13%, 04/15/26 (Call 12/01/23)(a)

    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.,
7.00%, 05/15/28 (Call 12/01/23)(a)

    5,165       5,044,371  

Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)

    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
7.88%, 10/15/24 (Call 11/16/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    3,025       2,693,763  

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

    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.,
5.50%, 04/15/27 (Call 12/01/23)(a)

    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
(Call 12/01/23)(a)

    2,575       2,294,097  

Universal Entertainment Corp.,
8.75%, 12/11/24 (Call 12/11/23)(a)(b)(c)

    5,665       5,863,275  

Vail Resorts Inc., 6.25%, 05/15/25
(Call 12/01/23)(a)

    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
(Call 12/01/23)(a)(b)

    3,521       2,995,096  

GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)(b)

    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
(Call 06/30/24)(a)

    5,250       4,383,750  

Stericycle Inc., 5.38%, 07/15/24
(Call 11/16/23)(a)

    5,041       4,977,030  

Waste Pro USA Inc., 5.50%, 02/15/26
(Call 12/01/23)(a)

    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.
5.25%, 04/01/25 (Call 12/01/23)

    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.,
5.50%, 10/15/27 (Call 12/01/23)(a)

    7,840       7,327,133  

Post Holdings Inc.
5.63%, 01/15/28 (Call 11/16/23)(a)

    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
(Call 11/13/23)(a)(b)

    3,624       3,017,109  

TreeHouse Foods Inc., 4.00%, 09/01/28
(Call 11/16/23)(b)

    3,700       3,026,138  

U.S. Foods Inc., 6.88%, 09/15/28
(Call 09/15/25)(b)

    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.
5.00%, 04/01/25 (Call 12/01/23)(a)(b)

    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
(Call 05/15/24)(a)(b)

  $ 3,125     $ 2,695,383  
   

 

 

 
          15,428,368  
Gas — 0.4%            

AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)

    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.,
11.50%, 06/15/28 (Call 06/15/25)(a)(b)

    2,950       2,968,008  
   

 

 

 
Health Care - Products — 0.6%            

Avantor Funding Inc., 4.63%, 07/15/28
(Call 12/01/23)(a)

    10,625       9,469,531  

Bausch & Lomb Escrow Corp.,
8.38%, 10/01/28 (Call 10/01/25)(a)

    8,985       8,922,255  

Hologic Inc., 4.63%, 02/01/28
(Call 12/01/23)(a)

    2,935       2,673,051  

Teleflex Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)

    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
(Call 08/01/24)(a)(b)

    2,528       1,994,693  

Akumin Inc., 7.00%, 11/01/25
(Call 12/01/23)(a)(b)

    3,536       3,001,512  

Catalent Pharma Solutions Inc.,
5.00%, 07/15/27 (Call 12/01/23)(a)

    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.
5.63%, 03/15/27 (Call 12/15/23)(a)(b)

        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.
4.50%, 02/01/28 (Call 12/01/23)

    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
(Call 05/15/25)(a)

    5,205       4,996,175  

IQVIA Inc.
5.00%, 10/15/26 (Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    3,669       3,484,057  

Molina Healthcare Inc., 4.38%, 06/15/28
(Call 12/01/23)(a)(b)

    5,929       5,302,008  

Prime Healthcare Services Inc.,
7.25%, 11/01/25 (Call 12/01/23)(a)

    6,490       5,921,923  

Quorum Health Corp., 11.63%, 04/15/23(d)

    2,653        

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

    10,766       10,039,295  

RP Escrow Issuer LLC, 5.25%, 12/15/25
(Call 12/01/23)(a)(b)

    5,937       4,230,112  
Security   Par
(000)
    Value  
Health Care - Services (continued)            

Select Medical Corp., 6.25%, 08/15/26
(Call 12/01/23)(a)(b)

  $ 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.
4.63%, 06/15/28 (Call 11/16/23)

    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,
6.38%, 03/01/26 (Call 12/01/23)(a)

    5,369       4,573,418  
   

 

 

 
          164,657,356  
Holding Companies - Diversified — 0.9%            

Benteler International, Class A,
10.50%, 05/15/28 (Call 05/15/25)(a)(b)

    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
(Call 11/13/23)(a)(b)

    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,
6.25%, 09/15/27 (Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    2,936       2,630,656  

M/I Homes Inc., 4.95%, 02/01/28
(Call 11/16/23)

    2,950       2,646,796  

Mattamy Group Corp., 5.25%, 12/15/27
(Call 12/01/23)(a)(b)

    3,685       3,308,715  

Meritage Homes Corp., 6.00%, 06/01/25
(Call 03/01/25)

    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.
5.75%, 01/15/28 (Call 10/15/27)(a)

    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
(Call 12/15/27)(b)

    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.
4.88%, 06/01/25 (Call 05/01/25)

    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.
7.00%, 11/15/25 (Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)

    3,695       3,627,625  

GTCR AP Finance Inc., 8.00%, 05/15/27
(Call 12/01/23)(a)(b)

    3,488       3,394,468  

Hub International Ltd., 7.00%, 05/01/26
(Call 11/13/23)(a)

    12,717       12,327,224  

MGIC Investment Corp., 5.25%, 08/15/28
(Call 11/16/23)

    4,790       4,415,183  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)

    3,271       3,278,087  

USI Inc./NY, 6.88%, 05/01/25
(Call 12/01/23)(a)(b)

    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
(Call 11/13/23)(a)(b)

    3,685       2,763,750  

Arches Buyer Inc., 4.25%, 06/01/28
(Call 12/01/23)(a)

    7,035       5,830,256  

Cablevision Lightpath LLC
3.88%, 09/15/27 (Call 11/13/23)(a)

    3,316       2,703,606  

5.63%, 09/15/28 (Call 11/13/23)(a)

    3,100       2,323,727  

Cogent Communications Group Inc.
3.50%, 05/01/26 (Call 02/01/26)(a)

    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
(Call 11/13/23)(a)

    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
(Call 11/13/23)(a)(b)

    170       125,306  

ION Trading Technologies Sarl,
5.75%, 05/15/28 (Call 05/15/24)(a)

    3,335       2,768,050  

Match Group Holdings II LLC
4.63%, 06/01/28 (Call 12/01/23)(a)(b)

    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.,
4.75%, 04/30/27 (Call 12/01/23)(a)

    2,566       2,292,614  

NortonLifeLock Inc., 6.75%, 09/30/27
(Call 09/30/24)(a)

    6,733       6,564,675  
Security   Par
(000)
    Value  
Internet (continued)            

Rakuten Group Inc., 10.25%, 11/30/24
(Call 11/28/23)(a)

  $ 8,000     $ 8,100,000  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/13/23)(a)(b)

    3,655       3,623,019  

Uber Technologies Inc.
6.25%, 01/15/28 (Call 11/13/23)(a)(b)

    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.
5.88%, 06/01/27 (Call 12/01/23)(b)

    4,099       3,905,199  

6.75%, 03/15/26 (Call 12/01/23)(a)

    6,120       6,075,502  

Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)

    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
(Call 10/15/25)(a)

    430       430,538  

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

    15,260       16,270,975  

Constellation Merger Sub Inc.,
8.50%, 09/15/25 (Call 12/01/23)(a)

    3,128       2,650,667  

Life Time Inc.
5.75%, 01/15/26 (Call 12/01/23)(a)

    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.
3.63%, 12/15/24 (Call 11/14/23)(a)

    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
(Call 12/15/27)(a)(b)

    3,975       3,329,301  

Viking Cruises Ltd., 5.88%, 09/15/27
(Call 12/01/23)(a)

    6,176       5,563,958  

VOC Escrow Ltd., 5.00%, 02/15/28
(Call 12/01/23)(a)(b)

    5,075       4,551,544  
   

 

 

 
      71,269,325  
Lodging — 3.8%            

Boyd Gaming Corp., 4.75%, 12/01/27
(Call 11/13/23)(b)

    7,445       6,796,243  

Full House Resorts Inc., 8.25%, 02/15/28
(Call 02/15/24)(a)(b)

    3,325       2,793,000  

Genting New York LLC, 3.30%, 02/15/26
(Call 01/15/26)(a)

    3,861       3,447,492  

Hilton Domestic Operating Co. Inc.
5.38%, 05/01/25 (Call 11/13/23)(a)

    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.
2.90%, 06/25/25 (Call 05/25/25)

  $ 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.
4.88%, 06/06/25 (Call 12/01/23)(a)

    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.
4.75%, 02/01/27 (Call 02/01/24)(a)

    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
4.63%, 09/01/26 (Call 06/01/26)(b)

    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
(Call 12/01/23)(a)

    5,074       4,369,429  

Studio City Co. Ltd., 7.00%, 02/15/27
(Call 02/15/24)(a)(b)

    2,619       2,425,849  

Studio City Finance Ltd.
6.00%, 07/15/25 (Call 12/01/23)(a)(b)

    3,750       3,533,125  

6.50%, 01/15/28 (Call 12/01/23)(a)(b)

    3,715       3,067,197  

Travel + Leisure Co.
6.00%, 04/01/27 (Call 01/01/27)

    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.,
4.38%, 08/15/28 (Call 12/01/23)(a)

    3,745       3,290,919  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.25%, 05/15/27 (Call 02/15/27)(a)

    6,735       6,239,304  

5.50%, 03/01/25 (Call 12/01/24)(a)(b)

    6,643       6,522,097  

Wynn Macau Ltd.
4.88%, 10/01/24 (Call 11/14/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)

    2,951       2,726,068  
Security   Par
(000)
    Value  
Manufacturing (continued)            

Calderys Financing LLC, 11.25%, 06/01/28
(Call 06/01/25)(a)

  $ 4,400     $ 4,444,000  

EnPro Industries Inc., 5.75%, 10/15/26
(Call 12/01/23)

    2,555       2,415,561  

FXI Holdings Inc.
12.25%, 11/15/26 (Call 11/16/23)(a)(b)

    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.,
6.25%, 01/15/26 (Call 12/01/23)(a)(b)

    4,164       4,073,627  

Hillenbrand Inc.
5.00%, 09/15/26 (Call 07/15/26)

    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
(Call 10/15/24)(a)

    2,769       2,455,183  

Trinity Industries Inc.
4.55%, 10/01/24 (Call 07/01/24)

    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
(Call 12/01/23)(a)(b)

    8,910       7,195,315  

AMC Networks Inc.
4.75%, 08/01/25 (Call 12/01/23)(b)

    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.
5.00%, 02/01/28 (Call 11/16/23)(a)

    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
5.25%, 06/01/24(b)

    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.,
6.75%, 07/01/26 (Call 12/01/23)(a)(b)

    2,926       2,102,819  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27
(Call 12/01/23)(a)(b)

        27,851       24,369,625  

DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)

    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
(Call 05/15/25)(a)

    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.
5.88%, 07/15/26 (Call 12/01/23)(a)(b)

    5,196       4,620,613  

7.00%, 05/15/27 (Call 11/13/23)(a)(b)

    5,561       4,685,142  

iHeartCommunications Inc.
4.75%, 01/15/28 (Call 12/01/23)(a)(b)

    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,
6.75%, 10/15/27 (Call 12/01/23)(a)

    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
(Call 11/13/23)(a)

        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
(Call 12/01/23)(a)(b)

    3,271       2,445,072  

Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 12/01/23)(a)(b)

    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.
4.63%, 03/15/28 (Call 12/01/23)(b)

    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
(Call 12/01/23)(a)(b)

    3,906       3,618,470  

Univision Communications Inc.
5.13%, 02/15/25 (Call 11/13/23)(a)

    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
(Call 11/13/23)(a)(b)

    3,350       2,933,344  

Urban One Inc., 7.38%, 02/01/28
(Call 02/01/24)(a)

    5,475       4,542,443  

Videotron Ltd.
5.13%, 04/15/27 (Call 12/01/23)(a)

    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
(Call 12/01/23)(a)(b)

    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
(Call 11/16/23)(b)

    3,700       3,542,698  

Kaiser Aluminum Corp., 4.63%, 03/01/28
(Call 12/01/23)(a)(b)

    3,800       3,168,250  

New Gold Inc., 7.50%, 07/15/27
(Call 12/01/23)(a)

    2,962       2,780,375  

Novelis Corp., 3.25%, 11/15/26
(Call 12/01/23)(a)

    5,544       4,941,090  

Perenti Finance Pty Ltd., 6.50%, 10/07/25
(Call 12/01/23)(a)(b)

    3,348       3,260,982  

Taseko Mines Ltd., 7.00%, 02/15/26
(Call 12/01/23)(a)(b)

    2,941       2,680,869  
   

 

 

 
      28,222,063  
Office & Business Equipment — 0.3%            

Pitney Bowes Inc., 6.88%, 03/15/27
(Call 03/15/24)(a)(b)

    2,851       2,359,972  
Security   Par
(000)
    Value  
Office & Business Equipment (continued)            

Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(b)

  $     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
(Call 12/01/23)(a)

    4,440       4,292,212  

Baytex Energy Corp., 8.75%, 04/01/27
(Call 12/01/23)(a)

    3,470       3,496,025  

Berry Petroleum Co. LLC, 7.00%, 02/15/26
(Call 12/01/23)(a)

    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
(Call 08/01/24)(a)

    4,850       4,777,250  

Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)

    3,651       3,545,048  

CITGO Petroleum Corp.
6.38%, 06/15/26 (Call 12/01/23)(a)

    5,227       5,128,883  

7.00%, 06/15/25 (Call 12/01/23)(a)

    8,725       8,559,400  

Civitas Resources Inc.
5.00%, 10/15/26 (Call 12/01/23)(a)

    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
(Call 12/01/23)(a)(b)

    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.
5.25%, 02/15/25 (Call 11/16/23)(a)

    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.
4.88%, 03/30/26 (Call 12/30/25)(a)

    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
(Call 12/01/23)(a)(b)

    3,213       3,211,233  

Gulfport Energy Corp., 8.00%, 05/17/26
(Call 05/17/24)

    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
(Call 12/01/23)(a)

    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.
9.50%, 01/15/25 (Call 12/01/23)

  $     4,013     $     4,033,065  

10.13%, 01/15/28 (Call 12/01/23)

    5,160       5,169,675  

Leviathan Bond Ltd.
6.13%, 06/30/25 (Call 03/30/25)(a)

    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.
5.88%, 09/15/26 (Call 11/16/23)(b)

    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
(Call 12/01/23)(a)(b)

    4,645       4,685,644  

Moss Creek Resources Holdings Inc.
7.50%, 01/15/26 (Call 12/01/23)(a)

    5,177       4,956,053  

10.50%, 05/15/27 (Call 12/01/23)(a)(b)

    3,672       3,630,690  

Murphy Oil Corp.
5.88%, 12/01/27 (Call 11/16/23)(b)

    4,205       4,041,320  

6.38%, 07/15/28 (Call 07/15/24)(b)

    3,320       3,207,701  

Nabors Industries Inc.
5.75%, 02/01/25 (Call 11/01/24)(b)

    4,076       3,960,053  

7.38%, 05/15/27 (Call 05/15/24)(a)(b)

    5,367       5,017,555  

Nabors Industries Ltd.
7.25%, 01/15/26 (Call 12/01/23)(a)

    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
(Call 03/01/24)(a)

    5,265       5,186,183  

Oasis Petroleum Inc., 6.38%, 06/01/26
(Call 12/01/23)(a)(b)

    2,926       2,874,795  

Parkland Corp., 5.88%, 07/15/27
(Call 12/01/23)(a)

    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
(Call 12/01/23)

    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
(Call 02/15/25)

    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.
6.50%, 07/15/28 (Call 07/15/24)(b)

    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
(Call 10/23/24)

    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.
5.88%, 03/15/28 (Call 12/01/23)

    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
(Call 11/16/23)

    5,368       5,579,750  

Transocean Inc.
7.25%, 11/01/25 (Call 11/14/23)(a)

    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
(Call 03/01/24)(a)

    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
(Call 10/15/24)(a)

    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.
4.13%, 08/15/26 (Call 11/13/23)(a)

    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.
4.00%, 11/15/23

    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
(Call 12/01/23)(a)(b)

    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.
6.75%, 07/15/26 (Call 11/13/23)(a)

    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.
7.88%, 08/15/26 (Call 08/15/24)(a)(b)

  $     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.
4.00%, 10/15/27 (Call 12/01/23)(a)

    7,700       6,781,313  

4.38%, 10/15/28 (Call 10/15/24)(a)

    2,058       1,757,018  

Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)(b)

    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
(Call 11/16/23)(b)

    4,250       3,776,656  

Trivium Packaging Finance BV
5.50%, 08/15/26 (Call 12/01/23)(a)

    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
(Call 11/13/23)(a)

    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.
5.50%, 11/01/25 (Call 12/01/23)(a)(b)

    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
Co.-Issuer BV, 4.13%, 04/30/28
(Call 04/30/24)(a)

    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.
3.90%, 12/15/24 (Call 09/15/24)

    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
(Call 12/01/23)(a)(b)

    3,659       3,348,973  

Prestige Brands Inc., 5.13%, 01/15/28
(Call 12/01/23)(a)(b)

    2,935       2,705,982  

Teva Pharmaceutical Finance Netherlands
III BV 3.15%, 10/01/26

    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
3.95%, 12/01/26 (Call 09/01/26)

    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.
5.63%, 05/01/27 (Call 11/16/23)(a)

    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
4.15%, 06/01/25 (Call 03/01/25)

    3,345       3,203,841  

4.85%, 07/15/26 (Call 04/15/26)

    3,636       3,451,473  

EQM Midstream Partners LP
4.13%, 12/01/26 (Call 09/01/26)

    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.
6.50%, 10/01/25 (Call 12/01/23)

    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
5.13%, 06/15/28 (Call 12/01/23)(a)(b)

    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.
5.00%, 02/01/28 (Call 11/16/23)(a)

    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
6.75%, 01/15/27 (Call 01/15/24)(a)(b)

    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.
6.50%, 09/30/26 (Call 12/01/23)(a)

        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
5.63%, 04/28/27 (Call 01/28/27)

  $ 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.
5.50%, 01/15/28 (Call 12/01/23)(a)

    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
3.95%, 11/15/27 (Call 08/15/27)(b)

    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
4.50%, 04/01/27 (Call 12/01/23)(a)

    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
4.75%, 02/15/28 (Call 08/15/27)(b)

    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
3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    7,697       6,754,118  

6.00%, 04/15/25 (Call 12/01/23)(a)(b)

    3,171       3,076,726  

Iron Mountain Inc.
4.88%, 09/15/27 (Call 11/13/23)(a)(b)

    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.
5.00%, 10/15/27 (Call 12/01/23)(b)

    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
4.25%, 05/15/24 (Call 02/15/24)

    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
5.88%, 10/01/28 (Call 12/01/23)(a)

    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.
4.75%, 10/15/27 (Call 12/01/23)

    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
3.95%, 01/15/28 (Call 07/15/27)

    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.
3.63%, 07/15/26 (Call 01/15/26)(a)(b)

    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
4.75%, 04/15/28 (Call 04/15/24)(a)

    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.
3.88%, 01/15/28 (Call 12/01/23)(a)

    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
(Call 11/15/23)(a)(b)

    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
6.75%, 02/07/25 (Call 11/13/23)(a)

    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
(Call 12/01/23)(a)(b)

    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
(Call 04/17/25)(b)

    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
(Call 12/15/26)(b)

    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.
4.45%, 02/15/25 (Call 11/15/24)

    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
(Call 12/01/23)(a)

        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
(Call 11/13/23)(a)(b)

    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
(Call 03/15/25)(a)(b)

    3,310       3,268,625  
Security   Par
(000)
    Value  
Software (continued)            

Boxer Parent Co. Inc.
7.13%, 10/02/25 (Call 12/01/23)(a)

  $ 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.
4.00%, 06/15/28 (Call 11/16/23)(a)

    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.
3.63%, 02/15/25 (Call 12/01/23)(a)

    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
5.50%, 01/15/28 (Call 12/01/23)(a)

    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.
6.00%, 03/01/26 (Call 12/01/23)(a)(b)

    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.
5.00%, 10/01/28 (Call 11/13/23)(a)

    3,000       2,250,000  

6.50%, 10/01/28 (Call 11/13/23)(a)

    3,738       2,962,365  

Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)(b)

    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.
5.25%, 08/01/26

    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.
3.40%, 03/01/27 (Call 01/01/27)(a)

    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%,
05/30/24(a)(b)

        11,580       11,381,072  

ViaSat Inc.
5.63%, 09/15/25 (Call 11/13/23)(a)

    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.
4.00%, 03/01/27 (Call 12/01/23)(a)(b)

    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%
(Cost: $4,778,677,980)

          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%
(Cost $2,673,769)

       
   

 

 

 

Total Long-Term Investments — 98.0%
(Cost: $4,781,351,749)

 

    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%
(Cost: $667,384,934)

      667,785,986  
   

 

 

 

Total Investments — 112.5%
(Cost: $5,448,736,683)

      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
Distributions

from
Underlying

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.
5.13%, 08/15/27 (Call 12/01/23)(a)(b)

    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.
3.63%, 01/15/31 (Call 01/15/26)(b)

    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.
4.25%, 01/15/29 (Call 01/15/24)(a)(b)

    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
(Call 08/15/24)(a)(b)

    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.
6.00%, 02/15/28 (Call 02/15/24)(a)

    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
3.63%, 10/14/25 (Call 07/14/25)(a)

    7,452       6,964,329  

5.75%, 10/15/27 (Call 07/15/27)(a)

    7,952       7,535,115  

Spirit AeroSystems Inc.
3.85%, 06/15/26 (Call 03/15/26)(b)

    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.
4.63%, 01/15/29 (Call 01/15/24)(b)

    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.
7.75%, 08/15/25 (Call 12/01/23)(b)

    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.
5.25%, 04/15/27 (Call 11/13/23)(a)(b)

    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.
5.75%, 02/01/29 (Call 02/01/24)(a)

    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
(Call 08/15/24)(a)

    4,120       3,728,600  

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

    3,623       3,380,302  

American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)(a)(b)

    5,760       5,355,778  

11.75%, 07/15/25(a)(b)

    15,197       16,101,206  

American Airlines Inc./AAdvantage Loyalty
IP Ltd.
5.50%, 04/20/26(a)

    23,600       22,950,191  

5.75%, 04/20/29(a)

    23,753       21,426,057  

Delta Air Lines Inc.
2.90%, 10/28/24 (Call 09/28/24)

    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.,
5.75%, 01/20/26 (Call 01/20/24)(a)

    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.
4.38%, 04/15/26 (Call 10/15/25)(a)

        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.
6.38%, 02/01/30 (Call 02/01/25)(a)(b)

    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.
4.13%, 08/15/31 (Call 08/15/26)(a)(b)

    2,627       1,996,409  

4.25%, 03/15/29 (Call 03/15/24)(a)(b)

    2,609       2,139,380  

Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    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
(Call 11/15/24)(a)(b)

    3,332       2,742,608  

Levi Strauss & Co., 3.50%, 03/01/31
(Call 03/01/26)(a)(b)

    4,042       3,146,953  

Under Armour Inc., 3.25%, 06/15/26
(Call 03/15/26)(b)

    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.
3.75%, 01/30/31 (Call 01/30/26)(a)(b)

  $ 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.,
10.50%, 11/30/25 (Call 11/01/24)(a)

    9,475       9,371,462  

Ford Holdings LLC, 9.30%, 03/01/30

    1,366       1,463,642  

Ford Motor Co.
3.25%, 02/12/32 (Call 11/12/31)

    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
2.30%, 02/10/25 (Call 01/10/25)

    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
4.50%, 10/01/27 (Call 07/01/27)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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.
4.88%, 08/15/26 (Call 12/01/23)(a)

    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.
5.00%, 10/01/29 (Call 10/01/24)(b)

  $ 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.
6.25%, 05/15/26 (Call 12/04/23)(a)(b)

    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.
4.25%, 09/01/30 (Call 05/01/26)

    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)
4.88%, 03/15/27 (Call 12/15/26)(b)

    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),
(5.50% PIK)(a)(b)(c)

    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
(Call 11/17/24)(a)

        14,950       11,997,375  

Titan International Inc., 7.00%, 04/30/28
(Call 04/30/24)

    3,309       3,023,663  

ZF North America Capital Inc.
4.75%, 04/29/25(a)

    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,
8.15%, 06/30/31 (Call 06/30/29)(a)

    7,383       7,706,006  

Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 01/15/24)(b)

    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
(Call 06/15/26), (3-mo. SOFR + 2.360%)(d)

    2,100       1,680,116  

Western Alliance Bancorp., 3.00%, 06/15/31
(Call 06/15/26), (3-mo. SOFR + 2.250%)(d)

    4,465       3,411,260  
   

 

 

 
      82,193,278  
Beverages — 0.1%            

Primo Water Holdings Inc., 4.38%, 04/30/29
(Call 04/30/24)(a)

    6,243       5,267,281  

Triton Water Holdings Inc., 6.25%, 04/01/29
(Call 04/01/24)(a)(b)

    5,817       4,794,283  
   

 

 

 
      10,061,564  
Biotechnology — 0.0%            

Emergent BioSolutions Inc., 3.88%, 08/15/28
(Call 12/01/23)(a)(b)

    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
(Call 07/01/25)(a)

    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
(Call 12/01/23)(a)(b)

    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
(Call 05/01/26)(a)

    3,380       3,367,404  

Louisiana-Pacific Corp., 3.63%, 03/15/29
(Call 03/15/24)(a)

    2,605       2,145,673  

Masonite International Corp. 3.50%, 02/15/30
(Call 08/15/29)(a)(b)

    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
(Call 10/01/24)(a)(b)

    4,325       4,037,712  

SRM Escrow Issuer LLC, 6.00%, 11/01/28
(Call 12/01/23)(a)(b)

    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
(Call 05/15/24)(a)(b)

    3,856       2,352,160  
   

 

 

 
      138,744,868  
Chemicals — 2.5%            

Cerdia Finanz GmbH, 10.50%, 02/15/27
(Call 02/15/24)(a)

    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
(Call 02/15/24)(a)

    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
(Call 10/01/24)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    6,014       5,117,033  

EverArc Escrow Sarl, 5.00%, 10/30/29
(Call 10/30/24)(a)(b)

    5,007       3,780,701  

GPD Companies Inc., 10.13%, 04/01/26
(Call 12/01/23)(a)(b)

    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
(Call 05/15/24)(a)

    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
(Call 02/15/25)(a)(b)

    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
(Call 12/01/23)(a)(b)

    4,213       3,420,259  

Innophos Holdings Inc., 9.38%, 02/15/28
(Call 12/01/23)(a)

    2,336       2,197,918  

Iris Holdings Inc., 10.00%, 12/15/28
(Call 06/15/25)(a)(b)

    2,950       2,140,858  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/29
(Call 10/15/24)(a)(b)

    2,819       2,286,940  

Mativ Holdings Inc., 6.88%, 10/01/26
(Call 12/01/23)(a)

    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
(Call 03/01/26)(a)(b)

    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
(Call 03/15/24)(a)(b)

    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
(Call 06/30/24)(a)

    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
(Call 12/01/23)(a)

    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
(Call 10/15/24)(a)(b)

    2,330       1,992,689  

APi Group DE Inc., 4.13%, 07/15/29
(Call 07/15/24)(a)(b)

    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
(Call 05/15/24)(a)(b)

  $ 2,951     $ 2,413,770  

Cimpress PLC, 7.00%, 06/15/26
(Call 11/16/23).

    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
(Call 05/01/24)(a)(b)

    5,936       4,704,280  

CPI CG Inc., 8.63%, 03/15/26
(Call 12/01/23)(a)

    2,111       2,005,450  

Deluxe Corp., 8.00%, 06/01/29
(Call 06/01/24)(a)

    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
(Call 11/13/23)(b)

    1,471       1,467,323  

Graham Holdings Co., 5.75%, 06/01/26
(Call 11/13/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 05/15/24)(a)

    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
(Call 04/15/24)(a)

    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
(Call 11/15/24)(a)(b)

    4,430       3,754,425  

Rent-A-Center Inc./TX, 6.38%, 02/15/29
(Call 02/15/24)(a)(b)

    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
(Call 06/15/25)(a)

    4,180       3,722,230  

Sabre Global Inc., 8.63%, 06/01/27
(Call 03/01/25)(a)

    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
(Call 12/01/23)(a)(b)

    3,571       3,298,711  

Signal Parent Inc., 6.13%, 04/01/29
(Call 04/01/24)(a)

    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
(Call 12/01/23)(a)

    8,772       8,707,401  

VT Topco Inc., 8.50%, 08/15/30
(Call 08/15/26)(a)

    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
(Call 10/01/26)(a)(b)

    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
(Call 04/15/24)(a)(b)

    4,136       2,585,000  

ZipRecruiter Inc., 5.00%, 01/15/30
(Call 01/15/25)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 11/13/23)(a)(b)

    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
(Call 10/15/26)(a)

    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.,
5.00%, 08/15/28 (Call 08/15/24)(a)

    7,490       5,977,664  

Jefferson Capital Holdings LLC,
6.00%, 08/15/26 (Call 12/01/23)(a)(b)

    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
(Call 11/13/23)(a)

    3,974       3,824,975  

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

    3,768       3,633,280  

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

    11,515       11,818,639  

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

    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
(Call 12/01/23)(a)

    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.
7.50%, 02/15/29 (Call 02/15/25)(a)(b)

    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
(Call 07/15/24)(b)

    4,034           3,474,230  

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

   

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
(Call 03/01/25)(a)(b)

    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
(Call 12/01/23)(a)

    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
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 10/01/24)(a)

    4,808       3,912,569  

Glatfelter Corp., 4.75%, 11/15/29
(Call 11/01/24)(a)(b)

    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
(Call 02/15/27)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 09/01/25)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 01/15/29)(a)(b)

    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),
(5-year CMT + 3.315%)(a)(d)

    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
(Call 12/01/23)(a)(b)

    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-year CMT + 4.578%)(a)(b)(d)(e)

    5,855       4,174,363  

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

    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
(Call 10/15/25)(a)(b)

    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,
8.75%, 07/15/26 (Call 12/01/23)(a)

    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
(Call 10/15/25)(a)(b)

    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
(Call 05/15/24)(a)

    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
(Call 11/15/25)(a)(b)

    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
(Call 12/01/23)(a)

    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),
(3-mo. LIBOR US + 3.899%)(d)

    4,976       3,570,280  

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

    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
(Call 07/15/26)(a)

    9,809       7,831,702  

UPC Holding BV, 5.50%, 01/15/28
(Call 11/13/23)(a)(b)

    3,315       2,892,337  

Urban One Inc., 7.38%, 02/01/28
(Call 02/01/24)(a)

    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
(Call 12/01/23)(a)(b)

    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
(Call 12/01/23)(a)(b)

    2,319       1,949,607  

Steelcase Inc., 5.13%, 01/18/29
(Call 10/18/28)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 11/01/24)(a)(b)

  $ 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
(Call 04/15/24)(a)(b)

    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
(Call 03/01/24)(a)(b)

    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
(Call 12/01/23), (7.25% PIK)(a)(b)(c)

    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
(Call 11/16/23)(b)

    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
(Call 04/15/24)(a)(b)

  $ 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
(Call 01/15/25)(a)(b)

    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
(Call 11/15/23)(a)(b)

    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),
(8.50% PIK)(a)(c)

  $     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
(Call 10/01/24)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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
(Call 06/15/24)(a)(b)

    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
(Call 03/15/25)(a)(b)

    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),
(5-year CMT + 2.985%)(a)(d)

    4,135       3,604,894  

4.88%, 11/23/81 (Call 08/23/31),
(5-year CMT + 3.493%)(a)(b)(d)

    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
(Call 01/31/25)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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),
(5-year CMT + 2.447%)(b)(d)

    3,810       3,344,502  

4.13%, 06/04/81 (Call 03/04/31),
(5-year CMT + 2.767%)(b)(d)

    7,270       5,495,333  

5.13%, 06/04/81 (Call 12/04/50),
(5-year CMT + 3.073%)(b)(d)

    7,261       4,612,660  

7.00%, 04/04/79 (Call 01/04/29),
(5-year USD Swap + 4.873%)(d)

    16,252       15,714,415  

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28
(Call 12/01/23)(a)(b)

    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
(Call 11/13/23)(a)(b)

    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
(Call 06/01/26)(a)(b)

    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%
(Cost: $9,939,531,698)

          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%
(Cost: $1,647,377)

      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%
(Cost $1,265,178)

       
   

 

 

 

Total Long-Term Investments — 97.7%
(Cost: $9,942,444,253)

 

    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%
(Cost: $1,612,450,885)

 

    1,613,266,242  
   

 

 

 

Total Investments — 115.6%
(Cost: $11,554,895,138)

      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.,
6.50%, 11/15/28 (Call 11/15/23)(a)

  $         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
(Call 08/15/24)(a)

    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
(Call 08/15/24)(a)

    120       109,092  

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

    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
(Call 11/15/24)(a)

  $ 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
(Call 08/15/24)(a)

    130       96,805  
   

 

 

 
      629,486  
Auto Manufacturers — 0.3%            

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

    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
(Call 06/30/29)(a)

    225       235,330  

Intesa Sanpaolo SpA

   

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

    175       124,744  

4.95%, 06/01/42 (Call 06/01/41),
(1-year CMT + 2.750%)(a)(c)

    200       118,131  

5.71%, 01/15/26(a)

    200       189,840  

Pacific Western Bank, 3.25%, 05/01/31
(Call 05/01/26), (3-mo. SOFR + 2.520%)(c)

    100       73,996  

Western Alliance Bancorp., 3.00%, 06/15/31
(Call 06/15/26), (3-mo. SOFR + 2.250%)(c)

    150       115,241  
   

 

 

 
      857,282  
Beverages — 0.1%            

Primo Water Holdings Inc., 4.38%, 04/30/29
(Call 04/30/24)(a)

    185       156,368  
   

 

 

 
Building Materials — 1.4%            

Boise Cascade Co., 4.88%, 07/01/30
(Call 07/01/25)(a)

    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.,
8.75%, 08/01/28 (Call 08/01/24)(a)

    180       168,065  

Griffon Corp., 5.75%, 03/01/28 (Call 12/01/23)

    230       207,745  

James Hardie International Finance DAC,
5.00%, 01/15/28 (Call 12/01/23)(a)

    100       92,709  

Jeld-Wen Inc., 4.88%, 12/15/27
(Call 12/01/23)(a)(b)

    75       63,921  

Knife River Holding Co., 7.75%, 05/01/31
(Call 05/01/26)(a)

    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
(Call 02/15/24)(a)

    150       123,633  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV,
4.75%, 06/15/27 (Call 12/04/23)(a)

    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
(Call 12/01/23)(a)

    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.,
4.63%, 08/15/28 (Call 12/01/23)(a)

    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
(Call 01/15/25)(a)(b).

    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
(Call 12/01/23)(a)(b)

    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
(Call 02/01/25)(a)

    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,
5.50%, 04/15/29 (Call 04/15/24)(a)

    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.,
5.25%, 08/15/29 (Call 08/15/24)(a)(b)

    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
(Call 10/01/24)(a)

    160       130,412  

Glatfelter Corp., 4.75%, 11/15/29
(Call 11/01/24)(a)(b)

    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
(Call 02/15/27)(a)(b)

    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
(Call 12/01/23)(a)(b)

    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),
(5-year CMT + 3.315%)(a)(c)

    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
(Call 12/01/23)(a)

    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
(Call 11/13/23)(a)

    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
(Call 11/13/23)(a)(b)

    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),
(5-year CMT + 4.578%)(a)(c)(d)

    175       127,631  

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

    225       142,327  

10.25%, 11/30/24 (Call 11/28/23)(a)

    235       238,059  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/13/23)(a)

    110       109,253  

Ziff Davis Inc., 4.63%, 10/15/30
(Call 10/15/25)(a)(b)

    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.
3.63%, 02/15/32 (Call 08/15/26)(a)

  $         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.,
4.50%, 06/15/29 (Call 06/15/24)(a)(b)

    130       106,563  

Studio City Finance Ltd.
5.00%, 01/15/29 (Call 01/15/24)(a)

    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.
4.50%, 12/01/29 (Call 09/01/29)(a)(b)

    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.
7.50%, 01/01/30 (Call 01/01/26)(a)(b)

    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.,
9.88%, 12/15/28 (Call 12/15/25)(a)(b)

    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
(Call 11/15/25)(a)(b)

    160       119,320  

CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)

    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
3.38%, 02/15/31 (Call 02/15/26)(a)

    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
(Call 11/15/26)(a)(b)

    290       181,861  

Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)

    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.
4.75%, 01/15/28 (Call 12/01/23)(a)

    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.
5.75%, 08/01/28 (Call 08/01/24)(a)

    205       172,875  

8.00%, 08/01/29 (Call 08/01/24)(a)

    175       145,243  

Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/13/23)(a)(b)

    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.
4.13%, 12/01/30 (Call 12/01/25)(a)

    185       116,190  

5.50%, 03/01/30 (Call 12/01/24)(a)(b)

    100       54,254  

Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 12/01/23)(a)(b)

    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.
4.63%, 03/15/28 (Call 12/01/23)(b)

    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,
5.50%, 03/01/28 (Call 11/13/23)(a)

    200       176,178  

Univision Communications Inc.
4.50%, 05/01/29 (Call 05/01/24)(a)

    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.
3.63%, 06/15/29 (Call 06/15/24)(a)

    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
4.50%, 08/15/30 (Call 08/15/25)(a)

    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
5.13%, 02/28/30 (Call 02/15/25)(a)

    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.,
6.38%, 06/15/30 (Call 07/15/25)(a)(b)

    110       104,238  
   

 

 

 
Mining — 1.4%            

Compass Minerals International Inc.,
6.75%, 12/01/27 (Call 11/13/23)(a)

    120       113,064  

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

    125       102,824  

FMG Resources August 2006 Pty Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)

    345       278,084  

4.50%, 09/15/27 (Call 06/15/27)(a)

    135       121,456  

FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)

    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.
4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    110       81,278  

4.63%, 03/01/28 (Call 12/01/23)(a)

    125       104,217  

New Gold Inc., 7.50%, 07/15/27
(Call 12/01/23)(a)

    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.
5.00%, 08/15/25 (Call 07/15/25)(a)

    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
3.25%, 09/01/28 (Call 05/15/24)(a)

    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.
4.13%, 08/15/26 (Call 11/13/23)(a)

    275       242,720  

5.25%, 08/15/27 (Call 12/01/23)(a)

    425       309,328  

Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)

    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
(Call 12/01/23)(a)(b)

  $         110     $ 105,122  

Cascades Inc./Cascades USA Inc.,
5.38%, 01/15/28 (Call 12/01/23)(a)

    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.
6.63%, 05/13/27 (Call 12/01/23)(a)

    140       133,184  

7.25%, 05/15/31 (Call 05/15/26)(a)

    165       150,987  

Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)

    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,
6.13%, 02/01/28 (Call 02/01/25)(a)

    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
5.50%, 08/15/26 (Call 12/01/23)(a)

    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
(Call 10/07/24)(a)

    110       91,982  

AdaptHealth LLC
4.63%, 08/01/29 (Call 02/01/24)(a)

    120       89,722  

5.13%, 03/01/30 (Call 03/01/25)(a)(b)

    120       91,289  

Bausch Health Americas Inc.
8.50%, 01/31/27 (Call 12/01/23)(a)(b)

    155       69,641  

9.25%, 04/01/26 (Call 12/01/23)(a)

    175       153,936  

Bausch Health Companies Inc.
4.88%, 06/01/28 (Call 06/01/24)(a)

    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.,
7.88%, 09/01/25 (Call 12/01/23)(a)

    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
4.13%, 04/30/28 (Call 04/30/24)(a)

    485       418,990  

5.13%, 04/30/31 (Call 04/30/26)(a)(b)

    450       351,627  

Owens & Minor Inc.
4.50%, 03/31/29 (Call 03/31/24)(a)(b)

    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.
3.90%, 12/15/24 (Call 09/15/24)

  $         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.
3.75%, 04/01/31 (Call 04/01/26)(a)

    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
6.75%, 05/15/28 (Call 12/01/23)(a)(b)

    160       146,010  

8.88%, 09/01/31 (Call 09/01/26)(a)(b)

    80       75,878  

Howard Hughes Corp. (The)
4.13%, 02/01/29 (Call 02/01/24)(a)

    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.
4.75%, 03/01/29 (Call 03/01/24)

    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.
5.25%, 04/15/30 (Call 04/15/25)(a)

    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.,
4.63%, 06/15/29 (Call 06/15/24)(a)(b)

    124       95,040  

Brandywine Operating Partnership LP,
3.95%, 11/15/27 (Call 08/15/27)

    100       83,000  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL
4.50%, 04/01/27 (Call 12/01/23)(a)(b)

    170       141,674  

5.75%, 05/15/26 (Call 11/13/23)(a)

    210       192,372  

CTR Partnership LP/CareTrust Capital Corp.,
3.88%, 06/30/28 (Call 03/30/28)(a)

    100       84,698  

HAT Holdings I LLC/HAT Holdings II LLC
3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    240       211,377  

6.00%, 04/15/25 (Call 12/01/23)(a)(b)

    90       87,467  

Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)

    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
(Call 07/15/27)(a)

    175       143,332  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.
4.25%, 02/01/27 (Call 12/01/23)(a)

    150       131,713  

4.75%, 06/15/29 (Call 06/15/24)(a)

    150       120,894  

MPT Operating Partnership LP/MPT Finance Corp.
3.50%, 03/15/31 (Call 03/15/26)

    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
4.88%, 05/15/29 (Call 05/15/24)(a)

    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.
4.50%, 02/15/29 (Call 02/15/24)(a)

    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
3.75%, 07/01/26 (Call 12/01/23)(a)

    125       112,801  

4.00%, 09/15/29 (Call 09/15/24)(a)

    100       81,553  

SBA Communications Corp.
3.13%, 02/01/29 (Call 02/01/24)(b)

    345       286,004  

3.88%, 02/15/27 (Call 11/13/23)(b)

    345       314,631  

Starwood Property Trust Inc.
3.63%, 07/15/26 (Call 01/15/26)(a)

    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
4.75%, 04/15/28 (Call 04/15/24)(a)

    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
4.88%, 06/01/29 (Call 06/01/24)(a)

    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.
3.50%, 02/15/29 (Call 02/15/24)(a)(b)

    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.
4.50%, 03/01/28 (Call 11/13/23)

    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.
5.25%, 02/01/28

    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),
(12% PIK)(a)(b)(e)

    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.
3.88%, 06/01/29 (Call 06/01/24)(a)

    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)
5.25%, 05/01/28 (Call 11/13/23)(a)(b)

    190       136,835  

7.88%, 05/01/29 (Call 05/01/24)(a)

    310       172,868  

Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)(b)

    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.
3.50%, 09/01/25 (Call 11/13/23)

    125       119,109  

3.75%, 06/15/29 (Call 06/15/24)

    125       103,019  

QVC Inc.
4.38%, 09/01/28 (Call 06/01/28)

    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
(Call 12/01/23)(a)

    210       145,653  

Sally Holdings LLC/Sally Capital Inc.,
5.63%, 12/01/25 (Call 12/01/23)

    160       154,637  

Sonic Automotive Inc.
4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    150       124,992  

4.88%, 11/15/31 (Call 11/15/26)(a)(b)

    110       87,638  

Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)(b)

    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.
3.63%, 05/01/29 (Call 05/01/24)(a)(b)

    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
(Call 06/15/24)(a)(b)

    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.,
7.25%, 06/15/29 (Call 06/15/25)(a)

    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.
3.88%, 07/01/28 (Call 06/30/24)(a)

            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.
4.00%, 06/15/28 (Call 11/16/23)(a)

    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.
3.88%, 02/15/28 (Call 12/01/23)(a)

    205       178,410  

3.88%, 12/01/29 (Call 12/01/24)(a)(b)

    190       155,754  

Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)

    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.
3.63%, 02/15/25 (Call 12/01/23)(a)

    109       105,274  

4.00%, 02/15/28 (Call 12/01/23)(a)

    125       111,367  

Rackspace Technology Global Inc.
3.50%, 02/15/28 (Call 02/15/24)(a)(b)

    125       54,889  

5.38%, 12/01/28 (Call 12/01/23)(a)

    125       36,731  

RingCentral Inc., 8.50%, 08/15/30
(Call 08/15/26)(a)

    100       95,020  

Twilio Inc.
3.63%, 03/15/29 (Call 03/15/24)

    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
5.13%, 01/15/29 (Call 12/01/23)(a)

    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.
4.75%, 09/01/29 (Call 09/01/24)(a)

    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
5.00%, 03/15/27 (Call 11/13/23)(a)(b)

    165       62,999  

6.00%, 06/15/25 (Call 11/13/23)(a)(b)

    291       175,506  

Consolidated Communications Inc.
5.00%, 10/01/28 (Call 11/13/23)(a)(b)

    75       56,475  

6.50%, 10/01/28 (Call 11/13/23)(a)(b)

    180       142,662  

Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)

    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
(Call 03/15/25)(a)(b)

    700       616,022  

Level 3 Financing Inc.
3.40%, 03/01/27 (Call 01/01/27)(a)

    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.
4.00%, 02/15/27 (Call 12/01/23)(a)

    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
(Call 03/15/27), (5-year CMT + 3.590%)(a)(c)

    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
(Call 10/01/24)(a)(b)

    100       79,054  

Vmed O2 UK Financing I PLC 4.25%, 01/31/31
(Call 01/31/26)(a)

    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),
(5-year CMT + 2.447%)(c)

    125       109,904  

4.13%, 06/04/81 (Call 03/04/31),
(5-year CMT + 2.767%)(c)

    220       166,514  

5.13%, 06/04/81 (Call 12/04/50),
(5-year CMT + 3.073%)(c)

    205       132,008  

7.00%, 04/04/79 (Call 01/04/29),
(5-year USD Swap + 4.873%)(c)

    460       445,119  

Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28
(Call 12/01/23)(a)(b)

    315       249,596  

Zayo Group Holdings Inc.
4.00%, 03/01/27 (Call 12/01/23)(a)(b)

    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%
(Cost: $123,652,285)

      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%
(Cost: $27,728,438)

 

    27,743,210  
   

 

 

 

Total Investments — 122.7%
(Cost: $151,380,723)

 

    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.
5.13%, 10/01/24 (Call 07/01/24)(b)

    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
(Call 07/14/25)(a)

    17,073       16,060,440  

Spirit AeroSystems Inc.
3.85%, 06/15/26 (Call 03/15/26)(b)

    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.
2.90%, 10/28/24 (Call 09/28/24)(b)

    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,
Series 2013-1, Class A, 3.90%, 07/15/27

    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
(Call 03/15/26)(b)

    10,620       9,667,649  
   

 

 

 
Auto Manufacturers — 2.4%            

Ford Holdings LLC, 9.30%, 03/01/30(b)

    825       883,852  

Ford Motor Co.
4.35%, 12/08/26 (Call 09/08/26)

    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
3.82%, 11/02/27 (Call 08/02/27)

    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
(Call 10/15/24)(b)

    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
(Call 05/01/26), (3-mo. SOFR + 2.520%)(b)(c)

    6,980       5,164,917  

UniCredit SpA

   

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

    17,808       16,062,593  

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

    22,243       20,660,320  

Valley National Bancorp., 3.00%, 06/15/31
(Call 06/15/26), (3-mo. SOFR + 2.360%)(b)(c)

    5,116       4,092,264  

Western Alliance Bancorp., 3.00%, 06/15/31
(Call 06/15/26), (3-mo. SOFR + 2.250%)(c)

    10,470       8,043,794  

Western Alliance Bank, 5.25%, 06/01/30
(Call 06/01/25), (3-mo. SOFR + 5.120%)(b)(c)

    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.
4.25%, 12/01/24 (Call 09/01/24)

    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.,
3.88%, 11/15/27 (Call 11/13/23)

    13,240       12,178,723  
   

 

 

 
      16,212,533  
Computers — 3.3%            

Crane NXT Co.
4.20%, 03/15/48 (Call 09/15/47)

    8,118       4,978,709  

6.55%, 11/15/36(b)

    1,374       1,296,247  

Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)

    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.
5.63%, 08/01/33(b)

        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.
2.05%, 03/01/25 (Call 02/01/25)(b)

    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.
3.50%, 12/15/24 (Call 09/15/24)(b)

    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
4.63%, 04/16/29 (Call 01/16/29)(d)

    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)
4.98%, 11/15/45 (Call 05/15/45)(b)

    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.
4.00%, 12/01/24 (Call 09/01/24)(b)

    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
(Call 10/24/29)(a)(b)

    7,568       6,702,016  

Genworth Holdings Inc., 6.50%, 06/15/34

    4,841       4,206,059  

Liberty Mutual Group Inc., 7.80%,
03/07/87(a)(b)

    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.
3.70%, 03/15/28 (Call 12/15/27)(b)

    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
(Call 01/15/26)(a)

    9,310       8,329,171  
Security  

Par

(000)

    Value  
Lodging (continued)            

Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)(b)

  $ 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.
6.00%, 04/01/27 (Call 01/01/27)

    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.
7.25%, 09/15/27(b)

    4,187       3,997,031  

7.75%, 06/01/27(b)

    3,531       3,474,776  

Liberty Interactive LLC
8.25%, 02/01/30(b)

    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.
4.80%, 03/01/35(b)

    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.
5.88%, 12/01/42 (Call 06/01/42)

    6,128       4,714,944  

7.05%, 05/01/29

    4,411       4,336,309  

Patterson-UTI Energy Inc.
3.95%, 02/01/28 (Call 11/01/27)(b)

    1,500       1,328,644  

5.15%, 11/15/29 (Call 08/15/29)

    1,500       1,339,216  

Southwestern Energy Co.,
5.70%, 01/23/25 (Call 10/23/24)

    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
7.95%, 12/15/25(b)

    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.
3.90%, 12/15/24 (Call 09/15/24)(b)

  $ 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
3.95%, 12/01/26 (Call 09/01/26)

    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
4.15%, 06/01/25 (Call 03/01/25)

    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
4.13%, 12/01/26 (Call 09/01/26)(b)

    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
3.60%, 05/15/25 (Call 04/15/25)(a)

    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
3.95%, 11/15/27 (Call 08/15/27)(b)

    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
2.40%, 02/01/27 (Call 01/01/27)(b)

    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
3.95%, 01/15/28 (Call 07/15/27)(b)

    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.
1.75%, 10/01/27 (Call 08/01/27)(b)

    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.
6.95%, 03/01/33(b)

  $ 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.
4.25%, 07/17/25 (Call 04/17/25)(b)

    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
4.30%, 02/15/43 (Call 08/15/42)

    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.
4.00%, 03/15/27 (Call 12/15/26)(b)

    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.
4.45%, 02/15/25 (Call 11/15/24)(b)

    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.
5.35%, 11/01/43 (Call 05/01/43)(b)

    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.
3.40%, 03/01/27 (Call 01/01/27)(a)

    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 +
3.590%)(a)(b)(c)

    13,537       11,904,672  

Telecom Italia Capital SA
6.00%, 09/30/34

    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%
(Cost: $1,466,527,142)

      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%
(Cost: $169,569,038)

 

    169,666,512  
   

 

 

 

Total Investments — 112.1%
(Cost: $1,636,096,180)

 

    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
10/31/23

    Income    

Capital

Gain
Distributions

from
Underlying
Funds

 

 

 

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
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

 

 

 

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


Statements of Operations

Year Ended October 31, 2023

 

   

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

 

 

 

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
ETF

   

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


Financial Highlights 

(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


Notes to Financial Statements  

 

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            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 609,807,229      $ (609,807,229   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

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   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

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   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

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            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 160,504,210      $ (160,504,210   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (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  

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)

 

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

 

 

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T

  91


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.

 

 

92  

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  (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

 

 

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T

  93


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.

 

 

94  

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


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

 
 

 

 

    

 

 

 

iShares ETF

 

 

Net
Investment
Income

 

    

Net Realized
Capital Gains

 

    

Return of

Capital

 

    

Total Per

Share

 

    

Net

Investment

Income

 

   

Net Realized

Capital Gains

 

   

Return of

Capital

 

   

Total Per

Share

 

 

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.

 

 

S U P P L E M E N T A L   I N F O R M A T I O N

  95


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.

 

 

96  

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


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

  97


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).

 

 

98  

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


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.

 

 

 

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

  99


General Information

 

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.

 

 

100  

2 0 2 1    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


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

  101


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.


 

 

THIS PAGE INTENTIONALLY LEFT BLANK.


 

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

 

LOGO

   LOGO