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.

 

 

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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.

 

 

 

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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.

 

 

 

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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.

 

 

 

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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