LOGO

      AUGUST 31, 2023

 

  

 

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares BBB Rated Corporate Bond ETF | LQDB | NYSE Arca

· iShares Broad USD Investment Grade Corporate Bond ETF | USIG | NASDAQ

· iShares 1-5 Year Investment Grade Corporate Bond ETF | IGSB | NASDAQ

· iShares 5-10 Year Investment Grade Corporate Bond ETF | IGIB | NASDAQ

· iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

   14.50%    15.94%
     

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

  0.99    4.65 
     

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

  4.75    17.92   
     

Emerging market equities
(MSCI Emerging Markets Index)

  3.62    1.25 
     

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

  2.47    4.25 
     

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

  0.11   (4.71)
     

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

  0.95   (1.19)
     

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  1.04    1.70 
     

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

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

 

 

2  

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


Table of Contents

 

      Page

The Markets in Review

   2

Semi-Annual Report:

  

Fund Summary

   4

About Fund Performance

   9

Disclosure of Expenses

   9

Schedules of Investments

   10

Financial Statements

  

Statements of Assets and Liabilities

   243

Statements of Operations

   245

Statements of Changes in Net Assets

   247

Financial Highlights

   250

Notes to Financial Statements

   255

Board Review and Approval of Investment Advisory Contract

   264

Supplemental Information

   269

General Information

   270

Glossary of Terms Used in this Report

   271

 

 

 


Fund Summary as of August 31, 2023    iShares® BBB Rated Corporate Bond ETF

 

Investment Objective

The iShares BBB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the iBoxx USD Liquid Investment Grade BBB 0+ Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Since   

Inception   

         1 Year    

Since

Inception

 

Fund NAV

    2.55   1.80%   (4.64)%       1.80     (10.31 )% 

Fund Market

    2.55     2.13   (4.60)         2.13       (10.22 )  

Index

    2.68     2.13   (4.51)               2.13       (10.01

The inception date of the Fund was 5/18/21. The first day of secondary market trading was 5/20/21.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $  1,000.00          $  1,025.50          $   0.76               $  1,000.00          $  1,024.40          $  0.76          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
S&P Credit Rating*    

Percent of

Total Investments

 

(a) 

A

    1.0

A-

    3.6  

BBB+

    29.6  

BBB

    42.9  

BBB-

    21.7  

BB+

    0.8  

Not Rated

    0.4  
MATURITY ALLOCATION

 

   
Maturity    

Percent of

Total Investments

 

(a) 

0-1 Year

    1.4

1-5 Years

    37.6  

5-10 Years

    29.8  

10-15 Years

    3.8  

15-20 Years

    5.0  

More than 20 Years

    22.4  

 

  *

Credit quality ratings shown reflect the ratings assigned by S&P Global Ratings, a widely used independent, nationally recognized statistical rating organization. S&P 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 BBB or higher. Below investment grade ratings are credit ratings of BB or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 

 

  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of August 31, 2023    iShares® Broad USD Investment Grade Corporate Bond ETF

 

Investment Objective

The iShares Broad USD Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds, as represented by the ICE BofA US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    2.13     1.14     1.41     2.44        1.14     7.24     27.22

Fund Market

    2.11       1.34       1.39       2.45          1.34       7.14       27.40   

Index

    2.09       1.14       1.51       2.57                1.14       7.76       28.91  

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA US Corporate Index. Historical index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Credit Bond 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $   1,000.00          $  1,021.30          $   0.20                $  1,000.00           $  1,024.90          $    0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION  
   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    2.2

Aa

    7.1  

A

    42.2  

Baa

    44.9  

Ba

    1.4  

Not Rated

    2.2  
MATURITY ALLOCATION  
   
Maturity    

Percent of

Total Investments

 

(a) 

1-5 Years

    39.0

5-10 Years

    27.4  

10-15 Years

    6.6  

15-20 Years

    7.1  

More than 20 Years

    19.9  

 

  *

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.

 

 

 

F U N D  S U M M A R Y

    5  


Fund Summary as of August 31, 2023    iShares® 1-5 Year Investment Grade Corporate Bond ETF

 

Investment Objective

The iShares 1-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between one and five years, as represented by the ICE BofA 1-5 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years     

Fund NAV

    2.29     2.46     1.81     1.51        2.46     9.40     16.18%  

Fund Market

    2.25       2.54       1.81       1.49          2.54       9.38       15.94     

Index

    2.27       2.42       1.87       1.67                2.42       9.69       18.07     

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA1-5 Year US Corporate Index. Historical index from August 01, 2020 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. 1-3 Year Credit Bond 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      


Ending

Account Value
(08/31/23)

 


 

      


Expenses

Paid During
the Period

 


(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $  1,022.90          $   0.20               $  1,000.00          $   1,024.90          $  0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    2.2

Aa

    7.3  

A

    45.4  

Baa

    42.1  

Ba

    1.1  

Not Rated

    1.9  
MATURITY ALLOCATION

 

   
Maturity    

Percent of

Total Investments

 

(a) 

1-2 Years

    24.8

2-3 Years

    28.1  

3-4 Years

    22.4  

4-5 Years

    20.4  

5-6 Years

    3.7  

6-7 Years

    0.1  

8-9 Years

    0.2  

9-10 Years

    0.2  

21-22 Years

    0.1  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of August 31, 2023    iShares® 5-10 Year Investment Grade Corporate Bond ETF

 

Investment Objective

The iShares 5-10 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between five and ten years, as represented by the ICE BofA 5-10 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
     6-Month
Total Returns
    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years     

Fund NAV

    2.50     1.89     1.86     2.19        1.89     9.64     24.15%  

Fund Market

    2.40       2.04       1.85       2.18          2.04       9.61       24.06     

Index

    2.44       1.81       1.90       2.31                1.81       9.89       25.70     

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofAML 5-10 Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Intermediate Credit Bond 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
      $  1,000.00          $  1,025.00          $   0.20               $  1,000.00          $  1,024.90          $   0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION  
   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    0.7

Aa

    5.0  

A

    40.7  

Baa

    49.4  

Ba

    1.9  

Not Rated

    2.3  
MATURITY ALLOCATION  
   
Maturity    

Percent of

Total Investments

 

(a) 

5-10 Years

    93.3

10-15 Years

    5.8  

15-20 Years

    0.1  

More than 20 Years

    0.8  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

F U N D  S U M M A R Y

    7  


Fund Summary as of August 31, 2023    iShares® 10+ Year Investment Grade Corporate Bond ETF

 

Investment Objective

The iShares 10+ Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the ICE BofA 10+ Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years             1 Year     5 Years     10 Years     

Fund NAV

    1.53     (1.17 )%      0.68     3.11        (1.17 )%      3.46     35.79%  

Fund Market

    1.66       (0.89     0.72       3.19          (0.89     3.63       36.88     

Index

    1.50       (1.12     0.83       3.38                (1.12     4.20       39.42     

On March 01, 2021 the Fund began to track the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Index data on and after March 01, 2021 is for the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical index data from August 01, 2018 through February 28, 2021 is for the 3pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical Index data prior to August 01, 2018 is for the Bloomberg Barclays U.S. Long Credit 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

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/23)

 

 

 

      

Ending

Account Value

(08/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $  1,000.00          $  1,015.30          $   0.20               $  1,000.00          $  1,024.90          $  0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION  
   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Aaa

    3.3

Aa

    8.9  

A

    41.8  

Baa

    43.0  

Ba

    1.3  

Not Rated

    1.7  
MATURITY ALLOCATION  
   
Maturity    

Percent of

Total Investments

 

(a) 

10-15 Years

    15.1

15-20 Years

    22.7  

More than 20 Years

    62.2  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

8  

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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

    9  


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

 

 
Advertising — 0.2%        

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)

  $ 18     $ 14,530  

5.40%, 10/01/48 (Call 04/01/48)

    10       9,097  

Omnicom Group Inc., 2.60%, 08/01/31
(Call 05/01/31)(a)

    22       18,004  
   

 

 

 
      41,631  
Aerospace & Defense — 3.1%        

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 09/11/23)

    75       69,153  

5.04%, 05/01/27 (Call 03/01/27)

    95       93,901  

5.15%, 05/01/30 (Call 02/01/30)

    80       78,596  

5.71%, 05/01/40 (Call 11/01/39)

    47       45,643  

5.81%, 05/01/50 (Call 11/01/49)

    55       53,476  

5.93%, 05/01/60 (Call 11/01/59)

    35       33,699  

L3Harris Technologies Inc.

   

4.40%, 06/15/28 (Call 03/15/28)(a)

    49       47,120  

5.05%, 04/27/45 (Call 10/27/44)

    5       4,624  

Northrop Grumman Corp.

   

3.25%, 01/15/28 (Call 10/15/27)

    65       60,582  

4.03%, 10/15/47 (Call 04/15/47)

    43       35,356  

5.25%, 05/01/50 (Call 11/01/49)

    20       19,607  

RTX Corp.

   

2.82%, 09/01/51 (Call 03/01/51)

    35       21,854  

4.13%, 11/16/28 (Call 08/16/28)

     100       95,475  

4.15%, 05/15/45 (Call 11/16/44)

    25       20,337  

4.50%, 06/01/42

    60       52,307  

4.63%, 11/16/48 (Call 05/16/48)

    30       26,346  

5.15%, 02/27/33 (Call 11/27/32)

    25       24,718  
   

 

 

 
       782,794  
Agriculture — 1.7%        

Altria Group Inc.

   

3.70%, 02/04/51 (Call 08/04/50)

    25       16,304  

4.40%, 02/14/26 (Call 12/14/25)

    41       40,089  

4.50%, 05/02/43

    25       19,519  

4.80%, 02/14/29 (Call 11/14/28)

    69       66,831  

5.80%, 02/14/39 (Call 08/14/38)

    25       24,304  

5.95%, 02/14/49 (Call 08/14/48)

    50       46,505  

BAT Capital Corp.

   

2.73%, 03/25/31 (Call 12/25/30)

    15       11,877  

3.22%, 08/15/24 (Call 06/15/24)

    33       32,187  

3.56%, 08/15/27 (Call 05/15/27)

    14       12,987  

4.39%, 08/15/37 (Call 02/15/37)

    40       31,651  

4.54%, 08/15/47 (Call 02/15/47)

    50       36,382  

4.74%, 03/16/32 (Call 12/16/31)

    15       13,578  

5.65%, 03/16/52 (Call 09/16/51)

    30       25,072  

Bunge Ltd. Finance Corp., 2.75%, 05/14/31 (Call 02/14/31)

    8       6,685  

Reynolds American Inc., 4.45%, 06/12/25 (Call 03/12/25)

    51       49,924  
   

 

 

 
      433,895  
Airlines — 0.3%        

Southwest Airlines Co., 5.25%, 05/04/25 (Call 04/04/25)

    68       67,505  
   

 

 

 
Apparel — 0.1%            

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    10       9,441  

2.95%, 04/23/30 (Call 01/23/30)(a)

    15       12,451  
   

 

 

 
      21,892  
Auto Manufacturers — 2.0%        

General Motors Co.

   

6.25%, 10/02/43

    25       23,456  
Security   Par
(000)
    Value  
Auto Manufacturers (continued)        

6.60%, 04/01/36 (Call 10/01/35)(a)

  $ 45     $ 45,177  

6.75%, 04/01/46 (Call 10/01/45)

    25       24,599  

General Motors Financial Co. Inc.

   

1.25%, 01/08/26 (Call 12/08/25)

     135       121,350  

2.35%, 02/26/27 (Call 01/26/27)

    85       75,596  

2.35%, 01/08/31 (Call 10/08/30)

    50       38,871  

3.80%, 04/07/25

    42       40,581  

5.00%, 04/09/27 (Call 03/09/27)

    42       40,906  

5.85%, 04/06/30 (Call 02/06/30)(a)

    25       24,475  

6.05%, 10/10/25

    60       60,084  
   

 

 

 
       495,095  
Auto Parts & Equipment — 0.3%        

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    30       18,225  

3.25%, 03/01/32 (Call 12/01/31)(a)

    10       8,465  

4.15%, 05/01/52 (Call 11/01/51)

    11       8,171  

BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)

    26       23,557  

Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)

    7       6,077  
   

 

 

 
      64,495  
Banks — 5.2%        

Citigroup Inc.

   

3.88%, 03/26/25

    36       34,883  

4.45%, 09/29/27

    70       66,788  

4.60%, 03/09/26

    34       33,121  

4.75%, 05/18/46

    35       29,110  

6.63%, 06/15/32

    35       36,367  

6.68%, 09/13/43

    19       19,978  

Deutsche Bank AG, 6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(b)

    150       149,044  

Fifth Third Bancorp.

   

4.30%, 01/16/24 (Call 12/16/23)

    71       70,545  

4.77%, 07/28/30 (Call 07/28/29), (1-day SOFR + 2.127%)(b)

    15       14,020  

6.36%, 10/27/28 (Call 10/27/27), (1-day SOFR + 2.192%)(b)

    20       20,163  

8.25%, 03/01/38

    10       11,288  

Goldman Sachs Group Inc.,

   

4.25%, 10/21/25

    37       35,881  

5.15%, 05/22/45

    45       41,366  

6.75%, 10/01/37

    90       95,495  

HSBC Holdings PLC, 6.50%, 05/02/36

    100       101,856  

KeyCorp, 4.79%, 06/01/33 (Call 06/01/32), (1-day SOFR + 2.060%)(b)

    43       37,015  

Morgan Stanley

   

3.95%, 04/23/27

    68       64,118  

5.00%, 11/24/25

    65       63,945  

Regions Financial Corp., 2.25%, 05/18/25 (Call 04/18/25)

    50       46,739  

Santander Holdings USA Inc.

   

3.45%, 06/02/25 (Call 05/02/25)

    75       71,623  

5.81%, 09/09/26 (Call 09/09/25), (1-day SOFR + 2.328%)(b)

    39       38,535  

Wells Fargo & Co.

   

4.30%, 07/22/27

    80       76,622  

4.75%, 12/07/46

    50       41,458  

4.90%, 11/17/45

    60       51,171  

5.61%, 01/15/44

    33       31,072  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Banks (continued)        

Westpac Banking Corp.

   

2.96%, 11/16/40

  $ 25     $ 16,192  

3.13%, 11/18/41

    15       9,812  
   

 

 

 
       1,308,207  
Beverages — 0.6%        

Constellation Brands Inc.

   

3.70%, 12/06/26 (Call 09/06/26)

    38       36,224  

3.75%, 05/01/50 (Call 11/01/49)

    22       16,668  

4.75%, 05/09/32 (Call 02/09/32)(a)

    18       17,247  

Keurig Dr Pepper Inc.

   

2.25%, 03/15/31 (Call 12/15/30)

    43       35,042  

3.35%, 03/15/51 (Call 09/15/50)

    30       20,644  

Molson Coors Beverage Co.

   

4.20%, 07/15/46 (Call 01/15/46)

    25       19,763  

5.00%, 05/01/42

    10       9,041  
   

 

 

 
      154,629  
Biotechnology — 3.5%        

Amgen Inc.

   

2.20%, 02/21/27 (Call 12/21/26)

     130       118,314  

2.30%, 02/25/31 (Call 11/25/30)

    150       123,881  

2.77%, 09/01/53 (Call 03/01/53)

    64       38,230  

2.80%, 08/15/41 (Call 02/15/41)

    95       65,480  

3.63%, 05/22/24 (Call 02/22/24)(a)

    19       18,703  

4.40%, 05/01/45 (Call 11/01/44)

    50       41,842  

4.66%, 06/15/51 (Call 12/15/50)

    75       64,575  

5.75%, 03/02/63 (Call 09/02/62)

    35       34,494  

Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44)

    27       25,368  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    25       20,561  

3.15%, 05/01/50 (Call 11/01/49)

    11       7,151  

3.25%, 02/15/51 (Call 08/15/50)

    23       15,254  

4.05%, 09/15/25 (Call 06/15/25)

    37       35,867  

Gilead Sciences Inc.

   

1.65%, 10/01/30 (Call 07/01/30)

    70       56,207  

3.50%, 02/01/25 (Call 11/01/24)

    36       35,042  

4.75%, 03/01/46 (Call 09/01/45)

    40       36,353  

4.80%, 04/01/44 (Call 10/01/43)

    40       36,691  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)

    7       5,576  

2.80%, 09/15/50 (Call 03/15/50)

    15       9,304  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    37       33,683  

1.75%, 09/02/27 (Call 07/02/27)

    43       37,089  

3.30%, 09/02/40 (Call 03/02/40)

    20       13,731  

3.55%, 09/02/50 (Call 03/02/50)(a)

    10       6,535  
   

 

 

 
      879,931  
Building Materials — 0.7%        

Carrier Global Corp.

   

2.49%, 02/15/27 (Call 12/15/26)

    56       50,948  

3.58%, 04/05/50 (Call 10/05/49)

    38       27,202  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA, 2.00%, 09/16/31 (Call 06/16/31)

    19       14,993  

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

    15       10,000  

3.50%, 12/15/27 (Call 09/15/27)

    60       56,078  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

    19       17,019  

4.50%, 06/15/47 (Call 12/15/46)

    7       5,948  
   

 

 

 
      182,188  
Security   Par
(000)
    Value  
Chemicals — 2.0%            

Albemarle Corp., 4.65%, 06/01/27 (Call 05/01/27)

  $ 31     $ 29,962  

Celanese U.S. Holdings LLC

   

6.17%, 07/15/27 (Call 06/15/27)

    15       15,010  

6.33%, 07/15/29 (Call 05/15/29)

    22       21,880  

6.70%, 11/15/33 (Call 08/15/33)

    25       25,107  

CF Industries Inc., 5.38%, 03/15/44

    15       13,266  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)

    63       51,393  

3.60%, 11/15/50 (Call 05/15/50)

    35       24,967  

4.38%, 11/15/42 (Call 05/15/42)

    35       28,910  

DuPont de Nemours Inc.

   

4.73%, 11/15/28 (Call 08/15/28)(a)

    20       19,742  

5.42%, 11/15/48 (Call 05/15/48)

    35       33,800  

Eastman Chemical Co.

   

4.50%, 12/01/28 (Call 09/01/28)

    19       18,165  

4.65%, 10/15/44 (Call 04/15/44)

    15       12,222  

FMC Corp.

   

3.45%, 10/01/29 (Call 07/01/29)

    11       9,569  

4.50%, 10/01/49 (Call 04/01/49)

    5       3,728  

International Flavors & Fragrances Inc.

   

4.38%, 06/01/47 (Call 12/01/46)

    10       7,115  

5.00%, 09/26/48 (Call 03/26/48)

    5       3,970  

LYB International Finance III LLC

   

3.80%, 10/01/60 (Call 04/01/60)(a)

     25       16,310  

4.20%, 05/01/50 (Call 11/01/49)

    35       25,923  

Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27)(a)

    30       28,599  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)

    22       18,972  

3.95%, 05/13/50 (Call 11/13/49)

    15       11,295  

Sherwin-Williams Co. (The)

   

3.45%, 06/01/27 (Call 03/01/27)(a)

    53       49,977  

4.50%, 06/01/47 (Call 12/01/46)

    25       21,295  

Westlake Corp., 5.00%, 08/15/46 (Call 02/15/46)

    15       12,594  
   

 

 

 
       503,771  
Commercial Services — 0.8%            

Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28)

    22       18,866  

Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31)

    18       14,136  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    95       84,985  

3.20%, 08/15/29 (Call 05/15/29)

    20       17,443  

4.15%, 08/15/49 (Call 02/15/49)

    20       14,602  

Moody’s Corp., 3.75%, 02/25/52 (Call 08/25/51)

    20       15,264  

RELX Capital Inc., 4.00%, 03/18/29 (Call 12/18/28)

    37       35,161  

Verisk Analytics Inc., 3.63%, 05/15/50 (Call 11/15/49)(a)

    10       7,105  
   

 

 

 
      207,562  
Computers — 1.8%            

Dell International LLC/EMC Corp.

   

3.45%, 12/15/51 (Call 06/15/51)(c)

    25       16,278  

5.25%, 02/01/28 (Call 01/01/28)(a)

    60       59,855  

6.02%, 06/15/26 (Call 03/15/26)

    47       47,501  

8.10%, 07/15/36 (Call 01/15/36)

    10       11,490  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)

    15       14,586  

4.90%, 10/15/25 (Call 07/15/25)

    58       57,238  

6.35%, 10/15/45 (Call 04/15/45)

    15       15,367  

HP Inc.

   

2.20%, 06/17/25 (Call 05/17/25)

    30       28,268  

2.65%, 06/17/31 (Call 03/17/31)

    20       16,194  

4.75%, 01/15/28 (Call 12/15/27)

    60       58,449  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  11


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Computers (continued)            

6.00%, 09/15/41(a)

  $ 15     $ 14,756  

Kyndryl Holdings Inc.

   

2.05%, 10/15/26 (Call 09/15/26)

    18       15,853  

2.70%, 10/15/28 (Call 08/15/28)

    10       8,358  

4.10%, 10/15/41 (Call 04/15/41)

    10       6,817  

Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30)

    26       24,011  

NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25)

    55       51,526  

Western Digital Corp., 3.10%, 02/01/32 (Call 11/01/31)

    15       11,178  
   

 

 

 
       457,725  
Distribution & Wholesale — 0.1%            

LKQ Corp., 6.25%, 06/15/33 (Call 03/15/33)(c)

    15       14,877  
   

 

 

 
Diversified Financial Services — 4.0%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.65%, 10/29/24 (Call 09/29/24)

    150       142,612  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)

    46       44,911  

2.10%, 09/01/28 (Call 07/01/28)

    65       54,749  

2.20%, 01/15/27 (Call 12/15/26)

    30       26,816  

2.88%, 01/15/26 (Call 12/15/25)(a)

    37       34,582  

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

    25       23,722  

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)

    25       20,195  

4.75%, 06/09/27 (Call 05/09/27)(a)

    31       29,066  

8.00%, 11/01/31

    20       20,681  

Capital One Financial Corp.

   

3.65%, 05/11/27 (Call 04/11/27)

    75       69,780  

3.75%, 03/09/27 (Call 02/09/27)

    100       93,064  

CI Financial Corp.

   

3.20%, 12/17/30 (Call 09/17/30)

    10       7,710  

4.10%, 06/15/51 (Call 12/15/50)

    10       6,048  

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

    80       74,265  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    25       19,471  

6.25%, 01/15/36

    15       15,178  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    25       19,567  

3.25%, 04/28/50 (Call 10/28/49)(a)

    25       16,591  

Nomura Holdings Inc., 1.85%, 07/16/25

     200       184,873  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    27       20,050  

4.50%, 07/23/25 (Call 04/23/25)

    36       34,413  

Western Union Co. (The), 1.35%, 03/15/26 (Call 02/15/26)

    37       33,134  
   

 

 

 
      991,478  
Electric — 5.1%            

AEP Texas Inc.

   

5.25%, 05/15/52 (Call 11/15/51)

    10       9,179  

Series I, 2.10%, 07/01/30 (Call 04/01/30)

    15       12,166  

AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30)

    10       7,936  

American Electric Power Co. Inc., 5.95%, 11/01/32 (Call 08/01/32)(a)

    15       15,436  

Avangrid Inc., 3.20%, 04/15/25 (Call 03/15/25)

    12       11,490  

Constellation Energy Generation LLC

   

5.60%, 06/15/42 (Call 12/15/41)

    15       14,139  

5.80%, 03/01/33 (Call 12/01/32)

    15       15,265  

6.25%, 10/01/39

    5       5,065  

Dominion Energy Inc.

   

Series B, 3.30%, 04/15/41 (Call 10/15/40)

    19       13,642  

Series C, 3.38%, 04/01/30 (Call 01/01/30)

    60       52,946  

DTE Energy Co., Series C, 2.53%, 10/01/24(d)

    27       26,053  
Security   Par
(000)
    Value  
Electric (continued)            

Duke Energy Corp.

   

2.45%, 06/01/30 (Call 03/01/30)

  $ 80     $ 66,494  

3.50%, 06/15/51 (Call 12/15/50)

    25       17,216  

3.75%, 04/15/24 (Call 01/15/24)

    39       38,517  

3.75%, 09/01/46 (Call 03/01/46)

    33       24,104  

Edison International, 6.95%, 11/15/29 (Call 09/15/29)

    15       15,804  

Emera U.S. Finance LP, 4.75%, 06/15/46 (Call 12/15/45)

    19       14,839  

Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31)

    25       19,959  

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

    70       64,462  

Exelon Corp.

   

3.95%, 06/15/25 (Call 03/15/25)

    54       52,413  

4.05%, 04/15/30 (Call 01/15/30)

    26       24,037  

4.70%, 04/15/50 (Call 10/15/49)

    20       16,997  

5.15%, 03/15/28 (Call 02/15/28)

    83       82,454  

5.60%, 03/15/53 (Call 09/15/52)

    15       14,434  

Georgia Power Co.

   

5.13%, 05/15/52 (Call 11/15/51)(a)

    25       23,228  

Series A, 3.25%, 03/15/51 (Call 09/15/50)

    25       17,037  

NextEra Energy Capital Holdings Inc.

   

2.25%, 06/01/30 (Call 03/01/30)

     100       82,212  

4.20%, 06/20/24

    39       38,493  

4.45%, 06/20/25

    27       26,441  

5.25%, 02/28/53 (Call 08/28/52)

    20       18,533  

Pacific Gas and Electric Co.

   

3.25%, 06/01/31 (Call 03/01/31)

    50       40,604  

3.50%, 08/01/50 (Call 02/01/50)(a)

    25       15,730  

4.00%, 12/01/46 (Call 06/01/46)

    25       16,412  

4.55%, 07/01/30 (Call 01/01/30)

    45       40,458  

4.95%, 07/01/50 (Call 01/01/50)

    35       27,043  

6.75%, 01/15/53 (Call 07/15/52)

    18       17,477  

Public Service Enterprise Group Inc.

   

2.45%, 11/15/31 (Call 08/15/31)

    12       9,654  

5.85%, 11/15/27 (Call 10/15/27)

    31       31,593  

Sempra Energy

   

3.40%, 02/01/28 (Call 11/01/27)

    37       34,239  

4.00%, 02/01/48 (Call 08/01/47)

    20       15,306  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

    73       69,087  

4.40%, 07/01/46 (Call 01/01/46)

    25       20,579  

5.70%, 10/15/32 (Call 04/15/32)

    15       15,213  

Southwestern Electric Power Co., Series N, 1.65%, 03/15/26 (Call 02/15/26)

    35       31,868  

WEC Energy Group Inc., 2.20%, 12/15/28 (Call 10/15/28)

    18       15,540  

Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29)

    35       29,922  
   

 

 

 
       1,271,716  
Electronics — 0.5%            

Agilent Technologies Inc., 2.30%, 03/12/31 (Call 12/12/30)

    24       19,654  

Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)

    24       19,404  

Arrow Electronics Inc., 2.95%, 02/15/32 (Call 11/15/31)

    19       15,263  

Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29)

    8       7,646  

Fortive Corp., 4.30%, 06/15/46 (Call 12/15/45)(a)

    5       3,959  

Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27)

    23       21,522  

Keysight Technologies Inc., 3.00%, 10/30/29 (Call 07/30/29)

    11       9,627  

TD SYNNEX Corp., 2.65%, 08/09/31 (Call 05/09/31)

    20       15,394  

Trimble Inc., 6.10%, 03/15/33 (Call 12/15/32)

    15       15,141  

Vontier Corp., 2.95%, 04/01/31 (Call 01/01/31)

    10       7,931  
   

 

 

 
      135,541  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Entertainment — 0.8%        

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

  $ 50     $ 48,391  

4.28%, 03/15/32 (Call 12/15/31)

    70       61,687  

5.14%, 03/15/52 (Call 09/15/51)

     110       87,713  
   

 

 

 
      197,791  
Environmental Control — 0.6%        

Republic Services Inc.

   

2.38%, 03/15/33 (Call 12/15/32)(a)

    31       24,648  

3.38%, 11/15/27 (Call 08/15/27)

    56       52,128  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    8       6,385  

2.95%, 01/15/52 (Call 07/15/51)

    15       9,826  

3.20%, 06/01/32 (Call 03/01/32)

    19       16,336  

Waste Management Inc.

   

1.50%, 03/15/31 (Call 12/15/30)

    48       37,389  

4.15%, 07/15/49 (Call 01/15/49)

    15       12,657  
   

 

 

 
      159,369  
Food — 2.8%        

Campbell Soup Co.

   

3.13%, 04/24/50 (Call 10/24/49)

    15       9,823  

4.15%, 03/15/28 (Call 12/15/27)(a)

    18       17,150  

4.80%, 03/15/48 (Call 09/15/47)

    7       6,058  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    57       48,456  

5.40%, 11/01/48 (Call 05/01/48)

    15       13,612  

General Mills Inc.

   

3.00%, 02/01/51 (Call 08/01/50)

    7       4,701  

3.20%, 02/10/27 (Call 11/10/26)

    50       46,997  

4.00%, 04/17/25 (Call 02/17/25)

    37        36,070  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc., 6.50%, 12/01/52 (Call 06/01/52)

    25       23,741  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)

    19       15,046  

4.38%, 03/15/45

    15       12,387  

Kellogg Co.

   

3.40%, 11/15/27 (Call 08/15/27)

    23       21,379  

4.50%, 04/01/46

    7       6,000  

Kraft Heinz Foods Co.

   

4.38%, 06/01/46 (Call 12/01/45)

    80       66,074  

5.00%, 07/15/35 (Call 01/15/35)

    15       14,582  

6.50%, 02/09/40

    18       19,049  

Kroger Co. (The)

   

2.20%, 05/01/30 (Call 02/01/30)

    25       20,540  

3.95%, 01/15/50 (Call 07/15/49)

    19       14,687  

4.45%, 02/01/47 (Call 08/01/46)

    23       19,148  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    41       36,902  

1.85%, 02/15/31 (Call 11/15/30)

    11       8,658  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    26       24,327  

2.63%, 09/04/50 (Call 03/04/50)

    20       12,508  

3.00%, 03/17/32 (Call 12/17/31)

    25       21,377  

Sysco Corp.

   

3.15%, 12/14/51 (Call 06/14/51)(a)

    15       9,931  

3.30%, 07/15/26 (Call 04/15/26)

    30       28,470  

5.95%, 04/01/30 (Call 01/01/30)

    15       15,533  

6.60%, 04/01/50 (Call 10/01/49)(a)

    25       27,466  

Tyson Foods Inc.

   

3.95%, 08/15/24 (Call 05/15/24)

    30       29,462  
Security   Par
(000)
    Value  
Food (continued)        

4.35%, 03/01/29 (Call 12/01/28)

  $ 35     $ 33,109  

5.10%, 09/28/48 (Call 03/28/48)

    30       26,012  
   

 

 

 
       689,255  
Forest Products & Paper — 0.1%        

International Paper Co., 4.40%, 08/15/47 (Call 02/15/47)(a)

    30       24,396  
   

 

 

 
Gas — 0.3%        

National Fuel Gas Co., 2.95%, 03/01/31 (Call 12/01/30)

    10       8,046  

NiSource Inc.

   

3.60%, 05/01/30 (Call 02/01/30)

    40       35,846  

4.38%, 05/15/47 (Call 11/15/46)

    40       32,688  
   

 

 

 
      76,580  
Hand & Machine Tools — 0.3%        

Regal Rexnord Corp.

   

6.05%, 04/15/28 (Call 03/15/28)(c)

    25       24,725  

6.40%, 04/15/33 (Call 01/15/33)(c)

    10       9,913  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 09/11/23)

    30       28,579  

4.85%, 11/15/48 (Call 05/15/48)

    15       12,748  
   

 

 

 
      75,965  
Health Care - Products — 1.6%        

Baxter International Inc.

   

1.92%, 02/01/27 (Call 01/01/27)

    46       40,887  

2.54%, 02/01/32 (Call 11/01/31)(a)

    25       20,064  

3.13%, 12/01/51 (Call 06/01/51)(a)

    15       9,528  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)(a)

    10       9,398  

2.65%, 06/01/30 (Call 03/01/30)

    7       6,009  

4.70%, 03/01/49 (Call 09/01/48)

    15       13,428  

GE HealthCare Technologies Inc., 5.65%, 11/15/27 (Call 10/15/27)

     100       101,205  

HCA Inc., 3.13%, 03/15/27 (Call 02/15/27)

    75       69,434  

Koninklijke Philips NV

   

5.00%, 03/15/42

    10       8,880  

6.88%, 03/11/38

    10       10,865  

Revvity Inc., 1.90%, 09/15/28 (Call 07/15/28)

    22       18,632  

Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30)

    11       8,705  

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)

    15       13,929  

3.50%, 03/15/26 (Call 12/15/25)

    55       52,637  

4.63%, 03/15/46 (Call 09/15/45)

    20       17,733  

Zimmer Biomet Holdings Inc., 2.60%, 11/24/31 (Call 08/24/31)

    8       6,510  
   

 

 

 
      407,844  
Health Care - Services — 3.4%        

Aetna Inc.

   

3.50%, 11/15/24 (Call 08/15/24)

    36       35,067  

3.88%, 08/15/47 (Call 02/15/47)

    10       7,479  

4.13%, 11/15/42 (Call 05/15/42)

    15       11,951  

6.63%, 06/15/36

    14       15,014  

Centene Corp.

   

2.63%, 08/01/31 (Call 05/01/31)

    60       47,832  

4.63%, 12/15/29 (Call 12/15/24)

    80       73,560  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    75       68,151  

2.38%, 01/15/25 (Call 12/15/24)

    36       34,426  

2.55%, 03/15/31 (Call 12/15/30)

    42       35,107  

3.60%, 03/15/51 (Call 09/15/50)

    100       73,524  

4.38%, 12/01/47 (Call 06/01/47)

    25       21,057  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  13


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Services (continued)        

HCA Inc.

   

3.50%, 09/01/30 (Call 03/01/30)

  $ 60     $ 52,445  

3.50%, 07/15/51 (Call 01/15/51)

    49       32,615  

4.13%, 06/15/29 (Call 03/15/29)

    45       41,561  

5.25%, 06/15/49 (Call 12/15/48)

    30       26,172  

5.38%, 02/01/25

    65       64,563  

Humana Inc.

   

3.70%, 03/23/29 (Call 02/23/29)

    45       41,641  

3.85%, 10/01/24 (Call 07/01/24)

    37       36,253  

3.95%, 08/15/49 (Call 02/15/49)

     30       23,243  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    61       54,818  

4.70%, 02/01/45 (Call 08/01/44)

    15       12,822  

Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29)

    26       24,899  

Universal Health Services Inc.

   

2.65%, 10/15/30 (Call 07/15/30)

    15       12,020  

2.65%, 01/15/32 (Call 10/15/31)

    5       3,884  
   

 

 

 
      850,104  
Holding Companies - Diversified — 1.0%  

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    70       61,504  

2.88%, 06/15/28 (Call 04/15/28)

    25       21,082  

Blackstone Private Credit Fund

   

3.25%, 03/15/27 (Call 02/15/27)

    45       39,197  

4.70%, 03/24/25(a)

    37       35,949  

Blackstone Secured Lending Fund, 2.85%, 09/30/28 (Call 07/30/28)

    18       14,870  

Blue Owl Capital Corp., 3.40%, 07/15/26 (Call 06/15/26)

    43       38,731  

FS KKR Capital Corp., 3.13%, 10/12/28 (Call 08/12/28)

    20       16,358  

Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26)

    25       21,962  
   

 

 

 
       249,653  
Home Builders — 0.1%  

Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)

    18       17,462  
   

 

 

 
Home Furnishings — 0.1%  

Whirlpool Corp., 4.60%, 05/15/50 (Call 11/15/49)

    15       12,236  
   

 

 

 
Household Products & Wares — 0.2%  

Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31)

    15       11,615  

Church & Dwight Co. Inc., 5.00%, 06/15/52 (Call 12/15/51)

    10       9,426  

Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30)

    23       18,690  
   

 

 

 
      39,731  
Insurance — 2.9%  

Allstate Corp. (The), 5.25%, 03/30/33 (Call 12/30/32)

    50       49,009  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    55       52,060  

3.90%, 04/01/26 (Call 01/01/26)

    50       48,263  

4.38%, 06/30/50 (Call 12/30/49)

    25       20,635  

4.80%, 07/10/45 (Call 01/10/45)

    15       13,194  

5.13%, 03/27/33 (Call 12/27/32)

    25       24,177  

Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)

    37       31,794  

Aon Global Ltd.

   

3.88%, 12/15/25 (Call 09/15/25)

    70       67,690  

3.90%, 02/28/52 (Call 08/28/51)

    18       13,783  

4.75%, 05/15/45 (Call 11/15/44)

    16       13,950  

Arch Capital Group Ltd., 3.64%, 06/30/50 (Call 12/30/49)

    20       14,430  

Athene Holding Ltd.

   

3.50%, 01/15/31 (Call 10/15/30)

    8       6,696  

6.15%, 04/03/30 (Call 01/03/30)

    10       10,092  

Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46)

    15       11,184  
Security   Par
(000)
    Value  
Insurance (continued)            

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

  $ 10     $ 7,993  

4.95%, 03/17/52 (Call 09/17/51)

    10       8,380  

CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27)

    45       42,062  

Corebridge Financial Inc.

   

3.65%, 04/05/27 (Call 03/05/27)

    36       33,860  

3.85%, 04/05/29 (Call 02/05/29)

    20       18,301  

4.40%, 04/05/52 (Call 10/05/51)

    15       11,581  

Enstar Group Ltd., 3.10%, 09/01/31 (Call 03/01/31)

    15       11,674  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    26       24,606  

5.00%, 04/20/48 (Call 10/20/47)

    15       12,592  

5.59%, 01/11/33 (Call 10/11/32)

    10       9,830  

Everest Reinsurance Holdings Inc., 3.13%, 10/15/52 (Call 04/15/52)

     20       12,718  

Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30)

    25       20,970  

Fidelity National Financial Inc., 3.40%, 06/15/30 (Call 03/15/30)

    15       13,044  

Hartford Financial Services Group Inc. (The)

   

2.80%, 08/19/29 (Call 05/19/29)

    18       15,757  

2.90%, 09/15/51 (Call 03/15/51)

    5       3,180  

3.60%, 08/19/49 (Call 02/19/49)

    10       7,286  

Jackson Financial Inc., 4.00%, 11/23/51 (Call 05/23/51)

    10       6,657  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)(a)

    22       18,417  

7.00%, 06/15/40

    7       7,269  

Markel Group Inc.

   

3.45%, 05/07/52 (Call 11/07/51)

    20       13,538  

5.00%, 04/05/46

    10       8,660  

Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50)

    10       6,954  

Willis North America Inc.

   

3.88%, 09/15/49 (Call 03/15/49)

    7       4,926  

4.50%, 09/15/28 (Call 06/15/28)

    22       21,018  
   

 

 

 
       718,230  
Internet — 0.6%        

eBay Inc.

   

3.60%, 06/05/27 (Call 03/05/27)

    39       36,777  

3.65%, 05/10/51 (Call 11/10/50)

    10       7,106  

Expedia Group Inc.

   

3.25%, 02/15/30 (Call 11/15/29)

    10       8,714  

5.00%, 02/15/26 (Call 11/15/25)

    20       19,779  

Netflix Inc., 5.88%, 11/15/28

    60       61,686  

VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31)

    32       26,221  
   

 

 

 
      160,283  
Iron & Steel — 0.2%  

ArcelorMittal SA

   

4.25%, 07/16/29(a)

    43       40,723  

7.00%, 10/15/39

    5       5,130  
   

 

 

 
      45,853  
Lodging — 0.5%  

Marriott International Inc./MD

   

5.00%, 10/15/27 (Call 09/15/27)

    83       82,203  

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

    23       23,053  

Series GG, 3.50%, 10/15/32 (Call 07/15/32)

    25       21,248  
   

 

 

 
      126,504  

 

 

14  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Machinery — 0.5%        

CNH Industrial Capital LLC

   

1.88%, 01/15/26 (Call 12/15/25)

  $ 15     $ 13,775  

3.95%, 05/23/25

    31       30,110  

Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31)

    10       7,942  

IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31)

    15       12,370  

Otis Worldwide Corp.

   

2.57%, 02/15/30 (Call 11/15/29)

    24       20,528  

3.11%, 02/15/40 (Call 08/15/39)

    15       11,279  

Westinghouse Air Brake Technologies Corp., 4.95%, 09/15/28 (Call 06/15/28)

    18       17,400  
   

 

 

 
      113,404  
Machinery - Diversified — 0.1%  

Ingersoll Rand Inc., 5.70%, 08/14/33 (Call 05/14/33)

    25       25,311  
   

 

 

 
Manufacturing — 0.7%  

Carlisle Companies Inc., 3.75%, 12/01/27 (Call 09/01/27)

    34       32,062  

General Electric Co., 6.75%, 03/15/32

    35       38,975  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)

    36       33,841  

3.25%, 06/14/29 (Call 03/14/29)

    35       31,655  

4.00%, 06/14/49 (Call 12/14/48)

    20       16,222  

Teledyne Technologies Inc., 2.75%, 04/01/31 (Call 01/01/31)(a)

    25       20,865  
   

 

 

 
       173,620  
Media — 3.3%  

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.80%, 04/01/31 (Call 01/01/31)

    50       40,241  

3.70%, 04/01/51 (Call 10/01/50)

    25       15,517  

3.85%, 04/01/61 (Call 10/01/60)(a)

    40       23,859  

3.90%, 06/01/52 (Call 12/01/51)(a)

    40       25,576  

3.95%, 06/30/62 (Call 12/30/61)

    25       15,045  

4.40%, 04/01/33 (Call 01/01/33)(a)

    60       52,828  

4.91%, 07/23/25 (Call 04/23/25)

     125       122,787  

5.38%, 05/01/47 (Call 11/01/46)

    25       19,898  

5.75%, 04/01/48 (Call 10/01/47)

    57       48,018  

6.48%, 10/23/45 (Call 04/23/45)

    50       45,908  

Discovery Communications LLC

   

3.95%, 03/20/28 (Call 12/20/27)

    65       60,454  

4.00%, 09/15/55 (Call 03/15/55)

    35       22,815  

5.20%, 09/20/47 (Call 03/20/47)

    35       28,314  

Fox Corp.

   

4.71%, 01/25/29 (Call 10/25/28)

    35       33,772  

5.48%, 01/25/39 (Call 07/25/38)

    15       13,576  

5.58%, 01/25/49 (Call 07/25/48)

    22       19,591  

Paramount Global

   

4.38%, 03/15/43

    25       17,205  

4.75%, 05/15/25 (Call 04/15/25)

    67       65,643  

4.95%, 01/15/31 (Call 10/15/30)(a)

    45       40,180  

4.95%, 05/19/50 (Call 11/19/49)(a)

    25       18,259  

Thomson Reuters Corp., 5.85%, 04/15/40

    5       4,861  

Time Warner Cable LLC

   

5.50%, 09/01/41 (Call 03/01/41)

    25       20,419  

6.55%, 05/01/37

    20       18,998  

6.75%, 06/15/39

    35       33,866  

7.30%, 07/01/38

    15       15,163  
   

 

 

 
      822,793  
Mining — 0.6%  

Barrick North America Finance LLC, 5.70%, 05/30/41

    25       24,746  
Security   Par
(000)
    Value  
Mining (continued)            

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 10/02/23)

  $ 33     $ 30,661  

5.40%, 11/14/34 (Call 05/14/34)

    10       9,498  

5.45%, 03/15/43 (Call 09/15/42)

     20       17,961  

Newmont Corp.

   

2.60%, 07/15/32 (Call 04/15/32)

    31       24,922  

4.88%, 03/15/42 (Call 09/15/41)

    25       22,424  

Yamana Gold Inc., 2.63%, 08/15/31 (Call 05/15/31)(a)

    15       11,832  
   

 

 

 
       142,044  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 3.28%, 12/01/28 (Call 10/01/28)

    34       29,810  
   

 

 

 
Oil & Gas — 3.0%            

Canadian Natural Resources Ltd.

   

3.85%, 06/01/27 (Call 03/01/27)

    20       18,929  

6.25%, 03/15/38

    15       15,123  

Cenovus Energy Inc.

   

3.75%, 02/15/52 (Call 08/15/51)(a)

    20       14,117  

5.25%, 06/15/37 (Call 12/15/36)

    5       4,585  

6.75%, 11/15/39

    25       25,923  

Continental Resources Inc./OK, 4.90%, 06/01/44 (Call 12/01/43)

    15       11,449  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)

    19       17,754  

5.00%, 06/15/45 (Call 12/15/44)

    10       8,520  

5.60%, 07/15/41 (Call 01/15/41)

    15       13,912  

Diamondback Energy Inc.

   

3.50%, 12/01/29 (Call 09/01/29)

    55       49,716  

4.25%, 03/15/52 (Call 09/15/51)

    15       11,240  

EQT Corp., 5.70%, 04/01/28 (Call 03/01/28)

    28       27,932  

Hess Corp.

   

5.60%, 02/15/41(a)

    25       23,474  

7.30%, 08/15/31

    27       29,447  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    18       17,165  

5.20%, 06/01/45 (Call 12/01/44)

    10       8,379  

6.60%, 10/01/37

    10       10,074  

Marathon Petroleum Corp.

   

4.70%, 05/01/25 (Call 04/01/25)

    75       73,713  

6.50%, 03/01/41 (Call 09/01/40)

    20       20,409  

Occidental Petroleum Corp.

   

6.60%, 03/15/46 (Call 09/15/45)

    25       25,673  

7.50%, 05/01/31

    50       54,285  

8.88%, 07/15/30 (Call 01/15/30)

    25       28,661  

Ovintiv Inc., 6.50%, 08/15/34

    15       15,206  

Phillips 66, 4.88%, 11/15/44 (Call 05/15/44)

    20       18,031  

Phillips 66 Co., 3.15%, 12/15/29 (Call 09/15/29)

    30       26,446  

Pioneer Natural Resources Co., 1.13%, 01/15/26 (Call 12/15/25)

    112       101,655  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)

    25       17,677  

6.80%, 05/15/38

    20       20,864  

Valero Energy Corp.

   

2.80%, 12/01/31 (Call 09/01/31)(a)

    20       16,421  

3.65%, 12/01/51 (Call 06/01/51)

    15       10,232  

6.63%, 06/15/37

    15       15,925  
   

 

 

 
      752,937  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  15


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas Services — 0.4%            

Halliburton Co.

   

4.50%, 11/15/41 (Call 05/15/41)

  $ 20     $ 16,836  

4.85%, 11/15/35 (Call 05/15/35)

    15       14,077  

5.00%, 11/15/45 (Call 05/15/45)(a)

    30        26,994  

7.45%, 09/15/39

    10       11,660  

NOV Inc.

   

3.60%, 12/01/29 (Call 09/01/29)

    10       8,961  

3.95%, 12/01/42 (Call 06/01/42)

    15       11,134  
   

 

 

 
      89,662  
Packaging & Containers — 0.4%            

Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31)

    25       20,353  

Packaging Corp. of America, 3.05%, 10/01/51 (Call 04/01/51)

    10       6,378  

Sonoco Products Co., 2.85%, 02/01/32 (Call 11/01/31)

    18       14,760  

WRKCo Inc.

   

3.00%, 06/15/33 (Call 03/15/33)(a)

    10       8,111  

3.75%, 03/15/25 (Call 01/15/25)

    31       30,061  

4.90%, 03/15/29 (Call 12/15/28)(a)

    10       9,628  
   

 

 

 
      89,291  
Pharmaceuticals — 6.3%            

AbbVie Inc.

   

2.95%, 11/21/26 (Call 09/21/26)

     235       219,913  

4.05%, 11/21/39 (Call 05/21/39)

    55       47,083  

4.25%, 11/21/49 (Call 05/21/49)

    85       71,451  

4.50%, 05/14/35 (Call 11/14/34)

    55       51,769  

4.70%, 05/14/45 (Call 11/14/44)

    50       44,831  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)(a)

    34       27,345  

3.36%, 06/06/24 (Call 04/06/24)

    37       36,399  

3.79%, 05/20/50 (Call 11/20/49)

    10       7,742  

4.67%, 06/06/47 (Call 12/06/46)

    15       13,280  

4.69%, 02/13/28 (Call 01/13/28)

    36       35,344  

Cardinal Health Inc., 4.37%, 06/15/47 (Call 12/15/46)

    10       7,998  

Cencora Inc.

   

2.80%, 05/15/30 (Call 02/15/30)

    20       17,266  

4.30%, 12/15/47 (Call 06/15/47)

    15       12,466  

Cigna Group (The)

   

3.40%, 03/15/51 (Call 09/15/50)

    38       26,569  

4.13%, 11/15/25 (Call 09/15/25)

    98       95,514  

4.38%, 10/15/28 (Call 07/15/28)

    98       94,328  

4.80%, 07/15/46 (Call 01/16/46)

    50       44,113  

5.40%, 03/15/33 (Call 12/15/32)

    50       50,161  

CVS Health Corp.

   

2.13%, 09/15/31 (Call 06/15/31)

    30       23,629  

3.88%, 07/20/25 (Call 04/20/25)

    65       63,080  

4.30%, 03/25/28 (Call 12/25/27)

    50       48,007  

4.78%, 03/25/38 (Call 09/25/37)

    70       62,720  

5.00%, 02/20/26 (Call 01/20/26)

    36       35,711  

5.05%, 03/25/48 (Call 09/25/47)

    100       87,630  

5.13%, 02/21/30 (Call 12/21/29)

    50       49,049  

5.25%, 02/21/33 (Call 11/21/32)

    43       42,063  

5.63%, 02/21/53 (Call 08/21/52)

    39       36,892  

McKesson Corp., 0.90%, 12/03/25 (Call 11/03/25)

    75       67,914  

Mylan Inc., 5.20%, 04/15/48 (Call 10/15/47)

    25       19,375  

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

    25       23,628  

Viatris Inc.

   

2.70%, 06/22/30 (Call 03/22/30)

    30       24,324  

4.00%, 06/22/50 (Call 12/22/49)

    20       13,250  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

  $ 37     $ 30,482  

4.70%, 02/01/43 (Call 08/01/42)

     25       22,566  

5.40%, 11/14/25 (Call 10/14/25)

    30       30,008  
   

 

 

 
       1,583,900  
Pipelines — 7.1%            

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    15       12,830  

5.95%, 06/01/26 (Call 03/01/26)

    18       18,045  

Cheniere Corpus Christi Holdings LLC

   

2.74%, 12/31/39 (Call 07/04/39)(a)

    19       14,578  

5.13%, 06/30/27 (Call 01/01/27)

    30       29,685  

5.88%, 03/31/25 (Call 10/02/24)

    25       24,931  

Cheniere Energy Partners LP, 3.25%, 01/31/32 (Call 01/31/27)(a)

    35       28,811  

Enbridge Inc.

   

2.50%, 08/01/33 (Call 05/01/33)

    25       19,414  

4.00%, 11/15/49 (Call 05/15/49)

    25       18,920  

5.70%, 03/08/33 (Call 12/08/32)

    50       50,013  

Energy Transfer LP

   

3.75%, 05/15/30 (Call 02/15/30)

    53       47,382  

4.15%, 09/15/29 (Call 06/15/29)(a)

    21       19,337  

4.75%, 01/15/26 (Call 10/15/25)

    50       48,976  

5.00%, 05/15/44 (Call 11/15/43)

    37       29,919  

5.00%, 05/15/50 (Call 11/15/49)

    35       28,763  

5.15%, 03/15/45 (Call 09/15/44)

    25       20,971  

5.50%, 06/01/27 (Call 03/01/27)

    11       10,939  

6.25%, 04/15/49 (Call 10/15/48)

    24       22,914  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    80       69,404  

3.95%, 01/31/60 (Call 07/31/59)

    19       14,024  

4.20%, 01/31/50 (Call 07/31/49)

    26       20,743  

4.25%, 02/15/48 (Call 08/15/47)

    27       21,989  

4.45%, 02/15/43 (Call 08/15/42)

    41       34,741  

4.85%, 03/15/44 (Call 09/15/43)

    35       31,209  

Kinder Morgan Energy Partners LP

   

5.50%, 03/01/44 (Call 09/01/43)

    29       25,862  

6.95%, 01/15/38(a)

    35       37,444  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)

    36       32,241  

3.60%, 02/15/51 (Call 08/15/50)

    40       26,866  

4.30%, 06/01/25 (Call 03/01/25)

    87       85,040  

5.20%, 06/01/33 (Call 03/01/33)

    25       23,953  

5.55%, 06/01/45 (Call 12/01/44)(a)

    30       27,218  

7.75%, 01/15/32

    15       16,733  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)

    25       17,624  

4.25%, 09/15/46 (Call 03/15/46)

    15       11,054  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    57       51,979  

2.65%, 08/15/30 (Call 05/15/30)

    50       41,479  

4.50%, 04/15/38 (Call 10/15/37)

    35       29,567  

5.50%, 02/15/49 (Call 08/15/48)

    40       35,605  

5.65%, 03/01/53 (Call 09/01/52)

    25       22,618  

ONEOK Inc.

   

4.00%, 07/13/27 (Call 04/13/27)

    24       22,702  

5.20%, 07/15/48 (Call 01/15/48)

    30       25,650  

5.85%, 01/15/26 (Call 12/15/25)

    20       20,131  

6.10%, 11/15/32 (Call 08/15/32)

    35       35,591  

6.35%, 01/15/31 (Call 10/15/30)

    10       10,265  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

  $ 30     $ 26,406  

5.15%, 06/01/42 (Call 12/01/41)

    11       9,134  

Sabine Pass Liquefaction LLC

   

4.50%, 05/15/30 (Call 11/15/29)

     45       42,335  

5.63%, 03/01/25 (Call 12/01/24)

    52       51,869  

Spectra Energy Partners LP, 4.50%, 03/15/45 (Call 09/15/44)

    25       20,105  

Targa Resources Corp.

   

4.20%, 02/01/33 (Call 11/01/32)

    30       26,477  

6.13%, 03/15/33 (Call 12/15/32)

    10       10,174  

6.25%, 07/01/52 (Call 01/01/52)

    15       14,502  

6.88%, 01/15/29 (Call 01/15/24)

    55       55,764  

TransCanada PipeLines Ltd.

   

2.50%, 10/12/31 (Call 07/12/31)

    37       29,466  

4.25%, 05/15/28 (Call 02/15/28)

    15       14,291  

5.10%, 03/15/49 (Call 09/15/48)(a)

    25       21,921  

6.20%, 10/15/37

    20       20,218  

7.63%, 01/15/39

    26       29,509  

Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25)

    24       25,091  

Western Midstream Operating LP

   

4.05%, 02/01/30 (Call 11/01/29)

    25       22,333  

5.25%, 02/01/50 (Call 08/01/49)

    25       20,300  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    50       41,066  

3.50%, 10/15/51 (Call 04/15/51)

    20       13,421  

5.10%, 09/15/45 (Call 03/15/45)

    25       21,955  

6.30%, 04/15/40

    25       25,571  
   

 

 

 
       1,780,068  
Real Estate — 0.1%            

CBRE Services Inc., 2.50%, 04/01/31 (Call 01/01/31)

    15       12,042  
   

 

 

 
Real Estate Investment Trusts — 4.3%            

Alexandria Real Estate Equities Inc.

   

2.00%, 05/18/32 (Call 02/18/32)

    53       40,214  

4.00%, 02/01/50 (Call 08/01/49)

    10       7,461  

5.15%, 04/15/53 (Call 10/15/52)

    15       13,411  

American Tower Corp.

   

3.10%, 06/15/50 (Call 12/15/49)

    30       18,746  

3.38%, 10/15/26 (Call 07/15/26)

    72       67,415  

3.80%, 08/15/29 (Call 05/15/29)

    100       90,935  

Boston Properties LP

   

2.75%, 10/01/26 (Call 07/01/26)

    20       18,040  

2.90%, 03/15/30 (Call 12/15/29)

    40       32,570  

3.25%, 01/30/31 (Call 10/30/30)

    25       20,384  

Brixmor Operating Partnership LP

   

2.50%, 08/16/31 (Call 05/16/31)

    20       15,734  

4.13%, 06/15/26 (Call 03/15/26)

    26       24,663  

Crown Castle Inc., 2.90%, 04/01/41 (Call 10/01/40)

    29       19,540  

Crown Castle International Corp., 3.80%, 02/15/28 (Call 11/15/27)

    140       130,152  

Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27)

    40       37,246  

Equinix Inc.

   

1.45%, 05/15/26 (Call 04/15/26)

    31       27,861  

2.15%, 07/15/30 (Call 04/15/30)

    55       44,404  

2.95%, 09/15/51 (Call 03/15/51)

    17       10,486  

Essex Portfolio LP, 2.65%, 03/15/32
(Call 12/15/31)(a)

    15       11,936  

Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44)

    10       7,746  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

GLP Capital LP/GLP Financing II Inc.

   

5.30%, 01/15/29 (Call 10/15/28)

  $ 10     $ 9,462  

5.75%, 06/01/28 (Call 03/03/28)

     21       20,449  

Healthcare Realty Holdings LP, 3.75%, 07/01/27 (Call 04/01/27)

    49       45,481  

Healthpeak Properties Inc.

   

2.13%, 12/01/28 (Call 10/01/28)(a)

    30       25,633  

3.00%, 01/15/30 (Call 10/15/29)

    22       19,047  

Host Hotels & Resorts LP, Series H, 3.38%, 12/15/29 (Call 09/15/29)

    15       12,779  

Invitation Homes Operating Partnership LP, 2.30%, 11/15/28 (Call 09/15/28)

    31       26,352  

Kimco Realty Corp., 2.70%, 10/01/30
(Call 07/01/30)(a)

    30       24,714  

Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33)(a)

    25       18,657  

Sabra Health Care LP, 3.20%, 12/01/31 (Call 09/01/31)

    25       19,147  

Ventas Realty LP, 4.75%, 11/15/30 (Call 08/15/30)

    34       31,892  

VICI Properties LP

   

4.38%, 05/15/25

    56       54,438  

4.75%, 02/15/28 (Call 01/15/28)

    40       38,099  

5.63%, 05/15/52 (Call 11/15/51)

    7       6,164  

Welltower Inc., 2.75%, 01/15/32 (Call 10/15/31)

    25       20,205  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    20       16,757  

2.80%, 06/01/31 (Call 03/01/31)

    20       16,482  

4.95%, 09/01/48 (Call 03/01/48)

    11       9,549  

Weyerhaeuser Co., 7.38%, 03/15/32

    15       16,843  
   

 

 

 
       1,071,094  
Retail — 3.3%            

AutoNation Inc., 3.85%, 03/01/32 (Call 12/01/31)

    10       8,461  

AutoZone Inc., 4.75%, 08/01/32 (Call 05/01/32)

    18       17,228  

Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30)(a)

    19       15,216  

Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51)

    5       3,247  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)

    22       19,546  

4.13%, 04/03/50 (Call 10/03/49)

    15       11,131  

5.45%, 07/05/33 (Call 04/05/33)(a)

    25       24,296  

Dollar Tree Inc.

   

4.00%, 05/15/25 (Call 03/15/25)

    46       44,651  

4.20%, 05/15/28 (Call 02/15/28)

    15       14,256  

Genuine Parts Co., 2.75%, 02/01/32 (Call 11/01/31)

    15       12,227  

Lowe’s Companies Inc.

   

1.70%, 10/15/30 (Call 07/15/30)

    46       36,540  

2.50%, 04/15/26 (Call 01/15/26)

    65       60,766  

3.70%, 04/15/46 (Call 10/15/45)

    40       29,841  

4.25%, 04/01/52 (Call 10/01/51)

    35       27,632  

4.80%, 04/01/26 (Call 03/01/26)

    50       49,437  

5.00%, 04/15/33 (Call 01/15/33)(a)

    25       24,428  

5.80%, 09/15/62 (Call 03/15/62)

    20       19,355  

5.85%, 04/01/63 (Call 10/01/62)

    25       24,234  

McDonald’s Corp.

   

3.30%, 07/01/25 (Call 06/01/25)

    36       34,765  

3.60%, 07/01/30 (Call 04/01/30)

    55       50,602  

3.63%, 09/01/49 (Call 03/01/49)

    35       26,295  

3.70%, 01/30/26 (Call 10/30/25)

    25       24,182  

4.88%, 12/09/45 (Call 06/09/45)

    27       24,914  

6.30%, 03/01/38

    15       16,263  

O’Reilly Automotive Inc., 3.90%, 06/01/29 (Call 03/01/29)

    45       42,298  

Starbucks Corp.

   

2.55%, 11/15/30 (Call 08/15/30)

    30       25,443  

 

 

S C H E D U L EO F  I N V E S T M E N T S

  17


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

3.00%, 02/14/32 (Call 11/14/31)

  $ 5     $ 4,291  

3.50%, 11/15/50 (Call 05/15/50)

    31       22,452  

4.45%, 08/15/49 (Call 02/15/49)

    21       17,834  

4.75%, 02/15/26

    68       67,402  

Walgreens Boots Alliance Inc., 4.80%, 11/18/44 (Call 05/18/44)

    15       11,721  
   

 

 

 
       810,954  
Semiconductors — 2.2%            

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)

    40       37,993  

Broadcom Inc.

   

2.45%, 02/15/31 (Call 11/15/30)(c)

    100       80,655  

3.14%, 11/15/35 (Call 08/15/35)(c)

    45       34,341  

3.42%, 04/15/33 (Call 01/15/33)(c)

     100       82,627  

3.50%, 02/15/41 (Call 08/15/40)(c)

    45       32,959  

4.00%, 04/15/29 (Call 02/15/29)(c)

    45       41,527  

Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31)

    10       8,350  

Microchip Technology Inc., 4.25%, 09/01/25 (Call 10/02/23)

    31       30,163  

Micron Technology Inc.

   

3.48%, 11/01/51 (Call 05/01/51)

    15       9,678  

4.66%, 02/15/30 (Call 11/15/29)

    59       55,289  

6.75%, 11/01/29 (Call 09/01/29)

    26       27,070  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

3.25%, 05/11/41 (Call 11/11/40)

    10       7,111  

3.25%, 11/30/51 (Call 05/30/51)

    15       9,686  

3.88%, 06/18/26 (Call 04/18/26)

    21       20,109  

4.30%, 06/18/29 (Call 03/18/29)

    26       24,335  

5.00%, 01/15/33 (Call 10/15/32)

    20       19,016  

Qorvo Inc., 1.75%, 12/15/24 (Call 09/11/23)(c)

    25       23,504  
   

 

 

 
      544,413  
Software — 4.5%            

Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50)

    20       12,706  

Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31)

    26       21,112  

Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31)

    24       19,593  

Electronic Arts Inc., 2.95%, 02/15/51 (Call 08/15/50)

    15       9,659  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

    62       55,768  

3.10%, 03/01/41 (Call 09/01/40)

    10       6,950  

5.10%, 07/15/32 (Call 04/15/32)(a)

    10       9,791  

Fiserv Inc.

   

3.20%, 07/01/26 (Call 05/01/26)

    49       46,166  

3.50%, 07/01/29 (Call 04/01/29)(a)

    60       54,732  

4.40%, 07/01/49 (Call 01/01/49)

    25       20,377  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    41       37,364  

2.50%, 04/01/25 (Call 03/01/25)

    79       75,241  

2.88%, 03/25/31 (Call 12/25/30)

    150       126,799  

2.95%, 05/15/25 (Call 02/15/25)

    50       47,887  

3.60%, 04/01/40 (Call 10/01/39)

    90       68,034  

3.65%, 03/25/41 (Call 09/25/40)

    75       56,552  

3.85%, 04/01/60 (Call 10/01/59)

    100       67,728  

3.95%, 03/25/51 (Call 09/25/50)

    55       40,094  

4.10%, 03/25/61 (Call 09/25/60)

    35       24,841  

4.30%, 07/08/34 (Call 01/08/34)

    20       17,939  

4.50%, 05/06/28 (Call 04/06/28)

    65       63,056  

6.50%, 04/15/38

    50       52,701  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    56       51,288  
Security  

Par

(000)

    Value  
Software (continued)            

1.40%, 09/15/27 (Call 07/15/27)

  $ 31     $ 26,851  

1.75%, 02/15/31 (Call 11/15/30)

    8       6,271  

Take-Two Interactive Software Inc., 3.55%, 04/14/25

    18       17,399  

VMware Inc., 3.90%, 08/21/27 (Call 05/21/27)

    85       80,135  

Workday Inc., 3.50%, 04/01/27 (Call 03/01/27)

    17       16,053  
   

 

 

 
       1,133,087  
Telecommunications — 9.7%            

AT&T Inc.

   

1.70%, 03/25/26 (Call 09/11/23)

    30       27,328  

2.30%, 06/01/27 (Call 04/01/27)

    140       125,334  

2.75%, 06/01/31 (Call 03/01/31)

    120       99,080  

3.50%, 06/01/41 (Call 12/01/40)

    25       18,334  

3.50%, 09/15/53 (Call 03/15/53)

     164       107,921  

3.65%, 06/01/51 (Call 12/01/50)

    25       17,124  

3.65%, 09/15/59 (Call 03/15/59)

    135       87,273  

3.80%, 12/01/57 (Call 06/01/57)(a)

    75       50,506  

4.50%, 05/15/35 (Call 11/15/34)

    65       57,719  

4.50%, 03/09/48 (Call 09/09/47)

    25       19,920  

Bell Telephone Co. of Canada or Bell Canada (The) 4.46%, 04/01/48 (Call 10/01/47)

    30       24,637  

Series US-4, 3.65%, 03/17/51 (Call 09/17/50)

    15       10,721  

British Telecommunications PLC, 9.13%, 12/15/30(a)

    40       48,721  

Corning Inc.

   

4.38%, 11/15/57 (Call 05/15/57)

    25       20,226  

5.45%, 11/15/79 (Call 05/19/79)

    7       6,236  

Deutsche Telekom International Finance BV, 8.75%, 06/15/30

    42       49,527  

Motorola Solutions Inc.

   

2.75%, 05/24/31 (Call 02/24/31)

    10       8,099  

4.60%, 02/23/28 (Call 11/23/27)

    12       11,629  

5.60%, 06/01/32 (Call 03/01/32)

    11       10,845  

Orange SA

   

5.38%, 01/13/42

    15       14,403  

9.00%, 03/01/31

    35       42,420  

Rogers Communications Inc.

   

3.20%, 03/15/27 (Call 02/15/27)(a)

    61       56,362  

3.63%, 12/15/25 (Call 09/15/25)

    30       28,577  

3.70%, 11/15/49 (Call 05/15/49)(a)

    55       37,161  

5.00%, 03/15/44 (Call 09/15/43)

    25       21,277  

Sprint Capital Corp., 6.88%, 11/15/28

    75       79,199  

Telefonica Europe BV, 8.25%, 09/15/30

    50       56,984  

TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48)

    20       16,448  

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

    57       51,924  

2.55%, 02/15/31 (Call 11/15/30)

    80       65,931  

3.00%, 02/15/41 (Call 08/15/40)

    50       35,233  

3.30%, 02/15/51 (Call 08/15/50)

    50       33,487  

3.60%, 11/15/60 (Call 05/15/60)

    35       23,414  

3.75%, 04/15/27 (Call 02/15/27)

    80       75,811  

3.88%, 04/15/30 (Call 01/15/30)

    130       118,537  

4.50%, 04/15/50 (Call 10/15/49)

    60       49,494  

5.65%, 01/15/53 (Call 07/15/52)

    10       9,734  

Verizon Communications Inc.

   

1.45%, 03/20/26 (Call 02/20/26)

    148       134,506  

1.68%, 10/30/30 (Call 07/30/30)

    75       58,692  

2.55%, 03/21/31 (Call 12/21/30)

    126       103,670  

2.99%, 10/30/56 (Call 04/30/56)

    75       44,751  

3.40%, 03/22/41 (Call 09/22/40)

    65       48,273  

3.55%, 03/22/51 (Call 09/22/50)

    110       77,025  

3.70%, 03/22/61 (Call 09/22/60)(a)

    45       30,593  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par
(000)

    Value  

 

 
Telecommunications (continued)            

4.33%, 09/21/28

  $  101     $ 96,619  

4.86%, 08/21/46

    50       43,981  

5.05%, 05/09/33 (Call 02/09/33)

    50       48,547  

Vodafone Group PLC

   

4.38%, 05/30/28(a)

    50       49,106  

5.25%, 05/30/48(a)

    35       31,669  

5.75%, 02/10/63 (Call 08/10/62)

    33       30,646  

6.15%, 02/27/37

    15       15,327  
   

 

 

 
       2,430,981  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26)

    35       32,892  
   

 

 

 
Transportation — 1.6%            

Canadian Pacific Railway Co.

   

2.05%, 03/05/30 (Call 12/05/29)

    40       33,161  

3.10%, 12/02/51 (Call 06/02/51)(a)

    30       20,340  

3.50%, 05/01/50

    15       11,042  

6.13%, 09/15/2115 (Call 03/15/2115)

    15       15,535  

CSX Corp.

   

2.50%, 05/15/51 (Call 11/15/50)(a)

    30       18,199  

4.25%, 03/15/29 (Call 12/15/28)

    85       82,199  

4.25%, 11/01/66 (Call 05/01/66)

    25       19,862  

4.30%, 03/01/48 (Call 09/01/47)

    25       21,124  

FedEx Corp.

   

3.10%, 08/05/29 (Call 05/05/29)

    60       53,796  

3.25%, 05/15/41 (Call 11/15/40)

    25       18,181  

4.75%, 11/15/45 (Call 05/15/45)

    25       21,545  

5.25%, 05/15/50 (Call 11/15/49)

    25       23,226  

Norfolk Southern Corp.

   

3.05%, 05/15/50 (Call 11/15/49)(a)

    60       39,990  

3.16%, 05/15/55 (Call 11/15/54)

    25       16,415  
   

 

 

 
      394,615  
Trucking & Leasing — 0.1%            

GATX Corp.

   

3.10%, 06/01/51 (Call 12/01/50)

    10       6,213  

4.00%, 06/30/30 (Call 03/30/30)

    25       22,715  
   

 

 

 
      28,928  
Security  

Par/

Shares

(000)

    Value  

 

 
Water — 0.1%            

Essential Utilities Inc.

   

3.35%, 04/15/50 (Call 10/15/49)

  $ 10     $ 6,643  

5.30%, 05/01/52 (Call 11/01/51)(a)

    10       9,050  
   

 

 

 
      15,693  
   

 

 

 

Total Long-Term Investments — 96.0%
(Cost: $27,313,680)

       23,943,727  
   

 

 

 
Short-Term Securities            
Money Market Funds — 10.5%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(e)(f)(g)

     1,713       1,713,085  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)

    910       910,000  
   

 

 

 

Total Short-Term Securities — 10.5%
(Cost: $2,622,481)

 

    2,623,085  
   

 

 

 

Total Investments — 106.5%
(Cost: $29,936,161)

 

    26,566,812  

Liabilities in Excess of Other Assets — (6.5)%

 

    (1,611,554